Document:

EX-10.2

 Exhibit 10.2 

Execution Version 

INTERCREDITOR AGREEMENT 

Dated as of January 11, 2016 

among 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as First Lien Administrative Agent 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Second Lien Collateral Trustee 

and acknowledged and agreed to by 

SUNEDISON, INC., 
 as the
Company 
 and the other Grantors referred to herein 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	 Definitions
	  	 	2	  
			
	 1.1
	 	 Defined Terms
	  	 	2	  
	 1.2
	 	 Terms Generally
	  	 	13	  
			
	 SECTION 2.
	 	 Lien Priorities
	  	 	13	  
			
	 2.1
	 	 Relative Priorities
	  	 	13	  
	 2.2
	 	 Prohibition on Contesting Liens; No Marshaling
	  	 	14	  
	 2.3
	 	 No New Liens
	  	 	15	  
	 2.4
	 	 Similar Liens and Agreements
	  	 	16	  
	 2.5
	 	 Perfection of Liens
	  	 	16	  
	 2.6
	 	 Nature of First Lien Obligations
	  	 	17	  
			
	 SECTION 3.
	 	 Enforcement
	  	 	17	  
			
	 3.1
	 	 Exercise of Remedies
	  	 	17	  
	 3.2
	 	 Actions Upon Breach; Specific Performance
	  	 	21	  
			
	 SECTION 4.
	 	 Payments
	  	 	22	  
			
	 4.1
	 	 Application of Proceeds
	  	 	22	  
	 4.2
	 	 Payments Over
	  	 	23	  
			
	 SECTION 5.
	 	 Other Agreements
	  	 	24	  
			
	 5.1
	 	 Releases
	  	 	24	  
	 5.2
	 	 Insurance
	  	 	26	  
	 5.3
	 	 Amendments to First Lien Loan Documents and Second Lien Documents
	  	 	27	  
	 5.4
	 	 Confirmation of Subordination in Second Lien Collateral Documents
	  	 	29	  
	 5.5
	 	 Gratuitous Bailee/Agent for Perfection
	  	 	30	  
	 5.6
	 	 When Discharge of Obligations Deemed to Not Have Occurred
	  	 	32	  
	 5.7
	 	 Purchase Right
	  	 	33	  
	 5.8
	 	 Designation of Hedging/Bank Product Obligations
	  	 	35	  
			
	 SECTION 6.
	 	 Insolvency or Liquidation Proceedings
	  	 	35	  
			
	 6.1
	 	 Finance and Sale Issues
	  	 	35	  
	 6.2
	 	 Relief from the Automatic Stay
	  	 	36	  
	 6.3
	 	 Adequate Protection
	  	 	37	  
	 6.4
	 	 No Waiver
	  	 	39	  
	 6.5
	 	 Avoidance Issues
	  	 	39	  
	 6.6
	 	 Reorganization Securities
	  	 	39	  
	 6.7
	 	 Post-Petition Interest
	  	 	39	  
	 6.8
	 	 Waiver
	  	 	40	  
	 6.9
	 	 Separate Grants of Security and Separate Classification
	  	 	40	  
	 6.10
	 	 Effectiveness in Insolvency or Liquidation Proceedings
	  	 	41	  

  
 i 

							
	 SECTION 7.
	 	 Reliance; Waivers; Etc
	  	 	41	  
			
	 7.1
	 	 Reliance
	  	 	41	  
	 7.2
	 	 No Warranties or Liability
	  	 	41	  
	 7.3
	 	 No Waiver of Lien Priorities
	  	 	42	  
	 7.4
	 	 Obligations Unconditional
	  	 	44	  
			
	 SECTION 8.
	 	 Miscellaneous
	  	 	45	  
			
	 8.1
	 	 Integration/Conflicts
	  	 	45	  
	 8.2
	 	 Effectiveness; Continuing Nature of this Agreement; Severability
	  	 	45	  
	 8.3
	 	 Amendments; Waivers
	  	 	46	  
	 8.4
	 	 Information Concerning Financial Condition of the Company and its Subsidiaries
	  	 	46	  
	 8.5
	 	 Subrogation
	  	 	47	  
	 8.6
	 	 Application of Payments
	  	 	47	  
	 8.7
	 	 Submission to Jurisdiction; Certain Waivers
	  	 	48	  
	 8.8
	 	 WAIVER OF JURY TRIAL.
	  	 	49	  
	 8.9
	 	 Notices
	  	 	49	  
	 8.10
	 	 Further Assurances
	  	 	49	  
	 8.11
	 	 APPLICABLE LAW
	  	 	50	  
	 8.12
	 	 Binding on Successors and Assigns
	  	 	50	  
	 8.13
	 	 Section Headings
	  	 	50	  
	 8.14
	 	 Counterparts
	  	 	50	  
	 8.15
	 	 Authorization
	  	 	51	  
	 8.16
	 	 No Third Party Beneficiaries/ Provisions Solely to Define Relative Rights
	  	 	51	  
	 8.17
	 	 No Indirect Actions
	  	 	51	  
	 8.18
	 	 Additional Grantors
	  	 	51	  
			
	 EXHIBITS
	 		  			
		
	 Exhibit A – Joinder Agreement (Additional Grantors)
	  			

  
 ii 

 INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this
“Agreement”), is dated as of January 11, 2016, and entered into by and among WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), as administrative agent for the holders of the First Lien
Obligations (as defined below) (in such capacity and together with its successors and assigns from time to time, the “First Lien Administrative Agent”) and WILMINGTON TRUST, NATIONAL ASSOCIATION (“Wilmington
Trust”), as collateral trustee for the holders of the Second Lien Obligations (as defined below) (in such capacity and together with its successors and assigns from time to time, the “Second Lien Collateral Trustee”) and
acknowledged and agreed to by SUNEDISON, INC., a Delaware corporation (the “Company”) and the other Grantors (as defined below). Capitalized terms used in this Agreement have the meanings assigned to them in Section 1
below. 
 RECITALS 

The Company, the lenders and agents party thereto, and Wells Fargo, as administrative agent, have entered into the First Lien Credit Agreement
dated as of February 28, 2014 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time or, subject to Section 5.3 hereof, Refinanced, the “First Lien Credit Agreement”;
provided, however, that no such agreement governing any Refinanced Indebtedness shall constitute a First Lien Credit Agreement if such agreement expressly provides that it is not intended to be a First Lien Credit Agreement hereunder);

 The Company, the lenders party thereto, and Deutsche Bank AG New York Branch, as administrative agent (in such capacity and
together with its successors in such capacity, the “Second Lien Administrative Agent”), Joint Lead Arrangers and Joint Book Runners named therein, and the Sole Syndication Agent named therein, have entered into the Second Lien
Credit Agreement dated as of January 11, 2016 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, or, subject to Section 5.3 hereof, Refinanced, the “Second Lien Credit
Agreement”; provided, however, that no such agreement governing any Refinanced Indebtedness shall constitute a Second Lien Credit Agreement if such agreement expressly provides that it is not intended to be a Second Lien
Credit Agreement hereunder); 
 The Company intends to issue 5.00% guaranteed convertible senior secured notes due July 2, 2018
(including any related exchange notes, the “Second Lien Notes”) in an aggregate principal amount of $225,000,000 pursuant to an Indenture dated as of the date hereof (as amended, supplemented, amended and restated or otherwise
modified and in effect from time to time, or, subject to Section 5.3 hereof, Refinanced, the “Second Lien Indenture”; provided, however, that no agreement governing any Refinanced Indebtedness shall constitute a
Second Lien Indenture if such agreement expressly provides that it is not intended to be a Second Lien Indenture hereunder) among the Company, the guarantors party thereto and Wilmington Trust, as trustee (in such capacity and together with its
successors in such capacity, the “Second Lien Indenture Trustee”). 

 Pursuant to (i) the First Lien Credit Agreement, the Company has agreed to cause certain
current and future Subsidiaries to agree to guarantee the First Lien Obligations pursuant to a Subsidiary Guaranty (the “First Lien Subsidiary Guaranty”) and (ii) the Second Lien Credit Agreement and the Second Lien Indenture,
the Company has agreed to cause certain current and future Subsidiaries to agree to guarantee the Second Lien Obligations pursuant to the Subsidiary Guaranties (the “Second Lien Subsidiary Guaranties”); 

The obligations of the Company under the First Lien Credit Agreement, the obligations of the Company and the other Grantors under certain
Hedge Agreements and in respect of Bank Product Obligations, and the obligations of the Subsidiary guarantors under the First Lien Subsidiary Guaranty are secured on a first-priority basis by liens on substantially all the assets of the Company and
the Subsidiary guarantors (such current and future Subsidiaries of the Company providing a guarantee thereof, the “Guarantor Subsidiaries”), respectively, pursuant to the terms of the First Lien Collateral Documents; 

The obligations of the Company under the Second Lien Credit Agreement the Second Lien Indenture and the Other Pari Passu Lien Debt Documents
(as defined below) and the obligations of the Guarantor Subsidiaries under the Second Lien Subsidiary Guaranties will be secured on a second-priority basis by liens on substantially all the assets of the Company and the Guarantor Subsidiaries,
respectively, pursuant to the terms of the Second Lien Collateral Documents; 
 The First Lien Loan Documents and the Second Lien Documents
provide, among other things, that the parties thereto shall set forth in this Agreement their respective rights and remedies with respect to the Collateral; and 

In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, each of the First Lien Administrative Agent (on behalf of each First Lien Claimholder) and the Second Lien Collateral Trustee (on behalf of each Second Lien Claimholder), intending to be
legally bound, hereby agrees as follows: 
 AGREEMENT 

SECTION 1. Definitions. 
 1.1
Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 
 “Administrative
Agent” means any First Lien Administrative Agent and/or any Second Lien Collateral Trustee, as the context may require. 

  
 2 

 “Affiliate” means, with respect to a specified Person, (a) any other Person
that, directly or indirectly, Controls, is Controlled by or is under common Control with the Person specified or is a director or officer of the Person specified or (b) any other Person that directly or indirectly owns 10% or more of any class
of equity interests of the Person specified. 
 “Agreement” has the meaning set forth in the Preamble to this Agreement.

 “Bank Product Obligations” means, all obligations and liabilities (whether direct or indirect, absolute or contingent,
due or to become due or now existing or hereafter incurred) of the Company or any other Grantor, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise, which may arise under, out of, or
in connection with any treasury, investment, depository, clearing house, wire transfer, cash management or automated clearing house transfers of funds services or any related services, to any Person permitted to be a secured party in respect of such
obligations under the applicable First Lien Loan Documents or Second Lien Documents, including, without limitation, First Lien Obligations arising from Related Treasury Management Arrangements (as defined in the First Lien Credit Agreement). 

“Bankruptcy Case” means a case under the Bankruptcy Code or any other Bankruptcy Law. 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in
effect, or any successor statute. 
 “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign
law for the relief of debtors. 
 “Business Day” means a day other than a Saturday, Sunday or other day on which commercial
banks in New York City are authorized or required by law to close. 
 “Claimholders” means the First Lien Claimholders
and/or the Second Lien Claimholders, as the context may require. 
 “Collateral” means, at any time (except for Excluded
Collateral, upon which neither the First Lien Administrative Agent nor the Second Lien Collateral Trustee shall hold a Lien but upon which the Second Lien Administrative Agent shall hold a Lien), all of the assets and property of any Grantor,
whether real, personal or mixed, in which the holders of First Lien Obligations and the holders of Second Lien Obligations (or their respective Administrative Agents) hold, purport to hold or are required to hold, a security interest at such time
(or, in the case of the First Lien Obligations, are deemed pursuant to Section 2 to hold a security interest), including any property subject to Liens granted pursuant to Section 6 to secure both First Lien Obligations and Second Lien
Obligations. 

  
 3 

 “Collateral Documents” means the First Lien Collateral Documents and the Second
Lien Collateral Documents. 
 “Company” has the meaning set forth in the Preamble to this Agreement. 

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

“Declined Liens” has the meaning set forth in Section 2.3. 

“DIP Financing” has the meaning set forth in Section 6.1. 

“Discharge of First Lien Obligations” means, except to the extent otherwise expressly provided in Section 5.6, each of
the following has occurred: 
 (a) payment in full in cash of the principal of and interest (including interest accruing on or after the
commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all Indebtedness outstanding under the First Lien Loan Documents and constituting First Lien
Obligations; 
 (b) payment in full in cash of all Hedging Obligations constituting First Lien Obligations or the cash collateralization of
all such Hedging Obligations on terms satisfactory to each applicable counterparty (or the making of other arrangements satisfactory to the applicable counterparty); 

(c) payment in full in cash of all other 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 (other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time); 

(d) termination or expiration of all commitments, if any, to extend credit that would constitute First Lien Obligations; and 

(e) termination or cash collateralization (in an amount and manner reasonably satisfactory to the applicable letter of credit issuer, but in
no event greater than 102.5% of the aggregate undrawn face amount), or the making of other arrangements satisfactory to the applicable letter of credit issuer of all letters of credit issued under the First Lien Loan Documents and constituting First
Lien Obligations; 
 provided, that the Discharge of First Lien Obligations shall be deemed not to have occurred if any First Lien Loan Document is
Refinanced in accordance with Section 5.3 and such Refinanced Indebtedness is then in effect and has not itself been Discharged or Refinanced in accordance with Section 5.3. 

  
 4 

 “Discharge of Second Lien Obligations” means, except to the extent otherwise
expressly provided in Section 5.6, each of the following has occurred: 
 (a) payment in full in cash of the principal of and interest
(including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all Indebtedness outstanding under the Second Lien
Documents and constituting Second Lien Obligations; 
 (b) payment in full in cash of all other Second Lien Obligations that are due and
payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time); and 

(c) termination or expiration of all commitments, if any, to extend credit that would constitute Second Lien Obligations; and 

provided, that the Discharge of Second Lien Obligations shall be deemed not to have occurred if any Second Lien Document is Refinanced in accordance
with Section 5.3 and such Refinanced Indebtedness is then in effect and has not itself been Discharged or Refinanced in accordance with Section 5.3. 

“Disposition” has the meaning set forth in Section 5.1(b). 

“Enforcement Action” means any action to: 

(a) foreclose, execute, levy, or collect on, take possession or control of (other than for purposes of perfection), sell or otherwise realize
upon (judicially or non-judicially), or lease, license, or otherwise dispose of (whether publicly or privately), Collateral, or otherwise exercise or enforce remedial rights with respect to Collateral under the First Lien Loan Documents or the
Second Lien Documents (including by way of setoff, recoupment, notification of a public or private sale or other disposition pursuant to the UCC or other applicable law, notification to account debtors, notification to depositary banks under deposit
account control agreements, or exercise of rights under landlord consents, if applicable); 
 (b) solicit bids from third Persons, approve
bid procedures for any proposed disposition of Collateral, to conduct the liquidation or disposition of Collateral or engage or retain sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third Persons
for the purposes of valuing, marketing, promoting, and selling Collateral; 
 (c) receive a transfer of Collateral in satisfaction of
Indebtedness or any other Obligation secured thereby; 
 (d) otherwise enforce a security interest or exercise another right or remedy, as a
secured creditor or otherwise, pertaining to the Collateral at law, in equity, or pursuant to the First Lien Loan Documents or Second Lien Documents (including the 

  
 5 

 
commencement of applicable legal proceedings or other actions with respect to all or any portion of the Collateral to facilitate the actions described in the preceding clauses, and exercising
voting rights in respect of equity interests comprising Collateral); or 
 (e) effectuate or cause the Disposition of Collateral by any
Grantor after the occurrence and during the continuation of an event of default under the First Lien Loan Documents or the Second Lien Documents with the consent of the First Lien Administrative Agent (or First Lien Claimholders) or the Second Lien
Collateral Trustee (or Second Lien Claimholders), as applicable. 
 “Excess First Lien Obligations” means any Obligations
that would constitute First Lien Obligations if not for the First Lien Cap Amount. 
 “Excess Second Lien Obligations”
means any Obligations that would constitute Second Lien Obligations if not for the Second Lien Cap Amount. 
 “Excluded
Collateral” means the “Fronting Compensation Fee Account” (as defined in the Second Lien Credit Agreement as in effect on the date hereof) and the funds on deposit therein. 

“First Lien Administrative Agent” has the meaning set forth in the Preamble to this Agreement. 

“First Lien Cap Amount” means, (x) unless the Company or any other Grantor shall be subject to any Insolvency or
Liquidation Proceeding, $800,000,000 and (y) if the Company or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding, the lesser of (i) $950,000,000 and (ii) the amount of Indebtedness outstanding under the
First Lien Credit Agreement on the date of commencement of such Insolvency or Liquidation Proceeding plus $150,000,000. 
 “First
Lien Claimholders” means, at any relevant time, the holders of First Lien Obligations at that time, including the First Lien Lenders and the agents under the First Lien Loan Documents. 

“First Lien Collateral” means any “Collateral,” or “Pledged Collateral” or similar term as defined in any
First Lien Loan Document or any other assets of the Company or any other Grantor with respect to which a Lien is granted or purported to be granted or required to be granted pursuant to a First Lien Loan Document as security for any First Lien
Obligations and shall include any property or assets subject to replacement Liens or adequate protection Liens in favor of any First Lien Claimholder; provided, however, that First Lien Collateral shall not include Excluded Collateral.

 “First Lien Collateral Documents” means the Security Documents (as defined in the First Lien Loan Documents) and any
other agreement, document or instrument pursuant to which a Lien is granted securing any First Lien Obligations or pursuant to which any such Lien is perfected. 

  
 6 

 “First Lien Credit Agreement” has the meaning set forth in the Recitals to this
Agreement. 
 “First Lien Debt” means the Indebtedness and guarantees thereof now or hereafter incurred pursuant to the
First Lien Loan Documents. 
 “First Lien Lenders” means the “Lenders” under and as defined in the First Lien
Loan Documents. 
 “First Lien Loan Documents” means the First Lien Credit Agreement and the Loan Documents (as defined in
the First Lien Credit Agreement) and each of the other agreements, documents and instruments entered into for the purpose of evidencing, governing, securing or perfecting the First Lien Obligations and any other document or instrument executed or
delivered at any time in connection with any First Lien Obligations, including any intercreditor or joinder agreement among holders of First Lien Obligations, to the extent such are effective at the relevant time, as each may be amended, restated,
amended and restated, supplemented, replaced or Refinanced or otherwise modified from time to time in accordance with the provisions of this Agreement. 

“First Lien Obligations” means the “Obligations” as defined in the First Lien Credit Agreement; provided,
however, that notwithstanding the foregoing, if the sum of: (1) Indebtedness constituting principal outstanding under the First Lien Credit Agreement and the other First Lien Loan Documents; plus (2) the aggregate face amount
of any letters of credit issued and outstanding under the First Lien Credit Agreement (whether or not drawn, but without duplication of any amounts included in clause (1)), exceeds the First Lien Cap Amount, then only that portion of such
Indebtedness and such aggregate face amount of letters of credit (on a pro rata basis based on the aggregate outstanding principal amount of such Indebtedness and face amount of letters of credit) equal to the First Lien Cap Amount shall be included
in First Lien Obligations and interest and reimbursement obligations with respect to such Indebtedness and letters of credit shall only constitute First Lien Obligations to the extent related to Indebtedness and face amounts of letters of credit
included in the First Lien Obligations. For avoidance of doubt, Hedging Obligations and Bank Product Obligations shall not be subject to the First Lien Cap Amount. 

“First Lien Subsidiary Guaranty” has the meaning set forth in the Recitals to this Agreement. 

“Governmental Authority” means any federal, state, municipal, national or other government, governmental department,
commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any
court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government. 

  
 7 

 “Grantors” means the Company, each of the Guarantor Subsidiaries and each other
Person that has or may from time to time hereafter execute and deliver any First Lien Collateral Document and/or Second Lien Collateral Document as a “grantor” or “pledgor” (or the equivalent thereof) to secure any First Lien
Obligations and/or Second Lien Obligations, as the context may require. 
 “Guarantor Subsidiaries” has the meaning set
forth in the Recitals to this Agreement. 
 “Hedge Agreement” means a Swap Contract entered into by the Company or a
Subsidiary with a counterparty as permitted under the First Lien Loan Documents. 
 “Hedging Obligation” of any Person
means any obligation of such Person pursuant to any Hedge Agreement that constitutes First Lien Obligations. 

“Indebtedness” means and includes all indebtedness for borrowed money; for the avoidance of doubt, “Indebtedness”
shall not include reimbursement or other obligations in respect of letters of credit, Hedging Obligations or Bank Product Obligations. 

“Insolvency or Liquidation Proceeding” means: 

(a) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Grantor; 

(b) any other voluntary or involuntary insolvency, reorganization or Bankruptcy Case or proceeding, or any receivership, liquidation,
reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of their respective assets; 

(c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy; or 
 (d) any assignment for the benefit of creditors or any other marshaling of assets and liabilities of any
Grantor. 
 “Joinder Agreement” means a supplement to this Agreement in the form of Exhibit A hereto required to be
executed pursuant to Section 8.18. 
 “Lien” means any lien (including, judgment liens and liens arising by operation
of law), mortgage, pledge, hypothecation, assignment, deposit arrangement, security interest, charge, preference or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention
agreement, any easement, right of way or other encumbrance on title to real property, and any lease having substantially the same economic effect as any of the foregoing) and any option, call, trust (whether contractual, statutory, deemed,
equitable, constructive, resulting or otherwise), UCC financing statement or other preferential arrangement having the practical effect of any of the foregoing, including any right of set-off or recoupment. 

  
 8 

 “New First Lien Agent” has the meaning set forth in Section 5.6(a). 

“New First Lien Debt Notice” has the meaning set forth in Section 5.6(a). 

“New Second Lien Collateral Trustee” has the meaning set forth in Section 5.6(b). 

“New Second Lien Debt Notice” has the meaning set forth in Section 5.6(b). 

“Obligations” means all obligations of every nature of the Company and each other Grantor from time to time owed to any agent
or trustee, the First Lien Claimholders, the Second Lien Claimholders or any of them or their respective Affiliates, in each case, under the First Lien Loan Documents, the Second Lien Documents or Hedge Agreements, whether for principal, interest or
payments for early termination of Swap Contracts, fees, expenses, indemnification or otherwise and all guarantees of any of the foregoing and including any interest and fees that accrue after the commencement by or against any Person of any
proceeding under any Bankruptcy Law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“Other Pari Passu Lien Debt” has the meaning ascribed to such term in clause (3) of the definition of “Pari Passu
Lien Debt” in the Second Lien Collateral Trust Agreement. 
 “Other Pari Passu Lien Debt Documents” means any
indenture, notes, credit agreement or other agreement or instrument pursuant to which any Other Pari Passu Lien Debt is incurred and each other instrument or agreement executed in connection with Other Pari Passu Lien Debt. 

“Pay-Over Amount” has the meaning set forth in Section 6.3(b). 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, limited partnership, Governmental Authority or other entity. 
 “Pledged Collateral” has the meaning set forth
in Section 5.5. 
 “Post-Petition Interest” means interest, fees, expenses and other charges that pursuant to the
First Lien Loan Documents or the Second Lien Documents, as applicable, continue to accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest, fees, expenses and other charges are allowed or allowable
under the Bankruptcy Law or in any such Insolvency or Liquidation Proceeding. 

  
 9 

 “Purchase Price” has the meaning set forth in Section 5.7. 

“Recovery” has the meaning set forth in Section 6.5. 

“Refinance” means, in respect of any Indebtedness, to refinance, renew, defease, restructure, replace, refund or repay, or to
issue other Indebtedness in exchange or replacement for, such Indebtedness in whole or in part and subject, in the case of First Lien Debt, to the First Lien Cap Amount or, in the case of Second Lien Debt, to the Second Lien Cap Amount regardless of
whether the principal amount of such Refinancing Indebtedness is the same, greater than or less than the principal amount of the Refinanced Indebtedness. “Refinanced” and “Refinancing” shall have correlative
meanings. 
 “Second Lien Adequate Protection Payments” has the meaning set forth in Section 6.3(b). 

“Second Lien Administrative Agent” has the meaning set forth in the Recitals to this Agreement. 

“Second Lien Cap Amount” means, (x) unless the Company or any other Grantor shall be subject to any Insolvency or
Liquidation Proceeding, $950,000,000 plus the principal amount of the Indebtedness incurred pursuant to and in accordance with Section 2.14 of the Second Lien Credit Agreement as in effect on the date hereof and (y) if the Company
or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding, the lesser of (i) $1,300,000,000 and (ii) the aggregate amount of Indebtedness outstanding under the Second Lien Credit Agreement, the Second Lien Notes
issued pursuant to the Second Lien Indenture and Indebtedness under the Other Pari Passu Lien Debt Documents on the date of commencement of such Insolvency or Liquidation Proceeding plus $150,000,000. 

“Second Lien Claimholders” means, at any relevant time, the holders of Second Lien Obligations at that time, including the
Second Lien Noteholders, the Second Lien Lenders, holders of the Other Pari Passu Lien Debt and the agents and trustees under the Second Lien Documents. 

“Second Lien Collateral” means any “Collateral,” “Pledged Collateral” or similar term as defined in any
Second Lien Document or any other assets of the Company or any other Grantor with respect to which a Lien is granted, purported to be granted or required to be granted pursuant to a Second Lien Document as security for any Second Lien Obligations
and shall include any property or assets subject to replacement Liens or adequate protection Liens in favor of any Second Lien Claimholder. 

“Second Lien Collateral Documents” means the Pari Passu Lien Security Documents (as defined in the Second Lien Collateral
Trust Agreement), the Second Lien Collateral Trust Agreement and any other agreement, document or instrument pursuant to which a Lien is granted securing any Second Lien Obligations or pursuant to which any such Lien is perfected. 

  
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 “Second Lien Collateral Trustee” has the meaning set forth in the Preamble of
this Agreement. 
 “Second Lien Credit Agreement” has the meaning set forth in the Recitals to this Agreement. 

“Second Lien Collateral Trust Agreement” means that certain Collateral Trust Agreement dated as of the date hereof, by and
among the Second Lien Administrative Agent, the Second Lien Indenture Trustee, the Second Lien Collateral Trustee, additional pari passu lien representatives from time to time party thereto, the Company and the Guarantors from time to time party
thereto, specifying the equal and ratable lien sharing and related matters as among the Second Lien Claimholders. 
 “Second Lien
Debt” means the Indebtedness and guarantees thereof now or hereafter incurred pursuant to the Second Lien Documents. 

“Second Lien Documents” means the Second Lien Credit Agreement, the Loan Documents (as defined in the Second Lien Credit
Agreement), the Second Lien Indenture, the Collateral Documents (as defined in the Second Lien Indenture), the Second Lien Notes, the Second Lien Subsidiary Guaranties, Other Pari Passu Lien Debt Documents, the Second Lien Collateral Trust Agreement
and each of the other agreements, documents and instruments entered into for the purpose of evidencing, governing, securing or perfecting the Second Lien Obligations, and any other document or instrument executed or delivered at any time in
connection with any Second Lien Obligations, including any intercreditor or joinder agreement among holders of Second Lien Obligations to the extent such are effective at the relevant time, as each may be amended, restated, amended and restated,
supplemented, replaced or Refinanced or otherwise modified from time to time in accordance with the provisions of this Agreement. 

“Second Lien Indenture” has the meaning set forth in the Recitals to this Agreement. 

“Second Lien Indenture Trustee” has the meaning set forth in the Recitals to this Agreement. 

“Second Lien Lenders” means the “Lenders” under and as defined in the Second Lien Credit Agreement. 

“Second Lien Mortgages” means a collective reference to each mortgage, deed of trust and any other document or instrument
under which any Lien on real property owned or leased by any Grantor is granted to secure any Second Lien Obligations or under which rights or remedies with respect to any such Liens are governed. 

“Second Lien Notes” has the meaning set forth in the Recitals to this Agreement. 

  
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 “Second Lien Noteholders” means the holders of the Second Lien Notes. 

“Second Lien Obligations” means all “Obligations” or similar term as defined in the Second Lien Credit Agreement,
the Second Lien Indenture and the Other Pari Passu Lien Debt Documents; provided, however, that notwithstanding the foregoing, if the sum of Indebtedness constituting principal outstanding under the Second Lien Credit Agreement, the Second
Lien Notes issued under Second Lien Indenture, the Other Pari Passu Lien Debt Documents and the other Second Lien Documents exceeds the Second Lien Cap Amount, then only that portion of such Indebtedness (on a pro rata basis based on the aggregate
outstanding principal amount of such Indebtedness) equal to the Second Lien Cap Amount shall be included in Second Lien Obligations and interest and reimbursement obligations with respect to such Indebtedness shall only constitute Second Lien
Obligations to the extent related to Indebtedness included in the Second Lien Obligations. 
 “Second Lien Subsidiary
Guaranty” has the meaning set forth in the Recitals to this Agreement. 
 “Short Fall” has the meaning set forth
in Section 6.3(b). 
 “Standstill Period” has the meaning set forth in Section 3.1. 

“Subsidiary” means, as to any Person, a corporation, partnership, joint venture, limited liability company or other entity of
which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or
other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. 

“Swap Contract” means (a) any and all interest rate swap transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options for forward bond or forward bond price or forward bond index
transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other
similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions
of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange
Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including such obligations or liabilities under any Master Agreement. For the avoidance of doubt, all
Related Swap Contracts (as defined in the First Lien Credit Agreement) are Swap Contracts. 

  
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 “UCC” means the Uniform Commercial Code (or any similar or equivalent
legislation) as in effect in any applicable jurisdiction. 
 1.2 Terms Generally. The definitions of terms in this Agreement shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise:

 (a) any definition of or reference herein to any agreement, instrument or other document, shall be construed as referring
to such agreement, instrument or other document, as amended, restated, amended and restated, supplemented or otherwise modified from time to time and any reference herein to any statute or regulations shall include any amendment, renewal, extension
or replacement thereof; 
 (b) any reference herein to any Person shall be construed to include such Person’s successors
and assigns from time to time; 
 (c) the words “herein,” “hereof” and “hereunder,” and words
of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof; 

(d) all references herein to Sections shall be construed to refer to Sections of this Agreement; and 

(e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 2. Lien
Priorities. 
 2.1 Relative Priorities. Notwithstanding the date, time, method, manner or order of grant, attachment or
perfection of any Liens securing the Second Lien Obligations granted on the Collateral or of any Liens securing the First Lien Obligations granted on the Collateral and notwithstanding any provision of the UCC or any other applicable law or the
Second Lien Documents or any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the First Lien Obligations, the subordination of such Liens to any
other Liens, or any other circumstance whatsoever, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Grantor, the Second Lien Collateral Trustee, for itself and on behalf of each other
Second 

  
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Lien Claimholder, and the First Lien Administrative Agent, for itself and on behalf of each other First Lien Claimholder, hereby agrees that: 

(a) any Lien on the Collateral securing any First Lien Obligations now or hereafter held by or on behalf of the First Lien
Administrative Agent or any First Lien Claimholders or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any
Lien on the Collateral securing any Second Lien Obligations; 
 (b) any Lien on the Collateral securing any Second Lien
Obligations now or hereafter held by or on behalf of the Second Lien Collateral Trustee, any Second Lien Claimholders or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation
or otherwise, shall be junior and subordinate in all respects to all Liens on the Collateral securing any First Lien Obligations. All Liens on the Collateral securing any First Lien Obligations shall be and remain senior in all respects and prior to
all Liens on the Collateral securing any Second Lien Obligations for all purposes, whether or not such Liens securing any First Lien Obligations are subordinated to any Lien securing any other obligation of the Company, any other Grantor or any
other Person; 
 (c) any Lien on the Collateral securing any Excess First Lien Obligations now or hereafter held by or on
behalf of the First Lien Administrative Agent, any First Lien Claimholders or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and
subordinate in all respects to any Lien on the Collateral securing any Second Lien Obligations; and 
 (d) any Lien on the
Collateral securing any Excess Second Lien Obligations now or hereafter held by or on behalf of the Second Lien Collateral Trustee or any Second Lien Claimholders or any agent or trustee therefor, regardless of how acquired, whether by grant,
possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to any Lien on the Collateral securing any First Lien Obligations or any Excess First Lien Obligations. 

2.2 Prohibition on Contesting Liens; No Marshaling. Each of the Second Lien Collateral Trustee, for itself and on behalf of each other
Second Lien Claimholder, and the First Lien Administrative Agent, for itself and on behalf of each other First Lien Claimholder, agrees that it will not (and hereby waives any right to) directly or indirectly contest or support any other Person in
contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the priority, validity, perfection, extent or enforceability of a Lien held, or purported to be held, by or on behalf of any of the First Lien Claimholders in the
First Lien Collateral or by or on behalf of any of the Second Lien Claimholders in the Second Lien Collateral, as the case may be, or the amount, nature or extent of the First Lien Obligations or Second Lien Obligations or the

  
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provisions of this Agreement; provided, that nothing in this Agreement shall be construed to prevent or impair the rights of the First Lien Administrative Agent or any other First Lien
Claimholder to enforce this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the First Lien Obligations as provided in Sections 2.1 and 3.1. Until the Discharge of First Lien Obligations, neither
the Second Lien Collateral Trustee nor any other Second Lien Claimholder will assert any marshaling right that may otherwise be available to a junior secured creditor. 

2.3 No New Liens. So long as the Discharge of First Lien Obligations has not occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against the Company or any other Grantor, the Company shall not, and shall not permit any other Grantor to: 

(a) except for Excluded Collateral, upon which neither the First Lien Administrative Agent nor the Second Lien Collateral
Trustee shall hold a Lien but upon which the Second Lien Administrative Agent shall hold a Lien, grant or permit any additional Liens on any asset or property to secure any Second Lien Obligation unless it has granted or concurrently grants a Lien
on such asset or property to secure the First Lien Obligations, the parties hereto agreeing that any such Lien shall be subject to Section 2.1; provided that this provision will not be violated with respect to any First Lien Obligations
if the First Lien Administrative Agent is given a reasonable opportunity to accept a Lien on any asset or property and either the Company or the First Lien Administrative Agent states in writing that the First Lien Loan Documents prohibit the First
Lien Administrative Agent from accepting a Lien on such asset or property, or the First Lien Administrative Agent otherwise expressly declines to accept a Lien on such asset or property (any such prohibited or declined lien, a “First Lien
Declined Lien”). 
 (b) grant or permit any additional Liens on any asset or property to secure any First Lien
Obligations unless it has granted or concurrently grants a Lien on such asset or property to secure the Second Lien Obligations; provided that this provision will not be violated with respect to any Second Lien Obligations if the Second Lien
Collateral Trustee is given a reasonable opportunity to accept a Lien on any asset or property and either the Company or the Second Lien Collateral Trustee states in writing that the Second Lien Documents prohibit the Second Lien Collateral Trustee
from accepting a Lien on such asset or property, or the Second Lien Collateral Trustee otherwise expressly declines to accept a Lien on such asset or property (any such prohibited or declined lien, a “Second Lien Declined Lien” and,
together with the First Lien Declined Liens, the “Declined Liens”). 
 Except for Excluded Collateral, upon which neither the First Lien
Administrative Agent nor the Second Lien Collateral Trustee shall hold a Lien but upon which the Second Lien Administrative Agent shall hold a Lien, and any Declined Liens, if the Second Lien Collateral Trustee or any Second Lien Claimholder shall
hold any Lien on any assets or property of any Grantor securing any Second Lien Obligations that are not also subject to 

  
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the first-priority Liens securing all First Lien Obligations under the First Lien Collateral Documents, the Second Lien Collateral Trustee or Second Lien Claimholder (i) shall notify the
First Lien Administrative Agent promptly upon becoming aware thereof, and (ii) unless such Grantor shall promptly grant a similar Lien, other than any such Lien that would constitute a Declined Lien, on such assets or property to the First Lien
Administrative Agent as security for the First Lien Obligations, the Second Lien Collateral Trustee and Second Lien Claimholders shall be deemed to hold and have held such Lien for the benefit of the First Lien Administrative Agent and the other
First Lien Claimholders, other than any First Lien Claimholders whose First Lien Loan Documents prohibit them from taking such Liens, as security for the First Lien Obligations. To the extent that the foregoing provisions are not complied with for
any reason, without limiting any other rights and remedies available to any First Lien Administrative Agent and/or the First Lien Claimholders, the Second Lien Collateral Trustee, on behalf of each Second Lien Claimholder, agrees that any amounts
received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2. 

2.4 Similar Liens and Agreements. The parties hereto agree that, subject to Sections 2.3 and 5.3(c) and except for Excluded Collateral,
upon which neither the First Lien Administrative Agent nor the Second Lien Collateral Trustee shall hold a Lien but upon which the Second Lien Administrative Agent shall hold a Lien, it is their intention that the First Lien Collateral and the
Second Lien Collateral be identical. In furtherance of the foregoing and of Section 8.10, the parties hereto agree, subject to the other provisions of this Agreement: 

(a) upon request by the First Lien Administrative Agent or the Second Lien Collateral Trustee, to cooperate in good faith (and
to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the First Lien Collateral and the Second Lien Collateral and the steps taken to perfect their respective Liens thereon and the
identity of the respective parties obligated under the First Lien Loan Documents and the Second Lien Documents; and 
 (b)
that the documents and agreements creating or evidencing the First Lien Collateral and the Second Lien Collateral and guarantees for the First Lien Obligations and the Second Lien Obligations, subject to Sections 2.3 and 5.3(c), shall be in all
material respects the same forms of documents other than with respect to the first lien and the second lien nature of the Obligations thereunder. 

2.5 Perfection of Liens. Except for the arrangements contemplated by Section 5.5, none of the First Lien Administrative Agent or
the First Lien Claimholders shall be responsible for perfecting and maintaining the perfection of Liens with respect to the Collateral for the benefit of the Second Lien Collateral Trustee or the Second Lien Claimholders. The provisions of this
Agreement are intended solely to govern the respective Lien priorities as between the First Lien Claimholders on the one hand and the Second Lien Claimholders on the other hand and such provisions shall not impose on the

  
 16 

 
First Lien Administrative Agent, the First Lien Claimholders, the Second Lien Collateral Trustee, the Second Lien Claimholders or any agent or trustee therefor any obligations in respect of the
disposition of proceeds of any Collateral which would conflict with prior-perfected claims therein in favor of any other Person or any order or decree of any court or Governmental Authority or any applicable law. 

2.6 Nature of First Lien Obligations. Each Second Lien Collateral Trustee, on behalf of itself and each Second Lien Claimholder
represented by it, acknowledges that a portion of the First Lien Obligations represents, or may in the future represent, debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be
increased or reduced and subsequently re-borrowed, and that, the terms of the First Lien Loan Documents and the First Lien Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the First Lien
Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Second Lien Collateral Trustee or the other Second Lien Claimholders and without affecting the provisions hereof. The lien priorities provided
in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of either the First Lien Obligations or the
Second Lien Obligations, or any portion thereof. 
 SECTION 3. Enforcement. 

3.1 Exercise of Remedies. 

(a) Until the Discharge of First Lien Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has
been commenced by or against the Company or any other Grantor, the Second Lien Collateral Trustee and the Second Lien Claimholders: 

(1) will not commence or maintain, or seek to commence or maintain, any Enforcement Action or otherwise exercise any rights or
remedies with respect to the Collateral; provided that the Second Lien Collateral Trustee may commence an Enforcement Action or otherwise exercise any or all such rights or remedies after the passage of a period of at least 180 days has
elapsed since the later of: (i) the date on which the Second Lien Collateral Trustee declared the existence of any Event of Default (and as defined in) under any Second Lien Document and demanded the repayment of all the principal amount of any
Second Lien Obligations; and (ii) the date on which the First Lien Administrative Agent received notice from the Second Lien Collateral Trustee of such declarations of such Event of Default and demand for payment (the “Standstill
Period”); provided, further, that notwithstanding anything herein to the contrary, in no event shall the Second Lien Collateral Trustee or any Second Lien Claimholder take any Enforcement Action with respect to the Collateral
if, notwithstanding the expiration of the Standstill Period, the First Lien Administrative Agent or 

  
 17 

 
the First Lien Claimholders shall have commenced and be diligently pursuing an Enforcement Action or other exercise of their rights or remedies in each case with respect to all or any material
portion of the Collateral (prompt notice of such exercise to be given to the Second Lien Collateral Trustee); 
 (2) will not
contest, protest or object to any foreclosure proceeding or action brought by the First Lien Administrative Agent or any First Lien Claimholder or any other exercise by the First Lien Administrative Agent or any First Lien Claimholder of any rights
and remedies relating to the First Lien Collateral under the First Lien Loan Documents or otherwise (including any Enforcement Action initiated by or supported by the First Lien Administrative Agent or any First Lien Claimholder); and 

(3) subject to their rights under Section 3.1(a)(1), will not object to the forbearance by the First Lien Administrative
Agent or any First Lien Claimholder from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Collateral, 

in each case so long as any proceeds received by the First Lien Administrative Agent in excess of those necessary to achieve a Discharge of
First Lien Obligations are distributed in accordance with Section 4.1 and applicable law. 
 (b) Until the Discharge of
First Lien Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Grantor, subject to Section 3.1(a)(1), the First Lien Administrative Agent and the First Lien
Claimholders shall have the exclusive right to commence and maintain an Enforcement Action or otherwise enforce rights, exercise remedies (including set-off, recoupment and the right to credit bid their debt,
except that Second Lien Collateral Trustee shall have the credit bid rights set forth in Section 3.1(c)(6)), and subject to Section 5.1, make determinations regarding the release, disposition, or restrictions with respect to the Collateral
without any consultation with or the consent of the Second Lien Collateral Trustee or any other Second Lien Claimholder; provided that any proceeds received by the First Lien Administrative Agent in excess of those necessary to achieve a
Discharge of First Lien Obligations are distributed in accordance with Section 4.1 and applicable law. In commencing or maintaining any Enforcement Action or otherwise exercising rights and remedies with respect to the Collateral, the First
Lien Administrative Agent and the First Lien Claimholders may enforce the provisions of the First Lien Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole
discretion in compliance with any applicable law and without consultation with the Second Lien Collateral Trustee or any Second Lien Claimholder and regardless of whether any such exercise is adverse to the interest of any Second Lien Claimholder.
Such exercise and 

  
 18 

 
enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and
to exercise all the rights and remedies of a secured creditor under the UCC and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction, consistent with the First Lien Loan Documents. 

(c) Notwithstanding the foregoing, the Second Lien Collateral Trustee and any other Second Lien Claimholder may: 

(1) file a claim or statement of interest with respect to the Second Lien Obligations; provided that an Insolvency or
Liquidation Proceeding has been commenced by or against the Company or any other Grantor; 
 (2) take any action not adverse
to the priority status of the Liens on the Collateral securing the First Lien Obligations, or the rights of any First Lien Administrative Agent or the First Lien Claimholders to exercise remedies in respect thereof, in order to create, perfect,
preserve or protect its Lien on the Collateral; 
 (3) file any necessary responsive or defensive pleadings in opposition to
any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of the Second Lien Claimholders, including any claims secured by the Collateral, if any, in each case in
accordance with the terms of this Agreement; 
 (4) vote on any plan of reorganization, arrangement, compromise or
liquidation, file any proof of claim, make other filings and make any arguments and motions that are, in each case, in accordance with the terms of this Agreement, with respect to the Second Lien Obligations and the Collateral; provided that
no filing of any claim or vote, or pleading related to such claim or vote, to accept or reject a disclosure statement, plan of reorganization, arrangement, compromise or liquidation, or any other document, agreement or proposal similar to the
foregoing by the Second Lien Collateral Trustee or any other Second Lien Claimholder may be inconsistent with the provisions of this Agreement; 

(5) exercise any of its rights or remedies with respect to the Collateral after the termination of the Standstill Period to the
extent permitted by Section 3.1(a)(1); 
 (6) bid for or purchase Collateral at any public, private or judicial
foreclosure upon such Collateral initiated by the First Lien Administrative Agent or any other First Lien Claimholder, or any sale of Collateral during an Insolvency or Liquidation Proceeding; provided that

  
 19 

 
such bid may not include a “credit bid” in respect of any Second Lien Obligations unless the cash proceeds of such bid are otherwise sufficient to cause the Discharge of First Lien
Obligations; and 
 (7) object to any proposed acceptance of Collateral by the First Lien Administrative Agent or any First
Lien Claimholder pursuant to Section 9-620 of the UCC. 
 The Second Lien Collateral Trustee, for itself and on behalf of each other
Second Lien Claimholder, agrees that it will not take or receive any Collateral or any proceeds of Collateral in connection with the exercise of any right or remedy (including set-off and recoupment) with respect to any Collateral in its capacity as
a creditor, unless and until the Discharge of First Lien Obligations has occurred, except in connection with any foreclosure expressly permitted by Section 3.1(a)(1) (to the extent the Second Lien Collateral Trustee and Second Lien Claimholders
are permitted to retain the proceeds thereof in accordance with Section 4.2 of this Agreement). Without limiting the generality of the foregoing, unless and until the Discharge of First Lien Obligations has occurred, except as expressly
provided in Sections 3.1(a) and 6.3(b) and this Section 3.1(c), the sole right of the Second Lien Collateral Trustee and the Second Lien Claimholders with respect to the Collateral is to hold a Lien on the Collateral pursuant to the Second Lien
Collateral Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of First Lien Obligations has occurred. 

(d) Subject to Sections 3.1(a), 3.1(c) and Section 6.3(b): 

(1) the Second Lien Collateral Trustee, for itself and on behalf of each other Second Lien Claimholder, agrees that the Second
Lien Collateral Trustee and the Second Lien Claimholders will not take any action that would hinder any exercise of remedies under the First Lien Loan Documents or is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or
other disposition of the Collateral, whether by foreclosure or otherwise; 
 (2) the Second Lien Collateral Trustee, for
itself and on behalf of each other Second Lien Claimholder, hereby waives any and all rights it or the Second Lien Claimholders may have as a junior lien creditor to object to the manner in which the First Lien Administrative Agent or any other
First Lien Claimholder seeks to enforce or collect the First Lien Obligations or the Liens securing the First Lien Obligations granted in any of the First Lien Collateral undertaken in accordance with this Agreement, regardless of whether any action
or failure to act by or on behalf of the First Lien Administrative Agent or any other First Lien Claimholder is adverse to the interest of any Second Lien Claimholder; and 

  
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 (3) the Second Lien Collateral Trustee hereby acknowledges and agrees that no
covenant, agreement or restriction contained in the Second Lien Collateral Documents or any other Second Lien Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the First Lien Administrative Agent
or any other First Lien Claimholder with respect to the Collateral as set forth in this Agreement and the First Lien Loan Documents. 

(e) Notwithstanding any other provision of this Agreement to the contrary, the Second Lien Collateral Trustee and the other
Second Lien Claimholders may exercise rights and remedies as unsecured creditors against the Company or any other Grantor that has guaranteed or granted Liens to secure the Second Lien Obligations in accordance with the terms of the Second Lien
Documents and applicable law (other than initiating or joining in an involuntary case or proceeding under any Insolvency or Liquidation Proceeding with respect to any Grantor); provided that in the event that any Second Lien Claimholder
becomes a judgment Lien creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Second Lien Obligations, such judgment Lien shall be subject to the terms of this Agreement for all
purposes (including in relation to the First Lien Obligations) in the same manner as the other Liens securing the Second Lien Obligations are subject to this Agreement. 

(f) Except as specifically set forth in Sections 3.1(a) and 3.1(d), nothing in this Agreement shall prohibit the receipt by the
Second Lien Collateral Trustee or any other Second Lien Claimholder of the required payments of interest, principal and other amounts owed in respect of the Second Lien Obligations so long as such receipt is not the direct or indirect result of the
exercise by the Second Lien Collateral Trustee or any other Second Lien Claimholder of rights or remedies as a secured creditor (including set-off and recoupment) or enforcement in contravention of this
Agreement of any Lien held by any of them or as a result of any other violation by any Second Lien Claimholder of the express terms of this Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the First
Lien Administrative Agent or any other First Lien Claimholder may have against the Grantors with respect to the First Lien Collateral. 

3.2 Actions Upon Breach; Specific Performance. If any Second Lien Claimholder, in contravention of the terms of this Agreement, in any
way takes, attempts to or threatens to take any action with respect to the Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement), or fails to take any action required by this Agreement, this
Agreement shall create an irrebutable presumption and admission by such Second Lien Claimholder that relief against such Second Lien Claimholder by injunction, specific performance and/or other appropriate equitable relief is necessary to prevent
irreparable harm to the First Lien Claimholders, it being understood and agreed by the Second Lien Collateral Trustee on behalf of each Second Lien Claimholder that (i) the First Lien Claimholders’ damages from actions of

  
 21 

 
any Second Lien Claimholder may at that time be difficult to ascertain and may be irreparable, and (ii) each Second Lien Claimholder waives any defense that the Grantors and/or the First
Lien Claimholders cannot demonstrate damage and/or be made whole by the awarding of damages. Each of the First Lien Administrative Agent and the Second Lien Collateral Trustee may demand specific performance of this Agreement. The First Lien
Administrative Agent, on behalf of itself and each other First Lien Claimholder under the First Lien Loan Documents, and the Second Lien Collateral Trustee, on behalf of itself and each other Second Lien Claimholder under the Second Lien Documents,
hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the First Lien Administrative Agent or the
First Lien Claimholders or the Second Lien Collateral Trustee or the Second Lien Claimholders, as the case may be. No provision of this Agreement shall constitute or be deemed to constitute a waiver by the First Lien Administrative Agent on behalf
of itself and each other First Lien Claimholder or the Second Lien Collateral Trustee on behalf of itself and each other Second Lien Claimholder of any right to seek damages from any Person in connection with any breach or alleged breach of this
Agreement. 
 SECTION 4. Payments. 

4.1 Application of Proceeds. So long as the Discharge of First Lien Obligations has not occurred, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against the Company or any other Grantor, any Collateral or any proceeds thereof received in connection with any Enforcement Action or other exercise of remedies by the First Lien Administrative Agent
or any First Lien Claimholder shall be applied by the First Lien Administrative Agent to the First Lien Obligations in such order as specified in the relevant First Lien Loan Documents; provided, that any non-cash Collateral or non-cash proceeds may
be held by the First Lien Administrative Agent as Collateral unless the failure to apply such amounts would be commercially unreasonable. Upon the Discharge of First Lien Obligations, the First Lien Administrative Agent shall, in the following
order, (w) unless a Discharge of Second Lien Obligations has already occurred, deliver any remaining proceeds of Collateral held by it to the Second Lien Collateral Trustee to be applied by the Second Lien Collateral Trustee to the Second Lien
Obligations in such order as specified in the Second Lien Collateral Trust Agreement until a Discharge of Second Lien Obligations, (x) if a Discharge of Second Lien Obligations has already occurred, apply such proceeds of Collateral to the
Excess First Lien Obligations in such order as specified in the First Lien Loan Documents until payment in full in cash of all such Excess First Lien Obligations, (y) if at such time there are no Excess First Lien Obligations outstanding,
deliver any remaining proceeds of Collateral held by it to the Second Lien Collateral Trustee to be applied by the Second Lien Collateral Trustee to any Excess Second Lien Obligations in such order as specified in the Second Lien Collateral Trust
Agreement and (z) if at such time there are no Excess Second Lien Obligations outstanding, deliver such proceeds of Collateral to the Grantors, their successors or assigns from time to time, or to whomever may be lawfully entitled to receive
the same. Without limiting the obligations of the Second Lien Claimholders under Section 4.2, after the Discharge of First Lien Obligations has occurred, upon the Discharge of Second Lien Obligations, the Second

  
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Lien Collateral Trustee shall, in the following order, (x) if there are any Excess First Lien Obligations, deliver any remaining proceeds of Collateral held by it to the First Lien
Administrative Agent, for application by the First Lien Administrative Agent to the Excess First Lien Obligations in such order as specified in the First Lien Loan Documents until payment in full in cash of all Excess First Lien Obligations, and
(y) if at such time there are no Excess First Lien Obligations but there are Excess Second Lien Obligations, apply such proceeds of Collateral to the Excess Second Lien Obligations in such order as specified in the Second Lien Collateral Trust
Agreement until such time there are no Excess Second Lien Obligations outstanding and (z) if at such time there are no Excess First Lien Obligations and no Excess Second Lien Obligations outstanding, to the Grantors, their successors or assigns
from time to time, or to whomever may be lawfully entitled to receive the same. 
 4.2 Payments Over. 

(a) So long as the Discharge of First Lien Obligations has not occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against the Company or any other Grantor, any Collateral or any proceeds thereof (including assets or proceeds subject to Liens referred to in the second to last paragraph of Section 2.3 and any assets or
proceeds subject to Liens that have been avoided or otherwise invalidated) received in contravention of this Agreement by the Second Lien Collateral Trustee or any other Second Lien Claimholder in connection with any Enforcement Action or other
exercise of any right or remedy relating to the Collateral, less any reasonable out-of-pocket expenses incurred in connection with such Enforcement Action, in all cases shall be segregated and held in trust and forthwith paid over to the First Lien
Administrative Agent for the benefit of the First Lien Claimholders in the same form as received, with any necessary endorsements (which endorsements shall be without recourse and without any representations or warranties) or as a court of competent
jurisdiction may otherwise direct. The First Lien Administrative Agent is hereby authorized to make any such endorsements as agent for the Second Lien Collateral Trustee or any such other Second Lien Claimholder. This authorization is coupled with
an interest and is irrevocable until the Discharge of First Lien Obligations. 
 (b) So long as the Discharge of First Lien
Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Grantor, any Collateral or proceeds thereof (including any assets or proceeds subject to Liens referred
to in the second to last paragraph of Section 2.3 and assets or proceeds subject to Liens that have been avoided or otherwise invalidated) received not in contravention of this Agreement, and not otherwise subject to Section 4.2(a), by the
Second Lien Collateral Trustee or any other Second Lien Claimholder in connection with any Enforcement Action or other exercise of any right or remedy relating to the Collateral, less any reasonable out-of-pocket expenses incurred in connection with
such Enforcement Action, in all cases shall be segregated and held in trust and forthwith paid over to the First Lien Administrative Agent for the benefit of the 

  
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First Lien Claimholders in the same form as received, with any necessary endorsements (which endorsements shall be without recourse and without any representation or warranty) or as a court of
competent jurisdiction may otherwise direct; provided that with respect to Collateral this Section 4.2(b) shall only be applicable if the exercise of such right or remedy by the Second Lien Collateral Trustee or any Second Lien
Claimholder has the effect of discharging the Lien of the First Lien Administrative Agent on such Collateral. The First Lien Administrative Agent is hereby authorized to make any such endorsements as agent for the Second Lien Collateral Trustee or
any such other Second Lien Claimholder. This authorization is coupled with an interest and is irrevocable until the Discharge of First Lien Obligations. 

(c) So long as the Discharge of First Lien Obligations has not occurred, if in any Insolvency or Liquidation Proceeding the
Second Lien Collateral Trustee or any other Second Lien Claimholder shall receive any distribution of money or other property in respect of the Collateral (including any assets or proceeds subject to Liens that have been avoided or otherwise
invalidated) such money or other property (other than debt obligations of the reorganized debtor distributed as contemplated by Section 6.6) shall be segregated and held in trust and forthwith paid over to the First Lien Administrative Agent
for the benefit of the First Lien Claimholders in the same form as received, with any necessary endorsements (which endorsements shall be without recourse and without any representations or warranties). Any Lien received by the Second Lien
Collateral Trustee or any other Second Lien Claimholder in respect of any of the Second Lien Obligations in any Insolvency or Liquidation Proceeding shall be subject to the terms of this Agreement. 

(d) Notwithstanding anything in this Section 4.2 to the contrary, neither the Second Lien Collateral Trustee nor any
Second Lien Claimholder shall have any obligation to turnover any proceeds of Excluded Collateral to the First Lien Administrative Agent. 

SECTION 5. Other Agreements. 

5.1 Releases. 

(a) If in connection with any Enforcement Action by the First Lien Administrative Agent or any other exercise of the First Lien
Administrative Agent’s remedies in respect of the Collateral, in each case prior to the Discharge of First Lien Obligations, the First Lien Administrative Agent, for itself or on behalf of any other First Lien Claimholder, releases any of its
Liens on any part of the Collateral or releases any Guarantor Subsidiary from its obligations under its guaranty of the First Lien Obligations, then the Liens, if any, of the Second Lien Collateral Trustee, for itself or for the benefit of the
Second Lien Claimholders, on such Collateral, and the obligations of such Guarantor Subsidiary under its guaranty of the Second Lien Obligations, shall be automatically, unconditionally and simultaneously released. If in connection with any
Enforcement Action or 

  
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other exercise of rights and remedies by the First Lien Administrative Agent, in each case prior to the Discharge of First Lien Obligations, the equity interests of any Person are foreclosed upon
or otherwise disposed of and the First Lien Administrative Agent releases its Lien on the property or assets of such Person then the Liens of Second Lien Collateral Trustee with respect to the property or assets of such Person (other than any
property or assets that constitute Excluded Collateral) will be automatically released to the same extent as the Liens of the First Lien Administrative Agent. The Second Lien Collateral Trustee, for itself or on behalf of any such Second Lien
Claimholders, promptly shall execute and deliver to the First Lien Administrative Agent or such Guarantor Subsidiary such termination statements, releases and other documents as the First Lien Administrative Agent or such Guarantor Subsidiary may
request to effectively confirm the foregoing releases. 
 (b) If in connection with any sale, lease, exchange, transfer or
other disposition of any Collateral by any Grantor (collectively, a “Disposition”) permitted under the terms of the First Lien Loan Documents and the terms of the Second Lien Documents (other than in connection with an Enforcement
Action or other exercise of the First Lien Administrative Agent’s remedies in respect of the Collateral which shall be governed by Section 5.1(a)), the First Lien Administrative Agent, for itself or on behalf of any other First Lien
Claimholder, releases any of its Liens on any part of the Collateral, or releases any Guarantor Subsidiary from its obligations under its guaranty of the First Lien Obligations, in each case other than (A) in connection with, or following, the
Discharge of First Lien Obligations or (B) after the occurrence and during the continuance of any Event of Default under (and as defined in) the Second Lien Document, then the Liens, if any, of the Second Lien Collateral Trustee, for itself and
for the benefit of the other Second Lien Claimholders, on such Collateral, and the obligations of such Guarantor Subsidiary under its guaranty of the Second Lien Obligations, shall be automatically, unconditionally and simultaneously released. The
Second Lien Collateral Trustee, for itself or on behalf of each other Second Lien Claimholder, shall promptly execute and deliver to the First Lien Administrative Agent or such Guarantor Subsidiary such termination statements, releases and other
documents as the First Lien Administrative Agent or such Guarantor Subsidiary may request to effectively confirm such release. 

(c) Until the Discharge of First Lien Obligations occurs, the Second Lien Collateral Trustee, on behalf of itself and each
other Second Lien Claimholder, hereby irrevocably designates and appoints the First Lien Administrative Agent and any officer or agent of the First Lien Administrative Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Second Lien Collateral Trustee and such Second Lien Claimholder or in the First Lien
Administrative Agent’s own name, from time to time in the First Lien Administrative Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all
documents and instruments which may be necessary to accomplish the purposes 

  
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of this Section 5.1, including any endorsements or other instruments of transfer or release. This power is coupled with an interest and is irrevocable until the Discharge of First Lien
Obligations. 
 (d) Until the Discharge of First Lien Obligations occurs, to the extent that the First Lien Administrative
Agent or any First Lien Claimholder (i) has released any Lien on Collateral or any Guarantor Subsidiary from its obligation under its guarantee and any such Liens or guarantee are later reinstated or (ii) obtains any new Liens or
additional guarantees from any Guarantor Subsidiary, then the Second Lien Collateral Trustee, for itself and for the other Second Lien Claimholders, shall be granted a Lien on any such Collateral (except to the extent such Lien represents a Second
Lien Declined Lien with respect to the Second Lien Debt represented by the Second Lien Collateral Trustee), subject to the lien subordination provisions of this Agreement, and the Second Lien Collateral Trustee shall be granted an additional
guarantee, as the case may be. 
 5.2 Insurance. Unless and until the Discharge of First Lien Obligations has occurred, the First
Lien Administrative Agent and the other First Lien Claimholders shall have the sole and exclusive right, subject to the rights of the Grantors under the First Lien Loan Documents, to adjust settlement for any insurance policy covering the Collateral
in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of First Lien Obligations has occurred, and
subject to the rights of the Grantors under the First Lien Loan Documents, all proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect of the Collateral shall be paid to the First
Lien Administrative Agent for the benefit of the First Lien Claimholders pursuant to the terms of the First Lien Loan Documents (including for purposes of cash collateralization of letters of credit) and thereafter, if a Discharge of First Lien
Obligations has occurred, and subject to the rights of the Grantors under the Second Lien Documents, the balance of such proceeds shall be paid to the Second Lien Collateral Trustee for the benefit of the Second Lien Claimholders to the extent
required under the Second Lien Documents and then, if a Discharge of Second Lien Obligations has occurred, any remaining balance shall be paid to the First Lien Administrative Agent for application to the prepayment of any Excess First Lien
Obligations and, then, after the payment in full in cash of all Excess First Lien Obligations, any remaining balance shall be paid to the Second Lien Collateral Trustee for application to the prepayment of any Excess Second Lien Obligations, and
thereafter, any remaining balance shall be paid to the Grantors, their successors or assigns from time to time, or to whomever may be lawfully entitled to receive the same. Until the Discharge of First Lien Obligations has occurred, if the Second
Lien Collateral Trustee or any other Second Lien Claimholder shall, at any time, receive any proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, then it shall segregate and hold in trust and
forthwith pay such proceeds over to the First Lien Administrative Agent in accordance with the terms of Section 4.2. 

  
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 5.3 Amendments to First Lien Loan Documents and Second Lien Documents. 

(a) The First Lien Loan Documents may be amended, restated, amended and restated, supplemented, extended or otherwise modified
from time to time in accordance with their terms and the First Lien Debt may be Refinanced, in each case, without notice to, or the consent of the Second Lien Collateral Trustee or the other Second Lien Claimholders, all without affecting the lien
subordination or other provisions of this Agreement; provided that any such amendment, restatement, supplement, extension, modification or Refinancing is not inconsistent with the terms of this Agreement and, in the case of a Refinancing, the
holders of such Refinancing debt (directly or through their agent) bind themselves in a writing addressed to the Second Lien Collateral Trustee to the terms of this Agreement; provided, further, that any such amendment, restatement,
supplement, extension, modification or Refinancing shall not, without the consent of the Second Lien Collateral Trustee: 

(1) increase the sum of the following to an amount in excess of the First Lien Cap Amount: (A) the then-outstanding
aggregate principal amount of the Indebtedness outstanding under the First Lien Loan Documents (including, if any, any undrawn portion of any commitment under the First Lien Loan Documents) plus (B) the aggregate face amount of any letters of
credit issued and outstanding under the First Lien Loan Documents; 
 (2) increase the “Applicable Rate” or similar
interest rate or yield provisions applicable to the Indebtedness outstanding under the First Lien Loan Documents in a manner that would result in the total yield thereon (after giving effect, without limitation, to any original issue discount,
upfront fees, exit fees or other fees in each case payable to the lenders generally) to exceed by more than four percent (4%) per annum the total yield on Indebtedness thereunder as in effect on the date such Indebtedness became First Lien Debt
(excluding increases resulting from the accrual of interest at the default rate under the First Lien Credit Agreement as in effect on the date hereof); 

(3) increase the fees for Letters of Credit and Bankers’ Acceptances by more than four percent (4%) of face amount in
excess of the fees in effect under the First Lien Credit Agreement as in effect on the date hereof; 
 (4) [reserved]; or

 (5) modify (or undertake an action with the effect of a modification of) the mandatory prepayment provisions of the First
Lien Loan Document (including accelerating or increasing the amortization of principal) in a manner adverse to the Second Lien Claimholders. 

  
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 (b) The Second Lien Documents may be amended, restated, amended and restated,
supplemented, extended, or otherwise modified from time to time in accordance with their terms and the Second Lien Debt may be Refinanced, in each case, without notice to, or the consent of the First Lien Administrative Agent or any other First Lien
Claimholder, all without affecting the lien subordination or other provisions of this Agreement; provided that any such amendment, restatement, supplement, extension, modification or Refinancing is not inconsistent with the terms of this
Agreement and, in the case of any Refinancing, the holders of such Refinancing debt (directly or through their agent) bind themselves in a writing addressed to the First Lien Administrative Agent to the terms of this Agreement; provided,
further, that any such amendment, restatement, supplement, extension, modification or Refinancing shall not, without the consent of the First Lien Administrative Agent: 

(1) increase the then-outstanding aggregate principal amount of the Indebtedness outstanding under all Second Lien Documents
(including, if any, any undrawn portion of any commitment under the Second Lien Documents) to an amount in excess of the Second Lien Cap Amount; 

(2) increase the “Applicable Rate” or similar interest rate or yield provisions applicable to the Indebtedness
outstanding under the Second Lien Documents in a manner that would result in the total yield thereon (after giving effect, without limitation, to any original issue discount, upfront fees, exit fees or other fees in each case payable to the lenders
generally) to exceed by more than two percent (2%) per annum the total yield on Indebtedness thereunder as in effect on the date such Indebtedness became Second Lien Debt (excluding increases resulting from the accrual of interest at the
default rate under the Second Lien Credit Agreement or the Second Lien Indenture as in effect on the date hereof); 
 (3)
accelerate any date upon which a scheduled payment of principal or interest is due, or otherwise decrease the weighted average life to maturity; or 

(4) modify (or undertake any action having the effect of a modification of) the mandatory prepayment provisions of the Second
Lien Document in a manner adverse to the First Lien Claimholders. 
 (c) In the event any First Lien Administrative Agent or
the First Lien Claimholders and the relevant Grantor enter into any amendment, waiver or consent in respect of any of the First Lien Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from
any provisions of, any First Lien Collateral Document or changing in any manner the rights of the First Lien Administrative Agent, such First Lien Claimholders, the Company or any other Grantor thereunder, then such

  
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amendment, waiver or consent shall apply automatically to any comparable provision of a Second Lien Collateral Document without the consent of the Second Lien Collateral Trustee or any other
Second Lien Claimholder and without any action by the Second Lien Collateral Trustee, the Company or any other Grantor, provided that: 

(1) no such amendment, waiver or consent shall have the effect of: 

(A) removing assets subject to the Lien of the Second Lien Collateral Documents, except to the extent that a release of such
Lien is permitted or required by Section 5.1 and provided that there is a corresponding release of the Liens securing the First Lien Obligations; 

(B) imposing duties on the Second Lien Collateral Trustee without its consent; 

(C) permitting other Liens on the Collateral not permitted under the terms of the Second Lien Documents or Section 6; or

 (D) being prejudicial to the interests of the Second Lien Claimholders to a greater extent than the First Lien
Claimholders (other than by virtue of their relative priority and the rights and obligations hereunder); and 
 (2) notice of
such amendment, waiver or consent shall have been given to the Second Lien Collateral Trustee by the First Lien Administrative Agent, such First Lien Claimholders, the Company or any other Grantor within ten Business Days after the effective date of
such amendment, waiver or consent. 
 5.4 Confirmation of Subordination in Second Lien Collateral Documents. The Company agrees that
each Second Lien Collateral Document shall include the following language (or language to similar effect approved by the First Lien Administrative Agent): 

“Notwithstanding anything herein to the contrary, the exercise of any right or remedy by the Administrative Agent hereunder with respect
to the lien and security interest granted to the Administrative Agent pursuant to this Agreement is subject to the provisions of the Intercreditor Agreement, dated as of January 11, 2016 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Intercreditor Agreement”), among Wells Fargo Bank, National Association, as First Lien Administrative Agent, and Wilmington Trust, National Association, as Second Lien Collateral
Trustee, and certain other persons party or that may become party thereto from time to time. In the event of any conflict 

  
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between the terms of the Intercreditor Agreement and this Agreement with respect to the exercise of rights and remedies or the priority of the security interests granted to the Administrative
Agent herein, the terms of the Intercreditor Agreement shall govern and control.” 
 In addition, the Company agrees that each Second Lien Mortgage, if
any, covering any Collateral shall contain such other language as the First Lien Administrative Agent may reasonably request to reflect the subordination of such Second Lien Mortgage to the First Lien Collateral Documents covering such Collateral.

 5.5 Gratuitous Bailee/Agent for Perfection. 

(a) The First Lien Administrative Agent agrees to hold that part of the Collateral that is in its possession or control (or in
the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC (such Collateral being the “Pledged Collateral”) as Administrative Agent for the
First Lien Claimholders and as gratuitous bailee for the Second Lien Collateral Trustee (such bailment being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC) and any assignee
thereof solely for the purpose of perfecting the security interest granted under the First Lien Loan Documents and the Second Lien Documents, respectively, subject to the terms and conditions of this Section 5.5. Solely with respect to any
deposit accounts under the control (within the meaning of Section 9-104 of the UCC) of the First Lien Administrative Agent, the First Lien Administrative Agent agrees to also hold control over such deposit accounts as gratuitous agent for the
Second Lien Collateral Trustee, subject to the terms and conditions of this Section 5.5. Prior to a Discharge of First Lien Obligations, at the request of the First Lien Administrative Agent, the Second Lien Collateral Trustee shall turn over
possession of any Pledged Collateral in possession of the Second Lien Collateral Trustee to the First Lien Administrative Agent. 

(b) The First Lien Administrative Agent shall have no obligation whatsoever to the other First Lien Claimholders, the Second
Lien Collateral Trustee or any Second Lien Claimholder to ensure that the Pledged Collateral is genuine or owned by any of the Grantors, to perfect the security interest of the Second Lien Collateral Trustee or other Second Lien Claimholders or to
preserve rights or benefits of any Person except as expressly set forth in this Section 5.5. The duties or responsibilities of the First Lien Administrative Agent under this Section 5.5 shall be limited solely to holding the Pledged
Collateral as bailee (and with respect to deposit accounts, agent) in accordance with this Section 5.5 and delivering the Pledged Collateral upon a Discharge of First Lien Obligations as provided in Section 5.5(d). 

(c) No First Lien Administrative Agent or any other First Lien Claimholder shall have by reason of the First Lien Collateral
Documents, the Second Lien Collateral Documents, this Agreement or any other document a 

  
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fiduciary relationship in respect of the Second Lien Collateral Trustee or any other Second Lien Claimholder and the Second Lien Collateral Trustee and the Second Lien Claimholders hereby waive
and release the First Lien Administrative Agent and the other First Lien Claimholders from all claims and liabilities arising pursuant to the First Lien Administrative Agent’s role under this Section 5.5 as gratuitous bailee and gratuitous
agent with respect to the Pledged Collateral. It is understood and agreed that the interests of the First Lien Administrative Agent and the other First Lien Claimholders, on the one hand, and the Second Lien Collateral Trustee and the Second Lien
Claimholders on the other hand, may differ and the First Lien Administrative Agent and the First Lien Claimholders shall be fully entitled to act in their own interest without taking into account the interests of the Second Lien Collateral Trustee
or the Second Lien Claimholders. 
 (d) Upon the Discharge of First Lien Obligations, the First Lien Administrative Agent
shall deliver the remaining Pledged Collateral in its possession (if any) together with any necessary endorsements (which endorsement shall be without recourse and without any representation or warranty), in the following order: (w) if a
Discharge of Second Lien Obligations has not already occurred, to the Second Lien Collateral Trustee, (x) if a Discharge of Second Lien Obligations has already occurred, to the First Lien Administrative Agent to the extent Excess First Lien
Obligations remain outstanding, (y) if there are no Excess First Lien Obligations outstanding and if a Discharge of Second Lien Obligations has already occurred, to the Second Lien Collateral Trustee to the extent Excess Second Lien Obligations
remain outstanding and (z) if there are no Excess First Lien Obligations or Excess Second Lien Obligations outstanding and if a Discharge of Second Lien Obligations has already occurred, to the Company or to whomever may be lawfully entitled to
receive the same. Following the Discharge of First Lien Obligations, First Lien Administrative Agent further agrees to take all other action reasonably requested by Second Lien Collateral Trustee at the expense of the Company in connection with the
Second Lien Collateral Trustee obtaining a first-priority security interest in the Collateral. Following the Discharge of First Lien Obligations and Discharge of Second Lien Obligations, Second Lien Collateral
Trustee further agrees to take all other action reasonably requested by any First Lien Administrative Agent at the expense of the Company in connection with the First Lien Administrative Agents obtaining a first-priority security interest in the
Collateral if any Excess First Lien Obligations remain outstanding. After the Discharge of First Lien Obligations has occurred, upon the Discharge of Second Lien Obligations, Second Lien Collateral Trustee shall deliver the remaining Pledged
Collateral in its possession (if any) together with any necessary endorsements (which endorsement shall be without recourse and without any representation or warranty), (x) if there are then any Excess First Lien Obligations, to the First Lien
Administrative Agent, and (y) if at such time there are no Excess First Lien Obligations outstanding but there are then any Excess Second Lien Obligations outstanding, to the Second Lien Collateral Trustee and (z) to the extent no Excess
First Lien Obligations or Excess Second Lien Obligations remain outstanding to the Company or to whomever may be lawfully entitled to receive the same. After payment in full in cash of all Excess 

  
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First Lien Obligations (including interest accruing thereon on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such
Insolvency or Liquidation Proceeding) and termination or expiration of all commitments, if any, to extend credit that would constitute Excess First Lien Obligations and termination or cash collateralization (in an amount and manner reasonably
satisfactory to the applicable letter of credit issuer, but in no event in an amount greater than 102.5% of the aggregate undrawn face amount) or the making of other arrangements satisfactory to the applicable letter of credit issuer, of all letters
of credit constituting Excess First Lien Obligations, if there are any Excess Second Lien Obligations, the First Lien Administrative Agent shall deliver the remaining Pledged Collateral in its possession (if any) together with any necessary
endorsement (which endorsement shall be without recourse and without representation or warranty) to the Second Lien Collateral Trustee. 

5.6 When Discharge of Obligations Deemed to Not Have Occurred. (a) If, at any time after the Discharge of First Lien Obligations
has occurred or contemporaneously therewith, the Company enters into any Refinancing of any First Lien Loan Document evidencing a First Lien Obligation which Refinancing is permitted by the Second Lien Documents, then such Discharge of First Lien
Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken as a result of the occurrence of such first Discharge of First Lien Obligations), and, from and after the
date on which the New First Lien Debt Notice is delivered to the Second Lien Collateral Trustee in accordance with the next sentence, the obligations under such Refinancing of the First Lien Loan Document shall automatically be treated as First Lien
Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the First Lien Administrative Agent under such First Lien Loan Documents shall be the First Lien
Administrative Agent for all purposes of this Agreement. This Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto
from such date of reinstatement. Upon receipt of a notice (the “New First Lien Debt Notice”) stating that the Company has entered into a new First Lien Loan Document (which notice shall include the identity of the new first lien
Administrative Agent, such agent, the “New First Lien Agent”), the Second Lien Collateral Trustee shall promptly (a) enter into such documents and agreements (including amendments or supplements to this Agreement) as the
Company or such New First Lien Agent shall reasonably request in order to provide to the New First Lien Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement and (b) deliver to
the New First Lien Agent any Pledged Collateral held by it together with any necessary endorsements (or otherwise allow the New First Lien Agent to obtain control of such Pledged Collateral). The New First Lien Agent shall agree in a writing
addressed to the Second Lien Collateral Trustee and the Second Lien Claimholders to be bound by the terms of this Agreement. If the new First Lien Obligations under the new First Lien Loan Documents are secured by assets of the Grantors constituting
Collateral that do not also secure the Second Lien Obligations, then the Second Lien Obligations shall be secured at such time by a second-priority Lien on 

  
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such assets to the same extent provided in the Second Lien Collateral Documents and this Agreement except to the extent such Lien on such assets constitutes a Second Lien Declined Lien. This
Section 5.6(a) shall survive termination of this Agreement. 
 (b) If, at any time after the Discharge of Second Lien Obligations has
occurred or contemporaneously therewith, the Company enters into any Refinancing of any Second Lien Document evidencing a Second Lien Obligation which Refinancing is permitted by the First Lien Loan Documents, then such Discharge of Second Lien
Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken as a result of the occurrence of such first Discharge of Second Lien Obligations), and, from and after
the date on which the New Second Lien Debt Notice is delivered to the First Lien Administrative Agent in accordance with the next sentence, the obligations under such Refinancing of the Second Lien Document shall automatically be treated as Second
Lien Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the Second Lien Collateral Trustee under such Second Lien Documents shall be the Second Lien
Collateral Trustee for all purposes of this Agreement. This Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto
from such date of reinstatement. Upon receipt of a notice (the “New Second Lien Debt Notice”) stating that the Company has entered into a new Second Lien Document (which notice shall include the identity of the new Second Lien
Collateral Trustee, such collateral trustee, the “New Second Lien Collateral Trustee”), the First Lien Administrative Agent shall promptly (a) enter into such documents and agreements (including amendments or supplements to
this Agreement) as the Company or such New Second Lien Collateral Trustee shall reasonably request in order to provide to the New Second Lien Collateral Trustee the rights contemplated hereby, in each case consistent in all material respects with
the terms of this Agreement. The New Second Lien Collateral Trustee shall agree in a writing addressed to the First Lien Administrative Agent and the First Lien Claimholders to be bound by the terms of this Agreement. If the new Second Lien
Obligations under the new Second Lien Documents are secured by assets of the Grantors constituting Collateral that do not also secure the First Lien Obligations, then the First Lien Obligations shall be secured at such time by a first-priority Lien
on such assets to the same extent provided in the First Lien Collateral Documents and this Agreement except to the extent such Lien on such assets constitutes a First Lien Declined Lien. This Section 5.6(b) shall survive termination of this
Agreement. 
 5.7 Purchase Right. (a) Without prejudice to the enforcement of any of the First Lien Claimholders’ remedies
under the First Lien Loan Documents, this Agreement, at law or in equity or otherwise, the First Lien Claimholders agree at any time following the earliest to occur of (i) an acceleration of any of the First Lien Obligations in accordance with
the terms of the applicable First Lien Loan Documents, (ii) a payment default under any First Lien Loan Document that has not been cured or waived by the applicable First Lien Claimholders within 60 days of the occurrence thereof or
(iii) the commencement of any Insolvency or Liquidation Proceeding with respect to any Grantor, the First Lien Claimholders shall offer the Second Lien Claimholders the option to purchase the entire aggregate amount (but not less than the

  
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entirety) of outstanding First Lien Obligations (including unfunded commitments under any First Lien Loan Document that have not been terminated at such time) at the Purchase Price without
warranty or representation or recourse except as provided in Section 5.7(d), on a pro rata basis among the First Lien Claimholders, which offer may be accepted by less than all of the Second Lien Claimholders so long as all the accepting Second
Lien Claimholders shall when taken together purchase such entire aggregate amount as set forth above. 
 (b) The
“Purchase Price” shall equal the sum of (1) the full amount of all First Lien Obligations then-outstanding and unpaid at par (including principal, accrued but unpaid interest and fees and any other unpaid amounts, including
breakage costs and, in the case of any secured hedging obligations, the amount that would be payable by the relevant Grantor thereunder if such Grantor were to terminate the hedge agreement in respect thereof on the date of the purchase or, if not
terminated, an amount determined by the relevant First Lien Claimholder to be necessary to collateralize its credit risk arising out of such agreement, but excluding any prepayment penalties or premiums), (2) the cash collateral to be furnished
to the First Lien Claimholders providing letters of credit under the First Lien Loan Documents in such amount (not to exceed 102.5% thereof) as such First Lien Claimholders determine is reasonably necessary to secure such First Lien Claimholders in
connection with any such outstanding and undrawn letters of credit and (3) all accrued and unpaid fees, expenses and other amounts (including attorneys’ fees and expenses) owed to the First Lien Claimholders under or pursuant to the First
Lien Loan Documents on the date of purchase to the extent not allocable to Excess First Lien Obligations. 
 (c) The Second
Lien Claimholders shall irrevocably accept or reject such offer within ten (10) days of the receipt thereof and the parties shall endeavor to close promptly thereafter. If the Second Lien Claimholders (or any subset of them) accept such offer,
it shall be exercised pursuant to documentation mutually acceptable to each of the First Lien Administrative Agent and the purchasing Second Lien Claimholders. If the Second Lien Claimholders reject such offer (or do not so irrevocably accept such
offer within the required timeframe), the First Lien Claimholders shall have no further obligations pursuant to this Section 5.7 and may take any further actions in their sole discretion in accordance with the First Lien Loan Documents and this
Agreement. Each First Lien Claimholder will retain all rights to indemnification provided in the relevant First Lien Loan Documents for all claims and other amounts relating to periods prior to the purchase of the First Lien Obligations pursuant to
this Section 5.7. 
 (d) The purchase and sale of the First Lien Obligations under this Section 5.7 will be without
recourse and without representation or warranty of any kind by the First Lien Claimholders, except that the First Lien Claimholders shall severally and not jointly represent and warrant to the Second Lien Claimholders that on the date of such
purchase, immediately before giving effect to the purchase; 

  
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 (1) the principal of and accrued and unpaid interest on the First Lien
Obligations, and the fees and expenses thereof owed to the respective First Lien Claimholders, are as stated in any assignment agreement prepared in connection with the purchase and sale of the First Lien Obligations; and 

(2) each First Lien Claimholder owns the First Lien Obligations purported to be owned by it free and clear of any Liens (other
than participation interests not prohibited by the First Lien Loan Documents, in which case the Purchase Price will be appropriately adjusted so that the Second Lien Claimholders do not pay amounts represented by participation interests to the
extent that the Second Lien Claimholders expressly assume the obligations under such participation interests). 
 5.8 Designation of
Hedging/Bank Product Obligations. With respect to any Hedging Obligations and Bank Product Obligations that would otherwise constitute both First Lien Obligations and Second Lien Obligations hereunder, such Hedging Obligations and Bank Product
Obligations shall solely constitute First Lien Obligations for all purposes of this Agreement unless at the time that the Company or any Grantor enters into the related Hedge Agreement or agreement giving rise to Bank Product Obligations, the
Company shall designate the related Hedging Obligations and/or Bank Product Obligations under such Hedge Agreement or agreement giving rise to Bank Product Obligations as Second Lien Obligations in a written designation to the related swap
counterparty or provider of Bank Product Obligation with a copy to the First Lien Administrative Agent and the Second Lien Collateral Trustee in which case such Hedging Obligations and Bank Product Obligations shall solely constitute Second Lien
Obligations for all purposes of this Agreement. 
 SECTION 6. Insolvency or Liquidation Proceedings. 

6.1 Finance and Sale Issues. Until the Discharge of First Lien Obligations has occurred, if the Company or any other Grantor shall be
subject to any Insolvency or Liquidation Proceeding and the First Lien Administrative Agent shall desire to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code) on which such First
Lien Administrative Agent or any other creditor has a Lien, or to permit the Company or any other Grantor to obtain financing, whether from the First Lien Claimholders or any other Person under Section 364 of the Bankruptcy Code or any similar
Bankruptcy Law (“DIP Financing”), then the Second Lien Collateral Trustee, on behalf of itself and each other Second Lien Claimholder, will not object to such Cash Collateral use or DIP Financing (including any proposed orders for
such Cash Collateral use and/or DIP Financing which are acceptable to the First Lien Administrative Agent) and to the extent the Liens securing the First Lien Obligations are subordinated to or pari passu with such DIP Financing, the Second Lien
Collateral Trustee will subordinate its Liens in the Collateral to the Liens securing such DIP Financing (and all Obligations relating thereto) and will not request adequate protection or any other relief in connection therewith (except, as
expressly agreed by the First Lien 

  
 35 

 
Administrative Agent or to the extent permitted by Section 6.3); provided that the aggregate principal amount of the DIP Financing plus the aggregate outstanding principal amount of First
Lien Obligations plus the aggregate face amount of any letters of credit issued and outstanding under the First Lien Loan Documents does not exceed the First Lien Cap Amount and the Second Lien Collateral Trustee and the other Second Lien
Claimholders retain the right to object to any ancillary agreements or arrangements regarding Cash Collateral use or the DIP Financing that are materially prejudicial to their interests. No Second Lien Claimholder may provide DIP Financing to the
Company or any other Grantor secured by Liens equal or senior in priority to the Liens securing any First Lien Obligations; provided, that if no First Lien Claimholder offers to provide DIP Financing to the extent permitted under this
Section 6.1 on or before the date of the hearing to approve DIP Financing, then a Second Lien Claimholder may seek to provide such DIP Financing secured by Liens equal or senior in priority to the Liens securing any First Lien Obligations, and
First Lien Claimholders may object thereto. Notwithstanding anything herein to the contrary, one or more Second Lien Claimholders may propose, or support any other Person in proposing, DIP Financing that provides for the Discharge of the First Lien
Obligations within forty-five (45) days of the petition date (subject to the right of the First Lien Claimholders and/or First Lien Administrative Agent to object to such DIP Financing). The Second Lien Collateral Trustee, on behalf of itself
and each other Second Lien Claimholder, agrees that it will not object to or oppose, a motion to sell, liquidate or otherwise dispose of Collateral under Section 363 of the Bankruptcy Code if the requisite First Lien Claimholders have consented
to such sale, liquidation or other disposition; provided that the proceeds of such disposition of Collateral are applied in accordance with this Agreement. The Second Lien Collateral Trustee, on behalf of itself and each other Second Lien
Claimholder, further agrees that it will not directly or indirectly oppose or impede entry of any order in connection with such sale, liquidation or other disposition, including orders to retain professionals or set bid procedures in connection with
such sale, liquidation or disposition if the requisite First Lien Claimholders have consented to (i) such retention of professionals and bid procedures in connection with such sale, liquidation or disposition of such Collateral and
(ii) the sale, liquidation or disposition of such Collateral, in which event the Second Lien Claimholders will be deemed to have consented to the sale or disposition of Collateral pursuant to Section 363(f) of the Bankruptcy Code, so long
as such order does not impair the rights of the Second Lien Claimholders under Section 363(k) of the Bankruptcy Code; provided that the First Lien Cap Amount shall be reduced by an amount equal to the net cash proceeds of such sale or
other disposition which are used to pay the principal or face amount of the First Lien Obligations. 
 6.2 Relief from the Automatic
Stay. Until the Discharge of First Lien Obligations has occurred, the Second Lien Collateral Trustee, on behalf of itself and each other Second Lien Claimholder, agrees that none of them shall: (i) seek (or support any other Person seeking)
relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Collateral, without the prior written consent of the First Lien Administrative Agent, unless a motion for adequate protection permitted
under Section 6.3 has been denied by a bankruptcy court or (ii) oppose (or support any other Person in opposing) any request by the First Lien Administrative Agent for relief from such stay. 

  
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 6.3 Adequate Protection. 

(a) The Second Lien Collateral Trustee, on behalf of itself and each other Second Lien Claimholder, agrees that none of them
shall contest (or support any other Person contesting): 
 (1) any request by the First Lien Administrative Agent or any
other First Lien Claimholder for adequate protection under any Bankruptcy Law; or 
 (2) any objection by the First Lien
Administrative Agent or any other First Lien Claimholder to any motion, relief, action or proceeding based on the First Lien Administrative Agent or any First Lien Claimholder claiming a lack of adequate protection. 

(b) Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or Liquidation Proceeding: 

(1) if the First Lien Claimholders (or any subset thereof) are granted adequate protection in the form of additional collateral
in connection with any Cash Collateral use or DIP Financing, then the Second Lien Collateral Trustee, for itself and any other Second Lien Claimholder, may seek or request adequate protection in the form of a Lien on such additional collateral,
which Lien will be subordinated to the Liens securing the First Lien Obligations and such Cash Collateral use or DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second Lien Obligations are so
subordinated to the First Lien Obligations under this Agreement; and 
 (2) The Second Lien Collateral Trustee and Second
Lien Claimholders shall only be permitted to seek adequate protection with respect to their rights in the Collateral in any Insolvency or Liquidation Proceeding in the form of (A) additional collateral; provided that as adequate
protection for the First Lien Obligations, the First Lien Administrative Agent, on behalf of the First Lien Claimholders, is also granted a Lien on such additional collateral, which Lien shall be senior to any Lien of the Second Lien Collateral
Trustee and the Second Lien Claimholders on such additional collateral; (B) replacement Liens on the Collateral; provided that as adequate protection for the First Lien Obligations, the First Lien Administrative Agent, on behalf of the
First Lien Claimholders, is also granted replacement Liens on the Collateral, which Liens shall be senior to the Liens of the Second Lien Collateral Trustee and the Second Lien Claimholders on the Collateral; (C) an administrative expense
claim; provided that as adequate protection for the First Lien Obligations, the First Lien Administrative Agent, on behalf of the First Lien Claimholders, is also granted an administrative expense claim which is senior and prior to the
administrative expense claim of the 

  
 37 

 
Second Lien Collateral Trustee and the other Second Lien Claimholders; and (D) cash payments with respect to interest on the Second Lien Obligations; provided that (1) as
adequate protection for the First Lien Obligations, the First Lien Administrative Agent, on behalf of the First Lien Claimholders, is also granted cash payments with respect to interest on the First Lien Obligations, and (2) such cash payments
do not exceed an amount equal to the interest accruing on the principal amount of Second Lien Obligations outstanding on the date such relief is granted at the interest rate under the Second Lien Documents and accruing from the date the Second Lien
Collateral Trustee is granted such relief. If any Second Lien Claimholder receives Post-Petition Interest and/or adequate protection payments in an Insolvency or Liquidation Proceeding (“Second Lien Adequate Protection Payments”),
and the First Lien Claimholders do not receive payment in full in cash of all First Lien Obligations (subject, in the case of principal outstanding under the First Lien Loan Documents and face amounts of letters of credit issued and outstanding, to
the First Lien Cap Amount) upon the effectiveness of the plan of reorganization for, or conclusion of, that Insolvency or Liquidation Proceeding, then each Second Lien Claimholder shall pay over to the First Lien Claimholders an amount (the
“Pay-Over Amount”) equal to the lesser of (i) the Second Lien Adequate Protection Payments received by such Second Lien Claimholder and (ii) the amount of the short-fall (the “Short Fall”) in payment in
full in cash of the First Lien Loan Obligations (subject, in the case of principal outstanding under the First Lien Loan Documents and face amounts of letters of credit, to the First Lien Cap Amount); provided that to the extent any portion
of the Short Fall represents payments received by the First Lien Claimholders in the form of promissory notes, equity or other property, equal in value to the cash paid in respect of the Pay-Over Amount, the First Lien Claimholders shall, upon
receipt of the Pay-Over Amount, transfer those promissory notes, equity or other property, equal in value to the cash paid in respect of the Pay-Over Amount, to the applicable Second Lien Claimholders pro rata in exchange for the Pay-Over Amount.
Notwithstanding anything herein to the contrary, the First Lien Claimholders shall not be deemed to have consented to, and expressly retain their rights to object to, the grant of adequate protection in the form of cash payments to the Second Lien
Claimholders made pursuant to this Section 6.3(b). 
 (c) The Second Lien Collateral Trustee, on behalf of itself and
each other Second Lien Claimholder, agrees that notice of a hearing to approve DIP Financing or use of Cash Collateral on an interim basis shall be adequate if delivered to the Second Lien Collateral Trustee at least two (2) Business Days in
advance of such hearing and that notice of a hearing to approve DIP Financing or use of Cash Collateral on a final basis shall be adequate if delivered to the Second Lien Collateral Trustee at least fifteen (15) days in advance of such hearing.

  
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 6.4 No Waiver. Subject to Section 6.7(b), nothing contained herein shall prohibit or
in any way limit the First Lien Administrative Agent or any other First Lien Claimholder from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action taken by the Second Lien Collateral Trustee or any of the other Second
Lien Claimholders, including the seeking by the Second Lien Collateral Trustee or any other Second Lien Claimholder of adequate protection or the asserting by the Second Lien Collateral Trustee or any other Second Lien Claimholder of any of its
rights and remedies under the Second Lien Documents or otherwise. 
 6.5 Avoidance Issues. If any First Lien Claimholder is required
in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Company or any other Grantor any amount paid in respect of First Lien Obligations (a “Recovery”), then such First
Lien Claimholder shall be entitled to a reinstatement of its First Lien Obligations with respect to all such recovered amounts on the date of such Recovery, and from and after the date of such reinstatement the Discharge of First Lien Obligations
(or, as applicable, payment in full in cash of all Excess First Lien Obligations (including interest accruing thereon on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such
Insolvency or Liquidation Proceeding) and termination or cash collateralization (in an amount and manner reasonably satisfactory to the applicable letter of credit issuer, but in no event in an amount greater than 102.5% of the aggregate undrawn
face amount), or the making of other arrangements satisfactory to the applicable letter of credit issuer, of all letters of credit constituting Excess First Lien Obligations) shall be deemed not to have occurred for all purposes hereunder. If this
Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties
hereto from such date of reinstatement. This Section 6.5 shall survive termination of this Agreement. 
 6.6 Reorganization
Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed pursuant to a plan of reorganization, arrangement, compromise or
liquidation or similar dispositive restructuring plan, both on account of First Lien Obligations and on account of Second Lien Obligations, then, to the extent the debt obligations distributed on account of the First Lien Obligations and on account
of the Second Lien Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt
obligations. 
 6.7 Post-Petition Interest. 

(a) None of the Second Lien Collateral Trustee or any other Second Lien Claimholder shall oppose or seek to challenge any claim
by the First Lien Administrative Agent or any other First Lien Claimholder for allowance in any Insolvency or Liquidation Proceeding of First Lien Obligations consisting of Post-Petition Interest to the extent of the value of any First Lien
Claimholder’s Lien on the Collateral, without regard to the existence of the Liens of the Second Lien Collateral Trustee or the other Second Lien Claimholders on the Collateral. 

  
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 (b) None of the First Lien Administrative Agent or any other First Lien
Claimholder shall oppose or seek to challenge any claim by the Second Lien Collateral Trustee or any other Second Lien Claimholder for allowance in any Insolvency or Liquidation Proceeding of Second Lien Obligations consisting of Post-Petition
Interest to the extent of the value of the Lien of the Second Lien Collateral Trustee, on behalf of the Second Lien Claimholders, on the Collateral (after taking into account the amount of the First Lien Obligations). 

6.8 Waiver. The Second Lien Collateral Trustee, on behalf of itself and each other Second Lien Claimholder, waives any claim it may
hereafter have against any First Lien Claimholder arising out of the election of any First Lien Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code, and/or out of any cash collateral or financing arrangement or out of
any grant of a security interest in connection with the Collateral in any Insolvency or Liquidation Proceeding so long as such actions are not in express contravention of the terms of this Agreement. 

6.9 Separate Grants of Security and Separate Classification. The Second Lien Collateral Trustee, on behalf of itself and each other
Second Lien Claimholder, and the First Lien Administrative Agent on behalf of itself and each other First Lien Claimholder, acknowledges and agrees that: 

(a) the grants of Liens pursuant to the First Lien Collateral Documents and the Second Lien Collateral Documents constitute two
separate and distinct grants of Liens; and 
 (b) because of, among other things, their differing rights in the Collateral,
the Second Lien Obligations are fundamentally different from the First Lien Obligations 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 Claimholders and the Second Lien Claimholders 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
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 claims held by the Second Lien Claimholders), the First Lien Claimholders shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other
claims, all amounts owing (or that would be owing if there were such separate classes of senior and junior secured claims) in respect of Post-Petition Interest (including any additional interest payable pursuant to the First Lien Loan Documents
arising from or related to a default, which is disallowed as a claim in any Insolvency or Liquidation Proceeding) 

  
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before any distribution is made in respect of the claims held by the Second Lien Claimholders with respect to the Collateral, with the Second Lien Collateral Trustee, on behalf of itself and each
other Second Lien Claimholder, hereby acknowledging and agreeing to turn over to the First Lien Administrative Agent, on behalf of itself and each other First Lien Claimholder, Collateral or proceeds of Collateral otherwise received or receivable by
them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Lien Claimholders). 

6.10 Effectiveness in Insolvency or Liquidation Proceedings. The Parties acknowledge that this Agreement is a “subordination
agreement” under 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. 
 SECTION 7. Reliance;
Waivers; Etc. 
 7.1 Reliance. Other than any reliance on the terms of this Agreement, the First Lien Administrative Agent, on
behalf of itself and each other First Lien Claimholder, acknowledges that it and such other First Lien Claimholders have, independently and without reliance on the Second Lien Collateral Trustee or any other Second Lien Claimholder, and based on
documents and information deemed by them appropriate, made their own credit analysis and decision to enter into each of the First Lien Loan Documents and be bound by the terms of this Agreement and they will continue to make their own credit
decision in taking or not taking any action under the First Lien Loan Documents or this Agreement. The Second Lien Collateral Trustee, on behalf of itself and each other Second Lien Claimholder, acknowledges that it and such other Second Lien
Claimholders have, independently and without reliance on the First Lien Administrative Agent or any other First Lien Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter
into each of the Second Lien Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Second Lien Documents or this Agreement (it being understood
that neither the Second Lien Collateral Trustee nor the Second Lien Indenture Trustee has made and has no duty to make any credit analysis). 

7.2 No Warranties or Liability. The First Lien Administrative Agent, on behalf of itself and each other First Lien Claimholder,
acknowledges and agrees that none of the Second Lien Collateral Trustee or any other Second Lien Claimholder 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 Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided herein, the Second Lien Claimholders will be entitled to manage
and supervise their respective loans and extensions of credit under the Second Lien Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Second Lien Collateral Trustee, on behalf of

  
 41 

 
itself and each other Second Lien Claimholder, acknowledges and agrees that none of the First Lien Administrative Agent or any other First Lien Claimholder 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. Except as otherwise provided herein, the First Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the First Lien Loan Documents in accordance with law and as they may
otherwise, in their sole discretion, deem appropriate. The Second Lien Collateral Trustee and the other Second Lien Claimholders shall have no duty to the First Lien Administrative Agent or any other First Lien Claimholder, and the First Lien
Administrative Agent and the other First Lien Claimholders shall have no duty to the Second Lien Collateral Trustee or any other Second Lien Claimholder, to act or refrain from acting in a manner which allows, or results in, the occurrence or
continuance of an event of default or default under any agreements with the Company or any other Grantor (including the First Lien Loan Documents and the Second Lien Documents), regardless of any knowledge thereof which they may have or be charged
with. 
 7.3 No Waiver of Lien Priorities. 

(a) No right of the First Lien Claimholders, the First Lien Administrative Agent or any of them to enforce any provision of
this Agreement or any First Lien Loan Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or any other Grantor or by any act or failure to act by any First Lien Claimholder or the
First Lien Administrative Agent, or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the First Lien Loan Documents or any of the Second Lien Documents, regardless of any knowledge thereof which
the First Lien Administrative Agent or any First Lien Claimholder, or any of them, may have or be otherwise charged with. 

(b) Without in any way limiting the generality of the foregoing paragraph (but subject to the rights of the Company and the
other Grantors under the First Lien Loan Documents and subject to the provisions of Section 5.3(a)), the First Lien Claimholders, the First Lien Administrative Agent and any of them may, at any time and from time to time in accordance with the
First Lien Loan Documents and/or applicable law, without the consent of, or notice to, the Second Lien Collateral Trustee or any other Second Lien Claimholder, without incurring any liabilities to the Second Lien Collateral Trustee or any other
Second Lien Claimholder and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of the Second Lien Collateral Trustee or any other Second Lien
Claimholder is affected, impaired or extinguished thereby) do any one or more of the following: 
 (1) change the manner,
place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, 

  
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increase or alter, the terms of any of the First Lien Obligations or any Lien on any First Lien Collateral or guaranty of any of the First Lien Obligations or any liability of the Company or any
other Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the First Lien Obligations, without any restriction as to the tenor or terms of any such increase or extension) or
otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by the First Lien Administrative Agent or any of the other First Lien Claimholders, the First Lien Obligations or any of the First Lien Loan Documents;
provided that any such increase in the First Lien Obligations shall not increase the sum of the Indebtedness constituting principal under the First Lien Loan Documents and the face amount of any letters of credit issued and outstanding under
the First Lien Loan Documents to an amount in excess of the First Lien Cap Amount; 
 (2) sell, exchange, release, surrender,
realize upon, enforce or otherwise deal with in any manner and in any order any part of the First Lien Collateral or any liability of the Company or any other Grantor to any of the First Lien Claimholders or the First Lien Administrative Agent, or
any liability incurred directly or indirectly in respect thereof; 
 (3) settle or compromise any First Lien Obligation or
any other liability of the Company or any other Grantor or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the First
Lien Obligations) in any manner or order; and 
 (4) exercise or delay in or refrain from exercising any right or remedy
against the Company or any other Grantor or any other Person or any security, and elect any remedy and otherwise deal freely with the Company, any other Grantor or any First Lien Collateral and any security and any guarantor or any liability of the
Company or any other Grantor to the First Lien Claimholders or any liability incurred directly or indirectly in respect thereof. 

(c) Except as otherwise expressly provided herein, the Second Lien Collateral Trustee, on behalf of itself and each other
Second Lien Claimholder, also agrees that the First Lien Claimholders and the First Lien Administrative Agent shall not have any liability to the Second Lien Collateral Trustee or any such Second Lien Claimholders, and the Second Lien Collateral
Trustee, on behalf of itself and each other Second Lien Claimholder, hereby waives any claim against any First Lien Claimholder or the First Lien Administrative Agent arising out of any and all actions which the First Lien Claimholders or the First
Lien Administrative Agent may take or permit or omit to take with respect to: 
 (1) the First Lien Loan Documents (other
than this Agreement); 

  
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 (2) the collection of the First Lien Obligations; or 

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

The Second Lien Collateral Trustee, on behalf of itself and each other Second Lien Claimholder, agrees that the First Lien Claimholders and the
First Lien Administrative Agent do not have any duty to them in respect of the maintenance or preservation of the First Lien Collateral, the First Lien Obligations or otherwise. 

(d) Until the Discharge of First Lien Obligations, the Second Lien Collateral Trustee, on behalf of itself and each other
Second Lien Claimholder, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of any marshaling, appraisal, valuation or other similar
right that may otherwise be available under applicable law with respect to the Collateral or any other similar rights a junior secured creditor may have under applicable law. 

7.4 Obligations Unconditional. All rights, interests, agreements and obligations of the First Lien Administrative Agent and the First
Lien Claimholders and the Second Lien Collateral Trustee and the other Second Lien Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any First Lien Loan Documents or any Second Lien Documents; 

(b) except as otherwise expressly set forth in this Agreement, any change in the time, manner or place of payment of, or in any
other terms of, all or any of the First Lien Obligations or Second Lien Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any First
Lien Loan Document or any Second Lien Document; 
 (c) except as otherwise expressly set forth in this Agreement, any
exchange of any security interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the First Lien Obligations or Second Lien
Obligations or any guarantee thereof; 
 (d) the commencement of any Insolvency or Liquidation Proceeding in respect of the
Company or any other Grantor; or 

  
 44 

 (e) any other circumstances which otherwise might constitute a defense available
to, or a discharge of, the Company or any other Grantor in respect of the First Lien Administrative Agent, the First Lien Obligations, any First Lien Claimholder, the Second Lien Collateral Trustee, the Second Lien Obligations or any Second Lien
Claimholder in respect of this Agreement. 
 SECTION 8. Miscellaneous. 

8.1 Integration/Conflicts. This Agreement, the First Lien Loan Documents and the Second Lien Documents represent the entire agreement of
the Grantors, the First Lien Claimholders and the Second Lien Claimholders with respect to the subject matter hereof and thereof, and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof and thereof. There are no promises, undertakings, representations or warranties by the First Lien Claimholders or the Second Lien Claimholders relative to the subject matter hereof and thereof not expressly set forth or referred to herein or
therein. In the event of any conflict between the provisions of this Agreement and the provisions of the First Lien Loan Documents or the Second Lien Documents, the provisions of this Agreement shall govern and control. 

8.2 Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and delivered
by the parties hereto. This is a continuing agreement of lien subordination and the First Lien Claimholders may continue, at any time and without notice to the Second Lien Collateral Trustee or any other Second Lien Claimholder subject to the Second
Lien Documents, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor constituting First Lien Obligations in reliance hereof. The Second Lien Collateral Trustee, on behalf of itself
and each other Second Lien Claimholder, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and
effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good faith
negotiations to replace any invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to those of the invalid, illegal or unenforceable provisions. All references to the Company or any
other Grantor shall include the Company or such Grantor as debtor and debtor-in-possession and any receiver, trustee or similar person for the Company or any other
Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect on the earlier to occur of (x) the date on which there has been a Discharge of First Lien Obligations
and no Excess First Lien Obligations remain outstanding and (y) the date on which there has been a Discharge of Second Lien Obligations and no Excess Second Lien Obligations remain outstanding, in each case, subject to Sections 5.6 and 6.5;
provided, however, that no termination shall relieve any party of its obligations incurred hereunder prior to the date of termination. 

  
 45 

 8.3 Amendments; Waivers. No amendment, modification or waiver of any of the provisions of
this Agreement by the Second Lien Collateral Trustee or the First Lien Administrative Agent shall be deemed to be made unless the same shall be in writing signed on behalf of the First Lien Administrative Agent, the Second Lien Collateral Trustee or
their respective authorized agents and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such
party in any other respect or at any other time. Notwithstanding the foregoing, the Company and the other Grantors shall not have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement, except to
the extent such amendment, modification or waiver directly and adversely affects the rights of the Company or the other Grantors hereunder. 

8.4 Information Concerning Financial Condition of the Company and its Subsidiaries. The First Lien Administrative Agent and the First
Lien Claimholders, on the one hand, and the Second Lien Claimholders and the Second Lien Collateral Trustee, on the other hand, shall each be responsible for keeping themselves informed of (a) the financial condition of the Grantors and their
Subsidiaries and all endorsers and/or guarantors of the First Lien Obligations or the Second Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the First Lien Obligations or the Second Lien Obligations;
provided, that nothing in this Section 8.4 shall impose a duty on the Second Lien Collateral Trustee or Second Lien Indenture Trustee to inform itself or investigate the financial condition of the Borrower or the Guarantors beyond that which
may be required under the Second Lien Collateral Trust Agreement or Second Lien Indenture, respectively. The First Lien Administrative Agent and the other First Lien Claimholders shall have no duty to advise the Second Lien Collateral Trustee or any
other Second Lien Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event the First Lien Administrative Agent or any of the other First Lien Claimholders, in its or their sole
discretion, undertakes at any time or from time to time to provide any such information to the Second Lien Collateral Trustee or any other Second Lien Claimholder, it or they shall be under no obligation: 

(a) to make, and the First Lien Administrative Agent and the other First Lien Claimholders shall not make, any express or
implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided; 

(b) to provide any additional information or to provide any such information on any subsequent occasion; 

(c) to undertake any investigation; or 

  
 46 

 (d) to disclose any information, which pursuant to accepted or reasonable
commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 
 The Second Lien Collateral
Trustee and the other Second Lien Claimholders shall have no duty to advise the First Lien Administrative Agent or any other First Lien Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise.
In the event the Second Lien Collateral Trustee or any of the other Second Lien Claimholders, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to the First Lien Administrative Agent or any
other First Lien Claimholder, it or they shall be under no obligation: 
 (a) to make, and the Second Lien Collateral Trustee
and the other Second Lien Claimholders shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided; 

(b) to provide any additional information or to provide any such information on any subsequent occasion; 

(c) to undertake any investigation; or 

(d) to disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party wishes to
maintain confidential or is otherwise required to maintain confidential. 
 8.5 Subrogation. With respect to the value of any
payments or distributions in cash, property or other assets that any of the Second Lien Claimholders or the Second Lien Collateral Trustee pays over to the First Lien Administrative Agent or the First Lien Claimholders under the terms of this
Agreement, the Second Lien Claimholders and the Second Lien Collateral Trustee shall be subrogated to the rights of the First Lien Administrative Agent and the First Lien Claimholders; provided that the Second Lien Collateral Trustee, on behalf of
itself and each other Second Lien Claimholder, hereby agrees not to assert or enforce any such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of First Lien Obligations has occurred. The Company
acknowledges and agrees that the value of any payments or distributions in cash, property or other assets received by the Second Lien Collateral Trustee or the Second Lien Claimholders that are paid over to the First Lien Administrative Agent or the
First Lien Claimholders pursuant to this Agreement shall not reduce any of the Second Lien Obligations. 
 8.6 Application of
Payments. All payments received by the First Lien Administrative Agent or the First Lien Claimholders may be applied, reversed and reapplied, in whole or in part, to such part of the First Lien Obligations provided for in the First Lien Loan
Documents. The Second Lien Collateral Trustee, on behalf of itself and each other Second Lien Claimholder, agrees to any extension or postponement of the time of payment, subject to Section 5.3(a)(3), of the First Lien Obligations or any part

  
 47 

 
thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any Lien which may at any time secure any part of the First Lien Obligations and to the
addition or release of any other Person primarily or secondarily liable therefor. 
 8.7 Submission to Jurisdiction; Certain Waivers.
Each of the Company, each other Grantor, the First Lien Administrative Agent on behalf of itself and each other First Lien Claimholder and the Second Lien Collateral Trustee on behalf of itself and each Second Lien Claimholder hereby irrevocably and
unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement and
the Collateral Documents (whether arising in contract, tort or otherwise) to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York
sitting in the Borough of Manhattan, the courts of the United States for the Southern District of New York sitting in the Borough of Manhattan, and appellate courts from any thereof; 

(b) agrees that all claims in respect of any such action or proceeding shall be heard and determined in such New York state
court or, to the fullest extent permitted by applicable law, in such federal court; 
 (c) agrees that a final judgment in
any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law and that nothing in this Agreement or any other First Lien Loan Document or Second Lien
Document shall affect any right that any Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or any other First Lien Loan Document or Second Lien Document against such Grantor or any of its assets in the
courts of any jurisdiction; 
 (d) waives, to the fullest extent permitted by applicable law, any objection that it may now
or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Collateral Documents in any court referred to in Section 8.7(a) (and irrevocably waives to the fullest extent
permitted by applicable law the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court); 

(e) consents to service of process in any such proceeding in any such court by registered or certified mail, return receipt
requested, to the applicable party at its address provided in accordance with Section 8.9 (and agrees that nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law);

 (f) agrees that service as provided in Section 8.7(e) is sufficient to confer personal jurisdiction over the
applicable party in any such proceeding in any such court, and otherwise constitutes effective and binding service in every respect; and 

  
 48 

 (g) waives, to the maximum extent not prohibited by law, any right it may have to
claim or recover any special, exemplary, punitive or consequential damages. 
 8.8 WAIVER OF JURY TRIAL. 

EACH PARTY HERETO, AND THE COMPANY AND THE OTHER GRANTORS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT, BREACH OF DUTY, COMMON LAW, STATUTE
OR ANY OTHER THEORY). EACH PARTY HERETO AND THE COMPANY AND THE OTHER GRANTORS (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. EACH
PARTY HERETO AND THE COMPANY AND THE OTHER GRANTORS FURTHER REPRESENTS AND WARRANTS 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.

 8.9 Notices. All notices to the Second Lien Claimholders and the First Lien Claimholders permitted or required under this
Agreement shall be sent to the Second Lien Collateral Trustee and the First Lien Administrative Agent, respectively. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by
telefacsimile, electronic mail or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or electronic mail,
or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages
hereto or in the Joinder Agreement pursuant to which it becomes a party hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. 

8.10 Further Assurances. The First Lien Administrative Agent, on behalf of itself and each other First Lien Claimholder under the First
Lien Loan 

  
 49 

 
Documents, and the Second Lien Collateral Trustee, on behalf of itself and each other Second Lien Claimholder under the Second Lien Documents, and the Company, agree that each of them shall take
such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the First Lien Administrative Agent or the Second Lien Collateral Trustee may reasonably request to effectuate the
terms of and the Lien priorities contemplated by this Agreement. 
 8.11 APPLICABLE LAW. THIS AGREEMENT AND ANY DISPUTE, CLAIM OR
CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW
RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS IN THE
COLLATERAL). 
 8.12 Binding on Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
First Lien Administrative Agent, the other First Lien Claimholders, the Second Lien Collateral Trustee, the other Second Lien Claimholders, the Company and the other Grantors, and their respective successors and assigns from time to time. If either
of the First Lien Administrative Agent or the Second Lien Collateral Trustee resigns or is replaced pursuant to the First Lien Loan Documents or the Second Lien Documents, as applicable, its successor and/or assign shall be deemed to be a party to
this Agreement and shall have all the rights of, and be subject to all the obligations of, this Agreement. No provision of this Agreement will inure to the benefit of a bankruptcy trustee, debtor-in-possession, creditor trust or other representative
of an estate or creditor of any Grantor, including where any such bankruptcy trustee, debtor-in-possession, creditor trust or other representative of an estate is the beneficiary of a Lien securing Collateral by virtue of the avoidance of such Lien
in an Insolvency or Liquidation Proceeding. 
 8.13 Section Headings. The section headings and the table of contents used in this
Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose, be given any substantive effect, affect the construction hereof or be taken into consideration in the
interpretation hereof. 
 8.14 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any
number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission (e.g., in
“pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart hereof. 

  
 50 

 8.15 Authorization. By its signature, each Person executing this Agreement, on behalf of
such Person but not in his or her personal capacity as a signatory, represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. 

8.16 No Third Party Beneficiaries/ Provisions Solely to Define Relative Rights. This Agreement and the rights and benefits hereof shall
inure to the benefit of each of the First Lien Claimholders and the Second Lien Claimholders and their respective successors and assigns from time to time. The provisions of this Agreement are and are intended solely for the purpose of defining the
relative rights of the First Lien Administrative Agent and the other First Lien Claimholders on the one hand and the Second Lien Collateral Trustee and the other Second Lien Claimholders on the other hand. Nothing herein shall be construed to limit
the relative rights and obligations as among the First Lien Claimholders or as among the Second Lien Claimholders. None of the Company, any other Grantor or any other creditor shall have any rights hereunder and neither the Company nor any Grantor
nor any other creditor may rely on the terms hereof, except as set forth in Section 8.3 or this sentence. Nothing in this Agreement is intended to or shall impair the obligations of the Company or any other Grantor, which are absolute and
unconditional, to pay the First Lien Obligations and the Second Lien Obligations as and when the same shall become due and payable in accordance with their terms. 

8.17 No Indirect Actions. Unless otherwise expressly stated, if a party may not take an action under this Agreement, then it may not
take that action indirectly, or support any other Person in taking that action directly or indirectly. “Taking an action indirectly” means taking an action that is not expressly prohibited for the party but is intended to have
substantially the same effects as the prohibited action. 
 8.18 Additional Grantors. Each of the Company and the other Grantors
agrees that it shall ensure that each of its Subsidiaries that is or is to become a party to any First Lien Loan Document or Second Lien Document shall either execute this Agreement on the date hereof or shall confirm that it is a Grantor hereunder
pursuant to a Joinder Agreement substantially in the form attached hereto as Exhibit A that is executed and delivered by such Subsidiary prior to or concurrently with its execution and delivery of such First Lien Loan Document or such Second Lien
Document. 
 [Remainder of this page intentionally left blank] 

  
 51 

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

			
	First Lien Administrative Agent
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as First Lien Administrative Agent,

		
	By:	 	 /s/ Brian Carrico

	Name:	 	Brian Carrico
	Title:	 	Senior Vice President
	
	SOUTH TRYON STREET, 7TH FLOOR
	CHARLOTTE, NORTH CAROLINA 28282-1915

  
 52 

 
			
	Second Lien Collateral Trustee
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Second Lien Collateral Trustee

		
	By:	 	 /s/ W. Thomas Morris II

	Name:	 	W. Thomas Morris II
	Title:	 	Vice President
	
	Wilmington Trust, National Association
	Global Capital Markets
	1100 North Market Street
	Wilmington, DE 19890
	Attention: SunEdison, Inc. Collateral Trust Administrator
	Fax: 302-636-4145

  
 53 

			
	Acknowledged and Agreed to by:
	
	SUNEDISON, INC.
		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Executive Vice President, CAO & CFO
	
	 SUNEDISON HOLDINGS CORPORATION,

as a Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNEDISON INTERNATIONAL, INC.,

as a Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 MEMC PASADENA, INC.,
 as a
Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 ENFLEX CORPORATION,
 as a
Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer

  
 54 

			
	NVT, LLC,
	as a Grantor
		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SOLAICX,
 as a
Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUN EDISON LLC,
 as a
Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNEDISON CANADA, LLC,
 as a
Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNEDISON INTERNATIONAL, LLC,

as a Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer

  
 55 

			
	FOTOWATIO RENEWABLE VENTURES, INC.,
	as a Grantor
		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNEDISON CONTRACTING, LLC,

as a Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 NVT LICENSES, LLC,
 as a
Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 TEAM-SOLAR INC.,
 as a
Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNEDISON UTILITY HOLDINGS, INC.,

as a Grantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer

  
 56 

			
	SUNE ML 1, LLC,
	as a Grantor
		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer

  
 57 

 Exhibit A 

[FORM OF] GRANTOR JOINDER AGREEMENT
NO. [                    ] dated as of [            ], 20[    ]
(the “Grantor Joinder Agreement”) to the INTERCREDITOR AGREEMENT dated as of January 11, 2016 (the “Intercreditor Agreement”), among Wells Fargo Bank, National Association, as First Lien Administrative Agent,
Wilmington Trust, National Association, as Second Lien Collateral Trustee, and acknowledged and agreed to by SunEdison, Inc., a Delaware corporation (the “Company”), certain subsidiaries of the Company (each a
“Grantor”). 
 Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such
terms in the Intercreditor Agreement. 
 The undersigned,
[                    ], a [                    ],
(the “New Grantor”) wishes to acknowledge and agree to the Intercreditor Agreement and become a party thereto to the limited extent contemplated by Section 8.18 thereof and to acquire and undertake the rights and obligations of
a Grantor thereunder. 
 Accordingly, the New Grantor agrees as follows for the benefit of the Administrative Agents and the Claimholders:

 Section 1. Accession to the Intercreditor Agreement. The New Grantor (a) acknowledges and agrees to, and becomes a party
to the Intercreditor Agreement as a Grantor to the limited extent contemplated by Section 8.18 thereof, (b) agrees to all the terms and provisions of the Intercreditor Agreement and (c) shall have all the rights and obligations of a
Grantor under the Intercreditor Agreement. This Grantor Joinder Agreement supplements the Intercreditor Agreement and is being executed and delivered by the New Grantor pursuant to Section 8.18 of the Intercreditor Agreement. 

Section 2. Representations, Warranties and Acknowledgement of the New Grantor. The New Grantor represents and warrants to each
Administrative Agent and to the Claimholders that (a) it has full power and authority to enter into this Grantor Joinder Agreement, in its capacity as Grantor and (b) this Grantor Joinder Agreement has been duly authorized, executed and
delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms of this Grantor Joinder Agreement. 

Section 3. Counterparts. This Grantor Joinder Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Grantor Joinder Agreement or any document
or instrument delivered in connection herewith by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Grantor Joinder Agreement or such other document or instrument, as applicable. 

Section 4. Section Headings. Section heading used in this Grantor Joinder Agreement are for convenience of reference only and are
not to affect the construction hereof or to be taken in consideration in the interpretation hereof. 

  
 58 

 Section 5. Benefit of Agreement. The agreements set forth herein or undertaken
pursuant hereto are for the benefit of, and may be enforced by, any party to the Intercreditor Agreement subject to any limitations set forth in the Intercreditor Agreement with respect to the Grantors. 

Section 6. Governing Law. THIS GRANTOR JOINDER AGREEMENT, AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS
GRANTOR JOINDER AGREEMENT (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE
APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS IN THE COLLATERAL). 

Section 7. Severability. Any provision of this Grantor Joinder Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good faith negotiations to replace any invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close
as possible to those of the invalid, illegal or unenforceable provisions. 
 Section 8. Notices. All communications and notices
hereunder shall be in writing and given as provided in Section 8.9 of the Intercreditor Agreement. All communications and notices hereunder to the New Grantor shall be given to it at the address set forth under its signature hereto, which
information supplements Section 8.9 of the Intercreditor Agreement. 
 Section 9. Miscellaneous. The provisions of
Section 8 of the Intercreditor Agreement will apply with like effect to this Grantor Joinder Agreement. 

  
 59 

 IN WITNESS WHEREOF, the New Grantor has duly executed this Grantor Joinder Agreement to the
Intercreditor Agreement as of the day and year first above written. 
  

					
	[                    
                     ],
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for notices:
		
		 	  

		 	  

		 	Attention of:	 	  

		 	Telecopy:	 	  

  
 60EX-10.3

 Exhibit 10.3 
  

 
 COLLATERAL TRUST AGREEMENT

 dated as of January 11, 2016 

among 
 SUNEDISON, INC.,

 the Guarantors from time to time party hereto, 

DEUTSCHE BANK AG NEW YORK BRANCH, 

as Administrative Agent under the Credit Agreement 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee under the Indenture, 

THE ADDITIONAL PARI PASSU LIEN REPRESENTATIVES FROM TIME TO TIME PARTY HERETO, 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION 
 as Collateral Trustee 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1.
	 	 DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	 	2	  
	 SECTION 1.1
	 	 Defined Terms
	  	 	2	  
	 SECTION 1.2
	 	 Other Definition Provisions
	  	 	8	  
			
	 ARTICLE 2.
	 	 THE TRUST ESTATE
	  	 	8	  
	 SECTION 2.1
	 	 Declaration of Trust
	  	 	8	  
	 SECTION 2.2
	 	 Collateral Shared Equally and Ratably
	  	 	9	  
			
	 ARTICLE 3.
	 	 OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE
	  	 	10	  
	 SECTION 3.1
	 	 Appointment and Undertaking of the Collateral Trustee
	  	 	10	  
	 SECTION 3.2
	 	 Release or Subordination of Liens
	  	 	12	  
	 SECTION 3.3
	 	 Enforcement of Liens
	  	 	12	  
	 SECTION 3.4
	 	 Application of Proceeds
	  	 	13	  
	 SECTION 3.5
	 	 Powers of the Collateral Trustee
	  	 	14	  
	 SECTION 3.6
	 	 Documents and Communications
	  	 	14	  
	 SECTION 3.7
	 	 For Sole and Exclusive Benefit of the Pari Passu Lien Secured Parties
	  	 	14	  
	 SECTION 3.8
	 	 Additional Pari Passu Lien Debt
	  	 	15	  
			
	 ARTICLE 4.
	 	 OBLIGATIONS ENFORCEABLE BY THE BORROWER AND THE GUARANTORS
	  	 	17	  
	 SECTION 4.1
	 	 Release of Liens on Collateral
	  	 	17	  
	 SECTION 4.2
	 	 Delivery of Copies to Pari Passu Lien Representatives
	  	 	19	  
	 SECTION 4.3
	 	 Collateral Trustee not Required to Serve, File or Record
	  	 	19	  
	 SECTION 4.4
	 	 Release of Liens in Respect of any Series of Pari Passu Lien Debt or any Series of Pari Passu Lien Debt other than the Term Loans
and Notes
	  	 	20	  
			
	 ARTICLE 5.
	 	 IMMUNITIES OF THE COLLATERAL TRUSTEE
	  	 	20	  
	 SECTION 5.1
	 	 No Implied Duty
	  	 	20	  
	 SECTION 5.2
	 	 Appointment of Agents and Advisors
	  	 	21	  
	 SECTION 5.3
	 	 Other Agreements
	  	 	21	  
	 SECTION 5.4
	 	 Solicitation of Instructions
	  	 	21	  
	 SECTION 5.5
	 	 Limitation of Liability
	  	 	21	  
	 SECTION 5.6
	 	 Documents in Satisfactory Form
	  	 	22	  
	 SECTION 5.7
	 	 Entitled to Rely
	  	 	22	  
	 SECTION 5.8
	 	 Pari Passu Lien Debt Default
	  	 	22	  
	 SECTION 5.9
	 	 Actions by Collateral Trustee
	  	 	22	  
	 SECTION 5.10
	 	 Security or Indemnity in favor of the Collateral Trustee
	  	 	22	  
	 SECTION 5.11
	 	 Rights of the Collateral Trustee
	  	 	23	  
	 SECTION 5.12
	 	 Limitations on Duty of Collateral Trustee in Respect of Collateral
	  	 	23	  
	 SECTION 5.13
	 	 No Liability for Clean Up of Hazardous Materials
	  	 	24	  
	 SECTION 5.14
	 	 No Liability for Interest
	  	 	24	  
	 SECTION 5.15
	 	 Non-Reliance on Collateral Trustee
	  	 	25	  

  
 i 

							
	 ARTICLE 6.
	 	 RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE
	  	 	25	  
	 SECTION 6.1
	 	 Resignation or Removal of Collateral Trustee
	  	 	25	  
	 SECTION 6.2
	 	 Appointment of Successor Collateral Trustee
	  	 	25	  
	 SECTION 6.3
	 	 Succession
	  	 	26	  
	 SECTION 6.4
	 	 Merger, Conversion or Consolidation of Collateral Trustee
	  	 	26	  
			
	 ARTICLE 7.
	 	 MISCELLANEOUS PROVISIONS
	  	 	27	  
	 SECTION 7.1
	 	 Amendment.
	  	 	27	  
	 SECTION 7.2
	 	 Voting
	  	 	28	  
	 SECTION 7.3
	 	 Further Assurances; Insurance
	  	 	28	  
	 SECTION 7.4
	 	 Successors and Assigns
	  	 	29	  
	 SECTION 7.5
	 	 Delay and Waiver
	  	 	30	  
	 SECTION 7.6
	 	 Notices
	  	 	30	  
	 SECTION 7.7
	 	 Notice Following Discharge of Pari Passu Lien Obligations
	  	 	31	  
	 SECTION 7.8
	 	 Entire Agreement
	  	 	31	  
	 SECTION 7.9
	 	 Compensation; Expenses
	  	 	32	  
	 SECTION 7.10
	 	 Indemnity
	  	 	33	  
	 SECTION 7.11
	 	 Severability
	  	 	33	  
	 SECTION 7.12
	 	 Section Headings
	  	 	34	  
	 SECTION 7.13
	 	 Obligations Secured
	  	 	34	  
	 SECTION 7.14
	 	 Governing Law
	  	 	34	  
	 SECTION 7.15
	 	 Consent to Jurisdiction
	  	 	34	  
	 SECTION 7.16
	 	 Waiver of Jury Trial
	  	 	35	  
	 SECTION 7.17
	 	 Counterparts
	  	 	35	  
	 SECTION 7.18
	 	 Guarantors and Additional Guarantors
	  	 	35	  
	 SECTION 7.19
	 	 Continuing Nature of this Agreement
	  	 	36	  
	 SECTION 7.20
	 	 Insolvency
	  	 	36	  
	 SECTION 7.21
	 	 Rights and Immunities of Pari Passu Lien Representatives
	  	 	36	  
	 SECTION 7.22
	 	 Force Majeure
	  	 	37	  
		
	 EXHIBIT A – Additional Pari Passu Lien Debt Designation
	  			
	 EXHIBIT B – Form of Collateral Trust Joinder—Additional Pari Passu Lien Debt
	  			
	 EXHIBIT C – Form of Collateral Trust Joinder—Additional Guarantors
	  			

  
 ii 

 COLLATERAL TRUST AGREEMENT (as amended, supplemented, amended and restated or otherwise modified
from time to time in accordance with the terms hereof, this “Agreement”) dated as of January 11, 2016 among SunEdison, Inc., a Delaware corporation (the “Borrower”), the Guarantors
from time to time party hereto, Deutsche Bank AG New York Branch, as Administrative Agent (as defined below), Wilmington Trust, National Association, a national banking association, as Trustee (as defined below), each additional Pari Passu Lien
Representative (as defined below) that executes and delivers a Collateral Trust Joinder (as defined below), and Wilmington Trust, National Association, a national banking association, as Collateral Trustee (in such capacity and together with its
successors in such capacity, the “Collateral Trustee”). 
 W I T N E
S S E T H: 
 WHEREAS, the Borrower entered into a Second Lien Credit Agreement dated as of
January 11, 2016 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, including any replacement thereof if such replacement credit agreement has been designated in accordance Section 3.8
hereof, the “Credit Agreement”) among the Borrower, the Lenders party thereto, Deutsche Bank AG New York Branch, as administrative agent (in such capacity and together with its successors, the “Administrative
Agent”), and the lenders party thereto, which will provide for a $725,000,000 second lien secured credit facility. 
 WHEREAS,
the Borrower intends to issue 5% Guaranteed Convertible Senior Secured Notes due 2018 (including notes subsequently issued in exchange therefor or in refinancing thereof, the “Notes”) in an aggregate principal
amount of $225,000,000 pursuant to an Indenture dated as of January 11, 2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, including any replacement thereof if such replacement indenture
has been designated in accordance Section 3.8 hereof, the “Indenture”) among the Borrower, the guarantors party thereto and Wilmington Trust, National Association, as trustee (in such capacity and together
with its successors in such capacity, the “Trustee”). 
 WHEREAS, the Borrower and the Guarantors
intend to secure the Obligations under the Credit Agreement and under the Indenture, any future Pari Passu Lien Debt and any other Pari Passu Lien Obligations, with Liens on all present and future Collateral on an equal and ratable basis to the
extent that such Liens have been provided for in the Pari Passu Lien Security Documents. 
 WHEREAS, this Agreement sets forth the terms on
which each Pari Passu Lien Secured Party has appointed the Collateral Trustee to act as the collateral trustee for the present and future holders of the Pari Passu Lien Obligations to receive, hold, maintain, administer and distribute the Collateral
at any time delivered to the Collateral Trustee or the subject of the Pari Passu Lien Security Documents, and to enforce the Pari Passu Lien Security Documents and all interests, rights, powers and remedies of the Collateral Trustee with respect
thereto or thereunder and the proceeds thereof. 

 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

SECTION 1.1 Defined Terms. Unless otherwise defined herein, terms defined in the Credit Agreement and used but not defined herein
shall have the meanings given to them in the Credit Agreement. The following terms will have the following meanings: 

“Act of Required Pari Passu Lien Secured Parties” means, as to any matter at any time, (i) a
direction in writing delivered to the Collateral Trustee by or with the written consent of, the holders of (or the Pari Passu Lien Representatives acting at the direction of the holders they represent) more than 50% of the aggregate outstanding
principal amount of Pari Passu Lien Debt and (ii) directions in writing delivered to the Collateral Trustee by or with the written consent of, the requisite percentage or number of holders of each Series of Pari Passu Lien Debt at the time
outstanding (or the Pari Passu Lien Representatives acting at the direction of the holders they represent) as provided for in the applicable Pari Passu Lien Documents, in each case, which, upon request of the Collateral Trustee, shall be accompanied
by indemnity or security acceptable to the Collateral Trustee for any losses, liabilities or expenses that may be incurred in connection with such direction. 

For purposes of this definition, (a) Pari Passu Lien Debt registered in the name of, or beneficially owned by, the Borrower or any Affiliate of the
Borrower will be deemed not to be outstanding and neither the Borrower nor any Affiliate of the Borrower will be entitled to vote such Pari Passu Lien Debt and the Borrower shall notify the Collateral Trustee in writing whether any Pari Passu Lien
Debt is owned by it or any of its Affiliates, and (b) votes will be determined in accordance with Section 7.2. 

“Additional Pari Passu Lien Debt” has the meaning set forth in Section 3.8(a). 

“Additional Pari Passu Lien Debt Designation” means a notice is substantially the form of Exhibit A. 

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

“Agreement” shall mean this Collateral Trust Agreement, as the same may be amended, restated,
supplemented, or otherwise modified from time to time in accordance with the terms hereof. 

“Borrower” has the meaning set forth in the preamble. 

“Class” means all Series of Pari Passu Lien Debt, taken together. 

  
 2 

 “Collateral” means, in the case of each Series of Pari
Passu Lien Debt, all properties and assets of the Borrower and the Guarantors now owned or hereafter acquired and wherever located in which Liens have been granted, or purported to be granted, or required to be granted, to the Collateral Trustee to
secure any or all of the Pari Passu Lien Obligations, and shall exclude any properties and assets in which the Collateral Trustee is required to release its Liens pursuant to Section 3.2; provided, that, if such Liens are required to be
released as a result of the sale, transfer or other disposition of any properties or assets of the Borrower or any Guarantor, such assets or properties will cease to be excluded from the Collateral if the Borrower or any Guarantor thereafter
acquires or reacquires such assets or properties. 
 “Collateral Trust Joinder” means (i) with
respect to the provisions of this Agreement relating to any Additional Pari Passu Lien Debt, an agreement substantially in the form of Exhibit B and (ii) with respect to the provisions of this Agreement relating to the addition of
additional Guarantors, an agreement substantially in the form of Exhibit C. 
 “Collateral
Trustee” has the meaning set forth in the preamble. 
 “Collateral Trustee
Obligations” has the meaning set forth in the definition of “Pari Passu Lien Obligations”. 

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

“Credit Agreement” has the meaning set forth in the recitals. 

“Credit Agreement Documents” means the Credit Agreement and the Pari Passu Lien Security Documents. 

“Discharge of Pari Passu Lien Obligations” means the occurrence of all of the following: 

(1) termination or expiration of all commitments to extend credit that would constitute Pari Passu Lien Debt; 

(2) with respect to each Series of Pari Passu Lien Debt, either (x) payment in full in cash of the principal of and
interest and premium (if any) on all Pari Passu Lien Debt of such Series or (y) there has been a legal defeasance or covenant defeasance pursuant to the terms of the applicable Pari Passu Lien Documents for such Series of Pari Passu Lien Debt;
and 
 (3) payment in full in cash of all other Pari Passu Lien Obligations that are outstanding and unpaid at the time the
Pari Passu Lien Debt is paid in full in cash. 
 “Excluded Collateral” means the “Fronting Compensation Fee
Account” (as defined in the Credit Agreement as in effect on the date hereof) and the funds on deposit therein. 

  
 3 

 “Funded Debt” means, with respect to any specified Person, any
indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent: 
 (1) in respect of
borrowed money or advances; or 
 (2) evidenced by loan agreements, indentures, bonds, notes, debentures or similar
instruments. 
 “Guarantee” or “Guaranteeing” means a guarantee (other than by
endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner including, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all
or any part of any Funded Debt (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 

“Guarantor” means, at any time, with respect to any Pari Passu Lien Obligations, each Person who is at such time
Guaranteeing payment of any Pari Passu Lien Obligations or who has granted any Lien to secure any Pari Passu Lien Obligations that remains outstanding. 

“Indemnified Liabilities” means any and all liabilities (including all environmental liabilities),
obligations, losses, damages, penalties, actions, claims, judgments, suits, costs, taxes, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, performance, administration or enforcement of this
Agreement or any of the other Pari Passu Lien Security Documents, including any of the foregoing relating to the use of proceeds of any Pari Passu Lien Debt or the violation of, noncompliance with or liability under, any law (including environmental
laws) applicable to or enforceable against the Borrower, any of its Subsidiaries or any Guarantor or any of the Collateral and all reasonable costs and expenses (including reasonable fees and expenses of legal counsel selected by the Indemnitee)
incurred by any Indemnitee in connection with any claim, action, investigation or proceeding in any respect relating to any of the foregoing, whether or not suit is brought. 

“Indemnitee” has the meaning set forth in Section 7.10(a). 

“Indenture” has the meaning set forth in the recitals. 

“Intercreditor Agreement” means that certain Intercreditor Agreement dated as of January 11, 2016 entered into by
and among Wells Fargo Bank, National Association, the Collateral Trustee, the Borrower, and grantors party thereto, as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof and hereof. 

“Modification” has the meaning set forth in Section 3.8(d)(1). 

“Moody’s” means Moody’s Investors Service, Inc., and its successors and assigns. 

“Mortgage” has the meaning set forth in Section 3.8(d)(1). 

“Mortgaged Property” has the meaning set forth in Section 3.8(d)(1). 

  
 4 

 “Note Guarantees” means the Guarantees of the Notes. 

“Notes” has the meaning set forth in the recitals. 

“Note Documents” means the Indenture, the Note Guarantees, the Notes and the Pari Passu Lien Security Documents. 

“Obligations” means any principal, interest (including all interest accrued thereon after the commencement of any
action or proceeding under any Debtor Relief Laws at the rate, including any applicable Post-Petition Interest, specified in the applicable Pari Passu Lien Documents, even if such Post-Petition Interest is not enforceable, allowable or allowed as a
claim in such proceeding), premium (if any), fees, indemnifications, reimbursements, expenses and other liabilities payable under the documentation governing any Pari Passu Lien Obligations. 

“Officers’ Certificate” means a certificate with respect to compliance with a condition or covenant
provided for in this Agreement, signed on behalf of the Borrower by two officers of the Borrower, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the
Borrower, including: 
 (a) a statement that the Person making such certificate has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate are based; 
 (c) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

“Pari Passu Lien” means a Lien granted, or purported to be granted, by a Pari Passu Lien Security
Document to the Collateral Trustee , at any time, upon any property of the Borrower or any Guarantor to secure Pari Passu Lien Obligations. 

“Pari Passu Lien Debt” means: 

(1) the Term Loans; 

(2) the Notes; 

  
 5 

 (3) any other Funded Debt of the Borrower or any Guarantor that is secured by a
Pari Passu Lien and that was permitted to be incurred and permitted to be so secured under each applicable Pari Passu Lien Document and the Intercreditor Agreement (such other Funded Debt, the “Other Pari Passu Lien
Debt”); provided, in the case of any Other Pari Passu Lien Debt, that: 
 (a) on or before the date on
which such Other Pari Passu Lien Debt is incurred by the Borrower or such Guarantor, such Other Pari Passu Lien Debt is designated by the Borrower as “Pari Passu Lien Debt” for the purposes of the Pari Passu Lien Documents in an Additional
Pari Passu Lien Debt Designation executed and delivered in accordance with Section 3.8(b); 
 (b) unless such Other Pari
Passu Lien Debt is issued under an existing Pari Passu Lien Document for any Series of Pari Passu Lien Debt whose Pari Passu Lien Representative is already party to this Agreement, the Pari Passu Lien Representative for such Other Pari Passu Lien
Debt executes and delivers a Collateral Trust Joinder in accordance with Section 3.8(a); and 
 (c) all other
requirements set forth in Section 3.8 have been complied with. 
 “Pari Passu Lien Debt Default”
means any event or condition that, under the terms of any Pari Passu Lien Document causes, or permits holders of Pari Passu Lien Debt outstanding thereunder (with or without the giving of notice or lapse of time, or both, and whether or not notice
has been given or time has lapsed) to cause, the Pari Passu Lien Debt outstanding thereunder to become immediately due and payable. 

“Pari Passu Lien Documents” means the Credit Agreement Documents, the Note Documents and any other
indenture, notes, credit agreement or other agreement or instrument pursuant to which any Pari Passu Lien Debt is incurred and the Pari Passu Lien Security Documents. 

“Pari Passu Lien Obligations” means the Pari Passu Lien Debt and all other Obligations in respect of
Pari Passu Lien Debt, including without limitation any Post-Petition Interest whether or not allowable, and all guarantees of any of the foregoing. In addition to the foregoing, all obligations owing to the Collateral Trustee in its capacity as
such, whether pursuant to this Agreement or one or more of the Pari Passu Lien Documents, shall in each case be deemed to constitute Pari Passu Lien Obligations (with the obligations described in this sentence being herein the “Collateral
Trustee Obligations”), which Collateral Trustee Obligations shall be entitled to the priority provided in clause FIRST of Section 3.4(a). 

“Pari Passu Lien Representative” means: 

(1) in the case of the Notes, the Trustee; 

(2) in the case of the Term Loans, the Administrative Agent; and 

(3) in the case of any other Series of Pari Passu Lien Debt, the trustee, agent or representative of the holders of such Series
of Pari Passu Lien Debt who maintains the transfer register for such Series of Pari Passu Lien Debt and is appointed as a representative of such Pari Passu Lien Debt (for purposes related to the administration of the Pari Passu Lien Security
Documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Pari Passu Lien Debt, and who has executed a Collateral Trust Joinder. 

  
 6 

 “Pari Passu Lien Secured Parties” means the holders of Pari Passu Lien
Obligations, each Pari Passu Lien Representative and the Collateral Trustee. 
 “Pari Passu Lien Security Documents”
means all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security executed and delivered by the Borrower or any Guarantor
creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Trustee , for the benefit of any of the Pari Passu Lien Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part,
from time to time, in accordance with its terms and Section 7.2. 
 “Permitted Prior Lien” means any Lien that
has priority over the Lien of the Collateral Trustee for the benefit of the Pari Passu Lien Secured Parties which Lien was permitted under each Pari Passu Lien Document. 

“Post-Petition Interest” means interest, fees, expenses and other charges that pursuant to the Pari Passu Lien
Documents continue to accrue after the commencement of any action or proceeding under Debtor Relief Laws, whether or not such interest, fees, expenses and other charges are allowed or allowable under such Debtor Relief Laws. 

“Reaffirmation Agreement” means an agreement reaffirming the security interests and Liens granted to the Collateral
Trustee in substantially the form attached as Exhibit 1 to Exhibit A of this Agreement. 
 “Series of Pari Passu Lien
Debt” means, severally, (i) Funded Debt under the Credit Agreement, (ii) Funded Debt under the Indenture and (iii) each other issue or series of Pari Passu Lien Debt for which a single transfer register is
maintained. 
 “Term Loans” means the principal of Funded Debt of the Borrower incurred under the Credit Agreement.

 “Title Datedown Product” has the meaning set forth in Section 3.8(d)(3). 

“Trustee” has the meaning set forth in the recitals. 

“Trust Estate” has the meaning set forth in Section 2.1. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York;
provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect to, any Collateral is governed by the Uniform Commercial Code as enacted and in
effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions hereof relating to such perfection,
priority or remedies. 

  
 7 

 SECTION 1.2 Other Definition Provisions. 

(a) The words “hereof,” “herein,” “hereto” and “hereunder” and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule, Exhibit and Annex references, are to this Agreement unless otherwise specified. References to any Schedule, Exhibit
or Annex shall mean such Schedule, Exhibit or Annex as amended or supplemented from time to time in accordance with this Agreement. 
 (b)
The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 (c) The
expressions “payment in full,” “paid in full” and any other similar terms or phrases when used herein shall mean payment in cash in immediately available funds. 

(d) The use herein of the word “include” or “including,” when following any general statement, term or matter, shall not
be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation” or “but
not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. 

(e) All references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any
Article of the UCC. 
 (f) All terms used in this Agreement that are defined in Article 9 of the UCC and not otherwise defined herein
have the meanings assigned to them in Article 9 of the UCC. 
 (g) Unless otherwise set forth herein, references to principal amount shall
include, without duplication, any reimbursement obligations with respect to a letter or credit and the face amount thereof (whether or not such amount is, at the time of determination, drawn or available to be drawn). 

This Agreement and the other Pari Passu Lien Security Documents will be construed without regard to the identity of the party who drafted it
and as though the parties participated equally in drafting it. Consequently, each of the parties acknowledges and agrees that any rule of construction that a document is to be construed against the drafting party will not be applicable either to
this Agreement or the other Pari Passu Lien Security Documents. 
 ARTICLE 2. THE TRUST ESTATE 

SECTION 2.1 Declaration of Trust. To secure the payment of the Pari Passu Lien Obligations and in consideration of the premises and
mutual agreements set forth in this Agreement, the Borrower and each of the Guarantors hereby confirms the grant to the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to hold, in trust under this Agreement for the benefit
of all current and 

  
 8 

 
future Pari Passu Lien Secured Parties, all of the Borrower’s and each such Guarantor’s right, title and interest in, to and under all Collateral, now or hereafter granted to the
Collateral Trustee under any Pari Passu Lien Security Document for the benefit of the Pari Passu Lien Secured Parties, together with all of the Collateral Trustee’s right, title and interest in, to and under the Pari Passu Lien Security
Documents, and all interests, rights, powers and remedies of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof (collectively, the “Trust Estate”). 

The Collateral Trustee and its successors and assigns under this Agreement will hold the Trust Estate in trust for the benefit solely and
exclusively of all current and future Pari Passu Lien Secured Parties as security for the payment of all present and future Pari Passu Lien Obligations. 

Notwithstanding the foregoing, if at any time all of the following conditions have been satisfied: 

(1) all Liens securing the Pari Passu Lien Obligations have been released as provided in Section 4.1; 

(2) the Collateral Trustee holds no other property in trust as part of the Trust Estate; 

(3) no monetary obligation (other than indemnification and other contingent obligations for which no claim or demand for
payment, whether oral or written, has been made at such time) is outstanding and payable under this Agreement to the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity); and 

(4) the Borrower delivers to the Collateral Trustee an Officers’ Certificate stating that all Pari Passu Liens of the
Collateral Trustee have been released in compliance with all applicable provisions of the Pari Passu Lien Documents and that the Borrower and the Guarantors are not required by any Pari Passu Lien Document to grant any Pari Passu Lien upon any
property, 
 then the trust arising hereunder will terminate (subject to any reinstatement pursuant to Sections 7.19 hereof), except that all provisions set
forth in Sections 7.9 and 7.10 that are enforceable by the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity) will remain enforceable in accordance with their terms. 

The parties further declare and covenant that the Trust Estate will be held and distributed by the Collateral Trustee subject to the further
agreements herein. 
 SECTION 2.2 Collateral Shared Equally and Ratably. The parties to this Agreement agree that the payment and
satisfaction of all of the Pari Passu Lien Obligations within each Class will be secured equally and ratably by the Pari Passu Liens established in favor of the Collateral Trustee for the benefit of the Pari Passu Lien Secured Parties belonging to
such Class, notwithstanding the time of incurrence of any Pari Passu Lien 

  
 9 

 
Obligations within such Class or the date, time, method or order of grant, attachment or perfection of any Liens securing such Pari Passu Lien Obligations within such Class and notwithstanding
any provision of the UCC, the time of incurrence of any Series of Pari Passu Lien Debt or the time of incurrence of any other Pari Passu Lien Obligation, or any other applicable law or any defect or deficiencies in, or failure to perfect or lapse in
perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the Pari Passu Lien Obligations, the subordination of such Liens to any other Liens, or any other circumstance whatsoever, whether or not any action or
proceeding under any Debtor Relief Laws has been commenced against the Borrower or any Guarantor. 
 It is the intent of the parties that,
and the parties hereto agree for themselves and for the Pari Passu Lien Secured Parties represented by them that all Pari Passu Lien Obligations will be and are secured equally and ratably by all Pari Passu Liens at any time granted by the Borrower
or any Guarantor to secure any Obligations in respect of any Series of Pari Passu Lien Debt, whether or not upon property otherwise constituting collateral for such Series of Pari Passu Lien Debt, and that all such Pari Passu Liens will be
enforceable by the Collateral Trustee for the benefit of all Pari Passu Lien Secured Parties equally and ratably; provided, however, that notwithstanding the foregoing, this provision will not be violated with respect to any particular
Collateral and any particular Series of Pari Passu Lien Debt if the Pari Passu Lien Documents in respect thereof prohibit the applicable Pari Passu Lien Representative from accepting the benefit of a Lien on any particular asset or property or such
Pari Passu Lien Representative otherwise expressly declines in writing to accept the benefit of a Lien on such asset or property; provided, further, Liens on the Excluded Collateral will be held by the Administrative Agent solely for
the benefit of the Pari Passu Lien Secured Parties that are Fronting Arrangers (as defined in the Credit Agreement), and Liens on any other Collateral will be held by the Collateral Trustee for the benefit of all Pari Passu Lien Secured Parties.

 ARTICLE 3. OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE 

SECTION 3.1 Appointment and Undertaking of the Collateral Trustee. 

(a) Each Pari Passu Lien Secured Party acting through its respective Pari Passu Lien Representative and/or by its acceptance of the benefits of
the Pari Passu Lien Security Documents hereby appoints the Collateral Trustee to serve as collateral trustee hereunder on the terms and conditions set forth herein. Subject to, and in accordance with, this Agreement, the Collateral Trustee will, as
collateral trustee , for the benefit solely and exclusively of the present and future Pari Passu Lien Secured Parties, in accordance with the terms of this Agreement: 

(1) accept, enter into, hold, maintain and, upon receipt of an Act of Required Pari Passu Lien Secured Parties, administer and
enforce all Pari Passu Lien Security Documents, including all Collateral subject thereto, and all Liens created thereunder, perform its obligations hereunder and under the Pari Passu Lien Security Documents and, upon receipt of an Act of Required
Pari Passu Lien Secured Parties, protect, exercise and enforce the interests, rights, powers and remedies granted or available to it under, pursuant to or in connection with the Pari Passu Lien Security Documents; 

  
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 (2) unless it has received a contrary Act of Required Pari Passu Lien Secured
Parties, be entitled to (but not obligated, unless it has received an Act of Required Pari Passu Lien Secured Parties), take all lawful and commercially reasonable actions permitted under the Pari Passu Lien Security Documents that it may deem
necessary or advisable to protect or preserve its interest in the Collateral subject thereto and to protect and preserve its interests, rights, powers and remedies; 

(3) deliver and receive notices pursuant to this Agreement and the Pari Passu Lien Security Documents; 

(4) upon receipt of an Act of Required Pari Passu Lien Secured Parties, sell, assign, collect, assemble, foreclose on,
institute legal proceedings with respect to, or otherwise exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the
Pari Passu Lien Security Documents and its other interests, rights, powers and remedies; 
 (5) upon receipt of an Act of
Required Pari Passu Lien Secured Parties, credit bid all of the Pari Passu Lien Obligations on behalf of the Pari Passu Lien Secured Parties to the extent such credit bid is permitted under the terms of the Intercreditor Agreement; 

(6) remit as provided in Section 3.4 all cash proceeds received by the Collateral Trustee from the collection, foreclosure
or enforcement of its interest in the Collateral under the Pari Passu Lien Security Documents or any of its other interests, rights, powers or remedies; 

(7) execute and deliver (i) amendments and supplements to the Pari Passu Lien Security Documents as from time to time
authorized pursuant to Section 7.1 accompanied by an Officers’ Certificate to the effect that the amendment or supplement was permitted under Section 7.1 and (ii) acknowledgements of Collateral Trust Joinders delivered pursuant
to Section 3.8 or 7.18 hereof, accompanied by an Officers’ Certificate to the effect that such joinder is permitted under this Agreement and any other applicable Pari Passu Lien Document; 

(8) release any Lien granted to it by any Pari Passu Lien Security Document upon any Collateral if and as required by
Section 3.2 or Article 4; 
 (9) act or decline to act in connection with any enforcement of Liens as provided in
Section 3.3; and 
 (10) without limiting Section 3.1(d), upon receipt of an Act of Required Pari Passu Lien
Secured Parties, take actions under the Intercreditor Agreement as directed by such Act of Required Pari Passu Lien Secured Parties. 

  
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 (b) Each party to this Agreement acknowledges and consents to the undertaking of the Collateral
Trustee set forth in Section 3.1(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral Trustee. 

(c) Notwithstanding anything to the contrary contained in this Agreement or any other Pari Passu Lien Document, the Collateral Trustee will
not commence any exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against any of the Collateral unless and until it shall have been directed in writing by an Act of Required Pari Passu Lien Secured Parties
and then only in accordance with the provisions of this Agreement. 
 (d) Each Pari Passu Lien Secured Party acting through its respective
Pari Passu Lien Representative and/or by its acceptance of the benefits of the Pari Passu Lien Security Documents hereby authorizes and directs the Collateral Trustee to enter into and perform under the Intercreditor Agreement. 

SECTION 3.2 Release or Subordination of Liens. The Collateral Trustee will not release or subordinate any Lien of the Collateral
Trustee or consent to the release or subordination of any Lien of the Collateral Trustee , except: 
 (a) as directed by an Act of Required
Pari Passu Lien Secured Parties accompanied by an Officers’ Certificate to the effect that the release or subordination was permitted by each applicable Pari Passu Lien Document; 

(b) as required by Article 4; or 

(c) as ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction. 

SECTION 3.3 Enforcement of Liens. If the Collateral Trustee at any time receives written notice that any event has occurred that
constitutes a Pari Passu Lien Debt Default entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Pari Passu Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof
to each Pari Passu Lien Representative. Thereafter, the Collateral Trustee may await direction by an Act of Required Pari Passu Lien Secured Parties and will act, or decline to act, as directed by an Act of Required Pari Passu Lien Secured Parties,
in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Pari Passu Lien Security Documents or applicable law and, following the initiation of such exercise of
remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Pari Passu Lien Secured Parties. Unless it has been directed to the contrary by an Act of
Required Pari Passu Lien Secured Parties, the Collateral Trustee in any event may (but will not be obligated to) take or refrain from taking such action with respect to any default under any Pari Passu Lien Document as it may deem advisable and in
the interest of the Pari Passu Lien Secured Parties, subject, at all times, to the terms of the Intercreditor Agreement. 

  
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 SECTION 3.4 Application of Proceeds. 

(a) The Collateral Trustee will apply the proceeds (a) received under the Intercreditor Agreement or (b) subject to the Intercreditor
Agreement, of any collection, sale, foreclosure or other realization upon, or exercise of any right or remedy with respect to, any Collateral and the proceeds thereof, and the proceeds of any title insurance or other insurance policy required under
any Pari Passu Lien Document or otherwise covering the Collateral in the following order of application: 
 FIRST, to the
payment of all amounts payable under this Agreement on account of the Collateral Trustee ’s (and any former Collateral Trustee’s) fees and any reasonable legal fees, costs and expenses or other liabilities of any kind incurred by the
Collateral Trustee (and any former Collateral Trustee ) or any co-trustee or agent of the Collateral Trustee in connection with any Pari Passu Lien Security Document (including, but not limited to, indemnification obligations that are then due and
payable); 
 SECOND, to the repayment of obligations, other than the Pari Passu Lien Obligations, secured by a Permitted
Prior Lien on the Collateral sold or realized upon to the extent that such other Lien has priority over the Pari Passu Liens but only if such obligation is discharged (in whole or in part) in connection with such sale; 

THIRD, to the respective Pari Passu Lien Representatives on a pro rata basis for each Series of Pari Passu Lien Debt that is
secured by such Collateral for application to the payment of all such outstanding Pari Passu Lien Debt and any such other Pari Passu Lien Obligations that are then due and payable and so secured (for application in such order as may be provided in
the Pari Passu Lien Documents applicable to the respective Pari Passu Lien Obligations) in an amount sufficient to pay in full in cash all outstanding Pari Passu Lien Debt and all other Pari Passu Lien Obligations that are then due and payable
(including all interest and fees accrued thereon after the commencement of any action or proceeding under Debtor Relief Laws at the rate, including any applicable Post-Petition Interest, specified in the Pari Passu Lien Documents, even if such
Post-Petition Interest is not enforceable, allowable or allowed as a claim in such proceeding); and 
 FOURTH, any surplus
remaining after the payment in full in cash of amounts described in the preceding clauses will be paid to the Borrower or the applicable Guarantor, as the case may be, its successors or assigns, or to such other Persons as may be entitled to such
amounts under applicable law or as a court of competent jurisdiction may direct. 
 Notwithstanding the foregoing, if any Series of Pari Passu Lien Debt has
released its Lien on any Collateral as described below in Section 4.4, then such Series of Pari Passu Lien Debt and any related Pari Passu Lien Obligations of that Series of Pari Passu Lien Debt thereafter shall not be entitled to share in the
proceeds of any Collateral so released by that Series of Pari Passu Lien Debt. 

  
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 (b) This Section 3.4 is intended for the benefit of, and will be enforceable as a third
party beneficiary by, each present and future holder of Pari Passu Lien Obligations, each present and future Pari Passu Lien Representative and the Collateral Trustee as holder of Pari Passu Liens. The Pari Passu Lien Representative of each future
Series of Pari Passu Lien Debt will be required to deliver a Collateral Trust Joinder including a lien sharing confirmation as provided in Section 3.8 at the time of incurrence of such Series of Pari Passu Lien Debt. 

(c) In connection with the application of proceeds pursuant to Section 3.4(a), except as otherwise directed by an Act of Required Pari
Passu Lien Secured Parties, the Collateral Trustee may (but shall not be obligated to) sell any non-cash proceeds for cash prior to the application of the proceeds thereof. 

(d) In making the determinations and allocations in accordance with Section 3.4(a), the Collateral Trustee may conclusively rely upon
information supplied by the relevant Pari Passu Lien Representative as to the amounts of unpaid principal and interest and other amounts outstanding or due and payable with respect to its respective Pari Passu Lien Debt and any other Pari Passu Lien
Obligations. 
 SECTION 3.5 Powers of the Collateral Trustee. 

(a) The Collateral Trustee is irrevocably authorized and empowered to enter into and perform its obligations and protect, perfect, exercise and
enforce its interest, rights, powers and remedies under the Pari Passu Lien Security Documents and applicable law and in equity and to act as set forth in this Article 3 or, subject to the other provisions of this Agreement, as requested in any
lawful directions given to it from time to time in respect of any matter by an Act of Required Pari Passu Lien Secured Parties. 
 (b) No
Pari Passu Lien Representative or Pari Passu Lien Secured Party (other than the Collateral Trustee ) will have any liability whatsoever for any act or omission of the Collateral Trustee. 

SECTION 3.6 Documents and Communications. The Collateral Trustee will permit each Pari Passu Lien Representative upon reasonable
written notice from time to time to inspect and copy, at the cost and expense of the party requesting such copies, any and all Pari Passu Lien Security Documents and other documents, notices, certificates, instructions or communications received by
the Collateral Trustee in its capacity as such. 
 SECTION 3.7 For Sole and Exclusive Benefit of the Pari Passu Lien Secured
Parties. The Collateral Trustee will accept, hold, administer and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and remedies at any time granted to or enforceable by the
Collateral Trustee and all other property of the Trust Estate solely and exclusively for the benefit of the present and future holders of present 

  
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and future Pari Passu Lien Obligations, and will distribute all proceeds received by it in realization thereon or from enforcement thereof solely and exclusively pursuant to the provisions of
Section 3.4. 
 SECTION 3.8 Additional Pari Passu Lien Debt. 

(a) The Collateral Trustee will, as collateral trustee hereunder, perform its undertakings set forth in this Agreement with respect to any Pari
Passu Lien Debt that is issued or incurred after the date hereof if, unless such Funded Debt is issued under an existing Pari Passu Lien Document for any Series of Pari Passu Lien Debt whose Pari Passu Lien Representative is already party to this
Agreement, the designated Pari Passu Lien Representative identified pursuant to Section 3.8(b) signs a Collateral Trust Joinder and delivers the same to the Collateral Trustee. 

(b) The Borrower will be permitted to designate as Pari Passu Lien Debt hereunder any Funded Debt that is incurred by the Borrower or any
Guarantor after the date of this Agreement in accordance with the terms of all applicable Pari Passu Lien Documents. The Borrower may only effect such designation by delivering to the Collateral Trustee (i) an Officers’ Certificate stating
that the incurrence of such Additional Pari Passu Lien Debt is authorized and permitted by the Pari Passu Lien Documents and (ii) an Additional Pari Passu Lien Debt Designation that: 

(1) states that the Borrower or such Guarantor intends to incur additional Pari Passu Lien Debt (“Additional
Pari Passu Lien Debt”) which will be Pari Passu Lien Debt not prohibited by any Pari Passu Lien Document to be incurred and secured by a Pari Passu Lien equally and ratably with all previously existing and future Pari Passu Lien
Debt; 
 (2) specifies the name and address of the Pari Passu Lien Representative for such Additional Pari Passu Lien Debt
for purposes of this Agreement including Section 7.6; 
 (3) states that the Borrower and each Guarantor has duly
authorized, executed (if applicable) and recorded (or caused to be recorded) in each appropriate governmental office all relevant filings and recordations to ensure that the Additional Pari Passu Lien Debt is secured by the Collateral (except for
the Excluded Collateral) in accordance with the Pari Passu Lien Security Documents; 
 (4) attaches as Exhibit 1 to such
Additional Pari Passu Lien Debt Designation a Reaffirmation Agreement in substantially the form attached as Exhibit 1 to Exhibit A of this Agreement, which Reaffirmation Agreement has been duly executed by the Borrower and each Guarantor; and 

(5) states that the Borrower has caused a copy of the Additional Pari Passu Lien Debt Designation and the related Collateral
Trust Joinder to be delivered to each then existing Pari Passu Lien Representative. 

  
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 Although the Borrower shall be required to deliver a copy of each Additional Pari Passu Lien Debt
Designation and each Collateral Trust Joinder to each then existing Pari Passu Lien Representative, the failure to so deliver a copy of the Additional Pari Passu Lien Debt and/or Collateral Trust Joinder to any then existing Pari Passu Lien
Representative shall not affect the status of such debt as Additional Pari Passu Lien Debt if the other requirements of this Section 3.8 are complied with. Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the
Borrower or any Guarantor to incur additional Funded Debt or Liens if prohibited by the terms of any Pari Passu Lien Documents. 
 (c) With
respect to any Additional Pari Passu Lien Debt, Borrower and each of the Guarantors agrees to take such actions (if any) as may from time to time reasonably be requested by the Collateral Trustee , any Pari Passu Lien Representative or any Act of
Required Pari Passu Lien Secured Parties, and enter into such technical amendments, modifications and/or supplements to the then existing Guarantees and Pari Passu Lien Security Documents (or execute and deliver such additional Pari Passu Lien
Security Documents) as may from time to time be reasonably requested by such Persons (including as contemplated by clause (d) below), to ensure that the Additional Pari Passu Lien Debt is secured by, and entitled to the benefits of, the
relevant Pari Passu Lien Security Documents, and each Pari Passu Lien Secured Party (by its acceptance of the benefits hereof) hereby agrees to, and authorizes the Collateral Trustee to enter into, any such technical amendments, modifications and/or
supplements (and additional Pari Passu Lien Security Documents). Borrower and each Guarantor hereby further agree that, if there are any recording, filing or other similar fees payable in connection with any of the actions to be taken pursuant to
this Section 3.8(c) or Section 3.8(d), all such amounts shall be paid by, and shall be for the account of, Borrower and the respective Guarantors, on a joint and several basis. 

(d) Without limitation of the foregoing, Borrower and each of the Guarantors agrees to take the following actions with respect to any real
property Collateral with respect to all Additional Pari Passu Lien Debt: 
 (1) Borrower and the other applicable Guarantors
shall enter into, and deliver to the Collateral Trustee a mortgage modification (each such modification, a “Modification”) or new mortgage or deed of trust with regard to each real property subject to a mortgage or deed of
trust (each such mortgage or deed of trust a “Mortgage,” and each such property a “Mortgaged Property”), with such changes as may be required to account for local law matters, at the time of such
incurrence, in proper form for recording in all applicable jurisdictions, and the Borrower and such Guarantors are jointly and severally liable to pay all filing and recording fees and taxes, documentary stamp taxes and other taxes, charges and
fees, if any, necessary for filing or recording in the recording office of each jurisdiction where such real property to be encumbered thereby is situated; 

(2) Borrower or the applicable Guarantor will cause to be delivered a customary local counsel opinion with respect to each such
Mortgaged Property; 
 (3) Borrower or the applicable Guarantor will cause a title company to have delivered to the
Collateral Trustee a title insurance policy (or, as applicable, an 

  
 16 

 
endorsement to each title insurance policy previously delivered to the Collateral Trustee with respect to the Mortgage or Mortgages for such Series of Pari Passu Lien Debt and all related other
Pari Passu Lien Obligations), date down(s) or other evidence (which may include a new title insurance policy) (each such delivery, a “Title Datedown Product”), in each case insuring that (i) the validity, enforceability
and priority of the Liens of the applicable Mortgage(s) as security for the Pari Passu Lien Obligations (including such Additional Pari Passu Lien Debt) has not changed and, if a new Mortgage is entered into, that the Lien of such new Mortgage
securing the Pari Passu Lien Debt then being incurred shall be enforceable and have the same priority as any existing Mortgage securing then existing Pari Passu Lien Obligations, (ii) confirming and/or insuring that since the later of the
original date of such title insurance product and the date of the Title Datedown Product delivered most recently prior to (and not in connection with) such Additional Pari Passu Lien Debt, there has been no change in the condition of title and
(iii) there are no intervening liens or encumbrances which may then or thereafter take priority over the Lien of the applicable Mortgage(s), in each case other than with respect to Liens permitted by each Pari Passu Lien Document (without
adding any additional exclusions or exceptions to coverage); and 
 (4) the Borrower and the applicable Guarantor shall
deliver to the approved title company, the Collateral Trustee and/or all other relevant third parties all other items reasonably necessary to record each such Mortgage and Modification, to issue a Title Datedown Product and to create, perfect or
preserve the validity, enforceability and priority of the Lien of the mortgage(s) as set forth above and contemplated hereby and by the Pari Passu Lien Documents. 

ARTICLE 4. OBLIGATIONS ENFORCEABLE BY THE BORROWER AND THE GUARANTORS 

SECTION 4.1 Release of Liens on Collateral. 

(a) The Collateral Trustee’s Liens upon the Collateral will be released in any of the following circumstances: 

(1) in whole, upon the Discharge of Pari Passu Lien Obligations; 

(2) as to any Collateral that is sold, transferred or otherwise disposed of by the Borrower or any Guarantor to a Person that
is not (either before or after such sale, transfer or disposition) the Borrower or a Subsidiary (as defined under the Indenture) or an Affiliate of the Borrower in a transaction or other circumstance that complies with Section 7.05 of the
Credit Agreement, if any, and is permitted by all of the other Pari Passu Lien Documents (for the avoidance of doubt, any transaction that would cause a default or event of default under any Pari Passu Lien Document is a transaction that is not
permitted by such Pari Passu Lien Document), at the time of such sale, transfer or other disposition or to the extent of the interest sold, transferred or otherwise disposed of; 

  
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 (3) as to a release of less than all or substantially all of the Collateral
(other than pursuant to clause (2) above), if (A) consent to release of that Collateral has been given by the requisite percentage or number of holders of each Series of Pari Passu Lien Debt at the time outstanding as provided for in the
applicable Pari Passu Lien Documents or (B) all Pari Passu Liens on such Collateral have been automatically released pursuant to the Pari Passu Lien Documents; provided, that this clause (3) shall not apply to Discharge of Pari
Passu Lien Obligations upon payment in full thereof; 
 (4) as to a release of all or substantially all of the Collateral
(other than pursuant to clause (1) above), if (A) consent to release of that Collateral has been given by the requisite percentage or number of holders of each Series of Pari Passu Lien Debt at the time outstanding as provided for in the
applicable Pari Passu Lien Documents and (B) the Borrower has delivered an Officers’ Certificate to the Collateral Trustee certifying that any such necessary consents have been obtained; 

(5) if any Guarantor is released from its obligations under each of the Pari Passu Lien Documents, then the Pari Passu Liens on
all Collateral owned by such Guarantor and the obligations of such Guarantor under its Guarantee of the Pari Passu Lien Obligations, shall be automatically, unconditionally and simultaneously released; and 

(6) otherwise in accordance with the terms of the Intercreditor Agreement. 

(b) The Collateral Trustee agrees for the benefit of the Borrower and the Guarantors that if the Collateral Trustee at any time receives all
of the following: 
 (1) an Officers’ Certificate stating that the conditions precedent in this Agreement and all other
Pari Passu Lien Documents, if any, relating to the release of the Collateral have been complied with; 
 (2) the proposed
instrument or instruments releasing such Lien as to such property in recordable form, if applicable; and 
 (3) prior to the
Discharge of Pari Passu Lien Obligations, the written confirmation of each Pari Passu Lien Representative (such confirmation to be given following receipt of, and based solely on, the Officers’ Certificate described in clause (1) above and
upon receipt of such certificates and opinions as may be required by the applicable Pari Passu Lien Document governing such Pari Passu Lien Representative) that, in its view, such release is permitted by Section 4.1(a) and the respective Pari
Passu Lien Documents governing the Pari Passu Lien Obligations the holders of which such Pari Passu Lien Representative represents; 
 then the Collateral
Trustee will execute (at the sole cost and expenses of the Borrower or such Guarantor and with such acknowledgements and/or notarizations as are required) and deliver such release to the Borrower or the applicable Guarantor on or before the later of
(x) the date specified in such request for such release and (y) the fifth Business Day after the date of receipt of the items required by this Section 4.1(b) by the Collateral Trustee. 

  
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 (c) The Collateral Trustee hereby agrees that: 

(1) in the case of any release pursuant to clause (2) of Section 4.1(a), if the terms of any such sale, transfer or
other disposition require the payment of the purchase price to be contemporaneous with the delivery of the applicable release, then, at the written request of and at the expense of the Borrower or the applicable Guarantor, the Collateral Trustee
will either (A) be present at and deliver the release at the closing of such transaction or (B) deliver the release under customary escrow arrangements that permit such contemporaneous payment and delivery of the release; and 

(2) at any time when a Pari Passu Lien Debt Default under a Series of Pari Passu Lien Debt has occurred and is continuing, the
Collateral Trustee will make best efforts to deliver within one Business Day (and in any event, as soon as reasonably practicable), of the receipt by it of any Act of Required Pari Passu Lien Parties pursuant to Section 4.1(a)(3), the
Collateral Trustee will deliver a copy of such Act of Required Pari Passu Lien Secured Parties to each Pari Passu Lien Representative. 

(d) Each Pari Passu Lien Representative hereby agrees that as soon as reasonably practicable after receipt of an Officers’ Certificate
from the Borrower pursuant to Section 4.1(b)(1) it will, to the extent required by such Section, either provide (A) the written confirmation required by Section 4.1(b)(3), (B) a written statement that such release is not
permitted by Section 4.1(a) or (C) a request for further information from the Borrower reasonably necessary to determine whether the proposed release is permitted by Section 4.1(a) and after receipt of such information such Pari Passu
Lien Representative will as soon as reasonably practicable either provide the written confirmation or statement required pursuant to clause (A) or (B), as applicable. 

SECTION 4.2 Delivery of Copies to Pari Passu Lien Representatives. The Borrower will deliver to each Pari Passu Lien Representative a
copy of each Officers’ Certificate delivered to the Collateral Trustee pursuant to Section 4.1(b), together with copies of all documents delivered to the Collateral Trustee with such Officers’ Certificate. The Pari Passu Lien
Representatives will not be obligated to take notice thereof or to act thereon, subject to Section 4.1(d). 
 SECTION 4.3
Collateral Trustee not Required to Serve, File or Record. The Collateral Trustee is not required to serve, file, register or record any instrument releasing or subordinating its Liens on any Collateral; provided, however, that if the
Borrower or any Guarantor shall make a written demand for a termination statement under Section 9-513(c) of the UCC, the Collateral Trustee shall comply with the written request of such Borrower or
Guarantor to comply with the requirements of such UCC provision; provided, further, that the Collateral Trustee must first confirm with the Pari Passu Lien Representatives that the requirements of such UCC provisions have been
satisfied. 

  
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 SECTION 4.4 Release of Liens in Respect of any Series of Pari Passu Lien Debt or any Series
of Pari Passu Lien Debt other than the Term Loans and Notes 
 (a) Release of Liens in Respect of the Term Loans. In addition to
any release pursuant to Section 4.1 hereof, the Collateral Trustee’s Pari Passu Lien will no longer secure the Term Loans outstanding under the Credit Agreement or any other Obligations under the Credit Agreement, and the right of the
holders of the Term Loans and such Obligations to the benefits and proceeds of the Collateral Trustee’s Pari Passu Lien on the Collateral will terminate and be discharged upon the occurrence of the Termination Date (as defined in the Credit
Agreement) under Section 9.10(b) of the Credit Agreement. 
 (b) Release of Liens in Respect of the Notes. In addition to any
release pursuant to Section 4.1 hereof, the Collateral Trustee’s Pari Passu Lien will no longer secure the Notes outstanding under the Indenture or any other Obligations under the Indenture, and the right of the holders of the Notes and
such Obligations to the benefits and proceeds of the Collateral Trustee’s Pari Passu Lien on the Collateral will terminate and be discharged: 

(1) upon satisfaction and discharge of the Indenture as set forth under Section 7.01 of the Indenture; 

(2) upon payment in full and discharge of all Notes outstanding under the Indenture and all Obligations that are outstanding,
due and payable under the Indenture at the time the Notes are paid in full and discharged and termination; or 
 (3) in whole
or in part, with the consent of the holders of the requisite percentage of Notes in accordance with Section 8.02 of the Indenture. 

(c) Release of Liens in Respect of any Series of Pari Passu Lien Debt other than the Term Loans and the Notes. In addition to any
release pursuant to Section 4.1 hereof, as to any Series of Pari Passu Lien Debt other than the Term Loans and the Notes, the Collateral Trustee’s Pari Passu Lien will no longer secure such Series of Pari Passu Lien Debt if such Pari Passu
Lien Debt has been paid in full in cash, all commitments to extent credit in respect of such Series of Pari Passu Lien Debt have been terminated, and all other Pari Passu Lien Obligations related thereto that are outstanding and unpaid at the time
such Series of Pari Passu Lien Debt is paid are also paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made
at such time). 
 ARTICLE 5. IMMUNITIES OF THE COLLATERAL TRUSTEE 

SECTION 5.1 No Implied Duty. The Collateral Trustee will not have any fiduciary duties to any party. Use of the term “Collateral
Trustee” or “collateral trustee” and the description of this Agreement as a “Collateral Trust Agreement” are for convenience purposes only and does not give rise to any fiduciary duties on the part of the Collateral Trustee
.. The Collateral Trustee will not have responsibilities or obligations other than those expressly assumed by it in this Agreement and the other Pari Passu Lien Security Documents and no implied covenants or obligations under statute, common law or
otherwise, shall be read into this Agreement against the Collateral Trustee. The Collateral Trustee will not be required to take any action that is contrary to applicable law or any provision of this Agreement or the other Pari Passu Lien Security
Documents. 

  
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 SECTION 5.2 Appointment of Agents and Advisors. The Collateral Trustee may execute any of
the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good faith as it may reasonably require and will not be
responsible for any misconduct or negligence on the part of any of them. 
 SECTION 5.3 Other Agreements. The Collateral Trustee has
accepted its appointment as Collateral Trustee hereunder and is bound by the Pari Passu Lien Security Documents executed by the Collateral Trustee as of the date of this Agreement and, as directed by an Act of Required Pari Passu Lien
Secured Parties, the Collateral Trustee shall execute additional Pari Passu Lien Security Documents delivered to it after the date of this Agreement; provided, however, that such additional Pari Passu Lien Security Documents do not
adversely affect the rights, privileges, benefits and immunities of the Collateral Trustee . The Collateral Trustee will not otherwise be bound by, or be held obligated by, the provisions of any indenture, credit agreement or other agreement
governing Pari Passu Lien Debt (other than this Agreement and the other Pari Passu Lien Documents to which it is a party). 
 SECTION 5.4
Solicitation of Instructions. 
 (a) The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of
an Act of Required Pari Passu Lien Secured Parties, an Officers’ Certificate, written instructions from Pari Passu Lien Representatives or an order of a court of competent jurisdiction, as to any action that it may be requested or required to
take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Pari Passu Lien Security Documents. 

(b) No written direction given to the Collateral Trustee by an Act of Required Pari Passu Lien Secured Parties that in the sole judgment of
the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Pari Passu Lien Security Documents
will be binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction. 
 SECTION
5.5 Limitation of Liability. The Collateral Trustee will not be responsible or liable for any action taken or omitted to be taken by it hereunder or under any other Pari Passu Lien Security Document, except for its own gross negligence, or
willful misconduct as determined by a final order or judgment of a court of competent jurisdiction. 

  
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 SECTION 5.6 Documents in Satisfactory Form. The Collateral Trustee will be entitled to
require that all agreements, certificates, opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement, be delivered to it in a form satisfactory to it. 

SECTION 5.7 Entitled to Rely. The Collateral Trustee may seek and rely upon, and shall be fully protected in relying upon, any
judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by it in good faith and upon any certification, instruction, notice or other writing delivered to it by the
Borrower or any Guarantor in compliance with the provisions of this Agreement or delivered to it by any Pari Passu Lien Representative as to the Pari Passu Lien Secured Parties for whom it acts, without being required to determine the authenticity
thereof or the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Trustee may act in reliance upon any instrument comporting with the provisions of this Agreement or any signature reasonably
believed by it in good faith to be genuine and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the provisions hereof or the other Pari Passu Lien Security
Documents has been duly authorized to do so. To the extent an Officers’ Certificate or opinion of counsel is required or permitted under this Agreement to be delivered to the Collateral Trustee in respect of any matter, the Collateral Trustee
may rely conclusively on such Officers’ Certificate or opinion of counsel as to such matter and such Officers’ Certificate or opinion of counsel shall be full warranty and protection to the Collateral Trustee for any action taken, suffered
or omitted by it under the provisions of this Agreement or the other Pari Passu Lien Security Documents. 
 SECTION 5.8 Pari Passu Lien
Debt Default. The Collateral Trustee will not be required to inquire as to the occurrence or absence of any Pari Passu Lien Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Pari
Passu Lien Debt Default unless and until it is directed by an Act of Required Pari Passu Lien Secured Parties. 
 SECTION 5.9 Actions by
Collateral Trustee. As to any matter not expressly provided for by this Agreement or the other Pari Passu Lien Security Documents, the Collateral Trustee will act or refrain from acting as directed by an Act of Required Pari Passu Lien Secured
Parties and will be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the Pari Passu Lien Secured Parties. The Collateral Trustee shall not be liable for any action it takes or
omits to take in good faith in accordance with any Act of Required Pari Passu Lien Secured Parties. 
 SECTION 5.10 Security or
Indemnity in favor of the Collateral Trustee. The Collateral Trustee will not be required to advance or expend any funds or otherwise incur any financial liability in the performance of its duties or the exercise of its powers or rights
hereunder unless it has been provided with security or indemnity satisfactory to it against any and all loss, liability or expense which may be incurred by it by reason of taking or continuing to take such action. 

  
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 SECTION 5.11 Rights of the Collateral Trustee. In the event of any conflict between any
terms and provisions set forth in this Agreement and those set forth in any other Pari Passu Lien Security Document, the terms and provisions of this Agreement shall supersede and control the terms and provisions of such other Pari Passu Lien
Security Document. In the event there is any bona fide, good faith disagreement between the other parties to this Agreement or any of the other Pari Passu Lien Security Documents resulting in adverse claims being made in connection with Collateral
held by the Collateral Trustee and the terms of this Agreement or any of the other Pari Passu Lien Security Documents do not unambiguously mandate the action the Collateral Trustee is to take or not to take in connection therewith under the
circumstances then existing, or the Collateral Trustee is in doubt as to what action it is required to take or not to take hereunder or under the other Pari Passu Lien Security Documents, it will be entitled to refrain from taking any action (and
will incur no liability for doing so) until directed otherwise in writing by a request signed jointly by the parties hereto entitled to give such direction or by order of a court of competent jurisdiction. 

SECTION 5.12 Limitations on Duty of Collateral Trustee in Respect of Collateral. 

(a) Beyond the exercise of reasonable care in the custody of Collateral in its possession, the Collateral Trustee will have no duty as to any
Collateral, any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Collateral
Trustee will not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the
Collateral; provided, however, that, notwithstanding the foregoing, the Collateral Trustee will execute, file or record UCC-3 continuation statements and other documents and instruments to preserve, protect or perfect the security interests
granted to the Collateral Trustee if it shall receive a specific written request to execute, file or record the particular continuation statement or other specific document or instrument by any Pari Passu Lien Representative. The Collateral Trustee
shall deliver to each other Pari Passu Lien Representative a copy of any such written request accompanied by such continuation statement or other specific document or instrument in proper recordable form. The Collateral Trustee will be deemed to
have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property, and the Collateral Trustee will not be liable or responsible for
any loss or diminution in the value of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral Trustee in good faith. 

(b) Except as provided in Section 5.12(a), the Collateral Trustee will not be responsible for the existence, genuineness or value of any
of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such
action or omission constitutes gross negligence or willful misconduct on the 

  
 23 

 
part of the Collateral Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Borrower or any Guarantor
to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Trustee hereby disclaims any representation or
warranty to the current and future holders of the Pari Passu Lien Obligations concerning the perfection of the security interests granted to it or in the value of any Collateral. 

Notwithstanding anything to the contrary contained herein: 

(1) each of the parties thereto will remain liable under each of the Pari Passu Lien Security Documents (other than this
Agreement) to the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this Agreement had not been executed; 

(2) the exercise by the Collateral Trustee of any of its rights, remedies or powers hereunder will not release such parties
from any of their respective duties or obligations under the other Pari Passu Lien Security Documents; and 
 (3) the
Collateral Trustee will not be obligated to perform any of the obligations or duties of any of the parties to the Pari Passu Lien Security Documents other than the Collateral Trustee. 

SECTION 5.13 No Liability for Clean Up of Hazardous Materials. In the event that the Collateral Trustee is required to acquire title
to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any obligation for the benefit of another, which in the Collateral Trustee’s sole discretion may cause the Collateral Trustee to be
considered an “owner or operator” under any environmental laws or otherwise cause the Collateral Trustee to incur, or be exposed to, any environmental liability or any liability under any other federal, state or local law, the Collateral
Trustee reserves the right, instead of taking such action, either to resign as Collateral Trustee or to arrange for the transfer of the title or control of the asset to a court appointed receiver. The Collateral Trustee will not be liable to any
Person for any environmental liability or any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral Trustee’s actions and conduct as authorized, empowered and directed
hereunder or relating to any kind of discharge or release or threatened discharge or release of any hazardous materials into the environment. 

SECTION 5.14 No Liability for Interest 

The Collateral Trustee shall not be liable for interest or investment income on any money or securities received by it, except as the
Collateral Trustee may agree in writing with the Borrower. 

  
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 SECTION 5.15 Non-Reliance on Collateral Trustee 

(a) The Collateral Trustee shall not be required to keep itself informed as to the performance or observance by the Borrower or Guarantors of
any of its obligations under this Agreement, any Pari Passu Lien Document or any other document referred to or provided for herein or therein. Except for notices, reports and other documents and information expressly required to be furnished to any
Pari Passu Lien Secured Party by the Collateral Trustee hereunder, the Collateral Trustee shall have no duty or responsibility to provide any Pari Passu Lien Secured Party with any credit or other information concerning the affairs, financial
condition or business of the Borrower or any Guarantor that may come into the possession of the Collateral Trustee or any of its Affiliates. 

(b) Each Pari Passu Lien Representative, on behalf of itself and each Pari Passu Lien Secured Party it represents, acknowledges that such Pari
Passu Lien Secured Parties have, independently and without reliance on any other Pari Passu Lien Representative or the Collateral Trustee, and based on documents and information deemed by them appropriate, made their own credit analysis and decision
to enter into the Pari Passu Lien Documents to which they are party or by which they are bound, this Agreement and the transactions contemplated hereby and thereby, and they will continue to make their own credit decisions in taking or not taking
any action under the Pari Passu Lien Documents or this Agreement (it being understood that neither the Trustee nor Collateral Trustee has made and neither has a duty to make any credit analysis). 

ARTICLE 6. RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE 

SECTION 6.1 Resignation or Removal of Collateral Trustee. Subject to the appointment of a successor Collateral Trustee as provided in
Section 6.2 and the acceptance of such appointment by the successor Collateral Trustee: 
 (a) the Collateral Trustee may resign at any
time by giving not less than 30 days’ notice of resignation to each Pari Passu Lien Representative and the Borrower; and 
 (b) the
Collateral Trustee may be removed at any time, with or without cause, by an Act of Required Pari Passu Lien Secured Parties. 
 SECTION 6.2
Appointment of Successor Collateral Trustee. Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Required Pari Passu Lien Secured Parties. If no successor Collateral Trustee has been so appointed
and accepted such appointment within 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Borrower), at its option, appoint a successor Collateral
Trustee , or petition a court of competent jurisdiction for appointment of a successor Collateral Trustee , which must be a bank or trust company: 

(a) authorized to exercise corporate trust powers; 

(b) having a combined capital and surplus of at least $100,000,000; and 

(c) that is not the Borrower or an Affiliate of the Borrower. 

  
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 The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral
Trustee meeting the requirements of this Section 6.2 has accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied. 

SECTION 6.3 Succession. When the Person so appointed as successor Collateral Trustee accepts such appointment: 

(a) such Person will succeed to and become vested with all the rights, powers, privileges and duties of the predecessor Collateral Trustee ,
and the predecessor Collateral Trustee will be discharged from its duties and obligations hereunder; and 
 (b) the predecessor Collateral
Trustee will (at the expense of the Borrower) promptly transfer all Liens and collateral security and other property of the Trust Estate within its possession or control to the possession or control of the successor Collateral Trustee and at the
Borrower’s expense will execute instruments and assignments as may be necessary or desirable or reasonably requested by the successor Collateral Trustee to transfer to the successor Collateral Trustee all Liens, interests, rights, powers and
remedies of the predecessor Collateral Trustee in respect of the Pari Passu Lien Security Documents or the Trust Estate. 
 Thereafter the predecessor
Collateral Trustee will remain entitled to enforce the immunities granted to it in Article 5 and the provisions of Sections 7.9 and 7.10. 

SECTION 6.4 Merger, Conversion or Consolidation of Collateral Trustee. Any Person into which the Collateral Trustee may be merged or
converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Trustee shall be a party, or any Person succeeding to the business of the Collateral Trustee shall be the
successor of the Collateral Trustee pursuant to Section 6.3, provided that (i) without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto, except where an instrument of
transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person satisfies the eligibility requirements specified in clauses (a) through (c) of Section 6.2 and
(ii) the Collateral Trustee provides prompt written notice to the Borrower and each Pari Passu Lien Representative of the occurrence of any such merger, conversion or consolidation. 

  
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 ARTICLE 7. MISCELLANEOUS PROVISIONS 

SECTION 7.1 Amendment. 

(a) No amendment or supplement to the provisions of any Pari Passu Lien Security Document will be effective without the approval of the
Collateral Trustee acting as directed by an Act of Required Pari Passu Lien Secured Parties, except that: 
 (1) any
amendment or supplement that has the effect solely of: 
 (A) adding or maintaining Collateral, securing additional Pari
Passu Lien Obligations that are otherwise permitted by the terms of any Pari Passu Lien Document to be secured by the Collateral or preserving, perfecting or establishing the Liens thereon or the rights of the Collateral Trustee therein; or 

(B) providing for the assumption of the Borrower’s or any Guarantor’s obligations under any Pari Passu Lien Document
in the case of a merger or consolidation or sale of all or substantially all of the assets of the Borrower or such Guarantor to the extent permitted by the terms of the Credit Agreement, the Indenture or any other Pari Passu Lien Documents, as
applicable; 
 will become effective when executed and delivered by the Borrower or any other applicable Guarantor party thereto and the
Collateral Trustee ; 
 (2) no amendment or supplement that reduces, impairs or adversely affects the right of any Pari Passu
Lien Secured Party: 
 (A) to vote its outstanding Pari Passu Lien Debt as to any matter described as subject to an Act of
Required Pari Passu Lien Secured Parties (or amends the provisions of this Section 7.1(a)(2) or the definition of “Act of Required Pari Passu Lien Secured Parties”); 

(B) to share in the order of application described in Section 3.4 in the proceeds of enforcement of or realization on any
Collateral that has not been released in accordance with the provisions described in Section 4.1 or 4.4; 
 (C) to
require that Liens securing Pari Passu Lien Obligations be released only as set forth in the provisions described in Section 4.1 or 4.4; or 

(D) under this Section 7.1, 

will become effective without the consent of the requisite percentage or number of holders of each Series of Pari Passu Lien Debt so affected under the
applicable Pari Passu Lien Documents; and 
 (3) no amendment or supplement that imposes any obligation upon the Collateral
Trustee or any Pari Passu Lien Representative or adversely affects the rights of the Collateral Trustee or any Pari Passu Lien Representative, respectively, in its capacity as such will become effective without the consent of the Collateral Trustee
or such Pari Passu Lien Representative, respectively. 
 (b) The Collateral Trustee will not enter into any amendment or supplement unless
it has received an Officers’ Certificate to the effect that such amendment or supplement will not result in a breach of any provision or covenant contained in any of the Pari Passu Lien Documents, the Intercreditor Agreement and this Agreement.
Prior to executing any amendment or supplement pursuant to this Section 7.1, the Collateral Trustee will be entitled 

  
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to receive an opinion of counsel of the Borrower to the effect that the execution of such document is authorized or permitted hereunder, and with respect to amendments adding Collateral, an
opinion of counsel of the Borrower addressing customary Lien creation and perfection matters, and if such additional Collateral consists of equity interests of any Person which equity interests constitute certificated securities, Lien priority
matters with respect to such additional Collateral (which opinion may be subject to customary assumptions and qualifications). 
 SECTION
7.2 Voting. In connection with any matter under this Agreement requiring a vote of holders of Pari Passu Lien Debt, including under clause (ii) of the definition of “Act of Required Pari Passu Lien Secured Parties”, each Series
of Pari Passu Lien Debt will cast its votes in accordance with the Pari Passu Lien Documents governing such Series of Pari Passu Lien Debt. By way of example, if a matter under this Agreement requires a consent of a majority of the aggregate
principal amount thereof to vote in accordance with the Pari Passu Lien Documents governing such Series of Pari Passu Lien Debt, then such majority consent must be obtained for such Series of Pari Passu Lien Debt to vote affirmatively under this
Agreement; but if a matter under this Agreement requires 100% of the aggregate principal amount thereof to vote in accordance with the Pari Passu Lien Documents governing such Series of Pari Passu Lien Debt, then a unanimous consent must be obtained
for such Series of Pari Passu Lien Debt to vote affirmatively under this Agreement. For purposes of clause (i) of the definition of “Act of Required Pari Passu Lien Secured Parties”, the amount of Pari Passu Lien Debt to be voted by a
Series of Pari Passu Lien Debt will equal the aggregate principal amount of Pari Passu Lien Debt voted affirmatively under such Series of Pari Passu Lien Debt. 

Upon request of the Collateral Trustee, (a) each Pari Passu Lien Representative shall provide written notice to the Collateral Trustee of
the aggregate principal amount of outstanding Pari Passu Lien Debt for which it is the Pari Passu Lien Representative and (b)(i) each Pari Passu Lien Representative shall provide written notice to the Collateral Trustee of the aggregate principal
amount of each holder of Pari Passu Lien Debt for which it is the Pari Passu Lien Representative solely to the extent that such information is available to such Pari Passu Lien Representative or (ii) each holder of Pari Passu Lien Debt, which
has voted in connection with any matter under this Agreement, shall provide written notice to the Collateral Trustee of the aggregate principal amount of Pari Passu Lien Debt held by such holder. 

SECTION 7.3 Further Assurances; Insurance. 

(a) The Borrower and each of the Guarantors will do or cause to be done all acts and things that may be required, or that the Collateral
Trustee from time to time may reasonably request, to assure and confirm that the Collateral Trustee holds, for the benefit of the Pari Passu Lien Secured Parties, duly created and enforceable and perfected Liens upon the Collateral, (including any
property or assets that are acquired or otherwise become, or are required by any Pari Passu Lien Document to become, Collateral after the date hereof), in each case as contemplated by, and with the Lien priority required under, the Pari Passu Lien
Documents. 

  
 28 

 (b) Upon the reasonable request of the Collateral Trustee or any Pari Passu Lien Representative
at any time and from time to time, the Borrower and each of the Guarantors will promptly execute, acknowledge and deliver such security documents, instruments, certificates, notices and other documents, and take such other actions as may be
reasonably required, or that the Collateral Trustee may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case as contemplated by the Pari Passu Lien Documents for the benefit
of the Pari Passu Lien Secured Parties. 
 (c) The Borrower and the Guarantors will maintain insurance as may be required by the Pari Passu
Lien Security Documents, naming the Collateral Trustee as an additional insured and loss payee. 
 (d) Upon the request of the Collateral
Trustee , the Borrower and the Guarantors will furnish to the Collateral Trustee full information as to their property and liability insurance carriers. 

(e) The Borrower and the Guarantors will use commercially reasonable efforts to cause all insurance policies required by Section 7.3(c)
above to provide for not less than ten (10) days’ prior notice to the Collateral Trustee of termination, lapse or cancellation of such insurance. 

(f) Upon the request of the Collateral Trustee , the Borrower and the Guarantors will permit the Collateral Trustee, any Pari Passu Lien
Representative or any of its agents or representatives, at reasonable times and intervals upon reasonable prior notice, to visit their offices and sites and inspect any of the Collateral and to discuss matters relating to the Collateral with their
respective officers and independent public accountants. The Borrower and the Guarantors shall, at any reasonable time and from time to time upon reasonable prior notice, permit the Collateral Trustee or any of its agents or representatives to
examine and make copies of and abstracts from the records and books of account of the Borrower and the Guarantors and their Subsidiaries, all at the Borrower’s expense. 

SECTION 7.4 Successors and Assigns. 

(a) Except as provided in Section 5.2, the Collateral Trustee may not, in its capacity as such, delegate any of its duties or assign any
of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Collateral Trustee hereunder will inure to the sole and exclusive benefit of, and be enforceable by, each
Pari Passu Lien Representative and each present and future holder of Pari Passu Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective successors and assigns. 

  
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 (b) Neither the Borrower nor any Guarantor may delegate any of its duties or assign any of its
rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Borrower and the Guarantors hereunder will inure to the sole and exclusive benefit of, and be enforceable by, the
Collateral Trustee , each Pari Passu Lien Representative and each present and future holder of Pari Passu Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective
successors and assigns. 
 SECTION 7.5 Delay and Waiver. No failure to exercise, no course of dealing with respect to the exercise
of, and no delay in exercising, any right, power or remedy arising under this Agreement or any of the other Pari Passu Lien Security Documents will impair any such right, power or remedy or operate as a waiver thereof. No single or partial exercise
of any such right, power or remedy will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 

SECTION 7.6 Notices. Any communications, including notices and instructions, between the parties hereto or notices provided herein to
be given may be given to the following addresses: 
  

			
	If to the Collateral Trustee:	  	Wilmington Trust, National Association
		  	Global Capital Markets
		  	1100 North Market Street
		  	Wilmington, Delaware 19890
		  	Telephone: 302-636-6432
		  	Fax: 302-636-4145
		  	Attention: SunEdison Collateral Trust Administrator
		
	If to the Borrower or any Guarantor:	  	SunEdison, Inc.
		  	13736 Riverport Drive
		  	Maryland Heights, MO 63043
		  	Telephone: 314-770-7300
		  	Fax: 314-770-7381
		  	Attention: Treasurer
		
	If to the Administrative Agent:	  	Deutsche Bank AG New York Branch
		  	60 Wall Street
		  	New York, NY 10005
		  	Telephone: 904-271-3583
		  	Fax: 732-380-3355
		  	Attention: Phelecia Parker

  
 30 

			
	If to the Trustee:	  	
		  	Wilmington Trust, National Association
		  	Global Capital Markets
		  	1100 North Market Street
		  	Wilmington, Delaware 19890
		  	Telephone: 302-636-6432
		  	Fax: 302-636-4145
		  	Attention: SunEdison 5% Secured Notes Administrator

 and if to any other Pari Passu Lien Representative, to such address as it may specify by written notice to the parties named
above. 
 All notices and communications will be mailed by first class mail, certified or registered, return receipt requested, or by
overnight air courier guaranteeing next day delivery, to the relevant address set forth above or, as to holders of Pari Passu Lien Debt, its address shown on the register kept by the office or agency where the relevant Pari Passu Lien Debt may be
presented for registration of transfer or for exchange. To the extent applicable, any notice or communication will also be so mailed to any Person described in § 313(c) of the Trust Indenture Act of 1939, as amended, to the extent required
thereunder. Failure to mail a notice or communication to a holder of Pari Passu Lien Debt or any defect in it will not affect its sufficiency with respect to other holders of Pari Passu Lien Debt. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it, except that notices given to the Collateral Trustee or Trustee are given only upon receipt thereof. 
 SECTION 7.7 Notice
Following Discharge of Pari Passu Lien Obligations. Promptly following the Discharge of Pari Passu Lien Obligations with respect to one or more Series of Pari Passu Lien Debt, each Pari Passu Lien Representative with respect to each applicable
Series of Pari Passu Lien Debt that is so discharged will provide written notice of such discharge to the Collateral Trustee and to each other Pari Passu Lien Representative. 

SECTION 7.8 Entire Agreement. This Agreement, together with the Pari Passu Lien Security Documents, states the complete agreement of
the parties relating to the undertaking of the Collateral Trustee set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking. 

  
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 SECTION 7.9 Compensation; Expenses. The Borrower and the Guarantors jointly and severally
agree to pay, promptly upon demand: 
 (a) such compensation to the Collateral Trustee and its agents as the Borrower and the Collateral
Trustee may agree in writing from time to time; 
 (b) all reasonable costs and expenses incurred by the Collateral Trustee and its agents
in the preparation, execution, delivery, filing, recordation, administration or enforcement of this Agreement or any other Pari Passu Lien Security Document or any consent, amendment, waiver or other modification relating hereto or thereto; 

(c) all reasonable fees, expenses and disbursements of legal counsel and any auditors, accountants, consultants or appraisers or other
professional advisors and agents engaged by the Collateral Trustee or any Pari Passu Lien Representative incurred in connection with the negotiation, preparation, closing, administration, performance or enforcement of this Agreement and the other
Pari Passu Lien Security Documents or any consent, amendment, waiver or other modification relating hereto or thereto and any other document or matter requested by the Borrower or any Guarantor; 

(d) all reasonable costs and expenses incurred by the Collateral Trustee and its agents in creating, perfecting, preserving, releasing or
enforcing the Collateral Trustee’s Liens on the Collateral, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, and title insurance premiums; 

(e) all other reasonable costs and expenses incurred by the Collateral Trustee and its agents in connection with the negotiation, preparation
and execution of the Pari Passu Lien Security Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby or the exercise of rights or performance of obligations by the Collateral Trustee
thereunder; and 
 (f) all costs and expenses incurred by the Collateral Trustee , its agents and any Pari Passu Lien Representative in
connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Pari Passu Lien Security Documents or any interest, right, power or remedy of the Collateral Trustee or in connection with the collection or
enforcement of any of the Pari Passu Lien Obligations or the proof, protection, administration or resolution of any claim based upon the Pari Passu Lien Obligations in any Debtor Relief Laws, including all fees and disbursements of attorneys,
accountants, auditors, consultants, appraisers and other professionals engaged by the Collateral Trustee , its agents or the Pari Passu Lien Representatives. 

The agreements in this Section 7.9 will survive repayment of all other Pari Passu Lien Obligations and the removal or resignation of the Collateral
Trustee. 

  
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 SECTION 7.10 Indemnity. 

(a) The Borrower and the Guarantors jointly and severally agree to defend, indemnify, pay and hold harmless the Collateral Trustee , each Pari
Passu Lien Representative, each Pari Passu Lien Secured Party and each of their respective Affiliates and each and all of the directors, officers, partners, trustees, employees, attorneys and agents, and (in each case) their respective heirs,
representatives, successors and assigns (each of the foregoing, an “Indemnitee”) from and against any and all Indemnified Liabilities; provided, no Indemnitee will be entitled to indemnification hereunder
with respect to any Indemnified Liability to the extent such Indemnified Liability is found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such
Indemnitee. 
 (b) All amounts due under this Section 7.10 will be payable upon demand. 

(c) To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in Section 7.10(a) may be unenforceable in
whole or in part because they violate any law or public policy, the Borrower and each of the Guarantors will contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all
Indemnified Liabilities incurred by Indemnitees or any of them. 
 (d) Neither the Borrower nor any Guarantor will ever assert any claim
against any Indemnitee, on any theory of liability, for any lost profits or special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any punitive damages arising out of, in connection
with, or as a result of, this Agreement or any other Pari Passu Lien Document or any agreement or instrument or transaction contemplated hereby or relating in any respect to any Indemnified Liability, and the Borrower and each of the Guarantors
hereby forever waives, releases and agrees not to sue upon any claim for any such lost profits or special, indirect, consequential or (to the fullest extent lawful) punitive damages, whether or not accrued and whether or not known or suspected to
exist in its favor. 
 (e) Without limiting the agreements set forth in 7.10(d) above, in no event shall the Collateral Trustee be
responsible or liable to any person for lost profits or special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any punitive damages arising out of, in connection with, or as a result
of, this Agreement or any other Pari Passu Lien Document or any agreement or instrument or transaction contemplated hereby. 
 (f) The
agreements in this Section 7.10 will survive repayment of all other Pari Passu Lien Obligations, the termination of this Agreement and any removal or resignation of the Collateral Trustee. 

SECTION 7.11 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition 

  
 33 

 
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to
replace any 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 7.12 Section Headings. The section headings and Table of Contents used in this Agreement are for convenience of reference only
and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 SECTION 7.13 Obligations
Secured. All obligations of the Borrower and the Guarantors set forth in or arising under this Agreement will be Pari Passu Lien Obligations and are secured by all Liens granted by the Pari Passu Lien Security Documents. 

SECTION 7.14 Governing Law. THIS AGREEMENT AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT
(WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT
GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS). 

SECTION 7.15 Consent to Jurisdiction. All judicial proceedings brought against any party hereto arising out of or relating to this
Agreement may be brought in any state or federal court of competent jurisdiction in the State, County and City of New York. By executing and delivering this Agreement, each Grantor, for itself and in connection with its properties, irrevocably: 

(a) accepts generally and unconditionally the nonexclusive jurisdiction and venue of such courts; 

(b) waives any defense of forum non conveniens; 

(c) agrees that service of all process in any such proceeding in any such court may be made by registered or certified mail, return receipt
requested, to such party at its address provided in accordance with Section 7.6; 
 (d) agrees that service as provided in
clause (c) above is sufficient to confer personal jurisdiction over such party in any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and 

  
 34 

 (e) agrees that each party hereto retains the right to serve process in any other manner
permitted by law or to bring proceedings against any party in the courts of any other jurisdiction. 
 SECTION 7.16 Waiver of Jury
Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER PARI PASSU LIEN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT, BREACH OF DUTY, COMMON LAW, STATUTE OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT AND THE OTHER PARI PASSU LIEN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS 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. 
 SECTION 7.17
Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile or other electronic imaging means), and all of said counterparts taken together shall
be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission (e.g. “pdf” or “tif” format) shall be effective as delivery of a manually
executed counterpart hereof. 
 SECTION 7.18 Guarantors and Additional Guarantors. The Borrower represents and warrants that each
Person who is a Guarantor on the date hereof has duly executed this Agreement. The Borrower will cause each Person that hereafter becomes a Guarantor or is required by any Pari Passu Lien Document to become a party to this Agreement to become a
guarantor thereunder or party to this Agreement, for all purposes of this Agreement, by causing such Person to execute and deliver to the Collateral Trustee a Collateral Trust Joinder, whereupon such Person will be bound by the terms hereof to the
same extent as if it had executed and delivered this Agreement as of the date hereof. The Borrower shall promptly provide each Pari Passu Lien Representative with a copy of each Collateral Trust Joinder executed and delivered pursuant to this
Section 7.18; provided, however, that the failure to so deliver a copy of the Collateral Trust Joinder to any then existing Pari Passu Lien Representative shall not affect the inclusion of such Person as a Guarantor if the other requirements of
this Section 7.18 are complied with. 

  
 35 

 SECTION 7.19 Continuing Nature of this Agreement. This Agreement will be reinstated if at
any time (i) any payment or distribution in respect of any of the Pari Passu Lien Obligations is rescinded or must otherwise be returned in an action or proceeding under Debtor Relief Laws or otherwise by any Pari Passu Lien Secured Party or
Pari Passu Lien Representative or any representative of any such party (whether by demand, settlement, litigation or otherwise) or (ii) all or any part of a payment or distribution made with respect to the Pari Passu Lien Obligations is
recovered from any Pari Passu Lien Secured Party or any Pari Passu Lien Representative in an action or proceeding under Debtor Relief Laws or otherwise. 

SECTION 7.20 Insolvency. 

(a) This Agreement will be applicable both before and after the commencement of any action or proceeding under Debtor Relief Laws by or against
the Borrower or any Guarantor. The relative rights, as provided for in this Agreement, will continue after the commencement of any action or proceeding under such Debtor Relief Laws on the same basis as prior to the date of the commencement of any
such case, as provided in this Agreement. 
 (b) Each party hereto, including the Borrower and the Guarantors, all hereby acknowledge and
agree that in any action or proceeding under Debtor Relief Laws, all of the Pari Passu Lien Secured Parties will be classified in the same class in any plan of reorganization or liquidation, and will receive the same treatment on account of their
claims in any such plan of reorganization or liquidation, and that to the extent that any Person in any such action or proceeding under Debtor Relief Laws objects to such classification, the Borrower, Guarantors and all of the Pari Passu Lien
Secured Parties shall take all commercially reasonable actions to defend against such objections. In order to further effectuate this provision, the Borrower and each of the Guarantors hereby agrees that it will seek to assume this Agreement on the
first day of any action or proceeding under Debtor Relief Laws, and will use all commercially reasonable efforts to effectuate such assumption. If, for any reason, the intent of this provision is frustrated in any action or proceeding under Debtor
Relief Laws and cannot be implemented, each of the Pari Passu Lien Secured Parties agrees to turnover any distributions to the Collateral Trustee which it receives in any plan of reorganization of liquidation so that the Pari Passu Lien Secured
Parties would receive the same treatment in any such plan of reorganization or liquidation as if all of the Pari Passu Lien Secured Parties had been classified in the same class. 

SECTION 7.21 Rights and Immunities of Pari Passu Lien Representatives. The Trustee will be entitled to all of the rights, protections,
immunities and indemnities set forth in the Indenture and any future Pari Passu Lien Representative will be entitled to all of the rights, protections, immunities and indemnities set forth in the indenture, credit agreement or other agreement
governing the applicable Pari Passu Lien Debt with respect to which such 

  
 36 

 
Person will act as representative, in each case as if specifically set forth herein. In no event will any Pari Passu Lien Representative be liable for any act or omission on the part of the
Borrower or the Guarantors or the Collateral Trustee hereunder. 
 SECTION 7.22 Force Majeure 

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

  
 37 

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

			
	SUNEDISON, INC., as Borrower
		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Executive Vice President, CAO & CFO
	
	 SUNEDISON HOLDINGS CORPORATION,
 as
a Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNEDISON INTERNATIONAL, INC.,
 as a
Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 MEMC PASADENA, INC.,
 as a
Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 ENFLEX CORPORATION,
 as a
Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 NVT, LLC,
 as a
Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer

  
 [Signature Page to
Collateral Trust Agreement] 

 
			
	SOLAICX,
	as a Guarantor
		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUN EDISON LLC,
 as a
Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNEDISON CANADA, LLC,
 as a
Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNEDISON INTERNATIONAL, LLC,
 as a
Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 FOTOWATIO RENEWABLE VENTURES, INC.,

as a Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNEDISON CONTRACTING, LLC,
 as a
Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer

  
 [Signature Page to
Collateral Trust Agreement] 

			
	NVT LICENSES, LLC,
	as a Guarantor
		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 TEAM-SOLAR, INC.,
 as a
Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNEDISON UTILITY HOLDINGS, INC.,

as a Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer
	
	 SUNE ML 1, LLC,
 as a
Guarantor

		
	By:	 	 /s/ Brian Wuebbels

	Name:	 	Brian Wuebbels
	Title:	 	Authorized Officer

  
 [Signature Page to
Collateral Trust Agreement] 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH,
	as Administrative Agent under the Credit Agreement
		
	By:	 	 /s/ Michael Shannon

	Name:	 	Michael Shannon
	Title:	 	Vice President
		
	By:	 	 /s/ Peter Cucchiara

	Name:	 	Peter Cucchiara
	Title:	 	Vice President
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

solely in its capacity as Trustee under the Indenture

		
	By:	 	 /s/ W. Thomas Morris II

	Name:	 	W. Thomas Morris II
	Title:	 	Vice President
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Collateral Trustee

		
	By:	 	 /s/ W. Thomas Morris II

	Name:	 	W. Thomas Morris II
	Title:	 	Vice President

  
 [Signature Page to
Collateral Trust Agreement] 

 EXHIBIT A to Collateral 

Trust Agreement 
 [FORM OF]

 ADDITIONAL PARI PASSU LIEN DEBT DESIGNATION 

Reference is made to the Collateral Trust Agreement dated as of [●], 2016 (as amended, supplemented, amended and
restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) among SunEdison, Inc. (the “Borrower”), the Guarantors from time to time party thereto, Deutsche Bank AG New York Branch as
Administrative Agent under the Credit Agreement, Wilmington Trust, National Association as Trustee under the Indenture, any additional Pari Passu Lien Representatives party thereto and Wilmington Trust, National Association, as Collateral Trustee.
Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Additional Pari Passu Lien Debt Designation is being executed and delivered in order to designate additional secured
debt as Pari Passu Lien Debt entitled to the benefit of the Collateral Trust Agreement. 
 The undersigned, the duly appointed [specify
title] of SunEdison, Inc. hereby certifies on behalf of SunEdison, Inc. that: 
 (A) [insert name of the Borrower or
Guarantor] intends to incur additional Pari Passu Lien Debt (“Additional Pari Passu Lien Debt”) which will be Pari Passu Lien Debt permitted by each applicable Pari Passu Lien Document to be secured by a
Pari Passu Lien equally and ratably with all previously existing and future Pari Passu Lien Debt; 
 (B) the name and address
of the Pari Passu Lien Representative for the Additional Pari Passu Lien Debt for purposes of Section 7.6 of the Collateral Trust Agreement is: 
  

					
	                                    
                                         
        	  	
		
	                                    
                                         
        	  	
		
	Telephone:
                                         
                         	  	
		
	Fax:
                                         
                                    	  	

 (C) Each of the Borrower and each Guarantor has duly authorized, executed (if applicable) and
recorded (or caused to be recorded) in each appropriate governmental office all relevant filings and recordations to ensure that the Additional Pari Passu Lien Debt is secured by the Collateral in accordance with the Pari Passu Lien Security
Documents; 
 (D) Attached as Exhibit 1 hereto is a Reaffirmation Agreement duly executed by the Borrower and each Guarantor,
and 

 (E) the Borrower has caused a copy of this Additional Pari Passu Debt Designation
and the related Collateral Trust Joinder to be delivered to each existing Pari Passu Lien Representative. 
 IN WITNESS WHEREOF, the
Borrower has caused this Additional Pari Passu Lien Debt Designation to be duly executed by the undersigned officer as of             , 20    . 

 

			
	SUNEDISON, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 ACKNOWLEDGEMENT OF RECEIPT 

The undersigned, the duly appointed Collateral Trustee under the Collateral Trust Agreement, hereby acknowledges receipt of an executed copy of this
Additional Pari Passu Lie Debt Designation. 
  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT 1 TO ADDITIONAL SECURED DEBT DESIGNATION 

[FORM OF] 
 REAFFIRMATION
AGREEMENT 
 Reference is made to the Collateral Trust Agreement dated as of [●], 2016 (as amended, supplemented,
amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) among SunEdison, Inc. (the “Borrower”), the Guarantors from time to time party thereto, Deutsche Bank AG New York
Branch as Administrative Agent under the Credit Agreement, Wilmington Trust, National Association as Trustee under the Indenture, any additional Pari Passu Lien Representatives party thereto and Wilmington Trust, National Association, as Collateral
Trustee. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Reaffirmation Agreement is being executed and delivered as of
            , 20     in connection with an Additional Pari Passu Lien Debt Designation of even date herewith which Additional Pari Passu Lien Debt Designation has
designated additional secured debt as Pari Passu Lien Debt entitled to the benefit of the Collateral Trust Agreement. 
 Each of the
undersigned hereby consents to the designation of additional secured debt as Pari Passu Lien Debt as set forth in the Additional Pari Passu Lien Debt Designation of even date herewith and hereby confirms its respective guarantees, pledges, grants of
security interests and other obligations, as applicable, under and subject to the terms of each of the Pari Passu Lien Documents to which it is party, and agrees that, notwithstanding the designation of such additional indebtedness or any of the
transactions contemplated thereby, such guarantees, pledges, grants of security interests and other obligations, and the terms of each Pari Passu Lien Document to which it is a party, are not impaired or adversely affected in any manner whatsoever
and shall continue to be in full force and effect and such additional secured debt shall be entitled to all of the benefits of such Pari Passu Lien Documents. 

Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement will apply with like
effect to this Reaffirmation Agreement. 
 IN WITNESS WHEREOF, each of the undersigned has caused this Reaffirmation Agreement to be duly
executed as of the date written above. 
 [names of the Borrower and Guarantors] 

 

			
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT B 

to Collateral Trust Agreement 

[FORM OF] 
 COLLATERAL
TRUST JOINDER – ADDITIONAL PARI PASSU LIEN DEBT 
 Reference is made to the Collateral Trust Agreement dated as of
[●], 2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) among SunEdison, Inc. (the “Borrower”), the Guarantors
from time to time party thereto, Deutsche Bank AG New York Branch as Administrative Agent under the Credit Agreement, Wilmington Trust, National Association as Trustee under the Indenture, any additional Pari Passu Lien Representatives party thereto
and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and
delivered pursuant to Section 3.8 of the Collateral Trust Agreement as a condition precedent to the debt for which the undersigned is acting as agent being entitled to the benefits of being additional secured debt under the Collateral Trust
Agreement. 
 1. Joinder. The undersigned,
                                         , a
                                 , (the “New Representative”) as [trustee,
administrative agent] under that certain [described applicable indenture, credit agreement or other document governing the additional pari passu lien debt] hereby agrees to become party as a Pari Passu Lien Representative under the Collateral
Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof.

 2. Lien Sharing and Priority Confirmation. The undersigned New Representative, on behalf of itself and each holder of Pari Passu
Lien Obligations in respect of the Series of Pari Passu Lien Debt for which the undersigned is acting as Pari Passu Lien Representative hereby agrees, for the enforceable benefit of all holders of each current and future Series of Pari Passu Lien
Debt, each current and future Pari Passu Lien Representative, and each current and future Pari Passu Lien Secured Party and Pari Passu Lien Obligations and as a condition to being treated as Pari Passu Lien Debt under the Collateral Trust Agreement
that: 
 (a) as provided by Section 2.2 of the Collateral Trust Agreement, all Pari Passu Lien Obligations will be and
are secured equally and ratably by all Pari Passu Liens at any time granted by the Borrower or any Guarantor to secure any Pari Passu Lien Obligations in respect of any Series of Pari Passu Lien Debt, whether or not upon property otherwise
constituting collateral for such Series of Pari Passu Lien Debt, and that all such Passu Lien Liens will be enforceable by the Collateral Trustee for the benefit of all Pari Passu Lien Secured Party equally and ratably; provided, however, that
notwithstanding the foregoing, this provision will not be violated with respect to any particular Collateral and any particular Series of Pari Passu Lien Debt if the Pari Passu Lien Documents in respect thereof prohibit the applicable Pari Passu
Lien Representative from accepting the benefit of a Pari Passu Lien on any particular asset or property or such Pari Passu Lien Representative otherwise expressly declines in writing to accept the benefit of a Pari Passu Lien on such asset or
property; 

 (b) the New Representative and each holder of Pari Passu Lien Obligations in
respect of the Series of Pari Passu Lien Debt for which the undersigned is acting as Pari Passu Lien Representative are bound by the provisions of this Agreement, including the provisions relating to the ranking of Pari Passu Liens and the order of
application of proceeds from the enforcement of Pari Passu Liens; and 
 (c) the Collateral Trustee shall perform its
obligations under the Collateral Trust Agreement and the other Pari Passu Lien Documents. 
 3. Notice Information. The name and
address of the New Representative for purposes of Section 7.6 of the Collateral Trust Agreement is: 
  

					
	                                   
                                         
         	  	
		
	                                   
                                         
         	  	
		
	Telephone:
                                         
                         	  	
		
	Fax:
                                         
                                    	  	

 4. Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust
Agreement will apply with like effect to this Collateral Trust Joinder. 

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

			
	[insert name of the new representative]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral
Trustee for the New Representative and the holders of the Pari Passu Lien Obligations represented thereby: 
  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 EXHIBIT C 

to Collateral Trust Agreement 

FORM OF 
 COLLATERAL
TRUST JOINDER – ADDITIONAL GRANTOR 
 Reference is made to the Collateral Trust Agreement dated as of
[●], 2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”) among SunEdison, Inc. (the “Borrower”), the Guarantors
from time to time party thereto, Deutsche Bank AG New York Branch as Administrative Agent under the Credit Agreement, Wilmington Trust, National Association as Trustee under the Indenture, any additional Pari Passu Lien Representatives party thereto
and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and
delivered pursuant to Section 7.18 of the Collateral Trust Agreement. 
 1. Joinder. The undersigned,
                                         , a
                                 , hereby agrees to become party as a Guarantor under the
Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the
date thereof. 
 2. Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement
will apply with like effect to this Collateral Trust Joinder. 
 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust
Joinder to be executed by their respective officers or representatives as of             , 20    . 

 

			
	[                    
                    
                    ]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral
Trustee with respect to the Collateral pledged by the new Guarantor: 
  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Trustee
		
	By:	 	  

	Name:	 	  

	Title:

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