Document:

Blueprint

 

 

 

 

 

INTERCREDITOR
AGREEMENT

 

dated
as of

 

May 4,
2018,

 

among

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as
First Lien Representative,

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as
Second Lien Representative,

 

EACH
ADDITIONAL FIRST LIEN OBLIGATIONS REPRESENTATIVE

 

and

 

EACH
ADDITIONAL SECOND LIEN OBLIGATIONS REPRESENTATIVE

 

 

 

 

 

 

 

 

 

 

TABLE
OF CONTENTS

Page

 

	

ARTICLE I

	

DEFINITIONS

	

SECTION 1.01.

	

Defined Terms

	

1

	

SECTION 1.02.

	

Terms Generally

	

14

	
 

	
 

	
 

	

ARTICLE II

	

LIEN PRIORITIES

	

SECTION 2.01.

	

Relative Priorities

	

15

	

SECTION 2.02.

	

Prohibition on Contesting Liens

	

15

	

SECTION 2.03.

	

Similar Liens and Agreements

	

16

	

SECTION 2.04.

	

No Separate Liens

	

16

	

SECTION 2.05.

	

Perfection of Liens

	

17

	

SECTION 2.06.

	

Certain Cash Collateral

	

17

	
 

	
 

	
 

	

ARTICLE III

	

ENFORCEMENT OF RIGHTS; MATTERS RELATING TO COLLATERAL

	

SECTION 3.01.

	

Exercise of Rights and Remedies

	

18

	

SECTION 3.02.

	

No Interference

	

20

	

SECTION 3.03.

	

Rights as Unsecured Creditors

	

22

	

SECTION 3.04.

	

Automatic Release of Second Priority Liens

	

23

	

SECTION 3.05.

	

Insurance and Condemnation Awards

	

24

	
 

	
 

	
 

	

ARTICLE IV

	

PAYMENTS

	

SECTION 4.01.

	

Application of Proceeds

	

25

	

SECTION 4.02.

	

Payment Over

	

26

	

SECTION 4.03.

	

Certain Agreements with Respect to Invalid or Unenforceable
Liens

	

26

	
 

	
 

	
 

	

ARTICLE V

	

BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS

 

 

i

 

 

	

ARTICLE VI

	

INSOLVENCY OR LIQUIDATION PROCEEDINGS

	

SECTION 6.01.

	

Finance and Sale Matters

	

28

	

SECTION 6.02.

	

Relief from the Automatic Stay

	

31

	

SECTION 6.03.

	

Reorganization Securities

	

31

	

SECTION 6.04.

	

Post-Petition Interest

	

31

	

SECTION 6.05.

	

Certain Waivers by the Second Lien Secured Parties

	

32

	

SECTION 6.06.

	

Certain Voting Matters

	

32

	

SECTION 6.07.

	

Subordination Agreement

	

32

	
 

	
 

	
 

	

ARTICLE VII

	

OTHER AGREEMENTS

	

SECTION 7.01.

	

Matters Relating to Loan Documents

	

33

	

SECTION 7.02.

	

Effect of Refinancing of Indebtedness under Loan
Documents

	

36

	

SECTION 7.03.

	

No Waiver by First Lien Secured Parties

	

37

	

SECTION 7.04.

	

Reinstatement

	

38

	

SECTION 7.05.

	

Further Assurances

	

38

	
 

	
 

	
 

	

ARTICLE VIII

	

REPRESENTATIONS AND WARRANTIES

	
 

	
 

	
 

	

ARTICLE IX

	

NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE

	

SECTION 9.01.

	

No Reliance; Information

	

39

	

SECTION 9.02.

	

No Warranties or Liability

	

39

	

SECTION 9.03.

	

Obligations Absolute

	

40

	
 

	
 

	
 

	

ARTICLE X

	

MISCELLANEOUS

	

SECTION 10.01.

	

Notices

	

41

	

SECTION 10.02.

	

Conflicts

	

41

	

SECTION 10.03.

	

Effectiveness; Survival

	

41

	

SECTION 10.04.

	

Severability

	

42

	

SECTION 10.05.

	

Amendments; Waivers

	

42

 

 

ii

 

 

	

SECTION 10.06.

	

Subrogation

	

44

	

SECTION 10.07.

	

APPLICABLE LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS;
WAIVERS

	

45

	

SECTION 10.08.

	

WAIVER OF JURY TRIAL

	

46

	

SECTION 10.09.

	

Parties in Interest

	

46

	

SECTION 10.10.

	

Specific Performance

	

47

	

SECTION 10.11.

	

Headings

	

47

	

SECTION 10.12.

	

Counterparts

	

47

	

SECTION 10.13.

	

Provisions Solely to Define Relative Rights

	

47

	

SECTION 10.14.

	

Intercreditor Agreement Acknowledgement

	

47

	

SECTION 10.15.

	

Dealings with Borrower, Grantors and Guarantors

	

47

	

SECTION 10.16.

	

Agents and Representatives

	

48

 

ANNEXES

 

Annex
I 

-            

Second Lien
Security Documents Legends

Annex
II     

-            

Form of
Intercreditor Agreement Acknowledgement

 

 

 

 

 

 

 

 

 

iii

 

 

INTERCREDITOR
AGREEMENT dated as of May 4, 2018 (this “Agreement”), among WILMINGTON
TRUST, NATIONAL ASSOCIATION (“Wilmington Trust”), as collateral
agent for the First Lien Lenders (as defined below) (in such
capacity, the “First Lien
Representative”), WILMINGTON TRUST, as collateral
agent for the Second Lien Lenders (as defined below) (in such
capacity, the “Second Lien
Representative”), and each ADDITIONAL FIRST LIEN
OBLIGATIONS REPRESENTATIVE and each ADDITIONAL SECOND LIEN
OBLIGATIONS REPRESENTATIVE that, in each case, shall have become a
party hereto pursuant to Section 10.05(b).

 

Reference is made
to (a) the First Lien Credit and Guaranty Agreement dated as
of May 4, 2018 (as amended, supplemented or otherwise modified from
time to time in accordance with the terms hereof, the
“First Lien Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower from time to time party thereto, the lenders from
time to time party thereto (the “First Lien Lenders”) and
Wilmington Trust, as administrative agent and collateral agent,
(b) the Second Lien Credit and Guaranty Agreement dated as of
May 4, 2018 (as amended, supplemented or otherwise modified from
time to time in accordance with the terms hereof, the
“Second Lien Credit
Agreement” and, together with the First Lien Credit
Agreement, the “Credit
Agreements”), among the Borrower, certain Subsidiaries
of the Borrower from time to time party thereto, the lenders from
time to time party thereto (the “Second Lien Lenders”) and
Wilmington Trust, as administrative agent and collateral agent,
(c) the First Lien Pledge and Security Agreement dated as of
May 4, 2018 (as amended, supplemented or otherwise modified from
time to time in accordance with the terms hereof, the
“First Lien Pledge and
Security Agreement”), among the Borrower, certain
Subsidiaries of the Borrower from time to time party thereto and
the First Lien Representative, (d) the Second Lien Pledge and
Security Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time in accordance
with the terms hereof, the “Second Lien Pledge and Security
Agreement”), among the Borrower, certain Subsidiaries
of the Borrower from time to time party thereto and the Second Lien
Representative, and (e) the other Security Documents referred
to in the Credit Agreements.

 

WHEREAS, the First
Lien Lenders have agreed to make loans and other extensions of
credit to the Borrower pursuant to the First Lien Credit Agreement
on the condition, among others, that the First Lien Secured
Obligations shall be secured by first priority Liens on, and
security interests in, the Collateral.

 

WHEREAS, the Second
Lien Lenders have agreed to make loans to the Borrower pursuant to
the Second Lien Credit Agreement on the condition, among others,
that the Second Lien Secured Obligations shall be secured by second
priority Liens on, and security interests in, the
Collateral.

 

 

 

 

WHEREAS, the Credit
Agreements require, among other things, that the parties thereto
set forth in this Agreement, among other things, their respective
rights, obligations and remedies with respect to the
Collateral.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS

 

SECTION
1.01. Defined Terms.  As used in the Agreement
(including the preliminary statements hereto), the following terms
shall have the meanings specified below:

 

“Account(s)” means
“accounts” as defined in Article 9 of the Uniform
Commercial Code and also means a right to payment of a monetary
obligation, whether or not earned by performance, (a) for property
that has been or is to be sold, leased, licensed, assigned, or
otherwise disposed of, (b) for services rendered or to be rendered,
or (c) arising out of the use of a credit or charge card or
information contained on or for use with the card.

 

“Account Debtor” means any Person
that is or that may become obligated to any Grantor under, with
respect to or on account of an Account or a “payment
intangible” as defined in Article 9 of the Uniform Commercial
Code.

 

“Additional First Lien Obligations”
means Indebtedness of the Grantors incurred following the date of
this Agreement (together with all obligations in respect of such
Indebtedness, including all principal, premium, interest, fees,
attorney’s fees, costs, charges, expenses, reimbursement
obligations, indemnities, guarantees, and all other amounts payable
under or secured by any Additional First Lien Obligations Agreement
(including, in each case, any such Additional First Lien
Obligations arising or accruing during the pendency of any
Insolvency or Liquidation Proceeding), notwithstanding that any
such Additional First Lien Obligations or claims therefor shall be
disallowed, voided or subordinated in any Insolvency or Liquidation
Proceeding or under any Bankruptcy Law or other applicable law) to
the extent (a) such Indebtedness and such obligations in respect of
such Indebtedness are permitted by the terms of the First Lien
Credit Agreement, the Second Lien Credit Agreement, each Additional
Second Lien Obligations Agreement then in effect and each other
Additional First Lien Obligations Agreement then in effect to be
secured by Liens on the Collateral ranking pari passu in priority
with the First Priority Liens and the Liens on the Collateral
securing other Additional First Lien Obligations (without regard to
the control of remedies) and senior in priority to the Second
Priority Liens and to the Liens on the Collateral securing any
Additional Second Lien Obligations, (b) the Grantors have granted
Liens on the Collateral to secure such Indebtedness and such
obligations in respect of such Indebtedness (it being agreed that
First Lien Secured Obligations incurred or issued after the date
hereof (i) under the First Lien Loan Documents, (ii) in respect of
“Specified Hedge Obligations” (as defined in the First
Lien Credit Agreement) and (iii) in respect of “Specified
Cash Management Services Obligations” (as defined in the
First Lien Credit Agreement) shall not constitute Additional First
Lien Obligations) and (c) neither any Grantor nor any Affiliate
thereof has granted any Lien on any property, asset, right or
interest other than the Collateral to secure such Indebtedness
unless the First Lien Secured Obligations incurred or issued (i)
under the First Lien Loan Documents, (ii) in respect of
“Specified Hedge Obligations” (as defined in the First
Lien Loan Documents) and (iii) in respect of “Specified Cash
Management Services Obligations” (as defined in the First
Lien Credit Agreement) have been secured by a pari passu Lien
granted by such Grantor or Affiliate on such other property, asset,
right or interest.

 

 

-1-

 

 

“Additional First Lien Obligations
Agreement” means the indenture, credit agreement or
other definitive agreement under which any Additional First Lien
Obligations are incurred.

 

“Additional First Lien Obligations
Representative” means any Person appointed to act as
trustee, collateral agent or a similar representative for the
holders of Additional First Lien Obligations pursuant to any
Additional First Lien Obligations Agreement.

 

“Additional Second Lien
Obligations” means Indebtedness of the Grantors
incurred following the date of this Agreement (together with all
obligations in respect of such Indebtedness, including all
principal, premium, interest, fees, attorney’s fees, costs,
charges, expenses, reimbursement obligations, indemnities,
guarantees, and all other amounts payable under or secured by any
Additional Second Lien Obligations Agreement (including, in each
case, any such Additional Second Lien Obligations arising or
accruing during the pendency of any Insolvency or Liquidation
Proceeding), notwithstanding that any such Additional Second Lien
Obligations or claims therefor shall be disallowed, voided or
subordinated in any Insolvency or Liquidation Proceeding or under
any Bankruptcy Law or other applicable law) to the extent (a) such
Indebtedness and such obligations in respect of such Indebtedness
are permitted by the terms of the First Lien Credit Agreement, the
Second Lien Credit Agreement, each Additional First Lien
Obligations Agreement then in effect and each other Additional
Second Lien Obligations Agreement then in effect to be secured by
Liens on the Collateral ranking junior in priority to the First
Priority Liens and to the Liens on the Collateral securing
Additional First Lien Obligations and pari passu in priority to the
Second Priority Liens and to the Liens on the Collateral securing
any Additional Second Lien Obligations (without regard to the
control of remedies) and (b) the Grantors have granted Liens on the
Collateral to secure such Indebtedness and such obligations in
respect of such Indebtedness (it being agreed that Second Lien
Secured Obligations incurred or issued after the date hereof under
the Second Lien Loan Documents shall not constitute Additional
Second Lien Obligations).

 

“Additional Second Lien Obligations
Agreement” means the indenture, credit agreement or
other definitive agreement under which any Additional Second Lien
Obligations are incurred.

 

“Additional Second Lien Obligations
Representative” means any Person appointed to act as
trustee, collateral agent or a similar representative for the
holders of Additional Second Lien Obligations pursuant to any
Additional Second Lien Obligations Agreement.

 

“Affiliate” means, with respect to
a specified Person, another Person that directly or indirectly
Controls or is Controlled by or is under common Control with the
Person specified.

 

“Agreement” has the meaning
assigned to such term in the preamble hereto.

 

 

-2-

 

 

“Bankruptcy Code” means
Title 11 of the United States Code entitled
“Bankruptcy,” as now and hereinafter in effect, or any
successor statute.

 

“Bankruptcy Law” means the
Bankruptcy Code and any other Federal, state or foreign bankruptcy,
insolvency, receivership or similar law.

 

“Borrower” has the meaning assigned
to such term in the preliminary statement of this
Agreement.

 

“Business Day” means any day other
than a Saturday or Sunday, a day that is a legal holiday under the
laws of the State of New York or a day on which banking
institutions located in such State are authorized or required by
law to remain closed.

 

“Capped First Lien Loan Document
Obligations” means First Lien Loan Document
Obligations (or any Refinancing thereof constituting New First Lien
Obligations in accordance with the provisions of
Section 7.02(a)) in the form of (a) the principal amount of
loans outstanding under the First Lien Credit Agreement (or under
any Refinancing thereof constituting New First Lien Obligations in
accordance with the provisions of Section 7.02(a)) and (b) the
“Letter of Credit Usage” (as defined in the First Lien
Credit Agreement) (or any comparable successor term) outstanding
under the First Lien Credit Agreement (or under any Refinancing
thereof constituting New First Lien Obligations in accordance with
the provisions of Section 7.02(a)). For the avoidance of doubt,
Capped First Lien Loan Document Obligations shall not include First
Lien Secured Obligations in respect of “Hedge
Agreements” (as defined in the First Lien Credit Agreement)
(or any comparable successor term) and the First Lien Secured Cash
Management Obligations or, in each case, any comparable successor
terms under any indenture, credit agreement or other definitive
agreement evidencing any Refinancing of the First Lien Secured
Obligations constituting New First Lien Obligations in accordance
with the provisions of Section 7.02(a).

 

“Collateral” means the First Lien
Collateral and the Second Lien Collateral.

 

“Control” means the possession,
directly or indirectly, of the power to direct or cause the
direction of the management or policies, or the dismissal or
appointment of the management, of a Person, whether through the
ability to exercise voting power, by contract or otherwise.
“Controlling”
and “Controlled”
have meanings correlative thereto.

 

“Credit Agreements” has the meaning
assigned to such term in the preliminary statement of this
Agreement.

 

“DIP Financing” has the meaning
assigned to such term in Section 6.01(a).

 

“DIP Financing Liens” has the
meaning assigned to such term in Section 6.01(a).

 

 

-3-

 

 

“Discharge of Excess First Lien
Obligations” means, subject to Sections 7.02(a)
and 7.04, (a) payment in full in cash or immediately
available funds of the principal of and interest (including
interest accruing during the pendency of any Insolvency or
Liquidation Proceeding, regardless of whether allowed or allowable
in such Insolvency or Liquidation Proceeding) and premium, if any,
on the Excess First Lien Obligations, (b) payment in full in
cash or immediately available funds of all other Excess First Lien
Obligations that are due and payable or otherwise accrued and owing
at or prior to the time such principal and interest are paid
(excluding, for the avoidance of doubt, contingent expense
reimbursement and indemnification obligations that are not yet due
and payable), (c) cancellation of or the entry into
arrangements satisfactory to the First Lien Representative and the
applicable Issuing Bank (as defined in the First Lien Credit
Agreement) with respect to all letters of credit issued and
outstanding under the First Lien Credit Agreement that constitute
Excess First Lien Obligations and (d) termination or
expiration of all commitments to lend and all obligations to issue
or extend letters of credit under the First Lien Credit Agreement
that constitute Excess First Lien Obligations.

 

“Discharge of First Lien Loan Document
Obligations” means, subject to Sections 7.02(a)
and 7.04, (a) payment in full in cash or immediately
available funds of the principal of and interest (including
interest accruing during the pendency of any Insolvency or
Liquidation Proceeding, regardless of whether allowed or allowable
in such Insolvency or Liquidation Proceeding) and premium, if any,
on the First Lien Loan Document Obligations, (b) payment in
full in cash or immediately available funds of all other First Lien
Loan Document Obligations that are due and payable or otherwise
accrued and owing at or prior to the time such principal and
interest are paid (excluding, for the avoidance of doubt,
contingent expense reimbursement and indemnification obligations
that are not yet due and payable), (c) cancellation of or the
entry into arrangements satisfactory to the First Lien
Representative and the applicable Issuing Bank (as defined in the
First Lien Credit Agreement) with respect to all letters of credit
issued and outstanding under the First Lien Credit Agreement and
(d) termination or expiration of all commitments to lend and
all obligations to issue or extend letters of credit under the
First Lien Credit Agreement.

 

“Discharge of First Lien Secured
Obligations” means, subject to Sections 7.02(a)
and 7.04, the occurrence of (a) the Discharge of First Lien
Loan Document Obligations, (b) cancellation of or the entry into
arrangements satisfactory to the First Lien Representative and each
applicable hedging counterparty with respect to all obligations
under Hedge Agreements (as defined in the First Lien Credit
Agreement) that constitute First Lien Secured Obligations,
(c) payment in full in cash or immediately available funds of
all First Lien Secured Cash Management Obligations that constitute
First Lien Secured Obligations, (d) payment in full in cash or
immediately available funds of all other First Lien Secured
Obligations that are due and payable or otherwise accrued and owing
at or prior to the time the foregoing payments are made (excluding,
in the case of this clause (d), contingent expense reimbursement
and indemnification obligations that are not yet due and payable)
and (e) adequate provision reasonably satisfactory to the
applicable First Lien Secured Parties having been made for any
contingent or unliquidated First Lien Secured Obligations related
to claims, causes of action or liabilities that have theretofore
been asserted in writing by the First Lien Secured Parties and for
which reimbursement or indemnification is required under the First
Lien Loan Documents.

 

 

-4-

 

 

“Discharge of Second Lien Secured
Obligations” means, subject to Section 7.02(b),
(a) payment in full in cash or immediately available funds of
the principal of and interest (including interest accruing during
the pendency of any Insolvency or Liquidation Proceeding,
regardless of whether allowed or allowable in such Insolvency or
Liquidation Proceeding) and premium, if any, on the Second Lien
Secured Obligations, (b) payment in full in cash or immediately
available funds of all other Second Lien Secured Obligations that
are due and payable or otherwise accrued and owing at or prior to
the time such principal and interest are paid (excluding, for the
avoidance of doubt, contingent expense reimbursement and
indemnification obligations that are not yet due and payable) and
(c) adequate provision reasonably satisfactory to the applicable
Second Lien Secured Parties having been made for any contingent or
unliquidated Second Lien Secured Obligations related to claims,
causes of action or liabilities that have theretofore been asserted
in writing by the Second Lien Secured Parties and for which
reimbursement or indemnification is required under the Second Lien
Loan Documents.

 

“Disposition” means any sale,
lease, exchange, transfer or other disposition. “Dispose” has a correlative
meaning.

 

“Enforcement Action” means any
action under applicable law to: (a) foreclose, execute, levy
or collect on, take possession or control of, sell or otherwise
realize upon (judicially or non-judicially), or lease, license or
otherwise exercise or enforce remedial rights with respect to
Collateral (including by way of set-off, notification of a public
or private sale or other disposition under the Uniform Commercial
Code or other applicable law, notification to Account Debtors,
notification to third parties under control agreements, or exercise
of rights under landlord or bailee consents or similar
arrangements, if applicable), (b) solicit bids from third parties
to conduct the liquidation or Disposition of any Collateral, or,
solely to the extent such action is not a Second Lien Permitted
Action, to engage or retain sales brokers, marketing agents,
investment bankers, accountants, appraisers, auctioneers or other
third parties for the purposes of marketing, promoting and selling
any Collateral, (c) to credit bid in respect of any Collateral in
satisfaction of Indebtedness or other First Lien Secured
Obligations or Second Lien Secured Obligations secured thereby or
(d) to otherwise enforce a security interest or exercise
another right or remedy as a secured creditor pertaining to any
Collateral (other than, to the extent the Grantors fail to perform
any action required under any protective covenant relating to the
Collateral under any Security Document, the performance thereof by
the First Lien Representative or the Second Lien Representative, in
each case to the extent permitted by the applicable Security
Documents) at law, in equity or pursuant to the First Lien Loan
Documents or Second Lien Loan Documents (including the commencement
of applicable legal proceedings or other actions with respect to
all or any portion of the Collateral, including seeking relief from
or modification of an automatic stay or any other stay in an
Insolvency or Liquidation Proceeding, to facilitate the actions
described in the preceding clause (a), (b) or (c), and exercising
voting rights in respect of Equity Interests comprising
Collateral).

 

 

-5-

 

 

“Equity Interests” means any and
all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all
equivalent ownership interests in a Person (other than a
corporation), including partnership interests and membership
interests, and any and all warrants, rights or options to purchase
or acquire any of the foregoing (other than, prior to the date of
such conversion, Indebtedness that is convertible into any such
Equity Interests).

 

“Excess First Lien Obligations”
means the sum of (a) the portion of the Capped First Lien Loan
Document Obligations that is in excess of the Maximum First Lien
Principal Amount, plus (b) without duplication, unpaid interest and
fees solely to the extent accrued with respect to such portion of
the Capped First Lien Loan Document Obligations.

 

“Excess Second Lien Obligations”
means the sum of (a) the portion of principal of the Second Lien
Secured Obligations that is in excess of the Maximum Second Lien
Principal Amount, plus (b) without duplication, unpaid interest and
fees solely to the extent accrued with respect to such portion of
the Second Lien Secured Obligations.

 

“First Lien Collateral” means all
“Collateral”, as defined in the First Lien Credit
Agreement, and any other assets of any Grantor now or at any time
hereafter subject, or purported under the terms of any First Lien
Security Document to be made subject, to any Lien securing any
First Lien Secured Obligations.

 

“First Lien Credit Agreement” has
the meaning assigned to such term in the preliminary statement of
this Agreement.

 

“First Lien Lenders” has the
meaning assigned to such term in the preliminary statement of this
Agreement.

 

“First Lien Loan Documents” means
the “Credit Documents”, as defined in the First Lien
Credit Agreement.

 

“First Lien Loan Document
Obligations” means the “Obligations”, as
defined in the First Lien Credit Agreement, set forth in clause (a)
of the definition of such term in the First Lien Credit Agreement
(including any such “Obligations” arising or accruing
under Section 2.1, 2.2, 2.3, 2.23, 2.24 or 2.25 of the First
Lien Credit Agreement or during the pendency of any Insolvency or
Liquidation Proceeding), notwithstanding that any such
“Obligations” or claims therefor shall be disallowed,
voided or subordinated in any Insolvency or Liquidation Proceeding
or under any Bankruptcy Law or other applicable law.
Notwithstanding the foregoing, for all purposes under this
Agreement (other than the definition of “Capped First Lien
Loan Document Obligations”), Excess First Lien Obligations
shall not be included in the First Lien Loan Document
Obligations.

 

 

-6-

 

 

“First Lien Mortgages” means,
collectively, each mortgage, deed of trust, leasehold mortgage,
assignment of leases and rents, modifications and any other
agreement, document or instrument pursuant to which a Lien on real
property is granted to secure any First Lien Secured Obligations or
under which rights or remedies with respect to any such Lien are
governed.

 

“First Lien Pledge and Security
Agreement” has the meaning assigned to such term in
the preliminary statement of this Agreement.

 

“First Lien Refinancing Notice” has
the meaning assigned to such term in Section 7.02(a).

 

“First Lien Representative” has the
meaning assigned to such term in the preamble to this
Agreement.

 

“First Lien Required Lenders” means
the “Requisite Lenders”, as defined in the First Lien
Credit Agreement.

 

“First Lien Secured Cash Management
Obligations” means the “Specified Cash
Management Services Obligations”, as defined in the First
Lien Credit Agreement (including any such “Specified Cash
Management Services Obligations” arising or accruing during
the pendency of any Insolvency or Liquidation Proceeding),
notwithstanding that any such “Specified Cash Management
Services Obligations” or claims therefor shall be disallowed,
voided or subordinated in any Insolvency or Liquidation Proceeding
or under any Bankruptcy Law or other applicable law.

 

“First Lien Secured Obligations”
means the “Secured Obligations”, as defined in the
First Lien Pledge and Security Agreement (including any such
“Secured Obligations” arising or accruing under Section
2.1, 2.2, 2.3, 2.23, 2.24 or 2.25 of the First Lien Credit
Agreement or during the pendency of any Insolvency or Liquidation
Proceeding), notwithstanding that any such “Secured
Obligations” or claims therefor shall be disallowed, voided
or subordinated in any Insolvency or Liquidation Proceeding or
under any Bankruptcy Law or other applicable law. Notwithstanding
the foregoing, for all purposes under this Agreement (other than
the definition of “First Priority Liens” and Sections
3.02(a)(vii), 6.03, 9.01 and 10.13), Excess First Lien Obligations
shall not be included in the First Lien Secured
Obligations.

 

“First Lien Secured Parties” means
the “Secured Parties”, as defined in the First Lien
Pledge and Security Agreement.

 

“First Lien Security Documents”
means the “Collateral Documents”, as defined in the
First Lien Credit Agreement, and any other agreement, document or
instrument pursuant to which a Lien is granted or purported to be
granted to secure any First Lien Secured Obligations or under which
rights or remedies with respect to any such Lien are
governed.

 

 

-7-

 

 

“First Priority Liens” means all
Liens on the First Lien Collateral securing the First Lien Secured
Obligations, whether created under the First Lien Security
Documents or acquired by possession, statute (including any
judgment lien), operation of law, subrogation or
otherwise.

 

“Governmental Authority” means any
federal, state, municipal, national, supranational or other
government, governmental department, commission, board, bureau,
court, agency or instrumentality or political subdivision thereof
or any entity, officer or examiner exercising executive,
legislative, judicial, regulatory or administrative functions of or
pertaining to any government or any court, in each case whether
associated with the United States of America, any State thereof or
the District of Columbia or a foreign entity or government
(including any supra-national body exercising such powers or
functions, such as the European Union or the European Central
Bank).

 

“Grantors” means the Borrower, each
other Guarantor and each other Person that shall have created or
purported to create any First Priority Lien or any Second Priority
Lien on all or any part of its assets to secure any First Lien
Secured Obligations or any Second Lien Secured
Obligations.

 

“Guarantors” means the Borrower and
each Subsidiary that has guaranteed, or that may from time to time
hereafter guarantee, the First Lien Secured Obligations or the
Second Lien Secured Obligations, whether by executing and
delivering the First Lien Credit Agreement or the Second Lien
Credit Agreement, as applicable, a counterpart agreement thereto or
otherwise.

 

“Indebtedness” means and includes
all obligations that constitute “Indebtedness”, as
defined in the First Lien Credit Agreement or the Second Lien
Credit Agreement, as applicable.

 

“Insolvency or Liquidation
Proceeding” means (a) any voluntary or
involuntary proceeding under the Bankruptcy Code or any other
Bankruptcy Law with respect to any Grantor, (b) any voluntary
or involuntary appointment of a trustee, examiner, custodian,
receiver, liquidator or similar official for any Grantor or for all
or a substantial part of the property or assets of any Grantor,
(c) any voluntary or involuntary winding-up or liquidation of
any Grantor, or (d) a general assignment for the benefit of
creditors by any Grantor.

 

“Lien” means any lien, mortgage,
pledge, assignment, security interest, hypothecation, charge or
encumbrance of any kind (including any conditional sale or other
title retention agreement, and any lease or license in the nature
thereof) and any option, trust or other preferential arrangement
having the practical effect of any of the foregoing.

 

“Loan Documents” means the First
Lien Loan Documents and the Second Lien Loan
Documents.

 

 

-8-

 

 

“Maximum First Lien Principal
Amount” means the sum of (a) the excess of (i) 110% of
the amount equal to the sum of (A) $595,000,000 plus (B) the
aggregate amount of “Incremental Commitments” (as
defined in the First Lien Credit Agreement) (or any comparable
successor term) established from time to time under Section 2.23 of
the First Lien Credit Agreement (or any comparable successor
provision) or pursuant to any comparable successor provisions in
any Refinancing thereof, in each case, to the extent (1) if the
establishment of such Incremental Commitments (or any comparable
successor term) is conditioned upon the absence of any event of
default under the First Lien Credit Agreement (or any event of
default under any Refinancing thereof), no such event of default
(or event of default under any such Refinancing) shall have
occurred and be continuing at the time of establishment of such
Incremental Commitments (or any comparable successor term) (it
being understood and agreed that any such event of default (or
event of default under any such Refinancing) may be waived prior to
the establishment of such Incremental Commitments (or any
comparable successor term)) and (2) such First Lien Credit
Agreement provisions and such comparable successor provisions,
taken as a whole, do not permit an aggregate amount of such
Incremental Commitments (or any such comparable successor term) in
excess of the amount that would have been permitted to be
established as Incremental Commitments under such First Lien Credit
Agreement provisions as in effect on the date hereof, it being
understood that any such Incremental Commitments (or any such
comparable successor term) established as permitted under such
First Lien Credit Agreement provisions as in effect on the date
hereof (or as permitted pursuant to such comparable successor
provisions, subject to the foregoing limitations in this definition
on the amount thereof) shall be included in the Maximum First Lien
Principal Amount under this clause (B) whether or not such
Incremental Commitments shall have subsequently terminated or been
Refinanced and whether or not any financial ratio tests the
satisfaction of which were a condition to such establishment
continue to be satisfied on the date of determination of
“Maximum First Lien Principal Amount” so long as such
financial ratio tests were satisfied as of the time set forth in
such condition, over (ii) the sum of (A) the aggregate principal
amount of all repayments and prepayments of term loans outstanding
under the First Lien Credit Agreement or under any Refinancing
thereof that are First Lien Loan Document Obligations actually made
from and after the date hereof, (B) permanent reductions of
commitments under the revolving credit facility provided for in the
First Lien Credit Agreement or in any Refinancing thereof actually
made from and after the date hereof (excluding any permanent
reductions of such commitments resulting from the commencement of
any Insolvency or Liquidation Proceeding or resulting from the
exercise by any or all of the First Lien Secured Parties of their
right to reduce or terminate such commitments following the
occurrence and during the continuance of any event of default under
the First Lien Credit Agreement (or any event of default under any
Refinancing thereof), but only if the principal amount of revolving
credit loans shall have been prepaid and any “Letter of
Credit Usage” (as defined in the First Lien Credit Agreement)
(or any comparable successor term) shall have been reduced (and all
accrued and unpaid interest and fees in respect thereof have been
paid in full), in each case, to the extent required in order for
the sum thereof not to exceed the revolving credit commitments as
so reduced and (C) permanent reductions of unfunded
commitments under any incremental term loan facility provided for
in the First Lien Credit Agreement or in any Refinancing thereof
actually made from and after the date hereof, and excluding, in the
case of each of clauses (A), (B) and (C) above, repayments,
prepayments and reductions in connection with a Refinancing thereof
or a “roll-up” of such First Lien Loan Document
Obligations (or such Refinancing thereof) or such revolving credit
commitments in connection with a DIP Financing, plus (b) the
sum, without duplication, of (i) the aggregate amount of all
interest, fees and premiums, in each case, accrued in respect of or
attributable to any First Lien Loan Document Obligations that has
been paid in-kind or capitalized and (ii) the aggregate amount of
all interest, fees and premium (if any) in respect of or
attributable to any First Lien Loan Document Obligations that are
included in the principal amount of any Refinancing thereof, any
original issue discount applicable to any such Refinancing and any
fees (including upfront fees), costs and expenses relating to such
Refinancing. It is understood and agreed that any Incremental
Commitments (or any such comparable successor term) that are
established by the First Lien Lenders in good faith in reliance on
any written determination or certification by or on behalf of the
Borrower or the other Grantors that any financial ratio test or
other condition (including as to the absence of any event of
default) to the establishment thereof has been satisfied shall be
included under clause (a)(i)(B) above even if subsequently to the
establishment thereof it shall be determined that such written
determination or certification was inaccurate and such financial
ratio test or other condition was not in fact
satisfied.

 

 

-9-

 

 

“Maximum Second Lien Principal
Amount” means the sum of (a) the excess of (i) 110% of
the amount equal to the sum of (A) $85,000,000 plus (B) the
aggregate amount of “Incremental Commitments” (as
defined in the Second Lien Credit Agreement) (or any comparable
successor term) established from time to time under Section 2.23 of
the Second Lien Credit Agreement (or any comparable successor
provision) or pursuant to any comparable successor provisions in
any Refinancing thereof, in each case, to the extent (1) if the
establishment of such Incremental Commitments (or any comparable
successor term) is conditioned upon the absence of any event of
default under the Second Lien Credit Agreement (or any event of
default under any Refinancing thereof), no such event of default
(or event of default under any such Refinancing) shall have
occurred and be continuing at the time of establishment of such
Incremental Commitments (or any comparable successor term) (it
being understood and agreed that any such event of default (or
event of default under any such Refinancing) may be waived prior to
the establishment of such Incremental Commitments (or any
comparable successor term)) and (2) such Second Lien Credit
Agreement provisions and such comparable successor provisions,
taken as a whole, do not permit an aggregate amount of such
Incremental Commitments (or any such comparable successor term) in
excess of the amount that would have been permitted to be
established as Incremental Commitments under such Second Lien
Credit Agreement provisions as in effect on the date hereof, it
being understood that any such Incremental Commitments (or any such
comparable successor term) established as permitted under such
Second Lien Credit Agreement provisions as in effect on the date
hereof (or as permitted pursuant to such comparable successor
provisions, subject to the foregoing limitations in this definition
on the amount thereof) shall be included in the Maximum Second Lien
Principal Amount under this clause (B) whether or not such
Incremental Commitments shall have subsequently terminated or been
Refinanced and whether or not any financial ratio tests the
satisfaction of which were a condition to such establishment
continue to be satisfied on the date of determination of
“Maximum Second Lien Principal Amount” so long as such
financial ratio tests were satisfied as of the time set forth in
such condition, over (ii) the sum of (A) the aggregate
principal amount of all repayments and prepayments of term loans
outstanding under the Second Lien Credit Agreement or under any
Refinancing thereof that are Second Lien Secured Obligations
actually made from and after the date hereof and (B) permanent
reductions of unfunded commitments under any incremental term loan
facility provided for in the Second Lien Credit Agreement or in any
Refinancing thereof actually made from and after the date hereof,
and excluding, in the case of each of clauses (A) and (B) above,
repayments, prepayments and reductions in connection with a
Refinancing thereof or a “roll-up” of such Second Lien
Secured Obligations (or such Refinancing thereof) in connection
with a DIP Financing, plus (b) the sum, without duplication,
of (i) the aggregate amount of all interest, fees and premiums, in
each case, accrued in respect of or attributable to any Second Lien
Secured Obligations that has been paid in-kind or capitalized and
(ii) the aggregate amount of all interest, fees and premium (if
any) in respect of or attributable to any Second Lien Secured
Obligations that are included in the principal amount of any
Refinancing thereof, any original issue discount applicable to any
such Refinancing and any fees (including upfront fees), costs and
expenses relating to such Refinancing. It is understood and agreed
that any Incremental Commitments (or any such comparable successor
term) that are established by the Second Lien Lenders in good faith
in reliance on any written determination or certification by or on
behalf of the Borrower or the other Grantors that any financial
ratio test or other condition (including as to the absence of any
event of default) to the establishment thereof has been satisfied
shall be included under clause (a)(i)(B) above even if
subsequently to the establishment thereof it shall be determined
that such written determination or certification was inaccurate and
such financial ratio test or other condition was not in fact
satisfied.

 

 

-10-

 

 

“New First Lien Loan Documents” has
the meaning assigned to such term in
Section 7.02(a).

 

“New First Lien Obligations” has
the meaning assigned to such term in
Section 7.02(a).

 

“New First Lien Representative” has
the meaning assigned to such term in
Section 7.02(a).

 

“New Second Lien Loan Documents”
has the meaning assigned to such term in Section
7.02(b).

 

“New Second Lien Obligations” has
the meaning assigned to such term in Section 7.02(b).

 

“New Second Lien Representative”
has the meaning assigned to such term in Section
7.02(b).

 

“Officer’s Certificate” has
the meaning assigned to such term in
Section 10.15.

 

“Person” means any natural person,
corporation, limited partnership, general partnership, limited
liability company, limited liability partnership, joint stock
company, joint venture, association, company, trust, bank, trust
company, land trust, business trust or other organization, whether
or not a legal entity, and any Governmental Authority.

 

“Pledged or Controlled Collateral”
means Collateral as to which perfection can be accomplished by the
possession or control (as such term is defined in the Uniform
Commercial Code) of such Collateral or of any account in which such
Collateral is held.

 

“Proceeds” means (a) all
“proceeds” as defined in Article 9 of the Uniform
Commercial Code and (b) whatever is recovered when Collateral is
sold, exchanged, collected, or Disposed of, whether voluntarily or
involuntarily, including any additional or replacement collateral
provided during any Insolvency or Liquidation Proceeding and any
payment or property received in any Insolvency or Liquidation
Proceeding under Section 1129 of the Bankruptcy Code on
account of any “secured claim” (within the meaning of
Section 506(b) of the Bankruptcy Code or similar Bankruptcy
Law).

 

“Purchase” has the meaning assigned
to such term in Section 3.01(d).

 

 

-11-

 

 

“Purchase Event” means the
occurrence of any of the following: (a) receipt by the Second
Lien Representative of written notice from the First Lien
Representative that the Indebtedness then outstanding under the
First Lien Credit Agreement has been accelerated, (b) the
commencement of an Insolvency or Liquidation Proceeding with
respect to any Grantor, (c) the exercise of remedies following an
event of default under the applicable First Lien Loan Documents
undertaken by any First Lien Representative or any First Lien
Secured Party against any material portion of the Collateral under
the First Lien Loan Documents or (d) an event of default under any
First Lien Loan Document as a result of any Grantor’s failure
to pay any principal or interest in respect of First Lien Secured
Obligations when due and such failure to pay remains unremedied and
event of default remains unwaived for a period of 30
days.

 

“Purchase Notice” means an
irrevocable notice delivered by the Second Lien Representative
indicating the intention of the applicable Second Lien Secured
Parties to exercise the purchase option under Section 3.01(d) and
setting forth the date of the intended purchase, which shall be (a)
not fewer than five days, nor more than 10 days, after the delivery
of such notice to the First Lien Representative and (b) not more
than 30 days after (i) the Second Lien Representative received
written notice from the First Lien Representative of any Purchase
Event set forth in clause (a), (c) or (d) of the definition thereof
or (ii) the occurrence of any Purchase Event set forth in clause
(b) of the definition thereof.

 

“Recovery” has the meaning assigned
to such term in Section 7.04.

 

“Refinance” means, in respect of
any Indebtedness or commitment, to refinance, extend, renew,
restructure or replace or to issue other Indebtedness or commitment
in exchange or replacement for, such Indebtedness or commitment, in
whole or in part. “Refinanced” and
“Refinancing”
have correlative meanings.

 

“Release” has the meaning assigned
to such term in Section 3.04.

 

“Reorganization Securities” has the
meaning assigned to such term in Section 6.03.

 

“Representatives” means the First
Lien Representative and the Second Lien
Representative.

 

“Second Lien Collateral” means all
“Collateral”, as defined in the Second Lien Credit
Agreement, and any other assets of any Grantor now or at any time
hereafter subject, or purported under the terms of any Second Lien
Security Document to be made subject, to any Lien securing any
Second Lien Secured Obligations.

 

“Second Lien Credit Agreement” has
the meaning assigned to such term in the preliminary statement of
this Agreement.

 

 

-12-

 

 

“Second Lien Lenders” has the
meaning assigned to such term in the preliminary statement of this
Agreement.

 

“Second Lien Loan Documents” means
the “Credit Documents”, as defined in the Second Lien
Credit Agreement.

 

“Second Lien Mortgages” means,
collectively, each mortgage, deed of trust, leasehold mortgage,
assignment of leases and rents, modifications and any other
agreement, document or instrument pursuant to which any Lien on
real property is granted to secure any Second Lien Secured
Obligations or under which rights or remedies with respect to any
such Lien are governed.

 

“Second Lien Permitted Actions” has
the meaning assigned to such term in
Section 3.01(a).

 

“Second Lien Pledge and Security
Agreement” has the meaning assigned to such term in
the preliminary statement of this Agreement.

 

“Second Lien Refinancing Notice”
has the meaning assigned to such term in Section
7.02(b).

 

“Second Lien Representative” has
the meaning assigned to such term in the preamble to this
Agreement.

 

“Second Lien Required Lenders”
means the “Requisite Lenders”, as defined in the Second
Lien Credit Agreement.

 

“Second Lien Secured Obligations”
means the “Secured Obligations”, as defined in the
Second Lien Pledge and Security Agreement (including any such
“Secured Obligations” arising or accruing under
Section 2.1, 2.23, 2.24 or 2.25 of the Second Lien Credit
Agreement or during the pendency of any Insolvency or Liquidation
Proceeding) (or any Refinancing thereof constituting New Second
Lien Obligations in accordance with the provisions of Section
7.02(b)) notwithstanding that any such “Secured
Obligations” or claims therefor shall be disallowed, voided
or subordinated in any Insolvency or Liquidation Proceeding or
under any Bankruptcy Law or other applicable law.

 

“Second Lien Secured Parties” means
the “Secured Parties”, as defined in the Second Lien
Pledge and Security Agreement.

 

“Second Lien Security Documents”
means the “Collateral Documents”, as defined in the
Second Lien Credit Agreement, and any other agreement, document or
instrument pursuant to which a Lien is granted or purported to be
granted to secure any Second Lien Secured Obligations or under
which rights or remedies with respect to any such Lien are
governed.

 

 

-13-

 

 

“Second Priority Liens” means all
Liens on the Second Lien Collateral securing the Second Lien
Secured Obligations, whether created under the Second Lien Security
Documents or acquired by possession, statute (including any
judgment lien), operation of law, subrogation or
otherwise.

 

“Secured Parties” means the First
Lien Secured Parties and the Second Lien Secured Parties, or any
one of them.

 

“Security Documents” means the
First Lien Security Documents and the Second Lien Security
Documents.

 

“Standstill Period” has the meaning
assigned to such term in Section 3.02(a).

 

“Subsidiary” means, with respect to
any Person (the “parent”) at any date, (a) any
Person the accounts of which would be consolidated with those of
the parent in the parent’s consolidated financial statements
if such financial statements were prepared in conformity with
United States generally accepted accounting principles as of such
date and (b) any other Person of which Equity Interests
representing more than 50% of the equity value or more than 50% of
the ordinary voting power or, in the case of a partnership, more
than 50% of the general partnership interests are, as of such date,
owned, controlled or held, by the parent or one or more
Subsidiaries of the parent or by the parent and one or more
Subsidiaries of the parent. Unless otherwise specified, all
references herein to Subsidiaries shall be deemed to refer to
Subsidiaries of the Borrower.

 

“Uniform Commercial Code” or
“UCC” means the
Uniform Commercial Code (or any similar or equivalent legislation)
as in effect from time to time in any applicable
jurisdiction.

 

“Wilmington Trust” has the meaning
assigned to such term in the preamble to this
Agreement.

 

SECTION
1.02. Terms Generally. The definitions of
terms herein shall apply equally to the singular and plural forms
of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter
forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the
phrase “without limitation”. The word
“will” shall be construed to have the same meaning and
effect as the word “shall”. The words
“asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all
real and personal, tangible and intangible assets and properties,
including cash, securities, accounts and contract rights. The word
“law” shall be construed as referring to all statutes,
rules, regulations, codes and other laws (including official
rulings and interpretations thereunder having the force of law or
with which affected Persons customarily comply), and all judgments,
orders, writs and decrees, of all Governmental Authorities. Unless
the context requires otherwise, (a) any definition of or reference
to any agreement, instrument or other document (including this
Agreement and the Loan Documents) shall be construed as referring
to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set
forth herein), (b) any definition of or reference to any
statute, rule or regulation shall be construed as referring thereto
as from time to time amended, supplemented or otherwise modified
(including by succession of comparable successor laws), (c) any
reference herein to (i) any Person shall be construed to
include such Person’s successors and assigns (subject to any
restrictions on assignment set forth herein), (ii) the Borrower or
any other Grantor shall be construed to include the Borrower or
such Grantor as debtor and debtor-in-possession and any receiver or
trustee for the Borrower or any other Grantor, as the case may be,
in any Insolvency or Liquidation Proceeding, and (iii) in the case
of any Governmental Authority, any other Governmental Authority
that shall have succeeded to any or all functions thereof, (d) the
words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any
particular provision hereof and (e) all references herein to
Articles or Sections shall be construed to refer to Articles or
Sections of this Agreement.

 

 

-14-

 

 

ARTICLE II

LIEN PRIORITIES

 

SECTION
2.01. Relative Priorities. Notwithstanding the
date, manner or order of grant, attachment or perfection of any
Second Priority Lien or any First Priority Lien, and
notwithstanding any provision of the UCC or any other applicable
law or the provisions of any Security Document or any other Loan
Document or any other circumstance whatsoever, the Second Lien
Representative, for itself and on behalf of the other Second Lien
Secured Parties, and the First Lien Representative, for itself and
on behalf of the other First Lien Secured Parties, hereby agrees
that so long as the Discharge of First Lien Secured Obligations has
not occurred, (a) any First Priority Lien now or hereafter
held by or for the benefit of any First Lien Secured Party shall be
senior in right, priority, operation, effect and all other respects
to any and all Second Priority Liens, and the First Priority Liens
shall be and remain senior in right, priority, operation, effect
and all other respects to any Second Priority Liens for all
purposes, whether or not any First Priority Liens are subordinated
in any respect to any other Lien securing any other obligation of
the Borrower, any other Grantor or any other Person and
(b) any Second Priority Lien now or hereafter held by or for
the benefit of any Second Lien Secured Party shall be junior and
subordinate in right, priority, operation, effect and all other
respects to any and all First Priority Liens; provided that, so long as the
Discharge of Second Lien Secured Obligations (other than Excess
Second Lien Obligations) has not occurred, any Lien on the
Collateral securing any Excess First Lien Obligations now or
hereafter held by or on behalf of any First Lien Secured Party
shall be junior and subordinate in right, priority, operation,
effect and all other respects to any and all Liens on the
Collateral securing any of the Second Lien Secured Obligations
(other than any Excess Second Lien Obligations); provided further that, so long as the
Discharge of Excess First Lien Obligations has not occurred, any
Lien on the Collateral securing any Excess Second Lien Obligations
now or hereafter held by or on behalf of any Second Lien Secured
Party shall be junior and subordinate in right, priority,
operation, effect and all other respects to any and all Liens on
the Collateral securing any of the Excess First Lien
Obligations.

 

SECTION
2.02. Prohibition on Contesting Liens. Each of
the First Lien Representative, for itself and on behalf of the
other First Lien Secured Parties, and the Second Lien
Representative, for itself and on behalf of the other Second Lien
Secured Parties, agrees that it will not, and hereby waives any
right to, contest or join or otherwise support any other Person in
contesting, in any proceeding (including any Insolvency or
Liquidation Proceeding), the existence, validity, enforceability,
perfection or priority of any Second Priority Lien or any First
Priority Lien, as the case may be; provided that (a) nothing
in this Agreement shall be construed to prevent or impair the
rights of the First Lien Representative or any other First Lien
Secured Party to enforce this Agreement, including the priority of
the Liens securing the First Lien Secured Obligations or the
provisions for exercise of remedies, and (b) nothing in this
Agreement shall be construed to prevent or impair the rights of the
Second Lien Representative or any other Second Lien Secured Party
to enforce this Agreement.

 

 

-15-

 

 

SECTION
2.03. Similar Liens and Agreements. The
parties hereto acknowledge and agree that it is their intention
that the First Lien Collateral and the Second Lien Collateral be
identical. In furtherance of the foregoing, the parties hereto
agree:

 

(a) to cooperate in
good faith in order to determine, upon any reasonable request in
writing by the First Lien Representative or the Second Lien
Representative, the specific assets included in the First Lien
Collateral and the Second Lien Collateral, the steps taken to
perfect the First Priority Liens and the Second Priority Liens
thereon and the identity of the respective parties obligated under
the First Lien Loan Documents and the Second Lien Loan Documents;
and

 

(b) that the documents,
agreements and instruments creating or evidencing the Second Lien
Collateral and the Second Priority Liens shall be in all material
respects in the same form as the documents, agreements and
instruments creating or evidencing the First Lien Collateral and
the First Priority Liens, other than with respect to the first
priority and second priority nature of the Liens created or
evidenced thereunder, the identity of the Secured Parties that are
parties thereto or secured thereby and other matters contemplated
by this Agreement.

 

 

SECTION
2.04. No Separate Liens. The parties hereto
agree that, so long as the Discharge of First Lien Secured
Obligations has not occurred, (a) neither the Second Lien
Representative nor any other Second Lien Secured Party shall
acquire or hold, or accept from any Grantor or any of its
Subsidiaries, any Lien on any asset or property of any Grantor or
any of its Subsidiaries (and none of the Grantors shall, or shall
permit any of its Subsidiaries to, grant any such Lien) securing
any Second Lien Secured Obligations unless such asset or property
is also subject to a Lien securing the First Lien Secured
Obligations and (b) neither the First Lien Representative nor
any other First Lien Secured Party shall acquire or hold, or accept
from any Grantor or any of its Subsidiaries, any Lien on any asset
or property of any Grantor or any of its Subsidiaries (and none of
the Grantors shall, or shall permit any of its Subsidiaries to,
grant any such Lien) securing any First Lien Secured Obligations
unless such asset or property is also subject to a Lien securing
the Second Lien Secured Obligations (including on account of the
agreements of the First Lien Representative pursuant to Article V
hereof), with each such Lien to be subject to the provisions of
this Agreement. To the extent that the provisions of the
immediately preceding sentence are not complied with for any
reason, without limiting any other right or remedy available to any
Secured Party hereunder, the Second Lien Representative agrees, for
itself and on behalf of the other Second Lien Secured Parties, that
any amounts received by or distributed to any Second Lien Secured
Party pursuant to or as a result of any Lien acquired, held,
accepted or granted in contravention of this Section 2.04
shall be subject to Section 4.02.

 

 

-16-

 

 

SECTION
2.05. Perfection of Liens. Except for the
agreements of the First Lien Representative and the Second Lien
Representative pursuant to Article V hereof, (a) none of the First
Lien Representative and the other First Lien Secured Parties shall
be responsible for perfecting and maintaining the perfection of
Liens with respect to the Collateral for the benefit of the Second
Lien Representative or the other Second Lien Secured Parties and
(b) none of the Second Lien Representative and the other Second
Lien Secured Parties shall be responsible for perfecting and
maintaining the perfection of Liens with respect to the Collateral
for the benefit of the First Lien Representative or the other First
Lien Secured Parties. The provisions of this Agreement are intended
solely to govern the respective Lien priorities as among the First
Lien Secured Parties and the Second Lien Secured Parties and shall
not impose on either Representative or the other Secured Parties
represented by such Representative any obligations in respect of
the disposition of Proceeds of any Collateral which would conflict
with any prior perfected claims in such Proceeds in favor of any
other Person or any order or decree of any court or governmental
authority or any applicable law.

 

SECTION
2.06. Certain Cash Collateral. Notwithstanding
anything in this Agreement or any other First Lien Loan Document or
Second Lien Loan Document to the contrary, collateral consisting of
cash and cash equivalents pledged to secure First Lien Loan
Document Obligations under any First Lien Loan Document consisting
of reimbursement obligations in respect of letters of credit issued
thereunder shall be applied as specified in the relevant First Lien
Loan Document and will not constitute Collateral (or First Lien
Collateral or Second Lien Collateral) hereunder.

 

 

 

-17-

 

 

ARTICLE III

ENFORCEMENT OF RIGHTS; MATTERS RELATING TO
COLLATERAL

 

SECTION
3.01. Exercise of Rights and Remedies. (a) So
long as the Discharge of First Lien Secured Obligations has not
occurred, whether or not any Insolvency or Liquidation Proceeding
has been commenced, the First Lien Representative and the other
First Lien Secured Parties shall have the exclusive right to
enforce rights and exercise remedies (including any right of
setoff) with respect to the Collateral (including making
determinations regarding the release, Disposition or restrictions
with respect to the Collateral), or to commence or seek to commence
and maintain or seek to maintain any Enforcement Action, in each
case, without any consultation with or the consent of the Second
Lien Representative or any other Second Lien Secured Party;
provided that,
notwithstanding the foregoing, (i) in any Insolvency or
Liquidation Proceeding, any Second Lien Secured Party may file a
proof of claim or statement of interest with respect to the Second
Lien Secured Obligations and vote on a plan of reorganization
(including a vote to accept or reject a plan of partial or complete
liquidation, reorganization, arrangement, composition or
extension), in each case, to the extent not in contravention of the
terms of this Agreement; provided that no Second Lien
Secured Party shall be a petitioning creditor or otherwise make any
filing or take any action (or join any other Person in making any
filing or taking any action) to commence any Insolvency or
Liquidation Proceeding; (ii) the Second Lien Representative
may take any action to preserve or protect the validity,
enforceability and perfection of the Second Priority Liens (but not
to enforce such Liens), provided that no such action
is, or could reasonably be expected to be, (A) adverse to the
First Priority Liens or the rights of the First Lien Representative
or any other First Lien Secured Party to exercise remedies in
respect thereof or (B) otherwise in contravention of the terms
of this Agreement, including the automatic release of the Second
Priority Liens provided in Section 3.04; (iii) the Second
Lien Secured Parties may file any responsive or defensive pleadings
in opposition to any motion, claim, adversary proceeding or other
pleading made by any Person objecting to or otherwise seeking the
disallowance, subordination or recharacterization of the claims of
any of the Second Lien Secured Parties, including any claims
secured by the Collateral, or the avoidance or subordination of any
Second Priority Lien (other than pursuant to the terms of this
Agreement) or otherwise make any agreements or file any motions
pertaining to the Second Lien Secured Obligations or the Second
Priority Liens, in each case, to the extent not in contravention of
the terms of this Agreement; (iv) the Second Lien Secured
Parties may exercise rights and remedies available to unsecured
creditors to the extent (and only to the extent) provided in
Section 3.03; (v) the Second Lien Secured Parties may
join (but not exercise any control over) a judicial foreclosure or
Lien enforcement proceeding with respect to the Collateral
initiated by the First Lien Representative, to the extent that such
action does not, and could not reasonably be expected to,
materially interfere with any Enforcement Action by the First Lien
Secured Parties and otherwise is not in contravention of the terms
of this Agreement, it being further agreed that no Second Lien
Secured Party may receive any Proceeds thereof unless expressly
permitted herein; (vi) the Second Lien Secured Parties may bid for
or purchase any Collateral at any public, private or judicial
foreclosure upon such Collateral initiated by the First Lien
Representative, or any sale of any Collateral during an Insolvency
or Liquidation Proceeding; provided that such bid may not
include a “credit bid” in respect of any Second Lien
Secured Obligations unless the proceeds of such bid are otherwise
sufficient to cause the Discharge of First Lien Secured
Obligations; (vii) subject to Section 3.02(a), the Second
Lien Representative and the other Second Lien Secured Parties may
commence or seek to commence, and maintain or seek to maintain, any
Enforcement Action after the termination of the Standstill Period;
(viii) the Second Lien Representative may inspect or appraise the Collateral
so long as such actions do not interfere with, hinder or delay, in
any manner, any enforcement or exercise of any rights or remedies
of the First Lien Secured Parties under the First Lien Loan
Documents or this Agreement and otherwise are not in contravention
of the terms of this Agreement; (ix) the Second Lien
Secured Parties may seek or commence an action to obtain specific
performance or injunctive relief to compel a Grantor to comply with
the delivery of financial information, the further assurances
regarding perfection of Liens and the maintenance of insurance
covenants under the Second Lien Loan Documents, to the extent such
action is not an Enforcement Action, does not seek to enjoin a
Disposition of Collateral consented to or approved by the First
Lien Representative and otherwise is not in contravention of the
terms of this Agreement; (x) the Second Lien Secured Parties may
accelerate the Indebtedness under the Second Lien Loan Documents in
accordance with the terms thereof; and (xi) the Second Lien
Secured Parties may take any action or exercise any right to the
extent (and only to the extent) provided in Article VI (the
permitted actions described in clauses (i) through (xi) are
collectively referred to herein as the “Second Lien Permitted Actions”).
Except for the Second Lien Permitted Actions, unless and until the
Discharge of First Lien Secured Obligations has occurred, the sole
right of the Second Lien Representative and the other Second Lien
Secured Parties with respect to the Collateral shall be to receive
the Proceeds of the Collateral, if any, remaining after the
Discharge of First Lien Secured Obligations has occurred and in
accordance with the Second Lien Loan Documents and applicable
law.

 

 

-18-

 

 

(b) In exercising
rights and remedies with respect to the Collateral, the First Lien
Representative and the other First Lien Secured Parties may enforce
the provisions of the First Lien Loan Documents, exercise remedies
thereunder and under applicable law and take other Enforcement
Actions, all in such order and in such manner as they may determine
in their sole discretion. Such exercise and enforcement shall
include the rights of an agent appointed by them to Dispose of
Collateral upon foreclosure, to incur expenses in connection with
any such Disposition and to exercise all the rights and remedies of
a secured creditor under the Uniform Commercial Code, the
Bankruptcy Code or any other Bankruptcy Law or any other applicable
law.

 

(c) The Second Lien
Representative, for itself and on behalf of the other Second Lien
Secured Parties, hereby acknowledges and agrees that no covenant,
agreement or restriction contained in any Second Lien Security
Document or any other Second Lien Loan Document shall be deemed to
restrict in any way the rights and remedies of the First Lien
Representative or the other First Lien Secured Parties with respect
to the Collateral as set forth in this Agreement and the other
First Lien Loan Documents.

 

(d) Notwithstanding
anything in this Agreement to the contrary, within 30 days
following the occurrence of a Purchase Event, the Second Lien
Representative or another representative acting on behalf of the
Second Lien Secured Parties may, at the sole expense and effort of
the Second Lien Secured Parties, upon delivery of a Purchase Notice
to the Borrower and the First Lien Representative, require the
First Lien Secured Parties to transfer and assign to the Second
Lien Secured Parties on the date specified in such Purchase Notice
in accordance with the definition thereof, without warranty or
representation or recourse, all (but not less than all) of the
First Lien Secured Obligations (such transfer and assignment, the
“Purchase”);
provided that (i)
such assignment shall not conflict with any law, rule or regulation
or order of any court or other Governmental Authority having
jurisdiction and shall be effected pursuant to an assignment
agreement in form reasonably satisfactory to the First Lien
Representative, (ii) the Second Lien Secured Parties shall have
paid to the First Lien Representative, for the account of the First
Lien Secured Parties, in cash or immediately available funds, an
amount equal to 100% of the principal of such Indebtedness
(including any unreimbursed drawings under letters of credit but
excluding any undrawn letters of credit) plus all accrued and
unpaid interest thereon plus all accrued and unpaid fees plus all
the other First Lien Secured Obligations then outstanding (other
than any acceleration prepayment penalties or premiums) (which
shall include (A) with respect to any letters of credit outstanding
under the First Lien Credit Agreement, an amount in cash or
immediately available funds equal to 103% of the aggregate face
amount thereof (other than any portion of such amount that
represents unreimbursed drawings thereunder), (B) with respect
to Hedge Agreements (as defined in the First Lien Credit Agreement)
that constitute First Lien Secured Obligations, 100% of the
aggregate amount of such First Lien Secured Obligations (giving
effect to any netting arrangements) that the applicable Grantor
would be required to pay if such Hedge Agreements were terminated
at such time, (C) with respect to Specified Cash Management
Services Agreements (as defined in the First Lien Credit
Agreement), the net aggregate amount then owing to creditors
thereunder to the extent constituting First Lien Secured
Obligations, including all amounts owing to such creditors as a
result of the termination (or early termination) thereof, and (D)
an amount reasonably calculated by the First Lien Representative
with respect to any contingent or unliquidated First Lien Secured
Obligations related to claims, causes of action or liabilities that
have theretofore been asserted in writing by the First Lien Secured
Parties and for which indemnification or reimbursement is required
under the First Lien Loan Documents) and (iii) each First Lien
Secured Party is permitted to retain all rights to indemnification
provided in the relevant First Lien Loan Documents for all claims
and other amounts relating to periods prior to such transfer of the
First Lien Secured Obligations (provided that such rights and
claims shall not be secured by the Collateral after the
consummation of the Purchase). In order to effectuate the Purchase,
the First Lien Representative shall calculate, upon the written
request of the Second Lien Representative from time to time, the
amount in cash or immediately available funds that would be
necessary so to purchase the First Lien Secured Obligations (based
on information available to it, and shall use commercially
reasonable efforts to obtain information not available to it
necessary to perform such calculation).

 

 

-19-

 

 

(e) The First Lien
Representative shall provide to the Second Lien Representative, and
the Second Lien Representative shall provide to the First Lien
Representative, reasonable prior notice of its initial material
Enforcement Action.

 

SECTION
3.02. No Interference. (a) The Second Lien
Representative, for itself and on behalf of the other Second Lien
Secured Parties, agrees that, so long as the Discharge of First
Lien Secured Obligations has not occurred, and whether or not any
Insolvency or Liquidation Proceeding has been commenced, the Second
Lien Secured Parties:

 

(i) except for Second
Lien Permitted Actions, will not (A) commence (or file with any
court documents that seek to commence) or maintain or seek to
maintain any Enforcement Action, (B) commence (or file with any
court documents that seek to commence) or join with any Person
(other than the First Lien Representative) in commencing, or
petition for or vote in favor of any resolution for, any action or
proceeding with respect to any Enforcement Action or (C) commence
(or file with any court documents that seek to commence) or join
with any Person (other than the First Lien Representative) in
commencing any involuntary case or proceeding under any Insolvency
or Liquidation Proceeding with respect to any Grantor; provided, however, that the Second Lien
Representative may commence or seek to commence, and maintain or
seek to maintain, any Enforcement Action, or join with any Person
in commencing, or petition for or vote in favor of any resolution
for, any such action or proceeding, after a period of 150 days
has elapsed (which period shall be tolled during any period in
which the First Lien Representative is not entitled, on behalf of
the First Lien Secured Parties, to take any Enforcement Action with
respect to any Collateral as a result of (x) any injunction issued
by a court of competent jurisdiction (which the First Lien
Representative is diligently seeking to vacate) or (y) the
automatic stay or any other stay or prohibition in any Insolvency
or Liquidation Proceeding) since the date on which the Second Lien
Representative has delivered to the First Lien Representative
written notice (with a copy to the Borrower) of the occurrence of
an event of default under the Second Lien Loan Documents (the
“Standstill
Period”); provided that all other
provisions of this Agreement (including the turnover provisions of
Article IV or Article VI) are complied with; provided further, however, that notwithstanding
the expiration of the Standstill Period or anything herein to the
contrary, in no event shall the Second Lien Representative or any
other Second Lien Secured Party commence (or file with any court
documents that seek to commence) or maintain or seek to maintain
any Enforcement Action, or commence (or file with any court
documents that seek to commence), join with any Person in
commencing, or petition for or vote in favor of any resolution for,
any action or proceeding with respect to any Enforcement Action, if
the First Lien Representative or any other First Lien Secured Party
shall have commenced, and shall be diligently pursuing any
Enforcement Action with respect to any Collateral or any such
action or proceeding;

 

 

-20-

 

 

(ii) will
not contest, protest or object to any Enforcement Action sought or
maintained by the First Lien Representative or any other First Lien
Secured Party relating to the Collateral under the First Lien Loan
Documents or otherwise, so long as the Second Priority Liens attach
to the Proceeds thereof subject to the relative priorities set
forth in Section 2.01 and such Enforcement Action is not in
contravention of the terms of this Agreement and applicable
law;

 

(iii) subject
to the rights of the Second Lien Secured Parties under
clause (i) above, will not contest, protest or object to
the forbearance by the First Lien Representative or any other First
Lien Secured Party from commencing or pursuing any Enforcement
Action or to the terms or conditions applicable to any such
forbearance;

 

(iv) will
not, except for the Second Lien Permitted Actions, take or receive
any Collateral, or any Proceeds thereof or payment with respect
thereto (other than, subject to Sections 6.01 and 6.03,
Reorganization Securities), in connection with any Enforcement
Action with respect to any Collateral or in connection with any
insurance policy award under a policy of insurance relating to any
Collateral or any condemnation award (or deed in lieu of
condemnation) relating to any Collateral;

 

(v) will not, except
for the Second Lien Permitted Actions, take any action that would,
or could reasonably be expected to, hinder, in any material
respect, any enforcement or exercise of any rights or remedies
under the First Lien Loan Documents, including any Disposition of
any Collateral, whether by foreclosure or otherwise;

 

(vi) will
not, except for the Second Lien Permitted Actions, contest, protest
or object to the manner in which the First Lien Representative or
any other First Lien Secured Party may seek to enforce or collect
the First Lien Secured Obligations or the First Priority Liens,
regardless of whether any action or failure to act by or on behalf
of the First Lien Representative or any other First Lien Secured
Party is, or could be, adverse to the interests of the Second Lien
Secured Parties, provided that any such action
or failure to act is not in contravention of this Agreement and
applicable law, and will not assert, and hereby waive, to the
fullest extent permitted by law, any right to demand, request,
plead or otherwise assert or claim the benefit of any marshalling,
appraisal, valuation or other similar statutory right that may be
available under applicable law with respect to the Collateral or
any similar rights a junior secured creditor may have under
applicable law; and

 

(vii) will
not attempt, directly or indirectly, whether by judicial proceeding
or otherwise, and hereby waive any right, to contest, challenge or
question the validity or enforceability of any First Lien Secured
Obligation or any First Lien Security Document, including this
Agreement, or the validity or enforceability of the priorities,
rights or obligations established by this Agreement.

 

 

-21-

 

 

SECTION
3.03. Rights as Unsecured Creditors. The
Second Lien Representative and the other Second Lien Secured
Parties may, in accordance with the terms of the Second Lien Loan
Documents and applicable law, enforce rights and exercise remedies
against the Borrower and any Guarantor that are available to
unsecured creditors (other than initiating or joining in an
involuntary case or proceeding under any Insolvency or Liquidation
Proceeding with respect to any Grantor or taking any other
Enforcement Action); provided that no such action is
in contravention of the terms of this Agreement (including Article
VI hereof). Nothing in this Agreement shall prohibit the receipt by
the Second Lien Representative or any other Second Lien Secured
Party of the required payments of principal, premium, interest,
fees and other amounts due under the Second Lien Loan Documents so
long as such receipt is not the direct or indirect result of a
distribution or recovery in any Insolvency or Liquidation
Proceeding in contravention of this Agreement (but subject to
Section 4.02), any Enforcement Action by the Second Lien
Representative or any other Second Lien Secured Party in
contravention of this Agreement or any other enforcement or
exercise by the Second Lien Representative or any other Second Lien
Secured Party of rights or remedies as a secured creditor
(including any right of setoff) in contravention of this Agreement
or enforcement in contravention of this Agreement of any Second
Priority Lien (including any judgment lien resulting from the
exercise of remedies available to an unsecured creditor, to the
extent such judgment lien applies to Collateral), with the Second
Lien Representative, on behalf of itself and the other Second Lien
Secured Parties, hereby agreeing that any amounts received by or
distributed to any Second Lien Secured Party in contravention of
the foregoing shall be subject to Section 4.02.

 

 

 

-22-

 

 

SECTION
3.04. Automatic Release of Second Priority
Liens. (a) If, in connection with (i) any Disposition
of any Collateral permitted under the terms of the First Lien Loan
Documents or (ii) the enforcement or exercise of any rights or
remedies with respect to the Collateral, including any Disposition
of Collateral, the First Lien Representative, for itself and on
behalf of the other First Lien Secured Parties, (A) releases
the First Priority Liens on any Collateral or (B) releases any
Guarantor the Equity Interests in which are subject to such
Disposition or such enforcement or exercise from its obligations
under its guarantee of the First Lien Secured Obligations (in each
case, a “Release”), other than any such
Release granted (except as a result of the enforcement or exercise
of any rights or remedies pursuant to clause (ii) above) in
connection with the Discharge of First Lien Loan Document
Obligations, then the Second Priority Liens on such Collateral, and
the obligations of such Guarantor under its guarantee of the Second
Lien Secured Obligations, shall be immediately, automatically,
unconditionally and simultaneously released, and upon delivery to
the Second Lien Representative of an Officer’s Certificate
stating that any such Release in respect of the First Lien Secured
Obligations has become effective (or shall become effective
concurrently with such release of the Second Priority Liens on such
Collateral granted to the Second Lien Secured Parties and the
Second Lien Representative or the release of the obligations of
such Guarantor under its guarantee of the Second Lien Secured
Obligations, as the case may be) and any necessary or proper
instruments of termination or release prepared by the Borrower or
any other Grantor or Guarantor, the Second Lien Representative
shall, for itself and on behalf of the other Second Lien Secured
Parties, promptly execute and deliver to the First Lien
Representative, the relevant Grantor or such Guarantor, at the
Borrower’s or the other Grantor’s or Guarantor’s
sole cost and expense and without any representation or warranty,
such termination statements, releases and other documents as the
First Lien Representative or the relevant Grantor or Guarantor may
reasonably request to effectively confirm such Release;
provided that,
in the case of any Disposition of Collateral, notwithstanding the
release of the Second Priority Liens thereon, the Second Priority
Liens shall attach to the Proceeds thereof subject to the relative
priorities set forth in Section 2.01 (and, for the avoidance of
doubt, nothing in the foregoing shall be deemed to be a release of
the Second Priority Liens on any such Proceeds, it being the
express intent of the Second Lien Secured Parties that the Second
Priority Liens attach to such Proceeds); provided further that (x) in the
case of any Disposition of any Collateral (other than any such
Disposition in connection with the enforcement or exercise of any
rights or remedies with respect to such Collateral or pursuant to
an Insolvency or Liquidation Proceeding), the Second Priority Liens
on such Collateral shall not be so released if such Disposition is
not permitted under the terms of the Second Lien Credit Agreement
or such Disposition is to the Borrower or any of its Affiliates and
(y) in the case of any Disposition of any Collateral, the Second
Priority Liens shall not be so released without the consent of the
Second Lien Representative unless the net cash Proceeds of such
Disposition will be applied (if applicable, upon judicial approval
of such application) to permanently repay or prepay (or otherwise
reduce, in the case of a “credit bid”) (1) the First
Lien Secured Obligations, it being understood that any such
repayment or prepayment of principal of Capped First Lien Loan
Document Obligations shall reduce the Maximum First Lien Principal
Amount by an equal amount, or (2) any DIP Financing. In the case of any Disposition of
any Collateral by the First Lien Representative (other than
pursuant to any Insolvency or Liquidation Proceeding), the First
Lien Representative (I) shall provide the Second Lien
Representative with at least 10 Business Days’ prior written
notice of such Disposition and (II) shall take reasonable care (as
determined in the reasonable credit judgment of the First Lien
Representative) to conduct such Disposition in a commercially
reasonable manner (it being understood that the First Lien
Representative shall have no obligation to postpone any such
Disposition in order to achieve a higher
price).

 

 

-23-

 

 

(b) Until the Discharge
of First Lien Loan Document Obligations occurs, the Second Lien
Representative, for itself and on behalf of each other Second Lien
Secured Party, hereby appoints the First Lien Representative, and
any officer or agent of the First Lien Representative, with full
power of substitution, as the attorney-in-fact of each Second Lien
Secured Party for the purpose of carrying out the express
provisions of this Section 3.04 and taking any action and
executing any instrument that the First Lien Representative
reasonably deems necessary to accomplish the purposes of this
Section 3.04 (including any endorsements or other instruments
of transfer or release), which appointment is irrevocable and
coupled with an interest.

 

SECTION
3.05. Insurance and Condemnation Awards. So
long as the Discharge of First Lien Secured Obligations has not
occurred, the First Lien Representative and the other First Lien
Secured Parties shall have the exclusive right, subject to the
rights of the Grantors under the First Lien Loan Documents, to
settle and adjust claims in respect of Collateral under policies of
insurance covering Collateral and to approve any award granted in
any condemnation or similar proceeding, or any deed in lieu of
condemnation, in respect of the Collateral. All Proceeds of any
such policy and any such award, or any payments with respect to a
deed in lieu of condemnation, shall (a) first, prior to the
Discharge of First Lien Secured Obligations and subject to the
rights of the Grantors under the First Lien Loan Documents, be paid
to the First Lien Representative for the benefit of First Lien
Secured Parties pursuant to the terms of the First Lien Loan
Documents, (b) second, after the Discharge of First Lien
Secured Obligations and subject to the rights of the Grantors under
the Second Lien Loan Documents, be paid to the Second Lien
Representative for the benefit of the Second Lien Secured Parties
pursuant to the terms of the Second Lien Loan Documents until the
Discharge of Second Lien Secured Obligations (other than Excess
Second Lien Obligations), (c) third, after the Discharge of Second
Lien Secured Obligations (other than Excess Second Lien
Obligations), be paid to the First Lien Representative for the
benefit of the First Lien Secured Parties pursuant to the terms of
the First Lien Loan Documents on account of the Excess First Lien
Obligations, (d) fourth, after the Discharge of Excess First Lien
Obligations, be paid to the Second Lien Representative for the
benefit of the Second Lien Secured Parties pursuant to the terms of
the Second Lien Loan Documents on account of the Excess Second Lien
Obligations and (e) fifth, be paid to the owner of the subject
property, such other Person as may be entitled thereto or as a
court of competent jurisdiction may otherwise direct. Until the
Discharge of First Lien Secured Obligations has occurred, if the
Second Lien Representative or any other Second Lien Secured Party
shall, at any time, receive any proceeds of any such insurance
policy or any such award or payment, it shall transfer and pay over
such proceeds to the First Lien Representative in accordance with
Section 4.02.

 

 

 

-24-

 

 

ARTICLE IV

PAYMENTS

 

SECTION
4.01. Application of Proceeds. So long as the
Discharge of First Lien Secured Obligations has not occurred, any
Collateral or Proceeds thereof received by the First Lien
Representative in connection with any Enforcement Action or in
connection with any Insolvency or Liquidation Proceeding shall be
applied by the First Lien Representative to the First Lien Secured
Obligations in accordance with the terms of the First Lien Loan
Documents. Upon the Discharge of First Lien Secured Obligations,
(a) if the Discharge of Second Lien Secured Obligations (other than
Excess Second Lien Obligations) has not occurred, subject to
Section 2.05, the First Lien Representative shall deliver
(without any representation, warranty or recourse) to the Second
Lien Representative any remaining Collateral and any Proceeds
thereof then held by it in the same form as received, together with
any necessary endorsements, or as a court of competent jurisdiction
may otherwise direct, to be applied by the Second Lien
Representative to the Second Lien Secured Obligations (other than
Excess Second Lien Obligations) and (b) so long as the Discharge of
Second Lien Secured Obligations (other than Excess Second Lien
Obligations) has not occurred, any Collateral or Proceeds thereof
received by the Second Lien Representative pursuant to clause (a)
of this sentence or in connection with any Enforcement Action or in
connection with any Insolvency or Liquidation Proceeding shall be
applied by the Second Lien Representative to the Second Lien
Secured Obligations (other than Excess Second Lien Obligations) in
accordance with the terms of the Second Lien Loan Documents. Upon
the Discharge of Second Lien Secured Obligations (other than Excess
Second Lien Obligations), (i) if the Discharge of Excess First Lien
Obligations has not occurred, subject to Section 2.05, the
Second Lien Representative shall deliver (without any
representation, warranty or recourse) to the First Lien
Representative any remaining Collateral and any Proceeds thereof
then held by it in the same form as received, together with any
necessary endorsements, or as a court of competent jurisdiction may
otherwise direct, to be applied by the First Lien Representative to
the Excess First Lien Obligations and (ii) so long as the Discharge
of Excess First Lien Obligations has not occurred, any Collateral
or Proceeds thereof received by the First Lien Representative
pursuant to clause (i) of this sentence or in connection with any
Enforcement Action or in connection with any Insolvency or
Liquidation Proceeding shall be applied by the First Lien
Representative to the Excess First Lien Obligations in accordance
with the terms of the First Lien Loan Documents. Upon the Discharge
of Excess First Lien Obligations, (A) if the Discharge of Second
Lien Secured Obligations has not occurred, subject to
Section 2.05, the First Lien Representative shall deliver
(without any representation, warranty or recourse) to the Second
Lien Representative any remaining Collateral and any Proceeds
thereof then held by it in the same form as received, together with
any necessary endorsements, or as a court of competent jurisdiction
may otherwise direct, to be applied by the Second Lien
Representative to the Excess Second Lien Obligations and (B) if the
Discharge of Second Lien Secured Obligations has also occurred, the
First Lien Representative or the Second Lien Representative, as
applicable, shall deliver (without any representation, warranty or
recourse) to the Person entitled thereto any remaining Collateral
and any Proceeds thereof then held by it in the same form as
received, together with any necessary endorsements, or as a court
of competent jurisdiction may otherwise direct.

 

 

-25-

 

 

SECTION
4.02. Payment Over. So long as the Discharge
of First Lien Secured Obligations has not occurred, any Collateral,
or any Proceeds thereof or payment in connection therewith or on
account thereof (together with assets or Proceeds subject to Liens
referred to in the final sentence of Section 2.04 or in the
final proviso of Section 6.01(b) or amounts referred to in the
parenthetical at the end of Section 3.03 or Collateral, Proceeds or
distributions referred to in the last two sentences of Section
7.04), received by the Second Lien Representative or any other
Second Lien Secured Party as a distribution or recovery in any
Insolvency or Liquidation Proceeding (other than any post-petition
amounts received by the Second Lien Secured Parties as contemplated
by Section 6.04(b) or Reorganization Securities), or in connection
with any Enforcement Action, or in connection with any insurance
policy claim or any condemnation award (or deed in lieu of
condemnation), shall be segregated and held in trust and promptly
transferred or paid over to the First Lien Representative for the
benefit of the First Lien Secured Parties in the same form as
received, together with any necessary endorsements, or as a court
of competent jurisdiction may otherwise direct. Until the Discharge
of First Lien Secured Obligations occurs, the Second Lien
Representative, for itself and on behalf of each other Second Lien
Secured Party, hereby appoints the First Lien Representative, and
any officer or agent of the First Lien Representative, with full
power of substitution, the attorney-in-fact of each Second Lien
Secured Party for the purpose of carrying out the express
provisions of this Section 4.02 and taking any action and
executing any instrument that the First Lien Representative
reasonably deems necessary to accomplish the purposes of this
Section 4.02, which appointment is irrevocable and coupled
with an interest.

 

SECTION
4.03. Certain Agreements with Respect to Invalid or
Unenforceable Liens. Notwithstanding anything to the
contrary contained herein, if in any Insolvency or Liquidation
Proceeding a determination is made that any Lien encumbering any
Collateral is not valid, perfected or enforceable for any reason,
or is subordinated in any respect to any other Liens, then the
Second Lien Representative and the other Second Lien Secured
Parties agree that any distribution or recovery they may receive
with respect to, or on account of, the value of the assets intended
to constitute such Collateral or any Proceeds thereof shall (for so
long as the Discharge of First Lien Secured Obligations has not
occurred) be segregated and held in trust and promptly paid over to
the First Lien Representative for the benefit of the First Lien
Secured Parties in the same form as received without recourse,
representation or warranty (other than a representation of the
Second Lien Representative that it has not otherwise sold,
assigned, transferred or pledged any right, title or interest in
and to such distribution or recovery) but with any necessary
endorsements or as a court of competent jurisdiction may otherwise
direct until such time as the Discharge of First Lien Secured
Obligations has occurred. Until the Discharge of First Lien Secured
Obligations occurs, the Second Lien Representative, for itself and
on behalf of each other Second Lien Secured Party, hereby appoints
the First Lien Representative, and any officer or agent of the
First Lien Representative, with full power of substitution, the
attorney-in-fact of each Second Lien Secured Party for the limited
purpose of carrying out the express provisions of this
Section 4.03 and taking any action and executing any
instrument that the First Lien Representative reasonably deems
necessary to accomplish the purposes of this Section 4.03,
which appointment is irrevocable and coupled with an
interest.

 

 

-26-

 

 

ARTICLE
V

BAILMENT FOR
PERFECTION OF CERTAIN SECURITY INTERESTS

 

(a) The First Lien
Representative agrees that if it shall at any time hold a First
Priority Lien on any Pledged or Controlled Collateral and if such
Pledged or Controlled Collateral is in fact in the possession or
under the control of the First Lien Representative, or of agents or
bailees of the First Lien Representative, the First Lien
Representative shall, solely for the purpose of perfecting by
possession or control, as applicable, the Second Priority Liens
granted under the Second Lien Loan Documents and subject to the
terms and conditions of this Article V, also hold and control such
Pledged or Controlled Collateral as gratuitous bailee and
gratuitous agent for the Second Lien Representative and hereby
acknowledges that it has control of any Pledged or Controlled
Collateral in its control on behalf of and for the benefit of the
Second Lien Representative.

 

(b) So long as the
Discharge of First Lien Secured Obligations has not occurred, the
First Lien Representative shall be entitled to deal with the
Pledged or Controlled Collateral in accordance with the terms of
this Agreement and the other First Lien Loan Documents and
applicable law as if the Second Priority Liens did not exist. The
obligations and responsibilities of the First Lien Representative
to the Second Lien Representative and the other Second Lien Secured
Parties under this Article V shall be limited solely to holding or
controlling the Pledged or Controlled Collateral as gratuitous
bailee or gratuitous agent for the Second Lien Representative, and
transferring the Pledged or Controlled Collateral, in each case,
subject to the terms and conditions of this Article V. Without
limiting the foregoing, the First Lien Representative shall have no
obligation or responsibility to ensure that any Pledged or
Controlled Collateral is genuine or owned by any of the Grantors or
to preserve the rights or benefits of any Person. The First Lien
Representative acting pursuant to this Article V shall not, by
reason of this Agreement, any other Security Document or any other
document, have a fiduciary relationship in respect of any other
First Lien Secured Party, the Second Lien Representative or any
other Second Lien Secured Party. The parties recognize that the
interest of the First Lien Representative, on the one hand, and the
Second Lien Representative and the other Second Lien Secured
Parties, on the other hand, may differ, and the First Lien
Representative may act in its own interest without taking into
account the interest of the Second Lien Representative or any other
Second Lien Secured Party.

 

(c) Upon the Discharge
of First Lien Secured Obligations, the First Lien Representative
shall transfer the possession and control of the Pledged or
Controlled Collateral (other than with respect to any deposit
account as to which control is maintained pursuant to Section
9-104(a)(1) of the Uniform Commercial Code), together with any
necessary endorsements but without recourse, representation or
warranty, (i) if the Second Lien Secured Obligations are
outstanding at such time, to the Second Lien Representative, and
(ii) if no Second Lien Secured Obligations are outstanding at
such time, to the applicable Grantor, in each case so as to allow
such Person to obtain possession and control of such Pledged or
Controlled Collateral. In connection with any transfer under
clause (i) of the immediately preceding sentence, the First
Lien Representative agrees to take all commercially reasonable
actions as shall be reasonably requested by the Second Lien
Representative to permit the Second Lien Representative to obtain,
for the benefit of the Second Lien Secured Parties, a first
priority security interest in the Pledged or Controlled
Collateral.

 

 

-27-

 

 

(d) The Second Lien
Representative agrees that if it shall at any time prior to the
Discharge of First Lien Secured Obligations hold a Second Priority
Lien on any Pledged or Controlled Collateral and if,
notwithstanding the provisions of this Agreement (and disregarding
any control the Second Lien Representative might have solely as a
result of the foregoing provisions of this Article V), such Pledged
or Controlled Collateral is in fact in the possession or under the
control of the Second Lien Representative, or of agents or bailees
of the Second Lien Representative, the Second Lien Representative
shall (i) solely for the purpose of perfecting by possession or
control, as applicable, the First Priority Liens granted under the
First Lien Loan Documents, also hold and control such Pledged or
Controlled Collateral as gratuitous bailee and gratuitous agent for
the First Lien Representative (and hereby acknowledges that it has
control of any Pledged or Controlled Collateral in its control on
behalf of and for the benefit of the First Lien Representative),
(ii) promptly inform the First Lien Representative thereof and
(iii) other than with respect to any deposit account as to
which control is maintained pursuant to Section 9-104(a)(1) of the
Uniform Commercial Code, transfer the possession and control of
such Pledged or Controlled Collateral, together with any necessary
endorsements but without recourse, representation or warranty, to
the First Lien Representative and, in connection therewith, take
all commercially reasonable actions as shall be reasonably
requested by the First Lien Representative to permit the First Lien
Representative to obtain, for the benefit of the First Lien Secured
Parties, a first priority security interest in such Pledged or
Controlled Collateral.

 

ARTICLE
VI

INSOLVENCY OR
LIQUIDATION PROCEEDINGS

 

SECTION
6.01. Finance and Sale Matters. (a) Until the
Discharge of First Lien Loan Document Obligations has occurred, the
Second Lien Representative, for itself and on behalf of the other
Second Lien Secured Parties, agrees that, in the event of any
Insolvency or Liquidation Proceeding, the Second Lien Secured
Parties:

 

(i) will be deemed to
have consented to, and will not oppose or object to (or support any
other Person in opposing or objecting to), the use of any
Collateral constituting cash collateral under Section 363 of
the Bankruptcy Code, or any comparable provision of any other
Bankruptcy Law, that is consented to, or not opposed or objected
to, by the First Lien Representative or any other representative
authorized by the First Lien Secured Parties (and neither the
Second Lien Representative nor any Second Lien Secured Party shall
seek any relief in connection therewith that is in conflict with
the relief being sought by the First Lien Secured Parties (it being
understood that the foregoing shall not affect the rights of the
Second Lien Secured Parties to seek adequate protection as provided
in Section 6.01(b)));

 

 

-28-

 

 

(ii) will
be deemed to have consented to, and will not oppose or object to
(or support any other Person in opposing or objecting to), any
post-petition financing provided by one or more of the First Lien
Secured Parties under Section 364 of the Bankruptcy Code, or
any comparable provision of any other Bankruptcy Law (a
“DIP
Financing”), or the Liens securing any DIP Financing
(“DIP Financing
Liens”), that is consented to, or not opposed or
objected to, by the First Lien Representative or any other
representative authorized by the First Lien Secured Parties and, to
the extent that (A) such DIP Financing Liens are senior to, or rank
pari passu with, the First Priority Liens securing the First Lien
Secured Obligations, (B) the economic terms of such DIP Financing
(i.e., the interest rate, fees, original issue discount and other
similar terms) and the scheduled amortization applicable to such
DIP Financing are on commercially reasonable terms, (C) such DIP
Financing does not compel the Borrower or any other Grantor to seek
confirmation of a specific plan of reorganization of which the
material terms are set forth in the DIP Financing documentation or
a related document (it being agreed that the inclusion of
termination events or milestones in the DIP Financing documentation
shall not be deemed to constitute such a condition), (D) the DIP
Financing documentation does not expressly require the sale,
disposition or liquidation of all or any material portion of the
Collateral prior to a default under the DIP Financing
documentation, (E) the Second Lien Secured Parties are not required
to release their Liens on the Collateral as a condition to such DIP
Financing and (F) the sum of (x) the aggregate outstanding
principal amount of loans and letters of credit under, together
with the aggregate amount of undrawn commitments under, any DIP
Financing (after giving effect to any Refinancing or
“roll-up” of First Lien Loan Document Obligations) plus
(y) the aggregate outstanding amount of the Capped First Lien Loan
Document Obligations does not exceed the Maximum First Lien
Principal Amount, the Second Lien Representative will, for itself
and on behalf of the other Second Lien Secured Parties, subordinate
(and will be deemed to have subordinated) the Second Priority Liens
to (1) the First Priority Liens and the DIP Financing Liens on the
terms of this Agreement and (2) any customary
“carve-out” for U.S. trustee fees specified in the
financing order relating to such DIP Financing;

 

(iii) except
to the extent permitted by Section 6.01(b), in connection with
the use of cash collateral as described in clause (i) above or
a DIP Financing, will not request adequate protection or any other
relief in connection with such use of cash collateral, DIP
Financing or DIP Financing Liens; and

 

(iv) will
be deemed to have consented to, and will not oppose or object to
(or support any other Person in opposing or objecting to) any
Disposition of any Collateral free and clear of the Second Priority
Liens or other claims under Section 363 of the Bankruptcy Code
(provided that the
Second Lien Representative may object to the Disposition on any
grounds that may be asserted by an unsecured creditor), or any
comparable provision of any other Bankruptcy Law, if the First Lien
Secured Parties, or a representative authorized by the First Lien
Secured Parties, shall consent to, or not oppose or object to, such
Disposition; provided that, in the case of any such
Disposition, notwithstanding the release of the Second Priority
Liens thereon, the Second Priority Liens shall attach to the
Proceeds thereof subject to the relative priorities set forth in
Section 2.01 (and, for the avoidance of doubt, nothing in the
foregoing shall be deemed to be a release of the Second Priority
Liens on any such Proceeds, it being the express intent of the
Second Lien Secured Parties that the Second Priority Liens attach
to such Proceeds).

 

 

-29-

 

 

Notwithstanding
anything to the contrary contained herein, nothing in this
Section 6.01(a) shall prohibit any Second Lien Secured Party
from proposing a DIP Financing so long as (A) no First Lien Secured
Party has offered to provide a DIP Financing within three days of
commencement of any Insolvency or Liquidation Proceeding, (B) the
DIP Financing Liens with respect to such DIP Financing are junior
to the First Priority Liens securing the First Lien Secured
Obligations, (C) the economic terms of such DIP Financing (i.e.,
the interest rate, fees, original issue discount and other similar
terms) and the scheduled amortization applicable to such DIP
Financing are on commercially reasonable terms, (D) such DIP
Financing does not compel the Borrower or any other Grantor to seek
confirmation of a specific plan of reorganization of which the
material terms are set forth in the DIP Financing documentation or
a related document (it being agreed that the inclusion of
termination events or milestones in the DIP Financing documentation
shall not be deemed to constitute such a condition), (E) the DIP
Financing documentation does not expressly require the sale,
disposition or liquidation of all or any material portion of the
Collateral prior to a default under the DIP Financing
documentation, (F) the First Lien Secured Parties are not required
to release their Liens on the Collateral as a condition to such DIP
Financing and (G) the sum of (x) the aggregate outstanding
principal amount of loans and letters of credit under, together
with the aggregate amount of undrawn commitments under, any such
DIP Financing (after giving effect to any Refinancing or
“roll-up” of Second Lien Secured Obligations) plus (y)
the aggregate outstanding principal amount of the Second Lien
Secured Obligations does not exceed the Maximum Second Lien
Principal Amount plus $30,000,000.

 

(b) The Second Lien
Representative, for itself and on behalf of the other Second Lien
Secured Parties, agrees that, until the Discharge of First Lien
Loan Document Obligations has occurred, no Second Lien Secured
Party shall contest, or join or otherwise support any other Person
in contesting, (i) any request by the First Lien
Representative or any other First Lien Secured Party for adequate
protection or (ii) any objection, based on a claim of a lack
of adequate protection, by the First Lien Representative or any
other First Lien Secured Party to any motion, relief, action or
proceeding. Notwithstanding the immediately preceding sentence, (A)
if any First Lien Secured Party is granted adequate protection in
the form of a replacement Lien or a Lien on additional collateral,
the Second Lien Representative may, for itself and on behalf of the
other Second Lien Secured Parties, seek or request adequate
protection in the form of a replacement Lien or a Lien on such
additional collateral, which Liens will be subordinated to the
First Priority Liens and DIP Financing Liens on the same basis as
the other Second Priority Liens are subordinated to the First
Priority Liens under this Agreement, and (B) the Second Lien
Representative and other Second Lien Secured Parties may seek
adequate protection with respect to their rights in the Collateral
in any Insolvency or Liquidation Proceeding in the form of (x)
Liens on additional collateral or replacement Liens on the
Collateral, provided that, in either such
case, as adequate protection for the First Lien Secured
Obligations, the First Lien Representative, on behalf of the First
Lien Secured Parties, is also granted (or has previously been
granted) a senior Lien on such additional collateral or senior
replacement Liens on the Collateral, as applicable, (y) an
administrative expense claim (including a superpriority
administrative claim), provided that, as adequate
protection for the First Lien Secured Obligations, the First Lien
Representative, on behalf of the First Lien Secured Parties, is
also granted (or has previously been granted) an administrative
expense claim that is senior and prior to the administrative
expense claim (including any superpriority administrative claim) of
the Second Lien Representative and the Second Lien Secured Parties,
or (z) the current payment of out-of-pocket fees and expenses of
counsel and advisors incurred by the Second Lien Representative;
provided
further that, in
the case of each of clauses (x) and (y), (I) to the
extent the First Lien Secured Parties are not granted such adequate
protection in the applicable form, any amounts recovered by or
distributed to any Second Lien Secured Party pursuant to or as a
result of any such Lien on additional collateral, any such
replacement Lien or any such administrative expense claim granted
to or for the benefit of the Second Lien Secured Parties shall be
subject to Section 4.02 and (II) the Second Lien Secured
Parties shall have agreed (and by virtue of accepting any such
adequate protection shall be deemed to have agreed) pursuant to
Section 1129(a)(9) of the Bankruptcy Code that any Section
507(b) claims arising in respect of any adequate protection granted
to the Second Lien Secured Parties may be paid under a plan of
reorganization in any form having a value on the effective date of
such plan equal to the allowed amount of such claims (i.e., are not
required to be paid solely in cash). It is understood and agreed
that nothing in clause (B) above shall modify or otherwise affect
the other agreements by or on behalf of the Second Lien
Representative or the Second Lien Secured Parties set forth in this
Agreement (including the agreements to consent to or not to oppose
or object that are set forth in Section 6.01(a)). Until the
Discharge of First Lien Loan Document Obligations has occurred, the
Second Lien Representative, for itself and on behalf of the other
Second Lien Secured Parties, agrees that, in the event of any
Insolvency or Liquidation Proceeding, except to the extent
permitted by the foregoing provisions of this Section 6.01(b),
the Second Lien Secured Parties will not assert any claim (or
support any other Person in asserting any claim) under
Section 507(b) of the Bankruptcy Code.

 

 

-30-

 

 

SECTION
6.02. Relief from the Automatic Stay. The
Second Lien Representative, for itself and on behalf of the other
Second Lien Secured Parties, agrees that, so long as the Discharge
of First Lien Loan Document Obligations has not occurred, no Second
Lien Secured Party shall, without the prior written consent of the
First Lien Representative, seek or request relief from or
modification of the automatic stay or any other stay in any
Insolvency or Liquidation Proceeding in respect of any part of the
Collateral, any Proceeds thereof or any Second Priority
Lien.

 

SECTION
6.03. Reorganization Securities. Nothing in
this Agreement prohibits or limits the right of the Second Lien
Representative or any other Second Lien Secured Party to receive
and retain any debt or equity obligations or securities that are
issued by a reorganized debtor pursuant to a plan of reorganization
or similar dispositive restructuring plan in connection with any
Insolvency or Liquidation Proceeding (any such debt or equity
obligations or securities, “Reorganization Securities”). If,
in any Insolvency or Liquidation Proceeding, Reorganization
Securities are so permitted to be distributed on account of both
the First Lien Secured Obligations and the Second Lien Secured
Obligations, then, to the extent the Reorganization Securities
distributed on account of the First Lien Secured Obligations and on
account of the Second Lien Secured Obligations are secured by Liens
upon the same assets or property, the provisions of this Agreement
will survive the distribution of such Reorganization Securities
pursuant to such plan and will apply with like effect to the Liens
securing such Reorganization Securities.

 

SECTION
6.04. Post-Petition Interest. (a) The Second
Lien Representative, for itself and on behalf of the other Second
Lien Secured Parties, agrees that no Second Lien Secured Party
shall oppose or seek to challenge (or support any other Person in
opposing or challenging) any claim by the First Lien Representative
or any other First Lien Secured Party for allowance in any
Insolvency or Liquidation Proceeding of First Lien Secured
Obligations consisting of post-petition interest, fees, expenses or
indemnities to the extent of the value of the First Priority Liens
(it being understood and agreed that such value shall be determined
without regard to the existence of the Second Priority Liens on the
Collateral).

 

(b) The First Lien
Representative, for itself and on behalf of the other First Lien
Secured Parties, agrees that no First Lien Secured Party shall
oppose or seek to challenge (or support any other Person in
opposing or challenging) any claim by the Second Lien
Representative or any other Second Lien Secured Party for allowance
in any Insolvency or Liquidation Proceeding of Second Lien Secured
Obligations consisting of post-petition interest, fees, expenses or
indemnities to the extent of the value of the Second Priority Liens
(it being understood and agreed that such value shall be determined
taking into account the First Priority Liens on the Collateral and
the amount of the First Lien Secured Obligations secured
thereby).

 

 

-31-

 

 

SECTION
6.05. Certain Waivers by the Second Lien Secured
Parties. The Second Lien Representative, for itself and on
behalf of the other Second Lien Secured Parties, waives any claim
any Second Lien Secured Party may hereafter have against any First
Lien Secured Party arising out of (a) the election by any
First Lien Secured Party of the application of
Section 1111(b)(2) of the Bankruptcy Code, or any comparable
provision of any other Bankruptcy Law, or (b) any use of cash
collateral or financing arrangement, or any grant of a security
interest in the Collateral, in any Insolvency or Liquidation
Proceeding to the extent that the same is not in contravention of
this Agreement.

 

SECTION
6.06. Certain Voting Matters. Each of the
First Lien Representative, for itself and on behalf of the other
First Lien Secured Parties, and the Second Lien Representative, for
itself and on behalf of the other Second Lien Secured Parties,
agrees that, without the written consent of the other, it will not
seek to vote with the other as a single class in connection with
any plan of reorganization in any Insolvency or Liquidation
Proceeding.

 

SECTION
6.07. Subordination Agreement. The parties
hereto expressly acknowledge that this Agreement is intended to
constitute a “subordination agreement” within the scope
of Section 510(a) of the Bankruptcy Code, which will be effective
before, during and after the commencement of an Insolvency or
Liquidation Proceeding. All references in this Agreement to any
Grantor will include such Person as a debtor-in-possession and any
receiver or trustee for such Person in an Insolvency or Liquidation
Proceeding.

 

 

 

-32-

 

 

ARTICLE VII

OTHER AGREEMENTS

 

SECTION
7.01. Matters Relating to Loan Documents. (a)
The First Lien Loan Documents may be amended, restated,
supplemented or otherwise modified in accordance with their terms,
and the Indebtedness under the First Lien Credit Agreement may be
Refinanced, in each case, without the consent of any Second Lien
Secured Party; provided,
however,
that, without the consent of the Second Lien Required Lenders, no
such amendment, restatement, supplement, modification or
Refinancing (or successive amendments, restatements, supplements,
modifications or Refinancings) shall (i) contravene the
provisions of this Agreement, (ii) directly increase the
interest rate margins accruing on the principal of loans and
letters of credit under the First Lien Credit Agreement or any
Refinancing thereof (determined on a weighted average basis) to an
amount greater than 3.00% per annum above the applicable interest
rate margins accruing on the principal of loans and letters of
credit under the First Lien Credit Agreement as in effect on the
date hereof (excluding, without limitation, any underlying
benchmark rates or any fluctuations thereof, any benchmark rate
“floor” not exceeding 1.00% per annum in respect of any
eurodollar rate “floor” or 2.00% per annum in respect
of any alternate base rate “floor”, any default rate
not exceeding 2.00% per annum, any interest or fees that are
paid-in-kind (and not paid in cash until the final scheduled
maturity date of the First Lien Secured Obligations or any
Refinancing thereof, as applicable), any original issue discount,
upfront fees and prepayment premiums and any fees payable in
connection with any amendment, restatement, supplement,
modification, Refinancing, waiver, consent or similar agreement),
(iii) add or modify in a
manner adverse to the interests of the Second Lien Secured Parties
any express prohibition or restriction on the payment of the Second
Lien Secured Obligations except
as set forth in Section 7.01(b) or in the First Lien Credit
Agreement as in effect on the date hereof, (iv) modify (A) any
of the restrictions as set forth in the First Lien Credit Agreement
as in effect on the date hereof on assignment of, or participation
in, all or any portion of the First Lien Secured Obligations or
Excess First Lien Obligations to the Borrower or any Affiliate
(including any Subsidiary) thereof or (B) any of the requirements
as set forth in the First Lien Credit Agreement as in effect on the
date hereof that any First Lien Secured Obligations or Excess First
Lien Obligations acquired by the Borrower are deemed automatically
cancelled and no longer outstanding, (v)
restrict the amendment or other modification of the Second Lien
Loan Documents or impose express restrictions or conditions on any
Refinancing thereof except as set forth in Section 7.01(b) or
in the First Lien Credit Agreement as in effect on the date hereof
or (vi) amend, modify, affect the rights, duties, privileges,
protections, indemnities or immunities of, or otherwise impose
duties that are adverse on, the Second Lien Representative without
its prior written consent; provided further that, in the event of a
Refinancing, the holders of the Indebtedness resulting from any
such Refinancing, or a duly authorized agent on their behalf (to
the extent such holders and the agent of such holders, in such
capacity, are not already bound by the terms of this Agreement),
agree in writing to be bound by the terms of this Agreement
pursuant to an amendment effected in accordance with Section
10.05.

 

 

-33-

 

 

(b) The Second Lien
Loan Documents may be amended, restated, supplemented or otherwise
modified in accordance with their terms, in each case, without the
consent of any First Lien Secured Party; provided,
however,
that, without the consent of the First Lien Required Lenders, no
such amendment, restatement, supplement, modification or
Refinancing (or successive amendments, restatements, supplements,
modifications or Refinancings) shall (i) contravene the
provisions of this Agreement, (ii) directly increase the interest rate margins
accruing on the principal of loans under the Second Lien Credit
Agreement or any Refinancing thereof (determined on a weighted
average basis) to an amount greater than 3.00% per annum above the
applicable interest rate margins accruing on the principal of loans
under the Second Lien Credit Agreement as in effect on the date
hereof (excluding, without limitation, any underlying benchmark
rates or any fluctuations thereof, any benchmark rate
“floor” not exceeding 1.00% per annum in respect of any
eurodollar rate “floor” or 2.00% per annum in respect
of any alternate base rate “floor”, any default rate
not exceeding 2.00% per annum, any interest or fees that are
paid-in-kind (and not paid in cash until the final scheduled
maturity date of the Second Lien Secured Obligations or any
Refinancing thereof, as applicable), any original issue discount,
upfront fees and prepayment premiums and any fees payable in
connection with any amendment, restatement, supplement,
modification, Refinancing, waiver, consent or similar agreement),
(iii) shorten the final scheduled maturity date or decrease
the weighted average life to maturity of any Indebtedness
constituting Second Lien Secured Obligations or any Refinancing
thereof, (iv) provide for new affirmative covenants, new negative
covenants, new financial maintenance covenants, new events of
default or modifications of existing exceptions, baskets, levels or
thresholds in negative covenants, financial maintenance covenants
or events of default that are more restrictive on the Grantors,
unless, in each case, the Borrower has provided written notice
thereof to the First Lien Representative and has offered to make
(and, at the request of the First Lien Representative, the Borrower
has made) a corresponding change to the First Lien Loan Documents
(with the same percentage “cushion” applicable to such
covenants or events of default as in effect on the date hereof),
(v) add any express prohibition or restriction on the payment of
the First Lien Secured Obligations, (vi) restrict the
amendment or other modification of the First Lien Loan Documents or
impose express restrictions or conditions on any Refinancing
thereof except as set forth in Section 7.01(a) or in the Second
Lien Credit Agreement as in effect on the date hereof or (vii)
amend, modify, affect the rights, duties, privileges, protections,
indemnities or immunities of, or otherwise impose duties that are
adverse on, the First Lien Representative without its prior written
consent; provided further that, in the event of a
Refinancing, the holders of the Indebtedness resulting from any
such Refinancing, or a duly authorized agent on their behalf (to
the extent such holders and the agent of such holders, in such
capacity, are not already bound by the terms of this Agreement),
agree in writing to be bound by the terms of this Agreement
pursuant to an amendment effected in accordance with Section
10.05.

 

 

-34-

 

 

(c) The Second Lien
Representative agrees that the Second Lien Credit Agreement shall
contain provisions substantially similar to those set forth in
Section 10.24 of the Second Lien Credit Agreement as in effect
on the date hereof, or similar provisions approved by the First
Lien Representative, which approval shall not be unreasonably
withheld or delayed, and each Second Lien Security Document shall
contain the provisions set forth on Annex I hereto, or similar
provisions approved by the First Lien Representative, which
approval shall not be unreasonably withheld or delayed. The Second
Lien Representative further agrees that each Second Lien Mortgage
covering any Collateral shall contain such other language as the
First Lien Representative may reasonably request to reflect the
subordination of such Second Lien Mortgage to the First Lien
Security Document covering such Collateral pursuant to this
Agreement.

 

(d) [Reserved].

 

(e) The
Second Lien Representative, for itself and on behalf of the other
Second Lien Secured Parties, and the First Lien Representative, for
itself and on behalf of the other First Lien Secured Parties,
acknowledge and agree that (i) the grants of Liens pursuant to the
First Lien Security Documents and the Second Lien Security
Documents constitute two separate and distinct grants of Liens, and
(ii) because of, among other things, their differing rights in
the Collateral, the Second Lien Secured Obligations are
fundamentally different from the First Lien Secured Obligations (as
defined without reference to the final sentence of the definition
of such term) and must be separately classified in any plan of
reorganization proposed or adopted in an Insolvency or Liquidation
Proceeding. To further effectuate the intent of the parties as
provided in the immediately preceding sentence, if it is held that
the claims of the First Lien Secured Parties and the Second Lien
Secured Parties in respect of the Collateral constitute only one
secured claim (rather than separate classes of senior and junior
secured claims), then each of the parties hereto hereby
acknowledges and agrees that, subject to the provisions hereof
(including Sections 2.01 and 4.01), all distributions shall be made
as if there were separate classes of senior and junior secured
claims against the Grantors in respect of the Collateral (with the
effect being that, to the extent that the aggregate value of the
Collateral is sufficient (for this purpose ignoring all Second Lien
Secured Obligations held by the Second Lien Secured Parties) to
satisfy the First Lien Secured Obligations, the First Lien Secured
Parties shall be entitled to receive, in addition to amounts
otherwise distributed to them in respect of principal, pre-petition
interest and other claims constituting First Lien Secured
Obligations, all amounts owing in respect of post-petition
interest, including any additional interest payable pursuant to the
First Lien Credit Agreement, arising from or related to a default,
which is included in the First Lien Secured Obligations but which
is disallowed as a claim in any Insolvency or Liquidation
Proceeding) before any distribution is made in respect of the
claims held by the Second Lien Secured Parties with respect to the
Collateral, and the Second Lien Representative, for itself and on
behalf of the other Second Lien Secured Parties, hereby
acknowledges and agrees to turn over to the First Lien
Representative, for itself and on behalf of the other First Lien
Secured Parties, amounts otherwise received or receivable by the
Second Lien Secured Parties to the extent necessary to effectuate
the intent of this sentence (with respect to the payment of
post-petition interest), even if such turnover has the effect of
reducing the claim or recovery of the Second Lien Secured
Parties.

 

 

-35-

 

 

SECTION
7.02. Effect of Refinancing of Indebtedness under
Loan Documents. (a) If, substantially contemporaneously with
the Discharge of First Lien Loan Document Obligations, the Borrower
Refinances the Indebtedness outstanding under the First Lien Loan
Documents and provided that (i) such
Refinancing is permitted hereby, (ii) the Borrower gives to
the Second Lien Representative advance written notice (the
“First Lien Refinancing
Notice”) electing the application of the provisions of
this Section 7.02(a) to such Refinancing Indebtedness,
provided that no
First Lien Refinancing Notice shall be required to be given in
respect of, and the provisions of this Section 7.02(a) shall
apply automatically to, any Refinancing Indebtedness incurred under
the First Lien Credit Agreement (including pursuant to
Section 2.25 thereof), and (iii) the holders of such
Refinancing Indebtedness, and the trustee, collateral agent or
similar representative of such holders (to the extent such holders
and the trustee, collateral agent or similar representative of such
holders, in such capacity, are not already bound by the terms of
this Agreement), agree in writing to be bound by the terms of this
Agreement pursuant to an amendment effected in accordance with
Section 10.05, then (A) such Discharge of First Lien Loan
Document Obligations shall automatically be deemed not to have
occurred for all purposes of this Agreement, (B) such
Refinancing Indebtedness and all other obligations under the
indenture, credit agreement or other definitive agreement
evidencing such Refinancing Indebtedness (the “New First Lien Obligations”) shall
automatically be treated as First Lien Secured Obligations for all
purposes of this Agreement (but, for the avoidance of doubt, shall
be subject to the cap limitations in the definitions of the terms
“First Lien Loan Document Obligations” and “First
Lien Secured Obligations”), including for purposes of the
Lien priorities and rights in respect of Collateral set forth
herein, (C) the indenture, credit agreement or other
definitive agreement evidencing such Refinancing Indebtedness and
the security and other documents relating thereto (the
“New First Lien Loan
Documents”) shall automatically be treated as the
First Lien Credit Agreement and the First Lien Loan Documents and,
in the case of New First Lien Loan Documents that are security
documents, as the First Lien Security Documents for all purposes of
this Agreement, (D) the trustee, collateral agent or similar
representative for the holders of the New First Lien Obligations
under the New First Lien Loan Documents (the “New First Lien Representative”)
shall be deemed to be the First Lien Representative for all
purposes of this Agreement and (E) the holders of the Indebtedness
under the New First Lien Loan Documents shall be deemed to be the
First Lien Lenders for all purposes of this Agreement.

 

 

-36-

 

 

(b) If, substantially
contemporaneously with the Discharge of Second Lien Secured
Obligations, the Borrower Refinances the Indebtedness outstanding
under the Second Lien Loan Documents and provided that (i) such
Refinancing is permitted hereby, (ii) the Borrower gives to the
First Lien Representative advance written notice (the
“Second Lien Refinancing
Notice”) electing the application of the provisions of
this Section 7.02(b) to such Refinancing Indebtedness, provided that no Second Lien
Refinancing Notice shall be required to be given in respect of, and
the provisions of this Section 7.02(b) shall apply automatically
to, any Refinancing Indebtedness incurred under the Second Lien
Credit Agreement (including pursuant to Section 2.25 thereof), and
(iii) the holders of such Refinancing Indebtedness, and the
trustee, collateral agent or similar representative of such holders
(to the extent such holders and the trustee, collateral agent or
similar representative of such holders, in such capacity, are not
already bound by the terms of this Agreement), agree in writing to
be bound by the terms of this Agreement pursuant to an amendment
effected in accordance with Section 10.05, then (A) such Discharge
of Second Lien Secured Obligations shall automatically be deemed
not to have occurred for all purposes of this Agreement, (B) such
Refinancing Indebtedness and all other obligations under the
indenture, credit agreement or other definitive agreement
evidencing such Refinancing Indebtedness (the “New Second Lien Obligations”)
shall automatically be treated as Second Lien Secured Obligations
for all purposes of this Agreement (but, for the avoidance of
doubt, shall be subject to the cap limitation in the definition of
the term “Maximum Second Lien Principal Amount”),
including for purposes of the Lien priorities and rights in respect
of Collateral set forth herein, (C) the indenture, credit agreement
or other definitive agreement evidencing such Refinancing
Indebtedness and the security and other documents relating thereto
(the “New Second Lien Loan
Documents”) shall automatically be treated as the
Second Lien Credit Agreement and the Second Lien Loan Documents
and, in the case of New Second Lien Loan Documents that are
security documents, as the Second Lien Security Documents for all
purposes of this Agreement, (D) the trustee, collateral agent or
similar representative for the holders of the New Second Lien
Obligations under the New Second Lien Loan Documents (the
“New Second Lien
Representative”) shall be deemed to be the Second Lien
Representative for all purposes of this Agreement and (E) the
holders of the Indebtedness under the New Second Lien Loan
Documents shall be deemed to be the Second Lien Lenders for all
purposes of this Agreement.

 

SECTION
7.03. No Waiver by First Lien Secured Parties.
Other than with respect to the Second Lien Permitted Actions,
nothing contained herein shall prohibit or in any way limit the
First Lien Representative or any other First Lien Secured Party
from opposing, challenging or objecting to, in any Insolvency or
Liquidation Proceeding or otherwise, any action taken, or any claim
made, by the Second Lien Representative or any other Second Lien
Secured Party, including any request by the Second Lien
Representative or any other Second Lien Secured Party for adequate
protection or any exercise by the Second Lien Representative or any
other Second Lien Secured Party of any of its rights and remedies
under the Second Lien Loan Documents or otherwise, or any proposal
by the Second Lien Representative or any other Second Lien Secured
Party to provide any DIP Financing.

 

 

 

-37-

 

 

SECTION
7.04. Reinstatement. If, in any Insolvency or
Liquidation Proceeding or otherwise, all or part of any payment
with respect to the First Lien Secured Obligations previously made
shall be rescinded, invalidated, avoided, declared to be fraudulent
or preferential, set aside, or otherwise required to be transferred
to a debtor-in-possession, trustee, receiver or similar Person or
the estate of any Grantor (a “Recovery”) for any reason
whatsoever, then the First Lien Secured Obligations shall be
reinstated to the extent of the amount so subject to Recovery as if
such payment had not occurred (and the Discharge of First Lien
Secured Obligations shall be deemed not to have occurred) and, if
theretofore terminated, this Agreement shall be reinstated in full
force and effect and such prior termination shall not diminish,
release, discharge, impair or otherwise affect the Lien priorities
and the relative rights and obligations of the First Lien Secured
Parties and the Second Lien Secured Parties provided for herein.
Upon any such reinstatement of First Lien Secured Obligations, each
Second Lien Secured Party will deliver to the First Lien
Representative, in accordance with Section 4.02, any Collateral or
Proceeds thereof received between the Discharge of First Lien
Secured Obligations and such reinstatement.

 

SECTION
7.05. Further Assurances. Each of the First
Lien Representative, for itself and on behalf of the other First
Lien Secured Parties, and the Second Lien Representative, for
itself and on behalf of the other Second Lien Secured Parties,
agrees that it will execute, or will cause to be executed, any and
all further documents, agreements and instruments, and take all
such further actions, as may be required under any applicable law,
or which the First Lien Representative or the Second Lien
Representative may reasonably request, to effectuate the terms of
this Agreement, including the relative Lien priorities provided for
herein.

 

ARTICLE
VIII

REPRESENTATIONS AND
WARRANTIES

 

Each
Representative party hereto represents and warrants to the other
Representative as follows:

 

(a) Such Representative
is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization and has all requisite
power and authority to execute and deliver this Agreement and
perform its obligations hereunder.

 

(b) This Agreement has
been duly executed and delivered by such Representative and
constitutes a legal, valid and binding obligation of such
Representative, enforceable in accordance with its
terms.

 

(c) Such Representative
has been authorized by the First Lien Lenders (in the case of First
Lien Representative) and the Second Lien Lenders (in the case of
the Second Lien Representative) to enter into this
Agreement.

 

 

-38-

 

ARTIVLE
IX

NO RELIANCE; NO
LIABILITY; OBLIGATIONS ABSOLUTE

 

SECTION
9.01. No Reliance; Information. Each
Representative, for itself and on behalf of the applicable other
Secured Parties, acknowledges that (a) it and such Secured
Parties have, independently and without reliance upon, in the case
of the First Lien Secured Parties, any Second Lien Secured Party
and, in the case of the Second Lien Secured Parties, any First Lien
Secured Party, and based on such documents and information as they
have deemed appropriate, made their own credit analysis and
decision to enter into the Loan Documents to which they are party
and (b) it and such Secured Parties will, independently and
without reliance upon, in the case of the First Lien Secured
Parties, any Second Lien Secured Party and, in the case of the
Second Lien Secured Parties, any First Lien Secured Party, and
based on such documents and information as they shall from time to
time deem appropriate, continue to make their own credit decision
in taking or not taking any action under this Agreement or any
other Loan Document to which they are party. The First Lien Secured
Parties and the Second Lien Secured Parties shall have no duty to
disclose to any Second Lien Secured Party or to any First Lien
Secured Party, respectively, any information relating to the
Borrower or any of the Subsidiaries, or any other circumstance
bearing upon the risk of nonpayment of any of the First Lien
Secured Obligations or the Second Lien Secured Obligations, as the
case may be, that is known or becomes known to any of them or any
of their Affiliates. In the event any First Lien Secured Party or
any Second Lien Secured Party, in its sole discretion, undertakes
at any time or from time to time to provide any such information
to, respectively, any Second Lien Secured Party or any First Lien
Secured Party, it shall be under no obligation (i) to make,
and shall not make or be deemed to have made, any express or
implied representation or warranty, including with respect to the
accuracy, completeness, truthfulness or validity of the information
so provided, (ii) to provide any additional information or to
provide any such information on any subsequent occasion or
(iii) to undertake any investigation.

 

SECTION
9.02. No Warranties or Liability. (a) The
First Lien Representative, for itself and on behalf of the other
First Lien Secured Parties, acknowledges and agrees that, except
for the representations and warranties set forth in
Article VIII, neither the Second Lien Representative nor any
other Second Lien Secured Party has made any express or implied
representation or warranty, including with respect to the
execution, validity, legality, completeness, collectability or
enforceability of any of the Second Lien Loan Documents, the
ownership of any Collateral or the perfection or priority of any
Liens thereon. The Second Lien Representative, for itself and on
behalf of the other Second Lien Secured Parties, acknowledges and
agrees that, except for the representations and warranties set
forth in Article VIII, neither the First Lien Representative
nor any other First Lien Secured Party has made any express or
implied representation or warranty, including with respect to the
execution, validity, legality, completeness, collectability or
enforceability of any of the First Lien Loan Documents, the
ownership of any Collateral or the perfection or priority of any
Liens thereon.

 

 

-39-

 

 

(b) The Second Lien
Representative and the other Second Lien Secured Parties shall have
no express or implied duty to the First Lien Representative or any
other First Lien Secured Party, and the First Lien Representative
and the other First Lien Secured Parties shall have no express or
implied duty to the Second Lien Representative or any other Second
Lien Secured Party, to act or refrain from acting in a manner which
allows, or results in, the occurrence or continuance of a default
or an event of default under any First Lien Loan Document and any
Second Lien Loan Document (other than, in each case, this
Agreement), regardless of any knowledge thereof which they may have
or be charged with.

 

(c) The Second Lien
Representative, for itself and on behalf of the other Second Lien
Secured Parties, agrees no First Lien Secured Party shall have any
liability to the Second Lien Representative or any other Second
Lien Secured Party, and hereby waives any claim against any First
Lien Secured Party, arising out of any and all actions which the
First Lien Representative or the other First Lien Secured Parties
may take or permit or omit to take with respect to (i) the
First Lien Loan Documents (other than this Agreement),
(ii) the collection of the First Lien Secured Obligations or
(iii) the maintenance of, the preservation of, the foreclosure
upon or the Disposition of any Collateral.

 

SECTION
9.03. Obligations Absolute. The Lien
priorities provided for herein and the respective rights,
interests, agreements and obligations hereunder of the First Lien
Representative and the other First Lien Secured Parties and the
Second Lien Representative and the other Second Lien Secured
Parties shall remain in full force and effect irrespective
of:

 

(a) any lack of
validity or enforceability of any Loan Document;

 

(b) any change in the
time, place or manner of payment of, or in any other term of
(including, subject to the limitations set forth in Section
7.01(a), the Refinancing of), all or any portion of the First Lien
Secured Obligations, it being specifically acknowledged that a
portion of the First Lien Secured Obligations consists or may
consist of Indebtedness that is revolving in nature, and the amount
thereof that may be outstanding at any time or from time to time
may be increased or reduced and subsequently
reborrowed;

 

(c) any amendment,
waiver or other modification, whether by course of conduct or
otherwise, of any Loan Document;

 

(d) the securing of any
First Lien Secured Obligations or Second Lien Secured Obligations
with any additional collateral or guarantees, or any exchange,
release, voiding, avoidance or non-perfection of any security
interest in any Collateral or any other collateral or any release
of any guarantee securing any First Lien Secured Obligations or
Second Lien Secured Obligations; or

 

 

 

-40-

 

 

(e) the commencement of
an Insolvency or Liquidation Proceeding or any other circumstances
that otherwise might constitute a defense available to, or a
discharge of, the Borrower, any other Grantor or any other Person
in respect of the First Lien Secured Obligations or this Agreement,
or any of the Second Lien Secured Parties in respect of this
Agreement.

 

ARTIVLE
X

MISCELLANEOUS

 

SECTION
10.01. Notices. Notices and other
communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified
or registered mail or sent by fax or email, as
follows:

 

(a) if to the First
Lien Representative, to Wilmington Trust, National Association, as
Collateral Agent, 50 South Sixth Street, Suite 1290, Minneapolis,
MN 55402, Attention: Fusion First Lien Loan Administrator, Email:
jjames@wilmingtontrust.com, and

 

(b) if to the Second
Lien Representative, to Wilmington Trust, National Association, as
Collateral Agent, 50 South Sixth Street, Suite 1290, Minneapolis,
MN 55402, Attention: Fusion Second Lien Loan Administrator, Email:
jjames@wilmingtontrust.com.

 

All
notices and other communications given to any party hereto in
accordance with the provisions of this Agreement sent by hand or
overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices and
other communications sent by fax shall be deemed to have been given
when sent; and notices and other communications sent to an email
address shall be deemed received upon the sender’s receipt of
an acknowledgement from the intended recipient (such as by the
“return receipt requested” function, as available,
return email or other written acknowledgement), except that, if not
given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next
business day for the recipient.

 

SECTION
10.02. Conflicts. In the event of any conflict
or inconsistency between the provisions of this Agreement and the
provisions of the other Loan Documents, the provisions of this
Agreement shall control.

 

SECTION
10.03. Effectiveness; Survival. This Agreement
shall become effective when executed and delivered by the parties
hereto. All covenants, agreements, representations and warranties
made by any party in this Agreement shall be considered to have
been relied upon by the other parties hereto and shall survive the
execution and delivery of this Agreement. The terms of this
Agreement shall survive, and shall continue in full force and
effect, in any Insolvency or Liquidation Proceeding. The Second
Lien Representative, for itself and on behalf of the other Second
Lien Secured Parties, hereby waives any and all rights the Second
Lien Secured Parties may now or hereafter have under applicable law
to revoke this Agreement or any of the provisions of this
Agreement.

 

 

-41-

 

 

SECTION
10.04. Severability. In the event any one or
more of the provisions contained in this Agreement should be held
invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby (it
being understood that the invalidity of a particular provision in a
particular jurisdiction shall not in and of itself affect the
validity of such provision in any other jurisdiction). The parties
shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the
invalid, illegal or unenforceable provisions.

 

SECTION
10.05. Amendments; Waivers. (a) No failure or
delay on the part of any party hereto in exercising any power or
right hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of
the parties hereto are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any
provision of this Agreement or consent to any departure by any
party therefrom shall in any event be effective unless the same
shall be permitted by Section 10.05(b), and then such waiver
or consent shall be effective only in the specific instance and for
the purpose for which given.

 

(b) Neither this
Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing
entered into by the First Lien Representative and the Second Lien
Representative; provided that:

 

(i)  no such
agreement shall amend, modify or otherwise affect the rights or
obligations of any Grantor without the Borrower’s prior
written consent;

 

(ii) in
connection with any Refinancing contemplated by
Section 7.01(a) or 7.01(b), the First Lien Representative and
the Second Lien Representative shall enter (and are hereby
authorized to enter without the consent of any other Secured
Party), at the written request and expense of the Borrower, into
such amendments or other modifications or supplements of this
Agreement as are reasonably necessary or appropriate to add the new
trustee, collateral agent or similar representative in respect of
such Refinancing Indebtedness as a party hereto and to provide such
new trustee, collateral agent or similar representative, and the
other holders of such Refinancing Indebtedness, the rights and
obligations hereunder of the Representative in respect of, or the
holders of, the Indebtedness or other First Lien Secured
Obligations or Second Lien Secured Obligations being Refinanced and
to otherwise reflect such Refinancing (and in connection therewith
to provide for technical modifications to this Agreement to
facilitate the foregoing), it being the intent that such amendments
or other modifications (A) establish that the Liens on any
Collateral securing any Refinancing Indebtedness in respect of
First Lien Secured Obligations will have the same priorities
relative to the Liens on such Collateral securing Second Lien
Secured Obligations as the Liens that secured the Indebtedness
being Refinanced had immediately prior to such Refinancing,
(B) establish that the Liens on any Collateral securing any
Refinancing Indebtedness in respect of Second Lien Secured
Obligations will have the same priorities relative to the Liens on
such Collateral securing First Lien Secured Obligations as the
Liens that secured the Indebtedness being Refinanced had
immediately prior to such Refinancing, (C) provide to the
parties benefited by the Liens on any Collateral securing such
Refinancing Indebtedness in respect of First Lien Secured
Obligations the same rights and obligations relative to the parties
holding Liens on such Collateral securing Second Lien Secured
Obligations as the parties that were benefited by the Liens that
secured such Indebtedness or other First Lien Secured Obligations
being Refinanced had immediately prior to such Refinancing and
(D) provide to the parties benefited by the Liens on any
Collateral securing such Refinancing Indebtedness in respect of
Second Lien Secured Obligations the same rights and obligations
relative to the parties holding Liens on such Collateral securing
First Lien Secured Obligations as the parties that were benefited
by the Liens that secured such Indebtedness or other Second Lien
Secured Obligations being Refinanced had immediately prior to such
Refinancing;

 

 

-42-

 

 

(iii) in
connection with the incurrence of any Additional First Lien
Obligations, the First Lien Representative and the Second Lien
Representative shall enter (and are hereby authorized to enter
without the consent of any other Secured Party), at the written
request and expense of the Borrower, into such amendments or other
modifications or supplements of this Agreement as are reasonably
necessary or appropriate to add an Additional First Lien
Obligations Representative as a party hereto, to provide such
Additional First Lien Obligations Representative and the other
holders of such Additional First Lien Obligations rights and
obligations hereunder substantially identical to those of the First
Lien Representative and the other First Lien Secured Parties
(subject, with respect to the exercise of remedies and certain
other rights set forth herein, to the allocation of control between
the First Lien Secured Parties and the holders of such Additional
First Lien Obligations in the manner agreed by them) and otherwise
to treat such Additional First Lien Obligations and any Liens on
any assets of the Borrower or any Subsidiary securing such
Additional First Lien Obligations in a manner that is substantially
identical to the treatment hereunder of the First Lien Secured
Obligations and the First Priority Liens (and in connection
therewith to provide for technical modifications to this Agreement
to facilitate the foregoing, including, for the avoidance of doubt,
modifications to the cap limitations (but not any increase in the
aggregate amount of such cap limitations, except to the extent
otherwise permitted by the Second Lien Loan Documents then extant)
in the definition of the term “Maximum First Lien Principal
Amount” and in Section 6.01(a)(ii) (and modifications to
related definitions) to include such Additional First Lien
Obligations in such cap limitations in a manner that is
substantially identical to the treatment hereunder of the First
Lien Loan Document Obligations and the First Lien Secured
Obligations); and

 

(iv) in
connection with the incurrence of any Additional Second Lien
Obligations, the First Lien Representative and the Second Lien
Representative shall enter (and are hereby authorized to enter
without the consent of any other Secured Party), at the written
request and expense of the Borrower, into such amendments or other
modifications or supplements of this Agreement as are reasonably
necessary or appropriate to add an Additional Second Lien
Obligations Representative as a party hereto, to provide such
Additional Second Lien Obligations Representative and the other
holders of such Additional Second Lien Obligations rights and
obligations substantially similar to those of the Second Lien
Representative and the other Second Lien Secured Parties (subject,
with respect to the exercise of remedies and certain other rights
set forth herein, to the allocation of control between the Second
Lien Secured Parties and the holders of such Additional Second Lien
Obligations in the manner agreed by them) and otherwise to treat
such Additional Second Lien Obligations and any Liens on any assets
of the Borrower or any Subsidiary securing such Additional Second
Lien Obligations in a manner that reflects the status thereof as
Additional Second Lien Obligations secured on a basis, and Liens
that are, junior to the First Priority Liens and the Liens securing
any Additional First Lien Obligations (and in connection therewith
to provide for technical modifications to this Agreement to
facilitate the foregoing).

 

 

-43-

 

 

(c) Notwithstanding the
terms of Section 10.05(b), in the event that the Second Lien
Representative has not commenced the actions contemplated by
Section 10.05(b)(ii) or 10.05(b)(iii) in connection with any
permitted Refinancing of the First Lien Secured Obligations or the
incurrence of any Additional First Lien Obligations, as applicable,
within 10 Business Days after the delivery by the Borrower to the
Second Lien Representative of a written request to do so, then,
unless the Second Lien Representative has provided written notice
to the Borrower and the First Lien Representative within such 10
Business Day period setting forth in reasonable detail the basis
for its determination that it is not required to take such action
in accordance with Section 10.05(b)(ii) or 10.05(b)(iii), as
applicable, the First Lien Representative, without the consent of
the Second Lien Representative, is authorized to amend or otherwise
modify this Agreement in the manner set forth in Section
10.05(b)(ii) or 10.05(b)(iii), as applicable; provided that such Refinancing
or Additional First Lien Obligations, as applicable (and any Liens
relating thereto), are permitted under the Second Lien Loan
Documents then extant.

 

(d) Notwithstanding the
terms of Section 10.05(b), in the event that the First Lien
Representative does not take the actions contemplated by Section
10.05(b)(ii) or 10.05(b)(iv) in connection with any permitted
Refinancing of the Second Lien Secured Obligations or the
incurrence of any Additional Second Lien Obligations, as
applicable, within 10 Business Days after the delivery by the
Borrower to the First Lien Representative of a written request to
do so, then, unless the First Lien Representative has provided
written notice to the Borrower and the Second Lien Representative
within such 10 Business Day period setting forth in reasonable
detail the basis for its determination that it is not required to
take such action in accordance with Section 10.05(b)(ii) or
10.05(b)(iv), as applicable, the Second Lien Representative,
without the consent of the First Lien Representative, is authorized
to amend or otherwise modify this Agreement in the manner set forth
in Section 10.05(b)(ii) or 10.05(b)(iv), as applicable;
provided that such
Refinancing or Additional Second Lien Obligations, as applicable
(and any Liens relating thereto), are permitted under the First
Lien Loan Documents then extant.

 

SECTION
10.06. Subrogation. The Second Lien
Representative, for itself and on behalf of the other Second Lien
Secured Parties, hereby waives any rights of subrogation it or they
may acquire as a result of any payment hereunder until the
Discharge of First Lien Secured Obligations has occurred;
provided, however, that, as between the
Borrower and the other Grantors, on the one hand, and the Second
Lien Secured Parties, on the other hand, any such payment that is
paid over to the First Lien Representative pursuant to this
Agreement shall be deemed not to reduce any of the Second Lien
Secured Obligations unless and until the Discharge of First Lien
Secured Obligations shall have occurred and the First Lien
Representative delivers any such payment to the Second Lien
Representative.

 

 

-44-

 

 

SECTION
10.07. APPLICABLE LAW; JURISDICTION; CONSENT TO
SERVICE OF PROCESS; WAIVERS. (a) THIS AGREEMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING
ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE
SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO
POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW
OF THE STATE OF NEW YORK.

 

(b) ALL JUDICIAL
PROCEEDINGS BROUGHT AGAINST ANY PARTY HERETO OR ANY OTHER SECURED
PARTY OR GRANTOR ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL
BE BROUGHT EXCLUSIVELY IN ANY FEDERAL COURT OF THE UNITED STATES OF
AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES
NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN
THE CITY AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS
AGREEMENT, EACH REPRESENTATIVE, FOR ITSELF AND ITS RELATED SECURED
PARTIES AND ITS AND THEIR PROPERTIES, IRREVOCABLY (I) ACCEPTS
GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE
OF SUCH COURTS, (II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS,
(III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN
ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED
IN ACCORDANCE WITH SECTION 10.01, (IV) AGREES THAT SERVICE AS
PROVIDED IN CLAUSE (III) ABOVE IS SUFFICIENT TO CONFER
PERSONAL JURISDICTION OVER IT AND ITS PROPERTY IN ANY SUCH
PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE
AND BINDING SERVICE IN EVERY RESPECT AND (V) AGREES THAT A
FINAL JUDGMENT IN ANY SUCH PROCEEDING MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW.

 

(c) BY EXECUTING AND
DELIVERING THIS AGREEMENT, EACH REPRESENTATIVE, FOR ITSELF AND ITS
RELATED SECURED PARTIES AND ITS AND THEIR PROPERTIES, IRREVOCABLY
AGREES THAT THE ONLY NECESSARY PARTIES TO ANY AND ALL JUDICIAL
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE
THE PARTIES HERETO, EXCEPT WHERE IN ANY SUCH JUDICIAL PROCEEDING
RELIEF (INCLUDING INJUNCTIVE RELIEF OR THE RECOVERY OF MONEY) IS
BEING SOUGHT DIRECTLY AGAINST OR FROM A PERSON THAT IS NOT A PARTY.
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, AND CONSISTENT
WITH THE PROVISIONS OF SECTIONS 10.13, NONE OF THE FIRST LIEN
SECURED PARTIES (OTHER THAN THE FIRST LIEN REPRESENTATIVE) OR THE
SECOND LIEN SECURED PARTIES (OTHER THAN THE SECOND LIEN
REPRESENTATIVE) SHALL BE NECESSARY OR OTHERWISE APPROPRIATE PARTIES
TO ANY SUCH JUDICIAL PROCEEDINGS, UNLESS IN SUCH JUDICIAL
PROCEEDING SUMS ARE BEING SOUGHT TO BE RECOVERED DIRECTLY FROM SUCH
PERSONS, INCLUDING PURSUANT TO SECTION 4.02, OR THE PROVISIONS OF
THIS AGREEMENT ARE SOUGHT TO BE ENFORCED DIRECTLY AGAINST SUCH
PERSONS.

 

 

-45-

 

 

SECTION
10.08. WAIVER OF JURY TRIAL. EACH
REPRESENTATIVE, FOR ITSELF AND ON BEHALF OF ITS RELATED SECURED
PARTIES, HEREBY WAIVES ITS AND THEIR RESPECTIVE RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING UNDER
THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW AND STATUTORY CLAIMS. EACH REPRESENTATIVE, FOR ITSELF
AND ON BEHALF OF ITS RELATED SECURED PARTIES, ACKNOWLEDGES THAT
THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT
AND THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO
THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER
IN ITS RELATED FUTURE DEALINGS. EACH REPRESENTATIVE, FOR ITSELF AND
ON BEHALF OF ITS RELATED SECURED PARTIES, FURTHER WARRANTS AND
REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL
AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR
IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 10.08 AND EXECUTED BY EACH OF THE PARTIES
HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS, OR MODIFICATIONS HERETO. IN THE EVENT OF
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A
TRIAL BY THE COURT.

 

SECTION
10.09. Parties in Interest. (a) The provisions
of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns, as
well as the other First Lien Secured Parties and Second Lien
Secured Parties, all of whom are intended to be bound by, and to be
third party beneficiaries of, this Agreement. Other than with
respect to Sections 7.02, 10.05(b), 10.05(c), and 10.05(d), which
shall also inure to the benefit of the Borrower, no other Person,
including any trustee, debtor-in-possession, creditor trust or
other representative of an estate or creditor of any Grantor
(including where such estate or creditor representative is the
beneficiary of a Lien securing Collateral by virtue of the
avoidance of such Lien in an Insolvency or Liquidation Proceeding),
shall have or be entitled to assert rights or benefits
hereunder.

 

(b) If either the First
Lien Representative or the Second Lien Representative resigns or is
replaced pursuant to the First Lien Loan Documents or the Second
Lien Loan Documents, as applicable, its successor will be party to
this Agreement with all the rights, and subject to all the
obligations of the predecessor First Lien Representative or the
Second Lien Representative, as applicable, of this
Agreement.

 

 

-46-

 

 

SECTION
10.10. Specific Performance. Each
Representative may demand specific performance of this Agreement
and, on behalf of itself and the respective other Secured Parties,
hereby irrevocably waives any defense based on the adequacy of a
remedy at law and any other defense that might be asserted to bar
the remedy of specific performance in any action which may be
brought by the respective Secured Parties. No bond shall be
required as a condition to the specific performance by any Secured
Parties.

 

SECTION
10.11. Headings. Article and Section headings
used herein and the Table of Contents hereto are for convenience of
reference only, are not part of this Agreement and are not to
affect the construction of, or to be taken into consideration in
interpreting, this Agreement.

 

SECTION
10.12. Counterparts. This Agreement may be
executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original
but all of which when taken together shall constitute a single
contract, and shall become effective as provided in
Section 10.03. Delivery of an executed signature page to this
Agreement by facsimile or in electronic format (i.e.,
“pdf” or “tif”) shall be as effective as
delivery of a manually signed counterpart of this
Agreement.

 

SECTION
10.13. Provisions Solely to Define Relative
Rights. The provisions of this Agreement are and are
intended solely for the purpose of defining the relative rights of
the First Lien Secured Parties, on the one hand, and the Second
Lien Secured Parties, on the other hand. Except as expressly
provided in Section 10.09(a), none of the Borrower or any other
Grantor or any other creditor thereof shall have any rights or
obligations, and none of the Borrower, any other Grantor or any
Guarantor may rely on the terms hereof. Nothing in this Agreement
is intended to or shall impair the obligations of the Borrower or
any other Grantor or any Guarantor, which are absolute and
unconditional, to pay the First Lien Secured Obligations and the
Second Lien Secured Obligations as and when the same shall become
due and payable in accordance with their terms.

 

SECTION
10.14. Intercreditor Agreement
Acknowledgement. Reference is made to the
Intercreditor Agreement Acknowledgement, substantially in the form
of Annex II hereto, executed and delivered in respect of this
Agreement (a) on the date hereof by the Borrower and each other
Grantor that is a Grantor on the date hereof and (b) after the date
hereof, pursuant to the terms of the Credit Agreements, by each
Subsidiary that becomes a Grantor after the date
hereof.

 

SECTION
10.15. Dealings with Borrower, Grantors and
Guarantors. Upon any application, demand or request by the
Borrower or any other Grantors or Guarantors to any Representative
to take or permit any action under any of the provisions of this
Agreement or under any Security Document (if such action is subject
to the provisions hereof), the Borrower or such other Grantor or
Guarantor, as appropriate, shall furnish to such Representative a
certificate of an authorized officer (an “Officer’s Certificate”)
stating that all conditions precedent, if any provided for in this
Agreement or such Security Document, as the case may be, relating
to the proposed action have been complied with, except that in the
case of any such application, demand or request as to which the
furnishing of such document is specifically required by any
provisions of this Agreement or any Security Document relating to
such particular application, demand or request, no additional
certificate or opinion need be furnished.

 

 

-47-

 

 

SECTION
10.16. Agents and Representatives. It is
understood and agree that (a) the First Lien Representative is
entering into this Agreement in its capacity as administrative
agent and collateral agent under the First Lien Credit Agreement
and the provisions of Section 9 of the First Lien Credit Agreement
applicable to the Agents (as defined therein) thereunder shall also
apply to the First Lien Representative hereunder and (b) the Second
Lien Representative is entering into this Agreement in its capacity
as administrative agent and collateral agent under the Second Lien
Credit Agreement and the provisions of Section 9 of the Second Lien
Credit Agreement applicable to the Agents (as defined therein)
thereunder shall also apply to the Second Lien Representative
hereunder.

 

[Signature
pages follow.]

 

 

 

 

 

 

 

 

-48-

 

 

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 above written.

 

	

WILMINGTON
TRUST, NATIONAL ASSOCIATION, as First Lien
Representative,

 

	

By

	

/s/
Jamie Roseberg

	
 

	

Name:
Jamie Roseberg

Title:
Banking Officer

	
 

	
 

 

	

WILMINGTON
TRUST, NATIONAL ASSOCIATION, as Second Lien
Representative,

 

	

By

	

/s/
Jamie Roseberg

	
 

	

Name:
Jamie Roseberg

Title:
Banking Officer

	
 

	
 

 

 

[Signature
Page to Fusion Intercreditor Agreement]

 

 

INTERCREDITOR AGREEMENT ACKNOWLEDGEMENT

 

Reference is made
to the Intercreditor Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time, the
“Intercreditor
Agreement”), among Wilmington Trust, National
Association, as First Lien Representative, Wilmington Trust,
National Association, as Second Lien Representative, each
Additional First Lien Obligations Representative that may become a
party thereto and each Additional Second Lien Obligations
Representative that may become a party thereto. Capitalized terms
used but not defined herein have the meanings assigned thereto in
the Intercreditor Agreement.

 

1.           Acknowledgements
and Agreements. Each of Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), and each of the
undersigned Subsidiaries of the Borrower (together with the
Borrower, collectively, the “Grantors”) acknowledges that it
has received a copy of the Intercreditor Agreement and consents
thereto, agrees to recognize all rights granted thereby to the
First Lien Representative, the other First Lien Secured Parties,
the Second Lien Representative and the other Second Lien Secured
Parties, and agrees that it will not do any act or perform any
obligation that is not in accordance with the agreements set forth
in the Intercreditor Agreement. Each Grantor further acknowledges
and agrees that (i) as between the Grantors and the First Lien
Representative and the other First Lien Secured Parties, the First
Lien Loan Documents remain in full force and effect as written and
are in no way modified by the Intercreditor Agreement and nothing
in the Intercreditor Agreement shall impair the obligations of the
Grantors to pay principal, interest, fees and other amounts as
provided in the First Lien Loan Documents, (ii) as between the
Grantors and the Second Lien Representative and the other Second
Lien Secured Parties, the Second Lien Loan Documents remain in full
force and effect as written and are in no way modified by the
Intercreditor Agreement and nothing in the Intercreditor Agreement
shall impair the obligations of the Grantors to pay principal,
interest, fees and other amounts as provided in the Second Lien
Loan Documents, (iii) except as expressly provided in Section
10.09(a) of the Intercreditor Agreement, no Grantor is a
beneficiary or third party beneficiary of the Intercreditor
Agreement and (iv) except as expressly provided in Section
10.09(a) of the Intercreditor Agreement, no Grantor has any rights
under the Intercreditor Agreement, no Grantor may assert or enforce
any rights or benefits under the Intercreditor Agreement, and no
Grantor may rely on the terms of the Intercreditor
Agreement.

 

2.           Notices.
Notices and other communications to the Borrower or any other
Grantor hereunder and under the Intercreditor Agreement shall be in
writing and shall be delivered by hand or overnight courier
service, or mailed by certified or registered mail to it at (or to
it in c/o) Fusion Connect, Inc., 420 Lexington Avenue,
Suite 1718, New York, New York 10170, Attention: James P.
Prenetta, Jr., Executive Vice President and General
Counsel.

 

 

-1-

 

 

All
notices and other communications given to the Borrower or any other
Grantor in accordance with the provisions hereof sent by hand or
overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; except
that, if not given during normal business hours for the recipient,
shall be deemed to have been given at the opening of business on
the next business day for the recipient.

 

3.           Counterparts.
This Acknowledgement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which
shall constitute an original but all of which when taken together
shall constitute a single contract. Delivery of an executed
signature page to this Acknowledgement by facsimile transmission or
in electronic format (i.e., “pdf” or “tif”)
shall be as effective as delivery of a manually signed counterpart
of this Acknowledgement.

 

4.           Additional
Subsidiaries. Pursuant to the Credit Agreements, certain
Subsidiaries not party hereto on the date hereof may be required to
enter into this Acknowledgement. Upon execution and delivery to the
Representatives after the date hereof by any Subsidiary of a
counterpart signature page hereto, such Subsidiary shall become a
party hereto with the same force and effect as if originally named
as such herein. The execution and delivery of such a counterpart
signature page shall not require the consent of any party hereto.
The rights and obligations under this Acknowledgement of each other
party hereto shall remain in full force and effect notwithstanding
the addition of any new Subsidiary as a party to this
Acknowledgement.

 

5.           APPLICABLE
LAW. THIS ACKNOWLEDGEMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING
ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE
SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO
POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW
OF THE STATE OF NEW YORK.

 

6.           Credit
Document. This Acknowledgement shall constitute a First Lien
Loan Document and a Second Lien Loan Document.

 

7.           Miscellaneous.
The provisions of Sections 10.07(b), 10.07(c) and 10.08 of the
Intercreditor Agreement will apply with like effect to this
Acknowledgement, mutatis mutandis, as though the
references therein to each party thereto or each Representative
refer instead to each Grantor. The First Lien Representative, the
other First Lien Secured Parties, the Second Lien Representative
and the other Second Lien Secured Parties are the intended
beneficiaries of this Acknowledgement.

 

[Signature
pages follow.]

 

 

-2-

 

 

ACKNOWLEDGED AS OF THE DATE FIRST WRITTEN ABOVE:

 

	

FUSION
CONNECT, INC.,

FUSION
NBS ACQUISITION CORP.,

FUSION
LLC,FUSION BCHI ACQUISITION LLC,

BIRCH
COMMUNICATIONS, LLC,

CBEYOND,
INC.,

CBEYOND
COMMUNICATIONS, LLC,

BIRCH
MANAGEMENT LLC,

BIRCH
TELECOM, LLC,

BIRCH
TEXAS HOLDINGS, INC.,

BIRCH
TELECOM OF KANSAS, LLC,

BIRCH
TELECOM OF OKLAHOMA, LLC,

BIRCH
TELECOM OF MISSOURI, LLC,

BIRCH
TELECOM OF TEXAS LTD., L.L.P.,

BIRCAN
HOLDINGS, LLC,

PRIMUS
HOLDINGS, INC.,

FUSION
MPHC ACQUISITION CORP.,

 

	
 

	

by

	
 

	

/s/
James P. Prenetta, Jr.

	
 

	
 

	

Name: James
P. Prenetta, Jr.

Title: Executive
Vice President and General Counsel

	
 

	
 

	
 

	
 

 

 

 

 

 

 

[Signature
Page to Acknowledgment to Fusion Intercreditor
Agreement]

 

 

 

ANNEX
I

 

 

Provision for the Second Lien Security Documents

 

“Reference is made to the Intercreditor Agreement dated as of
May 4, 2018 (as amended, restated, supplemented or otherwise
modified from time to time, the “Intercreditor
Agreement”), among Wilmington Trust, National
Association, as First Lien Representative (as defined therein),
Wilmington Trust, National Association, as Second Lien
Representative (as defined therein), each Additional First Lien
Obligations Representative (as defined therein) that may become a
party thereto and each Additional Second Lien Obligations
Representative (as defined therein) that may become a party
thereto. Notwithstanding anything herein to the contrary, the lien
and security interest granted to the [Collateral Agent], for the
benefit of the [Secured Parties], pursuant to this Agreement and
the exercise of any right or remedy by the [Collateral Agent] and
the other [Secured Parties] hereunder are subject to the provisions
of the Intercreditor Agreement. In the event of any conflict or
inconsistency between the provisions of the Intercreditor Agreement
and this Agreement, the provisions of the Intercreditor Agreement
shall control.”Blueprint

 

DEPOSIT ACCOUNT CONTROL AGREEMENT

 

(Blocked Account)

 

This
Deposit Account Control Agreement (Blocked Account) (this
“Agreement”) is entered into as of May 4, 2018, by
Fusion Connect, Inc., a Delaware corporation
(“Borrower”), Wilmington Trust, National Association, a
national banking association (“First Lien Secured
Party”), and East West Bank, a California banking corporation
(“Deposit Holder”). All references herein to the
“Uniform Commercial Code” refers to the Uniform
Commercial Code as in effect from time to time in the State of New
York. Terms defined in the Uniform Commercial Code have the same
meanings when used herein.

 

RECITALS

 

A.           Borrower,
First Lien Secured Party, as administrative agent and collateral
agent (in such capacities, the “First Lien Agent”), the
guarantors from time to time party thereto and the lenders from
time to time party thereto are parties to that certain First Lien
Credit and Guaranty Agreement, dated as of May 4, 2018 (as the same
may hereafter be amended, supplemented, amended and restated or
otherwise modified from time to time, the “Credit
Agreement”).

 

B.           On
the date hereof, First Lien Secured Party will deposit $62,000,000
of the proceeds of certain term loans being made under the Credit
Agreement into the Account (as defined below), which Account shall
constitute the Escrow Cash Collateral Account under and as defined
in the Credit Agreement.

 

C.           Borrower
has granted to (a) First Lien Secured Party a first-priority
security interest in the account listed under Schedule A to this
Agreement and related rights and property (the
“Account”) pursuant to that certain First Lien Pledge
and Security Agreement, dated as of May 4, 2018, executed by
Borrower and the other grantors from time to time party thereto in
favor of First Lien Secured Party, as the First Lien Agent, and (b)
Wilmington Trust, National Association (“Second Lien Secured
Party”), as administrative agent and collateral agent (in
such capacities, the “Second Lien Agent”) under that
certain Second Lien Credit and Guaranty Agreement, dated as of May
4, 2018 (as the same may hereafter be amended, supplemented,
amended and restated or otherwise modified from time to time),
among Borrower, the Second Lien Agent, the guarantors from time to
time party thereto and the lenders from time to time party thereto,
a second-priority security interest in the Account pursuant to that
certain Second Lien Pledge and Security Agreement, dated as of May
4, 2018, executed by Borrower and the other grantors from time to
time party thereto in favor of Second Lien Secured
Party.

 

D.           Borrower
and First Lien Secured Party are requesting that Deposit Holder
enter into this Agreement to perfect First Lien Secured
Party’s security interests in the Account by control (and to
enable First Lien Secured Party to hold and control the Account as
gratuitous bailee and gratuitous agent for Second Lien Secured
Party in accordance with that certain Intercreditor Agreement,
dated as of May 4, 2018, among the First Lien Representative, the
Second Lien Representative and each Additional First Lien
Obligations Representative from time to time party thereto and each
Additional Second Lien Obligations Representative from time to time
party thereto, each as defined therein).

 

 

-1-

 

 

E.           Deposit
Holder is willing to act as Deposit Holder, but only under the
terms of this Agreement. Deposit Holder has no obligation or duties
with respect to any other agreements between Borrower and First
Lien Secured Party or Second Lien Secured Party.

 

AGREEMENT

 

1.

Security
Interest.

 

Deposit
Holder acknowledges the security interests of First Lien Secured
Party and Second Lien Secured Party in the Account. Borrower
ratifies and confirms the security interests it has granted to each
of First Lien Secured Party and Second Lien Secured Party in the
Account. This Agreement evidences First Lien Secured Party’s
control over the Account.

 

2.

Control
of Account by First Lien Secured Party; Borrower’s Rights in
Account.

 

2.1 Notwithstanding any
separate agreement Borrower may have with Deposit Holder, First
Lien Secured Party shall be entitled at any time to give Deposit
Holder instructions as to the withdrawal or disposition of
available funds from time to time credited to the Account, or as to
any other matters relating to the Account, all without further
consent of Borrower or any other person. Deposit Holder shall, and
is fully entitled to, rely upon any such instructions from First
Lien Secured Party even if such instructions are contrary to any
instructions or demands that Borrower may give to Deposit Holder.
Between Borrower and First Lien Secured Party, First Lien Secured
Party agrees that that it shall provide instructions to Deposit
Holder in accordance with the terms of the Credit
Agreement.

 

2.2 Deposit Holder
acknowledges and agrees that (a) in accordance with paragraph 2.1
above, it shall comply with the instructions originated by First
Lien Secured Party directing disposition of any available funds
from time to time credited to the Account without further consent
of Borrower; (b) First Lien Secured Party now has exclusive control
of the Account for purposes of Sections 9-312(b) and 9-314 of the
Uniform Commercial Code, (c) Borrower does not have a right to make
withdrawals or otherwise transact on the Account and (d) the
Account will be maintained as a “deposit account” as
defined in Section 9-102(a)(29) of the Uniform Commercial Code.
Notwithstanding anything to the contrary contained herein, if at
any time Deposit Holder shall receive conflicting orders or
instructions from First Lien Secured Party and Borrower, Deposit
Holder shall follow the orders or instructions of First Lien
Secured Party, and not the orders or instructions of
Borrower.

 

2.3 Borrower represents
and warrants to First Lien Secured Party and Deposit Holder that it
has not assigned or granted a security interest in the Account,
except to First Lien Secured Party and Second Lien Secured Party.
Borrower will not permit the Account to become subject to any other
pledge, assignment, lien, charge or encumbrance of any kind, other
than security interests of First Lien Secured Party and Second Lien
Secured Party referred to herein.

 

 

 

-2-

 

 

3.

Deposit
Holder’s Responsibility.

 

3.1 Deposit Holder
shall have no duty to inquire or determine whether Borrower’s
obligations to First Lien Secured Party are in default or whether
First Lien Secured Party or Borrower is entitled, under any
separate agreement between First Lien Secured Party and Borrower,
to give any instructions relating to the Account. Deposit Holder
shall have no responsibility or liability to First Lien Secured
Party or Borrower for complying with any order or instruction,
whether oral or written, concerning the Account, except to the
extent such compliance would violate the provisions of this
Agreement, or Deposit Holder acted with gross negligence or engaged
in willful misconduct. Deposit Holder shall have no responsibility
or liability to First Lien Secured Party or Borrower for losses or
liabilities resulting from any failure to comply with instructions
relating to the Account or delay in complying with such
instructions if the failure or delay is due to circumstances beyond
Deposit Holder’s reasonable control, including without
limitation interruptions of communications facilities, civil
unrest, acts of God, wars, or terrorist attacks, and provided
Deposit Holder had reasonable opportunity to act thereon. Without
limiting the foregoing, in no event shall Deposit Holder have any
liability for indirect, punitive, exemplary or consequential loss
or damages, including without limitation lost profits, whether or
not any claim for such loss or such damages is based on tort or
contract or Deposit Holder knew or should have known the likelihood
of such damages in any circumstances.

 

3.2 Upon reasonable
opportunity for Deposit Holder to act after receipt of First Lien
Secured Party’s instructions to that effect and continuing on
each Business Day thereafter, Deposit Holder shall transfer all
available balances in the Account to First Lien Secured Party at
the account specified in such instructions. Any disposition of
funds Deposit Holder makes in response to instructions from First
Lien Secured Party is subject to Deposit Holder’s standard
policies, procedures and documentation governing the type of
disposition made. Borrower agrees to pay all fees for the transfer
of funds as per instructions. Funds are not available if, in the
reasonable determination of Deposit Holder, they are subject to a
dispute or legal process preventing their withdrawal. A
“Business Day” is each day except Saturdays, Sundays,
or a day on which Deposit Holder is authorized or required by
applicable law, regulation or executive order to close in New
York.

 

3.3 Deposit Holder may
rely on notices and communications it believes in good faith to be
genuine and given by the appropriate party.

 

4.

Priority
of Security Interests; Rights Reserved by Deposit
Holder.

 

Deposit
Holder agrees that all of its present and future rights against the
Account are subordinate to the security interests of First Lien
Secured Party and Second Lien Secured Party therein; provided, however, that it is agreed that
nothing herein subordinates or waives, and that Deposit Holder
expressly reserves, all of its present and future rights (whether
described as rights of setoff, banker’s lien, chargeback or
otherwise, and whether available to Deposit Holder under the law or
under any other agreement between Deposit Holder and Borrower
concerning the Account or otherwise) with respect to (a) items
deposited to the Account and returned unpaid, whether for
insufficient funds or for any other reason, and without regard to
the timeliness of return of any such item; (b) overdrafts on the
Account; (c) automated clearing house entries; (d) claims of breach
of the Uniform Commercial Code’s transfer or presentment
warranties made against Deposit Holder in connection with items
deposited to the Account; and (e) Deposit Holder’s usual and
customary charges for services rendered in connection with the
Account, to the extent that, in each case, Borrower has not
separately paid or reimbursed Deposit Holder therefore. To the
extent the Account is a certificate of deposit or time deposit,
Deposit Holder will be entitled to deduct any applicable early
withdrawal penalty prior to disbursing funds from such Account in
response to instructions from First Lien Secured
Party.

 

 

 

-3-

 

 

5.

Statements.

 

In
addition to the original deposit account statement for the Account
which is provided to Borrower, Deposit Holder will send duplicate
statements to First Lien Secured Party. Borrower authorizes Deposit
Holder to provide any additional information relating to the
Account to First Lien Secured Party upon its request without
Borrower’s further consent.

 

6.

Notice
of Adverse Claims; Record of Security Interest.

 

6.1 Deposit Holder
represents to First Lien Secured Party that Deposit Holder has not
received notice of any lien, encumbrance or other claim to the
Account from any other person (other than Second Lien Secured
Party) and has not entered into, and covenants with First Lien
Secured Party that it will not enter into, any agreement with any
other person by which Deposit Holder is obligated to comply with
instructions from such other person as to the disposition of funds
from the Account or other dealings with the Account. Deposit Holder
will use commercially reasonable efforts, subject to applicable
law, to promptly notify First Lien Secured Party if any other
person claims that it has a property interest in the Account (other
than Second Lien Secured Party) or seeks to enter into a deposit
account control agreement or similar agreement with respect to the
Account.

 

6.2 Deposit Holder
further represents and warrants that it has marked its books and
records to indicate the security interests of First Lien Secured
Party and Second Lien Secured Party in and liens upon the
Account.

 

7.

Returned
Items.

 

Borrower and First
Lien Secured Party understand and agree that Deposit Holder will
pay returned items by debiting the Account. Borrower agrees to pay
the amount of any returned item immediately upon demand to the
extent that there are not sufficient funds in the Account to cover
such amount on the day of the debit. First Lien Secured Party
agrees that First Lien Secured Party will pay any such amount that
is not paid in full by Borrower within twenty (20) days after
written demand on First Lien Secured Party by Deposit Holder, up to
the amount of any proceeds received by First Lien Secured Party
under this Agreement. Borrower further agrees to make additional
deposits into the Account as necessary to maintain a balance in the
Account equal to the Escrow Cash Amount (as defined in the Credit
Agreement). “Returned item” means (a) any item
deposited to the Account and returned unpaid, whether for
insufficient funds or for any other reason and without regard to
timeliness of the return or on any drawee’s notice of
non-payment; (b) any item subject to a Commercial Code or
Regulation CC (12 CFR Section 229), as in effect from time to time;
(c) any automated clearing house entry credited to the Account and
returned unpaid or subject to an adjustment entry under applicable
clearing house rules, whether for insufficient funds or any other
reason; (d) any credit to the Account from a merchant card
transaction, against which a contractual demand of chargeback has
been made; and (e) any credit made to the Account in
error.

 

 

 

-4-

 

 

8.

Indemnity.

 

Borrower and, to
the extent not indemnified by Borrower with ten (10) Business
Days’ prior written demand, First Lien Secured Party, agree
to indemnify Deposit Holder, its officers, directors, employees and
agents against claims, demands, losses, liabilities, damages, costs
and reasonable expenses arising out of this Agreement including any
reasonable fees and costs incurred by Deposit Holder in complying
with instructions or requests given by First Lien Secured Party
hereunder, and including reasonable attorneys’ fees and
disbursements and the reasonable estimate of the allocated costs
and expenses of in-house legal counsel and staff, except to the
extent the claims, losses, liabilities, damages, costs or expenses
are caused by Deposit Holder’s gross negligence or willful
misconduct as determined by a final non-appealable judgment of a
court of competent jurisdiction. IN NO EVENT WILL DEPOSIT HOLDER BE
LIABLE TO ANY PARTY FOR PUNITIVE, EXEMPLARY, CONSEQUENTIAL,
INDIRECT OR SPECIAL DAMAGES.

 

9.

Termination.

 

First
Lien Secured Party may terminate this Agreement at any time by
written notice to Deposit Holder and Borrower. Deposit Holder may
terminate this Agreement on thirty (30) days’ prior written
notice to First Lien Secured Party and Borrower. Borrower may not
terminate this Agreement except with written consent of First Lien
Secured Party.

 

10.

Governing
Law.

 

10.1 This
Agreement and the rights and obligations of the parties hereunder
(including any claims sounding in contract law or tort law arising
out of the subject matter hereof and any determinations with
respect to post-judgment interest) shall be governed by, and shall
be construed and enforced in accordance with, the laws of the State
of New York, without regard to conflict of laws principles thereof
that would result in the application of any law other than the law
of the State of New York.

 

10.2 Deposit
Holder’s jurisdiction for purposes of Section 9-304 of the
Uniform Commercial Code shall be the State of New
York.

 

11.

Entire
Agreement.

 

This
Agreement is the entire agreement among the parties regarding the
subject matter hereof and supersedes any prior agreements and
contemporaneous oral agreements of the parties concerning its
subject matter. This Agreement will control over any conflicting
agreement between Deposit Holder and Borrower.

 

12.

Amendments.

 

No
amendment of, or waiver of a right under, this Agreement will be
binding unless it is in writing and signed by Borrower, First Lien
Secured Party and Deposit Holder.

 

 

 

-5-

 

 

13.

Severability.

 

To the
extent a provision of this Agreement is unenforceable, this
Agreement will be construed as if the unenforceable provision were
omitted.

 

14.

Successors
and Assigns.

 

The
provisions of this Agreement shall be binding upon and inure to the
benefit of Deposit Holder, First Lien Secured Party and Borrower
and their respective successors and assigns.

 

15.

Notices.

 

All
notices, instructions and/or communications to a party under this
Agreement will be in writing and will be sent to the party’s
address set forth below or to such other address as the party may
notify the other parties.

 

First Lien Secured
Party: 

Wilmington
Trust, National Association

 

50
South Sixth Street, Suite 1290

 

Minneapolis,
MN 55402

 

Attention:
Josh James

 

Email: jjames@wilmingtontrust.com

 

Borrower: 

Fusion
Connect, Inc.

 

Address:
420 Lexington Ave, Suite 1718

 

New
York, NY 10170

 

Attention:
General Counsel

 

Email: jprenetta@fusionconnect.com

 

Deposit Holder: 

East
West Bank

 

Address:
9300 Flair Drive #100W

 

El
Monte, CA 91731

 

Attention:
Central Relationship Service

 

Email: centralrelationshipservice@eastwestbank.com

 

With
copy to:

 

East
West Bank

Telecommunications
Lending

135 North Los Robles Ave, 2nd
Floor

Pasadena,
CA 91101

Email: richard.vian@eastwestbank.com

           

david.hill@eastwestbank.com

 

To the
extent that Deposit Holder is precluded from making demand or
giving notice hereunder by reason of the commencement of a
bankruptcy or similar proceeding, then such demand or notice shall
be deemed to have been made or given at the commencement of such
proceeding.

 

 

-6-

 

 

16.

Deposit
Account Agreement.

 

The
Account shall also be governed by the Deposit Holder’s
account agreement and applicable fee schedules, provided however
that in event of conflict, this Agreement shall
control.

 

17.

No
agency, etc.

 

Nothing
contained in this Agreement shall create any agency, fiduciary,
joint venture or partnership relationship between or among
Borrower, First Lien Secured Party and Deposit Holder.

 

18.

Counterparts.

 

This
Agreement may be executed in counterparts, each of which shall be
an original, and all of which shall constitute one and the same
agreement.

 

19.

Waiver
of Jury Trial.

 

EACH
OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT
MATTER OF THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN
ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT,
INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER
IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP,
THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS
AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN
ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND
REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL
AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR
IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 19 AND EXECUTED BY EACH OF THE PARTIES
HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A
TRIAL BY THE COURT.

 

[Signature
pages follow.]

 

 

-7-

 

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 above written.

 

	
 

	

FIRST
LIEN SECURED PARTY

Wilmington Trust,
National Association, a National Banking Association

 

By: /s/ Joshua G.
James                        

Name:
Joshua G. James

Title:
Vice President

 

 

 

BORROWER

Fusion
Connect, Inc., a Delaware corporation

 

 

By: /s/ James P. Prenetta,
Jr.                                

Name:
James P. Prenetta, Jr.

Title:
Executive Vice Present and General Counsel

 

 

 

DEPOSIT
HOLDER

East
West Bank, a California Banking Corporation

 

 

By: /s/ Richard
Vian                             

Name:
Richard Vian

Title:
Senior Vice President

 

 

[Signature Page to
Deposit Account Control Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00283-of-00352.parquet"}]]