Document:

EX-10.22

 Exhibit 10.22 

INTERCREDITOR AGREEMENT 

INTERCREDITOR AGREEMENT dated as of September 30, 2013 among DEUTSCHE BANK AG NEW YORK BRANCH (“Deutsche
Bank”), as ABL Agent, BARCLAYS BANK PLC (“Barclays”), as a Term Loan Agent, CPG MERGER SUB LLC, a Delaware limited liability company (“Merger Sub”, and prior to the consummation of the Acquisition,
the “Company”), as the initial borrower under the ABL Credit Agreement and the Term Loan Credit Agreement, Holdings (as defined below) and each Subsidiary of Holdings that, in each case, becomes a party hereto pursuant to
Section 9.19 below. 
 A. Ares Corporate Opportunities Fund IV, L.P. and Ontario Teachers’ Pension Plan Board
have formed CPG Newco LLC, the parent of the Company (“Holdings”) and Merger Sub, and pursuant to the Agreement and Plan of Merger, dated as of August 16, 2013, by and among Holdings, Merger Sub, CPG International Inc., a
Delaware corporation, (“Target”, together with its Subsidiaries, the “Acquired Business” and from and after the consummation of the Acquisition, the “Company”) and CPG International Holdings LP, a
Delaware limited partnership, Holdings on the Closing Date will acquire 100% of the issued and outstanding shares of common stock of Target, par value $0.01 per share pursuant to a reverse triangular merger (the “Acquisition”)
whereby Merger Sub will be merged with and into Target, with Target as the surviving entity and a wholly owned subsidiary of Holdings. 
 B.
Upon consummation of the Acquisition, Target will accede as successor in interest by operation of law to this Agreement and become the Company. Immediately after the Closing, Target will convert from a corporation to a limited liability company.

 C. Promptly following consummation of the Acquisition, each of Holdings and the Subsidiary Loan Parties shall accede to this Agreement by
execution of a joinder, supplement or other form of applicable agreement. 
 D. The Company is party to the Revolving Credit Agreement dated
as of the date hereof (as amended, supplemented, restated, extended, refinanced, renewed, replaced, defeased, refunded or otherwise modified from time to time, the “ABL Credit Agreement”) among the Company, the Co-Borrowers party thereto, the lenders party thereto from time to time, Deutsche Bank, as administrative agent, and the other parties thereto. 

E. The Company is party to the Term Loan Credit Agreement dated as of the date hereof (as amended, supplemented, restated, extended,
refinanced, renewed, replaced, defeased, refunded or otherwise modified from time to time, the “Term Loan Credit Agreement”) among the Company, the lenders party thereto from time to time, Barclays, as administrative agent, and the
other parties thereto. 
 Accordingly, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for
other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

  
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 Section 1. Definitions. 

1.1. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABL Agent” shall mean, Deutsche Bank, in its capacity as administrative agent and collateral agent for the
ABL Lenders under the ABL Credit Agreement and the other ABL Loan Documents entered into pursuant to the ABL Credit Agreement, together with its successors and permitted assigns under the ABL Credit Agreement exercising substantially the same rights
and powers. 
 “ABL Claims” shall mean the ABL Priority Claims. 

“ABL Collateral” shall mean all of the assets of any Grantor, whether real, personal or mixed, upon which a
Lien is granted or purported to be granted to the ABL Agent under any of the ABL Collateral Documents. 
 “ABL
Collateral Agreement” shall mean the ABL Guarantee and Collateral Agreement dated as of the date hereof, among Holdings, the Company, the other Grantors and Deutsche Bank, as administrative agent and collateral agent for the secured parties
referred to therein. 
 “ABL Collateral Documents” shall mean the ABL Collateral Agreement and any security
agreement, mortgage or other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any ABL Claims or under which rights or remedies with respect to such Liens are at any time governed. 

“ABL Credit Agreement” shall have the meaning set forth in the recitals. 

“ABL Lender Cash Management Obligations” shall mean “Cash Management Obligations” as defined in the
ABL Collateral Agreement. 
 “ABL Lender Hedging Obligations” shall mean all amounts owing under any
Specified Hedge Agreement (as defined in the ABL Collateral Agreement). 
 “ABL Lenders” shall mean the
Persons holding ABL Claims, including the ABL Agent. 
 “ABL Loan Documents” shall mean (i) the ABL
Credit Agreement, the ABL Collateral Documents and each of the other agreements, documents and instruments providing for, evidencing or securing any Obligation under the ABL Credit Agreement, (ii) each agreement, document or instrument providing for
or evidencing an ABL Lender Hedging Obligation or ABL Lender Cash Management Obligation and (iii) any other related document or instrument executed or delivered pursuant to any document in subclause (i) or (ii) at any time or otherwise
evidencing or securing any Obligation arising under any such ABL Loan Document. 

  
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 “ABL Loan Parties” shall mean the “Loan Parties”
as defined in the ABL Credit Agreement. 
 “ABL Obligations” shall have the meaning set forth in
Section 8.1(a). 
 “ABL Priority Claims” shall mean the aggregate of (i) the
principal amount of all Indebtedness (other than ABL Lender Cash Management Obligations and ABL Lender Hedging Obligations) and the face amount of all letters of credit incurred under the ABL Credit Agreement to the extent such principal amount is
permitted to be incurred pursuant to Section 6.01(l) of the Term Loan Credit Agreement as in effect on the date hereof (or, as amended after the date hereof to the extent such amendment increases such maximum permitted principal amount),
together with any interest, fees, attorneys fees, costs, expenses and indemnities payable on account of such principal amount or otherwise in respect of, or arising under, the ABL Credit Agreement or the ABL Loan Documents related thereto or any of
them, including all fees and expenses of the ABL Agent thereunder and (ii) the maximum amount of all ABL Lender Cash Management Obligations and ABL Lender Hedging Obligations (calculated, in the case of ABL Lender Hedging Obligations at any
given date, as the maximum aggregate amount, giving effect to any netting agreements, that would be required to be paid if all Swap Obligations underlying such ABL Lender Hedging Obligations were terminated as of such date), plus, in the case of
each of (i) and (ii) above, all interest and expenses accrued or accruing (or that would, absent the commencement of an Insolvency or Liquidation Proceeding, accrue) after the commencement of an Insolvency or Liquidation Proceeding in
accordance with and at the rate specified in the relevant ABL Loan Document to the extent that the claim for such interest or expense is allowed or allowable as a claim in such Insolvency or Liquidation Proceeding. 

“ABL Priority Collateral” shall mean all Common Collateral consisting of the following: 

(1) all Accounts; 

(2) all Chattel Paper (including Tangible Chattel Paper and Electronic Chattel Paper); 

(3) (x) all Deposit Accounts and Money and all cash, checks, other negotiable instruments, funds and other evidences of
payments held therein and (y) all Securities, Security Entitlements and Securities Accounts, in each case, to the extent constituting cash or cash equivalents or representing a claim to cash equivalents; provided that the foregoing shall
not include the Asset Sale Proceeds Account and all cash, checks and other property held therein or credited thereto; 
 (4)
all Inventory; 
 (5) to the extent involving or governing any of the items referred to in the preceding clauses
(1) through (4), all Documents, General Intangibles (including all Payment Intangibles), Instruments (including, without limitation, promissory notes), Commercial Tort Claims (it being understood that a Commercial Tort Claim does not

  
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“involve” or “govern” any of clauses (1) through (4) solely because a claim for money damages is made) and
Letter-of-Credit Rights; provided that to the extent any of the foregoing also relates to Term Loan Priority Collateral, only that portion related to the items
referred to in the preceding clauses (1) through (4) shall be included in the ABL Priority Collateral; 
 (6) to the
extent evidencing or governing any of the items referred to in the preceding clauses (1) through (5), all Supporting Obligations; provided that to the extent any of the foregoing also relates to Term Loan Priority Collateral, only that portion
related to the items referred to in the preceding clauses (1) through (5) shall be included in the ABL Priority Collateral; 

(7) all books and Records relating to the foregoing (including, without limitation, all books, databases, customer lists,
engineer drawings, and Records, whether tangible or electronic, which contain any information relating to any of the foregoing); 

(8) all collateral security and guarantees with respect to any of the foregoing and all cash, Money, Instruments, Securities,
Financial Assets and Deposit Accounts directly received as proceeds of any ABL Priority Collateral (“ABL Priority Proceeds”); provided, however, that no proceeds of ABL Priority Proceeds will constitute ABL Priority
Collateral unless such proceeds of ABL Priority Proceeds would otherwise constitute ABL Priority Collateral. 
 For the avoidance of doubt,
except as provided in Section 2.3, under no circumstances shall any assets excluded from the ABL Collateral pursuant to any ABL Collateral Document constitute ABL Priority Collateral. 

“ABL Recovery” shall have the meaning set forth in Section 6.4. 

“ABL Secured Parties” shall mean the “Secured Parties” as defined in the ABL Credit Agreement. 

“ABL Standstill Period” shall have the meaning set forth in Section 3.1(b). 

“Accounts” shall have the meaning set forth in the ABL Credit Agreement in effect on Closing Date. 

“Affiliate” shall have the meaning set forth in the applicable Credit Agreement. 

“Agreement” shall mean this Agreement. 

“Asset Sale Proceeds Account” shall mean one or more Deposit Accounts or Securities Accounts holding only the
proceeds of any sale or disposition of any Term Loan Priority Collateral and the proceeds or investment thereof. 

“Bankruptcy Law” shall mean Title 11 of the United States Code and any similar Federal, state or foreign law
for the relief of debtors. 

  
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 “Barclays” shall have the meaning set forth in the
preamble. 
 “Business Day” shall have the meaning set forth in the applicable Credit Agreement. 

“Cash Collateral” shall mean any Common Collateral consisting of Money or cash equivalents, any Security
Entitlement and any Financial Assets. 
 “Closing Date” shall have the meaning set forth in the applicable
Credit Agreement. 
 “Closing” shall have the meaning set forth in the applicable Credit Agreement. 

“Collateral” shall mean any collateral granted under the Collateral Documents.  

“Collateral Agreements” shall mean, collectively, the ABL Collateral Agreement and the Term Loan Collateral
Agreement. 
 “Collateral Documents” shall mean, collectively, the ABL Collateral Documents and the Term
Loan Collateral Documents. 
 “Common Collateral” shall mean, collectively, the ABL Priority Collateral and
the Term Loan Priority Collateral. 
 “Company” shall have the meaning set forth in the preamble. 

“Credit Agreements” shall mean, collectively, the ABL Credit Agreement, the Term Loan Credit Agreement and any
other credit agreement that is entered into by the Company in connection with its incurrence of Future Secured Indebtedness. 

“Deposit Account Collateral” shall mean that part of the Common Collateral comprised of or contained in
Deposit Accounts. 
 “Deutsche Bank” shall have the meaning set forth in the preamble. 

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

“DIP Financing Liens” shall have the meaning set forth in Section 6.1. 

“Discharge of ABL Priority Claims” shall mean, except to the extent otherwise provided in
Section 5.7 below, payment in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim therefor has been made) of all Obligations in respect of all outstanding ABL
Priority Claims and, with respect to letters of credit outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect thereof in compliance with the ABL Credit Agreement (or such other arrangements as are reasonably
acceptable to the letter of credit issuer), in each case after or concurrently with the termination of all commitments to extend credit thereunder; provided that the Discharge of ABL Priority Claims shall not be deemed to have occurred

  
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if such payments are made with the proceeds of other ABL Priority Claims that constitute an exchange or replacement for or a refinancing of such Obligations or ABL Priority Claims. In the event
the ABL Priority Claims are modified and the Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the ABL Priority Claims shall be deemed to be discharged when the final payment is made, in cash,
in respect of such Obligations and any obligations pursuant to such new indebtedness shall have been satisfied. 

“Discharge of Term Loan Claims” shall mean, except to the extent otherwise provided in
Section 5.7 below, payment in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim therefor has been made) of all Obligations in respect of all outstanding Term Loan
Claims; provided that the Discharge of Term Loan Claims shall not be deemed to have occurred if such payments are made with the proceeds of other Term Loan Claims that constitute an exchange or replacement for or a refinancing of such
Obligations or Term Loan Claims. In the event the Term Loan Claims are modified and the Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the Term Loan Claims shall be deemed to be discharged
when the final payment is made, in cash, in respect of such Obligations and any obligations pursuant to such new indebtedness shall have been satisfied. 

“Domestic Subsidiary” shall have the meaning set forth in the applicable Credit Agreement. 

“Equity Interest” shall have the meaning set forth in the applicable Credit Agreement. 

“Exercise Any Secured Creditor Remedies” or “Exercise of Any Secured Creditor Remedies” shall
mean, except as otherwise provided in the final sentence of this definition: 
 (a) the taking by any Lender of any action to
enforce or realize upon any Lien, including the institution of any foreclosure proceedings or the noticing of any public or private sale pursuant to Article 9 of the Uniform Commercial Code or other applicable law; 

(b) the exercise by any Lender of any remedy provided to a secured creditor on account of a Lien under any of the ABL Loan
Documents or Term Loan Documents, as applicable, under applicable law, in an Insolvency or Liquidation Proceeding or otherwise, including the election to retain any of the Common Collateral in satisfaction of a Lien; 

(c) the taking of any action by any Lender or the exercise of any right or remedy by any Lender in respect of the collection
on, set off against, marshaling of, injunction respecting or foreclosure on the Common Collateral or the proceeds thereof; 

(d) the appointment, on the application of a Lender, of a receiver, receiver and manager or interim receiver of all or part of
the Common Collateral; 

  
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 (e) the sale, lease, license or other disposition of all or any portion of
the Common Collateral by private or public sale conducted by a Lender or by any other means at the direction of a Lender permissible under applicable law; 

(f) the exercise of any other right of a secured creditor under Part 6 of Article 9 of the Uniform Commercial Code or under
provisions of similar effect other applicable law; and 
 (g) the exercise by a Lender of any voting rights relating to any
Equity Interests included in the Common Collateral. 
 For the avoidance of doubt, none of the following shall be deemed to constitute an
Exercise of Any Secured Creditor Remedies: (i) the filing of a proof of claim in any Insolvency or Liquidation Proceeding or seeking adequate protection, (ii) the exercise of rights pursuant to Section 5.11 of the ABL Credit Agreement
by the ABL Lenders during the continuance of a Cash Dominion Event (as defined in the ABL Credit Agreement), including the notification of account debtors, depository institutions or any other Person to deliver proceeds of ABL Priority Collateral to
the ABL Agent in accordance with Section 5.11 of the ABL Credit Agreement, (iii) the consent by the ABL Lenders to a store closing sale, going out of business sale or other disposition by any Grantor of any of the ABL Priority Collateral,
(iv) the reduction of advance rates or sub-limits by the ABL Agent and the ABL Lenders, or (v) the imposition of Reserves (as defined in the ABL Credit Agreement) by the ABL Agent. 

“First Priority Agent” shall mean, with respect to (a) any ABL Priority Collateral, the ABL Agent and
(b) any Term Loan Priority Collateral, the Term Loan Agents. 
 “First Priority Claims” shall mean,
with respect to (a) any ABL Priority Collateral, the ABL Priority Claims and (b) any Term Loan Priority Collateral, the Term Loan Claims. 

“First Priority Collateral” shall mean, with respect to (a) the Term Loan Agents and the Term Loan
Lenders, the ABL Priority Collateral and (b) the ABL Agent and the ABL Lenders, the Term Loan Priority Collateral. 

“First Priority Documents” shall mean, with respect to (a) any ABL Priority Collateral, the ABL Loan
Documents and (b) any Term Loan Priority Collateral, the Term Loan Documents, as applicable. 
 “First Priority
Lenders” shall mean, with respect to (a) any ABL Priority Collateral, the ABL Lenders and (b) any Term Loan Priority Collateral, the Term Loan Lenders, as applicable. 

“Future Secured Indebtedness” shall mean secured Indebtedness or Obligations (other than Term Loan Claims
contemplated by clause (i) of the definition of “Term Loan Claims” or ABL Priority Claims contemplated by clause (i) or (ii) of the definition of “ABL Priority Claims”) of the Company and its Subsidiaries. 

  
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 “Future Senior Term Indebtedness” shall mean Future Secured
Indebtedness that is either (a) to be equally and ratably secured with the Term Loan Claims contemplated by clause (i) of the definition of “Term Loan Claims” or (b) is to be secured by the Collateral on a junior basis to
the Term Loan Claims contemplated by clause (i) of the definition of “Term Loan Claims” (but, with respect to Term Loan Priority Collateral, on a senior basis to the ABL Priority Claims with respect to such Collateral), and in each
case, is so designated by the Company at the time of incurrence thereof as Future Senior Term Indebtedness hereunder; provided that such Indebtedness is incurred in compliance with Section 6.01 of the ABL Credit Agreement and the Liens
securing such Future Senior Term Indebtedness are granted in compliance with Sections 6.02(u) or (cc) of the ABL Credit Agreement as in effect on the date hereof (or, as amended after the date hereof to the extent such amendment increases such
maximum permitted principal amount). 
 “Grantors” shall mean Holdings, the Company and each of
Holdings’ other Domestic Subsidiaries that has executed and delivered an ABL Collateral Document and a Term Loan Collateral Document. 

“Holdings” shall have the meaning set forth in the preamble. 

“Indebtedness” shall mean and include all obligations that constitute “Indebtedness” within the
meaning of the ABL Credit Agreement or the Term Loan Credit Agreements. 
 “Insolvency or Liquidation
Proceeding” shall mean (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any
receivership, liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to any of its assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or
involuntary and whether or not involving insolvency or bankruptcy or (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 

“Intellectual Property” shall have the meaning set forth in the applicable Collateral Agreement. 

“Lenders” shall mean the collective reference to the ABL Lenders and the Term Loan Lenders. 

“Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation,
pledge, charge, security interest or similar encumbrance in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having
substantially the same economic effect as any of the foregoing) relating to such asset. 
 “Loan Parties”
shall mean, collectively, the ABL Loan Parties and the Term Loan Parties. 

  
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 “New York Courts” shall have the meaning set forth in
Section 9.7. 
 “Obligations” shall mean, with respect to any Person, any payment,
performance or other obligations of such Person of any kind, including any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed,
contingent, matured, disputed, undisputed, legal, equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any Insolvency or Liquidation Proceeding. Without limiting the generality of the
foregoing, the Obligations of any Grantor under any ABL Loan Document or Term Loan Document include the obligations to pay principal, reimbursement obligations under letters of credit, interest (including interest accrued on or accruing after the
commencement of any Insolvency or Liquidation Proceeding to the extent that a claim for post-filing interest is allowed in such proceeding) or premium on any Indebtedness, letter of credit commissions (if applicable), charges, expenses, fees,
attorneys’ fees and disbursements, indemnities and other amounts payable by such Grantor to reimburse any amount in respect of any of the foregoing that any ABL Lender or Term Loan Lender, in its sole discretion, many elect to pay or advance on
behalf of such Grantor. 
 “Payment Collateral” shall mean all Accounts, Instruments, Chattel Paper, Letter-Of-Credit Rights, Deposit Accounts (other than the Asset Sales Proceeds Account), Securities Accounts, and Payment Intangibles, together with all Supporting
Obligations, in each case composing a portion of the Common Collateral. 
 “Person” shall mean an
individual, partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“Pledged Collateral” shall mean the Common Collateral in the possession of the ABL Agent (or its agents or
bailees) or the Term Loan Agents (or their respective agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code. 

“Real Property” shall have the meaning set forth in the applicable Credit Agreement. 

“Required Lenders” shall mean, with respect to any Credit Agreement, those Lenders the approval of which is
required to approve an amendment or modification of, termination or waiver of any provision of or consent to any departure from such Credit Agreement (or would be required to effect such consent under this Agreement if such consent were treated as
an amendment of the Credit Agreement). 
 “Second Priority Agent” shall mean, with respect to (a) any
ABL Priority Collateral, the Term Loan Agents and (b) any Term Loan Priority Collateral, the ABL Agent. 

  
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 “Second Priority Claims” shall mean, with respect to
(a) any ABL Priority Collateral, the Term Loan Claims and (b) any Term Loan Priority Collateral, the ABL Claims. 

“Second Priority Documents” shall mean, with respect to (a) any ABL Priority Collateral, the Term Loan
Documents and (b) any Term Loan Priority Collateral, the ABL Loan Documents. 
 “Second Priority
Lenders” shall mean, with respect to (a) any ABL Priority Collateral, the Term Loan Lenders and (b) any Term Loan Priority Collateral, the ABL Lenders. 

“Subsidiary” shall mean any “Subsidiary” of Holdings under each of the Credit Agreements. 

“Swap Obligation” shall have the meaning set forth in the ABL Credit Agreement. 

“Term Loan Agents” shall mean, collectively, (a) Barclays, in its capacity as administrative agent and
collateral agent for the Term Loan Lenders under the Term Loan Credit Agreement and the other Term Loan Documents entered into pursuant to the Term Loan Credit Agreement, together with its successors and permitted assigns under the Term Loan Credit
Agreement exercising substantially the same rights and powers and (b) the collateral agent for any Future Senior Term Indebtedness. 

“Term Loan Claims” shall mean (i) the principal amount of all Indebtedness incurred under the Term Loan
Credit Agreement to the extent such principal amount is permitted to be incurred pursuant to Section 6.01(m) of the ABL Credit Agreement, as in effect on the date hereof (or, as amended after the date hereof to the extent such amendment
increases such maximum permitted principal amount), together with any interest, fees, attorneys’ fees, costs, expenses and indemnities payable on account of such principal amount or otherwise in respect of, or arising under, the Term Loan
Credit Agreement or the Term Loan Documents related thereto or any of them, including all fees and expenses of the applicable Term Loan Agent thereunder and (ii) the principal amount of all Future Senior Term Indebtedness plus any interest,
fees, attorneys’ fees, costs, expenses and indemnities payable on account of such principal amount or otherwise in respect of, or arising under, the Term Loan Documents related to such Future Senior Term Indebtedness, including all fees and
expenses of the collateral agent for any Future Senior Term Indebtedness, plus, in each case, all interest and expenses accrued or accruing (or that would, absent the commencement of an Insolvency or Liquidation Proceeding, accrue) after the
commencement of an Insolvency or Liquidation Proceeding in accordance with and at the rate specified in the relevant Term Loan Documents to the extent that the claim for such interest or expense is allowed or allowable as a claim in such Insolvency
or Liquidation Proceeding. 
 “Term Loan Collateral Agreement” shall mean the Term Loan Guarantee and
Collateral Agreement dated as of the date hereof, among CPG Merger Sub LLC, CPG Newco LLC, the Company, the other Grantors, and Barclays, as administrative agent and collateral agent for the secured parties referred to therein. 

  
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 “Term Loan Collateral Documents” shall mean the Term Loan
Collateral Agreement and any security agreement, mortgage or other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Term Loan Claims or under which rights or remedies with respect to such Liens are
at any time governed. 
 “Term Loan Credit Agreement” shall have the meaning set forth in the recitals. 

“Term Loan Documents” shall mean (i) the Term Loan Credit Agreement, the Term Loan Collateral Documents
and each of the other agreements, documents and instruments providing for, evidencing or securing any Obligation under the Term Loan Credit Agreement, (ii) any other document or instrument evidencing or governing any Future Senior Term
Indebtedness and (iii) any other related document or instrument executed or delivered pursuant to any document in subclause (i) or (ii) at any time or otherwise evidencing or securing any Obligation arising under any such Term Loan
Document. 
 “Term Loan Lenders” shall mean the Persons holding Term Loan Claims, including the Term Loan
Agents. 
 “Term Loan Obligations” shall have the meaning set forth in
Section 8.1(b). 
 “Term Loan Parties” shall mean the “Loan Parties” as
defined in the Term Loan Credit Agreement. 
 “Term Loan Priority Collateral” shall mean all Common
Collateral consisting of the following: 
 (1) the Asset Sale Proceeds Accounts; 

(2) all Equipment; 

(3) all Fixtures; 

(4) all Goods (other than Inventory) 

(5) all Real Property; 

(6) all Intellectual Property; 

(7) all Equity Interests; 

  
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 (8) to the extent involving or governing any of the items referred to in the
preceding clauses (1) through (7), all Documents, General Intangibles (including all Payment Intangibles), Instruments (including, without limitation, promissory notes), Commercial Tort Claims (it being understood that a Commercial Tort Claim
does not “involve” or “govern” any of clauses (1) through (7) solely because a claim for money damages is made) and Letter-of-Credit Rights;
provided that to the extent any of the foregoing also relates to ABL Priority Collateral, only that portion related to the items referred to in the preceding clauses (1) through (7) shall be included in the Term Loan Priority Collateral; 

(9) to the extent evidencing or governing any of the items referred to in the preceding clauses (1) through (8), all
Supporting Obligations; provided that to the extent any of the foregoing also relates to ABL Priority Collateral, only that portion related to the items referred to in the preceding clauses (1) through (8) shall be included in the Term Loan
Priority Collateral; 
 (10) all books and Records relating to the foregoing (including, without limitation, all books,
databases, customer lists, engineer drawings, and Records, whether tangible or electronic, which contain any information relating to any of the foregoing); and 

(11) all collateral security and guarantees with respect to any of the foregoing and all cash, Money, Instruments, Securities,
Financial Assets and Deposit Accounts directly received as proceeds of any Term Loan Priority Collateral (“Term Priority Proceeds”); provided, however, that no proceeds of Term Priority Proceeds will constitute Term
Loan Priority Collateral unless such proceeds of Term Priority Proceeds would otherwise constitute Term Loan Priority Collateral. 

For the avoidance of doubt, except as provided in Section 2.3, under no circumstances shall any
assets excluded from the Term Loan Priority Collateral pursuant to any Term Loan Document constitute Term Loan Priority Collateral. 

“Term Loan Recovery” shall have the meaning set forth in Section 6.4(b). 

“Term Loan Secured Parties” shall mean the “Secured Parties” as defined in the Term Loan Credit
Agreement or the credit agreement governing any Future Senior Term Indebtedness. 
 “Term Loan Standstill
Period” shall have the meaning set forth in Section 3.1(a). 
 “Uniform Commercial Code” or
“UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State of New York. 
 1.2. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such 

  
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agreement, instrument or other document as from time to time amended, renewed, restated, extended, supplemented, replaced or otherwise modified in accordance with this Agreement, (b) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof and “hereunder,” and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections of this Agreement, (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (f) the term “or” is not exclusive. All capitalized
terms not defined herein or by reference to another agreement shall have the meaning assigned to such term in the UCC. The term “Instrument” shall have the meaning specified in Article 9 of the UCC. 

Section 2. Lien Priorities. 

2.1. Subordination of Liens. Notwithstanding (i) the date, time, method, manner or order of filing or recordation of any document
or instrument or grant, attachment or perfection (including any defect or deficiency or alleged defect or deficiency in any of the foregoing) of any Liens granted to the ABL Agent or the ABL Lenders on the Common Collateral or of any Liens granted
to the Term Loan Agents or the Term Loan Lenders on the Common Collateral, (ii) any provision of the UCC, the Bankruptcy Code, or any applicable law or the ABL Loan Documents or the Term Loan Documents, (iii) whether the ABL Agent or a
Term Loan Agent, either directly or through agents, holds possession of, or has control over, all or any part of the Common Collateral, (iv) the fact that any such Liens may be subordinated, voided, avoided, invalidated or lapsed or
(v) any other circumstance of any kind or nature whatsoever, the ABL Agent, on behalf of itself and each ABL Lender, and each Term Loan Agent, on behalf of itself and each applicable Term Loan Lender, hereby agrees that: 

(a) any Lien on the ABL Priority Collateral securing any ABL Priority Claims now or hereafter held by or on behalf of the ABL Agent or any ABL
Lenders or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the ABL Priority Collateral
securing any Term Loan Claims, 
 (b) any Lien on the ABL Priority Collateral securing any Term Loan Claims now or hereafter held by or on
behalf of a Term Loan Agent or any Term Loan Lenders or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on
the ABL Priority Collateral securing any ABL Priority Claims, 
 (c) any Lien on the Term Loan Priority Collateral securing any Term Loan
Claims now or hereafter held by or on behalf of a Term Loan Agent or any Term Loan Lenders or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over
and be senior in all respects and prior to any Lien on the Term Loan Priority Collateral securing any ABL Claims, and 

  
 13 

 (d) any Lien on the Term Loan Priority Collateral securing any ABL Claims now or hereafter
held by or on behalf of the ABL Agent or any ABL Lenders or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens
on the Term Loan Priority Collateral securing any Term Loan Claims. 
 All Liens on the ABL Priority Collateral securing any ABL Priority
Claims shall be and remain senior in all respects and prior to all Liens on the ABL Priority Collateral securing any Term Loan Claims for all purposes, whether or not such Liens securing any ABL Priority Claims are subordinated to any Lien securing
any other obligation of the Company, any other Grantor or any other Person, and all Liens on the Term Loan Priority Collateral securing any Term Loan Claims shall be and remain senior in all respects and prior to all Liens on the Term Loan Priority
Collateral securing any ABL Claims for all purposes, whether or not such Liens securing any Term Loan Claims are subordinated to any Lien securing any other obligation of the Company, any other Grantor or any other Person. 

2.2. Prohibition on Contesting Liens. The ABL Agent, for itself and on behalf of each ABL Lender, and each Term Loan Agent, for itself
and on behalf of each applicable Term Loan Lender, agrees that it shall not (and hereby waives any right to) take any action to challenge, contest or support any other Person in contesting or challenging, directly or indirectly, in any proceeding
(including any Insolvency or Liquidation Proceeding), the validity, perfection, priority or enforceability of (a) a Lien securing any ABL Claims held (or purported to be held) by or on behalf of the ABL Agent or any of the ABL Lenders or any
agent or trustee therefor in any Common Collateral or (b) a Lien securing any Term Loan Claims held (or purported to be held) by or on behalf of any Term Loan Lender in any Common Collateral, as the case may be; provided, however,
that nothing in this Agreement shall be construed (x) to prevent or impair the rights of the ABL Agent or any ABL Lender to enforce this Agreement (including the priority of the Liens securing the ABL Claims as provided in
Section 2.1 with respect to any ABL Priority Collateral) or any of the ABL Loan Documents or (y) to prevent or impair the rights of a Term Loan Agent or any Term Loan Lender to enforce this Agreement (including the priority of the
Liens securing the Term Loan Claims as provided in Section 2.1 with respect to any Term Loan Priority Collateral) or any of the Term Loan Documents. 

2.3. No New Liens. 
 (a) So
long as the Discharge of ABL Priority Claims has not occurred, each Term Loan Agent agrees, for itself and on behalf of each applicable Term Loan Lender, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the
Company or any other Grantor, that it shall not acquire or hold any Lien on any assets of the Company or any other Grantor securing any Term Loan Claims that, to the extent permissible under applicable law, are not also subject to the Lien in
respect of the ABL Claims under the ABL Loan Documents. If a Term Loan Agent or any Term Loan Lender shall (nonetheless and in breach hereof) acquire or hold any Lien on any collateral of a Grantor (and such Lien is validly granted under the Term
Loan Documents) that is not also subject to the Lien in respect of the ABL Claims under the ABL Loan Documents, then the applicable Term Loan Agent shall, to the extent permissible under applicable law, without the need for any further consent of
any party and notwithstanding anything to the contrary in any other document, be deemed to also hold and have held such Lien for the benefit of the ABL Agent as security for the ABL Claims (subject to the Lien priority and other terms hereof) and
shall promptly notify the ABL Agent in writing of the existence of such Lien and in any event take such actions as may be requested by the ABL Agent to assign or release such Liens to the ABL Agent (and/or its designee) as security for the ABL
Claims. 

  
 14 

 (b) So long as the Discharge of Term Loan Claims has not occurred, the ABL Agent agrees, for
itself and on behalf of each applicable ABL Lender, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Grantor, that it shall not acquire or hold any Lien on any assets of the Company or
any other Grantor securing any ABL Claims that, to the extent permissible under applicable law, are not also subject to the Liens in respect of the Term Loan Claims under the Term Loan Documents. If the ABL Agent or any ABL Lender shall (nonetheless
and in breach hereof) acquire or hold any Lien on any collateral of a Grantor (and such Lien is validly granted under the ABL Loan Documents) that is not also subject to the Liens in respect of the Term Loan Claims under the Term Loan Documents,
then the ABL Agent shall, to the extent permissible under applicable law, without the need for any further consent of any party and notwithstanding anything to the contrary in any other document, be deemed to also hold and have held such Lien for
the benefit of the Term Loan Agent as security for the Term Loan Claims (subject to the Lien priority and other terms hereof) and shall promptly notify each Term Loan Agent in writing of the existence of such Lien and in any event take such actions
as may be requested by the Term Loan Agents to assign or release such Liens to the applicable Term Loan Agent (and/or its designees) as security for the applicable Term Loan Claims. 

2.4. Perfection of Liens. With respect to any portion of the Common Collateral, neither the First Priority Agent nor the First Priority
Lenders shall be responsible for perfecting and maintaining the perfection of Liens with respect to the Common Collateral for the benefit of the Second Priority Agent and the Second Priority Lenders. The provisions of this Agreement are intended
solely to govern the respective Lien priorities as between the ABL Lenders and the Term Loan Lenders and shall not impose on the ABL Agent, the Term Loan Agents, the ABL Lenders or the Term Loan Lenders or any agent or trustee therefor any
obligations in respect of the disposition of proceeds of any Common Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law.

 2.5. Waiver of Marshalling. 

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

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

  
 15 

 Section 3. Enforcement. 

3.1. Exercise of Remedies. 

(a) So long as the Discharge of ABL Priority Claims has not occurred, whether or not any Insolvency or Liquidation Proceeding has been
commenced by or against the Company or any other Grantor, subject to Section 5.6, (i) no Term Loan Agent or Term Loan Lender will (x) Exercise Any Secured Creditor Remedies or seek to Exercise Any Secured Creditor
Remedies (including setoff or recoupment) with respect to any ABL Priority Collateral, or exercise any right under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement, or institute
any action or proceeding with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to any foreclosure proceeding or action brought with respect to the ABL Priority Collateral by the ABL Agent or
any ABL Lender in respect of the ABL Priority Claims, the exercise of any right by the ABL Agent or any ABL Lender (or any agent or sub-agent on their behalf) in respect of the ABL Priority Claims under any
lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which a Term Loan Agent or any Term Loan Lender either is a party or may have rights as a third party beneficiary, or any other
exercise by any such party, of any rights and remedies relating to the ABL Priority Collateral under the ABL Loan Documents or otherwise in respect of ABL Priority Claims, or (z) object to the forbearance by the ABL Lenders from bringing or pursuing
any foreclosure proceeding or action or any other Exercise of Any Secured Creditor Remedies relating to the ABL Priority Collateral in respect of ABL Priority Claims and (ii) except as otherwise provided herein, the ABL Agent and the ABL
Lenders shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right to credit bid their debt) and make determinations regarding the release, disposition or restrictions with respect to the ABL Priority
Collateral without any consultation with or the consent of any Term Loan Agent or any Term Loan Lender; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against the Company or any other
Grantor, a Term Loan Agent may file a proof of claim or statement of interest with respect to the applicable Term Loan Claims and (B) a Term Loan Agent may take any action (not adverse to the prior Liens on the ABL Priority Collateral securing
the ABL Priority Claims, or the rights of the ABL Agent or the ABL Lenders to exercise remedies in respect thereof) in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority of its Lien on,
the ABL Priority Collateral; provided, further, that a Term Loan Agent or any Term Loan Lender may exercise any or all of such rights, powers, or remedies after a period of at least 180 days has elapsed since the later of: (i) the date
on which a Term Loan Agent declared the existence of an “Event of Default” under the applicable Term Loan Documents, accelerated (to the extent such amount was not already due and owing) the payment of the principal amount of all
Obligations under the applicable Term Loan Documents, and demanded payment thereof and (ii) the date on which the ABL Agent has received notice thereof from such Term Loan Agent; provided, further, however, that neither any
Term Loan Agent nor any other Term Loan Lender shall exercise any rights or remedies with respect to the ABL Priority Collateral if, notwithstanding the expiration of such 

  
 16 

 
180-day period, the ABL Agent or the other ABL Lenders (A) shall have commenced, whether before or after the expiration of such 180-day period, and be diligently pursuing the exercise of their rights, powers, or remedies with respect to all or any material portion of the ABL Priority Collateral (prompt written notice of such exercise to be
given to the Term Loan Agents), or (B) shall have been stayed by operation of law or any court order from pursuing any such exercise of remedies (the period during which the Term Loan Agents and the Term Loan Lenders may not pursuant to this
Section 3.1(a)(ii) exercise any rights, powers, or remedies with respect to the ABL Priority Collateral, the “Term Loan Standstill Period”). In exercising rights and remedies with respect to the ABL
Priority Collateral, the ABL Agent and the ABL Lenders may enforce the provisions of the ABL Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such
exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of ABL Priority Collateral or other collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to
exercise all the rights and remedies of a secured lender under the uniform commercial code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 

(b) So long as the Discharge of Term Loan Claims has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced
by or against the Company or any other Grantor, subject to Section 5.6, (i) neither the ABL Agent nor ABL Lender will (x) Exercise Any Secured Creditor Remedies or seek to Exercise Any Secured Creditor Remedies (including setoff or
recoupment) with respect to any Term Loan Priority Collateral, or exercise any right under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement, or institute any action or proceeding
with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to any foreclosure proceeding or action brought with respect to the Term Loan Priority Collateral by a Term Loan Agent or any Term Loan
Lender in respect of the Term Loan Claims, the exercise of any right by a Term Loan Agent or any Term Loan Lender (or any agent or sub-agent on their behalf) in respect of the Term Loan Claims under any
lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which the ABL Agent or any ABL Lender either is a party or may have rights as a third party beneficiary, or any other exercise by
any such party, of any rights and remedies relating to the Term Loan Priority Collateral under the Term Loan Documents or otherwise in respect of Term Loan Claims, or (z) object to the forbearance by the Term Loan Lenders from bringing or
pursuing any foreclosure proceeding or action or any other Exercise of Any Secured Creditor Remedies relating to the Term Loan Priority Collateral in respect of Term Loan Claims and (ii) except as otherwise provided herein, the Term Loan Agents
and the Term Loan Lenders shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right to credit bid their debt) and make determinations regarding the release, disposition or restrictions with respect to the
Term Loan Priority Collateral without any consultation with or the consent of the ABL Agent or any ABL Lender; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against the Company or any
other Grantor, the ABL Agent may file a proof of claim or statement of interest with respect to the applicable ABL Priority Claims and (B) the ABL Agent may take any action (not adverse to the prior Liens on the Term Loan Priority Collateral
securing the Term Loan Claims, or the rights of the Term Loan Agents or the Term Loan Lenders to exercise remedies in respect thereof) in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and
priority of its 

  
 17 

 
Lien on, the Term Loan Priority Collateral; provided, further, that the ABL Agent or any ABL Lender may exercise any or all of such rights, powers, or remedies after a period of at
least 180 days has elapsed since the later of: (i) the date on which the ABL Agent declared the existence of an “Event of Default” under the applicable ABL Loan Documents, accelerated (to the extent such amount was not already due and
owing) the payment of the principal amount of all ABL Claims under the ABL Credit Agreement, and demanded payment thereof and (ii) the date on which the Term Loan Agents have received notice thereof from the ABL Agent; provided,
further, however, that neither the ABL Agent nor any other ABL Lender shall exercise any rights or remedies with respect to the Term Loan Priority Collateral if, notwithstanding the expiration of such
180-day period, the Term Loan Agents or the other Term Loan Lenders (A) shall have commenced, whether before or after the expiration of such 180-day period, and be
diligently pursuing the exercise of their rights, powers, or remedies with respect to all or any material portion of the Term Loan Priority Collateral (prompt written notice of such exercise to be given to the ABL Agent), or (B) shall have been
stayed by operation of law or any court order from pursuing any such exercise of remedies (the period during which the ABL Agent and the ABL Lenders may not pursuant to this Section 3.1(b)(ii) exercise any rights, powers,
or remedies with respect to the ABL Priority Collateral, the “ABL Standstill Period”). In exercising rights and remedies with respect to the Term Loan Priority Collateral, the Term Loan Agents and the Term Loan Lenders may enforce
the provisions of the Term Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion consistent with the terms of the Term Loan Documents. Such exercise and
enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Term Loan Priority Collateral or other collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all
the rights and remedies of a secured lender under the uniform commercial code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 

(c) So long as the Discharge of ABL Priority Claims has not occurred, each Term Loan Agent, on behalf of itself and each applicable Term Loan
Lender, agrees that it will not take or receive any ABL Priority Collateral or any proceeds of ABL Priority Collateral in connection with the exercise of any right or remedy (including setoff or recoupment) with respect to any ABL Priority
Collateral. Without limiting the generality of the foregoing, unless and until the Discharge of ABL Priority Claims has occurred, except as expressly provided in the provisos in clause (ii) of Section 3.1(a), the sole right of each
Term Loan Agent and the Term Loan Lenders with respect to the ABL Priority Collateral is to hold a Lien on the ABL Priority Collateral pursuant to the Term Loan Documents for the period and to the extent granted therein and to receive a share of the
proceeds thereof, if any, after the Discharge of ABL Priority Claims has occurred. So long as the Discharge of Term Loan Claims has not occurred, the ABL Agent, on behalf of itself and each applicable ABL Lender, agrees that it will not take or
receive any Term Loan Priority Collateral or any proceeds of Term Loan Priority Collateral in connection with the exercise of any right or remedy (including setoff or recoupment) with respect to any Term Loan Priority Collateral. Without limiting
the generality of the foregoing, unless and until the Discharge of Term Loan Claims has occurred, except as expressly provided in the provisos in clause (ii) of Section 3.1(b), the sole right of the ABL Agent and the ABL Lenders
with respect to the Term Loan Priority Collateral is to hold a Lien on the Term Loan Priority Collateral pursuant to the ABL Loan Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any,
after the Discharge of Term Loan Claims has occurred. 

  
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 (d) Subject to the provisos in clause (ii) of Section 3.1(a) above and
Section 5.6, (i) each Term Loan Agent, for itself and on behalf of each applicable Term Loan Lender, agrees that the Term Loan Agents and the Term Loan Lenders will not take any action that would hinder any Exercise of Any Secured
Creditor Remedies undertaken by the ABL Agent or the ABL Lenders with respect to the ABL Priority Collateral under the ABL Loan Documents, including any sale, lease, exchange, transfer or other disposition of the ABL Priority Collateral, whether by
foreclosure or otherwise, and (ii) each Term Loan Agent, for itself and on behalf of each applicable Term Loan Lender, hereby waives any and all rights it or any such Term Loan Lender may have as a junior lien creditor or otherwise to object to
the manner in which the ABL Agent or the ABL Lenders seek to enforce or collect the ABL Priority Claims with respect to the ABL Priority Collateral or the Liens granted in any of the ABL Priority Collateral, regardless of whether any action or
failure to act by or on behalf of the ABL Agent or ABL Lenders is adverse to the interests of the Term Loan Lenders. Subject to the provisos in clause (ii) of Section 3.1(b) above and Section 5.6, (i) the ABL Agent, for
itself and on behalf of each applicable ABL Lender, agrees that the ABL Agent and the ABL Lenders will not take any action that would hinder any Exercise of Any Secured Creditor Remedies undertaken by any Term Loan Agent or the Term Loan Lenders
with respect to the Term Loan Priority Collateral under the Term Loan Documents, including any sale, lease, exchange, transfer or other disposition of the Term Loan Priority Collateral, whether by foreclosure or otherwise, and (ii) the ABL
Agent, for itself and on behalf of each applicable ABL Lender, hereby waives any and all rights it or any ABL Lender may have as a junior lien creditor or otherwise to object to the manner in which the Term Loan Agents or the Term Loan Lenders seek
to enforce or collect the Term Loan Claims with respect to the Term Loan Priority Collateral or the Liens granted in any of the Term Loan Priority Collateral, regardless of whether any action or failure to act by or on behalf of the Term Loan Agents
or Term Loan Lenders is adverse to the interests of the Term Loan Lenders. 
 (e) Each Term Loan Agent hereby acknowledges and agrees that no
covenant, agreement or restriction contained in any applicable Term Loan Document shall be deemed to restrict in any way the rights and remedies of the ABL Agent or the ABL Lenders with respect to the ABL Priority Collateral as set forth in this
Agreement and the ABL Loan Documents. The ABL Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any applicable ABL Loan Document shall be deemed to restrict in any way the rights and remedies of the Term
Loan Agents or the Term Loan Lenders with respect to the Term Loan Priority Collateral as set forth in this Agreement and the Term Loan Documents. 

3.2. Cooperation. 
 (a)
Subject to the provisos in clause (ii) of Section 3.1(a), each Term Loan Agent, on behalf of itself and each applicable Term Loan Lender, agrees that, unless and until the Discharge of ABL Priority Claims has occurred, it will not
commence, or join with any Person (other than the ABL Lenders and the ABL Agent upon the request thereof) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the ABL
Priority Collateral under any of the applicable Term Loan Documents or otherwise in respect of the applicable Term Loan Claims relating to the ABL Priority Collateral. 

  
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 (b) Subject to the provisos in clause (ii) of Section 3.1(b), the ABL
Agent, on behalf of itself and each ABL Lender, agrees that, unless and until the Discharge of Term Loan Claims has occurred, it will not commence, or join with any Person (other than the Term Loan Lenders and the Term Loan Agents upon the request
thereof) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Term Loan Priority Collateral under any of the applicable ABL Loan Documents or otherwise in respect
of the applicable ABL Claims relating to the Term Loan Priority Collateral. 
 3.3. Actions Upon Breach. 

(a) If any Term Loan Lender, in contravention of the terms of this Agreement, in any way takes or attempts or threatens to take any action with
respect to the ABL Priority Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement except as provided in the provisos to Section 3.1(a)(ii)), this Agreement shall create an irrebuttable
presumption and admission by such Term Loan Lender that relief against such Term Loan Lender by injunction, specific performance and/or other appropriate equitable relief is necessary to prevent irreparable harm to the ABL Lenders, it being
understood and agreed by each Term Loan Agent on behalf of each applicable Term Loan Lender that (i) the ABL Lenders’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each Term Loan
Lender waives any defense that the Grantors and/or the ABL Lenders cannot demonstrate damage and/or be made whole by the awarding of damages. 

(b) If any ABL Lender, in contravention of the terms of this Agreement, in any way takes or attempts or threatens to take any action with
respect to the Term Loan Priority Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement except as provided in the provisos to Section 3.1(b)(ii)), this Agreement shall create an
irrebuttable presumption and admission by such ABL Lender that relief against such ABL Lender by injunction, specific performance and/or other appropriate equitable relief is necessary to prevent irreparable harm to the Term Loan Lenders, it being
understood and agreed by the ABL Agent on behalf of each applicable ABL Lender that (i) the Term Loan Lenders’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each ABL Lender waives
any defense that the Grantors and/or the Term Loan Lenders cannot demonstrate damage and/or be made whole by the awarding of damages. 

Section 4. Payments. 

4.1. Revolving Nature of ABL Priority Claims. Each Term Loan Agent, for and on behalf of itself and each applicable Term Loan Lender,
expressly acknowledges and agrees that (i) the ABL Credit Agreement includes a revolving commitment, that in the ordinary course of business the ABL Agent under the ABL Credit Agreement and the ABL Lenders will apply payments and make advances
thereunder, and that no application of any Payment Collateral or Cash Collateral or the release of any Lien by the ABL Agent upon any portion of the Common Collateral in connection with a permitted disposition under the ABL Credit Agreement shall
constitute the exercise of remedies prohibited under this Agreement; (ii) subject 

  
 20 

 
to the limitations set forth herein, the amount of the ABL Priority Claims that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and
that the terms of the ABL Priority Claims may be modified, extended or amended from time to time, and that the aggregate amount of the ABL Priority Claims may be increased, replaced or refinanced, in each event, without notice to or consent by the
Term Loan Lenders and without affecting the provisions hereof; and (iii) all Payment Collateral or Cash Collateral received by the ABL Agent may be applied, reversed, reapplied, credited, or reborrowed, in whole or in part, to the ABL Priority
Claims at any time; provided, however, that from and after the date on which the ABL Agent (or any ABL Lender) commences the Exercise of Any Secured Creditor Remedies with respect to any of the Common Collateral, all amounts received
by the ABL Agent or any ABL Lender in respect of any ABL Claims shall be applied as specified in this Section 4. The Lien priority set forth in this Agreement shall not be altered or otherwise affected by any such
amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of the ABL Priority Claims the Term Loan Claims, or any portion thereof. 

4.2. Application of Proceeds of ABL Priority Collateral. The ABL Agent, on behalf of itself and each ABL Lender, and each Term Loan
Agent, on behalf of itself and each applicable Term Loan Lender, hereby agrees that the ABL Priority Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such ABL Priority Collateral upon the
Exercise of Any Secured Creditor Remedies, shall be applied: 
 first, to the payment of the ABL Priority Claims in accordance with
the ABL Credit Agreement, 
 second, to the payment of the Term Loan Claims in accordance with the Term Loan Documents, and 

third, the balance, if any, to the Grantors or to whosoever may be lawfully entitled to receive the same or as a court of competent
jurisdiction may direct. 
 4.3. Application of Proceeds of Term Loan Priority Collateral. The ABL Agent, on behalf of itself and each
applicable ABL Lender, and each Term Loan Agent, on behalf of itself and each applicable Term Loan Lender, hereby agrees that the Term Loan Priority Collateral or proceeds thereof received in connection with the sale or other disposition of, or
collection on, such Term Loan Priority Collateral upon the Exercise of Any Secured Creditor Remedies, shall be applied: 
 first, to
the payment of the Term Loan Claims in accordance with the Term Loan Documents, 
 second, to the payment of the ABL Priority Claims,
and 
 third, the balance, if any, to the Grantors or to whosoever may be lawfully entitled to receive the same or as a court of
competent jurisdiction may direct. 

  
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 4.4. Payments Over. 

(a) Any ABL Priority Collateral or proceeds thereof received by a Term Loan Agent or any Term Loan Lender in connection with the exercise of
any right or remedy (including setoff or recoupment) relating to the ABL Priority Collateral in contravention of this Agreement shall be segregated and held in trust for the benefit of and forthwith paid over to the ABL Agent (and/or their
designees) for the benefit of the ABL Lenders in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The ABL Agent is hereby authorized to make any such endorsements as agent for
each Term Loan Agent or any such Term Loan Lender. This authorization is coupled with an interest and is irrevocable. 
 (b) Any Term Loan
Priority Collateral or proceeds thereof received by the ABL Agent or any ABL Lender in connection with the exercise of any right or remedy (including setoff or recoupment) relating to the Term Loan Priority Collateral in contravention of this
Agreement shall be segregated and held in trust for the benefit of and forthwith paid over to the Term Loan Agents (and/or their designees) for the benefit of the Term Loan Lenders in the same form as received, with any necessary endorsements or as
a court of competent jurisdiction may otherwise direct. Each Term Loan Agent is hereby authorized to make any such endorsements as agent for the ABL Agent or any such ABL Lender. This authorization is coupled with an interest and is irrevocable.

 (c) Promptly upon the Discharge of ABL Priority Claims, the ABL Agent shall deliver written notice confirming the same to the Term Loan
Agents; provided that the failure to give any such notice shall not result in any liability of the ABL Agent or the other ABL Lenders hereunder or in the modification, alteration, impairment, or waiver of the rights of any party hereunder.
Promptly upon the Discharge of Term Loan Claims, the Term Loan Agents shall deliver written notice confirming the same to the ABL Agent; provided that the failure to give any such notice shall not result in any liability of the Term Loan
Agents or the other Term Loan Lenders hereunder or in the modification, alteration, impairment, or waiver of the rights of any party hereunder. 

Section 5. Other Agreements. 

5.1. Releases. 
 (a) If, at
any time any Grantor or the holder of any ABL Priority Claim delivers notice to the Term Loan Agents that any specified ABL Priority Collateral is sold, transferred or otherwise disposed of (including for such purpose, in the case of the sale of
equity interests in any Subsidiary, any ABL Priority Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof): 

(i) by the owner of such ABL Priority Collateral in a transaction permitted under the ABL Credit Agreement, the Term Loan
Credit Agreement and each other ABL Loan Document (if any) and Term Loan Document (if any); or 
 (ii) during the existence
of any Event of Default under (and as defined in) the ABL Credit Agreement by the owner of such ABL Priority Collateral (to the extent the ABL Agent has consented to such sale, transfer or disposition) or by the ABL Agent in connection with the
Exercise of Any Secured Creditor Remedies; 

  
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 then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of
the Term Loan Lenders upon such ABL Priority Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such ABL Priority Collateral securing ABL Claims are released and discharged. Upon delivery to
each Term Loan Agent of a notice from the ABL Agent stating that any release of Liens by the ABL Agent securing or supporting the ABL Claims on any ABL Priority Collateral has become effective (or shall become effective upon each Term Loan
Agent’s release), each Term Loan Agent will promptly execute, file and deliver such instruments, releases, termination statements or other documents (including UCC-3 termination statements, mortgage
releases and termination of USPTO and copyright filings) confirming such release on customary terms at the expense of the Company. 
 Each
Term Loan Agent, for itself and on behalf of each applicable Term Loan Lender, hereby irrevocably constitutes and appoints the ABL Agent and any officer or agent of the ABL Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Term Loan Agent or such Term Loan Lender or in the ABL Agent’s own name, from
time to time in the ABL Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1(a), to take any and all appropriate action and to execute any and all documents and instruments and make any
filings that may be necessary or desirable to accomplish the purposes of this Section 5.1(a), including filing any termination statements, endorsements or other instruments of transfer or release; provided that the
ABL Agent shall not exercise such power of attorney unless the Term Loan Agents have failed to comply with their obligations under this Section 5.1 within two Business Days after demand by the ABL Agent. In the case of the
sale of all or substantially all of the capital stock of a Grantor or any of its Subsidiaries, the guarantee in favor of the Term Loan Lenders, if any, made by such Grantor or Subsidiary will automatically be released and discharged as and when, but
only to the extent, the guarantee by such Grantor or Subsidiary of ABL Priority Claims is released and discharged. 
 (b) Subject to
Section 5.6, if, at any time any Grantor or the holder of any Term Loan Claim delivers notice to the ABL Agent that any specified Term Loan Priority Collateral (including all or substantially all of the equity interests of a Grantor or
any of its Subsidiaries) (including for such purpose, in the case of the sale of equity interests in any Subsidiary, any Term Loan Priority Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof) is sold, transferred or
otherwise disposed of: 
 (i) by the owner of such Term Loan Priority Collateral in a transaction permitted under the Term
Loan Credit Agreement, the ABL Credit Agreement and each other Term Loan Document (if any) and ABL Loan Document (if any); or 

(ii) during the existence of any Event of Default under (and as defined in) the Term Loan Credit Agreement (or any other Credit
Agreement governing Future Senior Term Indebtedness) by the owner of such Term Loan Priority Collateral (to the extent the applicable Term Loan Agents have consented to such sale, transfer or disposition or by a Term Loan Agent in connection with
the Exercise of Any Secured Creditor Remedies; 

  
 23 

 then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of
the ABL Lenders upon such Term Loan Priority Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Term Loan Priority Collateral securing Term Loan Claims are released and discharged. Upon
delivery to the ABL Agent of a notice from the applicable Term Loan Agent stating that any release of Liens by the Term Loan Agents securing or supporting the Term Loan Claims on any Term Loan Priority Collateral has become effective (or shall
become effective upon the ABL Agent’s release), the ABL Agent will promptly execute, file and deliver such instruments, releases, termination statements or other documents (including UCC-3 termination
statements, mortgage releases and termination of USPTO and copyright filings) confirming such release on customary terms at the expense of the Company. In the case of the sale of all or substantially all of the capital stock of a Grantor or any of
its Subsidiaries, the guarantee in favor of the ABL Lenders, if any, made by such Grantor or Subsidiary will automatically be released and discharged as and when, but only to the extent, the guarantee by such Grantor or Subsidiary of Term Loan
Claims is released and discharged. 
 The ABL Agent, for itself and on behalf of each applicable ABL Lender, hereby irrevocably constitutes and appoints
each Term Loan Agent and any officer or agent of such Term Loan Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable
power and authority in the place and stead of the ABL Agent or such ABL Lender or in the Term Loan Agent’s own name, from time to time in the Term Loan Agent’s discretion, for the purpose of carrying out the terms of this
Section 5.1(b), to take any and all appropriate action and to execute any and all documents and instruments and make any filings that may be necessary or desirable to accomplish the purposes of this
Section 5.1(b), including filing any termination statements, endorsements or other instruments of transfer or release; provided that the applicable Term Loan Agent shall not exercise such power of attorney unless the
ABL Agent has failed to comply with their obligations under this Section 5.1 within two Business Days after demand by the applicable Term Loan Agent. 

(c) Unless and until the Discharge of ABL Priority Claims has occurred, each Term Loan Agent, for itself and on behalf of each applicable Term
Loan Lender, hereby consents to the application, whether prior to or after a default, of proceeds of ABL Priority Collateral to the repayment of ABL Priority Claims pursuant to the ABL Credit Agreement; provided that nothing in this
Section 5.1(c) shall be construed to prevent or impair the rights of the Term Loan Agents or the Term Loan Lenders to receive proceeds in connection with the Term Loan Claims not otherwise in contravention of this Agreement. 

(d) Unless and until the Discharge of Term Loan Claims has occurred, the ABL Agent, for itself and on behalf of each applicable ABL Lender,
hereby consents to the application, whether prior to or after a default, of proceeds of Term Loan Priority Collateral to the repayment of Term Loan Claims pursuant to the Term Loan Credit Agreements; provided that nothing in this
Section 5.1(d) shall be construed to prevent or impair the rights of the ABL Agent or the ABL Lenders to receive proceeds in connection with the ABL Claims not otherwise in contravention of this Agreement. 

  
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 5.2. Insurance. 

(a) Proceeds of Common Collateral include insurance proceeds and, therefore, the Lien priority set forth in this Agreement shall govern the
ultimate disposition of casualty insurance proceeds. 
 (b) Unless and until the Discharge of ABL Priority Claims has occurred, the ABL Agent
and the ABL Lenders shall have the sole and exclusive right, subject to the rights of the Grantors under the ABL Loan Documents, to adjust settlement for any insurance policy covering the ABL Priority Collateral in the event of any loss thereunder
and to approve any award granted in any condemnation or similar proceeding affecting the ABL Priority Collateral. Unless and until the Discharge of ABL Priority Claims has occurred, subject to the rights of the ABL Loan Parties, all proceeds of any
such policy and any such award if in respect of the ABL Priority Collateral shall be paid in accordance with the terms of Section 4.2. If a Term Loan Agent or any Term Loan Lender shall, at any time, receive any proceeds of any such
insurance policy or any such award in contravention of this Agreement, subject to the rights of the ABL Loan Parties, it shall pay such proceeds over to the ABL Agent in accordance with the terms of Section 4.4. 

(c) Unless and until the Discharge of Term Loan Claims has occurred, the Term Loan Agents and the Term Loan Lenders shall have the sole and
exclusive right, subject to the rights of the Grantors under the Term Loan Documents, to adjust settlement for any insurance policy covering the Term Loan Priority Collateral in the event of any loss thereunder and to approve any award granted in
any condemnation or similar proceeding affecting the Term Loan Priority Collateral. Unless and until the Discharge of Term Loan Claims has occurred, subject to the rights of the Term Loan Parties, all proceeds of any such policy and any such award
if in respect of the Term Loan Priority Collateral shall be paid in accordance with the terms of Section 4.3. If the ABL Agent or any ABL Lender shall, at any time, receive any proceeds of any such insurance policy or any such award in
contravention of this Agreement, subject to the rights of the Term Loan Parties, it shall pay such proceeds over to the applicable Term Loan Agent in accordance with the terms of Section 4.4. 

5.3. Amendments to ABL Loan Documents and Term Loan Documents. 

(a) Each Term Loan Agent, on behalf of itself and the applicable Term Loan Lenders, hereby agrees that, without affecting the obligations of
the Term Loan Agents and the Term Loan Lenders hereunder, the ABL Agent and the ABL Lenders may, at any time and from time to time, in their sole discretion without the consent of or notice to a Term Loan Agent or any Term Loan Lender (except to the
extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to a Term Loan Agent or any Term Loan Lender or impairing or releasing the subordination provided for herein, amend,
restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the ABL Loan Documents in any manner whatsoever, including, to: 

  
 25 

 (i) change the manner, place, time, or terms of payment or renew or alter or
increase, all or any of the Obligations under the ABL Loan Documents or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Obligations under the ABL Loan
Documents or any of the ABL Loan Documents; provided, that no such change, amendment, restatement, supplement or other modification shall increase the “Applicable Margin” or similar component of the interest rate under the ABL Loan
Documents by more than 300 basis points (excluding increases resulting from the accrual of interest at the default rate or from the application of the Pricing Grid (as such term is defined in the ABL Credit Agreement)); 

(ii) retain or, subject to Section 2.3, obtain a Lien on any property of any Person to secure any of the ABL
Claims, and in connection therewith to enter into any additional ABL Loan Documents; 
 (iii) amend, or grant any waiver,
compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the ABL Claims; 

(iv) subject to Section 5.1, release its Lien on any Common Collateral or other property; 

(v) exercise or refrain from exercising any rights against the Company, any Grantor, or any other Person; 

(vi) retain or obtain the primary or secondary obligation of any other Person with respect to any of the ABL Claims; and 

(vii) otherwise manage and supervise the ABL Claims as the ABL Agent shall deem appropriate. 

(b) The ABL Agent, on behalf of itself and the ABL Lenders, hereby agrees that, without affecting the obligations of the ABL Agent and the ABL
Lenders hereunder, each Term Loan Agent and the Term Loan Lenders may, at any time and from time to time, in their sole discretion without the consent of or notice to the ABL Agent or any ABL Lender (except to the extent such notice or consent is
required pursuant to the express provisions of this Agreement), and without incurring any liability to the ABL Agent or any ABL Lender or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance,
extend, consolidate, restructure, or otherwise modify any of the Term Loan Documents in any manner whatsoever, including, to: 

(i) change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the Obligations under the
Term Loan Documents or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Obligations under the Term Loan Documents; provided, that no such change,
amendment, restatement, supplement or other modification shall increase the “Applicable Margin” or similar component of the interest rate under the Term Loan Documents specified in clause (i) of the definition thereof by more than 300
basis points (excluding increases resulting from the accrual of interest at the default rate); 

  
 26 

 (ii) retain or, subject to Section 2.3, obtain a Lien on any
property of any Person to secure any of the Term Loan Claims, and in connection therewith to enter into any additional Term Loan Documents; 

(iii) amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or
other obligations of any Person obligated in any manner under or in respect of the Term Loan Claims; 
 (iv) subject to
Section 5.1, release its respective Lien on any Common Collateral or other property; 
 (v) exercise or refrain
from exercising any rights against the Company, any Grantor, or any other Person; 
 (vi) retain or obtain the primary or
secondary obligation of any other Person with respect to any of the Term Loan Claims; and 
 (vii) otherwise manage and
supervise the Term Loan Claims as the applicable Term Loan Agent shall deem appropriate. 
 (c) The ABL Claims and the Term Loan Claims may
be refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is required to permit the refinancing transaction under any ABL Loan Document or any Term Loan Document) of the ABL Agent, the ABL
Lenders, the Term Loan Agents or the Term Loan Lenders, as the case may be, all without affecting the Lien priorities provided for herein or the other provisions hereof; provided, however, that the holders of such refinancing
indebtedness (or an authorized agent or trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to such documents or agreements (including amendments, replacements or supplements to this Agreement) as the ABL
Agent or the Term Loan Agents, as the case may be, shall reasonably request and in form and substance reasonably acceptable to the ABL Agent or the Term Loan Agents, as the case may be, and any such refinancing transaction shall be in accordance
with any applicable provisions of both the ABL Loan Documents and the Term Loan Documents. 
 (d) In the event that the ABL Agent or the ABL
Lenders enter into any amendment, waiver or consent in respect of or replace any of the ABL Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any ABL Collateral
Document or changing in any manner the rights of the ABL Agent, the ABL Lenders, the Company or any other Grantor thereunder in respect of the ABL Priority Collateral, then such amendment, waiver or consent shall apply automatically to any
comparable provision of each comparable Term Loan Collateral Document (but solely as to ABL Priority Collateral) without the consent of any Term Loan Agent or any Term Loan Lender and without any action by the Term Loan Lenders, the Company or any
other Grantor; provided that such amendment, waiver or consent may not materially adversely affect the rights of the applicable Term Loan Lenders or the interests of the applicable Term Loan Lenders in the ABL Priority Collateral unless the
rights and interests of all other creditors of the Company or such Grantor, as the case may be, that have a security interest in the affected collateral are affected in 

  
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a like or similar manner (without regard to the fact that the Lien of such ABL Collateral Document is senior to the Lien of the comparable Term Loan Collateral Document). The ABL Agent shall give
written notice of such amendment, waiver or consent to the Term Loan Agents; provided that the failure to give such notice shall not affect the effectiveness of such amendment, waiver or consent with respect to the provisions of any Term Loan
Collateral Document as set forth in this Section 5.3(d). 
 (e) In the event that a Term Loan Agent or the Term
Loan Lenders enter into any amendment, waiver or consent in respect of or replace any of the Term Loan Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Term
Loan Collateral Document or changing in any manner the rights of the Term Loan Agents, the Term Loan Lenders, the Company or any other Grantor thereunder in respect of the Term Loan Priority Collateral, then such amendment, waiver or consent shall
apply automatically to any comparable provision of each comparable ABL Collateral Document (but solely as to Term Loan Priority Collateral) without the consent of the ABL Agent or any ABL Lender and without any action by the ABL Lenders, the Company
or any other Grantor; provided that such amendment, waiver or consent may not materially adversely affect the rights of the ABL Lenders or the interests of the ABL Lenders in the Term Loan Priority Collateral unless the rights and interests
of all other creditors of the Company or such Grantor, as the case may be, that have a security interest in the affected collateral are affected in a like or similar manner (without regard to the fact that the Lien of such Term Loan Collateral
Document is senior to the Lien of the comparable ABL Collateral Document). The applicable Term Loan Agent shall give written notice of such amendment, waiver or consent to the ABL Agent; provided that the failure to give such notice shall not
affect the effectiveness of such amendment, waiver or consent with respect to the provisions of any ABL Collateral Document as set forth in this Section 5.3(e). 

5.4. Rights As Unsecured Creditors. Notwithstanding anything to the contrary in this Agreement, the Second Priority Agents and the
Second Priority Lenders may exercise rights and remedies as an unsecured creditor against Holdings, the Company or any Subsidiary that has guaranteed the Second Priority Claims in accordance with the terms of the applicable Second Priority Documents
and applicable law, in each case to the extent not inconsistent with the provisions of this Agreement. Nothing in this Agreement shall prohibit the receipt by any Second Priority Agent or any Second Priority Lender of the required payments of
interest and principal so long as such receipt is not the direct or indirect result of (a) the exercise by any Second Priority Agent or any Second Priority Lender of rights or remedies as a secured creditor in respect of the applicable portion
of the Common Collateral or (b) enforcement in contravention of this Agreement of any Lien in respect of Second Priority Claims held by any of them. In the event any Second Priority Agent or any Second Priority Lender becomes a judgment lien
creditor or other secured creditor in respect of Common Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Second Priority Claims or otherwise, such judgment or other lien shall be subordinated to the
Liens securing First Priority Claims on the same basis as the other Liens securing the Second Priority Claims are so subordinated to such Liens securing First Priority Claims under this Agreement. Nothing in this Agreement impairs or otherwise
adversely affects any rights or remedies the ABL Agent or the ABL Lenders may have with respect to the ABL Priority Collateral, or any rights or remedies the Term Loan Agents or the Term Loan Lenders may have with respect to the Term Loan Priority
Collateral. 

  
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 5.5. First Priority Agent as Gratuitous Bailee for Perfection. 

(a) The ABL Agent agrees to hold the Pledged Collateral that is part of the ABL Priority Collateral in its possession or control (or in the
possession or control of its agents or bailees) as gratuitous bailee for each Term Loan Agent and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the Term Loan Collateral
Documents, subject to the terms and conditions of this Section 5.5 (such bailment being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC). Each Term Loan Agent agrees to hold the Pledged Collateral that is part of the Term Loan Priority Collateral in its possession or control
(or in the possession or control of its agents or bailees) as gratuitous bailee for the ABL Agent and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the ABL Collateral
Documents, subject to the terms and conditions of this Section 5.5 (such bailment being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC). 
 (b) The ABL Agent agrees
to hold the Deposit Account Collateral that is part of the Collateral and controlled by the ABL Agent as gratuitous bailee for each Term Loan Agent and any assignee solely for the purpose of perfecting the security interest granted in such Deposit
Account Collateral pursuant to the Term Loan Collateral Documents, subject to the terms and conditions of this Section 5.5. 

(c) Except as otherwise specifically provided herein (including Sections 3.1, 4 and 7.2), until the Discharge of ABL
Priority Claims has occurred, the ABL Agent shall be entitled to deal with the Pledged Collateral constituting ABL Priority Collateral in accordance with the terms of the ABL Loan Documents as if the Liens under the Term Loan Collateral Documents
did not exist. The rights of each Term Loan Agent and the Term Loan Lenders with respect to such Pledged Collateral shall at all times be subject to the terms of this Agreement. Except as otherwise specifically provided herein (including Sections
3.1, 4 and 7.2), until the Discharge of Term Loan Claims has occurred, each Term Loan Agent shall be entitled to deal with the Pledged Collateral constituting Term Loan Priority Collateral in accordance with the terms of the Term
Loan Documents as if the Liens under the ABL Collateral Documents did not exist. The rights of the ABL Agent and the ABL Lenders with respect to such Pledged Collateral shall at all times be subject to the terms of this Agreement. 

(d) The First Priority Agent shall have no obligation whatsoever to any Second Priority Agent or any Second Priority Lender to assure that the
Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the applicable portion of the Common Collateral except as expressly set forth in this
Section 5.5. The duties or responsibilities of the First Priority Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral as gratuitous bailee for each Second Priority Agent for purposes of
perfecting the Lien held by the Second Priority Lenders. 

  
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 (e) The First Priority Agent shall not have by reason of the Second Priority Documents or
this Agreement or any other document a fiduciary relationship in respect of any Second Priority Agent or any Second Priority Lender and the Second Priority Agent and the Second Priority Lenders hereby waive and release the First Priority Agent from
all claims and liabilities arising pursuant to the First Priority Agent’s role under this Section 5.5, as agent and gratuitous bailee with respect to the applicable portion of the Common Collateral. 

(f) Upon the Discharge of ABL Priority Claims, the ABL Agent shall deliver to the Term Loan Agents, to the extent that it is legally permitted
to do so, the remaining Pledged Collateral (if any) and Deposit Account Collateral (if any) constituting ABL Priority Collateral in its possession or under its control, together with any necessary endorsements (or otherwise allow the Term Loan
Agents to obtain control of such Pledged Collateral and Deposit Account Collateral) or as a court of competent jurisdiction may otherwise direct. The Company shall take such further action as is required to effectuate the transfer contemplated
hereby and shall indemnify the ABL Agent for loss or damage suffered by the ABL Agent as a result of such transfer except for loss or damage suffered by the ABL Agent as a result of its own willful misconduct, gross negligence or bad faith. The ABL
Agent has no obligation to follow instructions from a Term Loan Agent in contravention of this Agreement. 
 (g) Upon the Discharge of Term
Loan Claims, each Term Loan Agent shall deliver to the ABL Agent, to the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any) constituting Term Loan Priority Collateral in its possession or under its control,
together with any necessary endorsements (or otherwise allow the ABL Agent to obtain control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct. The Company shall take such further action as is required to
effectuate the transfer contemplated hereby and shall indemnify each Term Loan Agent for loss or damage suffered by such Term Loan Agent as a result of such transfer except for loss or damage suffered by such Term Loan Agent as a result of its own
willful misconduct, gross negligence or bad faith. No Term Loan Agent has any obligation to follow instructions from the ABL Agent in contravention of this Agreement. 

5.6. Access to Premises and Cooperation. 

(a) If the ABL Agent takes any enforcement action with respect to the ABL Priority Collateral, each Term Loan Agent and the Term Loan Lenders
(i) shall cooperate with the ABL Agent (at the sole cost and expense of the ABL Agent and the ABL Lenders and subject to the condition that the Term Loan Agents and the Term Loan Lenders shall have no obligation or duty to take any action or
refrain from taking any action that could reasonably be expected to result in the incurrence of any liability or damage to a Term Loan Agent or the Term Loan Lenders) in its efforts to enforce its security interest in the ABL Priority Collateral and
to allow the ABL Agent to finish any work-in-process and assemble the ABL Priority Collateral, (ii) shall not take any action designed or intended to hinder or
restrict in any respect the ABL Agent from enforcing its security interest in the ABL Priority Collateral or from finishing any work-in- process or assembling the ABL
Priority Collateral and (iii) shall permit the ABL Agent, its employees, agents, advisers and representatives, at the sole cost and expense of the ABL Lenders and upon reasonable advance notice, to use the Term Loan Priority Collateral
(including (x) equipment, processors, computers and other machinery related to the storage or processing of 

  
 30 

 
records, documents or files and (y) intellectual property in each case only to the extent and for so long as required to effect an enforcement action with respect to the ABL Priority
Collateral), for a period not to exceed 180 days after the taking of such enforcement action, for purposes of (A) assembling and storing the ABL Priority Collateral and completing the processing of and turning into finished goods of any ABL
Priority Collateral consisting of work-in-process, (B) selling any or all of the ABL Priority Collateral, whether in bulk, in lots or to customers in the ordinary
course of business or otherwise, (C) removing any or all of the ABL Priority Collateral located in or on such Term Loan Priority Collateral, if any, or (D) taking reasonable actions to protect, secure, and otherwise enforce the rights of
the ABL Agent and the ABL Lenders in and to the ABL Priority Collateral; provided, however, that nothing contained in this Agreement shall restrict the rights of the Term Loan Agents or the Term Loan Lenders from selling, assigning or
otherwise transferring any Term Loan Priority Collateral prior to the expiration of such 180 day period if the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 5.6. If any stay
or other order prohibiting the exercise of remedies with respect to the ABL Priority Collateral has been entered by a court of competent jurisdiction, such 180 day period shall be tolled during the pendency of any such stay or other order. 

(b) During the period of actual use or control by the ABL Agent or its agents or representatives of any Term Loan Priority Collateral, the ABL
Agent and the ABL Lenders shall (i) be responsible for the ordinary course third party expenses related thereto, and (ii) be obligated to repair at their expense any physical damage to such Term Loan Priority Collateral resulting from such
use or control, and to leave such Term Loan Priority Collateral in substantially the same condition as it was at the commencement of such use or control, ordinary wear and tear excepted. The ABL Agent and the ABL Lenders jointly and severally agree
to pay, indemnify and hold each Term Loan Agent and their respective officers, directors, employees and agents harmless from and against any liability, cost, expense, loss or damages, including legal fees and expenses, resulting from the gross
negligence or willful misconduct of the ABL Agent or any of its agents, representatives or invitees in its or their operation of such Term Loan Priority Collateral. Notwithstanding the foregoing, in no event shall the ABL Agent or the ABL Lenders
have any liability to the Term Loan Agents or the Term Loan Lenders pursuant to this Section 5.6 as a result of the condition of any Term Loan Priority Collateral existing prior to the date of the exercise by the ABL Agent and the ABL
Lenders of their rights under this Section 5.6, and the ABL Agent and the ABL Lenders shall have no duty or liability to maintain the Term Loan Priority Collateral in a condition or manner better than that in which it was maintained
prior to the use thereof by the ABL Agent, or for any diminution in the value of the Term Loan Priority Collateral that results solely from ordinary wear and tear resulting from the use of the Term Loan Priority Collateral by the ABL Agent in the
manner and for the time periods specified under this Section 5.6. Without limiting the rights granted in this paragraph, the ABL Agent and the ABL Lenders shall cooperate with the Term Loan Agents and the Term Loan Lenders in connection
with any efforts made by the Term Loan Agents and the Term Loan Secured Parties to sell the Term Loan Priority Collateral. 
 (c) If a Term
Loan Agent takes any enforcement action with respect to the Term Loan Priority Collateral, the ABL Agent and the ABL Lenders (i) shall cooperate with such Term Loan Agent (at the sole cost and expense of such Term Loan Agent and the applicable
Term Loan Lenders and subject to the condition that the ABL Agent and the ABL Lenders shall have no obligation or duty to take any action or refrain from taking any action that 

  
 31 

 
could reasonably be expected to result in the incurrence of any liability or damage to the ABL Agent or the ABL Lenders) in its efforts to enforce its security interest in the Term Loan Priority
Collateral and assemble the Term Loan Priority Collateral and (ii) shall not take any action designed or intended to hinder or restrict in any respect such Term Loan Agent from enforcing its security interest in the Term Loan Priority
Collateral or from assembling the Term Loan Priority Collateral. 
 (d) Each Term Loan Agent agrees that if the ABL Agent shall require
rights available under any permit or license controlled by such Term Loan Agent in order to realize on any ABL Priority Collateral, such Term Loan Agent shall take all such actions as shall be available to it (at the sole expense of the Grantors),
consistent with applicable law and reasonably requested by the ABL Agent to make such rights available to the ABL Agent, subject to the Liens of the Term Loan Agents and the Term Loan Lenders. The ABL Agent agrees that if a Term Loan Agent shall
require rights available under any permit or license controlled by the ABL Agent in order to realize on any Term Loan Priority Collateral, the ABL Agent shall take all such actions as shall be available to it (at the sole expense of the Grantors),
consistent with applicable law and reasonably requested by the applicable Term Loan Agent to make such rights available to such Term Loan Agent, subject to the Liens of the ABL Agent and the ABL Lenders. 

5.7. No Release If Event of Default; Reinstatement. 

(a) If, at any time after the Discharge of ABL Priority Claims has occurred, the Company incurs any ABL Priority Claims, then such Discharge of
ABL Priority Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken by a Term Loan Agent or otherwise prior to the date of such designation as a result of the
occurrence of such prior Discharge of ABL Priority Claims), and the applicable agreement governing such ABL Priority Claims shall automatically be treated as the ABL Credit Agreement for all purposes of this Agreement, including for purposes of the
Lien priorities and rights in respect of Common Collateral set forth herein and the granting by the ABL Agent of amendments, waivers and consents hereunder. Upon receipt of notice of such incurrence (including the identity of the new ABL Agent),
each Term Loan Agent shall promptly (i) enter into such documents and agreements (at the expense of the Company), including amendments or supplements to this Agreement, as the Company or such new ABL Agent shall reasonably request in writing in
order to provide the new ABL Agent the rights of the ABL Agent contemplated hereby and (ii) to the extent then held by a Term Loan Agent, deliver to the ABL Agent the Pledged Collateral that is ABL Priority Collateral together with any
necessary endorsements (or otherwise allow the ABL Agent to obtain possession or control of such Pledged Collateral); provided that any costs or other expenses incurred in connection therewith shall be the exclusive responsibility of the Grantors.

 (b) If, at any time after the Discharge of Term Loan Claims has occurred, the Company incurs any Term Loan Claims, then such Discharge of
Term Loan Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken by the ABL Agent or otherwise prior to the date of such designation as a result of the occurrence of
such prior Discharge of Term Loan Claims), and the applicable agreement governing such Term Loan Claims shall automatically be treated as a Term 

  
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Loan Credit Agreement for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Common Collateral set forth herein and the granting by the
applicable Term Loan Agent of amendments, waivers and consents hereunder. Upon receipt of notice of such incurrence (including the identity of the new Term Loan Agent), the ABL Agent shall promptly (i) enter into such documents and agreements
(at the expense of the Company), including amendments or supplements to this Agreement, as the Company or such new Term Loan Agent shall reasonably request in writing in order to provide the new Term Loan Agent the rights of the Term Loan Agents
contemplated hereby and (ii) to the extent then held by the ABL Agent, deliver to the Term Loan Agents the Pledged Collateral that is Term Loan Priority Collateral together with any necessary endorsements (or otherwise allow the appropriate
Term Loan Agent to obtain possession or control of such Pledged Collateral); provided that any costs or other expenses incurred in connection therewith shall be the exclusive responsibility of the Grantors. 

5.8. Legends. Each party hereto agrees that each Credit Agreement, the Term Loan Collateral Agreement and the ABL Collateral Agreement
shall contain the applicable provisions set forth on Schedule II hereto, or similar provisions approved by the ABL Agent and the Term Loan Agents, which approval shall not be unreasonably withheld or delayed. 

Section 6. Insolvency or Liquidation Proceedings. 

6.1. Financing Issues. If the Company or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding and shall move
for the approval of the use of cash collateral or of financing (“DIP Financing”) under Section 363 or Section 364 of Title 11 of the United States Code or any similar provision in any Bankruptcy Law, then each Second
Priority Agent, on behalf of itself and each Second Priority Lender, agrees that it will raise no objection to, and will not support any objection to, and will not otherwise contest (a) such DIP Financing, the Liens on First Priority Collateral
securing such DIP Financing (the “DIP Financing Liens”) or the use of cash collateral that constitutes First Priority Collateral, in each case unless the First Priority Agent or the First Priority Lenders shall then object or
support an objection to such DIP Financing, DIP Financing Liens or use of cash collateral, and will not object on the basis of lack of adequate protection or any other relief in connection therewith and, to the extent the Liens securing the First
Priority Claims under the applicable Credit Agreement or, if no such Credit Agreement exists, under the other First Priority Documents are subordinated or pari passu with such DIP Financing Liens, will subordinate its Liens in the First Priority
Collateral to such DIP Financing Liens on the same basis as the other Liens on First Priority Collateral securing the Second Priority Claims are so subordinated to Liens securing First Priority Claims under this Agreement, (b) any motion for
relief from the automatic stay or from any injunction against foreclosure or enforcement in respect of First Priority Claims made by the First Priority Agent or any holder of First Priority Claims, (c) any lawful exercise by any holder of First
Priority Claims of the right to credit bid First Priority Claims at any sale in foreclosure of First Priority Collateral, (d) any other request for judicial relief made in any court by any holder of First Priority Claims relating to the lawful
enforcement of any Lien on First Priority Collateral or (e) any order relating to a sale of First Priority Collateral for which the First Priority Agent has consented that provides, to the extent the sale is to be free and clear of Liens, that
the Liens securing the First Priority Claims and the Second Priority Claims will attach to the proceeds of the sale on the same basis of priority as set forth in this Agreement; provided that all Liens granted to the ABL Agent or the Term
Loan Agents in any Insolvency or Liquidation Proceeding are intended by the parties hereto to be and shall be deemed to be subject to the Lien priority and the other terms and conditions of this Agreement. 

  
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 6.2. Relief from the Automatic Stay. Until the Discharge of ABL Priority Claims has
occurred, each Term Loan Agent, on behalf of itself and each applicable Term Loan Lender, agrees that none of them shall seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the ABL Priority
Collateral, without the prior written consent of the ABL Agent and the Required Lenders under the ABL Credit Agreement. Until the Discharge of Term Loan Claims has occurred, the ABL Agent, on behalf of itself and each ABL Lender, agrees that none of
them shall seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Term Loan Priority Collateral, without the prior written consent of the Term Loan Agents and the Required Lenders under
the applicable Term Loan Credit Agreement (and any other Credit Agreements governing Future Senior Term Indebtedness, if applicable). 
 6.3.
Adequate Protection. 
 (a) Each Term Loan Agent, on behalf of itself and the applicable Term Loan Lenders, agrees that none of them
shall be entitled to contest and none of them shall contest (or support any other Person contesting) (but instead shall be deemed to have hereby irrevocably, absolutely, and unconditionally waived any right): 

(i) any request by the ABL Agent or the ABL Lenders for adequate protection with respect to the ABL Priority Collateral (except
to the extent any such adequate protection is a payment from Term Loan Priority Collateral); or 
 (ii) any objection by the
ABL Agent or ABL Lender to any motion, relief, action or proceeding based on the ABL Agent or the other ABL Lender claiming a lack of adequate protection with respect to the ABL Priority Collateral. 

(b) The ABL Agent, on behalf of itself and the ABL Lenders, agrees that none of them shall be entitled to contest and none of them shall
contest (or support any other Person contesting) (but instead shall be deemed to have hereby irrevocably, absolutely, and unconditionally waived any right): 

(i) any request by any Term Loan Agent or the other Term Loan Lenders for adequate protection with respect to the Term Loan
Priority Collateral (except to the extent any such adequate protection is a payment from ABL Priority Collateral); or 
 (ii)
any objection by any Term Loan Agent or the Term Loan Lenders to any motion, relief, action or proceeding based on such Term Loan Agent or the applicable Term Loan Lenders claiming a lack of adequate protection with respect to the Term Loan Priority
Collateral. 
 (c) Consistent with the foregoing provisions in this Section 6.3, and except as provided in Sections 6.1
and 6.7, in any Insolvency or Liquidation Proceeding: 

  
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 (i) no Term Loan Agent or Term Loan Lender shall be entitled (and each Term
Loan Agent and Term Loan Lender shall be deemed to have hereby irrevocably, absolutely, and unconditionally waived any right): 

(1) to seek or otherwise be granted any type of adequate protection with respect to its interests in the ABL Priority
Collateral; provided, however, subject to Section 6.1, the Term Loan Agents and the Term Loan Lenders may seek and obtain adequate protection in the form of an additional or replacement Lien on Collateral so long as
(i) the ABL Agent and the ABL Lenders have been granted adequate protection in the form of a replacement Lien on such Collateral, and (ii) any such Lien on ABL Priority Collateral (and on any Collateral granted as adequate protection for
the ABL Agent and the ABL Lenders in respect of their interest in such ABL Priority Collateral) is subordinated to the Liens of the ABL Agent in such Collateral on the same basis as the other Liens of the Term Loan Agent on ABL Priority Collateral;
and 
 (2) to seek or otherwise be granted any adequate protection payments with respect to its interests in the Collateral
from Proceeds of ABL Priority Collateral; 
 (ii) no ABL Agent or ABL Lender shall be entitled (and the ABL Agent and each
ABL Lender shall be deemed to have hereby irrevocably, absolutely, and unconditionally waived any right): 
 (1) to seek or
otherwise be granted any type of adequate protection in respect of Term Loan Priority Collateral except as may be consented to in writing by each Term Loan Agent in its sole and absolute discretion; provided, however, ABL Agent and ABL
Lenders may seek and obtain adequate protection in the form of an additional or replacement Lien on Collateral so long as (i) the Term Loan Agents and Term Loan Lenders have been granted adequate protection in the form of a replacement Lien on
such Collateral, and (ii) any such Lien on Term Loan Priority Collateral (and on any Collateral granted as adequate protection for the Term Loan Agents and Term Loan Lenders in respect of their interest in such Term Loan Priority Collateral) is
subordinated to the Liens of the Term Loan Agent in such Collateral on the same basis as the other Liens of the ABL Agent on Term Loan Priority Collateral; and 

(2) to seek or otherwise be granted any adequate protection payments with respect to its interests in the Collateral from
Proceeds of Term Loan Priority Collateral (except as may be consented to in writing by each Term Loan Agent in its sole and absolute discretion). 

(d) With respect to (i) the ABL Priority Collateral, nothing herein shall limit the rights of the Term Loan Agents or the Term Loan
Lenders from seeking adequate protection with respect to their rights in the Term Loan Priority Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise,
other than from proceeds of ABL Priority Collateral) so long as such 

  
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request is not otherwise inconsistent with this Agreement and (ii) the Term Loan Priority Collateral, nothing herein shall limit the rights of the ABL Agent or the ABL Lenders from seeking
adequate protection with respect to their rights in the ABL Priority Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise, other than from proceeds
of Term Loan Priority Collateral) so long as such request is not otherwise inconsistent with this Agreement. 
 6.4. Avoidance Issues.

 (a) If any ABL Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of
the Company or any other Grantor (or any trustee, receiver or similar person therefor), because the payment of such amount was declared to be fraudulent or preferential in any respect or for any other reason, any amount (an “ABL
Recovery”), whether received as proceeds of security, enforcement of any right of setoff or otherwise, then as among the parties hereto the ABL Claims shall be deemed to be reinstated to the extent of such ABL Recovery and to be outstanding
as if such payment had not occurred and the ABL Lenders shall be entitled, to the extent they are entitled hereunder, to a Discharge of ABL Priority Claims with respect to all such recovered amounts and shall have all rights hereunder until such
time. If this Agreement shall have been terminated prior to such ABL Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations
of the parties hereto. 
 (b) If any Term Loan Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or
otherwise pay to the estate of the Company or any other Grantor (or any trustee, receiver or similar person therefor), because the payment of such amount was declared to be fraudulent or preferential in any respect or for any other reason, any
amount (an “Term Loan Recovery”), whether received as proceeds of security, enforcement of any right of setoff or otherwise, then as among the parties hereto the Term Loan Claims shall be deemed to be reinstated to the extent of
such Term Loan Recovery and to be outstanding as if such payment had not occurred and the Term Loan Lenders shall be entitled to a Discharge of Term Loan Claims with respect to all such recovered amounts and shall have all rights hereunder until
such time. If this Agreement shall have been terminated prior to such Term Loan Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the
obligations of the parties hereto. 
 6.5. Application. This Agreement, which the parties hereto expressly acknowledge is a
“subordination agreement” under Section 510(a) of the Bankruptcy Code, shall be applicable prior to and after the commencement of any Insolvency or Liquidation Proceeding. All references herein to any Grantor shall apply to any
trustee for such Person and such Person as debtor in possession. The relative rights as to the Common Collateral and proceeds thereof shall continue after the filing thereof on the same basis as prior to the date of the petition, subject to any
court order approving the financing of, or use of cash collateral by, any Grantor. 

  
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 6.6. Waivers. Until the Discharge of ABL Priority Claims has occurred, each Term Loan
Agent, on behalf of itself and each applicable Term Loan Lender, (a) will not assert or enforce any claim under Section 506(c) of the United States Bankruptcy Code senior to or on a parity with the Liens on ABL Priority Collateral securing
the ABL Priority Claims for costs or expenses of preserving or disposing of any ABL Collateral, and (b) waives any claim it may now or hereafter have arising out of the election by any ABL Lender of the application of Section 1111(b)(2) of
the Bankruptcy Code with respect to any ABL Priority Collateral. Until the Discharge of Term Loan Claims has occurred, the ABL Agent, on behalf of itself and each applicable ABL Lender, (a) will not assert or enforce any claim under
Section 506(c) of the United States Bankruptcy Code senior to or on a parity with the Liens on Term Loan Priority Collateral securing the Term Loan Claims for costs or expenses of preserving or disposing of any Term Loan Priority Collateral,
and (b) waives any claim it may now or hereafter have arising out of the election by any Term Loan Lender of the application of Section 1111(b)(2) of the Bankruptcy Code with respect to any Term Loan Priority Collateral. 

6.7. Separate Grants of Liens. Each Term Loan Lender and each ABL Lender acknowledges and agrees that (i) the grants of Liens
pursuant to the ABL Collateral Documents and the Term Loan Collateral Documents constitute two separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Common Collateral, the Term Loan Claims
are fundamentally different from the ABL Claims and must be separately classified in any plan of reorganization (or other plan of similar effect under any Bankruptcy Laws) proposed or adopted in an Insolvency Proceeding. To further effectuate the
intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the ABL Lenders and the Term Loan Lenders in respect of the Common Collateral constitute only one secured claim (rather than separate classes
of senior and junior secured claims), then the ABL Lenders and the Term Loan Lenders hereby acknowledge and agree that all distributions shall be made as if there were separate classes of ABL Claims and Term Loan Claims against the Grantors, with
the effect being that, to the extent that the aggregate value of the ABL Priority Collateral or Term Loan Priority Collateral is sufficient, the ABL Lenders or the Term Loan Lenders, respectively, shall be entitled to receive, in addition to amounts
distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post- petition interest that is available from each pool of ABL Priority Collateral and Term
Loan Priority Collateral for each of the ABL Lenders and the Term Loan Lenders, respectively, before any distribution is made in respect of the claims held by the other Lenders from such ABL Priority Collateral or Term Loan Priority Collateral, with
the other Lenders hereby acknowledging and agreeing to turn over to the respective other Lenders amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect
of reducing the aggregate recoveries. 
 Section 7. Reliance; Waivers; etc. 

7.1. Reliance. The consent by the First Priority Lenders to the execution and delivery of the Second Priority Documents to which the
First Priority Lenders have consented and all loans and other extensions of credit made or deemed made on and after the date hereof by the First Priority Lenders to the Company or any Subsidiary shall be deemed to have been given and made in
reliance upon this Agreement. The Second Priority Agent, on behalf of itself and each applicable Second Priority Lender, acknowledges that it and the applicable Second Priority Lenders are not entitled to rely on any credit decision or other
decisions made by the First Priority Agent or any First Priority Lender in taking or not taking any action under the applicable Second Priority Document or this Agreement. 

  
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 7.2. No Warranties or Liability. Except as set forth in Section 9.14,
neither the First Priority Agent nor any First Priority Lender shall have been deemed to have made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or
enforceability of any of the First Priority Documents, the ownership of any Common Collateral or the perfection or priority of any Liens thereon. The First Priority Lenders will be entitled to manage and supervise their respective loans and
extensions of credit under the First Priority Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the First Priority Lenders may manage their loans and extensions of credit without regard to
any rights or interests that any Second Priority Agent or any of the Second Priority Lenders have in the Common Collateral or otherwise, except as otherwise provided in this Agreement. Neither the First Priority Agent nor any First Priority Lender
shall have any duty to any Second Priority Agent or any Second Priority Lender to act or refrain from acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreements with the
Company or any Subsidiary thereof (including the Second Priority Documents), regardless of any knowledge thereof that they may have or be charged with. Notwithstanding anything to the contrary herein contained, none of the parties hereto waives any
claim that it may have against a Term Loan Agent or the ABL Agent, as applicable, on the grounds that any sale, transfer or other disposition by such Term Loan Agent or ABL Agent, as applicable, was not commercially reasonable to the extent required
by the Uniform Commercial Code. Except as expressly set forth in this Agreement, the First Priority Agent, the First Priority Lenders, the Second Priority Agent and the Second Priority Lenders have not otherwise made to each other, nor do they
hereby make to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to (a) the enforceability, validity, value or collectibility of any of the First Priority Claims, the Second Priority
Claims or any guarantee or security which may have been granted to any of them in connection therewith, (b) the Company’s title to or right to transfer any of the Common Collateral or (c) any other matter except as expressly set forth
in this Agreement. 
 7.3. Obligations Unconditional. All rights, interests, agreements and obligations of the First Priority Agent
and the First Priority Lenders, and the Second Priority Agent and the Second Priority Lenders, respectively, hereunder shall remain in full force and effect irrespective of: 

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

(b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the First Priority Claims or Second Priority
Claims, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the ABL Credit Agreement or any other ABL Loan Document or of the terms of the Term
Loan Credit Agreements or any other Term Loan Document; 

  
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 (c) any exchange of any security interest in any Common Collateral or any other collateral,
or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the First Priority Claims or Second Priority Claims or any guarantee thereof; 

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

(e) any other circumstances that otherwise might constitute a defense available to, or a discharge of, the Company or any other Grantor in
respect of the First Priority Claims, or of any Second Priority Agent or any Second Priority Lenders in respect of this Agreement. 

Section 8. Purchase Options 

8.1. Notice of Exercise. (a) Upon the occurrence and during the continuance of an “Event of Default” under clauses (b),
(c), (h) or (i) of Article VII of the ABL Credit Agreement, if such Event of Default remains uncured or unwaived for at least thirty (30) consecutive days and the requisite ABL Lenders have not agreed to forbear from the exercise of
remedies, all or a portion of the Term Loan Lenders, acting as a single group, shall have the option at any time upon five (5) Business Days’ prior written notice to the ABL Agent to purchase all of the Obligations (as defined in the ABL
Credit Agreement) (the “ABL Obligations”) from the ABL Lenders. Such notice from such Term Loan Lenders to the ABL Agent shall be irrevocable. 

(b) Upon the occurrence and during the continuance of an “Event of Default” under clauses (b), (c), (h) or (i) of Article VII of
the Term Loan Credit Agreement, if such Event of Default remains uncured or unwaived for at least thirty (30) consecutive days and the requisite Term Loan Lenders have not agreed to forbear from the exercise of remedies, all or a portion of the
ABL Lenders, acting as a single group, shall have the option at any time upon five (5) Business Days’ prior written notice to the Term Loan Agent (with a copy to the Term Loan Agent) to purchase all of the Obligations (as defined in the
Term Loan Credit Agreement) (the “Term Loan Obligations”) from the Term Loan Lenders. Such notice from such ABL Lenders to the Term Loan Agent shall be irrevocable. 

8.2. Purchase and Sale. (a) On the date specified by the relevant Term Loan Lenders in the notice contemplated by Section
8.1(a) above (which shall not be less than five (5) Business Days, nor more than twenty (20) calendar days, after the receipt by the ABL Agent of the notice of the relevant Term Loan Lenders’ election to exercise such option), the
ABL Lenders shall sell to the relevant Term Loan Lenders, and the relevant Term Loan Lenders shall purchase from the ABL Lenders, the ABL Obligations, provided that, the ABL Agent and the ABL Secured Parties shall retain all rights to be indemnified
or held harmless by the ABL Loan Parties in accordance with the terms of the ABL Loan Documents but shall not retain any rights to the security therefor. 

  
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 (b) On the date specified by the relevant ABL Lenders in the notice contemplated by
Section 8.1(b) above (which shall not be less than five (5) Business Days, nor more than twenty (20) calendar days, after the receipt by the Term Loan Agent of the notice of the relevant ABL Lenders’ election to exercise
such option), the Term Loan Lenders shall sell to the relevant ABL Lenders, and the relevant ABL Lenders shall purchase from the Term Loan Lenders, the Term Loan Obligations, provided that, the Term Loan Agent and the Term Loan Secured Parties shall
retain all rights to be indemnified or held harmless by the Term Loan Parties, in accordance with the terms of the Term Loan Documents but shall not retain any rights to the security therefor. 

8.3. Payment of Purchase Price. Upon the date of such purchase and sale, the relevant Term Loan Lenders or the relevant ABL Lenders, as
applicable, shall (a) pay to the ABL Agent for the benefit of the ABL Lenders (with respect to a purchase of the ABL Obligations) or to the Term Loan Agent for the benefit of the Term Loan Lenders (with respect to a purchase of the Term Loan
Obligations) as the purchase price therefor the full amount of all the ABL Obligations or Term Loan Obligations, as applicable, then outstanding and unpaid (including principal, interest, fees and expenses, including reasonable attorneys’ fees
and legal expenses but specifically excluding any prepayment premium, termination or similar fees), (b) with respect to a purchase of the ABL Obligations, furnish cash collateral to the ABL Agent in a manner and in such amounts as the ABL Agent
determines is reasonably necessary to secure the ABL Agent, the ABL Secured Parties, letter of credit issuing banks and applicable Affiliates in connection with any issued and outstanding letters of credit, hedging obligations and cash management
obligations secured by the ABL Loan Documents, (c) with respect to a purchase of the ABL Obligations, agree to reimburse the ABL Agent, the ABL Secured Parties and letter of credit issuing banks for any loss, cost, damage or expense (including
reasonable attorneys’ fees and legal expenses) in connection with any commissions, fees, costs or expenses related to any issued and outstanding letters of credit as described above and any checks or other payments provisionally credited to the
ABL Obligations, and/or as to which the ABL Agent has not yet received final payment, (d) with respect to a purchase of the Term Loan Obligations, furnish cash collateral to the Term Loan Agent in a manner and in such amounts as the Term Loan
Agent determines is reasonably necessary to secure the Term Loan Agent, the Term Loan Secured Parties and applicable Affiliates in connection with any hedging obligations and cash management obligations secured by the Term Loan Documents,
(e) agree to reimburse the ABL Secured Parties or the Term Loan Secured Parties, as applicable, and with respect to a purchase of the ABL Obligations letter of credit issuing banks, in respect of indemnification obligations of the Loan Parties
under the ABL Documents or the Term Loan Documents, as applicable, as to matters or circumstances known to the ABL Agent, or the Term Loan Agent, as applicable, at the time of the purchase and sale which would reasonably be expected to result in any
loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) to the ABL Secured Parties, the Term Loan Secured Parties or letter of credit issuing banks, as applicable, and (f) agree to indemnify and hold
harmless the ABL Secured Parties or the Term Loan Secured Parties, as applicable, and with respect to a purchase of the ABL Obligations letter of credit issuing banks, from and against any loss, liability, claim, damage or expense (including
reasonable fees and expenses of legal counsel) arising out of any claim asserted by a third party in respect of the ABL Obligations or the Term Loan Obligations, as applicable, as a direct result of any acts by any ABL Secured Party or Term Loan
Secured Party, as applicable, occurring after the date of such purchase. Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account in New York, New York as the ABL Agent or the Term Loan Agent,
as applicable, may designate in writing for such purpose. 

  
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 8.4. Limitation on Representations and Warranties. Such purchase shall be expressly
made without representation or warranty of any kind by any selling party (or the applicable ABL Agent or the Term Loan Agent) and without recourse of any kind, except that the selling party shall represent and warrant: (a) the amount of the ABL
Obligations or Obligations (as defined in the Term Loan Credit Agreement), as applicable, being purchased from it, (b) that such ABL Secured Party or Term Loan Secured Party, as applicable, owns the ABL Obligations or Obligations, as
applicable, free and clear of any Liens or encumbrances and (c) that such ABL Secured Party or Term Loan Secured Party, as applicable, has the right to assign such ABL Obligations or Obligations, as applicable, and the assignment is duly authorized.

 Section 9. Miscellaneous. 

9.1. Conflicts. Subject to Section 9.18, in the event of any conflict between the provisions of this Agreement and the
provisions of any ABL Loan Document or any Term Loan Document, the provisions of this Agreement shall govern. 
 9.2. Term of this
Agreement; Severability. Subject to Section 6.4, (i) if no Event of Default has occurred and is continuing under any Credit Agreement (as such term is defined in the applicable Credit Agreement), this Agreement shall terminate upon
the Discharge of ABL Priority Claims and the Discharge of Term Loan Claims and (ii) if an Event of Default has occurred and is continuing under any Credit Agreement (as such term is defined in the applicable Credit Agreement), this Agreement
shall terminate upon the Discharge of ABL Priority Claims and the Discharge of Term Loan Claims. This is a continuing agreement of lien subordination and the First Priority Lenders may continue, at any time and without notice to the Second Priority
Agent or any Second Priority Lender, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any other Grantor constituting First Priority Claims in reliance hereon. The terms of this Agreement
shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

9.3. Amendments; Waivers. (a) No amendment, modification or waiver of any of the provisions of this Agreement by the ABL Agent or
the Term Loan Agents shall be deemed to be made unless the same shall be in writing signed on behalf of the party making the same or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved
and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. The Company and the other Grantors shall not have any right to consent to or
approve any amendment, modification or waiver of any provision of this Agreement except to the extent their rights are affected. 
 (b)
Notwithstanding anything in this Section 9.3 to the contrary, this Agreement may be amended from time to time at the request of the Company, at the Company’s expense, and without the consent of the ABL Agent or Term Loan Agent to
(i) add other parties holding Future Senior Term Indebtedness to the extent such Indebtedness (and the Liens thereon) 

  
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are not prohibited by the Term Loan Credit Agreement or the ABL Credit Agreement, (ii) in the case of Future Senior Term Indebtedness, (1) establish that the Lien on the ABL Priority
Collateral securing such Future Senior Term Indebtedness shall be junior and subordinate in all respects to all Liens on the ABL Priority Collateral securing any ABL Priority Claims and shall share in the benefits of the ABL Priority Collateral
equally and ratably with all Liens on the ABL Priority Collateral securing any Term Loan Claims (provided that such Future Senior Term Indebtedness may be secured by the ABL Priority Collateral on a junior basis to the Term Loan Claims
contemplated by clause (i) of the definition of “Term Loan Claims”), and (2) provide to the holders of such Future Senior Term Indebtedness (or any agent or trustee thereof) the comparable rights and benefits (including any
improved rights and benefits that have been consented to by the ABL Agent) as are provided to the holders of Term Loan Claims under this Agreement (provided that such Future Senior Term Indebtedness may be secured by the Term Loan Priority
Collateral on a junior basis to the Term Loan Claims contemplated by clause (i) of the definition of “Term Loan Claims”). 

(c) Notwithstanding the provisions herein related to Future Senior Term Indebtedness, this Agreement does not constitute (i) the
intercreditor agreement required by Section 6.02(u) of the Term Loan Credit Agreement with respect to any Future Senior Term Indebtedness that is to be equally and ratably secured with the Term Loan Claims or (ii) the intercreditor
agreement required by Section 6.02(u) of the Term Loan Credit Agreement with respect to any Future Senior Term Indebtedness that is to be secured on a junior basis to the Term Loan Claims contemplated by clause (i) of the definition of
“Term Loan Claims”. 
 9.4. Information Concerning Financial Condition of the Company and the Subsidiaries. Neither the ABL
Agent nor any ABL Lender shall have any obligation to the any Term Loan Agent or any Term Loan Lender to keep any Term Loan Agent or any Term Loan Lender informed of, and each Term Loan Agent and the Term Loan Lenders shall not be entitled to rely
on the ABL Agent or the ABL Lenders with respect to, (a) the financial condition of the Company and the Subsidiaries and all endorsers and/or guarantors of the ABL Claims or the Term Loan Claims and (b) all other circumstances bearing upon
the risk of nonpayment of the ABL Claims or the Term Loan Claims. The ABL Agent, the ABL Lenders, the Term Loan Agents and the Term Loan Lenders shall have no duty to advise any other party hereunder of information known to it or them regarding such
condition or any such circumstances or otherwise. In the event that the ABL Agent, any ABL Lender, any Term Loan Agent or any Term Loan Lender, in its or their sole discretion, undertakes at any time or from time to time to provide any such
information to any other party (and the Company acknowledges that any such party may do so), it or they shall be under no obligation (w) to make, and the ABL Agent, the ABL Lenders, the Term Loan Agents and the Term Loan Lenders shall not make,
any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (x) to provide any additional information or to provide any such information
on any subsequent occasion, (y) to undertake any investigation or (z) to disclose any information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to
maintain confidential. The Grantors agree that any information provided to the ABL Agent, the Term Loan Agents, any other ABL Lender or any other Term Loan Lender may be shared by such person with any of the other Lenders notwithstanding a request
or demand by such Grantor that such information be kept confidential; provided that such information shall otherwise be subject to the respective confidentiality provisions in the ABL Credit Agreement and the Term Loan Credit Agreements, as
applicable. 

  
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 9.5. Subrogation. Each Term Loan Agent, for and on behalf of itself and the
applicable Term Loan Lenders, agrees that no payment to the ABL Agent or any ABL Lender pursuant to the provisions of this Agreement shall entitle such Term Loan Agent or any Term Loan Lender to exercise any rights of subrogation in respect thereof
until the Discharge of ABL Priority Claims shall have occurred. Following the Discharge of ABL Priority Claims, the ABL Agent agrees to execute such documents, agreements, and instruments as any Term Loan Agent or any Term Loan Lender may reasonably
request to evidence the transfer by subrogation to any such Person of an interest in the ABL Priority Claims resulting from payments to the ABL Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and
disbursements) incurred in connection therewith by the ABL Agent are paid by such Person upon request for payment thereof. The ABL Agent, for and on behalf of itself and the applicable ABL Lenders, agrees that no payment to any Term Loan Agent or
any Term Loan Lender pursuant to the provisions of this Agreement shall entitle the ABL Agent or any ABL Lender to exercise any rights of subrogation in respect thereof until the Discharge of Term Loan Claims shall have occurred. Following the
Discharge of Term Loan Claims, each Term Loan Agent agrees to execute such documents, agreements, and instruments as the ABL Agent or any ABL Lender may reasonably request to evidence the transfer by subrogation to any such Person of an interest in
the Term Loan Claims resulting from payments to the applicable Term Loan Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by such Term Loan Agent are
paid by such Person upon request for payment thereof. 
 9.6. Application of Payments. 

(a) Except as otherwise provided herein, all payments received by the ABL Lenders may be applied, reversed and reapplied, in whole or in part,
to such part of the ABL Priority Claims as the ABL Lenders, in their sole discretion, deem appropriate, consistent with the terms of the ABL Loan Documents. Except as otherwise provided herein, each Term Loan Agent, on behalf of itself and each
applicable Term Loan Lender, assents to any such extension or postponement of the time of payment of the ABL Priority Claims or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any
security that may at any time secure any part of the ABL Priority Claims and to the addition or release of any other Person primarily or secondarily liable therefor. 

(b) Except as otherwise provided herein, all payments received by the Term Loan Lenders may be applied, reversed and reapplied, in whole or in
part, to such part of the Term Loan Claims as the Term Loan Lenders, in their sole discretion, deem appropriate, consistent with the terms of the Term Loan Documents. Except as otherwise provided herein, the ABL Agent, on behalf of itself and each
applicable ABL Lender, assents to any such extension or postponement of the time of payment of the Term Loan Claims or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security that
may at any time secure any part of the Term Loan Claims and to the addition or release of any other Person primarily or secondarily liable therefor. 

  
 43 

 9.7. Consent to Jurisdiction; Waivers. The parties hereto consent to the exclusive
jurisdiction of any state or federal court located in New York, New York (the “New York Courts”), and consent that all service of process may be made by registered mail directed to such party as provided in Section 9.8
for such party. Service so made shall be deemed to be completed three days after the same shall be posted as aforesaid. The parties hereto waive any objection to any action instituted hereunder in any such court based on forum non conveniens, and
any objection to the venue of any action instituted hereunder in any such court. Each of the parties hereto waives any right it may have to trial by jury in respect of any litigation based on, or arising out of, under or in connection with this
Agreement, or any course of conduct, course of dealing, verbal or written statement or action of any party hereto in connection with the subject matter hereof. 

9.8. Notices. All notices to the ABL Lenders and the Term Loan Lenders permitted or required under this Agreement may be sent to the ABL
Agent or the applicable Term Loan Agent as provided in the ABL Credit Agreement or the applicable Term Loan Credit Agreement. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given
shall be in writing and may be personally served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or
electronic mail or upon receipt via U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature
pages hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. Each First Priority Agent hereby agrees to promptly notify each Second Priority Agent upon payment in full
in cash of all Indebtedness under the applicable First Priority Documents (except for contingent indemnities and cost and reimbursement obligations to the extent no claim therefor has been made). 

9.9. Further Assurances. The ABL Agent, on behalf of itself and each applicable ABL Lender, and each Term Loan Agent, on behalf of
itself and each applicable Term Loan Lender, agrees that each of them shall take such further action and shall execute and deliver to the ABL Agent, the ABL Lenders, each Term Loan Agent and the Term Loan Lenders such additional documents and
instruments (in recordable form, if requested) as the ABL Agent, the ABL Lenders, each Term Loan Agent or the Term Loan Lenders may reasonably request, at the expense of the Company, to effectuate the terms of and the Lien priorities contemplated by
this Agreement. 
 9.10. Governing Law. This Agreement has been delivered and accepted in and shall be deemed to have been made in New
York, New York and shall be interpreted, and the rights and liabilities of the parties bound hereby determined, in accordance with the laws of the State of New York. 

9.11. Specific Performance. Each First Priority Agent may demand specific performance of this Agreement. Each Second Priority Agent, on
behalf of itself and each applicable Second Priority Lender, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may
be brought by the First Priority Agent. 

  
 44 

 9.12. Section Titles. The section titles contained in this Agreement are and shall be
without substantive meaning or content of any kind whatsoever and are not a part of this Agreement. 
 9.13. Counterparts. This
Agreement may be executed in one or more counterparts, including by means of facsimile or other electronic transmission, each of which shall be an original and all of which shall together constitute one and the same document. 

9.14. Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the
other parties hereto that it is duly authorized to execute this Agreement. The ABL Agent represents and warrants that this Agreement is binding upon the applicable ABL Lenders. Each Term Loan Agent represents and warrants that this Agreement is
binding upon the applicable Term Loan Lenders. 
 9.15. No Third Party Beneficiaries; Successors and Assigns. This Agreement and the
rights and benefits hereof shall inure to the benefit of, and be binding upon, each of the parties hereto and their respective successors and assigns and shall inure to the benefit of each of, and be binding upon, the holders of ABL Claims and Term
Loan Claims. No other Person shall have or be entitled to assert rights or benefits hereunder. Without limiting the generality of the foregoing, any person to whom a Lender assigns or otherwise transfers all or any portion of the ABL Claims or the
Term Loan Claims, as applicable, in accordance with the applicable ABL Loan Documents or Term Loan Documents, as the case may be, shall become vested with all the rights and obligations in respect thereof granted to such Lenders, without any further
consent or action of the other Lenders. 
 9.16. Effectiveness. This Agreement shall become effective when executed and delivered by
the parties hereto. This Agreement shall be effective both before and after the commencement of any Insolvency or Liquidation Proceeding. All references to the Company or any other Grantor shall include the Company or any other Grantor as debtor and
debtor-in- possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. 

9.17. ABL Agent and Term Loan Agents. (a) It is understood and agreed that (i) Deutsche Bank is entering into this Agreement in its
capacity as administrative agent under the ABL Credit Agreement and the provisions of Article VIII of the ABL Credit Agreement applicable to Deutsche Bank as administrative agent thereunder shall also apply to Deutsche Bank as the ABL Agent
hereunder and (ii) Barclays is entering in this Agreement in its capacity as administrative agent under the Term Loan Credit Agreement and the provisions of Article VIII of the Term Loan Credit Agreement applicable to Barclays as administrative
agent thereunder shall also apply to Barclays as a Term Loan Agent hereunder. 
 9.18. Relative Rights. Notwithstanding anything in
this Agreement to the contrary (except to the extent contemplated by Section 5.3(d) or (e)), nothing in this Agreement is intended to or will (a) amend, waive or otherwise modify the provisions of the ABL Credit Agreement,
the Term Loan Credit Agreements or any other ABL Loan Document or Term Loan Document entered into in connection with the ABL Credit Agreement, the Term Loan Credit Agreements or any other ABL Loan Document or Term Loan Document or permit Holdings,
the 

  
 45 

 
Company or any other Subsidiary to take any action, or fail to take any action, to the extent such action or failure would otherwise constitute a breach of, or default under, the ABL Credit
Agreement or any other ABL Loan Documents entered into in connection with the ABL Credit Agreement, any Term Loan Credit Agreement or any other Term Loan Document entered into in connection with the Term Loan Documents, (b) change the relative
priorities of the ABL Priority Claims or the Liens granted under the ABL Loan Documents on the Common Collateral (or any other assets) as among the ABL Lenders, or change the relative priorities of the Term Loan Claims or the Liens granted under the
Term Loan Documents on the Common Collateral (or any other assets) as among the Term Loan Lenders, (c) otherwise change the relative rights of the ABL Lenders in respect of the Common Collateral as among such ABL Lenders, or the relative rights
of the Term Loan Lenders in respect of the Common Collateral as among such Term Loan Lenders or (d) obligate Holdings, the Company or any Subsidiary to take any action, or fail to take any action, that would otherwise constitute a breach of, or
default under, the ABL Credit Agreement or any other ABL Loan Document entered into in connection with the ABL Credit Agreement, the Term Loan Credit Agreements or any other Term Loan Document into in connection with the Term Loan Credit Agreements.
None of Holdings, the Company or any Subsidiary shall have any rights hereunder except as expressly set forth herein (including as set forth in Section 9.3). 

9.19. Supplements. Upon the execution by Holdings or any Subsidiary of the Company of a supplement hereto in form and substance
satisfactory to the ABL Agent and the Term Loan Agents, Holdings and such Subsidiary shall be a party to this Agreement and shall be bound by the provisions hereof to the same extent as the Company and each other Grantor are so bound. 

[remainder of page intentionally left blank] 

  
 46 

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

			
	CPG MERGER SUB LLC,
	as Borrower
		
	By:	 	 /s/ Dan Lukas

		 	    Name: Dan Lukas
		 	    Title: Authorized Person

  
 [Signature Page to
ABL/Term Loan Intercreditor] 

 
			
	BARCLAYS BANK PLC, as Term Loan Agent
		
	By:	 	 /s/ Irina Dimova

		 	    Name: Irina Dimova
		 	    Title: Vice President
	
	Address:  745 Seventh Avenue
		
		 	    New York, NY 10019
	
	Telecopy: (212) 526-5115

  
 [Signature Page to
ABl/Term Loan lntercreditor] 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as
	ABL Agent
		
	By:	 	 /s/ Peter Cucchiara

		 	Name: Peter Cucchiara
		 	Title: Vice President
		
	By:	 	 /s/ Kirk L. Tashjian

		 	Name: Kirk L. Tashjian
		 	Title: Vice President
	
	Address:
	
	Telecopy:

  
 [Signature Page to
ABL/Term Loan lntercreditor] 

 SCHEDULE II 

Provision for Credit Agreements 
 “Reference is made to the
Intercreditor Agreement dated as of September 30, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Parent, the Company, the Subsidiaries of the Company party
thereto, Deutsche Bank, as ABL Agent (as defined therein), and Barclays, as Term Loan Agent (as defined therein). Each Lender hereunder (a) consents to the subordination of Liens provided for in the Intercreditor Agreement, (b) agrees that
it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement and (c) authorizes and instructs the [ABL Agent] [Term Loan Agent] to enter into the Intercreditor Agreement as [ABL Agent] [Term Loan Agent]
and on behalf of such Lender. The foregoing provisions are intended as an inducement to the Lenders under the Credit Agreement to extend credit and such Lenders are intended third party beneficiaries of such provisions and the provisions of the
Intercreditor Agreement.” 
 Provision for Security Documents 

“Reference is made to the Intercreditor Agreement dated as of September 30, 2013 (as amended, restated, supplemented or otherwise modified from time
to time, the “Intercreditor Agreement”), among Parent, the Company, the Subsidiaries of the Company party thereto, Deutsche Bank, as ABL Agent (as defined therein), and Barclays, as Term Loan Agent (as defined therein). Notwithstanding
anything herein to the contrary, the lien and security interest granted to the [Collateral Agent], for the benefit of the secured parties hereunder, pursuant to this Agreement and the exercise of any right or remedy by the [Collateral Agent] and the
other secured parties hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict or inconsistency between the provisions of the Intercreditor Agreement and this Agreement, the provisions of the Intercreditor
Agreement shall control.” 

  
 Schedule II-1EX-10.23

 Exhibit 10.23 

INDEMNIFICATION AGREEMENT 
 THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) dated as of [•], 2020, is made by and between THE AZEK COMPANY, INC., a Delaware corporation (the “Company”), and [•]
(“Indemnitee”). 
 RECITALS 

A. The Company desires to attract and retain the services of highly qualified individuals as directors, officers, employees and agents. 

B. The Company’s bylaws (the “Bylaws”) require that the Company indemnify its directors and officers, and empowers the Company to
indemnify its employees and agents, as authorized by the Delaware General Corporation Law, as amended (the “DGCL”), under which the Company is organized. The Bylaws expressly provide that the indemnification provided in the
Bylaws is not exclusive and contemplates that the Company may enter into separate agreements with its directors, officers and other persons to set forth specific indemnification provisions. 

C. Indemnitee does not regard the protection currently provided by applicable law, the Bylaws, the Company’s other governing documents and
available insurance as adequate under the present circumstances. Consequently, the Company has determined that Indemnitee and other directors, officers, employees and agents of the Company may not be willing to serve or continue to serve in such
capacities without additional protection. 
 D. The Company desires and has requested Indemnitee to serve or continue to serve as a director, officer,
employee or agent of the Company, as the case may be, and has proposed this Agreement as an additional inducement to serve in such capacity. 
 E.
Indemnitee is willing to serve, or to continue to serve, as a director, officer, employee or agent of the Company if Indemnitee is furnished the indemnity provided for in this Agreement by the Company. 

AGREEMENT 
 NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth in this Agreement, the parties to this Agreement, intending to be legally bound, agree as follows: 

1. Agreement to Serve. Indemnitee will serve, or continue to serve, as the case may be, as an Agent at the will of such entity designated by the
Company and at the request of the Company (or under separate agreement, if a separate agreement exists), in the capacity Indemnitee currently serves such entity, so long as Indemnitee is duly appointed or elected and qualified in accordance with the
applicable provisions of the governance documents of that entity, or until such time as Indemnitee tenders his or her resignation in writing. Nothing contained in this Agreement is intended as an employment agreement between Indemnitee and the
Company or any of its subsidiaries or to create any right to continued employment of Indemnitee with the Company or any of its subsidiaries in any capacity. The Company acknowledges that it has entered into this Agreement and assumes the obligations
imposed on it under this Agreement, in addition to and separate from its obligations to Indemnitee under the Bylaws, to induce Indemnitee to serve, or continue to serve, as an Agent, and the Company acknowledges that Indemnitee is relying upon this
Agreement in serving as an Agent. 
 2. Indemnification. 

(a) Indemnification in Third Party Proceedings. Subject to Section 11 below, the Company shall indemnify and hold
harmless Indemnitee to the fullest extent permitted by the DGCL, as it may be amended from time to time. The Company’s obligation to indemnify to the “fullest extent permitted by applicable law” shall parallel future amendments to the
DGCL, but only to the extent that any future amendment entitles Indemnitee to broader indemnification rights than the DGCL permitted prior to adoption of that amendment. The Company’s obligation to indemnify shall fully apply whether the
Indemnitee is a party to any proceeding or threatened to be made a party to or otherwise involved in any such proceeding. Without limitation, the Company’s obligation to indemnify an Indemnitee in any proceeding shall apply to all Expenses and
Liabilities, including any interest, assessments and other charges paid or payable in connection with or in respect of such Expenses and Liabilities, incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of such
proceeding, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal proceeding had no reasonable cause to believe that
Indemnitee’s conduct was unlawful. The parties intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including, but not limited to, any
indemnification provided by the Certificate of Incorporation of the Company, the Bylaws, vote of its stockholders or Disinterested Directors, or applicable law. This Section 2(a) shall not apply to derivative actions or proceedings or actions
or proceedings brought by the Company as those actions or proceedings shall be governed by Section 2(b). 

 (b) Indemnification in Derivative Actions and Direct Actions by the Company. Subject to
Section 11 below, the Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by the DGCL, as it may be amended from time to time. The Company’s obligation to indemnify to the “fullest
extent permitted by applicable law” shall parallel future amendments to the DGCL, but only to the extent that any future amendment entitles Indemnitee to broader indemnification rights than the DGCL permitted prior to adoption of that
amendment. The Company’s obligation to indemnify shall fully apply, whether the Indemnitee is a party to any proceeding or is otherwise involved in any proceeding by or in the right of the Company to procure a judgment in its favor, to any and
all Expenses actually and reasonably incurred by Indemnitee in connection with the investigation, defense, settlement, or appeal of such proceedings, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not
opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 2(b) in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court
of competent jurisdiction to be liable to the Company, unless and only to the extent that the Chancery Court of the State of Delaware or any court in which the proceeding was brought shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification. 
 3. Indemnification
of Expenses of Successful Party. Notwithstanding any other provision of this Agreement and to the fullest extent permitted by law, in any circumstance where indemnification is not available under Section 2(a) or
2(b), to the extent that Indemnitee is a party to (or a participant in) any proceeding and has been successful on the merits or otherwise in defense of any proceeding or in defense of any claim, issue or matter in that proceeding, in whole or
part, including the dismissal of any action without prejudice, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred and Liabilities in connection with the investigation, defense or appeal of that proceeding.
If Indemnitee is not wholly successful in that proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in that proceeding, the Company shall indemnify Indemnitee against all Expenses
actually and reasonably incurred and Liabilities incurred by Indemnitee or on Indemnitee’s behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For these purposes,
Indemnitee will be deemed to have been “successful on the merits” in circumstances including but not limited to the termination of any proceeding or of any claim, issue or matter in that proceeding, by the winning of a motion to dismiss
(with or without prejudice), motion for summary judgment, settlement (with or without court approval, but only if the Indemnitee complies with Section 11(c)), or upon a plea of no contest or its equivalent. 

4. Partial Indemnification; Witness Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the
Company for some or a portion of any Expenses and Liabilities incurred by Indemnitee in the investigation, defense, settlement or appeal of a proceeding, but is precluded by applicable law or the specific terms of this Agreement to indemnification
for the total amount of those Expenses and/or Liabilities, the Company shall nevertheless indemnify Indemnitee for the portion of those Expenses and/or Liabilities to which Indemnitee is entitled. In the event that Indemnitee is, by reason of
Indemnitee’s acting as an Agent, called as a witness or otherwise asked to participate in any proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or
on Indemnitee’s behalf in connection with participation in that proceeding to the fullest extent permitted by applicable law. 
 5. Primacy of
Indemnification. The Company acknowledges that the Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more third parties, including the Sponsors (collectively, the
“Secondary Indemnitors”). Notwithstanding any such rights, the Company agrees that: (i) it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary, and any obligation of the Secondary Indemnitors to
advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary); (ii) it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full
amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the Certificate of Incorporation or Bylaws of the Company (or any agreement between the Company and Indemnitee),
without regard to any rights Indemnitee may have against the Secondary Indemnitors; and (iii) it irrevocably waives, relinquishes and releases the Secondary Indemnitors from any and all claims against the Secondary Indemnitors for contribution,
subrogation or any other recovery of any kind in respect of the amounts as provided for in subsection (ii) of this sentence. The Company further agrees that no advancement or payment by the Secondary Indemnitors (or any insurer under a policy
provided by the Secondary Indemnitors) to or on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing. Any Secondary Indemnitors shall have a right of contribution
and/or be subrogated to the extent they make an advancement or payment on behalf of Indemnitee to all of the rights of recovery of the Indemnitee against the Company. The Company and the Indemnitee agree that the Secondary Indemnitors are express
third party beneficiaries of the terms of this Section 5. 

 6. No Presumptions/Burden of Proof. Provided Indemnitee complies with
Section 11(c) of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval), or conviction, or upon a plea of no contest, or its equivalent, shall not create a
presumption that Indemnitee did not meet any particular standard of conduct or did not have any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the
Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met that standard of conduct or
did not have that belief, shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not have any particular belief. In connection with any determination by the
Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the Company shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for
indemnification in accordance with Section 8. In all cases, the burden of proof shall be on the Company to establish by clear and convincing evidence that Indemnitee is not entitled to indemnification. 

7. Advancement of Expenses. To the extent not prohibited by law, the Company shall advance the Expenses actually and reasonably incurred by
Indemnitee in connection with any proceeding. Such advancement shall be made within twenty (20) after the receipt by the Company of a statement or statements requesting such advances, which shall include invoices received by Indemnitee in
connection with such Expenses. In the case of invoices in connection with legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be
included with the invoice. Advances shall be unsecured, interest free and without regard to Indemnitee’s ability to repay the advances. Indemnitee’s right to such advancement is not subject to the satisfaction of any standard of conduct.
Advances shall include any and all Expenses actually and reasonably incurred by Indemnitee pursuing an action to enforce Indemnitee’s right to indemnification under this Agreement or otherwise, including expenses incurred preparing and
forwarding statements to the Company to support the advances claimed. Indemnitee acknowledges that the execution and delivery of this Agreement shall constitute an undertaking providing that, to the fullest extent required by law, Indemnitee shall
repay the advance (without interest) if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company. No other
undertaking shall be required. The right to advances under this Section 7 shall continue until final disposition of any proceeding, including any appeal. Without limiting the generality or effect of the provisions of this
paragraph, within thirty (30) days after any request by Indemnitee, the Company shall: (a) pay such Expenses on behalf of Indemnitee; (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses; or (c) reimburse
Indemnitee for such Expenses. The Company shall not seek from a court, or agree to, a “bar order” which would have the effect of prohibiting or limiting the Indemnitee’s rights to receive advancement of expenses under this Agreement.

 8. Notice and Other Indemnification Procedures. 

(a) Notification of Proceeding. Indemnitee shall notify the Company in writing promptly upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any proceeding or matter which may be subject to indemnification or advancement of Expenses covered under this Agreement. The written notification to the Company shall include a
description of the nature of the proceeding and the facts underlying the proceeding. The failure of Indemnitee to notify the Company as required by this paragraph shall not relieve the Company of any obligation which it may have to Indemnitee under
this Agreement or otherwise. Any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement. 

(b) Request for Indemnification Payments. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written
request. Any such written request shall include such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification under the terms
of this Agreement. 
 (c) Determination of Right to Indemnification Payments. Upon written request by Indemnitee for indemnification pursuant
to Section 8(b), a determination with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the following four methods, which shall be at the election of the Board of
Directors: (1) by a majority vote of the Disinterested Directors, even though less than a quorum; (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum;
(3) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel selected by the Company and approved by Indemnitee in a 

 
written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; or (4) if so directed by the Board of Directors, by the stockholders of the Company (each of
(1)-(4) and as applicable, a “Reviewing Party”). Notwithstanding the previous sentence, if there has been a Change in Control, then such determination shall be made by Independent Counsel selected by Indemnitee and approved by the
Company, which approval shall not be unreasonably withheld. Indemnification payments requested by Indemnitee under Section 2 shall be made by the Company no later than sixty (60) days after receipt of the written
request of Indemnitee. Claims for advancement of Expenses shall be made under the provisions of Section 7. 
 (d)
Application for Enforcement. In the event the Company fails to make timely payments as set forth in Sections 7 or 8(b) above, Indemnitee shall have the right to apply to any court of competent jurisdiction for the purpose of
enforcing Indemnitee’s right to indemnification or advancement of Expenses pursuant to this Agreement. In such an enforcement hearing or proceeding, the burden of proof shall be on the Company to prove that indemnification or advancement of
Expenses to Indemnitee is not required under this Agreement or permitted by applicable law. In any proceeding to enforce any rights pursuant to this Agreement, the Company shall be precluded from asserting that the procedures and presumptions of
this Agreement are not valid, binding and enforceable. If requested by Indemnitee, the Company shall stipulate in any such court that the Company is bound by all the provisions of this Agreement and is precluded from making any assertion to the
contrary. Any determination by the Reviewing Party that Indemnitee is not entitled to indemnification under this Agreement shall not be a defense by the Company to the action nor create any presumption that Indemnitee is not entitled to
indemnification or advancement of Expenses under this Agreement. 
 (e) Indemnification of Certain Expenses. The Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred in connection with any hearing or proceeding under this Section 8 unless the Company prevails in that hearing or proceeding on the merits in all material
respects. 
 9. Assumption of Defense. In the event the Company shall be requested by Indemnitee to indemnify Indemnitee and/or pay the
Expenses of any proceeding, but only if appropriate, the Company shall be entitled, upon written notice by the Company to Indemnitee within ten days of the Company’s receipt of written notice pursuant to Section 8, to
assume the defense of such proceeding, or to participate to the extent permissible in such proceeding, with counsel reasonably acceptable to Indemnitee (which approval shall not be unreasonably withheld, conditioned or delayed). Upon assumption of
the defense by the Company and the retention of counsel by the Company, the Company shall not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same proceeding, except to the
extent necessary to avoid any prejudice to Indemnitee’s ability to defend the action as a result of any failure by the Company to take prompt action in the defense of the claim. Notwithstanding the previous sentence, Indemnitee shall have the
right to employ separate counsel in such a proceeding at Indemnitee’s sole cost and expense. If Indemnitee’s counsel delivers a written notice to the Company stating that such counsel has reasonably concluded that there may be a conflict
of interest between the Company and Indemnitee in the conduct of any such defense or the Company shall not, in fact, have employed counsel or otherwise actively pursued the defense of such proceeding within a reasonable time, then the fees and
Expenses of Indemnitee’s counsel to defend such proceeding shall be subject to the indemnification and advancement of Expenses provisions of this Agreement. In any circumstance where the Company and Indemnitee are represented by separate
counsel, the party having responsibility for defense of a proceeding shall provide the other party and its legal counsel with all copies of pleadings and material correspondence relating to the proceeding. Indemnitee and the Company shall reasonably
cooperate in the defense of any proceeding with respect to which indemnification is sought under this Agreement, regardless of whether the Company or Indemnitee assumes the defense of that proceeding. 

10. Insurance. 
 (a) The Company shall use its best
efforts to obtain and maintain in full force and effect an insurance policy or policies providing liability insurance for Agents (“D&O Insurance”). Indemnitee shall be covered by such policy or policies in accordance with its or
their terms in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s independent directors, if Indemnitee is an independent director; or of the Company’s
officers, if Indemnitee is not a director of the Company but is an officer; or of the Company’s key employees, if Indemnitee is not an officer or director but is a key employee. If, at the time of the receipt of a notice of a claim pursuant to
the terms of this Agreement, the Company has D&O Insurance in effect or otherwise potentially available, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in
the relevant policy or policies. The Company shall then take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 (b) In the event of a Change in Control or the Company’s becoming insolvent (including being
placed into receivership or entering the federal bankruptcy process), to the extent reasonably practicable, the Company shall maintain in force any and all insurance policies then maintained by the Company in providing insurance—directors’
and officers’ liability, fiduciary, employment practices or otherwise—in respect of Indemnitee, for a fixed period of six (6) years after the Change in Control or the Company’s becoming insolvent (a “Tail
Policy”). Such coverage shall be non-cancellable. The Tail Policy shall be placed and serviced for the duration of its term by the Company’s incumbent insurance broker. Such broker shall place
the Tail policy with the incumbent insurance carriers using the policies that were in place at the time of the Change in Control (unless the incumbent carriers will not offer such policies) in which case the Tail Policy placed by the Company’s
insurance broker shall be substantially comparable in scope and amount as the expiring policies, and the insurance carriers for the Tail Policy shall have an AM Best rating that is the same or better than the AM Best ratings of the expiring
policies). 
 11. Exceptions. 
 (a)
Certain Matters. Despite any provision in this Agreement to the contrary, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee on account of any proceeding with respect to: (i) remuneration
paid to Indemnitee if it is determined by final judgment not subject to further appeal that such remuneration was in violation of law; (ii) a final judgment not subject to further appeal rendered against Indemnitee for an accounting,
disgorgement or repayment of profits made from the purchase or sale by Indemnitee of securities of the Company against Indemnitee or in connection with a settlement by or on behalf of Indemnitee to the extent it is acknowledged by Indemnitee and the
Company that such amount paid in settlement resulted from Indemnitee’s conduct from which Indemnitee received monetary personal profit to which Indemnitee was not entitled, pursuant to the provisions of Section 16(b) of the Exchange Act,
or other provisions of any federal, state or local statute or rules and regulations under those statutes; or (iii) on account of conduct that is established by a final judgment not subject to further appeal as constituting a breach of
Indemnitee’s duty of loyalty to the Company or resulting in any personal profit or advantage to which Indemnitee is not legally entitled. For purposes of the foregoing sentence, a final judgment may be reached solely in the underlying
proceeding. 
 (b) Claims Initiated by Indemnitee. Despite any provision in this Agreement to the contrary, the Company shall not be obligated
to indemnify or advance Expenses to Indemnitee with respect to proceedings or claims initiated or brought by Indemnitee against the Company or its Agents and not by way of defense, except: (i) with respect to proceedings brought to establish or
enforce a right to indemnification or advancement under this Agreement or under any other agreement, provision in the Bylaws or Certificate of Incorporation or applicable law; or (ii) with respect to any other proceeding initiated by Indemnitee
that is either approved by the Board of Directors or Indemnitee’s participation is required by applicable law. However, indemnification or advancement of Expenses may be provided by the Company in specific cases if the Board of Directors
determines it to be appropriate. 
 (c) Settlements. Despite any provision in this Agreement to the contrary, the Company shall not be
obligated pursuant to the terms of this Agreement to indemnify Indemnitee under this Agreement for any amounts paid in settlement of a proceeding effected without the Company’s written consent unless the Company is acting contrary to the terms
of this Section 11. Neither the Company nor Indemnitee shall unreasonably withhold consent to any proposed settlement. The Company shall not settle any action or claim in any manner which would impose any penalty or limitation on the
Indemnitee without Indemnitee’s written consent, which may be given or withheld in Indemnitee’s sole discretion. On its own behalf, the Company shall not settle any part of any Proceeding to which Indemnitee is party with respect to other
parties (including the Company) without the written consent of Indemnitee if any portion of such settlement is to be funded from any corporate insurance policy under which Indemnitee is an insured and for which Indemnitees claims may be covered
unless approved by: (i) the written consent of Indemnitee; or (ii) a majority of the independent directors of the Board of Directors. Notwithstanding the previous sentence, the right to constrain the Company’s use of corporate
insurance as described in this Section 11 shall terminate at the time the Company concludes under the terms of this Agreement that: (i) Indemnitee is not entitled to indemnification pursuant to this agreement; or
(ii) such indemnification obligation to Indemnitee has been fully discharged by the Company. 
 (d) Prior Payments. Subject to
Section 5, the Company shall not be obligated pursuant to the terms of this Agreement to indemnify or advance Expenses to Indemnitee under this Agreement for which payment has actually been made to or on behalf of
Indemnitee under any Company insurance policy or other indemnity provision (excluding pursuant to Section 5, any Secondary Indemnitors), except with respect to any excess beyond the amount paid under any insurance policy or indemnity policy.
Notwithstanding the previous sentence, payment made to Indemnitee pursuant to an insurance policy (either purchased and maintained by Indemnitee at his or her own expense or purchased in favor of Indemnitee by a Secondary Indemnitor) of any amounts
otherwise indemnifiable or obligated to be made pursuant to this Agreement shall not reduce the Company’s obligations to Indemnitee pursuant to this Agreement. 

 12. Non-exclusivity and Survival of Rights. The
provisions for indemnification and advancement of Expenses set forth in this Agreement shall not exclude or limit any other rights to which Indemnitee may at any time be entitled under any provision of applicable law, the Company’s Certificate
of Incorporation, Bylaws or other agreements, both as to action in Indemnitee’s official capacity and Indemnitee’s action as an Agent, in any court in which a proceeding is brought. Indemnitee’s rights under this Agreement shall
continue after Indemnitee has ceased acting as an Agent and shall inure to the benefit of the heirs, executors, administrators and assigns of Indemnitee. The obligations and duties of the Company to Indemnitee under this Agreement shall be binding
on the Company and its successors and assigns until terminated in accordance with its terms. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business or assets of the Company, by written agreement, expressly to: (i) assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place;
and (ii) agree to indemnify Indemnitee to the fullest extent permitted by law. 
 No amendment, alteration or repeal of this Agreement or of any
provision of this Agreement shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her corporate status prior to such amendment, alteration or repeal. To the extent
that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Company’s Certificate of Incorporation, Bylaws and this Agreement, the
parties acknowledge and agree that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy provided for in this Agreement is intended to be exclusive of any other right or remedy, and every other
right and remedy shall be cumulative and in addition to every other right and remedy given under this Agreement or now or after the date of this Agreement existing at law or in equity or otherwise. The assertion or employment of any right or remedy
under this Agreement, or otherwise, by Indemnitee shall not prevent the concurrent assertion or employment of any other right or remedy by Indemnitee. 

13. Term. This Agreement shall continue in effect until the later of: (a) ten years after the date that Indemnitee shall have ceased to
serve as an Agent; or (b) for as long as any proceeding is pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses under this Agreement, even after Indemnitee has ceased to serve as an Agent, and
for one year after the final termination of such proceeding, including any appeal, and of any proceeding commenced by Indemnitee pursuant to this Agreement relating to that initial proceeding. 

14. Definitions and Construction of Certain Phrases. 

(a) Agent. For purposes of this Agreement, the term “Agent” of the Company means any person who: (i) is or was a director,
officer, employee, agent, or other fiduciary of the Company or a subsidiary of the Company; or (ii) is or was serving at the request of the Company or a subsidiary of the Company, as a director, officer, employee, agent, or other fiduciary
of a foreign or domestic corporation, partnership, joint venture, trust or other enterprise. References to “serving at the request of the Company” shall include, but not be limited to, any service as a director, officer, employee or agent
of the Company or any other entity which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries, including as a deemed fiduciary with respect
to such employee benefit plan, its participants or beneficiaries. 
 (b) Change in Control. For purposes of this Agreement, a “Change
in Control” means the time at which Ares Corporate Opportunities Fund IV, L.P. (together with its affiliates, “Ares”) and Ontario Teachers’ Pension Plan Board (together with its affiliates, “OTPP,”
and, together with Ares, the “Sponsors”) cease to have, in the aggregate, beneficial ownership of a majority of the voting power of the Company’s outstanding capital stock (for this purpose, the term “beneficial
ownership” has the meaning given to it in the rules under the Exchange Act). 
 (c) Disinterested Director. For purposes of this Agreement, the
term “Disinterested Director” shall mean a director of the Company who is not and was not a party to the proceeding in respect of which indemnification is sought by Indemnitee. 

(d) Exchange Act. For purposes of this Agreement, the term “Exchange Act” shall mean the Securities Exchange Act of 1934, as
amended. 
 (e) Expenses. For purposes of this Agreement, the term “Expenses” shall be broadly construed and shall include,
without limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys’, witness, or other professional fees and related disbursements, and other out-of-pocket costs of whatever nature), actually and reasonably incurred by Indemnitee in connection with the investigation, defense or appeal of a proceeding or establishing or enforcing a right to
indemnification under this Agreement, the DGCL or otherwise. “Expenses” shall also include: (i) Expenses incurred in connection with any appeal resulting from any proceeding, including without limitation the premium, security
for and other costs relating to any cost bond, supsedeas bond or other appeal bond or its equivalent; (ii) expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this
Agreement, by litigation or otherwise; (iii) any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement (on a grossed up basis); and (iv) any interest,
assessments or other charges in respect of the amounts in clauses (i) through (iii). 

 (f) Independent Counsel. For purposes of this Agreement, the term “Independent
Counsel” means a law firm, or a partner (or, if applicable, member) of such a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent:
(i) the Company or Indemnitee in any matter material to either of them, or (ii) any other party to the proceeding giving rise to a claim for indemnification under this Agreement. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company shall pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all expenses, claims, liabilities and damages
arising out of or relating to this Agreement or its engagement pursuant to this Agreement. 
 (g) Liabilities. For purposes of this Agreement,
the term “Liabilities” shall be broadly construed and shall include, but not be limited to, judgments, damages, deficiencies, liabilities, losses, penalties, excise taxes, fines, assessments and amounts paid in settlement, including
any interest and any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payment under this Agreement. 

(h) Proceedings. For purposes of this Agreement, the term “proceeding” shall be broadly construed and shall include, but not be
limited to, any threatened, pending, or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, or any other actual, threatened or
completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, and whether formal or informal in any case, in which Indemnitee was, is or will be involved as a
party, potential party, non-party witness, or otherwise by reason of: (i) the fact that Indemnitee is or was a director or officer of the Company; (ii) the fact of any action taken by Indemnitee (or
a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s part while acting as an Agent; or (iii) the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust, employee benefit plan, or other enterprise, and in any such case described above, whether or not serving in any such capacity at the time any Liability or Expense is incurred for
which indemnification, reimbursement, or advancement of Expenses may be provided under this Agreement. If the Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of a proceeding, this shall be
considered a proceeding under this paragraph. 
 (i) Subsidiary. For purposes of this Agreement, the term “subsidiary” means
any corporation, limited liability company, or other entity, of which more than 50% of the outstanding voting securities or equity interests are owned, directly or indirectly, by the Company and one or more of its subsidiaries, and any other
corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as an Agent. 

(j) Voting Securities. For purposes of this Agreement, “Voting Securities” shall mean any securities of the Company that vote
generally in the election of directors. 
 15. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to
the extent of that payment to all of the rights of recovery of Indemnitee against other persons (other than the Sponsors or any insurer under a policy provided by the Sponsors), who, at the request and expense of the Company, shall execute all
papers required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 

16. Interpretation of Agreement. It is understood that the parties intend this Agreement to be interpreted and enforced so as to provide
indemnification and advancement of Expenses to Indemnitee to the fullest extent permitted by law as of and following the date of this Agreement. 

17. Severability/No Imputation. If any provision of this Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever, (a) the validity, legality and enforceability of the remaining provisions of the Agreement (including without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all
portions of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by
the provision held invalid, illegal or unenforceable and to give effect to Section 16. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or the Company itself shall
not be imputed to Indemnitee for purposes of determining any rights under this Agreement. 

 18. Amendment and Waiver. No supplement, modification, amendment, or cancellation of this
Agreement shall be binding unless executed in writing by the parties. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision of this Agreement (whether or not similar) nor shall such
waiver constitute a continuing waiver. 
 19. Notice. Except as otherwise provided in this Agreement, any notice or demand which, by the
provisions of this Agreement, is required or which may be given to or served upon the parties shall be in writing and, if by electronic transmission, shall be deemed to have been validly served, given or delivered when sent, and, if by overnight
delivery, courier or personal delivery, shall be deemed to have been validly served, given or delivered upon actual delivery, and, if mailed, shall be deemed to have been validly served, given or delivered three (3) business days after deposit
in the United States mail, as registered or certified mail, with proper postage prepaid and addressed to the party or parties to be notified at the addresses set forth on the signature page of this Agreement (or such other address(es) as a party may
designate for itself by like notice). If to the Company, notices and demands shall be delivered to the attention of the Secretary of the Company. 

20. Governing Law. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware, as applied to
contracts between Delaware residents entered into and to be performed entirely within Delaware. 
 21. Counterparts. This Agreement may be
executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute but one and the same Agreement. Only one counterpart need be produced to evidence the existence of
this Agreement. 
 22. Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction of this Agreement. 
 23. Entire Agreement. Subject to
Section 11, this Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements, understandings and negotiations, written and oral,
between the parties with respect to the subject matter of this Agreement. Notwithstanding the previous sentence, this Agreement is a supplement to and in furtherance of the Company’s Certificate of Incorporation, Bylaws, the DGCL and any other
applicable law, and shall not be deemed a substitute therefor, and does not diminish or abrogate any rights of Indemnitee under the Company’s Certificate of Incorporation, Bylaws, the DGCL and any other applicable law. 

24. Determination of Good Faith/Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be presumed to have acted in good
faith if Indemnitee’s action is based on the records or books of account of the Company, including financial statements, or on information supplied to Indemnitee by the officers of the Company in the course of their duties, or on the advice of
legal counsel for the Company or the Board of Directors or counsel selected by any committee of the Board of Directors or on information or records given or reports made to the Company by an independent certified public accountant or by an
appraiser, investment banker, compensation consultant, or other expert selected with reasonable care by the Company or the Board of Directors or any committee of the Board of Directors. The provisions of this Section 24
shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct. Whether or not the foregoing provisions of this
Section 24 are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company.

 25. Information Sharing. If Indemnitee is the subject of or is implicated in any way during an investigation, whether formal or informal,
the Company shall promptly notify the Indemnitee of such investigation. The Company shall further share with Indemnitee any information it has turned over to any third parties concerning the investigation (“Shared
Information”) at the time such information is so furnished, unless such notice is prohibited by any law, rule, regulation or formal order from a regulatory agency, would breach a confidentiality obligation owed to a third party or would
waive the Company’s attorney-client privilege. By executing this agreement, Indemnitee agrees that such Shared Information is material non-public information that Indemnitee is obligated to hold in
confidence and may not disclose publicly Notwithstanding the previous sentence, Indemnitee is permitted to use the Shared Information and to disclose such Shared information to Indemnitee’s legal counsel and third parties solely in connection
with defending Indemnitee from legal liability. 
 26. Contribution. To the fullest extent permissible under applicable law, if the
indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties,
excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the
circumstances of such proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such proceeding; and/or (ii) the relative fault of the
Company and Indemnitee in connection with such event(s) and/or transaction(s). 

 27. Consent to Jurisdiction. The Company and Indemnitee irrevocably and unconditionally:
(i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or
federal court in the United States of America or any court in any other country; (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this
Agreement; (iii) agree to appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, an agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with
any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware; (iv) waive any objection to the laying of venue of any such action or proceeding in
the Delaware Court; and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 

 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as of the date
first above written. 
  

			
	THE AZEK COMPANY INC.,
	a Delaware corporation
		
	By:	 	  

		 	 Name:
 Title:

		
	 Notice
 Address
	 	 1330 W Fulton Street #350
 Chicago, IL 60607

Attn: Chief Legal Officer
  

with a copy (which shall not constitute notice) to:
  

Sullivan & Cromwell LLP
 1870 Embarcadero Rd.

Palo Alto, CA 94303
 Attn: John L. Savva

Email: savvaj@sullcrom.com;
 Attn: Rita-Anne
O’Neill
 Email: oneillr@sullcrom.com

  

			
	INDEMNITEE
		
	By:	 	  

		 	 Name:
 [Title:]

	Notice Address	 	[•]

 [Signature Page to Indemnification Agreement]

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