Document:

Collateral Agreement

 Exhibit 10.4 
 COLLATERAL AGREEMENT 
 dated and effective as of 

September 30, 2010 
 among 
 CARIB HOLDINGS, INC., 

as Holdings, 

EVERTEC, Inc., 

as Borrower, 

each Subsidiary of EVERTEC, Inc. identified herein, 
 and 
 BANK OF AMERICA, N.A., 

as Collateral Agent 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I.	  			
		
	DEFINITIONS	  			
	 SECTION 1.01.
	  	Credit Agreement	  	 	1	  
	 SECTION 1.02.
	  	Other Defined Terms	  	 	1	  
		
	ARTICLE II.	  			
		
	PLEDGE OF SECURITIES	  			
	 SECTION 2.01.
	  	Pledge	  	 	6	  
	 SECTION 2.02.
	  	Delivery of the Pledged Collateral	  	 	7	  
	 SECTION 2.03.
	  	Representations, Warranties and Covenants	  	 	7	  
	 SECTION 2.04.
	  	Certification of Limited Liability Company and Limited Partnership Interests	  	 	9	  
	 SECTION 2.05.
	  	Registration in Nominee Name; Denominations	  	 	9	  
	 SECTION 2.06.
	  	Voting Rights; Dividends and Interest, etc.	  	 	9	  
		
	ARTICLE III.	  			
		
	SECURITY INTERESTS IN PERSONAL PROPERTY	  			
	 SECTION 3.01.
	  	Security Interest	  	 	11	  
	 SECTION 3.02.
	  	Representations and Warranties	  	 	14	  
	 SECTION 3.03.
	  	Covenants	  	 	16	  
	 SECTION 3.04.
	  	Other Actions	  	 	18	  
	 SECTION 3.05.
	  	Covenants Regarding Patent, Trademark and Copyright Collateral	  	 	18	  
		
	ARTICLE IV.	  			
		
	REMEDIES	  			
	SECTION 4.01.	  	Remedies upon Default	  	 	20	  
	SECTION 4.02.	  	Application of Proceeds	  	 	22	  
	SECTION 4.03.	  	Grant of License to Use Intellectual Property	  	 	22	  
	SECTION 4.04.	  	Securities Act, etc.	  	 	23	  
	SECTION 4.05.	  	Registration, etc.	  	 	23	  
		
	ARTICLE V.	  			
		
	MISCELLANEOUS	  			
	 SECTION 5.01.
	  	Notices	  	 	25	  

  
 -i-

							
	 	  	 	  	Page	 
	 SECTION 5.02.
	  	Security Interest Absolute	  	 	25	  
	 SECTION 5.03.
	  	Limitation by Law	  	 	25	  
	 SECTION 5.04.
	  	Binding Effect; Several Agreement	  	 	26	  
	 SECTION 5.05.
	  	Successors and Assigns	  	 	26	  
	 SECTION 5.06.
	  	Agent’s Fees and Expenses; Indemnification	  	 	26	  
	 SECTION 5.07.
	  	Agent Appointed Attorney-in-Fact	  	 	27	  
	 SECTION 5.08.
	  	GOVERNING LAW	  	 	27	  
	 SECTION 5.09.
	  	Waivers; Amendment	  	 	28	  
	 SECTION 5.10.
	  	WAIVER OF JURY TRIAL	  	 	28	  
	 SECTION 5.11.
	  	Severability	  	 	29	  
	 SECTION 5.12.
	  	Counterparts	  	 	29	  
	 SECTION 5.13.
	  	Headings	  	 	29	  
	 SECTION 5.14.
	  	Jurisdiction; Consent to Service of Process	  	 	29	  
	 SECTION 5.15.
	  	Termination or Release	  	 	30	  
	 SECTION 5.16.
	  	Additional Subsidiaries	  	 	31	  
	 SECTION 5.17.
	  	Right of Set-off	  	 	31	  
	 SECTION 5.18.
	  	Subject to Intercreditor Agreement	  	 	31	  
	 SECTION 5.19.
	  	Other First Lien Obligations	  	 	31	  

 Schedules 

 

			
	 Schedule I
	  	Subsidiary Parties
	 Schedule II
	  	Commercial Tort Claims
	 Schedule III
	  	Pledged Stock; Debt Securities
	 Schedule IV
	  	Intellectual Property
	 Schedule V
	  	Instruments

 Exhibits 

 

			
	 Exhibit I
	  	Form of Supplement to the Collateral Agreement
	 Exhibit II
	  	Form of Perfection Certificate
	 Exhibit III
	  	Form of First Lien Intercreditor Agreement

  
 -ii-

 COLLATERAL AGREEMENT dated and effective as of September 30, 2010 (as amended,
restated, supplemented or otherwise modified from time to time, this “Agreement”), among CARIB HOLDINGS, INC., a Commonwealth of Puerto Rico corporation (“Holdings”), EVERTEC, INC., a Commonwealth of
Puerto Rico corporation (the “Borrower”), each Subsidiary of the Borrower listed on Schedule I hereto and each Subsidiary of the Borrower that becomes a party hereto (each, a “Subsidiary Party”) and BANK OF
AMERICA, N.A., as Collateral Agent (in such capacity, the “Agent”) for the Secured Parties (as defined below). 
 Reference is made to the Credit Agreement dated as of the date hereof (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), among
Holdings, the Borrower, the Lenders party thereto from time to time, the Agent and the other parties named therein. 
 The
Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of
this Agreement. The Subsidiary Parties are subsidiaries of the Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to
induce the Lenders to extend such credit. Accordingly, the parties hereto agree as follows: 
 ARTICLE I. 

Definitions 
 SECTION 1.01. Credit Agreement. 
 (a) Capitalized terms used in this
Agreement and not otherwise defined herein have the respective meanings assigned thereto in the Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement have the meanings specified therein. The
term “instrument” shall have the meaning specified in Article 9 of the New York UCC. 
 (b) The rules of
construction specified in Section 1.02 of the Credit Agreement also apply to this Agreement. 
 SECTION 1.02. Other
Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “Account
Debtor” means any person who is or who may become obligated to any Pledgor under, with respect to or on account of an Account. 
 “After Acquired Real Property” any property that is the subject of a Mortgage pursuant to Section 5.10 of the Credit Agreement. 

“Article 9 Collateral” has the meaning assigned to such term in Section 3.01. 

 “Authorized Representative” means (i) the Administrative Agent with
respect to the Credit Agreement and (ii) any duly authorized representative of the secured parties under any Other First Lien Agreement designated as “Authorized Representative” for such secured parties for purposes of the
Intercreditor Agreement. 
 “Cash Management Agreement” shall mean any agreement relating to cash management
services (including treasury, depository, overdraft, credit or debit card, electronic funds transfer, ACH services and other cash management arrangements). 
 “Collateral” means Article 9 Collateral and Pledged Collateral. 
 “Commercial Transactions Act” shall mean Act No. 208 of August 17, 1995, as amended, known as the “Commercial Transactions Act of the Commonwealth of Puerto Rico.”

 “Copyright License” means any written agreement, now or hereafter in effect, granting any right to any
Pledgor under any Copyright now or hereafter owned by any third party, and all rights of any Pledgor under any such agreement (including any such rights that such Pledgor has the right to license). 

“Copyrights” means all of the following now owned or hereafter acquired by any Pledgor (or, as required in the context
of the definition of “Copyright License,” any third party licensor): (a) all copyright rights in any work subject to the copyright laws of the United States, the Commonwealth of Puerto Rico or any other country, whether as
author, assignee, transferee or otherwise; and (b) all registrations and applications for registration of any such Copyright in the United States, the Commonwealth of Puerto Rico or any other country, including registrations, supplemental
registrations and pending applications for registration in the United States Copyright Office, including those listed on Schedule IV. 
 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 
 “Federal Securities Laws” has the meaning assigned to such term in Section 4.04. 
 “First Lien Intercreditor Agreement” means a first lien intercreditor agreement entered into by and among the Agent, the Administrative Agent with respect to the Credit Agreement and any
other Authorized Representative, substantially in the form of Exhibit III hereto, with such changes that are reasonably satisfactory to the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified from time to
time. 
 “General Intangibles” means all “General Intangibles” as defined in the New York UCC,
including all choses in action and causes of action and all other intangible personal property of any Pledgor of every kind and nature (other than Accounts) now owned or hereafter acquired by any Pledgor, including corporate or other business
records, indemnification claims, contract rights (including rights under leases, whether entered into as lessor or lessee, Swap Agreements and other agreements), Intellectual Property, goodwill, registrations, franchises, tax refund claims and any
letter of credit, guarantee, claim, security interest or other security held by or granted to any Pledgor to secure payment by an Account Debtor of any of the Accounts. 

  
 -2-

 “Governmental Authority” shall mean any federal, state, local or foreign
court or governmental agency, authority, instrumentality or regulatory or legislative body in the United States, any other country or the Commonwealth of Puerto Rico. 
 “Intellectual Property” means all intellectual and similar property of every kind and nature now owned or hereafter acquired by any Pledgor, including inventions, designs, Patents,
Copyrights, Trademarks, Patent Licenses, Copyright Licenses, Trademark Licenses, trade secrets, domain names, confidential or proprietary technical and business information, know-how, show-how or other data or information and all related
documentation. 
 “Instruments” shall mean, collectively, with respect to each Pledgor, all
“instruments,” as such term is defined in Article 9 of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances, including, without limitation, those first mortgage notes described on Schedule V
annexed hereto. 
 “Intercreditor Agreement” has the meaning assigned to such term in Section 5.18.

 “Loan Document Obligations” means (a) the due and punctual payment by the Borrower of (i) the
unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made to the
Borrower, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under the Credit Agreement in respect of any Letter of Credit, when
and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) and obligations to provide cash collateral, and (iii) all other monetary obligations of the Borrower to any of the Secured Parties under the Credit Agreement and each of the other Loan Documents, including
obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance of all other obligations of the Borrower under or pursuant to the Credit Agreement and
each of the other Loan Documents and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to this Agreement and each of the other Loan Documents. 

“New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York;
provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Agent’s and the Secured Parties’ security interest in any item or portion of the Article 9
Collateral is governed by the Uniform Commercial Code or similar law as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other
jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. However, in the event that a court of competent jurisdiction determines that the Commercial
Transactions Act or the UCC then in 

  
 -3-

 
effect in the Commonwealth of Puerto Rico, as amended, governs the attachment, constitution, perfection, priority and enforcement of the security interest granted to the Agent, and a type of
Collateral defined in this Agreement is not covered by the provisions of Chapter 9 of the Commercial Transactions Act or the then UCC in effect in the Commonwealth of Puerto Rico, as amended, then the provisions of the UCC in effect in the State of
New York shall supplement the laws of the Commonwealth of Puerto Rico concerning the attachment, constitution, perfection, priority and enforcement of such property of a type that is outside of the scope of Chapter 9 of the Commercial Transactions
Act or the then UCC in effect in the Commonwealth of Puerto Rico, as amended,. 
 “Obligations” means
(a) the Loan Document Obligations, (b) the due and punctual payment and performance of all obligations of each Loan Party under each Swap Agreement that (i) is in effect on the Closing Date with a counterparty that is a Lender or an
Affiliate of a Lender as of or following the Closing Date or (ii) is entered into after the Closing Date with any counterparty that is a Lender or an Affiliate of a Lender at the time such Swap Agreement is entered into, and (c) the due
and punctual payment and performance of all obligations of each Loan Party under each Cash Management Agreement that (i) is in effect on the Closing Date with a counterparty that is a Lender or an Affiliate of a Lender as of or following the
Closing Date or (ii) is entered into after the Closing Date with any counterparty that is a Lender or an Affiliate of a Lender at the time such Cash Management Agreement is entered into. 

“Other First Lien Agreement” means any indenture, credit agreement (excluding the Credit Agreement) or other agreement,
document or instrument, pursuant to which any Pledgor has or will incur Indebtedness permitted by the Credit Agreement that is expressly permitted by the Credit Agreement to be secured on a pari passu basis with the Obligations; provided
that, in each case, the Indebtedness thereunder has been designated as Other First Lien Obligations pursuant to and in accordance with Section 5.19. 
 “Patent License” means any written agreement, now or hereafter in effect, granting to any Pledgor any right to make, use or sell any invention covered by a Patent, now or hereafter owned
by any third party (including any such rights that such Pledgor has the right to license). 
 “Patents” means
all of the following now owned or hereafter acquired by any Pledgor (or, as required in the context of the definition of “Patent License,” any third party licensor): (a) all letters patent of the United States or the equivalent
thereof in any other country, and all applications for letters patent of the United States or the equivalent thereof in any other country, including those listed on Schedule IV, and (b) all reissues, continuations, divisions,
continuations-in-part 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. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit II, completed and
supplemented with the schedules and attachments contemplated thereby, and duly executed by an officer of Holdings and the Borrower. 

  
 -4-

 “Permitted Liens” means Liens that are permitted by Section 6.02 of
the Credit Agreement. 
 “Pledged Collateral” has the meaning assigned to such term in Section 2.01.

 “Pledged Debt Securities” has the meaning assigned to such term in Section 2.01. 

“Pledged Securities” means any promissory notes, shares, stock certificates, share certificates or other certificated
securities now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 
 “Pledged Stock” has the meaning assigned to such term in Section 2.01. 
 “Pledgor” shall mean Holdings, the Borrower and (subject to Section 5.20) each Subsidiary Party. 
 “Requirement of Law” means, with respect to any person, the common law and all federal, state, local and foreign laws, rules and regulations, orders, judgments, decrees and other legal
requirements or determinations of any Governmental Authority or arbitrator, applicable to or binding upon such person or any of its property or to which such person or any of its property is subject. 

“Secured Parties” means (a) the Lenders, (b) the Agent, (c) the Administrative Agent, (d) each L/C
Issuer, (e) each counterparty to any Swap Agreement or Cash Management Agreement with a Loan Party the obligations under which constitute Obligations, (f) the beneficiaries of each indemnification obligation undertaken by any Loan Party
under any Loan Document and (g) the successors and permitted assigns of each of the foregoing. 
 “Security
Interest” has the meaning assigned to such term in Section 3.01. 
 “Subsidiary Party” has the
meaning assigned to such term in the preliminary statement of this Agreement. 
 “Trademark License” means any
written agreement, now or hereafter in effect, granting to any Pledgor any right to use any Trademark now or hereafter owned by any third party (including any such rights that such Pledgor has the right to license). 

“Trademarks” means all of the following now owned or hereafter acquired by any Pledgor (or, as required in the context
of the definition of “Trademark License,” any third party licensor): (a) all trademarks, service marks, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or
business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations thereof (if any), and all registration and recording applications filed in connection therewith, including
registrations and registration applications in the United States Patent and Trademark Office, the Puerto Rico Trademark Office or any similar offices in any State of the United States or the Commonwealth of Puerto Rico or any other country or any
political subdivision thereof (except for “intent to use” applications for trademark or service mark 

  
 -5-

 
registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of
Lanham Act has been filed, to the extent, if any, that any assignment of an “intent to use” application prior to such filing would violate the Lanham Act), and all renewals thereof, including those listed on Schedule IV and
(b) all goodwill associated therewith or symbolized thereby. 
 ARTICLE II. 

Pledge of Securities 
 SECTION 2.01. Pledge. As security for the payment or performance, as the case may be, in full of the Obligations, each Pledgor hereby assigns and pledges to the Agent, its successors and permitted
assigns, for the benefit of the Secured Parties, and hereby grants to the Agent, its successors and permitted assigns, for the benefit of the Secured Parties, a security interest in all of such Pledgor’s right, title and interest in, to and
under (a) the Equity Interests directly owned by it (which such Equity Interests constituting Pledged Stock shall be listed on Schedule III) and any other Equity Interests obtained in the future by such Pledgor and any certificates
representing all such Equity Interests (the “Pledged Stock”); provided that the Pledged Stock shall not include (i) any Equity Interests owned on or acquired after the Closing Date (other than, in the case of shareholder
agreements or other contractual obligations, (x) Equity Interests in the Borrower or (y) in the case of any person which is a Wholly-Owned Subsidiary, Equity Interests in such person) in accordance with this Agreement if, and to the extent
that, and for so long as doing so would violate applicable law or regulation or a shareholder agreement or other contractual obligation (in each case, after giving effect to Section 9-406(d), 9-407(a), 9-408 or 9-409 of the Uniform Commercial
Code in effect in the State of New York and other applicable law or similar provisions in similar codes, statutes or laws in other jurisdictions (the “Anti-Non-Assignment Clauses”)) binding on such Equity Interests or (ii) any
Equity Interests as to which the Agent and the Borrower shall reasonably determine in writing that such Equity Interests shall be excluded from Collateral hereunder pursuant to the Agreed Security Principles, (b)(i) the debt securities
currently issued to any Pledgor (which such debt securities constituting Pledged Debt Securities shall be listed on Schedule III), (ii) any debt securities in the future issued to such Pledgor and (iii) the promissory notes and
any other instruments, if any, evidencing such debt securities (the “Pledged Debt Securities”); (c) subject to Section 2.06, all payments of principal or interest, dividends, cash, instruments and other property from time
to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other proceeds received in respect of, the securities referred to in clauses (a) and (b) above; (d) subject to
Section 2.06, all rights and privileges of such Pledgor with respect to the securities and other property referred to in clauses (a), (b) and (c) above and (e) all proceeds of any of the foregoing (the items referred to in
clauses (a) through (e) above being collectively referred to as the “Pledged Collateral”); provided that with respect to ATH Costa Rica, S.A., the Pledged Collateral shall not include any Equity Interests that are pledged
pursuant to a separate pledge agreement in favor of the Agent for the benefit of the Secured Parties. 

  
 -6-

 SECTION 2.02. Delivery of the Pledged Collateral. 

(a) Each Pledgor agrees promptly (and in any event within 45 days after the acquisition (or such longer time as the Agent shall permit in
its reasonable discretion)) to deliver or cause to be delivered to the Agent, for the benefit of the Secured Parties, any and all Pledged Securities to the extent such Pledged Securities, in the case of promissory notes or other instruments
evidencing Indebtedness, are required to be delivered pursuant to paragraph (b) of this Section 2.02. 
 (b) Each
Pledgor will cause any Indebtedness (i) having, in each case, an aggregate principal amount in excess of $2,500,000 or (ii) payable by Holdings or any of its Subsidiaries (other than (x) intercompany current liabilities incurred in
the ordinary course of business in connection with the cash management, tax and accounting operations of Holdings, the Borrower and the Subsidiaries or (y) to the extent that a pledge of such promissory note or instrument would violate
applicable law) owed to such Pledgor by any person to be evidenced by a duly executed promissory note that is pledged and delivered to the Agent, for the benefit of the Secured Parties, pursuant to the terms hereof. To the extent any such promissory
note is a demand note, each Pledgor party thereto agrees, if requested by the Agent, to immediately demand payment thereunder upon an Event of Default specified under Section 7.01(b), (c), (f), (h) or (i) of the Credit Agreement
unless such demand would not be commercially reasonable or would otherwise expose Pledgor to liability to maker. 
 (c) Upon
delivery to the Agent, (i) any Pledged Securities required to be delivered pursuant to the foregoing paragraphs (a) and (b) of this Section 2.02 shall be accompanied by stock powers or note powers, as applicable and/or required,
duly executed in blank or other instruments of transfer reasonably satisfactory to the Agent and by such other instruments and documents as the Agent may reasonably request and (ii) all other property comprising part of the Pledged Collateral
delivered pursuant to the terms of this Agreement shall be accompanied to the extent necessary to perfect the security interest in or allow realization on the Pledged Collateral by proper instruments of assignment duly executed by the applicable
Pledgor and such other instruments or documents as the Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be attached hereto as Schedule III (or
a supplement to Schedule III, as applicable) and made a part hereof; provided that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement
any prior schedules so delivered. 
 SECTION 2.03. Representations, Warranties and Covenants. The Pledgors, jointly and
severally, represent, warrant and covenant to and with the Agent, for the benefit of the Secured Parties, that: 

(a) Schedule III correctly sets forth the percentage of the issued and outstanding shares of each class of the
Equity Interests of the issuer thereof represented by such Pledged Stock and includes all Equity Interests, debt securities and promissory notes or instruments evidencing Indebtedness required to be (i) pledged in order to satisfy the
Collateral Requirement or (ii) delivered pursuant to Section 2.02(b); 

  
 -7-

 (b) the Pledged Stock (with respect to Pledged Stock issued by an issuer
other than a Subsidiary of the Borrower organized under the laws of any jurisdiction of the United States, Puerto Rico or the British Virgin Islands, to the best of each Pledgor’s knowledge) have been duly and validly authorized and issued by
the issuers thereof and are fully paid and nonassessable; 
 (c) except for the security interests granted
hereunder, each Pledgor (i) is and, subject to any transfers made in compliance with the Credit Agreement, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule III as owned by
such Pledgor, other than Permitted Liens, (ii) holds the same free and clear of all Liens, (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the
Pledged Collateral, other than pursuant to a transaction permitted by the Credit Agreement and other than Permitted Liens and (iv) subject to the rights of such Pledgor under the Loan Documents to dispose of Pledged Collateral, will use
commercially reasonable efforts to defend its title or interest thereto or therein against any and all Liens (other than Permitted Liens), however arising, of all persons; 

(d) other than as set forth in the Credit Agreement or the schedules thereto and except for restrictions and limitations
imposed by the Loan Documents or securities laws generally, the Pledged Collateral is and will continue to be freely transferable and assignable, and none of the Pledged Collateral is or will be subject to any option, right of first refusal,
shareholders agreement, charter, by-law, memorandum of association or articles of association provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral hereunder,
the sale or disposition thereof pursuant hereto or the exercise by the Agent of rights and remedies hereunder; 

(e) each Pledgor has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby
done or contemplated; 
 (f) other than as set forth in the Credit Agreement or the schedules thereto, no consent
or approval of any Governmental Authority, any securities exchange or any other person was or is necessary to the validity of the pledge effected hereby (other than such as have been obtained and are in full force and effect); 

(g) by virtue of the execution and delivery by the Pledgors of this Agreement and any foreign pledge agreements, when any
Pledged Securities (excluding any foreign stock not covered by a foreign pledge agreement) are delivered to the Agent, for the benefit of the Secured Parties, in accordance with this Agreement, the Agent will obtain, for the benefit of the Secured
Parties, a legal, valid and perfected lien upon and security interest in such Pledged Securities, subject only to Permitted Liens, as security for the payment and performance of the Obligations; and 

(h) the pledge effected hereby is effective to vest in the Agent, for the benefit of the Secured Parties, the rights of
the Agent in the Pledged Collateral as set forth herein. 

  
 -8-

 SECTION 2.04. Certification of Limited Liability Company and Limited Partnership
Interests. 
 (a) Each interest in any limited liability company or limited partnership Controlled by any Pledgor, pledged
hereunder and represented by a certificate, shall be a “security” within the meaning of Article 8 of the New York UCC and shall be governed by Article 8 of the New York UCC, and each such interest shall at all times hereafter be
represented by a certificate. 
 (b) Each interest in any limited liability company or limited partnership Controlled by a
Pledgor, pledged hereunder and not represented by a certificate shall not be a “security” within the meaning of Article 8 of the New York UCC and shall not be governed by Article 8 of the New York UCC (or other applicable Uniform
Commercial Code in effect in another jurisdiction), and the Pledgors shall at no time elect to treat any such interest as a “security” within the meaning of Article 8 of the New York UCC or issue any certificate representing such
interest, unless the applicable Pledgor provides prior notification to the Agent of such election and promptly delivers any such certificate to the Agent pursuant to the terms hereof. 

SECTION 2.05. Registration in Nominee Name; Denominations. The Agent, on behalf of the Secured Parties, shall have the right (in
its sole and absolute discretion) to hold the Pledged Securities in the name of the applicable Pledgor, endorsed or assigned in blank or in favor of the Agent or, if an Event of Default shall have occurred and be continuing, in its own name as
pledgee or the name of its nominee (as pledgee or as sub-agent). Upon the occurrence and during the continuance of an Event of Default, each Pledgor will promptly give to the Agent copies of any notices or other communications received by it with
respect to Pledged Securities registered in the name of such Pledgor. If an Event of Default shall have occurred and be continuing, the Agent shall have the right to exchange the certificates representing Pledged Securities for certificates of
smaller or larger denominations for any purpose consistent with this Agreement. Each Pledgor shall use its commercially reasonable efforts to cause each issuer of Pledged Securities that is not a party to this Agreement to comply with a request by
the Agent, pursuant to this Section 2.05, to exchange certificates representing Pledged Securities of such Subsidiary for certificates of smaller or larger denominations. 
 SECTION 2.06. Voting Rights; Dividends and Interest, etc. 
 (a) Unless and
until an Event of Default shall have occurred and be continuing and the Agent shall have given notice to the relevant Pledgors of the Agent’s intention to exercise its rights hereunder: 

(i) Each Pledgor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an
owner of Pledged Collateral or any part thereof for any purpose consistent with the terms of this Agreement, the Credit Agreement and the other Loan Documents; provided that such rights and powers shall not be exercised in any manner that
could materially and adversely affect the rights and remedies of any of the Agent or the other Secured Parties under this Agreement, the 

  
 -9-

 
Credit Agreement or any other Loan Document or the ability of the Secured Parties to exercise the same. 
 (ii) The Agent shall promptly execute and deliver to each Pledgor, or cause to be executed and delivered to such Pledgor, all such proxies, powers of attorney and other instruments as such Pledgor may
reasonably request for the purpose of enabling such Pledgor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above. 

(iii) Each Pledgor shall be entitled to receive and retain any and all dividends, interest, principal and other
distributions paid on or distributed in respect of the Pledged Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with,
the terms and conditions of the Credit Agreement, the other Loan Documents, and applicable laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Securities, whether resulting from
a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of any merger,
consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Pledgor, shall be promptly (and in any event within 45 days of their
receipt (or such longer time as the Agent shall permit in its reasonable discretion)) delivered to the Agent, for the benefit of the Secured Parties, in the same form as so received (endorsed in a manner reasonably satisfactory to the Agent).

 (b) Upon the occurrence and during the continuance of an Event of Default and after notice by the Agent to the relevant
Pledgors of the Agent’s intention to exercise its rights hereunder, all rights of any Pledgor to dividends, interest, principal or other distributions that such Pledgor is authorized to receive pursuant to paragraph (a)(iii) of this
Section 2.06 shall cease, and all such rights shall thereupon become vested, for the benefit of the Secured Parties, in the Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest,
principal or other distributions. All dividends, interest, principal or other distributions received by any Pledgor contrary to the provisions of this Section 2.06 shall not be commingled by such Pledgor with any of its other funds or property
but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Agent, for the benefit of the Secured Parties, and shall be forthwith delivered to the Agent, for the benefit of the Secured Parties, in the same form as
so received (endorsed in a manner reasonably satisfactory to the Agent). Any and all money and other property paid over to or received by the Agent pursuant to the provisions of this paragraph (b) shall be retained by the Agent in an account to
be established by the Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of Section 4.02. After all Events of Default have been cured or waived and the Borrower has delivered to the Agent a
certificate to that effect, the Agent shall promptly repay to each Pledgor (without interest) all dividends, interest, principal or other distributions that such Pledgor would otherwise be permitted to retain pursuant to the terms of
paragraph (a)(iii) of this Section 2.06 and that remain in such account. 

  
 -10-

 (c) Upon the occurrence and during the continuance of an Event of Default and after notice
by the Agent to the relevant Pledgors of the Agent’s intention to exercise its rights hereunder, all rights of any Pledgor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i)
of this Section 2.06, and the obligations of the Agent under paragraph (a)(ii) of this Section 2.06, shall cease, and all such rights shall thereupon become vested in the Agent, for the benefit of the Secured Parties, which shall have
the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that the Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the
Pledgors to exercise such rights. After all Events of Default have been cured or waived and the Borrower has delivered to the Agent a certificate to that effect, all rights of any Pledgor to exercise the voting and/or consensual rights and powers it
is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06, and the obligations of the Agent under paragraph (a)(ii) of this Section 2.06, shall in each case be reinstated. 

(d) Any notice given by the Agent to the Pledgors suspending their rights under paragraph (a) of this Section 2.06 (i) may
be given by telephone if promptly confirmed in writing, (ii) may be given to one or more of the Pledgors at the same or different times and (iii) may suspend the rights of the Pledgors under paragraph (a)(i) or paragraph (a)(iii)
in part without suspending all such rights (as specified by the Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Agent’s rights to give additional notices from time to time suspending other rights so
long as an Event of Default has occurred and is continuing. 
 ARTICLE III. 

Security Interests in Personal Property 
 SECTION 3.01. Security Interest. 
 (a) As security for the payment or
performance, as the case may be, in full of the Obligations, each Pledgor hereby assigns and pledges to the Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Agent, its successors and assigns, for
the benefit of the Secured Parties, a security interest (the “Security Interest”) in all right, title and interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such
Pledgor or in which such Pledgor now has or at any time in the future may acquire any right, title or interest (collectively, the “Article 9 Collateral”): 

(i) all Accounts; 
 (ii) all Chattel Paper; 
 (iii) all cash and Deposit Accounts;

 (iv) all Documents; 
 (v) all Equipment; 

  
 -11-

 (vi) all General Intangibles; 

(vii) all Instruments; 
 (viii) all Intellectual Property; 
 (ix) all Goods and Inventory;

 (x) all Investment Property including the Pledged Collateral; 

(xi) all Letters of Credit and Letter of Credit Rights; 

(xii) all Commercial Tort Claims as described on Schedule II hereto; 

(xiii) all books and records pertaining to the Article 9 Collateral; and 

(xiv) to the extent not otherwise included, all proceeds, Supporting Obligations and products of any and all of the
foregoing and all collateral security and guarantees given by any person with respect to any of the foregoing. 

Notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute a grant of a security interest in (and
the Article 9 Collateral shall not include) (a) any vehicle covered by a certificate of title or ownership, whether now owned or hereafter acquired to the extent the filing of a financing statement cannot perfect a security interest therein,
(b) any Equity Interests owned on or acquired after the Closing Date (other than, in the case of shareholder agreements or other contractual obligations, (x) Equity Interests in the Borrower or (y) in the case of any person which is a
Wholly-Owned Subsidiary, Equity Interests in such person) in accordance with the Credit Agreement if, and to the extent that, and for so long as doing so would violate applicable law or regulation or a shareholder agreement or other contractual
obligation (in each case, after giving effect to the Anti-Non-Assignment Clauses) binding on such Equity Interests, (c) any assets to the extent that, and for so long as, such grant of a security interest therein would violate applicable law or
regulation or, in the case of assets acquired after the Closing Date, such grant of a security interest therein would violate an enforceable contractual obligation binding on such assets that existed at the time of the acquisition thereof and was
not created or made binding on such assets in contemplation or in connection with the acquisition of such assets (except in the case of assets acquired after the Closing Date with Indebtedness of the type permitted pursuant to Section 6.01(i)
of the Credit Agreement that is secured by a Permitted Lien) permitted by this Agreement, in each case, after giving effect to the Anti-Non-Assignment Clauses, (d) any Pledgor’s right, title or interest in any license, contract or
agreement to which such Pledgor is a party or any of its right, title or interest thereunder to the extent, but only to the extent, that such a grant would violate the terms of such license, contract or agreement, or result in a breach of the terms
of, or constitute a default under, any such license, contract or agreement to which such Pledgor is a party (other than to the extent that any such term would be rendered ineffective pursuant to the Anti-Non-Assignment Clauses or any other
applicable law or regulation (including Title 11 of the United States Code) or principles of equity); provided that, immediately upon the ineffectiveness, lapse or termination of any such provision, the Collateral shall include, and such Pledgor
shall be deemed to have granted a security interest in, all such rights and interests as if such provision had never been in 

  
 -12-

 
effect, (e) any Equipment or other asset owned by any Pledgor that is subject to a purchase money lien or a Capitalized Lease Obligation, in each case, as permitted by the Credit Agreement,
if the contract or other agreement in which such Lien is granted (or the documentation providing for such Capitalized Lease Obligation) prohibits or requires the consent of any person other than a Pledgor or a Subsidiary of a Pledgor as a condition
to the creation of any other security interest on such Equipment or asset and, in each case, such prohibition or requirement is permitted by the Credit Agreement, (f) any Letter of Credit Rights to the extent any Pledgor is required by
applicable law to apply the proceeds of a drawing of such Letter of Credit for a specified purpose and (g) those assets as to which the Borrower and the Administrative Agent shall reasonably determine in writing that such assets shall be
excluded from Collateral hereunder pursuant to the Agreed Security Principles. In addition, the Security Interest in any asset of ATH Costa Rica, S.A. (other than any Equity Interests and related assets described in clauses (c), (d) and
(e) of Section 2.01) shall be automatically released upon receipt by the Agent of a certificate of a Responsible Officer of the Borrower certifying that (i) such release is necessary or advisable in order for ATH Costa Rica, S.A. to
grant a security interest in such asset to a third party and (ii) such security interest and the obligations secured by such security interest are permitted by the Credit Agreement, and the Agent shall execute, and deliver to the Borrower,
evidence of such release in form and substance reasonably satisfactory to the Agent. 
 (b) Each Pledgor hereby irrevocably
authorizes the Agent at any time and from time to time to file in any relevant jurisdiction any initial financing statements (including fixture filings) with respect to the Article 9 Collateral or any part thereof and amendments or
continuations thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment, including (i) whether such Pledgor is an
organization, the type of organization and any organizational identification number issued to such Pledgor, (ii) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such
Article 9 Collateral relates and (iii) a description of collateral that describes such property in any other manner as the Agent may reasonably determine is necessary or advisable to ensure the perfection of the security interest in the
Article 9 Collateral granted under this Agreement, including describing such property as “all assets” or “all property” or words of similar effect. Each Pledgor agrees to provide such information to the Agent and to execute
such financing statements promptly upon request. 
 The Agent is further authorized to file with the United States Patent and
Trademark Office, the Puerto Rico Trademark Office and the United States Copyright Office (and any successor office or any similar office in any other country) such documents as may be necessary or advisable for the purpose of perfecting,
confirming, continuing, enforcing , protecting or providing notices of the Security Interest granted by each Pledgor, without the signature of any Pledgor, and naming any Pledgor or the Pledgors as debtors and the Agent as secured party. 

(c) The Security Interest is granted as security only and shall not subject the Agent or any other Secured Party to, or in any way alter
or modify, any obligation or liability of any Pledgor with respect to or arising out of the Article 9 Collateral. 

  
 -13-

 SECTION 3.02. Representations and Warranties. The Pledgors jointly and severally
represent and warrant to the Agent and the Secured Parties that: 
 (a) Each Pledgor has good and valid rights in
and title to the Article 9 Collateral with respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Agent the Security Interest in such Article 9 Collateral pursuant hereto
and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other person other than any consent or approval that has been obtained and is in full force and effect or has
otherwise been disclosed herein or in the Credit Agreement and the Schedules thereto. 
 (b) The Perfection
Certificate has been duly prepared, completed and executed, and the exact legal name of each Pledgor set forth therein is correct and complete as of the Closing Date, and the other information therein is correct and complete in all material respects
as of the Closing Date. Uniform Commercial Code financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations containing a description of the Article 9 Collateral have been prepared by
the Agent based upon the information provided to the Agent in the Perfection Certificate for filing in each governmental, municipal or other office specified in Schedule 6 to the Perfection Certificate (or specified by notice from the
Borrower to the Agent after the Closing Date in the case of filings, recordings or registrations required by Section 5.10 of the Credit Agreement), and constitute all the filings, recordings and registrations (other than filings required to be
made in the United States Patent and Trademark Office, the Puerto Rico Trademark Office and the United States Copyright Office in order to perfect the Security Interest in Article 9 Collateral consisting of United States Patents, United States
or Commonwealth of Puerto Rico registered Trademarks and United States registered Copyrights) that are necessary to publish notice of and protect the validity of and to establish a legal, valid and perfected security interest in favor of the Agent
(for the benefit of the Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories
and possessions and the Commonwealth of Puerto Rico, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided under applicable law with respect to
the filing of continuation statements or amendments. Each Pledgor represents and warrants that a fully executed agreement in the form hereof (or a short form hereof which form shall be reasonably acceptable to the Agent) containing a description of
all Article 9 Collateral consisting of Intellectual Property with respect to registered United States Patents (and Patents for which registration applications are pending), registered United States or Commonwealth of Puerto Rico Trademarks (and
Trademarks for which registration applications are pending) and registered United States Copyrights (and Copyrights for which registration applications are pending) has been delivered to the Agent for recording with the United States Patent and
Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder and the Puerto Rico Trademark Office Department pursuant to Article
11 of Act 169 of December 16, 2009, as applicable, to protect the validity of and 

  
 -14-

 
to establish a legal, valid and perfected security interest in favor of the Agent (or in the case of filings with the Puerto Rico Trademark Office to provide notice of the Agent’s previously
perfected security interest), for the benefit of the Secured Parties, in respect of all Article 9 Collateral consisting of such Intellectual Property in which a security interest may be perfected by recording with the United States Patent and
Trademark Office, the Puerto Rico Trademark Office and the United States Copyright Office, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary (other than such actions as are necessary
to perfect the Security Interest with respect to any Article 9 Collateral consisting of Patents, Trademarks and Copyrights (or registration or application for registration thereof) acquired or developed after the Closing Date). 

(c) The Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral
securing the payment and performance of the Obligations, (ii) subject to the filings described in Section 3.02(b), a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing,
recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions and the Commonwealth of Puerto Rico pursuant to the Uniform Commercial Code or other
applicable law in such jurisdictions and (iii) subject to Section 3.02(b), a security interest that shall be perfected in all Article 9 Collateral in which a security interest may be perfected upon the receipt and recording of this
Agreement (or a short form hereof) with the United States Patent and Trademark Office, the Puerto Rico Trademark Office and the United States Copyright Office, as applicable. The Security Interest is and shall be prior to any other Lien on any of
the Article 9 Collateral other than Permitted Liens. 
 (d) The Article 9 Collateral is owned by the
Pledgors free and clear of any Lien, other than Permitted Liens. None of the Pledgors has filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial Code or any other applicable laws
covering any Article 9 Collateral, (ii) any assignment in which any Pledgor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with the United States Patent and
Trademark Office, the Puerto Rico Trademark Office or the United States Copyright Office or (iii) any assignment in which any Pledgor assigns any Article 9 Collateral or any security agreement or similar instrument covering any
Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Permitted Liens.

 (e) None of the Pledgors holds any Commercial Tort Claim individually in excess of $1,250,000 as of the
Closing Date except as indicated on Schedule II. 
 (f) Except as set forth in the Perfection Certificate, as of
the Closing Date, all Accounts owned by the Pledgors have been originated by the Pledgors and all Inventory owned by the Pledgors has been acquired by the Pledgors in the ordinary course of business. 

  
 -15-

 (g) The Mortgages executed and delivered after the Closing Date pursuant to
Section 5.10 of the Credit Agreement will be effective to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable Lien on all of the applicable Loan Parties’ right, title and interest
in and to the Mortgaged Property thereunder and the proceeds thereof (to the extent feasible in the applicable jurisdiction), and when such Mortgages are filed or recorded in the proper real estate filing or recording offices, and all relevant
mortgage taxes and recording charges are duly paid, the Collateral Agent (for the benefit of the Secured Parties) shall have a perfected Lien on, and security interest in, all right, title, and interest of the applicable Loan Parties in such
Mortgaged Property and, to the extent applicable, subject to Section 9-315 of the Uniform Commercial Code, the proceeds thereof (to the extent feasible in the applicable jurisdiction), in each case prior and superior in right to the Lien of any
other person, except for Permitted Liens. 
 SECTION 3.03. Covenants. 

(a) Each Pledgor agrees to comply with Section 5.10(f) of the Credit Agreement. Each Pledgor agrees promptly to provide the Agent
with certified organizational documents reflecting any of the changes described in Section 5.10(f) of the Credit Agreement. Each Pledgor agrees promptly to notify the Agent if any material portion of the Article 9 Collateral owned or held
by such Pledgor is damaged or destroyed. 
 (b) Subject to the rights of such Pledgor under the Loan Documents to dispose of
Collateral, each Pledgor shall, at its own expense, use commercially reasonable efforts to defend title to the Article 9 Collateral against all persons and to defend the Security Interest of the Agent, for the benefit of the Secured Parties, in
the Article 9 Collateral and the priority thereof against any Lien that is not a Permitted Lien. 
 (c) Each Pledgor
agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Agent may from time to time reasonably request to better assure, preserve, protect
and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement and the granting of the Security Interest and the
filing of any financing statements (including fixture filings) or other documents in connection herewith or therewith. 

Without limiting the generality of the foregoing, each Pledgor hereby authorizes the Agent, with prompt notice thereof to the Pledgors,
to supplement this Agreement by supplementing Schedule IV or adding additional schedules hereto to specifically identify any asset or item that may constitute Copyrights, Patents, Trademarks, Copyright Licenses, Patent Licenses or Trademark
Licenses; provided that any Pledgor shall have the right, exercisable within 90 days after it has been notified by the Agent of the specific identification of such Collateral, to advise the Agent in writing of any inaccuracy of the
representations and warranties made by such Pledgor hereunder with respect to such Collateral. Each Pledgor agrees that it will use its commercially reasonable efforts to take such action as shall be necessary in order that all representations and
warranties hereunder shall be true and correct with respect to such Collateral 

  
 -16-

 
within 90 days after the date it has been notified by the Agent of the specific identification of such Collateral. 
 (d) After the occurrence of an Event of Default and during the continuance thereof, the Agent shall have the right to verify under reasonable procedures the validity, amount, quality, quantity, value,
condition and status of, or any other matter relating to, the Article 9 Collateral, including, in the case of Accounts or Article 9 Collateral in the possession of any third person, by contacting Account Debtors or the third person
possessing such Article 9 Collateral for the purpose of making such a verification. The Agent shall have the right to share any information it gains from such inspection or verification with any Secured Party. 

(e) At its option, the Agent may discharge any past due taxes, assessments, charges, fees, Liens, security interests or other
encumbrances at any time levied or placed on the Article 9 Collateral and that is not a Permitted Lien, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Pledgor fails to do so as required by
the Credit Agreement or this Agreement, and each Pledgor jointly and severally agrees to reimburse the Agent on demand for any reasonable payment made or any reasonable expense incurred by the Agent pursuant to the foregoing authorization;
provided, however, that nothing in this Section 3.03(e) shall be interpreted as excusing any Pledgor from the performance of, or imposing any obligation on the Agent or any Secured Party to cure or perform, any covenants or other
promises of any Pledgor with respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 

(f) Each Pledgor (rather than the Agent or any Secured Party) shall remain liable for the observance and performance of all the
conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Article 9 Collateral and each Pledgor jointly and severally agrees to indemnify and hold harmless the Agent and the
Secured Parties from and against any and all liability for such performance. 
 (g) None of the Pledgors shall make or permit to
be made an assignment, pledge or hypothecation of the Article 9 Collateral or shall grant any other Lien in respect of the Article 9 Collateral, except as expressly permitted by the Credit Agreement. None of the Pledgors shall make or
permit to be made any transfer of the Article 9 Collateral and each Pledgor shall remain at all times in possession of the Article 9 Collateral owned by it, except as permitted by the Credit Agreement. Notwithstanding the foregoing, if the
Agent shall have notified the Pledgors that an Event of Default under clause (b), (c), (h) or (i) of Section 7.01 of the Credit Agreement shall have occurred and be continuing, and during the continuance thereof, the Pledgors
shall not sell, convey, lease, assign, transfer or otherwise dispose of any Article 9 Collateral to the extent requested by the Agent (which notice may be given by telephone if promptly confirmed in writing). 

(h) None of the Pledgors will, without the Agent’s prior written consent (which consent shall not be unreasonably withheld), grant
any extension of the time of payment of any Accounts included in the Article 9 Collateral, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person liable for the payment thereof or
allow any credit or discount whatsoever thereon, other than extensions, credits, 

  
 -17-

 
discounts, compromises or settlements granted or made in the ordinary course of business and consistent with prudent business practices, except as permitted by the Credit Agreement. 

(i) Each Pledgor irrevocably makes, constitutes and appoints the Agent (and all officers, employees or agents designated by the Agent) as
such Pledgor’s true and lawful agent (and attorney-in-fact) for the purpose, during the continuance of an Event of Default, of making, settling and adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing
the name of such Pledgor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto. In the event that any Pledgor at any time or times
shall fail to obtain or maintain any of the policies of insurance required by the Loan Documents or to pay any premium in whole or part relating thereto, the Agent may, without waiving or releasing any obligation or liability of the Pledgors
hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other actions with respect thereto as the Agent reasonably deems advisable. All sums disbursed by the Agent
in connection with this Section 3.03(i), including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand, by the Pledgors to the Agent and shall be additional Obligations
secured hereby. 
 SECTION 3.04. Other Actions. In order to further ensure the attachment, perfection and priority of,
and the ability of the Agent to enforce, for the benefit of the Secured Parties, the Agent’s security interest in the Article 9 Collateral, each Pledgor agrees, in each case at such Pledgor’s own expense, to take the following actions
with respect to the following Article 9 Collateral: 
 (a) Instruments and Tangible Chattel Paper. If
any Pledgor shall at any time own or acquire any Instruments (other than checks received and processed in the ordinary course of business) or Tangible Chattel Paper evidencing an amount in excess of $2,500,000, such Pledgor shall forthwith endorse,
assign and deliver the same to the Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Agent may from time to time reasonably request. 

(b) Commercial Tort Claims. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim in an amount
reasonably estimated to exceed $2,500,000, such Pledgor shall promptly notify the Agent thereof in a writing signed by such Pledgor, including a summary description of such claim, and grant to the Agent in writing a security interest therein and in
the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Agent. 
 (c) Delivery of First Mortgages Notes. If any Pledgor shall at any time execute a Mortgage with respect to any real estate located in Puerto Rico, it shall at the time of the delivery of such
Mortgage deliver to the Agent the mortgage notes secured by such Mortgage and Schedule V (or an update to schedule V) listing such mortgage notes and the principal amount thereof. 

SECTION 3.05. Covenants Regarding Patent, Trademark and Copyright Collateral. Except as permitted by the Credit Agreement:

  
 -18-

 (a) Each Pledgor agrees that it will not knowingly do any act or omit to do
any act (and will exercise commercially reasonable efforts to prevent its licensees from doing any act or omitting to do any act) whereby any Patent material to the normal conduct of such Pledgor’s business may become prematurely invalidated or
dedicated to the public, and agrees that it shall take commercially reasonable steps with respect to any material products covered by any such Patent as necessary and sufficient to establish and preserve its rights under applicable patent laws.

 (b) Each Pledgor will, and will use its commercially reasonable efforts to cause its licensees or its
sublicensees to, for each Trademark material to the normal conduct of such Pledgor’s business, (i) maintain such Trademark in full force free from any adjudication of abandonment or invalidity for non-use, (ii) maintain the quality of
products and services offered under such Trademark, (iii) display such Trademark with notice of federal or foreign registration or claim of trademark or service mark as required under applicable law and (iv) not knowingly use or knowingly
permit its licensees’ use of such Trademark in violation of any third-party rights. 
 (c) Each Pledgor
will, and will use its commercially reasonable efforts to cause its licensees or its sublicensees to, for each work covered by a material Copyright necessary to the normal conduct of such Pledgor’s business that it publishes, displays and
distributes, use copyright notice as required under applicable copyright laws. 
 (d) Each Pledgor shall notify
the Agent promptly if it knows that any Patent, Trademark or Copyright material to the normal conduct of such Pledgor’s business may imminently become abandoned, lost or dedicated to the public, or of any materially adverse determination or
development, excluding office actions and similar determinations or developments, in the United States Patent and Trademark Office, the Puerto Rico Trademark Office, United States Copyright Office, any court or any similar office of any country,
regarding such Pledgor’s ownership of any such material Patent, Trademark or Copyright or its right to register or to maintain the same. 
 (e) Each Pledgor, either itself or through any agent, employee, licensee or designee, shall (i) give notice to the Agent concurrently with the delivery of financial statements pursuant to
Section 5.04(a) of the Credit Agreement of each application by itself, or through any agent, employee, licensee or designee, for any Patent with the United States Patent and Trademark Office or the Puerto Rico Trademark Office and each
registration of any Trademark or Copyright with the United States Patent and Trademark Office, the Puerto Rico Trademark Office, the United States Copyright Office or any comparable office or agency in any other country filed during the period since
the last notice to the Agent pursuant to this clause, and (ii) upon the reasonable request of the Agent, execute and deliver any and all agreements, instruments, documents and papers as the Agent may reasonably request to evidence the
Agent’s security interest in such Patent, Trademark or Copyright; provided that the provisions hereof shall automatically apply to any thereto and any such Patent, Trademark or Copyright shall automatically constitute Collateral as if
such would have constituted Collateral at the time of execution hereof and be subject to the Lien and security interest created by this Agreement without further action by any party. 

  
 -19-

 (f) Each Pledgor shall exercise its reasonable business judgment consistent
with the practice in any proceeding before the United States Patent and Trademark Office, the Puerto Rico Trademark Office, the United States Copyright Office or any comparable office or agency in any other country with respect to maintaining and
pursuing each material application relating to any Patent, Trademark and/or Copyright (and obtaining the relevant grant or registration) material to the normal conduct of such Pledgor’s business and to maintain (i) each issued Patent and
(ii) the registrations of each Trademark and each Copyright that is material to the normal conduct of such Pledgor’s business, including, when applicable and necessary in such Pledgor’s reasonable business judgment, timely filings of
applications for renewal, affidavits of use, affidavits of incontestability and payment of maintenance fees, and, if any Pledgor believes necessary in its reasonable business judgment, to initiate opposition, interference and cancellation
proceedings against third parties. 
 (g) In the event that any Pledgor knows or has reason to know that any
Article 9 Collateral consisting of a Patent, Trademark or Copyright material to the normal conduct of its business has been or is about to be materially infringed, misappropriated or diluted by a third party, such Pledgor shall promptly notify
the Agent and shall, if such Pledgor deems it necessary in its reasonable business judgment, promptly sue and recover any and all damages, and take such other actions as are reasonably appropriate under the circumstances. 

(h) Upon and during the continuance of an Event of Default, at the request of the Agent, each Pledgor shall use
commercially reasonable efforts to obtain all requisite consents or approvals from the licensor under each Copyright License, Patent License or Trademark License to effect the assignment of all such Pledgor’s right, title and interest
thereunder to (in the Agent’s sole discretion) the designee of the Agent or the Agent. 
 ARTICLE IV. 

Remedies 

SECTION 4.01. Remedies upon Default. Upon the occurrence and during the continuance of an Event of Default, each Pledgor agrees to
deliver each item of Collateral to the Agent on demand, and it is agreed that the Agent shall have the right to take any of or all the following actions at the same or different times: (a) with respect to any Article 9 Collateral
consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the applicable Pledgors to the Agent or to license or sublicense,
whether general, special or otherwise, and whether on an exclusive or a nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such manner as the Agent shall determine (other than in violation
of any then-existing licensing arrangements to the extent that waivers thereunder cannot be obtained), (b) with or without legal process and with or without prior notice or demand for performance, to take possession of the Article 9
Collateral and without liability for trespass to the applicable Pledgor to enter any premises where the Article 9 Collateral may be located for the purpose of taking possession of or removing the Article 9 Collateral and, generally, to
exercise any and all rights afforded to a secured party under the applicable Uniform Commercial 

  
 -20-

 
Code or other applicable law, (c) foreclose any Mortgage without first foreclosing the security interest herein created over the mortgage note secured by such Mortgage and (d) instead
of exercising the power of sale herein conferred upon it, proceed by suits at law or in equity to foreclose the lien granted by any of the Mortgages and sell the Mortgaged Property or any portion thereof under one or more judgments or decrees of a
court or courts of competent jurisdiction. Without limiting the generality of the foregoing, each Pledgor agrees that the Agent shall have the right, subject to the requirements of applicable law, to sell or otherwise dispose of all or any part of
the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Agent shall deem appropriate. The Agent shall be authorized in connection with any sale of a
security (if it deems it advisable to do so) pursuant to the foregoing to restrict the prospective bidders or purchasers to persons who represent and agree that they are purchasing such security for their own account, for investment, and not with a
view to the distribution or sale thereof. Upon consummation of any such sale of Collateral pursuant to this Section 4.01 the Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so
sold. Each such purchaser at any such sale shall hold the property sold absolutely, free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives and releases (to the extent permitted by law) all rights of redemption, stay,
valuation and appraisal that such Pledgor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 
 The Agent shall give the applicable Pledgors 10 days’ written notice (which each Pledgor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in
other jurisdictions) of the Agent’s intention to make any sale of Collateral. At any such sale, the Collateral, or the portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Agent may (in its sole and
absolute discretion) determine. The Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Agent may, without
notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the
same was so adjourned. In the case of any sale of all or any part of the Collateral made on credit or for future delivery, the Collateral so sold may be retained by the Agent until the sale price is paid by the purchaser or purchasers thereof, but
the Agent shall not incur any liability in the event that any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in the case of any such failure, such Collateral may be sold again upon notice given in
accordance with provisions above. At any public (or, to the extent permitted by law, private) sale made pursuant to this Section 4.01, any Secured Party may credit bid for or purchase for cash, free (to the extent permitted by law) from any
right of redemption, stay, valuation or appraisal on the part of any Pledgor (all such rights being also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and such Secured Party may, upon
compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Pledgor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a
sale thereof; the Agent shall be free to carry out such sale pursuant to such agreement and no Pledgor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Agent shall have
entered into such an agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Agent may

  
 -21-

 
proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent
jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New
York UCC or its equivalent in other jurisdictions. 
 SECTION 4.02. Application of Proceeds. Subject to the terms of the
Intercreditor Agreement, the Agent shall promptly apply the proceeds, moneys or balances of any collection or sale of Collateral, as well as any Collateral consisting of cash, as follows: 

FIRST, to the payment of all reasonable costs and expenses incurred by the Agent in connection with such collection or
sale or otherwise in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Agent
hereunder or under any other Loan Document on behalf of any Pledgor and any other reasonable costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document and all fees owed to the Agent
and the Administrative Agent in their capacity as such pursuant to the Loan Documents; 
 SECOND, if there exists
any Defaulting Lender, to the L/C Issuer, in the amount of the L/C Issuer’s Fronting Exposure; 
 THIRD, to
the payment in full of the Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the respective amounts of the Obligations owed to them on the date of any such distribution); and

 FOURTH, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise
direct. 
 The Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with
this Agreement. If, despite the provisions of this Agreement, any Secured Party shall receive any payment or other recovery in excess of its portion of payments on account of the Obligations to which it is then entitled in accordance with this
Agreement, such Secured Party shall hold such payment or other recovery in trust for the benefit of all Secured Parties hereunder for distribution in accordance with this Section 4.02. 
 Upon any sale of Collateral by the Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Agent or of the officer making
the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Agent or such
officer or be answerable in any way for the misapplication thereof. 
 SECTION 4.03. Grant of License to Use Intellectual
Property. For the purpose of enabling the Agent to exercise rights and remedies under this Agreement at such time as the Agent shall be lawfully entitled to exercise such rights and remedies, each Pledgor hereby grants

  
 -22-

 
to (in the Agent’s sole discretion) a designee of the Agent or the Agent, for the benefit of the Secured Parties, an irrevocable, non-exclusive license (exercisable without payment of
royalty or other compensation to any Pledgor) to use, license or sublicense any of the Article 9 Collateral consisting of Intellectual Property now owned or hereafter acquired by such Pledgor, wherever the same may be located, and including in
such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof, the right to prosecute and maintain all Intellectual
Property and the right to sue for past infringement of the Intellectual Property. The use of such license by the Agent may be exercised, at the option of the Agent, upon the occurrence and during the continuation of an Event of Default; provided
that any license, sublicense or other transaction entered into by the Agent in accordance herewith shall be binding upon the Pledgors notwithstanding any subsequent cure of an Event of Default. 

SECTION 4.04. Securities Act, etc. In view of the position of the Pledgors in relation to the Pledged Collateral, or because of
other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar federal statute hereafter enacted analogous in purpose or effect (such Act and any such similar statute as
from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. Each Pledgor understands that compliance with the Federal Securities Laws might
very strictly limit the course of conduct of the Agent if the Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which any subsequent transferee of any Pledged
Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Agent in any attempt to dispose of all or part of the Pledged Collateral under applicable Blue Sky or other state securities laws or
similar laws analogous in purpose or effect. Each Pledgor acknowledges and agrees that in light of such restrictions and limitations, the Agent, in its sole and absolute discretion, (a) may proceed to make such a sale whether or not a
registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws or, to the extent applicable, Blue Sky or other state securities laws and (b) may approach and
negotiate with a single potential purchaser or a limited number of potential purchasers (as determined by the Agent in its sole and absolute discretion )to effect such sale. Each Pledgor acknowledges and agrees that any such sale might result in
prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Agent shall incur no responsibility or liability for selling all or any part of the Pledged
Collateral at a price that the Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were
deferred until after registration as aforesaid or if more purchasers were approached. The provisions of this Section 4.04 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may
exceed substantially the price at which the Agent sells. 
 SECTION 4.05. Registration, etc. Each Pledgor agrees that,
upon the occurrence and during the continuance of an Event of Default, if for any reason the Agent desires to sell any of the Pledged Collateral at a public sale, it will, at any time and from time to time, upon the written request of the Agent, use
its commercially reasonable efforts to take or to cause the issuer of such Pledged Collateral to take such action and prepare, distribute and/or file such 

  
 -23-

 
documents, as are required or advisable in the reasonable opinion of counsel for the Agent to permit the public sale of such Pledged Collateral. Each Pledgor further agrees to indemnify, defend
and hold harmless the Agent, each other Secured Party, any underwriter and their respective officers, directors, affiliates and controlling persons from and against all loss, liability, expenses, costs of counsel (including reasonable fees and
expenses to the Agent of legal counsel), and claims (including the costs of investigation) that they may incur insofar as such loss, liability, expense or claim arises out of or is based upon any alleged untrue statement of a material fact contained
in any prospectus (or any amendment or supplement thereto) or in any notification or offering circular, or arises out of or is based upon any alleged omission to state a material fact required to be stated therein or necessary to make the statements
in any thereof not misleading, except insofar as the same may have been caused by any untrue statement or omission based upon information furnished in writing to such Pledgor or the issuer of such Pledged Collateral by the Agent or any other Secured
Party expressly for use therein. Each Pledgor further agrees, upon such written request referred to above, to use its commercially reasonable efforts to qualify, file or register, or cause the issuer of such Pledged Collateral to qualify, file or
register, any of the Pledged Collateral under the Blue Sky or other securities laws of such states as may be reasonably requested by the Agent and keep effective, or cause to be kept effective, all such qualifications, filings or registrations. Each
Pledgor will bear all costs and expenses of carrying out its obligations under this Section 4.05. Each Pledgor acknowledges that there is no adequate remedy at law for failure by it to comply with the provisions of this Section 4.05 only
and that such failure would not be adequately compensable in damages and, therefore, agrees that its agreements contained in this Section 4.05 may be specifically enforced. 

SECTION 4.06. Enforcement in the British Virgin Islands. The rights and powers of the Agent under or arising out of or in
connection with this Agreement are separate, independent, additional and supplemental to any rights and powers that the Agent may have pursuant to the Conveyancing and Law of Property Ordinance 1961(Cap. 220) of the British Virgin Islands (the
“BVI Act”). Without limitation to the other rights and powers of the Agent under or arising out of or in connection with this Agreement and only to the extent the BVI Act is applicable: 

(a) the power of sale and other powers conferred by sections 38 and 39 of the BVI Act shall be immediately exercisable
upon an Event of Default; 
 (b) all or any of the powers conferred by the BVI Act as varied or extended by this
Agreement, and all or any of the rights and powers conferred on a receiver (whether expressly or impliedly and as varied or extended by this Agreement), may be exercised by the Agent without further notice to any Pledgor and irrespective of whether
the Agent has taken possession or appointed a receiver over the Collateral; 
 (c) the restrictions on the
consolidation of mortgages and on power of sale imposed by sections 35 and 40 respectively of the BVI Act shall not apply to the security constituted under this Agreement; and 

(d) Section 46(1) of the BVI Act shall not apply to the appointment of any receiver under the BVI Act or this
Agreement and sections 46(6) and (8) of the BVI Act shall not apply to any receiver which has been appointed. 

  
 -24-

 If there is ambiguity or conflict between the powers contained in the BVI Act and those contained in, or
arising out of or in connection with, this Agreement, those contained in this Agreement shall prevail. 
 ARTICLE V. 

Miscellaneous 
 SECTION 5.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 9.01 of the Credit
Agreement. All communications and notices hereunder to any Subsidiary Party shall be given to it in care of the Borrower, with such notice to be given as provided in Section 9.01 of the Credit Agreement. 

SECTION 5.02. Security Interest Absolute. All rights of the Agent hereunder, the Security Interest, the security interest in the
Pledged Collateral and all obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any
of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or
any consent to any departure from the Credit Agreement, any other Loan Document, or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or
consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Pledgor in respect of the
Obligations or this Agreement (other than a defense of payment or performance). 
 SECTION 5.03. Limitation by Law. All
rights, remedies and powers provided in this Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law or regulation, and all the provisions of this Agreement are intended to be subject
to all applicable mandatory provisions of law or regulation that may be controlling and to be limited to the extent necessary so that they shall not render this Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded,
registered or filed under the provisions of any applicable law or regulation. Each Pledgor and the Agent, for itself and on behalf of each Secured Parties, hereby confirms that it is the intention of all such persons that this Agreement and the
pledge and security interest in the Collateral granted under this Agreement not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency, receivership or similar
law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Agreement and the Security Interest and the security interest in the Pledged Collateral
granted hereunder. To effectuate the foregoing intention, the Agent, for itself and on behalf of each Secured Party, and the Pledgors hereby irrevocably agree that the Security Interest and the security interest in the Pledged Collateral granted
hereunder at any time shall be limited to the maximum extent as will result in the Security Interest and the security interest in the Pledged Collateral granted under this Agreement not constituting a fraudulent transfer or conveyance. 

  
 -25-

 SECTION 5.04. Binding Effect; Several Agreement. This Agreement shall become
effective as to any party to this Agreement when a counterpart hereof executed on behalf of such party shall have been delivered to the Agent and a counterpart hereof shall have been executed on behalf of the Agent, and thereafter shall be binding
upon such party and the Agent and their respective permitted successors and assigns, and shall inure to the benefit of such party, the Agent and the other Secured Parties and their respective permitted successors and assigns, except that no party
shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Credit
Agreement. This Agreement shall be construed as a separate agreement with respect to each party and may be amended, modified, supplemented, waived or released with respect to any party without the approval of any other party and without affecting
the obligations of any other party hereunder. 
 SECTION 5.05. Successors and Assigns. Whenever in this Agreement any of
the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Pledgor or the Agent that are contained in this
Agreement shall bind and inure to the benefit of their respective permitted successors and assigns. 
 SECTION 5.06.
Agent’s Fees and Expenses; Indemnification. 
 (a) The parties hereto agree that the Agent shall be
entitled to reimbursement of its expenses incurred hereunder as provided in Section 9.05 of the Credit Agreement. 
 (b) Without limitation of its indemnification obligations under the other Loan Documents, each Pledgor jointly and severally agrees to indemnify the Agent and the other Indemnitees (as defined in
Section 9.05 of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements (including reasonable
fees, disbursements and other charges of outside counsel), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, (i) the execution or delivery of this Agreement or any other Loan Document or any
agreement or instrument contemplated hereby or thereby the performance by the parties hereto and thereto of their respective obligations thereunder or the consummation of the Transactions and other transactions contemplated hereby (including in
connection with the appointment of any successor Agent in accordance with the applicable Loan Documents and in connection with any filings, registrations or any other actions to be taken to reflect the security interest of such successor Agent),
(ii) the use of proceeds of the Loans or the use of any Letter of Credit or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, or to the Collateral, whether or not any Indemnitee is a party thereto
and regardless of whether such matter is initiated by a third party or any Pledgor; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses
are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (1) the gross negligence or willful misconduct of such Indemnitee (for purpose of this proviso only, each of the Agent, and any
Secured Party shall be treated as several and separate Indemnitees, but each of them together with its respective Related Parties, shall be treated as a single Indemnitee) or (2) any material breach of any Loan Document by such Indemnitee.

  
 -26-

 (c) Any such amounts payable as provided hereunder shall be additional
Obligations secured hereby and by the other Security Documents. The provisions of this Section 5.06 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation
of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Agent or any
other Secured Party. All amounts due under this Section 5.06 shall be payable on written demand therefor. 
 SECTION 5.07.
Agent Appointed Attorney-in-Fact. Each Pledgor hereby appoints the Agent the attorney-in-fact of such Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Agent
may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Agent shall have the right, upon the occurrence and during the
continuance of an Event of Default, with full power of substitution either in the Agent’s name or in the name of such Pledgor, (a) to receive, endorse, assign or deliver any and all notes, acceptances, checks, drafts, money orders or other
evidences of payment relating to the Collateral or any part thereof, (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to ask for, demand, sue for, collect,
receive and give acquittance for any and all moneys due or to become due under and by virtue of any Collateral; (d) to sign the name of any Pledgor on any invoice or bill of lading relating to any of the Collateral; (e) to send
verifications of Accounts to any Account Debtor; (f) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral
or to enforce any rights in respect of any Collateral; (g) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (h) to notify, or to require any Pledgor to notify,
Account Debtors to make payment directly to the Agent; and (i) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to
carry out the purposes of this Agreement, as fully and completely as though the Agent were the absolute owner of the Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the Agent
to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due
or to become due in respect thereof or any property covered thereby. The Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they
nor their officers, directors, employees or agents shall be responsible to any Pledgor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

SECTION 5.08. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. NOTWITHSTANDING THE ABOVE, EACH OF THE PLEDGORS AGREES THAT IN THE EVENT THAT A COURT OF COMPETENT JURISDICTION DETERMINES THAT THE COMMERCIAL TRANSACTIONS ACT

  
 -27-

 
GOVERNS THE ATTACHMENT, CONSTITUTION, PERFECTION, PRIORITY AND ENFORCEMENT OF THE SECURITY INTEREST GRANTED TO THE AGENT, THEN THE LAWS OF THE STATE OF NEW YORK SHALL SUPPLEMENT THE LAWS OF THE
COMMONWEALTH OF PUERTO RICO CONCERNING THE ATTACHMENT, CONSTITUTION, PERFECTION, PRIORITY AND ENFORCEMENT OF SUCH PROPERTY OF A TYPE THAT IS OUTSIDE THE SCOPE OF CHAPTER 9 OF THE COMMERCIAL TRANSACTIONS ACT BUT WHICH IS DEEMED COLLATERAL UNDER THIS
AGREEMENT. NOTWITHSTANDING THE FOREGOING, IT IS THE INTENT OF THE PARTIES HERETO THAT THE TERMS OF THIS AGREEMENT SHALL BE GOVERNED BY AND THAT THE AGREEMENT SHALL APPLY THE LAWS OF THE STATE OF NEW YORK WITH RESPECT TO THE ATTACHMENT OF THE
SECURITY INTEREST GRANTED HEREUNDER. 
 SECTION 5.09. Waivers; Amendment. 

(a) No failure or delay by the Agent, any L/C Issuer, any Lender or any other Secured Party in exercising any right, power or remedy
hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance of steps to enforce such a right, power or remedy,
preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights, powers and remedies of the Agent, any L/C Issuer, the Lenders or any other Secured Party hereunder and under the other Loan Documents are
cumulative and are not exclusive of any rights, powers or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same
shall be permitted by paragraph (b) of this Section 5.09, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of
a Loan, or the issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Agent, any Lender, any L/C Issuer or any other Secured Party may have had notice or knowledge of such
Default or Event of Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances. 

(b) Neither this Agreement nor any provision hereof or of any other Security Document may be waived, amended or modified except pursuant
to an agreement or agreements in writing entered into by the Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 9.08 of
the Credit Agreement. 
 SECTION 5.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE

  
 -28-

 
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.10. 
 SECTION 5.11. Severability. In the event any one
or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein
shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to
that of the invalid, illegal or unenforceable provisions. 
 SECTION 5.12. Counterparts. This Agreement may be executed
in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 5.04. Delivery of an executed counterpart to this
Agreement by facsimile transmission shall be as effective as delivery of a manually signed original. 
 SECTION 5.13.
Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in
interpreting, this Agreement. 
 SECTION 5.14. Jurisdiction; Consent to Service of Process. 

(a) Each party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the jurisdiction of any
New York State court or federal court of the United States of America sitting in New York City in the borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any
other Loan Documents to which it is a party, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or any of the other Loan Documents in the
courts of any jurisdiction, except that each of the Loan Parties agrees that (a) it will not bring any such action or proceeding in any court other than New York Courts (it being acknowledged and agreed by the Loan Parties that any other forum
would be inconvenient and inappropriate in view of the fact that more of the Lenders who would be affected by any such action or proceeding have contacts with the State of New York than any other jurisdiction), and (b) in any such action or
proceeding brought against any Loan Party in any other court, it will not assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except to the extent that the failure to assert the same will preclude such Loan Party
from asserting or seeking the same in the New York Courts. 

  
 -29-

 (b) Each party to this Agreement hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any New York
State or federal court of the United States of America sitting in New York City in the borough of Manhattan, and any appellate court from any thereof. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (c) Each party to this
Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other
manner permitted by law. 
 SECTION 5.15. Termination or Release. 

(a) This Agreement, the pledges made herein, the Security Interest and all other security interests granted hereby, and all other
Security Documents securing the Obligations (including without limitation foreign security documents), shall automatically terminate and/or be released all without delivery of any instrument or performance of any act by any party, and all rights to
the Collateral shall revert to the applicable Pledgors, as of the date when all the Obligations (other than contingent or unliquidated obligations or liabilities not then due) have been paid in full in cash or immediately available funds and the
Lenders and any other Secured Parties have no further commitment to lend under the Credit Agreement, the Revolving Facility Credit Exposure has been reduced to zero and each L/C Issuer has no further obligations to issue Letters of Credit under the
Credit Agreement. 
 (b) A Subsidiary Party shall automatically be released from its obligations hereunder and the security
interests in the Collateral of such Subsidiary Party shall be automatically released upon the consummation of any transaction permitted by the Credit Agreement as a result of which such Subsidiary Party ceases to be a Subsidiary or otherwise ceases
to be a Pledgor, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to such Subsidiary Party. 
 (c)(i) Upon any sale or other transfer by any Pledgor of any Collateral that is permitted by the Credit Agreement to any person that is not a Pledgor (including in connection with an Event of Loss) or
(ii) upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 9.08 of the Credit Agreement, the security interest in such Collateral shall be automatically
released, all without delivery of any instrument or performance of any act by any party. 
 (d) In connection with any
termination or release pursuant to paragraph (a), (b) or (c) of this Section 5.15, the Agent shall execute and deliver to any Pledgor, at such Pledgor’s expense, all documents that such Pledgor shall reasonably request to
evidence such termination or release (including, without limitation, UCC termination statements), and will duly assign and transfer to such Pledgor, such of the Pledged Collateral that may be in the possession of the Agent and has not theretofore
been sold or otherwise applied or released pursuant to this 

  
 -30-

 
Agreement. Any execution and delivery of documents pursuant to this Section 5.15 shall be without recourse to or warranty by the Agent. 

SECTION 5.16. Additional Subsidiaries. Upon execution and delivery by the Agent and any Subsidiary that is required to become a
party hereto by Section 5.10 of the Credit Agreement of an instrument in the form of Exhibit I hereto, with such changes as are reasonably agreed by the Borrower and the Agent to reflect the Agreed Security Principles, such Subsidiary shall
become a Subsidiary Party hereunder with the same force and effect as if originally named as a Subsidiary Party herein. The execution and delivery of any such instrument shall not require the consent of any other party to this Agreement. The rights
and obligations of each party to this Agreement shall remain in full force and effect notwithstanding the addition of any new party to this Agreement. 
 SECTION 5.17. Right of Set-off. If an Event of Default shall have occurred and be continuing, each Lender, the Administrative Agent and each L/C Issuer is hereby authorized at any time and from
time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender, the Administrative
Agent or such L/C Issuer to or for the credit or the account of any party to this Agreement against any of and all the obligations of such party now or hereafter existing under this Agreement owed to such Lender, the Administrative Agent or such L/C
Issuer, irrespective of whether or not such Lender, the Administrative Agent or such L/C Issuer shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender, the Administrative Agent and
L/C Issuer under this Section 5.17 are in addition to other rights and remedies (including other rights of set-off) that such Lender, the Administrative Agent and such L/C Issuer may have. 

SECTION 5.18. Subject to Intercreditor Agreement. Notwithstanding anything herein to the contrary, from and after the execution
and delivery of the First Lien Intercreditor Agreement) (i) the liens and security interests granted to the Agent pursuant to this Agreement will be subject to such First Lien Intercreditor Agreement and (ii) the exercise of any right or
remedy by the Agent hereunder will be subject to the limitations and provisions of such First Lien Intercreditor Agreement. In the event of any conflict between the terms of such First Lien Intercreditor Agreement and the terms of this Agreement,
the terms of such First Lien Intercreditor Agreement shall govern. 
 SECTION 5.19. Other First Lien Obligations. On or
after the date hereof Holdings and/or the Borrower may from time to time designate obligations in respect of Indebtedness expressly permitted by the Credit Agreement to be secured on a pari passu basis with the Obligations as Other First Lien
Obligations (as such term is defined in the First Lien Intercreditor Agreement) by delivering to the Agent (a) a certificate signed by a Responsible Officer of Holdings and/or the Borrower (i) identifying the obligations so designated and
the initial aggregate principal amount or face amount thereof, (ii) stating that such obligations are designated as Other First Lien Obligations for purposes of the First Lien Intercreditor Agreement, (iii) representing that such
designation of such obligations as Other First Lien Obligations complies with the terms of the Credit Agreement and (iv) specifying the name and address of the Authorized Representative for such obligations and (b) a fully executed First
Lien 

  
 -31-

 
Intercreditor Agreement or a joinder to the First Lien Intercreditor Agreement (in the form specified in the First Lien Intercreditor Agreement). 

SECTION 5.20. ATH Costa Rica, S.A. Notwithstanding anything to the contrary contained in this Agreement, no representation or
covenant is made herein or in the Credit Agreement with respect to assets of ATH Costa Rica, S.A. (other than Equity Interests or Pledged Securities with respect to Equity Interests now or in the future held by ATH Costa Rica, S.A. (including Equity
Interests in ATH Panama, S.A.) and Collateral described in clauses (c), (d) and (e) of Section 2.01 in respect of such Equity Interests, other than (i) any Equity Interests that are pledged pursuant to a separate pledge agreement
in favor of the Agent for the benefit of the Secured Parties and (ii) any other assets excluded from Pledged Collateral pursuant to Section 2.01) as a result of ATH Costa Rica, S.A. entering into this Agreement. 

[Signature Pages Follow] 

  
 -32-

 
			
	EVERTEC, INC.
		
	By:	 	/s/ Felix M. Villamil
	Name:	 	Felix M. Villamil
	Title:	 	Chief Executive Officer and President

ACKNOWLEDGMENT 
 STATE OF
Commonwealth of Puerto Rico 
 COUNTY OF San Juan 
 I, Luisa Wert Serrano, a Notary Public for said County and State, do hereby certify that Felix M. Villamil personally appeared before me this day and stated that (s)he is CEO and President of EVERTEC,
Inc. and acknowledged, on behalf of EVERTEC, Inc. the due execution of the foregoing instrument. 
 Witness my hand and
official seal, this 28th day of September, 2010.

 Affidavit No. 1,105 

	
	
	/s/ Luisa Wert Serrano
	Notary Public

 My commission expires: 

Does not expire 
 Signature Page
to Collateral Agreement – Puerto Rico 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

			
	CARIB HOLDINGS, INC.
		
	By:	 	/s/ Felix M. Villamil
	Name:	 	Felix M. Villamil
	Title:	 	Chief Executive Officer and President

ACKNOWLEDGMENT 
 STATE OF
Commonwealth of Puerto Rico 
 COUNTY OF San Juan 
 I, Luisa Wert Serrano, a Notary Public for said County and State, do hereby certify that Felix M. Villamil personally appeared before me this day and stated that (s)he is CEO and President of EVERTEC,
Inc. and acknowledged, on behalf of EVERTEC, Inc. the due execution of the foregoing instrument. 
 Witness my hand and
official seal, this 28th day of September, 2010.

 Affidavit No. 1,104 

	
	
	/s/ Luisa Wert Serrano
	Notary Public

 My commission expires: 

Does not expire 
 Signature Page
to Collateral Agreement – Puerto Rico 

 
			
	SENSE SOFTWARE INTERNATIONAL, CORP.
		
	By:	 	/s/ Felix M. Villamil
	Name:	 	Felix M. Villamil
	Title:	 	Chief Executive Officer and President

ACKNOWLEDGMENT 
 STATE OF
Commonwealth of Puerto Rico 
 COUNTY OF San Juan 
 I, Luisa Wert Serrano, a Notary Public for said County and State, do hereby certify that Felix M. Villamil personally appeared before me this day and stated that (s)he is President of Sense Software
International Corp. and acknowledged, on behalf of Sense Software International Corp. the due execution of the foregoing instrument. 
 Witness my hand and official seal, this 28th day of September, 2010. 
 Affidavit No. 1,110 

	
	
	/s/ Luisa Wert Serrano
	Notary Public

 My commission expires: 

Does not expire 
 Signature Page
to Collateral Agreement – Puerto Rico 

 
			
	T.I.I. SMART SOLUTIONS INC.
		
	By:	 	/s/ Luis Gerardo Alvarado Gómez
	Name:	 	Luis Gerardo Alvarado Gómez
	Title:	 	Sole Director

 ACKNOWLEDGMENT

 STATE OF Commonwealth of Puerto Rico 
 COUNTY OF San Juan 
 I, Luisa Wert Serrano, a Notary Public for said County and State, do hereby
certify that Luis G. Alvarado personally appeared before me this day and stated that (s)he is Sole Director of TII Smart Solutions, Inc. and acknowledged, on behalf of TII Smart Solutions, Inc. the due execution of the foregoing instrument.

 Witness my hand and official seal, this 28th day of September, 2010. 
 Affidavit No. 1,106 

	
	
	/s/ Luisa Wert Serrano
	Notary Public

 My commission expires: 

Does not expire 
 Signature Page
to Collateral Agreement – British Virgin Islands 

 
			
	ATH COSTA RICA SOCIEDAD ANONIMA
		
	By:	 	/s/ Luis Gerardo Alvarado Gómez
	Name:	 	Luis Gerardo Alvarado Gómez
	Title:	 	President

 ACKNOWLEDGMENT 

STATE OF Commonwealth of Puerto Rico 
 COUNTY
OF San Juan 
 I, Luisa Wert Serrano, a Notary Public for said County and State, do hereby certify that Luis G. Alvarado personally appeared
before me this day and stated that (s)he is President of ATH Costa Rica and acknowledged, on behalf of ATH Costa Rica the due execution of the foregoing instrument. 
 Witness my hand and official seal, this 28th day of September, 2010. 
 Affidavit No. 1,107 

	
	
	/s/ Luisa Wert Serrano
	Notary Public

 My commission expires: 

Does not expire 
 Signature Page
to Collateral Agreement – Costa Rica 

 
					
	BANK OF AMERICA, N.A., as Collateral Agent
		
	By:	 	/s/ Barry Price
		 	Name:	 	Barry Price
		 	Title:	 	Managing Director

 ACKNOWLEDGMENT

 STATE OF
                                 

COUNTY OF
                                 

I,                     , a Notary Public for
said County and State, do hereby certify that                      personally appeared before me this day and stated that (s)he is
                     of
                     and acknowledged, on behalf of
                     the due execution of the foregoing instrument. 
 Witness my hand and official seal, this              day of
                    , 201    . 
 Affidavit No. 1,104 

	
	
	  
	Notary Public

  

	
	My commission expires:
	
	  

Signature Page to Collateral AgreementAmended & Restated Independent Sales Organization Sponsorship and Services Agmt.

 Exhibit 10.7 
 EXECUTION VERSION 
 AMENDED AND RESTATED 

INDEPENDENT SALES ORGANIZATION 
 SPONSORSHIP AND SERVICES AGREEMENT 
 This Amended and Restated Independent
Sales Organization Sponsorship and Services Agreement (this “Agreement”), effective as of this 30th day of September, 2010 (the “Effective Date”) is entered into by and between EVERTEC, INC., a corporation organized
under the laws of the Commonwealth of Puerto Rico (“EVERTEC”) and BANCO POPULAR DE PUERTO RICO, a bank organized under the laws of the Commonwealth of Puerto Rico (“BPPR”). 

RECITALS 

WHEREAS, BPPR is a member in good standing of VISA U.S.A., Inc. and VISA International, Inc. (collectively, “VISA”) and
MasterCard International, Inc. (“MCI” and, together with VISA, the ATH Network and any other credit and/or debit card companies (private label or otherwise) of which BPPR is a member in good standing or is otherwise authorized to
provide sponsorship of non-member agents, the “Associations”), and BPPR is qualified to provide sponsorship of non-member agents into the Associations; 
 WHEREAS, EVERTEC wishes to engage in the business of marketing Merchant Services (as defined herein) to Merchants (as defined herein) and potential Merchants with respect to each Association; 

WHEREAS, in order to provide the Merchant Services with respect to an Association, EVERTEC must be sponsored by a member of such
Association, and BPPR, as a member of the Associations, wishes to sponsor EVERTEC on the terms set forth herein; 
 WHEREAS, in
addition to BPPR’s agreement to sponsor EVERTEC into the Associations as set forth herein, BPPR also agrees to provide access to the ATH Network through which Merchants and Government-Merchants may accept Transactions; 

WHEREAS, the Associations have each adopted rules and regulations relating to the provision of Merchant Services by third-party agents to
which BPPR, as a result of its membership in the Associations, and EVERTEC, as a result of BPPR’s sponsorship pursuant to this Agreement, are subject; and 
 WHEREAS, Popular and EVERTEC previously entered into an Independent Sales Organization Sponsorship and Services Agreement on June 30, 2010, as amended (the “Existing ISO”), and the
parties desire to amend and restate the Existing ISO in order to provide for certain changes and additions to such services and revisions to the terms of the Existing ISO. 
 THE AGREEMENT 

 NOW THEREFORE, in consideration of the premises, the mutual agreements contained in this
Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATIONAL PROVISIONS 

Section 1.1 Certain Definitions. As used in this Agreement, the following terms have the meanings set forth below:

 “ACH” means the Automated Clearing House payment system. 

“ACH File” means the daily file created by EVERTEC and transmitted to the Federal Reserve in the prescribed ACH format
by a financial institution participating in the ACH that contains (i) a list of the ACH Transactions to debit or credit Merchants and/or Government-Merchants, as applicable, for the sum of Sales Records, Credit Records and Merchant Chargebacks
received by EVERTEC and (ii) Merchant Transaction Processing Fees calculated by EVERTEC. 
 “ACH Returns”
means ACH Transactions that cannot be posted to a Merchant’s or a Government-Merchant’s bank account due to erroneous information, insufficient funds, closed accounts or other reasons and that are returned through the Federal Reserve to
the originating financial institution. 
 “ACH Transaction” means an Electronic Record of amounts to be
deposited or debited to a bank account at a financial institution participating in the ACH. 
 “Acquiring
Member” means a licensee or member of an Association that is authorized by the Association to enter Transactions into or receive Transactions from the Association’s settlement and authorization systems. 

“Affiliate” means, with respect to any Person, any other Person, directly or indirectly, through one or more
intermediaries, Controlling, Controlled by, or under common Control with, such Person. Notwithstanding the foregoing, (i) with respect to Apollo, the term “Affiliate” shall (x) include any investment fund with respect to which
Apollo Global Management LLC or its Controlled Affiliates (including its and their respective successors) are the sole or, if not sole, primary investment managers and, subject to clause (y) below, each of their Subsidiaries and (y) not
include portfolio companies of Apollo Global Management LLC or its Controlled Affiliates and, (ii) with respect to Popular (to the extent that at the time of determination it is engaged in a private equity or similar business), the term
“Affiliate” shall not include portfolio companies of Popular or its Controlled Affiliates. 

“Agreement” has the meaning set forth in the Preamble. 

“Alleged Breaching Party” has the meaning set forth in Section 9.2(a). 

  
 2 

 “Apollo” means AP Carib Holdings, Ltd., an exempted company organized under
the laws of the Cayman Islands. 
 “Assessments” means those fees paid by Acquiring Members, other than
Interchange Fees and Association Dues, for participation in the programs offered by each Association, usually as a percentage of monthly sales volume, as the due dates and amounts of such fees may be changed from time to time by each respective
Association’s Board of Directors. 
 “Asset Acquirer” has the meaning set forth in Section 11.1(c).

 “Assignee Sub” has the meaning set forth in Section 11.1(b). 

“Association” has the meaning set forth in the Recitals. 

“Association Dues” means any fees and rebates imposed by any of the Associations pursuant to such Association’s
regulations for use of such Association’s equipment, settlement and authorization systems, automated retrieval systems, BIN licensing, arbitration filings, fines for non-compliance with such regulations and such other charges as such
Association may from time to time impose, excluding the Interchange Fees and Assessments. 
 “ATH Network”
means the interbank network connecting the ATMs of various financial institutions in the Region, and is also the debit card network for ATH-linked ATM cards. 
 “ATM” means automated teller machine (ATM) or automatic banking machine (ABM) which is a computerized telecommunications device that provides the clients of a financial institution with
access to financial transactions in a public space without the need for a cashier, human clerk or bank teller. 

“Authorization Center” means the service desk to be established and maintained by EVERTEC to be contacted by a Merchant
to obtain authorization codes and other instructions with respect to handling Cards according to the Merchant Program Procedures. 
 “beneficially owned”, “beneficial ownership” and similar phrases have the same meanings as such terms have under Rule 13d-3 (or any successor rule then in effect) under
the Exchange Act, except that in calculating the beneficial ownership of any Person, such Person shall be deemed to have beneficial ownership of all securities that such Person has the right to acquire, whether such right is currently exercisable or
is exercisable upon the occurrence of a subsequent event. Notwithstanding the foregoing, no Person (the “Initial Person”) shall be deemed to beneficially own any securities beneficially owned by another Person who is not an
Affiliate of such Initial Person (the “Other Person”) (disregarding solely for the purposes of determining securities beneficially owned by such Other Person, (i) application of this sentence to any securities that have been
Transferred (other than in the form of a pledge, hypothecation or similar grant of a security interest only and which shall not involve the grant of a proxy or other right with respect to the voting of such securities) to such Other Person in
compliance with the Stockholder Agreement or other applicable Group Agreement and (ii) any Group Securities with 

  
 3 

 
respect to such Other Person), including without limitation, another Holder that is not an Affiliate of such Initial Person. 

“BIN” means a unique bank identification number assigned and licensed by VISA, or an interbank card association number
assigned and licensed by MCI, to an Acquiring Member for such Acquiring Member’s use in issuing Cards (if applicable), entering Transactions into or receiving Transactions from such Association’s settlement and authorization systems.

 “BPPR” has the meaning set forth in the Preamble. 

“BPPR Referral Compensation” has the meaning set forth in Section 3.2(a). 

“BPPR Sponsorship Fees” means $1,000 per year. 
 “BSA” has the meaning set forth in Section 3.7. 

“Business Day” shall mean a day that is not a U.S. nationally recognized bank holiday and on which a branch of the
Federal Reserve that is used for settlement is open for business. 
 “Card” means a card bearing the Trademark
of an Association, or any other card, including debit cards and credit cards, that may be used by a Cardholder to authorize and charge purchases to such Cardholder’s Cardholder Account as part of Transactions completed in-person upon the
Cardholder’s presentment of the card and signing of a Sales Record or by mail, Internet or telephone order, in each case in accordance with the applicable Rules. 
 “Cardholder” means a Person who has a Cardholder Account with an Issuing Member, or a Person who has a card that can be used to obtain cash through the ATH Network. 

“Cardholder Account” means an arrangement between a Person and an Issuing Member whereby such Person may use one or more
Cards issued by such Issuing Member to conduct Transactions or obtain a Cash Disbursement. 
 “Cash
Disbursement” means the use of a Card to obtain cash from a financial institution in accordance with the applicable Rules of such financial institution. 
 “Change of Control” means, with respect to a Person, the acquisition, by a non-Affiliate of such Person, of (i) more than fifty percent (50%) of the voting power of such Person
or (ii) the legal power to designate a majority of the board of directors (or other persons performing similar functions) of such Person. 
 “Chosen Courts” has the meaning set forth in Section 11.5. 

“Common Shares” means the common stock of EVERTEC, par value $1.00 per share (or the common stock of any successor or
other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries). 

  
 4 

 “Control,” and its correlative meanings, “Controlling,”
and “Controlled,” means the possession, direct or indirect, or the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 “Control Acquirer” has the meaning set forth in Section 11.11(a). 

“CPI” means the All Items Consumer Price Index All Urban Consumers, U.S. City Average (1982-84 – 100), which
is published by the U.S. Department of Labor, Bureau of Labor Statistics. 
 “Credit Records” means all
documents, or the Electronic Record of such documents, used to evidence any refund or price adjustment to be credited to a Cardholder Account from the sale of services or Products, which documents or Electronic Records shall be in the form supplied
by EVERTEC and approved by BPPR. 
 “DDA” means a direct deposit account. 

“Default Notice” has the meaning set forth in Section 9.2(a). 

“Designated Merchant” has the meaning set forth in Section 2.4(a). 

“Dispute” has the meaning set forth in Section 9.2(a). 

“Disclosing Party” has the meaning set forth in Section 5.1. 

“Drag-Along Transaction” has the meaning set forth in Section 4(d)(i) of the Stockholder Agreement. 

“Dragged Asset Sale” has the meaning set forth in Section 4(d)(vii) of the Stockholder Agreement. 

“Effective Date” has the meaning set forth in the Preamble. 

“Electronic Record” means data that is transcribed in a form supplied by EVERTEC that is approved by BPPR and suitable
for electronic processing. 
 “Encumbrances” means any direct or indirect encumbrances, lien, pledge, security
interest, claim, charges, option, right of first refusal or offer, mortgage, deed of trust, easement, or any other restriction or third-party right, including restrictions on the right to vote equity interests. 

“Event of Default” means the occurrence of any of the following: 

 

	 	(i)	either party fails to pay any undisputed, material amounts due to the other party under this Agreement and such failure(s) continue(s) for a period of 60 days after
notice has been sent to the non-paying party; 

  
 5 

	 	(ii)	either party (A) files for bankruptcy, receivership, reorganization, liquidation or any similar proceedings applicable to banks or corporations, as applicable, or
(B) has such a proceeding instituted against it and such proceeding is not dismissed within 60 days; 

  

	 	(iii)	a party fails to observe any material obligation specified in this Agreement that results in a Material Breach, and such failure is not cured within 30 days (or in the
event such breach can be cured but cannot be reasonably cured within 30 days, within such longer period of time (not to exceed 90 days) as is required to cure the same, provided the breaching party diligently pursues remedial action to completion)
of a notice specifying the breach; or 

  

	 	(iv)	either party makes an assignment of this Agreement, except as expressly provided herein. 

“EVERTEC” has the meaning set forth in the Preamble. 

“EVERTEC Change of Control” means, with respect to EVERTEC, any: 

 

	 	(i)	merger, consolidation or other business combination of EVERTEC (or any Subsidiary or Subsidiaries that alone or together represent all or substantially all of
EVERTEC’s consolidated business at that time) or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries that results in the stockholders of EVERTEC (or such Subsidiary or Subsidiaries) or any
successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries or the surviving entity thereof, as applicable, immediately before the consummation of such transaction or a series of related transactions,
holding, directly or indirectly, less than 50% of the voting power of EVERTEC (or such Subsidiary or Subsidiaries) or any such successor, other entity or surviving entity, as applicable, immediately following the consummation of such transaction or
series of related transactions; provided that this clause (i) shall not be deemed applicable to any merger, consolidation or other business combination, if, as a result of any such merger, consolidation or other business combination, no
Person or Group of Persons that had not had “control” of EVERTEC immediately prior to such transaction, as such term is defined under the Bank Holding Company Act of 1956, shall have obtained such “control”;

  

	 	(ii)	Transfer (other than in the form of a pledge, hypothecation or similar grant of a security interest only and which shall not involve the grant of a proxy or other right
with respect to the voting of such equity), in one or a series of related transactions, of equity representing 50% or more of the voting power of EVERTEC (or any Subsidiary or Subsidiaries that alone or together represent all or substantially all of
EVERTEC’s consolidated business at that time) or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries to a Person or Group of Persons (other than an Transfer of such equity to Apollo Global
Management LLC, Popular, any Permitted Ultimate Parent, or their respective Controlled Affiliates); 

  
 6 

	 	(iii)	transaction in which a majority of the board of directors or equivalent governing body of EVERTEC (or any successor or other entity holding all or substantially all the
assets of EVERTEC and its Subsidiaries) immediately following or as a proximate cause of such transaction is comprised of persons who were not members of the board of directors or equivalent governing body of EVERTEC (or such successor or other
entity) immediately prior to such transaction (or are not nominated by Apollo Global Management LLC, Popular, any Permitted Ultimate Parent or their respective Controlled Affiliates) except, (X) resulting from the compliance, at the time of an
initial public offering of either Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries), with the listing requirements, listed company manual or similar rules or regulations
of the securities exchange on which Holdco’s or EVERTEC’s (or such successor’s or other entity’s), as the case may be, equity securities will be listed pursuant to such initial public offering, (Y) if a majority of such
board of directors is not “independent” under the rules of the applicable securities exchange on the date following such initial public offering upon which Holdco or EVERTEC (or any successor or other entity holding all or substantially
all the assets of EVERTEC and its Subsidiaries), as the case may be, first ceases to be a “controlled company” (or similar status) under the rules and regulations of such exchange, resulting from compliance with the rules and regulations
of such exchange that first apply upon Holdco or EVERTEC (or such successor’s or other entity’s), as the case may be, ceasing to be a “controlled company” (or similar status), or (Z) the loss of directors of EVERTEC pursuant
to Section 2 of the Stockholder Agreement (as in effect on the date hereof or as may be amended with the approval of Popular and BPPR) that does not result in another Person or Group of Persons having the right or ability to appoint a majority
of the board of directors or equivalent governing body of Holdco or EVERTEC (or any successor or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries) as a result of such transaction; provided that, for the
avoidance of doubt, this clause (Z) shall only apply to the resignation and initial replacement of such directors and not to any subsequent replacement of such directors (whether in connection with another transaction or otherwise); or

  

	 	(iv)	sale or other disposition in one or a series of related transactions of all or substantially all of the assets of EVERTEC and its Subsidiaries (or any successor or
other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries) to a Person who is not an Affiliate of EVERTEC at such time. 

 “EVERTEC Reserve Account” means a money market account maintained at BPPR and owned jointly by EVERTEC and BPPR, in which the Reserve Amount is to be maintained on deposit by EVERTEC,
bearing interest at then-current market rates as offered by BPPR to the general public. 
 “Excess Reserve” has
the meaning set forth in Section 2.8(b). 
 “Exchange Act” means the Securities Exchange Act of 1934.

  
 7 

 “Existing ISO” has the meaning set forth in the Recitals. 

“Federal Reserve” means the Federal Reserve Bank of New York. 

“Government Entity” means any federal, state, Commonwealth of Puerto Rico, local or foreign government, governmental
subdivision, administrative body or other governmental or quasi-governmental agency, tribunal, court or other entity with competent jurisdiction. 
 “Government-Merchant” means each of the various municipalities, government agencies, public corporations and other governmental entities in the Commonwealth of Puerto Rico, which are set
forth in Exhibit A; provided, that, when a Person that is a Government-Merchant enters into a Merchant Agreement, such Person shall no longer be considered a Government-Merchant for purposes of this Agreement. 

“Government-Merchant Agreements” means the agreements which are set forth in Exhibit A and are in effect as of
the date hereof between BPPR and the Government-Merchants (or any successor or new agreement that may be entered solely between BPPR and Government-Merchants) for services rendered by BPPR to enable such Government-Merchants to accept and process
payment of goods and services from their customers by means of Cards or other transaction media. 
 “Government-Merchant
Fees” shall have the meaning set forth in Section 6.3(b). 
 “Group Agreement” means any
agreement governing the acquisition, holding, voting or disposition of securities of a Person; provided that so long as Apollo or a subsequent Permitted Controlling Holder is an Affiliate of such Person, such Person is a party to such
agreement. 
 “Group of Persons” means a group of Persons that would constitute a “group” as
determined pursuant to Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. 

“Group Securities” means any securities beneficially owned by a Person solely as a result of the Stockholder Agreement
or any other Group Agreement and, for the avoidance of doubt, which securities have not been Transferred to such Person or any of its Controlled Affiliates. 
 “Hold Account” means a non-interest bearing deposit account maintained at BPPR for diversion of Merchant funds when there is evidence of fraudulent Transactions or serious violation of
applicable Rules by such Merchant. 
 “Holdco” means Carib Holdings, Inc., a corporation organized under the
laws of the Commonwealth of Puerto Rico. 
 “Holdco Common Shares” means the common stock of Holdco, par value
$0.01 per share. 

  
 8 

 “Holders” means the holders of Holdco Common Shares who are parties to the
Stockholder Agreement as set forth in Schedule I thereto, as the same may be amended or supplemented from time to time. 

“ICA” means a unique intercard bank association number assigned and licensed by MCI to an Acquiring Member for such
Acquiring Member’s use in issuing Cards (if applicable), entering Transactions into or receiving Transactions from such Association’s settlement and authorization systems. 

“Indebtedness” means, with respect to any Person, (a) all indebtedness of such Person, whether or not contingent,
for borrowed money, and (b) all obligations of such Person evidenced by notes, bonds, debentures or other similar debt instruments. 
 “Independent Sales Organization” or “ISO” means any organization that (i) is not a member of VISA or MCI (or any other Association), (ii) is registered with and
sponsored by a VISA or MCI (or any other Association) member and (iii) provides services to a VISA or MCI (or any other Association) member in connection with the member’s merchant or Card issuing program. 

“Indirect Processor Agreement” shall have the meaning set forth in Section 3.1(c). 

“Initial Person” has the meaning set forth in the definition of “beneficially owned.” 

“Initial Term” shall have the meaning set forth in Section 9.1. 

“Interchange Fee” means the fee that is paid daily by an Acquiring Member to an Association for entering Sales Records
and Credit Records and settling Transactions into such Association’s settlement networks. 
 “Issuing
Member” means a licensee or member of an Association that is authorized by such Association to issue Cards. 

“Jurisdiction” has the meaning set forth in Section 11.1(b). 

“Law” means any law, statute, ordinance, rule, regulation, code, order, injunction, judgment, decree, writ or other
enforcement action enacted, issued, promulgated, enforced or entered by a Government Entity (including, for the sake of clarity, any policy statement or interpretation that has the force of law with respect to any of the foregoing, and including
common law). 
 “Material Adverse Effect” means, with respect to any Person, any fact, event, change, effect,
development, condition or occurrence that has a materially adverse effect on or with respect to any business, assets, liabilities, financial condition, or operations of such Person. 

“Material Breach” means a breach, or series of breaches, of a party’s obligations (other than a failure to make a
payment pursuant to this Agreement) that if left uncured for 90 days following receipt of notice from the other party (the “Non-breaching Party”) specifying the 

  
 9 

 
breach would result in a Material Adverse Effect on the Non-breaching Party and its Subsidiaries (taken as a whole). 
 “MCI” has the meaning set forth in the Recitals. 

“Merchant” means any Person, other than BPPR and EVERTEC, who is or becomes a party to a Merchant Agreement;
provided, however, that the term shall not include a Government-Merchant which is a party to a Government-Merchant Agreement. 
 “Merchant Acquiring Business” means the business engaged in by BPPR, directly through its Merchant Business division and indirectly through EVERTEC, in each case prior to the Effective
Date, enabling Merchants and Government-Merchants to accept and process payment of goods and services from their customers by means of Cards or other transaction media, including the signing up and underwriting of Merchants and Government-Merchants
for accepting such means of payment, providing POS card-based transaction processing services and electronic payment and settlement services (including PIN and signature debit transaction authorization, settlement and exception processing, gift,
private label, stored value and prepaid card processing and certain payments-related reselling services), the sale of products and services related thereto, including terminal deployment services and other value added services (including
Card-acquiring debit portfolio management services related to the foregoing, and certain data processing services). 

“Merchant Agreement” means (i) the written agreement among a Merchant, EVERTEC and BPPR pursuant to which EVERTEC
provides Merchant Services to such Merchant and allows such Merchant to participate in the Merchant Program, and (ii) any agreement defined as a Merchant Agreement under the Merchant and TicketPop Business Transfer and Reorganization Agreement
between BPPR and EVERTEC, dated as of June 30, 2010, as such agreement may be amended, restated or supplemented from time to time, (iii) any agreement that may be entered into during the Initial Term and any Renewal Term by and among BPPR,
EVERTEC and the applicable Government-Merchant, and (iv) any successor agreement to an existing Government-Merchant Agreements that may be entered into by and among BPPR, EVERTEC and the applicable Government-Merchant; provided,
however, that for the avoidance of doubt, as used herein, the term “Merchant Agreement” shall not include any Government-Merchant Agreement. 
 “Merchant Application” means an application, in a form acceptable to EVERTEC and BPPR, whereby a potential Merchant applies to participate in the Merchant Program. 

“Merchant Application Approval Policy” means the written policy set forth in Exhibit B regarding acceptance of
Merchants, as such policy may be amended in accordance with Section 2.4(c). 
 “Merchant Chargeback” means
a Transaction or other item denied or returned by an Issuing Member after such Transaction was entered into the appropriate settlement network for payment in accordance with applicable Rules, or for which payment to a Merchant or a
Government-Merchant has been refused or reversed in accordance with applicable Rules. 

  
 10 

 “Merchant Loss” means any loss or extraordinary expense (including
reasonable legal fees related to such loss or extraordinary expense) for any reason attributable to a Merchant or a Government-Merchant, including any loss due to a Merchant Chargeback, Merchant business failure or any fraudulent or illegal, or
allegedly fraudulent or illegal, practice of such Merchant or Government-Merchant, except in the event such Merchant Loss was caused by the fraud or misconduct of BPPR. 
 “Merchant Program” means the package of (i) services provided by EVERTEC and (ii) services provided by BPPR, in each case, pursuant to a Merchant Agreement to a Merchant (and in
the case of BPPR, also to a Government-Merchant pursuant to a Government-Merchant Agreement), enabling such Merchant and Government-Merchant to make sales to Cardholders and permitting the Merchant and Government-Merchant to present Sales Records to
EVERTEC (or, in the case of Government-Merchants, to BPPR) for payment and processing, including Transaction authorization and processing services and related services. 
 “Merchant Program Procedures” means the procedures, as required by the Rules, that are to be followed by each of EVERTEC, BPPR and each Merchant and Government-Merchant in the handling of
Transactions, in a manner consistent with past practices under the Merchant Acquiring Business, which shall be documented by mutual agreement by the parties within 60 days from the Effective Date as such procedures may be amended from time to time
upon the mutual consent of BPPR and EVERTEC; provided that the procedures shall conform with the Rules; provided, further, that the Rules shall govern in the event of any conflict with such procedures. 

“Merchant Reserve Account” means a non-interest bearing deposit account maintained at BPPR and owned by EVERTEC for the
deposit of funds received from Merchants pursuant to their respective Merchant Agreements as collateral against losses (i.e., reserves). 
 “Merchant Services” means services provided by each of BPPR and EVERTEC to Merchants (and, in the case of Government-Merchants, by BPPR with the assistance of EVERTEC under this
Agreement) pursuant to the Merchant Program. 
 “Merchant Transaction Processing Fees” means the fees charged
by EVERTEC to a Merchant (or, in the case of Government-Merchants, the fees charged by BPPR) for processing Sales Records and Merchant Chargebacks, participating in the Merchant Program and supplying card authorization services, monthly statements,
equipment and other supplies and services as identified in or authorized under the Merchant Application, Merchant Agreement (or, in the case of Government-Merchants, under the Government-Merchant Agreement) or any other ancillary materials.

 “Notice of Dispute” has the meaning set forth in Section 9.2(a). 

“Non-breaching Party” has the meaning set forth in the definition of Material Breach. 

“Non-Controlled Public Entity” means a Person which has equity securities listed on national stock exchange and which
Person’s Affiliates do not beneficially own securities 

  
 11 

 
representing the majority of the voting power to elect the members of the board of directors or other governing body of such Person. 

“Operating Account” means a deposit account maintained at BPPR and owned by EVERTEC for the purpose of debiting and
crediting Merchant DDAs with respect to amounts due and payable to EVERTEC under the Merchant Agreements. 
 “Original
Paper” means the Merchant’s or Government-Merchant’s copy of a Sales Record or Credit Record transcribed in writing on a paper form that has been approved by both BPPR and EVERTEC for use under this Agreement. 

“Other Person” has the meaning set forth in the definition of “beneficially owned.” 

“Payment Card Industry Data Security Standards” means the set of comprehensive requirements for enhancing payment
account data security developed by the founding payment brands of the PCI Security Standards Council, as may be amended from time to time. 
 “Permitted Assignment” means a Permitted Subsidiary Assignment or a Permitted Third-Party Assignment. 
 “Permitted Controlling Holder” means a Person that (i) beneficially owns equity securities representing a majority of the voting power to elect the directors of EVERTEC or
(ii) any successor or any other entity holding all or substantially all of the assets of EVERTEC and its Subsidiaries in a transaction or series of transactions, in each case, without contravening Section 11.1 or without BPPR validly
exercising its termination right pursuant to Section 11.11 provided that such Person shall be a “Permitted Controlling Holder” only with respect to the applicable entity that issues such securities. 

“Permitted Subsidiary Assignment” means an assignment by EVERTEC of any of its rights, duties or obligations under this
Agreement to an Assignee Sub in compliance with the provisions of Section 11.1. 
 “Permitted Third-Party
Assignment” means an assignment by EVERTEC of all its rights, duties and obligations under this Agreement to an Asset Acquirer in compliance with the provisions of Section 11.1. 

“Permitted Ultimate Parent” means with respect to a Permitted Controlling Holder, its Ultimate Parent Entity.

 “Person” means an individual, a corporation, a partnership, an association, a limited liability company, a
joint venture, a Government Entity, a trust or other entity or organization. 
 “PIN” means a personal
identification number and the security regulations associated therewith that is assigned by or on behalf of certain Associations to Cardholders to enhance the security of Transactions. 

  
 12 

 “Popular” means Popular, Inc., a corporation organized under the laws of
the Commonwealth of Puerto Rico. 
 “POS” means point-of-sale. 

“Products” means goods or services sold or rendered by Merchants. 

“Proprietary Information” has the meaning set forth in Section 5.1. 

“Referred Merchant” means a potential Merchant that was referred to EVERTEC by BPPR and who consequently executes a
Merchant Agreement with EVERTEC and BPPR following the Effective Date. 
 “Region” shall have the meaning set
forth in Section 2.13. 
 “Renewal Term” shall have the meaning set forth in Section 9.1. 

“Representative” means, with respect to a particular Person, any director, officer, partner, member, employee, agent,
subcontractor, consultant, advisor or other representative of such Person, including legal counsel, accountants and financial advisors. 
 “Reserve Amount” means $500,000. 
 “Reserve
Deficiency” has the meaning set forth in Section 2.8(b). 
 “Retrieval” means the production of
the original, or an acceptable facsimile of, a Sales Record, Credit Record or other supporting documentation by the Merchant or Government-Merchant at the request of BPPR or an Issuing Member. 

“Retrieval Request” means a written or electronic request by an Issuing Member to BPPR and/or EVERTEC, in the manner
permitted by the corresponding Association, for the Retrieval of a Sales Record or Credit Record, either in the form of microfilm, Original Paper, Electronic Record or facsimile previously delivered in Electronic Record form to EVERTEC. 

“Rules” means, as applicable, the written rules and regulations, system manuals and procedures and service levels,
standards and requirements issued by an Association, and any interpretations thereof by such Association, as the same may be amended from time to time. 
 “Sales Records” means all documents, or the Electronic Record of such documents, in such format as is approved by BPPR and EVERTEC, used to evidence the sale of Products through the use
of Cards. 
 “Settlement Account” means a deposit account owned by BPPR to receive the net funds wired daily by
the respective Associations in payment for Sales Records entered into their respective settlement networks offset by Association Dues, Assessments, Interchange Fees, Merchant Chargebacks and other amounts pursuant to the Rules. 

  
 13 

 “Solvent” with regard to any Person, means that (i) the sum of the
assets of such Person, both at a fair valuation and at a present fair salable value, exceeds its liabilities, including contingent, subordinated, unmatured, unliquidated, and disputed liabilities; (ii) such Person has sufficient capital with
which to conduct its business; and (iii) such Person has not incurred debts beyond its ability to pay such debts as they mature. For purposes of this definition, “debt” means any liability on a claim, and
“claim” means (x) a right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) a
right to an equitable remedy for breach of performance to the extent such breach gives rise to a payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured
or unsecured. With respect to any such contingent liabilities, such liabilities shall be computed at the amount which, in light of all the facts and circumstances existing at the time, represents the amount which can reasonably be expected to become
an actual or matured liability. 
 “SPV Affiliate” means with respect to any Person, any Affiliate of such
Person, whose direct or indirect interest in the Common Shares constitutes more than 30% (by value) of the equity securities portfolio of such Affiliate. 
 “Stockholder Agreement” means the Stockholder Agreement among Carib Holdings, Inc. and the holders party thereto dated September 30, 2010. 

“Subsidiary” means, with respect to any Person, any corporation, association, partnership, limited liability company or
other business entity of which 50% or more of the total voting power or equity interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, representatives
or trustees thereof is at the time owned or Controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries of such Person, or (c) one or more Subsidiaries of such Person. 

“Trademark” means any trademark, service mark, Internet domain name, trade dress, trade, corporate or business name,
whether or not registered, and all applications and registrations for the foregoing, including all renewals and extensions of same, and all goodwill associated therewith and symbolized thereby. 

“Transaction” means the consummation of a sale of services or Products or the initiation of a credit to a Cardholder by
a Merchant or a Government-Merchant by means of a Sales Record. 
 “Transfer” means any direct or indirect
sale, assignment, transfer, conveyance, gift, bequest by will or under intestacy laws, pledge, hypothecation or other Encumbrance, or any other disposition, of the stated security (or any interest therein or right thereto, including the issuance of
any total return swap or other derivative whose economic value is primarily based upon the value of the stated security) or of all or part of the voting power (other than the granting of a revocable proxy) associated with the stated security (or any
interest therein) whatsoever, or any other transfer of beneficial ownership of the stated security, with or without consideration and whether voluntarily or involuntarily (including by operation of law). Notwithstanding

  
 14 

 
anything to the contrary set forth in this Agreement, (i) each of (x) a Transfer of equity interests of Popular and (y) a Change of Control of Popular shall be deemed not to
constitute a Transfer of any equity interest beneficially owned by Popular; (ii) each of (x) a Transfer of equity interests of Apollo Global Management LLC or any of its Controlled Affiliates that is not an SPV Affiliate, and (y) a
Change of Control of Apollo Global Management LLC or any of its Controlled Affiliates that is not an SPV Affiliate shall be deemed not to constitute a Transfer of any equity interest beneficially owned by Apollo or such Affiliate, as applicable, and
(iii) each of (x) a Transfer of equity interests of any Permitted Ultimate Parent or any of its Controlled Affiliates that is not an SPV Affiliate, and (y) a Change of Control of any Permitted Ultimate Parent or any of its Controlled
Affiliates that is not an SPV Affiliate shall be deemed not to constitute a Transfer of any security beneficially owned by such Permitted Ultimate Parent Entity or such Controlled Affiliate, as applicable; provided that, for the avoidance of
doubt, subject to clause (i) above, any Change of Control of an SPV Affiliate shall be deemed to constitute a Transfer of the Common Shares beneficially owned by such SPV Affiliate. 

“Transmittal” means the process whereby Sales Records and Credit Records are electronically transferred in the form of
Electronic Records. 
 “Ultimate Parent Entity” means (i) with respect to Apollo, Apollo Global Management
LLC and its successors, (ii) with respect to Popular, Popular and its successors and (iii) with respect to a Permitted Controlling Holder, (x) the Person which (A)(i) Controls such Permitted Controlling Holder or (ii) if no
Person Controls such Permitted Controlling Holder, the beneficial owner of a majority of the voting power of such Permitted Controlling Holder and (B) is not itself Controlled by any other Person that is an Ultimate Parent Entity of such
Permitted Controlling Holder or, (y) if no such Person exists, the Permitted Controlling Holder; provided that, with respect to determining an Ultimate Parent Entity (i) the Control of any entity by a natural person shall be
disregarded and (ii) the Control of any Non-Controlled Public Entity by any Person shall be disregarded. 

“VISA” has the meaning set forth in the Recitals. 

Section 1.2 Interpretational Provisions. 
 (a) Exhibits and Schedules referenced in this Agreement are deemed to be incorporated herein by reference, in each case as such Exhibits and Schedules may be amended from time to time in accordance with
the provisions contained herein. 
 (b) Wherever the word “include,” “includes” or “including” is
used in this Agreement, it shall be deemed to be followed by the words “without limitation.” 
 (c) The words
“hereof,” “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 

(d) The terms defined in the singular have a comparable meaning when used in the plural, and vice versa. 

(e) The terms “dollars” and “$” mean U.S. Dollars. 

  
 15 

 (f) References herein to the Preamble or the Recitals, or a specific Article, Section,
Schedule or Exhibit shall refer, respectively, to the Preamble or the Recitals or to Articles, Sections, Schedules or Exhibits of this Agreement. 
 ARTICLE II 
 RESPONSIBILITIES 

Section 2.1 EVERTEC Responsibilities – General. 
 (a) ISO Registration. EVERTEC shall register with, obtain approvals from and file such forms with each of the Associations as are required under such Association’s Rules in order to provide
the Merchant Services hereunder as an ISO for BPPR as Acquiring Member. 
 (b) Marketing Activities. EVERTEC shall market
the Merchant Program consistent with the practices of the Merchant Acquiring Business, including, by: 
 (i)
marketing the Merchant Program to potential Merchants and encourage them to become Merchants; 
 (ii) assisting
potential Merchants in completing all documents required by BPPR to apply to the Merchant Program in accordance with the Merchant Application Approval Policy and forwarding to BPPR, in electronic format, the Merchant Applications it receives as
promptly as reasonably practicable; 
 (iii) producing and paying for the materials used by EVERTEC in marketing
the Merchant Program, which materials will comply in all material respects with the Rules and shall be approved in advance of their use by BPPR in its reasonable discretion; and 

(iv) monitoring and supervising the performance of its employees and marketing Representatives involved in the Merchant
Program to ensure compliance with Merchant Program Procedures, the Merchant Application Approval Policy and all applicable Rules. 
 (c) Equipment and Materials. 
 (i) EVERTEC will sell or make
arrangements for the sale to, or the finance, lease or rental by Merchants of all point-of-sale and other terminals and equipment necessary for each Merchant (and will assist BPPR in making such arrangements with Government-Merchants) to participate
in the Merchant Program. EVERTEC will install and, if requested by the Merchant (or if requested by the Government-Merchant to BPPR), maintain the terminals and equipment at no expense to BPPR. Neither EVERTEC nor any Merchant (nor any
Government-Merchant) will be required to purchase terminals and equipment from BPPR. EVERTEC may, at its option, provide the services set forth in this Section 2.1(c)(i) itself or through one or more subcontractors or third parties. 

  
 16 

 (ii) EVERTEC will (A) provide Merchants with training materials and
will use reasonable efforts to train Merchants to operate the terminals and equipment to enable Merchants to fulfill their obligations under the Merchant Program, and (B) assist BPPR in providing such materials and trainings to
Government-Merchants. 
 (iii) As between BPPR and EVERTEC, EVERTEC will be responsible for the distribution,
delivery and expense of all supplies reasonably necessary for the Merchants and Government-Merchants to perform their duties under the Merchant Program, including Sales Records, Transmittals, deposit envelopes, printer paper and ribbons. 

(d) Merchant Accounts. 
 (i) EVERTEC will input such data for each approved Merchant (and assist BPPR in managing the corresponding data for the Government-Merchants) in databases as is necessary for such Merchant or
Government-Merchant to participate in the Merchant Program. EVERTEC will maintain the data files in a manner reasonably designed to assure that all Merchant and Government-Merchant charges are input promptly. 

(ii) EVERTEC will input all necessary new account information into EVERTEC’s information system in a manner
reasonably designed to render all exception reports turned on and available. 
 (iii) EVERTEC will monitor all
Merchant DDAs daily in accordance with the Rules to attempt to minimize Merchant Losses and shall provide BPPR with summary reports thereof in a form reasonably agreed between BPPR and EVERTEC; provided, however, that the DDA’s
for Government-Merchants shall be monitored by BPPR. 
 (e) EVERTEC will (i) respond to inquiries from Merchants concerning
the Merchant Program in a manner consistent with the practices of the Merchant Acquiring Business, and (ii) direct to and coordinate with BPPR any inquiries from Government-Merchants. 

(f) Merchant Services. EVERTEC, at its expense and at all times in a manner reasonably acceptable to BPPR in a manner consistent
with the practices of the Merchant Acquiring Business, will provide all necessary functions for the Merchant Program through qualified industry vendors (subject to the provisions of Section 2.12) or, at its discretion, will provide and develop
internally the necessary systems and capabilities, consistent with the practices of the Merchant Acquiring Business, including: 
 (i) maintaining electronic authorization and draft capture applications and network; 
 (ii) maintaining an Authorization Center for voice authorization, referrals and Merchant instructions; 

  
 17 

 (iii) maintaining Merchant accounting and clearing systems; 

(iv) creating and transmitting to BPPR daily ACH Files for Merchant payments; 

(v) rendering monthly Merchant statements; 

(vi) processing Merchant Chargebacks and Retrieval Requests in accordance with the Rules; 

(vii) providing customer service to Merchants; 

(viii) assisting BPPR in performing the services listed in (i) through (vii) above for Government-Merchants; and

 (ix) providing BPPR with copies of all reports with respect to EVERTEC’s obligations under this Agreement
reasonably necessary for BPPR to fulfill its obligations hereunder. 
 (g) EVERTEC will, in a manner consistent with the
practices of the Merchant Acquiring Business, promptly resolve rejected Transactions identified by EVERTEC, including rejected Transactions funded to the Merchant (“edit rejects”) and rejected Transactions not funded to the Merchant
(“Transmittal rejects”). If necessary, EVERTEC will use commercially reasonable efforts to recover funds directly from the Merchants for all rejected Transactions that are not curable. BPPR will, in a manner consistent with its past
practices, promptly resolve rejected Transactions of Government-Merchants, including edit rejects and Transmittal rejects. If necessary, BPPR will use commercially reasonable efforts to recover funds directly from the Government-Merchants for all
rejected Transactions that are not curable. 
 (h) EVERTEC will, in a manner consistent with the practices of the Merchant
Acquiring Business, promptly identify the reasons for each ACH credit or debit rejected, correct system data as necessary and thereafter either credit the Merchant (or remit to BPPR for credit to the Government-Merchant) for the funds through an ACH
Transaction or pursue all commercially reasonable efforts to collect the funds due from the Merchant (or assist BPPR to collect the funds due from the Government-Merchant), as appropriate. EVERTEC is now, and shall remain during the Initial Term and
any Renewal Term, compliant with the Rules, including the Payment Card Industry Data Security Standards. 
 (i) EVERTEC will be
responsible for “front line” customer claim receipt services. 
 Section 2.2 Merchant Transaction and Fee
Settlement. 
 (a) The Settlement Account shall be established at BPPR, and all settlement funds with respect to Merchant
Transactions and Association Fees shall be processed through the Settlement Account. 

  
 18 

 (b) As between BPPR and EVERTEC, EVERTEC shall be responsible for collecting from Merchants
all fees, fines and charges relating to Transactions or the Merchant’s acceptance of Cards in payment for Products; provided, that, with respect to the Government-Merchant Agreements, BPPR shall be responsible for collecting all
fees and other payments payable to BPPR under the Government-Merchant Agreements. 
 Section 2.3 Merchant Chargeback
Responsibilities. EVERTEC will, in a manner consistent with the practices of the Merchant Acquiring Business, respond to an Issuing Member’s request for information in accordance with the Rules in the event a Merchant initiates a
Chargeback, and shall assist BPPR in responding to an Issuing Member’s request for information in accordance with the Rules in the event a Government-Merchant initiates a Chargeback. 

Section 2.4 Merchant Agreements. 
 (a) EVERTEC shall contract with potential Merchants accepted for participation in the Merchant Program using the form of Merchant Agreement as has been reasonably approved by BPPR and EVERTEC;
provided that EVERTEC shall have the exclusive authority to establish fees and charges applicable to each Merchant for such participation subject to applicable Law and the Rules. EVERTEC shall be the sole owner of all economic rights and
benefits of, under and relating to Merchant Agreements (and to the amounts payable to EVERTEC by BPPR, subject to and as provided in Section 6.3(b), with respect to Government-Merchant Agreements); provided, however, that EVERTEC
shall not have the right to sell, assign, transfer or encumber such rights without the prior written consent of BPPR, which consent may be granted or denied at BPPR’s sole discretion, except that EVERTEC may assign its rights (including, for
the avoidance of doubt, any of its economic rights and benefits of, under and relating to Merchant Agreements), duties and obligations under this Agreement in connection with the grant of a security interest for any securitization or financing
transactions, and the enforcement of any rights or remedies that EVERTEC has against BPPR under this Agreement; provided further that, (i) in the event BPPR requests from EVERTEC to provide the Merchant Services at reduced fees or
charges to certain Merchants designated by BPPR (the “Designated Merchants”), then BPPR shall pay EVERTEC on a monthly basis the difference between (x) EVERTEC’s standard fees and charges and (y) the reduced fees and
charges mutually agreed to by the parties hereto for the Merchant Services provided to such Designated Merchants, and (ii) the Discount Sharing Agreement, which is attached hereto as Exhibit D and incorporated herein, shall remain in
full force and effect with respect to the merchants identified in Exhibit D, as the same may be amended from time to time by mutual agreement of the parties hereto. 
 (b) EVERTEC shall follow the normal and customary underwriting and approval processes as reasonably agreed by BPPR and EVERTEC to evaluate potential Merchants for Merchant Services in accordance with the
Merchant Application Approval Policy and all applicable Rules. EVERTEC will not enter into a Merchant Agreement with any potential Merchant that does not, in EVERTEC’s reasonable judgment, meet the standards set forth in the Merchant
Application Approval Policy without the prior written consent of BPPR; provided that all Merchants party to a Merchant Agreement and all Government-Merchants party 

  
 19 

 
to a Government-Merchant Agreement shall be deemed to satisfy the Merchant Application Approval Policy. 
 (c) BPPR may amend the Merchant Application Approval Policy, but only in reasonable conformity with its credit underwriting policies and procedures and industry standards regarding such matters, upon 30
days written notice to EVERTEC; provided that in the event of change in applicable Rules or Law, BPPR shall only be required to provide such advance notice to the extent reasonably practicable. BPPR agrees to review periodically with EVERTEC
the Merchant Application Approval Policy in order to eliminate changes that might unnecessarily result in a reduction of the economic benefits EVERTEC and BPPR reasonably should expect to achieve under this Agreement. 

(d) Each party may terminate any Merchant Agreement in accordance with the terms thereof. Parties shall notify each other in any case
where such party reasonably suspects fraud, security breaches or a default by any Merchant, subject to restrictions under applicable Law. 
 Section 2.5 Telecommunications Links. EVERTEC will be responsible for arranging for and overseeing the installation and maintenance of a direct communications link between EVERTEC and each
Merchant (and, if applicable, between BPPR and a Government-Merchant,) and, as between BPPR and EVERTEC, EVERTEC will assume all costs associated therewith. 
 Section 2.6 Reserved. 
 Section 2.7 Notices; Legal
Proceedings. EVERTEC will give BPPR prompt written notice whenever: 
 (i) EVERTEC receives notice from any
Government Entity of any alleged non-compliance by EVERTEC or any of its Representatives with any Law applicable to the Merchant Program; 
 (ii) the Internal Revenue Service or any other taxing authority alleges any default by EVERTEC in the payment of any material taxes or threatens to make a material assessment against EVERTEC relating to
the Merchant Program; or 
 (iii) any litigation or proceeding relating to the Merchant Program is brought
against EVERTEC or BPPR or names EVERTEC or BPPR as a party. 
 Section 2.8 EVERTEC Reserve Account. 

(a) EVERTEC Reserve Account. As of or no later than five Business Days following the Effective Date, EVERTEC shall have on deposit
with BPPR a money market account in the Reserve Amount, denominated as the EVERTEC Reserve Account. The EVERTEC Reserve Account shall remain at BPPR as provided in Section 2.8(d). 

  
 20 

 (b) Reserve Amount. If at any time the amount in the EVERTEC Reserve Account is less
than the Reserve Amount (such difference, the “Reserve Deficiency”), BPPR shall give notice to EVERTEC of the amount of the Reserve Deficiency and EVERTEC shall, within three Business Days of such notice, deposit an amount into the
EVERTEC Reserve Account equal to the Reserve Deficiency. If at any time the amount in the EVERTEC Reserve Account is greater than the Reserve Amount (such difference, the “Excess Reserve”), BPPR shall give notice to EVERTEC of the
amount of the Excess Reserve and remit an amount equal to the Excess Reserve to the Operating Account. EVERTEC agrees that, in the event that EVERTEC fails to make a deposit into the EVERTEC Reserve Account as required by this Section 2.8(b),
BPPR may withdraw the required amount from the Operating Account and deposit it into the EVERTEC Reserve Account. 
 (c) In the
event that any Association requests that EVERTEC provide collateral in order to perform its obligations under this Agreement, then EVERTEC shall negotiate directly with the Association the terms (including the amount and type of collateral) and
conditions under which EVERTEC would provide the collateral. 
 (d) EVERTEC Reserve Account Upon Termination. The EVERTEC
Reserve Account shall remain at BPPR throughout the Initial Term and Renewal Term, and for a period of not less than 180 days from the last date any Merchant in the Program submits a Merchant Transaction. No funds may be withdrawn from the EVERTEC
Reserve Account except as provided in Section 2.8(b). 
 Section 2.9 Hold Account. EVERTEC will establish the
Hold Account at BPPR. EVERTEC will monitor daily Merchant activity and if, in its sole judgment, certain Merchants or certain Transactions are likely fraudulent or otherwise not in compliance with applicable Rules, EVERTEC will immediately notify
BPPR of such activity. BPPR shall change the Merchant bank account information to cause such Merchant funds to be deposited into the Hold Account. EVERTEC will thereupon promptly investigate each such suspicious incident and promptly notify BPPR of
the result of each such investigation. EVERTEC will, on a monthly basis, notify BPPR of all cumulative Merchant Losses so discovered and verified and BPPR shall transfer an equivalent amount of funds from the Hold Account or any Merchant Reserve
Account, at EVERTEC’s request, to the Operating Account. If in any case EVERTEC’s investigation determines that no violation of applicable Rules and no Merchant Losses have occurred, EVERTEC will promptly instruct BPPR to release to the
Merchant’s DDAs any funds diverted to the Hold Account because of the alleged violation to the Merchant’s DDA. EVERTEC shall have view-only access to the Hold Account and the EVERTEC Reserve Account. EVERTEC shall not have the ability to
withdraw funds from either the Hold Account or the EVERTEC Reserve Account. 
 Section 2.10 Merchant Reserve
Account. EVERTEC may require, as a term of each Merchant Agreement, that a Merchant fund a Merchant Reserve Account. The parties agree that all right, title and interest with respect to the Merchant Reserve Account shall be owned by EVERTEC,
subject to such rights relative to repayment of certain amounts held in the Merchant Reserve Account as are granted, if any, pursuant to the terms of the relevant Merchant Agreement, and subject to BPPR’s right to indemnity and under the terms
of each such Merchant Agreement. For the avoidance of doubt, the parties hereby agree that EVERTEC and, 

  
 21 

 
if allowed pursuant to the terms of any Merchant Agreement, BPPR shall have full access to any Merchant Reserve Account, including the ability to withdraw funds therefrom. 

Section 2.11 Security Interest in Accounts. In order to secure EVERTEC’s obligations under this Agreement and
BPPR’s rights to indemnity and reimbursement pursuant to Section 9.4, and solely for such purposes, EVERTEC hereby grants to BPPR a contractual possessory security interest in, and hereby pledges to BPPR, all of EVERTEC’s right, title
and interest, of whatever nature, whether now owned or existing or hereafter created, acquired or arising, in and to (i) the EVERTEC Reserve Account, the Hold Account and, to the extent set forth in Section 2.10, above, the Merchant
Reserve Accounts, (ii) all funds in and proceeds of such accounts and (iii) all writings evidencing such accounts. EVERTEC agrees to take all actions as may be reasonably required from time to time to establish and maintain such security
interests as set forth hereinabove. EVERTEC shall execute all documents necessary to grant and perfect a security interest in favor of BPPR under Puerto Rico law. 
 Section 2.12 Subcontractors; Third-Party Vendors. 
 (a) EVERTEC may
subcontract with third parties for the provision of the Merchant Services to Merchants and the fulfillment of its obligations to BPPR hereunder in accordance with EVERTEC’s outsourcing policies and procedures (which shall comply with the
regulatory requirements in FFIEC’s Statement on Risk Management of Outsourced Technology Services dated November 28, 2000 and all applicable Rules), with the understanding that EVERTEC shall remain responsible and liable towards the
Merchants and to BPPR for the due performance of such Merchant Services and obligations by such subcontractors and that there shall be no direct relationship whatsoever between the BPPR, on the one hand, and such subcontractors, on the other hand.

 (b) Any obligations under this Agreement not directly performed by EVERTEC shall be conducted by qualified industry vendors
that EVERTEC reasonably believes to be competent and that meet or exceed any requirements under the Rules or as may be required under applicable Law. 
 Section 2.13 Merchant Referral. EVERTEC agrees to refer exclusively to BPPR all Merchants and potential Merchants, doing business in Puerto Rico, the U.S. Virgin Islands or the British Virgin
Islands (the “Region”), that inquire about, request, or otherwise evidence an interest, to EVERTEC’s knowledge, in banking services and products. All such referrals shall be communicated to BPPR by EVERTEC in a reasonably
agreed upon manner. BPPR may provide EVERTEC with promotional and informational materials and supplies relating to BPPR’s banking services and products, at BPPR’s expense. 

ARTICLE III 

BPPR RESPONSIBILITIES 
 Section 3.1 BPPR Responsibilities – General. 
 (a) BPPR shall
provide all commercially reasonable assistance as is requested by EVERTEC to obtain the approvals and file the registrations required by any Association in 

  
 22 

 
order for EVERTEC to provide the Merchant Services hereunder as an ISO for BPPR as Acquiring Member. BPPR shall (i) take all commercially reasonable action necessary to remain an Acquiring
Member of the Associations through the Initial Term and any Renewal Term and (ii) maintain the minimum liquidity, assets, capital and earnings required by each Association so as to sponsor EVERTEC in a manner consistent with the Merchant
Acquiring Business and in a manner reasonably designed to support the Merchant Acquiring Business during the Initial Term and any Renewal Term, as reasonably agreed by the parties hereto. 

(b) BPPR shall act as the Acquiring Member for Merchant Agreements executed by EVERTEC and BPPR. 

(c) BPPR shall provide (i) all services to the Merchants and Government-Merchants hereunder in accordance with the applicable
Rules and (ii) shall continue to provide its functions described in any three-party agreement among BPPR, EVERTEC and any third party (“Indirect Processor Agreement”) consistent with the practices of the Merchant Acquiring
Business, including but not limited to following the normal and customary underwriting and approval processes as reasonably agreed by BPPR and EVERTEC to evaluate potential Merchants for Merchant Services, or customers of any third
party under an Indirect Processor Agreement, in accordance with the Merchant Application Approval Policy and all applicable Rules. 
 (d) BPPR will obtain copies for EVERTEC of any Association’s manuals and publications that are available to Acquiring Members, and BPPR will forward to EVERTEC all material information routinely
provided by each Association that would be reasonably necessary or appropriate for EVERTEC’s fulfillment of its obligations under this Agreement, to the extent permitted under the Rules. EVERTEC will reimburse BPPR for all costs reasonably
incurred pursuant to this Section 3.1(d), if any. 
 (e) BPPR will maintain fraud detection and control systems as set
forth in Section 3.5 below, and shall also maintain a disaster recovery plan as may be required by any applicable Law. BPPR shall be responsible for complying with all Law applicable to it related to screening, customer identification and know
your customer, including the BSA, the USA PATRIOT Act and the applicable requirements and regulations promulgated and issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control and the Financial Crimes Enforcement Network.
BPPR shall use commercially reasonable efforts to monitor Merchants pursuant to such Law for ongoing compliance with any anti-money laundering and BSA requirements. 
 (f) BPPR will notify EVERTEC as soon as practicable following BPPR’s receipt of written notice from any Association regarding a change in such Association’s Assessments. 

(g) BPPR will notify EVERTEC as soon as practicable following BPPR’s receipt of written notice from any Association regarding
changes in the basis for calculation of Interchange Fees by such Association. 

  
 23 

 (h) BPPR is now, and shall remain during the Initial Term and any Renewal Term, compliant
with the Rules, including but not limited to, the Payment Card Industry Data Security Standards. 
 (i) During the Initial Term
and any Renewal Term, (i) BPPR shall use its reasonable best efforts to ensure that each Government-Merchant Agreement remains in full force and effect and (ii) BPPR shall not act, or fail to act, in any manner that would give a
Government-Merchant under any Government-Merchant Agreement the right to terminate, modify or accelerate such Government-Merchant Agreement. 
 (j) Upon the expiration of each Government-Merchant Agreement, BPPR and EVERTEC shall use their respective reasonable best efforts to cause the applicable municipality, government agency, public
corporation or other governmental entity to enter into a Merchant Agreement with BPPR and EVERTEC. 
 (k) BPPR shall, on a
monthly basis, account to EVERTEC for all fees, revenue and other payments that are paid to BPPR by Government-Merchants and the amounts that BPPR pays to EVERTEC in connection with the Government-Merchant Agreements pursuant to Section 6.3.
EVERTEC may reasonably request from BPPR work papers that support the accounting provided to EVERTEC and BPPR shall provide such workpapers within three Business Days of receiving any such request. Upon its receipt of the workpapers, EVERTEC shall
have twenty (20) Business Days to dispute any accounting provided by BPPR and, in the event of a dispute, the parties shall negotiate in good faith to resolve such dispute. Any dispute, if not settled by the parties, shall be resolved in
accordance with the dispute resolution mechanism set forth in Section 9.2(a), except that a dispute solely under this section shall not be considered an Event of Default. Any amounts owed to EVERTEC upon the resolution of a dispute shall be
paid to EVERTEC within three Business Days of such resolution. 
 Section 3.2 Merchant Referral. 

(a) BPPR agrees to refer exclusively to EVERTEC potential Merchants (including any Government-Merchants) that inquire about, request, or
otherwise evidence an interest, to BPPR’s knowledge, in Merchant Services with respect to such business. All such referrals shall be communicated to EVERTEC by BPPR in a reasonably agreed upon manner. If EVERTEC enters into a Merchant Agreement
with such potential Merchant, BPPR shall be paid a referral fee of $25 for each Referred Merchant (the “BPPR Referral Compensation”). 
 (b) In accordance with EVERTEC’s procedures and instructions for referrals, BPPR will actively cooperate with EVERTEC, on an exclusive basis and at EVERTEC’s expense (such expense to be agreed
by the parties in advance), in marketing EVERTEC’s Merchant Services and in locating, investigating and referring potential Merchants to EVERTEC, and provide marketing assistance to EVERTEC for the purpose of retaining and signing new Merchants
in exchange for the BPPR Referral Compensation; provided that BPPR shall make no representations or warranties regarding EVERTEC’s Merchant Services. With respect to any such potential Merchants, BPPR shall: 

  
 24 

 (i) provide EVERTEC with such information and assistance as EVERTEC may
reasonably request and BPPR may legally provide in connection with EVERTEC’s review of any corresponding Merchant Application for Merchant Services, and/or EVERTEC’s administration or collection efforts regarding any Merchant referred by
BPPR; and 
 (ii) establish a Settlement Account for each Merchant for the deposit of paper Transaction records
and/or the electronic settlement of electronic Transactions, and, if applicable, remit paper Transaction records to EVERTEC in accordance with EVERTEC’s procedures. 
 (c) EVERTEC shall provide BPPR with promotional and informational materials and supplies relating to the Merchant Services, at EVERTEC’s expense. 

Section 3.3 Settlement Responsibilities. 
 (a) BPPR is authorized to, and shall be responsible for remitting to Merchants and Government-Merchants, all funds held in the Settlement Account and/or received in settlement of Merchant Transactions.

 (b) BPPR shall maintain the Merchant and Government-Merchant files and BINs with the Associations as are listed on Exhibit
C hereto and such additional Merchant and Government-Merchant files and BINs as may be reasonably requested by EVERTEC from time to time for EVERTEC’s use for the purpose of providing Merchant Services. EVERTEC agrees to pay the costs
charged by the Associations for all BINs required for the Merchants and Government-Merchants. BPPR will, at EVERTEC’s request and expense during the Initial Term or any Renewal Term, procure one or more dedicated BIN/ICA(s) from the Association
to facilitate the Merchant Program. 
 (c) BPPR will establish separate Operating Accounts and Settlement Accounts for each BIN.
BPPR will direct the daily net funds wired by the Associations to be deposited into the corresponding Settlement Account. 
 (d)
BPPR will receive daily ACH Files from EVERTEC, edit and format them as necessary, and transmit them to the Federal Reserve for credit to the Merchants and Government-Merchants. The next day payment to the Federal Reserve for this file will be
debited to the applicable Settlement Account. 
 (e) BPPR will provide view-only system access to EVERTEC (or fax equivalents,
at EVERTEC’s request) to review balances and daily activity in all Settlement Accounts and Operating Accounts to facilitate daily reconcilement. 
 (f) Each Business Day, BPPR will transmit in a data file ACH Return information received from the Federal Reserve to EVERTEC for resolution of rejected Transactions. This file will include the Merchant
number, routing transit, Merchant DDA number, amount, reason codes and the original settlement date, and any other information required to process the ACH Return (including the relevant information regarding the Government-Merchant accounts, if
applicable). Funds paid or received from the Federal Reserve 

  
 25 

 
for the ACH Returns will be debited or credited to the Merchant Reserve Account, or in the absence of a Merchant Reserve Account for such Merchant, to the corresponding DDA for the Merchant (or
for the Government-Merchant, as applicable). 
 (g) BPPR agrees to assign a sufficient number of qualified staff members to
reasonably assist EVERTEC in the resolution of settlement and Merchant Chargeback problems. 
 (h) BPPR will submit as required
all statistical information requested by Associations including quarterly statements and will provide copies of all non-confidential information and statements to EVERTEC to the extent permitted by any applicable Rules or Law. EVERTEC will provide,
at its own expense, all reasonable information to BPPR to assist BPPR with compliance therewith. 
 (i) BPPR will debit the
Settlement Account or Operating Account, as applicable, for all Assessment and Association Dues as incurred that apply to Merchants and/or Government-Merchants, as well as all Merchant Losses incurred by BPPR, and will provide documentation to
EVERTEC that substantiates such debits including copies of quarterly reports. 
 (j) BPPR, as the Acquiring Member, agrees to
represent EVERTEC’s interest in disputes that might arise from time to time with an Association over compliance with Rules and Association Dues; provided that EVERTEC shall pay any Association Dues relating to the Merchant Program and
any and all costs reasonably incurred by BPPR in disputing the same, including but not limited to reasonable associated legal fees. 
 Section 3.4 Non-Solicit. 
 (a) During the Initial Term and any Renewal
Term and for one year following the termination of this Agreement (for any reason), BPPR shall not, and shall cause any ISO for which BPPR acts as the Acquiring Member not to, solicit any Merchants (or any merchants that were Merchants upon the
expiration of the Initial Term or any Renewal Term, as applicable) for the provision of any Merchant Services; provided, that in the event EVERTEC is unable or unwilling to perform its obligations under this Agreement with respect to
any BPPR banking customer that is a Merchant, the prohibition set forth in this Section 3.4 shall not apply to such BPPR banking customer unless EVERTEC notifies BPPR in writing that it is willing and able to perform its obligations under this
Agreement with respect to such BPPR banking customer prior to BPPR’s entry into a sponsorship agreement with another ISO to serve such banking customer. 
 (b) Notwithstanding the foregoing, nothing herein shall be construed to prevent BPPR from soliciting Merchants for other banking services and products offered by BPPR. 

Section 3.5 Fraud Detection. BPPR will have in place a fraud detection system to identify and monitor potentially fraudulent
activity as may be mandated by applicable Law. 
 Section 3.6 Servicing and Monitoring of Merchant Card Accounts.
The parties hereto agree that all Card accounts of Merchants shall be serviced as follows: 

  
 26 

 (a) Each Merchant shall open and maintain a designated deposit account or accounts at BPPR.
BPPR shall be permitted access to any funds in such account to the extent funds are needed to fund fees, Assessments, Merchant Chargebacks, returned items or any other obligations of a Merchant to EVERTEC, BPPR, the Associations or any Card issuing
bank or account holder. 
 (b) BPPR shall comply with all reasonable requests of EVERTEC to conduct investigations, supply
information or perform any other act or thing relating to investigating Merchant activities and condition. Notwithstanding the foregoing, nothing in this Section 3.6(b) shall be construed to require BPPR to take any action that is in violation
of applicable Law or regulation, the Rules or BPPR’s deposit agreement with any Merchant. BPPR represents and warrants to EVERTEC that each deposit agreement with a Merchant and a Government-Merchant that is in effect as of the date hereof does
not conflict with the corresponding Merchant Agreement or Government-Merchant Agreement, as the case may be. EVERTEC shall be responsible for all reasonable expenses incurred by BPPR in connection with compliance with a request by EVERTEC pursuant
to this Section 3.6(b). 
 Section 3.7 Compliance with Laws. BPPR shall be responsible for complying with all
Laws applicable to it related to screening, customer identification and know your customer, including the Bank Secrecy Act (the “BSA”), the USA PATRIOT Act and the applicable requirements and regulations promulgated and issued by
the Office of Foreign Assets Control and the Financial Crimes Enforcement Network. EVERTEC shall use commercially reasonable efforts to cooperate with, and assist, BPPR monitor Merchants pursuant to such Law for ongoing compliance with any money
laundering and bank secrecy requirements, it being understood and agreed that EVERTEC shall use reasonable best efforts to enhance its BSA and other anti-money laundering policies and procedures in accordance with applicable Law, and EVERTEC shall
implement such policies and procedures as soon as practicable, at which time, EVERTEC shall also undertake such monitoring of Merchants and Government-Merchants. Each party shall be responsible for making any and all filings with any Governmental
Entity that may be required to be made by such party under such Laws; provided that each party shall cooperate and provide information to the other party, to the maximum extent permitted by Law, as needed for such filings. 

Section 3.8 Settlement Risk. BPPR shall not be responsible for the systemic risk of loss of the Associations or the failure
of the Associations to effect settlement of Transactions or to perform its obligations hereunder in the event of such failure; provided that this Section 3.8 shall not relieve BPPR of its obligations in the settlement process once the
funds or information is received from the Associations. 
 Section 3.9 Notices; Legal Proceedings. BPPR will cause
its Chief Financial Officer to give EVERTEC prompt written notice whenever: 
 (i) BPPR receives notice from any
Government Entity of any alleged non-compliance by BPPR or any of its subsidiaries, affiliates or Representatives with any Law applicable to the Merchant Program; 

  
 27 

 (ii) the Internal Revenue Service or any other taxing authority alleges any
default by BPPR in the payment of any material taxes or threatens to make a material assessment against BPPR relating to the Merchant Program; or 
 (iii) any litigation or proceeding relating to the Merchant Program is brought against EVERTEC or BPPR or names EVERTEC or BPPR as a party. 

ARTICLE IV 

EXCLUSIVITY 

Section 4.1 (a) Throughout the Initial Term and any Renewal Term, BPPR shall be the Acquiring Member for the Merchant Services
provided in the Region; provided, however, if BPPR is unable (for any reason other than a Person’s refusal to enter into a Merchant Agreement with BPPR through no fault of BPPR) or unwilling to act as the Acquiring Member for any
Person at any time during the Initial Term or any Renewal Term, EVERTEC may enter into an agreement with another financial institution which shall be the sponsoring bank for such Person so long as EVERTEC makes a good faith determination (and
provides prompt written notice to BPPR of such determination) that the provision of such services to such Person does not pose an unreasonable financial, reputational or regulatory risk to EVERTEC and/or BPPR; provided, further, that
any determination by EVERTEC with respect to a regulatory risk to BPPR shall be made in consultation with BPPR. BPPR shall advise EVERTEC of BPPR’s decision to not act as the Acquiring Member for any Person within three Business Days of its
receipt of EVERTEC’s notice that it wishes to provide Merchant Services to such Person; provided, further, that prior to entering into an agreement with another financial institution which shall be the sponsoring bank for such
Person, EVERTEC shall provide BPPR with written notice at least five Business Days prior to entering into such agreement and BPPR may elect to act as the Acquiring Member for such Person pursuant to the terms of this Agreement upon notice to EVERTEC
during such five Business Day period. 
 (b) In addition to its obligation under Section 3.2, throughout the Initial Term
and any Renewal Term, BPPR shall use EVERTEC as the ISO for any Acquiring Member business conducted by BPPR in the Region, and BPPR shall not sponsor any Person into the Associations, or into any other card scheme such as Discover Financial
Services, L.P. or American Express Travel Related Services, as an ISO in the Region, other than EVERTEC; provided, however, if EVERTEC is unable or unwilling to act as the ISO for any Association, or to act as the ISO for providing
merchant acquiring business to any other card scheme for which BPPR serves as the sponsoring bank (for any reason other than such card scheme’s refusal to allow EVERTEC to act as the ISO for its business with BPPR), BPPR may enter into an ISO
agreement with another provider which shall act as the ISO for the merchant acquiring business for the corresponding Association or card scheme; provided, further, that prior to entering into an ISO agreement with another provider,
BPPR shall provide EVERTEC with written notice at least five Business Days prior to entering into such ISO Agreement and EVERTEC may elect to provide such services pursuant to the terms of this Agreement upon notice to BPPR during such five Business
Day period. 

  
 28 

 ARTICLE V 
 CONFIDENTIALITY 
 Section 5.1 Confidentiality Regarding Proprietary
Information. Each Party hereto acknowledges and agrees that all data, printed and written material, and other information furnished by the other Party (the “Disclosing Party”) in connection with the methods in which the
Disclosing Party conducts its services under the Merchant Program (the “Proprietary Information”), shall be regarded as confidential and proprietary. Proprietary Information includes information pertaining to business methods,
details regarding the functioning of the Merchant accounting and reporting system and computer systems, trade secrets, know-how, inventions, techniques, processes, programs, schematics, software source code, customer lists, financial information,
sales business and marketing. The other Party’s use of the Disclosing Party’s Proprietary Information is limited to the term of this Agreement. Neither Party shall disclose any of the other Party’s Proprietary Information except as
described in this Section 5.1. Each Party agrees to irreversibly and irretrievably destroy or return to the other Party all of the latter’s Proprietary Information in its possession within 30 days of this Agreement terminating;
provided, however, that each Party shall be permitted to retain one copy of such Proprietary Information for archival purposes. This Section 5.1 shall not apply to any Proprietary Information that (i) is or becomes generally
available to the public other than as a result of any breach of this Agreement by the Disclosing Party or its Representatives, (ii) becomes available to the other Party on a nonconfidential basis from a source other than the Disclosing Party
(which disclosure is not, and is not the result of, a breach of any confidentiality obligation), or (iii) was in the possession of the other Party before the Effective Date and was not subject to any confidentiality obligations. In the event
that a Party is requested or becomes legally compelled to disclose any Proprietary Information of the Disclosing Party, other than BPPR in the event such disclosure is required by a banking regulatory agency having jurisdiction over BPPR or any of
its affiliates (but in such case will nevertheless provide prompt written notice to EVERTEC unless prohibited by any applicable Rules or Law), such Party will provide the Disclosing Party with prompt written notice (unless prohibited by Law or court
orders) so that it may seek a protective order or other appropriate remedy or waive compliance with the provisions of this Agreement and such Party will cooperate with the Disclosing Party in the effort of the Disclosing Party to obtain a protective
order or other remedy. In the event that a protective order or other remedy is not obtained or the Disclosing Party waives compliance with the provisions of this Agreement, the other Party will furnish only that portion of the Disclosing
Party’s Proprietary Information that is legally required to be disclosed and will exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the Disclosing Party’s Proprietary Information.
Notwithstanding anything to the contrary contained herein, each Party acknowledges that the Disclosing Party is the owner of the Disclosing Party’s Proprietary Information and the other Party has received access thereto solely for its use in
performing its obligations pursuant to this Agreement. Nothing in this Agreement shall be construed as a transfer of ownership of Proprietary Information by either party. 
 Section 5.2 Confidentiality Regarding Customer and Cardholder Information. 

  
 29 

 (a) EVERTEC acknowledges that customers of BPPR have an expectation of privacy with respect
to their financial transactions and personal data, and hereby agrees that any and all such information EVERTEC may acquire with respect to said customers during the term of this Agreement (i) shall be regarded by EVERTEC as confidential;
(ii) shall not be disclosed to any other person or entity except in accordance with the provisions of this Agreement or other agreement between BPPR and EVERTEC entered into pursuant to this Agreement; and (iii) will be returned to BPPR on
request within 30 days after the expiration or earlier termination of this Agreement. In the event that EVERTEC is requested or becomes legally compelled to disclose any such information, EVERTEC will provide BPPR with prompt written notice so that
BPPR or its customer may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Section 5.2(a) and EVERTEC will cooperate with BPPR in the effort of BPPR or its customer to obtain a protective
order or other remedy. In the event that a protective order or other remedy is not obtained or BPPR waives compliance with the provisions of this Section 5.2(a), EVERTEC will furnish only that portion of the information that is legally required
to be disclosed and will exercise reasonable efforts to obtain reliable assurances that confidential treatment will be accorded the information. 
 (b) EVERTEC will maintain all Cardholder information under its control or possession in a safe and secure manner, in compliance with the Rules and data security standards and requirements established by
each applicable Association, including Payment Card Industry Data Security Standards, and report to BPPR upon request with respect to EVERTEC’s internal policies and procedures relating thereto. 

(c) BPPR will maintain all Cardholder information under its control or possession in a safe and secure manner, in compliance with the
Rules and data security standards and requirements established by each applicable Association, Payment Card Industry Data Security Standards, and report to Associations as required by the Rules and to EVERTEC if so requested by the Association
relating to internal policies and procedures related to Cardholder information security. 
 ARTICLE VI 

FEES AND CHARGES 

Section 6.1 Merchant Transaction Processing Fees and Other Charges. The Merchant Transaction Processing Fees and other
charges must comply with applicable Rules and Laws. 
 Section 6.2 Changes in Merchant Transaction Processing Fees and
Other Charges. EVERTEC may amend the Merchant Transaction Processing Fees and monthly charges as often and in such amounts as it desires, except where such amendment is prohibited by the Rules (and except, for the avoidance of doubt, with
respect to the Government-Merchant Agreements). 
 Section 6.3 EVERTEC Compensation. (a) All Merchant
Transaction Processing Fees (and, subject to and to the extent provided in Section 6.3(b), an amount equal to those arising and payable to BPPR under the Government-Merchant Agreements) will accrue to

  
 30 

 
the benefit of EVERTEC. EVERTEC will collect the corresponding Merchant Transaction Processing Fees from Merchants through ACH debits to the applicable Merchant DDA on a daily or monthly basis,
as appropriate pursuant to the Merchant Agreement for credit to the Operating Account. Monthly settlements shall occur on the first day of each calendar month for all Transactions posted in the immediately preceding calendar month, by ACH transfer
from funds in the Operating Account to a deposit account designated by EVERTEC from time to time. Merchant Transaction Processing Fees charged to Government-Merchants by BPPR shall be collected by BPPR in the manner agreed to with the corresponding
Government-Merchants. 
 (b) In full consideration for the support services to be provided by EVERTEC to BPPR hereunder with
respect to the services provided by BPPR to the Government-Merchants, all revenue, fees and other payments payable to BPPR solely for Merchant Services provided by BPPR under the Government-Merchant Agreements (the “Government-Merchant
Fees”) will accrue to the benefit of EVERTEC and BPPR will pay to EVERTEC an amount equal to the Government-Merchant Fees, when and as the Government-Merchant Fees are received by BPPR. During the term of each Government-Merchant Agreement,
BPPR shall not, without the prior written consent of EVERTEC, change or otherwise modify the Government-Merchant Fee that BPPR is entitled to receive under such Government-Merchant Agreement as of the Effective Date. 

Section 6.4 BPPR Compensation. BPPR shall be entitled to (i) the BPPR Sponsorship Fees, (ii) the BPPR Referral
Compensation and (iii) a fee for fraud monitoring services; provided, that, in the case of clause (iii) of this Section 6.4, (A) BPPR shall only be entitled to such fee to the extent such service is rendered by BPPR
for EVERTEC and (B) such fee shall be reasonably established between EVERTEC and BPPR, based on BPPR’s standard interdepartmental cost allocation procedures as of the Effective Date. EVERTEC in its sole discretion may terminate the
provision of any fraud monitoring service provided by BPPR pursuant to Section 3.5. From and after the second anniversary of the date hereof, the fees set forth in clauses (ii) and (iii) of the first sentence of this Section 6.4
shall be adjusted annually on each yearly anniversary date of this Agreement for changes in the CPI after the date hereof; provided, that any such adjustment shall not exceed 5% per annum. 

ARTICLE VII 

REGISTRATION COMPLIANCE AND AUDIT 
 Section 7.1 VISA/MCI Requirements. 
 (a) Both parties hereto shall
abide by the Rules at all times. EVERTEC further agrees to provide each of its marketing Representatives with materials and information provided to EVERTEC by BPPR or any Association pertaining to the Rules. EVERTEC shall, in a manner consistent
with the practices of the Merchant Acquiring Business, ensure that all Representatives are familiar with, and will comply with, the Rules. BPPR and EVERTEC agree that, in the event of any inconsistency between this Agreement and the Rules, the Rules
will govern. 

  
 31 

 (b) EVERTEC agrees to conduct the Merchant Program in a manner consistent with the practices
of the Merchant Acquiring Business, and to refrain from engaging in conduct that creates a risk of injury to the Association or that may adversely affect the integrity of the Association. 

(c) EVERTEC will disclose all Merchant Transaction Processing Fees clearly and conspicuously to Merchants in writing in accordance with
the Rules, prior to any payment or the execution of any Merchant Agreement by a potential Merchant. 
 (d) The parties hereto
will comply with all terms of the Merchant Agreement as are applicable to EVERTEC as an ISO and the provider of the Merchant Services for Merchants, on the one hand, and to BPPR, on the other hand as the Acquiring Member. 

(e) Subject to Article V, upon request of BPPR reasonably related to the provision of Merchant Services under this Agreement or the
request of any Association or any regulatory agency, EVERTEC will provide records containing Merchant information or Government-Merchant information, as applicable, to BPPR, any Association or any regulatory agency, as soon as possible but no later
than five Business Days from EVERTEC’s receipt of a request for such information. 
 (f) At any reasonable time, BPPR, any
Association or banking regulatory agency may conduct, at such party’s expense, financial and procedural audits of EVERTEC as reasonably necessary to confirm compliance with this Agreement and the Rules. Except in circumstances where BPPR
reasonably believes a financial loss or liability might otherwise occur, BPPR will give EVERTEC reasonable prior notice of any such audit by BPPR. EVERTEC will promptly supply such auditors with information requested by them but only as it relates
to the Merchant Program. EVERTEC will provide BPPR with a copy of any audits performed by any such third party or banking regulatory agency, but in the case of audits by regulatory agencies, only if, and to the extent, allowed by said banking
regulatory agency. EVERTEC shall provide BPPR with unaudited internal reports on a quarterly basis. 
 ARTICLE VIII 

REPRESENTATIONS AND WARRANTIES 
 Section 8.1 Representations and Warranties of EVERTEC. EVERTEC hereby represents and warrants to BPPR that: 
 (a) EVERTEC has been duly organized, is validly existing as a corporation in good standing under the laws of the Commonwealth of Puerto Rico and has all power and authority (corporate or other) necessary
to conduct its business substantially in the manner in which such business is currently conducted. 
 (b) EVERTEC has the power
and authority to enter into, deliver and perform its obligations under this Agreement. The execution, delivery and performance of this Agreement and the consummation by EVERTEC of the transactions contemplated hereby have been duly and validly
approved by all requisite corporate action on the part of EVERTEC, and 

  
 32 

 
when executed and delivered by EVERTEC and BPPR, this Agreement the will constitute valid and binding obligation of EVERTEC enforceable in accordance with its terms. 

(c) The execution, delivery and performance by EVERTEC of this Agreement and the consummation of the transactions contemplated hereby by
EVERTEC will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any Encumbrance upon any property or assets of EVERTEC
pursuant to any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which EVERTEC is a party, by which EVERTEC is bound or to which any of EVERTEC’s property or assets is subject, (ii) result in any
violation of the provisions of EVERTEC’s charter, by-laws or similar organizational documents or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any Government Entity, other than as would
not, individually or in the aggregate, materially impair or delay the ability of EVERTEC to perform its obligations under this Agreement. 
 (d) No action of, or filing with, any Government Entity is required by EVERTEC to consummate the transactions contemplated under this Agreement other than any such action or filing the failure of which to
obtain or make would not, individually or in the aggregate, materially impair or delay the ability of EVERTEC to perform its obligations under this Agreement. 
 Section 8.2 Representations and Warranties of BPPR. BPPR hereby represents and warrants to EVERTEC that: 
 (a) BPPR has been duly organized, is validly existing as a commercial bank in good standing under the laws of the Commonwealth of Puerto Rico and has all power and authority (corporate or other) necessary
to conduct its business substantially in the manner in which such business is currently conducted. 
 (b) BPPR has the power and
authority to enter into, deliver and perform its obligations under this Agreement. BPPR is an Acquiring Member of the Associations. The execution, delivery and performance of this Agreement and the consummation by BPPR of the transactions
contemplated hereby have been duly and validly approved by all requisite regulatory and corporate action on the part of BPPR, and when executed and delivered by BPPR and EVERTEC, this Agreement the will constitute valid and binding obligation of
BPPR enforceable in accordance with its terms. 
 (c) The execution, delivery and performance by BPPR of this Agreement and the
consummation of the transactions contemplated hereby by BPPR will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any
Encumbrance upon any property or assets of BPPR pursuant to any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which BPPR is a party, by which BPPR is bound or to which any of BPPR’s property or assets is
subject, (ii) result in any violation of the provisions of BPPR’s charter, by-laws or similar organizational documents or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any Government
Entity, other than as would not, 

  
 33 

 
individually or in the aggregate, materially impair or delay the ability of BPPR to perform its obligations under this Agreement. 

(d) No action of, or filing with, any Government Entity is required by BPPR to consummate the transactions contemplated under this
Agreement other than any such action or filing the failure of which to obtain or make would not, individually or in the aggregate, materially impair or delay the ability of BPPR to perform its obligations under this Agreement 

(e) Exhibit A contains a true, complete and accurate list of all the Government-Merchant Agreements in effect on this date
pursuant to which BPPR provides merchant and electronic payment services to the Government-Merchants. Each Government-Merchant Agreement set forth in Exhibit A (i) is valid, binding, enforceable and in full force and effect and
(ii) will continue to be valid, binding, enforceable and in full force and effect on identical terms following the execution and delivery of this Agreement. Neither BPPR nor, to BPPR’s knowledge, any other party to a Government-Merchant
Agreement is in breach or default and no event has occurred which with notice or lapse of time or both would constitute a breach or default by BPPR or, to BPPR’s knowledge, any Government-Merchant, or permit termination, modification or
acceleration by BPPR or any Government-Merchant under any Government-Merchant Agreement. BPPR has not received any notice that a Government-Merchant that is a party to any Government-Merchant Agreement intends to exercise any termination rights, or
where applicable not renew, any such Government-Merchant Agreement. 
 (f) BPPR represents, warrants and covenants that it is,
and during the Initial Term and any Renewal Term of this Agreement it will remain, in compliance with the Payment Card Industry Data Security Standard developed by MCI and VISA, VISA’s Cardholder Information Security Program, and MasterCard
Site Data Protection Program, as each may be amended from time to time, at its expense. 
 ARTICLE IX 

TERM, TERMINATION, DEFAULT, INDEMNIFICATION 
 Section 9.1 Term. This Agreement will become effective on the Effective Date and, unless terminated earlier in accordance with the provisions of this Agreement, shall remain in effect until
December 31, 2025 (“Initial Term”) and shall automatically renew for successive three-year periods (each, a “Renewal Term”) unless either party provides the other with written notice of termination at least one
year prior to the end of the Initial Term or any Renewal Term. 
 Section 9.2 Termination. 

(a) If an Event of Default occurs, in addition to all other recourse and remedies available to the non-defaulting party, the
non-defaulting party will have the right to terminate this Agreement in accordance with the provisions set forth in the applicable default section; provided that if a party claims that an Event of Default described in clause
(i) or (iii) of the definition thereof has occurred the following dispute mechanism shall apply (and the non-defaulting party will not have the right to terminate this Agreement while such dispute is pending

  
 34 

 
as set forth below). The party claiming that an Event of Default described in clause (i) or (iii) of the definition thereof has occurred shall deliver written notice to the other party
(the “Alleged Breaching Party”) that reasonable description of the circumstances giving rise to the alleged Event of Default (the “Default Notice”). The Alleged Breaching Party may dispute such claim (a
“Dispute”) by giving written notice (a “Notice of Dispute”) to the other party within 30 days of receiving a Default Notice. The Notice of Dispute will include a reasonable description of the basis of the Dispute
and supporting documentation. Any Dispute that remains unresolved for more than 20 days after the receipt of a Notice of Dispute shall be referred to designated representatives of the parties hereto who shall negotiate in good faith to resolve such
dispute (the “Resolution Forum”). If the Dispute is not resolved in the Resolution Forum within 20 days following referral to the Resolution Forum, the Dispute shall be submitted to the consideration of the each party’s
designated representatives. Any Disputes that may remain unresolved for more than 90 days following the receipt of a Notice of Dispute may be referred to binding arbitration at the request of any party upon written notice to the other. Such
arbitration proceeding will be administered by the American Arbitration Association in accordance with the then current Commercial Arbitration Rules and will be aired in the Commonwealth of Puerto Rico. The arbitration will be governed by the United
States Arbitration Act, 9 U.S.C. §§ 1-16 to the exclusion of any provision of state law inconsistent therewith or which would produce a different result. A panel of three neutral arbitrators will determine the Dispute of the parties and
render a final award in accordance with the applicable substantive law. Each party shall select one neutral arbitrator and, unless the parties agree on a third neutral arbitrator, such two arbitrators shall select the third arbitrator (subject to
such limitations, if any, mutually agreed by the parties). Strict confidentiality will govern the arbitration proceedings, including all information submitted to the arbitrator and the decision or award entered by the arbitrator. Any court having
jurisdiction may enter judgment upon the award rendered by the arbitrator. The procedures specified in this section will be the sole and exclusive procedures for the resolution of Disputes between the parties under this Agreement; provided,
however, that a party may request temporary remedies in a court of law to maintain the status quo or to protect goods or property until the arbitration has initiated and the selected arbitrator has had the opportunity to resolve the request
for temporary relief. Each party is required to continue to perform its obligations under this Agreement pending final resolution of any Dispute arising out of or relating to this Agreement, unless to do so would be impossible or reasonably
impracticable under the circumstances. 
 (b) This Agreement shall automatically terminate with respect to one or more
Associations upon EVERTEC’s loss of its registration in such Association due to revocation or non-renewal of such registration by such Association after any cure period available to EVERTEC under the Rules has expired. 

(c) If (i) an Association prohibits EVERTEC from providing, or prohibits BPPR from allowing EVERTEC to provide, the services set
forth in this Agreement or (ii) an Association notifies BPPR that its status as an Acquiring Member shall terminate, this Agreement will, after the expiration of any notice and/or cure period, terminate with respect to the applicable
Association. In addition, either party may terminate this Agreement immediately upon notice to the other party, in the event BPPR becomes subject to any change in Law that would prohibit BPPR from continuing the business described in this Agreement.
Notwithstanding the foregoing, if any Association prohibits BPPR from allowing EVERTEC to 

  
 35 

 
provide the services set forth in this Agreement, (i) EVERTEC may, in its sole discretion, enter into any other sponsorship agreements with other financial institutions so as not be
precluded from conducting the merchant services business and (ii) BPPR may, in its sole discretion, enter into any other sponsorship agreements with other ISOs so as not to be precluded from conducting the merchant services business. EVERTEC
shall not be in violation of the provisions of Article IV (Exclusivity) by virtue of its entering into an agreement with another sponsor bank for the reasons set forth in this Section 9.2(c). BPPR shall not be in violation of the provisions of
Article IV (Exclusivity) by virtue of its entering into an agreement with another ISO for the reasons set forth in this Section 9.2(c), and the provisions of Section 3.4 shall not prevent BPPR from soliciting Merchants (as contemplated in
Section 3.4) under the circumstances set forth in this Section 9.2(c). 
 (d) Notwithstanding anything to the contrary
herein, BPPR or EVERTEC, as applicable, may elect to terminate this Agreement upon any material breach by the other Party of the provisions contained in Article IV (Exclusivity); provided that any dispute that arises in connection with
Article IV (Exclusivity), shall be resolved pursuant to the dispute resolution mechanism set forth in Section 9.2(a), but in such case the dispute shall be immediately addressed by each party’s representative in the Dispute Forum.

 Section 9.3 Effect of Termination. 
 (a) Expiration or the earlier termination of this Agreement for any reason shall not terminate either party’s obligations described in Articles 5, 9, 10 or 11, or the obligation of either party to
pay amounts due hereunder that arise prior to or upon such expiration or termination, all of which survive the expiration or termination of this Agreement; provided that BPPR understands and agrees that EVERTEC’s obligation to pay
compensation to BPPR under Section 6.4 shall terminate on the termination of this Agreement, except that EVERTEC shall pay BPPR the BPPR Referral Compensation for any potential Merchant referred by BPPR prior to such termination that executes a
Merchant Agreement within 30 days following the date of such termination. 
 (b) Upon the expiration or termination for any
reason of this Agreement, BPPR shall transfer and assign the Merchant Agreements and all of its rights, title, interests, duties and obligations in the Merchant Program under this Agreement (including the related Merchant Accounts and Merchant
Reserve Accounts) to a VISA, MCI or ATH Network Member designated by EVERTEC in EVERTEC’s written notice to BPPR and BPPR shall assist EVERTEC and such designated member in the conversion of the Merchants to said member or designated processor;
it being understood and agreed to by the parties hereto that EVERTEC is entitled to complete ownership and portability of the Merchants as permitted by the Rules and has the absolute right to have the Merchant Agreement assigned, transferred and
conveyed upon the termination of this Agreement as set forth herein. EVERTEC shall pay all costs actually incurred by BPPR in connection with such deconversion and/or assignment upon termination of this Agreement, except that no costs shall be paid
in the event EVERTEC terminates this Agreement due to an Event of Default by BPPR. Once the transition and deconversion is completed: 

  
 36 

 (i) First, all amounts owed by EVERTEC to BPPR pursuant to the terms of this
Agreement shall become due and payable; and 
 (ii) Second, all amounts owed by BPPR to EVERTEC pursuant to the
terms of this Agreement shall become due and payable. 
 Section 9.4 Indemnification. 

(a) EVERTEC Indemnification. All Merchant Losses incurred by BPPR for any reason other than gross negligence, willful misconduct or
fraud of BPPR will be paid by EVERTEC. EVERTEC will indemnify, defend and hold BPPR harmless from and against any and all obligations, charges, liabilities, costs, fees, or expenses, including court costs and reasonable attorneys’ fees
(including allocated costs of internal counsel) that BPPR may incur or that may be claimed against BPPR by any person as a result of: (i) any Material Breach of any covenant or obligation of EVERTEC or its Representatives under this Agreement,
(ii) any Material Breach of any representation or warranty of EVERTEC under this Agreement or (iii) any Merchant Loss. 
 (b) BPPR Indemnification. BPPR will indemnify, defend and hold EVERTEC harmless from and against any and all obligations, charges, liabilities, costs, fees, increased taxes (excluding taxes based
on BPPR’s net income) or expenses, including court costs and reasonable attorneys’ fees (including allocated costs of internal counsel) that EVERTEC may incur or that may be claimed against EVERTEC by any person as a result of:
(i) any Material Breach of any representation, warranty, covenant or obligation of BPPR or its Representatives under this Agreement or (ii) breach of any of its obligations to any Merchant as set forth in this Agreement or in any Merchant
Agreement. 
 (c) Reimbursement of BPPR. Except where a different treatment is expressly provided in this Agreement,
EVERTEC hereby agrees to indemnify and reimburse BPPR for and against any and all costs, whether incurred prior to or after the expiration or earlier termination of this Agreement, of the following nature incurred by BPPR under the Merchant Program
on and after the Effective Date: charges imposed on BPPR by third parties relating to processing Merchant Transactions, including (i) Interchange Fees, (ii) application fees, (iii) Chargeback fees, except to the extent such Merchant
Chargeback arises as a result of the gross negligence, willful misconduct or fraud by BPPR, (iv) ACH reject fees, (v) ISO registration fees, (vi) Association fines, assessments and charges resulting from actions or omissions of
EVERTEC, (vii) high risk registration fees for Merchants and (viii) similar third-party charges related to the Merchant Program. It is expressly understood and agreed that, except as otherwise provided herein, EVERTEC will not be liable
for any of BPPR’s internal costs relating to the Merchant Program, including BPPR’s costs for labor and benefits, and BPPR’s ordinary business operating costs (e.g., rent, utilities, etc.). 

(d) Debiting of EVERTEC Accounts. EVERTEC agrees that, in the event BPPR incurs any expense, loss, damage, liability or other cost
that BPPR in good faith believes is covered by EVERTEC’s obligations pursuant to Section 9.4(a), BPPR may reimburse itself therefor by immediately debiting any or all of the EVERTEC Reserve Account, the Hold Account and the applicable
Merchant Reserve Account, in such order as BPPR may in its sole 

  
 37 

 
judgment deem appropriate. BPPR will promptly provide EVERTEC with documentation that substantiates such debits; provided, with respect to any exceptional debits (i.e.,
debits occurring outside the course of normal daily settlement items), BPPR will notify EVERTEC within one Business Day. Any amounts thereof disputed by EVERTEC or with respect to which BPPR has not yet sustained an actual loss shall be placed in
escrow, in a Money Market Account at BPPR, pending resolution of such dispute. BPPR will pay EVERTEC from the escrow account, any amounts finally resolved as not to be owed to BPPR hereunder. After BPPR has been fully reimbursed for a Merchant Loss
pursuant to Section 9.4(a), at the request of EVERTEC, BPPR will assign to EVERTEC any and all of BPPR’s subrogation rights under or related to the Merchant Agreement (including any guarantees, security or otherwise) related to the
indebtedness of such Merchant. 
 ARTICLE X 
 NAMES AND TRADEMARKS 
 Section 10.1 BPPR Name. Neither EVERTEC nor any
of its Representatives may use BPPR’s Trademarks, or any marks confusingly similar thereto, in any correspondence, promotional, marketing, solicitation or other materials, or promote BPPR’s programs in any way without BPPR’s prior
written consent. EVERTEC will obtain BPPR’s written consent before EVERTEC or any third party, at EVERTEC’s direction or with its consent, produces or distributes any materials relating or referring to the Merchant Program. All approved
correspondence, materials and/or oral solicitations directed by EVERTEC or its marketing Representatives to potential Merchants, or produced by any third party, concerning BPPR’s programs must prominently identify BPPR by its name
(i.e., BANCO POPULAR DE PUERTO RICO) and strictly adhere to all other guidelines set forth by BPPR and the Associations. 
 Section 10.2 Association and Card Trademarks. EVERTEC acknowledges that the Associations are the sole owners of their respective Trademarks. EVERTEC will not contest the ownership of such
marks, and any Association may at any time and immediately without advance notice prohibit EVERTEC from using its marks for any reason. Subject to the each Association’s Rules and any agreement between EVERTEC and such Association, EVERTEC will
have no right or authority under this Agreement to use or to permit use of the Trademarks owned by any Association or BPPR by any of its own Representatives. Solicitation material used by EVERTEC must clearly disclose that any transaction processing
agreement will be between the Merchant and BPPR. 
 ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Assignment. 
 (a) Assignment. Other than a Permitted Assignment pursuant to Section 2.4(a) or Section 11.1(b) or (c), this Agreement may not be assigned by any party without the prior written consent
of the other party; provided that either party may assign its rights, duties and obligations under this Agreement to its financing sources solely in connection with the 

  
 38 

 
granting of a security interest and the enforcement of all rights and remedies that the assigning party has against the other party under this Agreement, subject to the claims, defenses and
rights, including rights of set off, that such other party may have against the assigning party. 
 (b) Assignment to
Subsidiaries. EVERTEC may assign any of its rights, duties or obligations to a direct or indirect wholly owned Subsidiary of EVERTEC (an “Assignee Sub”) if (i) such Assignee Sub is identified by EVERTEC to BPPR at
least 20 Business Days prior to the consummation of the proposed assignment; (ii) (A) such proposed assignment is legally required in order for EVERTEC to provide to BPPR or its Subsidiaries, in the country, state, territory or other
jurisdiction (“Jurisdiction”) in which the Assignee Sub is organized, the specific obligations required to be performed pursuant to the assignment of this Agreement, and only (x) to the extent of such legal requirement and
(y) if EVERTEC provides a written opinion of qualified counsel that opines that such legal requirement is applicable and is based upon reasonable assumptions with respect to such legal requirement or (B) BPPR has provided its prior written
consent, such consent not to be unreasonably delayed, withheld or conditioned; (iii) such Assignee Sub will be Solvent immediately after and giving effect to such proposed assignment and BPPR is reasonably satisfied with the terms and
conditions of the proposed assignment; (iv) BPPR is a third-party beneficiary to the assignment agreement, which is in form and substance that is reasonably satisfactory to BPPR, and which provides that the Assignee Sub’s rights under the
assignment agreement will be terminated if the Assignee Sub ceases to be a wholly owned Subsidiary, directly or indirectly, of EVERTEC; and (v) EVERTEC remains fully liable with respect to the performance of all its obligations under this
Agreement and EVERTEC guarantees the performance of all of the obligations of EVERTEC to BPPR assumed by Assignee Sub under this Agreement, which guarantee provides that, for the avoidance of doubt, after any termination of the proposed assignment,
EVERTEC shall continue to be obligated with respect to any obligation undertaken by Assignee Sub prior to such termination. 

(c) Assignment to Third Parties. EVERTEC may assign all of its rights, duties and obligations (or those rights, duties and
obligations arising after the effectiveness of the assignment) in a transaction with a third-party assignee (an “Asset Acquirer”) if (i) such Asset Acquirer is identified by EVERTEC to BPPR at least 30 Business Days prior to
the consummation of the proposed assignment; (ii) such Asset Acquirer (A) acquires at least 90% of the consolidated gross assets (excluding cash) of EVERTEC and its Subsidiaries and (B) assumes at least 90% of the consolidated gross
liabilities (excluding Indebtedness) of EVERTEC and its Subsidiaries (including the assignment and assumption of all commercial agreements between EVERTEC or any of its Subsidiaries, on the one hand, and Popular, BPPR or any of their respective
Subsidiaries, on the other hand) through one legal entity; (iii) neither the Asset Acquirer nor any of its Affiliates is engaged, directly or indirectly, in the banking, securities, insurance or lending business, from which they derive
aggregate annual revenues from the Commonwealth of Puerto Rico in excess of $50 million unless none of them has a physical presence in the Commonwealth of Puerto Rico that is used to conduct any such business; (iv) the Asset Acquirer will be
Solvent immediately after and giving effect to such proposed assignment; and (v) EVERTEC reasonably believes that the Asset Acquirer, after completion of the proposed purchase and assumption transaction, will be capable of performing all of the
obligations and duties of EVERTEC under this Agreement. 

  
 39 

 (d) Cooperation. EVERTEC shall use its reasonable best efforts to cooperate
with BPPR in evaluating whether any proposed assignment pursuant to this Section 11.1 would be in compliance with the requirements of the provisions contained in this Section 11.1, including the ability of Assignee Sub or Asset Acquirer,
as applicable, to comply with the terms of this Agreement, including, in each case, by providing any non-confidential information regarding the purposes and plans in connection with such proposed assignment other than information that would create
any potential liability under applicable Law, violate any confidentiality obligation, or that reasonably would be expected to result in the waiver of any attorney-client privilege. 

(e) Notice of Objection. BPPR shall notify EVERTEC in writing within 15 Business Days following receipt of EVERTEC’s notice
of the proposed assignment of any objection to any proposed assignment to an Asset Acquirer under Section 11.1(c) unless EVERTEC has failed to satisfy its obligations pursuant to Section 11.1(d) and BPPR asserts such failure prior to the
expiration of the 15 Business Day objection period, in which case such 15 Business Day period shall be tolled until EVERTEC satisfies its obligations pursuant to Section 11.1(d). If BPPR fails to timely object to such proposed assignment
(taking into account any tolling of the 15 Business Day objection period), it shall be deemed to have consented to such proposed assignment. 
 (f) Implied Consent. Notwithstanding anything contained herein, if Popular, BPPR or any of their respective Controlled Affiliates votes in favor of a transaction resulting in a proposed
assignment and was not compelled to do so as part of a Dragged Asset Sale or other requirement of the Stockholder Agreement or any other Group Agreement with respect to securities issued by Holdco or EVERTEC or any successor or other entity that
acquired all or substantially all the assets of Holdco or EVERTEC or any of their respective successors then it shall be deemed to have consented to the assignment. 
 (g) Invalidity of Impermissible Assignments. Any attempted or purported assignment in violation of this Section 11.1 hereof shall be null and void and the assignee’s rights assigned
pursuant to any assignment made in compliance with this Section 11.1 will terminate in the event and to the extent of the termination of this Agreement. 
 (h) BPPR Asset Transfer. If BPPR or any of its Subsidiaries transfers, in a single transaction or series of related transactions (including in a merger, business combination, reorganization, or
similar transaction (including by operation of law)) 50% or more of BPPR’s consolidated assets in the Region as of the time of transfer, or assets that generate 50% or more of BPPR’s consolidated revenues in the Region for the full
twelve-month period ending at the time of transfer, to any Person, then BPPR shall assign to such Person its rights, duties and obligations under this Agreement and shall cause such Person to assume BPPR’s liabilities under this Agreement. For
the avoidance of doubt, no such assignment shall relieve BPPR of its obligations under this Agreement to the extent BPPR survives any such sale of assets, merger, business combination, reorganization, or similar transaction. 

Section 11.2 Notices. All notices, requests, demands, consents and other communications given or required to be given under
this Agreement shall be in writing and delivered to the applicable party at its main office. 

  
 40 

 Section 11.3 Amendment; Waiver. Any provision of this Agreement may be amended
or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by each party, or in the case of a waiver, by the party or parties against whom the waiver is to be effective. No failure or delay by any
party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

Section 11.4 Entire Agreement. This Agreement and the Loss Sharing Agreement contain the entire understanding among the
parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters. 
 Section 11.5 Governing Law; Submission to Jurisdiction; Selection of Forum; Waiver of Trial by Jury. This Agreement shall be governed and construed in accordance with the laws of the
Commonwealth of Puerto Rico without regard to principles of conflicts of law thereof that would require application of a different law. Each party agrees that it shall bring any action or legal proceeding in respect of any claim arising out of or
related to this Agreement or the transactions contemplated by this Agreement, exclusively in the United States District Court for the District of Puerto Rico or any Puerto Rico State court, in each case, sitting in San Juan, Puerto Rico (the
“Chosen Courts”), and solely in connection with claims arising under this Agreement or the transactions contemplated by this Agreement (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives
any objection to laying venue in any such action or legal proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and (iv) agrees that service
of process upon such party in any such action or legal proceeding shall be effective if notice is given in accordance with Section 11.2. Each party irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or
relating to this Agreement or the transactions contemplated by this Agreement. 
 Section 11.6 Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement. 
 Section 11.7 Construction. The heading references herein are for convenience purposes only, and shall not be deemed to limit or affect any of the provisions hereof. The language used will be
deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 
 Section 11.8 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of
the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or any circumstance, is invalid or unenforceable, (i) a suitable and equitable provision shall be substituted therefor in order to carry
out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (ii) the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be
affected by such invalidity or unenforceability, nor shall such 

  
 41 

 
invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

Section 11.9 Independent Contractors. EVERTEC shall be an independent contractor of BPPR, and nothing contained herein shall
be construed to imply the existence of a partnership or joint venture between EVERTEC and BPPR, nor to make EVERTEC an agent of BPPR or BPPR an agent of EVERTEC. EVERTEC shall not, under any circumstances or conditions, or for any purpose or reason
whatsoever, claim to be or imply that EVERTEC or any of its employees are agents, officers, directors or employees of BPPR. Neither party hereby shall have, nor represent itself as having, any right, power or authority to create any obligations,
express or implied, on behalf of or binding on the other party. 
 Section 11.10 Effect on Existing ISO. This
Agreement amends and restates the Existing ISO, and upon the Effective Date, the provisions of this Agreement shall supersede the provisions of the Existing ISO, which shall no longer be in effect, other than any accrued obligations that are
outstanding as of the Effective Date. 
 Section 11.11 EVERTEC Change of Control. 

(a) EVERTEC Change of Control. BPPR shall have the right, subject to Section 11.11(c), to terminate this Agreement up to 30
days following the later of (i) the occurrence of an EVERTEC Change of Control or (ii) the date on which EVERTEC provides BPPR written notice that an EVERTEC Change of Control has occurred or is likely to occur (provided that if EVERTEC
has not satisfied its obligations pursuant to Section 11.11(b) and that BPPR asserts such failure prior to the expiration of the 30-day period then such 30-day period shall be tolled until EVERTEC satisfies its obligations under
Section 11.11(b)) and provided further that if an EVERTEC Change of Control occurs, and EVERTEC fails to provide BPPR written notice thereof within 30 days thereof, then BPPR shall have an unqualified right to terminate this
Agreement), unless (w) the Person or Group of Persons proposing to engage in such proposed EVERTEC Change of Control transaction (the “Control Acquirer”) is identified to BPPR by EVERTEC at least 30 Business Days prior to such
proposed EVERTEC Change of Control; (x) neither the Control Acquirer nor any of its Affiliates is engaged, directly or indirectly, in the banking, securities, insurance or lending business, from which they derive aggregate annual revenues from
the Commonwealth of Puerto Rico in excess of $50 million unless none of them has a physical presence in the Commonwealth of Puerto Rico that is used to conduct any such business; (y) EVERTEC (or its successor, as applicable) will be Solvent
immediately after and giving effect to such proposed EVERTEC Change of Control; and (z) EVERTEC (or its successor, as applicable), after the proposed EVERTEC Change of Control, will be capable of performing all of the obligations and duties of
EVERTEC under this Agreement; provided further that if Popular, BPPR or any of their respective Controlled Affiliates votes in favor of the transaction resulting in the EVERTEC Change of Control or Transfers (other than a Transfer in
the context of a merger, business combination, reorganization, recapitalization or similar transaction) any equity securities in connection with the transaction resulting in the EVERTEC Change of Control and, in either case, was not compelled to do
so as part of a Drag-Along Transaction, a Dragged Asset Sale or other requirement of the Stockholder Agreement or any other Group Agreement with respect to Holdco, EVERTEC or any successor 

  
 42 

 
or other entity holding all or substantially all the assets of EVERTEC and its Subsidiaries, then such termination right shall not apply. 

(b) Cooperation. EVERTEC shall use its reasonable best efforts to cooperate with BPPR in evaluating whether any proposed EVERTEC
Change of Control would be in compliance with the requirements of this Section 11.11 including the ability of Assignee Sub or Asset Acquirer, as applicable, to comply with the terms of this Agreement, including, in each case, by providing any
non-confidential information regarding the purposes and plans in connection with such proposed EVERTEC Change of Control other than information that would create any potential liability under applicable Law, violate any confidentiality obligation,
or that reasonably would be expected to result in the waiver of any attorney-client privilege. 
 (c) Notice of
Objection. If EVERTEC provides at least 30 days’ written notice to BPPR prior to an EVERTEC Change of Control, BPPR shall notify EVERTEC in writing within 15 Business Days following receipt of EVERTEC’s notice of the proposed EVERTEC
Change of Control of any objection to any proposed EVERTEC Change of Control on the basis that it does not satisfy the criteria set forth in clauses (w) through (z) of Section 11.11(a) (unless EVERTEC has failed to satisfy its
obligations pursuant to Section 11.11(b) and BPPR asserts such failure prior to the expiration of the 15 Business Day objection period, in which case such 15 Business Day objection period shall be tolled until EVERTEC satisfies its obligations
pursuant to Section 11.11(b)). If BPPR fails to timely object to such proposed assignment (taking into account any tolling of the 15 Business Day objection period), it shall be deemed to have consented to such proposed EVERTEC Change of Control
and waived its right of termination under Section 11.11(a). 
 Section 11.12 Specific Performance. BPPR agrees
that if an act or omission of BPPR results in a breach of Section 11.1(h), EVERTEC will be irreparably damaged, no adequate remedy at law would exist and damages would be difficult to determine, and that EVERTEC shall be entitled to an
injunction or injunctions to prevent such breach, and to specific performance of the terms of Section 11.1(h) in addition to any other remedy at law or equity, without having to post bond or any financial undertaking. 

(Signatures begin on the following page) 

  
 43 

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

			
	BANCO POPULAR DE PUERTO RICO
		
	By:	 	 /s/ Ileana González

		 	Name:
		 	Title:
	
	EVERTEC, INC.
		
	By:	 	 /s/ Félix M. Villamil

		 	Name:
		 	Title:

 [Signature Page to Amended
and Restated ISO Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00188-of-00352.parquet"}]]