Document:

Exhibit 10.5

 EXHIBIT 10.5 

 
  

 
 COLLATERAL TRUST AND
INTERCREDITOR AGREEMENT 
 Dated as of June 28, 2010 

among 
 AMERICAN
CAPITAL, LTD., 
 CERTAIN OF ITS SUBSIDIARIES PARTIES HERETO, 

WELLS FARGO BANK, N.A., 

as Credit Agreement Representative 

WILMINGTON TRUST FSB, 

as Public Note Representative 

and 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Collateral Trustee 
  

 
  

 TABLE OF CONTENTS 

 

			
	 	  	Page
	 PREAMBLE
	  	1
		
	 DECLARATION OF TRUST:
	  	1

 Table of Contents 

  

					
	 	 	 	  	Page
	SECTION 1. DEFINED TERMS	  	2
			
	 1.1
	 	Definitions	  	2
		
	SECTION 2. ACCELERATION OF SECURED OBLIGATIONS	  	11
			
	 2.1
	 	Notices of Acceleration	  	11
	 2.2
	 	General Authority of the Collateral Trustee over the Collateral	  	12
	 2.3
	 	Right to Initiate Judicial Proceedings	  	13
	 2.4
	 	Right to Appoint a Receiver	  	13
	 2.5
	 	Exercise of Powers; Instructions of the Directing Parties	  	14
	 2.6
	 	Remedies Not Exclusive	  	14
	 2.7
	 	Waiver and Estoppel	  	15
	 2.8
	 	Limitation on Collateral Trustee’s Duty in Respect of Collateral	  	16
	 2.9
	 	Limitation by Law	  	16
	 2.10
	 	Rights of Secured Parties under Secured Instruments	  	16
	 2.11
	 	Collateral Use Prior to Acceleration	  	16
	 2.12
	 	Remedies Generally	  	17
	 2.13
	 	Non-Cash Proceeds	  	18
		
	SECTION 3. COLLATERAL ACCOUNT; DISTRIBUTIONS	  	18
			
	 3.1
	 	The Collateral Account	  	18
	 3.2
	 	Control of Collateral Account	  	19
	 3.3
	 	Investment of Funds Deposited in Collateral Account	  	19
	 3.4
	 	Application of Moneys	  	19
	 3.5
	 	Amounts Held for Contingent Secured Obligations	  	21
	 3.6
	 	Collateral Trustee’s Calculations	  	21
	 3.7
	 	Pro Rata Sharing	  	22
	 3.8
	 	Collateral Account Information and Access	  	22
		
	SECTION 3A PREPAYMENT DEPOSIT ACCOUNT; DISTRIBUTIONS	  	22
			
	 3.1A
	 	The Prepayment Deposit Account	  	22
	 3.2A
	 	Control of Prepayment Deposit Account	  	22
	 3.3A
	 	Investment of Funds Deposited in Prepayment Deposit Account	  	23

  

 -ii- 

					
	 3.4A
	 	Application of Moneys	  	23
	 3.5A
	 	Collateral Trustee’s Calculations	  	24
	 3.6A
	 	Pro Rata Sharing	  	24
	 3.7A
	 	Prepayment Deposit Account Information and Access	  	24
		
	SECTION 4. AGREEMENTS WITH COLLATERAL TRUSTEE	  	24
			
	 4.1
	 	Delivery of Secured Instruments	  	24
	 4.2
	 	Information as to Secured Parties and Primary Holder Representatives	  	25
	 4.3
	 	Compensation and Expenses	  	25
	 4.4
	 	Stamp and Other Similar Taxes	  	26
	 4.5
	 	Filing Fees, Excise Taxes, Etc	  	26
	 4.6
	 	Indemnification	  	26
	 4.7
	 	Collateral Trustee’s Lien; Set Off Rights	  	27
	 4.8
	 	Further Assurances	  	27
		
	SECTION 5. THE COLLATERAL TRUSTEE	  	27
			
	 5.1
	 	Acceptance of Collateral Trust	  	27
	 5.2
	 	Exculpatory Provisions	  	28
	 5.3
	 	Delegation of Duties	  	30
	 5.4
	 	Reliance by Collateral Trustee	  	31
	 5.5
	 	Limitations on Duties of Trustee	  	32
	 5.6
	 	Moneys to be Held in Trust	  	33
	 5.7
	 	Resignation and Removal of the Collateral Trustee	  	33
	 5.8
	 	Status of Successor Collateral Trustee	  	34
	 5.9
	 	Merger of the Collateral Trustee	  	34
	 5.10
	 	Co-Collateral Trustee; Separate Collateral Trustee	  	34
	 5.11
	 	Treatment of Payee or Indorsee by Collateral Trustee; Representatives of Secured Parties	  	36
		
	SECTION 6. MISCELLANEOUS	  	36
			
	 6.1
	 	Notices	  	36
	 6.2
	 	No Waivers	  	37
	 6.3
	 	Amendments, Supplements and Waivers	  	37
	 6.4
	 	Holders of Hedging Obligations	  	38
	 6.5
	 	Headings	  	39
	 6.6
	 	Severability	  	39
	 6.7
	 	Successors and Assigns; Third Party Beneficiaries	  	39
	 6.8
	 	Currency Conversions	  	39
	 6.9
	 	Acknowledgements	  	40
	 6.10
	 	Governing Law	  	40
	 6.11
	 	Counterparts	  	40
	 6.12
	 	Termination and Release	  	40
	 6.13
	 	New Grantors	  	43
	 6.14
	 	Inspection by Regulatory Agencies	  	44

  

 iii 

					
	 6.15
	 	Confidentiality	  	44
	 6.16
	 	Submission to Jurisdiction; Waivers	  	44
	 6.17
	 	WAIVERS OF JURY TRIAL	  	45
	 6.18
	 	Primary Holder Representatives’ Rights and Protections	  	45
		
	SECTION 7. DESIGNATION OF SECURED OBLIGATIONS	  	45
			
	 7.1
	 	Designations of Secured Obligations	  	45
	 7.2
	 	Designation of Refinancing Debt and Revolver Secured Debt	  	45
	 7.3
	 	Termination of Designation	  	46
		
	SECTION 8. PROVISIONS RELATING TO SECURED OBLIGATIONS	  	46
			
	 8.1
	 	Controlling Agreement	  	46
	 8.2
	 	Incorrect Distribution	  	46
	 8.3
	 	Return of Monies	  	46
	 8.4
	 	Parties Having Other Relationships	  	47
	 8.5
	 	Waivers of Rights	  	47
	 8.6
	 	Permitted Exercise of other Rights	  	47
	 8.7
	 	Secured Obligations Unconditional	  	48
	 8.8
	 	Equal Ranking	  	48
	 8.9
	 	No New Liens	  	49

 Exhibits: 

 

			
	A	  	Form of Notice of Acceleration
	B	  	Form of Joinder Agreement
	C	  	Form of Notice of Designation
	D	  	Effective Date Credit Agreement

  

 iv 

 This COLLATERAL TRUST AND INTERCREDITOR AGREEMENT, dated as of June 28, 2010 (this
“Agreement”), among American Capital, Ltd., a Delaware corporation (the “Company”), the subsidiaries of the Company from time to time parties hereto (together with the Company, the “Grantors”),
Wells Fargo Bank, N.A., as Credit Agreement Representative, Wilmington Trust FSB, as Public Note Representative and U.S. Bank National Association, as collateral trustee (the “Collateral Trustee”). 

W I T N E S S E T H: 

WHEREAS, the Grantors have, pursuant to the terms of the Trust Security Documents (such term and certain other capitalized terms used
hereinafter being defined in Section 1.1), granted to the Collateral Trustee, for the benefit of the Secured Parties, security interests in the Collateral to secure the Secured Obligations as provided therein, and 

WHEREAS, the Grantors and each Primary Holder Representative acting on behalf of the holders of the Primary Secured Obligations for which
it is a representative intend that the Collateral Trustee act as the collateral trustee for the holders of the Secured Obligations pursuant to the terms of this Agreement to receive, hold, maintain, administer and distribute the Trust Estate and to
enforce the Trust Security Documents and all interests, rights, powers and remedies of the Collateral Trustee with respect thereto or thereunder, 

NOW, THEREFORE, in consideration of and subject to the premises and the mutual agreements set forth herein, the parties agree as follows:

 DECLARATION OF TRUST: 

To secure the payment when due of the Secured Obligations, the Collateral Trustee does hereby declare that it will hold in trust under
this Agreement all of its right, title and interest in, to and under the Trust Security Documents and all of the right, title and interest in and to the Collateral whether now existing or hereafter arising (including the Trust Monies and the
Prepayment Monies) as is granted by the Grantors to the Collateral Trustee under the Trust Security Documents (such right, title and interest in and to the Trust Security Documents and such Collateral being hereinafter referred to as the
“Trust Estate”), 
 TO HAVE AND TO HOLD the Trust Estate unto the Collateral Trustee and its successors in
trust under this Agreement and its assigns as hereunder set forth. 
 IN TRUST NEVERTHELESS, under and subject to the terms and
conditions herein set forth, for the benefit of the Secured Parties and as security for the payment of the Secured Obligations; 

PROVIDED, HOWEVER, that these presents are upon the condition that if the Grantors, their successors or assigns, shall satisfy the
conditions set forth in Section 6.12, then this Agreement, and the estates and rights hereby assigned (with respect to the whole or a portion of the Trust Estate, as applicable), shall cease, terminate and be void with respect to such
portion of the Trust Estate or the entire Trust Estate, as applicable; otherwise they shall remain and be in full force and effect; and PROVIDED, in any case, the provisions of Sections 4.3, 4.4, 4.5, 4.6 4.7 and
Sections 5.1, 5.2 and 5.4 hereof shall not be affected by such termination. 
  

 1 

 IT IS HEREBY FURTHER COVENANTED, DECLARED AND AGREED by the Collateral Trustee, the Grantors
and each Primary Holder Representative on behalf of the holders of the Primary Secured Obligations represented by such Holder Representative, that the Trust Estate so declared shall be received, held, maintained, administered, applied and
distributed and the Trust Security Documents and all interests, rights, powers and remedies of the Collateral Trustee with respect thereto or thereunder shall be enforced and exercised by the Collateral Trustee, subject to the further terms,
covenants, conditions and trusts hereinafter set forth. 
 DEFINED TERMS 

Definitions. 

Unless otherwise defined herein, terms defined in the Effective Date Credit Agreement and used herein shall have the meanings given to
them in the Effective Date Credit Agreement. 
 The following terms shall have the respective meanings set forth below:

 “Administrative Agent” shall mean Wells Fargo Bank, N.A., in its capacity as Administrative
Agent under the Credit Agreement, and any successor Administrative Agent appointed thereunder. 

“Agreement” shall mean this Collateral Trust and Intercreditor Agreement. 

“Bankruptcy Law” shall mean each of the Bankruptcy Code and any similar federal, state or foreign law for
the relief of debtors. 
 “Class” shall mean, as the context may require, the Credit Agreement
Class or the Public Note Class. “Class” also means the Credit Agreement Obligations or the Public Note Obligations, as the context may require. 

“Collateral” shall mean, collectively, all assets in which the Collateral Trustee is granted a security
interest pursuant to this Agreement or any other Trust Security Document; provided that Collateral shall at any time exclude any Excluded Assets. 

“Collateral Account” shall have the meaning assigned in Section 3.1. 

“Collateral Enforcement Action” shall mean, with respect to any Secured Party, for such Secured Party,
whether or not in consultation with any other Secured Party, to exercise, seek to exercise, join any Person in exercising or to institute or to maintain or to participate in any action or proceeding with respect to, any rights or remedies with
respect to any Collateral, including (i) instituting or maintaining, or joining any Person in instituting or maintaining, any enforcement, contest, protest, attachment, collection, execution, levy or foreclosure action or proceeding with
respect to any Collateral, whether under any Secured Instrument, Trust Security Document or otherwise, (ii) exercising any right of set-off with respect to any Grantor with respect to the Secured Obligations, or (iii) exercising any other
right or remedy under the UCC of any applicable jurisdiction or under any Bankruptcy Law or other applicable law. 
  

 2 

 “Collateral Trustee” shall mean U.S. Bank National
Association, in its capacity as trustee pursuant to the terms of this Agreement, and any successor trustee appointed thereunder. 

“Credit Agreement” shall mean (i) the Credit Agreement, dated as of June 28, 2010, among the
Company, the Subsidiaries of the Company party thereto, the lenders and agents parties thereto, and Wells Fargo Bank, N.A., as Administrative Agent, and the other agents named therein, and (ii) any other credit agreement, loan agreement, note
agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any Indebtedness or other financial accommodation that has been incurred in a Qualifying Refinancing to Refinance (with the same or different
lenders) in whole or in part (under one or more separate agreements) the Indebtedness and other obligations outstanding under the Credit Agreement referred to in clause (i) above or any other agreement or instrument referred to in this clause
(ii) unless such agreement or instrument expressly provides that it is not a Credit Agreement hereunder. 

“Credit Agreement Class” shall mean, collectively (i) at any time when any Credit Agreement
Obligations are outstanding, (a) the Secured Parties that are holders of outstanding Extensions of Credit or unfunded commitments under the Credit Agreement Documents and (b) as appropriate, the Credit Agreement Obligations and
(ii) following the delivery of a Notice of Designation with respect to any Revolver Secured Debt, (a) the Secured Parties that are holders of outstanding Extensions of Credit or unfunded commitments under the Revolver Secured Documents and
(b) as appropriate, the Revolver Secured Obligations. 
 “Credit Agreement Documents” shall
mean the Credit Agreement, the Trust Security Documents, any promissory notes issued under the Credit Agreement, and any amendment, waiver, supplement or other modification to any of the foregoing. 

“Credit Agreement Obligations” shall mean, collectively, the unpaid principal of and interest on the
Loans and all other obligations and liabilities of the Company or any other Grantor (including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and Post-Petition
Interest) to the Administrative Agent or any Lender, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, that arise under, out of, or in connection with, the Credit Agreement Documents,
any letter of credit thereunder or any other document made, delivered or given in connection with any of the foregoing, in each case whether on account of principal, interest, reimbursement obligations, guarantee obligations, fees, prepayment
premiums, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Administrative Agent and the Lenders that are required to be paid by the Company or any of the other Grantors pursuant
to the terms of any of the foregoing agreements). 
 “Credit Agreement Representative” means
(i) the Administrative Agent under the Credit Agreement and (ii) following the delivery of a Notice of Designation with respect to any Revolver Secured Debt, the agent for the holders of the Revolver Secured Obligations. At any time there
shall only be one Credit Agreement Representative. 
  

 3 

 “Directing Parties” shall mean: 

(1) if either the Credit Agreement Class or the Public Note Class represents 90% or more of the aggregate Outstanding
Amount of the Primary Secured Obligations, then the Representative of such Class which represents 90% or more; 

(2) if clause (1) above does not apply: 

(a) in the case of matters relating to the exercise of rights or remedies (including the taking or refraining from
taking of any action) against or in respect of the Collateral or the enforcement of the Trust Security Documents,

(i) if both Primary Holder Representatives concur on the proposed action or inaction, both Primary Holder Representatives,
and 
 (ii) if a Primary Holder Representative has received written notice from the other Primary Holder
Representative of the proposed exercise of a specified right or remedy and the Primary Holder Representatives do not concur on the proposed exercise with respect to such right or remedy, then, for all purposes under this Agreement and the other
Trust Security Documents with respect to such right or remedy (including directing the time, manner and place of the exercise thereof), 

(A) for a period of 30 calendar days beginning on the date that a Primary Holder Representative notifies the other
Primary Holder Representative that there is a failure to concur for purposes of this clause (A) (such notice, the “Remedies Notice”; such period, the “Remedies Notice Period”), both Primary Holder
Representatives, and 
 (B) if, after the expiration of the Remedies Notice Period, the Primary Holder
Representatives do not concur on the proposed action or inaction with respect to any such right or remedy, Directing Parties shall mean the Majority Secured Parties; 

(b) in the case of matters relating to requests by the Directing Parties to the Grantors to grant or perfect Liens on
Collateral as required by any Primary Secured Instrument, or to request additional information, any Primary Holder Representative; 

(c) in the case of matters relating to the removal, replacement or designation of the Collateral Trustee or any co-trustee
or separate trustee, both Primary Holder Representatives; 
 (d) in the case of matters relating to the
management, investment or disposition of Collateral held by the Collateral Trustee or any co-trustee or separate trustee (other than a disposition of the type described in clause (a) above), both Primary Holder Representatives;

 (e) in the case of determining whether notice has been properly delivered to the Directing Parties, both
Primary Holder Representatives; 
  

 4 

 (f) in the case of matters relating to the amendment, modification or waiver
of this Agreement or any Trust Security Document, or the grant of any forbearance thereunder, both Primary Holder Representatives; 

(g) in the case of matters relating to the release of Collateral (other than pursuant to and in accordance with
Section 6.12) or any other matter that could directly or indirectly have a material adverse effect on the Collateral or on any right or remedy of the Collateral Trustee (including a credit bid in a foreclosure sale), both Primary Holder
Representatives; 
 (h) in the case of matters relating to the collection, receipt, withdrawal,
allocation, disbursement, distribution or release of funds from the Collateral Account or the Prepayment Deposit Account, both Primary Holder Representatives; and 

(i) in all cases not covered by clauses (a)-(h) above, unless the Public Note Representative objects within ten
Business Days after receipt of notice from the Collateral Trustee or the Credit Agreement Representative, the Credit Agreement Representative; and

(3) after the Credit Agreement Obligations and the Public Note Obligations have both been paid in full, the holders of at
least a majority of the Outstanding Amount under the remaining Secured Obligations if this Agreement continues to be in effect. 

“Distribution Date” shall mean each date fixed by the Collateral Trustee for a distribution to the
Secured Parties of funds held in the Collateral Account, the first of which shall be within 30 days after the Collateral Trustee receives a Notice of Acceleration and the remainder of which shall be monthly thereafter (or more frequently if
requested by the Directing Parties) on the day of the month corresponding to the first Distribution Date (or, if there be no such corresponding day, the last day of such month) provided that if any such day is not a Business Day, such
Distribution Date shall be the next Business Day provided always that at no time shall a Distribution Date occur unless a Notice of Acceleration is in effect. 

“Effective Date” shall mean June 28, 2010. 

“Effective Date Credit Agreement” shall mean the Credit Agreement as in effect on the Effective Date, in
the form attached hereto as Exhibit D, without giving effect to any amendment, supplement, restatement or other modification. 

“Excluded Assets” shall have the meaning assigned in the Security Agreement. 

“Existing Hedging Agreements” shall mean the Hedging Agreements listed on Schedule 6.1(g) of the
Effective Date Credit Agreement. 
 “Extensions of Credit” shall mean, with respect to any
holder of Secured Obligations as of any date, the aggregate outstanding principal amount of all loans or notes, the sum of the undrawn stated face amount of and reimbursement obligations with respect to letters of credit, in each case under the
applicable Secured Instrument held by such holder then outstanding, or, with respect to any Existing Hedging Agreements, the outstanding Hedging Obligations with respect thereto. 

 

 5 

 “Grantors” shall have the meaning assigned in the preamble
hereto. 
 “Hedging Obligations” shall mean all obligations and liabilities of the Company or
any other Grantor (including, without limitation, interest accruing at the then applicable rate provided in the Existing Hedging Agreements after maturity and Post Petition Interest) to any Secured Hedge Provider, whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter incurred, that arise under, out of, or in connection with, the Existing Hedging Agreements or any other document made, delivered or given in connection with any of the
foregoing, in each case whether on account of principal, interest, termination payment obligations, guarantee obligations, fees, prepayment premiums, indemnities, costs, expenses or otherwise (including, without limitation, all fees and
disbursements of counsel to parties thereof that are required to be paid by the Company or any of the other Grantors pursuant to the terms of any of the foregoing agreements). 

“Indebtedness” shall mean, of any Person at any date, all indebtedness of such Person for borrowed money
including, without limitation, contingent and matured obligations in respect of letters of credit. 

“Indemnified Parties” shall have the meaning assigned in Section 4.6. 

“Indenture” shall mean (i) the Senior Secured Indenture, dated as of June 28, 2010, among the
Company, the Subsidiaries of the Company parties thereto, and Wilmington Trust FSB, as Indenture Trustee, and the Public Notes issued thereunder and (ii) any other credit agreement, loan agreement, note agreement, promissory note, indenture or
other agreement or instrument evidencing or governing the terms of any Indebtedness or other financial accommodation that has been incurred in a Qualifying Refinancing to Refinance (with the same or different lenders) in whole or in part (under one
or more separate agreements) the Indebtedness and other obligations outstanding under the Indenture and the Public Notes referred to in clause (i) above or any other agreement or instrument referred to in this clause (ii) unless such
agreement or instrument expressly provides that it is not an Indenture hereunder. 
 “Indenture
Trustee” shall mean Wilmington Trust FSB, in its capacity as indenture trustee under the Indenture, and any successor Indenture Trustee appointed thereunder. 

“Insolvency Proceeding” shall mean each of the following, in each case with respect to the Company or any
other Grantor: (a) (i) any voluntary or involuntary case or proceeding under any Bankruptcy Law or any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, (ii) any case or proceeding seeking
receivership, liquidation, reorganization, winding up or other similar case or proceeding, (iii) any case or proceeding seeking arrangement, adjustment, protection, relief or composition of any debt and (iv) any case or proceeding seeking
the entry of an order for relief or the appointment of a custodian, receiver, trustee or other similar official and (b) any general assignment for the benefit of creditors. 

“Lender” shall mean any Lender (as defined in the Credit Agreement or, after the delivery of a Notice of
Designation with respect to any Revolver Secured Debt, as defined in the agreement governing such Revolver Secured Debt). 
  

 6 

 “Majority Class Holders” shall mean, on any date, each of
the following: (i) Credit Agreement Class members holding more than 50% of the aggregate Outstanding Amount (and, if no Notice of Acceleration is in effect with respect thereto, unfunded commitments) under the Credit Agreement Documents and
(ii) Public Note Class members holding more than 50% of the aggregate Outstanding Amount (and, if no Notice of Acceleration is in effect with respect thereto, unfunded commitments) of the Public Note Obligations outstanding on such date.

 “Majority Secured Parties” shall mean, on any date, Secured Parties holding more than 50% of
the sum of the aggregate Outstanding Amount under the Primary Secured Instruments on such date. 

“Notice Effective Time” shall mean, with respect to a Notice of Acceleration or a Notice of Cancellation,
as the case may be, the time of the Collateral Trustee’s delivery of a written acknowledgement of its receipt of such Notice of Acceleration, Notice of Cancellation or notice of an Event of Default under Section 7.1(e) of the Credit
Agreement or Section 7.1(e) of the Public Note Indenture (or the corresponding provision of any agreement executed in connection with a Refinancing thereof) with respect to the Company has occurred and is continuing, to the Primary Holder
Representative delivering such Notice of Acceleration, Notice of Cancellation or notice of such Event of Default, as the case may be, which written acknowledgement shall be delivered by the Collateral Trustee no later than the second Business Day
after the Business Day on which such Notice of Acceleration, Notice of Cancellation or notice of such Event of Default containing the information required hereby is received at the address of the Collateral Trustee specified for notices in this
Agreement. 
 “Notice of Acceleration” shall mean a written notice delivered to the Collateral
Trustee by a Primary Holder Representative in respect of the Secured Obligations for which such Primary Holder Representative acts, stating that (a) the Secured Obligations for which such Primary Holder Representative acts as a representative
have not been paid in full at the stated final maturity thereof and any applicable grace period has expired or (b) an Event of Default has occurred under and as defined in the provisions of the Primary Secured Instruments for which such Primary
Holder Representative acts as a representative and, as a result thereof, the related Secured Obligations outstanding under such Primary Secured Instruments have become (or have been declared to be) due and payable in accordance with the terms of
such Primary Secured Instruments and have not been paid in full or, in the case of any reimbursement obligation in respect of an outstanding letter of credit or letter of guarantee outstanding under such Primary Secured Instrument, that the
requirement for immediate cash collateralization under such Primary Secured Instrument has not been satisfied. Each Notice of Acceleration shall be in substantially the form and substance of Exhibit A. 

“Notice of Cancellation” shall have the meaning assigned in Section 2.1(c). 

“Notice of Designation” shall have the meaning assigned in Section 7.2. 

 

 7 

 “Opinion of Counsel” shall mean an opinion in writing
signed by legal counsel reasonably satisfactory to the Collateral Trustee, who may be counsel regularly retained by the Collateral Trustee or counsel to the Company. 

“Outstanding Amount” shall mean (a) with respect to Indebtedness, the aggregate outstanding
principal amount thereof determined in accordance with the applicable Primary Secured Instrument, (b) with respect to banker’s acceptances, letters of credit or letters of guarantee, if any, the aggregate undrawn, unexpired face amount
thereof plus the aggregate unreimbursed drawn amount thereof and (c) with respect to hedging obligations, following a termination event thereunder, the aggregate amount of the Company’s or such Subsidiary’s termination
liability thereunder. 
 “paid in full” or “payment in full” or “pay
such amounts in full” shall mean, with respect to any Secured Obligations (other than contingent indemnification obligations for which no claim has been made), the payment in full (other than as part of a Refinancing) in cash of the
principal of, accrued (but unpaid) interest (including Post-Petition Interest if applicable) and premium, if any on all such Secured Obligations and, with respect to letters of credit outstanding thereunder, delivery of cash collateral or backstop
letters of credit in respect thereof in compliance with the applicable Secured Instruments in each case, after or concurrently with termination of all commitments thereunder and payment in full of all fees payable at or prior to the time such
principal and interest are paid. 
 “Person” shall mean an individual, a corporation, a limited
liability company, a partnership (including without limitation, a joint venture), an unincorporated association, a trust or any other entity or organization, including but not limited to, a government or political subdivision or any agency or
instrumentality thereof. 
 “Post-Petition Interest” shall mean all interest (or entitlement to
fees or expenses or other charges) accruing or that would have accrued, whether as a result of the classification of the Secured Obligations as one secured claim with respect to the Collateral (and not separate classes) or otherwise, after the
commencement of any Insolvency Proceeding, irrespective of whether a claim for post-filing or petition interest (or entitlement to fees or expenses or other charges) is allowed in any such Insolvency Proceeding. 

“Post-Petition Securities” shall mean any debt securities or other Indebtedness received in full or
partial satisfaction of any claim as part of any Insolvency Proceeding. 
 “Prepayment Deposit
Account” shall have the meaning assigned in the Effective Date Credit Agreement. 
 “Prepayment
Monies” shall have the meaning assigned in Section 3.1A. 
 “Primary Holder
Representatives” means, collectively, the Credit Agreement Representative and the Public Note Representative. 

“Primary Secured Instruments” means, collectively, the Credit Agreement Documents and the Public Note
Documents. 
  

 8 

 “Primary Secured Obligations” means, collectively, the
Credit Agreement Obligations and the Public Note Obligations. 
 “Proceeds” shall mean all
“proceeds” as such term is defined in Section 9-102(a)(64) of the UCC on the Effective Date. 

“Public Note Class” shall mean, collectively (i) the Secured Parties that are holders of outstanding
Extensions of Credit and unfunded commitments under the Public Note Documents and (ii) as appropriate, the Public Note Obligations. 

“Public Note Documents” shall mean the Indenture, the Public Notes, the Trust Security Documents, and any
amendment, waiver, supplement or other modification to any of the foregoing. 
 “Public Note
Obligations” shall mean, collectively, the unpaid principal of and interest on the Public Notes and all other obligations and liabilities of the Company or any other Grantor (including, without limitation, interest accruing at the then
applicable rate provided in the Indenture after the maturity of the Public Notes and Post-Petition Interest) to the Public Note Representative or any holder of Public Notes, whether direct or indirect, absolute or contingent, due or to become due,
or now existing or hereafter incurred, that arise under, out of, or in connection with, the Public Note Documents, any letter of credit thereunder or any other document made, delivered or given in connection with any of the foregoing, in each case
whether on account of principal, interest, reimbursement obligations, guarantee obligations, fees, prepayment premiums, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Public
Note Representative or any holder of Public Notes that are required to be paid by the Company or any of the other Grantors pursuant to the terms of any of the foregoing agreements). 

“Public Note Representative” shall mean the Indenture Trustee. 

“Public Notes” shall mean the notes issued under the Indenture. 

“Qualifying Refinancing” shall mean any Refinancing of any Secured Obligations that is not prohibited by
the Primary Secured Instruments. 
 “Refinancing” shall mean, with respect to any Indebtedness,
such Indebtedness after giving effect to any refinancing, extension, renewal, defeasance, amendment, restatement, modification, supplement, restructuring, replacement, exchange, refunding or repayment thereof, or other Indebtedness (including under
any Post-Petition Securities received on account of such Indebtedness) issued as part of any refinancing, extension, renewal, defeasance, amendment, restatement, modification, supplement, restructuring, replacement, exchange, refunding or repayment
thereof, and the term “Refinance” has a correlative meaning. 
 “Refinancing
Debt” shall mean, collectively, any Indebtedness or other financial accommodations designated by the Company as “Refinancing Debt” pursuant to Section 7.2. 

 

 9 

 “Responsible Officer” shall mean, as to the Company, any
President, any Executive Vice President, any Senior Vice President, any Vice President, the Chief Executive Officer or the Chief Financial Officer. 

“Revolver Secured Debt” shall mean Debt permitted to be incurred under Section 6.1(o) of the
Indenture. 
 “Revolver Secured Debt Documents” shall mean the agreement governing any Revolver
Secured Debt, the Trust Security Documents, any promissory notes issued under the agreement governing any Revolver Secured Debt, and any amendment, waiver, supplement or other modification to any of the foregoing. 

“Revolver Secured Obligations” shall mean, collectively, the unpaid principal of and interest on the
loans and all other obligations and liabilities of the Company or any other Grantor, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, that arise under, out of, or in connection with,
any Revolver Secured Debt. 
 “Secured Hedge Providers” shall mean at any time of determination,
the holders of Hedging Obligations at such time. 
 “Secured Instruments” shall mean at any time
(i) the Credit Agreement Documents, (ii) the Public Note Documents, (iii) the Existing Hedging Agreements and (iv) after the delivery of a Notice of Designation with respect to any Revolver Secured Debt, the Revolver Secured Debt
Documents. 
 “Secured Obligations” shall mean, collectively, (i) all Credit Agreement
Obligations, (ii) all Public Note Obligations, (iii) all Hedging Obligations under the Existing Hedging Agreement, (iv) obligations owing to the Collateral Trustee hereunder and under the other Trust Security Documents and
(v) after the delivery of a Notice of Designation with respect to any Revolver Secured Debt, all Revolver Secured Obligations; provided, however, that to the extent any payment with respect to the Secured Obligations (whether by
or on behalf of any Grantor, as proceeds of Collateral, enforcement of any right of set off or otherwise) is declared to be fraudulent or preferential in any respect, set aside or required to be paid to a debtor in possession, trustee, receiver or
similar Person, then the obligation or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred. For avoidance of doubt, no obligations under or in respect of the Existing
Credit Agreement, Existing Private Notes or the Existing Public Notes shall constitute Secured Obligations. 

“Secured Parties” shall mean the Collateral Trustee (in its capacity as the holder of the Lien on the
Collateral securing the Secured Obligations), each Primary Holder Representative and each holder of Secured Obligations. 

“Security Agreement” shall mean the Security Agreement, dated as of the Effective Date, executed and
delivered by the Company and each Subsidiary Grantor in favor of the Collateral Trustee. 
 “Subsidiary
Grantor” shall mean each Grantor other than the Company. 
  

 10 

 “Trademark Security Agreements” shall mean the respective
Grants of Security Interest in Trademark Rights, dated as of the Effective Date, executed and delivered by the Company and in favor of the Collateral Trustee. 

“Trust Estate” shall have the meaning assigned in the Declaration of Trust at the beginning of this
Agreement. 
 “Trust Monies” shall have the meaning assigned in Section 3.1.

 “Trust Security Documents” shall mean, collectively, this Agreement, the Security Agreement,
the Mortgages (if any), the Trademark Security Agreements, the Deposit Account Control Agreements, the Securities Account Control Agreements, the other documents listed on Annex I and all other security documents hereafter delivered to the
Collateral Trustee granting a Lien on any property of any Person to secure the Secured Obligations. 

“Trustee Fees” shall mean all fees, costs and expenses of and all outstanding indemnity obligations to
the Collateral Trustee of the types described or otherwise specified in Sections 4.3, 4.4, 4.5 and 4.6 and in the other Trust Security Documents. 

“UCC” shall have the meaning assigned in the Security Agreement. 

The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement, and section, section, exhibit, schedule and annex references are to this Agreement unless, respectively, otherwise specified. References to agreements defined
in Section 1.1(b) shall, unless otherwise specified, be deemed to refer to such agreements as amended, supplemented, restated or otherwise modified from time to time. 

The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such
Grantor’s Collateral or the relevant part thereof. 
 The words “include”, “includes” and
“including” shall be deemed to be followed by “without limitation” whether or not they are in fact followed by such words or words of like import. 

ACCELERATION OF SECURED OBLIGATIONS 

Notices of Acceleration. 

Upon receipt by the Collateral Trustee of a Notice of Acceleration, the Collateral Trustee shall promptly (but in any event not later than
on the second Business Day following the Business Day of the Collateral Trustee’s actual receipt thereof) notify the Company, the Primary 

 

 11 

 
Holder Representatives and the Secured Hedge Providers of the receipt and contents thereof. So long as such Notice of Acceleration is in effect, upon the direction of the Directing Parties, as
provided herein, the Collateral Trustee shall exercise the rights and remedies provided in this Agreement and in the other Trust Security Documents. The Collateral Trustee is not empowered to take any Collateral Enforcement Action hereunder or under
any other Trust Security Document unless a Notice of Acceleration is in effect. The Collateral Trustee and the Secured Parties agree, solely for their own benefit (and not for the benefit of the Grantors), that the Collateral Trustee shall exercise
all of its powers, rights and remedies hereunder and under the Trust Security Documents upon direction in writing from the Directing Parties directing such exercise. For purposes of this Agreement, a Notice of Acceleration shall be considered to be
in effect as of the Notice Effective Time. 
 Notwithstanding anything in this Agreement to the contrary, a Notice of
Acceleration shall be deemed to be in effect as of the Notice Effective Time whenever (x) an Event of Default under Section 7.1(e) of the Credit Agreement or Section 7.1(e) of the Public Note Indenture (or the corresponding provision
of any agreement executed in connection with a Refinancing thereof) with respect to the Company has occurred and is continuing and (y) the Collateral Trustee is notified by either Primary Holder Representative that such Event of Default has
occurred. A Notice of Acceleration, once effective, shall remain in effect unless and until it is cancelled as provided in Section 2.1(c). 

Any Primary Holder Representative shall be entitled to cancel any Notice of Acceleration delivered by such Primary Holder Representative
by delivering a written notice of cancellation thereof (a “Notice of Cancellation”) to the Collateral Trustee either before or after the Collateral Trustee takes any action to exercise any remedy with respect to the Collateral;
provided, that (x) if the Collateral Trustee has received a Notice of Cancellation and thereupon no other Notices of Acceleration are then in effect, such notice shall serve as direction from the Directing Parties to the Collateral
Trustee, with respect to any actions taken by the Collateral Trustee prior to receipt of such Notice of Cancellation to exercise any remedy or remedies with respect to the Collateral that can, in a commercially reasonable manner, be reversed,
cancelled or stopped, take commercially reasonable steps to reverse, cancel or stop such actions, and (y) any action taken by the Collateral Trustee prior to receipt of such Notice of Cancellation to exercise any remedy or remedies with respect
to the Collateral that cannot, in a commercially reasonable manner, be reversed, cancelled or stopped, may be completed. The Collateral Trustee shall promptly (but in any event not later than on the second Business Day following the Business Day of
the Collateral Trustee’s actual receipt thereof) notify the Company, the Primary Holder Representatives and the Secured Hedge Providers as to the receipt and contents of any such Notice of Cancellation. Subject to any Applicable Law, the
Collateral Trustee shall not be liable to any Person for any losses, damages or expenses arising out of or related to actions taken at the direction of the Directing Parties after the issuance of a Notice of Cancellation. For purposes of this
Agreement, a Notice of Cancellation shall be considered to be in effect as of the Notice Effective Time. 
 General Authority
of the Collateral Trustee over the Collateral. Each Grantor hereby irrevocably constitutes and appoints the Collateral Trustee and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full
power and authority in its or his own name at any time when a Notice of Acceleration is in effect (and at any time in connection with the creation and perfection of security interests in the Collateral), from time to time in the Collateral
Trustee’s discretion, subject to Section 2.1, to take any and all appropriate 
  

 12 

 
action and to execute any and all documents and instruments which may be necessary or desirable to carry out the terms of this Agreement and the other Trust Security Documents and accomplish the
purposes hereof and thereof and, without limiting the generality of the foregoing, each Grantor hereby gives the Collateral Trustee, subject to Section 2.1, the power and right on behalf of such Grantor, without notice to or further
assent by any Grantor to take any Collateral Enforcement Actions permitted under the Trust Security Documents and to do, at its option and at the expense and for the account of Grantors, all acts and things which the Collateral Trustee deems
necessary or appropriate to protect or preserve the Collateral and to realize upon the Collateral in accordance with the provisions of the Trust Security Documents. Notwithstanding the foregoing, so long as no Notice of Acceleration is in effect,
upon the direction of the Directing Parties, as provided herein, the Collateral Trustee shall take such actions as are permitted by this Agreement or the other Trust Security Documents. Such actions may include, but are not limited to, taking action
to create and perfect the Liens granted pursuant to the Trust Security Documents in accordance with the Primary Secured Instruments, this Agreement and the other Trust Security Documents, releases of Liens on the Collateral in accordance with this
Agreement, receipt and delivery of information required to be delivered pursuant to this Agreement and the other Trust Security Documents and to accept deposits to and make withdrawals from the Collateral Account and the Prepayment Deposit Account
and to invest amounts therein in each case in accordance with the terms of this Agreement and the other Trust Security Documents. 

Right to Initiate Judicial Proceedings. If a Notice of Acceleration is in effect, the Collateral Trustee, upon the direction of
the Directing Parties, as provided herein, and otherwise subject to the provisions of Section 2.5(b) and Section 5: (i) shall have the right and power to institute and maintain such suits and proceedings as it may deem
appropriate to protect and enforce the rights vested in it by this Agreement and each other Trust Security Document and (ii) may, either after entry, or without entry, proceed by suit or suits at law or in equity to enforce such rights and to
foreclose upon the Collateral and to sell all or, from time to time, any of the Collateral under the judgment or decree of a court of competent jurisdiction. 

Right to Appoint a Receiver. If a Notice of Acceleration is in effect, upon the filing of a bill in equity or other commencement
of judicial proceedings to enforce the rights of the Collateral Trustee under this Agreement or any other Trust Security Document, the Collateral Trustee shall, upon the direction of the Directing Parties, as provided herein, to the extent permitted
by law, with notice to the Company but without notice to any party claiming through the Grantors, without regard to the solvency or insolvency at the time of any Person then liable for the payment of any of the Secured Obligations, without regard to
the then value of the Trust Estate, and without requiring any bond from any complainant in such proceedings, be entitled as a matter of right to the appointment of a receiver or receivers (who may be the Collateral Trustee) of the Trust Estate, or
any part thereof, and of the rents, issues, tolls, profits, royalties, revenues and other income thereof, pending such proceedings, with such powers as the court making such appointment shall confer, and to the entry of an order directing that the
rents, issues, tolls, profits, royalties, revenues and other income of the property constituting the whole or any part of the Trust Estate be segregated, sequestered and impounded for the benefit of the Collateral Trustee and the Secured Parties,
and each Grantor irrevocably consents to the appointments of such receiver or receivers and to the entry of such order; provided that, notwithstanding the appointment of any receiver, the Collateral Trustee shall be entitled to retain
possession and control of all cash and Cash Equivalents constituting Collateral held by or deposited with it pursuant to this Agreement or any other Trust Security Document. 

 

 13 

 Exercise of Powers; Instructions of the Directing Parties. 

Upon the direction of the Directing Parties, as provided herein, all of the powers, remedies and rights of the Collateral Trustee as set
forth in this Agreement may be exercised by the Collateral Trustee in respect of any Trust Security Document as though set forth in full therein and all of the powers, remedies and rights of the Collateral Trustee, each Primary Holder Representative
and the other Secured Parties as set forth in any Trust Security Document may be exercised from time to time as herein and therein provided. In the event of any conflict between the provisions of any other Trust Security Document and the provisions
hereof, the provisions of this Agreement shall govern. 
 The Directing Parties shall at all times have the right, by one or
more notices in writing executed and delivered to the Collateral Trustee (or by telephonic notice promptly confirmed in writing), to direct the time, method and place of conducting any proceeding for any right or remedy available to the Collateral
Trustee, or of exercising any trust or power conferred on the Collateral Trustee, or for the appointment of a receiver, or to direct the taking or the refraining from taking of any action authorized by this Agreement or any other Trust Security
Document; provided that (i) such direction shall not conflict with any Applicable Law or this Agreement or any other Trust Security Document, (ii) the Collateral Trustee shall be reasonably indemnified as provided in
Section 5.4(d) and (iii) no Collateral Enforcement Action may be taken unless a Notice of Acceleration is in effect. In the absence of such direction, the Collateral Trustee shall have no duty to take or refrain from taking any
action, nor any liability for refraining from taking any action in the absence of such direction. 
 Except as permitted in
Section 8.6, no Primary Holder Representative or other Secured Party, other than the Collateral Trustee, shall do (and no such Primary Holder Representative or Secured Party (other than the Directing Parties) shall direct the Collateral
Trustee to do) any of the following without the consent of the Directing Parties: (i) take any Collateral Enforcement Action or (ii) object to, contest or take any other action that is reasonably likely to hinder (1) any Collateral
Enforcement Action initiated by the Collateral Trustee, (2) any release of Collateral permitted under Section 6.12, whether or not done in consultation with or with notice to such Secured Party, or (3) any decision by the
Directing Parties to forbear or refrain from bringing or pursuing any such Collateral Enforcement Action or to effect any such release. In the event that the Directing Parties consent to any such actions by a Primary Holder Representative or other
Secured Party, the Directing Parties shall simultaneously provide written notice of such consent to the Collateral Trustee. 

Remedies Not Exclusive. 

No remedy conferred upon or reserved to the Collateral Trustee herein or in the other Trust Security Documents is intended to be exclusive
of any other remedy or remedies, but every such remedy shall be cumulative and shall be in addition to every other remedy conferred herein or in any other Trust Security Document or now or hereafter existing at law or in equity or by statute.

 No delay or omission by the Collateral Trustee to exercise any right, remedy or power hereunder or under any other Trust
Security Document shall impair any such right, remedy or power or shall be construed to be a waiver thereof, and every right, power and remedy given by this Agreement or any other Trust Security Document to the Collateral Trustee may, subject to the
terms hereof, be exercised from time to time and as often as may be deemed expedient by the Collateral Trustee. 
  

 14 

 If the Collateral Trustee shall have proceeded to enforce any right, remedy or power under
this Agreement or any other Trust Security Document and the proceeding for the enforcement thereof shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Collateral Trustee, then the Grantors, the
Collateral Trustee and the Secured Parties shall, subject to any determination in such proceeding, severally and respectively be restored to their former positions and rights hereunder or thereunder with respect to the Trust Estate and in all other
respects, and thereafter all rights, remedies and powers of the Collateral Trustee shall continue as though no such proceeding had been taken. 

All rights of action and of asserting claims upon or under this Agreement and the other Trust Security Documents may be enforced by the
Collateral Trustee without the possession of any Secured Instrument or instrument evidencing any Secured Obligation or the production thereof at any trial or other proceeding relative thereto, and any suit or proceeding instituted by the Collateral
Trustee shall be, subject to Section 5.10(d)(ii), brought in its name as Collateral Trustee and any recovery of judgment shall be held as part of the Trust Estate. 

Waiver and Estoppel. 

Each Grantor agrees, to the extent it may lawfully do so, that it will not at any time in any manner whatsoever claim, or take the benefit
or advantage of, any appraisement, valuation, stay, extension, moratorium, turnover or redemption law, or any law permitting it to direct the order in which the Collateral shall be sold, now or at any time hereafter in force, which may delay,
prevent or otherwise affect the performance or enforcement of this Agreement or any other Trust Security Document and hereby, to the fullest extent permitted by any Applicable Law, waives all benefit or advantage of all such laws and covenants that
it will not hinder, delay or impede the execution of any power granted to the Collateral Trustee in this Agreement or any other Trust Security Document but will suffer and permit the execution of every such power as though no such law were in force;
provided that nothing contained in this Section 2.7(a) shall be construed as a waiver of any rights of the Grantors under any applicable Bankruptcy Law. 

Each Grantor, to the extent it may lawfully do so, on behalf of itself and all who may claim through or under it, including, without
limitation, any and all subsequent creditors, vendees, assignees and lienors, waives and releases all rights to demand or to have any marshalling of the Collateral upon any sale, whether made under any power of sale granted herein or in any other
Trust Security Document or pursuant to judicial proceedings or upon any foreclosure or any enforcement of this Agreement or any other Trust Security Document and consents and agrees that all the Collateral may at any such sale be offered and sold as
an entirety. 
 Each Grantor waives, to the extent permitted by applicable law, presentment, demand, protest and any notice of
any kind (except notices explicitly required hereunder, under any Secured Instrument or under any other Trust Security Document) in connection with this Agreement and the other Trust Security Documents and any action taken by the Collateral Trustee
with respect to the Collateral. 
  

 15 

 Limitation on Collateral Trustee’s Duty in Respect of Collateral. Beyond its
duties as to the custody of Collateral expressly provided herein or in any other Trust Security Document and to account to the Secured Parties and the Grantors for moneys and other property received by it hereunder or under any other Trust Security
Document, the Collateral Trustee shall to the extent not prohibited by Applicable Law not have any duty to the Grantors or to the Secured Parties as to any Collateral in its possession or control or in the possession or control of any of its agents
or nominees, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. 

Limitation by Law. All rights, remedies and powers provided in this Agreement or any other Trust Security Document may be
exercised only to the extent that the exercise thereof does not violate any Applicable Law, and all the provisions hereof are intended to be subject to all applicable mandatory Requirements of Law which may be controlling and to be limited to the
extent necessary so that they will not render this Agreement invalid, unenforceable in whole or in part or not entitled to be recorded, registered or filed under the provisions of any applicable law. 

Rights of Secured Parties under Secured Instruments. Notwithstanding any other provision of this Agreement or any other Trust
Security Document, the right of each Secured Party to receive payment of the Secured Obligations held by such Secured Party when due (whether at the stated maturity thereof, by acceleration or otherwise) as expressed in the related Secured
Instrument or other instrument evidencing or agreement governing a Secured Obligation or to institute suit for the enforcement of such payment on or after such due date or to exercise any other remedy it may have as an unsecured creditor against the
Grantors, and the obligation of the Grantors to pay such Secured Obligations when due, shall not be impaired or affected without the consent of such Secured Party given in the manner prescribed by the Secured Instrument under which such Secured
Obligation is outstanding; provided, however, that in the event any Secured Party becomes a judgment lien creditor or otherwise obtains any Lien as a result of its enforcement of its rights as an unsecured creditor, such judgment lien
and the Collateral subject thereto shall be subject to all of the terms and conditions of this Agreement and such Secured Party shall assign such Lien to the Collateral Trustee for inclusion as Collateral or hold such Lien for the benefit of the
Secured Parties, in each case as directed by the Directing Parties. 
 Collateral Use Prior to Acceleration. 

So long as no Notice of Acceleration shall be in effect, the Grantors shall have the right: (i) to remain in possession and retain
exclusive control of the Collateral (except for such property which the Grantors are required to give possession of or control over to the Collateral Trustee pursuant to the terms of any Trust Security Document) with power freely and without let or
hindrance on the part of the Secured Parties (except as set forth in the Secured Instruments) to operate, manage, develop, use and enjoy the Collateral, to receive the rents, issues, tolls, profits, royalties, revenues and other income thereof, and
(ii) to sell or otherwise dispose of, free and clear of the Lien created by this Agreement and the other Trust Security Documents, any Collateral if such sale or other disposition is not prohibited by the Primary Secured Instruments or has been
expressly approved in accordance with the terms of the Secured Instruments. The Collateral Trustee shall have no duty to monitor the exercise by the Grantors of their rights under this Section 2.11(a). 

 

 16 

 When a Notice of Acceleration is in effect, cash Proceeds (including Cash Equivalents,
checks and similar items) received by the Collateral Trustee in connection with the sale or other disposition of, or collections on or of, Collateral or otherwise received in respect of the Collateral shall be deposited in the Collateral Account.
Any such Proceeds (and other items) received by any Grantor shall be held by such Grantor in trust for the Collateral Trustee, shall be segregated from other funds of such Grantor and shall, forthwith upon receipt by such Grantor, be turned over to
the Collateral Trustee, in same form as received by such Grantor (duly indorsed to the Collateral Trustee, if required) for deposit in the Collateral Account. Notwithstanding anything to the contrary in this Agreement, unless a Notice of
Acceleration is in effect, the Company may (subject to the first sentence of Section 3.4(a)) upon written request to the Collateral Trustee, with a copy to the Credit Agreement Representative and the Public Note Representative
(accompanied by a written certification by the Company that the Company has reasonably determined that it will have adequate liquidity on a pro forma basis, after giving effect to the release to the Company of the funds in the
Collateral Account, to pay the next scheduled principal installments of the Loans and the Public Notes), obtain the prompt release to it or its order of funds in the Collateral Account (other than funds necessary in order to make any overdue payment
not made when due in respect of the Credit Agreement Obligations and the Public Note Obligations or an unpaid mandatory prepayment or redemption of the Credit Agreement Obligations or the Public Note Obligations). Any written request and
certification by the Company pursuant to the preceding sentence shall be full authority for and direction to the Collateral Trustee to make the requested release, and (subject to the first sentence of Section 3.4(a)) the Collateral
Trustee shall promptly do so. The Collateral Trustee in so doing shall have no liability to any Person. 
 When a Notice of
Acceleration is in effect, any proceeds of any issuance of debt or equity securities or any issuance or incurrence of Debt, any insurance Proceeds in respect of any Collateral, any Proceeds from the exercise of rights of eminent domain or
condemnation in respect of any Collateral, and any liquidating dividends paid in respect of any Collateral received by any of the Grantors shall be deposited in the Collateral Account to be held therein and applied in accordance with
Section 3 hereof. If for any reason any Grantor shall receive or hold any securities or Debt proceeds, insurance Proceeds, condemnation Proceeds or liquidating dividends that are required to be held by the Collateral Trustee pursuant to
the first sentence of this section, such Grantor shall hold such proceeds or dividends in trust for the Collateral Trustee and the Secured Parties and shall, as promptly as practicable, deliver such proceeds or dividends to the Collateral Trustee to
be held in accordance with the provision of this section. 
 Remedies Generally. If a Notice of Acceleration is in
effect, the Collateral Trustee, on behalf of the Secured Parties, may, upon the direction of the Directing Parties, as provided herein, exercise, in addition to all other rights and remedies granted to the Collateral Trustee in the Trust Security
Documents and in any other instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party under the UCC or any other applicable law. Without limiting the generality of the foregoing,
the Collateral Trustee, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice referred to below or otherwise required by law) to or upon any Grantor or any other Person (all and
each of which demands, defenses, advertisements and notices are hereby waived to the extent not prohibited by law), may, subject in all cases to the right to request the direction of the Directing Parties as provided herein, in such circumstances
forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith 
  

 17 

 
sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at
public or private sale or sales, at any exchange, broker’s board or office of the Collateral Trustee or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for
future delivery without assumption of any credit risk. If a Notice of Acceleration is in effect, if so directed by the Directing Parties, the Collateral Trustee shall have the right upon any such public sale or sales, and, to the extent permitted by
law, upon any such private sale or sales, to bid for or purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released to the extent not
prohibited by Applicable Law, and if both Primary Holder Representatives consent, make payment on account thereof by using any claim then due and payable to the Secured Parties by such Grantor as a credit against the purchase price (for the
avoidance of doubt, without having to obtain the consent thereto of any Secured Parties other than the both Primary Holder Representatives), and the Collateral Trustee may, upon compliance with the terms of sale, hold, retain and dispose of property
purchased in a manner provided above without further accounting to any Grantor therefor. Each Grantor further agrees, when a Notice of Acceleration is in effect, at the Collateral Trustee’s request, to assemble the Collateral and make it
available to the Collateral Trustee at places which the Collateral Trustee shall reasonably select, whether at such Grantor’s premises or elsewhere. The Collateral Trustee shall apply the proceeds of any action taken by it pursuant to the Trust
Security Documents in accordance with Section 3. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Collateral Trustee or any Secured Party arising out of the
exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other
disposition. 
 Non-Cash Proceeds. Notwithstanding anything contained herein to the contrary, if the Collateral Trustee
shall acquire any Collateral through foreclosure or by a conveyance in lieu of foreclosure or by retaining any of the Collateral in satisfaction of all or part of the Secured Obligations or if any Proceeds or other property received by the
Collateral Trustee or any Secured Party to be distributed and shared pursuant to this Agreement are in a form other than immediately available funds, the Collateral Trustee shall not be required to remit any share thereof under the terms hereof and
the Secured Parties shall only be entitled to their undivided interests therein as determined hereby. The Secured Parties shall receive the applicable portions of any immediately available funds consisting of Proceeds from such Collateral or
proceeds of such non-cash Proceeds or other property so acquired only if and when paid in connection with the subsequent disposition thereof. While any Collateral or other property to be shared pursuant to this Agreement is held by the Collateral
Trustee, the Collateral Trustee shall hold such Collateral or other property for the benefit of the Secured Parties in accordance with their respective interests therein and all matters relating to the management, operation, further disposition or
any other aspect of such Collateral or other property shall be resolved by the agreement of the Directing Parties. 
 COLLATERAL
ACCOUNT; DISTRIBUTIONS 
 The Collateral Account. On the Effective Date there shall be established and, at all times
thereafter until the trust created by this Agreement shall have terminated, there shall be maintained in the name of the Company at such office of U.S. Bank National Association as 

 

 18 

 
selected by the Collateral Trustee an account which is entitled the “ACAS Collateral Account” (the “Collateral Account”). All direct or indirect Proceeds of Collateral
and all other moneys that are required by this Agreement or any other Trust Security Document to be delivered to the Collateral Trustee while a Notice of Acceleration is in effect or which are received by the Collateral Trustee or any agent or
nominee of the Collateral Trustee in respect of the Collateral while a Notice of Acceleration is in effect, whether in connection with the exercise of the remedies provided in this Agreement, any other Trust Security Document or otherwise
(collectively, the “Trust Monies”) shall be deposited in the Collateral Account to be held by the Collateral Trustee as part of the Trust Estate and applied in accordance with the terms of this Agreement. For the avoidance of doubt,
Trust Monies shall not include Prepayment Monies deposited pursuant to (and as defined in) Section 3A of this Agreement. Subject to Section 2.11(b), upon request of the Company at any time when no Notice of Acceleration is in
effect, the Collateral Trustee shall (subject to the first sentence of Section 3.4(a)) cause all funds on deposit in the Collateral Account to be paid over to the Grantors in accordance with their respective interests. 

Control of Collateral Account. All right, title and interest in and to the Collateral Account shall vest in the Collateral
Trustee, and funds on deposit in the Collateral Account shall constitute part of the Trust Estate. The Collateral Account shall be subject to the exclusive dominion and control of the Collateral Trustee. Without limitation of the preceding sentence,
if a Notice of Acceleration is in effect and subject to the rights and duties of the Collateral Trustee in this Section 3, the Collateral Trustee will comply with instructions originated by the Directing Parties or any Primary Holder
Representative, as applicable, as provided herein, directing disposition of the funds in the Collateral Account without further consent by the Grantors. To the extent of its right, title and interest therein, each Grantor hereby grants a security
interest in and lien on the Collateral Account, the Trust Monies, other items in the Collateral Account and the proceeds thereof to the Collateral Trustee for the benefit of the Secured Parties, as collateral security for such Grantor’s Secured
Obligations. The Grantors shall have no rights (including to make withdrawals from or give instructions) with respect to the Collateral Account or any funds contained therein except as otherwise expressly provided in Sections 2.11(b),
3.1 and 3.3 of this Agreement. 
 Investment of Funds Deposited in Collateral Account. The Collateral
Trustee shall, at the direction of the Directing Parties or, if no Notice of Acceleration is in effect, the Company, invest and reinvest moneys on deposit in the Collateral Account at any time in Cash Equivalents. All such investments and the
interest and income received thereon and the net proceeds realized on the sale or redemption thereof shall be held in the Collateral Account as part of the Trust Estate. Neither the Collateral Trustee nor any other Secured Party shall be responsible
for (i) determining whether investments are permitted pursuant to the terms of this Section 3.3 or (ii) any diminution in funds resulting from such investments or any liquidation prior to maturity. In the absence of such
directions, the Collateral Trustee shall have no obligation to invest or reinvest moneys. 
 Application of Moneys.

 The Collateral Trustee shall have the right (pursuant to Section 4.7) at any time to apply moneys held by it in
the Collateral Account to the payment of due and unpaid Trustee Fees. The Collateral Trustee shall provide written notice to the Company of any such applications of moneys. 

 

 19 

 All moneys held by the Collateral Trustee in the Collateral Account while a Notice of
Acceleration is in effect shall, to the extent available for distribution (it being understood that the Collateral Trustee may liquidate investments prior to maturity in order to make a distribution pursuant to this Section 3.4(b)) and
unless otherwise directed by the Directing Parties, as provided herein, be distributed (subject to the provisions of Sections 3.5 and 3.7) by the Collateral Trustee on each Distribution Date in the following order of priority (with
such distributions being made by the Collateral Trustee to the respective Primary Holder Representatives for the Secured Parties entitled thereto and the Secured Hedge Providers, as provided in Section 3.4(d), and each such Primary
Holder Representative shall be responsible for insuring that amounts distributed to it are distributed to its Secured Parties in the order of priority set forth below): 

First: to the Collateral Trustee (and other trustees appointed pursuant to this Agreement) for any unpaid Trustee
Fees (including as provided in Section 5.3) and then to any Secured Party that has theretofore advanced or paid any Trustee Fees constituting administrative expenses allowable under Section 503(b) of the Bankruptcy Code, an amount
equal to the amount thereof so advanced or paid by such Secured Party and for which such Secured Party has not been reimbursed prior to such Distribution Date, and, if such moneys shall be insufficient to pay such amounts in full, then ratably to
such Secured Parties in proportion to the amounts of such Trustee Fees advanced by the respective Secured Parties and remaining unpaid on such Distribution Date; 

Second: to any Secured Party which has theretofore advanced or paid any Trustee Fees other than such administrative
expenses, an amount equal to the amount thereof so advanced or paid by such Secured Party and for which such Secured Party has not been reimbursed prior to such Distribution Date, and, if such moneys shall be insufficient to pay such amounts in
full, then ratably to such Secured Parties in proportion to the amounts of such Trustee Fees advanced by the respective Secured Parties and remaining unpaid on such Distribution Date; 

Third: to any Primary Holder Representative for any unpaid expenses payable to such Person pursuant to the Secured
Instruments and, if such moneys shall be insufficient to pay such amounts in full, then ratably to such Persons in proportion to the unpaid amounts thereof on such Distribution Date; 

Fourth: to the holders of Secured Obligations in an amount equal to the unpaid principal and unpaid interest on and
premium and other charges, if any, and reimbursement obligations (including, without limitation, the obligation to cash collateralize undrawn letters of credit) with respect to the Secured Obligations, outstanding termination amounts in respect of
Hedging Obligations, interest and fees thereon and all other amounts constituting Secured Obligations (including but not limited to indemnities and payments for increased costs), in each case to the extent the same are due and payable, as of such
Distribution Date, and, if such moneys shall be insufficient to pay such amounts in full, then ratably to such holders in proportion to the unpaid amounts thereof on such Distribution Date; 

Fifth: all other amounts owed to Secured Parties in any capacity; and 

 

 20 

 Sixth: any surplus then remaining shall be paid to the Grantors or
their successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 

The term “unpaid” as used in clauses Third and Fourth of Section 3.4(b) with respect to the relevant
Grantor(s), refers to all amounts of Secured Obligations outstanding as of a Distribution Date, whether or not such amounts are fixed or contingent, and, in the case of an Insolvency Proceeding, with respect to any Grantor, whether or not such
amounts are allowed in such Insolvency Proceeding, to the extent that prior distributions (whether actually distributed or set aside pursuant to Section 3.5) have not been made in respect thereof. 

The Collateral Trustee shall make all payments and distributions under this Section 3.4 (i) on account of Credit
Agreement Obligations to the Credit Agreement Representative, pursuant to directions of the Credit Agreement Representative, for re-distribution in accordance with the provisions of the Credit Agreement; (ii) on account of any Public Note
Obligations to the Public Note Representative, pursuant to directions of the Public Note Representative, for re-distribution in accordance with the provisions of the Public Note Documents and (iii) on account of any Hedging Obligations to the
applicable Secured Hedge Providers, pursuant to directions provided by the Company and determination of the Outstanding Amount of Hedging Obligations by the Company. 

Amounts Held for Contingent Secured Obligations. In the event any Secured Party shall be entitled to receive any distributions
from the Collateral Account of any moneys in respect of any unliquidated, unmatured or contingent portion of the outstanding Secured Obligations, then the Collateral Trustee shall, at the written request of the Directing Parties, deposit such moneys
into a separate subaccount of the Collateral Account and invest such moneys in obligations of the kinds referred to in Section 3.3 maturing within three months after they are acquired by the Collateral Trustee and shall hold all such
amounts so distributable, and all such investments and the net proceeds thereof, in trust solely for such Secured Party and for no other purpose until (i) such Secured Party shall have notified the Collateral Trustee that all or part of such
unliquidated, unmatured or contingent claim shall have become matured or fixed, in which case the Collateral Trustee shall distribute from such investments and the proceeds thereof an amount equal to such matured or fixed claim to such Secured Party
for application to the payment of such matured or fixed claim, and shall promptly give notice thereof to the Company or (ii) all or part of such unliquidated, unmatured or contingent claim shall have been extinguished, whether as the result of
an expiration without drawing of any letter of credit, payment of amounts secured or covered by any letter of credit other than by drawing thereunder, payment of amounts covered by any guarantee or otherwise, in which case (x) such Secured
Party shall, as soon as practicable thereafter, notify the Company and the Collateral Trustee and (y) such investments, and the proceeds thereof, shall be held in the Collateral Account in trust for all Secured Parties pending application in
accordance with the provisions of Section 3.4. 
 Collateral Trustee’s Calculations. In making the
determinations and allocations required by Section 3.4, the Collateral Trustee shall be entitled to request from a Primary Holder Representative in respect of the Class of Secured Obligations for which such Primary Holder Representative
acts and the Secured Hedge Providers prior to making any payment and distribution provided for in such Section 3.4 such information as may be required for such determinations and allocations, and may conclusively rely upon information
supplied by such 
  

 21 

 
Primary Holder Representatives, and the Collateral Trustee shall have no liability to any of the Secured Parties for actions taken in reliance on such information, provided that nothing in
this sentence shall prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so supplied. All distributions made by the Collateral Trustee pursuant to Section 3.4 shall be (subject to
Section 3.7 and to any decree of any court of competent jurisdiction) final (absent manifest error), and the Collateral Trustee shall have no duty to inquire as to the application by any Primary Holder Representative in respect of any
amounts distributed to such Primary Holder Representative. 
 Pro Rata Sharing. If, through the operation of any
Bankruptcy Law or otherwise, the Collateral Trustee’s security interest hereunder and under the Trust Security Documents is enforced with respect to some, but not all, of the Secured Obligations then outstanding, the Collateral Trustee shall to
the extent permitted by Applicable Law, nonetheless apply the proceeds of the Collateral for the benefit of the holders of all Secured Obligations in the proportions and subject to the priorities specified herein and such Secured Obligations for
which the security interest is not enforced shall be considered Secured Obligations hereunder for the purpose of Section 3.4; provided, however, that nothing in this Section 3.7 shall be deemed to require the
Collateral Trustee to disregard or violate any court order binding upon it and in all cases the Collateral Trustee may seek direction from the Directing Parties and a ruling from the court having jurisdiction over the operation of such Bankruptcy
Law or other Applicable Law. 
 Collateral Account Information and Access. At such times as the Company or Directing
Parties may reasonably request in writing the Collateral Trustee shall provide a full accounting of all funds then standing to the credit of the Collateral Account. The Collateral Trustee also shall provide the necessary information and passwords to
enable the Company and the Primary Holder Representatives to electronically access account statements and data for the Collateral Account. 

PREPAYMENT DEPOSIT ACCOUNT; DISTRIBUTIONS 

The Prepayment Deposit Account. On the Effective Date there shall be established and, at all times thereafter until the trusts
created by this Agreement shall have terminated, there shall be maintained in the name of the Company at such office of U.S. Bank National Association as selected from time to time by the Collateral Trustee an account which is entitled the
“ACAS Prepayment Deposit Account” (the “Prepayment Deposit Account”). All moneys which are required by the Primary Secured Instruments to be delivered to the Collateral Trustee for deposit in the Prepayment Deposit Account
(the “Prepayment Monies”) shall be deposited in the Prepayment Deposit Account to be held by the Collateral Trustee as part of the Trust Estate and applied in accordance with Section 3.4A of this Agreement. The
Prepayment Deposit Account and amounts therein are for the benefit of the Primary Secured Obligations and represent amounts held for prepayments and redemption of the Primary Secured Obligations. 

Control of Prepayment Deposit Account All right, title and interest in and to the Prepayment Deposit Account shall vest in the
Company, subject to the control of the Collateral Trustee. All funds on deposit in the Prepayment Deposit Account shall constitute part of the Trust Estate. The Prepayment Deposit Account shall be subject to the exclusive dominion and control of the
Collateral Trustee. Without limitation of the preceding sentence, if a Notice of Acceleration is in 
  

 22 

 
effect and subject to the rights and duties of the Collateral Trustee in this Section 3A, the Collateral Trustee will comply with instructions originated by the Directing Parties or any
Primary Holder Representative, as applicable, as provided herein, directing disposition of the funds in the Prepayment Deposit Account without further consent by the Grantors. To the extent of its right, title and interest therein, each Grantor
hereby grants a security interest in and lien on the Prepayment Deposit Account, the Prepayment Monies, other items in the Prepayment Deposit Account and the proceeds thereof to the Collateral Trustee for the benefit of the Secured Parties, as
collateral security for such Grantor’s Secured Obligations. The Grantors shall have no rights (including to make withdrawals from or give instructions) with respect to the Prepayment Deposit Account or any funds contained therein except as
otherwise expressly provided in Sections 3.3A and 3.4A of this Agreement. 
 Investment of Funds Deposited in
Prepayment Deposit Account. The Collateral Trustee shall, at the direction of the Directing Parties or, if no Notice of Acceleration is in effect, the Company, invest and reinvest moneys on deposit in the Prepayment Deposit Account at any time
in Cash Equivalents. All such investments and the interest and income received thereon and the net proceeds realized on the sale or redemption thereof shall be held in the Prepayment Deposit Account as part of the Trust Estate. Neither the
Collateral Trustee nor any other Secured Party shall be responsible for (i) determining whether investments are permitted pursuant to the terms of this Section 3.3A or (ii) any diminution in funds resulting from such
investments or any liquidation prior to maturity. In the absence of such directions, the Collateral Trustee shall have no obligation to invest or reinvest moneys. 

Application of Moneys. 

Promptly following receipt by the Collateral Trustee of a written request from the Company or the Directing Parties, the Company shall be
permitted to instruct that amounts from the Prepayment Deposit Account be distributed to (x) the Credit Agreement Representative and the Public Note Representative in such respective amounts as the Company or the Directing Parties, as
applicable, shall notify the Collateral Trustee for application in accordance with the Primary Secured Instruments (and each of the Credit Agreement Representative and the Public Note Representative shall be responsible for insuring that amounts
distributed to it are distributed to the respective holders of Primary Secured Obligations as required by the Primary Secured Instruments) and (y) in the case of any Prepayment Deposit Excess Amount, to the Company. At any time while a Notice
of Acceleration is not in effect, the Collateral Trustee shall take direction under this Section 3.4A from the Company. At any time while a Notice of Acceleration is in effect, the Collateral Trustee shall take direction only from the
Directing Parties and the Company shall not be entitled to request any distribution from the Prepayment Deposit Account. The Secured Hedge Providers shall not be entitled to make any withdrawal from, or be entitled to any amounts in the Prepayment
Deposit Account unless and until the Primary Secured Obligations are paid in full. 
 Upon payment in full of the Primary
Secured Obligations without the exercise of remedies against the Collateral, all amounts in the Prepayment Deposit Account shall be transferred by the Collateral Trustee to (i) if a Notice of Acceleration is in effect, the Collateral Account
for application as set forth in Section 3 and (ii) if no Notice of Acceleration is in effect, the Company. 
  

 23 

 Collateral Trustee’s Calculations. In making any distribution required by
Section 3.4A, the Collateral Trustee shall be entitled to request from the Company or the Directing Parties prior to making any payment and distribution provided for in such Section 3.4A such information as may be required
for such determinations and allocations, may conclusively rely upon information supplied by the Company or the Directing Parties, as applicable, and the Collateral Trustee shall have no liability to any of the Secured Parties for actions taken in
reliance on such information; provided that nothing in this Section 3.5A shall prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so supplied. All distributions made by the Collateral
Trustee pursuant to Section 3.4A shall be (subject to Section 3.6A and to any decree of any court of competent jurisdiction) final (absent manifest error), and the Collateral Trustee shall have no duty to inquire as to the
application by any Primary Holder Representative in respect of any amounts distributed to such Primary Holder Representative. 

Pro Rata Sharing. If, through the operation of any Bankruptcy Law or otherwise, the Collateral Trustee’s security interest in
the Prepayment Deposit Account and amounts therein is enforced with respect to some, but not all, of the Primary Secured Obligations then outstanding, the Collateral Trustee shall nonetheless apply the proceeds of the Collateral for the benefit of
the holders of all Primary Secured Obligations in the proportions and subject to the priorities specified herein and such Primary Secured Obligations for which the security interest is not enforced shall be considered Primary Secured Obligations
hereunder for the purpose of Section 3.4A; provided that nothing in this Section 3.6A shall be deemed to require the Collateral Trustee to disregard or violate any court order binding upon it and in all cases the
Collateral Trustee may seek direction from the Directing Parties and confirmation from the court having jurisdiction over the operation of such Bankruptcy Law or other Applicable Law. 

Prepayment Deposit Account Information and Access. At such times as the Company or Directing Parties may reasonably request in
writing the Collateral Trustee shall provide a full accounting of all funds then standing to the credit of the Prepayment Deposit Account. The Collateral Trustee also shall provide the necessary information and passwords to enable the Company and
the Primary Holder Representatives to electronically access account statements and data for the Prepayment Deposit Account. 

AGREEMENTS WITH COLLATERAL TRUSTEE 

Delivery of Secured Instruments. On the Effective Date, the Grantors shall deliver to the Collateral Trustee copies of each
Secured Instrument certified as such to the Collateral Trustee by a Responsible Officer of the Company, then in effect, original counterparts of each Trust Security Document then in effect and any opinions issued by counsel to the Grantors in
connection with such Secured Instruments, and, if not addressed in the above referenced opinion, an opinion of counsel to Grantors as to the due authorization, execution, delivery and enforceability of this Agreement as against the Grantors. The
Grantors shall deliver to the Collateral Trustee, promptly upon the execution thereof, a copy of all amendments, modifications, supplements, waivers, consents or forbearances with respect to any Secured Instrument entered into after the Effective
Date. Promptly upon the issuance of any Refinancing Debt or Revolver Secured Debt, the Company shall deliver to the Collateral Trustee copies of the related Trust Security Documents with respect to such Refinancing Debt or Revolver Secured Debt.
Promptly upon receipt thereof, the Collateral Trustee will deliver copies of all such documents to the Primary Holder Representatives. 
  

 24 

 Information as to Secured Parties and Primary Holder Representatives. Each of the
Company and the Primary Holder Representatives, as applicable, shall deliver to the Collateral Trustee, not later than 30 days after the Effective Date, and from time to time upon request of the Collateral Trustee or any other Primary Holder
Representative, a list setting forth as of the Effective Date in the case of the initial list or as of a date not more than 30 days prior to the date of such delivery in the case of any subsequent list, (i) in the case of the Credit Agreement
Representative, the aggregate Outstanding Amount of Credit Agreement Obligations and the name and address of the Credit Agreement Representative, (ii) in the case of the Public Note Representative, the aggregate Outstanding Amount of Public
Note Obligations and the name and address of the Public Note Representative, (iii) in the case of the Company, the aggregate Outstanding Amount of Hedging Obligations and the name and address of the Secured Hedge Providers and (iv) the
information necessary, in the judgment of the Directing Parties, to confirm the Majority Secured Parties as of such date. In addition, the applicable Primary Holder Representative will promptly notify the Company and the Collateral Trustee of each
change in the identity of the Directing Parties or any Primary Holder Representative. Each Primary Holder Representative shall notify the Collateral Trustee of any changes of the officers of each thereof authorized to give directions hereunder on
behalf of such parties prior to the date of any such changes. If the Collateral Trustee does not receive the names of the officers of each Primary Holder Representative authorized to give directions hereunder on behalf of such parties, the
Collateral Trustee may rely on any person purporting to be authorized to give directions hereunder on behalf of such parties. If the Collateral Trustee is not informed of changes of the officers of the any Primary Holder Representative authorized to
give directions hereunder on behalf of such parties, the Collateral Trustee may rely on the information previously provided to the Collateral Trustee. 

Compensation and Expenses. The Grantors agree to pay to the Collateral Trustee (i) compensation (which shall not be limited
by any Applicable Law in regard to compensation of fiduciaries or of a trustee of an express trust) for its services, including compensation for time spent, hereunder and under the other Trust Security Documents and for administering the Trust
Estate as shall have been agreed to in a separate agreement(s) between the Company and the Collateral Trustee and (ii) from time to time promptly following receipt of reasonably detailed invoices therefor, all of the reasonable out-of-pocket
fees, costs and expenses of the Collateral Trustee (including, without limitation, the reasonable fees and disbursements of its counsel, advisors and agents, selected by it in good faith as it deems reasonably required) (A) arising in
connection with the preparation, negotiation, execution, delivery, modification, and termination of this Agreement and each other Trust Security Document or the enforcement of any of the provisions hereof or thereof, (B) incurred or required to
be advanced in connection with the administration of the Trust Estate, the custody, use, operation of, preservation, sale or other disposition of Collateral pursuant to any other Trust Security Document and the preservation, protection, enforcement
or defense of the Collateral Trustee’s and the Secured Parties’ rights under this Agreement and the Trust Security Documents and in and to the Collateral and the Trust Estate (including, but not limited to, any fees and expenses incurred
by the Collateral Trustee in any Insolvency Proceeding), (C) incurred by the Collateral Trustee in connection with the removal of the Collateral Trustee pursuant to Section 5.7(a) or (D) incurred in connection with the
execution of the directions provided by the Directing Parties. Such fees, costs and expenses are 
  

 25 

 
intended to constitute expenses of administration under any Bankruptcy Law relating to creditors’ rights generally (as may be required outside the United States), but without limitation of
the obligations of the Grantors to reimburse the Secured Parties for counsel, advisors and other matters in connection with the other Secured Instruments or the rights of the other Secured Parties to retain counsel and other advisors). The
obligations of the Grantors under this Section 4.3 shall survive the termination of the other provisions of this Agreement and the resignation or removal of the Collateral Trustee hereunder. 

Stamp and Other Similar Taxes. The Grantors agree to indemnify and hold harmless the Collateral Trustee, each Primary Holder
Representative and each Secured Party from any present or future claim for liability for any stamp or any other similar tax, and any penalties or interest with respect thereto, which may be assessed, levied or collected by any jurisdiction in
connection with this Agreement, any other Trust Security Document, the Trust Estate or any Collateral. The obligations of the Grantors under this Section 4.4 shall survive the termination of the other provisions of this Agreement and the
resignation or removal of the Collateral Trustee hereunder. 
 Filing Fees, Excise Taxes, Etc. The Grantors agree to pay
or to reimburse the Collateral Trustee, each Primary Holder Representative and each Secured Party for any and all payments made by the Collateral Trustee in respect of all search, filing, recording and registration fees, taxes, excise taxes and
other similar imposts which may be payable or determined to be payable in respect of the execution and delivery of this Agreement and each Trust Security Document. The obligations of the Grantors under this Section 4.5 shall survive the
termination of the other provisions of this Agreement and the resignation or removal of the Collateral Trustee hereunder. 

Indemnification. The Grantors agree to pay, indemnify, and hold the Collateral Trustee (and its respective directors, officers,
agents, attorneys and employees) (together with the Persons specified in the penultimate sentence of Section 5.3, each, an “Indemnified Party”) harmless from and against any and all claims, liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation, the reasonable fees and expenses of counsel, advisors and agents selected by it in good faith as it deems reasonably required), but without
limitation of the obligations of the Grantors to reimburse the Collateral Trustee and the other Secured Parties for counsel, advisors and other matters in connection with the other Secured Instruments or the rights of the other Secured Parties to
retain counsel and other advisors) or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement and the other Trust Security Documents and any modifications
or termination thereof, unless, in each case, arising from the gross negligence or willful misconduct of such Indemnified Party, including for taxes in any jurisdiction in which the Collateral Trustee or other Indemnified Party is subject to tax by
reason of actions hereunder or under the Trust Security Documents, unless such taxes are imposed on or measured by compensation paid to the Collateral Trustee under Section 4.3. In any suit, proceeding or action brought by the Collateral
Trustee under or with respect to any contract, agreement, interest or obligation constituting part of the Collateral for any sum owing thereunder, or to enforce any provisions thereof, the Grantors will save, indemnify and keep each Indemnified
Party harmless from and against all expense, loss or damage suffered by reason of any defense, setoff, counterclaim, recoupment or reduction of liability whatsoever of any Grantor thereunder, arising out of a breach by such Grantor of any obligation
thereunder or arising out of any other 
  

 26 

 
agreement, indebtedness or liability at any time owing to or in favor of such Grantor or its successors from any Grantor, and all such obligations of the Grantors shall be and remain enforceable
against and only against the Grantors and shall not be enforceable against the Collateral Trustee; provided that the Grantors shall not have any obligation hereunder to any Indemnified Party with respect to any liability arising from the
gross negligence or willful misconduct of any Indemnified Party as determined by a final, non-appealable judgment of a court of competent jurisdiction. The agreements in this Section 4.6 shall survive the termination of the other
provisions of this Agreement and the resignation or removal of the Collateral Trustee hereunder. 
 Collateral Trustee’s
Lien; Set Off Rights. Notwithstanding anything to the contrary in this Agreement, as security for the payment of Trustee Fees (i) the security interest and pledge granted to the Collateral Trustee hereunder and under the other Trust
Security Documents shall have priority ahead of all other Secured Obligations secured by such Collateral and (ii) the Collateral Trustee shall have the right to use and apply any of the funds held by the Collateral Trustee in the Collateral
Account to cover such Trustee Fees. 
 Further Assurances. At any time and from time to time, upon the written request of
the Collateral Trustee or the Directing Party, and at the expense of the Grantors, each Grantor will promptly execute and deliver any and all such further instruments and documents and take such further action as is necessary or reasonably requested
by the Collateral Trustee or the Directing Parties further to perfect, or to protect the perfection of, the liens and security interests granted under the Trust Security Documents, including, without limitation, the filing of any financing or
continuation statements under the UCC; provided, however, that notwithstanding anything to the contrary contained herein or in any other Trust Security Document, no Grantor shall be required to perfect the security interests granted by it in
any Collateral by any means other than by (a) in the case of real estate Collateral, execution, delivery and recordation of a Mortgage, (b) filings pursuant to the UCC of the relevant State(s), (c) the delivery of control agreements
with respect to deposit accounts and securities accounts, (d) filings with respect to intellectual property Collateral and (e) such additional actions as may be required pursuant to any Secured Instrument or Trust Security Document. With
respect to third party liability insurance maintained by the Grantor pursuant to the Trust Security Documents or any Secured Instrument, the Grantors shall cause the Collateral Trustee to be named as an additional insured. Notwithstanding the
foregoing, in no event shall the Collateral Trustee have any obligation to monitor the perfection or continuation of perfection or the sufficiency or validity of any security interest in or related to the Collateral. 

THE COLLATERAL TRUSTEE 

Acceptance of Collateral Trust. The Collateral Trustee, for itself and its successors, hereby accepts and agrees to hold the Trust
Estate created by this Agreement in trust upon the terms and conditions hereof; provided; however that, for the avoidance of doubt, and notwithstanding its agreement to hold the Trust Estate in trust: (i) the Collateral Trustee
shall not have or be construed to have any fiduciary duties to the Grantors or the Secured Parties under Applicable Law or otherwise, (ii) except as provided in Applicable Law, the Collateral Trustee will have no responsibilities or obligations
other than those expressly agreed to by the Collateral Trustee herein and in the Trust Security Documents and will not otherwise be bound by, or be held obligated by, the provisions of the Secured Instruments and (iii) the enumerated powers in
Sec. 11-1.1(b) of the NY Estates, Powers and Trusts Law Section shall not apply to the Collateral Trustee, except as otherwise expressly provided in this Agreement. 

 

 27 

 Exculpatory Provisions. 

The Collateral Trustee shall not be responsible in any manner whatsoever for the correctness of any recitals, statements, representations
or warranties herein, all of which are made solely by the Grantors. The Collateral Trustee makes no representations as to the value or condition of the Trust Estate or any part thereof, or as to the title of the Grantors thereto or as to the
security afforded by this Agreement or any other Trust Security Document, or as to the validity, execution (except its execution), enforceability, legality or sufficiency of this Agreement, the other Trust Security Documents or the Secured
Obligations, and the Collateral Trustee shall incur no liability or responsibility in respect of any such matters. 
 The
Collateral Trustee shall not be required to ascertain or inquire as to the performance by the Grantors of any of the covenants or agreements contained herein or in any other Trust Security Document or Secured Instrument. Whenever it is necessary, or
in the opinion of the Collateral Trustee advisable, for the Collateral Trustee to ascertain the amount of Secured Obligations then held by Secured Parties, the Collateral Trustee may rely on a certificate of a Primary Holder Representative, in the
case of the Secured Obligations for which such Primary Holder Representative acts, and, if a Primary Holder Representative shall not give such information to the Collateral Trustee, it shall not be entitled to receive distributions hereunder (in
which case distributions to those Persons who have supplied such information to the Collateral Trustee shall be calculated by the Collateral Trustee using, for those Persons who have not supplied such information, the list then most recently
delivered by the Company pursuant to Section 4.2), and the amount so calculated to be distributed to any Person who fails to give such information shall be held in trust for such Person until such Person does supply such information to
the Collateral Trustee, whereupon on the Distribution Date following the date when such Person supplies such information to the Collateral Trustee the amount distributable to such Person shall be recalculated using such information and distributed
to it. The Collateral Trustee shall have no liability to any Secured Parties with respect to any calculations made by the Collateral Trustee hereunder in the event any Primary Holder Representative shall fail to deliver its certificate as required
herein. Nothing in this Section 5.2(b) shall prevent any Grantor from contesting any amounts claimed by any Secured Party in any certificate so supplied. Notwithstanding anything to the contrary set forth in this
Section 5.2(b), so long as no Notice of Acceleration is in effect, the Collateral Trustee may rely conclusively on a certificate of a Responsible Officer with respect to the matters set forth in the second sentence of this
Section 5.2(b). 
 The Collateral Trustee shall be under no obligation or duty to take any action under this
Agreement or any other Trust Security Document if taking such action (i) would subject the Collateral Trustee to a tax in any jurisdiction where it is not then subject to a tax or (ii) would require the Collateral Trustee to qualify to do
business in any jurisdiction where it is not then so qualified. 
 The Collateral Trustee shall have the same rights with
respect to any Secured Obligation held by it as any other Secured Party and may exercise such rights as though it were not the Collateral Trustee hereunder, and may accept deposits from, lend money to, and generally engage in any kind of banking or
trust business with, any of the Grantors as if it were not the Collateral Trustee. 
  

 28 

 Notwithstanding any other provision of this Agreement, the Collateral Trustee shall not be
liable for any action taken or omitted to be taken in its capacity as Collateral Trustee under and in accordance with the terms of this Agreement or the other Trust Security Documents or any Applicable Law except for its bad faith, gross negligence
or willful misconduct; provided that this provision shall not limit any liability the Collateral Trustee may have in its capacity as a Secured Party. The Grantors and the Secured Parties each agree that they shall not assert any claim against
the Collateral Trustee, on any theory of liability, for lost profits or special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any punitive damages arising out of, in connection
with, or as a result of, this Agreement or any other Trust Security Document. 
 To the extent not prohibited by any Applicable
Law, beyond the exercise of reasonable care in the custody thereof, the Collateral Trustee shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to
preservation of rights against prior parties or any other rights pertaining thereto and, other than the exercise of reasonable care, the Collateral Trustee shall not be responsible for filing any financing or continuation statements or recording any
documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Collateral Trustee shall be deemed to have exercised reasonable care in the
custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and to the extent not prohibited by any Applicable Law, shall not be liable or responsible for any loss
or diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Trustee in good faith. 

The Collateral Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity,
perfection, priority or enforceability of the Liens on any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes bad
faith, gross negligence or willful misconduct on the part of the Collateral Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the sufficiency of the form or substance of any Trust
Security Document, for the validity of the title of any Grantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral.

 In no event shall the Collateral Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Collateral Trustee shall use reasonable efforts which are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

 29 

 Although not responsible for the sufficiency of the form or substance of any Trust Security
Document or any other agreements or documents executed in connection therewith, the Collateral Trustee will be entitled: (i) to require that all agreements, certificates, opinions, instruments and other documents at any time submitted to it,
including the Trust Security Documents expressly provided for in this Agreement, be delivered to it in a form and with substantive provisions reasonably satisfactory to it, (ii) to assume in all cases that the Trust Security Documents and all
such other documents executed in connection with the Trust Security Documents are in form and substance satisfactory to the Primary Holder Representatives and (iii) to obtain confirmation of such acceptance from the Primary Holder
Representatives. 
 The Company and the applicable Directing Parties acknowledge that regulations of the Comptroller of the
Currency grant the Company and the applicable Directing Parties the right to receive brokerage confirmations of security transactions as they occur. The Company and the applicable Directing Parties specifically waive receipt of such confirmations to
the extent permitted by law and acknowledge that they will receive periodic cash transactions statements, which will detail all investment transactions made by the Collateral Trustee hereunder. 

If there is any bona fide, good faith disagreement between the other parties to this Agreement or any other Trust Security
Document resulting in adverse claims being made in connection with Collateral held by the Collateral Trustee, and the terms of this Agreement or any of the other Trust Security Documents do not unambiguously mandate the action the Collateral Trustee
is to take or not to take in connection therewith under the circumstances then existing, or the Collateral Trustee is in doubt as to what action it is required to take or not to take hereunder or under the other Trust Security Documents, the
Collateral Trustee shall be entitled to refrain from taking any action (and will incur no liability for doing so) until directed otherwise in writing by a request signed jointly by the Primary Holder Representatives or by order of a court of
competent jurisdiction. 
 The agreements of the Grantors and the Secured Parties under this Section 5.2 exculpating
or otherwise protecting or authorizing the Collateral Trustee shall survive the termination of the other provisions of this Agreement and the resignation or removal of the Collateral Trustee hereunder. 

Delegation of Duties. The Collateral Trustee may execute any of the trusts or powers hereof and perform any duty hereunder either
directly or by or through agents or attorneys-in-fact, accountants, appraisers or other experts selected by it. The Collateral Trustee shall be entitled to advice of counsel concerning all matters pertaining to such trusts, powers and duties. The
Collateral Trustee shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it without bad faith, gross negligence or willful misconduct. Each such agent, attorney-in-fact, accountant, appraiser and
expert shall be entitled to the same benefits of this Agreement to which the Collateral Trustee is entitled, including (i) as to standards of care and (ii) the right to indemnification for itself and its directors, officers, agents,
attorneys and employees as if it were an Indemnified Party under Section 4.6. All fees, expenses and indemnity obligations owed to such separate trustee or co-trustee shall be entitled to share ratably with the Trustee Fees in the
allocation of payments described in Section 3.4(b). 
  

 30 

 Reliance by Collateral Trustee. 

Whenever in the administration of this Agreement or the other Trust Security Documents the Collateral Trustee shall deem it necessary or
desirable that a factual matter be proved or established in connection with the Collateral Trustee taking, suffering or omitting any action hereunder or thereunder, such matter (unless other evidence in respect thereof is herein specifically
prescribed) may be deemed to be conclusively proved or established by a certificate of a Responsible Officer delivered to the Collateral Trustee, and such certificate shall be full warrant to the Collateral Trustee for any action taken, suffered or
omitted in reliance thereon, subject, however, to the provisions of Section 5.5. 
 The Collateral Trustee may
consult with counsel, and, to the extent not prohibited by Applicable Law, any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered by it hereunder or under any Trust Security Document
in accordance therewith. The Collateral Trustee shall have the right at any time to seek instructions concerning the administration of this Agreement and the other Trust Security Documents from the Directing Parties, a certificate of a Responsible
Officer or any court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or any documents executed in connection
herewith. 
 The Collateral Trustee may rely, and shall be fully protected in acting, upon any direction, instruction,
resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document which it has no reason to believe (without having any obligation to determine the authenticity or genuineness thereof)
to be other than genuine and to have been signed or presented by the proper party or parties or, in the case of cables, telecopies and telexes, to have been sent by the proper party or parties. In the absence of bad faith, gross negligence or
willful misconduct, the Collateral Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Collateral Trustee and conforming to the
requirements of this Agreement. 
 The Collateral Trustee shall not be under any obligation to exercise any of the rights or
powers vested in the Collateral Trustee by this Agreement and the other Trust Security Documents or to advance or expend funds in the performance of its duties or the exercise of its rights, at the request or direction of the Directing Parties
pursuant to this Agreement or otherwise, unless the Collateral Trustee shall have been provided such security or indemnity reasonably satisfactory to the Collateral Trustee against the costs, expenses and liabilities which may be incurred by the
Collateral Trustee in compliance with such request or direction, including such reasonable advances as may be requested by the Collateral Trustee. 

Upon any application or demand by any of the Grantors (except any such application or demand which is expressly permitted to be made
orally) to the Collateral Trustee to take or permit any action under any of the provisions of this Agreement or any other Trust Security Document, the Company shall furnish to the Collateral Trustee a certificate of a Responsible Officer stating
that all conditions precedent, if any, provided for in this Agreement, in any other relevant Trust Security Document or in the Secured Instruments relating to the proposed action have been complied with, and in the case of any such application or
demand as to which the furnishing of any document is specifically required by any provision of this Agreement or any other Trust Security Document relating to such particular application or demand, such additional document shall also be furnished.

  

 31 

 Any Opinion of Counsel may be based, insofar as it relates to factual matters, upon a
certificate of a Responsible Officer provided to such counsel in connection with such opinion or representations made by a Responsible Officer in a writing filed with the Collateral Trustee. 

The Collateral Trustee may at any time solicit written confirmatory directions from the Directing Parties, an Officers’ Certificate
or an order of a court of competent jurisdiction, as to any action that it may be directed by the Directing Parties to take, or that it may propose to take in its sole discretion, in the performance of any of its obligations under this Agreement or
the other Trust Security Documents. 
 No written direction given to the Collateral Trustee by the Directing Parties that in the
reasonable judgment of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Trust Security
Documents will be binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction. 

To the extent not prohibited by Applicable Law, in no event shall the Collateral Trustee have any obligation to inquire or investigate as
to the correctness, veracity, or content of any direction received from the Directing Parties. To the extent not prohibited by Applicable Law, in no event shall the Collateral Trustee have any liability in respect of any such direction received by
it and relied on with respect to any action or omission taken pursuant thereto. 
 The agreements of the Grantors and Secured
Parties under this Section 5.4 exculpating or otherwise protecting or authorizing the Collateral Trustee shall survive the termination of the other provisions of this Agreement and the resignation or removal of the Collateral Trustee
hereunder. 
 Limitations on Duties of Trustee. 

The Collateral Trustee shall be obligated to perform such duties and only such duties as are specifically set forth in this Agreement and
the other Trust Security Documents, and no implied covenants or obligations shall be read into this Agreement or any other Trust Security Document against the Collateral Trustee. If a Notice of Acceleration is in effect, the Collateral Trustee
shall: (i) upon the direction of the Directing Parties, as provided herein, but otherwise subject to the provisions of Section 2.5(b), exercise the rights and powers vested in the Collateral Trustee by this Agreement and the other
Trust Security Documents, (ii) not be liable with respect to any action taken, or omitted to be taken, in accordance with such direction of the Directing Parties unless such action or omission is performed in bad faith or with wilful misconduct
or gross negligence, and (iii) not be obligated to take any Collateral Enforcement Action or exercise any powers, rights or remedies hereunder except upon the receipt of such direction of the Directing Parties. 

To the extent not prohibited by Applicable Law, the Collateral Trustee shall not be under any obligation to take any action which is
discretionary with the Collateral Trustee under the provisions hereof or of any other Trust Security Document, except upon the written direction of the Directing Parties at such time in accordance with the terms hereof. The Collateral Trustee shall
make available for inspection and copying by each Primary Holder Representative each certificate or other paper furnished to the Collateral Trustee by any of the Grantors under or in respect of this Agreement or any of the Collateral. 

 

 32 

 No provision of this Agreement or of any other Trust Security Document shall be deemed to
impose any duty or obligation on the Collateral Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal. 

Moneys to be Held in Trust. All moneys received by the Collateral Trustee under or pursuant to any provision of this Agreement or
any other Trust Security Document (except Trustee Fees) shall be held in trust for the purposes for which they were paid or are held. 

Resignation and Removal of the Collateral Trustee. 

The Collateral Trustee may at any time, upon 30 days’ prior written notice (which prior notice may be waived by the Primary Holder
Representatives) to the Company and each Primary Holder Representative, resign and be discharged of the responsibilities hereby created, such resignation to become effective upon (i) the appointment of a successor Collateral Trustee by the
Directing Parties, (ii) the acceptance of such appointment by such successor Collateral Trustee and (iii) the approval of such successor Collateral Trustee evidenced by one or more instruments signed by the Directing Parties (which
approval, in each case, shall not be unreasonably withheld). If no successor Collateral Trustee shall be appointed and shall have accepted such appointment within 60 days after the Collateral Trustee gives the aforesaid notice of resignation, the
Collateral Trustee, or, if a Notice of Acceleration is in effect, the Directing Parties may apply to any court of competent jurisdiction to appoint a successor Collateral Trustee to act until such time, if any, as a successor Collateral Trustee
shall have been appointed as provided in this Section 5.7. Any successor so appointed by such court shall immediately and without further act be superseded by any successor Collateral Trustee appointed by the Directing Parties as
provided in Section 5.7(b). The Directing Parties may, at any time, upon giving 30 days’ prior written notice thereof to the Collateral Trustee, the Company and each other Primary Holder Representative, remove the Collateral Trustee
and appoint a successor Collateral Trustee, such removal to be effective upon the acceptance of such appointment by the successor. The Collateral Trustee shall be entitled to Trustee Fees to the extent incurred or arising, or relating to events
occurring, before such resignation or removal. 
 If at any time the Collateral Trustee shall resign or be removed or otherwise
become incapable of acting, or if at any time a vacancy shall occur in the office of the Collateral Trustee for any other cause, a successor Collateral Trustee may be appointed by the Directing Parties with the consent of the Company (not to be
unreasonably withheld or delayed) if no Event of Default exists and the Company has certified in writing to the Collateral Trustee that no Event of Default exists. The powers, duties, authority and title of the predecessor Collateral Trustee shall
be terminated and cancelled without procuring the resignation of such predecessor and without any other formality (except as may be required by any Applicable Law) than appointment and designation of a successor in writing duly delivered to the
predecessor and the Company. Such appointment and designation shall be full evidence of the right and authority to make the same and of all the facts therein recited, and this Agreement and the other Trust Security Documents shall vest in such
successor, without any further act, deed or conveyance, all the estates, properties, rights, powers, trusts, duties, authority and title of its predecessor; but such predecessor shall, 

 

 33 

 
nevertheless, on the written request of the Directing Parties, the Company, or the successor, execute and deliver an instrument transferring to such successor all the estates, properties, rights,
powers, trusts, duties, authority and title of such predecessor hereunder and under the other Trust Security Documents and shall deliver all Collateral held by it or its agents to such successor. Should any deed, conveyance or other instrument in
writing from any Grantor be reasonably required by any successor Collateral Trustee for more fully and certainly vesting in such successor the estates, properties, rights, powers, trusts, duties, authority and title vested or intended to be vested
in the predecessor Collateral Trustee, any and all such deeds, conveyances and other instruments in writing shall, on request of such successor, be executed, acknowledged and delivered by such Grantor. If such Grantor shall not have executed and
delivered any such deed, conveyance or other instrument within 10 days after it received a written request from the successor Collateral Trustee to do so, or if a Notice of Acceleration is in effect, the predecessor Collateral Trustee may execute
the same on behalf of such Grantor. Such Grantor hereby appoints any predecessor Collateral Trustee as its agent and attorney to act for it as provided in the next preceding sentence. 

Status of Successor Collateral Trustee. Every successor Collateral Trustee appointed pursuant to Section 5.7 shall be
a bank or trust company in good standing and having power to act as Collateral Trustee hereunder, incorporated under the laws of the United States of America or any State thereof or the District of Columbia and having its principal corporate trust
office within the 48 contiguous States and shall also have capital, surplus and undivided profits of not less than $500,000,000, if there be such an institution with such capital, surplus and undivided profits willing, qualified and generally
recognized as capable of undertaking duties and obligations of the type imposed upon the Collateral Trustee hereunder and that is able to accept the trust hereunder upon reasonable or customary terms. 

Merger of the Collateral Trustee. Any Person into which the Collateral Trustee may be merged, or with which it may be
consolidated, or any Person resulting from any merger or consolidation to which the Collateral Trustee shall be a party, shall be Collateral Trustee under this Agreement and the other Trust Security Documents without the execution or filing of any
paper or any further act on the part of the parties hereto. 
 Co-Collateral Trustee; Separate Collateral Trustee.

 If at any time or times it shall be necessary or prudent in order to conform to any law of any jurisdiction in which any of
the Collateral shall be located, or to avoid any violation of law or imposition on the Collateral Trustee of taxes by such jurisdiction not otherwise imposed on the Collateral Trustee, or the Collateral Trustee shall be advised by counsel,
satisfactory to it, that it is necessary or prudent in the interest of the Secured Parties, or the Directing Parties shall in writing so request the Collateral Trustee, or the Collateral Trustee shall deem it desirable for its own protection in the
performance of its duties hereunder or under any other Trust Security Document, the Collateral Trustee and each of the Grantors shall execute and deliver all instruments and agreements necessary or proper to constitute another bank or trust company,
or one or more persons approved by the Collateral Trustee and, if no Default or Event of Default exists and the Company has certified in writing to the Collateral Trustee that no Event of Default exists, the Company (such approval not to be
unreasonably withheld or delayed), either to act as co-trustee or co-trustees of all or any of the Collateral under this Agreement or under any of the other Trust Security Documents, jointly with the Collateral Trustee originally named herein or

  

 34 

 
therein or any successor Collateral Trustee, or to act as separate trustee or trustees of any of the Collateral. If any of the Grantors shall not have joined in the execution of such instruments
and agreements within 30 days after it receives a written request from the Collateral Trustee to do so, or if a Notice of Acceleration is in effect, the Collateral Trustee may act under the foregoing provisions of this Section 5.10(a)
without the concurrence of such Grantors and execute and deliver such instruments and agreements on behalf of such Grantors. Each of the Grantors hereby appoints the Collateral Trustee as its agent and attorney to act for it under the foregoing
provisions of this Section 5.10(a) in either of such contingencies. 
 [Reserved] 

[Reserved] 

Every separate trustee and every co-trustee, other than any successor Collateral Trustee appointed pursuant to Section 5.7,
shall, to the extent permitted by law, be appointed and act and be such, subject to the following provisions and conditions: 

all rights, powers, duties and obligations conferred upon the Collateral Trustee in respect of the custody, control and
management of moneys, papers or securities shall be exercised solely by the Collateral Trustee or any agent appointed by the Collateral Trustee; 

all rights, powers, duties and obligations conferred or imposed upon the Collateral Trustee hereunder and under the other
relevant Trust Security Document or Documents shall be conferred or imposed and exercised or performed by the Collateral Trustee and such separate trustee or separate trustees or co-trustee or co-trustees, jointly, as shall be provided in the
instrument appointing such separate trustee or separate trustees or co-trustee or co-trustees, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Collateral Trustee shall be
incompetent or unqualified to perform such act or acts, or unless the performance of such act or acts would result in the imposition of any tax on the Collateral Trustee which would not be imposed absent such joint act or acts, in which event such
rights, powers, duties and obligations shall be exercised and performed by such separate trustee or separate trustees or co-trustee or co-trustees; 

no power given hereby or by the other relevant Trust Security Documents to, or which it is provided herein or therein may
be exercised by, any such co-trustee or co-trustees or separate trustee or separate trustees shall be exercised hereunder or thereunder by such co-trustee or co-trustees or separate trustee or separate trustees except jointly with, or with the
consent in writing of, the Collateral Trustee, anything contained herein to the contrary notwithstanding; 
 no
separate trustee or co-trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; 

the Collateral Trustee, at any time by a written and executed instrument, may accept the resignation of or remove any such
separate trustee or co-trustee and, with consent of Directing Parties (not to be unreasonably withheld) and with the consent of the Company (not to be unreasonably withheld or delayed) if no Event of Default exists and the Company has certified in
writing to the Collateral Trustee that no Event of Default 
  

 35 

 
exists may appoint a successor to such separate trustee or co-trustee, as the case may be, anything contained herein to the contrary notwithstanding. If the Company shall not have joined in the
execution of any such instrument within 30 days after it receives a written request from the Collateral Trustee to do so, or if a Notice of Acceleration is in effect, the Collateral Trustee with consent of Directing Parties (not to be unreasonably
withheld) shall have the power to accept the resignation of or remove any such separate trustee or co-trustee and to appoint a successor without the concurrence of the Company, the Company hereby appointing the Collateral Trustee its agent and
attorney to act for it in such connection in such contingency. If the Collateral Trustee shall have appointed a separate trustee or separate trustees or co-trustee or co-trustees as above provided, the Collateral Trustee may at any time, by an
instrument in writing, accept the resignation of or remove any such separate trustee or co-trustee and the successor to any such separate trustee or co-trustee shall be appointed by the Collateral Trustee with consent of Directing Parties (not to be
unreasonably withheld); 
 such separate trustee or co-trustee shall act as bailee and agent for and on behalf of
the Collateral Trustee in order to perfect any Liens on the Collateral; and 
 all fees, expenses and indemnity
obligations owed to such separate trustee or co-trustee shall be entitled to share ratably with the Trustee Fees in the allocation of payments described in Section 3.4(b). 

Each separate trustee and co-trustee shall and agrees to (i) hold all Collateral in its possession (or which it controls or which is
registered in its name) for the benefit of and as agent for perfection of and bailee for the Collateral Trustee and to perfect the security interest in and Liens on such Collateral created by the Trust Security Documents to which it is a party,
including to the extent that possession or control is taken to perfect a Lien thereon under the UCC (such bailment being intended, among other things, to satisfy the requirements of Section 8-301, 9-106 and 9-313 of the UCC), and
(ii) comply with instructions and entitlement orders originated by the Collateral Trustee with respect to the Collateral without further consent by the Company or any other Grantors, and the Collateral Trustee agrees not to deliver any such
instructions and orders unless instructed to do so by the Directing Parties. 
 Treatment of Payee or Indorsee by Collateral
Trustee; Representatives of Secured Parties. The Collateral Trustee may treat the registered holder or, if none, the payee or indorsee of any promissory note or debenture evidencing a Secured Obligation as the absolute owner thereof for all
purposes and shall not be affected by any notice to the contrary, whether such promissory note or debenture shall be past due or not. 

MISCELLANEOUS 

Notices. Unless otherwise specified herein, all notices, requests, demands or other communications given to any of the Grantors,
the Collateral Trustee, the Directing Parties and any Primary Holder Representative shall be given in writing or by electronic transmission and shall be deemed to have been duly given when personally delivered or when duly deposited in the mails,
registered or certified mail postage prepaid, or when transmitted by electronic transmission, to an electronic mail address or by other means of electronic 
  

 36 

 
delivery (and, in the case of electronic delivery, followed by telephonic or electronic notice of receipt) addressed (i) if to any Grantor or the Collateral Trustee, to such party at its
address specified on the signature pages hereof or any other address which such party shall have specified as its address for the purpose of communications hereunder, by notice given in accordance with this Section 6.1 to the party
sending such communication or (ii) if to any Primary Holder Representative, to it at its address specified from time to time in the list provided by the Company to the Collateral Trustee pursuant to Section 4.2; provided that
any notice, request or demand to the Collateral Trustee shall not be effective until received by the Collateral Trustee in writing or by facsimile transmission in the corporate trust division at the office designated by it pursuant to this
Section 6.1 and that any notice, request, demand or other communication to the Public Note Representative shall not be effective unless it specifically references the Public Notes or the Indenture. 

No Waivers. No failure on the part of the Collateral Trustee, any co-trustee, any separate trustee, the Directing Parties, any
Primary Holder Representative or any Secured Party to exercise, no course of dealing with respect to, and no delay in exercising, any right, power or privilege under this Agreement or any other Trust Security Document shall operate as a waiver
thereof nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

1.1 Amendments, Supplements and Waivers. 

(a) With the written consent of the Directing Parties, the Collateral Trustee and the Grantors may, from time to time, enter into written
agreements supplemental hereto or to any other Trust Security Document for the purpose of adding to, or waiving any provisions of, this Agreement or any other Trust Security Document or changing in any manner the rights of the Collateral Trustee,
the Secured Parties or the Grantors hereunder or thereunder; provided that no such supplemental agreement shall (i) amend, modify or waive any provision of this Section 6.3 without the written consent of the Primary Holder
Representatives for each Class of Primary Secured Obligations then outstanding, (ii) amend the definition of Directing Parties or any use of such defined term in this Agreement, in each case without the consent of both Primary Holder
Representatives, (iii) reduce the percentages or change the numbers specified in the definition of Majority Class Holders and Majority Secured Parties or amend, modify or waive any provision of Section 3.4 or the definition of
Secured Obligations or otherwise change the relative rights of the Secured Parties under this Agreement in respect of payments or Collateral without the written consent of holders constituting the Majority Class Holders of each Class whose rights
would be adversely affected thereby, (iv) amend, modify or waive any provision of Section 8 without the consent of each Primary Holder Representative with respect to each Class of Primary Secured Obligations then outstanding, but
only if the relative rights of the holders of such Class would be adversely affected thereby, (v) amend, modify or waive any provision of Section 3, 3A, 4 or 5 or otherwise alter the duties, rights or
obligations of the Collateral Trustee hereunder or under the other Trust Security Documents without the written consent of the Collateral Trustee or (vi) if no Notice of Acceleration is in effect, amend, modify or waive any provision of
Section 3A without the consent of the Company (not to be unreasonably withheld or delayed). Any such supplemental agreement shall be binding upon the Grantors, each Primary Holder Representative, the Secured Parties and the Collateral
Trustee and their respective successors and assigns. No consent of the Grantors shall be required for any amendment, waiver or supplement to this Agreement except for amendments, waivers and supplements that would reasonably be expected to adversely
impact any of the Grantors. 
  

 37 

 (b) Notwithstanding the foregoing, solely with the consent of the Directing Parties (and
without the consent of any other Secured Party), the Collateral Trustee and any of the Grantors, at any time and from time to time, may enter into one or more agreements supplemental hereto or to any other Trust Security Document, in form
satisfactory to the Directing Parties and acceptable to Collateral Trustee, (i) to add to the covenants of such Grantor for the benefit of the Secured Parties or to surrender any right or power herein conferred upon such Grantor or add to the
rights or benefits of the Secured Parties; (ii) to mortgage or pledge to the Collateral Trustee, or grant a security interest in favor of the Collateral Trustee in, any property or assets as additional security for the Secured Obligations or to
preserve, perfect or establish any liens on the Collateral to secure the Secured Obligations or the rights of the Collateral Trustee with respect thereto; (iii) to conform to any Applicable Law or to advice given by special or local counsel;
(iv) to cure any ambiguity, to correct or supplement any provision herein or in any other Trust Security Document which may be defective or inconsistent with any other provision herein or therein, or to make any other provision with respect to
matters or questions arising hereunder which shall not be inconsistent with any provision hereof; provided that any such action contemplated by this clause (iv) shall not adversely affect the interests of the Secured Parties; (v) to
secure additional Secured Obligations otherwise permitted to be secured by the Collateral pursuant to the Secured Instruments; or (vi) to provide for the assumption of the Company’s or any Grantor’s obligations under any Trust
Security Document in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such Grantor’s assets, as applicable. 

(c) For purposes of voting under this Agreement, Secured Obligations registered in the name of or beneficially owned by the Company or
any Affiliated Entity of the Company will be deemed not to be outstanding. 
 1.2 Holders of Hedging Obligations.

 (a) The benefit of certain provisions of this Agreement and the other Trust Security Documents relating to the Collateral or
otherwise shall extend to and be available in respect of the Hedging Obligations solely on the condition and understanding, as among the Collateral Trustee and the Primary Holder Representatives and all Secured Parties, that (i) the Secured
Hedge Providers shall be entitled to the benefit of the Trust Security Documents and the Collateral to the extent expressly set forth in this Agreement and the other Trust Security Documents and to such extent the Collateral Trustee shall hold, and
have the right and power to act with respect to, the Hedging Obligations and the Collateral on behalf of and as agent for the Secured Hedge Providers, but the Collateral Trustee shall have no fiduciary duty, duty of loyalty, duty of care, duty of
disclosure or other obligation whatsoever to any Secured Hedge Provider, (ii) all matters, acts and omissions relating in any manner to the Trust Security Documents, the Collateral, or the omission, creation, perfection, priority, abandonment
or release of any Lien, shall be governed solely by the provisions of this Agreement and the other Trust Security Documents and no separate Lien, right, power or remedy shall arise or exist in favor of any Secured Party under any separate instrument
or agreement or in respect of any Hedging Obligation, (iii) each Secured Party shall be bound by all actions taken or omitted, in accordance with the provisions of this Agreement and the other Trust Security Documents, by the Collateral Trustee
(at the direction of the relevant Directing Parties, Secured Parties or Primary Holder Representatives), which shall be entitled to act in accordance with the terms of this Agreement without any duty or liability to any other Secured Party or as to
any Hedging Obligation and without regard to whether any Hedging Obligation remains outstanding or is deprived of the benefit of the Collateral or becomes 

 

 38 

 
unsecured or is otherwise affected or put in jeopardy thereby, (iv) except as provided in Sections 2.1(a) and 2.1(c), no Secured Hedge Provider and no other Secured Party
(except the Primary Holder Representatives to the extent set forth in this Agreement) shall have any right to be notified of, or to direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or under this
Agreement or the other Trust Security Documents and (v) no holder of Hedging Obligations shall be entitled to any rights under this Agreement and the other Trust Security Documents other than for such Hedging Obligations to be secured by the
Collateral to the extent set forth in this Agreement and the other Trust Security Documents and for the application of moneys held in the Collateral Account in accordance with Section 3.4. For the avoidance of doubt, upon payment in full
of the Primary Secured Obligations, the Collateral Trustee shall not be required to recognize the rights of any holder of Hedging Obligations other than those specified in clause (v) above unless and until the holders of Hedging Obligations
have executed and delivered to the Collateral Trustee such joinder agreements in form and substance acceptable to the Collateral Trustee pursuant to which such holders have become parties to this Agreement and have agreed to the rights, obligations,
exculpations (including the right to act only upon direction from such holders or such designated portion thereof) of the Collateral Trustee hereunder. 

(b) Following payment in full of the Primary Secured Obligations, the Hedging Obligations shall continue to be secured by the Collateral
to the extent set forth in this Agreement and the other Trust Security Documents and entitled to the application of moneys held in the Collateral Account in accordance with Section 3.4 if (i) either (A) a Notice of Acceleration
is in effect at the time of such payment in full or (B) remedies were exercised against the Collateral and (ii) either (A) the holder of such Hedging Obligations has not received notice of such Notice of Acceleration or (B) the
Hedging Agreement under which such Hedging Obligations arose has not been terminated. 
 Headings. The table of contents
and the headings of sections have been included herein and in the other Trust Security Documents for convenience only and should not be considered in interpreting this Agreement or the other Trust Security Documents. 

Severability. 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. 

Successors and Assigns; Third Party Beneficiaries. 

This Agreement shall be binding upon each of the parties hereto and their respective successors and assigns and shall inure to the benefit
of each of the Indemnified Parties and their respective successors and assigns, and nothing herein is intended or shall be construed to give any other Person any right, remedy or claim under, to or in respect of this Agreement or any Collateral.

 Each of the Indemnified Parties is a third-party beneficiary of this Agreement. 

Currency Conversions. In calculating the amount of Secured Obligations or Collateral proceeds for any purpose hereunder,
including, without limitation, voting or distribution purposes, the amount of any Secured Obligation or any such proceeds which is denominated in a 
  

 39 

 
currency other than Dollars shall be converted by (i) the Administrative Agent into Dollars pursuant to the procedures set forth in the Credit Agreement, in connection with Secured
Obligations under the Credit Agreement or (ii) the Indenture Trustee into Dollars pursuant to the procedures set forth in the Indenture, in connection with Secured Obligations under the Indenture. 

Acknowledgements. Each Grantor hereby acknowledges that: 

it has been advised by counsel in the negotiation, execution and delivery of this Agreement, the other Trust Security
Documents and the other Secured Instruments to which it is a party; 
 neither the Collateral Trustee nor any
Primary Holder Representative or other Secured Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement, any of the other Trust Security Documents and the other Secured Instruments, and the
relationship between the Grantors, on the one hand, and the Collateral Trustee and Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 

no joint venture is created hereby or by the other Trust Security Documents or Secured Instruments or otherwise exists by
virtue of the transactions contemplated hereby among the Secured Parties or among the Grantors and the Secured Parties. 

Governing Law. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New
York. To the extent that either the Collateral Account or the Prepayment Deposit Account is deemed or construed to be a “deposit account” under the UCC, the parties hereto agree pursuant to §9-304 of the UCC that New York
is the “jurisdiction” of U.S. Bank National Association, in its capacity as Collateral Trustee hereunder, for purposes of Article 9 of the New York Uniform Commercial Code. 

Counterparts. This Agreement may be signed in any number of counterparts with the same effect as if the signatures thereto and
hereto were upon the same instrument. 
 Termination and Release. 

Upon the termination of, and satisfaction in full of all of the obligations under, a Class of Primary Secured Obligations (other than
Contingent Indemnification Obligations), the applicable Primary Holder Representative shall promptly provide written notice to the Collateral Trustee stating that the conditions for release of Collateral under the Primary Secured Instruments for
such Class have been satisfied. Upon the Collateral Trustee’s receipt of such written notice from the Primary Holder Representative of a Class of Primary Secured Obligations, the Secured Obligations under such Class shall no longer be secured
by the Collateral. Upon the Collateral Trustee’s (i) receipt of such written notice from all Primary Holder Representatives and (ii) confirmation of payment in full of all Trustee Fees, the security interests created by the Trust
Security Documents shall terminate forthwith and all right, title and interest of the Collateral Trustee in and to the Collateral shall revert to the Grantors, their successors and assigns. 

Upon the termination of the Collateral Trustee’s security interest and the release of the Collateral in accordance with
Section 6.12(a), the Collateral Trustee will promptly, at the Company’s written request and expense (and in any event within 2 Business Days after receipt of 

 

 40 

 
such request), (i) execute and deliver to the Company such documents as the Company shall reasonably request to evidence the termination of such security interest or the release of the
Collateral and (ii) deliver or cause to be delivered to the Grantors all property of the Grantors then held by the Collateral Trustee or any agent thereof. 

So long as no Notice of Acceleration shall be in effect, upon the sale or other Disposition of all the Capital Stock of a Grantor to any
Person (other than the Company or any other Loan Party) in a transaction permitted (or not prohibited, as the case may be) by all the Primary Secured Instruments: (i) such Grantor and each Subsidiary of such Grantor which is included in such
sale or other Disposition (such Grantor and each such Subsidiary being referred to herein as “Included Grantors”) shall cease to be a Grantor hereunder or a party to any Trust Security Document and shall be released automatically
from its obligations pursuant hereto and thereto, (ii) the security interests created by the Trust Security Documents entered into by such Included Grantors in all right, title and interest of such Included Grantors in the Collateral, and the
security interests created by the Trust Security Documents in the Capital Stock of such Included Grantors, shall terminate automatically, in each case only with respect to such Included Grantors and such Capital Stock (subject to any requirement
with respect to the retention of Proceeds of such sale or other Disposition subject to this Agreement or any other Trust Security Document) and (iii) any obligations of such Included Grantors shall, unless otherwise expressly notified by the
Company to the Collateral Trustee and the Directing Parties in writing, automatically cease to be Secured Obligations. Upon any such termination and receipt by the Collateral Trustee of a certificate from the Company or the relevant Grantor stating
that such sale or other Disposition is to a Person other than the Company or any other Loan Party in a transaction permitted or not prohibited, as the case may be, by the Primary Secured Instruments, the Collateral Trustee will promptly, at the
Company’s request and expense (and in any event within 2 Business Days after receipt of such request), (x) execute and deliver to the Company and such Included Grantors (and the Grantor that pledged such Capital Stock under the Trust
Security Documents) such documents as the Company shall reasonably request to evidence the termination of such security interest or the release of such Collateral, (y) deliver or cause to be delivered to such Included Grantors all property of
such Included Grantors then held by the Collateral Trustee or any agent thereof and (z) deliver such Capital Stock to the Grantor that pledged such Capital Stock under the Trust Security Documents. A copy of any certificate by a Grantor to the
Collateral Trustee under this Section 6.12(c) shall be sent simultaneously to the Directing Parties. The Company and the Grantors hereby agree to hold in escrow any Collateral delivered to the Company or the Grantors, as applicable, by
the Collateral Trustee pursuant to this Section 6.12(c). 
 Upon receipt by the Collateral Trustee of written
notices from each Primary Holder Representative directing the Collateral Trustee to cause the Liens on a portion or all of the Collateral identified in such notice to be released and discharged, the security interests created by the Trust Security
Documents in such Collateral shall terminate forthwith and all right, title and interest of the Collateral Trustee in and to such Collateral shall revert to the Grantors, their successors and assigns. 

So long as no Notice of Acceleration shall be in effect, upon receipt by the Collateral Trustee of written certification from the Company
(and in any event within 2 Business Days after receipt of such request) that physical possession of any Grantor’s property then held by the Collateral Trustee or any agent thereof or any separate trustee or co-trustee (including any promissory
notes and related transfer documents, if any, constituting part of any Collateral) is 
  

 41 

 
necessary or customary to enforce (or would otherwise facilitate enforcement of) such Grantor’s remedies (or actions in lieu of the exercise of enforcement) against counterparties, or for
the purpose of correction of defects, if any, under or in relation to any Collateral, or for the purpose of exchanging stock certificates or instruments for other stock certificates or instruments in a transaction not constituting a sale or
disposition, the Collateral Trustee shall (i) cause to be delivered in escrow such property to such Grantor, the Company or its agents pending any enforcement action, exercise of rights or other customary actions in lieu of enforcement or for
the purpose of correction of defects, if any, or loan (or other asset) administration and servicing, in each case in respect of any such promissory notes and related Collateral, and (ii) execute and deliver such documents (in form and substance
reasonably satisfactory to the Collateral Trustee and the Company), and take such other actions in connection with such escrowed release as such Grantor or the Company may reasonably request in writing; it being understood that the delivery of any
such property shall not constitute a release of the Collateral and any Proceeds received by such Grantor upon any such enforcement shall be subject to this Agreement and the other Trust Security Documents. A copy of any certificate by a Grantor
or the Company to the Collateral Trustee under this Section 6.12(e) shall be sent simultaneously to the Directing Parties. The Company and the Grantors hereby agree to hold in escrow any Collateral delivered to the Company or the
Grantors, as applicable, by the Collateral Trustee pursuant to this Section 6.12(e). 
 So long as no Notice of
Acceleration shall be in effect, upon the sale or other Disposition of Collateral to a third party or other monetization (other than a payment or prepayment), in each case, in a transaction in which such third party is not a Loan Party (a
“Third Party Sale”) and which transaction is permitted or not prohibited by all the Primary Secured Instruments, the security interests created by the Trust Security Documents in such Collateral (but not the Proceeds thereof) shall
terminate automatically, and the Company or applicable Grantor shall promptly provide the Collateral Trustee with written certification that such sale or other Disposition has occurred and is permitted or not prohibited by all the Primary Secured
Instruments. Upon receipt by the Collateral Trustee of a notice from the Company or other Grantor that such Grantor has entered or intends to enter into a binding contract for a Third Party Sale of Collateral, the Collateral Trustee shall, promptly
upon receipt of such notice (and in any event within 2 Business Days after receipt of such notice), at such Grantor’s or the Company’s expense, (i) execute and deliver within 5 Business Days prior to the date of the contemplated
closing under such Third Party Sale as notified by the Company or such Grantor, such documents (in form and substance reasonably satisfactory to the Collateral Trustee and the Grantors) as such Grantor or the Company shall reasonably request to
evidence the termination of the security interest and Lien in, and release of, such Collateral upon completion of such Third Party Sale (subject to any requirement with respect to retention of the Proceeds of such Third Party Sale subject to this
Agreement or any other Trust Security Document) and (ii) deliver, or cause to be delivered within 5 Business Days prior to the date of the contemplated closing under such Third Party Sale as notified by the Company or such Grantor, for release
only upon completion of such Third Party Sale, to such Grantor or the Company all property (including any promissory notes and related transfer documents), if any, constituting part of such Collateral (and any related collateral) then held by the
Collateral Trustee or any agent thereof. A copy of any certificate by a Grantor or the Company to the Collateral Trustee under this Section 6.12(f) shall be sent simultaneously to the Directing Parties. The Company and the Grantors
hereby agree to hold in escrow at all times prior to the closing under the applicable Third Party Sale any Collateral delivered to the Company or the Grantors, as applicable, by the Collateral Trustee pursuant to this Section 6.12(f).

  

 42 

 Upon receipt by the Collateral Trustee of written certification from the Company that such
Grantor has received, or has received notice that it will receive, a payment or prepayment in satisfaction or settlement in respect of any portion of the Collateral, the Collateral Trustee shall promptly at the Company’s request and expense
(and in any event within 2 Business Days after receipt of such request), and as long as no Notice of Acceleration is then in effect (i) execute and deliver, for release only upon receipt by the applicable Grantor of such payment or prepayment
in satisfaction or settlement, such documents (in form and substance reasonably satisfactory to the Collateral Trustee and the Grantors) as the Company shall reasonably request to evidence termination of the security interest and Lien in, and
release of, such portion of Collateral (subject to any requirement with respect to retention of the Proceeds of such payment or prepayment under this Agreement or any other Trust Security Documents) and (ii) deliver, or cause to be delivered,
for release only upon receipt of such payment or prepayment in satisfaction or settlement, to the Company all property (including any promissory notes and related transfer documents), if any, constituting part of such Collateral (and any related
collateral) then held by the Collateral Trustee or any agent thereof. A copy of any certificate by a Grantor or the Company to the Collateral Trustee under this Section 6.12(g) shall be sent simultaneously to the Directing Parties. The
Company and the Grantors hereby agree to hold in escrow any Collateral delivered to the Company or the Grantors, as applicable, by the Collateral Trustee pursuant to this Section 6.12(g). 

(c) Notwithstanding anything to the contrary contained in any Trust Security Document, the Lien granted under the Trust Security
Documents shall not extend to any Excluded Assets during the time that such assets constitute Excluded Assets, but shall promptly attach thereto if at any time such assets no longer constitute Excluded Assets. 

This Agreement shall terminate when the security interests granted under each of the other Trust Security Documents or otherwise in favor
of the Secured Parties have terminated and the Collateral has been released as provided in Section 6.12(a) or (d); provided that the provisions of Sections 4.3, 4.4, 4.5, 4.6 and 4.7 as related to the
reimbursement of expenses and costs of the Collateral Trustee, the indemnities of the Collateral Trustee and priority Liens of the Collateral Trustee and Sections 5.1, 5.2, 5.4 as related to exculpations and limitations of the
duties and obligations of the Collateral Trustee, shall not be affected by any such termination. 
 Notwithstanding any release
to the Company of amounts from the Collateral Account pursuant to Section 2.11(b) or the release of any security interest or lien pursuant to this Section 6.12, the Grantors and their assets will remain subject to the terms
of the Secured Instruments, and the released amounts and other assets may not be applied except as permitted under the Secured Instruments. 

New Grantors. During the term of this Agreement, one or more additional Subsidiaries may become a party to this Agreement by
executing a joinder agreement, substantially in the form of Exhibit B, whereupon such Subsidiary shall become a Grantor for all purposes and to the same extent as if originally a party hereto and shall be bound by this Agreement. Such Subsidiary
shall comply with the applicable requirements of each Secured Instrument to which it is a party with respect to the creation and perfection of security interests in the Collateral in which it has rights. All obligations of the Grantors under this
Agreement, including Grantors that become parties hereto after the Effective Date, are joint and several. 
  

 43 

 Inspection by Regulatory Agencies. The Collateral Trustee shall make available, and
shall cause each custodian and agent acting on its behalf in connection with this Agreement to make available, all Collateral in such Person’s possession at all times for inspection by the auditor of a Grantor or any regulatory agency having
jurisdiction over any Grantor to the extent required by such regulatory agency in its discretion. 
 Confidentiality. The
Collateral Trustee agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by
Applicable Law or by any subpoena or similar legal process, (d) to any other Secured Party, (e) in connection with the exercise of any remedies hereunder or under any other Secured Instrument or any action or proceeding relating to this
Agreement or any other Secured Instrument or the enforcement of rights hereunder or thereunder, (f) with the consent of the Company or (g) to the extent such Information (x) becomes publicly available other than as a result of a
breach of this Section or (y) becomes available to the Collateral Trustee or any of its Affiliates on a nonconfidential basis from a source other than the Company. 

For purposes of this Section, “Information” means all information received from the Company or any of its Subsidiaries
relating to the Company or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Collateral Trustee on a nonconfidential basis prior to disclosure by the Company or any of its
Subsidiaries; provided that, in the case of information received from the Company or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to
maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information. 
 Submission to Jurisdiction; Waivers. Each Grantor hereby
irrevocably and unconditionally: 
 submits for itself and its property in any legal action or proceeding relating to this
Agreement and the other Trust Security Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of New York, the courts of the
United States of America for the Southern District of New York, and appellate courts from any thereof; 
 to the
extent permitted by applicable law, consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such
action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; and 
  

 44 

 waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this section any special, exemplary, punitive or consequential damages. 

WAIVERS OF JURY TRIAL. THE COLLATERAL TRUSTEE AND EACH OF THE GRANTORS AND OTHER SECURED PARTIES PARTY HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER TRUST SECURITY DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

Primary Holder Representatives’ Rights and Protections. With respect to any action taken, permitted or required to be taken,
or not taken by the Public Note Representative or the Credit Agreement Representative under this Agreement, whether as a Directing Party or otherwise, the conduct of the Public Note Representative and the Credit Agreement Representative shall be
governed by the Indenture or the Credit Agreement, as applicable, and the Public Note Representative and the Credit Agreement Representative shall have the same rights and be entitled to the same protections and immunities as are set forth in the
Indenture or the Credit Agreement with respect to actions or inaction by the Indenture Trustee and the Administrative Agent thereunder, as applicable. 

SECTION 2. 

DESIGNATION OF SECURED OBLIGATIONS 

Designations of Secured
Obligations. The Company may at any time and from time
to time designate additional obligations (whether outstanding on the date of such designation or on a prospective “when issued basis”) as obligations that are secured by the Collateral pursuant to this Agreement in accordance with this
Section 7 (it being understood that if such notice is prospective such designation is contingent upon the issuance or incurrence of the related obligations) if and only if such obligations (i) Refinance any or all of the Credit
Agreement Obligations and the Public Note Obligations in a Qualifying Refinancing or (ii) are Revolver Secured Obligations. The Company shall furnish each Notice of Designation to each Primary Holder Representative promptly after delivering the
same to the Collateral Trustee; provided that failure to deliver such notice shall not affect the validity of any such designation. If each Primary Holder Representative receives such notice and none of them notifies the Company within 5
Business Days following the receipt thereof that it disagrees with the certification described in clause (iii) of Section 7.2 when the proceeds of such Refinancing Debt are applied to repay Credit Agreement Obligations or Public
Note Obligations, as applicable, the designation of such additional obligations as Secured Obligations shall be binding upon the other holders of Secured Obligations for purposes of this Agreement; provided, however that nothing in
this sentence shall constitute a waiver of any right or remedy of any Primary Holder Representative or other holder of Secured Obligations may have under any Secured Instrument with respect to the incurrence or designation of such obligations.

 Designation of Refinancing Debt and Revolver Secured Debt. Upon receipt by the Collateral Trustee of a written
certification from a Responsible Officer of the Company, substantially in the form of Exhibit C (each a “Notice of Designation”) (i) identifying the obligations it is designating as “Refinancing Debt” or
“Revolver Secured Debt”, as applicable, under this Agreement, (ii) identifying the Primary Holder Representative with respect thereto, 

 

 45 

 
(iii) in the case of Refinancing Debt, designating whether such Refinancing Debt will be classified as Credit Agreement Obligations or Public Note Obligations, (iv) stating that the
incurrence and designation of such Indebtedness or financial accommodation as Refinancing Debt or Revolver Secured Debt hereunder is permitted, or is not prohibited, as the case may be, by the Primary Secured Instruments, and (v) in the case of
Refinancing Debt, certifying that such Refinancing is a Qualifying Refinancing, such Indebtedness or other financial accommodation will become “Refinancing Debt” hereunder. 

Termination of Designation. Once designated as secured pursuant to this Section 7, the relevant Secured Obligations
shall remain secured pursuant to this Agreement until the first to occur of (i) the termination of this Agreement in accordance with Section 6.12, (ii) the payment in full of such Secured Obligations and (iii) the delivery
to the Collateral Trustee of the written consent of the relevant Primary Holder Representative or Secured Party to the release of the security interest in the Collateral securing such Secured Obligations. 

PROVISIONS RELATING TO SECURED OBLIGATIONS 

Each Secured Party shall be bound by the following terms: 

Controlling Agreement. The Collateral Trustee shall be the secured party under the Trust Security Documents and shall hold the
Collateral for the benefit of all the Secured Parties. The provisions contained herein concerning the Collateral and Proceeds shall be controlling, notwithstanding the terms of any agreement between any Secured Party and any Grantor under any other
document or instrument between such parties, whether or not any bankruptcy or other insolvency proceeding shall at any time have been commenced with respect to any Grantor. 

Incorrect Distribution. If any Secured Party receives any Proceeds of Collateral or any other Trust Monies or Prepayment Monies in
an amount in excess of the amount such Person is entitled to receive under the terms hereof, such Person shall (a) hold such excess amount in trust for the benefit of the Collateral Trustee until paid over to the Collateral Trustee and
(b) shall promptly pay such excess amount to the Collateral Trustee. The Collateral Trustee shall promptly distribute the amount so received in accordance with the terms of Section 3.4. 

Return of Monies. If at any time payment, in whole or in part, of any Trust Monies or Prepayment Monies distributed hereunder is
rescinded or must otherwise be restored or returned by the Collateral Trustee or by any Secured Party as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, then each Person receiving any portion of such
Monies agrees, upon demand, to return the portion of such Monies it has received to the Person responsible for restoring or returning such Monies; provided that the Public Note Representative and the Credit Agreement Representative shall not
be required to return any such Monies that have been distributed by the Public Note Representative or the Credit Agreement Representative to the holders of the Public Notes or the Lenders, as applicable, or to other third parties, or are otherwise
no longer in the possession of the Public Note Representative or the Credit Agreement Representative in their capacity as Indenture Trustee or Administrative Agent, as applicable. 

 

 46 

 Parties Having Other Relationships. Each Secured Party acknowledges and agrees that
now and in the future the other Secured Parties or their respective Affiliates may lend to the Company or any of its Subsidiary Entities on a basis other than as covered by this Agreement or may accept deposits from, act as trustee under indentures
of, act as servicing bank, cash management bank or any similar function under any credit relationship with, and generally engage in any kind of business with the Company or any of its Subsidiaries, all as if such Person were not a party to this
Agreement. Except as set forth herein, each Secured Party acknowledges that the other Secured Parties and their respective Affiliates may exercise all contractual and legal rights and remedies which may exist from time to time with respect to such
other existing and future relationships without any duty to account therefor to the other Secured Parties except as necessary to establish compliance with the provisions of this Agreement. 

Waivers of Rights. Except as otherwise expressly set forth herein, so long as any of the Secured Obligations remain unpaid, the
Secured Parties hereby agree to refrain from exercising any and all rights each may individually (i.e., other than through the Collateral Trustee) now or hereafter have applicable to the Collateral or to exercise any right pursuant to the Trust
Security Documents or the UCC as in effect in any applicable jurisdiction or under similar provisions of the laws of any jurisdiction or under any bankruptcy or other insolvency laws or otherwise dispose of or retain any of the Collateral. The
Secured Parties hereby agree not to take any action whatsoever to enforce any term or provision of the Trust Security Documents or to enforce any right with respect to the Collateral, in conflict with this Agreement or the terms and provisions of
the other Trust Security Documents. 
 Permitted Exercise of other Rights. Except as otherwise specifically provided in
this Section 8, each Secured Party shall have all the rights and remedies available to it under the Secured Instruments which are not Trust Security Documents to which they are a party upon the occurrence of a default or an event of
default, each as defined in the relevant Secured Instrument, or at any other time, and without limiting the generality of the foregoing, each Secured Party shall have the independent right, exercised in accordance with the applicable Secured
Instruments and applicable law, to do any of the following: 
 accelerate payment of the Secured Obligations owing to such
Secured Party pursuant to the Secured Instruments (other than this Agreement and the other Trust Security Documents) to which such Secured Party is a party; 

institute suit against any Grantor: (i) under the terms of the applicable Secured Instruments (excluding this Agreement and the
other Trust Security Documents) for collection of the amounts owing thereunder or (ii) seeking an injunction, restraining order or any other similar remedy; 

seek the appointment of a receiver for any Grantor (but not any of the Trust Estate); 

file an involuntary petition under any bankruptcy or insolvency laws against any Grantor or file a proof of claim in any Insolvency
Proceeding; 
 during any Insolvency Proceeding of any Grantor, retain the right to vote; or 

 

 47 

 take any other enforcement action with respect to any default or event of default pursuant
to and in accordance with the Secured Instruments (other than this Agreement and the other Trust Security Documents) to which it is a party. 

For the avoidance of doubt, after commencement of an Insolvency Proceeding, no individual Secured Party shall have the right to consent or object to
(i) a proposed use, sale or lease of Collateral, (ii) any request for, or proposed agreement regarding, the provision of adequate protection or (iii) any request for, or proposed agreement regarding, the use of cash collateral (as
defined in the Bankruptcy Code), in each case, to which the Majority Secured Parties have agreed. In the absence of agreement by both Primary Holder Representatives, the rights of each individual Secured Party with respect to the matters described
in clauses (i) through (iii) of the immediately preceding sentence are reserved. 
 Secured Obligations
Unconditional. All rights and interests of the Secured Parties hereunder, and all agreements and obligations of the Secured Parties (and, to the extent applicable, the Grantors) hereunder, shall remain in full force and effect irrespective of:

 any lack of validity or enforceability of any Secured Instrument; 

any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Secured Obligations, or any
amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Secured Instrument; 

any exchange, release, voiding, avoidance or non-perfection of any Lien in any Collateral or any other collateral, or any release,
amendment, waiver or other modification, whether by course of conduct or otherwise, or any Refinancing of all or any portion of the Secured Obligations or any guarantee or guaranty thereof; 

the commencement or discharge of any Insolvency Proceeding; or 

any other circumstances other than repayment of the outstanding Secured Obligations that otherwise might constitute a defense available
to, or a discharge of, any Grantor in respect of the Secured Obligations or any Secured Party in respect of this Agreement. 

Equal Ranking. The Collateral Trustee and each of the Secured Parties hereby agree that the Liens and security interest granted to
the Collateral Trustee under the Trust Security Documents shall be treated, as among the Secured Parties, as being for the equal and ratable benefit of all the Secured Parties (subject to the provisions of this Agreement (including, without
limitation, the priority of distributions set forth in Section 3.4 and Section 3.4A) and the other Trust Security Documents), without preference, priority, prejudice or distinction as to any Lien of any Secured Party over any
other Secured Party. Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any of the Secured Obligations secured by the Collateral and notwithstanding any provision of the UCC of any
jurisdiction, or any other applicable law or the Credit Agreement Documents or any defect or deficiencies in the Liens securing the Secured Obligations or any other circumstance whatsoever (but subject to Section 3.4 and
Section 3.4A), each member of the Credit Agreement Class and each member of the Public Note Class shall have equal priority on a pari passu and a pro rata basis to all of the Collateral and Proceeds thereof. 

 

 48 

 No New Liens. The Secured Parties agree that (a) there shall be no Lien, and no
Grantor shall have any right to create any Lien, on any assets of any Grantor securing any Secured Obligation if such assets are not subject to, and do not become subject to, a Lien of equal priority securing all the Secured Obligations on the same
basis as set forth in Section 8.8 and (b) if any Secured Party shall acquire or hold any Lien on any assets of any Grantor securing any Secured Obligation which assets are not also subject to a Lien of the same priority securing the
other Secured Obligations, then such Secured Party will without the need for any further consent of any other Secured Party, notwithstanding anything to the contrary in any other Secured Instrument, either (i) assign such Lien to the Collateral
Trustee as security for the Secured Obligations or (ii) hold such Lien for the benefit of the Secured Parties, as directed by the Directing Parties. To the extent that the foregoing provisions are not complied with for any reason, without
limiting any other rights and remedies available to the Secured Parties, the Secured Parties agree that any amounts received by or distributed to any of them while a Notice of Acceleration is in effect pursuant to or as a result of Liens granted in
contravention of this Section 8.9 shall be subject to Section 3.4. 
  

 49 

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

			
	 AMERICAN CAPITAL, LTD.

		
	By:	 	 /s/ Samuel A. Flax

	Name:	 	Samuel A. Flax
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	 U.S. BANK NATIONAL ASSOCIATION,
as Collateral Trustee

		
	By:	 	 /s/ David A. Schlabach

	Name:	 	David A. Schlabach
	Title:	 	Vice President
	
	 WELLS FARGO BANK, N.A.,
as the Credit Agreement Representative

		
	By	 	 : /s/ Mike Romanzo

	Name:	 	Mike Romanzo, CFA
	Title:	 	Director
	
	 WILMINGTON TRUST FSB,
as the Public Note Representative

		
	By:	 	 /s/ Jane Y. Schweiger

	Name:	 	Jane Y. Schweiger
	Title:	 	Vice President

 [Collateral Trust
Agreement] 

 ANNEX I 

Trust Security Documents 
  

	1.	Security Agreement, dated as of June 28, 2010, made by American Capital, Ltd. and certain of its Subsidiaries, in favor of U.S. Bank National Association, as
Collateral Trustee. 

  

	2.	Grant of Security Interest in Trademark Rights, effective as of June 28, 2010, made by American Capital, Ltd. in favor of U.S. Bank National Association, as
Collateral Trustee. 

  

	3.	Control agreements listed below: 

Securities Account Control Agreements 
  

	 	a)	Securities Account Control Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and Deutsche Bank Alex. Brown, a division of Deutsche
Bank Securities Inc., as securities intermediary 

  

	 	b)	Notification and Control Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and Wells Fargo Bank, N.A., as securities intermediary

  

	 	c)	Notification and Control Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and Wells Fargo Securities, LLC, as securities
intermediary 

  

	 	d)	Pledged Collateral Account Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and Oppenheimer Trust Company, as securities
intermediary 

 Deposit Account Control Agreements 

 

	 	a)	Blocked Account Control Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and U.S. Bank National Association, as depositary bank

  

	 	b)	Blocked Account Control Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and JPMorgan Chase Bank, N.A., as depositary bank

  

	 	c)	Clearing Account Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and Capital One, N.A., as depositary bank

  

	 	d)	Account Control Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and Capital One, N.A., as depositary bank 

 

	 	e)	Deposit Account Control Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and Wells Fargo Bank, National Association, as depositary
bank 

 Bailee Letters 
  

	 	a)	Collateral Access Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and PNC Bank, National Association, as custodian

  

	 	b)	Collateral Access Agreement, dated as of June 28, 2010, among the Company, the Collateral Trustee and Wells Fargo Bank, N.A., as custodian

  

	4.	Collateral Trust and Intercreditor Agreement, dated as of June 28, 2010, among American Capital, Ltd., certain of its Subsidiaries, Wells Fargo Bank, N.A., as
Credit Agreement Representative, Wilmington Trust FSB, as Public Note Representative and U.S. Bank National Association, as Collateral Trustee. 

 EXHIBIT A 

FORM OF NOTICE OF ACCELERATION 

[Date]
                                     

 

	To:	                           
         , as Collateral Trustee 

  

	Re:	Collateral Trust and Intercreditor Agreement, dated as of June 28, 2010 among American Capital, Ltd. (the “Company”), the subsidiaries of the
Company parties thereto, Wells Fargo Bank, N.A., as Credit Agreement Representative, Wilmington Trust FSB, as Public Note Representative and U.S. Bank National Association, as Collateral Trustee (the “Agreement”).

 [The [Credit Agreement Obligations] [Public Note Obligations] have not been paid in full at the stated final
maturity and any applicable grace period has expired.] [An Event of Default has occurred and is continuing under the provisions of and as defined in the [Credit Agreement] [Indenture ] and, as a result thereof, all Secured Obligations outstanding
thereunder have become (or have been declared to be) due and payable in accordance with the terms of such Primary Secured Instrument and have not been paid in full or, in the case of any reimbursement obligation in respect of an outstanding letter
of credit or similar instrument, a requirement for cash collateralization has not been satisfied as of the time such requirement is to be satisfied pursuant to the [Credit Agreement] [Indenture]. [An Insolvency Proceeding has been commenced.]

 Unless otherwise provided herein, terms defined in the Agreement and used herein shall have the meanings given to them in the
Agreement. 
  

			
	[NAME OF Primary Holder Representative], as Primary Holder Representative
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT B 

FORM OF JOINDER AGREEMENT 

JOINDER AGREEMENT, dated as of             
    , 2010, made by                     , a
                    corporation (the “New Grantor”) in favor of
                    , a
                    , as Collateral Trustee under the Agreement referred to below (in such capacity, the “Collateral
Trustee”). All capitalized terms not defined herein shall have the meanings ascribed to them in the Agreement. 

W I T N E S S E T H: 

WHEREAS, American Capital, Ltd., a Delaware corporation (the “Company”), certain subsidiaries of the Company (together
with the Company, the “Grantors”), Wells Fargo Bank, N.A., as Credit Agreement Representative, Wilmington Trust FSB, as Public Note Representative and the Collateral Trustee have entered into the Collateral Trust and Intercreditor
Agreement, dated as of June 28, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Agreement”); and 

WHEREAS, the New Grantor desires to become a party to the Agreement in accordance with Section 6.13 of the Agreement; 

NOW, THEREFORE, IT IS AGREED: 

1. Agreement. By executing and delivering this Joinder Agreement, the New Grantor hereby becomes a party to the Agreement as a
“Grantor” thereunder and, without limiting the foregoing, hereby expressly assumes all obligations and liabilities of a “Grantor” thereunder. 

2. GOVERNING LAW. THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	[NEW GRANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for Notices:
		
	Fax:	 	

 EXHIBIT C 

FORM OF NOTICE OF DESIGNATION 

[Date]                      
                   
  

	To:	                        , as Collateral
Trustee 

  

	Re:	Collateral Trust and Intercreditor Agreement, dated as of June 28, 2010, among American Capital, Ltd. (the “Company”), the subsidiaries of the
Company parties thereto, Wells Fargo Bank, N.A., as Credit Agreement Representative, Wilmington Trust FSB, as Public Note Representative and U.S. Bank National Association, as Collateral Trustee (the “Agreement”).

 Pursuant to Section 7.2 of the Agreement, the Company hereby designates [identify obligations] as
[“Refinancing Debt”]/[“Revolver Secured Debt”] under the Agreement. [The Company hereby represents, warrants and certifies that such Refinancing is a Qualifying Refinancing]. The Primary Holder Representative with respect to such
[Refinancing Debt]/[Revolver Secured Debt] shall be                     . 

[Such Refinancing Debt shall be classified as [Credit Agreement Obligations] [Public Note Obligations].] 

The incurrence and designation of such obligations as provided above is permitted or is not prohibited, as the case may be, by the
Primary Secured Instruments. 
 Terms defined in the Agreement and used herein shall have the meanings given to them in the
Agreement. 
  

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT D 

EFFECTIVE DATE CREDIT AGREEMENTExhibit 10.6

 EXHIBIT 10.6 

 
  

 
 SECURITY AGREEMENT 

made by 

AMERICAN CAPITAL, LTD. 

and certain of its Subsidiaries 

in favor of 

U.S. BANK NATIONAL ASSOCIATION, 

as Collateral Trustee 

Dated as of June 28, 2010 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 SECTION 1.
	  	DEFINED TERMS	  	4
	 1.1.
	  	Definitions	  	4
	 1.2.
	  	Other Definitional Provisions	  	10
			
	 SECTION 2.
	  	GRANT OF SECURITY INTEREST	  	11
			
	 SECTION 3.
	  	REPRESENTATIONS AND WARRANTIES	  	12
	 3.1.
	  	Title; No Other Liens	  	12
	 3.2.
	  	Perfected Liens	  	12
	 3.3.
	  	Jurisdiction of Organization; Chief Executive Office	  	13
	 3.4.
	  	Inventory and Equipment	  	13
	 3.5.
	  	Intellectual Property	  	13
	 3.6.
	  	Vehicles	  	13
	 3.7.
	  	Commercial Tort Claims	  	13
	 3.8.
	  	Deposit Accounts; Securities Accounts	  	13
	 3.9.
	  	Portfolio Investments	  	13
			
	 SECTION 4.
	  	COVENANTS	  	13
	 4.1.
	  	Delivery of Instruments, Certificated Securities and Chattel Paper	  	13
	 4.2.
	  	Maintenance of Insurance	  	14
	 4.3.
	  	Maintenance of Perfected Security Interest; Further Documentation	  	14
	 4.4.
	  	Changes in Name, etc	  	14
	 4.5.
	  	Pledged Stock; Pledged Notes; Investment Property	  	15
	 4.6.
	  	Commercial Tort Claims	  	16
	 4.7.
	  	Vehicles	  	16
	 4.8.
	  	Deposit Accounts	  	16
	 4.9.
	  	Securities Accounts	  	17
	 4.10.
	  	Intellectual Property	  	18
	 4.11.
	  	Copies of Material Transaction Documents Relating to Portfolio Investments and Securitization Retained Security Investments	  	19
	 4.12.
	  	Letter-of-Credit Rights	  	20
			
	 SECTION 5.
	  	REMEDIAL PROVISIONS	  	20
	 5.1.
	  	Certain Matters Relating to Receivables	  	20
	 5.2.
	  	Communications with Obligors; Grantors Remain Liable	  	20
	 5.3.
	  	Pledged Stock and Pledged Notes	  	21
	 5.4.
	  	Proceeds to be Turned Over To Collateral Trustee	  	22
	 5.5.
	  	Application of Proceeds	  	22
	 5.6.
	  	Code and Other Remedies	  	22
	 5.7.
	  	Registration Rights	  	23
	 5.8.
	  	Deficiency	  	24
	 5.9.
	  	Grant of Intellectual Property License	  	24

  

 1 

					
	 SECTION 6.
	  	THE COLLATERAL TRUSTEE	  	25
	 6.1.
	  	Collateral Trustee’s Appointment as Attorney-in-Fact, etc	  	25
	 6.2.
	  	Duty of Collateral Trustee	  	26
	 6.3.
	  	Authorization of Financing Statements	  	26
	 6.4.
	  	Authority of Collateral Trustee	  	27
			
	 SECTION 7.
	  	MISCELLANEOUS	  	27
	 7.1.
	  	Amendments in Writing	  	27
	 7.2.
	  	Notices	  	27
	 7.3.
	  	No Waiver by Course of Conduct; Cumulative Remedies	  	27
	 7.4.
	  	Successors and Assigns	  	27
	 7.5.
	  	Counterparts	  	28
	 7.6.
	  	Severability	  	28
	 7.7.
	  	Section Headings	  	28
	 7.8.
	  	Integration	  	28
	 7.9.
	  	GOVERNING LAW	  	28
	 7.10.
	  	Submission To Jurisdiction; Waivers	  	28
	 7.11.
	  	Additional Grantors	  	29
	 7.12.
	  	Releases	  	29
	 7.13.
	  	Collateral Trust Agreement	  	29
	 7.14.
	  	WAIVER OF JURY TRIAL	  	30

  

			
	SCHEDULES	  	
		
	Schedule 1.1A	  	Investment Property
	Schedule 1.1B	  	Excluded Acccounts
	Schedule 1.1C	  	Commercial Tort Claims
	Schedule 1.1D	  	Zero Balance Accounts
	Schedule 3.3	  	Jurisdiction of Organization and Notice Addresses
	Schedule 3.4	  	Locations of Inventory and Equipment
	Schedule 3.5	  	Intellectual Property
	Schedule 3.6	  	Vehicles
	Schedule 3.8	  	Deposit Accounts; Securities Accounts
	Schedule 3.9	  	Portfolio Investments

  

			
	ANNEXES	 	
		
	Annex 1	 	Assumption Agreement
	Annex 2	 	Intellectual Property Short Form Security Agreements

  

 2 

 SECURITY AGREEMENT 

SECURITY AGREEMENT, dated as of June 28, 2010, made by American Capital, Ltd., a Delaware corporation (the
“Company”), the subsidiaries of the Company from time to time parties hereto (together with the Company and any other entity that may become a party hereto as provided herein the “Grantors”), in favor of U.S. Bank
National Association, a national banking association, as Collateral Trustee (in such capacity, the “Collateral Trustee”) under the Collateral Trust and Intercreditor Agreement, dated as of June 28, 2010 (as amended,
supplemented or otherwise modified from time to time, the “Collateral Trust Agreement”), among the Grantors, the Primary Holder Representatives (as defined therein) and the Collateral Trustee. 

W I T N E S S E T H: 

WHEREAS, pursuant to the Credit Agreement, dated as of May 16, 2007, as amended and restated as of June 28, 2010 (as amended,
restated, supplemented or otherwise modified, refinanced or replaced from time to time, the “Credit Agreement”), among the Company, the Lenders parties thereto, the agents named therein and Wells Fargo Bank, N.A., as Administrative
Agent, the Lenders have made extensions of credit to the Company which have been converted to term loans (the “Term Loans”) to the Company upon the terms and subject to the conditions set forth therein; 

WHEREAS, pursuant to the Indenture dated as of June 28, 2010 among the Company and Wilmington Trust FSB, as trustee (as amended,
restated, supplemented or otherwise modified, refinanced or replaced from time to time, the “Indenture”), the Company has issued various series of its Senior Secured Amortizing Notes due 2013 (collectively, the “Public
Notes”) upon the terms and subject to the conditions set forth therein; 
 WHEREAS, the Company has entered into cash
interest rate hedging agreements under which it has Existing Hedging Obligations (as defined in the Collateral Trust Agreement); 

WHEREAS, the Company and the other Grantors may issue from time to time Permitted Refinancing Debt; 

WHEREAS, the Company is a member of an affiliated group of companies that includes each other Grantor; 

WHEREAS, the Credit Agreement and the Indenture have been entered into, among other things, in order to refinance and restructure
extensions of credit (the “Prior Debt”) made to the Company, the proceeds of which were used in part to enable the Company to make valuable transfers to one or more of the other Grantors in connection with the operation of their
respective businesses; 
 WHEREAS, the Company and the other Grantors are engaged in related businesses, and each Grantor has
derived substantial direct and indirect benefit from the Prior Debt and will derive substantial direct and indirect benefit from the Debt Restructuring and the extensions of credit made pursuant to the Secured Instruments; 

 

 3 

 WHEREAS, the Company and the other Grantors have determined that the Debt Restructuring and
the actions related thereto, including entering into this Security Agreement, are necessary or convenient to the continued conduct, promotion or attainment of the businesses of the Company and the other Grantors; 

WHEREAS, each Grantor (other than the Company) has guaranteed the obligations of the Company under the Secured Instruments; and

 WHEREAS, it is a condition precedent to the obligation of the Secured Parties to enter the Secured Instruments to which they
are parties that the Grantors shall have executed and delivered this Agreement to the Collateral Trustee for the benefit of the Secured Parties; 

NOW, THEREFORE, in consideration of the premises herein and to induce the Secured Parties to enter into the Secured Instruments, each
Grantor hereby agrees with the Collateral Trustee, for the benefit of the Secured Parties, as follows: 
 SECTION 1. DEFINED
TERMS 
 1.1. Definitions. (a) Unless otherwise defined herein, terms defined in the Collateral Trust Agreement and
used herein shall have the meanings given to them therein, and the following terms are used herein as defined in Article 8 or 9 of the UCC: Accounts, Certificated Security, Chattel Paper, Commercial Tort Claims, Documents, Equipment, Fixtures,
General Intangibles, Instruments, Inventory, Letter-of-Credit Rights, Records and Supporting Obligations. 
 (b) The following
terms shall have the following meanings: 
 “Agreement”: this Security Agreement, as the same may be amended,
supplemented or otherwise modified or replaced from time to time. 
 “Applicable IP Office”: the United States
Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof. 

“Collateral”: as defined in Section 2. 

“Collateral Trust Agreement”: as defined in the preamble hereto. 

“Collateral Trustee”: as defined in the preamble hereto. 

“Company”: as defined in the preamble hereto. 

“Copyright Licenses”: all agreements, whether written or oral, naming any Grantor as licensor or exclusive licensee
(including, without limitation, any such agreement relating to Copyrights registered or Copyright applications in the Applicable IP Office referred to in Schedule 3.5, as such schedule may be amended or restated from time to time), granting
any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright. 

 

 4 

 “Copyrights”: (i) all copyrights and works of authorship owned by or
exclusively licensed to such Grantor, arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those
listed in Schedule 3.5, as such schedule may be amended or supplemented from time to time), all registrations and recordings thereof, and all applications in connection therewith, including without limitation, all registrations, recordings
and applications in the Applicable IP Office, (ii) the right to obtain all renewals thereof, and (iii) the right to sue for past, present and future infringements thereof. 

“Credit Agreement”: as defined in the preamble hereto. 

“Debt Restructuring”: as defined in the Credit Agreement or the Indenture. 

“Default”: a Default as defined in the Credit Agreement or the Indenture. 

“Deposit Account”: as defined in the UCC and, in any event, including, without limitation, any demand, time, savings,
passbook, checking or like account maintained with a depositary institution. 
 “Deposit Account Control
Agreement”: an agreement, in form and substance satisfactory to the Primary Holder Representatives (it being understood that such agreement shall be deemed satisfactory to the Public Note Representative if it receives an opinion of counsel
from a nationally recognized law firm addressed to the Public Note Representative stating that such agreement effects, at the time of execution thereof, “control” pursuant to Section 9-104 of the UCC such that the Secured Parties have
a perfected security interest in such Deposit Account and the deposits, balances and other property held in such Deposit Account), among the relevant Grantor, the relevant banking institution with which such Grantor maintains a Deposit Account, and
the Collateral Trustee with respect to collection and control (provided exclusive control is a springing control only when a Notice of Acceleration is in effect) of all deposits, balances and other property held in such Deposit Account maintained by
such Grantor with such banking institution in order to create a perfected security interest therein. 
 “Escrow
Account”: any Deposit Account or Securities Account (i) that is subject to an escrow agreement with a third party escrow agent established to secure payment obligations of a Grantor in respect of adjustments to the purchase price,
indemnification obligations or other obligations to buyers or other parties following any Disposition permitted by (or not prohibited by) the Primary Secured Instruments pursuant to the agreement governing such permitted Disposition, in each case,
if the amount on deposit (excluding amounts earned thereon) in each such Deposit Account or Securities Account does not exceed the amount that pursuant to the agreement governing the applicable Disposition is required to be deposited therein and is
funded solely with the proceeds of such Disposition, and (ii) the only deposits or Cash Equivalents deposited therein or credited thereto are subject to Liens permitted (or not prohibited) by Section 6.2(p) of the Primary Secured
Instruments. 
  

 5 

 “Event of Default”: an Event of Default as defined in the Credit Agreement
or the Indenture. 
 “Excluded Accounts”: (i) each Deposit Account or Securities Account set forth on
Schedule 1.1B (including approximate value in each such Account), the funds or proceeds of Cash Equivalents in which are used solely for the payment, in the ordinary course of business, of salaries and wages, workers’ compensation,
pension benefits and similar expenses or taxes related thereto, and each such Deposit Account or Securities Account shall not contain at any time more than the amounts necessary to fund such obligations for the current period and past periods and
shall not be funded in advance of the time reasonably required, (ii) each other Deposit Account or Securities Account to the extent the aggregate balances in all such Deposit Accounts and Securities Accounts do not exceed $250,000,
(iii) any Deposit Account or Securities Account in which the assets deposited therein constitute Excluded Assets (other than pursuant to clause (c) of such definition), (iv) each Escrow Account; provided, that immediately upon
release from escrow the portion of such funds or proceeds due to any Grantor shall be transferred to a Deposit Account or Securities Account that is subject to a Deposit Account Control Agreement or Securities Account Control Agreement, as
applicable, (v) each of the Deposit Accounts listed on Schedule 1.1D hereto; provided that the balance in each such Deposit Account shall be reduced to zero at least once during any consecutive five Business Day period and
(vi) Deposit Account number 8901019690 (American Capital, Ltd. – Syndications) maintained at The Bank of New York Mellon; provided that all funds on deposit in such Deposit Account are deposited therein as payment for the account
of, or the benefit of, Persons other than any Grantor. 
 “Excluded Assets” means each of the following assets
of the Company and the Grantors: 
 (a) any lease, license, contract or agreement evidencing or giving rise to such asset to
which the Company or any Grantor is a party if and to the extent that granting a security interest therein to secure the Secured Obligations (i) is prohibited by or in violation of any law, rule or regulation applicable to the Company or any
Grantor, or (ii) will constitute or result in a breach, termination or default under or requires any consent not obtained under any such lease, license, contract or agreement (other than to the extent that any such law, rule, regulation, term,
provision or condition would be rendered ineffective with respect to the creation of the security interest in the Collateral pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any other applicable law or
principles of equity); provided that any such lease, license, contract or agreement shall cease to be an Excluded Asset and shall be included in the Collateral (and such security interest shall attach) immediately at such time as the
contractual or legal prohibition shall no longer be applicable, and to the extent severable, shall attach immediately to any portion of such lease, license, contract, or agreement not subject to the prohibitions specified in subclauses (i) and
(ii) of this clause (a); provided, further, that the exclusions referred to in this clause (a) shall not include any proceeds of, or substitutions or replacements for (unless such substitutions or replacements would
constitute Excluded Assets), any such lease, license, contract, property right or agreement; 
  

 6 

 (b) any Capital Stock or other Investment constituting a Portfolio Investment of a Grantor
if and to the extent that granting a security interest therein to secure the Secured Obligations (i) is prohibited by or in violation of the organizational documents of the Person issuing such Portfolio Investment or any shareholder or similar
agreement with respect to such Portfolio Investment (a) existing on the Effective Date applicable to such Grantor or such Portfolio Investment or (b) created after the Effective Date with respect to an Investment in a Person, other than a
Subsidiary Entity, if the applicable Grantor has used commercially reasonable efforts to prevent the creation of the prohibition and has so certified to the Collateral Trustee, or (ii) will result in a breach, termination or default under or
requires any consent not obtained under or will cause the acceleration of any Indebtedness of the issuer of such Capital Stock (other than to the extent that any such agreement, term, provision or condition would be rendered ineffective with respect
to the creation of the security interest in such Portfolio Investment pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any other applicable law or principles of equity); provided that any such
Portfolio Investment shall cease to be an Excluded Asset and shall be included in the Collateral (and such security interest shall attach) immediately at such time as the organizational document, shareholder or other agreement or Indebtedness or
such other restriction shall no longer be applicable or so restrictive, and to the extent severable, shall attach immediately to any portion of such Portfolio Investment not subject to the prohibitions specified in this clause (b); provided,
further, that the exclusions referred to in this clause (b) shall not apply to any proceeds of, or substitutions or replacements for (unless such substitutions or replacements would constitute Excluded Assets), any such Portfolio
Investment; 
 (c) any Excluded Account; 

(d) assets, with respect to which any Applicable Law prohibits the creation or perfection of security interests therein; provided
that any such asset shall cease to be an Excluded Asset and shall be included in the Collateral (and such security interests shall attach) immediately at such time as such Applicable Law prohibition shall no longer be applicable; 

(e) any intent-to-use application for registration of a trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. §
1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any,
that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law; 

(f) cash or Cash Equivalents in an aggregate amount not to exceed $46,000,000 (plus earnings thereon and all Proceeds therefrom,
including cash Proceeds, in whatever form, including cash or Cash Equivalents) to the extent (and only so long as) securing reimbursement obligations to the extent permitted by the Primary Secured Instruments under letters of credit issued for the
account of the Company; 
 (g) Portfolio Investments made after the Effective Date (other than Follow-On Investments) and all
Proceeds therefrom, including cash Proceeds, in whatever form, including cash or Cash Equivalents securing (and only so long as securing) Indebtedness permitted by Section 6.1(k) of the Credit Agreement and the corresponding provisions of the
other Primary Secured Instruments; 
  

 7 

 (h) 35% of the total outstanding Foreign Subsidiary Voting Stock of any Foreign Subsidiary
to the extent but only for so long as a pledge thereof under the Trust Security Documents would result in material and adverse tax consequences to a Grantor under Section 956 of the Internal Revenue Code of 1986, as determined by the Company in
its reasonable business judgment and certified to the Collateral Trustee; provided, that for the purposes of this clause (h) the term Foreign Subsidiary shall also include any Subsidiary organized under the laws of a jurisdiction within
the United States if substantially all of the assets of such Subsidiary consist of Capital Stock of one or more “controlled foreign corporations” (as defined in Section 957 of the Code) and such Subsidiary was formed for the principal
purpose of holding such Capital Stock; 
 (i) securities subject to a Lien permitted under Section 6.2(o) of the
Credit Agreement and the corresponding provisions of the other Primary Secured Instruments, and all Proceeds therefrom, including cash Proceeds, in whatever form, including cash or Cash Equivalents, to the extent (and only so long as) subject to
such Lien; and 
 (j) any assets subject to a Lien permitted under Section 6.2(c) of the Credit Agreement and the
corresponding provisions of the other Primary Secured Instruments to the extent (and only so long as) subject to such Lien. 

“Foreign Subsidiary”: any Subsidiary of the Company organized under the laws of any jurisdiction outside the United
States. 
 “Foreign Subsidiary Voting Stock”: the voting Capital Stock of any Foreign Subsidiary. 

“Grantors”: as defined in the preamble hereto. 

“Intellectual Property”: all intellectual property (including, without limitation, those items listed on Schedule
3.5) owned by or exclusively licensed to such Grantor, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, all Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks and
Trademark Licenses, and all rights to sue at law or in equity for any infringement, misappropriation, dilution or other impairment or violation of any of the foregoing, including the right to receive all proceeds and damages therefrom. 

“Intercompany Note”: any promissory note evidencing loans made by any Grantor to the Company or any of its Subsidiaries.

 “Investment Property”: the collective reference to (i) all “investment property” as such term
is defined in Section 9-102(a)(49) of the UCC and (ii) whether or not constituting “investment property” as so defined, all Pledged Notes and Pledged Stock; provided, for purposes of this Agreement, Investment Property
shall not include Excluded Assets. 
 “Issuers”: the collective reference to each issuer of any Investment
Property. 
  

 8 

 “Patent License”: all agreements, whether written or oral, providing for
the grant by or exclusively to any Grantor of any right to make, have made, use, offer to sell, sell or import any invention covered in whole or in part by a Patent (including, without limitation, any such agreement relating to Patents or Patent
applications in the Applicable IP Office referred to in Schedule 3.5, as such schedule may be amended or supplemented from time to time). 

“Patents”: (i) all letters patent and all applications for letters patent owned by or exclusively licensed to such
Grantor within the United States or any other country or any political subdivision thereof, including, without limitation, any of the foregoing referred to in Schedule 3.5 (as such schedule may be amended or supplemented from time to time),
(ii) all divisions, continuations, and continuations-in-part thereof and all rights to obtain any reissues or extensions of the foregoing, similar legal protections related thereto, or rights to obtain the foregoing and (iii) the right to
sue for past, present and future infringements thereof. 
 “Pledged Notes”: all promissory notes (including all
Certificated Securities evidencing debt obligations) listed on Schedule 1.1A, all Intercompany Notes at any time issued to or held by any Grantor and all other promissory notes (including all Certificated Securities evidencing debt
obligations) at any time issued to or held by any Grantor. 
 “Pledged Portfolio Investments”: all Portfolio
Investments included in the Collateral. 
 “Pledged Stock”: all Capital Stock (including all Certificated
Securities evidencing Capital Stock) listed on Schedule 1.1A, together with any other Capital Stock (including all Certificated Securities evidencing Capital Stock) of any Issuer that may be issued or granted to, or owned by, any Grantor
while this Agreement is in effect, whether or not issued or granted in respect of Capital Stock listed on Schedule 1.1A. 

“Portfolio Investments”: as defined in the Credit Agreement. 

“Prior Debt”: as defined in the preamble hereto. 

“Proceeds”: all “proceeds” as such term is defined in Section 9-102(a)(64) of the UCC and, in any event,
shall include, without limitation, all dividends or other income from the Investment Property, collections thereon or distributions or payments with respect thereto. 

“Public Notes”: as defined in the preamble hereto. 

“Public Note Representative”: as defined in the Collateral Trust Agreement. 

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

“Securities Account Control Agreement”: an agreement, in form and substance satisfactory to the Primary Holder
Representatives (it being understood that such agreement shall be deemed satisfactory to the Public Note Representative if it receives an opinion of counsel from a nationally recognized law firm addressed to the Public Note Representative stating
that such agreement effects, at the time of execution thereof, “control” pursuant to Section 9-106 of the UCC such that the Secured Parties have a perfected security interest in such Securities

  

 9 

 
Account and the securities entitlements (as defined in Section 8-102(a) of the UCC to the financial assets held in such Securities Account), among the relevant Grantor, the relevant
securities intermediary with which such Grantor maintains a Securities Account, and the Collateral Trustee with respect to collection and control (provided exclusive control is a springing control only when a Notice of Acceleration is in effect) of
all assets held in such Securities Account maintained by such Grantor with such securities intermediary in order to create a perfected security interest therein. 

“Securities Accounts”: as defined in Section 4.9. 

“Securities Act”: the Securities Act of 1933, as amended. 

“Term Loans”: as defined in the preamble hereto. 

“Trademark License”: any agreement, whether written or oral, providing for the grant by or exclusively to any Grantor of
any right to use any Trademark, including, without limitation, any such agreement referred to in Schedule 3.5 (as such schedule may be amended or supplemented from time to time). 

“Trademarks”: (i) all trademarks, trade names, brand names, corporate names, company names, business names,
fictitious business names, trade dress, domain names, service marks, logos and other source or business identifiers owned by or exclusively licensed to such Grantor, and all goodwill associated therewith or symbolized thereby, now existing or
hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith in the Applicable IP Office, and all common-law rights related thereto, including, without limitation, any of the foregoing
referred to in Schedule 3.5, (ii) the right to obtain all renewals thereof, and (iii) the right to sue for past, present and future infringements thereof. 

“UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York; provided,
however, that, in the event that, by reason of mandatory provisions of law, any of the attachment, perfection or priority of the Collateral Trustee’s and the Secured Parties’ security interest in any Collateral is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to
such attachment, perfection or priority and for purposes of definitions related to such provisions. 

“Vehicles”: all cars, trucks, trailers, construction and earth money equipment and other vehicles (other than aircraft)
covered by a certificate of title law of any state and, in any event including without limitation, the vehicles listed on Schedule 3.6 and all tires and other appurtenances to any of the foregoing. 

1.2. Other Definitional Provisions. (a) The words “hereof,” “herein”, “hereto” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise
specified. 
  

 10 

 (b) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. 
 (c) Where the context requires, terms relating to the Collateral or any part
thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 
 (d)
The words “include”, “includes” and “including” shall be deemed to be followed by “without limitation” whether or not they are in fact followed by such words or words of like import. 

SECTION 2. GRANT OF SECURITY INTEREST 

Each Grantor hereby grants to the Collateral Trustee, for the benefit of the Secured Parties, a security interest in, and lien on, all of
the following property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”), as
collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s Secured Obligations: 

(i) all Accounts; 

(ii) all Chattel Paper; 

(iii) all Deposit Accounts; 

(iv) all Documents; 

(v) all Equipment; 

(vi) all Fixtures; 

(vii) all General Intangibles; 

(viii) all Instruments (including, without limitation, Instruments evidencing Pledged Notes listed on Schedule 1.1A
hereof); 
 (ix) all Intellectual Property; 

(x) all Inventory; 

(xi) all Investment Property (including, without limitation, Investment Property evidencing Pledged Notes and Pledged
Stock listed on Schedule 1.1A hereof); 
 (xii) subject to Section 4.12, all Letter-of-Credit
Rights; 
 (xiii) subject to Section 4.7, all Vehicles and all title documents with respect to
Vehicles; 
  

 11 

 (xiv) all Commercial Tort Claims specified on Schedule 1.1C and
otherwise to the extent specifically notified to the Collateral Trustee from time to time; 
 (xv) all other
personal property not otherwise described above; 
 (xvi) all books and Records pertaining to the property
described in clauses (i) through (xv) above; and 
 (xvii) to the extent not otherwise included, all
Proceeds, Supporting Obligations and products of any and all of the foregoing and all security and guarantees given by any Person with respect to any of the foregoing; 

provided, however, that notwithstanding any of the other provisions set forth in this Section 2, the term
“Collateral” shall not include, and no Grantor is pledging or granting a security interest in, any Excluded Assets. 

SECTION 3. REPRESENTATIONS AND WARRANTIES 

To induce the Secured Parties to enter into the Secured Instruments and to induce the Secured Parties to restructure their respective
extensions of credit to the Company thereunder, each Grantor hereby represents and warrants to the Collateral Trustee on behalf of the Secured Parties that: 

3.1. Title; No Other Liens. Except for the security interest granted to the Collateral Trustee for the benefit of the Secured
Parties pursuant to this Agreement and the other Liens permitted to exist on the Collateral by the Secured Instruments, such Grantor owns each item of the Collateral free and clear of any and all Liens or claims of others. No financing statement or
other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except such as have been filed in favor of the Collateral Trustee, for the benefit of the Secured Parties, pursuant to this Agreement
or as are permitted by the Secured Instruments. 
 3.2. Perfected Liens. The security interests granted pursuant to this
Agreement (a) constitute valid and continuing perfected (other than with respect to unperfected liens permitted under Sections 4.7 and 4.12) security interests in all of the Collateral, in favor of the Collateral Trustee, for the
benefit of the Secured Parties, as collateral security for such Grantor’s Secured Obligations, enforceable in accordance with the terms hereof, for which a security interest may be perfected by the filing of a financing statement under the UCC
or filing with the United States Copyright Office or filing with the United States Patent and Trademark Office upon (i) in the case of all Collateral in which a security interest may be perfected by filing a financing statement under the UCC,
the completion of such filings, (ii) the delivery to the Collateral Trustee (or its agent or bailee) of all Collateral consisting of Instruments and Certificated Securities, in each case properly endorsed for transfer to the Collateral Trustee
or in blank, (iii) the execution of Securities Account Control Agreements with respect to all Securities Accounts of a Grantor constituting Collateral, (iv) the execution of Deposit Account Control Agreements with respect to all Deposit
Accounts of a Grantor constituting Collateral and (v) all appropriate filings having been made with the United States Copyright Office and/or the United States Patent and Trademark Office and (b) are prior to all other Liens on the
Collateral in existence on the date hereof except for Liens permitted by the Secured Instruments that have priority over the Liens on the Collateral by operation of law. 
  

 12 

 3.3. Jurisdiction of Organization; Chief Executive Office. On the date hereof, and
for the immediately preceding four (4) months, the full and correct legal name of each Grantor, each such Grantor’s jurisdiction of organization, identification number from the jurisdiction of organization (if any), and the location of
such Grantor’s chief executive office or principal place of business, as the case may be, are specified on Schedule 3.3. Such Grantor has furnished to the Collateral Trustee a certified charter, certificate of incorporation or other
organization document and long-form good standing certificate, or an equivalent thereof, as of a date which is recent to the date hereof. 

3.4. Inventory and Equipment. On the date hereof, the Inventory and the Equipment (other than mobile goods) are kept at the
locations listed on Schedule 3.4. 
 3.5. Intellectual Property. Schedule 3.5 lists all registered
Intellectual Property and all Intellectual Property for which an application for registration is pending with an Applicable IP Office (including the relevant registration, application or serial number and the jurisdiction of registration or
application), in each case owned by such Grantor in its own name on the date hereof, and all exclusive Copyright Licenses, Patent Licenses and Trademark Licenses to which such Grantor is an exclusive licensee of a registered or pending application
for Copyright, Patent, or Trademark in an Applicable IP Office (including the title, counterparty, and date of such licenses, as well as the registration or application number for the underlying Copyright, Patent or Trademark). 

3.6. Vehicles. Schedule 3.6 is a complete and correct list of all Vehicles owned by such Grantor on the date hereof.

 3.7. Commercial Tort Claims. (a) On the date hereof, except to the extent listed in Section 2 above, no
Grantor has rights in any Commercial Tort Claim with potential value in excess of $250,000. 
 3.8. Deposit Accounts;
Securities Accounts. Schedule 3.8 (i) is a complete and correct list of all Deposit Accounts and Securities Accounts maintained by such Grantor on the date hereof and (ii) identifies Excluded Accounts maintained by such Grantor
on the date hereof. 
 3.9. Portfolio Investments. Schedule 3.9 (i) is a complete and correct list of all
Portfolio Investments owned by the Company and its Subsidiaries on the date hereof and (ii) identifies Portfolio Investments which are not included in the Collateral on the date hereof. 

SECTION 4. COVENANTS 

Each Grantor covenants and agrees with the Collateral Trustee for the benefit of the Secured Parties that, from and after the date of
this Agreement until the Secured Obligations (other than Contingent Indemnification Obligations) shall have been paid in full: 

4.1. Delivery of Instruments, Certificated Securities and Chattel Paper. If any Collateral or any amount payable under or in
connection with any of the Collateral shall be or 
  

 13 

 
become evidenced by any Instrument, Certificated Security or Chattel Paper, such Instrument, Certificated Security or Chattel Paper shall be promptly, but in any event within 10 Business Days,
delivered to the Collateral Trustee (or its agent or bailee), duly indorsed in blank in a manner reasonably satisfactory to the Collateral Trustee, to be held as Collateral pursuant to this Agreement. 

4.2. Maintenance of Insurance. (a) All insurance policies shall (i) provide that no cancellation thereof shall be effective
until at least 30 days after receipt by the Collateral Trustee of written notice thereof, (ii) name the Collateral Trustee as insured party or loss payee, and (iii) if reasonably requested by the Collateral Trustee, include a breach of
warranty clause. 
 4.3. Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor shall
maintain the security interest created by this Agreement as a perfected (other than with respect to unperfected liens permitted under Sections 4.7 and 4.12) security interest having at least the priority described in
Section 3.2 and shall defend such security interest against the claims and demands of all Persons whomsoever, subject to liens permitted by the Secured Instruments and the rights of such Grantor under the Secured Instruments to dispose
of any item of the Collateral. 
 (b) Such Grantor will furnish to the Collateral Trustee from time to time statements and
schedules further identifying and describing the Collateral of such Grantor and such other reports in connection therewith as the Collateral Trustee or the Directing Parties (with notice to the Collateral Trustee) may reasonably request, all in
reasonable detail. 
 (c) At any time and from time to time, upon the written request of the Collateral Trustee, and at the sole
expense of such Grantor, such Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Collateral Trustee or the Directing Parties (with notice to the
Collateral Trustee) may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, (i) filing any financing or continuation
statements under the UCC (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby, (ii) filing Intellectual Property Short Form Security Agreements substantially in the form of Annex 2 hereof,
and (iii) in the case of Investment Property, Deposit Accounts, Letter of Credit Rights and any other relevant Collateral, taking any actions necessary to enable the Collateral Trustee to obtain “control” (within the meaning of the
applicable UCC) with respect thereto. 
 4.4. Changes in Name, etc. Such Grantor will not, except upon 10 days’
prior written notice to the Collateral Trustee and the Directing Parties and delivery to the Collateral Trustee and the Directing Parties of all additional financing statements and other documents reasonably requested by the Collateral Trustee or
the Directing Parties (with notice to the Collateral Trustee) to maintain the validity, perfection and priority of the security interests in favor of the Collateral Trustee provided for herein and in all other Trust Security Documents,
(i) change its jurisdiction of organization or the location of its chief executive office or sole place of business or principal residence from that referred to in Section 3.3 or (ii) change its name. 

 

 14 

 4.5. Pledged Stock; Pledged Notes; Investment Property. (a) If such Grantor
shall become entitled to receive or shall receive any certificate (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate
issued in connection with any reorganization), option, warrant, promissory note rights or other property in respect of the Pledged Stock of any Issuer, whether in addition to, in substitution of, as a conversion of, as Proceeds of, or in exchange
for, any of the Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the same as the agent of the Collateral Trustee and the Secured Parties, hold the same in trust for the Collateral Trustee and the Secured Parties and deliver
the same forthwith to the Collateral Trustee (or its agent or bailee) in the exact form received, duly indorsed in blank in the case of an Instrument or, in the case of a Certificated Security, together with an undated stock or other applicable
power covering such Certificated Security duly executed in blank by such Grantor and with, if the Collateral Trustee or the Directing Parties (with notice to the Collateral Trustee) so reasonably requests, signature guaranteed, to be held by the
Collateral Trustee, subject to the terms hereof, as Collateral for the Secured Obligations. Any sums paid upon or in respect of any Pledged Stock, Pledged Notes or, to the extent not included in the foregoing, Investment Property upon the
liquidation or dissolution of any Issuer shall be paid over to the Collateral Trustee to be held by it hereunder as Collateral for the Secured Obligations, unless otherwise subject to a perfected security interest in favor of the Collateral Trustee.
In case any distribution of capital shall be made on or in respect of any Pledged Stock, Pledged Notes or Investment Property or any property shall be distributed upon or with respect to any Pledged Stock, Pledged Notes or Investment Property
pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favor of the Collateral
Trustee, be delivered to the Collateral Trustee (or its agent or bailee) to be held by it hereunder as Collateral for the Secured Obligations in accordance with the terms of the Collateral Trust Agreement. If any sums of money or property so paid or
distributed in respect of any Pledged Stock, Pledged Notes or Investment Property shall be received by such Grantor, such Grantor shall, until such money or property is paid or delivered to the Collateral Trustee, hold such money or property in
trust for the Collateral Trustee and the Secured Parties, segregated from other funds of such Grantor, as Collateral for the Secured Obligations. 

(b) Without the prior written consent of the Collateral Trustee, such Grantor will not agree to any amendment of any constituent document
that in any way adversely affects the perfection of the security interest of the Collateral Trustee and the Secured Parties in the Collateral pledged by such Grantor hereunder, including any amendment electing to treat any membership interest or
partnership interest that is part of the Collateral as a “security” under Section 8-103 of the UCC, or any election to turn any previously uncertificated Capital Stock that is part of the Collateral into certificated Capital Stock.

 (c) In the case of each Grantor that is an Issuer, such Grantor agrees that (i) it will be bound by the terms of this
Agreement relating to Pledged Stock, Pledged Notes and Investment Property issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Collateral Trustee promptly in writing of the occurrence
of any of the events described in Section 4.5(a) with respect to the Pledged Stock, Pledged Notes and Investment Property issued by it (unless the property received by the applicable Grantor is subject to a perfected security interest in
favor of the Collateral Trustee) and (iii) the terms of Sections 5.3(c) and 5.7 shall apply to it, mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 5.3(c) or
5.7 with respect to the Pledged Stock, Pledged Notes and Investment Property issued by it. 
  

 15 

 4.6. Commercial Tort Claims. (a) If such Grantor shall obtain an interest in any
Commercial Tort Claim with a potential value in excess of $50,000, such Grantor shall within five Business Days of obtaining such interest sign and deliver documentation reasonably acceptable to the Collateral Trustee granting a security interest
under the terms and provisions of this Agreement in and to such Commercial Tort Claim. 
 4.7. Vehicles. With respect to
each Vehicle acquired by such Grantor for a purchase price in excess of $150,000, within 30 days after the date of acquisition thereof, all applications for certificates of title/ownership indicating the Collateral Trustee’s first priority
security interest in the Vehicle covered by such certificate, and any other necessary documentation, shall be filed in each office in each jurisdiction which the Collateral Trustee or the Directing Parties (with notice to the Collateral Trustee)
shall deem advisable to perfect its security interests in the Vehicles. In the event that the aggregate purchase price of all Vehicles acquired by the Grantors exceeds $150,000 in the aggregate, the Grantors shall arrange for the Collateral
Trustee’s first priority security interest to be noted on each certificate of title. Except as required by this Section 4.7, the Grantors are not required to cause the Collateral Trustee’s security interest in Vehicles to be
perfected. 
 4.8. Deposit Accounts. (a) Unless otherwise provided in Section 5.16(c) of the Primary Secured
Instruments, on or before the Effective Date, each Grantor shall execute and deliver to the Collateral Trustee executed Deposit Account Control Agreements for each Deposit Account listed on Schedule 3.8 (other than Excluded Accounts)
maintained by such Grantor. Other than cash and Cash Equivalents maintained in Excluded Accounts, the Company shall cause all of the cash and Cash Equivalents of the Company and any of the other Grantors to be held in Deposit Accounts subject to
Deposit Account Control Agreements (other than Excluded Accounts) or Securities Accounts that comply with Section 4.9. 

(b) Before opening or replacing any Deposit Account (other than an Excluded Account), each Grantor shall (i) cause each bank or
financial institution in which it seeks to open a Deposit Account to enter into a Deposit Account Control Agreement with the Collateral Trustee in order to give the Collateral Trustee “control” (as defined in Section 9-104 of the UCC)
of such Deposit Account and (ii) deliver an updated Schedule 3.8 listing all Deposit Accounts then maintained by the Grantors. In the case of a Deposit Account maintained with any of the Lenders, the terms of such Deposit Account Control
Agreements shall be subject to the provisions of the Collateral Trust Agreement regarding setoffs. Each Grantor agrees that the Deposit Account Control Agreement with respect to each such Deposit Account shall provide, among other things, that upon
the opening by it of any Deposit Account (other than an Excluded Account), the Collateral Trustee shall have “control” (as defined in Section 9-104 of the New York UCC) with respect to such Deposit Account and all cash and other
property therein. 
 (c) The Collateral Trustee, on behalf of the Secured Parties, agrees that the Deposit Account Control
Agreements and the Securities Account Control Agreements will not require the applicable depository institution to comply solely with instructions provided by the Collateral 

 

 16 

 
Trustee unless a Notice of Acceleration is in effect. In addition, the rights of the Grantors with respect to the Collateral Account and Prepayment Deposit Account shall be subject to the
restrictions imposed by the Credit Agreement, the Indenture and the Collateral Trust Agreement. 
 4.9. Securities
Accounts. (a) Unless otherwise provided in Section 5.16(c) of the Primary Secured Instruments, on or before the Effective Date, and at all times thereafter until the Secured Obligations (other than Contingent Indemnification
Obligations) have been paid in full, all “securities accounts” (as such term is defined in Section 8-501 of the UCC) of any Grantor (other than any Excluded Account) shall be established and maintained with any securities
intermediaries reasonably acceptable to the Primary Holder Representatives (it being understood that a securities intermediary shall be deemed reasonably acceptable to the Public Note Representative if the Company delivers to the Public Note
Representative an Officer’s Certificate to the effect that the executing officer has made inquiries sufficient to provide the Company a reasonable basis for concluding that such securities intermediary has a sound reputation, is in good
standing with applicable regulators and is unlikely to have credit-related or solvency issues during the period in which the applicable Securities Account will be held with such securities intermediary) that have executed a Securities Account
Control Agreement (collectively, the “Securities Accounts”). Any Collateral that constitutes a “financial asset” (as defined in Section 8-102(a)(9) of the UCC) that has not been delivered pursuant to
Section 4.1 hereof shall, upon its inclusion in the Collateral, be promptly credited to a Securities Account and constitute a “security entitlement” (as defined in Section 8-102(a)(17) of the UCC) and each such financial
asset shall be transferred to a Securities Account at the time of such inclusion or promptly thereafter. Each Securities Account Control Agreement shall provide that (i) all Collateral credited at any time to any Securities Account (other than
any Excluded Account) shall be treated as a “financial asset” (as defined in Section 8-102(a)(9) of the UCC), (ii) each Securities Account thereunder is a “securities account” (as defined in Section 8-501(a) of the
UCC), (iii) the securities intermediary’s jurisdiction (within the meaning of Section 8-110(e)) shall be the State of New York (unless the applicable Grantor is an existing client of the applicable securities intermediary and such
securities intermediary, as a matter of practice, typically elects another securities intermediary jurisdiction; provided the legal opinion contemplated in the definition of “Securities Account Control Agreement” herein is delivered
by counsel in such jurisdiction), and (iv) the Collateral Trustee on behalf of the Secured Parties shall have “control” (provided control is a springing control only upon the occurrence and during the continuance of a Notice of
Acceleration) of all security entitlements by the securities intermediary agreeing in the Securities Account Control Agreement that following the delivery of a “blockage notice” or other applicable notice under such Securities Account
Control Agreement it will comply with entitlement orders originated by the Collateral Trustee without further consent by the Grantor or any other Person (pursuant to Section 8-106 of the UCC). The Company will use its reasonable commercial
efforts to cause each Securities Account Control Agreement to provide that (i) except for the claims and interest of the Secured Parties and the applicable Loan Party in the Securities Accounts, the applicable securities intermediary does not
have actual knowledge of any claim to, or interest in, the applicable Securities Account or in any “financial asset” credited thereto, and (ii) the applicable securities intermediary shall promptly notify the Collateral Trustee if any
person asserts in writing any lien, encumbrance or adverse claim against the applicable Securities Account or any financial asset credited thereto. All payments made to a Securities Account (other than any Excluded Account) shall, as long as no
Notice of Acceleration is in effect, be transferred to a Deposit Account that is subject to a Deposit Account Control Agreement. 
  

 17 

 (b) The Company and the other Grantors shall cause all payments due to the Company or the
applicable Grantor in respect of any Pledged Portfolio Investment or any Securitization Retained Security Investment to be deposited in a Deposit Account or credited to a Securities Account subject to a Deposit Account Control Agreement or
Securities Account Control Agreement, as applicable. 
 (c) Each Grantor hereby agrees to execute and deliver any Deposit
Account Control Agreement or Securities Account Control Agreement with respect to any Deposit Account or Securities Account (in each case, other than any Excluded Account) as may be required in order to effect perfection by control, respectively, of
any cash (pursuant to Section 9-104 of the UCC) or of any financial asset that could constitute a security entitlement (pursuant to Section 8-106(d)(2) of the UCC) at any time included in the Collateral as may be requested by the
Collateral Trustee or any Primary Holder Representative. 
 (d) If a Notice of Acceleration is in effect, the Collateral Trustee
may cause any cash, cash equivalents and checks held in the Deposit Accounts and the Securities Accounts to be transferred to the Collateral Account maintained under the Collateral Trust Agreement. 

4.10. Intellectual Property. To the extent each Grantor considers appropriate, in its reasonable business judgment: 

(a) Such Grantor (either itself or through licensees), solely with respect to material Trademarks owned by such Grantor, will
(i) continue to use each Trademark in order to maintain such Trademark in full force, except to the extent that such Grantor determines in its reasonable business judgment that any such use of a Trademark is no longer necessary or beneficial to
the conduct of such Grantor’s business, (ii) maintain as in the past the quality of products and services offered under such Trademark, (iii) use such Trademark with the appropriate notice of registration and all other notices and
legends required by applicable Requirements of Law, and (iv) not (and not knowingly permit any licensee thereof to) knowingly do any act or knowingly omit to do any act whereby such Trademark would reasonably be expected to become invalidated.

 (b) Such Grantor (either itself or through licensees) will not knowingly do any act, or knowingly omit to do any act, whereby
any material Patent owned by such Grantor may become forfeited, abandoned or dedicated to the public, except to the extent that such Grantor determines in its reasonable business judgment that the maintenance thereof is no longer necessary or
beneficial to the conduct of such Grantor’s business. 
 (c) Such Grantor (either itself or through licensees) will not
knowingly do any act or knowingly omit to do any act whereby any material portion of the Copyrights owned by such Grantor may become invalidated or dedicated to the public domain, except to the extent that such Grantor determines in its reasonable
business judgment that the maintenance thereof is no longer necessary or beneficial to the conduct of such Grantor’s business. 
  

 18 

 (d) Such Grantor (either itself or through licensees) will not knowingly infringe the
intellectual property rights of any other Person. 
 (e) Whenever such Grantor, either by itself or through any agent, employee,
licensee or designee, shall acquire, become the exclusive licensee of or file an application for the registration of any Intellectual Property with the Applicable IP Office, such Grantor shall report such filing or acquisition to the Collateral
Trustee within fifteen Business Days after the last day of the fiscal quarter. Upon request of the Collateral Trustee or any Primary Holder Representative, such Grantor shall execute and deliver, and have recorded, an Intellectual Property Short
Form Security Agreement substantially in the form of Annex 2 hereof and any and all agreements, instruments, documents, and papers as the Collateral Trustee may reasonably request to evidence the Collateral Trustee’s and the Lenders’
security interest in any Copyright, Patent or Trademark and the goodwill and general intangibles of such Grantor relating thereto or represented thereby. 

(f) Such Grantor will take reasonable and necessary steps in its reasonable business judgment, including, without limitation, in any
proceeding before the Applicable IP Office, to maintain each registration of the material Intellectual Property owned by such Grantor, including, without limitation, filing of applications for renewal, affidavits of use, affidavits of
incontestability and payment of maintenance fees. 
 (g) In the event that any material Intellectual Property owned by such
Grantor is infringed by a third party, such Grantor shall (i) take such actions or no actions as such Grantor deems appropriate in its reasonable business judgment under the circumstances to protect such material Intellectual Property,
including without limitation, determining whether to sue for infringement (including damages) and/or seek injunctive relief; and (ii) promptly notify the Collateral Trustee and each Primary Holder Representative after it learns thereof.

 4.11. Copies of Material Transaction Documents Relating to Portfolio Investments and Securitization Retained Security
Investments (a) . At any time while a Notice of Acceleration is in effect, upon the reasonable request of the Collateral Trustee or any Primary Holder Representative, the Grantors will provide, or cause to be provided, to the requesting party
copies (in an electronic medium) of any material transaction documents relating to one or more Portfolio Investments or Securitization Retained Security Investments specified in such request; provided that (i) the delivery of such copies
shall not constitute any representation or warranty by any Grantor that such copies (a) are correct and complete or (b) constitute all transaction documents relating to the Portfolio Investments or Securitization Retained Security
Investments that the Primary Holder Representatives would necessarily determine to be material, and (ii) not later than seven Business Days following the date on which any Portfolio Investments or Securitization Retained Security Investments is
withdrawn from the Collateral (as may be permitted under Section 6.12 of the Collateral Trust Agreement) the Primary Holder Representatives agree to use commercially reasonable efforts to return to the Grantors any paper or electronic copies
(or if not capable of physical delivery, to permanently erase any such electronic copies) of the transaction documents, related to such withdrawn Portfolio Investments or Securitization Retained Security Investments. 

 

 19 

 4.12. Letter-of-Credit Rights. The Company and the other Grantors will not be
required to perfect the security interest granted to the Collateral Trustee in respect of (i) any Letter-of-Credit Rights securing obligations under subleases of the Company and the other Grantors or (ii) any other Letter-of-Credit Rights
unless the aggregate amount of such Letter-of-Credit Rights exceeds $1,000,000. 
 SECTION 5. REMEDIAL PROVISIONS 

5.1. Certain Matters Relating to Receivables. (a) So long as a Notice of Acceleration is in effect, the Collateral Trustee
shall have the right, with written notice to the Company, to make test verifications of the Receivables in accordance with Section 5.2(a) of this Agreement, and each Grantor shall furnish all such assistance and information as the
Collateral Trustee may reasonably require in connection with such test verifications. 
 (b) The Collateral Trustee hereby
authorizes each Grantor to collect such Grantor’s Receivables, and the Collateral Trustee may pursuant to a written notice to the Company curtail or terminate said authority at any time when a Notice of Acceleration is in effect. If required by
the Collateral Trustee at any time while a Notice of Acceleration is in effect, any payments of Receivables, when collected by any Grantor, (i) shall be forthwith (and, in any event, within five Business Days) deposited by such Grantor in the
exact form received, duly indorsed by such Grantor to the Collateral Trustee if required, in the Collateral Account, subject to withdrawal by the Collateral Trustee for the account of the Secured Parties only as provided in Section 5.5,
and (ii) until so turned over, shall be held by such Grantor in trust for the Collateral Trustee and the Secured Parties, segregated from other funds of such Grantor. 

(c) When a Notice of Acceleration is in effect, at the Collateral Trustee’s request pursuant to a written notice to the Company,
each Grantor shall deliver to the Collateral Trustee all original and other documents in its possession or control evidencing, and relating to, the agreements and transactions that gave rise to the Receivables, as the Collateral Trustee shall
reasonably request. 
 5.2. Communications with Obligors; Grantors Remain Liable. (a) The Collateral Trustee in its
own name or in the name of others may at any time while a Notice of Acceleration is in effect, following written notice to the Company, communicate with obligors under the Receivables to verify with them to the Collateral Trustee’s satisfaction
the existence, amount and terms of any Receivables. 
 (b) Following the written request of the Collateral Trustee while a
Notice of Acceleration is in effect, each Grantor shall notify obligors on the Receivables owned by such Grantor that such Receivables have been assigned to the Collateral Trustee for the benefit of the Secured Parties and that payments in respect
thereof are required to be made directly to the Collateral Trustee. 
 (c) Anything herein to the contrary notwithstanding, each
Grantor shall remain liable under each of the Receivables (or any agreement giving rise thereto) to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any
agreement giving rise thereto. Subject to any Applicable Laws, neither the 
  

 20 

 
Collateral Trustee nor any Secured Party shall have any obligation or liability under any Receivable (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the
receipt by the Collateral Trustee or any Secured Party of any payment relating thereto, nor shall the Collateral Trustee or any Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any
Receivable (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any
claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

5.3. Pledged Stock and Pledged Notes. (a) Unless a Notice of Acceleration is in effect and the Collateral Trustee shall have given
notice to the relevant Grantor and the Company of the Collateral Trustee’s intent to exercise its corresponding rights pursuant to Section 5.3(b), each Grantor shall be permitted to receive all cash dividends paid in respect of any
Investment Property, including the Pledged Stock, and, subject to the terms and conditions of the Secured Instruments, all payments made in respect of the Pledged Notes, and to exercise all voting and corporate or other organizational rights with
respect to the Pledged Stock and Pledged Notes. 
 (b) If a Notice of Acceleration is in effect and the Collateral Trustee shall
have given notice of its intent to exercise such rights to the relevant Grantor or Grantors and the Company, (i) the Collateral Trustee shall have the right to receive any and all cash dividends, payments or other Proceeds paid in respect of
any Investment Property, including the Pledged Stock and the Pledged Notes, and make application thereof to the Secured Obligations in such order as is set forth in the Collateral Trust Agreement, and (ii) any or all of the Pledged Stock and
the Pledged Notes shall be registered in the name of the Collateral Trustee or its nominee, and the Collateral Trustee or its nominee may thereafter exercise (x) all voting, corporate and other rights pertaining to such Pledged Stock or Pledged
Notes at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to such Pledged Stock and Pledged
Notes as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Stock and Pledged Notes upon the merger, consolidation, reorganization, recapitalization or other
fundamental change in the corporate or other organizational structure of any Issuer, or upon the exercise by any Grantor or the Collateral Trustee of any right, privilege or option pertaining to such Pledged Stock or Pledged Notes, and in connection
therewith, the right to deposit and deliver any and all of the Pledged Stock or the Pledged Notes with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Collateral Trustee may
determine), all, subject to any Applicable Laws, without liability except to account for property actually received by it, but the Collateral Trustee shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be
responsible for any failure to do so or delay in so doing. 
 (c) Each Grantor hereby authorizes and instructs each Issuer of
any Pledged Stock or Pledged Notes pledged by such Grantor hereunder to comply with any instruction received by it from the Collateral Trustee in writing that (i) states that a Notice of Acceleration is in effect and (ii) is otherwise in
accordance with the terms of this Agreement, without any other or further instructions from, or the consent of, such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying. 

 

 21 

 5.4. Proceeds to be Turned Over To Collateral Trustee. In addition to the rights of
the Collateral Trustee and the Secured Parties specified in Section 5.1 with respect to payments of Receivables, if a Notice of Acceleration is in effect, all Proceeds received by any Grantor consisting of cash, cash equivalents, checks
and Instruments shall be held by such Grantor in trust for the Collateral Trustee and the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor be turned over to the Collateral Trustee to be
deposited in the Collateral Account in the exact form received by such Grantor (duly indorsed by such Grantor to the Collateral Trustee, if required). All Proceeds received by the Collateral Trustee hereunder shall be held by the Collateral Trustee
in the Collateral Account in accordance with the terms of the Collateral Trust Agreement. All Proceeds while held by the Collateral Trustee in the Collateral Account (or by such Grantor in trust for the Collateral Trustee and the Secured Parties)
shall continue to be held as collateral security for all the Secured Obligations and shall not constitute payment thereof until applied as provided in Section 5.5. 

5.5. Application of Proceeds. If a Notice of Acceleration is in effect, the Collateral Trustee shall apply all or any part of
Proceeds constituting Collateral, whether or not held in the Collateral Account, in payment of the Secured Obligations at the times and in the manner provided in the Collateral Trust Agreement. 

5.6. Code and Other Remedies. If a Notice of Acceleration is in effect, the Collateral Trustee, on behalf of the Secured Parties,
may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights and remedies of a secured party under the
UCC or any other Applicable Laws. Without limiting the generality of the foregoing, if a Notice of Acceleration is in effect, the Collateral Trustee, without demand of performance or other demand, presentment, protest, advertisement or notice of any
kind (except any notice referred to below or otherwise required by law) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived to the extent not prohibited by law), may in
such circumstances forthwith, without notice to the Company and the relevant Grantor, collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase,
or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Collateral Trustee or
elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Collateral Trustee shall have the right upon any such
public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to bid for or purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity
is hereby waived and released to the extent not prohibited by Applicable Laws, and may make payment on account thereof by using any claim then due and payable to the Secured Parties by such Grantor as a credit against the purchase price (pursuant to
procedures established by the Collateral Trustee), and the Collateral Trustee may, upon compliance with the terms of sale, hold, retain and dispose of such property without 

 

 22 

 
further accountability to any Grantor therefor. Each Grantor further agrees, at the Collateral Trustee’s request, to assemble the Collateral and make it available to the Collateral Trustee
at places which the Collateral Trustee shall reasonably select, whether at such Grantor’s premises or elsewhere. The Collateral Trustee shall apply the net proceeds of any action taken by it pursuant to this Section 5.6, after
deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Collateral Trustee and the
Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Secured Obligations, in such order provided for in the Collateral Trust Agreement, and, subject to
any Applicable Laws, only after such application and after the payment by the Collateral Trustee of any other amount required by any provision of law, including, without limitation, Section 9-615(a)(3) of the UCC, need the Collateral Trustee
account for the surplus, if any, to any Grantor. To the extent permitted by Applicable Laws, each Grantor waives all claims, damages and demands it may acquire against the Collateral Trustee or any Secured Party arising out of the exercise by them
of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. 

5.7. Registration Rights. (a) If the Collateral Trustee shall determine to exercise its right to sell any or all of the
Pledged Stock pursuant to Section 5.6 at any time when a Notice of Acceleration is in effect, and if in the opinion of the Collateral Trustee or the Directing Parties (with notice to the Collateral Trustee) it is necessary or advisable
to have the Pledged Stock, or that portion thereof to be sold, registered under the provisions of the Securities Act, the relevant Grantor will use commercially reasonable efforts to cause the Issuer thereof to (i) execute and deliver, and
cause the directors and officers of such Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the opinion of the Collateral Trustee, necessary or advisable to register the
Pledged Stock, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its commercially reasonable efforts to cause the registration statement relating thereto to become effective and to remain effective for a
period of two years from the date of the first public offering of the Pledged Stock, or that portion thereof to be sold, and (iii) use commercially reasonable efforts to make all amendments thereto and/or to the related prospectus which, in the
opinion of the Collateral Trustee, are necessary, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto. Each Grantor agrees to cause such Issuer to
comply with the provisions of the securities or “Blue Sky” laws of any and all jurisdictions which the Collateral Trustee shall designate and to make available to its security holders, as soon as practicable, an earnings statement (which
need not be audited) which will satisfy the provisions of Section 11(a) of the Securities Act. 
 (b) Each Grantor
recognizes that the Collateral Trustee may be unable to effect a public sale of any or all the Pledged Stock, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled
to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale
thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a 

 

 23 

 
public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Collateral Trustee shall be under
no obligation to delay a sale of any of the Pledged Stock for the period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such
Issuer would agree to do so. 
 (c) Each Grantor agrees to use commercially reasonable efforts to do or cause to be done all
such other acts as may be necessary to make such sale or sales of all or any portion of the Pledged Stock pursuant to this Section 5.7 valid and binding and in compliance with any and all other applicable Requirements of Law. Each
Grantor further agrees that a breach of any of the covenants contained in this Section 5.7 will cause irreparable injury to the Collateral Trustee and the Secured Parties, that the Collateral Trustee and the Secured Parties have no
adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 5.7 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees (to the
extent not prohibited by Applicable Laws) not to assert any defenses against an action for specific performance of such covenants except for a defense that no Notice of Acceleration is in effect. 

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

5.9. Grant of Intellectual Property License. For the purpose of enabling the Collateral Trustee, upon the occurrence and during
the continuance of an Event of Default, to exercise the rights and remedies under this Agreement at such time as the Collateral Trustee shall be lawfully entitled to exercise such rights and remedies and for no other purpose, each Grantor hereby
grants to the Collateral Trustee, to the extent assignable, for the benefit of the Collateral Trustee and the Secured Parties, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to any Grantor) to use,
license or sublicense any Intellectual Property now owned or hereafter acquired by such Grantor, subject to, in the case of Trademarks, rights of quality control and inspection in favor of such Grantor, and wherever the same may be located, and
including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. 

 

 24 

 SECTION 6. THE COLLATERAL TRUSTEE 

6.1. Collateral Trustee’s Appointment as Attorney-in-Fact, etc. (a) Each Grantor appoints the Collateral Trustee and any
officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose
of carrying out the terms of this Agreement while a Notice of Acceleration is in effect, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of
this Agreement while a Notice of Acceleration is in effect, and, without limiting the generality of the foregoing, each Grantor 
 hereby gives
the Collateral Trustee the power and right, on behalf of such Grantor, with notice to such Grantor, to do any or all of the following while a Notice of Acceleration is in effect: 

(i) in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any checks,
drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable or Contract or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or
otherwise deemed appropriate by the Collateral Trustee for the purpose of collecting any and all such moneys due under any Receivable or with respect to any other Collateral whenever payable; 

(ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements,
instruments, documents and papers as the Collateral Trustee may request to evidence the Collateral Trustee’s and the Secured Parties’ security interest in such Intellectual Property and the goodwill and General Intangibles of such Grantor
relating thereto or represented thereby; 
 (iii) pay or discharge taxes and Liens levied or placed on or
threatened against the Collateral, effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefore and the costs thereof; 

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

(v)(1) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due
or to become due thereunder directly to the Collateral Trustee or as the Collateral Trustee shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due
at any time in respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other
documents in connection with any of the Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any
other right in respect of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection
therewith, give such discharges or releases as the Collateral Trustee may deem appropriate; (7) assign any Copyright, Patent or Trademark (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains),
throughout the world for such term or terms, on such conditions, and in such manner, as the Collateral Trustee shall in its sole discretion determine; and (8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise
deal with any of the Collateral as fully and completely as though the Collateral Trustee were the absolute owner thereof for all purposes, and do, at the Collateral Trustee’s option and such Grantor’s expense, at any time, or from time to
time, all acts and things which the Collateral Trustee deems necessary to protect, preserve or realize upon the Collateral and the Collateral Trustee’s and the Secured Parties’ security interests therein and to effect the intent of this
Agreement, all as fully and effectively as such Grantor might do. 
  

 25 

 (b) So long as a Notice of Acceleration is in effect, if any Grantor fails to perform or
comply with any of its agreements contained herein, the Collateral Trustee, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement. 

(c) The expenses of the Collateral Trustee incurred in connection with actions undertaken as provided in this Section 6.1,
together with interest thereon at a rate per annum equal to the highest rate per annum at which interest would then be payable on any category of past due ARB Loans under the Credit Agreement, from the date of payment by the Collateral Trustee to
the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Collateral Trustee on demand. 
 (d) Each
Grantor hereby ratifies all that said attorneys-in-fact shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement
is terminated and the security interests created hereby are released. 
 6.2. Duty of Collateral Trustee. Subject to any
Applicable Laws, the Collateral Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same
manner as the Collateral Trustee deals with similar property for its own account. Neither the Collateral Trustee, any Secured Party nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect
or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard
to the Collateral or any part thereof. The powers conferred on the Collateral Trustee and the Secured Parties hereunder are solely to protect the Collateral Trustee’s and the Secured Parties’ interests in the Collateral and shall not
impose any duty upon the Collateral Trustee or any Secured Party to exercise any such powers. The Collateral Trustee and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers,
and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

6.3. Authorization of Financing Statements. To the extent permitted by Applicable Laws, each Grantor authorizes the Collateral
Trustee and any Primary Holder Representative on behalf of the Collateral Trustee, to file or record financing statements (with notice to the Collateral Trustee and the other Holder Representatives) and other filing or recording documents or
instruments with respect to the Collateral in such form and in such offices as the Collateral Trustee or such Primary Holder Representative, as the case may be, determines appropriate to perfect the security interests of the Collateral Trustee under
this Agreement. Each Grantor authorizes the Collateral Trustee or such Primary Holder Representative, as the case may be, to use the collateral description “all personal property” or words of similar effect in any such financing
statements. 
  

 26 

 6.4. Authority of Collateral Trustee. Each Grantor acknowledges that the rights and
responsibilities of the Collateral Trustee under this Agreement with respect to any action taken by the Collateral Trustee or the exercise or non-exercise by the Collateral Trustee of any option, voting right, request, judgment or other right or
remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Trustee and the Secured Parties, be governed by the Collateral Trust Agreement and by such other agreements with respect thereto as may exist
from time to time among them, but, as between the Collateral Trustee and the Grantors, the Collateral Trustee shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from
acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 
 SECTION
7. MISCELLANEOUS 
 7.1. Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended,
supplemented or otherwise modified except in accordance with Section 6.3 of the Collateral Trust Agreement. 
 7.2.
Notices. All notices, requests and demands to or upon the Collateral Trustee or any Grantor hereunder shall be effected in the manner provided for in Section 6.1 of the Collateral Trust Agreement; provided that any such notice, request
or demand to or upon any Grantor shall be addressed to such Grantor at its notice address set forth on Schedule 3.3 or such other address specified in writing to the Collateral Trustee in accordance with the Collateral Trust Agreement.

 7.3. No Waiver by Course of Conduct; Cumulative Remedies. Neither the Collateral Trustee nor any Secured Party shall
by any act (except by a written instrument pursuant to Section 7.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to
exercise, nor any delay in exercising, on the part of the Collateral Trustee or any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder
shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Collateral Trustee or any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar
to any right or remedy which the Collateral Trustee or such Secured Party would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other
rights or remedies provided by law. 
 7.4. Successors and Assigns. This Agreement shall be binding upon the successors
and assigns of each Grantor and shall inure to the benefit of the Collateral Trustee and the Secured Parties and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights or obligations under this
Agreement without the prior written consent of the Collateral Trustee, except as permitted pursuant to Section 6.3 of the Credit Agreement and Section 6.3 of the Indenture, and any attempted assignment in violation of this Section 7.4
shall be void ab initio. 
  

 27 

 7.5. Counterparts. This Agreement may be executed by one or more of the parties to
this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

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

7.8. Integration. This Agreement and the other Secured Instruments represent the agreement of the Grantors, the Collateral Trustee
and the Secured Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by any Grantor, the Collateral Trustee or any Secured Party relative to subject matter hereof and
thereof not expressly set forth or referred to herein or in the other Secured Instruments. 
 7.9. GOVERNING LAW. THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 7.10.
Submission To Jurisdiction; Waivers. Each Grantor, and by its acceptance hereof, the Collateral Trustee, hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Secured Instruments to
which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District
of New York, and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought in
such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;
and 
 (c) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
  

 28 

 7.11. Additional Grantors. Each Subsidiary of the Company that is required to become,
or that the Company desires to become, a party to this Agreement pursuant to Section 5.12 of the Credit Agreement or Sections 5.12 or 13.8 of the Indenture shall become a Grantor for all purposes of this Agreement upon execution and delivery by
such Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 
 7.12. Releases. (a) At the time and to
the extent provided in Section 6.12(a) of the Collateral Trust Agreement, the Collateral or any applicable portion thereof shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly
stated to survive such termination) of the Collateral Trustee and each Grantor hereunder shall terminate, in accordance with the provisions of the Collateral Trust Agreement. At the request and sole expense of any Grantor following any such
termination, the Collateral Trustee shall promptly (and in any event within 2 Business Days after receipt of such request) deliver to such Grantor any Collateral held by the Collateral Trustee hereunder, and promptly (and in any event within 2
Business Days after receipt of such request) execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 

(b) At the times and to the extent provided in Sections 6.12(d), (e), (f) and (g) of the Collateral Trust Agreement, the
Collateral so specified shall be released from the Liens created hereby on such Collateral, in accordance with the provisions of the Collateral Trust Agreement. At the request and sole expense of any Grantor following any such release, the
Collateral Trustee shall promptly (and in any event within 2 Business Days after receipt of such request) deliver to such Grantor any Collateral held by the Collateral Trustee hereunder, and promptly (and in any event within 2 Business Days after
receipt of such request) execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such release. 

(c) At the times and to the extent provided in Section 6.12(c) of the Collateral Trust Agreement, any Subsidiary Grantor so
specified shall be released from its obligations hereunder, and the Liens over the Capital Stock of such Subsidiary Grantor shall also be released, in accordance with the provisions of the Collateral Trust Agreement. At the request and sole expense
of any Grantor following any such release, the Collateral Trustee shall promptly (and in any event within 2 Business Days after receipt of such request) deliver to such Grantor any Collateral held by the Collateral Trustee hereunder, and promptly
(and in any event within 2 Business Days after receipt of such request) execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such release. 

7.13. Collateral Trust Agreement. (a) Notwithstanding anything herein to the contrary, the liens and security interests
granted to the Collateral Trustee pursuant to this Agreement, the exercise of any right or remedy by the Collateral Trustee hereunder and each other provision of this Agreement are, as between or among the Collateral Trustee and the Secured Parties,
subject to the provisions of the Collateral Trust Agreement and the rights of the Second Parties set forth in the Collateral Trust Agreement. In the event of any conflict between the terms of the Collateral Trust Agreement and the terms of this
Agreement, the terms of the Collateral Trust Agreement shall govern. 
 (b) The Collateral Trustee shall be entitled to all the
rights, privileges, protections and immunities set forth in the Collateral Trust Agreement in connection with the execution of this Agreement and the performance of its duties hereunder. 

 

 29 

 7.14. WAIVER OF JURY TRIAL. EACH GRANTOR, AND BY ACCEPTANCE OF THE BENEFITS
HEREOF, THE COLLATERAL TRUSTEE, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

7.15 Public Note Representative Rights and Protections. With respect to any action taken, permitted or required to be taken, or
not taken by the Public Note Representative under this Agreement, the conduct of the Public Note Representative shall be governed by the Indenture, and the Public Note Representative shall have the same rights and be entitled to the same protections
and immunities as are set forth in the Indenture with respect to actions or inaction by the Indenture Trustee thereunder. 
  

 30 

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

			
	AMERICAN CAPITAL, LTD.
		
	By:	 	 /s/ Samuel A. Flax

	Name:	 	Samuel A. Flax
	Title:	 	 Executive Vice President,

General Counsel and Secretary

	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ David A. Schlabach

	Name:	 	David A. Schlabach
	Title:	 	Vice President

  

 31

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]