Document:

EX-10.7

 Exhibit 10.7 

EXECUTION VERSION 

AMENDED AND RESTATED ABL/TERM INTERCREDITOR AGREEMENT 

This AMENDED AND RESTATED ABL/TERM INTERCREDITOR AGREEMENT (as amended, restated, supplemented, amended or restated or otherwise modified from
time to time in accordance with its terms, this “Agreement”), dated as of October 28, 2019, by and among CIENA CORPORATION, a Delaware corporation (the “Company”), CIENA COMMUNICATIONS, INC., a Delaware
corporation (“Ciena Communications”), CIENA GOVERNMENT SOLUTIONS, INC., a Delaware corporation (“CGSI” and, together with the Company, Ciena Communications and each other entity that becomes a U.S. Borrower (as
defined in the ABL Credit Agreement) and a party hereto from time to time, the “Lead ABL Borrowers”), each additional domestic subsidiary of the Company party hereto from time to time as a Grantor (as hereinafter defined), Bank of
America, N.A. (“BABC”), as administrative agent for the holders of the ABL Obligations (as defined below) (in such capacity, together with its permitted successors and assigns, the “ABL Administrative Agent”) and as
collateral agent for the holders of the ABL Obligations (in such capacity, together with its permitted successors and assigns (including in connection with any Refinancing), the “ABL Collateral Agent”) and Bank of America, N.A.
(“Bank of America”), as administrative agent for the holders of the Initial Fixed Asset Obligations (as defined below) (in such capacity, together with its permitted successors and assigns, the “Initial Fixed Asset
Administrative Agent”) and as collateral agent for the holders of the Initial Fixed Asset Obligations (in such capacity, together with its permitted successors and assigns, the “Initial Fixed Asset Collateral Agent”). 

RECITALS 
 The Lead ABL
Borrowers, the lenders from time to time party thereto and Deutsche Bank AG New York Branch, in its capacity as ABL Administrative Agent and ABL Collateral Agent (each as defined in the Prior Intercreditor Agreement defined below) (the
“Prior ABL Agent”), entered into that certain asset-based revolving credit agreement, dated as of August 13, 2012 (as amended, supplemented or otherwise modified prior to the date hereof, the “Prior ABL Credit
Agreement”), which provided, among other things, for a revolving credit facility to the Lead ABL Borrowers and certain of their non-domestic subsidiaries; 

The Company (as borrower, the “Term Loan Borrower”), the lenders from time to time party thereto, Bank of America, as Initial
Fixed Asset Administrative Agent and Initial Fixed Asset Collateral Agent, have entered into that certain term loan credit agreement, dated as of July 15, 2014 (as amended by the First Amendment, dated as of April 15, 2015, the Second
Amendment, dated as of July 2, 2015, the Incremental Joinder and Amendment Agreement, dated as of April 25, 2016, the Omnibus Refinancing Amendment to Credit Agreement, Security Agreement and Pledge Agreement, dated as of January 30,
2017, the Third Amendment to Credit Agreement dated as of June 29, 2017 and the Increase Joinder and Refinancing Amendment to Credit Agreement, dated as of September 28, 2018 and as further amended, restated, supplemented, amended and
restated, replaced, Refinanced or otherwise modified from time to time in accordance with the terms thereof, the “Initial Fixed Asset Credit Agreement”), providing for a term loan facility; 

 The Lead ABL Borrowers, certain domestic subsidiaries of the Company, the Prior ABL Agent
and Bank of America, as Initial Fixed Asset Administrative Agent and Initial Fixed Asset Collateral Agent (each as defined in the Prior Intercreditor Agreement defined below), entered into that certain ABL/Term Intercreditor Agreement, dated as of
July 15, 2014 (as amended, supplemented or otherwise modified prior to the date hereof, the “Prior Intercreditor Agreement”); 

The Lead ABL Borrowers, the lenders from time to time party thereto and BABC, as ABL Administrative Agent and ABL Collateral Agent, have
entered into that certain ABL credit agreement, dated as of October 28, 2019 (as amended restated, supplemented, amended and restated, replaced, Refinanced or otherwise modified from time to time in accordance with the terms thereof, the
“ABL Credit Agreement” and, together with the Initial Fixed Asset Credit Agreement, the “Credit Agreements”), providing for (x) a revolving credit facility to the Lead ABL Borrowers and certain of their non-domestic subsidiaries in replacement of the Prior ABL Credit Agreement and (y) the Refinancing of the ABL Obligations (as defined in the Prior Intercreditor Agreement); 

Pursuant to a New Debt Notice (as defined in the Prior Intercreditor Agreement), dated the date hereof, delivered in accordance with
Section 5.05 of the Prior Intercreditor Agreement, the Lead ABL Borrowers have provided Bank of America, as Initial Fixed Asset Administrative Agent and Initial Fixed Asset Collateral Agent (each as defined in the Prior Intercreditor Agreement)
with notice that the Lead ABL Borrowers have Refinanced the ABL Obligations (as defined in the Prior Intercreditor Agreement) pursuant to the ABL Credit Agreement and the other ABL Credit Document (the “Refinancing Notice”); 

As a result of the Refinancing Notice, the obligations under the Refinancing (as defined in the Prior Intercreditor Agreement) pursuant to the
ABL Credit Agreement and the other ABL Credit Documents automatically became ABL Obligations for all purposes of the Prior Intercreditor Agreement, including for purposes of the lien priorities and rights in respect of Collateral (as defined in the
Prior Intercreditor Agreement) set forth therein, and BABC, as administrative agent and collateral agent under the ABL Credit Agreement, automatically became the ABL Administrative Agent and ABL Collateral Agent (each as defined in the Prior
Intercreditor Agreement) for all purposes of the Prior Intercreditor Agreement, in each case, as provided in Section 5.05 of the Prior Intercreditor Agreement (collectively, the “Automatic Joinder Provisions”); 

The ABL Credit Agreement and the Initial Fixed Asset Credit Agreement permit the Lead ABL Borrowers and the Term Loan Borrower, respectively,
to incur additional indebtedness secured by a Lien on the Collateral ranking equal to or junior to the Lien securing the applicable Credit Agreement; 

  
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 In order to further evidence (x) the Automatic Joinder Provisions, (y) the
agreement of BABC, as ABL Administrative Agent and ABL Collateral Agent, to be bound by the terms of the Prior Intercreditor Agreement and (z) the agreement of the ABL Collateral Agent and the Initial Fixed Asset Collateral Agent to the
relative priority of their respective Liens on the Collateral and certain other rights, priorities and interests as set forth in this Agreement, the Lead ABL Borrowers, the subsidiaries of the Company party to the Prior Intercreditor Agreement, the
ABL Administrative Agent, the ABL Collateral Agent, the Initial Fixed Asset Administrative Agent and the Initial Fixed Asset Collateral Agent desire to amend and restate the Prior Intercreditor Agreement, all on and subject to the terms and
conditions contained herein. 
 AGREEMENT 

In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE 1 

DEFINITIONS. 

Section 1.01. Defined Terms. As used in the Agreement, the following terms shall have the following meanings: 

“ABL Administrative Agent” has the meaning assigned to that term in the Preamble of this Agreement. 

“ABL Claimholders” means, at any relevant time, the holders of ABL Obligations at that time, including the ABL Administrative
Agent, the ABL Collateral Agent, the ABL Lenders, the beneficiaries of each indemnification obligation undertaken by any Grantor under any ABL Credit Document and the other “Secured Parties” as defined in the ABL Credit Agreement. 

“ABL Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which
a Lien is granted (or purported to be granted) as security for any ABL Obligations. 
 “ABL Credit Agreement” has the
meaning assigned to that term in the Recitals to this Agreement, including, for the avoidance of doubt, any Refinancing of the ABL Credit Agreement. 

“ABL Collateral Agent” has the meaning assigned to that term in the Preamble of this Agreement. 

“ABL Collateral Documents” means each Guaranty (as defined in the ABL Credit Agreement), the Security Documents (as defined
in the ABL Credit Agreement) and any other agreement, document or instrument pursuant to which a Lien is granted (or purported to be granted) by any Grantor securing any ABL Obligations or under which rights or remedies with respect to such Liens
are governed. 

  
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 “ABL Credit Documents” means the ABL Credit Agreement, the Credit Documents
(as defined in the ABL Credit Agreement), any agreement in respect of any Secured Bank Product Obligations (as defined in the ABL Credit Agreement), any agreement in respect of any Secured Other Letters of Credit Obligations owing to an ABL Secured
Other Letters of Credit Issuer (each as defined in the ABL Credit Agreement) and each of the other agreements, documents and instruments providing for or evidencing any ABL Obligation, and any other document or instrument executed or delivered at
any time in connection with any ABL Obligations, including any intercreditor or joinder agreement among holders of ABL Obligations to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, amended and
restated, replaced, refinanced or otherwise modified from time to time (subject to any limitations set forth in this Agreement). 

“ABL Credit Party” means each “U.S. Loan Party” as defined in the ABL Credit Agreement. 

“ABL Default” means an “Event of Default” or equivalent term as defined in the ABL Credit Agreement. 

“ABL Guarantors” means each “U.S. Guarantor” as defined in the ABL Credit Agreement. 

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

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

“ABL Obligations” means all obligations, indebtedness and liabilities of every nature of each Grantor from time to time owed
to any ABL Claimholders or any of their respective Affiliates under any of the ABL Credit Documents, whether for principal, premium, interest, reimbursements for letters of credit (and obligations to cash collateralize letters of credit), fees,
expenses, indemnification or otherwise and all guarantees of any of the foregoing. “ABL Obligations” shall include all interest, fees and expenses accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation
Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant ABL Credit Document whether or not the claim for such interest, fees or expenses are allowed as a claim in such
Insolvency or Liquidation Proceeding. 
 “ABL Priority Collateral” means the following assets of the Grantors: (a) all
accounts receivable (except to the extent constituting identifiable proceeds of equipment, real property or intellectual property and intercompany loans); (b) all inventory; (c) all instruments, chattel paper and other contracts, in each case,
evidencing, or substituted for, any accounts receivable referred to in clause (a) above or any other ABL Priority 

  
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Collateral in another clause of this definition; (d) all guarantees, letters of credit, security and other credit enhancements in each case for the accounts receivable or any other ABL
Priority Collateral in another clause of this definition; (e) all documents of title for any inventory referred to in clause (b) above; (f) all commercial tort claims and general intangibles in each case to the extent relating to any of
the accounts receivable referred to in clause (a) above, inventory referred to in clause (b) above or any other ABL Priority Collateral in another clause of this definition, but excluding intercompany debt and Capital Stock; (g) all
bank accounts, securities accounts (including all cash and other funds on deposit therein or credited thereto, except to the extent constituting identifiable cash proceeds of the Fixed Asset Priority Collateral or any such account which holds solely
such identifiable cash proceeds of the Fixed Asset Priority Collateral) or Investment Property (excluding intercompany debt and Capital Stock) but excluding any Capital Stock; (h) all tax refunds; (i) all Supporting Obligations, Documents
and books and records relating to any of the foregoing; and (j) all substitutions, replacements, accessions, products or proceeds (including, without limitation, insurance proceeds) of any of the foregoing; provided, however, that
to the extent that identifiable cash Proceeds of Fixed Asset Priority Collateral are deposited or held in any Deposit Accounts or Securities Accounts that constitute ABL Priority Collateral after an Enforcement Notice, then (as (and to the extent)
provided in Section 3.05) such identifiable cash Proceeds shall be treated as Fixed Asset Priority Collateral for purposes of this Agreement. 

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

“Access Acceptance Notice” has the meaning assigned to that term in Section 3.03(b). 

“Access Period” means for each parcel of Mortgaged Premises the period, after the commencement of an Enforcement Period,
which begins on the day that the ABL Collateral Agent provides the Controlling Fixed Asset Collateral Agent with the notice of its election to request access to any Mortgaged Premises pursuant to Section 3.03(b) below and ends on the earliest
of (a) the 180th day after the ABL Collateral Agent obtains the ability to use, take physical possession of, remove or otherwise control the use or access to the Collateral located on such Mortgaged Premises following a Collateral Enforcement
Action plus such number of days, if any, after the ABL Collateral Agent obtains access to such Collateral that it is stayed or otherwise prohibited by law or court order from exercising remedies with respect to Collateral located on such Mortgaged
Premises, (b) the date on which all of the ABL Priority Collateral located on such Mortgaged Premises is sold, collected or liquidated, (c) the date on which the Discharge of ABL Obligations has occurred and (d) the date on which the
ABL Default that was the subject of the applicable Enforcement Notice relating to such Enforcement Period has been cured to the satisfaction of the ABL Collateral Agent, or waived in writing in accordance with the requirements of the ABL Credit
Agreement. 
 “Additional Fixed Asset Claimholders” means, at any relevant time, the holders of Additional Fixed Asset
Obligations at that time. 

  
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 “Additional Fixed Asset Collateral Agent” means, in the case of any
Additional Fixed Asset Instrument and the Additional Fixed Asset Claimholders thereunder, the trustee, administrative agent, collateral agent, security agent or similar agent under such Additional Fixed Asset Instrument that is named as the
Additional Fixed Asset Collateral Agent in respect of such Additional Fixed Asset Instrument hereunder pursuant to a Joinder Agreement. 

“Additional Fixed Asset Collateral Documents” means any security agreements, pledge agreements, collateral assignments,
mortgages, deeds of trust, control agreements, guarantees, notes and any other documents or instruments now existing or entered into after the date hereof that create a Lien on any assets or properties of any Grantor to secure any Additional Fixed
Asset Obligations owed thereunder to any Additional Fixed Asset Claimholders or under which rights or remedies with respect to such Liens are governed. 

“Additional Fixed Asset Debt” means the principal amount of Indebtedness issued or incurred under any Additional Fixed Asset
Instrument. 
 “Additional Fixed Asset Documents” means any Additional Fixed Asset Instrument, Additional Fixed Asset
Collateral Document and any other Credit Document (or equivalent term as defined in any Additional Fixed Asset Instrument) and each of the other agreements, documents and instruments providing for or evidencing any other Additional Fixed Asset
Obligation, including any document or instrument executed or delivered at any time in connection with any Additional Fixed Asset Obligations, including any intercreditor or joinder agreement among the holders of Additional Fixed Asset Obligations,
to the extent such are effective at the relevant time. 
 “Additional Fixed Asset Instrument” means any (a) debt
facilities, indentures or commercial paper facilities providing for revolving credit loans, term loans, notes, debentures, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow
from lenders against such receivables) or letters of credit, (b) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances) or
(c) instruments or agreements evidencing any other indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated,
increased, replaced or refunded in whole or in part from time to time in accordance with each applicable Additional Fixed Asset Instrument and to the extent permitted to be incurred and secured by the ABL Credit Agreement, the Initial Fixed Asset
Credit Agreement and each other Additional Fixed Asset Credit Agreement then in effect; provided that neither the ABL Credit Agreement, the Initial Fixed Asset Credit Agreement nor any Refinancing of any of the foregoing in this proviso shall
constitute an Additional Fixed Asset Instrument at any time. 

  
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 “Additional Fixed Asset Obligations” means all obligations of every nature
of each Grantor from time to time owed to any Additional Fixed Asset Claimholders or any of their respective Affiliates under any Additional Fixed Asset Documents, whether for principal, interest, fees, expenses, indemnification or otherwise and all
guarantees of any of the foregoing, in each case, to the extent permitted to be incurred by the ABL Credit Agreement, the Initial Fixed Asset Credit Agreement and each other Additional Fixed Asset Credit Agreement then in effect. “Additional
Fixed Asset Obligations” shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with
the rate specified in the relevant Additional Fixed Asset Document whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding. 

“Additional Fixed Asset Secured Parties” means, at any time, any trustees, agents and other representatives of the holders of
any Additional Fixed Asset Debt, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Additional Fixed Asset Document and each other holder of, or obligee in respect of, any holder or lender pursuant to any
Additional Fixed Asset Document outstanding at such time. 
 “Affiliate” means, with respect to any Person, any other
Person directly or indirectly controlling (including, but not limited to, all directors and officers of such Person), controlled by, or under direct or indirect common control with, such Person. A Person shall be deemed to control another Person if
such Person possesses, directly or indirectly, the power (i) to vote 10% or more of the securities having ordinary voting power for the election of directors (or equivalent governing body) of such Person or (ii) to direct or cause the
direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning assigned to that term in the Preamble of this Agreement. 

“Automatic Joinder Provisions” has the meaning assigned to that term in the Recitals to this Agreement. 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect,
or any successor statute. 
 “Bankruptcy Law” means each of the Bankruptcy Code, any similar federal, state or foreign
laws, rules or regulations for the relief of debtors or any liquidation, conservatorship, bankruptcy, reorganization, insolvency, moratorium, rearrangement, receivership or assignment for the benefit of creditors or any other marshalling of the
assets and liabilities of any Person and any similar laws, rules or regulations relating to or affecting the enforcement of creditors’ rights generally. 

“Borrowers” means the Term Loan Borrower and the Lead ABL Borrowers (each, a “Borrower”). 

“Business Day” means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of
New York or is a day on which banking institutions located in such state are authorized or required by law or other governmental action to close. 

  
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 “Capital Stock” of any Person means any and all shares, interests, rights
to purchase, warrants, options, participation or other equivalents of or interest in (however designated) equity of such Person, including any common stock, preferred stock, any limited or general partnership interest and any limited liability
company membership interest, but excluding, for the avoidance of doubt, any Permitted Convertible Notes (as defined in the ABL Credit Agreement) to the extent that the same have not yet been converted into shares of Company common stock. 

“Cash Management Control Agreement” has the meaning assigned to that term in the ABL Credit Agreement. 

“Claimholders” means, collectively, the ABL Claimholders and the Fixed Asset Claimholders. 

“Collateral” means all of the assets and property of any Grantor, whether real (or immovable), personal (or movable) or
mixed, upon which a Lien has been granted or purported to be granted pursuant to any ABL Collateral Document or Fixed Asset Collateral Document. 

“Collateral Agents” means, collectively, (a) the ABL Collateral Agent, (b) the Initial Fixed Asset Collateral Agent
and (c) each Additional Fixed Asset Collateral Agent. 
 “Collateral Enforcement Action” means, collectively or
individually for one or more of the Collateral Agents, when an ABL Default or a Fixed Asset Default, as the case may be, has occurred and is continuing, whether or not in consultation with any other Collateral Agent, any action by any Collateral
Agent to repossess or join any Person in repossessing, or exercise or join any Person in exercising, or institute or maintain or participate in any action or proceeding with respect to, any remedies with respect to any Collateral or commence the
judicial enforcement of any of the rights and remedies under the Credit Documents or under any applicable law, but in all cases (a) including, without limitation, (i) instituting or maintaining, or joining any Person in instituting or
maintaining, any enforcement, contest, protest, attachment, collection, execution, levy, power of sale or foreclosure action or proceeding, or other equivalent action or proceeding with respect to any Collateral, whether under any Credit Document or
otherwise, (ii) exercising any right of set-off with respect to any Credit Party or (iii) exercising any remedy under any Cash Management Control Agreement, Landlord Personal Property Collateral
Access Agreement (as defined in the ABL Credit Agreement) or similar agreement or arrangement and (b) excluding the imposition of a default rate or late fee; provided, that notwithstanding anything to the contrary in the foregoing, the
exercise of rights or remedies by the ABL Collateral Agent under any Cash Management Control Agreement during a Dominion Period (as defined in the ABL Credit Agreement) shall not constitute a Collateral Enforcement Action under this Agreement. 

  
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 “Company” has the meaning set forth in the Preamble to this Agreement. 

“Controlling Additional Fixed Asset Collateral Agent” means the Additional Fixed Asset Collateral Agent of the Series of
Additional Fixed Asset Obligations that constitutes the largest outstanding principal amount of any then outstanding Series of Additional Fixed Asset Obligations. 

“Controlling Fixed Asset Collateral Agent” means (a) until the Discharge of Initial Fixed Asset Obligations has
occurred, the Initial Fixed Asset Collateral Agent and (b) from and after the Discharge of Initial Fixed Asset Obligations has occurred, the Controlling Additional Fixed Asset Collateral Agent. 

“Copyrights” means all: (a) copyrights (whether statutory or common law, whether registered or unregistered and whether
published or unpublished) all mask works (as such term is defined in 17 U.S.C. Section 901, et seq.), and all copyright registrations and applications therefor; (b) rights and privileges arising under applicable law with respect to such
copyrights; and (c) renewals and extensions thereof and amendments thereto. 
 “Credit Documents” means, collectively,
the ABL Credit Documents and the Fixed Asset Documents. 
 “Credit Party” means each ABL Credit Party and each Fixed Asset
Credit Party. 
 “Deposit Account” as defined in the UCC. 

“DIP Financing” has the meaning assigned to that term in Section 6.01. 

“Discharge of ABL Obligations” means, except to the extent otherwise expressly provided in Section 5.05: 

(a) payment in full in cash of the principal of, premium, if any, interest (including Post-Petition Interest) and fees on, and all
reimbursements of drawn letters of credit in respect of, all Indebtedness outstanding under the ABL Credit Documents and constituting ABL Obligations (other than (i) undrawn letters of credit issued under the ABL Credit Agreement to the extent
that such letters of credit have been cash collateralized or backstopped on terms reasonably satisfactory to the ABL Administrative Agent and the issuer thereof as provided in clause (d) below and (ii) Secured Bank Product Obligations (as
defined in the ABL Credit Documents) and/or Secured Other Letters of Credit Obligations owing to an ABL Secured Other Letters of Credit Issuer (each as defined in the ABL Credit Documents) in respect of which arrangements have been made that are
satisfactory to the applicable Secured Bank Product Provider or ABL Secured Other Letters of Credit Issuer have been made or the express provisions of such Secured Bank Product Obligations or Secured Other Letters of Credit Obligations owing to an
ABL Secured Other Letters of Credit Issuer shall not require the related ABL Obligations to be repaid or cash collateralized at such time); 

  
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 (b) payment in full in cash of all other ABL Obligations that are due and payable or
otherwise accrued and owing at or prior to the time such principal, premium, interest, fees and reimbursements are paid (other than (i) contingent indemnification obligations for which no claim has been made, (ii) undrawn letters of credit
issued under the ABL Credit Agreement to the extent that such letters of credit have been cash collateralized or backstopped on terms reasonably satisfactory to the ABL Administrative Agent and the issuer thereof as provided in clause (d) below
and (iii) Secured Bank Product Obligations (as defined in the ABL Credit Documents) and/or Secured Other Letters of Credit Obligations owing to an ABL Secured Other Letters of Credit Issuer (each as defined in the ABL Credit Documents) in
respect of which arrangements have been made that are satisfactory to the applicable Secured Bank Product Provider or ABL Secured Other Letters of Credit Issuer have been made or the express provisions of such Secured Bank Product Obligations or
Secured Other Letters of Credit Obligations owing to an ABL Secured Other Letters of Credit Issuer shall not require the related ABL Obligations to be repaid or cash collateralized at such time); 

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

(d) termination of all letters of credit issued under the ABL Credit Agreement and constituting ABL Obligations or providing cash collateral or
backstop letters of credit acceptable to the ABL Administrative Agent and the issuer thereof in an amount equal to 105% of the applicable outstanding reimbursement obligation (in a manner reasonably satisfactory to the ABL Administrative Agent and
the issuer thereof). 
 “Discharge of Fixed Asset Obligations” means, except to the extent otherwise expressly provided in
Section 5.05: 
 (a) payment in full in cash of the principal of and interest (including Post-Petition Interest), on all Indebtedness
outstanding under Fixed Asset Documents and constituting Fixed Asset Obligations; 
 (b) payment in full in cash of all other Fixed Asset
Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than contingent indemnification obligations for which no claim has been made and obligations under any Swap
Contract, or any comparable terms under any other Fixed Asset Document); and 
 (c) termination or expiration of all commitments, if any, to
extend credit that would constitute Fixed Asset Obligations. 
 “Discharge of Initial Fixed Asset Obligations” means,
except to the extent otherwise expressly provided in Section 5.05: 
 (a) payment in full in cash of the principal of and interest
(including Post-Petition Interest), on all Indebtedness outstanding under Initial Fixed Asset Documents and constituting Initial Fixed Asset Obligations; 

  
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 (b) payment in full in cash of all other Initial Fixed Asset Obligations that are due and
payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than contingent indemnification obligations for which no claim has been made); and 

(c) termination or expiration of all commitments, if any, to extend credit that would constitute Initial Fixed Asset Obligations. 

“Disposition” has the meaning assigned to that term in Section 5.01(b). 

“Documents” as defined in the UCC. 

“Domestic Subsidiary” of any Person means any Subsidiary of such Person incorporated or organized in the United States or any
State thereof or the District of Columbia (other than any such Subsidiary where all or substantially all of its assets consist of Equity Interests of one or more Foreign Subsidiaries (for this purpose, determined without giving effect to this
parenthetical) that are controlled foreign corporations as defined in Section 957 of the United States Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and ruling issued thereunder). 

“Enforcement Notice” means a written notice delivered, at a time when an ABL Default or a Fixed Asset Default has occurred
and is continuing, by either (a) in the case of an ABL Default, the ABL Collateral Agent to the Controlling Fixed Asset Collateral Agent or (b) in the case of a Fixed Asset Default, the Controlling Fixed Asset Collateral Agent to the ABL
Collateral Agent, in each case, announcing that an Enforcement Period has commenced and specifying the relevant event of default or defaults. 

“Enforcement Period” means the period of time following the receipt by either the ABL Collateral Agent or the Controlling
Fixed Asset Collateral Agent of an Enforcement Notice until the earliest of (a) in the case of an Enforcement Period commenced by the Controlling Fixed Asset Collateral Agent, the occurrence of the Discharge of Fixed Asset Obligations,
(b) in the case of an Enforcement Period commenced by the ABL Collateral Agent, the occurrence of the Discharge of ABL Obligations, (c) the ABL Collateral Agent or the Controlling Fixed Asset Collateral Agent (as applicable) agrees in
writing to terminate the Enforcement Period or (d) the date on which the ABL Default or the Fixed Asset Default that was the subject of the Enforcement Notice relating to such Enforcement Period has been cured to the satisfaction of the ABL
Collateral Agent or the Controlling Fixed Asset Collateral Agent, as applicable, or waived in writing in accordance with the requirements of the applicable Credit Documents. 

“Fair Market Value” means, with respect to any asset (including any Capital Stock of any Person), (i) the price thereof to
the extent that the same is readily available on an active trading market or (ii) if such price is not so readily available, the price at which a willing buyer, not an Affiliate of the seller, and a willing seller who does not have to sell,
would agree to purchase and sell such asset, as determined in good faith by the board of directors or other governing body or, pursuant to a specific delegation of authority by such board of directors or governing body, a designated senior executive
officer, of the Company or the Subsidiary of the Company selling such asset. 

  
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 “Fixed Asset Claimholders” means, at any relevant time, the holders of
Fixed Asset Obligations at that time, including each Fixed Asset Collateral Agent. 
 “Fixed Asset Credit Party” means the
Company and each Fixed Asset Guarantor that is a Grantor. 
 “Fixed Asset Collateral” means all of the assets and property
of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted (or purported to be granted) as security for any Fixed Asset Obligations. 

“Fixed Asset Collateral Agents” means the Initial Fixed Asset Collateral Agent and each Additional Fixed Asset Collateral
Agent. 
 “Fixed Asset Collateral Documents” means the Initial Fixed Asset Collateral Documents and any Additional Fixed
Asset Collateral Documents. 
 “Fixed Asset Default” means an “Event of Default” or equivalent term (as defined
in any of the Fixed Asset Documents). 
 “Fixed Asset Documents” means the Initial Fixed Asset Documents and any Additional
Fixed Asset Documents. 
 “Fixed Asset Facility Agreement” means the Initial Fixed Asset Credit Agreement and any
Additional Fixed Asset Instrument. 
 “Fixed Asset Guarantors” means each “Guarantor” as defined in the Initial
Fixed Asset Credit Agreement. 
 “Fixed Asset Mortgages” means a collective reference to each mortgage, deed of trust and
other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any Fixed Asset Obligations or (except for this Agreement) under which rights or remedies with respect to any such Liens are
governed. 
 “Fixed Asset Obligations” means the Initial Fixed Asset Obligations and any Additional Fixed Asset
Obligations. 
 “Fixed Asset Priority Collateral” means all Collateral of the Grantors other than the ABL Priority
Collateral and includes, without limitation, (a) all shares of Capital Stock (or other ownership or profit interests) held by the Company or any Guarantor, (b) all debt owed to the Company or any Guarantor that does not constitute ABL
Priority Collateral, (c) machinery, equipment and other goods (other than Inventory and other ABL Priority Collateral), owned real estate and Intellectual Property (subject to the rights of the ABL Collateral Agent under Sections 3.03 and 3.04)
and (d) all proceeds and products of the foregoing (unless constituting ABL Priority Collateral). 

  
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 “Fixed Asset Secured Parties” means the Initial Fixed Asset Secured Parties
and any Additional Fixed Asset Secured Parties. 
 “Fixed Asset Standstill Period” has the meaning set forth in
Section 3.01(a)(i). 
 “Foreign Subsidiary” of any Person means any Subsidiary of such Person that is not a Domestic
Subsidiary of such Person. 
 “Governmental Authority” means the government of the United States of America, Canada, any
other nation or any political subdivision thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory
or administrative powers or functions of or pertaining to government. 
 “Grantors” means the Borrowers, each other
Guarantor and each other Person that is organized under the laws of the United States of America, any State thereof or the District of Columbia that has or may from time to time hereafter execute and deliver a Fixed Asset Collateral Document or an
ABL Collateral Document as a “grantor” or “pledgor” (or the equivalent thereof). 
 “Guarantor” means
the Fixed Asset Guarantors and the ABL Guarantors. 
 “Indebtedness” means and includes all ABL Obligations or Fixed Asset
Obligations that constitute “Indebtedness” within the meaning of the Initial Fixed Asset Credit Agreement, the ABL Credit Agreement or any Additional Fixed Asset Instrument, as applicable. 

“Initial Fixed Asset Administrative Agent” has the meaning assigned to that term in the Preamble of this Agreement. 

“Initial Fixed Asset Claimholders” means, at any relevant time, the holders of Initial Fixed Asset Obligations at that time,
including the “Secured Parties” as defined in the Initial Fixed Asset Security Agreement. 
 “Initial Fixed Asset
Collateral Documents” means the “Collateral Documents” (as defined in the Initial Fixed Asset Credit Agreement) and any other agreement, document or instrument pursuant to which a Lien is granted (or purported to be granted)
securing any Initial Fixed Asset Obligations or under which rights or remedies with respect to such Liens are governed. 
 “Initial
Fixed Asset Credit Agreement” has the meaning assigned to that term in the Recitals to this Agreement. 
 “Initial Fixed
Asset Documents” means the Initial Fixed Asset Credit Agreement, the Initial Fixed Asset Collateral Documents and the other Loan Documents (as defined in the Initial Fixed Asset Credit Agreement) and each of the other agreements, documents
and instruments providing for or evidencing any other Initial Fixed Asset Obligation, including, to the extent applicable, any other document or instrument executed or delivered at any time in connection with any Initial Fixed Asset Obligations,
including any intercreditor or joinder agreement among holders of Initial Fixed Asset Obligations, to the extent such are effective at the relevant time. 

  
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 “Initial Fixed Asset Lenders” means “Lenders” as defined under
the Initial Fixed Asset Credit Agreement. 
 “Initial Fixed Asset Obligations” means all obligations of every nature of
each Grantor from time to time owed to any Initial Fixed Asset Claimholders or any of their respective Affiliates under the Initial Fixed Asset Documents, whether for principal, interest, fees, expenses, indemnification or otherwise and all
guarantees of any of the foregoing. “Initial Fixed Asset Obligations” shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after commencement of an
Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant Initial Fixed Asset Document whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding. 

“Initial Fixed Asset Secured Parties” means, at any time, the Initial Fixed Asset Administrative Agent, the Initial Fixed
Asset Collateral Agent, the trustees, agents and other representatives of the holders of the Initial Fixed Asset Obligations (including any holders of Initial Fixed Asset Obligations pursuant to supplements executed in connection with the incurrence
of additional Indebtedness under the Initial Fixed Asset Credit Agreement), the beneficiaries of each indemnification obligation undertaken by any Grantor under any Initial Fixed Asset Document and each other holder of, or obligee in respect of, any
holder or lender pursuant to any Initial Fixed Asset Document outstanding at such time. 
 “Initial Fixed Asset Security
Agreement” means the Security Agreement, dated as of the date hereof, among the Term Loan Borrower, each of the other Grantors from time to time party thereto and the Initial Fixed Asset Collateral Agent, as it may be amended, supplemented
or otherwise modified from time to time. 
 “Insolvency or Liquidation Proceeding” means: 

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

(b) any other voluntary or involuntary insolvency, reorganization, winding-up or bankruptcy case or
proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of their respective assets (other than any voluntary merger or consolidation,
liquidation, windup or dissolution not involving bankruptcy that is expressly permitted pursuant to the terms of each ABL Credit Agreement and each Fixed Asset Facility Agreement); 

  
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 (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether
voluntary or involuntary and whether or not involving insolvency or bankruptcy (other than any voluntary merger or consolidation, liquidation, windup or dissolution not involving bankruptcy that is expressly permitted pursuant to the terms of each
ABL Credit Agreement and each Fixed Asset Facility Agreement); 
 (d) any case or proceeding seeking arrangement, adjustment, protection,
relief or composition of any debt or other property of any Grantor; 
 (e) any case or proceeding seeking the entry of an order of relief or
the appointment of a custodian, receiver, trustee or other similar proceeding with respect to any Grantor or any property or Indebtedness of any Grantor; or 

(f) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 

“Intellectual Property” means (a) all intellectual and similar property of any Grantor of every kind and nature now
owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, Software, Trade Secrets, confidential or proprietary technical and business information,
know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, registrations and franchises,
and all additions, improvements and accessions to, and books and records describing or used in connection with, any of the foregoing; (b) rights corresponding to any of the foregoing throughout the world, including as provided by international
treaties or conventions, and all other rights of any kind whatsoever accruing thereunder or pertaining thereto; (c) income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect to any of the foregoing,
including damages and payments for past and future infringements, misappropriations, or other violations thereof; and (d) rights to sue for past, present, and future infringements, misappropriations, or other violations of any of the foregoing,
including the right to settle suits involving claims and demands for royalties owing. 
 “Inventory” shall have the meaning
set forth in the ABL Credit Agreement (as in effect on the date hereof). 
 “Investment Property” means “investment
property” as such term is defined in the UCC as in effect on the date hereof in the State of New York. 
 “Joinder
Agreement” means an agreement substantially in the form of Exhibit A, or in a form otherwise acceptable to each Collateral Agent, after giving effect to Sections 5.03 and 5.06, as applicable 

“Joint Venture” means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other
legal form. 
 “Lead ABL Borrowers” has the meaning assigned to such term in the Recitals of this Agreement. 

  
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 “Licenses” means any and all licenses, agreements, consents, orders,
franchises and similar arrangements in respect of the licensing, development, use or disclosure of any Intellectual Property. 

“Lien” shall have the meaning set forth in the ABL Credit Agreement (as in effect on the date hereof). 

“Mortgaged Premises” means any real property which shall now or hereafter be subject to a Fixed Asset Mortgage. 

“New Agent” has the meaning assigned to that term in Section 5.05. 

“New Debt Notice” has the meaning assigned to that term in Section 5.05. 

“Non-Controlling Fixed Asset Collateral Agent” means each Fixed Asset Collateral
Agent other than the Controlling Fixed Asset Collateral Agent. 
 “Notice of Occupancy” has the meaning assigned to that
term in Section 3.03(b). 
 “Obligations” means the ABL Obligations or the Fixed Asset Obligations, as the case may
be. 
 “Patents” means all (a) industrial designs, letters patent, certificates of inventions, all registrations and
recordings thereof, and all applications for letters patent, and (b) reissues, continuations, divisions, continuations-in-part, renewals or extensions thereof, and
the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein and all improvements thereto. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Pledged Collateral” has the meaning set forth in Section 5.04.

 “Post-Petition Interest” means interest, fees, expenses and other charges that pursuant to the Fixed Asset Documents or
the ABL Credit Documents, continue to accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest, fees, expenses and other charges are allowed or allowable under the Bankruptcy Law or in any such
Insolvency or Liquidation Proceeding. 
 “Prior ABL Agent” has the meaning assigned to that term in the Recitals to this
Agreement. 
 “Prior ABL Credit Agreement” has the meaning assigned to that term in the Recitals to this Agreement. 

“Prior Intercreditor Agreement” has the meaning assigned to that term in the Recitals to this Agreement. 

  
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 “Priority Collateral” with respect to (a) the ABL Claimholders, all
ABL Priority Collateral and (b) the Fixed Asset Claimholders, all Fixed Asset Priority Collateral. 
 “Proceeds” means
all “proceeds” as such term is defined in the UCC and, in any event, shall also include, but not be limited to, (a) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to any Collateral Agent or any Grantor
from time to time with respect to any of the Collateral, (b) any and all payments (in any form whatsoever) made or due and payable to any Grantor from time to time in connection with any requisition, confiscation, condemnation, seizure or
forfeiture of all or any part of the Collateral by any governmental authority (or any person acting under color of governmental authority) and (c) any and all other amounts from time to time paid or payable under or in connection with any of
the Collateral. 
 “Real Estate Asset” means, at any time of determination, any interest (fee, leasehold or otherwise) then
owned by any Credit Party in any real property. 
 “Recovery” has the meaning assigned to that term in Section 6.04.

 “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement,
restructure, replace, refund or repay, or to issue other indebtedness, in exchange or replacement for, such Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Refinancing Notice” has the meaning assigned to that term in the Recitals to this Agreement. 

“Security” and “Securities” means all present and future “securities” as such term is defined in
Article 8 of the UCC. 
 “Securities Account” as defined in the UCC. 

“Series” means, with respect to any Fixed Asset Obligations, each of (a) the Initial Fixed Asset Obligations and
(b) the Additional Fixed Asset Obligations incurred pursuant to any Additional Fixed Asset Document, which pursuant to any Joinder Agreement, are to be represented hereunder by a common Additional Fixed Asset Collateral Agent (in its capacity
as such for such Additional Fixed Asset Obligations). 
 “Subsidiary” means, as to any Person, (i) any corporation
more than 50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such
corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person and/or one or more Subsidiaries of such Person or (ii) any partnership, limited liability company, association,
joint venture or other entity in which such Person and/or one or more Subsidiaries of such Person has more than a 50% equity interest at the time. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries”
in this Agreement shall refer to a Subsidiary or Subsidiaries of the Company. 

  
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 “Supporting Obligations” as defined in the UCC. 

“Swap Contract” means any interest rate protection agreement. 

“Trade Secrets” means any confidential and proprietary information, including inventions, formulae, algorithms, production
procedures, know-how, methods, techniques, marketing, plans, analyses, proposals, customer lists, supplier lists, specifications, models, personal information, data collections, source code and object code of
a Grantor worldwide whether written or not. 
 “Trademarks” means all: (a) trademarks, service marks, certification
marks, domain names and associated URLs, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, slogans, other source or business identifiers, designs and general intangibles of like
nature, all registrations and recordings thereof, and all registrations and applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office that are listed in Annex
G, (b) all extensions or renewals of any of the foregoing, (c) goodwill associated therewith or symbolized thereby, (d) other assets, rights and interests that uniquely reflect or embody such goodwill, and (e) rights and
privileges arising under applicable law with respect to the use of any of the foregoing. 
 “Trustee” has the meaning
assigned to such term in the Recitals. 
 “UCC” means the Uniform Commercial Code as from time to time in effect in the
State of New York; provided, however, that, in the event that, by reason of mandatory provisions of law, any of the attachment, perfection or priority of any Collateral Agent’s or any secured party’s security interest in any
Collateral is governed by the Uniform Commercial Code as in effect from time to time in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for
purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions related to such provisions. 

Section 1.02. Terms Generally. The definitions of terms in this Agreement shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise: 

(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, restated, supplemented, modified, renewed or extended in accordance with the terms of this Agreement (including in connection with any Refinancing); 

(b) any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns; 

  
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 (c) the words “herein”, “hereof’ and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof; 
 (d) all
references herein to Sections shall be construed to refer to Sections of this Agreement; 
 (e) all references to terms defined in the UCC in
effect in the State of New York shall have the meaning ascribed to them therein (unless otherwise specifically defined herein); and 
 (f)
the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible (or corporeal) and intangible (or incorporeal) assets and properties, including cash, securities,
accounts and contract rights. 
 Section 1.03. Foreign Collateral. Notwithstanding anything to the contrary contained herein,
each Fixed Asset Collateral Agent, on behalf of itself and the applicable Fixed Asset Claimholders, acknowledges and agrees that (i) certain Foreign Subsidiaries of the Company may from time to time be obligors or guarantors under the ABL
Credit Documents and may grant Liens on their assets under the ABL Credit Documents, (ii) such Foreign Subsidiaries are not obligors or guarantors under the Fixed Asset Documents and have not granted any Liens on their assets under the Fixed
Asset Documents, (iii) the terms “Credit Party”, “Grantor”, “Borrower” or “Guarantor” hereunder shall not include such Foreign Subsidiaries, (iv) the terms “ABL Priority Collateral”,
“Fixed Asset Priority Collateral” and “Collateral” shall not include any assets or property of such Foreign Subsidiaries, and (iv) the ABL Collateral Agent and the other ABL Claimholders shall be free to deal with the assets
and properties of such Foreign Subsidiaries (including the exercise of any remedies with respect thereto) and retain and/or apply the proceeds thereof without regard to any of the provisions or restrictions set forth in this Agreement. 

ARTICLE 2 
 LIEN
PRIORITIES. 
 Section 2.01. Relative Priorities. Notwithstanding the date, time, method, manner or order of
grant, attachment or perfection of any Liens securing the Fixed Asset Obligations granted on the Collateral or of any Liens securing the ABL Obligations granted on the Collateral and notwithstanding any provision of any UCC, or any other applicable
law or the ABL Loan Documents or the Fixed Asset Documents or any defect or deficiencies (or alleged defect or deficiency) in, or failure to perfect, the Liens securing the ABL Obligations or Fixed Asset Obligations or any other circumstance
whatsoever, the ABL Collateral Agent, on behalf of itself and/or the ABL Claimholders, and each Fixed Asset Collateral Agent, on behalf of itself and/or the applicable Fixed Asset Claimholders, hereby each agrees that: 

  
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 (a) any Lien of the ABL Collateral Agent on the ABL Priority Collateral, whether now or
hereafter held by or on behalf of the ABL Collateral Agent or any ABL Claimholders or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in
all respects and prior to all Liens on the ABL Priority Collateral securing any Fixed Asset Obligations and, accordingly, each Fixed Asset Collateral Agent and each Fixed Asset Claimholder, as applicable, cedes priority of rank of their respective
Liens in favor of any Lien of the ABL Collateral Agent and, as applicable, any Lien of the ABL Claimholders, in all respects necessary to achieve the foregoing priority; and 

(b) any Lien of any Fixed Asset Collateral Agent on the Fixed Asset Priority Collateral, whether now or hereafter held by or on behalf of such
Fixed Asset Collateral Agent, any Fixed Asset Claimholder or any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to
all Liens on the Fixed Asset Priority Collateral securing any ABL Obligations and, accordingly, the ABL Collateral Agent and each ABL Claimholder, as applicable, cedes priority of rank of their respective Liens in favor of any Lien of each Fixed
Asset Collateral Agent and, as applicable, any Lien of the Fixed Asset Claimholders, in all respects necessary to achieve the foregoing priority. 

Section 2.02. Prohibition on Contesting Liens. Each Fixed Asset Collateral Agent, for itself and on behalf of each applicable
Fixed Asset Claimholder, and the ABL Collateral Agent, for itself and on behalf of each ABL Claimholder, agrees that it will not (and hereby waives any right to) take any action to challenge, contest or support any other Person in contesting or
challenging (directly or indirectly), in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the ABL Claimholders or any of the Fixed
Asset Claimholders in the Collateral, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Collateral Agent or any ABL Claimholder or Fixed Asset Claimholder to
enforce this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the Obligations as provided in Sections 2.01, 3.01 and 3.02. 

Section 2.03. No New Liens. Until the Discharge of ABL Obligations and the Discharge of Fixed Asset Obligations have occurred,
whether or not any Insolvency or Liquidation Proceeding has been commenced by or against one or more of the Borrowers or any other Grantor, the parties hereto acknowledge and agree that, except as expressly provided in any Additional Fixed Asset
Document which may provide for such Additional Fixed Asset Obligations to exclude Collateral (but not to include any assets that do not secure the ABL Obligations and Initial Fixed Asset Obligations), it is their intention that: 

(a) there shall be no Liens on any asset or property of any Grantor to secure any Fixed Asset Obligation unless a Lien on such asset or
property of such Grantor also secures the ABL Obligations; 
 (b) there shall be no Liens on any asset or property of any Grantor to secure
any ABL Obligations unless a Lien on such asset or property of such Grantor also secures the Fixed Asset Obligations. 

  
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 To the extent any additional Liens are granted on any such asset or property of a Grantor as described
above, the priority of such additional Liens shall be determined in accordance with Section 2.01. In addition, to the extent that Liens are granted on any such asset or property of a Grantor to secure any Fixed Asset Obligation or ABL
Obligation, as applicable, and a corresponding Lien is not granted to secured the ABL Obligations or Fixed Charge Obligations, as applicable, without limiting any other rights and remedies available hereunder, the ABL Collateral Agent, on behalf of
the ABL Claimholders and each Fixed Asset Collateral Agent, on behalf of the applicable Fixed Asset Claimholders, agree that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this
Section 2.03 shall be subject to Section 4.02. 
 Section 2.04. Similar Liens and Agreements. The parties hereto agree
that it is their intention that, except as expressly provided in any Additional Fixed Asset Document which may provide for such Additional Fixed Asset Obligations to exclude Collateral (but not to include any assets that do not secure the ABL
Obligations and Initial Fixed Asset Obligations), the ABL Collateral and the Fixed Asset Collateral be identical. In furtherance of the foregoing and of Section 8.08, the parties hereto agree, subject to the other provisions of this Agreement:

 (a) upon request by the ABL Collateral Agent or any Fixed Asset Collateral Agent, to cooperate in good faith (and to direct their counsel
to cooperate in good faith) from time to time in order to determine the specific items included in the ABL Collateral and the Fixed Asset Collateral and the steps taken to perfect their respective Liens thereon and the identity of the respective
parties obligated under the ABL Credit Documents and the Fixed Asset Documents; and 
 (b) that the ABL Collateral Documents (other than the
Cash Management Control Agreements), taken as a whole, and the Fixed Asset Collateral Documents (other than as expressly provided in any Additional Fixed Asset Document), taken as a whole, shall be in all material respects the same forms of
documents other than with respect to differences to reflect the nature of the lending arrangements and the first and second lien nature of the Obligations thereunder with respect to the Fixed Asset Priority Collateral and the ABL Priority
Collateral. 
 Section 2.05. Perfection of Liens. With respect to any portion of the Collateral, (a) neither the ABL
Collateral Agent nor any ABL Claimholder shall be responsible for perfecting and maintaining the perfection of Liens with respect to the Collateral for the benefit of any Fixed Asset Collateral Agent or any Fixed Asset Claimholders and
(b) neither the Fixed Asset Collateral Agent nor any Fixed Asset Claimholder shall be responsible for perfecting and maintaining the perfection of Liens with respect to the Collateral for the benefit of any ABL Collateral Agent or any ABL
Claimholders (in either case, without limiting the agreements set forth in Section 5.04). The provisions of this Agreement are intended solely to govern the respective Lien priorities as between the ABL Claimholders as a class on the one hand,
and the Fixed Asset Claimholders, as a class on the other hand, and shall not impose on the ABL Collateral Agent, the ABL Administrative Agent, any Fixed Asset Collateral Agent, the Initial Fixed Asset

  
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Administrative Agent, the ABL Lenders, the ABL Claimholders, the Initial Fixed Asset Lenders or the Fixed Asset Claimholders or any agent or trustee therefor any obligations in respect of the
disposition of proceeds of any Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. 

ARTICLE 3 

ENFORCEMENT. 

Section 3.01. Exercise of Remedies – Restrictions on Fixed Asset Collateral Agents. (a) Until the Discharge of ABL
Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the Fixed Asset Collateral Agents and the Fixed Asset Claimholders: 

(i) will not exercise or seek to exercise any rights or remedies with respect to any ABL Priority Collateral (including the
exercise of any right of set-off or any right under any lockbox agreement or any control agreement with respect to Deposit Accounts or Securities Accounts) or institute any action or proceeding with respect to
such rights or remedies (including any action of foreclosure); provided, however, that the Controlling Fixed Asset Collateral Agent may exercise any or all such rights or remedies after the passage of a period of at least 180 days has
elapsed since the later of: (A) the date on which any Fixed Asset Collateral Agent declared the existence of a Fixed Asset Default and demanded the repayment of all the principal amount of any Fixed Asset Obligations; and (B) the date on
which the ABL Collateral Agent received notice from such Controlling Fixed Asset Collateral Agent of such declaration of a Fixed Asset Default (the “Fixed Asset Standstill Period”); provided, further, however,
that notwithstanding anything herein to the contrary, in no event shall any Fixed Asset Collateral Agent or any Fixed Asset Claimholder exercise any rights or remedies with respect to the ABL Priority Collateral if, notwithstanding the expiration of
the Fixed Asset Standstill Period, the ABL Collateral Agent or ABL Claimholders shall have commenced and be diligently pursuing the exercise of their rights or remedies with respect to all or any material portion of such Collateral (prompt notice of
such exercise to be given to the Controlling Fixed Asset Collateral Agent); 
 (ii) will not contest, protest or object to,
or otherwise interfere with, any foreclosure proceeding or action brought by the ABL Collateral Agent or any ABL Claimholder or any other exercise by the ABL Collateral Agent or any ABL Claimholder of any rights and remedies relating to the ABL
Priority Collateral, whether under the ABL Credit Documents or otherwise; and 
 (iii) subject to their rights under clause
(a)(i) above and except as may be permitted in Section 3.01(c), will not object to the forbearance by the ABL Collateral Agent or any of the ABL Claimholders from bringing or pursuing any Collateral Enforcement Action; 

  
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 provided, however, that, in the case of (A), (ii) and (iii) above, the Liens granted to
secure the Fixed Asset Obligations of the Fixed Asset Claimholders shall attach to the Proceeds thereof subject to the relative priorities described in Article 2. 

(b) Until the Discharge of ABL Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or
against any Grantor, each Fixed Asset Collateral Agent, for itself and on behalf of the applicable Fixed Asset Claimholders, agrees that the ABL Collateral Agent and the ABL Claimholders shall have the right to enforce rights, exercise remedies
(including set-off and the right to credit bid their debt) and, in connection therewith (including voluntary Dispositions of ABL Priority Collateral by the respective Grantors after an ABL Default) make
determinations regarding the release, disposition, or restrictions with respect to the ABL Priority Collateral (including, without limitation, exercising remedies under Cash Management Control Agreements) without any consultation with or the consent
of any Fixed Asset Collateral Agent or any Fixed Asset Claimholder; provided, however, that the Lien securing the Fixed Asset Obligations shall remain on the Proceeds (other than those properly applied to the ABL Obligations) of such
Collateral released or disposed of subject to the relative priorities described in Article 2. In exercising rights and remedies with respect to the ABL Priority Collateral, each Fixed Asset Collateral Agent, for itself and on behalf of the
applicable Fixed Asset Claimholders, agrees that the ABL Collateral Agent and the ABL Claimholders may enforce the provisions of the ABL Credit Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in
the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of the ABL Priority Collateral upon foreclosure or other disposition, to incur expenses in
connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction and of a secured creditor under the Bankruptcy Laws of any applicable
jurisdiction. Each Fixed Asset Collateral Agent, for itself and on behalf of the applicable Fixed Asset Claimholders, agrees that it will not seek, and hereby waives any right, to have any ABL Priority Collateral or any part thereof marshaled upon
any foreclosure or other disposition of such Collateral. 
 (c) Notwithstanding the foregoing, any Fixed Asset Collateral Agent and any Fixed
Asset Claimholder may: 
 (i) file a claim or statement of interest with respect to the Fixed Asset Obligations;
provided that an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor; 
 (ii) take any
action in order to create, perfect, preserve or protect its Lien on any of the Collateral; provided that such action shall not be inconsistent with the terms of this Agreement and shall not be adverse to the priority status of the Liens on
the ABL Priority Collateral, or the rights of the ABL Collateral Agent or the ABL Claimholders to exercise remedies in respect thereof; 

  
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 (iii) file any necessary responsive or defensive pleadings in opposition to
any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Fixed Asset Claimholders, including any claims secured by the ABL Priority Collateral, if any, in
each case in accordance with the terms of this Agreement; 
 (iv) file any pleadings, objections, motions or agreements which
assert rights or interests available to unsecured creditors of the Grantors arising under either any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each case not inconsistent with
the terms of this Agreement; 
 (v) vote on any plan of reorganization, file any proof of claim, make other filings and make
any arguments and motions that are, in each case, in accordance with the terms of this Agreement, with respect to the Fixed Asset Obligations and the Fixed Asset Priority Collateral; and 

(vi) exercise any of its rights or remedies with respect to any of the Collateral after the termination of the Fixed Asset
Standstill Period to the extent permitted by Section 3.01(a)(i). 
 Each Fixed Asset Collateral Agent, on behalf of itself and the
applicable Fixed Asset Claimholders, agrees that it will not take or receive any ABL Priority Collateral or any Proceeds of such Collateral in connection with the exercise of any right or remedy (including
set-off) with respect to any such Collateral in its capacity as a creditor in violation of this Agreement. Without limiting the generality of the foregoing, unless and until the Discharge of ABL Obligations
has occurred, except as expressly provided in Sections 3.01(a), 6.03(c)(i) and this Section 3.01(c), the sole right of the Fixed Asset Collateral Agents and the Fixed Asset Claimholders with respect to the ABL Priority Collateral is to hold a
Lien on such Collateral pursuant to the Fixed Asset Collateral Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of ABL Obligations has occurred. 

(d) Subject to Sections 3.01(a) and (c) and Section 6.03(c)(i): 

(i) each Fixed Asset Collateral Agent, for itself and on behalf of the applicable Fixed Asset Claimholders, agrees that it will
not, except as not prohibited herein, take any action that would hinder any exercise of remedies under the ABL Credit Documents or that is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other disposition of the ABL
Priority Collateral, whether by foreclosure or otherwise; 
 (ii) each Fixed Asset Collateral Agent, for itself and on behalf
of the applicable Fixed Asset Claimholders, hereby waives any and all rights it or the applicable Fixed Asset Claimholders may have as a junior lien creditor with respect to the ABL Priority Collateral or otherwise to object to the manner in which
the ABL Collateral Agent or the ABL Claimholders seek to enforce or collect the ABL Obligations or the Liens on the ABL Priority Collateral securing the ABL Obligations granted in any of the ABL Credit Documents or undertaken in accordance with this
Agreement, regardless of whether any action or failure to act by or on behalf of the ABL Collateral Agent or ABL Claimholders is adverse to the interest of the Fixed Asset Claimholders; and 

  
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 (iii) each Fixed Asset Collateral Agent hereby acknowledges and agrees that
no covenant, agreement or restriction contained in any of the Fixed Asset Collateral Documents or any other Fixed Asset Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the ABL Collateral Agent
or the ABL Claimholders with respect to the ABL Priority Collateral as set forth in this Agreement and the ABL Credit Documents. 
 (e)
Except as otherwise specifically set forth in Sections 3.01(a) and (d) and 3.05, the Fixed Asset Collateral Agents and the Fixed Asset Claimholders may exercise rights and remedies as unsecured creditors against any Grantor and may exercise
rights and remedies with respect to the Fixed Asset Priority Collateral, in each case, in accordance with the terms of the applicable Fixed Asset Documents and applicable law; provided, however, that in the event that any Fixed Asset
Claimholder becomes a judgment Lien creditor in respect of ABL Priority Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Fixed Asset Obligations, such judgment Lien shall be subject to the terms of
this Agreement for all purposes (including in relation to the ABL Obligations) as the other Liens securing the Fixed Asset Obligations are subject to this Agreement. 

(f) Nothing in this Agreement shall prohibit the receipt by any Fixed Asset Collateral Agent or any Fixed Asset Claimholders of payments of
interest, principal and other amounts owed in respect of the applicable Fixed Asset Obligations so long as such receipt is not the direct or indirect result of the exercise by such Fixed Asset Collateral Agent or any Fixed Asset Claimholders of
rights or remedies as a secured creditor (including set-off) or enforcement of any Lien held by any of them, in each case in contravention of this Agreement. Nothing in this Agreement impairs or otherwise
adversely affects any rights or remedies the ABL Collateral Agent or the ABL Claimholders may have against the Grantors under the ABL Credit Documents, other than with respect to the Fixed Asset Priority Collateral solely to the extent expressly
provided herein. 
 Section 3.02. Exercise of Remedies – Restrictions on ABL Collateral Agent. (a) Until the Discharge
of Fixed Asset Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the ABL Collateral Agent and the ABL Claimholders: 

(i) will not exercise or seek to exercise any rights or remedies with respect to any Fixed Asset Priority Collateral or
institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure); provided, however, that the ABL Collateral Agent may exercise the rights provided for in Section 3.03 (with respect
to any Access Period) and may exercise any or all such other rights or remedies after the passage of a period of at least 

  
 25 

 
180 days has elapsed since the later of: (A) the date on which the ABL Collateral Agent declared the existence of any ABL Default and demanded the repayment of all the principal amount of
any ABL Obligations; and (B) the date on which the Controlling Fixed Asset Collateral Agent received notice from the ABL Collateral Agent of such declaration of an ABL Default (the “ABL Standstill Period”); provided,
further, however, that notwithstanding anything herein to the contrary, in no event shall the ABL Collateral Agent or any ABL Claimholder exercise any rights or remedies (other than those under Section 3.03) with respect to the
Fixed Asset Priority Collateral if, notwithstanding the expiration of the ABL Standstill Period, the Controlling Fixed Asset Collateral Agent shall have commenced and be diligently pursuing the exercise of their rights or remedies with respect to
all or any material portion of such Collateral (prompt notice of such exercise to be given to the ABL Collateral Agent); 

(ii) will not contest, protest or object to, or otherwise interfere with, any foreclosure proceeding or action brought by any
Fixed Asset Collateral Agent or any Fixed Asset Claimholder or any other exercise by a Fixed Asset Collateral Agent or any Fixed Asset Claimholder of any rights and remedies relating to the Fixed Asset Priority Collateral, whether under the Fixed
Asset Documents or otherwise; and 
 (iii) subject to their rights under clause (a)(i) above and except as may be permitted
in Section 3.02(c), will not object to the forbearance by any Fixed Asset Collateral Agent or Fixed Asset Claimholders from bringing or pursuing any Collateral Enforcement Action; 

provided, however, that in the case of (i), (ii) and (iii) above, the Liens granted to secure the ABL Obligations of the ABL Claimholders
shall attach to the Proceeds thereof subject to the relative priorities described in Article 2. 
 (b) Until the Discharge of Fixed Asset
Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the ABL Collateral Agent, on behalf of itself and the ABL Claimholders, agrees that the Fixed Asset Collateral Agents and
the Fixed Asset Claimholders shall have the right to enforce rights, exercise remedies (including set-off and the right to credit bid their debt) and, in connection therewith (including voluntary Dispositions
of Fixed Asset Priority Collateral by the respective Grantors after a Fixed Asset Default) make determinations regarding the release, disposition, or restrictions with respect to the Fixed Asset Priority Collateral without any consultation with or
the consent of the ABL Collateral Agent or any ABL Claimholder; provided, however, that the Lien securing the ABL Obligations shall remain on the Proceeds (other than those properly applied to the Fixed Asset Obligations) of such
Collateral released or disposed of subject to the relative priorities described in Article 2. In exercising rights and remedies with respect to the Fixed Asset Priority Collateral, the ABL Collateral Agent, on behalf of itself and the ABL
Claimholders, agrees that the Fixed Asset Collateral Agents and the Fixed Asset Claimholders may enforce the provisions of the Fixed Asset Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the

  
 26 

 
exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of the Fixed Asset Priority Collateral upon
foreclosure or other disposition, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction and of a secured
creditor under the Bankruptcy Laws of any applicable jurisdiction. The ABL Collateral Agent, for itself and on behalf of the ABL Claimholders, agrees that it will not seek, and hereby waives any right, to have any Fixed Asset Priority Collateral or
any part thereof marshaled upon any foreclosure or other disposition of such Collateral. 
 (c) Notwithstanding the foregoing, the ABL
Collateral Agent and any ABL Claimholder may: 
 (i) file a claim or statement of interest with respect to the ABL
Obligations; provided that an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor; 

(ii) take any action in order to create, perfect, preserve or protect its Lien on any of the Collateral; provided that
such action shall not be inconsistent with the terms of this Agreement and shall not be adverse to the priority status of the Liens on the Fixed Asset Priority Collateral, or the rights of any Fixed Asset Collateral Agent or any of the Fixed Asset
Claimholders to exercise remedies in respect thereof; 
 (iii) file any necessary responsive or defensive pleadings in
opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the ABL Claimholders, including any claims secured by the Fixed Asset Priority Collateral,
if any, in each case in accordance with the terms of this Agreement; 
 (iv) file any pleadings, objections, motions or
agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each case not
inconsistent with the terms of this Agreement; 
 (v) vote on any plan of reorganization, file any proof of claim, make other
filings and make any arguments and motions that are, in each case, in accordance with the terms of this Agreement, with respect to the ABL Obligations and the ABL Priority Collateral; and 

(vi) exercise any of its rights or remedies with respect to any of the Collateral after the termination of the ABL Standstill
Period to the extent permitted by Section 3.02(a)(i). 
 The ABL Collateral Agent, on behalf of itself and the ABL Claimholders, agrees
that it will not take or receive any Fixed Asset Priority Collateral or any Proceeds of such Collateral in connection with the exercise of any right or remedy (including set-off) with respect to any such
Collateral in its capacity as a creditor in violation of this Agreement. 

  
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Without limiting the generality of the foregoing, unless and until the Discharge of Fixed Asset Obligations has occurred, except as expressly provided in Sections 3.02(a), 3.03, 3.04, 6.03(c)(ii)
and this Section 3.02(c), the sole right of the ABL Collateral Agent and the ABL Claimholders with respect to the Fixed Asset Priority Collateral is to hold a Lien on such Collateral pursuant to the ABL Collateral Documents for the period and
to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of Fixed Asset Obligations has occurred. 

(d) Subject to Sections 3.02(a) and (c) and Sections 3.03 and 6.03(c)(ii): 

(i) the ABL Collateral Agent, for itself and on behalf of the ABL Claimholders, agrees that the ABL Collateral Agent and the
ABL Claimholders will not, except as not prohibited herein, take any action that would hinder any exercise of remedies under the Fixed Asset Documents or that is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other
disposition of the Fixed Asset Priority Collateral, whether by foreclosure or otherwise; 
 (ii) the ABL Collateral Agent,
for itself and on behalf of the ABL Claimholders, hereby waives any and all rights it or the ABL Claimholders may have as a junior lien creditor with respect to the Fixed Asset Priority Collateral or otherwise to object to the manner in which the
any Fixed Asset Collateral Agent or the Fixed Asset Claimholders seek to enforce or collect the Fixed Asset Obligations or the Liens on the Fixed Asset Priority Collateral securing the Fixed Asset Obligations granted in any of the Fixed Asset
Documents or undertaken in accordance with this Agreement, regardless of whether any action or failure to act by or on behalf of any Fixed Asset Collateral Agent or the Fixed Asset Claimholders is adverse to the interest of the ABL Claimholders; and

 (iii) the ABL Collateral Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any
of the ABL Collateral Documents or any other ABL Credit Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the Fixed Asset Collateral Agents or the Fixed Asset Claimholders with respect to the
Fixed Asset Priority Collateral as set forth in this Agreement and the Fixed Asset Documents. 
 (e) Except as otherwise specifically set
forth in Sections 3.02(a) and (d) and 3.05, the ABL Collateral Agent and the ABL Claimholders may exercise rights and remedies as unsecured creditors against any Grantor and may exercise rights and remedies with respect to the ABL Priority
Collateral, in each case, in accordance with the terms of the ABL Credit Documents and applicable law; provided, however, that in the event that any ABL Claimholder becomes a judgment Lien creditor in respect of Fixed Asset Priority
Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the ABL Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Fixed Asset
Obligations) as the other Liens securing the ABL Obligations are subject to this Agreement. 

  
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 (f) Nothing in this Agreement shall prohibit the receipt by the ABL Collateral Agent or any
ABL Claimholders of payments of interest, principal and other amounts owed in respect of the ABL Obligations so long as such receipt is not the direct or indirect result of the exercise by the ABL Collateral Agent or any ABL Claimholders of rights
or remedies as a secured creditor (including set-off) or enforcement of any Lien held by any of them, in each case in contravention of this Agreement. Nothing in this Agreement impairs or otherwise adversely
affects any rights or remedies the Fixed Asset Collateral Agents or the Fixed Asset Claimholders may have against the Grantors under the Fixed Asset Documents, other than with respect to the ABL Priority Collateral solely to the extent expressly
provided herein. 
 Section 3.03. Exercise of Remedies – Collateral Access Rights. (a) The ABL Collateral Agent and
each Fixed Asset Collateral Agent agree not to commence any Collateral Enforcement Action until an Enforcement Notice has been given to the other Collateral Agent. Subject to the provisions of Sections 3.01 and 3.02 above, either Collateral Agent
may join in any judicial proceedings commenced by the other Collateral Agent to enforce Liens on the Collateral; provided that neither Collateral Agent, nor the ABL Claimholders or the Fixed Asset Claimholders, as the case may be, shall
interfere with the Collateral Enforcement Actions of the other with respect to Collateral in which such party has the priority Lien in accordance herewith. 

(b) If any Fixed Asset Collateral Agent, or any agent or representative of any Fixed Asset Collateral Agent, or any receiver, shall obtain
possession or physical control of any of the Mortgaged Premises or other real property of any Grantor, such Fixed Asset Collateral Agent shall promptly notify the ABL Collateral Agent of that fact in writing (such notice, a “Notice of
Occupancy”) and the ABL Collateral Agent shall, within ten (10) Business Days after receipt of such notice, notify the Controlling Fixed Asset Collateral Agent as to whether the ABL Collateral Agent desires to exercise access rights
under this Agreement (such notice, an “Access Acceptance Notice”), at which time the parties shall confer in good faith to coordinate with respect to the ABL Collateral Agent’s exercise of such access rights. Access rights may
apply to differing parcels of Mortgaged Premises or other real property of any Grantor at differing times, in which case, a differing Access Period may apply to each such property. In the event that the ABL Collateral Agent elects to exercise its
access rights as provided in this Agreement, each Fixed Asset Collateral Agent agrees, for itself and on behalf of the applicable Fixed Asset Claimholders, that in the event that any Fixed Asset Claimholder exercises its rights to sell or otherwise
dispose of any Mortgaged Premises (or other real property) or other Fixed Asset Priority Collateral, whether before or after the delivery of a Notice of Occupancy to the ABL Collateral Agent, the Fixed Asset Collateral Agents shall provide access
rights to the ABL Collateral Agent for the duration of the Access Period in accordance with this Agreement and if such a sale or other disposition occurs prior to the ABL Collateral Agent delivering an Access Acceptance Notice during the time period
provided therefor, or if applicable, the expiration of the applicable Access Period, shall ensure that the purchaser or other transferee of such Mortgaged Premises (or other real property) or other Fixed Asset Priority Collateral provides the ABL
Collateral Agent the opportunity to exercise its access rights, and upon delivery of an Access Acceptance Notice to such purchaser or transferee, continued access rights to the ABL for the duration of the applicable Access Period, in the manner and
to the extent required by this Agreement. 
  

  
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 (c) Upon delivery of notice to the Controlling Fixed Asset Collateral Agent as provided in
Section 3.03(b), the Access Period shall commence for the subject parcel of Mortgaged Premises or other real property of any Grantor. During the Access Period, the ABL Collateral Agent and its agents, representatives and designees shall have a non-exclusive right to have access to, and a rent free right to use, the Fixed Asset Priority Collateral for the purpose of arranging for and effecting the sale or disposition of ABL Priority Collateral, including
the production, completion, packaging and other preparation of such ABL Priority Collateral for sale or disposition. During any such Access Period, the ABL Collateral Agent and its agents, representatives and designees (and Persons employed on their
respective behalves), may continue to operate, service, maintain, process and sell the ABL Priority Collateral, as well as to engage in bulk sales of ABL Priority Collateral. The ABL Collateral Agent shall take proper care of any Fixed Asset
Priority Collateral that is used by the ABL Collateral Agent during the Access Period and repair and replace any physical damage (ordinary wear-and-tear excepted) caused
by the ABL Collateral Agent or its agents, representatives or designees and the ABL Collateral Agent shall comply with all applicable laws in connection with its use or occupancy of the Fixed Asset Priority Collateral. The ABL Collateral Agent and
the ABL Claimholders shall (to the extent that there are sufficient available proceeds of ABL Collateral for the purposes of paying such indemnity) indemnify and hold harmless the Fixed Asset Collateral Agents and the Fixed Asset Claimholders for
any injury or damage to Persons or property caused by the acts or omissions of Persons under its control (ordinary wear-and-tear excepted) during the period in which the
ABL Collateral Agent has actual occupation, use and/or control of any Fixed Asset Priority Collateral. Notwithstanding the foregoing, in no event shall the ABL Collateral Agent or the ABL Claimholders have any liability to the Fixed Asset Collateral
Agents or the Fixed Asset Claimholders pursuant to this Section as a result of the condition of any Fixed Asset Priority Collateral existing prior to the date of the exercise by such ABL Collateral Agent and the ABL Claimholders of their rights
under this Section, and the ABL Collateral Agent and the ABL Claimholders shall have no duty or liability to maintain the Fixed Asset Priority Collateral in a condition or manner better than that in which it was maintained prior to the use thereof
by the ABL Collateral Agent, or for any diminution in the value of the Fixed Asset Priority Collateral that results solely from ordinary wear and tear resulting from the use of the Fixed Asset Priority Collateral by the ABL Collateral Agent in the
manner and for the time periods specified under this Section. The ABL Collateral Agent and the Fixed Asset Collateral Agents shall cooperate and use reasonable efforts to ensure that their activities during the Access Period as described above do
not interfere materially with the activities of the other as described above, including the right of the Fixed Asset Collateral Agents to show the Fixed Asset Priority Collateral to prospective purchasers and to ready the Fixed Asset Priority
Collateral for sale. 
 (d) If any order or injunction is issued or stay is granted which prohibits the ABL Collateral Agent from exercising
any of its rights hereunder, then at the ABL Collateral Agent’s option, the Access Period granted to the ABL Collateral Agent under this Section 3.03 shall be stayed during the period of such prohibition and shall continue

  
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thereafter for the number of days remaining as required under this Section 3.03. If any Fixed Asset Collateral Agent shall foreclose or otherwise sell any of the Fixed Asset Priority
Collateral, such Fixed Asset Collateral Agent will notify the buyer thereof of the existence of this Agreement and that the buyer is acquiring the Fixed Asset Priority Collateral subject to the terms of this Agreement. 

(e) The Fixed Asset Collateral Agents (in the case of any Additional Fixed Asset Collateral Agent, to the extent such access rights have been
granted to such Collateral Agent) and, to the extent such rights have been granted by the Grantors under any Initial Fixed Asset Documents, the Grantors, agree that the ABL Collateral Agent shall have access, during the Access Period, as described
herein and each such Grantor that owns any of the Mortgaged Premises grants a non-exclusive easement in gross over its property to permit the uses by the ABL Collateral Agent contemplated by this
Section 3.03. Each Fixed Asset Collateral Agent consents to such easement and to the recordation of a collateral access easement agreement, in form and substance reasonably acceptable to the Controlling Fixed Asset Collateral Agent, in the
relevant real estate records with respect to each parcel of real property that is now or hereafter subject to a Fixed Asset Mortgage. The ABL Collateral Agent agrees that upon either the occurrence of the Discharge of ABL Obligations or the
expiration of the final Access Period with respect to any parcel of property covered by a Fixed Asset Mortgage, it shall, upon request, execute and deliver to the Controlling Fixed Asset Collateral Agent, or if a Discharge of Fixed Asset Obligations
has occurred, to the respective Grantor, such documentation, in recordable form, as may reasonably be requested to terminate any and all rights with respect to such Access Periods. 

Section 3.04. Exercise of Remedies – Intellectual Property Rights/Access to Information. Each Fixed Asset Collateral Agent
(in the case of any Additional Fixed Asset Collateral Agent, to the extent such rights have been granted to such Collateral Agent) and, to the extent such rights have been granted by the Grantors under any Initial Fixed Asset Documents, each Grantor
hereby grants (to the full extent of their respective rights and interests) the ABL Collateral Agent and its agents, representatives and designees (a) a royalty free, rent free non-exclusive license and
lease to use all of the Fixed Asset Priority Collateral constituting Intellectual Property, to complete the sale of ABL Priority Collateral and (b) a royalty free non-exclusive license (which will be
binding on any purchaser, successor or assignee of the Intellectual Property) to use any and all Intellectual Property, in each case, at any time in connection with its Collateral Enforcement Action; provided, however, the royalty
free, rent free non-exclusive license and lease granted in clause (a) shall immediately expire upon the sale, lease, transfer or other disposition of all such ABL Priority Collateral. 

Section 3.05. Exercise of Remedies – Set Off and Tracing of and Priorities in Proceeds. (a) The ABL Collateral Agent,
for itself and on behalf of the ABL Claimholders, acknowledges and agrees that, to the extent the ABL Collateral Agent or any ABL Claimholder exercises its rights of set-off against any Grantors’ Deposit
Accounts or Securities Accounts that contain identifiable cash Proceeds of Fixed Asset Priority Collateral (but only to the extent that the ABL Collateral Agent has received a written notice from the Controlling Fixed Asset Collateral Agent stating
that (i) a Fixed 

  
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Asset Default has occurred and is continuing and specifying the relevant Fixed Asset Default and (ii) certain identifiable cash proceeds which have been deposited in a Deposit Account or a
Securities Account constitute Fixed Asset Priority Collateral and reasonably identifying the amount of such Proceeds and specifying the origin thereof), a percentage of the amount of such set-off equal to the
percentage that such Proceeds bear to the total amount on deposit in or credited to the balance of such Deposit Accounts or Securities Accounts shall be deemed to constitute Fixed Asset Priority Collateral, which amount shall be held and distributed
pursuant to Section 4.03; provided, however, that the foregoing shall not apply to any set-off by the ABL Collateral Agent against any ABL Priority Collateral to the extent applied to the
payment of ABL Obligations. 
 (b) Each Fixed Asset Collateral Agent, for itself and on behalf of the applicable Fixed Asset Claimholders,
acknowledges and agrees that prior to an issuance of an Enforcement Notice by a Fixed Asset Collateral Agent, all funds deposited in an account subject to a Cash Management Control Agreement that constitute ABL Priority Collateral and then applied
to the ABL Obligations shall be treated as ABL Priority Collateral and, unless the ABL Collateral Agent has actual knowledge to the contrary, any claim that payments made to the ABL Collateral Agent through the Deposit Accounts and Securities
Accounts that are subject to such Cash Management Control Agreements are identifiable cash Proceeds of or otherwise constitute Fixed Asset Priority Collateral are waived by the Fixed Asset Collateral Agents and the Fixed Asset Claimholders. 

(c) The ABL Collateral Agent, for itself and on behalf of the ABL Claimholders, and each Fixed Asset Collateral Agent, for itself and on behalf
of the applicable Fixed Asset Claimholders, further agree that prior to an issuance of an Enforcement Notice, any Proceeds of Collateral, whether or not deposited in an account subject to a deposit account control agreement or a securities account
control agreement, shall not (as between the Collateral Agents, the ABL Claimholders and the Fixed Asset Claimholders) be treated as Proceeds of Collateral for purposes of determining the relative priorities in the Collateral. 

ARTICLE 4 

PAYMENTS. 

Section 4.01. Application of Proceeds. (a) Until the Discharge of ABL Obligations has occurred, whether or not any Insolvency
or Liquidation Proceeding has been commenced by or against any Grantor, all ABL Priority Collateral or Proceeds thereof received in connection with the sale or other disposition of, or collection or distribution on (or with respect to), such
Collateral upon the exercise of remedies by the ABL Collateral Agent or any ABL Claimholder, shall be applied by the ABL Collateral Agent to the ABL Obligations in such order as specified in the relevant ABL Credit Documents. Upon the occurrence of
the Discharge of ABL Obligations, the ABL Collateral Agent shall deliver to the Controlling Fixed Asset Collateral Agent any ABL Priority Collateral and Proceeds of ABL Priority Collateral held by it as a result of the exercise of remedies in the
same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Controlling Fixed Asset Collateral Agent to the Fixed Asset Obligations in such order as specified in
Section 4.01(b). 

  
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 (b) Until the Discharge of Fixed Asset Obligations has occurred, whether or not any
Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, all Fixed Asset Priority Collateral or Proceeds thereof received in connection with the sale or other disposition of, or collection or distribution on (or with
respect to), such Collateral upon the exercise of remedies by any Fixed Asset Collateral Agent or any Fixed Asset Claimholder, shall be applied by the Controlling Fixed Asset Collateral Agent to the Fixed Asset Obligations in the following order:
first, to payment of that portion of the Fixed Asset Obligations constituting fees, indemnities, expenses and other amounts payable to each Fixed Asset Collateral Agent in its capacity as such pursuant to the terms of any Fixed Asset
Document; second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Fixed Asset Claimholders pursuant to the terms of any Fixed Asset Document;
third, to the payment in full of Fixed Asset Obligations of each Series on a ratable basis, and with respect to the Fixed Asset Obligations of a given Series in accordance with the terms of the terms of the applicable Fixed Asset Documents;
and fourth if the Discharge of ABL Obligations has occurred, to the Grantors and/or other Persons entitled thereto. Upon the occurrence of the Discharge of Fixed Asset Obligations, each Fixed Asset Collateral Agent shall deliver to the ABL
Collateral Agent any Fixed Asset Priority Collateral and Proceeds of Fixed Asset Priority Collateral held by it as a result of the exercise of remedies in the same form as received, with any necessary endorsements or as a court of competent
jurisdiction may otherwise direct to be applied by the ABL Collateral Agent to the ABL Obligations in such order as specified in the ABL Collateral Documents. 

(c) Notwithstanding anything to the contrary contained above or in the definition of ABL Priority Collateral or Fixed Asset Priority
Collateral, the parties hereto acknowledge and agree that if as part of any Disposition any combination of Fixed Asset Priority Collateral and ABL Priority Collateral is being Disposed of in a single transaction or series of related transactions in
which the aggregate sales price is not allocated between the ABL Priority Collateral, on the one hand, and the Fixed Asset Priority Collateral, on the other hand, that is the subject of such Disposition, including in connection with or as a result
of the sale by any Grantor of the Capital Stock of any Grantor or a subsidiary thereof that owns assets constituting ABL Priority Collateral or Fixed Asset Priority Collateral, then, solely for purposes of this Agreement, the amount of such proceeds
from such Disposition shall be allocated to the Fixed Asset Priority Collateral and ABL Priority Collateral in accordance with their respective Fair Market Values (provided that, in any event, the portion thereof allocated to the ABL Priority
Collateral shall not be less than the net book value of such ABL Priority Collateral). 
 Section 4.02. Payments Over in Violation
of Agreement. So long as neither the Discharge of ABL Obligations nor the Discharge of Fixed Asset Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, any Collateral or
Proceeds thereof (including assets or Proceeds subject to Liens referred to in the final sentence of Section 2.03) received by 

  
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any Collateral Agent or any Fixed Asset Claimholders or ABL Claimholders in connection with the exercise of any right or remedy (including set-off and the
right to credit bid their debt) relating to the Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to the appropriate Collateral Agent for the benefit of the Fixed Asset Claimholders or the
ABL Claimholders, as the case may be, in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. Each Collateral Agent is hereby authorized by the other Collateral Agent to make any
such endorsements as agent for the other Collateral Agent or any Fixed Asset Claimholders or ABL Claimholders, as the case may be. This authorization is coupled with an interest and is irrevocable until the Discharge of ABL Obligations and Discharge
of Fixed Asset Obligations have occurred. 
 Section 4.03. Application of Payments. Subject to the other terms of this
Agreement, all payments received by (a) the ABL Collateral Agent or the ABL Claimholders may be applied, reversed and reapplied, in whole or in part, to the ABL Obligations to the extent provided for in the ABL Credit Documents and (b) the
Fixed Asset Collateral Agents or the Fixed Asset Claimholders may be applied, reversed and reapplied, in whole or in part, to the Fixed Asset Obligations in the order set forth in Section 4.01(b). 

Section 4.04. Reinstatement. (a) To the extent any payment with respect to any ABL Obligation (whether by or on behalf of any
Grantor, as Proceeds of security, enforcement of any right of set-off or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in
possession, any Fixed Asset Claimholders, receiver or similar Person, whether in connection with any Insolvency or Liquidation Proceeding or otherwise, then the obligation or part thereof originally intended to be satisfied shall, for the purposes
of this Agreement and the rights and obligations of the ABL Claimholders and the Fixed Asset Claimholders, be deemed to be reinstated and outstanding as if such payment had not occurred. To the extent that any interest, fees, expenses or other
charges (including, without limitation, Post-Petition Interest) to be paid pursuant to the ABL Credit Documents are disallowed by order of any court, including, without limitation, by order of a Bankruptcy Court in any Insolvency or Liquidation
Proceeding, such interest, fees, expenses and charges (including, without limitation, Post-Petition Interest) shall, as between the ABL Claimholders and the Fixed Asset Claimholders, be deemed to continue to accrue and be added to the amount to be
calculated as the “ABL Obligations”. 
 (b) To the extent any payment with respect to any Fixed Asset Obligation (whether by or on
behalf of any Grantor, as Proceeds of security, enforcement of any right of set-off or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a
debtor in possession, any ABL Claimholders, receiver or similar Person, whether in connection with any Insolvency or Liquidation Proceeding or otherwise, then the obligation or part thereof originally intended to be satisfied shall, for the purposes
of this Agreement and the rights and obligations of the Fixed Asset Claimholders and the ABL Claimholders, be deemed to be reinstated and outstanding as if such payment had not occurred. To the extent that any interest, fees, expenses or other
charges (including, without limitation, Post-Petition 

  
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Interest) to be paid pursuant to the Fixed Asset Documents are disallowed by order of any court, including, without limitation, by order of a Bankruptcy Court in any Insolvency or Liquidation
Proceeding, such interest, fees, expenses and charges (including, without limitation, Post-Petition Interest) shall, as between the Fixed Asset Claimholders and the ABL Claimholders, be deemed to continue to accrue and be added to the amount to be
calculated as the “Fixed Asset Obligations”. 
 ARTICLE 5 

OTHER AGREEMENTS. 

Section 5.01. Releases. (a) (i) If in connection with the exercise of the ABL Collateral Agent’s remedies in respect of
any Collateral as provided for in Section 3.01, the ABL Collateral Agent, for itself or on behalf of any of the ABL Claimholders, releases any of its Liens on any part of the ABL Priority Collateral, then the Liens, if any, of each Fixed Asset
Collateral Agent, for itself or for the benefit of the Fixed Asset Claimholders, on the ABL Priority Collateral sold or disposed of in connection with such exercise, shall be automatically, unconditionally and simultaneously released. Each Fixed
Asset Collateral Agent, for itself or on behalf of any such Fixed Asset Claimholders, promptly shall execute and deliver to the ABL Collateral Agent or such Grantor such termination statements, releases and other documents as the ABL Collateral
Agent or such Grantor may reasonably request to effectively confirm such release. 
 (ii) If in connection with the exercise
of the Controlling Fixed Asset Collateral Agent’s remedies in respect of any Collateral as provided for in Section 3.02, the Controlling Fixed Asset Collateral Agent, for itself or on behalf of any of the Fixed Asset Claimholders, releases
any of its Liens on any part of the Fixed Asset Priority Collateral, then (x) the Liens, if any, of the ABL Collateral Agent, for itself or for the benefit of the ABL Claimholders, on the Fixed Asset Priority Collateral sold or disposed of in
connection with such exercise, shall be automatically, unconditionally and simultaneously released and (y) the Liens, if any, of each Non-Controlling Fixed Asset Collateral Agent, for itself or for the
benefit of the applicable Fixed Asset Claimholders, on the Fixed Asset Priority Collateral sold or disposed of in connection with such exercise, shall be automatically, unconditionally and simultaneously released. The ABL Collateral Agent, for
itself or on behalf of any such ABL Claimholders, and each Non-Controlling Fixed Asset Collateral Agent, for itself or on behalf of any applicable Fixed Asset Claimholders, promptly shall execute and deliver
to the Controlling Fixed Asset Collateral Agent or such Grantor such termination statements, releases and other documents as the Controlling Fixed Asset Collateral Agent or such Grantor may reasonably request to effectively confirm such release.

 (b) If in connection with any sale, lease, exchange, transfer or other disposition of any Collateral (collectively, a
“Disposition”) permitted under the terms of both the ABL Credit Documents and the Fixed Asset Documents (other than in connection with the exercise of the respective Collateral Agent’s rights and remedies in respect of the
Collateral as provided for in Sections 3.01 and 3.02), (i) the ABL Collateral Agent, for itself or on behalf of any of the ABL Claimholders, releases any of its Liens on any part 

  
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of the ABL Priority Collateral, in each case other than (A) except with respect to Deposit Accounts, in connection with the occurrence of the Discharge of ABL Obligations or (B) after
the occurrence and during the continuance of a Fixed Asset Default, then the Liens, if any, of each Fixed Asset Collateral Agent, for itself or for the benefit of the applicable Fixed Asset Claimholders, on such Collateral shall be automatically,
unconditionally and simultaneously released, and (ii) the Controlling Fixed Asset Collateral Agent, for itself or on behalf of any of the applicable Fixed Asset Claimholders, releases any of its Liens on any part of the Fixed Asset Priority
Collateral, in each case other than (A) in connection with the occurrence of the Discharge of Fixed Asset Obligations or (B) after the occurrence and during the continuance of an ABL Default, then the Liens, if any, of (x) the ABL
Collateral Agent, for itself or for the benefit of the ABL Claimholders and (y) each Non-Controlling Fixed Asset Collateral Agent, for itself or for the benefit of the applicable Fixed Asset Claimholders,
on such Collateral (or, if such Collateral includes the Capital Stock of any subsidiary, the Liens on Collateral owned by such subsidiary) shall be automatically, unconditionally and simultaneously released. The ABL Collateral Agent and each Fixed
Asset Collateral Agent, each for itself and on behalf of any such ABL Claimholders or Fixed Asset Claimholders, as the case may be, promptly shall execute and deliver to the other Collateral Agents or such Grantor such termination statements,
releases and other documents as the other Collateral Agents or such Grantor may reasonably request to effectively confirm such release. 

(c) Until the Discharge of ABL Obligations and Discharge of Fixed Asset Obligations have occurred, the ABL Collateral Agent, for itself and on
behalf of the ABL Claimholders, and each Fixed Asset Collateral Agent, for itself and on behalf of the applicable Fixed Asset Claimholders, as the case may be, hereby irrevocably constitutes and appoints the other Collateral Agents and any officer
or agent of the other Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place
and stead of the other Collateral Agent or such holder or in the Collateral Agent’s own name, from time to time in such Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.01, to take any and all
appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 5.01, including any endorsements or other instruments of transfer or release. 

(d) Until the Discharge of ABL Obligations and Discharge of Fixed Asset Obligations have occurred, to the extent that the Collateral Agents or
the ABL Claimholders or the Fixed Asset Claimholders (i) have released any Lien on Collateral and such Lien is later reinstated or (ii) obtain any new Liens from any Grantor, then each other Collateral Agent, for itself and for the ABL
Claimholders or applicable Fixed Asset Claimholders, as the case may be, shall be granted a Lien on any such Collateral, subject to the lien priority provisions of this Agreement. 

Section 5.02. Insurance. (a) Unless and until the Discharge of ABL Obligations has occurred, subject to the terms of, and the
rights of the Grantors under, the ABL Credit Documents, each Fixed Asset Collateral Agent, for itself and on behalf of the applicable Fixed Asset Claimholders agrees, that (i) in accordance with, and to the extent provided by, the terms of the
applicable ABL Credit Documents, the ABL Collateral Agent shall 

  
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have the sole and exclusive right to adjust settlement for any insurance policy covering the ABL Priority Collateral in the event of any loss thereunder and to approve any award granted in any
condemnation or similar proceeding (or any deed in lieu of condemnation) affecting such Collateral; (ii) in accordance with the terms of the applicable ABL Credit Documents, all Proceeds of any such policy and any such award (or any payments
with respect to a deed in lieu of condemnation) if in respect of such ABL Priority Collateral and to the extent required by the ABL Credit Documents shall be paid to the ABL Collateral Agent for the benefit of the ABL Claimholders pursuant to the
terms of the ABL Credit Documents (including, without limitation, for purposes of cash collateralization of letters of credit) and thereafter, to the extent no ABL Obligations are outstanding, and subject to the rights of the Grantors under the
Fixed Asset Documents, to the Fixed Asset Collateral Agents for the benefit of the Fixed Asset Claimholders to the extent required under the Fixed Asset Collateral Documents and then, to the extent no Fixed Asset Obligations are outstanding, to the
owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct, and (iii) if any Fixed Asset Collateral Agent or any Fixed Asset Claimholders shall, at any time, receive
any Proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall segregate and hold in trust and forthwith pay such Proceeds over to the ABL Collateral Agent in accordance with the terms of
Section 4.02. 
 (b) Unless and until the Discharge of Fixed Asset Obligations has occurred, subject to the terms of, and the rights of
the Grantors under, the Fixed Asset Documents, the ABL Collateral Agent, for itself and on behalf of the ABL Claimholders, and each Fixed Asset Collateral Agent other than the Controlling Fixed Asset Collateral Agent, for itself and on behalf of the
applicable Fixed Asset Claimholders, each agrees that (i) in accordance with, and to the extent provided by, the terms of the applicable Fixed Asset Documents, the Controlling Fixed Asset Collateral Agent, for itself and on behalf of the Fixed
Asset Claimholders shall have the sole and exclusive right to adjust settlement for any insurance policy covering the Fixed Asset Priority Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar
proceeding (or any deed in lieu of condemnation) affecting such Collateral; (ii) in accordance with the terms of the applicable Fixed Asset Documents, all Proceeds of any such policy and any such award (or any payments with respect to a deed in
lieu of condemnation) if in respect of such Fixed Asset Priority Collateral and to the extent required by the Fixed Asset Documents shall be paid to the Fixed Asset Collateral Agents for the benefit of the Fixed Asset Claimholders pursuant to the
terms of the Fixed Asset Documents and thereafter, to the extent no Fixed Asset Obligations are outstanding, and subject to the rights of the Grantors under the ABL Credit Documents, to the ABL Collateral Agent for the benefit of the ABL
Claimholders to the extent required under the ABL Collateral Documents and then, to the extent no ABL Obligations are outstanding, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent
jurisdiction may otherwise direct, and (iii) if the ABL Collateral Agent or any ABL Claimholders shall, at any time, receive any Proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall
segregate and hold in trust and forthwith pay such Proceeds over to the Controlling Fixed Asset Collateral Agent in accordance with the terms of Section 4.02. 

  
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 (c) To effectuate the foregoing, the Collateral Agents shall each receive separate
lender’s loss payable endorsements naming themselves as loss payee and additional insured, as their interests may appear, with respect to policies which insure Collateral hereunder. To the extent any Proceeds are received for business
interruption or for any liability or indemnification and those Proceeds are not compensation for a casualty loss with respect to the Fixed Asset Priority Collateral, such Proceeds shall first be applied to repay the ABL Obligations (to the extent
required pursuant to the ABL Credit Agreement) and then be applied, to the extent required by the Fixed Asset Documents, to the Fixed Asset Obligations. 

(d) Subject to the Grantor’s rights under the Credit Documents, if any insurance claim includes both ABL Priority Collateral and Fixed
Asset Priority Collateral and the insurer will not settle such claim separately with respect to ABL Priority Collateral and Fixed Asset Priority Collateral, and if the ABL Collateral Agent and the applicable Fixed Asset Collateral Agents are unable
after negotiating in good faith to agree on the settlement for such claim, either such Person may apply to a court of competent jurisdiction to make a determination as to the settlement of such claim, and the court’s determination shall be
binding upon the parties, in each case, to the extent such settlement rights are provided to the ABL Collateral Agent and the applicable Fixed Asset Collateral Agents in the applicable Credit Documents. 

Section 5.03. Amendments to ABL Credit Documents and Fixed Asset Documents; Refinancing. (a) The Fixed Asset Documents may be
amended, amended and restated, replaced, supplemented or otherwise modified in accordance with their terms and the Fixed Asset Obligations may be Refinanced, in each case, without notice to, or the consent of the ABL Collateral Agent or the ABL
Claimholders, all without affecting the lien priority or subordination or other provisions of this Agreement; provided, however, that the holders of such Refinancing debt, or their respective agent or representative on the behalf of
such holders, bind themselves in a writing addressed to the ABL Collateral Agent and any other existing Collateral Agents to the terms of this Agreement and any such amendment, supplement, modification or Refinancing shall not contravene any
provision of this Agreement. 
 (b) The ABL Credit Documents may be amended, amended and restated, replaced, supplemented or otherwise
modified in accordance with their terms and the ABL Credit Agreement may be Refinanced, in each case, without notice to, or the consent of any Fixed Asset Collateral Agent or the Fixed Asset Claimholders, all without affecting the lien priority or
subordination or other provisions of this Agreement; provided, however, that the holders of such Refinancing debt, or their respective agent or representative on the behalf of such holders, bind themselves in a writing addressed to the
Fixed Asset Collateral Agents to the terms of this Agreement and any such amendment, supplement, modification or Refinancing shall not contravene any provision of this Agreement. 

  
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 (c) On or after any Refinancing, and the receipt of notice thereof, which notice shall
include the identity of a new or replacement Collateral Agent or other agent serving the same or similar function, each existing Collateral Agent shall promptly enter into such documents and agreements (including amendments or supplements to this
Agreement) as the Company or such new or replacement Collateral Agent may reasonably request in order to provide to such new or replacement Collateral Agent the rights, remedies and powers and authorities contemplated hereby, in each case consistent
in all respects with the terms of this Agreement. 
 (d) The ABL Collateral Agent and each Fixed Asset Collateral Agent shall each use good
faith efforts to notify the other parties hereto of any written amendment or modification to any ABL Loan Document or any Fixed Asset Document, as applicable, but the failure to do so shall not create a cause of action against the party failing to
give such notice or create any claim or right on behalf of any third party. 
 Section 5.04. Bailees for Perfection.
(a) Each Collateral Agent agrees to hold that part of the Collateral that is in its possession or control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien
thereon under the UCC (such Collateral being the “Pledged Collateral”) as collateral agent for the ABL Claimholders or the Fixed Asset Claimholders, as the case may be, and as bailee for the other Collateral Agents (such bailment
being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC) and
any assignee solely for the purpose of perfecting the security interest granted under the ABL Credit Documents and the Fixed Asset Documents, respectively, subject to the terms and conditions of this Section 5.04. 

(b) No Collateral Agent shall have any obligation whatsoever to the other Collateral Agents, to any ABL Claimholder, or to any Fixed Asset
Claimholder to ensure that the Pledged Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.04. The duties or responsibilities of the respective
Collateral Agents under this Section 5.04 shall be limited solely to holding the Pledged Collateral as bailee in accordance with this Section 5.04 and delivering the Pledged Collateral upon an occurrence of the Discharge of ABL Obligations
or Discharge of Fixed Asset Obligations, as the case may be, as provided in paragraph (d) below. 
 (c) No Collateral Agent acting
pursuant to this Section 5.04 shall have by reason of the ABL Credit Documents, the Fixed Asset Documents, this Agreement or any other document a fiduciary relationship in respect of the other Collateral Agent, or any ABL Claimholders or any
Fixed Asset Claimholders. 
 (d) Upon the occurrence of the Discharge of ABL Obligations or the Discharge of Fixed Asset Obligations, as the
case may be, the Collateral Agent under the debt facility which has been discharged shall deliver the remaining Pledged Collateral (if any) together with any necessary endorsements and without recourse or warranty, first, to the other
Collateral Agent (for the avoidance of doubt, in the case of the Discharge of ABL Obligations, to the Controlling Fixed Asset Collateral Agent) to the extent the other Obligations (other than contingent indemnification obligations for which no claim
has been made) remain outstanding, and second, to the applicable Grantor to the extent no ABL Obligations or Fixed Asset Obligations, as the case may be, remain outstanding (in 

  
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each case, so as to allow such Person to obtain possession or control of such Pledged Collateral). Each Collateral Agent further agrees, to the extent that any ABL Obligations or Fixed Asset
Obligations (other than applicable contingent indemnification obligations for which no claim has been made) remain outstanding, to take all other commercially reasonable action as shall be reasonably requested by the other Collateral Agent or the
Company, at the sole cost and expense of the Credit Parties, to permit such other Collateral Agent to obtain, to the extent required by the applicable ABL Credit Documents or Fixed Asset Documents, for the benefit of the ABL Claimholders or Fixed
Asset Claimholders, as applicable, a first-priority interest in the Collateral or as a court of competent jurisdiction may otherwise direct. 

(e) Subject to the terms of this Agreement, (i) until the Discharge of ABL Obligations has occurred, the ABL Collateral Agent shall be
entitled to deal with the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement and other ABL Credit Documents, but only to the extent that such Collateral constitutes ABL Priority Collateral,
as if the Liens of the Fixed Asset Collateral Agents and Fixed Asset Claimholders did not exist and (ii) until the Discharge of Fixed Asset Obligations has occurred, the Controlling Fixed Asset Collateral Agent shall be entitled to deal with
the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement and other Fixed Asset Documents, but only to the extent that such Collateral constitutes Fixed Asset Priority Collateral, as if the
Liens of the ABL Collateral Agent and ABL Claimholders did not exist. In furtherance of the foregoing, promptly following the occurrence of the Discharge of ABL Obligations, unless a New Debt Notice in respect of new ABL Credit Documents shall have
been delivered as provided in Section 5.05, the ABL Collateral Agent hereby agrees to deliver, at the cost and expense of the Credit Parties, to each bank and securities intermediary, if any, that is counterparty to a deposit account control
agreement or securities account control agreement, as applicable, written notice as contemplated in such deposit account control agreement or securities account control agreement, as applicable, directing such bank or securities intermediary, as
applicable, to comply with the instructions of the Controlling Fixed Asset Collateral Agent, unless the Discharge of Fixed Asset Obligations has occurred (as certified to the ABL Collateral Agent by the Company), in which case, such deposit account
control agreement or securities account control agreement, as the case may be, shall be terminated in accordance with its terms. 
 (f)
Notwithstanding anything in this Agreement to the contrary: 
 (i) each of the ABL Collateral Agent, for itself and on behalf
of the ABL Claimholders, agrees that any requirement under any ABL Collateral Document that any Grantor deliver any Collateral that constitutes Fixed Asset Priority Collateral to the ABL Collateral Agent, or that requires any Grantor to vest the ABL
Collateral Agent with possession or “control” (as defined in the UCC) of any Collateral that constitutes Fixed Asset Priority Collateral, in each case, shall be deemed satisfied to the extent that, prior to the occurrence of the Discharge
of Fixed Asset Obligations (other than contingent indemnification obligations for which no claim has been made), such Collateral is delivered to the Controlling Fixed Asset Collateral Agents, or the Controlling Fixed Asset Collateral Agents shall
have been vested with such possession or (unless, pursuant to the UCC, control may be given concurrently to the ABL Collateral Agent and the Controlling Fixed Asset Collateral Agent) “control”, in each case, subject to the provisions of
Section 5.04; 

  
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 (ii) each Fixed Asset Collateral Agent, for itself and on behalf of the
applicable Fixed Asset Claimholders, agrees that any requirement under any applicable Fixed Asset Collateral Document that any Grantor deliver any Collateral that constitutes ABL Priority Collateral to such Fixed Asset Collateral Agent, or that
requires any Grantor to vest such Fixed Asset Collateral Agent with possession or “control” (as defined in the UCC) of any Collateral that constitutes ABL Priority Collateral, in each case, shall be deemed satisfied to the extent that,
prior to the occurrence of the Discharge of ABL Obligations (other than contingent indemnification obligations for which no claim has been made), such Collateral is delivered to the ABL Collateral Agent, or the ABL Collateral Agent shall have been
vested with such possession or “control”, in each case, subject to the provisions of Section 5.04; 
 (iii)
each of the Fixed Asset Collateral Agents, for itself and on behalf of the applicable Fixed Asset Claimholders, agrees that any requirement under any Fixed Asset Collateral Document that any Grantor deliver any Collateral that constitutes Fixed
Asset Collateral to such Fixed Asset Collateral Agent, or that requires any Grantor to vest such Fixed Asset Collateral Agent with possession or “control” (as defined in the UCC) of any Collateral that constitutes Fixed Asset Collateral,
in each case, shall be deemed satisfied to the extent that, prior to the occurrence of the Discharge of Initial Fixed Asset Obligations (other than contingent indemnification obligations for which no claim has been made), such Collateral is
delivered to the Controlling Fixed Asset Collateral Agent, or the Controlling Fixed Asset Collateral Agent shall have been vested with such possession or “control”, in each case, subject to the provisions of Section 5.04. 

Section 5.05. When Discharge of ABL Obligations and Discharge of Fixed Asset Obligations Deemed to Not Have Occurred. If in
connection with the Discharge of ABL Obligations or the Discharge of Fixed Asset Obligations, any Borrower either substantially concurrently or at any time thereafter (other than during the pendency of any Insolvency or Liquidation Proceeding)
enters into any Refinancing of any ABL Obligation or Fixed Asset Obligation, as the case may be, which Refinancing is permitted by both the Fixed Asset Documents and the ABL Credit Documents, in each case, to the extent such documents will remain in
effect following, or are in effect at the time of, such Refinancing, then such Discharge of ABL Obligations or the Discharge of Fixed Asset Obligations, shall automatically be deemed not to have occurred for all purposes of this Agreement (other
than with respect to any actions taken pursuant to this Agreement as a result of the occurrence of such Discharge of ABL Obligations or Discharge of Fixed Asset Obligations, as applicable) and, from and after the date on which the New Debt Notice is
delivered to the appropriate Collateral Agents in accordance with the next sentence, the obligations under such Refinancing shall automatically be treated as ABL Obligations or Fixed Asset Obligations for all purposes of this Agreement, including
for 

  
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purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the ABL Collateral Agent or applicable Fixed Asset Collateral Agent, as the case may be, under such new
ABL Credit Documents or new Fixed Asset Documents shall be the ABL Collateral Agent or a Fixed Asset Collateral Agent for all purposes of this Agreement. Upon receipt of a notice (the “New Debt Notice”) stating that a Borrower has
entered into new ABL Credit Documents or new Fixed Asset Documents (which notice shall include a complete copy of the relevant new documents and provide the identity of the new collateral agent, such agent, the “New Agent”), the
other Collateral Agents shall promptly (a) enter into such documents and agreements (including amendments or supplements to this Agreement) as such Borrower or such New Agent shall reasonably request in order to provide to the New Agent the
rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement and (b) deliver to any New Agent that is the Controlling Fixed Asset Collateral Agent at such time any Pledged Collateral (that is
Fixed Asset Priority Collateral, in the case of a New Agent that is the agent under any new Fixed Asset Documents or that is ABL Priority Collateral, in the case of a New Agent that is the agent under any new ABL Credit Documents) held by it
together with any necessary endorsements (or otherwise allow the New Agent to obtain control of such Pledged Collateral). The New Agent shall agree in a writing addressed to the other Collateral Agents for the benefit of the ABL Claimholders or the
Fixed Asset Claimholders, as the case may be, to be bound by the terms of this Agreement. If the new ABL Obligations under the new ABL Credit Documents or the new Fixed Asset Obligations under the new Fixed Asset Documents are secured by assets of
the Grantors constituting Collateral that do not also secure the other Obligations, then, unless and to the extent such Collateral is not required to be granted under the applicable Additional Fixed Asset Documents, the other Obligations shall be
secured at such time by a second priority Lien on such assets to the same extent provided in the ABL Credit Documents, the Fixed Asset Collateral Documents and this Agreement. 

Section 5.06. Additional Fixed Asset Debt. The Company and the other applicable Grantors will be permitted to designate as an
additional holder of Fixed Asset Obligations hereunder each Person who is, or who becomes or who is to become, the registered holder of any Additional Fixed Asset Debt incurred by the Company or such Grantor after the date of this Agreement in
accordance with the terms of all applicable Additional Fixed Asset Documents and the ABL Credit Documents. Upon the issuance or incurrence of any such Additional Fixed Asset Debt: 

(a) The Company shall deliver to the Fixed Asset Collateral Agents and the ABL Collateral Agent an officers’ certificate stating that the
Company or such Grantor intends to enter into an Additional Fixed Asset Instrument and certifying that the issuance or incurrence of Additional Fixed Asset Debt under such Additional Fixed Asset Instrument is permitted by the ABL Credit Documents
and each applicable Additional Fixed Asset Documents; 
 (b) the administrative agent or trustee and collateral agent for such Additional
Fixed Asset Debt shall execute and deliver to the Collateral Agents a Joinder Agreement pursuant to which it becomes a Fixed Asset Collateral Agent hereunder, the Additional Fixed Asset Debt in respect of which such Person is a Fixed Asset
Collateral Agent constitutes Fixed Asset Obligations and the related Additional Fixed Asset Claimholders become subject hereto and bound hereby as Fixed Asset Claimholders; 

  
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 (c) the Fixed Asset Collateral Documents in respect of such Additional Fixed Asset Debt
shall be subject to, and shall comply with, Sections 2.03 and 2.04 of this Agreement; and 
 (d) each existing Collateral Agent shall
promptly enter into such documents and agreements (including amendments or supplements to this Agreement) as the Company or the Additional Fixed Asset Collateral Agent for such Additional Fixed Asset Debt may reasonably request (at the
Grantors’ sole expense) in order to provide to them the rights, remedies and powers and authorities contemplated hereby, in each consistent in all respects with the terms of this Agreement. 

Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the Company or any other Grantor to incur additional
indebtedness unless otherwise permitted by the terms of each applicable Credit Document. 
 ARTICLE 6 

INSOLVENCY OR LIQUIDATION PROCEEDINGS. 

Section 6.01. Finance Issues. (a) Until the Discharge of ABL Obligations has occurred, if any Grantor shall be subject to any
Insolvency or Liquidation Proceeding and the ABL Collateral Agent shall desire to permit the use of “Cash Collateral” (used in this Article 6 as such term is defined in Section 363(a) of the Bankruptcy Code) constituting ABL Priority
Collateral on which the ABL Collateral Agent or any other creditor has a Lien or to permit any Grantor to obtain financing, whether from the ABL Claimholders or any other Person, that is secured by ABL Priority Collateral under Section 364 of
the Bankruptcy Code or any similar Bankruptcy Law (“DIP Financing”), then each Fixed Asset Collateral Agent, on behalf of itself and the applicable Fixed Asset Claimholders, agrees that it will raise no objection to such Cash
Collateral use or DIP Financing so long as such Cash Collateral use or DIP Financing meet the following requirements: (i) the Fixed Asset Collateral Agents and the Fixed Asset Claimholders retain the right to object to any ancillary agreements
or arrangements regarding the Cash Collateral use or the DIP Financing that are materially prejudicial to their interests in the Fixed Asset Priority Collateral, and (ii) the terms of the DIP Financing (A) do not compel the applicable
Grantor to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms are set forth in the DIP Financing documentation or a related document, (B) do not expressly require the liquidation of
the Collateral prior to a default under the DIP Financing documentation or Cash Collateral order, and (C) do not require that any Lien of the Fixed Asset Collateral Agents on the Fixed Asset Priority Collateral be subordinated to or pari
passu with the Lien on the Fixed Asset Priority Collateral securing such DIP Financing. To the extent the Liens securing the ABL Obligations are subordinated to or pari passu with such DIP Financing which meets the requirements of clauses
(i) and (ii) above, each Fixed Asset Collateral Agent will subordinate its Liens in the ABL Priority Collateral to the Liens securing such DIP Financing (and all Obligations relating thereto) and will not request adequate protection or any
other relief in connection therewith (except, as expressly agreed by the ABL Collateral Agent or to the extent permitted by Section 6.03. 

  
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 (b) Until the Discharge of Fixed Asset Obligations has occurred, if any Grantor shall be
subject to any Insolvency or Liquidation Proceeding and the ABL Claimholders shall not be supporting any DIP Financing or use of Cash Collateral as contemplated by clause (a) of this Section 6.01, then if any Fixed Asset Collateral Agent
or Fixed Asset Claimholders desire to permit any Grantor to obtain DIP Financing secured by Fixed Asset Priority Collateral, the ABL Collateral Agent, on behalf of itself and the ABL Claimholders, agrees that it will raise no objection to such DIP
Financing so long as such DIP Financing meet the following requirements: (i) the ABL Collateral Agent and the Fixed Asset Claimholders retain the right to object to any ancillary agreements or arrangements regarding the DIP Financing that are
materially prejudicial to their interests in the ABL Priority Collateral, and (ii) the terms of the DIP Financing (A) do not compel the applicable Grantor to seek confirmation of a specific plan of reorganization for which all or
substantially all of the material terms are set forth in the DIP Financing documentation or a related document, (B) do not expressly require the liquidation of the Collateral prior to a default under the DIP Financing documentation or Cash
Collateral order, and (C) such DIP Financing is not secured by any ABL Priority Collateral. To the extent the Liens securing the Fixed Asset Obligations are subordinated to or pari passu with such DIP Financing which meets the
requirements of clauses (i) and (ii) above, the ABL Collateral Agent will subordinate its Liens in the Fixed Asset Priority Collateral to the Liens securing such DIP Financing (and all Obligations relating thereto) and will not request adequate
protection or any other relief in connection therewith (except, as expressly agreed by the Controlling Fixed Asset Collateral Agent or to the extent permitted by Section 6.03). 

Section 6.02. Relief from the Automatic Stay. (a) Until the Discharge of ABL Obligations has occurred, each Fixed Asset
Collateral Agent, on behalf of itself and the applicable Fixed Asset Claimholders, agrees that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding
in respect of the ABL Priority Collateral, without the prior written consent of the ABL Collateral Agent, unless a motion for adequate protection permitted under Section 6.03 has been denied by the bankruptcy court. 

(b) Until the Discharge of Fixed Asset Obligations has occurred, the ABL Collateral Agent, on behalf of itself and the ABL Claimholders, agrees
that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Fixed Asset Priority Collateral (other than to the extent such relief
is required to exercise its rights under Section 3.03), without the prior written consent of the Controlling Fixed Asset Collateral Agent, unless a motion for adequate protection permitted under Section 6.03 has been denied by the
bankruptcy court. 

  
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 Section 6.03. Adequate Protection. (a) Each Fixed Asset Collateral Agent,
on behalf of itself and the applicable Fixed Asset Claimholders, agrees that none of them shall contest (or support any other Person contesting): 

(i) any request by the ABL Collateral Agent or the ABL Claimholders for adequate protection with respect to the ABL Priority
Collateral; provided that (A) such adequate protection claim shall not seek the creation of any Lien over additional assets or property of any Grantor other than with respect to assets or property that constitute ABL Priority Collateral
and (B) if such additional assets or property shall also constitute Fixed Asset Priority Collateral, (1) a Lien shall have been created in favor of the Fixed Asset Claimholders in respect of such Collateral and (2) the Lien in favor
of the ABL Claimholders shall be subordinated to the extent set forth in this Agreement; or 
 (ii) any objection by the ABL
Collateral Agent or the ABL Claimholders to any motion, relief, action or proceeding based on the ABL Collateral Agent or the ABL Claimholders claiming a lack of adequate protection; provided that if the ABL Collateral Agent is granted
adequate protection in the form of additional collateral of any Grantor, the Fixed Asset Collateral Agents and the Fixed Asset Claimholders may seek or request adequate protection in the form of Lien on such additional collateral; it being
understood and agreed that (A) if such additional collateral shall also constitute Fixed Asset Priority Collateral, the Lien on such additional collateral in favor of the ABL Collateral Agent shall be subordinate to the Lien on such additional
collateral in favor of the Fixed Asset Collateral Agents and (B) if such additional collateral shall also constitute ABL Priority Collateral, the Lien on such additional collateral in favor of the ABL Collateral Agent shall be senior to the
Lien on such additional collateral in favor of the Fixed Asset Collateral Agents, in each case with respect to the foregoing clauses (A) and (A), to the extent required by this Agreement. 

(b) The ABL Collateral Agent, on behalf of itself and the ABL Claimholders, agrees that none of them shall contest (or support
any other Person contesting): 
 (i) any request by the Controlling Fixed Asset Collateral Agent for adequate protection with
respect to the Fixed Asset Priority Collateral; provided that (A) such adequate protection claim shall not seek the creation of any Lien over additional assets or property of any Grantor other than with respect to assets or property that
constitute Fixed Asset Collateral and (B) if such additional assets or property shall also constitute ABL Priority Collateral, (1) a Lien shall have been created in favor of the ABL Claimholders in respect of such Collateral and
(2) the Lien in favor of the Fixed Asset Claimholders shall be subordinated to the extent set forth in this Agreement; or 

(ii) any objection by the Controlling Fixed Asset Collateral Agent to any motion, relief, action or proceeding based on the
Controlling Fixed Asset Collateral Agent claiming a lack of adequate protection; provided that if the Fixed Asset Collateral Agents are granted adequate protection in the form of additional collateral of any Grantor, the ABL Collateral Agent and the
ABL Claimholders may seek or request adequate protection in the form of Lien on such additional collateral; it being understood and agreed that (A) if such additional collateral shall also constitute ABL Priority Collateral, the Lien on such
additional collateral 

  
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in favor of the Fixed Asset Collateral Agents shall be subordinate to the Lien on such additional collateral in favor of the ABL Collateral Agent and (B) if such additional collateral shall
also constitute Fixed Asset Priority Collateral, the Lien on such additional collateral in favor of the Fixed Asset Collateral Agents shall be senior to the Lien on such additional collateral in favor of the ABL Collateral Agent, in each case with
respect to the foregoing clauses (A) and (A), to the extent required by this Agreement. 
 (c) Notwithstanding the
foregoing provisions in this Section 6.03, in any Insolvency or Liquidation Proceeding: 
 (i) if the ABL Claimholders
(or any subset thereof) are granted adequate protection with respect to the ABL Priority Collateral in the form of additional collateral of the Credit Parties (even if such collateral is not of a type which would otherwise have constituted ABL
Priority Collateral) in connection with any Cash Collateral use or DIP Financing, then the Controlling Fixed Asset Collateral Agent, on behalf of itself or any of the Fixed Asset Claimholders, may seek or request adequate protection with respect to
its interests in such Collateral in the form of a Lien on the same additional collateral, which Lien will be subordinated to the Liens securing the ABL Obligations and such Cash Collateral use or DIP Financing (and all Obligations relating thereto)
on the same basis as the other Liens of the Fixed Asset Collateral Agents on ABL Priority Collateral; 
 (ii) if the Fixed
Asset Claimholders (or any subset thereof) are granted adequate protection with respect to the Fixed Asset Priority Collateral in the form of additional collateral of the Credit Parties (even if such collateral is not of a type which would otherwise
have constituted Fixed Asset Priority Collateral) in connection with any Cash Collateral use or DIP Financing, then the ABL Collateral Agent, on behalf of itself or any of the ABL Claimholders, may seek or request adequate protection with respect to
its interests in such Collateral in the form of a Lien on the same additional collateral, which Lien will be subordinated to the Liens securing the Fixed Asset Obligations and such Cash Collateral use or DIP Financing (and all Obligations relating
thereto) on the same basis as the other Liens of the ABL Collateral Agent on Fixed Asset Priority Collateral; 
 (iii) in the
event the ABL Collateral Agent, on behalf of itself or any of the ABL Claimholders, seeks or requests adequate protection in respect of ABL Priority Collateral and such adequate protection is granted in the form of additional collateral of the
Credit Parties (even if such collateral is not of a type which would otherwise have constituted ABL Priority Collateral), then the ABL Collateral Agent, on behalf of itself and any of the ABL Claimholders, agrees that the Fixed Asset Collateral
Agents may also be granted a Lien on the same additional collateral as security for the Fixed Asset Obligations and for any Cash Collateral use or DIP Financing provided by the Fixed Asset Claimholders, and each Fixed Asset Collateral Agent, on
behalf of itself and any of the applicable Fixed Asset Claimholders, agrees that any Lien on such additional collateral securing the Fixed Asset Obligations shall be subordinated to the Liens on such collateral securing the ABL Obligations, any such
use of Cash Collateral or any such DIP Financing provided by the Fixed Asset Claimholders (and all Obligations relating thereto) and to any other Liens granted to the Fixed Asset Claimholders as adequate protection, all on the same basis as the
other Liens of the Fixed Asset Collateral Agents on ABL Priority Collateral; and 

  
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 (iv) in the event any Fixed Asset Collateral Agent, on behalf of itself or
any of the Fixed Asset Claimholders, seeks or requests adequate protection in respect of Fixed Asset Priority Collateral and such adequate protection is granted in the form of additional collateral of the Credit Parties (even if such collateral is
not of a type which would otherwise have constituted Fixed Asset Priority Collateral), then each Fixed Asset Collateral Agent, on behalf of itself and any of the Fixed Asset Claimholders, agrees that the ABL Collateral Agent may also be granted a
Lien on the same additional collateral as security for the ABL Obligations and for any Cash Collateral use or DIP Financing provided by the ABL Claimholders, and the ABL Collateral Agent, on behalf of itself and any of the ABL Claimholders, agrees
that any Lien on such additional collateral securing the ABL Obligations shall be subordinated to the Liens on such collateral securing the Fixed Asset Obligations, any such use of Cash Collateral or any such DIP Financing provided by the ABL
Claimholders (and all Obligations relating thereto) and to any other Liens granted to the ABL Claimholders as adequate protection, all on the same basis as the other Liens of the ABL Collateral Agent on Fixed Asset Priority Collateral. 

(d) Except as otherwise expressly set forth in this Article 6 or in connection with the exercise of remedies with respect to
(i) the ABL Priority Collateral, nothing herein shall limit the rights of the Fixed Asset Collateral Agents or the Fixed Asset Claimholders from seeking adequate protection with respect to their rights in the Fixed Asset Priority Collateral in
any Insolvency or Liquidation Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise) or (ii) the Fixed Asset Priority Collateral, nothing herein shall limit the rights of the ABL Collateral
Agent or the ABL Claimholders from seeking adequate protection with respect to their rights in the ABL Priority Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form of a cash payment, periodic cash
payments or otherwise). 
  
 Section 6.04. Avoidance Issues.
If any ABL Claimholder or Fixed Asset Claimholder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the applicable Grantor any amount paid in respect of ABL Obligations or the Fixed
Asset Obligations, as the case may be (a “Recovery”), then such ABL Claimholders or Fixed Asset Claimholders shall be entitled to a reinstatement of ABL Obligations or the Fixed Asset Obligations, as the case may be, with respect to
all such recovered amounts. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise
affect the obligations of the parties hereto from such date of reinstatement. 

  
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 Section 6.05. Post-Petition Interest. (a) No Fixed Asset Collateral Agent
nor any Fixed Asset Claimholder shall oppose or seek to challenge any claim by the ABL Collateral Agent or any ABL Claimholder for allowance in any Insolvency or Liquidation Proceeding of ABL Obligations consisting of Post-Petition Interest, fees or
expenses to the extent of the value of the Lien securing any ABL Claimholder’s claim, without regard to the existence of the Lien of the Fixed Asset Collateral Agent on behalf of the Fixed Asset Claimholders on the Collateral. 

(b) Neither the ABL Collateral Agent nor any other ABL Claimholder shall oppose or seek to challenge any claim by any Fixed Asset Collateral
Agent or any Fixed Asset Claimholder for allowance in any Insolvency or Liquidation Proceeding of Fixed Asset Obligations consisting of Post-Petition Interest, fees or expenses to the extent of the value of the Lien securing any Fixed Asset
Claimholder’s claim, without regard to the existence of the Lien of the ABL Collateral Agent on behalf of the ABL Claimholders on the Collateral. 

Section 6.06. Waiver – 1111(b)(2) Issues. (a) Each Fixed Asset Collateral Agent, for itself and on behalf of the
applicable Fixed Asset Claimholders, waives any claim it may hereafter have against any ABL Claimholder arising out of the election of any ABL Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code or out of any grant of a
security interest in connection with the ABL Priority Collateral in any Insolvency or Liquidation Proceeding. 
 (b) The ABL Collateral
Agent, for itself and on behalf of the ABL Claimholders, waives any claim it may hereafter have against any Fixed Asset Claimholder arising out of the election of any Fixed Asset Claimholder of the application of Section 1111(b)(2) of the
Bankruptcy Code or out of any grant of a security interest in connection with the Fixed Asset Priority Collateral in any Insolvency or Liquidation Proceeding. 

Section 6.07. Separate Grants of Security and Separate Classification. (a) Each Fixed Asset Collateral Agent, for itself and
on behalf of the applicable Fixed Asset Claimholders, and the ABL Collateral Agent, for itself and on behalf of the ABL Claimholders, acknowledges and agrees that the grants of Liens pursuant to the ABL Collateral Documents and the Fixed Asset
Collateral Documents constitute separate and distinct grants of Liens, and because of, among other things, their differing rights in the Collateral, the Fixed Asset Obligations are fundamentally different from the ABL Obligations and must be
separately classified in any plan of reorganization proposed or adopted in an Insolvency or Liquidation Proceeding. In furtherance of the foregoing, the Fixed Asset Collateral Agent, each for itself and on behalf of the applicable Fixed Asset
Claimholders, and the ABL Collateral Agent, for itself and on behalf of the ABL Claimholders, each agrees that the Fixed Asset Claimholders and the ABL Claimholders will vote as separate classes in connection with any plan of reorganization in any
Insolvency or Liquidation Proceeding and that no Collateral Agent nor any Claimholder will seek to vote with the other as a single class in connection with any plan of reorganization in any Insolvency or Liquidation Proceeding. 

  
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 (b) To further effectuate the intent of the parties as provided in this Section 6.07,
if it is held that the claims of the Fixed Asset Claimholders and the ABL Claimholders in respect of the Fixed Asset Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then each Fixed
Asset Collateral Agent, for itself and on behalf of the applicable Fixed Asset Claimholders and the ABL Collateral Agent, for itself and on behalf of the ABL Claimholders, hereby acknowledges and agrees that, subject to 2.01 and 4.01, all
distributions shall be made as if there were separate classes of senior and junior secured claims against the Grantors in respect of the Fixed Asset Collateral (with the effect being that, to the extent that the aggregate value of the Fixed Asset
Collateral is sufficient (for this purpose ignoring all claims held by the ABL Claimholders), the Fixed Asset Claimholders shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest, including any additional interest payable pursuant to the Fixed Asset Documents, arising from or related to a default,
which is disallowed as a claim in any Insolvency or Liquidation Proceeding) before any distribution is made in respect of the claims held by the ABL Claimholders, with the ABL Collateral Agent, for itself and on behalf of the ABL Claimholders,
hereby acknowledging and agreeing to turn over to the Controlling Fixed Asset Collateral Agent, for itself and on behalf of the Non-Controlling Fixed Asset Collateral Agent and the Fixed Asset Claimholders,
amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the ABL Claimholders). 

(c) To further effectuate the intent of the parties as provided in this Section 6.07, if it is held that the claims of the Fixed Asset
Claimholders and the ABL Claimholders in respect of the ABL Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then each Fixed Asset Collateral Agent, for itself and on behalf of the
applicable Fixed Asset Claimholders and the ABL Collateral Agent, for itself and on behalf of the ABL Claimholders, hereby acknowledges and agrees that, subject to Sections 2.01 and 4.01, all distributions shall be made as if there were separate
classes of senior and junior secured claims against the Grantors in respect of the ABL Collateral (with the effect being that, to the extent that the aggregate value of the ABL Collateral is sufficient (for this purpose ignoring all claims held by
the Fixed Asset Claimholders), the ABL Claimholders shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing
in respect of Post-Petition Interest, including any additional interest payable pursuant to the ABL Credit Agreement, arising from or related to a default, which is disallowed as a claim in any Insolvency or Liquidation Proceeding) before any
distribution is made in respect of the claims held by the Fixed Asset Claimholders, with each Fixed Asset Collateral Agent, for itself and on behalf of the applicable Fixed Asset Claimholders, hereby acknowledging and agreeing to turn over to the
ABL Collateral Agent, for itself and on behalf of the ABL Claimholders, amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or
recovery of the Fixed Asset Claimholders). 

  
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 (d) Notwithstanding anything in the foregoing to the contrary, each Fixed Asset Collateral
Agent and the Fixed Asset Claimholders, on the one hand, and the ABL Collateral Agent and the ABL Claimholders, on the other hand, shall retain the right to vote and otherwise act in any Insolvency or Liquidation Proceeding (including the right to
vote to accept or reject any plan of reorganization) to the extent not inconsistent with the provisions hereof. 
 Section 6.08.
Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency or Liquidation Proceeding and all converted or succeeding cases in respect thereof. The relative rights of
Claimholders in or to any distributions from or in respect of any Collateral or Proceeds of Collateral shall continue after the commencement of any Insolvency Proceeding. Accordingly, the provisions of this Agreement (including, without limitation,
Section 2.01) are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. 

Section 6.09. Sales. Subject to Sections 3.01(c)(v) and 3.02(c)(v) and 3.03, each Collateral Agent agrees that it will consent,
and will not object or oppose, or support any party in opposing, a motion to dispose of any Priority Collateral of the other party free and clear of any Liens or other claims under Section 363 of the Bankruptcy Code if the requisite ABL
Claimholders under the ABL Credit Agreement or Fixed Asset Claimholders under the applicable Fixed Asset Documents, as the case may be, have consented to such disposition of their respective Priority Collateral, such motion does not impair, subject
to the priorities set forth in this Agreement, the rights of such party under Section 363(k) of the Bankruptcy Code (so long as the right of any Fixed Asset Claimholder to offset its claim against the purchase price for any ABL Priority
Collateral exists only after the ABL Obligations have been paid in full in cash, and so long as the right of any ABL Claimholder to offset its claim against the purchase price for any Fixed Asset Priority Collateral exists only after the Fixed Asset
Obligations have been paid in full in cash), and the terms of any proposed order approving such transaction provide for the respective Liens to attach to the proceeds of the Priority Collateral that is the subject of such disposition, subject to the
Lien priorities in Section 2.01 and the other terms and conditions of this Agreement. Each Fixed Asset Collateral Agent and the ABL Collateral Agent further agrees that it will not oppose, or support any party in opposing, the right of the
other party to credit bid under Section 363(k) of the Bankruptcy Code, subject to the provision of the immediately preceding sentence. 

ARTICLE 7 

RELIANCE; WAIVERS, ETC. 

Section 7.01. Reliance. Other than any reliance on the terms of this Agreement, the ABL Collateral Agent, on behalf of itself and
the ABL Claimholders under its ABL Credit Documents, acknowledges that it and such ABL Claimholders have, independently and without reliance on any Fixed Asset Collateral Agent or any Fixed Asset Claimholders, and based on documents and information
deemed by them appropriate, made their own credit analysis and decision to enter into such ABL Credit Documents and be bound by the terms of this Agreement and they will continue to make their own 

  
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credit decision in taking or not taking any action under the ABL Credit Agreement or this Agreement. Other than any reliance on the terms of this Agreement, each Fixed Asset Collateral Agent, on
behalf of itself and the applicable Fixed Asset Claimholders, acknowledges that it and the Fixed Asset Claimholders have, independently and without reliance on the ABL Collateral Agent or any ABL Claimholder, and based on documents and information
deemed by them appropriate, made their own credit analysis and decision to enter into each of the Fixed Asset Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any
action under the Fixed Asset Documents or this Agreement. 
 Section 7.02. No Warranties or Liability. The ABL Collateral Agent,
on behalf of itself and the ABL Claimholders under the ABL Credit Documents, acknowledges and agrees that no Fixed Asset Collateral Agent nor any Fixed Asset Claimholder has made any express or implied representation or warranty, including with
respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Fixed Asset Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided in
this Agreement, the Fixed Asset Collateral Agents and the Fixed Asset Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the Fixed Asset Documents in accordance with law and the Fixed Asset
Documents, as they may, in their sole discretion, deem appropriate. Each Fixed Asset Collateral Agent, on behalf of itself and the applicable Fixed Asset Claimholders, acknowledges and agrees that neither the ABL Collateral Agent nor any ABL
Claimholder has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the ABL Credit Documents, the ownership of any Collateral
or the perfection or priority of any Liens thereon. Except as otherwise provided in this Agreement, the ABL Collateral Agent and the ABL Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under
their respective ABL Credit Documents in accordance with law and the ABL Credit Documents, as they may, in their sole discretion, deem appropriate. No Fixed Asset Collateral Agent nor any Fixed Asset Claimholders shall have any duty to the ABL
Collateral Agent or any of the ABL Claimholders, and the ABL Collateral Agent and the ABL Claimholders shall have no duty to any Fixed Asset Collateral Agent or any of the Fixed Asset Claimholders, to act or refrain from acting in a manner which
allows, or results in, the occurrence or continuance of an event of default or default under any agreements with any Grantor (including the ABL Credit Documents and the Fixed Asset Documents), regardless of any knowledge thereof which they may have
or be charged with. 
 Section 7.03. No Waiver of Lien Priorities. (a) No right of the Collateral Agents, the ABL
Claimholders or the Fixed Asset Claimholders to enforce any provision of this Agreement or any ABL Credit Document or Fixed Asset Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor
or by any act or failure to act by such Collateral Agents, ABL Claimholders or Fixed Asset Claimholders or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the ABL Credit Documents or any of the
Fixed Asset Documents, regardless of any knowledge thereof which the Collateral Agents or the ABL Claimholders or Fixed Asset Claimholders, or any of them, may have or be otherwise charged with. 

  
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 (b) Without in any way limiting the generality of the foregoing paragraph (but subject to
the rights of the Grantors under the ABL Credit Documents and Fixed Asset Documents and subject to the provisions of Sections 2.03, 2.04 and 5.03), the Collateral Agents, the ABL Claimholders and the Fixed Asset Claimholders may, at any time and
from time to time in accordance with the ABL Credit Documents and Fixed Asset Documents and/or applicable law, without the consent of, or notice to, the other Collateral Agent or the ABL Claimholders or the Fixed Asset Claimholders (as the case may
be), without incurring any liabilities to such Persons and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy is affected, impaired or
extinguished thereby) do any one or more of the following: 
 (i) change the manner, place or terms of payment or change or
extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the Obligations or any Lien or guaranty thereof or any liability of any Grantor, or any liability incurred directly or indirectly in respect thereof
(including any increase in or extension of the Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by the
Collateral Agents or any rights or remedies under any of the ABL Credit Documents or the Fixed Asset Documents; 
 (ii) sell,
exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Collateral (except to the extent provided in this Agreement) or any liability of any Grantor or any liability incurred directly
or indirectly in respect thereof; 
 (iii) settle or compromise any Obligation or any other liability of any Grantor or any
security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability in any manner or order that is not inconsistent with the terms of this Agreement; and

 (iv) exercise or delay in or refrain from exercising any right or remedy against any security or any Grantor or any other
Person, elect any remedy and otherwise deal freely with any Grantor. 

  
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 (c) Except as otherwise provided herein, the ABL Collateral Agent, on behalf of itself and
the ABL Claimholders, also agrees that the Fixed Asset Claimholders and the Fixed Asset Collateral Agents shall have no liability to the ABL Collateral Agent or any ABL Claimholders, and the ABL Collateral Agent, on behalf of itself and the ABL
Claimholders, hereby waives any claim against any Fixed Asset Claimholder or any Fixed Asset Collateral Agent, arising out of any and all actions which the Fixed Asset Claimholders or any Fixed Asset Collateral Agent may take or permit or omit to
take with respect to: 
 (i) the Fixed Asset Documents; 

(ii) the collection of the Fixed Asset Obligations; or 

(iii) the foreclosure upon, or sale, liquidation or other disposition of, any Fixed Asset Collateral. 

The ABL Collateral Agent, on behalf of itself and the ABL Claimholders, agrees that the Fixed Asset Claimholders and the Fixed Asset Collateral Agents have no
duty to them in respect of the maintenance or preservation of the Fixed Asset Priority Collateral, the Fixed Asset Obligations or otherwise. 

(d) Except as otherwise provided herein, each Fixed Asset Collateral Agent, on behalf of itself and the applicable Fixed Asset Claimholders,
also agrees that the ABL Claimholders and the ABL Collateral Agent shall have no liability to the Fixed Asset Collateral Agents or any Fixed Asset Claimholders, and each Fixed Asset Collateral Agent, on behalf of itself and the applicable Fixed
Asset Claimholders, hereby waives any claim against any ABL Claimholder or the ABL Collateral Agent, arising out of any and all actions which the ABL Claimholders or the ABL Collateral Agent may take or permit or omit to take with respect to: 

(i) the ABL Credit Documents; 

(ii) the collection of the ABL Obligations; or 

(iii) the foreclosure upon, or sale, liquidation or other disposition of, any ABL Collateral. 

Each Fixed Asset Collateral Agent, on behalf of itself and the applicable Fixed Asset Claimholders, agrees that the ABL Claimholders and the
ABL Collateral Agent have no duty to them in respect of the maintenance or preservation of the ABL Priority Collateral, the ABL Obligations or otherwise. 

(e) Until the Discharge of Fixed Asset Obligations has occurred, the ABL Collateral Agent, on behalf of itself and the ABL Claimholders, agrees
not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be
available under applicable law with respect to the Fixed Asset Priority Collateral or any other similar rights a junior secured creditor may have under applicable law. 

(f) Until the Discharge of ABL Obligations has occurred, each Fixed Asset Collateral Agent, on behalf of itself and the applicable Fixed Asset
Claimholders, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right
that may otherwise be available under applicable law with respect to the ABL Priority Collateral or any other similar rights a junior secured creditor may have under applicable law. 

  
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 Section 7.04. Obligations Unconditional. All rights, interests, agreements and
obligations of the ABL Collateral Agent and the ABL Claimholders and the Fixed Asset Collateral Agents and the Fixed Asset Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any ABL Credit Documents or any Fixed Asset Documents; 

(b) except as otherwise expressly set forth in this Agreement, any change in the time, manner or place of payment of, or in any other terms of,
all or any of the ABL Obligations or Fixed Asset Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any ABL Credit Document or any
Fixed Asset Document; 
 (c) except as otherwise expressly set forth in this Agreement, any exchange of any security interest in any
Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the ABL Obligations or Fixed Asset Obligations or any guaranty thereof; 

(d) the commencement of any Insolvency or Liquidation Proceeding in respect of the any Grantor; or 

(e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Grantor in respect of the ABL
Collateral Agent, the ABL Obligations, any ABL Claimholder, the Fixed Asset Collateral Agent, the Fixed Asset Obligations or any Fixed Asset Claimholder in respect of this Agreement. 

ARTICLE 8 

MISCELLANEOUS. 

Section 8.01. Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any ABL
Credit Document or any Fixed Asset Document, the provisions of this Agreement shall govern and control. 
 Section 8.02.
Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the ABL Claimholders and Fixed
Asset Claimholders may continue, at any time and without notice to any Collateral Agent, to extend credit and other financial accommodations and lend monies to or for the benefit of any Grantor in reliance hereon. Each of the Collateral Agents, on
behalf of itself and the ABL Claimholders or the Fixed Asset Claimholders, as the case may be, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement
shall 

  
 54 

 
survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Consistent with, but not in limitation of, the preceding sentence, each Collateral Agent, on
behalf of the applicable Claimholders, irrevocably acknowledges that this Agreement constitutes a “subordination agreement” within the meaning of both New York law and Section 510(a) of the Bankruptcy Code. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. All references to any Grantor shall include such Grantor as debtor and debtor-in-possession and any receiver or trustee for any Grantor (as the
case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect: 
 (a) with
respect to the ABL Collateral Agent, the ABL Claimholders and the ABL Obligations has occurred, on the date the Discharge of ABL Obligations has occurred, subject to the rights of the ABL Claimholders under Section 6.04; and 

(b) with respect to the Fixed Asset Collateral Agents, the Fixed Asset Claimholders and the Fixed Asset Obligations, on the date the Discharge
of Fixed Asset Obligations has occurred, subject to the rights of the Fixed Asset Claimholders under Section 6.04; 
 provided that, subject to
Section 5.05, if a Refinancing of any ABL Obligations or Fixed Asset Obligations, as the case may be, is entered into following such termination, (i) in the case of a Refinancing of any Fixed Asset Obligations, the ABL Collateral Agent on
behalf of the ABL Claimholders and the ABL Obligations, and (ii) in the case of a Refinancing of any ABL Obligations, the Fixed Asset Collateral Agents on behalf of the Fixed Asset Claimholders and the Fixed Asset Obligations, agree to, upon
the request of any Grantor, restore this Agreement on the terms and conditions set forth herein. 
 Section 8.03. Amendments;
Waivers. No amendment, modification or waiver of any of the provisions of this Agreement by any Fixed Asset Collateral Agent or the ABL Collateral Agent shall be deemed to be made unless the same shall be in writing signed on behalf of each
party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to
such party in any other respect or at any other time. Notwithstanding the foregoing, no Grantor shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent that such
amendment, modification or waiver (i) adversely affects or impairs its rights hereunder, under the Fixed Asset Documents or under the ABL Credit Documents or (ii) imposes any additional obligation or liability upon it (which, for the
avoidance of doubt, in the case of each of clauses (i) and (ii), shall include any amendment, modification or waiver of Section 4.01(c), 5.01(b), 5.02, 5.03, 5.04, 5.05, 5.06, 8.02, 8.03, 8.08 and 8.16). 

  
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 Section 8.04. Information Concerning Financial Condition of the Grantors and their
Subsidiaries. The ABL Collateral Agent and the ABL Claimholders, on the one hand, and the Fixed Asset Collateral Agents and the Fixed Asset Claimholders, on the other hand, shall each be responsible for keeping themselves informed of
(a) the financial condition of the Grantors and their Subsidiaries and all endorsers and/or guarantors of the ABL Obligations or the Fixed Asset Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the ABL
Obligations or the Fixed Asset Obligations. Neither the ABL Collateral Agent and the ABL Claimholders, on the one hand, nor the Fixed Asset Collateral Agents and the Fixed Asset Claimholders, on the other hand, shall have any duty to advise the
other of information known to it or them regarding such condition or any such circumstances or otherwise. In the event that either the ABL Collateral Agent or any of the ABL Claimholders, on the one hand, or any Fixed Asset Collateral Agent and the
Fixed Asset Claimholders, on the other hand, undertakes at any time or from time to time to provide any such information to any of the others, it or they shall be under no obligation: 

(c) to make, and shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness,
truthfulness or validity of any such information so provided; 
 (d) to provide any additional information or to provide any such information
on any subsequent occasion; 
 (e) to undertake any investigation; or 

(f) to disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain
confidential or is otherwise required to maintain confidential. 
 Section 8.05. Subrogation. (a) With respect to the value
of any payments or distributions in cash, property or other assets that any of the Fixed Asset Claimholders or any Fixed Asset Collateral Agent pays over to the ABL Collateral Agent or the ABL Claimholders under the terms of this Agreement, the
Fixed Asset Claimholders and Fixed Asset Collateral Agents shall be subrogated to the rights of the ABL Collateral Agent and the ABL Claimholders; provided, however, that, each Fixed Asset Collateral Agent, on behalf of itself and the
applicable Fixed Asset Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of ABL Obligations has occurred. The Grantors acknowledge and agree
that, to the extent permitted by applicable law, the value of any payments or distributions in cash, property or other assets received by any Fixed Asset Collateral Agent or the Fixed Asset Claimholders that are paid over to the ABL Collateral Agent
or the ABL Claimholders pursuant to this Agreement shall not reduce any of the Fixed Asset Obligations. 
 (b) With respect to the value of
any payments or distributions in cash, property or other assets that any of the ABL Claimholders or the ABL Collateral Agent pays over to any Fixed Asset Collateral Agent or the Fixed Asset Claimholders under the terms of this Agreement, the ABL
Claimholders and the ABL Collateral Agent shall be subrogated to the rights of the Fixed Asset Collateral Agents and the Fixed Asset 

  
 56 

 
Claimholders; provided, however, that, the ABL Collateral Agent, on behalf of itself and the ABL Claimholders, hereby agrees not to assert or enforce all such rights of subrogation
it may acquire as a result of any payment hereunder until the Discharge of Fixed Asset Obligations has occurred. The Grantors acknowledge and agree that, to the extent permitted by applicable law, the value of any payments or distributions in cash,
property or other assets received by the ABL Collateral Agent or the ABL Claimholders that are paid over to the Fixed Asset Collateral Agents or the Fixed Asset Claimholders pursuant to this Agreement shall not reduce any of the ABL Obligations.

 Section 8.06. 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 (WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF). ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT (EXCEPT THAT, IN THE CASE OF ANY BANKRUPTCY, INSOLVENCY OR SIMILAR PROCEEDINGS WITH RESPECT TO ANY
CREDIT PARTY, ACTIONS OR PROCEEDINGS RELATED TO THIS AGREEMENT SHALL BE BROUGHT IN SUCH COURT HOLDING SUCH BANKRUPTCY, INSOLVENCY OR SIMILAR PROCEEDINGS) SHALL BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, BOROUGH OF MANHATTAN, 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 EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER IT, AND AGREES NOT TO PLEAD OR CLAIM, IN
ANY LEGAL ACTION PROCEEDING WITH RESPECT TO THIS AGREEMENT BROUGHT IN ANY OF THE AFOREMENTIONED COURTS, THAT SUCH COURTS LACK PERSONAL JURISDICTION OVER IT. EACH PARTY HERETO 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, SUCH PARTY, AS THE CASE MAY BE, AT ITS ADDRESS SET FORTH BELOW EACH PARTY’S NAME ON EXHIBIT B HERETO, SUCH
SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER
THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY CREDIT
PARTY IN ANY OTHER JURISDICTION. 

  
 57 

 (b) EACH PARTY HERETO 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 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 PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. 
 Section 8.07. Notices. All notices to the Fixed Asset Claimholders and the ABL Claimholders
permitted or required under this Agreement shall also be sent to the Fixed Asset Collateral Agents and the ABL Collateral Agent, respectively. Unless otherwise specifically provided herein, any notice hereunder shall be in writing (including
telecopier communication) and may be personally served, telexed or sent by telecopier or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt
thereof, upon receipt of telecopier or telex, or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as set forth below
each party’s name on Exhibit B hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties hereto. 

Section 8.08. Further Assurances. The ABL Collateral Agent, on behalf of itself and the ABL Claimholders under the ABL Credit
Documents, and each Fixed Asset Collateral Agent, on behalf of itself and the applicable Fixed Asset Claimholders under the Fixed Asset Documents, and the Grantors, agree that each of them shall take such further action and shall execute and deliver
such additional documents and instruments (in recordable form, if requested) as the Company, ABL Collateral Agent or any Fixed Asset Collateral Agent may reasonably request to effectuate the terms of and the Lien priorities contemplated by this
Agreement. 
 Section 8.09. Binding on Successors and Assigns. This Agreement shall be binding upon the ABL Collateral Agent,
the ABL Claimholders, the Fixed Asset Collateral Agents, the Fixed Asset Claimholders and their respective successors and assigns. 

  
 58 

 Section 8.10. Specific Performance. Each of the ABL Collateral Agent and each
Fixed Asset Collateral Agent may demand specific performance of this Agreement. The ABL Collateral Agent, on behalf of itself and the ABL Claimholders, and each Fixed Asset Collateral Agent, on behalf of itself and the applicable Fixed Asset
Claimholders, hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the ABL Collateral Agent or the
ABL Claimholders or any Fixed Asset Collateral Agent or the Fixed Asset Claimholders, as the case may be. 
 Section 8.11.
Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 

Section 8.12. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in
connection herewith by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable. 

Section 8.13. Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and
warrants to the other parties hereto that it is duly authorized to execute this Agreement. 
 Section 8.14. No Third Party
Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the Collateral Agents, the ABL
Claimholders and the Fixed Asset Claimholders. Nothing in this Agreement shall impair, as between the Grantors and the ABL Collateral Agent and the ABL Claimholders, or as between the Grantors and the Fixed Asset Collateral Agents and the Fixed
Asset Claimholders, the obligations of the Grantors to pay principal, interest, fees and other amounts as provided in the ABL Credit Documents and the Fixed Asset Documents, respectively. 

Section 8.15. Provisions to Define Relative Rights. The provisions of this Agreement are and are intended for the purpose of
defining the relative rights of the ABL Collateral Agent and the ABL Claimholders on the one hand and the Fixed Asset Collateral Agents and the Fixed Asset Claimholders on the other hand. Nothing in this Agreement is intended to or shall impair the
obligations of any Grantor, which are absolute and unconditional, to pay the ABL Obligations and the Fixed Asset Obligations as and when the same shall become due and payable in accordance with their terms. 

Section 8.16. Further Intercreditors. In the event that any Grantor incurs any obligations secured by a Lien on any Collateral
that is junior to the Fixed Asset Obligations and the ABL Obligations, then the ABL Collateral Agent, the Initial Fixed Asset Collateral Agent, the Controlling Fixed Asset Collateral Agent and each Additional Fixed Asset Collateral Agent shall enter
into an intercreditor agreement with the agent or trustee for the secured parties with respect to such secured obligation to reflect the 

  
 59 

 
relative lien priorities of such parties with respect to the Collateral and governing the relative rights, benefits and privileges as among such parties in respect of the Collateral, including as
to application of proceeds of the Collateral, voting rights, control of the Collateral and waivers with respect to the Collateral, in each case so long as (a) such secured obligations are permitted under, and the terms of such intercreditor
agreement do not violate or conflict with, the provisions of this Agreement (including regarding the designation and authority of the Controlling Fixed Asset Collateral Agent), the ABL Credit Documents or the Fixed Asset Documents and (b) the
form and substance of such intercreditor agreement is otherwise reasonably acceptable to the ABL Collateral Agent and the Controlling Fixed Assets Collateral Agent, as applicable. 

Each party hereto agrees that the ABL Claimholders (as among themselves) and the Fixed Asset Claimholders (as among themselves) may each enter
into intercreditor agreements (or similar arrangements) governing the rights, benefits and privileges as among the ABL Claimholders or the Fixed Asset Claimholders, as the case may be, in respect of the Collateral, this Agreement, the ABL Credit
Documents or the applicable Fixed Asset Documents, as the case may be, including as to the application of proceeds of the Collateral, voting rights, control of the Collateral and waivers with respect to the Collateral, in each case so long as the
terms thereof do not violate or conflict with the provisions of this Agreement, the other ABL Credit Documents and Fixed Asset Documents, as the case may be. If any such intercreditor agreement (or similar arrangement) is entered into, the
provisions thereof shall not be (or be construed to be) an amendment, modification or other change to this Agreement, any ABL Credit Document or Fixed Asset Document, and the provisions of this Agreement and the ABL Credit Documents and Fixed Asset
Documents shall remain in full force and effect in accordance with the terms hereof and thereof (as such provisions may be amended, modified or otherwise supplemented from time to time in accordance with the terms hereof and thereof, including to
give effect to any intercreditor agreement (or similar arrangement)). 
 Section 8.17. Additional Grantors. It is understood and
agreed that any Domestic Subsidiary of the Company that becomes a party to any ABL Collateral Document and Fixed Asset Collateral Document in favor of the ABL Claimholders and the Fixed Asset Claimholders may become a Grantor hereunder by executing
a counterpart hereof and delivering same to each of the ABL Collateral Agent and the Controlling Fixed Asset Collateral Agent and upon such execution and delivery, such Subsidiary shall constitute a Grantor hereunder. 

Section 8.18. Agreement to be Bound; Restatement. The parties hereto hereby acknowledge and agree that, immediately following the
Refinancing of the obligations under the Prior ABL Credit Agreement pursuant to the ABL Credit Agreement and immediately prior to the amendment and restatement of the Prior Intercreditor Agreement pursuant to this Agreement, BABC, as administrative
agent and collateral agent under the ABL Credit Agreement, became bound to the Prior Intercreditor Agreement as the ABL Administrative Agent and ABL Collateral Agent (each as defined in the Prior Intercreditor Agreement) thereunder in replacement of
the Prior Agent for all purposes of the Prior Intercreditor Agreement. This Agreement hereby amends and restates in its entirety the Prior Intercreditor Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated ABL/Term
Intercreditor Agreement as of the date first written above. 
  

			
	BANK OF AMERICA, N.A., as Initial Fixed Asset Administrative Agent and Initial Fixed Asset Collateral Agent
		
	By:	 	 /s/ Reagan Philipp

		 	Name: Reagan Philipp
		 	Title: Director

  
 [Signature Page to the
Intercreditor Agreement] 

 
			
	BANK OF AMERICA, N.A., as ABL Administrative Agent and ABL Collateral Agent
		
	By:	 	 /s/ John M. Olsen

		 	Name: John M. Olsen
		 	Title: Senior Vice President

  
 [Signature Page to the
Intercreditor Agreement] 

 
			
	 Acknowledged and Agreed to by:
  

CIENA CORPORATION

		
	By:	 	 /s/ Jiong Liu

		 	Name: Jiong Liu
		 	Title: Vice President and Treasurer

  

			
	
	CIENA COMMUNICATIONS, INC. 

		
	By:	 	 /s/ Jiong Liu

		 	Name: Jiong Liu
		 	Title: Vice President and Treasurer

  

			
	CIENA GOVERNMENT SOLUTIONS, INC.
		
	By:	 	 /s/ Jiong Liu

		 	Name: Jiong Liu
		 	Title: Vice President and Treasurer

  

			
	
	CIENA COMMUNICATIONS INTERNATIONAL, LLC
		
	By:	 	 /s/ James E. Moylan, Jr.

		 	Name: James E. Moylan, Jr.
		 	Title: Senior Vice President of Finance and Chief Financial Officer
	
	BLUE PLANET SOFTWARE, INC.
		
	By:	 	 /s/ Jiong Liu

		 	Name: Jiong Liu
		 	Title: Vice President and Treasurer

  
 [Signature Page to the
Intercreditor Agreement]Exhibit

EXHIBIT 10.1

DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT

THIS DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of this [__] day of October, 2019 (the “Effective Date”), by and between EVERTEC, Inc., a Puerto Rico corporation (the “Company”), and the indemnitee named on the signature page hereto (the “Indemnitee”).

RECITALS

WHEREAS, the Company desires to attract and retain the services of highly qualified individuals to act as directors and officers;

WHEREAS, the Company understands that, in order to attract and retain desirable directors and officers, the Company must provide such persons with adequate protection through indemnification against risks, expenses, claims and actions against them arising out of their service to, and activities on behalf of, the Company;

WHEREAS, the Company’s certificate of incorporation and bylaws each require that the Company indemnify the Company’s directors and officers to the fullest extent authorized by the General Corporations Law of the Commonwealth of Puerto Rico of 2009, as amended (“General Corporations Law”), under which the Company is incorporated, and such certificate of incorporation and bylaws expressly provide that the indemnification provided therein is not exclusive and contemplate that the Company may enter into separate agreements with its directors, officers and other persons to set forth specific indemnification provisions;

WHEREAS, in light of the fact that the certificate of incorporation and bylaws of the Company are subject to change and do not contain all the provisions and protections set forth in this Agreement, the Company has determined that the Indemnitee and other directors and officers of the Company may not be willing to serve or continue to serve in such capacities without additional protection;

WHEREAS, the Company desires and has requested the Indemnitee to serve or continue to serve as a director or officer of the Company, as the case may be, and has proffered this Agreement to the Indemnitee as an additional inducement to serve in such capacity; and

WHEREAS, the Indemnitee is willing to serve, or to continue to serve, as a director or officer of the Company, as the case may be, if the Indemnitee is furnished the indemnity provided for herein by the Company.

NOW, THEREFORE, in consideration of the promises and the covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Indemnitee do hereby covenant and agree as follows:

		
	1.
	Definitions.

		
	(a)
	“Change in Control” means, and shall be deemed to have occurred if, (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than (x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting in such capacity or (y) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then outstanding voting stock, (ii) during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), (x) individuals who at the beginning of such period constitute the Board of Directors of the Company (the “Board”) and (y) any new director nominated by a Principal Stockholder pursuant to the Stockholder Agreement, cease for any reason to constitute a majority thereof, (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation other than a merger or consolidation that would result in the voting stock of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting stock of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting stock of the Company or such surviving 

1

entity outstanding immediately after such merger or consolidation or with the power to elect at least a majority of the board of directors or other governing body of the surviving entity, or (iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company (in one transaction or a series of related transactions) of all or substantially all of the Company’s assets.

		
	(b)
	“Corporate Status” describes the status of a person who is serving or has served (i) as a director or officer of the Company, (ii) as a Company employee in a fiduciary capacity with respect to an employee benefit plan of the Company or (iii) as a director or officer of any other Entity at the request of the Company. For purposes of subsection (iii) of this Section (b), a director or officer of the Company who is serving or has served as a director or officer of a Subsidiary shall be deemed to be serving at the request of the Company.

		
	(c)
	“Disinterested Director” means a director of the Company who (i) is not and was not a party to the Proceeding in respect of which indemnification is sought by the Indemnitee and (ii) is determined to be “disinterested” under applicable Puerto Rico law. 

		
	(d)
	“Entity” shall mean any corporation, partnership (general or limited), limited liability company, joint venture, trust, employee benefit plan, company, foundation, non-profit entity, association, organization or other legal entity, other than the Company.

		
	(e)
	“Expenses” shall be construed broadly to mean all direct and indirect fees of any type or nature whatsoever, costs and expenses incurred in connection with any Proceeding, including, without limitation, all attorneys’ fees and costs, disbursements and retainers (including, without limitation, any fees, disbursements and retainers incurred by the Indemnitee pursuant to Section 11 hereof), fees and disbursements of experts, witnesses, private investigators and professional advisors (including, without limitation, accountants and investment bankers), court costs, filing fees, transcript costs, fees of experts, travel expenses, duplicating, imaging, printing and binding costs, telephone and fax transmission charges, computer legal research costs, postage, delivery service fees, secretarial services, fees and expenses of third party vendors; the premium, security for, and other costs associated with any bond (including supersedeas or appeal bonds, injunction bonds, cost bonds, appraisal bonds or their equivalents), in each case incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding (including, without limitation, any judicial or arbitration Proceeding brought to enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement), as well as all other “expenses” within the meaning of that term as used in Section 4.08 (14 L.P.R.A. § 3568) of the General Corporations Law, any federal, state, local, Commonwealth or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, Employment Retirement Income Security Act of 1974 (ERISA) excise taxes and penalties, and all other disbursements or expenses of types customarily and reasonably incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, actions, suits, or proceedings similar to or of the same type as the Proceeding with respect to which such disbursements or expenses were incurred. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding.

		
	(f)
	“Indemnifiable Expenses,” “Indemnifiable Liabilities” and “Indemnifiable Amounts” shall have the meanings ascribed to those terms in Section 3(a) hereof.

		
	(g)
	“Independent Counsel” means a law firm, or a person admitted to practice law in any State of the United States or the Commonwealth of Puerto Rico, that is experienced in matters of corporation law and neither presently is, nor in the past three years has been, retained to represent: (i) the Company or the Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnities under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any law firm or person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s rights under this Agreement.

2

		
	(h)
	“Liabilities” shall be broadly construed to mean, without limitation, all judgments, damages, liabilities, losses, penalties, taxes, fines and amounts paid in settlement, in each case, of any type whatsoever, in connection with a Proceeding. References herein to “fines” shall include any excise tax assessed with respect to any employee benefit plan.

		
	(i)
	“Partial Rights Transferee” shall have the meaning set forth in the Stockholder Agreement.

		
	(j)
	“Principal Stockholder” shall have the meaning set forth in the Stockholder Agreement.

		
	(k)
	“Proceeding” shall be construed broadly to mean, without limitation, any threatened, pending or completed claim, government, regulatory and self-regulatory action, suit, arbitration, mediation, alternate dispute resolution process, investigation (including any internal investigation), inquiry, administrative hearing, appeal, or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative, arbitrative or investigative nature, whether formal or informal, including a proceeding initiated by the Indemnitee pursuant to Section 11 of this Agreement to enforce the Indemnitee’s rights hereunder.

		
	(l)
	“Stockholder Agreement” shall mean that certain Stockholder Agreement, dated as of April 17, 2012, as amended or supplemented from time to time in accordance with its terms.

		
	(m)
	“Subsidiary” shall mean any Entity of which the Company owns (either directly or indirectly) either (i) a general partner, managing member or other similar interest or (ii) (A) 50% or more of the voting power of the voting capital equity interests of such Entity, or (B) 50% or more of the outstanding voting capital stock or other voting equity interests of such Entity.

		
	(n)
	References herein to a director of any other Entity shall include, in the case of any Entity that is not managed by a board of directors, such other position, such as manager or trustee or member of the board of managers or other governing body of such Entity, that entails responsibility for the management and direction of such Entity’s affairs, including, without limitation, the general partner of any partnership (general or limited) and the manager, managing member or board of managers of any limited liability company.

		
	2.
	Services by the Indemnitee. In consideration of the Company’s covenants and commitments hereunder, the Indemnitee agrees to serve or continue to serve as either a director on the Board of Directors of the Company or as an officer, as applicable, so long as the Indemnitee is duly elected or appointed and until  his or her successor has been duly elected and qualified or until his or her earlier death, disability, resignation, termination or other removal.

		
	3.
	Agreement to Indemnify. The Company agrees to indemnify the Indemnitee to the fullest extent permitted, and in the manner permitted, by the General Corporations Law or other applicable law as in effect as of the date hereof or as such laws may, from time to time, be amended (but only if amended in a way that broadens the right to indemnification and advancement of expenses) as follows:

		
	(a)
	Indemnification for Third Party Proceedings. Subject to the exceptions contained in Section 4(a) hereof, if the Indemnitee was or is a party to, threatened to be made a party to or otherwise involved in any capacity in any Proceeding (other than an action initiated by the Company or initiated to protect the interests of the Company) by reason of the Indemnitee’s Corporate Status, the Indemnitee shall be indemnified by the Company against all Expenses and Liabilities incurred in a reasonable manner whether paid by the Indemnitee or on the Indemnitee’s behalf in connection with such a Proceeding (such Expenses and Liabilities are referred to herein as “Indemnifiable Expenses” and “Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable Amounts”). In addition, the Indemnitee’s Corporate Status may allow for indemnification under certain agreements containing indemnity provisions with another Entity or protections under the organization documents of such other Entity. In those instances, the Company shall remain wholly liable for making any indemnification payments for all Indemnifiable Amounts notwithstanding the payment obligation of such amounts by a third party to the Indemnitee.

		
	(b)
	Indemnification in Derivative Actions and Direct Actions by the Company. Subject to the exceptions contained in Section 4(b) hereof, if the Indemnitee was or is a party to, threatened to be made a party to or otherwise involved in 

3

any capacity in any Proceeding initiated by the Company or initiated to protect the interests of the Company to procure a judgment in its favor by reason of the Indemnitee’s Corporate Status, the Indemnitee shall be indemnified by the Company against all Indemnifiable Expenses. In addition, the Indemnitee’s Corporate Status may allow for indemnification under certain agreements containing indemnity provisions with another Entity or protections under the organization documents of such other Entity. In those instances, the Company shall remain wholly liable for making any indemnification payments for all Indemnifiable Expenses notwithstanding the payment obligation of such amounts by a third party to the Indemnitee.

		
	(c)
	Other Indemnification Rights. Notwithstanding anything to the contrary contained in this Agreement, the Company hereby acknowledges that an Indemnitee may have certain rights to indemnification, insurance and/or advancement of expenses provided by one or more Entities who employ such Indemnitee or of which such Indemnitee is a partner or member or with such Entity’s respective affiliated investment funds, managed funds and management companies, if applicable, or such Entity’s respective affiliates (collectively, the “Secondary Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort—meaning that, its obligations under this Agreement are primary and any obligation of the Secondary Indemnitors to advance expenses and provide indemnification for the same expenses and liabilities incurred by any such Indemnitee are secondary, (ii) that it shall be required to advance the full amount of Indemnifiable Expenses incurred by any such Indemnitee and shall be liable for the full amount of any Indemnifiable Amounts to the extent legally permitted and as required by this Agreement, the certificate of incorporation, the bylaws or any other agreement between the Company and such Indemnitee, without regard to any rights that such Indemnitee may have against the Secondary Indemnitors and (iii) that it irrevocably waives, relinquishes and releases the Secondary Indemnitors from any and all claims that it has or may have against the Secondary Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Secondary Indemnitors shall affect the foregoing and that the Secondary Indemnitors shall be subrogated to the extent of such advancement or payment to all of the rights of recovery of any such Indemnitee against the Company. The Company and each Indemnitee agree that Secondary Indemnitors are express third-party beneficiaries of this Section 3(c). In furtherance and not in limitation of the foregoing, in the event that a Secondary Indemnitor (other than the Company or any of its Subsidiaries) pays, forwards or otherwise satisfies any Indemnifiable Amounts to the Indemnitee, such amounts shall be promptly reimbursed by the Company to such payor to the extent that such Indemnifiable Amounts were required to be paid by the Company to the Indemnitee pursuant to the terms of this Agreement.

		
	(d)
	Employee Benefit Plans. For the avoidance of doubt, the indemnification rights and obligations contained herein shall extend to any Proceeding in which the Indemnitee was of is a party to, was or is threatened to be made a party to or was or is otherwise involved in any capacity in by reason of Indemnitee’s Corporate Status as a fiduciary capacity with respect to an employee benefit plan. In connection therewith, if the Indemnitee has acted in good faith and in a manner which appeared to be consistent with the best interests of the participants and beneficiaries of an employee benefit plan and not opposed thereto, the Indemnitee shall be deemed to have acted in a manner not opposed to the best interests of the Company.

		
	4.
	Exceptions to Indemnification. The Indemnitee shall be entitled to indemnification under Section 3(a) and Section 3(b) hereof in all circumstances other than the following:

		
	(a)
	Exceptions to Indemnification for Third Party Proceedings. If indemnification is requested under Section 3(a) and there has been a final non-appealable judgment by a court of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, (i) the Indemnitee failed to act (x) in good faith and (y) in a manner the Indemnitee deemed to be reasonable and consistent with the best interests of the Company and not opposed thereto or (ii) with respect to any criminal action or proceeding, the Indemnitee had reasonable cause to believe that the Indemnitee’s conduct was unlawful, the Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder.

		
	(b)
	Exceptions to Indemnification in Derivative Actions and Direct Actions by the Company. If indemnification is requested under Section 3(b) and (i) there has been a final non-appealable judgment by a court of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has arisen, the Indemnitee failed to act (x) in good faith and (y) in a manner the Indemnitee deemed to be reasonable and consistent with the best 

4

interests of the Company and not opposed thereto, the Indemnitee shall not be entitled to payment of Indemnifiable Expenses hereunder; or (ii) there has been a final non-appealable judgment by a court of competent jurisdiction that the Indemnitee is liable to the Company with respect to any claim, issue or matter involved in the Proceeding out of which the claim for indemnification has arisen, then no Indemnifiable Expenses shall be paid with respect to such claim, issue or matter unless, and only to the extent that, the court of competent jurisdiction in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such Indemnifiable Expenses which such court shall deem proper.

		
	5.
	Procedure for Payment of Indemnifiable Amounts.

		
	(a)
	Subject to Section 9, the Indemnitee shall submit to the Company a written request specifying in reasonable detail the Indemnifiable Amounts for which the Indemnitee seeks payment under Section 3, Section 6, or Section 7 hereof and a short description of the basis for the claim. The Company shall pay such Indemnifiable Amounts to the Indemnitee within sixty (60) calendar days of receipt of the request. At the request of the Company, the Indemnitee shall furnish such documentation and information as are reasonably available to the Indemnitee and necessary to establish that the Indemnitee is entitled to indemnification hereunder.

		
	(b)
	Upon written request by the Indemnitee for indemnification pursuant to the first sentence of Section 5(a) hereof, if required by applicable law and to the extent not otherwise provided pursuant to the terms of this Agreement, a determination with respect to the Indemnitee’s entitlement to indemnification shall be made in the specific case as follows: (i) if a Change in Control shall have occurred and if so requested in writing by the Indemnitee, by Independent Counsel in a written opinion to the Board; or (ii) if a Change in Control shall not have occurred (or if a Change in Control shall have occurred but the Indemnitee shall not have requested that indemnification be determined by Independent Counsel as provided in subpart (i) of this Section 5(b)), (A) by a majority vote of the disinterested directors, even though less than a quorum of the Board, or (B) by a committee of disinterested directors designated by majority vote of the disinterested directors, even though less than a quorum of the Board, (C) if there are no such disinterested directors, or if such disinterested directors so direct, by Independent Counsel in a written opinion to the Board, (D) if requested by any Principal Stockholder or Partial Rights Transferee, by Independent Counsel in a written opinion to the Board, or (E) if a quorum of disinterested directors so directs, by the Company’s stockholders in accordance with applicable law. Notice in writing of any determination as to the Indemnitee’s entitlement to indemnification shall be delivered to the Indemnitee promptly after such determination is made, and if such determination of entitlement to indemnification has been made by Independent Counsel in a written opinion to the Board, then such notice shall be accompanied by a copy of such written opinion. If it is determined that the Indemnitee is entitled to indemnification, then payment to the Indemnitee of all amounts to which the Indemnitee is determined to be entitled (other than sums that were already advanced) shall be made within sixty (60) calendar days after such determination. If it is determined that the Indemnitee is not entitled to indemnification, then the written notice to the Indemnitee (or, if such determination has been made by Independent Counsel in a written opinion, the copy of such written opinion delivered to the Indemnitee) shall disclose the basis upon which such determination is based. The Indemnitee shall cooperate with the person, persons, or entity making the determination with respect to the Indemnitee’s entitlement to indemnification, including providing to such person, persons, or entity upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to the Indemnitee and reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification.

		
	(c)
	If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b) hereof, the Independent Counsel shall be selected as provided in this Section 5(c). If a Change in Control shall not have occurred (or if a Change in Control shall have occurred but the Indemnitee shall not have requested that indemnification be determined by Independent Counsel as provided in subpart (i) of Section 5(b)), then the Independent Counsel shall be selected by the Board, and the Company shall give written notice to the Indemnitee advising the Indemnitee of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred and the Indemnitee shall have requested that indemnification be determined by Independent Counsel, then the Independent Counsel shall be selected by the Indemnitee (unless the Indemnitee shall request that such selection be made by the Board, in which case the preceding sentence shall apply), and the Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either case, the Indemnitee or the Company, as applicable, may, 

5

within thirty (30) calendar days after such written notice of selection has been given, deliver to the Company or to the Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the law firm or person so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 hereof, and the objection shall set forth the basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the law firm or person so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction in the Commonwealth of Puerto Rico has determined that such objection is without merit. If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b) hereof and, following the expiration of sixty (60) calendar days after submission by the Indemnitee of a written request for indemnification pursuant to Section 5(a) hereof, Independent Counsel shall not have been selected, or an objection thereto has been made and not withdrawn, then either the Company or the Indemnitee may petition a court of competent jurisdiction in the Commonwealth of Puerto Rico for resolution of any objection that shall have been made by the Company or the Indemnitee to the other’s selection of Independent Counsel and/or for appointment as Independent Counsel of a law firm or person selected by such court (or selected by such person as the court shall designate), and the law firm or person with respect to whom all objections are so resolved or the law firm or person so appointed shall act as Independent Counsel under Section 5(b) hereof. Upon the due commencement of any Proceeding pursuant to Section 11(e) hereof, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b) hereof, then the Company agrees to pay the reasonable fees and expenses of such Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against any and all expenses, claims, liabilities, and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

		
	6.
	Indemnification for Expenses if the Indemnitee is Wholly or Partly Successful. Notwithstanding anything contained in this Agreement to the contrary, to the extent that the Indemnitee is or was, or is or was threatened to be made, by reason of the Indemnitee’s Corporate Status, a party to any Proceeding and the Indemnitee is successful (on the merits or otherwise) in defending all claims, issues and matters in such Proceeding, the Indemnitee shall be indemnified against all Indemnifiable Expenses incurred by the Indemnitee or on the Indemnitee’s behalf in connection with the defense of such Proceeding. If the Indemnitee is successful (on the merits or otherwise) in defending one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify, hold harmless and exonerate the Indemnitee for that portion of the Expenses reasonably incurred in connection with defending those claims, issues or matters with respect to which the Indemnitee was successful in defending. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. Notwithstanding any of the foregoing, nothing herein shall be construed to limit the Indemnitee’s right to indemnification which he or she would otherwise be entitled to in accordance with Section 3 and Section 4 hereof, regardless of the Indemnitee’s success in a Proceeding.

		
	7.
	Indemnification for Expenses as a Witness. Anything in this Agreement to the contrary notwithstanding, to the fullest extent permitted by applicable law, to the extent that the Indemnitee, by reason of the Indemnitee’s Corporate Status, is or was, or is or was threatened to be made, a witness in any Proceeding to which the Indemnitee is not a party, the Indemnitee shall be indemnified against all Indemnifiable Expenses incurred by the Indemnitee or on the Indemnitee’s behalf in connection therewith. To the extent permitted by applicable law, the Indemnitee shall be entitled to indemnification for Expenses incurred in connection with being or threatened to be made a witness, as provided in this Section 7, regardless of whether the Indemnitee met the standards of conduct set forth in Sections 4(a) and 4(b) hereof.

		
	8.
	Agreement to Advance Expenses; Conditions. The Company shall pay to the Indemnitee all Indemnifiable Expenses incurred by or on behalf of the Indemnitee in connection with any Proceeding to which the Indemnitee was or is a party or was or is otherwise involved or was or is threatened to be made a party to or was or is otherwise involved in any capacity in any Proceeding by reason of the Indemnitee’s Corporate Status, including a Proceeding by or in the right of the Company, in advance of the final disposition of such Proceeding. The Indemnitee hereby undertakes to repay the amount of Indemnifiable Expenses paid to the Indemnitee if it shall ultimately be determined by final judicial decision of a court of competent jurisdiction, from which decision there is no further right to appeal, that the Indemnitee is not entitled under this Agreement to, or is prohibited by applicable law from, indemnification with respect to such Indemnifiable Expenses. Any advances and undertakings to repay pursuant to this Section 8 shall be unsecured and interest free. Subject to the second 

6

sentence of this Section 8, the Indemnitee shall be entitled to advancement of Indemnifiable Expenses as provided in this Section 8 prior to the final resolution of any Proceeding and determination by or on behalf of the Company of whether the Indemnitee has not met the standards of conduct set forth in Sections 4(a) and 4(b) hereof.

		
	9.
	Procedure for Advance Payment of Expenses. The Indemnitee shall submit to the Company a written request specifying in reasonable detail the Indemnifiable Expenses for which the Indemnitee seeks an advancement under Section 8 hereof, together with documentation reasonably evidencing that the Indemnitee has incurred such Indemnifiable Expenses. Payment of Indemnifiable Expenses under Section 8 hereof shall be made no later than sixty (60) calendar days after the Company’s receipt of such request.

		
	10.
	Burden of Proof; Defenses; and Presumptions.

		
	(a)
	In any Proceeding pursuant to Section 11 hereof brought by the Indemnitee to enforce rights to indemnification or to an advancement of Indemnifiable Expenses hereunder, or in any Proceeding brought by the Company to recover an advancement of Indemnifiable Expenses (whether pursuant to the terms of an undertaking or otherwise), the burden shall be on the Company to prove that the Indemnitee is not entitled to be indemnified, or to such an advancement of Indemnifiable Expenses, as the case may be.

		
	(b)
	It shall be a defense in any Proceeding pursuant to Section 11 hereof to enforce rights to indemnification under Section 3(a) or Section 3(b) hereof (but not in any Proceeding pursuant to Section 11 hereof to enforce a right to an advancement of Indemnifiable Expenses under Sections 8 and 9 hereof) that the Indemnitee has not met the standards of conduct set forth in Section 4(a) or Section 4(b) hereof, as the case may be, but the burden of proving such defense shall be on the Company. With respect to any Proceeding pursuant to Section 11 hereof brought by the Indemnitee to enforce a right to indemnification hereunder, or any Proceeding brought by the Company to recover an advancement of Indemnifiable Expenses (whether pursuant to the terms of an undertaking or otherwise), neither (i) the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of such Proceeding that indemnification is proper in the circumstances because the Indemnitee has met the applicable standards of conduct, nor (ii) an actual determination by the Company (including by its directors or Independent Counsel) that the Indemnitee has not met such applicable standards of conduct, shall create a presumption that the Indemnitee has not met the applicable standards of conduct or, in the case of a Proceeding pursuant to Section 11 hereof brought by the Indemnitee seeking to enforce a right to indemnification, be a defense to such Proceeding.

		
	(c)
	The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, in and of itself, adversely affect the right of the Indemnitee to indemnification hereunder or create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal Proceeding, shall not create a presumption that the Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

		
	(d)
	For purposes of any determination of good faith, the Indemnitee shall be deemed to have acted in good faith if the Indemnitee’s action is reasonably based on the records or books of account of the Company or other Entity, including financial statements, or on information supplied to the Indemnitee by the officers of the Company or other Entity in the course of their duties, or on the advice of legal counsel for the Company or other Entity or on information or records given or reports made to the Company or other Entity by an independent certified public accountant or by an appraiser or other expert selected by the Company or other Entity. The provisions of this Section 10(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

		
	(e)
	The knowledge and/or actions, or failure to act, of any other director, officer, agent, or employee of the Company or of another Entity shall not be imputed to the Indemnitee for purposes of determining the Indemnitee’s right to indemnification or advancement of Indemnifiable Expenses under this Agreement.

7

		
	11.
	Remedies of the Indemnitees.

		
	(a)
	Right to Petition Court. In the event that the Indemnitee makes a request for payment of Indemnifiable Amounts under Section 3 or Section 5 hereof or a request for an advancement of Indemnifiable Expenses under Sections 8 or 9 hereof and the Company fails to make such payment or advancement in a timely manner in accordance with the terms of this Agreement, the Indemnitee may petition a court to enforce the Company’s obligations under this Agreement.

		
	(b)
	Expenses. The Company agrees to reimburse the Indemnitee in full for any Expenses actually incurred in a reasonable manner by the Indemnitee in connection with investigating, preparing for, litigating, defending or settling any action brought by the Indemnitee under Section 11(a) hereof; provided, however, that to the extent the Indemnitee is unsuccessful on the merits in such action then the Company shall have no obligation to reimburse the Indemnitee under this Section 11(b).

		
	(c)
	Validity of Agreement. The Company shall be precluded from asserting in any Proceeding, including, without limitation, an action under Section 11(a) hereof, that the provisions of this Agreement are not valid, binding and enforceable or that there is insufficient consideration for this Agreement and shall stipulate in court that the Company is bound by all the provisions of this Agreement.

		
	(d)
	Failure to Act Not a Defense. The failure of the Company (including its Board or any committee thereof, Independent Counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Section 11(a) hereof, and shall not create a presumption that such payment or advancement is not permissible.

		
	(e)
	Entitlement to Indemnification; Independent Counsel. In the event that (i) a determination is made pursuant to Section 5 hereof that the Indemnitee is not entitled to indemnification under this Agreement, (ii) if the determination of entitlement to indemnification is not to be made by Independent Counsel pursuant to Section 5(b) hereof, no determination of entitlement to indemnification shall have been made pursuant to Section 5(b) hereof within sixty (60) calendar days after receipt by the Company of the Indemnitee’s written request for indemnification, (iii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 5(b) hereof, no determination of entitlement to indemnification shall have been made pursuant to Section 5(b) hereof within (A) eighty (80) calendar days after receipt by the Company of the Indemnitee’s written request for indemnification or (B) if an objection to the selection of such Independent Counsel has been made and substantiated and not withdrawn, seventy (70) calendar days after a court of competent jurisdiction in the Commonwealth of Puerto Rico (or such person appointed by such court to make such determination) has determined or appointed the person to act as Independent Counsel pursuant to Section 5(b) hereof, (iv) payment of Indemnified Amounts payable pursuant to Section 6 or Section 7 hereof is not made within sixty (60) calendar days after receipt by the Company of a written request therefor, or (v) payment of Indemnified Amounts payable pursuant to Section 6 or Section 7 hereof is not made within sixty (60) calendar days after a determination has been made pursuant to Section 5(b) hereof that the Indemnitee is entitled to indemnification, then in each instance described in clauses (i) through (v), the Indemnitee shall be entitled to seek an adjudication by a court of competent jurisdiction in the Commonwealth of Puerto Rico of the Indemnitee’s entitlement to such indemnification or advancement of Indemnifiable Expenses.

		
	(f)
	Not Prejudiced by Adverse Determination. In the event that a determination shall have been made pursuant to Section 5(b) hereof that the Indemnitee is not entitled to indemnification, any Proceeding commenced pursuant to this Section 11 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and the Indemnitee shall not be prejudiced by reason of that adverse determination.

		
	12.
	Settlement of Proceedings.

		
	(a)
	The Indemnitee agrees that it will not settle, compromise or consent to the entry of any judgment as to the Indemnitee in any pending or threatened Proceeding (whether or not the Indemnitee is an actual or potential party to such Proceeding) in which Indemnitee has sought indemnification hereunder without the Company’s prior written consent, which consent will not be unreasonably withheld, conditioned or delayed unless such settlement, compromise or consent respecting 

8

such Proceeding includes an unconditional release of the Company and does not (i) require or impose any injunctive or other non-monetary remedy on the Company or its affiliates, (ii) require or impose an admission or consent as to any wrongdoing by the Company or its affiliates, or (iii) otherwise result in a direct or indirect payment by or monetary cost to the Company or its affiliates.

		
	(b)
	The Company agrees that it will not settle, compromise or consent to the entry of any judgment as to the Indemnitee in any pending or threatened Proceeding (whether or not the Indemnitee is an actual or potential party to such Proceeding) in which the Indemnitee has sought indemnification hereunder without the Indemnitee’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed unless such settlement, compromise or consent includes an unconditional release of the Indemnitee and does not (i) require or impose any injunctive or other non-monetary remedy on the Indemnitee, (ii) require or impose an admission or consent as to any wrongdoing by the Indemnitee or (iii) otherwise result in a direct or indirect payment by or monetary cost to the Indemnitee personally (as opposed to a payment to be made or cost to be paid by the Company on the Indemnitee’s behalf).

 
		
	13.
	Notice by the Indemnitee. The Indemnitee agrees to notify the Company promptly upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding which could reasonably be expected to result in the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify the Indemnitee from the right to receive payments of Indemnifiable Amounts or advancements of Indemnifiable Expenses.

		
	14.
	Representations and Warranties of the Company. The Company hereby represents and warrants to the Indemnitee as follows:

		
	(a)
	Authority. The Company has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution, delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company.

		
	(b)
	Enforceability. This Agreement, when executed and delivered by the Company in accordance with the provisions hereof, shall be a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by equitable principles and applicable bankruptcy, insolvency, moratorium, reorganization or similar laws affecting the enforcement of creditors’ rights generally.

		
	(c)
	No Conflicts. This Agreement, when executed and delivered by the Company in accordance with the provisions hereof, does not, and the Company’s performance of its obligations under the Agreement will not, violate the Company’s certificate of incorporation, bylaws, other agreements to which the Company is a party to or applicable law. 

		
	(d)
	Insurance. The Company shall, if commercially reasonable, obtain and maintain a policy or policies of insurance with reputable insurance companies providing the Company’s directors and officers with coverage for losses from wrongful acts, or to ensure the Company’s performance of its indemnification obligations under this Agreement. The Company shall use its best efforts to cause the Indemnitee, at the Company’s expense, to be covered by such insurance policies or policies providing liability insurance for directors or officers of the Company or of any Subsidiary, if any, in accordance with its or their terms to the same extent as provided to any then-current director or officer of the Company or any Subsidiary under such policy or policies.

		
	15.
	Contract Rights Not Exclusive; Subrogation. The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses provided by this Agreement shall be in addition to, but not exclusive of, any other rights that the Indemnitee may have at any time under applicable law, the Company’s bylaws or certificate of incorporation, or any other agreement, vote of stockholders or directors (or a committee of directors), or otherwise, both as to action in the Indemnitee’s official capacity and as to action in any other capacity as a result of the Indemnitee’s serving in a Corporate Status. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy, given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. In the event of any payment to or on behalf of the Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the 

9

Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

		
	16.
	Successors. This Agreement (a) shall be binding upon all successors and assigns of the Company (including any transferee of all or a substantial portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or otherwise by operation of law) and (b) shall inure to the benefit of the heirs, personal representatives, executors and administrators of the Indemnitee. This Agreement shall continue for the benefit of the Indemnitee and such heirs, personal representatives, executors and administrators after the Indemnitee has ceased to have Corporate Status.

		
	17.
	Change in Law. To the extent that a change in Puerto Rico law (whether by statute or judicial decision) shall permit broader indemnification or advancement of expenses than is provided under the terms of the bylaws of the Company and this Agreement, the Indemnitee shall be entitled to such broader indemnification and advancements, and this Agreement shall be deemed to be amended to such extent, but only to the extent such amendment permits the Indemnitee to broader indemnification and advancement rights other than Puerto Rico law permitted prior to the adoption of such amendment.

		
	18.
	Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and clauses of this Agreement shall remain fully enforceable and binding on the parties. 

		
	19.
	Modifications and Waiver. Except as provided in Section 17 hereof with respect to changes in Puerto Rico law which broaden the right of the Indemnitee to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, and no single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, shall preclude any other or further exercise thereof or the exercise of any other right or power.

		
	20.
	General Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

If to the Indemnitee, to the address specified by the Indemnitee, from time to time.

If to the Company, to:

Evertec, Inc.
Road 176, Kilometer 1.3 Cupey
San Juan, Puerto Rico 00926
Attention: General Counsel

or to such other address as may have been furnished in the same manner by any party to the others.

		
	21.
	Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever other than any of those set forth in Section 4 hereof, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a 

10

result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

		
	22.
	Governing Law. This Agreement shall be exclusively governed by and construed and enforced under the laws of the Commonwealth of Puerto Rico without giving effect to the provisions thereof relating to conflicts of law of such state.

		
	23.
	Consent to Jurisdiction.

		
	(a)
	Each of the Company and the Indemnitee hereby irrevocably and unconditionally (i) agrees and consents to the exclusive jurisdiction of the courts of the state and federal courts of the State of Delaware and the Commonwealth of Puerto Rico (each, a “Chosen Court”) for all purposes in connection with any action, suit, or proceeding that arises out of or relates to this Agreement and agrees that any such action instituted under this Agreement shall be brought only in one of the Chosen Courts; (ii) consents to submit to the exclusive jurisdiction of the Chosen Courts for purposes of any action or proceeding arising out of or in connection with this Agreement; (iii) waives any objection to the laying of venue of any such action or proceeding in any of the Chosen Courts; and (iv) waives, and agrees not to plead or to make, any claim that any such action or proceeding brought in any of the Chosen Courts has been brought in an improper or otherwise inconvenient forum.

		
	(b)
	Each of the Company and the Indemnitee hereby consents to service of any summons and complaint and any other process that may be served in any action, suit, or proceeding arising out of or relating to this Agreement in any of the Chosen Courts by mailing by certified or registered mail, with postage prepaid, copies of such process to such party at its address for receiving notice pursuant to Section 20 hereof. Nothing herein shall preclude service of process by any other means permitted by applicable law.

		
	24.
	Counterparts. This Agreement may be executed in one or more counterparts (including by PDF or facsimile), each of which shall for all purposes be deemed to be an original but all of which together shall constitute but one and the same Agreement. Only one such counterpart need be produced to evidence the existence of this Agreement.

		
	25.
	Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction hereof.

		
	26.
	Effective Date. The provisions of this Agreement shall cover claims, actions, suits or proceedings whether now pending or hereafter commenced and shall be retroactive to cover acts or omissions or alleged acts or omissions which have taken place between the date when the Indemnitee was duly elected or appointed as a director or officer of the Company and the Effective Date of this Agreement. 

		
	27.
	Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings and negotiations, written and oral, between the parties with respect to the subject matter of this Agreement, provided, however, that this Agreement is supplement to and in furtherance of the Company’s certificate of incorporation, bylaws, the General Corporations Law and any other applicable law, and shall not be deemed a substitute therefor, and does not diminish or abrogate any rights of the Indemnitee thereunder.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

	
		
	EVERTEC, INC.

______________________________________
Morgan M. Schuessler
President & Chief Executive Officer
	INDEMNITEE

______________________________________
[•]
Director

11

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