Document:

U.S. Security Agreement, BCO Holding Company, BWAY Corporation, July 17, 2006

 Exhibit 4.11 
  

 U.S. SECURITY AGREEMENT 
 among 
 BCO HOLDING COMPANY, 
 BWAY CORPORATION, 
 CERTAIN SUBSIDIARIES OF BWAY CORPORATION 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS,

 as COLLATERAL AGENT 
  

 Dated as of July 17, 2006 
  

  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I SECURITY INTERESTS
	  	2
			
		  	1.1 Grant of Security Interests	  	2
		  	1.2 Certain Exceptions	  	3
		  	1.3 Power of Attorney	  	4
		
	 ARTICLE II GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	5
			
		  	2.1 Necessary Filings	  	5
		  	2.2 No Liens	  	5
		  	2.3 Other Financing Statements	  	5
		  	2.4 Chief Executive Office, Record Locations	  	6
		  	2.5 Location of Inventory and Equipment	  	6
		  	 2.6 Legal Names; Type of Organization (and Whether a Registered Organization and/or a Transmitting Utility);
           Jurisdiction of Organization; Location; Organizational Identification Numbers; Changes Thereto;
etc.
	  	6
		  	2.7 Trade Names; Etc.	  	6
		  	2.8 Certain Significant Transactions	  	7
		  	2.9 As-Extracted Collateral; Timber-to-be-Cut	  	7
		  	2.10 Collateral in the Possession of a Bailee	  	7
		  	2.11 Recourse	  	7
		
	 ARTICLE III SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS; INSTRUMENTS;
           CHATTEL PAPER AND CERTAIN OTHER COLLATERAL
	  	8
			
		  	3.1 Additional Representations and Warranties	  	8
		  	3.2 Maintenance of Records	  	8
		  	3.3 Direction to Account Debtors; Contracting Parties; etc.	  	8
		  	3.4 Modification of Terms; etc.	  	9
		  	3.5 Collection	  	9
		  	3.6 Instruments	  	9
		  	3.7 Assignors Remain Liable Under Accounts	  	10
		  	3.8 Assignors Remain Liable Under Contracts	  	10
		  	3.9 Deposit Accounts; Etc.	  	10
		  	3.10 Letter-of-Credit Rights	  	12
		  	3.11 Commercial Tort Claims	  	12
		  	3.12 Chattel Paper	  	12
		  	3.13 Further Actions	  	12
		
	 ARTICLE IV SPECIAL PROVISIONS CONCERNING TRADEMARKS AND DOMAIN NAMES
	  	13
			
		  	4.1 Additional Representations and Warranties	  	13

  

 (i) 

					
		 	 4.2 Licenses and Assignments
	  	13
		 	 4.3 Infringements
	  	13
		 	 4.4 Preservation of Marks and Domain Names
	  	14
		 	 4.5 Maintenance of Registration
	  	14
		 	 4.6 Future Registered Marks and Domain Names
	  	14
		 	 4.7 Remedies
	  	14
		
	 ARTICLE V SPECIAL PROVISIONS CONCERNING PATENTS, COPYRIGHTS AND TRADE SECRETS
	  	15
			
		 	 5.1 Additional Representations and Warranties
	  	15
		 	 5.2 Licenses and Assignments
	  	15
		 	 5.3 Infringements
	  	15
		 	 5.4 Maintenance of Patents or Copyrights
	  	15
		 	 5.5 Prosecution of Patent or Copyright Applications
	  	15
		 	 5.6 Other Patents and Copyrights
	  	16
		 	 5.7 Remedies
	  	16
		
	 ARTICLE VI PROVISIONS CONCERNING ALL COLLATERAL
	  	16
			
		 	 6.1 Protection of Collateral Agent’s Security
	  	16
		 	 6.2 Warehouse Receipts Non-Negotiable
	  	17
		 	 6.3 Additional Information.
	  	17
		 	 6.4 Further Actions
	  	17
		 	 6.5 Financing Statements
	  	17
		
	 ARTICLE VII REMEDIES UPON OCCURRENCE OF AN EVENT OF DEFAULT
	  	17
			
		 	 7.1 Remedies; Obtaining the Collateral Upon Default
	  	17
		 	 7.2 Remedies; Disposition of the Collateral
	  	19
		 	 7.3 Waiver of Claims
	  	20
		 	 7.4 Application of Proceeds
	  	20
		 	 7.5 Remedies Cumulative
	  	23
		 	 7.6 Discontinuance of Proceedings
	  	24
		
	 ARTICLE VIII INDEMNITY
	  	24
			
		 	 8.1 Indemnity
	  	24
		 	 8.2 Indemnity Obligations Secured by Collateral; Survival
	  	25
		
	 ARTICLE IX DEFINITIONS
	  	26
		
	 ARTICLE X MISCELLANEOUS
	  	34
			
		 	 10.1 Notices
	  	34
		 	 10.2 Waiver; Amendment
	  	35
		 	 10.3 Obligations Absolute
	  	35
		 	 10.4 Successors and Assigns
	  	36
		 	 10.5 Headings Descriptive
	  	36

  

 (ii) 

					
		 	 10.6 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL
	  	36
		 	 10.7 Assignor’s Duties
	  	37
		 	 10.8 Termination; Release
	  	37
		 	 10.9 Counterparts
	  	38
		 	 10.10 Severability
	  	39
		 	 10.11 The Collateral Agent and the other Secured Creditors
	  	39
		 	 10.12 Additional Assignors
	  	39

  

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

 [Remainder of this page intentionally left blank] 
  

 (iii) 

 U.S. SECURITY AGREEMENT 
 SECURITY AGREEMENT, dated as of July 17, 2006, made by each of the undersigned assignors (each, an “Assignor” and, together with
any other entity that becomes an assignor hereunder pursuant to Section 10.12 hereof, the “Assignors”) in favor of Deutsche Bank Trust Company Americas, as Collateral Agent (together with any successor Collateral Agent, the
“Collateral Agent”), for the benefit of the Secured Creditors (as defined below). Certain capitalized terms as used herein are defined in Article IX hereof. Except as otherwise defined herein, all capitalized terms used herein and
defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 
 WITNESSETH: 
 WHEREAS, BCO Holding Company, a Delaware Corporation (“Holdings”), BWAY Corporation, a Delaware Corporation (the “U.S.
Borrower”), ICL Industrial Containers ULC, a Nova Scotia unlimited liability company (the “Canadian Borrower” and, together with the U.S. Borrowers, the “Borrowers” and each a “Borrower”),
the lenders party thereto from time to time (the “Lenders”), LaSalle Bank, N.A., as Documentation Agent, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc., as Joint Lead Arrangers, and Deutsche Bank Trust Company
Americas, as administrative agent (together with any successor administrative agent, the “Administrative Agent”), have entered into a Credit Agreement, dated as of July 17, 2006 (as amended, modified or supplemented from time
to time, the “Credit Agreement”), providing for the making of Loans to, and the issuance of, and participation in, Letters of Credit for the respective accounts of the Borrowers, all as contemplated therein (the Lenders, each
Issuing Lender, the Administrative Agent, the Collateral Agent and each other Agent are herein called the “Lender Creditors”); 
 WHEREAS, each Borrower and/or one or more of their respective Subsidiaries may at any time and from time to time enter into one or more Interest Rate Protection Agreements with one or more Lenders or any affiliate thereof (each such Lender
or affiliate, even if the respective Lender subsequently ceases to be a Lender under the Credit Agreement for any reason, together with such Lender’s or affiliate’s successors and assigns, if any, collectively, the “Other
Creditors” and, together with the Lender Creditors, the “Secured Creditors”); 
 WHEREAS, pursuant to the Credit
Agreement Party Guaranty, each of Holdings, the U.S. Borrower and the Canadian Borrower has guaranteed to the Secured Creditors the payment when due of all of its Relevant Guaranteed Obligations as described therein; 
 WHEREAS, pursuant to the U.S. Subsidiaries Guaranty, each U.S. Subsidiary Guarantor has jointly and severally guaranteed to the Secured Creditors the
payment when due of all Guaranteed Obligations (as defined in the U.S. Subsidiaries Guaranty); 
 WHEREAS, it is a condition precedent to the
making of Loans to the Borrowers and the issuance of, and participation in, Letters of Credit for the respective accounts of the Borrowers under the Credit Agreement and to the Other Creditors entering into Interest Rate 

 Protection Agreements that each Assignor shall have executed and delivered to the Collateral Agent this Agreement; and

 WHEREAS, each Assignor will obtain benefits from the incurrence of Loans by the Borrowers and the issuance of, and participation in,
Letters of Credit for the respective accounts of the Borrowers under the Credit Agreement and the entering into by the Borrowers and/or one or more of their respective Subsidiaries of Interest Rate Protection Agreements and, accordingly, desires to
execute this Agreement in order to satisfy the condition described in the preceding paragraph and to induce the Lenders to make Loans to the Borrowers and issue, and/or participate in, Letters of Credit for the respective accounts of the Borrowers
and the Other Creditors to enter into Interest Rate Protection Agreements with the Borrowers and/or one or more of their respective Subsidiaries; 
 NOW, THEREFORE, in consideration of the benefits accruing to each Assignor, the receipt and sufficiency of which are hereby acknowledged, each Assignor hereby makes the following representations and warranties to the Collateral Agent for
the benefit of the Secured Creditors and hereby covenants and agrees with the Collateral Agent for the benefit of the Secured Creditors as follows: 
 ARTICLE I 
 SECURITY INTERESTS 
 1.1 Grant of Security Interests. (a) As security for the prompt and complete payment and performance when due of all of its Obligations, each Assignor does hereby assign and transfer unto the Collateral Agent, and does hereby
pledge and grant to the Collateral Agent, for the benefit of the Secured Creditors, a continuing security interest in all of the right, title and interest of such Assignor in, to and under all of the following personal property and fixtures (and all
rights therein) of such Assignor, or in which or to which such Assignor has any rights, in each case whether now existing or hereafter from time to time acquired: 
 (i) each and every Account; 
 (ii) all cash; 
 (iii) the Cash Collateral Account and all monies, securities, Instruments
and other investments deposited or required to be deposited in the Cash Collateral Account; 
 (iv) all Chattel Paper
(including, without limitation, all Tangible Chattel Paper and all Electronic Chattel Paper); 
 (v) all Commercial Tort
Claims; 
 (vi) all computer programs of such Assignor and all intellectual property rights therein and all other proprietary
information of such Assignor, including but not limited to Domain Names and Trade Secret Rights; 
 (vii) Contracts, together
with all Contract Rights arising thereunder; 
  

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 (viii) all Copyrights; 
 (ix) all Equipment; 
 (x) all Deposit Accounts and all other demand, deposit, time, savings, cash management, passbook and similar accounts maintained by such Assignor with any Person and all monies, securities, Instruments and other investments deposited or
required to be deposited in any of the foregoing; 
 (xi) all Documents; 
 (xii) all General Intangibles; 
 (xiii) all Goods; 
 (xiv) all Instruments; 
 (xv) all Inventory; 
 (xvi) all Investment Property; 
 (xvii) all Letter-of-Credit Rights (whether or not the respective letter of credit
is evidenced by a writing); 
 (xviii) all Marks, together with the registrations and right to all renewals thereof, and the
goodwill of the business of such Assignor symbolized by the Marks; 
 (xix) all Patents; 
 (xx) all Permits; 
 (xxi) all Software and all Software licensing rights, all writings, plans, specifications and schematics, all engineering drawings, customer lists, goodwill and licenses, and all recorded data of any kind or nature, regardless of the medium
of recording; 
 (xxii) all Supporting Obligations; and 
 (xxiii) all Proceeds and products of any and all of the foregoing (all of the above, the “Collateral”). 
 (b) The security interest of the Collateral Agent under this Agreement extends to all Collateral which any Assignor may acquire, or with respect to which
any Assignor may obtain rights, at any time during the term of this Agreement. 
 1.2 Certain Exceptions. No security interest is or
will be granted pursuant hereto in any right, title or interest of any Assignor under or in: 
  

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 (a) any Instruments, Contracts, Chattel Paper, General Intangibles, licenses or other contracts or
agreements with or issued by Persons other than Holdings or a Subsidiary of Holdings or an Affiliate thereof (collectively, “Excluded Agreements”) that would otherwise be included in the Collateral (and such Excluded Agreements
shall not be deemed to constitute a part of the Collateral) for so long as, and to the extent that, the granting of such a security interest pursuant hereto would result in a breach, default or termination of such Excluded Agreements (in each case,
except to the extent the granting of security interests therein can be made with the respective breach, default or termination being ineffective under the UCC or other applicable law); or 
 (b) any of the following: 
 (i) any asset that would otherwise be included in the Collateral (and such asset shall not be deemed to constitute a part of the Collateral) if such asset is subject to a Lien permitted by Section 9.01(vi) of the
Credit Agreement; 
 (ii) any Equipment, machinery or other fixed asset that would otherwise be included in the Collateral
(and such Equipment, machinery or other fixed asset shall not be deemed to constitute a part of the Collateral) if such Equipment, machinery or other fixed asset is subject to a Lien permitted by Section 9.01(vii) of the Credit Agreement;

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

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 or take any action or institute any proceedings which the Collateral Agent may deem to be reasonably necessary or
advisable to protect the interests of the Secured Creditors, which appointment as attorney is coupled with an interest. 
 ARTICLE II

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

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

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

 -7- 

 ARTICLE III 
 SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS; INSTRUMENTS; CHATTEL PAPER AND CERTAIN OTHER COLLATERAL 
 3.1 Additional Representations and Warranties. As of the time when each of its Accounts arises, each Assignor shall be deemed to have represented and warranted that each such Account, and all records, papers and documents relating
thereto (if any) are genuine and what they purport to be, and that all papers and documents (if any) relating thereto (i) will, to the knowledge of such Assignor, represent the genuine, legal, valid and binding obligation of the account debtor
evidencing indebtedness unpaid and owed by the respective account debtor arising out of the performance of labor or services or the sale or lease and delivery of the merchandise listed therein, or both, (ii) will be the only original writings
evidencing and embodying such obligation of the account debtor named therein (other than copies created for general accounting purposes), (iii) will, to the knowledge of such Assignor, evidence true and valid obligations, enforceable in
accordance with their respective terms, and (iv) will be in compliance and will conform in all material respects with all applicable federal, state and local laws and applicable laws of any relevant foreign jurisdiction. 
 3.2 Maintenance of Records. Each Assignor will keep and maintain at its own cost and expense accurate records of its Accounts and Contracts,
including, but not limited to, originals of all documentation (including each Contract) with respect thereto, records of all payments received, all credits granted thereon, all merchandise returned and all other dealings therewith, and such Assignor
will make the same available on such Assignor’s premises to the Collateral Agent for inspection, at such Assignor’s own cost and expense, at any and all reasonable times upon prior notice to such Assignor and otherwise in accordance with
the Credit Agreement. Upon the occurrence and during the continuance of an Event of Default and at the request of the Collateral Agent, such Assignor shall, at its own cost and expense, deliver all tangible evidence of its Accounts and Contract
Rights (including, without limitation, all documents evidencing the Accounts and all Contracts) and such books and records to the Collateral Agent or to its representatives (copies of which evidence and books and records may be retained by such
Assignor). Upon the occurrence and during the continuance of an Event of Default and if the Collateral Agent so directs, such Assignor shall legend, in form and manner satisfactory to the Collateral Agent, the Accounts and the Contracts, as well as
books, records and documents (if any) of such Assignor evidencing or pertaining to such Accounts and Contracts with an appropriate reference to the fact that such Accounts and Contracts have been assigned to the Collateral Agent and that the
Collateral Agent has a security interest therein. 
 3.3 Direction to Account Debtors; Contracting Parties; etc. Upon the occurrence
and during the continuance of an Event of Default following written notice to such Assignor, if the Collateral Agent so directs any Assignor, such Assignor agrees (x) to cause all payments on account of the Accounts and Contracts to be made
directly to the Cash Collateral Account, (y) that the Collateral Agent may, at its option, directly notify the obligors with respect to any Accounts and/or under any Contracts to make payments with respect thereto as provided in the preceding
clause (x), and (z) that the Collateral Agent may enforce collection of any such Accounts and Contracts and may adjust, settle or compromise the amount of payment thereof, in the same manner and to the same extent as such Assignor. Without
notice to or assent by any 
  

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

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 so long as no Event of Default shall have occurred and be continuing, such Assignor may retain for collection in the
ordinary course of business any Instrument received by such Assignor in the ordinary course of business, and the Collateral Agent shall, promptly upon request of such Assignor, make appropriate arrangements for making any Instruments in its
possession and pledged by such Assignor available to such Assignor for purposes of presentation, collection or renewal. If such Assignor retains possession of any Instruments pursuant to the terms hereof, such Instrument shall be marked with the
following legend: “This writing and the obligations evidenced or secured hereby are subject to the security interests of Deutsche Bank Trust Company Americas, as collateral agent, for the benefit of itself and certain Lenders.”.

 3.7 Assignors Remain Liable Under Accounts. Anything herein to the contrary notwithstanding, the Assignors shall remain liable
under each of the Accounts to observe and perform all of the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise to such Accounts. Neither the Collateral Agent nor
any other Secured Creditor shall have any obligation or liability under any Account (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any other Secured Creditor of any
payment relating to such Account pursuant hereto, nor shall the Collateral Agent or any other Secured Creditor be obligated in any manner to perform any of the obligations of any Assignor under or pursuant to any Account (or any agreement giving
rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by them or as to the sufficiency of any performance by any party under any Account (or any agreement giving rise thereto), to present
or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to them or to which they may be entitled at any time or times. 
 3.8 Assignors Remain Liable Under Contracts. Anything herein to the contrary notwithstanding, the Assignors shall remain liable under each of the
Contracts to observe and perform all of the conditions and obligations to be observed and performed by them thereunder, all in accordance with and pursuant to the terms and provisions of each Contract. Neither the Collateral Agent nor any other
Secured Creditor shall have any obligation or liability under any Contract by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any other Secured Creditor of any payment relating to such Contract pursuant hereto,
nor shall the Collateral Agent or any other Secured Creditor be obligated in any manner to perform any of the obligations of any Assignor under or pursuant to any Contract, to make any payment, to make any inquiry as to the nature or the sufficiency
of any performance by any party under any Contract, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to them or to which they may be entitled at any
time or times. 
 3.9 Deposit Accounts; Etc. (a) No Assignor maintains, or at any time after the date of this Agreement shall
establish or maintain, any demand, time, savings, passbook or similar account, except for such accounts maintained with a bank (as defined in Section 9-102 of the UCC) whose jurisdiction (determined in accordance with Section 9-304 of the
UCC) is within a State of the United States and such existing accounts maintained by such Assignor on the date hereof with a bank whose jurisdiction is within a Province of Canada or the Commonwealth of Puerto Rico. Annex F hereto accurately sets
forth, as of the date of this 
  

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 Agreement, for each Assignor, each Deposit Account maintained by such Assignor (including a description thereof and the
respective account number), the name of the respective bank with which such Deposit Account is maintained, and the jurisdiction of the respective bank with respect to such Deposit Account. For each Deposit Account (other than the Excluded Deposit
Accounts, the Cash Collateral Account or any other Deposit Account maintained with the Collateral Agent), the respective Assignor shall cause the bank with which the Deposit Account is maintained to execute and deliver to the Collateral Agent,
within 90 days (or such later date as the Collateral Agent may determine in its sole discretion) after the date of this Agreement or, if later, at the time of the establishment of the respective Deposit Account, a “control agreement” in
the form of Annex G hereto (appropriately completed), with such changes thereto as may be acceptable to the Collateral Agent. If any bank with which a Deposit Account is maintained refuses to, or does not, enter into such a “control
agreement”, then the respective Assignor shall promptly (and in any event within 90 days (or such later date as the Collateral Agent may determine in its sole discretion) after the date of this Agreement or, if later, 60 days after the
establishment of such account) close the respective Deposit Account and transfer all balances therein to the Cash Collateral Account or another Deposit Account meeting the requirements of this Section 3.9. If any bank with which a Deposit
Account is maintained refuses to subordinate all its claims with respect to such Deposit Account to the Collateral Agent’s security interest therein on terms reasonably satisfactory to the Collateral Agent, then the Collateral Agent, at its
option, may (x) require that such Deposit Account be terminated in accordance with the immediately preceding sentence or (y) agree to a “control agreement” without such subordination, provided that in such event the Collateral
Agent may at any time, at its option, subsequently require that such Deposit Account be terminated (within 30 days after notice from the Collateral Agent) in accordance with the requirements of the immediately preceding sentence. 
 (b) After the date of this Agreement, no Assignor shall establish any new demand, time, savings, passbook or similar account, except for Deposit Accounts
established and maintained with banks and meeting the requirements of preceding clause (a). At the time any such Deposit Account is established, the appropriate “control agreement” shall be entered into in accordance with the requirements
of preceding clause (a) and the respective Assignor shall furnish to the Collateral Agent a supplement to Annex F hereto containing the relevant information with respect to the respective Deposit Account and the bank with which same is
established. 
 (c) The U.S. Borrower shall, and shall cause each of its Domestic Subsidiaries to, cause all amounts held in all Excluded
Deposit Accounts (other than the Pension Plan Account) at the close of each Business Day in excess of $250,000 in the aggregate (but calculated to exclude monies on deposit in the Excluded Deposit Accounts reserved for the payment of checks
(x) actually presented against the Excluded Deposit Accounts on such Business Day to the bank and/or banks with which the Excluded Deposit Accounts are maintained or (y) actually issued and mailed (or sent by overnight courier) by the U.S.
Borrower or its relevant Domestic Subsidiary to a payee (to the extent not (i) subsequently voided or cancelled or (ii) outstanding and unpaid for a period in excess of 30 days from the date of such issuance) but for which no presentment
has been made to the relevant bank or banks with which the Excluded Deposit Accounts are maintained) to be wired no later than the opening of business on each next succeeding Business Day directly into the Lockbox Account. 
  

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 3.10 Letter-of-Credit Rights. If any Assignor is at any time a beneficiary under a letter of
credit with a stated amount of $1,000,000 or more, such Assignor shall promptly notify the Collateral Agent thereof and, at the request of the Collateral Agent, such Assignor shall, pursuant to an agreement in form and substance reasonably
satisfactory to the Collateral Agent, use its reasonable best efforts to (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under such letter
of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of such letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be applied as
provided in this Agreement after the occurrence and during the continuance of an Event of Default (it being understood that unless an Event of Default has occurred and is continuing such proceeds shall be released to such Assignor). 
 3.11 Commercial Tort Claims. All Commercial Tort Claims of each Assignor in existence on the date of this Agreement are described in Annex H
hereto. If any Assignor shall at any time after the date of this Agreement acquire a Commercial Tort Claim in an amount (taking the greater of the aggregate claimed damages thereunder or the reasonably estimated value thereof) of $1,000,000 or more,
such Assignor shall promptly notify the Collateral Agent thereof in a writing signed by such Assignor and describing the details thereof and shall grant to the Collateral Agent in such writing a security interest therein and in the proceeds thereof,
all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Collateral Agent. 
 3.12
Chattel Paper. Upon the reasonable request of the Collateral Agent made at any time or from time to time, each Assignor shall promptly furnish to the Collateral Agent a list of all Electronic Chattel Paper held or owned by such Assignor.
Furthermore, if requested by the Collateral Agent, each Assignor shall promptly take all actions which are reasonably practicable so that the Collateral Agent has “control” of all Electronic Chattel Paper in accordance with the
requirements of Section 9-105 of the UCC. Each Assignor will promptly (and in any event within 10 days) following any reasonable request by the Collateral Agent, deliver all of its Tangible Chattel Paper to the Collateral Agent, provided that,
so long as no Event of Default shall have occurred and be continuing, such Assignor may retain for collection in the ordinary course of business any Chattel Paper received by such Assignor in the ordinary course of business, and the Collateral Agent
shall, promptly upon request of such Assignor, make appropriate arrangements for making any Chattel Paper in its possession and pledged by such Assignor available to such Assignor for purposes of presentation, collection or renewal. If such Assignor
retains possession of any Chattel Paper pursuant to the terms hereof, such Chattel Paper shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the security interests of Deutsche
Bank Trust Company Americas, as collateral agent, for the benefit of itself and certain Lenders.”. 
 3.13 Further Actions. Each
Assignor will, at its own expense, make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such vouchers, invoices, schedules, confirmatory assignments, conveyances, financing statements, transfer
endorsements, certificates, reports and other assurances or instruments and take such further steps, including any and all actions as may be necessary or required under the Federal Assignment of Claims Act, relating to its Accounts, Contracts,
Instruments and other property or 
  

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 rights covered by the security interest hereby granted, as the Collateral Agent may reasonably require. 
 ARTICLE IV 
 SPECIAL PROVISIONS CONCERNING
TRADEMARKS AND DOMAIN NAMES 
 4.1 Additional Representations and Warranties. Each Assignor represents and warrants that it is the
true and lawful owner of or otherwise has the right to use the registered Marks and Domain Names listed in Annex I hereto for such Assignor and that said listed Marks and Domain Names include all United States marks and applications for United
States marks registered in the United States Patent and Trademark Office and all Domain Names that such Assignor owns or uses in connection with its business as of the date hereof. Each Assignor represents and warrants that it owns, is licensed to
use or otherwise has the right to use, all Marks and Domain Names that it uses, except for such failure to own or have the right to use as have not had, and would not be reasonably expected to have, a Material Adverse Effect. Each Assignor further
warrants that it has no knowledge of any third party claim received by it that any aspect of such Assignor’s present or contemplated business operations infringes or will infringe any trademark, service mark or trade name of any other Person
other than as has not, and would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each Assignor represents and warrants that it is the true and lawful owner of or otherwise has the right to use
all U.S. trademark registrations and applications and Domain Name registrations listed in Annex I hereto and that said registrations are valid, subsisting, have not been canceled and that such Assignor is not aware of any third-party claim that any
of said registrations is invalid or unenforceable, and is not aware that there is any reason that any of said registrations is invalid or unenforceable, and is not aware that there is any reason that any of said applications will not mature into
registrations. Each Assignor hereby grants to the Collateral Agent an absolute power of attorney to sign, upon the occurrence and during the continuance of an Event of Default, any document which may be required by the United States Patent and
Trademark Office or similar registrar in order to effect an absolute assignment of all right, title and interest in each Mark and/or Domain Name, and record the same. 
 4.2 Licenses and Assignments. Except as otherwise permitted by the Secured Debt Agreements, each Assignor hereby agrees not to divest itself of any right under any Mark or Domain Name absent prior written
approval of the Collateral Agent. 
 4.3 Infringements. Each Assignor agrees, promptly upon learning thereof, to notify the Collateral
Agent in writing of the name and address of, and to furnish such pertinent information that may be available with respect to, any party who such Assignor believes is, or may be, infringing or diluting or otherwise violating any of such
Assignor’s rights in and to any Mark or Domain Name in any manner that would reasonably be expected to have a Material Adverse Effect, or with respect to any party claiming that such Assignor’s use of any Mark or Domain Name material to
such Assignor’s business violates in any material respect any property right of that party. Each Assignor further agrees to prosecute diligently in accordance with reasonable business practices any Person infringing any Mark or Domain Name in
any manner that would reasonably be expected to have a Material Adverse Effect. 
  

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 4.4 Preservation of Marks and Domain Names. Each Assignor agrees to use its Marks and Domain Names
which are material to such Assignor’s business in interstate commerce during the time in which this Agreement is in effect and to take all such other actions as are reasonably necessary to preserve such Marks as trademarks or service marks
under the laws of the United States (other than any such Marks which are no longer used or useful in its business or operations). 
 4.5
Maintenance of Registration. Each Assignor shall, at its own expense, diligently process all documents reasonably required to maintain all Mark and/or Domain Name registrations, including but not limited to affidavits of use and applications
for renewals of registration in the United States Patent and Trademark Office for all of its material registered Marks, and shall pay all fees and disbursements in connection therewith and shall not abandon any such filing of affidavit of use or any
such application of renewal prior to the exhaustion of all administrative and judicial remedies without prior written consent of the Collateral Agent, not to be unreasonably withheld (other than with respect to registrations and applications deemed
by such Assignor in its reasonable business judgment to be no longer prudent to pursue). 
 4.6 Future Registered Marks and Domain
Names. If any Mark registration is issued hereafter to any Assignor as a result of any application now or hereafter pending before the United States Patent and Trademark Office or any Domain Name is registered by Assignor, within 60 days of
receipt of such certificate or similar indicia of ownership, such Assignor shall deliver to the Collateral Agent a copy of such registration certificate or similar indicia of ownership, and a grant of a security interest in such Mark and/or Domain
Name, to the Collateral Agent and at the expense of such Assignor, confirming the grant of a security interest in such Mark and/or Domain Name to the Collateral Agent hereunder, the form of such security to be substantially in the form of Annex L
hereto or in such other form as may be reasonably satisfactory to the Collateral Agent. 
 4.7 Remedies. If an Event of Default shall
occur and be continuing, the Collateral Agent may, by written notice to the relevant Assignor, take any or all of the following actions: (i) declare the entire right, title and interest of such Assignor in and to each of the Marks and Domain
Names, together with all trademark rights and rights of protection to the same, vested in the Collateral Agent for the benefit of the Secured Creditors, in which event such rights, title and interest shall immediately vest, in the Collateral Agent
for the benefit of the Secured Creditors, and the Collateral Agent shall be entitled to exercise the power of attorney referred to in Section 4.1 hereof to execute, cause to be acknowledged and notarized and record said absolute assignment with
the applicable agency or registrar; (ii) take and use or sell the Marks or Domain Names and the goodwill of such Assignor’s business symbolized by the Marks or Domain Names and the right to carry on the business and use the assets of such
Assignor in connection with which the Marks or Domain Names have been used; and (iii) direct such Assignor to refrain, in which event such Assignor shall refrain, from using the Marks or Domain Names in any manner whatsoever, directly or
indirectly, and such Assignor shall execute such further documents that the Collateral Agent may reasonably request to further confirm this and to transfer ownership of the Marks or Domain Names and registrations and any pending trademark
applications in the United States Patent and Trademark Office or applicable Domain Name registrar to the Collateral Agent. 
  

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 ARTICLE V 
 SPECIAL PROVISIONS CONCERNING PATENTS, COPYRIGHTS AND TRADE SECRETS 
 5.1 Additional Representations and
Warranties. Each Assignor represents and warrants that it is the true and lawful owner of all rights in (i) all Trade Secret Rights, (ii) the Patents listed in Annex J hereto for such Assignor and that said Patents include all the
United States patents and applications for United States patents that such Assignor owns as of the date hereof and (iii) the Copyrights listed in Annex K hereto for such Assignor and that said Copyrights include all the United States copyrights
registered with the United States Copyright Office and applications to United States copyrights that such Assignor owns as of the date hereof. Each Assignor further warrants that it has no knowledge of any third party claim that any aspect of such
Assignor’s present or contemplated business operations infringes or will infringe any patent of any other Person or such Assignor has misappropriated any trade secret or proprietary information which, either individually or in the aggregate,
has, or would reasonably be expected to have, a Material Adverse Effect. Each Assignor hereby grants to the Collateral Agent an absolute power of attorney to sign, upon the occurrence and during the continuance of any Event of Default, any document
which may be required by the United States Patent and Trademark Office or the United States Copyright Office in order to effect an absolute assignment of all right, title and interest in each Patent or Copyright, and to record the same. 

5.2 Licenses and Assignments. Except as otherwise permitted by the Secured Debt Agreements, each Assignor hereby agrees not to divest itself of
any right under any Patent or Copyright absent prior written approval of the Collateral Agent. 
 5.3 Infringements. Each Assignor
agrees, promptly upon learning thereof, to furnish the Collateral Agent in writing with all pertinent information available to such Assignor with respect to any infringement, contributing infringement or active inducement to infringe or other
violation of such Assignor’s rights in any Patent or Copyright or to any claim that the practice of any Patent or use of any Copyright violates any property right of a third party, or with respect to any misappropriation of any Trade Secret
Right or any claim that practice of any Trade Secret Right violates any property right of a third party, in each case, in any manner which, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. Each
Assignor further agrees, absent direction of the Collateral Agent to the contrary, to diligently prosecute, in accordance with its reasonable business judgment, any Person infringing any Patent or Copyright or any Person misappropriating any Trade
Secret Right, in each case to the extent that such infringement or misappropriation, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. 
 5.4 Maintenance of Patents or Copyrights. At its own expense, each Assignor shall make timely payment of all post-issuance fees required to
maintain in force its rights under each Patent or Copyright, absent prior written consent of the Collateral Agent (other than any such Patents or Copyrights which are no longer used or are deemed by such Assignor in its reasonable business judgment
to no longer be useful in its business or operations). 
 5.5 Prosecution of Patent or Copyright Applications. At its own expense,
each Assignor shall diligently prosecute all material applications for (i) United States Patents listed in 
  

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 Annex J hereto and (ii) Copyrights listed on Annex K hereto, in each case for such Assignor and shall not
abandon any such application prior to exhaustion of all administrative and judicial remedies (other than applications that are deemed by such Assignor in its reasonable business judgment to no longer be necessary in the conduct of the
Assignor’s business), absent written consent of the Collateral Agent not to be unreasonably withheld. 
 5.6 Other Patents and
Copyrights. Within 30 days of the acquisition or issuance of a United States Patent, registration of a Copyright, or acquisition of a registered Copyright, or of filing of an application for a United States Patent or Copyright, the relevant
Assignor shall deliver to the Collateral Agent a copy of said Copyright or Patent, or certificate or registration of, or application therefor, as the case may be, with a grant of a security interest as to such Patent or Copyright, as the case may
be, to the Collateral Agent and at the expense of such Assignor, confirming the grant of a security interest, the form of such grant of a security interest to be substantially in the form of Annex M or N hereto, as appropriate, or in such other form
as may be reasonably satisfactory to the Collateral Agent. 
 5.7 Remedies. If an Event of Default shall occur and be continuing, the
Collateral Agent may, by written notice to the relevant Assignor, take any or all of the following actions: (i) declare the entire right, title, and interest of such Assignor in each of the Patents and Copyrights vested in the Collateral Agent
for the benefit of the Secured Creditors, in which event such right, title, and interest shall immediately vest in the Collateral Agent for the benefit of the Secured Creditors, in which case the Collateral Agent shall be entitled to exercise the
power of attorney referred to in Section 5.1 hereof to execute, cause to be acknowledged and notarized and to record said absolute assignment with the applicable agency; (ii) take and practice or sell the Patents and Copyrights; and
(iii) direct such Assignor to refrain, in which event such Assignor shall refrain, from practicing the Patents and using the Copyrights directly or indirectly, and such Assignor shall execute such further documents as the Collateral Agent may
reasonably request further to confirm this and to transfer ownership of the Patents and Copyrights to the Collateral Agent for the benefit of the Secured Creditors. 
 ARTICLE VI 
 PROVISIONS CONCERNING ALL COLLATERAL 
 6.1 Protection of Collateral Agent’s Security. Except as otherwise permitted by the Secured Debt Agreements, each Assignor will do nothing to
impair the rights of the Collateral Agent in the Collateral. Each Assignor or an affiliate on behalf of such Assignor will at all times maintain insurance, at such Assignor’s own expense to the extent and in the manner provided in the Secured
Debt Agreements. If any Event of Default shall have occurred and be continuing, the Collateral Agent shall, at the time any proceeds of such insurance are distributed to the Secured Creditors, apply such proceeds in accordance with Section 7.4
hereof. Each Assignor assumes all liability and responsibility in connection with the Collateral acquired by it and the liability of such Assignor to pay the Obligations shall in no way be affected or diminished by reason of the fact that such
Collateral may be lost, destroyed, stolen, damaged or for any reason whatsoever unavailable to such Assignor. 
  

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 6.2 Warehouse Receipts Non-Negotiable. To the extent practicable, each Assignor agrees that if any
warehouse receipt or receipt in the nature of a warehouse receipt is issued with respect to any of its Inventory, such Assignor shall request that such warehouse receipt or receipt in the nature thereof shall not be “negotiable” (as such
term is used in Section 7-104 of the Uniform Commercial Code as in effect in any relevant jurisdiction or under other relevant law). 
 6.3 Additional Information. Each Assignor will, at its own expense, from time to time upon the reasonable request of the Collateral Agent, promptly (and in any event within 10 Business Days after its receipt of the respective
request) furnish to the Collateral Agent such information with respect to the Collateral (including the identity of the Collateral or such components thereof as may have been reasonably requested by the Collateral Agent, the value and location of
such Collateral, etc.) as may be requested by the Collateral Agent. Without limiting the forgoing, each Assignor agrees that it shall promptly (and in any event within 10 Business Days after its receipt of the respective request) furnish to the
Collateral Agent such updated Annexes hereto as may from time to time be reasonably requested by the Collateral Agent. 
 6.4 Further
Actions. Each Assignor will, at its own expense and upon the reasonable request of the Collateral Agent, make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such lists, descriptions and designations
of its Collateral, warehouse receipts, receipts in the nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, conveyances, financing statements, transfer endorsements,
certificates, reports and other assurances or instruments and take such further steps relating to the Collateral and other property or rights covered by the security interest hereby granted, which the Collateral Agent deems reasonably appropriate or
advisable to perfect, preserve or protect its security interest in the Collateral at least to the extent described in Section 2.1. 
 6.5 Financing Statements. Each Assignor agrees to execute and deliver to the Collateral Agent such financing statements, in form reasonably acceptable to the Collateral Agent, as the Collateral Agent may from time to time reasonably
request or as are reasonably necessary or desirable in the opinion of the Collateral Agent to establish and maintain a valid, enforceable, perfected security interest in the Collateral as provided herein and the other rights and security
contemplated hereby at least to the extent described in Section 2.1. Each Assignor will pay any applicable filing fees, recordation taxes and related expenses relating to its Collateral. Each Assignor hereby authorizes the Collateral Agent to
file any such financing statements without the signature of such Assignor where permitted by law (and such authorization includes describing the Collateral as “all assets” of such Assignor). 
 ARTICLE VII 
 REMEDIES UPON OCCURRENCE OF AN
EVENT OF DEFAULT 
 7.1 Remedies; Obtaining the Collateral Upon Default. Each Assignor agrees that, if any Event of Default shall have
occurred and be continuing, then and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law and 
  

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 under the other provisions of this Agreement, shall have all rights as a secured creditor under any UCC, and such
additional rights and remedies to which a secured creditor is entitled under the laws in effect in all relevant jurisdictions and may: 
 (i) personally, or by agents or attorneys, immediately take possession of the Collateral or any part thereof, from such Assignor or any other Person who then has possession of any part thereof with or without notice
or process of law, and for that purpose may enter upon such Assignor’s premises where any of the Collateral is located and remove the same and use in connection with such removal any and all services, supplies, aids and other facilities of such
Assignor; 
 (ii) instruct the obligor or obligors on any agreement, instrument or other obligation (including, without
limitation, the Accounts and the Contracts) constituting the Collateral to make any payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent and may exercise any and all remedies of such
Assignor in respect of such Collateral; 
 (iii) instruct all banks which have entered into a control agreement with the
Collateral Agent to transfer all monies, securities and instruments held by such depositary bank to the Cash Collateral Account; it being understood and agreed that unless an Event of Default has occurred and is continuing, the Collateral Agent
shall not deliver to such banks a Notice of Exclusive Control under, and as defined in the respective “control agreement” relating thereto; 
 (iv) sell, assign or otherwise liquidate any or all of the Collateral or any part thereof in accordance with Section 7.2 hereof, or direct such Assignor to sell, assign or otherwise liquidate any or all of the
Collateral or any part thereof, and, in each case, take possession of the proceeds of any such sale or liquidation; 
 (v)
take possession of the Collateral or any part thereof, by directing such Assignor in writing to deliver the same to the Collateral Agent at any reasonable place or places designated by the Collateral Agent, in which event such Assignor shall at its
own expense: 
 (x) forthwith cause the same to be moved to the place or places so designated by the Collateral Agent and
there delivered to the Collateral Agent; 
 (y) store and keep any Collateral so delivered to the Collateral Agent at such
place or places pending further action by the Collateral Agent as provided in Section 7.2 hereof; and 
 (z) while the
Collateral shall be so stored and kept, provide such security and maintenance services as shall be reasonably necessary to protect the same and to preserve and maintain it in good condition; 
 (vi) license or sublicense, whether on an exclusive or nonexclusive basis, any Marks, Domain Names, Patents or Copyrights included in the
Collateral for such term 
  

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 and on such conditions and in such manner as the Collateral Agent shall in its sole judgment determine;

 (vii) apply any monies constituting Collateral or proceeds thereof in accordance with the provisions of Section 7.4;
and 
 (viii) take any other action as specified in clauses (1) through (5), inclusive, of Section 9-607 of the UCC;

 it being understood that each Assignor’s obligation so to deliver the Collateral is of the essence of this Agreement and that, accordingly, upon
application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by such Assignor of said obligation. By accepting the benefits of this Agreement and each other Security
Document, the Secured Creditors expressly acknowledge and agree that this Agreement and each other Security Document may be enforced only by the action of the Collateral Agent acting upon the instructions of the Required Secured Creditors and that
no other Secured Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the
Collateral Agent or the holders of at least a majority of the outstanding Other Obligations, as the case may be, for the benefit of the Secured Creditors upon the terms of this Agreement and the other Security Documents. 
 7.2 Remedies; Disposition of the Collateral. To the extent permitted by applicable law, if any Event of Default shall have occurred and be
continuing, then any Collateral repossessed by the Collateral Agent under or pursuant to Section 7.1 hereof and any other Collateral whether or not so repossessed by the Collateral Agent, may be sold, assigned, leased or otherwise disposed of
under one or more contracts or as an entirety, and without the necessity of gathering at the place of sale the property to be sold, and in general in such manner, at such time or times, at such place or places and on such terms as the Collateral
Agent may, in compliance with any mandatory requirements of applicable law, determine to be commercially reasonable. Any of the Collateral may be sold, leased or otherwise disposed of, in the condition in which the same existed when taken by the
Collateral Agent or after any overhaul or repair at the expense of the relevant Assignor which the Collateral Agent shall determine to be commercially reasonable. Any such sale, lease or other disposition may be effected by means of a public
disposition or private disposition, effected in accordance with the applicable requirements (in each case if and to the extent applicable) of Sections 9-610 through 9-613 of the UCC and/or such other mandatory requirements of applicable law as may
apply to the respective disposition. The Collateral Agent may, without notice or publication, adjourn any public or private disposition or cause the same to be adjourned from time to time by announcement at the time and place fixed for the
disposition, and such disposition may be made at any time or place to which the disposition may be so adjourned. To the extent permitted by any such requirement of law, the Collateral Agent may bid for and become the purchaser (and may pay all or
any portion of the purchase price by crediting Obligations against the purchase price) of the Collateral or any item thereof, offered for disposition in accordance with this Section 7.2 without accountability to the relevant Assignor. If, under
applicable law, the Collateral Agent shall be permitted to make disposition of the Collateral within a period of time which does not permit the giving of notice to the relevant Assignor as hereinabove specified, the Collateral Agent need give such
Assignor 
  

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 only such notice of disposition as shall be required by such applicable law. Each Assignor agrees to do or cause to be
done all such other acts and things as may be reasonably necessary to make such disposition or dispositions of all or any portion of the Collateral valid and binding and in compliance with any and all applicable laws, regulations, orders, writs,
injunctions, decrees or awards of any and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at such Assignor’s expense. 
 7.3 Waiver of Claims. Except as otherwise provided in this Agreement, EACH ASSIGNOR HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW,
NOTICE AND JUDICIAL HEARING IN CONNECTION WITH THE COLLATERAL AGENT’S TAKING POSSESSION OR THE COLLATERAL AGENT’S DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING, WITHOUT LIMITATION, ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY PREJUDGMENT
REMEDY OR REMEDIES, and each Assignor hereby further waives, to the extent permitted by law: 
 (a) all damages occasioned by such taking of
possession or any such disposition except any damages which are the direct result of the Collateral Agent’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision);

 (b) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Collateral
Agent’s rights hereunder; and 
 (c) all rights of redemption, appraisement, valuation, stay, extension or moratorium now or hereafter
in force under any applicable law in order to prevent or delay the enforcement of this Agreement or the absolute sale of the Collateral or any portion thereof, and each Assignor, for itself and all who may claim under it, insofar as it or they now
or hereafter lawfully may, hereby waives the benefit of all such laws. 
 Any sale of, or the grant of options to purchase, or any other realization upon,
any Collateral shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the relevant Assignor therein and thereto, and shall be a perpetual bar both at law and in equity against such Assignor and against
any and all Persons claiming or attempting to claim the Collateral so sold, optioned or realized upon, or any part thereof, from, through and under such Assignor. 
 7.4 Application of Proceeds. (a) All moneys collected by the Collateral Agent (or, to the extent the Pledge Agreement or any other Security Document requires proceeds of collateral under such other
Security Document to be applied in accordance with the provisions of this Agreement, the Pledgee under, and as defined in, the Pledge Agreement ,or collateral agent under such other Security Document) upon any sale or other disposition of the
Collateral (or the collateral under the relevant Security Document), together with all other moneys received by the Collateral Agent hereunder (or under the relevant Security Document), shall be applied as follows: 
 (i) first, to the payment of all amounts owing the Collateral Agent of the type described in clauses (iii), (iv) and
(v) of the definition of “Obligations”; 
  

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 (ii) second, to the extent proceeds remain after the application pursuant to the
preceding clause (i), to the payment of all amounts owing to any Agent of the type described in clauses (v) and (vi) of the definition of “Obligations”; 
 (iii) third, but subject to the provisions of the following clauses (f) and (g), to the extent proceeds remain after the
application pursuant to the preceding clauses (i) and (ii), an amount equal to the outstanding Primary U.S. Borrower Obligations shall be paid to the Secured Creditors as provided in Section 7.4(d) hereof, with each Secured Creditor
receiving an amount equal to its outstanding Primary U.S. Borrower Obligations or, if the proceeds are insufficient to pay in full all such Primary U.S. Borrower Obligations, its Pro Rata Share of the amount remaining to be distributed; 

(iv) fourth, but subject to the provisons of the following clauses (f) and (g), to the extent proceeds remain after the
application pursuant to the preceding clauses (i) through (iii), an amount equal to the outstanding Primary Canadian Borrower Obligations shall be paid to the Secured Creditors as provided in Section 7.4(d) hereof, with each Secured
Creditor receiving an amount equal to its outstanding Primary Canadian Borrower Obligations or, if the proceeds are insufficient to pay in full all such Primary Canadian Borrower Obligations, its Pro Rata Share of the amount remaining to be
distributed; 
 (v) fifth, but subject to the provisions of clauses (f) and (g), to the extent proceeds remain
after the application pursuant to the preceding clauses (i) through (iv), inclusive, an amount equal to the outstanding Secondary U.S. Borrower Obligations shall be paid to the Secured Creditors as provided in Section 7.4(d) hereof, with
each Secured Creditor receiving an amount equal to its outstanding Secondary U.S. Borrower Obligations or, if the proceeds are insufficient to pay in full all such Secondary U.S. Borrower Obligations, its Pro Rata Share of the amount remaining to be
distributed; 
 (vi) sixth, but subject to the provisions of clauses (f) and (g), to the extent proceeds remain
after the application pursuant to preceding clauses (i) through (v), inclusive, an amount equal to the outstanding Secondary Canadian Borrower Obligations shall be paid to the Secured Creditors as provided in Section 7.4(d) hereof, with
each Secured Creditor receiving an amount equal to its outstanding Secondary Canadian Borrower Obligations or, if the proceeds are insufficient to pay in full all such Secondary Canadian Borrower Obligations, its Pro Rata Share of the amount
remaining to be distributed; 
 (vii) seventh, but subject to the provisions of clauses (f) and (g), to the extent
proceeds remain after the application pursuant to preceding clauses (i) through (vi), inclusive, ratably to any then remaining unpaid Obligations; and 
 (viii) eighth, to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (vii), inclusive, and following the termination of this Agreement pursuant to
Section 10.8(a) hereof, to the relevant Assignor or to whomever may be lawfully entitled to receive such surplus. 
  

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 (b) For purposes of this Agreement, (i) “Pro Rata Share” shall mean, when
calculating a Secured Creditor’s portion of any distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Secured Creditor’s Primary U.S. Borrower
Obligations, Primary Canadian Borrower Obligations, Secondary U.S. Borrower Obligations or Secondary Canadian Borrower Obligations, as the case may be, and the denominator of which is the then outstanding amount of all Primary U.S. Borrower
Obligations, Primary Canadian Borrower Obligations, Secondary U.S. Borrower Obligations or Secondary Canadian Borrower Obligations, as the case may be, (ii) “Primary Obligations” shall mean (x) in the case of the Credit
Document Obligations, all unpaid principal (or, Face Amount, as applicable) of, premium, if any, fees and interest on, all Loans, all Unpaid Drawings, the Stated Amount of all outstanding Letters of Credit and all Fees and (y) in the case of
the Other Obligations, all amounts due under each Interest Rate Protection Agreement with an Other Creditor (other than indemnities, fees (including, without limitation, attorneys’ fees) and similar obligations and liabilities),
(iii) “Secondary Obligations” shall mean all Obligations other than Primary Obligations, (iv) “Primary U.S. Borrower Obligations” shall mean all Primary Obligations which are also U.S. Borrower
Obligations, (v) “Secondary U.S. Borrower Obligations” shall mean all Secondary Obligations which are also U.S. Borrower Obligations, (vi) “Primary Canadian Borrower Obligations” shall mean all Primary
Obligations which are also Canadian Borrower Obligations and (vii) “Canadian Borrower Secondary Obligations” shall mean all Secondary Obligations which are also Canadian Borrower Secondary Obligations. 
 (c) Each of the Secured Creditors, by their acceptance of the benefits hereof and of the other Security Documents, agrees and acknowledges that if the
Lender Creditors receive a distribution on account of undrawn amounts with respect to Letters of Credit issued under the Credit Agreement (which shall only occur after all Loans and Unpaid Drawings constituting Primary U.S. Borrower Obligations or
Primary Canadian Borrower Obligations, as the case may be, have been paid in full), such amounts shall be paid to the Administrative Agent under the Credit Agreement and held by it, for the equal and ratable benefit of the respective Lender
Creditors, as cash security for the repayment of Obligations owing to the Lender Creditors as such. If any amounts are held as cash security pursuant to the immediately preceding sentence, then upon the termination of all outstanding Letters of
Credit under the Credit Agreement constituting Primary U.S. Borrower Obligations or Primary Canadian Borrower Obligations, as the case may be, and after the application of all such cash security to the repayment of all Obligations owing to the
respective Lender Creditors after giving effect to the termination of all such Letters of Credit, if there remains any excess cash, such excess cash shall be returned by the Administrative Agent to the Collateral Agent for distribution in accordance
with Section 7.4(a) hereof. 
 (d) All payments required to be made hereunder shall be made (x) if to the Lender Creditors, to the
Administrative Agent for the account of the Lender Creditors and (y) if to the Other Creditors, to the trustee, paying agent or other similar representative (each, a “Representative”) for the Other Creditors or, in the absence
of such a Representative, directly to the Other Creditors. 
 (e) For purposes of applying payments received in accordance with this
Section 7.4, the Collateral Agent shall be entitled to rely upon (i) the Administrative Agent and 
  

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 (ii) the Representative or, in the absence of such a Representative, upon the Other Creditors for a determination (which
the Administrative Agent, each Representative and the Other Creditors agree (or shall agree) to provide upon request of the Collateral Agent) of the outstanding Primary U.S. Borrower Obligations, Primary Canadian Borrower Obligations, Secondary
Canadian Borrower Obligations and Secondary Canadian Borrower Obligations owed to the Lender Creditors or the Other Creditors, as the case may be. Unless it has received written notice from a Lender Creditor or an Other Creditor to the contrary, the
Administrative Agent and each Representative, in furnishing information pursuant to the preceding sentence, and the Collateral Agent, in acting hereunder, shall be entitled to assume that no Secondary Obligations are outstanding. Unless it has
written notice from an Other Creditor to the contrary, the Collateral Agent, in acting hereunder, shall be entitled to assume that no Interest Rate Protection Agreements are in existence. 
 (f) Notwithstanding anything to the contrary contained above, to the extent monies or proceeds to be applied pursuant to this Section 7.4 consist of
proceeds received from a sale or other disposition of Excess Exempted Foreign Entity Voting Stock, such proceeds will be applied as otherwise required above in this Section 7.4, but for this purpose treating the outstanding Primary Obligations
and Secondary Obligations as only those obligations secured by the Excess Exempted Foreign Entity Voting Stock in accordance with the provisions of clause (x) to the proviso appearing at the end of Section 3.1 of the Pledge Agreement. In
determining whether any Excess Exempted Foreign Entity Voting Stock has been sold or otherwise disposed of, the Collateral Agent shall treat any sale or disposition of Voting Stock of any Exempted Foreign Entity as first being a sale of Voting Stock
which is not Excess Exempted Foreign Entity Voting Stock until such time as the stock sold represents 65% of the total combined voting power of all classes of Voting Stock of the respective Exempted Foreign Entity and, after such threshold has been
met, any further sales of Voting Stock of the respective Exempted Foreign Entity shall be treated as sales of Excess Exempted Foreign Entity Voting Stock. 
 (g) Notwithstanding anything to the contrary contained above, to the extent monies or proceeds to be applied pursuant to this Section 7.4 consist of proceeds received under any Foreign Security Document, such
proceeds will be applied as otherwise required above in this Section 7.4, but for this purpose (i) reversing clauses (iii) and (iv) above (thereby treating clause (iv) as if it were the third priority of distribution, and
treating clause (iii) as if it were the fourth priority of distribution) and reversing clauses (v) and (vi) above (thereby treating clause (vi) above as if it were the fifth priority of distribution and treating clause
(v) above as if it were the sixth priority distribution), in each case mutatis mutandis and with any necessary reference changes (to clauses, etc.) and (ii) treating the outstanding Primary Obligations and Secondary
Obligations as only those obligations secured by the respective Foreign Security Document. 
 (h) It is understood that the Assignors shall
remain jointly and severally liable to the extent of any deficiency between the amount of the proceeds of the Collateral and the aggregate amount of the Obligations. 
 7.5 Remedies Cumulative. Each and every right, power and remedy hereby specifically given to the Collateral Agent shall be in addition to every other right, power and remedy specifically given to the Collateral
Agent under this Agreement, the other Secured Debt Agreements or now or hereafter existing at law, in equity or by statute and each and every right, 
  

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 power and remedy whether specifically herein given or otherwise existing may be exercised from time to time or
simultaneously and as often and in such order as may be deemed expedient by the Collateral Agent. All such rights, powers and remedies shall be cumulative and the exercise or the beginning of the exercise of one shall not be deemed a waiver of the
right to exercise any other or others. No delay or omission of the Collateral Agent in the exercise of any such right, power or remedy and no renewal or extension of any of the Obligations shall impair any such right, power or remedy or shall be
construed to be a waiver of any Default or Event of Default or an acquiescence thereof. No notice to or demand on any Assignor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a
waiver of any of the rights of the Collateral Agent to any other or further action in any circumstances without notice or demand. In the event that the Collateral Agent shall bring any suit to enforce any of its rights hereunder and shall be
entitled to judgment, then in such suit the Collateral Agent may recover reasonable expenses, including reasonable attorneys’ fees, and the amounts thereof shall be included in such judgment. 
 7.6 Discontinuance of Proceedings. In case the Collateral Agent shall have instituted any proceeding to enforce any right, power or remedy under
this Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Collateral Agent, then and in every such case the relevant Assignor,
the Collateral Agent and each holder of any of the Obligations shall be restored to their former positions and rights hereunder with respect to the Collateral subject to the security interest created under this Agreement, and all rights, remedies
and powers of the Collateral Agent shall continue as if no such proceeding had been instituted. 
 ARTICLE VIII 
 INDEMNITY 
 8.1 Indemnity.
(a) Each Assignor jointly and severally agrees to indemnify, reimburse and hold the Collateral Agent, each other Secured Creditor and their respective successors, assigns, employees, affiliates and agents (hereinafter in this Section 8.1
referred to individually as “Indemnitee,” and collectively as “Indemnitees”) harmless from any and all liabilities, obligations, damages, injuries, penalties, claims, demands, actions, suits, judgments and any and
all costs, expenses or disbursements (including reasonable attorneys’ fees and expenses) (for the purposes of this Section 8.1 the foregoing are collectively called “Indemnified Liabilities”) of whatsoever kind and
nature imposed on, asserted against or incurred by any of the Indemnitees in any way relating to or arising out of this Agreement, any other Secured Debt Agreement or any other document executed in connection herewith or therewith or in any other
way connected with the administration of the transactions contemplated hereby or thereby or the enforcement of any of the terms of, or the preservation of any rights under any thereof, or in any way relating to or arising out of the manufacture,
ownership, ordering, purchase, delivery, control, acceptance, lease, financing, possession, operation, condition, sale, return or other disposition, or use of the Collateral (including, without limitation, latent or other defects, whether or not
discoverable), the violation of the laws of any country, state or other governmental body or unit, any tort (including, without limitation, claims arising or imposed under the doctrine of strict liability, or for or on account of injury to or the
death of any Person (including any Indemnitee), or property damage), or contract claim; provided that no Indemnitee 
  

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 shall be indemnified pursuant to this Section 8.1(a) for Indemnified Liabilities to the extent caused by the gross
negligence or willful misconduct of respective Indemnitee, any Affiliate of such Indemnitee, or any of their respective directors, officers, employees, representatives, agents, Affiliates, trustees or investment advisors (as determined by a court of
competent jurisdiction in a final and non-appealable decision). Each Assignor agrees that upon written notice by any Indemnitee of the assertion of such Indemnified Liabilities, the relevant Assignor shall assume full responsibility for the defense
thereof. Each Indemnitee agrees to use its best efforts to promptly notify the relevant Assignor of any such assertion of which such Indemnitee has knowledge. 
 (b) Without limiting the application of Section 8.1(a) hereof, each Assignor agrees, jointly and severally, to pay or reimburse the Collateral Agent for any and all reasonable fees, costs and expenses of whatever
kind or nature incurred in connection with the creation, preservation or protection of the Collateral Agent’s Liens on, and security interest in, the Collateral, including, without limitation, all fees and taxes in connection with the recording
or filing of instruments and documents in public offices, payment or discharge of any taxes or Liens upon or in respect of the Collateral, premiums for insurance with respect to the Collateral and all other fees, costs and expenses in connection
with protecting, maintaining or preserving the Collateral and the Collateral Agent’s interest therein, whether through judicial proceedings or otherwise, or in defending or prosecuting any actions, suits or proceedings arising out of or
relating to the Collateral. 
 (c) Without limiting the application of Section 8.1(a) or (b) hereof, each Assignor agrees, jointly
and severally, to pay, indemnify and hold each Indemnitee harmless from and against any loss, costs, damages and expenses which such Indemnitee may suffer, expend or incur in consequence of or growing out of any misrepresentation by any Assignor in
this Agreement, any other Secured Debt Agreement or in any writing contemplated by or made or delivered pursuant to or in connection with this Agreement or any other Secured Debt Agreement. 
 (d) If and to the extent that the obligations of any Assignor under this Section 8.1 are unenforceable for any reason, such Assignor hereby agrees
to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. 
 8.2
Indemnity Obligations Secured by Collateral; Survival. Any amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement shall constitute Obligations secured by the Collateral. The indemnity obligations of each
Assignor contained in this Article VIII shall continue in full force and effect notwithstanding the full payment of all of the other Obligations and notwithstanding the full payment of all the Notes issued, and Loans made, under the Credit
Agreement, the termination of all Letters of Credit issued under the Credit Agreement, the termination of all Interest Rate Protection Agreements entered into with the Other Creditors and the payment of all other Obligations and notwithstanding the
discharge thereof and the occurrence of the Termination Date. 
  

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 ARTICLE IX 
 DEFINITIONS 
 The following terms shall have the meanings herein specified. Such definitions shall be
equally applicable to the singular and plural forms of the terms defined. 
 “Account” shall mean any “account” as
such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York, and in any event shall include but shall not be limited to, all rights to payment of any monetary obligation, whether or not earned by
performance, (i) for property that has been or is to be sold, leased, licensed, assigned or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv) for a
secondary obligation incurred or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or information
contained on or for use with the card, or (viii) as winnings in a lottery or other game of chance operated or sponsored by a State, governmental unit of a State, or person licensed or authorized to operate the game by a State or governmental
unit of a State. Without limiting the foregoing, the term “account” shall include all Health-Care-Insurance Receivables. 
 “Administrative Agent” shall have the meaning provided in the recitals of this Agreement. 
 “Agreement” shall mean this Security Agreement as the same may be amended, modified, restated and/or supplemented from time to time in accordance with its terms. 
 “As-Extracted Collateral” shall mean “as-extracted collateral” as such term is defined in the Uniform Commercial Code as in
effect on the date hereof in the State of New York. 
 “Assignor” shall have the meaning provided in the first paragraph of
this Agreement. 
 “Borrower” and “Borrowers” shall have the meaning provided in the recitals of this
Agreement. 
 “Canadian Borrower” shall have the meaning provided in the recitals of this Agreement. 
 “Canadian Borrower Obligations” shall mean all Obligations of the Canadian Borrower and any guarantees thereof (including by U.S. Credit
Parties) pursuant to the Guaranties or pursuant to any other Credit Document. 
 “Cash Collateral Account” shall mean a
non-interest bearing cash collateral account maintained with, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Creditors. 
  

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 “Chattel Paper” shall mean “chattel paper” as such term is defined in the
Uniform Commercial Code as in effect on the date hereof in the State of New York. Without limiting the foregoing, the term “Chattel Paper” shall in any event include all Tangible Chattel Paper and all Electronic Chattel Paper. 

“Class” shall have the meaning provided in Section 10.2 of this Agreement. 
 “Collateral” shall have the meaning provided in Section 1.1(a) of this Agreement. 
 “Collateral Agent” shall have the meaning provided in the first paragraph of this Agreement. 
 “Commercial Tort Claims” shall mean “commercial tort claims” as such term is defined in the Uniform Commercial Code as in
effect on the date hereof in the State of New York. 
 “Contract Rights” shall mean all rights of any Assignor under
each Contract, including, without limitation, (i) any and all rights to receive and demand payments under any or all Contracts, (ii) any and all rights to receive and compel performance under any or all Contracts and (iii) any and all
other rights, interests and claims now existing or in the future arising in connection with any or all Contracts. 
 “Contracts” shall mean all contracts between any Assignor and one or more additional parties (including, without limitation, any Interest Rate Protection Agreements, Other Hedging Agreements, licensing agreements and any
partnership agreements, joint venture agreements and limited liability company agreements). 
 “Copyrights” shall mean any
United States or foreign copyright now or hereafter owned by any Assignor, including any registrations of any copyrights, in the United States Copyright Office or any foreign equivalent office, as well as any application for a copyright registration
now or hereafter made with the United States Copyright Office or any foreign equivalent office by any Assignor. 
 “Credit
Agreement” shall have the meaning provided in the recitals of this Agreement. 
 “Credit Document Obligations”
shall have the meaning provided in the definition of “Obligations” in this Article IX. 
 “Deposit Accounts” shall
mean all “deposit accounts” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
 “Documents” shall mean “documents” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
 “Domain Names” shall mean all Internet domain names and associated URL addresses in or to which any Assignor now or hereafter has any
right, title or interest. 
  

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 “Electronic Chattel Paper” shall mean “electronic chattel paper” as such term
is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
 “Equipment”
shall mean any “equipment” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York, and in any event, shall include, but shall not be limited to, all machinery, equipment,
furnishings, fixtures and vehicles now or hereafter owned by any Assignor and any and all additions, substitutions and replacements of any of the foregoing and all accessions thereto, wherever located, together with all attachments, components,
parts, equipment and accessories installed thereon or affixed thereto. 
 “Event of Default” shall mean any Event of Default
under, and as defined in, the Credit Agreement and shall in any event include, without limitation, any payment default on any of the Obligations after the expiration of any applicable grace period. 
 “Excess Exempted Foreign Entity Voting Stock” shall have the meaning provided in the Pledge Agreement. 
 “Excluded Deposit Accounts” shall mean (x) the Pension Plan Account and (y) each other Deposit Account which is
(i) designated by the U.S. Borrower in writing to the Collateral Agent as an “Excluded Deposit Account” and (ii) approved in writing as an “Excluded Account” by the Collateral Agent in its sole discretion (it being
understood and agreed that it is the intention of the parties hereto that the amounts on deposit in all such accounts included as “Excluded Deposit Accounts” (other than the Pension Plan Account) at the end of each Business Day shall not
exceed $250,000) in the aggregate (as calculated in the manner as set forth in Section 3.9(c)), although (subject to Section 3.9(c)) any departure from this intention shall not in and of itself constitute a breach of this Agreement).

 “Exempted Foreign Entity” shall have the meaning provided in the Pledge Agreement. 
 “General Intangibles” shall mean “general intangibles” as such term is defined in the Uniform Commercial Code as in effect on
the date hereof in the State of New York. 
 “Goods” shall mean “goods” as such term is defined in the Uniform
Commercial Code as in effect on the date hereof in the State of New York. 
 “Health-Care-Insurance Receivable” shall mean
any “health-care-insurance receivable” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
 “Holdings” shall have the meaning provided in the recitals hereto. 
 “Indemnitee” shall have the meaning provided in Section 8.1(a) of this Agreement. 
  

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 “Instrument” shall mean “instruments” as such term is defined in the Uniform
Commercial Code as in effect on the date hereof in the State of New York. 
 “Inventory” shall mean merchandise, inventory
and goods, and all additions, substitutions and replacements thereof and all accessions thereto, wherever located, together with all goods, supplies, incidentals, packaging materials, labels, materials and any other items used or usable in
manufacturing, processing, packaging or shipping same, in all stages of production from raw materials through work in process to finished goods, and all products and proceeds of whatever sort and wherever located any portion thereof which may be
returned, rejected, reclaimed or repossessed by the Collateral Agent from any Assignor’s customers, and shall specifically include all “inventory” as such term is defined in the Uniform Commercial Code as in effect on the date hereof
in the State of New York. 
 “Investment Property” shall mean “investment property” as such term is defined in the
Uniform Commercial Code as in effect on the date hereof in the State of New York. 
 “Lender Creditors” shall have the
meaning provided in the recitals of this Agreement. 
 “Lenders” shall have the meaning provided in the recitals of this
Agreement. 
 “Letter-of-Credit Rights” shall mean “letter-of-credit rights” as such term is defined in the
Uniform Commercial Code as in effect on the date hereof in the State of New York. 
 “Location” of any Assignor, shall
mean such Assignor’s “location” as determined pursuant to Section 9-307 of the UCC. 
 “Lockbox Account”
shall mean (i) account no. 932789 of North America Packaging Corporation maintained with Wachovia Bank, N.A., (ii) account no. 375-069-1232 of BWAY Corporation maintained with Bank of America, N.A., or (iii) any other Deposit Account
designated by the U.S. Borrower in writing to the Collateral Agent as a “Lockbox Account” so long as (x) a “control agreement” has been duly executed and entered into in respect of such account as contemplated by
Section 3.9(a) and (y) such designation is accepted and agreed to by the Collateral Agent in its sole discretion. 
 “Marks” shall mean all right, title and interest in and to any trademarks, service marks and trade names now held or hereafter acquired by any Assignor, including any registration or application for registration of any
trademarks and service marks now held or hereafter acquired by any Assignor (except for “intent to use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C.
§ 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of said Act has been filed), which are registered or filed in the United States Patent and Trademark Office or the equivalent thereof in
any state of the United States or any equivalent foreign office or agency, as well as any unregistered trademarks and service marks used by an Assignor and any trade dress including logos, designs, fictitious business names and other business
identifiers used by any Assignor. 
  

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 “Material Adverse Effect” shall mean a material adverse effect on the business,
property, assets, liabilities (actual or contingent), operations or condition (financial or otherwise) of Holdings and its Subsidiaries taken as a whole. 
 “Obligations” shall mean and include, as to any Assignor, all of the following: 
 (i) the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, unpaid principal (or, Face Amount, as applicable), premium,
interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Assignor at the rate provided for
in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding), reimbursement obligations under Letters of Credit, fees, costs and indemnities) of such Assignor to the Lender Creditors, whether
now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and the other Credit Documents to which such Assignor is a party (including, without limitation, in the event such Assignor is a Guarantor, all
such obligations, liabilities and indebtedness of such Assignor under its Guaranty) and the due performance and compliance by such Assignor with all of the terms, conditions and agreements contained in the Credit Agreement and in such other Credit
Documents (all such obligations, liabilities and indebtedness under this clause (i), except to the extent consisting of obligations or indebtedness with respect to Interest Rate Protection Agreements, being herein collectively called the
“Credit Document Obligations”); 
 (ii) the full and prompt payment when due (whether at stated maturity, by
acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency,
reorganization or similar proceeding of any Assignor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) owing by such Assignor to the Other Creditors, now
existing or hereafter incurred under, arising out of or in connection with any Interest Rate Protection Agreement, whether such Interest Rate Protection Agreement is now in existence or hereinafter arising (including, without limitation, in the case
of a Assignor that is a Guarantor, all obligations, liabilities and indebtedness of such Assignor under its Guaranty in respect of the Interest Rate Protection Agreements), and the due performance and compliance by such Assignor with all of the
terms, conditions and agreements contained in each such Interest Rate Protection Agreement (all such obligations, liabilities and indebtedness under this clause (ii) being herein collectively called the “Other Obligations”);

 (iii) any and all sums advanced by the Collateral Agent in order to preserve the Collateral or preserve its security
interest in the Collateral; 
 (iv) in the event of any proceeding for the collection or enforcement of any indebtedness,
obligations, or liabilities of such Assignor referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the reasonable 
  

 -30- 

 expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or
realizing on the Collateral, or of any exercise by the Collateral Agent of its rights hereunder, together with reasonable attorneys’ fees and court costs; 
 (v) all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement under Section 8.1 of this
Agreement; and 
 (vi) all amounts owing to any Agent pursuant to any of the Credit Documents in its capacity as such;

 it being acknowledged and agreed that the “Obligations” shall include extensions of credit of the types described above, whether outstanding on
the date of this Agreement or extended from time to time after the date of this Agreement. 
 “Ordinary Course Transferees”
shall mean: (i) with respect to Goods only, buyers in the ordinary course of business and lessees in the ordinary course of business to the extent provided in Section 9-320(a) and 9-321 of the Uniform Commercial Code as in effect from time
to time in the relevant jurisdiction, (ii) with respect to General Intangibles only, licensees in the ordinary course of business to the extent provided in Section 9-321 of the Uniform Commercial Code as in effect from time to time in the
relevant jurisdiction and (iii) any other Person who is entitled to take free of the Lien pursuant to the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction. 
 “Other Creditors” shall have the meaning provided in the recitals of this Agreement. 
 “Other Obligations” shall have the meaning provided in the definition of “Obligations” in this Article IX. 
 “Patents” shall mean any patent in or to which any Assignor now or hereafter has any right, title or interest therein, and any
divisions, continuations (including, but not limited to, continuations-in-parts) and improvements thereof, as well as any application for a patent now or hereafter made by any Assignor. 
 “Pension Plan Account” shall mean account no. 1040010888 of North America Packaging Corporation maintained with Wachovia Bank, N.A. and
each such other Deposit Account designated by the U.S. Borrower in writing to the Administrative Agent as a “pension plan account” so long as such designation is accepted and agreed to by the Collateral Agent in its sole discretion.

 “Permits” shall mean, to the extent permitted to be assigned by the terms thereof or by applicable law, all licenses,
permits, rights, orders, variances, franchises or authorizations of or from any governmental authority or agency. 
 “Primary
Canadian Borrower Obligations” shall have the meaning provided in Section 7.4(b) of this Agreement. 
  

 -31- 

 “Primary Obligations” shall have the meaning provided in Section 7.4(b) of this
Agreement. 
 “Primary U.S. Borrower Obligations” shall have the meaning provided in Section 7.4(b) of this Agreement.

 “Pro Rata Share” shall have the meaning provided in Section 7.4(b) of this Agreement. 
 “Proceeds” shall mean all “proceeds” as such term is defined in the Uniform Commercial Code as in effect in the State of New
York on the date hereof and, in any event, shall also include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Collateral Agent or any Assignor from time to time with respect to
any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to any Assignor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the
Collateral by any governmental authority (or any person acting under color of governmental authority) and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 
 “Registered Organization” shall have the meaning provided in the Uniform Commercial Code as in effect in the State of New York.

 “Representative” shall have the meaning provided in Section 7.4(e) of this Agreement. 
 “Required Secured Creditors” shall mean (i) at any time when any Credit Document Obligations are outstanding or any Commitments
under the Credit Agreement exist, the Required Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement, each of the Lenders) and (ii) at any time after all of the Credit Document Obligations have been paid in full and
all Commitments under the Credit Agreement have been terminated and no further Commitments may be provided thereunder, the holders of a majority of the Other Obligations. 
 “Requisite Creditors” shall have the meaning provided in Section 10.2 of this Agreement. 
 “Secondary Canadian Borrower Obligations” shall have the meaning provided in Section 7.4(b) of this Agreement. 
 “Secondary Obligations” shall have the meaning provided in Section 7.4(b) of this Agreement. 
 “Secondary U.S. Borrower Obligations” shall have the meaning provided in Section 7.4(b) of this Agreement. 
 “Secured Creditors” shall have the meaning provided in the recitals of this Agreement. 
  

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 “Secured Debt Agreements” shall mean and include this Agreement, the other Credit
Documents and the Interest Rate Protection Agreements entered into with an Other Creditor. 
 “Software” shall mean
“software” as such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
 “Specified Assets” shall mean the following property and assets of such Grantor: 
 (i) Equipment
constituting Fixtures or Vehicles; 
 (ii) Accounts or receivables arising therefrom to the extent that the Uniform Commercial
Code as in effect from time to time in the relevant jurisdiction is not applicable to the creation or perfection of Liens thereon; 
 (iii) uncertificated securities; 
 (iv) Collateral for which the perfection of Liens thereon requires filings in or
other actions under the laws of jurisdictions outside the United States of America, any State, territory or dependency thereof or the District of Columbia; 
 (v) Goods constituting Vehicles or included in Collateral received by any Person for “sale or return” within the meaning of Section 2-326 of the Uniform Commercial Code of the applicable jurisdiction,
to the extent of claims of creditors of such Person; 
 (vi) Patents, Marks and Copyrights to the extent that Liens thereon
cannot be perfected by the filing of UCC financing statements under the UCC or by a filing in the United States Patent and Trademark Office or the United States Copyright Office; and 
 (v) Proceeds which have not been transferred to or deposited in the Cash Collateral Account (if any) or a Deposit Account meeting the
requirements of Section 3.9 hereof. 
 “Supporting Obligations” shall mean any “supporting obligation” as
such term is defined in the Uniform Commercial Code as in effect on the date hereof in the State of New York, now or hereafter owned by any Assignor, or in which any Assignor has any rights, and, in any event, shall include, but shall not be
limited to all of such Assignor’s rights in any Letter-of-Credit Right or secondary obligation that supports the payment or performance of, and all security for, any Account, Chattel Paper, Document, General Intangible, Instrument or Investment
Property. 
 “Tangible Chattel Paper” shall mean “tangible chattel paper” as such term is defined in the Uniform
Commercial Code as in effect on the date hereof in the State of New York. 
 “Termination Date” shall have the meaning
provided in Section 10.8(a) of this Agreement. 
  

 -33- 

 “Timber-to-be-Cut” shall mean “timber-to-be-cut” as such term is defined in
the Uniform Commercial Code as in effect on the date hereof in the State of New York. 
 “Trade Secret Rights” shall mean
the rights of an Assignor in any Trade Secret it holds. 
 “Trade Secrets” shall mean any secretly held existing engineering
or other data, information, production procedures and other know-how relating to the design manufacture, assembly, installation, use, operation, marketing, sale and/or servicing of any products or business of an Assignor worldwide whether written or
not. 
 “Transmitting Utility” shall have the meaning given such term in Section 9-102(a)(80) of the UCC. 

“UCC” shall mean the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction. 
 “U.S. Borrower” shall have the meaning provided in the recitals of this Agreement. 
 “U.S. Borrower Obligations” shall mean all Obligations of the U.S. Borrower (but not as a Guarantor of the Canadian Borrower or any
Canadian Subsidiary Guarantor) and any guarantees of such Obligations pursuant to the Guaranties or pursuant to any other Credit Document. 
 “Vehicles” shall mean all cars, trucks, construction and earth moving equipment covered by a certificate of title law of any state (and where perfection of security interests therein cannot be effected by filings under the
UCC). 
 “Voting Stock” shall have the meaning provided in the Pledge Agreement. 
 ARTICLE X 
 MISCELLANEOUS 
 10.1 Notices. Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the respective parties
hereto shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by courier, be effective when deposited
in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Collateral Agent or any Assignor shall not be effective until
received by the Collateral Agent or such Assignor, as the case may be. All notices and other communications shall be in writing and addressed as follows: 
  

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	 	(a)	if to any Assignor, c/o: 

 [8607 Roberts Drive, Suite 250

 Atlanta, Georgia 30350 
 Attention: Kevin Kern 
 Telephone No.: (770) 645-4800 
 Telecopier No.: (770) 587-0186] 
  

	 	(b)	if to the Collateral Agent, at: 

 Deutsche Bank Trust
Company Americas 
 222 South Riverside Plaza 
 MS-CH 105-2600 
 Chicago, IL 60606 
 Attention: Marla Heller 
 Telephone No.:
312-537-4231 
 Telecopier No.: 312-537-1324 
 (c) if to any Lender Creditor (other than the Collateral Agent), at such address as such Lender Creditor shall have specified in the Credit Agreement; 
 (d) if to any Other Creditor, at such address as such Other Creditor shall have specified in writing to each Assignor and the Collateral
Agent; 
 or at such other address or addressed to such other individual as shall have been furnished in writing by any Person described above to the party
required to give notice hereunder. 
 10.2 Waiver; Amendment. Except as provided in Sections 10.8 and 10.12, none of the terms and
conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by each Assignor directly affected thereby (it being understood that the addition or release of any Assignor hereunder
shall not constitute a change, waiver, discharge or termination affecting any Assignor other than the Assignor so added or released) and the Collateral Agent (with the written consent of the Required Secured Creditors); provided,
however, that any change, waiver, modification or variance affecting the rights and benefits of a single Class of Secured Creditors (and not all Secured Creditors in a like or similar manner) also shall require the written consent of the
Requisite Creditors of such affected Class. For the purpose of this Agreement, the term “Class” shall mean each class of Secured Creditors, i.e., whether (x) the Lender Creditors as holders of the Credit Document
Obligations or (y) the Other Creditors as the holders of the Other Obligations. For the purpose of this Agreement, the term “Requisite Creditors” of any Class shall mean each of (x) with respect to the Credit
Document Obligations, the Required Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement, each of the Lenders), and (y) with respect to the Other Obligations, the holders of at least a majority of all Other
Obligations outstanding from time to time. 
 10.3 Obligations Absolute. The obligations of each Assignor hereunder shall remain in
full force and effect without regard to, and shall not be impaired by, (a) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or 
  

 -35- 

 the like of such Assignor; (b) any exercise or non-exercise, or any waiver of, any right, remedy, power or privilege
under or in respect of this Agreement or any other Secured Debt Agreement; or (c) any amendment to or modification of any Secured Debt Agreement or any security for any of the Obligations; whether or not such Assignor shall have notice or
knowledge of any of the foregoing. 
 10.4 Successors and Assigns. This Agreement shall create a continuing security interest in the
Collateral and shall (i) remain in full force and effect, subject to release and/or termination as set forth in Section 10.8, (ii) be binding upon each Assignor, its successors and assigns; provided, however, that no
Assignor shall assign any of its rights or obligations hereunder without the prior written consent of the Collateral Agent (with the prior written consent of the Required Secured Creditors), and (iii) inure, together with the rights and
remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent, the other Secured Creditors and their respective successors, transferees and assigns. All agreements, statements, representations and warranties made by each
Assignor herein or in any certificate or other instrument delivered by such Assignor or on its behalf under this Agreement shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of this
Agreement and the other Secured Debt Agreements regardless of any investigation made by the Secured Creditors or on their behalf. 
 10.5
Headings Descriptive. The headings of the several sections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 
 10.6 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR
OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH SUCH PARTY HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK JURISDICTION OVER IT, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS JURISDICTION OVER IT. EACH SUCH PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH
ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY, AS THE CASE MAY BE, AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 10.1 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER
SUCH MAILING. EACH SUCH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS 
  

 -36- 

 AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER
ANY OTHER CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY SUCH PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST ANY OTHER PARTY IN ANY OTHER JURISDICTION. 
 (b) EACH SUCH PARTY HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER
IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF
OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 10.7 Assignor’s
Duties. It is expressly agreed, anything herein contained to the contrary notwithstanding, that each Assignor shall remain liable to perform all of the obligations, if any, assumed by it with respect to the Collateral and the Collateral Agent
shall not have any obligations or liabilities with respect to any Collateral by reason of or arising out of this Agreement, nor shall the Collateral Agent be required or obligated in any manner to perform or fulfill any of the obligations of any
Assignor under or with respect to any Collateral. 
 10.8 Termination; Release. (a) After the Termination Date, this Agreement
shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Assignors (provided that all indemnities set forth herein including, without limitation in
Section 8.1 hereof, shall survive such termination) and the Collateral Agent, at the request and expense of the respective Assignor, will promptly execute and deliver to such Assignor a proper instrument or instruments (including Uniform
Commercial Code termination statements on form UCC-3) acknowledging the satisfaction and termination of this Agreement, and will duly assign, transfer and deliver to such Assignor (without recourse and without any representation or warranty) such of
the Collateral as may be in the possession of the Collateral Agent and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement. As used in this Agreement, “Termination Date” shall mean the date
upon which the Total Commitment under the Credit Agreement has been terminated and all Interest Rate Protection Agreements entered into with any Other Creditor have been terminated, no Note under the Credit Agreement is outstanding and all Loans
thereunder have been repaid in full, all Letters of Credit issued under the Credit Agreement have been terminated and all Obligations then due and payable have been paid in full. 
  

 -37- 

 (b) In the event that any part of the Collateral is sold or otherwise disposed of (to a Person other than
a Credit Party) (x) at any time prior to the time at which all Credit Document Obligations have been paid in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated, in connection with a sale or
disposition permitted by Section 9.02 of the Credit Agreement or is otherwise released at the direction of the Required Lenders (or all the Lenders if required by Section 13.12 of the Credit Agreement) or (y) at any time thereafter,
to the extent permitted by the other Secured Debt Agreements, and in the case of clauses (x) and (y), the proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Credit Agreement or such other
Secured Debt Agreement, as the case may be, to the extent required to be so applied, the Collateral Agent, at the request and expense of such Assignor, will duly release from the security interest created hereby (and will execute and deliver such
documentation, including termination or partial release statements and the like in connection therewith) and assign, transfer and deliver to such Assignor (without recourse and without any representation or warranty) such of the Collateral as is
then being (or has been) so sold or otherwise disposed of, or released, and as may be in the possession of the Collateral Agent and has not theretofore been released pursuant to this Agreement. Furthermore, upon the release of any U.S. Subsidiary
Guarantor from the U.S. Subsidiaries Guaranty in accordance with the provisions thereof, such Assignor (and the Collateral at such time assigned by the respective Assignor pursuant hereto) shall be released from this Agreement. 
 (c) At any time that an Assignor desires that the Collateral Agent take any action to acknowledge or give effect to any release of Collateral pursuant to
the foregoing Section 10.8 (b), such Assignor shall deliver to the Collateral Agent (and the relevant sub-agent, if any, designated hereunder) a certificate signed by a principal executive officer of such Assignor stating that the release of
the respective Collateral is permitted pursuant to such Section 10.8 (b). At any time that either U.S. Borrower or the respective Assignor desires that a Subsidiary of the U.S. Borrower which has been released from the U.S. Subsidiaries
Guaranty be released hereunder as provided in the last sentence of Section 10.8(b), it shall deliver to the Collateral Agent a certificate signed by a principal executive officer of the U.S. Borrower and the respective Assignor stating that the
release of the respective Assignor (and its Collateral) is permitted pursuant to such Section 10.8(b). If reasonably requested by the Collateral Agent (although the Collateral Agent shall have no obligation to make such request), the relevant
Assignor shall furnish appropriate legal opinions (from counsel, reasonably acceptable to the Collateral Agent) to the effect set forth in this Section 10.8(c). 
 (d) The Collateral Agent shall have no liability whatsoever to any other Secured Creditor as the result of any release of Collateral by it in accordance with (or which the Collateral Agent in the absence of gross
negligence and willful misconduct believes to be in accordance with) this Section 10.8. 
 10.9 Counterparts. This Agreement
may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A
set of counterparts executed by all the parties hereto shall be lodged with the U.S. Borrower and the Collateral Agent. 
  

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 10.10 Severability. Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 10.11 The Collateral Agent and the other Secured
Creditors. The Collateral Agent will hold in accordance with this Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood and agreed that the obligations of the Collateral Agent as holder of
the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement and in Section 12 of the Credit Agreement. The Collateral Agent shall act
hereunder on the terms and conditions set forth herein and in Section 12 of the Credit Agreement. 
 10.12 Additional Assignors.
It is understood and agreed that any Subsidiary Guarantor that desires to become an Assignor hereunder, or is required to execute a counterpart of this Agreement after the date hereof pursuant to the requirements of the Credit Agreement or any other
Credit Document, shall become an Assignor hereunder by executing a counterpart hereof and delivering same to the Collateral Agent, or by executing a joinder agreement in form and substance reasonably satisfactory to the Collateral Agent,
(y) delivering supplements to Annexes A through F, inclusive, and H through K, inclusive, hereto as are necessary to cause such Annexes to be complete and accurate with respect to such additional Assignor on such date and (z) taking all
actions as specified in this Agreement as would have been taken by such Assignor had it been an original party to this Agreement, in each case with all documents required above to be delivered to the Collateral Agent and with all documents and
actions required above to be taken to the reasonable satisfaction of the Collateral Agent. 
 [Remainder of this page intentionally left
blank; signature page follows] 
  

 -39- 

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

			
	BCO HOLDING COMPANY, as an Assignor
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Title:	 	Vice President, Treasurer and Secretary
	
	BWAY CORPORATION, as an Assignor
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Title:	 	Vice President, Treasurer and Secretary

			
	ARMSTRONG CONTAINERS, INC.
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Title:	 	Vice President and Secretary
	
	SC PLASTICS, LLC
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Title:	 	Vice President and Secretary
	
	NORTH AMERICA PACKAGING CORPORATION
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Title:	 	Vice President and Secretary
	
	NORTH AMERICA PACKAGING OF PUERTO RICO, INC.
		
	By:	 	 /s/ Jeffrey M. O’Connell

	Title:	 	Vice President and Secretary

  

 -2- 

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

		
	By:	 	 /s/ Evelyn Thierry

	Title:	 	Vice President
		
	By:	 	 /s/ Omayra Laucella

	Title:	 	Vice President

  

 -3-Security Agreement, ICL Industrial Containers ULC, July 17, 2006

 Exhibit 4.12 
 ICL INDUSTRIAL CONTAINERS ULC 
 as Obligor 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS 
 as Collateral Agent 
 SECURITY AGREEMENT

 July 17, 2006 
 STIKEMAN ELLIOTT LLP 

					
	 	 	TABLE OF CONTENTS	  	 
			
	 	 	ARTICLE 1	  	 
		 	INTERPRETATION	  	
			
	 Section 1.1
	 	Defined Terms.	  	1
	 Section 1.2
	 	Interpretation.	  	9
			
		 	ARTICLE 2	  	
		 	SECURITY	  	
			
	 Section 2.1
	 	Grant of Security.	  	10
	 Section 2.2
	 	Secured Obligations.	  	11
	 Section 2.3
	 	Attachment.	  	11
	 Section 2.4
	 	Scope of Security Interest.	  	13
	 Section 2.5
	 	Grant of Licence to Use Intellectual Property.	  	14
	 Section 2.6
	 	Care and Custody of Collateral.	  	14
	 Section 2.7
	 	Rights of the Obligor.	  	15
	 Section 2.8
	 	Expenses.	  	15
			
		 	ARTICLE 3	  	
		 	ENFORCEMENT	  	
			
	 Section 3.1
	 	Enforcement.	  	15
	 Section 3.2
	 	Remedies.	  	15
	 Section 3.3
	 	Additional Rights.	  	17
	 Section 3.4
	 	Exercise of Remedies.	  	18
	 Section 3.5
	 	Receiver’s Powers.	  	18
	 Section 3.6
	 	Appointment of Attorney.	  	19
	 Section 3.7
	 	Dealing with the Collateral.	  	19
	 Section 3.8
	 	Standards of Sale.	  	20
	 Section 3.9
	 	Dealings by Third Parties.	  	21
	 Section 3.10
	 	Registration Rights.	  	21
			
		 	ARTICLE 4	  	
		 	GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS	  	
			
	 Section 4.1
	 	Necessary Filings.	  	22
	 Section 4.2
	 	No Liens.	  	23
	 Section 4.3
	 	Other Financing Statements.	  	23
	 Section 4.4
	 	Chief Executive Office, Record Locations.	  	23
	 Section 4.5
	 	Location of Inventory and Equipment.	  	23
	 Section 4.6
	 	Legal Names; Type of Organization; Jurisdiction of Organization; Chief Executive Office; Changes Thereto; etc.	  	23
	 Section 4.7
	 	Trade Names; etc.	  	24

					
	 Section 4.8
	 	Certain Significant Transactions.	  	24
	 Section 4.9
	 	Unextracted Collateral; Timber-Until-it-is-Cut.	  	25
	 Section 4.10
	 	Collateral in the Possession of a Bailee.	  	25
	 Section 4.11
	 	Recourse.	  	25
			
		 	ARTICLE 5	  	
		 	 SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS;
 INSTRUMENTS; CHATTEL PAPER AND CERTAIN OTHER COLLATERAL
	  	
			
	 Section 5.1
	 	Additional Representations and Warranties.	  	25
	 Section 5.2
	 	Maintenance of Records.	  	26
	 Section 5.3
	 	Direction to Account Debtors; Contracting Parties; etc.	  	26
	 Section 5.4
	 	Modification of Terms; etc.	  	27
	 Section 5.5
	 	Collection.	  	27
	 Section 5.6
	 	Instruments.	  	28
	 Section 5.7
	 	Obligor Remains Liable Under Accounts.	  	28
	 Section 5.8
	 	Obligor Remains Liable Under Contracts.	  	28
	 Section 5.9
	 	Deposit Accounts; etc.	  	29
	 Section 5.10
	 	Letter-of-Credit Rights.	  	29
	 Section 5.11
	 	Chattel Paper.	  	29
	 Section 5.12
	 	Further Actions.	  	30
	 Section 5.13
	 	Overriding Provisions with respect to TL Priority Collateral.	  	30
			
		 	ARTICLE 6	  	
		 	SPECIAL PROVISIONS CONCERNING TRADEMARKS AND DOMAIN NAMES	  	
			
	 Section 6.1
	 	Additional Representations and Warranties.	  	30
	 Section 6.2
	 	Licenses and Assignments.	  	31
	 Section 6.3
	 	Infringements.	  	31
	 Section 6.4
	 	Preservation of Marks and Domain Names.	  	31
	 Section 6.5
	 	Maintenance of Registration.	  	32
	 Section 6.6
	 	Future Registered Marks and Domain Names.	  	32
	 Section 6.7
	 	Remedies.	  	32
			
		 	ARTICLE 7	  	
		 	 SPECIAL PROVISIONS CONCERNING PATENTS, COPYRIGHTS AND
 TRADE SECRETS
	  	
			
	 Section 7.1
	 	Additional Representations and Warranties.	  	33
	 Section 7.2
	 	Licenses and Assignments.	  	33
	 Section 7.3
	 	Infringements.	  	33
	 Section 7.4
	 	Maintenance of Patents or Copyrights.	  	34
	 Section 7.5
	 	Prosecution of Patent or Copyright Applications.	  	34
	 Section 7.6
	 	Other Patents and Copyrights.	  	34
	 Section 7.7
	 	Remedies.	  	34

					
		 	ARTICLE 8	  	
		 	PROVISIONS CONCERNING ALL COLLATERAL	  	
			
	 Section 8.1
	 	Protection of Collateral Agent’s Security.	  	35
	 Section 8.2
	 	Warehouse Receipts Non-Negotiable.	  	35
	 Section 8.3
	 	Additional Information.	  	35
	 Section 8.4
	 	Further Actions.	  	36
	 Section 8.5
	 	Financing Statements.	  	36
			
		 	ARTICLE 9	  	
		 	INDEMNITY	  	
			
	 Section 9.1
	 	Indemnity.	  	36
	 Section 9.2
	 	Indemnity Obligations Secured by Collateral; Survival.	  	38
			
		 	ARTICLE 10	  	
		 	GENERAL	  	
			
	 Section 10.1
	 	Notices.	  	38
	 Section 10.2
	 	The Collateral Agent and the other Secured Creditors.	  	38
	 Section 10.3
	 	No Merger, Survival of Representations and Warranties.	  	38
	 Section 10.4
	 	Further Assurances.	  	39
	 Section 10.5
	 	Supplemental Security.	  	39
	 Section 10.6
	 	Successors and Assigns.	  	39
	 Section 10.7
	 	Severability.	  	39
	 Section 10.8
	 	Amendment and Waiver.	  	40
	 Section 10.9
	 	Termination; Release.	  	40
	 Section 10.10
	 	Application of Proceeds of Security.	  	41
	 Section 10.11
	 	Conflict	  	44
	 Section 10.12
	 	Governing Law.	  	44

  

			
		 	ADDENDA
		
	 SCHEDULE “A”
	 	INSTRUMENTS AND SECURITIES
	 SCHEDULE “B”
	 	INTELLECTUAL PROPERTY
	 SCHEDULE “C”
	 	LOCATIONS OF COLLATERAL
	 SCHEDULE “D”
	 	FORM OF CONFIRMATION OF SECURITY INTEREST IN INTELLECTUAL PROPERTY
	 SCHEDULE “E”
	 	DEPOSIT ACCOUNTS

 SECURITY AGREEMENT 
 Security agreement dated as of July 17, 2006 made by ICL Industrial Containers ULC, to and in favour of Deutsche Bank Trust Company Americas, as Collateral Agent for the benefit of the Secured Creditors.

 RECITALS: 
  

	 	(a)	The Administrative Agent and the Lenders have agreed to make certain credit facilities available to the Obligor on the terms and conditions contained in the Credit Agreement;

  

	 	(b)	The Obliger may at any time and from time to time enter into one or more Interest Rate Protection Agreements with one or more Lenders or any affiliate thereof (each such Lender or
affiliate, even if the respective Lender subsequently ceases to be a Lender under the Credit Agreement for any reason, together with such Lender’s or affiliate’s successors and assigns, if any, collectively, the “Other
Creditors”); and 

  

	 	(c)	It is a condition precedent to the extension of credit to the Obligor under the Credit Agreement and to the Other Creditors entering into Interest Rate Protection Agreements that
the Obligor execute and deliver this Agreement in favour of the Collateral Agent as security for the payment and performance of the Obligor’s obligations under the Credit Agreement and the other Credit Documents to which it is a party.

 In consideration of the foregoing and other good and valuable consideration, the receipt and adequacy of which are
acknowledged, the Obligor agrees as follows. 
 ARTICLE 1 INTERPRETATION 
 Section 1.1 Defined Terms. 
 As used in this
Agreement, the following terms have the following meanings: 
 “Account” means any “account” as such term is
defined in the Personal Property Security Act (Ontario) as in effect on the date hereof, and in any event shall include but shall not be limited to, all rights to payment of any monetary obligation, whether or not earned by performance,
(i) for property that has been or is to be sold, leased, licensed, assigned or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance issued or 

 
to be issued, (iv) for a secondary obligation incurred or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire
of a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or information contained on or for use with the card, or (viii) as winnings in a lottery or other game of chance operated or sponsored
by a Governmental Entity, or person licensed or authorized to operate the game by a Governmental Entity. Without limiting the foregoing, the term “Account” shall include all health-care-insurance receivables. 
 “Administrative Agent” means Deutsche Bank Trust Company Americas acting as administrative agent for the Lenders under the Credit
Agreement and any successor agent appointed under the Credit Agreement, and its successors and permitted assigns. 
 “Agreement” means this security agreement. 
 “Cash Collateral Account” means a non-interest
bearing cash collateral account maintained with, and in the sole dominion and control of, the Collateral Agent for the benefit of the Secured Creditors. 
 “CIPO” means the Canadian Intellectual Property Office. 
 “Collateral” has
the meaning specified in Section 2.1. 
 “Collateral Agent” means Deutsche Bank Trust Company Americas acting as
collateral agent for the Secured Creditors and any successor collateral agent appointed under the Credit Agreement and its successors and permitted assigns. 
 “Contract Rights” means all rights of the Obligor under each Contract, including (i) any and all rights to receive and demand payments under any or all Contracts, (ii) any and all rights to
receive and compel performance under any or all Contracts and (iii) any and all other rights, interests and claims now existing or in the future arising in connection with any or all Contracts. 
 “Contracts” means all contracts between the Obligor and one or more additional parties (including, without limitation, any Interest Rate
Protection Agreements, Other Hedging Agreements, any licensing agreements and any partnership agreements, joint venture agreements and limited liability company agreements). 
 “Copyright” means all copyrights, whether statutory or common law, owned by or assigned to the Obligor, and all exclusive and
nonexclusive licenses to the Obligor from third parties or rights to use copyrights owned by such third parties, including the registrations, applications and licenses of the Obligor 

  

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listed on Schedule B, along with any and all (a) renewals and extensions thereof, (b) income, royalties, damages, claims and payments now and
hereafter due and/or payable with respect thereto, including damages and payments for past, present or future infringements thereof, (c) rights to sue for past, present and future infringements thereof, and (d) foreign copyrights and any
other rights corresponding thereto throughout the world. 
 “Credit Agreement” means the credit agreement dated as of
July 17, 2006, among BCO Holding Company, BWAY Corporation, the Obligor, the Lenders, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc., as joint lead arrangers and the Administrative Agent, as the same may be amended, modified,
extended, renewed, replaced, restated, supplemented or refinanced from time to time and includes any agreement extending the maturity of, refinancing or restructuring all or any portion of, the indebtedness under such agreement or any successor
agreements, whether or not with the same Administrative Agent or Lenders. 
 “Credit Documents” means the Credit Agreement,
this Agreement and each other Credit Document (as such term is defined in the Credit Agreement). 
 “Deposit Accounts” means
all demand, time, savings, passbook or similar accounts. 
 “Domain Names” means all Internet domain names and associated URL
addresses to which the Obligor now or hereafter has any right, title or interest. 
 “Event of Default” means any Event of
Default under, and as defined in, the Credit Agreement. 
 “Expenses” has the meaning specified in Section 2.2(b).

 “Governmental Entity” means any international tribunal, agency, body commission or other authority, any government,
executive, parliament, legislature or local authority, or any governmental entity, ministry, department or agency or regulatory authority, court, tribunal, commission or board of or within Canada, or any other foreign jurisdiction, or any political
subdivision of any thereof or any authority having jurisdiction therein or any quasi governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above. 
 “Indemnified Liabilities” has the meaning specified in Section 9.1(1). 
 “Indemnitee” has the meaning specified in Section 9.1(1). 
  

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 “Intellectual Property” means domestic and foreign: (i) patents, applications for
patents and reissues, divisions, continuations, renewals, extensions and continuations-in-part of patents or patent applications; (ii) proprietary and non-public business information, including inventions (whether patentable or not), invention
disclosures, improvements, discoveries, trade secrets, confidential information, know-how, methods, processes, designs, technology, technical data, schematics, formulae and customer lists, and documentation relating to any of the foregoing;
(iii) copyrights, copyright registrations and applications for copyright registration; (iv) mask works, mask work registrations and applications for mask work registrations; (v) designs, design registrations, design registration
applications and integrated circuit topographies; (vi) trade names, business names, corporate names, domain names, website names and world wide web addresses, common law trade-marks, trade-mark registrations, trade mark applications, trade
dress and logos, and the goodwill associated with any of the foregoing; (vii) computer software and programs (both source code and object code form), all proprietary rights in the computer software and programs and all documentation and other
materials related to the computer software and programs; and (viii) any other intellectual property and industrial property. 
 “Instruments” means (i) a bill, note or cheque within the meaning of the Bills of Exchange Act (Canada) or any other writing that evidences a right to the payment of money and is of a type that in the ordinary
course of business is transferred by delivery with any necessary endorsement or assignment, or (ii) a letter of credit and an advice of credit if the letter or advice states that it must be surrendered upon claiming payment thereunder, or
(iii) chattel paper or any other writing that evidences both a monetary obligation and a security interest in or a lease of specific goods, or (iv) documents of title or any other writing that purports to be issued by or addressed to a
bailee and purports to cover such goods in the bailee’s possession as are identified or fungible portions of an identified mass, and that in the ordinary course of business is treated as establishing that the Person in possession of it is
entitled to receive, hold and dispose of the document and the goods it covers, or (v) any document or writing commonly known as an instrument. 
 “Lender Creditors” means, collectively, the Lenders, the Administrative Agent and the Collateral Agent. 
 “Lenders” means the financial institutions listed on Schedule I of the Credit Agreement, any Person who may become a Lender pursuant to the Credit Agreement, and includes each Canadian Lender and any affiliate of any Lender
which is acting as a Canadian Lender, and their respective successors and assigns. 
  

 - 4 - 

 “Lien” means (i) any mortgage, charge, pledge, hypothecation, security interest,
assignment by way of security, encumbrance, lien (statutory or otherwise), hire purchase agreement, conditional sale agreement, deposit arrangement, title retention agreement or arrangement, or any other assignment, arrangement or condition that in
substance secures payment or performance of an obligation, (ii) any trust arrangement, (iii) any arrangement which creates a right of set-off out of the ordinary course of business, or (iv) any agreement to grant any such rights or
interests. 
 “Marks” means all trademarks (including service marks), federal and provincial trademark registrations and
applications made by the Obligor, common law trademarks and trade names owned by or assigned to the Obligor, all registrations and applications for the foregoing and all exclusive and nonexclusive licenses from third parties of the right to use
trademarks of such third parties, including the registrations, applications, unregistered trademarks, service marks and licenses listed on Schedule B, along with any and all (a) renewals thereof, (b) income, royalties, damages and payments
now and hereafter due and/or payable with respect thereto, including damages, claims and payments for past or future infringements thereof, (c) rights to sue for past, present and future infringements thereof, and (d) foreign trademarks,
trademark registrations, and trade name applications for any thereof and any other rights corresponding thereto throughout the world. 
 “Obligations” means and includes all of the following: 
  

	 	(a)	the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation,
unpaid principal, if any, premium, interest (including all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of the Obligor thereof at
the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding), reimbursement obligations under Letters of Credit, fees, costs and indemnities) of the Obligor owing to the
Secured Creditors, or any one of them, whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and each other Credit Document to which the Obligor is a party and the due performance and
compliance by the Obligor with all of the terms, conditions and agreements contained in each such Credit Document (“Credit Document Obligations”); 

  

	 	(b)	 the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and 

  

 - 5 - 

	 	 
indebtedness (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the
bankruptcy, insolvency, reorganization or similar proceeding of the Obligor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding) owing by the Obligor to the
Other Creditors, or any one of them, now existing or hereafter incurred under, arising out of or in connection with any Interest Rate Protection Agreement, whether such Interest Rate Protection Agreement is now in existence or hereinafter arising
(including, without limitation, in the case of a Assignor that is a Guarantor, all obligations, liabilities and indebtedness of such Assignor under its Guaranty in respect of the Interest Rate Protection Agreements), and the due performance and
compliance by such Assignor with all of the terms, conditions and agreements contained in each such Interest Rate Protection Agreement (“Other Obligations”); 

  

	 	(c)	any and all sums advanced by the Collateral Agent in order to preserve the Collateral or preserve its security interest in the Collateral; 

  

	 	(d)	in the event of any proceeding for the collection or enforcement of any indebtedness, obligations, or liabilities of the Obligor referred to in clauses (a) and (b) above,
after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Collateral Agent
of its rights hereunder, together with reasonable and invoiced legal fees and court costs; 

  

	 	(e)	all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement under Section 9.1 of this Agreement; and 

  

	 	(f)	all amounts owing to the Administrative Agent or Collateral Agent pursuant to any of the Credit Documents in its capacity as such; 

 it being acknowledged and agreed that the “Obligations” shall include extensions of credit of the types described above, whether outstanding on
the date of this Agreement or extended from time to time after the date of this Agreement. 
 “Obligor” means ICL Industrial
Containers ULC, an unlimited liability company existing under the laws of Nova Scotia, and its successors and permitted assigns. 
  

 - 6 - 

 “Other Creditors” has the meaning given to it in the recitals to this Agreement.

 “Patents” means all patents issued or assigned to and all patent applications made by the Obligor and, to the extent that
the grant of a security interest does not cause a breach or termination thereof, all exclusive and nonexclusive licenses to the Obligor from third parties or rights to use patents owned by such third parties, including the patents, patent
applications and licenses listed on Schedule B, along with any and all (a) inventions and improvements described and claimed therein, (b) reissues, divisions, continuations, extensions and continuations-in-part thereof,
(c) income, royalties, damages, claims and payments now and hereafter due and/or payable under and with respect thereto, including damages and payments for past or future infringements thereof, (d) rights to sue for past, present and
future infringements thereof, and (e) any other rights corresponding thereto throughout the world. 
 “PPSA” means the
Personal Property Security Act (Ontario) and the regulations promulgated thereunder or other personal property security legislation of the applicable Canadian province or provinces in respect of the Obligor (including the Civil Code of
the Province of Quebec) and the Regulation respecting the register of personal and movable real rights promulgated thereunder as all such legislation now exists or may from time to time hereafter be amended, modified, recodified, supplemented
or replaced, together with all rules, regulations and interpretations thereunder or related thereto. 
 “Primary Obligations”
has the meaning specified in Section 10.10(2). 
 “Pro Rata Share” has the meaning specified in Section 10.10(2).

 “Registrable Intellectual Property” means any Intellectual Property in respect of which ownership, title, security
interests, charges or encumbrances are capable of registration, recording or notation with any Governmental Entity pursuant to applicable laws. 
 “Required Secured Creditors” means (i) at any time when any Credit Document Obligations are outstanding or any Commitments under the Credit Agreement exist, the Required Lenders (or, to the extent provided in
Section 13.12 of the Credit Agreement, each of the Lenders) and (ii) at any time after all of the Credit Document Obligations have been paid in full and all Commitments under the Credit Agreement have been terminated and no further
Commitments may be provided thereunder, the holders of a majority of the Other Obligations. 
  

 - 7 - 

 “Restricted Asset” has the meaning specified in Section 2.4(1). 
 “Secondary Obligations” has the meaning specified in Section 10.10(2). 
 “Secured Creditors” means the Lender Creditors and the Other Creditors. 
 “Secured Obligations” has the meaning specified in Section 2.2(b). 
 “Securities” means: 
  

	 	(a)	a document that is (i) issued in bearer, order or registered form, (ii) of a type commonly dealt in upon securities exchanges or markets or commonly recognized in any area
in which it is issued or dealt in as a medium for investment, (iii) one of a class or series or by its terms is divisible into a class or series of documents, and (iv) evidence of a share, participation or other interest in property or in
any enterprise or is evidence of an obligation of the issuer and includes an uncertificated security; and 

  

	 	(b)	a share, participation or other interest in a Person; 

 but
excludes 
  

	 	(c)	any ULC Shares. 

 “Security Interest” has
the meaning specified in Section 2.2. 
 “Termination Date” means that date upon which the Total Commitment under the
Credit Agreement has been terminated and all Interest Rate Protection Agreements entered into with any Other Creditor have been terminated, no Note under the Credit Agreement is outstanding and all Loans thereunder have been repaid in full, all
Letters of Credit issued under the Credit Agreement have been terminated and all Obligations then due and payable have been paid in full. 
 “Trade Secrets” means any secretly held existing engineering or other proprietary data, information, formulas, production procedures and other know-how relating to the design, manufacture, assembly, installation, use,
operation, marketing, sale and/or servicing of any products or business of the Obligor worldwide, whether written or not. 
 “Trade
Secret Rights” means the rights of the Obligor in any Trade Secrets it holds or owns. 
  

 - 8 - 

 “ULC Shares” means shares in any unlimited company (sometimes called an “unlimited
liability company”) at any time owned or otherwise held by the Obligor. 
 Section 1.2 Interpretation. 
  

	(1)	Terms defined in the Personal Property Security Act (Ontario) as in effect on the date hereof and used but not otherwise defined in this Agreement have the same meanings.
Capitalized terms used in this Agreement but not defined have the meanings given to them in the Credit Agreement. 

  

	(2)	Any reference in any Credit Document to Liens permitted by the Credit Agreement and any right of the Obligor to create or suffer to exist Liens permitted by the Credit Agreement are
not intended to and do not and will not subordinate the Security Interest to any such Lien or give priority to any Person over the Secured Creditors. 

  

	(3)	In this Agreement the words “including”, “includes” and “include” mean “including (or includes or include) without
limitation”. The expressions “Article”, “Section” and other subdivision followed by a number mean and refer to the specified Article, Section or other subdivision of this Agreement. 

  

	(4)	Any reference in this Agreement to gender includes all genders. Words importing the singular number only include the plural and vice versa. 

  

	(5)	The division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenient reference only and do not affect its interpretation.

  

	(6)	The schedules attached to this Agreement form an integral part of it for all purposes of it. 

  

	(7)	Any reference to this Agreement, any Credit Document or any Security Document refers to this Agreement or such Credit Document or Security Document as the same may have been or may
from time to time be amended, modified, extended, renewed, restated, replaced or supplemented and includes all schedules attached to it. Except as otherwise provided in this Agreement, any reference in this Agreement to a statute refers to such
statute and all rules and regulations made under it as the same may have been or may from time to time be amended or re-enacted. 

  

 - 9 - 

 ARTICLE 2 SECURITY 
 Section 2.1 Grant of Security. 
 Subject to Section 2.4, the Obligor grants to the
Collateral Agent, for the benefit of the Secured Creditors, a security interest in, and assigns, mortgages, charges, hypothecates and pledges to the Collateral Agent, for the benefit of the Secured Creditors, all of the property and undertaking of
the Obligor now owned or hereafter acquired and all of the property and undertaking in which the Obligor now has or hereafter acquires any interest (collectively, the “Collateral”) including all of the Obligor’s: 
  

	 	(a)	present and after acquired personal property; 

  

	 	(b)	inventory including goods held for sale, lease or resale, goods furnished or to be furnished to third parties under contracts of lease, consignment or service, goods which are raw
materials or work in process, goods used in or procured for packing and materials used or consumed in the business of the Obligor; 

  

	 	(c)	equipment, machinery, furniture, fixtures, plant, vehicles and other goods of every kind and description and all licences and other rights and all related records, files, charts,
plans, drawings, specifications, manuals and documents; 

  

	 	(d)	accounts due or accruing and all related agreements, books, accounts, invoices, letters, documents and papers recording, evidencing or relating to them; 

  

	 	(e)	money, documents of title and chattel paper; 

  

	 	(f)	Instruments and Securities, including the Instruments and Securities listed in Schedule “A”; 

  

	 	(g)	intangibles including all security interests, goodwill, choses in action, Contracts, Contract Rights, Deposit Accounts, licenses and other contractual benefits;

  

	 	(h)	Intellectual Property including the Registrable Intellectual Property listed in Schedule “B”; 

  

	 	(i)	all substitutions and replacements of and increases, additions and, where applicable, accessions to the property described in Sections 2.1(a) through Section 2.1(h)
inclusive; and 

  

 - 10 - 

	 	(j)	all proceeds in any form derived directly or indirectly from any dealing with all or any part of the property described in Section 2.1(a) through Section 2.1(i) inclusive,
including the proceeds of such proceeds. 

 Section 2.2 Secured Obligations. 
 The security interest, assignment, mortgage, charge, hypothecation and pledge granted by this Agreement (collectively, the “Security
Interest”) secures the payment and performance of: 
  

	 	(a)	the Obligations; and 

  

	 	(b)	all expenses, costs and charges incurred by or on behalf of the Secured Creditors in connection with this Agreement, the Security Interest or the Collateral, including all
reasonable legal fees, court costs, receiver’s or agent’s remuneration and other expenses of taking possession of, repairing, protecting, insuring, preparing for disposition, realizing, collecting, selling, transferring, delivering or
obtaining payment for the Collateral, and of taking, defending or participating in any action or proceeding in connection with any of the foregoing matters or otherwise in connection with the Secured Creditors’ interest in any Collateral,
whether or not directly relating to the enforcement of this Agreement or any other Credit Document (collectively, the “Expenses” and, together with the Obligations, the “Secured Obligations”).

 Section 2.3 Attachment. 
  

	(1)	The Obligor acknowledges that (i) value has been given, (ii) it has rights in the Collateral (other than after-acquired Collateral), (iii) it has not agreed to
postpone the time of attachment of the Security Interest, and (iv) it has received a copy of this Agreement. 

  

	(2)	If any Securities or Instruments are now or at any time become evidenced, in whole or in part, by uncertified securities registered or recorded in records maintained by or on behalf
of the issuer thereof in the name of a clearing agency or a custodian or of a nominee of either, the Obligor will, at the request of the Collateral Agent, cause an appropriate entry to be made in the records of the clearing agency or custodian to
record the interest of the Collateral Agent in such Securities or Instruments created pursuant to this Agreement. 

  

	(3)	 The Obligor hereby delivers to and deposits with the Collateral Agent any and all certificates, notes and other instruments evidencing the Securities listed in
Schedule A, together with, in each case, a stock power duly endorsed 

  

 - 11 - 

	 	 
in blank for transfer or other undated instruments of transfer satisfactory to the Collateral Agent and duly executed in blank and such other instruments of
transfer and documents as the Collateral Agent may reasonably request. The Obligor also hereby delivers to and deposits with the Collateral Agent the Instruments listed in Schedule A together with, in each case, undated instruments of transfer
satisfactory to the Collateral Agent and duly executed in blank and such other instruments of endorsement or assignment and as the Collateral Agent may reasonably request. 

  

	(4)	If the Obligor acquires any Instruments having a value in excess of US$50,000 or any Securities, the Obligor will notify the Collateral Agent in writing and provide the Collateral
Agent with a revised Schedule A recording the acquisition and particulars of such Instruments or Securities within 10 Business Days after such acquisition, provided that at no time shall the aggregate principal amount of all Instruments held by the
Obligor and not so delivered to the Collateral Agent exceed US$250,000. Upon request by the Collateral Agent, the Obligor will promptly deliver to and deposit with the Collateral Agent any such Securities or Instruments as security for the Secured
Obligations. The Obligor will also promptly inform the Collateral Agent in writing of the acquisition by the Obligor of any ULC Shares. 

  

	(5)	At the request of the Collateral Agent the Obligor will (i) cause the transfer of any Securities or Instruments to the Collateral Agent to be registered wherever such
registration may be required or advisable in the reasonable opinion of the Collateral Agent, (ii) duly endorse any such Securities or Instruments for transfer in blank or register them in the name of the Collateral Agent or its nominee or
otherwise as the Collateral Agent may reasonably direct, and (iii) immediately deliver to the Collateral Agent any and all consents or other documents which may be necessary to effect the transfer of any such Securities or Instruments to the
Collateral Agent or any third party. 

  

	(6)	Whenever the Obligor is obligated to deliver a stock power duly endorsed in blank for transfer it shall be accompanied by a certified copy of a resolution of the board of directors
of the issuer. Upon the reasonable request of the Collateral Agent, the signature of the Obligor on the power of attorney and the stock transfer shall be guaranteed by a Canadian bank, trust or loan corporation or investment dealer. In order to
allow the Obligor to vote any Securities registered in the Agent’s name or the name of its nominee, the Agent will prior to, and may after, the Security Interest being enforceable, at the request and the expense of the Obligor, (i) execute
valid proxies appointing proxyholders to attend and act at meetings of shareholders, and (ii) execute resolutions in writing, all pursuant to the relevant provisions of the issuer’s governing legislation. 

  

 - 12 - 

	(7)	The Obligor will promptly notify the Collateral Agent in writing of the acquisition by the Obligor of any Registrable Intellectual Property. The Obligor will provide the Collateral
Agent with a revised Schedule B recording the acquisition and particulars of such additional Intellectual Property. 

  

	(8)	Immediately upon the request of the Collateral Agent, the Obligor will furnish the Collateral Agent in writing the description of all Registrable Intellectual Property or
applications for Registrable Intellectual Property of the Obligor. 

 Section 2.4 Scope of Security Interest. 
  

	(1)	To the extent that an assignment of amounts payable and other proceeds arising under or in connection with, or the grant of a security interest in any agreement, licence, permit or
quota of the Obligor would result in the breach or termination of such agreement, licence, permit or quota (each, a “Restricted Asset”), the Security Interest with respect to each Restricted Asset will constitute a trust created in
favour of the Collateral Agent, for the benefit of the Secured Creditors, pursuant to which the Obligor holds as trustee all proceeds arising under or in connection with the Restricted Asset in trust for the Collateral Agent, for the benefit of the
Secured Creditors, on the following basis: 

  

	 	(a)	subject to the Credit Agreement, until the Security Interest is enforceable, the Obligor is entitled to receive all such proceeds; and 

  

	 	(b)	whenever the Security Interest is enforceable, (i) all rights of the Obligor to receive such proceeds cease and all such proceeds will be immediately paid over to the
Collateral Agent for the benefit of the Secured Creditors, and (ii) the Obligor will take all actions requested by the Collateral Agent to collect and enforce payment and other rights arising under the Restricted Asset.

 Subject to the next following sentence, the Obligor will use all commercially reasonable efforts to obtain the consent of
each other party to any and all Restricted Assets to the assignment of such Restricted Asset to the Collateral Agent in accordance with this Agreement. Except for the landlord waivers required prior to the Initial Borrowing Date and other consents
as may be required from time to time under the Credit Agreement, the Obligor will not be required to obtain the consent of the landlords in respect of the Leaseholds of the Obligor. The Obligor will also use all commercially reasonable efforts to
ensure that all agreements entered into on and after the date of this Agreement expressly permit assignments of the benefits of such agreements as collateral security to the Collateral Agent in accordance with the terms of this Agreement.

  

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	(2)	The Security Interest with respect to trade-marks constitutes a security interest in, and a charge, hypothecation and pledge of, such Collateral in favour of the Collateral Agent
for the benefit of the Secured Creditors, but does not constitute an assignment of such Collateral to the Collateral Agent or any Secured Creditor. 

  

	(3)	Until the Security Interest is enforceable, the grant of the Security Interest in the Intellectual Property does not affect in any way the Obligor’s rights to commercially
exploit the Intellectual Property, defend it, enforce the Obligor’s rights in it or with respect to it against third parties in any court or claim and be entitled to receive any damages with respect to any infringement of it.

  

	(4)	The Security Interest does not extend to consumer goods or ULC Shares. 

  

	(5)	The Security Interest does not extend or apply to the last day of the term of any lease or sublease of real property or any agreement for a lease or sublease of real property, now
held or hereafter acquired by the Obligor, but the Obligor will stand possessed of any such last day upon trust to assign and dispose of it as the Collateral Agent may reasonably direct. 

 Section 2.5 Grant of Licence to Use Intellectual Property. 
 At such time as the Collateral Agent is lawfully entitled to exercise its rights and remedies under Article 3, the Obligor grants to the Collateral Agent an irrevocable, nonexclusive licence (exercisable without
payment of royalty or other compensation to the Obligor) to use, assign or sublicense any Intellectual Property in which the Obligor has rights wherever the same may be located, including in such licence access to (i) all media in which any of
the licensed items may be recorded or stored, and (ii) all software and computer programs used for compilation or print-out. The license granted under this Section is to enable the Collateral Agent to exercise its rights and remedies under
Article 3 and for no other purpose. 
 Section 2.6 Care and Custody of Collateral. 
  

	(1)	Neither the Collateral Agent nor any other Secured Creditor has any obligation to keep Collateral in their possession identifiable. 

  

	(2)	The Collateral Agent may, upon the occurrence and during the continuance of an Event of Default, (i) notify any Person obligated on an Instrument, Security or account to make
payments to the Collateral Agent, whether or not the Obligor was previously making collections on such accounts, chattel paper, instruments, and (ii) assume control of any proceeds arising from the Collateral. 

  

	(3)	 The Collateral Agent has no obligation to collect dividends, distributions or interest payable on, or exercise any option or right in connection with, any 

  

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Securities or Instruments. The Collateral Agent has no obligation to protect or preserve any Securities or Instruments from depreciating in value or becoming
worthless and is released from all responsibility for any loss of value. In the physical keeping of any Securities, the Collateral Agent is only obliged to exercise the same degree of care as it would exercise with respect to its own Securities kept
at the same place. 

 Section 2.7 Rights of the Obligor. 
  

	(1)	Until the occurrence of an Event of Default which is continuing, the Obligor is entitled to vote the Securities that are part of the Collateral and to receive all dividends and
distributions on such Securities. Upon the occurrence and during the continuance of an Event of Default, all rights of the Obligor to vote (under any proxy given by the Collateral Agent (or its nominee) or otherwise) or to receive distributions or
dividends cease and all such rights become vested solely and absolutely in the Collateral Agent. 

  

	(2)	Any distributions or dividends received by the Obligor contrary to Section 2.7(1) or any other moneys or property received by the Obligor after the Security Interest is
enforceable will be received as trustee for the Collateral Agent and the Secured Creditors and shall be immediately paid over to the Collateral Agent. 

 Section 2.8 Expenses. 
 The Obligor is liable for and will pay on demand by the Collateral Agent
any and all Expenses. 
 ARTICLE 3 
 ENFORCEMENT 
 Section 3.1 Enforcement. 
 The Security Interest becomes and is enforceable against the Obligor upon the occurrence and during the continuance of an Event of Default. 
 Section 3.2 Remedies. 
 Whenever the Security
Interest is enforceable, the Collateral Agent may realize upon the Collateral and enforce the rights of the Collateral Agent and the Secured Creditors by: 
  

	 	(a)	entry onto any premises where Collateral consisting of tangible personal property may be located; 

  

	 	(b)	entry into possession of the Collateral by any method permitted by law; 

  

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	 	(c)	sale, grant of options to purchase, or lease of all or any part of the Collateral; 

  

	 	(d)	holding, storing and keeping idle or operating all or any part of the Collateral; 

  

	 	(e)	exercising and enforcing all rights and remedies of a holder of the Securities and Instruments as if the Collateral Agent were the absolute owner thereof (including, if necessary,
causing the Collateral to be registered in the name of the Collateral Agent or its nominee if not already done); 

  

	 	(f)	collection of any proceeds arising in respect of the Collateral; 

  

	 	(g)	collection, realization or sale of, or other dealing with, the accounts; 

  

	 	(h)	license or sublicense, whether on an exclusive or nonexclusive basis, any Intellectual Property for such term and on such conditions and in such manner as the Collateral Agent in
its sole judgment determines (taking into account such provisions as may be necessary to protect and preserve such Intellectual Property); 

  

	 	(i)	instruction to any bank which has entered into a control agreement with the Collateral Agent to transfer all moneys, Securities and Instruments held by such depositary bank to an
account maintained with or by the Collateral Agent; 

  

	 	(j)	application of any moneys constituting Collateral or proceeds thereof in accordance with Section 10.10; 

  

	 	(k)	appointment by instrument in writing of a receiver (which term as used in this Agreement includes a receiver and manager) or agent of all or any part of the Collateral and removal
or replacement from time to time of any receiver or agent; 

  

	 	(l)	institution of proceedings in any court of competent jurisdiction for the appointment of a receiver of all or any part of the Collateral; 

  

	 	(m)	institution of proceedings in any court of competent jurisdiction for sale or foreclosure of all or any part of the Collateral; 

  

	 	(n)	filing of proofs of claim and other documents to establish claims to the Collateral in any proceeding relating to the Obligor; and 

  

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	 	(o)	any other remedy or proceeding authorized or permitted under the Personal Property Security Act (Ontario) or otherwise by law or equity. 

 Section 3.3 Additional Rights. 
 In addition to
the remedies set forth in Section 3.2 and elsewhere in this Agreement, whenever the Security Interest is enforceable, the Collateral Agent may: 
  

	 	(a)	require the Obligor, at the Obligor’s expense, to assemble the Collateral at a place or places designated by notice in writing and the Obligor agrees to so assemble the
Collateral immediately upon receipt of such notice; 

  

	 	(b)	require the Obligor, by notice in writing, to disclose to the Collateral Agent the location or locations of the Collateral and the Obligor agrees to promptly make such disclosure
when so required; 

  

	 	(c)	repair, process, modify, complete or otherwise deal with the Collateral and prepare for the disposition of the Collateral, whether on the premises of the Obligor or otherwise;

  

	 	(d)	redeem any prior security interest against any Collateral, procure the transfer of such security interest to itself, or settle and pass the accounts of the prior mortgagee, chargee
or encumbrancer (any accounts to be conclusive and binding on Obligor); 

  

	 	(e)	pay any liability secured by any Lien against any Collateral (the Obligor will immediately on demand reimburse the Collateral Agent for all such payments); 

 

	 	(f)	carry on all or any part of the business of the Obligor and, to the exclusion of all others including the Obligor, enter upon, occupy and use all or any of the premises, buildings,
and other property of or used by the Obligor for such time as the Collateral Agent sees fit, free of charge, and the Collateral Agent and the Secured Creditors are not liable to the Obligor for any act, omission or negligence in so doing or for any
rent, charges, depreciation or damages incurred in connection with or resulting from such action; 

  

	 	(g)	borrow for the purpose of carrying on the business of the Obligor or for the maintenance, preservation or protection of the Collateral and grant a security interest in the
Collateral, whether or not in priority to the Security Interest, to secure repayment; 

  

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	 	(h)	commence, continue or defend any judicial or administrative proceedings for the purpose of protecting, seizing, collecting, realizing or obtaining possession or payment of the
Collateral, and give good and valid receipts and discharges in respect of the Collateral and compromise or give time for the payment or performance of all or any part of the accounts or any other obligation of any third party to the Obligor; and

  

	 	(i)	at any public sale, and to the extent permitted by law on any private sale, bid for and purchase any or all of the Collateral offered for sale and upon compliance with the terms of
such sale, hold, retain and dispose of such Collateral without any further accountability to the Obligor or any other Person with respect to such holding, retention or disposition, except as required by law. In any such sale to the Collateral Agent,
the Collateral Agent may, for the purpose of making payment for all or any part of the Collateral so purchased, use any claim for Secured Obligations then due and payable to it as a credit against the purchase price. 

 Section 3.4 Exercise of Remedies. 
 The remedies
under Section 3.2 and Section 3.3 may be exercised from time to time separately or in combination and are in addition to, and not in substitution for, any other rights of the Collateral Agent and the Secured Creditors however arising or
created. The Collateral Agent and the Secured Creditors are not bound to exercise any right or remedy, and the exercise of rights and remedies is without prejudice to the rights of the Collateral Agent and the Secured Creditors in respect of the
Secured Obligations including the right to claim for any deficiency. 
 Section 3.5 Receiver’s Powers. 
  

	(1)	Any receiver appointed by the Collateral Agent is vested with the rights and remedies which could have been exercised by the Collateral Agent in respect of the Obligor or the
Collateral and such other powers and discretions as are granted in the instrument of appointment and any supplemental instruments. The identity of the receiver, its replacement and its remuneration are within the sole and unfettered discretion of
the Collateral Agent. 

  

	(2)	Any receiver appointed by the Collateral Agent will act as agent for the Collateral Agent for the purposes of taking possession of the Collateral, but otherwise and for all other
purposes (except as provided below), as agent for the Obligor. The receiver may sell, lease, or otherwise dispose of Collateral as agent for the Obligor or as agent for the Collateral Agent as the Collateral Agent may determine in its discretion.
The Obligor agrees to ratify and confirm all actions of the receiver acting as agent for the Obligor, and to release and indemnify the receiver in respect of all such actions. 

  

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	(3)	The Collateral Agent, in appointing or refraining from appointing any receiver, does not incur liability to the receiver, the Obligor or otherwise and is not responsible for any
misconduct or negligence of such receiver. 

 Section 3.6 Appointment of Attorney. 
 The Obligor hereby irrevocably constitutes and appoints the Collateral Agent (and any officer of the Collateral Agent) the true and lawful attorney of the
Obligor. As the attorney of the Obligor, the Collateral Agent has the power to exercise for and in the name of the Obligor with full power of substitution, upon the occurrence and during the continuance of an Event of Default, any of the
Obligor’s right (including the right of disposal), title and interest in and to the Collateral including the execution, endorsement, delivery and transfer of the Collateral to the Collateral Agent, its nominees or transferees, and the
Collateral Agent and its nominees or transferees are hereby empowered to exercise all rights and powers and to perform all acts of ownership with respect to the Collateral to the same extent as the Obligor might do. This power of attorney is
irrevocable, is coupled with an interest, has been given for valuable consideration (the receipt and adequacy of which is acknowledged) and survives, and does not terminate upon, the bankruptcy, dissolution, winding up or insolvency of the Obligor.
This power of attorney extends to and is binding upon the Obligor’s successors and permitted assigns. The Obligor authorizes the Collateral Agent to delegate in writing to another Person any power and authority of the Collateral Agent under
this power of attorney as may be necessary or desirable in the opinion of the Collateral Agent, and to revoke or suspend such delegation. 
 Section 3.7 Dealing with the Collateral. 
  

	(1)	The Collateral Agent and the Secured Creditors are not obliged to exhaust their recourse against the Obligor or any other Person or against any other security they may hold in
respect of the Secured Obligations before realizing upon or otherwise dealing with the Collateral in such manner as the Collateral Agent may consider desirable. 

  

	(2)	The Collateral Agent and the Secured Creditors may grant extensions or other indulgences, take and give up securities, accept compositions, grant releases and discharges and
otherwise deal with the Obligor and with other Persons, sureties or securities as they may see fit without prejudice to the Secured Obligations, the liability of the Obligor or the rights of the Collateral Agent and the Secured Creditors in respect
of the Collateral. 

  

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	(3)	Except as otherwise provided by law or this Agreement, the Collateral Agent and the Secured Creditors are not (i) liable or accountable for any failure to collect, realize or
obtain payment in respect of the Collateral, (ii) bound to institute proceedings for the purpose of collecting, enforcing, realizing or obtaining payment of the Collateral or for the purpose of preserving any rights of any Persons in respect of
the Collateral, (iii) responsible for any loss occasioned by any sale or other dealing with the Collateral or by the retention of or failure to sell or otherwise deal with the Collateral, or (iv) bound to protect the Collateral from
depreciating in value or becoming worthless. 

 Section 3.8 Standards of Sale. 
 Without prejudice to the ability of the Collateral Agent to dispose of the Collateral in any manner which is commercially reasonable, the Obligor
acknowledges that: 
  

	 	(a)	the Collateral may be disposed of in whole or in part; 

  

	 	(b)	the Collateral may be disposed of by public auction, public tender or private contract, with or without advertising and without any other formality; 

  

	 	(c)	any assignee of such Collateral may be the Collateral Agent, a Secured Creditor or a customer of any such Person; 

  

	 	(d)	any sale conducted by the Collateral Agent will be at such time and place, on such notice and in accordance with such procedures as the Collateral Agent, in its sole discretion, may
deem advantageous; 

  

	 	(e)	the Collateral may be disposed of in any manner and on any terms necessary to avoid violation of applicable law (including compliance with such procedures as may restrict the number
of prospective bidders and purchasers, require that the prospective bidders and purchasers have certain qualifications, and restrict the prospective bidders and purchasers to Persons who will represent and agree that they are purchasing for their
own account for investment and not with a view to the distribution or resale of the Collateral) or in order to obtain any required approval of the disposition (or of the resulting purchase) by any governmental or regulatory authority or official;

  

	 	(f)	a disposition of the Collateral may be on such terms and conditions as to credit or otherwise as the Collateral Agent, in its sole discretion, may deem advantageous; and

  

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	 	(g)	the Collateral Agent may establish an upset or reserve bid or price in respect of the Collateral. 

 Section 3.9 Dealings by Third Parties. 
  

	(1)	No Person dealing with the Collateral Agent, any of the Secured Creditors or an agent or receiver is required to determine (i) whether the Security Interest has become
enforceable, (ii) whether the powers which such Person is purporting to exercise have become exercisable, (iii) whether any money remains due to the Collateral Agent or the Secured Creditors by the Obligor, (iv) the necessity or
expediency of the stipulations and conditions subject to which any sale or lease is made, (v) the propriety or regularity of any sale or other dealing by the Collateral Agent or any Secured Creditor with the Collateral, or (vi) how any
money paid to the Collateral Agent or the Secured Creditors has been applied. 

  

	(2)	Any bona fide purchaser of all or any part of the Collateral from the Collateral Agent or any receiver or agent will hold the Collateral absolutely, free from any claim or
right of whatever kind, including any equity of redemption, of the Obligor, which it specifically waives (to the fullest extent permitted by law) as against any such purchaser together with all rights of redemption, stay or appraisal which the
Obligor has or may have under any rule of law or statute now existing or hereafter adopted. 

 Section 3.10 Registration Rights.

 If the Collateral Agent determines to exercise its right to sell any or all of the Securities that are Collateral, and if in the
opinion of the Collateral Agent it is necessary or advisable to have any such Securities: 
  

	 	(a)	qualified for distribution by prospectus pursuant to the applicable securities legislation in any or all provinces and territories of Canada, the Obligor will use its best efforts
to cause the issuer thereof to (i) use its best efforts to file, and obtain a receipt from the applicable securities regulatory authorities, for a preliminary and final prospectus offering for sale such number of Securities as the Collateral
Agent directs; and (ii) execute and deliver, and cause the directors and officers of such issuer to execute and deliver, all such certificates, instruments and documents, and do or cause to be done all such other acts as may be, in the opinion
of the Collateral Agent, necessary or advisable to qualify such Securities for distribution by prospectus pursuant to the applicable securities legislation in any or all provinces of Canada; or 

  

	 	(b)	 sold or registered under the provisions of the U.S. Securities Act of 1933, as amended, the Obligor will use its best efforts to cause the 

  

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issuer thereof to (i) execute and deliver, and cause the directors and officers of such issuer to execute and deliver, all such instruments and
documents, and do or cause to be done all such other acts as may be, in the opinion of the Collateral Agent, necessary or advisable to register the Securities pledged hereunder, or that portion thereof to be sold, under the provisions of the U.S.
Securities Act of 1933, as amended, (ii) use its best efforts to cause the registration statement relating thereto to become effective and to remain effective for a period of one year from the date of the first public offering of the Securities
pledged hereunder, or that portion thereof to be sold, and (iii) make all amendments thereto and/or to the related prospectus which, in the opinion of the Collateral Agent, are necessary or advisable, all in conformity with the requirements of
the U.S. Securities Act of 1933, as amended, and the rules and regulations applicable thereto. 

 The Obligor agrees to use its best
efforts to cause such issuer to comply with the provisions of the securities legislation in effect in any or all of the provinces of Canada, the U.S. Securities Act of 1933, as amended, and the securities or “Blue Sky” laws of any
jurisdictions outside Canada, in each case, which the Collateral Agent designates. 
 ARTICLE 4 
 GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS 
 The Obligor represents, warrants and covenants, which representations, warranties and covenants shall survive execution and delivery of this Agreement, as follows: 
 Section 4.1 Necessary Filings. 
 The Security
Interest granted by the Obligor to the Collateral Agent pursuant to this Agreement in and to the Collateral for the benefit of the Collateral Agent and Secured Creditors creates a valid security interest and Lien upon the Obligor’s right, title
and Interest to the Collateral and together with all such filings, registrations, recordings and other actions, a perfected security interest therein prior to the rights of all other Persons therein and subject to no other Liens (other than
Permitted Liens) and is entitled to all the rights, priorities and benefits afforded by the PPSA or other relevant law as enacted in any relevant jurisdiction to perfected security interests, in each case to the extent that the Collateral consists
of the type of property in which a security interest may be perfected by possession or by filing a financing statement under the PPSA or other relevant law as enacted in any relevant jurisdiction. Upon the recordation of the Confirmation of Security
Interest in the form of Schedule D in Registrable Intellectual Property with CIPO, together with the filings of financing statements under the PPSA made on or prior to the Effective 

  

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Date, the Security Interest shall constitute a fully perfected Lien on, and security interest in, all right, title and interest of the Obligor in the
Registrable Intellectual Property, in each case prior and superior in right to any other person (it being understood that subsequent recordings in CIPO may be necessary to perfect a Lien on Registrable Intellectual Property acquired by the Obligor
after the date hereof). 
 Section 4.2 No Liens. 
 The Obligor is, and as to all Collateral acquired by it from time to time after the date hereof the Obligor will be, the owner of all Collateral free from any Lien, security interest, encumbrance or other right, title
or interest of any Person (other than Permitted Liens), and the Obligor shall defend the Collateral against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to the Collateral Agent. 
 Section 4.3 Other Financing Statements. 
 As of
the date hereof, there is no financing statement (or similar statement or instrument of registration under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Collateral (other than financing statements filed
in respect of Permitted Liens), and so long as the Termination Date has not occurred, the Obligor will not execute or authorize to be filed in any public office any financing statement (or similar statement or instrument of registration under the
law of any jurisdiction) or statements relating to the Collateral, except financing statements filed or to be filed in respect of and covering the security interests granted hereby by the Obligor or in connection with Permitted Liens. 
 Section 4.4 Chief Executive Office, Record Locations. 
 The chief executive office of the Obligor is, on the date of this Agreement, located at the address indicated on Schedule “C”. During the period of the four calendar months preceding the date of this Agreement, the chief executive
office of the Obligor has not been located at any address other than that indicated on Schedule “C” in accordance with the immediately preceding sentence, in each case unless each such other address is also indicated on Schedule
“C”. 
 Section 4.5 Location of Inventory and Equipment. 
 All inventory and equipment held on the date hereof, or held at any time during the four calendar months prior to the date hereof, by the Obligor is located at one of the locations, or in transit to one of the
locations, shown on Schedule “C”. 
 Section 4.6 Legal Names; Type of Organization; Jurisdiction of Organization; Chief Executive Office;
Changes Thereto; etc. 
 The exact legal name of the Obligor, the type of organization of the Obligor and the jurisdiction of organization
of the Obligor is listed on Schedule “C”. The Obligor shall not change its legal name, its type of organization, its jurisdiction of 

  

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organization or its chief executive office from that set forth on Schedule “C”, except that any such changes shall be permitted (so long as not in
violation of the applicable requirements of the Credit Documents and so long as same do not involve the Obligor changing its jurisdiction of organization or chief executive office from Canada or a Province thereof to a jurisdiction of organization
or chief executive office, as the case may be, outside Canada or a Province thereof) if (i) it shall have given to the Collateral Agent not less than 10 Business Days’ prior written notice of each change to the information listed on
Schedule “C” (as adjusted for any subsequent changes thereto previously made in accordance with this sentence), together with a supplement to Schedule “C” which shall correct all information contained therein, and (ii) in
connection with the respective such change or changes, it shall have taken all action reasonably requested by the Collateral Agent to maintain the security interests of the Collateral Agent in the Collateral intended to be granted hereby at all
times fully perfected and in full force and effect. 
 Section 4.7 Trade Names; etc. 
 The Obligor does not have or operate in any jurisdiction under, or in the preceding five years has not had and has not operated in any jurisdiction under,
any trade names, fictitious names or other names except its legal name as specified in Schedule “C” and such other trade or fictitious names as are listed on Schedule “B”. The Obligor shall not assume or operate in any
jurisdiction under any new trade, fictitious or other name until (i) it shall have given to the Collateral Agent not less than 5 days’ written notice of its intention so to do, clearly describing such new name and the jurisdictions in
which such new name will be used and providing such other information in connection therewith as the Collateral Agent may reasonably request and (ii) with respect to such new name, it shall have taken all action reasonably requested by the
Collateral Agent to maintain the security interest of the Collateral Agent in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. 
 Section 4.8 Certain Significant Transactions. 
 During the one year period preceding the date of
this Agreement, no Person shall have merged or consolidated with or into the Obligor, and no Person shall have liquidated into, or transferred all or substantially all of its assets to, the Obligor, except as described in Schedule “C”.
With respect to any transactions so described in Schedule “C”, the Obligor shall have furnished such information with respect to the Person (and the assets of the Person and locations thereof) which merged with or into or consolidated with
the Obligor, or was liquidated into or transferred all or substantially all of its assets to the Obligor, and shall have furnished to the Collateral Agent such PPSA lien searches as may have been requested with respect to such Person and its assets,
to establish that no security interest (excluding Permitted Liens) continues perfected on the date hereof with respect to any Person described above (or the assets transferred to the Obligor by such Person). 
  

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 Section 4.9 Unextracted Collateral; Timber-Until-it-is-Cut. 
 On the date hereof, the Obligor does not own, or expect to acquire, any property which constitutes, or would constitute, unextracted minerals or
hydrocarbons or uncut timber. If at any time after the date of this Agreement the Obligor owns, acquires or obtains rights to any unextracted minerals or hydrocarbons or uncut timber, the Obligor shall furnish the Collateral Agent with prompt
written notice thereof (which notice shall describe in reasonable detail the unextracted minerals or hydrocarbons or uncut timber and the locations thereof) and shall take all actions as may be deemed reasonably necessary or desirable by the
Collateral Agent to perfect the security interest of the Collateral Agent therein. 
 Section 4.10 Collateral in the Possession of a Bailee.

 If any inventory or other goods of the Obligor, the aggregate fair market value of which is equal to or greater than $250,000, are at
any time in the possession of a bailee (other than the Collateral Agent), the Obligor shall promptly notify the Collateral Agent thereof and, if requested by the Collateral Agent, shall use its reasonable best efforts to promptly obtain an
acknowledgment from such bailee, in form and substance reasonably satisfactory to the Collateral Agent, that the bailee holds such Collateral for the benefit of the Collateral Agent and shall act upon the instructions of the Collateral Agent,
without the further consent of the Obligor. The Collateral Agent agrees with the Obligor that the Collateral Agent shall not give any such instructions unless an Event of Default has occurred and is continuing or would occur after taking into
account any action by the Obligor with respect to any such bailee. 
 Section 4.11 Recourse. 
 This Agreement is made with full recourse to the Obligor and pursuant to and upon all the warranties, representations, covenants and agreements on the
part of the Obligor contained herein, in the other Credit Documents and otherwise in writing in connection herewith or therewith. 
 ARTICLE 5 
 SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS; 
 INSTRUMENTS; CHATTEL PAPER AND CERTAIN OTHER COLLATERAL 
 Section 5.1 Additional Representations and Warranties. 
 As of the time when each of its Accounts arises, the Obligor
shall be deemed to have represented and warranted that each such Account, and all records, papers and documents relating thereto (if any) are genuine and what they purport to be, and that all papers and documents (if any) relating thereto
(i) will, to the knowledge of the Obligor, represent the genuine, legal, valid and binding obligation of the account debtor evidencing indebtedness unpaid and owed by the respective account 

  

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debtor arising out of the performance of labor or services or the sale or lease and delivery of the merchandise listed therein, or both, (ii) will be
the only original writings evidencing and embodying such obligation of the account debtor named therein (other than copies created for general accounting purposes), (iii) will, to the knowledge of the Obligor, evidence true and valid
obligations, enforceable in accordance with their respective terms, and (iv) will be in compliance and will conform in all material respects with all applicable federal, provincial and local laws and applicable laws of any relevant foreign
jurisdiction. 
 Section 5.2 Maintenance of Records. 
 The Obligor will keep and maintain at its own cost and expense accurate records of its Accounts and Contracts, including, but not limited to, originals of all documentation (including each Contract) with respect
thereto, records of all payments received, all credits granted thereon, all merchandise returned and all other dealings therewith, and the Obligor will make the same available on the Obligor’s premises to the Collateral Agent for inspection, at
the Obligor’s own cost and expense, at any and all reasonable times upon prior notice to the Obligor and otherwise in accordance with the Credit Agreement. Upon the occurrence and during the continuance of an Event of Default and at the request
of the Collateral Agent, the Obligor shall, at its own cost and expense, deliver all tangible evidence of its Accounts and Contract Rights (including, without limitation, all documents evidencing the Accounts and all Contracts) and such books and
records to the Collateral Agent or to its representatives (copies of which evidence and books and records may be retained by the Obligor). Upon the occurrence and during the continuance of an Event of Default, if the Collateral Agent so directs, the
Obligor shall legend, in form and manner satisfactory to the Collateral Agent, the Accounts and the Contracts, as well as books, records and documents (if any) of the Obligor evidencing or pertaining to such Accounts and Contracts with an
appropriate reference to the fact that such Accounts and Contracts have been assigned to the Collateral Agent and that the Collateral Agent has a security interest therein. 
 Section 5.3 Direction to Account Debtors; Contracting Parties; etc. 
 Upon the occurrence and
during the continuance of an Event of Default following written notice to the Obligor, if the Collateral Agent so directs the Obligor, the Obligor agrees (x) to cause all payments on account of the Accounts and Contracts to be made directly to
the Cash Collateral Account, (y) that the Collateral Agent may, at its option, directly notify the obligors with respect to any Accounts and/or under any Contracts to make payments with respect thereto as provided in the preceding clause (x),
and (z) that the Collateral Agent may enforce collection of any such Accounts and Contracts and may adjust, settle or compromise the amount of payment thereof, in the same manner and to the same extent as the Obligor. Without notice to or
assent by the Obligor, the Collateral Agent may, upon the occurrence and during the continuance of an Event of Default, apply any or all 

  

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amounts then in, or thereafter deposited in, the Cash Collateral Account toward the payment of the Obligations in the manner provided in Section 10.10
of this Agreement. The reasonable costs and expenses of collection (including reasonable legal fees), whether incurred by the Obligor or the Collateral Agent, shall be borne by the Obligor. The Collateral Agent shall deliver a copy of each notice
referred to in the preceding clause (y) to the Obligor, provided that (x) the failure by the Collateral Agent to so notify the Obligor shall not affect the effectiveness of such notice or the other rights of the Collateral Agent created by
this Section 5.3 and (y) no such notice shall be required if an Event of Default of the type described in Section 10.05 of the Credit Agreement has occurred and is continuing. 
 Section 5.4 Modification of Terms; etc. 
 Except
in accordance with the Obligor’s ordinary course of business and consistent with reasonable business judgment or as permitted by Section 5.5, the Obligor shall not rescind or cancel any indebtedness evidenced by any Account or under any
Contract, or modify any material term thereof or make any material adjustment with respect thereto, or extend or renew the same, or compromise or settle any material dispute, claim, suit or legal proceeding relating thereto, or sell any Account or
Contract, or interest therein without the prior written consent of the Collateral Agent unless such rescissions, cancellations, modifications, adjustments, extensions, renewals, compromises, settlements, releases or sales would not reasonably be
expected to materially adversely affect the value of the Accounts or Contracts constituting Collateral taken as a whole. The Obligor will not do anything to impair the rights of the Collateral Agent in the Accounts or Contracts. 
 Section 5.5 Collection. 
 The Obligor shall
endeavor in accordance with reasonable business practices to cause to be collected from the account debtor named in each of its Accounts or obligor under any Contract, as and when due (including, without limitation, amounts which are delinquent,
such amounts to be collected in accordance with generally accepted lawful collection procedures) any and all amounts owing under or on account of such Account or Contract, and apply forthwith upon receipt thereof all such amounts as are so collected
to the outstanding balance of such Account or under such Contract. Except as otherwise directed by the Collateral Agent after the occurrence and during the continuation of an Event of Default, the Obligor may allow in the ordinary course of business
as adjustments to amounts owing under its Accounts and Contracts (i) an extension or renewal of the time or times of payment, or settlement for less than the total unpaid balance, which the Obligor finds appropriate in accordance with
reasonable business judgment and (ii) a refund or credit due as a result of returned or damaged merchandise or improperly performed services or for other reasons which the Obligor finds appropriate in accordance with reasonable business
judgment. The reasonable costs and expenses (including, without limitation, reasonable legal fees) of collection, whether incurred by the Obligor or the Collateral Agent, shall be borne by the Obligor. 
  

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 Section 5.6 Instruments. 
 If the Obligor owns or acquires any Instrument constituting Collateral (other than checks and other payment instruments received and collected in the ordinary course of business), the Obligor will within 10 Business
Days notify the Collateral Agent thereof, and upon request by the Collateral Agent will promptly deliver such Instrument to the Collateral Agent appropriately endorsed to the order of the Collateral Agent, provided that, so long as no Event of
Default shall have occurred and be continuing, the Obligor may retain for collection in the ordinary course of business any Instrument received by the Obligor in the ordinary course of business, and the Collateral Agent shall, promptly upon request
of the Obligor, make appropriate arrangements for making any Instruments in its possession and pledged by the Obligor available to the Obligor for purposes of presentation, collection or renewal. If the Obligor retains possession of any Instruments
pursuant to the terms hereof, such Instrument shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the security interests of Deutsche Bank Trust Company Americas, as collateral
agent, for the benefit of itself and certain Lenders”. 
 Section 5.7 Obligor Remains Liable Under Accounts. 
 Anything herein to the contrary notwithstanding, the Obligor shall remain liable under each of the Accounts to observe and perform all of the conditions
and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise to such Accounts. Neither the Collateral Agent nor any other Secured Creditor shall have any obligation or liability under
any Account (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any other Secured Creditor of any payment relating to such Account pursuant hereto, nor shall the Collateral
Agent or any other Secured Creditor be obligated in any manner to perform any of the obligations of the Obligor under or pursuant to any Account (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the
sufficiency of any payment received by them or as to the sufficiency of any performance by any party under any Account (or any agreement giving rise thereto), to present or file any claim, to take any action to enforce any performance or to collect
the payment of any amounts which may have been assigned to them or to which they may be entitled at any time or times. 
 Section 5.8 Obligor Remains
Liable Under Contracts. 
 Anything herein to the contrary notwithstanding, the Obligor shall remain liable under each of the Contracts to
observe and perform all of the conditions and obligations to be observed and performed by them thereunder, all in accordance 

  

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with and pursuant to the terms and provisions of each Contract. Neither the Collateral Agent nor any other Secured Creditor shall have any obligation or
liability under any Contract by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any other Secured Creditor of any payment relating to such Contract pursuant hereto, nor shall the Collateral Agent or any other
Secured Creditor be obligated in any manner to perform any of the obligations of the Obligor under or pursuant to any Contract, to make any payment, to make any inquiry as to the nature or the sufficiency of any performance by any party under any
Contract, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to them or to which they may be entitled at any time or times. 
 Section 5.9 Deposit Accounts; etc. 
 The Obligor
does not maintain, or at any time after the date of this Agreement shall not establish or maintain, any demand, time, savings, passbook or similar account, except for such accounts maintained with a bank whose jurisdiction is within a Province of
Canada. Schedule “E” accurately sets forth, as of the date of this Agreement, each Deposit Account maintained by the Obligor (including a description thereof and the respective account number), the name of the respective bank with
which such Deposit Account is maintained, and the jurisdiction of the respective bank with respect to such Deposit Account. 
 Section 5.10
Letter-of-Credit Rights. 
 If the Obligor is at any time a beneficiary under a letter of credit with a stated amount of $1,000,000 or
more, the Obligor shall promptly notify the Collateral Agent thereof and, at the request of the Collateral Agent, the Obligor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, use its reasonable
best efforts to (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under such letter of credit or (ii) arrange for the Collateral Agent
to become the transferee beneficiary of such letter of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be applied as provided in this Agreement after the occurrence and
during the continuance of an Event of Default (it being understood that unless an Event of Default has occurred and is continuing such proceeds shall be released to the Obligor). 
 Section 5.11 Chattel Paper. 
 The Obligor will promptly (and in any event within 10 days)
following any reasonable request by the Collateral Agent, deliver all of its chattel paper to the Collateral Agent, provided that, so long as no Event of Default shall have occurred and be continuing, the Obligor may retain for collection in the
ordinary course of business any chattel paper received by the Obligor in the ordinary course of 

  

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business, and the Collateral Agent shall, promptly upon request of the Obligor, make appropriate arrangements for making any chattel paper in its possession
and pledged by the Obligor available to the Obligor for purposes of presentation, collection or renewal. If the Obligor retains possession of any chattel paper pursuant to the terms hereof, such chattel paper shall be marked with the following
legend: “This writing and the obligations evidenced or secured hereby are subject to the security interests of Deutsche Bank Trust Company Americas, as collateral agent, for the benefit of itself and certain Lenders”. 
 Section 5.12 Further Actions. 
 The Obligor will,
at its own expense, make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such vouchers, invoices, schedules, confirmatory assignments, conveyances, financing statements, transfer endorsements,
certificates, reports and other assurances or instruments and take such further steps, including any and all actions as may be necessary or required, relating to its Accounts, Contracts, Instruments and other property or rights covered by the
security interest hereby granted, as the Collateral Agent may reasonably require. 
 Section 5.13 Overriding Provisions with respect to TL Priority
Collateral. 
 Notwithstanding anything to the contrary contained above in this Article III, or elsewhere in this Agreement or any other
U.S. Security Agreement, to the extent the provisions of this Agreement (or any other Security Documents) require the delivery of, or control over, TL Priority Collateral to be granted to the Collateral Agent at any time prior to the TL Credit
Documents Obligations Termination Date, then delivery of such TL Priority Collateral (or control with respect thereto) shall instead be granted to the Term Collateral Agent, to be held in accordance with the TL Credit Documents and the Intercreditor
Agreement. Furthermore, at all times prior to the TL Credit Document Obligations Termination Date, the Collateral Agent is authorized by the parties hereto to effect the transfers of TL Priority Collateral at any time in it possession (and any
“control” or similar agreements with respect to the TL Priority Collateral) to the Term Collateral Agent. 
 ARTICLE 6

 SPECIAL PROVISIONS CONCERNING TRADEMARKS AND DOMAIN 
 NAMES 
 Section 6.1 Additional Representations and Warranties. 
 The Obligor represents and warrants that it is the true and lawful owner of all right, title and interest in and to the registered Marks and Domain Names
listed in Schedule B and that said listed Marks and Domain Names include all Canadian marks registered in and applications for Canadian marks pending in CIPO and all 

  

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Domain Names, that the Obligor owns or purports to own as of the date hereof. The Obligor represents and warrants that it owns, is licensed to use or
otherwise has the right to use, all Marks and Domain Names that it uses. The Obligor further warrants that it has no knowledge of any third party claim received by it that any aspect of the Obligor’s present or contemplated business operations
infringes or will infringe any trademark, service mark or trade name of any other Person other than as has not, and would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Obligor represents
and warrants that all Canadian trademark registrations and applications and Domain Name registrations listed in Schedule B are valid, subsisting, have not been cancelled and that the Obligor is not aware of any third-party claim that any of said
registrations is invalid or unenforceable, and is not aware that there is any reason that any of said registrations is invalid or unenforceable, and is not aware that there is any reason that any of said applications will not mature into
registrations. The Obligor hereby grants to the Collateral Agent an absolute power of attorney to sign, upon the occurrence and during the continuance of an Event of Default, any document which may be required by CIPO or similar registrar in order
to effect an absolute assignment of all right, title and interest in each Mark and/or Domain Name, and record the same. 
 Section 6.2 Licenses and
Assignments. 
 Except as otherwise permitted by the Credit Documents, the Obligor hereby agrees not to divest itself of any right under
any Mark or Domain Name absent prior written approval of the Collateral Agent. 
 Section 6.3 Infringements. 
 The Obligor agrees, promptly upon learning thereof, to notify the Collateral Agent in writing of the name and address of, and to furnish such pertinent
information that may be available with respect to, any party who the Obligor believes is, or may be, infringing or diluting or otherwise violating any of the Obligor’s rights in and to any Mark or Domain Name in any manner that could reasonably
be expected to have a Material Adverse Effect, or with respect to any party claiming that the Obligor’s use of any Mark or Domain Name material to the Obligor’s business violates in any material respect any property right of that party.
The Obligor further agrees to prosecute diligently in accordance with reasonable business practices any Person infringing any Mark or Domain Name in any manner that could reasonably be expected to have a Material Adverse Effect. 
 Section 6.4 Preservation of Marks and Domain Names. 
 The Obligor agrees to use its Marks and Domain Names which are material to it’s business during the time in which this Agreement is in effect and to take all such other actions as are reasonably necessary to preserve such Marks as
trademarks or service marks under the laws of Canada (other than any such Marks or Domain Names which are no longer used or useful in its business or operations). 
  

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 Section 6.5 Maintenance of Registration. 
 The Obligor shall, at its own expense, diligently process all documents reasonably required to maintain all Mark and/or Domain Name registrations,
including but not limited to affidavits of use and applications for renewals of registration in CIPO for all of its material registered Marks, and shall pay all fees and disbursements in connection therewith and shall not abandon any such filing of
affidavit of use or any such application of renewal prior to the exhaustion of all administrative and judicial remedies without prior written consent of the Collateral Agent such consent not to be unreasonably withheld or delayed (other than with
respect to registrations and applications deemed by the Obligor in its reasonable business judgment to be no longer prudent to pursue). 
 Section 6.6 Future Registered Marks and Domain Names. 
 If any Mark registration is issued hereafter to the Obligor as a
result of any application now or hereafter pending before CIPO or any Domain Name is registered by the Obligor, within 60 days of receipt of such certificate or similar indicia of ownership, the Obligor shall deliver to the Collateral Agent a copy
of such registration certificate or similar indicia of ownership with a Confirmation of Security Interest in the form of Schedule D in respect of such Mark and/or Domain Name confirming the assignment for security of such Mark and/or Domain Name and
immediately make all such filings, registrations and recordings as are necessary or appropriate to perfect the Security Interest granted to the Collateral Agent in the Mark and/or Domain Name. 
 Section 6.7 Remedies. 
 If an Event of Default
shall occur and be continuing, the Collateral Agent may, by written notice to the Obligor, take any or all of the following actions: (i) declare the entire right, title and interest of the Obligor in and to each of the Marks and Domain Names,
together with all trademark rights and rights of protection to the same, vested in the Collateral Agent for the benefit of the Secured Creditors, in which event such rights, title and interest shall immediately vest, in the Collateral Agent for the
benefit of the Secured Creditors, and the Collateral Agent shall be entitled to exercise the power of attorney referred to in Section 3.6 to execute, cause to be acknowledged and notarized and record said absolute assignment with the applicable
agency or registrar; (ii) take and use or sell the Marks or Domain Names and the goodwill of the Obligor’s business symbolized by the Marks or Domain Names and the right to carry on the business and use the assets of the Obligor in
connection with which the Marks or Domain Names have been used; and (iii) direct the Obligor to refrain, in which event the Obligor shall refrain, from using the Marks or Domain Names in any manner whatsoever, directly or indirectly, and the
Obligor 

  

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shall execute such further documents that the Collateral Agent may reasonably request to further confirm this and to transfer ownership of the Marks or
Domain Names and registrations and any pending trademark applications in the Canadian Intellectual Property Office or applicable Domain Name registrar to the Collateral Agent. 
 ARTICLE 7 
 SPECIAL PROVISIONS CONCERNING PATENTS, COPYRIGHTS AND

 TRADE SECRETS 
 Section 7.1
Additional Representations and Warranties. 
 The Obligor represents and warrants that it is the true and lawful owner of all rights in
(i) all Trade Secret Rights, (ii) the Patents listed in Schedule “B” and that said Patents include all the Canadian patents and pending applications for Canadian patents that the Obligor owns or purports to own as of the
date hereof and (iii) the Copyrights listed in Schedule “B” for and that said Copyrights include all the Canadian copyrights registered with CIPO and applications to Canadian copyrights that the Obligor owns or purports to own as
of the date hereof. The Obligor further warrants and that it has no knowledge of any third party claim that any aspect of the Obligor’s present or contemplated business operations infringes or will infringe any patent or copyright of any other
Person or the Obligor has misappropriated any trade secret or proprietary information which, in either of the foregoing cases either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. The Obligor hereby
grants to the Collateral Agent an absolute power of attorney to sign, upon the occurrence and during the continuance of any Event of Default, any document which may be required by CIPO in order to effect an absolute assignment of all right, title
and interest in each Patent or Copyright, and to record the same. 
 Section 7.2 Licenses and Assignments. 
 Except as otherwise permitted by the Credit Documents, the Obligor hereby agrees not to divest itself of any right under any Patent or Copyright absent
prior written approval of the Collateral Agent. 
 Section 7.3 Infringements. 
 The Obligor agrees, promptly upon learning thereof, to furnish the Collateral Agent in writing with all pertinent information available to the Obligor
with respect to any infringement, contributing infringement or active inducement to infringe or other violation of the Obligor’s rights in any Patent or Copyright or to any written claim received by the Obligor that the practice of any patent
or use of any copyright violates any property right of a third party, or with respect to any misappropriation of any Trade Secret Right or any written claim received by the Obligor that practice 

  

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of any trade secret violates any property right of a third party, in each case, in any manner which, either individually or in the aggregate, would
reasonably be expected to have a Material Adverse Effect. The Obligor further agrees, absent direction of the Collateral Agent to the contrary, to diligently prosecute, in accordance with its reasonable business judgment, any Person infringing any
Patent or Copyright or any Person misappropriating any Trade Secret Right, in each case to the extent that such infringement or misappropriation, either individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect. 
 Section 7.4 Maintenance of Patents or Copyrights. 
 At its own expense, the Obligor shall make timely payment of all post-issuance fees required to maintain in force its rights under each Patent or Copyright, absent prior written consent of the Collateral Agent (other
than any such Patents or Copyrights which are no longer used or are deemed by the Obligor in its reasonable business judgment to no longer be necessary or useful in its business or operations). 
 Section 7.5 Prosecution of Patent or Copyright Applications. 
 At its own expense, the Obligor shall diligently prosecute all material applications for (i) Canadian Patents listed in Schedule “B” and (ii) Copyrights listed on Schedule “B”,
in each case for the Obligor and shall not abandon any such application prior to exhaustion of all administrative and judicial remedies (other than applications that are deemed by the Obligor in its reasonable business judgment to no longer be
necessary in the conduct of the Obligor’s business), absent written consent of the Collateral Agent not to be unreasonably withheld. 
 Section 7.6 Other Patents and Copyrights. 
 Within 30 days of acquisition or issuance of a Patent, registration of a
Copyright, acquisition of a Copyright, or a filing of an application for a Patent or Copyright, as the case may be, the Obligor shall deliver to the Collateral Agent a copy of said Copyright or Patent, or certificate or registration of, or
application therefor, as the case may be with a Confirmation of Security Interest in the form of Schedule D in respect of such Patent or Copyright confirming the assignment for security of such Patent or Copyright and immediately make all such
filings, registrations and recordings as are necessary or appropriate to perfect the Security Interest granted to the Collateral Agent in the Patent or Copyright. 
 Section 7.7 Remedies. 
 If an Event of Default shall occur and be continuing, the Collateral Agent may, by written
notice to the Obligor, take any or all of the following actions: (i) declare the entire right, title, and interest of the Obligor in each of the Patents and Copyrights vested in the Collateral Agent for the benefit of the Secured Creditors, in
which event such right, title, and interest shall immediately vest in the Collateral Agent for the benefit of the Secured Creditors, in which case the Collateral Agent 

  

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shall be entitled to exercise the power of attorney referred to in Section 3.6 to execute, cause to be acknowledged and notarized and to record said
absolute assignment with the applicable agency; (ii) take and practice or sell the Patents and Copyrights; and (iii) direct the Obligor to refrain, in which event the Obligor shall refrain, from practicing the Patents and using the
Copyrights directly or indirectly, and the Obligor shall execute such further documents as the Collateral Agent may reasonably request further to confirm this and to transfer ownership of the Patents and Copyrights to the Collateral Agent for the
benefit of the Secured Creditors. 
 ARTICLE 8 
 PROVISIONS CONCERNING ALL COLLATERAL 
 Section 8.1 Protection of Collateral Agent’s Security.

 Except as otherwise permitted by the Credit Documents, the Obligor will do nothing to impair the rights of the Collateral Agent in the
Collateral. The Obligor will at all times maintain insurance, at the Obligor’s own expense to the extent and in the manner provided in the Credit Documents. If any Event of Default shall have occurred and be continuing, the Collateral Agent
shall, at the time any proceeds of such insurance are distributed to the Secured Creditors, apply such proceeds in accordance with Section 10.10. The Obligor assumes all liability and responsibility in connection with the Collateral acquired by
it and the liability of the Obligor to pay the Obligations shall in no way be affected or diminished by reason of the fact that such Collateral may be lost, destroyed, stolen, damaged or for any reason whatsoever unavailable to the Obligor.

 Section 8.2 Warehouse Receipts Non-Negotiable. 
 To the extent practicable, the Obligor agrees that if any warehouse receipt or receipt in the nature of a warehouse receipt is issued with respect to any of its inventory, the Obligor shall request that such
warehouse receipt or receipt in the nature thereof shall not be negotiable. 
 Section 8.3 Additional Information. 
 The Obligor will, at its own expense, from time to time upon the reasonable request of the Collateral Agent, promptly (and in any event within 10 Business
Days after its receipt of the respective request) furnish to the Collateral Agent such information with respect to the Collateral (including the identity of the Collateral or such components thereof as may have been reasonably requested by the
Collateral Agent, the value and location of such Collateral, etc.) as may be requested by the Collateral Agent. Without limiting the forgoing, the Obligor agrees that it shall promptly (and in any event within 10 Business Days after its receipt of
the respective request) furnish to the Collateral Agent such updated Schedules as may from time to time be reasonably requested by the Collateral Agent. 
  

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 Section 8.4 Further Actions. 
 The Obligor will, at its own expense and upon the reasonable request of the Collateral Agent, make, execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from time to time such lists, descriptions
and designations of its Collateral, warehouse receipts, receipts in the nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, conveyances, financing statements, transfer
endorsements, certificates, reports and other assurances or instruments and take such further steps relating to the Collateral and other property or rights covered by the security interest hereby granted, which the Collateral Agent deems reasonably
appropriate or advisable to perfect, preserve or protect its security interest in the Collateral at leas to the extent described in Section 4.1. 
 Section 8.5 Financing Statements. 
 The Obligor agrees to execute if required and deliver to the Collateral Agent such
financing statements, in form reasonably acceptable to the Collateral Agent, as the Collateral Agent may from time to time reasonably request or as are reasonably necessary or desirable in the opinion of the Collateral Agent to establish and
maintain a valid, enforceable, perfected security interest in the Collateral as provided herein and the other rights and security contemplated hereby at least to the extent described in Section 4.1. The Obligor will pay any applicable filing
fees, recordation taxes and related expenses relating to its Collateral. The Obligor hereby authorizes the Collateral Agent to file any such financing statements without the signature of the Obligor where permitted by law (and such authorization
includes describing the Collateral as Inventory, Equipment, Accounts, Other and Motor Vehicles Included or all of the present and after-acquired personal property of the Obligor, as applicable in such jurisdiction). 
 ARTICLE 9 
 INDEMNITY

 Section 9.1 Indemnity. 
  

	(1)	 The Obligor agrees to indemnify, reimburse and hold the Collateral Agent, each other Secured Creditor and their respective successors, assigns, employees,
affiliates and agents (hereinafter in this Section 9.1(1) referred to individually as “Indemnitee”, and collectively as “Indemnitees”) harmless from any and all liabilities, obligations, damages, injuries,
penalties, claims, demands, actions, suits, judgments and any and all costs, expenses or disbursements (including reasonable legal fees and expenses) (for the purposes of this Section 9.1(1) the foregoing are collectively called
“Indemnified Liabilities”) of whatsoever kind and nature imposed on, asserted against or incurred by any of the Indemnitees in any way relating to 

  

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or arising out of this Agreement, any other Credit Documents or any other document executed in connection herewith or therewith or in any other way connected
with the administration of the transactions contemplated hereby or thereby or the enforcement of any of the terms of, or the preservation of any rights under any thereof, or in any way relating to or arising out of the manufacture, ownership,
ordering, purchase, delivery, control, acceptance, lease, financing, possession, operation, condition, sale, return or other disposition, or use of the Collateral (including, without limitation, latent or other defects, whether or not discoverable),
the violation of the laws of any country, state or other governmental body or unit, any tort (including, without limitation, claims arising or imposed under the doctrine of strict liability, or for or on account of injury to or the death of any
Person (including any Indemnitee), or property damage), or contract claim; provided that no Indemnitee shall be indemnified pursuant to this Section 9.1(1) for Indemnified Liabilities to the extent caused by the gross negligence or willful
misconduct of such Indemnitee, any Affiliate of such Indemnitee, or any of their respective directors, officers, employees, representatives, agents, Affiliates, trustees or investment advisors (as determined by a court of competent jurisdiction in a
final and non-appealable decision). The Obligor agrees that upon written notice by any Indemnitee of the assertion of such Indemnified Liabilities, the Obligor shall assume full responsibility for the defense thereof. Each Indemnitee agrees to use
its best efforts to promptly notify the Obligor of any such assertion of which such Indemnitee has knowledge. 

  

	(2)	Without limiting the application of Section 9.1(1), the Obligor agrees to pay or reimburse the Collateral Agent for any and all reasonable fees, costs and expenses of whatever
kind or nature incurred in connection with the creation, preservation or protection of the Collateral Agent’s Liens on, and security interest in, the Collateral, including all fees and taxes in connection with the recording or filing of
instruments and documents in public offices, payment or discharge of any taxes or Liens upon or in respect of the Collateral, premiums for insurance with respect to the Collateral and all other fees, costs and expenses in connection with protecting,
maintaining or preserving the Collateral and the Collateral Agent’s interest therein, whether through judicial proceedings or otherwise, or in defending or prosecuting any actions, suits or proceedings arising out of or relating to the
Collateral. 

  

	(3)	Without limiting the application of Section 9.1(1) and Section 9.1(2), the Obligor agrees to pay, indemnify and hold each Indemnitee harmless from and against any loss,
costs, damages and expenses which such Indemnitee may suffer, expend or incur in consequence of or growing out of any misrepresentation by the Obligor in this Agreement, any other Credit Document or in any writing contemplated by or made or
delivered pursuant to or in connection with this Agreement or any other Credit Document. 

  

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	(4)	If and to the extent that the obligations of the Obligor under this Section 9.1 are unenforceable for any reason, the Obligor hereby agrees to make the maximum contribution to
the payment and satisfaction of such obligations which is permissible under applicable law. 

 Section 9.2 Indemnity Obligations
Secured by Collateral; Survival. 
 Any amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement shall
constitute Obligations secured by the Collateral. The indemnity obligations of the Obligor contained in this Article 9 shall continue in full force and effect notwithstanding the full payment of all of the other Obligations and notwithstanding
the full payment of all of the Notes issued, and Loans made, under the Credit Agreement, and notwithstanding the discharge thereof and the occurrence of the Termination Date. 
 ARTICLE 10 
 GENERAL 
 Section 10.1 Notices. 
 Any notices, directions
or other communications provided for in this Agreement must be in writing and given in accordance with the Credit Agreement. 
 Section 10.2 The
Collateral Agent and the other Secured Creditors. 
 The Collateral Agent will hold in accordance with this Agreement all items of the
Collateral at any time received under this Agreement. It is expressly understood and agreed that the obligations of the Collateral Agent as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise
under this Agreement, are only those expressly set forth in this Agreement and in Section 12 of the Credit Agreement. The Collateral Agent shall act hereunder on the terms and conditions set forth in Section 12 of the Credit Agreement.

 Section 10.3 No Merger, Survival of Representations and Warranties. 
 This Agreement does not operate by way of merger of any of the Secured Obligations and no judgment recovered by the Collateral Agent or any of the Secured
Creditors will operate by way of merger of, or in any way affect, the Security Interest, which is in addition to, and not in substitution for, any other security now or hereafter held by the Collateral Agent and the Secured Creditors in respect of
the Secured Obligations. The representations, warranties and covenants of the Obligor in this Agreement survive the execution and delivery of this Agreement and any advances under the Credit Agreement. Notwithstanding any investigation made by or on
behalf of the Collateral Agent or the Secured Creditors the covenants, representations and warranties continue in full force and effect. 
  

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 Section 10.4 Further Assurances. 
 The Obligor will do all acts and things and execute and deliver, or cause to be executed and delivered, all documents and instruments that the Collateral
Agent may require and take all further steps relating to the Collateral or any other property or assets of the Obligor that the Collateral Agent may require for (i) protecting the Collateral, (ii) perfecting the Security Interest, and
(iii) exercising all powers, authorities and discretions conferred upon the Collateral Agent. After the Security Interest becomes enforceable, the Obligor will do all acts and things and execute and deliver all documents and instruments that
the Collateral Agent may require for facilitating the sale or other disposition of the Collateral in connection with its realization. 
 Section 10.5
Supplemental Security. 
 This Agreement is in addition to, without prejudice to and supplemental to all other security now held or which
may hereafter be held by the Collateral Agent or the Secured Creditors. 
 Section 10.6 Successors and Assigns. 
 This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect, subject to release and/or
termination as set forth in Section 10.9, (ii) be binding upon the Obligor, its successors and assigns; provided, however, that the Obligor shall not assign any of its rights or obligations hereunder without the prior written consent of
the Collateral Agent (with the prior written consent of the Required Secured Creditors), and (iii) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent, the other Secured
Creditors and their respective successors, transferees and assigns. All agreements, statements, representations and warranties made by the Obligor herein or in any certificate or other instrument delivered by the Obligor or on its behalf under this
Agreement shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of this Agreement and the other Credit Documents regardless of any investigation made by the Secured Creditors or on their
behalf. 
 Section 10.7 Severability. 
 Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  

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 Section 10.8 Amendment and Waiver. 
 Except as provided in Section 10.9, none of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner
whatsoever unless in writing duly signed by the Obligor (or, to the extent any other Security Document requires waivers or amendments thereunder to occur in accordance with the provisions of this Agreement, the pledgor, transferor, mortgagor under
such other Security Document) and the Collateral Agent (with the written consent of the Required Secured Creditors); provided, however that any change, waiver, modification or variance affecting the rights and benefits of a single Class of Secured
Creditors (and not all Secured Creditors in a like or similar manner) also shall require the written consent of the Requisite Creditors of such affected Class. For the purpose of this Agreement, the term “Class” shall mean each class of
Secured Creditors, i.e., whether (x) the Lender Creditors as holders of the Credit Document Obligations or (y) the Other Creditors as the holders of the Other Obligations. For the purpose of this Agreement, the term “Requisite
Creditors” of any Class shall mean each of (x) with respect to the Credit Document Obligations, the Required Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement, each of the Lenders), and (y) with respect
to the Other Obligations, the holders of at least a majority of all Other Obligations outstanding from time to time. 
 Section 10.9 Termination;
Release. 
  

	(1)	After the Termination Date, this Agreement shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall
revert to the Obligor (provided that all indemnities set forth herein including, without limitation, in Section 9.1 hereof, shall survive termination) and the Collateral Agent, at the request and expense of the Obligor, will promptly execute
and deliver to the Obligor a proper instrument or instruments (including PPSA discharge statements) acknowledging the satisfaction and termination of this Agreement, and will duly assign, transfer and deliver to the Obligor (without recourse and
without any representation or warranty) such of the Collateral as may be in the possession of the Collateral Agent or any of its sub agents hereunder and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement.

  

	(2)	 In the event that any part of the Collateral is sold or otherwise disposed of (to a Person other than a Credit Party) (x) at any time prior to the Termination
Date, in connection with a sale or disposition permitted by Section 9.02 of the Credit Agreement or is otherwise released at the direction of the Required Lenders (or all the Lenders if required by Section 13.12 of the Credit Agreement),
or (y) at any time thereafter, to the extent permitted by the Other Credit Documents, and in the case of clauses (x) and (y), the proceeds of such sale or disposition (or from such release) are applied in accordance with the 

  

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terms of the Credit Agreement or other Credit Document, as the case maybe, to the extent required to be so applied, the Collateral Agent, at the request and
expense of the Obligor, will duly release from the Security Interest created hereby (and will execute and deliver such documentation, including termination or partial release statements and the like in connection therewith) and assign, transfer and
deliver to the Obligor (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so sold or otherwise disposed of, or released, and as may be in the possession of the Collateral Agent and has
not theretofore been released pursuant to this Agreement. 

  

	(3)	At any time that the Obligor desires that the Collateral Agent take any action to acknowledge or give effect to any release of Collateral pursuant to the foregoing
Section 10.9(1) or (2), the Obligor shall deliver to the Collateral Agent a certificate signed by a principal executive officer of the Obligor stating that the release of the respective Collateral is permitted pursuant to such
Section 10.9(1) or (2). If reasonably requested by the Collateral Agent (although the Collateral Agent shall have no obligation to make such request), the Obligor shall furnish appropriate legal opinions (from counsel, reasonably acceptable to
the Collateral Agent) to the effect set forth in this Section 10.9(3). 

  

	(4)	The Collateral Agent shall have no liability whatsoever to any other Secured Creditor as the result of any release of Collateral by it in accordance with (or which the Collateral
Agent believes to be in accordance with) this Section 10.9. 

 Section 10.10 Application of Proceeds of Security. 

 

	(1)	All monies collected by the Collateral Agent (or to the extent any other Security Document requires proceeds of collateral under such other Security Document to be applied in
accordance with the provisions of this Agreement, the collateral agent under such other Security Document) upon any sale or other disposition of Collateral, together with all other moneys received by the Collateral Agent hereunder shall be applied
as follows: 

  

	 	(a)	first, to the payment of all amounts owing to the Collateral Agent of the type described in clauses (c), (d) and (e) of the definition of “Obligations”;

  

	 	(b)	second, to the extent proceeds remain after the application pursuant to the Section 10.10(1)(a), to the payment of all amounts owing to the Administrative Agent and the
Collateral Agent of the type described in clauses (e) and (f) of the definition of “Obligations”; 

  

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	 	(c)	third, to the extent proceeds remain after the applications pursuant to the preceding Section 10.10(1)(a) and (b), an amount equal to the outstanding Primary Obligations shall
be paid to the Secured Creditors, with each Secured Creditor receiving an amount equal to its outstanding Primary Obligations or, if the proceeds are insufficient to pay in full all such Primary Obligations, its Pro Rata Share of the amount
remaining to be distributed; 

  

	 	(d)	fourth, to the extent proceeds remain after the applications pursuant to the Section 10.10(1)(a) through (c), inclusive, an amount equal to the outstanding Secondary
Obligations shall be paid to the Secured Creditors, with each Secured Creditor receiving an amount equal to its outstanding Secondary Obligations or, if the proceeds are insufficient to pay in full all such Secondary Obligations, its Pro Rata Share
of the amount remaining to be distributed; 

  

	 	(e)	fifth, to the extent proceeds remain after the application pursuant to preceding clauses (a) through (d), inclusive, notably to any of their remaining unpaid Obligations; and

  

	 	(f)	sixth, to the extent proceeds remain after the applications pursuant to Section 10.10(1)(a) through (e), inclusive, and following the termination of this Agreement pursuant to
Section 10.9, to the Obligor or to whomever may be lawfully entitled to receive such surplus. 

  

	(2)	For the purposes of this Agreement: (i) “Pro Rata Share” means when calculating a Secured Creditor’s portion of any distribution or amount, that amount
(expressed as a percentage) equal to a fraction, the numerator of which is the then unpaid amount of such Secured Creditor’s Primary Obligations or Secured Creditor’s Secondary Obligations, as the case may be, and the denominator of which
is the then outstanding amount of all Primary Obligations of all Secured Creditors or all Secondary Obligations of all Secured Creditors, respectively; (ii) “Primary Obligations” means (i) in the case of the Credit
Document Obligations, all unpaid principal of, premium, if any, fees and interest on, all Loans, all Unpaid Drawings, the Stated Amount of all outstanding Letters of Credit and all Fees and (ii) in the case of the Other Obligations, all amounts
due under each Interest Rate Protection Agreement with an Other Creditor (other than indemnities, fees (including, without limitation, attorneys’ fees) and similar obligations and liabilities); and (iii) “Secondary
Obligations” means all Obligations which do not constitute Primary Obligations. 

  

	(3)	 When payments to Secured Creditors are based upon their respective Pro Rata Shares, the amounts received by such Secured Creditors hereunder shall 

  

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be applied (for the purposes of making determinations under this Section 10.10 only) (i) first, to their respective Primary Obligations; and
(ii) second, to their respective Secondary Obligations. If any payment to any Secured Creditor of its Pro Rata Share of any distribution would result in overpayment to such Secured Creditor, such excess amount shall instead be distributed in
respect of the unpaid Primary Obligations or Secondary Obligations, as the case may be, of the other Secured Creditors, with each Secured Creditor whose Primary Obligations or Secondary Obligations, as the case may be, have not been paid in full to
receive an amount equal to such excess amount multiplied by a fraction the numerator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of such Secured Creditor and the denominator of which is the unpaid Primary
Obligations or Secondary Obligations, as the case may be, of all Secured Creditors entitled to such distribution. 

  

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

  

	(5)	All payments required to be made hereunder shall be made (x) if to the Lender Creditors, to the Administrative Agent for the account of the Lender Creditors and (y) if to
the Other Creditors, to the trustee paying agent or other similar representation (each, a “Representative”) for the Other Creditors or, in the absence of such a Representative, directly to the Other Creditors.

  

	(6)	 For the purposes of applying payments received in accordance with this Section, the Collateral Agent shall be entitled to rely upon (i) the Administrative
Agent and (ii) the Representative or, in the absence of such a Representative, upon the Other Creditors for a determination (which the 

  

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Administrative Agent, each Representative and the Other Creditors agree (or shall agree) to provide upon the request of the Collateral Agent) of the
outstanding Primary Obligations and Secondary Obligations owed to the Secured Creditors. Until it has received written notice from a Secured Creditor to the contrary, the Administrative Agent and each Representative, in furnishing information
pursuant to the preceding sentence, and the Collateral Agent, in acting hereunder, shall be entitled to assume that no Secondary Obligations are outstanding. Unless it has written notice from an Other Creditor to the contrary, the Collateral Agent,
in acting hereunder, shall be entitled to assume that no Interest Rate Protection Agreements are in existence. 

  

	(7)	It is understood that the Obligor shall remain liable to the extent of any deficiency between the amount of the proceeds of the Collateral and the aggregate amount of the Secured
Obligations. 

 Section 10.11 Conflict 
 In the event of any conflict between the provisions of this Agreement and the provisions of the Credit Agreement which cannot be resolved by both provisions being complied with, the provisions contained in the Credit
Agreement will prevail to the extent of such conflict. 
 Section 10.12 Governing Law. 
  

	(1)	This Agreement will be governed by, interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

  

	(2)	The Obligor irrevocably attorns and submits to the exclusive jurisdiction of any court of competent jurisdiction of the Province of Ontario sitting in Toronto, Ontario in any action
or proceeding arising out of or relating to this Agreement and the other Credit Documents to which it is a party. The Obligor irrevocably waives objection to the venue of any action or proceeding in such court or that such court provides an
inconvenient forum. Nothing in this Section limits the right of the Collateral Agent to bring proceedings against the Obligor in the courts of any other jurisdiction. 

  

	(3)	The Obligor hereby irrevocably consents to the service of any and all process in any such action or proceeding by the delivery of copies of such process to the Obligor at 8607
Roberts Drive, Suite 250, Atlanta, Georgia, USA 30350. Nothing in this Section affects the right of the Collateral Agent to serve process in any manner permitted by law. 

  

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 IN WITNESS WHEREOF the Obligor has executed this Agreement. 
  

			
	 ICL INDUSTRIAL CONTAINERS ULC

		
	 Per:
	 	 /s/ Jeffrey M. O’Connell

		 	Title: Vice President and Secretary

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