Document:

Registration Rights Agreement between Intcomex, Inc.,dated as of August 25, 2005

 Exhibit 4.3 
  

 REGISTRATION RIGHTS AGREEMENT 
 Dated as of August 25, 2005 
 Among 
 INTCOMEX, INC. 
 and 
 THE GUARANTORS NAMED HEREIN 
 as Issuers,

 and 
 BANC OF AMERICA
SECURITIES LLC, 
 UBS SECURITIES LLC and 
 COMERICA SECURITIES, INC. 
 as Initial Purchasers 
 11 3/4% Second Priority Senior Secured Notes due 2011 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 1.      Definitions
	  	1
	 2.      Exchange Offer
	  	5
	 3.      Shelf Registration
	  	9
	 4.      Additional Interest
	  	10
	 5.      Registration Procedures
	  	12
	 6.      Registration Expenses
	  	20
	 7.      Indemnification and Contribution
	  	21
	 8.      Rules 144 and 144A
	  	25
	 9.      Underwritten Registrations
	  	26
	 10.    Miscellaneous
	  	26

  

 -i- 

 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is dated as of August 25, 2005, among INTCOMEX, INC., a Delaware
corporation (the “Company”), the subsidiaries of the Company that are listed on the signature pages hereto (collectively, and together with any entity that in the future executes a supplemental indenture pursuant to which
such entity agrees to guarantee the Notes (as hereinafter defined), the “Guarantors” and, together with the Company, the “Issuers”), and BANC OF AMERICA SECURITIES LLC, UBS SECURITIES LLC and COMERICA
SECURITIES, INC., as initial purchasers (the “Initial Purchasers”). 
 This Agreement is entered into in connection
with the Purchase Agreement by and among the Company, the Guarantors and the Initial Purchasers, dated August 16, 2005 (the “Purchase Agreement”), which provides for, among other things, the sale by the Company to the
Initial Purchasers of $120,000,000 aggregate principal amount of the Company’s 11 3/4% Second Priority Senior Secured Notes due 2011 (the “Notes”) guaranteed by the Guarantors (the “Guarantees”).
The Notes and the Guarantees are collectively referenced to herein as the “Securities”. In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Issuers have agreed to provide the registration
rights set forth in this Agreement for the benefit of the Initial Purchasers and any subsequent holder or holders of the Securities. The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase
the Securities under the Purchase Agreement. 
 The parties hereby agree as follows: 
  

	 	1.	Definitions. 

 As used in
this Agreement, the following terms shall have the following meanings: 
 Additional Interest: See
Section 4(a) hereto. 
 Advice: See the last paragraph of Section 5 hereto. 
 Agreement: See the introductory paragraphs hereto. 
 Applicable Period: See Section 2(b) hereto. 
 Business Day: Any day that is not a Saturday, Sunday or a day on which banking institutions in New York are authorized or
required by law to be closed. 
 Company: See the introductory paragraphs hereto. 
  

 -1- 

 Effectiveness Date: With respect to (i) the Exchange Offer
Registration Statement, the 120th day after the date of its filing with the SEC and (ii) any Shelf Registration
Statement, the 120th day after the Filing Date with respect thereto; provided, however, that if the Effectiveness Date would otherwise fall on a day that is not a Business Day, then the Effectiveness Date shall be the next succeeding
Business Day. 
 Effectiveness Period: See Section 3(a) hereto. 
 Event Date: See Section 4(b) hereto. 
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 Exchange Notes: See Section 2(a) hereto. 
 Exchange Offer: See Section 2(a) hereto. 
 Exchange Offer Registration Statement: See Section 2(a) hereto. 
 Filing Date: (A) With respect to an Exchange Offer Registration Statement, May 15, 2006; and (B) with respect
to any Shelf Registration Statement (which may be applicable notwithstanding the consummation of the Exchange Offer), the earliest of (i) the 60th day after the delivery of a Shelf Notice as required pursuant to Section 2(c) hereof and
(ii) the 180th day after which the Company determines it is not required to file an Exchange Offer Registration
Statement, but in no event earlier than May 15, 2006; provided, however, that if the Filing Date would otherwise fall on a day that is not a Business Day, then the Filing Date shall be the next succeeding Business Day.

 Guarantees: See the introductory paragraphs hereto. 
 Guarantors: See the introductory paragraphs hereto. 
 Holder: Any holder of a Registrable Note or Registrable Notes. 
 Indenture: The Indenture dated the date hereof, by and between the Company, the Guarantors and The Bank of New York, as
Trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 
 Information: See Section 5(o) hereto. 
 Initial Purchasers:
See the introductory paragraphs hereto. 
 Initial Shelf Registration: See Section 3(a) hereto. 

 

 -2- 

 Inspectors: See Section 5(o) hereto. 
 Issue Date: August 25, 2005, the date of original issuance of the Notes. 
 Issuers: See the introductory paragraphs hereto. 
 NASD: See Section 5(s) hereto. 
 Notes: See the introductory paragraphs hereto. 
 Participant: See Section 7(a) hereto. 
 Participating Broker-Dealer: See Section 2(b) hereto. 
 Person: An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust,
unincorporated association, union, business association, firm or other legal entity. 
 Private Exchange: See
Section 2(b) hereto. 
 Private Exchange Notes: See Section 2(b) hereto. 
 Prospectus: The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to
completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Securities Act and any term sheet filed pursuant to
Rule 434 under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed
to be incorporated by reference in such Prospectus. 
 Purchase Agreement: See the introductory paragraphs
hereto. 
 Records: See Section 5(o) hereto. 
 Registrable Notes: Each Note (and the related Guarantees) upon its original issuance and at all times subsequent thereto,
each Exchange Note (and the related guarantees) as to which Section 2(c)(iii) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note (and the related guarantees) upon original issuance
thereof and at all times subsequent thereto, until, in each case, the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Note as to which Section 2(c)(iii) hereof is applicable, the Exchange Offer
Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been declared effective by the SEC and such Note, Exchange Note or such Private Exchange Note (and the related guarantees), as the 

  

 -3- 

 
case may be, has been disposed of in accordance with such effective Registration Statement, (ii) such Note has been exchanged pursuant to the Exchange
Offer for an Exchange Note or Private Exchange Note (and the related guarantees) that may be resold without restriction under state and federal securities laws, (iii) such Note, Exchange Note or Private Exchange Note (and the related
guarantees), as the case may be, ceases to be outstanding for purposes of the Indenture or (iv) such Note, Exchange Note or Private Exchange Note (and the related guarantees), as the case may be, may be resold without restriction pursuant to
Rule 144(k) (as amended or replaced) under the Securities Act. 
 Registration Statement: Any registration
statement of the Issuers that covers any of the Notes, the Exchange Notes or the Private Exchange Notes (and the related guarantees, if any) filed with the SEC under the Securities Act, including the Prospectus, amendments and supplements to such
registration statement, including post-effective amendments, all exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 Rule 144: Rule 144 under the Securities Act. 
 Rule 144A: Rule 144A under the Securities Act. 
 Rule 405: Rule 405 under the Securities Act. 
 Rule 415: Rule 415 under the Securities Act. 
 Rule 424: Rule 424 under the Securities Act. 
 SEC: The United States Securities and Exchange Commission or any successor agency thereto. 
 Securities: See the introductory paragraphs hereto. 
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 Shelf Notice: See Section 2(c) hereto. 
 Shelf Registration: See Section 3(b) hereto. 
 Shelf Registration Statement: Any Registration Statement relating to a Shelf Registration. 
 Subsequent Shelf Registration: See Section 3(b) hereto. 
 TIA: The Trust Indenture Act of 1939, as amended. 
  

 -4- 

 Trustee: The trustee under the Indenture and the trustee (if any) under any
indenture governing the Exchange Notes and Private Exchange Notes (and the related guarantees). 
 Underwritten
registration or underwritten offering: A registration in which Registrable Notes are sold to an underwriter for reoffering to the public. 
 Except as otherwise specifically provided, all references in this Agreement to acts, laws, statutes, rules, regulations, releases, forms, no-action letters and other regulatory requirements (collectively,
“Regulatory Requirements”) shall be deemed to refer also to any amendments thereto and all subsequent Regulatory Requirements adopted as a replacement thereto having substantially the same effect therewith; provided
that Rule 144 shall not be deemed to amend or replace Rule 144A. 
  

	 	2.	Exchange Offer. 

 (a) Unless
the Exchange Offer would violate applicable law or any applicable interpretation of the staff of the SEC, the Issuers shall file with the SEC, no later than the Filing Date, a Registration Statement (the “Exchange Offer Registration
Statement”) on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Notes for a like aggregate principal amount of debt securities
of the Company (the “Exchange Notes”) guaranteed by the Guarantors that are identical in all material respects to the Securities, except that (i) the Exchange Notes shall contain no restrictive legend thereon and
(ii) interest thereon shall accrue from the last date on which interest was paid on the Notes or, if no such interest has been paid, from the Issue Date, and which are entitled to the benefits of the Indenture or a trust indenture which is
identical in all material respects to the Indenture (other than such changes to the Indenture or any such other trust indenture as are necessary to comply with any requirements of the SEC to effect or maintain the qualification thereof under the
TIA) and which, in either case, has been qualified under the TIA. The Exchange Offer shall comply with all applicable tender offer rules and regulations under the Exchange Act and other applicable laws. The Issuers shall use their commercially
reasonable best efforts to (x) cause the Exchange Offer Registration Statement to be declared effective under the Securities Act on or before the Effectiveness Date; (y) keep the Exchange Offer open for at least 30 days (or longer if
required by applicable law) after the date that notice of the Exchange Offer is mailed to Holders; and (z) consummate the Exchange Offer on or prior to the 45th day following the effectiveness of the Exchange Offer Registration Statement. 
 Each Holder (including, without limitation, each Participating Broker-Dealer) who participates in the Exchange Offer will be required to represent to the Issuers in writing (which may be contained in the applicable letter of transmittal)
that: (i) any Exchange Notes acquired in exchange for Registrable Notes tendered are being acquired in the ordinary course of business of the Person receiving such Exchange Notes, whether or not such recipient is 

  

 -5- 

 
such Holder itself; (ii) at the time of the commencement or consummation of the Exchange Offer neither such Holder nor, to the actual knowledge of such
Holder, any other Person receiving Exchange Notes from such Holder has an arrangement or understanding with any Person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act; (iii) neither
the Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Notes from such Holder is an “affiliate” (as defined in Rule 405) of the Company; (iv) neither such Holder nor, to the actual knowledge
of such Holder, any other Person receiving Exchange Notes from such Holder is engaging in or intends to engage in a distribution of the Exchange Notes; and (v) if such Holder is a Participating Broker-Dealer, such Holder has acquired the
Registrable Notes as a result of market-making activities or other trading activities and that it will comply with the applicable provisions of the Securities Act (including, but not limited to, the prospectus delivery requirements thereunder).

 Upon consummation of the Exchange Offer in accordance with this Section 2, the provisions of this Agreement shall
continue to apply solely with respect to Registrable Notes that are Private Exchange Notes, Exchange Notes as to which Section 2(c)(iii) is applicable and Exchange Notes held by Participating Broker-Dealers or affiliates of the Company, and the
Issuers shall have no further obligation to register Registrable Notes (other than Private Exchange Notes and Exchange Notes as to which clause 2(c)(iii) hereof applies) pursuant to Section 3 hereof. 
 Except as set forth in the last paragraph of Section 10(c), no securities other than Registrable Notes shall be included in the
Exchange Offer Registration Statement. 
 (b) The Issuers shall include within the Prospectus contained in the Exchange Offer
Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the
potential “underwriter” status of any broker-dealer that is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange Offer (a
“Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies represent the prevailing views of the staff of the SEC. Such “Plan
of Distribution” section shall also expressly permit, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the prospectus delivery requirements of the Securities Act,
including, to the extent permitted by applicable policies and regulations of the SEC, all Participating Broker-Dealers, and include a statement describing the means by which Participating Broker-Dealers may resell the Exchange Notes in compliance
with the Securities Act. 
 The Issuers shall use their commercially reasonable best efforts to keep the Exchange Offer
Registration Statement effective and to amend and supplement the Prospectus contained therein in order to permit such Prospectus to be lawfully delivered by all Persons 

  

 -6- 

 
subject to the prospectus delivery requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection
with any resale of the Exchange Notes; provided, however, that such period shall not be required to exceed 45 days or such longer period if extended pursuant to the last paragraph of Section 5 hereof (the “Applicable
Period”). 
 If, prior to consummation of the Exchange Offer, the Initial Purchasers hold any Notes acquired by
them that have the status of an unsold allotment in the initial distribution, the Issuers upon the request of the Initial Purchasers shall simultaneously with the delivery of the Exchange Notes issue and deliver to the Initial Purchasers, in
exchange (the “Private Exchange”) for such Notes held by any such Holder, a like principal amount of notes (the “Private Exchange Notes”) of the Issuers, guaranteed by the Guarantors that are identical
in all material respects to the Exchange Notes except for the placement of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP
number as the Exchange Notes (if permitted by the CUSIP Service Bureau). 
 In connection with the Exchange Offer, the Issuers
shall: 
 (1) mail, or cause to be mailed, to each Holder of record entitled to participate in the Exchange Offer a copy of
the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
 (2) use their commercially reasonable best efforts to keep the Exchange Offer open for not less than 30 days after the date that notice of the Exchange Offer is mailed to Holders (or longer if required by applicable
law); 
 (3) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City
of New York; 
 (4) permit Holders to withdraw tendered Securities at any time prior to 5:00 p.m., New York time, on the last
Business Day on which the Exchange Offer remains open; and 
 (5) otherwise comply in all material respects with all
applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange Offer and the Private
Exchange, if any, the Issuers shall: 
 (1) accept for exchange all Registrable Notes validly tendered and not validly
withdrawn pursuant to the Exchange Offer or the Private Exchange, if any; 
  

 -7- 

 (2) deliver to the Trustee for cancellation all Registrable Notes so accepted for
exchange; and 
 (3) cause the Trustee to authenticate and deliver promptly to each Holder of Securities, Exchange Notes or
Private Exchange Notes, as the case may be, equal in principal amount to the Securities of such Holder so accepted for exchange; provided that, in the case of any Securities held in global form by a depositary, authentication and delivery to
such depositary of one or more replacement Securities in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery requirement. 

The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or
Private Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the staff of the SEC; (ii) no action or proceeding shall have been instituted or threatened in any court or by any governmental agency
which might materially impair the ability of the Issuers to proceed with the Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing action or proceeding with respect to the Issuers; and
(iii) all governmental approvals shall have been obtained, which approvals the Issuers deem necessary for the consummation of the Exchange Offer or Private Exchange. 
 The Exchange Notes and the Private Exchange Notes shall be issued under (i) the Indenture or (ii) an indenture identical in all
material respects to the Indenture and which, in either case, has been qualified under the TIA or is exempt from such qualification and shall provide that the Exchange Notes shall not be subject to the transfer restrictions set forth in the
Indenture. The Indenture or such indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Securities shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange
Notes or the Securities will have the right to vote or consent as a separate class on any matter. 
 (c) If, (i) because
of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuers are not permitted to effect the Exchange Offer, (ii) the Initial Purchasers or any holder of Private Exchange Notes so requests in writing to
the Company at any time prior to the 10th day following the consummation of the Exchange Offer, or (iii) in the case of any Holder that participates in the Exchange Offer, such Holder does not receive Exchange Notes on the date of the exchange
that may be sold without restriction under state and federal securities laws (other than due solely to the status of such Holder as an affiliate of the Issuers within the meaning of the Securities Act) and so notifies the Company within 30 days
after such Holder first becomes aware of such restrictions, it being understood that the requirement that a Participating Broker-Dealer deliver a Prospectus in connection with sales of Exchange Notes acquired in the Exchange Offer in exchange for
Notes acquired as a result of market-making or other trading activities shall not result in such Exchange Notes being subject to such restriction, in the case of each of clauses (i) to and including (iii) of this 

  

 -8- 

 
sentence, then the Issuers shall promptly deliver to the Holders and the Trustee written notice thereof (the “Shelf Notice”) and
shall file a Shelf Registration pursuant to Section 3 hereof. 
  

	 	3.	Shelf Registration. 

 If a Shelf Notice is
delivered as contemplated by Section 2(c) hereof, then: 
 (a) Shelf Registration. The Issuers shall use
their commercially reasonable best efforts to file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the “Initial Shelf
Registration”) on or prior to the applicable Filing Date. The Initial Shelf Registration shall be on Form S-3 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners
designated by them (including, without limitation, one or more underwritten offerings). The Issuers shall not permit any securities other than the Registrable Notes and the Guarantees to be included in the Initial Shelf Registration or any
Subsequent Shelf Registration (as defined below). 
 The Issuers shall use their commercially reasonable best efforts to cause
the Shelf Registration to be declared effective under the Securities Act on or prior to the Effectiveness Date and to keep the Initial Shelf Registration continuously effective under the Securities Act until the date that is two years from the Issue
Date or such shorter period ending when all Registrable Notes covered by the Initial Shelf Registration have been sold or cease to be outstanding in the manner set forth and as contemplated in the Initial Shelf Registration or, if applicable, a
Subsequent Shelf Registration (the “Effectiveness Period”); provided, however, that the Effectiveness Period in respect of the Initial Shelf Registration shall be extended to the extent required to permit
dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein and shall be subject to reduction to the extent that the applicable provisions of Rule 144(k) are
amended or revised to reduce the two year holding period set forth therein. 
 (b) Withdrawal of Stop Orders; Subsequent
Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the Notes registered
thereunder), the Issuers shall use their commercially reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness amend such
Shelf Registration Statement in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement pursuant to Rule 415 covering all of the Registrable Notes covered by and not
sold under the Initial Shelf Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent Shelf Registration”). If a Subsequent Shelf 

  

 -9- 

 
Registration is filed, the Issuers shall use their commercially reasonable best efforts to cause the Subsequent Shelf Registration to be declared effective
under the Securities Act as soon as practicable after such filing and to keep such subsequent Shelf Registration continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during
which the Initial Shelf Registration or any Subsequent Shelf Registration was previously continuously effective. As used herein the term “Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf
Registration. 
 (c) Supplements and Amendments. The Issuers shall promptly supplement and amend the Shelf
Registration if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested by the Holders of a majority in aggregate
principal amount of the Registrable Notes (or their counsel) covered by such Registration Statement with respect to the information included therein with respect to one or more of such Holders, or by any underwriter of such Registrable Notes with
respect to the information included therein with respect to such underwriter. 
  

	 	4.	Additional Interest. 

 (a)
The Issuers and the Initial Purchasers agree that the Holders will suffer damages if the Issuers fail to fulfill their obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such
damages with precision. Accordingly, the Issuers agree to pay, jointly and severally, as liquidated damages, additional interest on the Notes (“Additional Interest”) under the circumstances and to the extent set forth below
(each of which shall be given independent effect) as a reasonable estimate of such damages and the sole remedy of the Holders with respect thereto: 
 (i) if (A) neither the Exchange Offer Registration Statement nor the Initial Shelf Registration has been filed on or prior to the Filing Date applicable thereto or (B) notwithstanding that the Issuers have
consummated or will consummate the Exchange Offer, the Issuers are required to file a Shelf Registration and such Shelf Registration is not filed on or prior to the Filing Date applicable thereto, then, commencing on the day after any such Filing
Date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days immediately following such applicable Filing Date, and such Additional Interest rate shall increase by an additional
0.25% per annum at the beginning of each subsequent 90-day period; or 
 (ii) if (A) neither the Exchange Offer
Registration Statement nor the Initial Shelf Registration is declared effective by the SEC on or prior to the Effectiveness Date applicable thereto or (B) notwithstanding that the Issuers have consummated or will consummate the Exchange Offer,
the Issuers are required to file a Shelf Registration 

  

 -10- 

 
and such Shelf Registration is not declared effective by the SEC on or prior to the Effectiveness Date applicable to such Shelf Registration, then,
commencing on the day after such Effectiveness Date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days immediately following the day after such Effectiveness Date, and such
Additional Interest rate shall increase by an additional 0.25% per annum at the beginning of each subsequent 90-day period; or 
 (iii) if (A) the Issuers have not exchanged Exchange Notes for all Notes validly tendered in accordance with the terms of the Exchange Offer on or prior to the 45th day after the effectiveness of the Exchange Offer Registration Statement or (B) if applicable, a Shelf Registration has been declared effective and such
Shelf Registration ceases to be effective at any time during the Effectiveness Period, then Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days commencing on the (x) the
day following the 45th day after the effectiveness of the Exchange Offer Registration Statement, in the case of
(A) above, or (y) the day such Shelf Registration ceases to be effective in the case of (B) above, and such Additional Interest rate shall increase by an additional 0.25% per annum at the beginning of each such subsequent 90-day
period; 
 provided, however, that (1) Additional Interest on the Notes may not accrue under more than one of the foregoing clauses
(i)-(iii) at any one time and at no time shall the aggregate amount of Additional Interest accruing exceed in the aggregate 1.0% per annum; provided, further, however, that (1) upon the filing of the applicable
Exchange Offer Registration Statement or the applicable Shelf Registration as required hereunder (in the case of clause (i) above of this Section 4), (2) upon the effectiveness of the Exchange Offer Registration Statement or the
applicable Shelf Registration Statement as required hereunder (in the case of clause (ii) of this Section 4), or (3) upon the exchange of the Exchange Notes for all Notes tendered (in the case of clause (iii)(A) of this
Section 4), or upon the effectiveness of the applicable Shelf Registration Statement which had ceased to remain effective (in the case of (iii)(B) of this Section 4), Additional Interest on the Notes in respect of which such events relate
as a result of such clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. 
 (b) The Issuers
shall notify the Trustee within three Business Days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Any amounts of Additional Interest due
pursuant to clause (a) of this Section 4 will be payable in cash on each January 15 and July 15 (to the holders of record on January 1 and July 1 immediately preceding such dates), commencing with the first such date
occurring after any such Additional Interest commences to accrue. The amount of Additional Interest will be determined based on a year made up of 360 days consisting of twelve 30-day months. No Additional Interest shall accrue with respect to Notes
that are not Registrable Notes. 
  

 -11- 

	 	5.	Registration Procedures. 

 In connection with
the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect such registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition
thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder, each of the Issuers shall: 
 (a) Prepare and file with the SEC prior to the applicable Filing Date a Registration Statement or Registration Statements as prescribed by Section 2 or 3 hereof, and use its commercially reasonable best efforts
to cause each such Registration Statement to become effective and remain effective as provided herein; provided, however, that if (1) such filing is pursuant to Section 3 hereof or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from
whom any Issuer has received written notice that it will be a Participating Broker-Dealer in the Exchange Offer, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuers shall furnish to and afford
the Holders of the Registrable Notes covered by such Registration Statement (with respect to a Registration Statement filed pursuant to Section 3 hereof) or each such Participating Broker-Dealer (with respect to any such Registration
Statement), as the case may be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto)
proposed to be filed (in each case at least three Business Days prior to such filing) and shall use commercially reasonable best efforts to reflect therein reasonable and timely comments received from the Initial Purchasers or managing underwriters
or their counsel. 
 (b) Prepare and file with the SEC such amendments and post-effective amendments to each Shelf
Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period, the Applicable Period or until consummation of the
Exchange Offer, as the case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424; and comply with the provisions of the
Securities Act and the Exchange Act applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any
securities being sold by a Participating Broker-Dealer covered by any such Prospectus. Other than during any Blackout Period, the Issuers shall be deemed not to have used their commercially reasonable best efforts to keep a Registration Statement

  

 -12- 

 
effective if any Issuer voluntarily takes any action that would result in selling Holders of the Registrable Notes covered thereby or Participating
Broker-Dealers seeking to sell Exchange Notes not being able to sell such Registrable Notes or such Exchange Notes during that period unless such action is required by applicable law or permitted by this Agreement. 
 (c) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom any
Issuer has received written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of Registrable Notes (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such
Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their counsel and the managing underwriters, if any, promptly (but in any event within two Business Days), and confirm such notice in writing,
(i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including
in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuers, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents
incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary
prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by
Participating Broker-Dealers the representations and warranties of the Issuers contained in any agreement (including any underwriting agreement) contemplated by Section 5(n) hereof cease to be true and correct in all material respects,
(iv) of the receipt by any Issuer of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes to be sold by any
Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known that
makes any statement regarding a material fact made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any
changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or 

  

 -13- 

 
necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Issuers’ determination that a
post-effective amendment to a Registration Statement would be appropriate. 
 (d) Use its commercially reasonable best efforts
to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the
Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for sale in any jurisdiction, and, if any such order is issued, to use its commercially reasonable best efforts to obtain the withdrawal of any such order at the
earliest practicable moment. 
 (e) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable
Period, furnish to each selling Holder of Registrable Notes (with respect to a Registration Statement filed pursuant to Section 3 hereof) and to each such Participating Broker-Dealer who so requests (with respect to any such Registration
Statement) and to their respective counsel and each managing underwriter, if any, at the sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including
financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
 (f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to
be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes (with respect to a Registration Statement filed pursuant to
Section 3 hereof), or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their respective counsel, and the underwriters, if any, at the sole expense of the Issuers, as many copies of the
Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of
this Section 5, the Issuers hereby consent to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the
underwriters or 

  

 -14- 

 
agents, if any, and dealers, if any, in connection with the offering and sale of the Registrable Notes covered by, or the sale by Participating
Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 
 (g) Prior to any
public offering of Registrable Notes or any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its commercially
reasonable best efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective
counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Notes for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as
any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request in writing; provided, however, that where Exchange Notes held by Participating Broker-Dealers or Registrable Notes are
offered other than through an underwritten offering, the Issuers agree to (i) cause their counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h),
(ii) keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and (iii) do any and all other acts or things necessary or advisable to
enable the disposition in such jurisdictions of the Exchange Notes held by Participating Broker-Dealers or the Registrable Notes covered by the applicable Registration Statement; provided, however, that no Issuer shall be required to
(A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or
(C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
 (h) If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Notes to be in such
denominations (subject to applicable requirements contained in the Indenture) and registered in such names as the managing underwriter or underwriters, if any, or Holders may request. 
 (i) Use its commercially reasonable best efforts to cause the Registrable Notes covered by the Registration Statement to be registered
with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition 

  

 -15- 

 
of such Registrable Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuers
will cooperate in all reasonable respects with the selling Holder in its efforts to receive such registration or approval. 
 (j) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period or (3) the Initial Purchasers or any of their affiliates (as such term is defined in the rules and regulations under the Securities
Act) are required to deliver a Prospectus in connection with the sale of, or market-making activities with respect to, the Securities (as determined by the Initial Purchasers, in their reasonable judgment), upon the occurrence of any event
contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, (I) as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the SEC, at the sole expense of the Issuers, a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the
Registrable Notes being sold thereunder (with respect to a Registration Statement filed pursuant to Section 3 hereof) or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer (with
respect to any such Registration Statement), any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading and (II) provide the Initial Purchasers with copies of each such amendment or supplement filed and such other documents as the Initial Purchasers may reasonably request. 
 (k) Use its commercially reasonable best efforts to cause the Registrable Notes covered by a Registration Statement or the Exchange Notes,
as the case may be, to be rated with the appropriate rating agencies (unless such Notes are already so rated), if so requested by the Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement or
the Exchange Notes, as the case may be, or the managing underwriter or underwriters, if any. 
 (l) Prior to the effective
date of the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP
number for the Registrable Notes. 
 (m) In connection with any underwritten offering of Registrable Notes pursuant to a Shelf
Registration, enter into an underwriting agreement as is customary in 

  

 -16- 

 
underwritten offerings of debt securities similar to the Securities, and take all such other actions as are reasonably requested by the managing underwriter
or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with respect to the
business of the Issuers (including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are
customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Securities, and confirm the same in writing if and when requested; (ii) obtain the written opinions of counsel to the Issuers, and written
updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions reasonably requested in underwritten offerings;
(iii) obtain “cold comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if
necessary, any other independent certified public accountants of the Issuers, or of any business acquired by the Issuers, for which financial statements and financial data are, or are required to be, included or incorporated by reference in the
Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of debt
securities similar to the Securities; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable to the sellers and underwriters, if any, than those set forth in
Section 7 hereof (or such other provisions and procedures reasonably acceptable to Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or
agents, if any) with respect to all parties to be indemnified pursuant thereto. The above shall be done at each closing under such underwriting agreement, or as, and to the extent, required thereunder. 
 (n) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by
any Initial Purchaser, any selling Holder of such Registrable Notes being sold (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer, as the case may be, any underwriter
participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the
case may be, or underwriter (any such Initial Purchaser, Holders, Participating Broker-Dealers, 

  

 -17- 

 
underwriters, attorneys, accountants or agents, collectively, the “Inspectors”), upon written request, at the offices where normally
kept, during reasonable business hours, all pertinent financial and other records, pertinent corporate documents and instruments of the Issuers and subsidiaries of the Company (collectively, the “Records”), as shall be
reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuers and any of their respective subsidiaries, if any, to supply all information
(“Information”) reasonably requested by any such Inspector in connection with such due diligence responsibilities. Each Inspector shall agree in writing that it will keep the Records and Information confidential and that it
will not disclose any of the Records or Information that any Issuer determines, in good faith, to be confidential and notifies the Inspectors in writing are confidential unless (i) the disclosure of such Records or Information is necessary to
avoid or correct a material misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records or Information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction,
(iii) disclosure of such Records or Information is necessary or advisable, in the opinion of counsel for any Inspector, in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such
Inspector and arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records or
Information has been made generally available to the public other than through disclosure by an Inspector or an “affiliate” (as defined in Rule 405 under the Securities Act) thereof; provided, however, that prior notice
shall be provided as soon as practicable to any Issuer of the potential disclosure of any information by such Inspector pursuant to clause (i) or (ii) of this sentence to permit the Issuers to undertake appropriate action to prevent
disclosure of such Records or Information at the Issuers’ expense; provided, further, that, to the extent the foregoing shall be made contemporaneously by more than two Holders, there shall be one attorney (plus any local counsel) and
one accountant retained by all Holders to make such investigation. 
 (o) Provide an indenture trustee for the Registrable
Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of the first Registration
Statement relating to the Registrable Notes; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes, to effect such changes (if any) to such indenture as may be required for such
indenture to be so qualified in accordance with the terms of the TIA; and execute, and use its commercially reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and
documents required to be filed with the SEC to enable such indenture to be so qualified in a timely manner. 
  

 -18- 

 (p) Comply with all applicable rules and regulations of the SEC and make generally
available to its securityholders with regard to any applicable Registration Statement, a consolidated earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule
promulgated under the Securities Act) no later than 45 days after the end of any fiscal quarter (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which
Registrable Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company, after the
effective date of a Registration Statement, which statements shall cover said 12-month periods. 
 (q) If the Exchange Offer
or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other Person as directed by the Company), in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be,
the Issuers shall mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being canceled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be
marked as paid or otherwise satisfied. 
 (r) Cooperate with each seller of Registrable Notes covered by any Registration
Statement and each underwriter, if any, participating in the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers, Inc. (the
“NASD”). 
 (s) Use its commercially reasonable best efforts to take all other steps necessary to
effect the registration of the Exchange Notes and/or Registrable Notes covered by a Registration Statement contemplated hereby. 
 The
Issuers may require each seller of Registrable Notes as to which any registration is being effected to furnish to the Issuers such information regarding such seller and the distribution of such Registrable Notes as the Issuers may, from time to
time, reasonably request. The Issuers may exclude from such registration the Registrable Notes of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such request. Each seller as to which any
Shelf Registration is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the information previously furnished to the Issuers by such seller not materially misleading. 
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Company, then such Holder shall have
the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder
of the investment quality of the securities covered 

  

 -19- 

 
thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company, or (ii) in the
event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the Registration
Statement filed or prepared subsequent to the time that such reference ceases to be required. 
 Each Holder of Registrable Notes and each
Participating Broker-Dealer agrees by its acquisition of such Registrable Notes or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, that, upon actual receipt of any notice from the Company (i) of the happening
of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof or (ii) of its determination pursuant to the immediately following sentence, such Holder will forthwith discontinue disposition of such
Registrable Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be, until such Holder’s or Participating Broker-Dealer’s receipt of the
copies of any supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing (the “Advice”) by the Issuers that the use of the applicable Prospectus may be resumed, and has
received copies of any amendments or supplements thereto. Notwithstanding anything to the contrary provided herein, if the Company determines that it has a bona fide business purpose therefor, the Issuers (a) may delay the filing or the
effectiveness of the Exchange Offer Registration Statement or the Shelf Registration Statement (if not then filed or effective, as applicable) and (b) shall not be required to maintain the effectiveness of or amend or supplement the Shelf
Registration Statement, in the case of either (a) or (b) for a period not to exceed 30 days in any 90-day period; provided that (i) the Company shall provide notice thereof to the Trustee if prior to the filing or effectiveness
of the Exchange Offer Registration Statement or Shelf Registration Statement or to the Holders and each Participating Broker-Dealer in accordance with the immediately preceding sentence thereafter and (ii) Additional Interest will not be
payable as a result thereof. In the event that the Issuers shall give any such notice, each of the Applicable Period and the Effectiveness Period shall be extended by the number of days during such periods from and including the date of the giving
of such notice to and including the date when each seller of Registrable Notes covered by such Registration Statement or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, shall have received (x) the copies of
the supplemented or amended Prospectus contemplated by Section 5(k) hereof or (y) the Advice; provided that in no event will the Effectiveness Period extend beyond the date upon which all Notes registered under the relevant Shelf
Registration Statement cease to be Registrable Notes. 
  

	 	6.	Registration Expenses. 

 All fees and
expenses incident to the performance of or compliance with this Agreement by the Issuers (other than any underwriting discounts or commissions, which shall 

  

 -20- 

 
be paid by the applicable Holder) shall be borne by the Issuers, whether or not the Exchange Offer Registration Statement or any Shelf Registration Statement
is filed or becomes effective or the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with the NASD in
connection with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of
the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x) where the holders of Registrable Notes are located, in the case of
the Exchange Notes, or (y) as provided in Section 5(h) hereof, in the case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without
limitation, expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing
underwriter or underwriters, if any, by the Holders of a majority in aggregate principal amount of the Registrable Notes included in any Registration Statement or in respect of Registrable Notes or Exchange Notes to be sold by any Participating
Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuers and, in the case of a Shelf Registration, reasonable fees and
disbursements of one special counsel for all of the sellers of Registrable Notes (exclusive of any counsel retained pursuant to Section 7 hereof), (v) fees and disbursements of all independent certified public accountants referred to in
Section 5(o)(iii) hereof (including, without limitation, the expenses of any “cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuers desire such insurance,
(vii) fees and expenses of all other Persons retained by the Issuers, (viii) internal expenses of the Issuers (including, without limitation, all salaries and expenses of officers and employees of the Issuers performing legal or accounting
duties), (ix) the expense of any annual audit, (x) any fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, if any, and the obtaining of a rating of the securities, in
each case, if applicable, and (xi) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary to comply with this Agreement (other than
fess and expenses of counsel to the underwriters of any underwritten offering). 
  

	 	7.	Indemnification and Contribution. 

 (a) Each of the Issuers agree, jointly and severally, to indemnify and hold harmless each Holder of Registrable Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, and each Person, if any, who
controls such Person or its affiliates within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, a “Participant”) against any losses, claims, damages or liabilities to which any Participant

  

 -21- 

 
may become subject under the Act, the Exchange Act or otherwise, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon: 
 (i) any untrue statement or alleged untrue statement of any material fact contained in any
Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto); or 
 (ii) the omission or alleged omission to state, in any Registration Statement (or any amendment thereto) or Prospectus (as amended or
supplemented if the Issuers shall have furnished any amendments or supplements thereto) or any other document or any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein, in the
case of the Prospectus, in light of the circumstances under which they were made, not misleading; 
 and will reimburse, as incurred, the Participant for any
reasonable and documented legal or other expenses incurred by the Participant in connection with investigating, defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or action;
provided, however, the Issuers will not be liable in any such case (i) to the extent that any such loss, claim, damage, or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or
alleged omission made in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any amendment or supplement thereto in
reliance upon and in conformity with information relating to any Participant furnished to the Issuers by such Participant specifically for use therein, (ii) if such loss, claim, damage or liability arises as a result of use of a Shelf
Registration Statement or the related Prospectus during a period when such use has been suspended pursuant to Section 5(c) or the last paragraph of Section 5, provided that the Company has complied with its obligations in
Section 5(c) and (iii) if such Participant sold to the person asserting the claim the Registrable Notes or Exchange Notes that are the subject of such claim and such untrue statement or alleged untrue statement or omission or alleged
omission was contained or made in any preliminary prospectus and corrected in the Prospectus or any amendment or supplement thereto and the Prospectus does not contain any other untrue statement or omission of a material fact that was the subject
matter of the related proceeding and it is established by the Issuers in the related proceeding that such Participant failed to deliver or provide a copy of the Prospectus (as amended or supplemented) to such Person with or prior to the confirmation
of the sale of such Registrable Notes or Exchange Notes sold to such Person if required by applicable law, unless such failure to deliver or provide a copy of the Prospectus (as amended or supplemented) was a result of noncompliance with the Issuers
with Section 7 of this Agreement. The indemnity provided for in this Section 7 will be in addition to any liability that the Issuers may otherwise have to the indemnified parties. The Issuers shall not be liable under 

  

 -22- 

 
this Section 7 for any settlement of any claim or action effected without its prior written consent, which shall not be unreasonably withheld.

 (b) Each Participant, severally and not jointly, agrees to indemnify and hold harmless the Issuers, their directors, their
officers and each Person, if any, who controls the Issuers within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which the Issuers or any such director, officer
or controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged
untrue statement of any material fact contained in any Registration Statement or Prospectus, any amendment or supplement thereto, or (ii) the omission or the alleged omission to state therein a material fact necessary to make the statements
therein, in the case of the Prospectus, in light of the circumstances which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission
was made in reliance upon and in conformity with written information concerning such Participant, furnished to the Issuers by the Participant, specifically for use therein; and subject to the limitation set forth immediately preceding this clause,
will reimburse, as incurred, any legal or other expenses incurred by the Issuers or any such director, officer or controlling person in connection with investigating or defending against or appearing as a third party witness in connection with any
such loss, claim, damage, liability or action in respect thereof. The indemnity provided for in this Section 7 will be in addition to any liability that the Participants may otherwise have to the indemnified parties. The Participants shall not
be liable under this Section 7 for any settlement of any claim or action effected without their consent, which shall not be unreasonably withheld. The Issuers shall not, without the prior written consent of such Participant, effect any
settlement or compromise of any pending or threatened proceeding in respect of which any Participant is or could have been a party, or indemnity could have been sought hereunder by any Participant, unless such settlement (A) includes an
unconditional written release of the Participants, in form and substance reasonably satisfactory to the Participants, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an
admission of fault, culpability or failure to act by or on behalf of any Participant. 
 (c) Promptly after receipt by an
indemnified party under this Section 7 of notice of the commencement of any action for which such indemnified party is entitled to indemnification under this Section 7, such indemnified party will, if a claim in respect thereof is to be
made against the indemnifying party under this Section 7, notify the indemnifying party of the commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve it from any liability under paragraph
(a) or (b) above unless and to the extent such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided in paragraphs (a)

  

 -23- 

 
and (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party; provided, however, that if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the defendants in any such action
include both the indemnified party and the indemnifying party and the indemnified party shall have been advised by counsel that there may be one or more legal defenses available to it and/or other indemnified parties that are different from or
additional to those available to the indemnifying party, or (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after receipt
by the indemnifying party of notice of the institution of such action, then, in each such case, the indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified
party or parties shall have the right to select separate counsel to defend such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense
thereof and approval by such indemnified party of counsel appointed to defend such action, the indemnifying party will not be liable to such indemnified party under this Section 7 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence
(it being understood, however, that in connection with such action the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to local counsel) in any one action or separate but substantially similar
actions in the same jurisdiction arising out of the same general allegations or circumstances, designated by Participants who sold a majority in interest of the Registrable Notes and Exchange Notes sold by all such Participants in the case of
paragraph (a) of this Section 7 or the Issuers in the case of paragraph (b) of this Section 7, representing the indemnified parties under such paragraph (a) or paragraph (b), as the case may be, who are parties to such
action or actions) or (ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying party. All fees and expenses reimbursed pursuant to this paragraph (c) shall
be reimbursed as they are incurred. After such notice from the indemnifying party to such indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action effected by such indemnified party
without the prior written consent of the indemnifying party (which consent shall not be unreasonably withheld), unless such indemnifying party waived in writing its rights under this Section 7, in which case the indemnified party may effect
such a settlement without such consent. 
 (d) In circumstances in which the indemnity agreement provided for in the preceding
paragraphs of this Section 7 is unavailable to, or insufficient to hold harmless, an 

  

 -24- 

 
indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof), each indemnifying party, in order to provide for
just and equitable contribution, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect
(i) the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the offering of the Notes or (ii) if the allocation provided by the foregoing clause (i) is not
permitted by applicable law, not only such relative benefits but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions or alleged statements
or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The relative benefits received by the Issuers on the one hand and such Participant on the other shall be deemed to be in the same proportion
as the total proceeds from the offering (before deducting expenses) of the Notes received by the Issuers bear to the total net profit received by such Participant in connection with the sale of the Notes. The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers on the one hand, or the
Participants on the other, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission, and any other equitable considerations appropriate in
the circumstances. The parties agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of allocation that does not take into account the equitable
considerations referred to in the first sentence of this paragraph (d). Notwithstanding any other provision of this paragraph (d), no Participant shall be liable, in the aggregate, for any amount in excess of the discount granted or the commission
paid by the Company as set forth in the Purchase Agreement with respect to the Registrable Notes held by such Participant, or in the case of the Exchange Notes, the Registrable Notes exchanged for such Notes, less the aggregate amount of any damages
that such Participant has otherwise been required to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls a Participant within the meaning of
Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Participants, and each director of any Issuer, each officer of any Issuer and each person, if any, who controls any Issuer within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Issuers. 
  

	 	8.	Rules 144 and 144A. 

 For so long as the
Registrable Notes remain outstanding, each of the Issuers covenants and agrees that it will, upon the request of any Holder or beneficial owner of Registrable 

  

 -25- 

 
Notes, make available such information necessary to permit sales pursuant to Rule 144A. Each of the Issuers further covenants and agrees, for so long as
any Registrable Notes remain outstanding that it will take such further action as any Holder of Registrable Notes may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Notes without
registration under the Securities Act within the limitation of the exemptions provided by Rule 144(k) under the Securities Act and Rule 144A. 
  

	 	9.	Underwritten Registrations. 

 If any of the
Registrable Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in
aggregate principal amount of such Registrable Notes included in such offering and shall be reasonably acceptable to the Issuers. 
 No
Holder of Registrable Notes may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements.

  

	 	10.	Miscellaneous. 

 (a) No
Inconsistent Agreements. The Issuers have not, as of the date hereof, and the Issuers shall not, after the date of this Agreement, enter into any agreement with respect to any of their securities that is inconsistent with the rights granted
to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of
the Issuers’ other issued and outstanding securities under any such agreements. The Issuers will not enter into any agreement with respect to any of their securities which will grant to any Person piggy-back registration rights with respect to
any Registration Statement. 
 (b) Adjustments Affecting Registrable Notes. The Issuers shall not, directly or
indirectly, take any action with respect to the Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this Agreement.

 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of (I) the Company, and (II)(A) the Holders of not less than a majority in aggregate principal amount of the

  

 -26- 

 
then outstanding Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating
Broker-Dealers holding not less than a majority in aggregate principal amount of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended,
modified or supplemented without the prior written consent of each Holder and each Participating Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed
of pursuant to any Registration Statement) affected by any such amendment, modification or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders of Registrable Notes whose securities are being sold pursuant to a Registration Statement may be given by Holders of at least a majority in aggregate principal amount of the Registrable Notes being sold pursuant to such
Registration Statement. 
 In the event that the Company issues Additional Notes (as defined in the Indenture) prior to the
effective date of an Exchange Offer Registration Statement or Shelf Registration Statement hereunder in accordance with the provisions of the Indenture and pursuant to one or more available exemptions from registration under the Securities Act, the
Company may, without the consent of any Holder or Participating Broker-Dealer, include such Additional Notes as Registrable Notes subject to, and entitled to the benefits of, this Agreement by executing a supplement hereto to which the initial
purchasers for such Additional Notes, if any, or their representatives shall be a party, in which event the holders of such Additional Notes shall be treated as Holders for purposes of this Agreement; provided, however, that if the offering
memorandum pursuant to which such Additional Notes are offered provides for rights or obligations other than those set forth in this Agreement, then any such supplement shall provide for such rights and obligations. 
 (d) Notices. All notices and other communications (including, without limitation, any notices or other communications to the
Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile: 
 (i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar
under the Indenture, with a copy in like manner to the Initial Purchasers as follows: 
 Banc of America Securities LLC 
 9 West 57th Street, 6th Floor 
 New York,
New York 10019 
 Facsimile No.: (646) 313-4802 
 Attention: Stuart Dean, Esq. 
  

 -27- 

 with a copy to: 
 Cahill Gordon & Reindel LLP 
 80 Pine Street 
 New York, New York 10005 
 Facsimile No.:
(212) 269-5420 
 Attention: James J. Clark, Esq. 
 (ii) if to the Initial Purchasers, at the address(es) specified and with a copy as specified in Section 10(d)(i); 
 (iii) if to the Issuers, at the address as follows: 
 Intcomex, Inc. 
 9835 NW 14th Street 
 Miami, FL 33172 
 Facsimile: (305) 477-5694 
 Attention: Michael Shalom 
 with a copy to: 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, NY 10006 
 Facsimile: 212-225-3999 
 Attention: Stephen H. Shalen, Esq. 
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; one
Business Day after being timely delivered to a next-day air courier; and when receipt is acknowledged by the addressee, if sent by facsimile. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address and in the manner specified in such Indenture. 
 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of
each of the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Notes in violation of the terms
of the Purchase Agreement or the Indenture. 
  

 -28- 

 (f) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD REQUIRE THE APPLICATION OF ANY OTHER LAW. 
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the
parties hereto shall use their commercially reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 (j) Securities Held by the Issuers or Their Affiliates. Whenever the consent or approval of
Holders of a specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Issuers or their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether
such consent or approval was given by the Holders of such required percentage. 
 (k) Third-Party Beneficiaries.
Holders of Registrable Notes and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. 
 (l) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as
a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts,
understandings, correspondence, conversations and memoranda between the Initial Purchasers on the one hand and the Issuers on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or
successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 -29- 

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

  

			
	INTCOMEX, INC.
		
	By:	 	/s/ Isaac Shalom
		 	Name: Isaac Shalom
		 	Title: Secretary
	
	 INTCOMEX HOLDINGS, LLC

		
	By:	 	/s/ Isaac Shalom
		 	Name: Isaac Shalom
		 	Title: Secretary, Intcomex, Inc., its sole member
	
	 INTCOMEX HOLDINGS SPC-1, LLC

		
	 By:
	 	/s/ Isaac Shalom
		 	Name: Isaac Shalom
		 	Title: Secretary, Intcomex, Inc., its sole member
	
	SOFTWARE BROKERS OF AMERICA, INC.
		
	By:	 	/s/ Isaac Shalom
		 	Name: Isaac Shalom
		 	Title: Secretary

  

 S-1 

			
	
	The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
	
	 BANC OF AMERICA SECURITIES LLC
 UBS
SECURITIES LLC
 COMERICA SECURITIES, INC.

		
	By:	 	BANC OF AMERICA SECURITIES LLC
		
	By:	 	/s/ R. Sean Sniper
		 	Name: R. Sean Sniper
		 	Title: Managing Director

  

 S-2Pledge Agreement between Intcomex, Inc., dated as of August 25, 2005

 Exhibit 4.4 
  

 PLEDGE AGREEMENT 
 By 
 INTCOMEX, INC. 
 INTCOMEX HOLDINGS, LLC 
 INTCOMEX HOLDINGS SPC-I, LLC 
 and 
 THE BANK OF NEW YORK, 
 as Trustee 
  

 Dated as of August 25, 2005 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	PREAMBLE	  		  	1
			
	RECITALS	  		  	1
			
	AGREEMENT	  		  	2
	
	ARTICLE I
	
	DEFINITIONS AND INTERPRETATION
	SECTION 1.1.	  	 DEFINITIONS
	  	2
	SECTION 1.2.	  	 INTERPRETATION
	  	4
	SECTION 1.3.	  	 RESOLUTION OF DRAFTING AMBIGUITIES
	  	4
	SECTION 1.4.	  	 PERFECTION CERTIFICATE
	  	4
	
	ARTICLE II
	
	GRANT OF SECURITY AND OBLIGATIONS
			
	SECTION 2.1.	  	 GRANT OF SECURITY INTEREST
	  	4
	SECTION 2.2.	  	 FILINGS
	  	5
	SECTION 2.3.	  	 SECOND PRIORITY NATURE OF LIENS
	  	5
	
	ARTICLE III
	
	PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;
	USE OF PLEDGED COLLATERAL
			
	SECTION 3.1.	  	 DELIVERY OF CERTIFICATED SECURITIES COLLATERAL
	  	6
	SECTION 3.2.	  	 PERFECTION OF UNCERTIFICATED SECURITIES COLLATERAL
	  	6
	SECTION 3.3.	  	 FINANCING STATEMENTS AND OTHER FILINGS; MAINTENANCE OF PERFECTED SECURITY INTEREST
	  	7
	SECTION 3.4.	  	 JOINDER OF ADDITIONAL PLEDGORS
	  	7
	SECTION 3.5.	  	SUPPLEMENTS; FURTHER ASSURANCES	  	7

  

 -i- 

					
	 	  	 	  	Page
	
	ARTICLE IV
	
	REPRESENTATIONS, WARRANTIES AND COVENANTS
			
	 SECTION 4.1.
	  	TITLE	  	8
	 SECTION 4.2.
	  	VALIDITY OF SECURITY INTEREST	  	8
	 SECTION 4.3.
	  	DEFENSE OF CLAIMS; TRANSFERABILITY OF PLEDGED COLLATERAL	  	8
	 SECTION 4.4.
	  	OTHER FINANCING STATEMENTS	  	9
	 SECTION 4.5.
	  	CHIEF EXECUTIVE OFFICE; CHANGE OF NAME; JURISDICTION OF ORGANIZATION	  	9
	 SECTION 4.6.
	  	DUE AUTHORIZATION AND ISSUANCE	  	9
	 SECTION 4.7.
	  	CONSENTS, ETC.	  	10
	 SECTION 4.8.
	  	PLEDGED COLLATERAL	  	10
	
	ARTICLE V
	
	CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL
			
	 SECTION 5.1.
	  	PLEDGE OF ADDITIONAL SECURITIES COLLATERAL	  	10
	 SECTION 5.2.
	  	VOTING RIGHTS; DISTRIBUTIONS; ETC.	  	10
	 SECTION 5.3.
	  	DEFAULTS, ETC.	  	11
	 SECTION 5.4.
	  	CERTAIN AGREEMENTS OF PLEDGORS AS ISSUERS AND HOLDERS OF CAPITAL INTERESTS	  	12
	
	ARTICLE VI
	
	REMEDIES
	 SECTION 6.1.
	  	REMEDIES	  	12
	 SECTION 6.2.
	  	NOTICE OF SALE	  	13
	 SECTION 6.3.
	  	WAIVER OF NOTICE AND CLAIMS	  	13
	 SECTION 6.4.
	  	CERTAIN SALES OF PLEDGED COLLATERAL	  	14
	 SECTION 6.5.
	  	NO WAIVER; CUMULATIVE REMEDIES	  	15
	
	ARTICLE VII
	
	APPLICATION OF PROCEEDS
	 SECTION 7.1.
	  	APPLICATION OF PROCEEDS	  	16

  

 -ii- 

					
	 	  	 	  	Page
	
	ARTICLE VIII
	
	MISCELLANEOUS
			
	 SECTION 8.1.
	  	CONCERNING TRUSTEE	  	16
	 SECTION 8.2.
	  	TRUSTEE MAY PERFORM; TRUSTEE APPOINTED ATTORNEY-IN-FACT	  	18
	 SECTION 8.3.
	  	CONTINUING SECURITY INTEREST; ASSIGNMENT	  	18
	 SECTION 8.4.
	  	TERMINATION; RELEASE	  	19
	 SECTION 8.5.
	  	MODIFICATION IN WRITING	  	19
	 SECTION 8.6.
	  	NOTICES	  	19
	 SECTION 8.7.
	  	GOVERNING LAW, WAIVER OF JURY TRIAL	  	19
	 SECTION 8.8.
	  	SEVERABILITY OF PROVISIONS	  	19
	 SECTION 8.9.
	  	EXECUTION IN COUNTERPARTS	  	19
	 SECTION 8.10.
	  	BUSINESS DAYS	  	20
	 SECTION 8.11.
	  	NO CREDIT FOR PAYMENT OF TAXES OR IMPOSITION	  	20
	 SECTION 8.12.
	  	NO CLAIMS AGAINST TRUSTEE	  	20
	 SECTION 8.13.
	  	NO RELEASE	  	20
	 SECTION 8.14.
	  	OBLIGATIONS ABSOLUTE	  	21
			
	 SIGNATURES
	  		  	S-1
			
	 EXHIBIT 1
	  	Form of Issuer’s Acknowledgment	  	
	 EXHIBIT 2
	  	Form of Pledge Amendment	  	
	 EXHIBIT 3
	  	Form of Joinder Agreement	  	

  

 -iii- 

 PLEDGE AGREEMENT 
 This PLEDGE AGREEMENT dated as of August 25, 2005 (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the provisions hereof, this
“Agreement”) made by Intcomex, Inc., a Delaware corporation (the “Company”), Intcomex Holdings, LLC, a Delaware limited liability company, and Intcomex Holdings SPC-1, LLC, a Delaware limited liability company
(together with the Company and the other pledgors from time to time party hereto, collectively, the “Pledgors,” and each, a “Pledgor”), in favor of The Bank of New York, in its capacity as Trustee pursuant to the
Indenture, dated as of the date hereof, by and among the Company, the guarantors party thereto and the Trustee, acting for and on behalf of the holders (the “Noteholders”) of the Notes described below. 
 R E C I T A L S : 
 WHEREAS, the Company has issued, on the date hereof, 11 3/4% Second Priority Senior Secured Notes due 2011 in the aggregate principal amount of $120,000,000 (collectively, the “Notes”), pursuant to an
indenture, dated as of the date hereof, between the Company, the guarantors party thereto and the Trustee (the “Indenture”); 
 WHEREAS, the Noteholders have authorized and directed the Trustee to enter into this Agreement; 
 WHEREAS, in order to induce the
Noteholders to purchase the Notes, each Pledgor has agreed to secure the payment and performance of the Obligations (as hereinafter defined) and to accomplish same by (i) executing and delivering to the Trustee this Agreement and
(ii) delivering to the Trustee any and all other documents required hereunder; and 

 A G R E E M E N T : 
 NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each Pledgor and the Trustee hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 
 SECTION 1.1. Definitions. 
 (a) Unless otherwise defined herein or in the Indenture, capitalized terms used herein that are defined in the UCC shall have the meanings assigned to
them in the UCC; provided that in any event, the term “Proceeds” shall have the meanings assigned to it in the UCC. 
 Terms
used but not otherwise defined herein that are defined in the Indenture shall have the meanings given to them in the Indenture. Section 1.4 of the Indenture shall apply herein mutatis mutandis. 
 (b) The following terms shall have the following meanings: 
 “Agreement” shall have the meaning assigned to such term in the Preamble hereof. 
 “Company” shall have the meaning assigned to such term in the Preamble hereof. 
 “Distributions”
shall mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or
proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the
Pledged Securities. 
 “Financing Documents” shall mean, collectively, the Indenture, the Notes and all guarantees, security
agreements and other agreements, documents and instruments now or at any time hereafter executed and/or delivered by any Pledgor in connection therewith, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced. 
 “Indenture” shall have the meaning assigned to such term in the Recitals hereof. 
 “Joinder Agreement” shall mean an agreement substantially in the form of Exhibit 3 hereto. 
 “Obligations” shall mean any and all obligations, liabilities and indebtedness of every kind, nature and description owing by any or all
of Pledgors to the Trustee or any Noteholder, including principal, interest, charges, fees, indemnities, costs and expenses, however evidenced, whether as principal, surety, endorser, guarantor or otherwise, arising under the Indenture, the Notes or
any of the other Financing Documents, whether now existing or hereafter arising, whether arising before, during or after the commencement of any case with respect to any 

  

 -2- 

 
Pledgor under the United States Bankruptcy Law or any similar statute (including the payment of interest and other amounts which would accrue and become due
but for the commencement of such case, whether or not such amounts are allowed or allowable in whole or in part in such case), whether direct of indirect, absolute or contingent, joint or several, due or to become due, primary or secondary,
liquidated or unliquidated, or secured or unsecured. 
 “Perfection Certificate” shall mean that certain perfection
certificate dated August 25, 2005, executed and delivered by each Pledgor in favor of the Trustee for the benefit of itself and the Noteholders, and each other Perfection Certificate (which shall be in form and substance reasonably acceptable
to the Trustee) executed and delivered by the applicable Pledgor in favor of the Trustee for the benefit of itself and the Noteholders contemporaneously with the execution and delivery of each Joinder Agreement executed in accordance with
Section 3.4 hereof, in each case, as the same may be amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the Indenture or upon the request of the Trustee. 
 “Pledge Amendment” shall have the meaning assigned to such term in Section 5.1 hereof. 
 “Pledged Collateral” shall have the meaning assigned to such term in Section 2.1 hereof. 
 “Pledged Securities” shall mean, collectively, with respect to each Pledgor, (i) all issued and outstanding Capital Interests of
each Restricted Subsidiary, including the Restricted Subsidiaries, set forth on Schedules 10(a) and 10(b) to the Perfection Certificate as being owned by such Pledgor and all options, warrants, rights, agreements and additional Capital
Interests of whatever class of any such Restricted Subsidiary acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Capital Interests in each such Restricted
Subsidiary or under any organizational document of each such Restricted Subsidiary, and the certificates, instruments and agreements representing such Capital Interests and any and all interest of such Pledgor in the entries on the books of any
financial intermediary pertaining to such Capital Interests, (ii) all Capital Interests of any Restricted Subsidiary, which Capital Interests are hereafter acquired by such Pledgor (including by issuance) and all options, warrants, rights,
agreements and additional Capital Interests of whatever class of any such Restricted Subsidiary acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Capital
Interests or under any organizational document of any such Restricted Subsidiary, and the certificates, instruments and agreements representing such Capital Interests and any and all interest of such Pledgor in the entries on the books of any
financial intermediary pertaining to such Capital Interests, from time to time acquired by such Pledgor in any manner, and (iii) all Capital Interests issued in respect of the Capital Interests referred to in clause (i) or (ii) upon
any consolidation or merger of any issuer of such Capital Interests; provided that the term “Pledged Securities” shall not include (a) the Capital Interests of any Foreign Restricted Subsidiary in excess of 65% of the Capital
Interests of any directly owned Foreign Restricted Subsidiary and (b) the Capital Interests of any Domestic Restricted Subsidiary that is a limited liability company and directly owns a Foreign Restricted Subsidiary. 
  

 -3- 

 “Pledgor” shall have the meaning assigned to such term in the Preamble hereof.

 “Secured Parties” shall mean, collectively, the Trustee and the Noteholders. 
 “Securities Collateral” shall mean, collectively, the Pledged Securities and the Distributions. 
 “Trustee” shall have the meaning assigned to such term in the Preamble hereof. 
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however,
that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Trustee’s and the Secured Parties’ security interest in any item or portion of the Pledged Collateral is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof
relating to such perfection or priority and for purposes of definitions relating to such provisions. 
 SECTION 1.2. Interpretation.
The rules of interpretation specified in the Indenture shall be applicable to this Agreement. 
 SECTION 1.3. Resolution of Drafting
Ambiguities. Each Pledgor acknowledges and agrees that it was represented by counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any
rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the Secured Parties) shall not be employed in the interpretation hereof. 
 SECTION 1.4. Perfection Certificate. The Trustee and each Secured Party agree that the Perfection Certificate and all descriptions of Pledged
Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part of this Agreement. 
 ARTICLE II

 GRANT OF SECURITY AND OBLIGATIONS 
 SECTION 2.1. Grant of Security Interest. As collateral security for the payment and performance in full of all the Obligations, each Pledgor hereby pledges and grants to the Trustee for its benefit and the benefit of the Noteholders,
a lien on and security interest in all of the right, title and interest of such Pledgor in, to and under the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the
“Pledged Collateral”): 
  

	 	(i)	all Securities Collateral; 

  

 -4- 

	 	(ii)	all rights with respect to the Securities Collateral and books and records relating to the Securities Collateral; and 

  

	 	(iii)	all Proceeds of each of the foregoing. 

 Notwithstanding
anything to the contrary contained in clauses (i) through (iii) above, the security interest created by this Agreement shall not extend to, and the term “Pledged Collateral” shall not include, at all times, (i) any Excluded
Assets and the Pledgors shall from time to time at the request of the Trustee give written notice to the Trustee identifying in reasonable detail the Excluded Assets and shall provide to the Trustee such other information regarding the Excluded
Assets as the Trustee may reasonably request and (ii) in the event that Rule 3-16 of Regulation S-X under the Securities Act (or any successor regulation) requires the filing with the SEC of separate financial statements of any Subsidiary of
any Pledgor because such Subsidiary’s Capital Interests are Pledged Collateral, the portion (or, if necessary, all) of such Capital Interests necessary to eliminate such filing requirement will automatically be deemed released and to not have
been part of the Pledged Collateral and the Company and the Trustee shall amend or modify this Agreement as necessary to evidence such release. From and after the Closing Date, no Pledgor shall permit to become effective in any document creating,
governing or providing for any permit, license or agreement a provision that would prohibit the creation of a Lien on such permit, license or agreement in favor of the Trustee unless such Pledgor believes, in its reasonable judgment, that such
prohibition is usual and customary in transactions of such type. 
 SECTION 2.2. Filings. (a) Each Pledgor hereby irrevocably
authorizes the Trustee at any time and from time to time to file in any relevant jurisdiction (i) any financing statements and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each
applicable jurisdiction for the filing of any financing statement or amendment relating to the Pledged Collateral, including whether such Pledgor is an organization, the type of organization and any organizational identification number issued to
such Pledgor, and (ii) any financing or continuation statements or other documents without the signature of such Pledgor where permitted by law. Each Pledgor agrees to provide all information described in the immediately preceding sentence to
the Trustee promptly upon request by the Trustee. 
 (b) Each Pledgor hereby ratifies its authorization for the Trustee to file in any
relevant jurisdiction any financing statements relating to the Pledged Collateral if filed prior to the date hereof. 
 SECTION 2.3.
Second Priority Nature of Liens. In the event any of the Pledged Collateral is pledged to a holder of First Priority Lien Debt, notwithstanding anything herein to the contrary, the lien and security interest granted to the Trustee pursuant to
this Agreement shall be a second priority lien on and security interest in the Pledged Collateral (second only to the lien securing the First Priority Lien Obligations) and the exercise of any right or remedy by the Trustee hereunder will be subject
to the provisions of any intercreditor agreement with or for the benefit of such holder of First Priority Lien Debt. In the event of any conflict between the terms of such intercreditor agreement and this Agreement, the terms of such intercreditor

  

 -5- 

 
agreement shall govern and control. Notwithstanding anything herein to the contrary, in the event any of the Pledged Collateral is pledged to a holder of
First Priority Lien Debt, (i) the requirements of this Agreement to endorse, sign or deliver Pledged Collateral to the Trustee shall be deemed satisfied by endorsement, assignment or delivery of such Pledged Collateral to the Collateral Agent
(as bailee for the Trustee) and (ii) any endorsement, assignment or delivery to the Collateral Agent (as bailee for the Trustee) shall be deemed an endorsement, assignment or delivery to the Trustee for all purposes hereunder. 
 ARTICLE III 
 PERFECTION; SUPPLEMENTS; FURTHER
ASSURANCES; 
 USE OF PLEDGED COLLATERAL 
 SECTION 3.1. Delivery of Certificated Securities Collateral. Each Pledgor represents and warrants that all certificates, agreements or instruments representing or evidencing the Securities Collateral in existence on the date hereof
have been delivered to the Trustee in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank and that the Trustee has a perfected security interest therein prior to all other Liens on
such Securities Collateral except for Liens, if any, securing the First Priority Lien Obligations. Each Pledgor hereby agrees that all certificates, agreements or instruments representing or evidencing Securities Collateral acquired by such Pledgor
after the date hereof shall promptly (but in any event within five days after receipt thereof by such Pledgor) be delivered to and held by or on behalf of the Trustee pursuant hereto. All certificated Securities Collateral shall be in suitable form
for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Trustee. The Trustee shall have the right, at any time upon the occurrence and during the
continuance of any Event of Default, to endorse, assign or otherwise transfer to or to register in the name of the Trustee or any of its nominees or endorse for negotiation any or all of the Securities Collateral, without any indication that such
Securities Collateral is subject to the security interest hereunder. In addition, upon the occurrence and during the continuance of an Event of Default, the Trustee shall have the right at any time to exchange certificates representing or evidencing
Securities Collateral for certificates of smaller or larger denominations. 
 SECTION 3.2. Perfection of Uncertificated Securities
Collateral. Each Pledgor represents and warrants that the Trustee has a perfected security interest in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date hereof. Each Pledgor hereby agrees that if any
of the Pledged Securities are at any time not evidenced by certificates of ownership, then each applicable Pledgor shall, to the extent permitted by applicable law, (i) cause the issuer to execute and deliver to the Trustee an acknowledgment of
the pledge of such Pledged Securities substantially in the form of Exhibit 1 hereto or such other form that is reasonably satisfactory to the Trustee, (ii) if necessary or desirable to perfect a security interest in such Pledged
Securities, cause such pledge to be recorded on the equityholder register or the books of the issuer, execute any customary pledge forms or other documents necessary or appropriate 

  

 -6- 

 
to complete the pledge and give the Trustee the right to transfer such Pledged Securities under the terms hereof, (iii) upon request by the Trustee,
provide to the Trustee an opinion of counsel, in form and substance reasonably satisfactory to the Trustee, confirming such pledge and perfection thereof, and (iv) after the occurrence and during the continuance of any Event of Default, upon
request by the Trustee, (A) cause the organizational documents of each such issuer that is a Subsidiary of the Company to be amended to provide that such Pledged Securities shall be treated as “securities” for purposes of the UCC and
(B) cause such Pledged Securities to become certificated and delivered to the Trustee in accordance with the provisions of this Section 3.2; provided that the Trustee shall have no obligations to make any request specified in
clauses (iii) and (iv) of this Section 3.2 unless instructed to do so by the holders of a majority in principal amount of the then outstanding Notes. 
 SECTION 3.3. Financing Statements and Other Filings; Maintenance of Perfected Security Interest. Each Pledgor represents and warrants that all
financing statements, agreements, instruments and other documents necessary to perfect the security interest granted by it to the Trustee in respect of the Pledged Collateral have been delivered to the Trustee in completed and, to the extent
necessary or appropriate, duly executed form for filing in each governmental, municipal or other office specified in Schedule 7 to the Perfection Certificate. Each Pledgor agrees that at the sole cost and expense of the Pledgors, such Pledgor
will maintain the security interest created by this Agreement in the Pledged Collateral as a perfected security interest subject only to Permitted Collateral Liens. 
 SECTION 3.4. Joinder of Additional Pledgors. The Pledgors shall cause each Subsidiary of the Company which, from time to time, after the date hereof shall be required to pledge any Capital Interests in
Restricted Subsidiaries to the Trustee for the benefit of the Secured Parties pursuant to the provisions of the Indenture, to execute and deliver to the Trustee (i) a Joinder Agreement substantially in the form of Exhibit 3 hereto
within thirty (30) days of the date on which it was acquired or created and (ii) a Perfection Certificate, in each case, within thirty (30) days of the date on which it was acquired or created, upon such execution and delivery, such
Subsidiary shall constitute a “Pledgor” for all purposes hereunder with the same force and effect as if originally named as a Pledgor herein. The execution and delivery of such Joinder Agreement shall not require the consent of any Pledgor
hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Pledgor as a party to this Agreement. 
 SECTION 3.5. Supplements; Further Assurances. Each Pledgor shall take such further actions, and execute and/or deliver to the Trustee such
additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as necessary or appropriate or as the Trustee may in its reasonable judgment deem necessary or appropriate in order to create, perfect,
preserve and protect the security interest in the Pledged Collateral as provided herein and the rights and interests granted to the Trustee hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity,
enforceability and priority of the Trustee’s security interest in the Pledged Collateral or permit the Trustee to exercise and enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral, including the filing of
financing statements, continuation statements and other documents (including this 

  

 -7- 

 
Agreement) under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby,
wherever required by law to perfect, continue and maintain the validity, enforceablity and priority of the security interest in the Pledged Collateral as provided herein and to preserve the other rights and interests granted to the Trustee
hereunder, as against third parties, with respect to the Pledged Collateral. If an Event of Default has occurred and is continuing, the Trustee may institute and maintain, in its own name or in the name of any Pledgor, such suits and proceedings as
the Trustee may be advised by counsel shall be necessary or expedient to prevent any impairment of the security interest in or the perfection thereof in the Pledged Collateral. All of the foregoing shall be at the sole cost and expense of the
Pledgors. 
 ARTICLE IV 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Each Pledgor represents, warrants and covenants as follows: 
 SECTION 4.1. Title. Except for the security interest granted to the Trustee for the ratable benefit of the Secured Parties pursuant to this
Agreement and Permitted Liens, such Pledgor owns and has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own and have rights in each item of Pledged Collateral pledged by it hereunder, free and clear
of any and all Liens or claims of others. 
 SECTION 4.2. Validity of Security Interest. The security interest in and Lien on the
Pledged Collateral granted to the Trustee for the benefit of the Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance of the Obligations, and
(b) subject to the filings and other actions described in Schedule 7 to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed
made), a perfected security interest in all the Pledged Collateral. The security interest and Lien granted to the Trustee for the benefit of the Secured Parties pursuant to this Agreement in and on the Pledged Collateral will at all times constitute
a perfected, continuing security interest therein, prior to all other Liens on the Pledged Collateral except for Permitted Collateral Liens. 
 SECTION 4.3. Defense of Claims; Transferability of Pledged Collateral. Each Pledgor shall, at its own cost and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon
granted to the Trustee and the priority thereof against all claims and demands of all persons, at its own cost and expense, at any time claiming any interest therein adverse to the Trustee or any other Secured Party other than Permitted Collateral
Liens. There is no agreement, order, judgment or decree, and no Pledgor shall enter into any agreement or take any other action, that would restrict the transferability of any of the Pledged Collateral or otherwise impair or conflict with such
Pledgor’s obligations or the rights of the Trustee hereunder. 
  

 -8- 

 SECTION 4.4. Other Financing Statements. It has not filed, nor authorized any third party to file
(nor will there be), any valid or effective financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Pledged Collateral,
except such as have been filed in favor of the Trustee pursuant to this Agreement or in favor of any holder of a Permitted Collateral Lien with respect to such Permitted Collateral Lien or financing statements or public notices relating to the
termination statements listed on Schedule 9 to the Perfection Certificate. No Pledgor shall execute, authorize or permit to be filed in any public office any financing statement (or similar statement, instrument of registration or public
notice under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and covering the security interests granted by such Pledgor to the
holder of the Permitted Collateral Liens. 
 SECTION 4.5. Chief Executive Office; Change of Name; Jurisdiction of Organization.

 (a) No Pledgor will effect any change (i) to its legal name, (ii) in its identity or organizational structure, (iii) in its
organizational identification number, if any, or (iv) in its jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other
jurisdiction), unless (A) it shall have given the Trustee promptly but in any event within 10 days after such change, written notice clearly describing such change and providing such other information in connection therewith as the Trustee may
reasonably request and (B) it shall take all action necessary to maintain the perfection and priority of the security interest of the Trustee for the benefit of the Secured Parties in the Pledged Collateral. 
 (b) The Trustee may conclusively rely on advice of counsel as to whether any or all UCC financing statements of the Pledgors need to be amended as a
result of any of the changes described in clause (a) of this Section 4.5. If any Pledgor fails to provide information to the Trustee about such changes on a timely basis, the Trustee shall not be liable or responsible to any party
for any failure to maintain a perfected security interest in such Pledgor’s property constituting Pledged Collateral, for which the Trustee needed to have information relating to such changes. The Trustee shall have no duty to inquire about
such changes if any Pledgor does not inform the Trustee of such changes, the parties acknowledging and agreeing that it would not be feasible or practical for the Trustee to search for information on such changes if such information is not provided
by any Pledgor. 
 SECTION 4.6. Due Authorization and Issuance. All of the Pledged Securities existing on the date hereof have been,
and to the extent any Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable to the extent applicable. There is no amount or other obligation
owing by any Pledgor to any issuer of the Pledged Securities in exchange for or in connection with the issuance of the Pledged Securities or any Pledgor’s status as a partner or a member of any issuer of the Pledged Securities. 
  

 -9- 

 SECTION 4.7. Consents, etc. In the event that the Trustee desires to exercise any remedies, voting
or consensual rights or attorney-in-fact powers set forth in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then, upon the reasonable request of the Trustee,
such Pledgor agrees to use its best efforts to assist and aid the Trustee to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers. 
 SECTION 4.8. Pledged Collateral. All information set forth herein, including the schedules hereto, and all information contained in any documents,
schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement, in each case, relating to the Pledged Collateral, is accurate and complete in all
material respects. The Pledged Collateral described on the schedules to the Perfection Certificate constitutes all of the property of such type of Pledged Collateral owned or held by the Pledgors. 
 ARTICLE V 
 CERTAIN PROVISIONS CONCERNING
SECURITIES COLLATERAL 
 SECTION 5.1. Pledge of Additional Securities Collateral. Each Pledgor shall, upon obtaining any Pledged
Securities, accept the same in trust for the benefit of the Trustee and promptly (but in any event within five days after receipt thereof) deliver to the Trustee a pledge amendment, duly executed by such Pledgor, in substantially the form of
Exhibit 2 hereto (each, a “Pledge Amendment”), and the certificates and other documents required under Section 3.1 and Section 3.2 hereof in respect of the additional Pledged Securities which are to be
pledged pursuant to this Agreement, and confirming the attachment of the Lien hereby created on and in respect of such additional Pledged Securities. Each Pledgor hereby authorizes the Trustee to attach each Pledge Amendment to this Agreement and
agrees that all Pledged Securities listed on any Pledge Amendment delivered to the Trustee shall for all purposes hereunder be considered Pledged Collateral. 
 SECTION 5.2. Voting Rights; Distributions; etc. 
 (a) So long as no Event of Default shall have
occurred and be continuing: 
 (i) Each Pledgor shall be entitled to exercise any and all voting and other consensual rights
pertaining to the Securities Collateral or any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Indenture or any other document evidencing the Obligations; provided, however, that no Pledgor shall in
any event exercise such rights in any manner which could reasonably be expected to have a material adverse change, in the condition, financial or otherwise, or in the earnings, business, operations or prospects, whether or not arising from
transactions in the ordinary course of business, of the Company and its subsidiaries, considered as one entity; 
  

 -10- 

 (ii) Each Pledgor shall be entitled to receive and retain, and to utilize free and clear
of the Lien hereof, any and all Distributions, but only if and to the extent made in accordance with the provisions of the Indenture; provided, however, that any and all such Distributions consisting of rights or interests in the form
of securities shall be forthwith delivered to the Trustee to hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of itself and the Noteholders, be segregated from the other property or funds of such
Pledgor and be promptly (but in any event within five days after receipt thereof) delivered to the Trustee as Pledged Collateral in the same form as so received (with any necessary endorsement). 
 (b) So long as no Event of Default shall have occurred and be continuing, the Trustee shall be deemed without further action or formality to have granted
to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and at the sole cost and expense of the Pledgors, from time to time execute and deliver (or cause to be executed and
delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is entitled to exercise pursuant to Section 5.2(a)(i) hereof and to
receive the Distributions which it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof. 
 (c) Upon the
occurrence and during the continuance of any Event of Default: 
 (i) All rights of each Pledgor to exercise the voting and
other consensual rights it would otherwise be entitled to exercise pursuant to Section 5.2(a)(i) hereof shall immediately cease and all such rights shall thereupon become vested in the Trustee, which shall thereupon have the sole right
(but not an obligation) to exercise such voting and other consensual rights. 
 (ii) All rights of each Pledgor to receive
Distributions which it would otherwise be authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the Trustee, which shall thereupon have the
sole right to receive and hold as Pledged Collateral such Distributions. 
 (d) Each Pledgor shall, at its sole cost and expense, from time
to time execute and deliver to the Trustee appropriate instruments as necessary or as the Trustee may request in order to permit the Trustee to exercise the voting and other rights which it may be entitled to exercise pursuant to
Section 5.2(a)(i) hereof and to receive all Distributions which it may be entitled to receive under Section 5.2(a)(ii) hereof. 
 (e) All Distributions which are received by any Pledgor contrary to the provisions of Section 5.2(a)(ii) hereof shall be received in trust for the benefit of the Trustee, shall be segregated from other
funds of such Pledgor and shall immediately be paid over to the Trustee as Pledged Collateral in the same form as so received (with any necessary endorsement). 
 SECTION 5.3. Defaults, etc. Such Pledgor is not in default in the payment of any portion of any mandatory capital contribution, if any, required to be made under any agreement to which such Pledgor is a party
relating to the Pledged Securities pledged by it, and such Pledgor is not in violation of any other provisions of any such agreement 

  

 -11- 

 
to which such Pledgor is a party, or otherwise in default or violation thereunder. No Securities Collateral pledged by such Pledgor is subject to any
defense, offset or counterclaim, nor have any of the foregoing been asserted or alleged against such Pledgor by any person with respect thereto, and as of the date hereof, there are no certificates, instruments, documents or other writings (other
than the organizational documents and certificates representing such Pledged Securities that have been delivered to the Trustee) which evidence any Pledged Securities of such Pledgor. 
 SECTION 5.4. Certain Agreements of Pledgors As Issuers and Holders of Capital Interests. 
 (a) In the case of each Pledgor which is an issuer of Securities Collateral, such Pledgor agrees to be bound by the terms of this Agreement relating to
the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it. 
 (b) In the case of each
Pledgor which is a partner, shareholder or member, as the case may be, in a partnership, limited liability company or other entity, such Pledgor hereby consents to the extent required by the applicable organizational document to the pledge by each
other Pledgor, pursuant to the terms hereof, of the Pledged Securities in such partnership, limited liability company or other entity and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged
Securities to the Trustee or its nominee and to the substitution of the Trustee or its nominee as a substituted partner, shareholder or member in such partnership, limited liability company or other entity with all the rights, powers and duties of a
general partner, limited partner, shareholder or member, as the case may be. 
 ARTICLE VI 
 REMEDIES 
 SECTION 6.1. Remedies. Upon
the occurrence and during the continuance of any Event of Default, the Trustee may from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to it, the
following remedies: 
 (i) Demand, sue for, collect or receive any money or property at any time payable or receivable in
respect of the Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to make any payment required by the terms of such agreement, instrument or
other obligation directly to the Trustee, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided, however, that in the event that any
such payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit of the Trustee and shall promptly (but in no event
later than one (1) Business Day after receipt thereof) pay such amounts to the Trustee; 
  

 -12- 

 (ii) Retain and apply the Distributions to the Obligations as provided in
Article VII hereof; 
 (iii) Exercise any and all rights as beneficial and legal owner of the Pledged Collateral,
including perfecting assignment of and exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and 
 (iv) Exercise all the rights and remedies of a secured party on default under the UCC, and the Trustee may also in its sole discretion, without notice except as specified in Section 6.2 hereof, sell,
assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Trustee’s offices or elsewhere, for cash, on credit or for
future delivery, and at such price or prices and upon such other terms as the Trustee may deem commercially reasonable. The Trustee or any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or
recipient of the Pledged Collateral or any part thereof at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or
licensed at such sale, to use and apply any of the Obligations owed to such person as a credit on account of the purchase price of the Pledged Collateral or any part thereof payable by such person at such sale. Each purchaser, assignee, licensee or
recipient at any such sale shall acquire the property sold, assigned or licensed absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption,
stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The Trustee shall not be obligated to make any sale of the Pledged Collateral or any part thereof
regardless of notice of sale having been given. The Trustee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to
which it was so adjourned. Each Pledgor hereby waives, to the fullest extent permitted by law, any claims against the Trustee arising by reason of the fact that the price at which the Pledged Collateral or any part thereof may have been sold,
assigned or licensed at such a private sale was less than the price which might have been obtained at a public sale, even if the Trustee accepts the first offer received and does not offer such Pledged Collateral to more than one offeree.

 SECTION 6.2. Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent notice of sale or other disposition of the
Pledged Collateral or any part thereof shall be required by law, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or other intended disposition is to take
place shall be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any right to notification of sale or
other intended disposition. 
 SECTION 6.3. Waiver of Notice and Claims. Each Pledgor hereby waives, to the fullest extent permitted
by applicable law, notice or judicial hearing in connection with the Trustee’s taking possession or the Trustee’s disposition of the Pledged Collateral or any part thereof, including any and all prior notice and hearing for any prejudgment
remedy or remedies 

  

 -13- 

 
and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable
law: (i) all damages occasioned by such taking of possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Trustee’s rights hereunder and
(iii) all rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any applicable law. The Trustee shall not be liable for any incorrect or improper payment made pursuant to this
Article VI in the absence of gross negligence or willful misconduct on the part of the Trustee. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged Collateral shall operate to divest all right,
title, interest, claim and demand, either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and against any and all persons claiming or attempting to claim
the Pledged Collateral so sold, optioned or realized upon, or any part thereof, from, through or under such Pledgor. 
 SECTION 6.4.
Certain Sales of Pledged Collateral. 
 (a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law, rules,
regulations or orders of any Governmental Authority, the Trustee may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Governmental Authority. Each
Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Trustee than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such restricted sale
shall be deemed to have been made in a commercially reasonable manner and that, except as may be required by applicable law, the Trustee shall have no obligation to engage in public sales. 
 (b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act, and applicable state securities laws, the Trustee
may be compelled, with respect to any sale of all or any part of the Securities Collateral, to limit purchasers to persons who will agree, among other things, to acquire such Securities Collateral for their own account, for investment and not with a
view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms less favorable to the Trustee than those obtainable through a public sale without such restrictions (including a public
offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Trustee shall
have no obligation to engage in public sales and no obligation to delay the sale of any Securities Collateral or Investment Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring
registration under the Securities Act or under applicable state securities laws, even if such issuer would agree to do so. 
 (c)
Notwithstanding the foregoing, each Pledgor shall, upon the occurrence and during the continuance of any Event of Default, at the reasonable request of the Trustee, for the benefit of the Trustee, cause any registration, qualification under or
compliance with any Federal or state securities law or laws to be effected with respect to all or any part of the Securities 

  

 -14- 

 
Collateral as soon as practicable and at the sole cost and expense of the Pledgors. Each Pledgor will use its commercially reasonable efforts to cause such
registration to be effected (and be kept effective) and will use its commercially reasonable efforts to cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale
and distribution of such Securities Collateral including registration under the Securities Act (or any similar statute then in effect), appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance
with all other requirements of any Governmental Authority. Each Pledgor shall use its commercially reasonable efforts to cause the Trustee to be kept advised in writing as to the progress of each such registration, qualification or compliance and as
to the completion thereof, shall furnish to the Trustee such number of prospectuses, offering circulars or other documents incident thereto as the Trustee from time to time may request, and shall indemnify and shall cause the issuer of the
Securities Collateral to indemnify the Trustee and all others participating in the distribution of such Securities Collateral against all claims, losses, damages and liabilities caused by any untrue statement (or alleged untrue statement) of a
material fact contained therein (or in any related registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or the like) a material fact
required to be stated therein or necessary to make the statements therein not misleading. 
 (d) If the Trustee determines to exercise its
right to sell any or all of the Securities Collateral or Investment Property, upon written request, the applicable Pledgor shall from time to time furnish to the Trustee all such information as necessary or as the Trustee may request in order to
determine the number of securities included in the Securities Collateral or Investment Property which may be sold by the Trustee as exempt transactions under the Securities Act and the rules of the Securities and Exchange Commission thereunder, as
the same are from time to time in effect. 
 (e) Each Pledgor further agrees that a breach of any of the covenants contained in this
Section 6.4 will cause irreparable injury to the Trustee and the other Secured Parties, that the Trustee and the other Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every
covenant contained in this Section 6.4 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a
defense that no Event of Default has occurred and is continuing. 
 SECTION 6.5. No Waiver; Cumulative Remedies. 
 (a) No failure on the part of the Trustee to exercise, no course of dealing with respect to, and no delay on the part of the Trustee in exercising, any
right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right,
power, privilege or remedy; nor shall the Trustee be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies
provided by law or otherwise available. 
  

 -15- 

 (b) In the event that the Trustee shall have instituted any proceeding to enforce any right, power,
privilege or remedy under this Agreement or any other Financing Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Trustee,
then and in every such case, the Pledgors, the Trustee and each other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Pledged Collateral, and all rights, remedies, privileges and powers
of the Trustee and the other Secured Parties shall continue as if no such proceeding had been instituted. 
 ARTICLE VII 
 APPLICATION OF PROCEEDS 
 SECTION 7.1.
Application of Proceeds. The proceeds received by the Trustee in respect of any sale of, collection from or other realization upon all or any part of the Pledged Collateral pursuant to the exercise by the Trustee of its remedies shall be
applied, together with any other sums then held by the Trustee pursuant to this Agreement, in accordance with the Indenture. 
 ARTICLE VIII

 MISCELLANEOUS 
 SECTION 8.1.
Concerning Trustee. 
 (a) The Trustee has been appointed as Trustee pursuant to the Indenture. The actions of the Trustee hereunder
are subject to the provisions of the Indenture and all rights, privileges, protections, immunities, benefits and indemnities of the Trustee thereunder are incorporated herein by reference. The Trustee shall have the right hereunder to make demands,
to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including the release or substitution of the Pledged Collateral), in accordance with this Agreement and the Indenture. The Trustee may
employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Trustee may resign and a successor Trustee may be appointed
in the manner provided in the Indenture. Upon the acceptance of any appointment as the Trustee by a successor Trustee, that successor Trustee shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the
retiring Trustee under this Agreement, and the retiring Trustee shall thereupon be discharged from its duties and obligations under this Agreement. After any retiring Trustee’s resignation, the provisions hereof shall inure to its benefit as to
any actions taken or omitted to be taken by it under this Agreement while it was the Trustee. 
  

 -16- 

 (b) The Trustee shall be deemed to have exercised reasonable care in the custody and preservation of the
Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Trustee, in its individual capacity, accords its own property consisting of similar instruments or interests, it being
understood that neither the Trustee nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Securities
Collateral, whether or not the Trustee or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against any person with respect to any Pledged Collateral. 
 (c) The Trustee shall be entitled to conclusively rely upon any written notice, statement, certificate, order or other document or any telephone message
believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to this Agreement and its duties hereunder, upon advice of counsel selected by it. 
 (d) If any item of Pledged Collateral also constitutes collateral granted to the Trustee under any other deed of trust, mortgage, security agreement,
pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or instrument of any type in respect of such collateral, the Trustee,
in its sole discretion, shall select which provision or provisions shall control. 
 (e) The Trustee acknowledges and agrees that any
provision of this Agreement to the contrary notwithstanding, (i) no Pledgor shall be required to act or refrain from acting (A) in a manner that is inconsistent with the terms or (B) with respect to any Pledged Collateral in any
manner that would result in a default under the terms and provisions of any First Lien Financing Document and (ii) any action required to be taken by a Pledgor (or omission to act) pursuant to the terms of any First Lien Financing Document in
respect of Pledged Collateral will not put such Pledgor in violation of or result in a default under the terms of this Agreement or the Indenture; provided, however, that (x) other than as required by the Indenture, this clause
(ii) shall in no event require the release of any Liens securing the Obligations or (y) this clause (ii) shall not impair the right of the Trustee and the Noteholders to be secured by any Collateral. 
 (f) Beyond the exercise of reasonable care in the custody thereof, the Trustee shall have no duty as to any Collateral in its possession or control or in
the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Trustee shall not be responsible for filing any financing or continuation
statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Trustee shall be deemed to have exercised reasonable
care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of
the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Trustee in good faith. 
  

 -17- 

 (g) The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral
or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any of any action or omission to act on its part hereunder, except to the extent such action or
omission constitutes negligence, bad faith or wilful misconduct on the part of the Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Company to the
Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 
 (h) The Trustee shall have no duty to act outside of the United States in respect of any Collateral located in the jurisdiction other than the United
States. 
 SECTION 8.2. Trustee May Perform; Trustee Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any covenants
contained in this Agreement do the same or cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however, that the Trustee shall in no event be bound to inquire into the validity of any tax,
Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with the provisions of the Indenture. Any and all amounts so expended by the Trustee
shall be paid by the Pledgors in accordance with the provisions of Section 7.7 of the Indenture. Neither the provisions of this Section 8.2 nor any action taken by the Trustee pursuant to the provisions of this
Section 8.2 shall prevent any such failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting an Event of Default. Each Pledgor hereby appoints the Trustee its
attorney-in-fact, with full power and authority in the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time in the Trustee’s discretion to take any action and to execute any instrument consistent with
the terms of the Indenture, this Agreement and the other Security Documents which the Trustee may deem necessary or advisable to accomplish the purposes hereof (but the Trustee shall not be obligated to and shall have no liability to such Pledgor or
any third party for failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that such attorney
shall lawfully do or cause to be done by virtue hereof. 
 SECTION 8.3. Continuing Security Interest; Assignment. This Agreement shall
create a continuing security interest in the Pledged Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the Trustee hereunder, to the
benefit of the Trustee and the other Secured Parties and each of their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect
hereto. Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such other person shall thereupon become
vested with all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Indenture. 
  

 -18- 

 SECTION 8.4. Termination; Release. (a) The Pledged Collateral shall be released from the Lien
of this Agreement in accordance with the provisions of the Indenture. Upon termination hereof or any release of Pledged Collateral in accordance with the provisions of the Indenture, the Trustee shall, upon the request and at the sole cost and
expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Trustee except as to the fact that the Trustee has not encumbered the released assets, such of the Pledged Collateral to be
released (in the case of a release) as may be in possession of the Trustee and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral, proper documents and instruments
(including UCC 3 termination statements or releases) provided to it acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be; and 
 (b) Upon the request of the Company, any Pledged Collateral shall be immediately released in accordance with Section 10.3(f) of the Indenture.

 SECTION 8.5. Modification in Writing. No amendment, modification, supplement, termination or waiver of or to any provision hereof,
nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with the terms of the Indenture and unless in writing and signed by the Trustee. Any amendment, modification or supplement of or to
any provision hereof, any waiver of any provision hereof and any consent to any departure by any Pledgor from the terms of any provision hereof in each case shall be effective only in the specific instance and for the specific purpose for which made
or given. Except where notice is specifically required by this Agreement or any other document evidencing the Obligations, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or demand in
similar or other circumstances. 
 SECTION 8.6. Notices. Unless otherwise provided herein or in the Indenture, any notice or other
communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Indenture, as to any Pledgor, addressed to it at the address of the Company set forth in the Indenture and as to the
Trustee, addressed to it at the address set forth in the Indenture, or in each case at such other address as shall be designated by such party in a written notice to the other party complying as to delivery with the terms of this
Section 6.6. 
 SECTION 8.7. Governing Law, Waiver of Jury Trial. Section 12.8 of the Indenture is
incorporated herein, mutatis mutandis, as if a part hereof. 
 SECTION 8.8. Severability of Provisions. Any provision hereof
which is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting the
validity, legality or enforceability of such provision in any other jurisdiction. 
 SECTION 8.9. Execution in Counterparts. This
Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts 

  

 -19- 

 
and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such
counterparts together shall constitute one and the same agreement. 
 SECTION 8.10. Business Days. In the event any time period or any
date provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such
Business Day, with the same force and effect as if made on such other day. 
 SECTION 8.11. No Credit for Payment of Taxes or
Imposition. Such Pledgor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Indenture, and such Pledgor shall not be entitled to any credit against any other sums which may become payable
under the terms thereof or hereof, by reason of the payment of any Tax on the Pledged Collateral or any part thereof. 
 SECTION 8.12. No
Claims Against Trustee. Nothing contained in this Agreement shall constitute any consent or request by the Trustee, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect
of the Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would
permit the making of any claim against the Trustee in respect thereof or any claim that any Lien based on the performance of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 
 SECTION 8.13. No Release. Nothing set forth in this Agreement or any other Financing Document, nor the exercise by the Trustee of any of the
rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s part to be performed or observed under or in respect of any of the Pledged Collateral or from any
liability to any person under or in respect of any of the Pledged Collateral or shall impose any obligation on the Trustee or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such Pledgor’s part
to be so performed or observed or shall impose any liability on the Trustee or any other Secured Party for any act or omission on the part of such Pledgor relating thereto or for any breach of any representation or warranty on the part of such
Pledgor contained in this Agreement, the Indenture or the other Financing Documents, or under or in respect of the Pledged Collateral or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the Trustee
nor any other Secured Party shall have any obligation or liability under any contracts, agreements and other documents included in the Pledged Collateral by reason of this Agreement, nor shall the Trustee or any other Secured Party be obligated to
perform any of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Pledged Collateral hereunder. The obligations of each Pledgor contained in
this Section 6.13 shall survive the termination hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Indenture and the other Financing Documents. 
  

 -20- 

 SECTION 8.14. Obligations Absolute. All obligations of each Pledgor hereunder shall be absolute
and unconditional irrespective of: 
 (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition,
liquidation or the like of any other Pledgor; 
 (ii) any lack of validity or enforceability of the Indenture or any other
Financing Document, or any other agreement or instrument relating thereto; 
 (iii) any change in the time, manner or place of
payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Indenture or any other Financing Document or any other agreement or instrument relating thereto;

 (iv) any pledge, exchange, release or non-perfection of any other collateral, or any release or amendment or waiver of or
consent to any departure from any guarantee, for all or any of the Obligations; 
 (v) any exercise, non-exercise or waiver of
any right, remedy, power or privilege under or in respect hereof, the Indenture or any other Financing Document except as specifically set forth in a waiver granted pursuant to the provisions of Section 6.5 hereof; or 
 (vi) any other circumstances which might otherwise constitute a defense available to, or a discharge of, any Pledgor. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 
  

 -21- 

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

			
	 Very truly yours,

	
	 INTCOMEX, INC.,
 as Pledgor

		
	 By:
	 	 /s/ Isaac Shalom

		 	 Name: Isaac Shalom

		 	 Title: Secretary

	
	 INTCOMEX HOLDINGS, LLC,
 as Pledgor

		
	 By:
	 	 /s/ Isaac Shalom

		 	 Name: Isaac Shalom

		 	 Title: Secretary,

		 	 Intcomex, Inc., its sole member

	
	 INTCOMEX HOLDINGS SPC-I, LLC,
 as Pledgor

		
	 By:
	 	 /s/ Isaac Shalom

		 	 Name: Isaac Shalom

		 	 Title: Secretary,

		 	 Intcomex, Inc., its sole member

  

 S-1 

			
	 Very truly yours,

	
	 THE BANK OF NEW YORK,
 as Trustee

		
	 By:
	 	 /s/ Stacey B. Poindexter

		 	 Name: Stacey B. Poindexter

		 	 Title: Assistant Vice President

  

 S-2 

 EXHIBIT 1 
 [Form of] 
 ISSUER’S ACKNOWLEDGMENT 
 The undersigned hereby (i) acknowledges receipt of the Pledge Agreement (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Pledge Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Pledge Agreement), dated as of August 25, 2005, made by Intcomex, Inc., a
Delaware corporation (the “Company”), Intcomex Holdings, LLC and Intcomex Holdings SPC-1, LLC (together with the Company, collectively, the “Pledgors,” and each, a “Pledgor”) and The Bank of New
York, as Trustee (in such capacity and together with any successors in such capacity, the “Trustee”), (ii) agrees promptly to note on its books the security interests granted to the Trustee and confirmed under the Pledge
Agreement, (iii) agrees that it will comply with instructions of the Trustee with respect to the applicable Securities Collateral without further consent by the applicable Pledgor, (iv) agrees to notify the Trustee upon obtaining knowledge
of any interest in favor of any person in the applicable Securities Collateral that is adverse to the interest of the Trustee therein and (v) waives any right or requirement at any time hereafter to receive a copy of the Pledge Agreement in
connection with the registration of any Securities Collateral thereunder in the name of the Trustee or its nominee or the exercise of voting rights by the Trustee or its nominee. 
  

			
	 [                                       
 ]

		
	 By:
	 	  
		 	 Name:
 Title:

 EXHIBIT 2 
 [Form of] 
 SECURITIES PLEDGE AMENDMENT 
 This Securities Pledge Amendment, dated as of August     , 2005, is delivered pursuant to Section 5.1 of the
Pledge Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Pledge Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms
in the Pledge Agreement), dated as of August 25, 2005, made by Intcomex, Inc., a Delaware corporation (the “Company”), Intcomex Holdings, LLC and Intcomex Holdings SPC-1, LLC (together with the Company, collectively, the
“Pledgors,” and each, a “Pledgor”) and The Bank of New York, as Trustee (in such capacity and together with any successors in such capacity, the “Trustee”). The undersigned hereby agrees that this
Securities Pledge Amendment may be attached to the Pledge Agreement and that the Pledged Securities listed on this Securities Pledge Amendment shall be deemed to be and shall become part of the Pledged Collateral and shall secure all Obligations.

 PLEDGED SECURITIES 
  

											
	 ISSUER
	  	 CLASS
 OF STOCK
 OR
 INTERESTS
	  	 PAR
 VALUE
	  	 CERTIFICATE
 NO(S).
	  	 NUMBER
OF
 SHARES
 OR
 INTERESTS
	  	 PERCENTAGE OF
ALL ISSUED CAPITAL
 OR OTHER CAPITAL
 INTERESTS OF ISSUER

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  

			
	 [                                       
 ],
 as Pledgor

		
	 By:
	 	  
		 	 Name:

		 	 Title:

			
	 AGREED TO AND ACCEPTED:

	
	 THE BANK OF NEW YORK,
 as Trustee

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

 -2- 

 EXHIBIT 3 
 [Form of] 
 JOINDER AGREEMENT 
 [Name of New Pledgor] 
 [Address of New Pledgor] 
 [Date] 
 ________________________ 
 ________________________ 
 ________________________ 
 ________________________ 
 Ladies and Gentlemen: 
 Reference is made to the Pledge
Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Pledge Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the
Pledge Agreement), dated as of August 25, 2005, made by Intcomex, Inc., a Delaware corporation (the “Company”), Intcomex Holdings, LLC and Intcomex Holdings SPC-1, LLC (together with the Company, collectively, the
“Pledgors,” and each, a “Pledgor”) and The Bank of New York, as Trustee (in such capacity and together with any successors in such capacity, the “Trustee”). 
 This Joinder Agreement supplements the Pledge Agreement and is delivered by the undersigned,
[                    ] (the “New Pledgor”), pursuant to Section 3.4 of the Pledge Agreement. The New Pledgor hereby
agrees to be bound as a Pledgor party to the Pledge Agreement by all of the terms, covenants and conditions set forth in the Pledge Agreement to the same extent that it would have been bound if it had been a signatory to the Pledge Agreement on the
date of the Pledge Agreement. The New Pledgor also hereby agrees to be bound as a party by all of the terms, covenants and conditions applicable to it set forth in the Indenture to the same extent that it would have been bound if it had been a
signatory to the Indenture on the execution date of the Indenture. Without limiting the generality of the foregoing, the New Pledgor hereby grants and pledges to the Trustee, as collateral security for the full, prompt and complete payment and
performance when due (whether at stated maturity, by acceleration or otherwise) of the Obligations, a Lien on and security interest in, all of its right, title and interest in, to and under 

 
the Pledged Collateral and expressly assumes all obligations and liabilities of a Pledgor thereunder. The New Pledgor hereby makes each of the
representations and warranties and agrees to each of the covenants applicable to the Pledgors contained in the Pledge Agreement and Articles IV and V of the Indenture. 
 Annexed hereto are supplements to each of the schedules to the Perfection Certificate, as applicable, with respect to the New Pledgor. Such supplements shall be deemed to be part of the Pledge Agreement. 

This Joinder Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 
 THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  

 -2- 

 IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and delivered by its
duly authorized officer as of the date first above written. 
  

			
	 [NEW PLEDGOR]

		
	 By:
	 	  
		 	 Name:

		 	 Title:

  

			
	 AGREED TO AND ACCEPTED:

	
	 THE BANK OF NEW YORK,
 as Trustee

		
	 By:
	 	  
		 	 Name:

		 	 Title:

 [Schedules to be attached] 
  

 -3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]