Document:

Intercreditor Agreement dated as of December 3, 2009

 Exhibit 10.9 
 INTERCREDITOR AGREEMENT 
 Intercreditor Agreement
(this “Agreement”), dated as of December 3, 2009, among JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “ABL
Representative”) for the ABL Secured Parties (as defined below), U.S. Bank National Association (“U.S. Bank”), as collateral agent (in such capacity, with its successors and assigns, and as more specifically defined below,
the “Note Representative”) for the Note Secured Parties (as defined below) and each of the Loan Parties (as defined below) party hereto. 
 WHEREAS, Easton-Bell Sports, Inc., a Delaware corporation (“Borrower”), the subsidiary guarantors, the ABL Representative and certain financial institutions and other entities are parties
to the Credit Agreement dated as of the date hereof (the “Existing ABL Agreement”), pursuant to which such financial institutions and other entities have agreed to make loans and extend other financial accommodations to the Loan
Parties; 
 WHEREAS, Borrower, U.S. Bank, as trustee, the guarantors and other entities are parties to the Indenture dated as of
the date hereof (the “Existing Note Agreement”), pursuant to which the Borrower has issued senior secured notes; 
 WHEREAS, Borrower has granted to the ABL Representative security interests and liens in the Collateral (as defined below) as security for payment and performance of the ABL Obligations; and 
 WHEREAS, Borrower has granted to the Note Representative security interests and liens in the Collateral as security for payment and
performance of the Note Obligations (as defined below). 
 NOW THEREFORE, in consideration of the foregoing and the mutual
covenants herein contained and other good and valuable consideration, the existence and sufficiency of which is expressly recognized by all of the parties hereto, the parties agree as follows: 
 SECTION 1. Definitions; Rules of Construction. 
 1.1 UCC Definitions. The following terms which are defined in the Uniform Commercial Code are used herein as so defined: Accounts, Chattel Paper, Commercial Tort Claims, Deposit Accounts,
Documents, Equipment, General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter of Credit, Letter of Credit Rights, Records, Securities Account and Supporting Obligations. 
 1.2. Defined Terms. The following terms, as used herein, have the following meanings: 
 “ABL Agreement” means the collective reference to (a) the Existing ABL Agreement, (b) any Additional ABL
Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has at any
time been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations outstanding under the Existing ABL Agreement (regardless of whether such replacement, refunding or refinancing (i) is a
“working capital” facility, asset-based facility, revolving loan facility, term loan facility or otherwise or (ii) was entered into after the ABL Obligations Payment Date), any Additional ABL Agreement or any other agreement or
instrument referred to in this clause (c) unless such agreement or instrument expressly provides that it is not intended to be and is not an ABL Agreement hereunder (a “Replacement ABL Agreement”). Any
reference to the ABL Agreement hereunder shall be deemed a reference to any ABL Agreement then extant. 

 “ABL Creditors” means, collectively, the “Lenders” and the
“Secured Parties”, each as defined in the ABL Agreement. 
 “ABL DIP Financing” has the meaning set
forth in Section 5.2(a). 
 “ABL Documents” means the ABL Agreement, each ABL Security Document,
each ABL Guarantee and each other “Loan Document” as defined in the ABL Agreement (other than this Agreement). 
 “ABL Guarantee” means any guarantee by any Loan Party of any or all of the ABL Obligations. 
 “ABL Lien” means any Lien created by the ABL Security Documents. 
 “ABL Obligations”
means (a) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all loans made pursuant to the ABL Agreement or any ABL DIP Financing by the ABL Creditors, (b) all reimbursement
obligations (if any) and interest thereon (including without limitation any Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to the ABL Agreement, (c) all Swap Obligations, (d) all Banking
Services Obligations and (e) all guarantee obligations, indemnities, fees, expenses and other amounts payable from time to time pursuant to the ABL Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the
extent any payment with respect to any ABL Obligation (whether by or on behalf of any Loan Party, as Proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set
aside or required to be paid to a debtor in possession, any Note Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and
obligations of the ABL Secured Parties and the Note Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred. 
 “ABL Obligations Payment Date” means the first date on which (a) the ABL Obligations (other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid
in cash in full (or cash collateralized or defeased in accordance with the terms of the ABL Documents), (b) all commitments to extend credit under the ABL Documents have been terminated, (c) there are no outstanding letters of credit or
similar instruments issued under the ABL Documents (other than such as have been cash collateralized or defeased in accordance with the terms of the ABL Documents), and (d) so long as the Note Obligations Payment Date shall not have occurred,
the ABL Representative has delivered a written notice to the Note Representative stating that the events described in clauses (a), (b) and (c) have occurred to the satisfaction of the ABL Secured Parties. 
 “ABL Post-Petition Assets” has the meaning set forth in Section 5.2(b). 
 “ABL Priority Collateral” means all Collateral consisting of the following: 
 (1) all Accounts; 
 (2) all Inventory; 
 (3) all Deposit Accounts (other than the
Non-ABL Collateral Account); 
 (4) all cash and cash equivalents (except to the extent held or required to be
held in the Non-ABL Collateral Account); 
  

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 (5) to the extent evidencing or governing any of the items referred to in
the preceding clauses (1), (2), (3) and (4) all Chattel Paper, Documents, Instruments, General Intangibles and Securities Accounts related thereto; provided that to the extent any of the foregoing
also relates to Note Priority Collateral only that portion related to the items referred to in the preceding clauses (1), (2), (3) and (4) shall be included in the ABL Priority Collateral; 
 (6) all books and records relating to the foregoing (including without limitation all books, databases, customer lists and
records, whether tangible or electronic which contain any information relating to any of the foregoing); and 
 (7) all Proceeds of and Supporting Obligations, including, without limitation, Letter of Credit Rights, with respect to any of the foregoing and all collateral security and guarantees given by any Person with respect to any of the
foregoing. 
 “ABL Representative” has the meaning set forth in the introductory paragraph hereof. In the case
of any Replacement ABL Agreement, the ABL Representative shall be the Person identified as such in such Agreement. 
 “ABL Secured Parties” means the ABL Representative, the ABL Creditors and any other holders of the ABL Obligations. 
 “ABL Security Documents” means the “Collateral Documents” as defined in the ABL Agreement, and any other documents that are designated under the ABL Agreement as “ABL
Security Documents” for purposes of this Agreement. 
 “Access Period” means, with respect to each parcel
or item of Note Priority Collateral, the period, following the commencement of any Enforcement Action, which begins on the earlier of (a) the day on which the ABL Representative provides the Note Representative with the notice of its election
to request access to such parcel or item of Note Priority Collateral pursuant to Section 3.4(c) and (b) the fifth Business Day after the Note Representative provides the ABL Representative with notice that the Note Representative
(or its agent) has obtained possession or control of such parcel or item of Note Priority Collateral and ends on the earliest of (i) the day which is 180 days after the date (the “Initial Access Date”) on which the ABL
Representative initially obtains the ability to take physical possession of, remove or otherwise control physical access to, or actually uses, such parcel or item of Note Priority Collateral plus such number of days, if any, after the Initial Access
Date that it is stayed or otherwise prohibited by law or court order from exercising remedies with respect to associated ABL Priority Collateral, (ii) the date on which all or substantially all of the ABL Priority Collateral associated with
such parcel or item of Note Priority Collateral is sold, collected or liquidated, (iii) the ABL Obligations Payment Date and (iv) the date on which the default which resulted in such Enforcement Action has been cured or waived in writing.

 “Additional ABL Agreement” means any agreement for the incurrence of additional indebtedness that is
permitted to be secured by the ABL Priority Collateral pursuant to the Note Agreement and any agreement approved for designation as such by the ABL Representative and the Note Representative. 
 “Additional Debt” has the meaning set forth in Section 10.5(b). 
 “Additional Note Agreement” means any agreement for the issuance of senior secured notes that is permitted by
Section 6.01 of the Existing ABL Agreement (and any equivalent section of another ABL Agreement), and Sections 2.1 and 3.2 of the Existing Note Agreement (and any equivalent section of

  

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another Note Agreement), any agreement governing any indebtedness of any of the Loan Parties permitted to be incurred under Section 3.2 of the Existing Note Agreement and secured by liens
permitted pursuant to the second proviso to clause (1) of the definition of “Permitted Liens” therein and any agreement approved for designation as such by the ABL Representative and the Note Representative. 
 “Banking Services Obligations” means, with respect to any Loan Party, any obligations of such Loan Party, whether absolute
or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), owed to any ABL Secured Party (or any of its affiliates) in respect of the
following bank services: (a) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards and (c) treasury management services (including,
without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 
 “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. §101 et seq.), as amended from time to time. 
 “Borrower” has the meaning set forth in the first WHEREAS clause above. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed. 
 “Canadian Subsidiary” means any direct or indirect affiliate
or shareholder (or equivalent) of Borrower or any of its affiliates which is organized under the laws of Canada (or any province or territory thereof). 
 “Collateral” means, collectively, all property upon which a Lien is granted pursuant to the Security Documents; provided, however, that no property upon which a Lien is granted by a
Canadian Subsidiary shall be “Collateral” hereunder. 
 “Comparable Security Document” means, in
relation to any Senior Collateral subject to any Senior Security Document, that Junior Security Document (if any) that creates a security interest in the same Senior Collateral, granted by the same Loan Party, as applicable. 
 “Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and to the
following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and
payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future
infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 
 “Enforcement Action” means, with respect to the ABL Obligations or the Note Obligations, the exercise of any rights and remedies with respect to any Collateral securing such obligations or the commencement or prosecution of
enforcement of any of the rights and remedies under, as applicable, the ABL Documents or the Note Documents, or applicable law, including without limitation the exercise of any rights of set-off or recoupment, and the exercise of any rights or
remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction or under the Bankruptcy Code. 
  

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 “Existing ABL Agreement” has the meaning set forth in the first WHEREAS
clause of this Agreement. 
 “Existing Note Agreement” has the meaning set forth in the third WHEREAS clause of
this Agreement. 
 “Insolvency Proceeding” means any proceeding in respect of bankruptcy, insolvency, winding
up, receivership, dissolution or assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar federal, state or foreign bankruptcy, insolvency, reorganization, receivership or similar law.

 “Intellectual Property” means, the collective reference to all rights, priorities and privileges relating to
intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Patents, the Trademarks and the Licenses, and all rights to sue at law or in equity for any
Infringement thereof, including the right to receive all proceeds and damages therefrom. 
 “Junior Collateral”
shall mean with respect to any Junior Secured Party, any Collateral on which it has a Junior Lien. 
 “Junior
Documents” shall mean, collectively, with respect to any Junior Obligations, any provision pertaining to such Junior Obligation in any Loan Document or any other document, instrument or certificate evidencing or delivered in connection with
such Junior Obligation. 
 “Junior Liens” shall mean (a) with respect to any ABL Priority Collateral, all
Liens securing the Note Obligations and (b) with respect to any Note Priority Collateral, all Liens securing the ABL Obligations. 
 “Junior Obligations” shall mean (a) with respect to any ABL Priority Collateral, all Note Obligations and (b) with respect to any Note Priority Collateral, all ABL Obligations. 
 “Junior Representative” shall mean (a) with respect to any ABL Obligations or any ABL Priority Collateral, the Note
Representative and (b) with respect to any Note Obligations or any Note Priority Collateral, the ABL Representative. 
 “Junior Secured Parties” shall mean (a) with respect to the ABL Priority Collateral, all Note Secured Parties and (b) with respect to the Note Priority Collateral, all ABL Secured Parties. 
 “Junior Security Documents” shall mean with respect to any Junior Secured Party, the Security Documents that secure the
Junior Obligations. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, deed to
secure debt, lien, pledge, hypothecation, assignment, assignation, debenture, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or
title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with
respect to such securities. 
  

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 “Licenses” means, with respect to any Person, all of such Person’s
right, title, and interest in and to (a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable
under and with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 
 “Lien Priority” means with respect to any Lien of the ABL Representative or Note Representative in the Collateral, the
order of priority of such Lien specified in Section 2.1. 
 “Loan Documents” shall mean,
collectively, the ABL Documents and the Note Documents. 
 “Loan Party” means Borrower and each direct or
indirect affiliate or shareholder (or equivalent) of Borrower or any of its affiliates that is now or hereafter becomes a party to any ABL Document or any Note Document, in each case as a direct obligor or guarantor of the ABL Obligations or Note
Obligations, as applicable, other than any Canadian Subsidiary. All references in this Agreement to any Loan Party shall include such Loan Party as a debtor-in-possession and any receiver or trustee for such Loan Party in any Insolvency Proceeding.

 “Non-ABL Collateral Account” means the “Collateral Account” as defined in the Note Security
Documents. 
 “Notes” means the senior secured notes of the Borrower issued and sold on or after the
“Issue Date” (as defined in the Note Agreement) pursuant to the Note Documents, any exchange notes issued in exchange therefor and any other indebtedness incurred, in each case, pursuant to the Note Agreement. 
 “Note Agreement” means the collective reference to (a) the Existing Note Agreement, (b) any Additional Note
Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has at any
time been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations outstanding under the Existing Note Agreement, any Additional Note Agreement or any other agreement or instrument referred to in
this clause (c) unless such agreement or instrument expressly provides that it is not intended to be and is not a Note Agreement hereunder (a “Replacement Note Agreement”). Any reference to the Note Agreement
hereunder shall be deemed a reference to any Note Agreement then extant. 
 “Note Creditors” means Note Secured
Parties. 
 “Note DIP Financing” has the meaning set forth in Section 5.2(b). 
 “Note Documents” means the Note Agreement, the Note Security Documents, the purchase agreement among the Borrower, the
guarantors party thereto, and the initial purchasers thereunder with respect to the Notes and all other agreements, instruments and other documents (including collateral documents with respect thereto) pursuant to which the Notes have been or will
be issued or otherwise setting forth the terms of the Notes (other than this Agreement). 
 “Note
Lien” means any Lien created by the Note Security Documents. 
 “Note Obligations” means
(a) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all indebtedness under the Note Agreement or any Note DIP Financing by the Note Secured Parties, and (b) all guarantee
obligations, indemnities, fees, expenses and other amounts payable from time to time pursuant to the Note Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Note

  

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Obligation (whether by or on behalf of any Loan Party, as Proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any
respect, set aside or required to be paid to a debtor in possession, any ABL Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights
and obligations of the ABL Secured Parties and the Note Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred. 
 “Note Obligations Payment Date” means first date on which (a) the Note Obligations (other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in
cash in full, (b) all commitments to extend credit under the Note Documents have been terminated, and (c) so long as the ABL Obligations Payment Date shall not have occurred, the Note Representative has delivered a written notice to the
ABL Representative stating that the events described in clauses (a) and (b) have occurred to the satisfaction of the Note Secured Parties. 
 “Note Post-Petition Assets” has the meaning set forth in Section 5.2(a). 
 “Note Priority Collateral” means all Collateral other than the ABL Priority Collateral; provided, however, “Note Priority Collateral” shall not include Proceeds
from the disposition of any Note Priority Collateral to the extent such Proceeds are not required to be deposited in the Non-ABL Collateral Account or not required to be applied to the mandatory prepayment or repurchase of the Note Obligations
pursuant to the Note Documents, unless such Proceeds arise from a disposition of Note Priority Collateral resulting from Enforcement Action taken by the Note Secured Parties permitted by this Agreement. If such Proceeds are required to be deposited
in the Non-ABL Collateral Account or are required to be applied to the mandatory prepayment or repurchase of the Note Obligations or arise from a disposition of Note Priority Collateral resulting from an Enforcement Action, such Proceeds shall not
be included in the ABL Priority Collateral (not withstanding anything in the definition thereof to the contrary, including anything in the definition of Accounts to the contrary) and shall be Note Priority Collateral. With respect to Proceeds
deposited in the Non-ABL Collateral Account only, such Proceeds shall be Note Priority Collateral until such time as the use of such Proceeds is no longer restricted by the Note Documents unless they have been applied to the payment of the Note
Obligations. 
 “Note Representative” has the meaning set forth in the introductory paragraph hereof. The Note
Representative shall be the Person identified as the “Collateral Agent” in the Note Security Agreement. 
 “Note Secured Parties” means the “Secured Parties” as defined under the Note Security Agreement. 
 “Note Security Agreement” means the Pledge and Security Agreement entered into as of December 3, 2009 by and between the Borrower, and the other Persons listed on the signature pages thereof, as guarantors, and U.S.
Bank, in its capacity as collateral agent for the secured parties and any other security agreement entered into in connection with a Note Agreement. 
 “Note Security Documents” means the “Collateral Documents” as defined in the Note Agreement and any documents that are designated under the Note Agreement as “Collateral
Documents” for purposes of this Agreement. 
 “Patents” means with respect to any Person, all of such
Person’s right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions,
and continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements
thereof; (e) all rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 
  

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 “Person” means any person, individual, sole proprietorship, partnership,
joint venture, corporation, limited liability company, unincorporated organization, association, institution, entity, party, including any government and any political subdivision, agency or instrumentality thereof. 
 “Post-Petition Interest” means any interest or entitlement to fees or expenses or other charges that accrues after the
commencement of any Insolvency Proceeding (or would accrue but for the commencement of an Insolvency Proceeding), whether or not allowed or allowable in any such Insolvency Proceeding. 
 “Priority Collateral” means the ABL Priority Collateral or the Note Priority Collateral. 
 “Proceeds” means (a) all “proceeds,” as defined in Article 9 of the Uniform Commercial Code, with respect to
the Collateral, and (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily, including, without limitation, all proceeds of any insurance policy covering
the Collateral. 
 “Real Property” means any right, title or interest in and to real property, including any
fee interest, leasehold interest, easement, or license and any other right to use or occupy real property, including any right arising by contract. 
 “Replacement ABL Agreement” has the meaning set forth in the definition of “ABL Agreement.” 
 “Replacement Note Agreement” has the meaning set forth in the definition of “Note Agreement.” 
 “Secured Obligations” shall mean the ABL Obligations and the Note Obligations. 
 “Secured Parties” means the ABL Secured Parties and the Note Secured Parties. 
 “Security Documents” means, collectively, the ABL Security Documents and the Note Security Documents. 
 “Senior Collateral” shall mean with respect to any Senior Secured Party, any Collateral on which it has a Senior Lien. 
 “Senior Documents” shall mean, collectively, with respect to any Senior Obligation, any provision pertaining to such Senior
Obligation in any Loan Document or any other document, instrument or certificate evidencing or delivered in connection with such Senior Obligation. 
 “Senior Liens” shall mean (a) with respect to the ABL Priority Collateral, all Liens securing the ABL Obligations and (b) with respect to the Note Priority Collateral, all Liens
securing the Note Obligations. 
 “Senior Obligations” shall mean (a) with respect to any ABL Priority
Collateral, all ABL Obligations and (b) with respect to any Note Priority Collateral, all Note Obligations. 
  

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 “Senior Obligations Payment Date” shall mean (a) with respect to ABL
Obligations, the ABL Obligations Payment Date and (b) with respect to any Note Obligations, the Note Obligations Payment Date. 
 “Senior Representative” shall mean (a) with respect to any ABL Priority Collateral, the ABL Representative and (b) with respect to any Note Priority Collateral, the Note Representative. 
 “Senior Secured Parties” shall mean (a) with respect to the ABL Priority Collateral, all ABL Secured Parties and
(b) with respect to the Note Priority Collateral, all Note Secured Parties. 
 “Senior Security Documents”
shall mean with respect to any Senior Secured Party, the Security Documents that secure the Senior Obligations. 
 “Swap
Obligations” means, with respect to any Loan Party, any obligations of such Loan Party owed to any ABL Creditor (or any of its affiliates) in respect of any swap, forward, future or derivative transaction or option or similar agreement
involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar
transaction or any combination of these transactions or any and all cancellations, buy backs, reversals, terminations or assignments of any these transactions. 
 “Trademarks” means with respect to any Person, all of such Person’s right, title, and interest in and to the following: (a) all trademarks (including service marks), trade
names, trade dress, trade styles, brand names, corporate names, business names, domain names, logos and other source or business identifiers and the registrations and applications for registration thereof, all common-law rights related thereto, and
the goodwill of the business symbolized by the foregoing; (b) all renewals of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages,
claims, and payments for past and future infringements thereof; (d) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and
(e) all rights corresponding to any of the foregoing throughout the world. 
 “Unasserted Contingent
Obligations” shall mean, at any time, ABL Obligations or Note Obligations, as applicable, for taxes, costs, indemnifications, reimbursements, damages and other liabilities (excluding (a) the principal of, and interest and premium (if
any) on, and fees and expenses relating to, any ABL Obligation or Note Obligation, as applicable, and (b) with respect to ABL Obligations contingent reimbursement obligations in respect of amounts that may be drawn under outstanding letters of
credit) in respect of which no assertion of liability (whether oral or written) and no claim or demand for payment (whether oral or written) has been made (and, in the case of ABL Obligations or Note Obligations, as applicable, for indemnification,
no notice for indemnification has been issued by the indemnitee) at such time. 
 “Uniform Commercial Code”
shall mean the Uniform Commercial Code as in effect from time to time in the applicable jurisdiction. 
 1.3 Rules of
Construction. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any

  

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definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns,
(c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references
herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have
the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 2. Lien Priority. 
 2.1 Lien Subordination.
Notwithstanding the date, manner or order of grant, attachment or perfection of any Junior Lien in respect of any Collateral or of any Senior Lien in respect of any Collateral and notwithstanding any provision of the UCC, any applicable law, any
Security Document, any alleged or actual defect or deficiency in any of the foregoing or any other circumstance whatsoever, the Junior Representative, on behalf of each Junior Secured Party, in respect of such Collateral hereby agrees that:

 (a) any Senior Lien in respect of such Collateral, regardless of how acquired, whether by grant, statute,
operation of law, subrogation or otherwise, shall be and shall remain senior and prior to any Junior Lien in respect of such Collateral (whether or not such Senior Lien is subordinated to any Lien securing any other obligation); and 
 (b) any Junior Lien in respect of such Collateral, regardless of how acquired, whether by grant, statute, operation of law,
subrogation or otherwise, shall be junior and subordinate in all respects to any Senior Lien in respect of such Collateral. 
 2.2 Prohibition on Contesting Liens. In respect of any Collateral, the Junior Representative, on behalf of each Junior Secured Party, agrees that it shall not, and hereby waives any right to: 
 (a) contest, or support any other Person in contesting, in any proceeding (including any Insolvency Proceeding), the
priority, validity or enforceability of any Senior Lien on such Collateral; or 
 (b) demand, request, plead or
otherwise assert or claim the benefit of any marshalling, appraisal, valuation or similar right which it may have in respect of such Collateral or the Senior Liens on such Collateral, except to the extent that such rights are expressly granted in
this Agreement. 
 2.3 Nature of Obligations. The Note Representative on behalf of itself and the other Note Secured
Parties acknowledges that a portion of the ABL Obligations represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased, reduced or repaid and subsequently
reborrowed, and that the terms of the ABL Obligations and any ABL Agreement or any provision thereof may be waived, modified, extended, amended, restated or supplemented from time to time, and that the aggregate amount of the ABL Obligations may be
increased, replaced or refinanced, in each event, without notice to or consent by the Note Secured Parties and without affecting the provisions hereof. The ABL Representative on behalf of itself and the other ABL Secured Parties acknowledges that
Note Obligations may be replaced or refinanced and the amount of any

  

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Note Obligations may be increased, reduced, or repaid, and any Note Document or any provision thereof may be waived, modified, extended, amended, restated or supplemented from time to time, and
that the aggregate amount of the Note Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the ABL Secured Parties and without affecting the provisions hereof. The Lien Priorities provided in
Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of either the ABL Obligations or the
Note Obligations, or any portion thereof. 
 2.4 No New Liens. (a) Until the ABL Obligations Payment Date, no Note
Secured Party shall acquire or hold any Lien on any assets of any Loan Party securing any Note Obligation which assets are not also subject to the Lien of the ABL Representative under the ABL Documents (except with respect to Real Property), subject
to the Lien Priority set forth herein. If any Note Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Loan Party securing any Note Obligation which assets are not also subject to the Lien of the ABL
Representative under the ABL Documents (except with respect to Real Property), subject to the Lien Priority set forth herein, then the Note Representative (or the relevant Note Secured Party) shall, without the need for any further consent of any
other Note Secured Party and notwithstanding anything to the contrary in any other Note Document be deemed to also hold and have held such lien for the benefit of the ABL Representative as security for the ABL Obligations (subject to the Lien
Priority and other terms hereof) and shall promptly notify the ABL Representative in writing of the existence of such Lien. 
 (b) Until the Note Obligations Payment Date, no ABL Secured Party shall acquire or hold any Lien on any assets of any Loan Party securing any ABL Obligation which assets are not also subject to a Lien under the Note Documents, subject to
the Lien Priority set forth herein. If any ABL Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Loan Party securing any ABL Obligation which assets are not also subject to a Lien under the Note
Documents, subject to the Lien Priority set forth herein, then the ABL Representative (or the relevant ABL Secured Party) shall, without the need for any further consent of any other ABL Secured Party and notwithstanding anything to the contrary in
any other ABL Document be deemed to also hold and have held such lien for the benefit of the Note Representative as security for the Note Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the Note
Representative in writing of the existence of such Lien. 
 2.5 Separate Grants of Security and Separate Classification.
Each Secured Party acknowledges and agrees that (i) the grants of Liens pursuant to the ABL Security Documents and the Note Security Documents constitute two separate and distinct grants of Liens and (ii) because of, among other things,
their differing rights in the Collateral, the Note Obligations are fundamentally different from the ABL Obligations and should be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding. To further
effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the ABL Secured Parties and the Note Secured Parties in respect of the Collateral constitute claims in the same class (rather
than separate classes of senior and junior secured claims), then the ABL Secured Parties and the Note Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate classes of ABL Obligation claims and
Note Obligation claims against the Loan Parties (with the effect being that, to the extent that the aggregate value of the ABL Priority Collateral or Note Priority Collateral is sufficient (for this purpose ignoring all claims held by the other
Secured Parties), the ABL Secured Parties or the Note Secured Parties, respectively, shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in
respect of Post-Petition Interest that are available from each pool of Priority Collateral for each of the ABL Secured Parties and the Note Secured Parties, respectively, before any distribution is made in respect of the claims held by the

  

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other Secured Parties, with the other Secured Parties hereby acknowledging and agreeing to turn over to the respective other Secured Parties amounts otherwise received or receivable by them to
the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries. 
 2.6 Agreements Regarding Actions to Perfect Liens. (a) The ABL Representative agrees on behalf of itself and the other ABL Secured Parties that all mortgages, deeds of trust, deeds and similar
instruments (collectively, “mortgages”) now or hereafter filed against Real Property in favor of or for the benefit of the ABL Representative shall contain the following notation: “The lien created by this mortgage on the
property described herein is junior and subordinate to the lien on such property created by any mortgage, deed of trust or similar instrument now or hereafter granted to U.S. Bank National Association, as Note Representative, in accordance with the
provisions of the Intercreditor Agreement dated as of December 3, 2009, as amended from time to time.” 
 (b) Each of
the ABL Representative and the Note Representative hereby acknowledges that, to the extent that it holds, or a third party holds on its behalf, physical possession of or “control” (as defined in the Uniform Commercial Code) over Collateral
pursuant to the ABL Security Documents or the Note Security Documents, as applicable, such possession or control is also for the benefit of the Note Representative and the other Note Secured Parties or the ABL Representative and the other ABL
Secured Parties, as applicable, solely to the extent required to perfect their security interest (if any) in such Collateral. Nothing in the preceding sentence shall be construed to impose any duty on the ABL Representative or the Note
Representative (or any third party acting on either such Person’s behalf) with respect to such Collateral or provide the Note Representative, any other Note Secured Party, the ABL Representative or any other ABL Secured Party, as applicable,
with any rights with respect to such Collateral beyond those specified in this Agreement, the ABL Security Documents and the Note Security Documents, as applicable, provided that subsequent to the occurrence of the ABL Obligations Payment
Date (so long as the Note Obligations Payment Date shall not have occurred), the ABL Representative shall (i) deliver to the Note Representative, at the Loan Parties’ sole cost and expense, the Collateral in its possession or control
together with any necessary endorsements to the extent required by the Note Documents or (ii) direct and deliver such Collateral as a court of competent jurisdiction otherwise directs; provided, further, that subsequent to the
occurrence of the Note Obligations Payment Date (so long as the ABL Obligations Payment Date shall not have occurred), the Note Representative shall (i) deliver to the ABL Loan Representative, at the Loan Parties’ sole cost and expense,
the Collateral in its possession or control together with any necessary endorsements to the extent required by the ABL Documents or (ii) direct and deliver such Collateral as a court of competent jurisdiction otherwise directs; provided,
further, that (i) prior to the occurrence of the Note Obligations Payment Date, upon the request of the Note Representative or the Company, the ABL Loan Representative shall turn over to the Note Representative any Note Priority
Collateral of which it has physical possession, and (ii) prior to the occurrence of the ABL Obligations Payment Date, upon the request of the ABL Representative or the Company, the Note Representative shall turn over to the ABL Representative
any ABL Priority Collateral of which it has physical possession. The provisions of this Agreement are intended solely to govern the respective Lien priorities as between the ABL Secured Parties and the Note Secured Parties and shall not impose on
the ABL Secured Parties or the Note Secured Parties any obligations in respect of the disposition of any Collateral (or any proceeds thereof) that would conflict with prior perfected Liens or any claims thereon in favor of any other Person that is
not a Secured Party. 
  

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 SECTION 3. Enforcement Rights.  
 3.1 Exclusive Enforcement. Until the Senior Obligations Payment Date has occurred, whether or not an Insolvency Proceeding has been
commenced by or against any Loan Party, the Senior Secured Parties shall have the exclusive right to take and continue any Enforcement Action (including the right to credit bid their debt) with respect to the Senior Collateral, without any
consultation with or consent of any Junior Secured Party, but subject to the proviso set forth in Section 5.1. Upon the occurrence and during the continuance of a default or an event of default under the Senior Documents, the Senior
Representative and the other Senior Secured Parties may take and continue any Enforcement Action with respect to the Senior Obligations and the Senior Collateral in such order and manner as they may determine in their sole discretion in accordance
with the terms and conditions of the Senior Documents. 
 3.2 Standstill and Waivers. Each Junior Representative, on
behalf of itself and the other Junior Secured Parties, agrees that, until the Senior Obligations Payment Date has occurred, but subject to the proviso set forth in Section 5.1: 
 (i) they will not take or cause to be taken any action, the purpose or effect of which is to make any Lien on any Senior
Collateral that secures any Junior Obligation pari passu with or senior to, or to give any Junior Secured Party any preference or priority relative to, the Liens on the Senior Collateral securing the Senior Obligations; 
 (ii) they will not contest, oppose, object to, interfere with, hinder or delay, in any manner, whether by judicial
proceedings (including without limitation the filing of an Insolvency Proceeding) or otherwise, any foreclosure, sale, lease, exchange, transfer or other disposition of the Senior Collateral by any Senior Secured Party or any other Enforcement
Action taken (or any forbearance from taking any Enforcement Action) in respect of the Senior Collateral by or on behalf of any Senior Secured Party; 
 (iii) they have no right to (x) direct either the Senior Representative or any other Senior Secured Party to exercise any right, remedy or power with respect to the Senior Collateral or pursuant to
the Senior Security Documents in respect of the Senior Collateral or (y) consent or object to the exercise by the Senior Representative or any other Senior Secured Party of any right, remedy or power with respect to the Senior Collateral or
pursuant to the Senior Security Documents with respect to the Senior Collateral or to the timing or manner in which any such right is exercised or not exercised (or, to the extent they may have any such right described in this clause (iii), whether
as a junior lien creditor in respect of the Senior Collateral or otherwise, they hereby irrevocably waive such right); 
 (iv) they will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim against any Senior Secured Party seeking damages from or other relief by way of specific performance,
instructions or otherwise, with respect to, and no Senior Secured Party shall be liable for, any action taken or omitted to be taken by any Senior Secured Party with respect to the Senior Collateral or pursuant to the Senior Documents in respect of
the Senior Collateral; 
 (v) they will not commence judicial or nonjudicial foreclosure proceedings with
respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of any Senior Collateral, exercise any right, remedy or power with respect to, or otherwise take any action to
enforce their interest in or realize upon, the Senior Collateral; and 
 (vi) they will not seek, and hereby
waive any right, to have the Senior Collateral or any part thereof marshaled upon any foreclosure or other disposition of the Senior Collateral. 
  

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 3.3 Judgment Creditors. In the event that any Note Secured Party becomes a judgment
lien creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the ABL Liens and the ABL
Obligations) to the same extent as all other Liens securing the Note Obligations are subject to the terms of this Agreement. In the event that any ABL Secured Party becomes a judgment lien creditor in respect of Collateral as a result of its
enforcement of its rights as an unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Note Liens and the Note Obligations) to the same extent as all other Liens securing
the ABL Obligations are subject to the terms of this Agreement. 
 3.4 Cooperation; Sharing of Information and Access.
(a) The Note Representative, on behalf of itself and the other Note Secured Parties, agrees that each of them shall take such actions as the ABL Representative shall request in connection with the exercise by the ABL Secured Parties of their
rights set forth herein in respect of the ABL Priority Collateral. The ABL Representative, on behalf of itself and the other ABL Secured Parties, agrees that each of them shall take such actions as the Note Representative shall request in connection
with the exercise by the Note Secured Parties of their rights set forth herein in respect of the Note Priority Collateral. 
 (b) In the event that the ABL Representative shall, in the exercise of its rights under the ABL Security Documents or otherwise, receive possession or control of any books and Records of any Loan Party which contain information identifying
or pertaining to the Note Priority Collateral, the ABL Representative shall promptly notify the Note Representative of such fact and, upon request from the Note Representative and as promptly as practicable thereafter, either make available to the
Note Representative such books and Records for inspection and duplication or provide to the Note Representative copies thereof. In the event that a Note Representative shall, in the exercise of its rights under the Note Security Documents or
otherwise, receive possession or control of any books and records of any Loan Party which contain information identifying or pertaining to any of the ABL Priority Collateral, the Note Representative shall promptly notify the ABL Representative of
such fact and, upon request from the ABL Representative and as promptly as practicable thereafter, either make available to the ABL Representative such books and records for inspection and duplication or provide the ABL Representative copies
thereof. The Note Representative hereby irrevocably grants the ABL Representative a non-exclusive worldwide license or right to use, to the maximum extent permitted by applicable law and to the extent of the Note Representative’s interest
therein, exercisable without payment of royalty or other compensation, to use any of the Intellectual Property now or hereafter owned by, licensed to, or otherwise used by the Loan Parties in order for the ABL Representative and ABL Secured Parties
to purchase, use, market, repossess, possess, store, assemble, manufacture, process, sell, transfer, distribute or otherwise dispose of any asset included in the ABL Priority Collateral in connection with the liquidation, disposition or realization
upon the ABL Priority Collateral in accordance with the terms and conditions of the ABL Security Documents and the other ABL Documents. The Note Representative agrees that any sale, transfer or other disposition of any of the Loan Parties’
Intellectual Property (whether by foreclosure or otherwise) will be subject to the ABL Representative’s rights as set forth in this Section 3.4. 
 (c) If the Note Representative, or any agent or representative thereof, or any receiver, shall, after the commencement of any Enforcement Action, obtain possession or physical control of any of the Note
Priority Collateral, the Note Representative shall promptly notify the ABL Representative in writing of that fact, and the ABL Representative shall, within ten Business Days thereafter, notify the Note Representative in writing as to whether the ABL
Representative desires to exercise access rights under this Agreement. In addition, if the ABL Representative, or any agent or representative of the ABL Representative, or any receiver, shall obtain possession or physical control of any of the Note
Priority

  

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Collateral in connection with an Enforcement Action, then the ABL Representative shall promptly notify the Note Representative that the ABL Representative is exercising its access rights under
this Agreement and its rights under Section 3.4 under either circumstance. Upon delivery of such notice by the ABL Representative to the Note Representative, the ABL Representative and Note Representative shall confer in good faith to
coordinate with respect to the ABL Representative’s exercise of such access rights, with such access rights to apply to any parcel or item of Note Priority Collateral access to which is reasonably necessary to enable the ABL Representative
during normal business hours to convert ABL Priority Collateral consisting of raw materials and work-in-process into saleable finished goods and/or to transport such ABL Priority Collateral to a point where such conversion can occur, to otherwise
prepare ABL Priority Collateral for sale and/or to arrange or effect the sale of ABL Priority Collateral, all in accordance with the manner in which such matters are completed in the ordinary course of business. Consistent with the definition of
“Access Period,” access rights will apply to differing parcels or items of Note Priority Collateral at differing times, in which case, a differing Access Period will apply to each such parcel or items. During any pertinent Access
Period, the ABL Representative and its agents, representatives and designees shall have an irrevocable, non-exclusive right to have access to, and a rent-free right to use, the relevant parcel or item the Note Priority Collateral for the purposes
described above. The ABL Representative shall take proper and reasonable care under the circumstances of any Note Priority Collateral that is used by the ABL Representative during the Access Period and repair and replace any damage (ordinary
wear-and-tear excepted) caused by the ABL Representative or its agents, representatives or designees and the ABL Representative shall comply with all applicable laws in all material respects in connection with its use or occupancy or possession of
the ABL Priority Collateral. The ABL Representative shall indemnify and hold harmless the Note Representative and the Note Creditors for any injury or damage to Persons or property (ordinary wear-and-tear excepted) caused by the acts or omissions of
Persons under its control; provided, however, that the ABL Representative and the ABL Creditors will not be liable for any diminution in the value of Note Priority Collateral caused by the absence of the ABL Priority Collateral
therefrom. The ABL Representative and the Note Representative shall cooperate and use reasonable efforts to ensure that their activities during the Access Period as described above do not interfere materially with the activities of the other as
described above, including the right of Note Representative to show the Note Priority Collateral to prospective purchasers and to ready the Note Priority Collateral for sale. Consistent with the definition of the term “Access
Period,” if any order or injunction is issued or stay is granted or is otherwise effective by operation of law that prohibits the ABL Representative from exercising any of its rights hereunder, then the Access Period granted to the ABL
Representative under this Section 3.4 shall be stayed during the period of such prohibition and shall continue thereafter for the number of days remaining as required under this Section 3.4. The Note Representative shall not
foreclose or otherwise sell, remove or dispose of any of the Note Priority Collateral during the Access Period with respect to such Collateral if the ABL Representative (acting in good faith) informs the Note Representative in writing that such
Collateral is reasonably necessary to enable the ABL Representative to convert, transport or arrange to sell the ABL Priority Collateral as described above. 
 3.5 No Additional Rights For the Loan Parties Hereunder. Except as provided in Section 3.6 hereof, if any ABL Secured Party or Note Secured Party shall enforce its rights or remedies in
violation of the terms of this Agreement, no Loan Party shall be entitled to use such violation as a defense to any action by any ABL Secured Party or Note Secured Party, nor to assert such violation as a counterclaim or basis for set off or
recoupment against any ABL Secured Party or Note Secured Party. 
 3.6 Actions Upon Breach. (a) If any ABL Secured
Party or Note Secured Party, contrary to this Agreement, commences or participates in any action or proceeding against any Loan Party or the Collateral, such Loan Party, with the prior written consent of the ABL Representative or the Note
Representative, as applicable, may interpose as a defense or dilatory plea the making of this Agreement, and any ABL Secured Party or Note Secured Party, as applicable, may intervene and interpose such defense or plea in its or their name or in the
name of such Loan Party. 
  

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 (b) Should any ABL Secured Party or Note Secured Party, contrary to this Agreement, in any
way take, attempt to or threaten to take any action with respect to the Collateral (including, without limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail to take any action required by this
Agreement, any ABL Secured Party or Note Secured Party (in its own name or in the name of the relevant Loan Party), as applicable, or the relevant Loan Party, may obtain relief against such ABL Secured Party or Note Secured Party, as applicable, by
injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by each of the ABL Representative on behalf of each ABL Secured Party and the Note Representative on behalf of each Note Secured Party that
(i) the ABL Secured Parties’ or Note Secured Parties’, as applicable, damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each Note Secured Party or ABL Secured Party, as
applicable, waives any defense that the Loan Parties and/or the Note Secured Parties and/or ABL Secured Parties, as applicable, cannot demonstrate damage and/or be made whole by the awarding of damages. 
 SECTION 4. Application of Proceeds of Senior Collateral; Dispositions and Releases of Lien; Notices and Insurance.  
 4.1 Application of Proceeds. 
 (a) Application of Proceeds of Senior Collateral. The Senior Representative and Junior Representative hereby agree that all Senior Collateral, and all Proceeds thereof, received by either of them
in connection with the collection, sale or disposition of Senior Collateral shall be applied, 
 first,
to the payment of costs and expenses (including reasonable attorneys fees and expenses and court costs) of the Senior Representative in connection with such Enforcement Action, 
 second, to the payment of the Senior Obligations in accordance with the Senior Documents until the Senior Obligations
Payment Date, 
 third, to the payment of the Junior Obligations, to the extent such Senior Collateral
also constitutes Junior Collateral, in accordance with the Junior Documents, and 
 fourth, the balance,
if any, to the Loan Parties or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 
 All Proceeds of any sale of a Loan Party as a whole, or substantially all of the assets of any Loan Party where the consideration received is not allocated by type of asset, in connection with or
resulting from any Enforcement Action, and whether or not pursuant to an Insolvency Proceeding, shall be distributed as follows under clause “second” above: first to the ABL Representative for application to the ABL Obligations in
accordance with the terms of the ABL Documents, up to the amount of the book value of the ABL Priority Collateral disposed of in such sale or owned by such Loan Party (in the case of a sale of such Loan Party as a whole), second to the Note
Representative for application to the Note Obligations in accordance with the terms of the Note Documents to the extent such Proceeds exceed the book value of the ABL Priority Collateral. 
  

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 (b) Limited Obligation or Liability. In exercising remedies, whether as a secured
creditor or otherwise, the Senior Representative shall have no obligation or liability to the Junior Representative or to any Junior Secured Party, regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an
action or omission that breaches the express obligations undertaken by each party under the terms of this Agreement. 
 (c)
Segregation of Collateral. Until the occurrence of the Senior Obligations Payment Date, any Senior Collateral that may be received by any Junior Secured Party in violation of this Agreement shall, to the extent practicable and in accordance
with its normal practices, be segregated and held in trust and promptly paid over to the Senior Representative, for the benefit of the Senior Secured Parties, in the same form as received, with any necessary endorsements, and each Junior Secured
Party hereby authorizes the Senior Representative to make any such endorsements as agent for the Junior Representative (which authorization, being coupled with an interest, is irrevocable). 
 4.2 Releases of Liens. (a) (i) Upon any release, sale or disposition of ABL Priority Collateral permitted pursuant to the
terms of the ABL Documents that results in the release of the ABL Lien (other than release of the ABL Lien due to the occurrence of the ABL Obligations Payment Date, and any release of the ABL Lien after the occurrence and during the continuance of
any event of default under the Note Agreement) on any ABL Priority Collateral, the Note Lien on such ABL Priority Collateral (excluding any portion of the proceeds of such ABL Priority Collateral remaining after the ABL Obligations Payment Date
occurs) shall be automatically and unconditionally released with no further consent or action of any Person so long as such release, sale or disposition of ABL Priority Collateral is permitted pursuant to the terms of the Note Documents. 

(ii) Upon any release, sale or disposition of ABL Priority Collateral pursuant to any Enforcement Action that results in the release of
the ABL Lien (other than release of the ABL Lien due to the occurrence of the ABL Obligations Payment Date) on any ABL Priority Collateral pursuant to any Enforcement Action, the Note Lien on such ABL Priority Collateral (excluding any portion of
the proceeds of such ABL Priority Collateral remaining after the ABL Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person so long as the proceeds of such ABL Priority
Collateral are applied in accordance with Section 4.1(a) (with, in the case of ABL Obligations consisting of debt of a revolving nature, a corresponding permanent reduction in the commitments thereto). 
 (iii) The Note Representative shall execute and deliver such release documents and instruments and shall take such further actions as the
ABL Representative or the Borrower shall reasonably request in writing to evidence any release of the Note Lien described herein. The Note Representative hereby appoints the ABL Representative and any officer or duly authorized person of the ABL
Representative, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the Note Representative and in the name of the Note Representative or in the ABL
Representative’s own name, from time to time, in the ABL Representative’s sole discretion, for the purposes of carrying out the terms of this Section 4.2, to take any and all appropriate action and to execute and deliver any
and all documents and instruments as may be necessary or desirable to accomplish the purposes of this Section 4.2, including, without limitation, any financing statements, endorsements, assignments, releases or other documents or
instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 
 (b) (i) Upon any release,
sale or disposition of Note Priority Collateral permitted pursuant to the terms of the Note Documents that results in the release of the Note Lien (other than release of the Note Lien due to the occurrence of the Note Obligations Payment Date, and
any release of the Note Lien after

  

 17 

 
the occurrence and during the continuance of any event of default under the ABL Agreement) on any Note Priority Collateral, the ABL Lien on such Note Priority Collateral (excluding any portion of
the proceeds of such Note Priority Collateral remaining after the Note Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person so long as such release, sale or disposition
of Note Priority Collateral is permitted pursuant to the terms of the ABL Documents. 
 (ii) Upon any release, sale or
disposition of Note Priority Collateral pursuant to any Enforcement Action that results in the release of the Note Lien (other than release of the Note Lien due to the occurrence of the Note Obligations Payment Date) on any Note Priority Collateral
pursuant to any Enforcement Action, the ABL Lien on such Note Priority Collateral (excluding any portion of the proceeds of such Note Priority Collateral remaining after the Note Obligations Payment Date occurs) shall be automatically and
unconditionally released with no further consent or action of any Person so long as the proceeds of such Note Priority Collateral are applied in accordance with Section 4.1(a) (with, in the case of Note Obligations consisting of debt of
a revolving nature, a corresponding permanent reduction in the commitments thereto). 
 (iii) The ABL Representative shall
promptly execute and deliver such release documents and instruments and shall take such further actions as the Note Representative or the Borrower shall request in writing to evidence any release of the ABL Lien described herein. The ABL
Representative hereby appoints the Note Representative and any officer or duly authorized person of the Note Representative, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the
place and stead of the ABL Representative and in the name of the ABL Representative or in the Note Representative’s own name, from time to time, in the Note Representative’s sole discretion, for the purposes of carrying out the terms of
this Section 4.2, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this Section 4.2, including, without limitation, any
financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 
 4.3 Certain Real Property Notices; Insurance. (a) The Note Representative shall give the ABL Representative at least 30 days
notice prior to commencing any Enforcement Action against any Real Property owned by any Loan Party at which ABL Priority Collateral is stored or otherwise located or to dispossess any Loan Party from such Real Property. 
 (b) Proceeds of Collateral include insurance proceeds and therefore the Lien Priority shall govern the ultimate disposition of casualty
insurance proceeds. The ABL Representative and Note Representative shall be named as additional insureds and loss payees with respect to all insurance policies relating to Collateral. The ABL Representative shall have the sole and exclusive right,
as against the Note Representative, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of ABL Priority Collateral. The Note Representative shall have the sole and exclusive right, as against the ABL
Representative, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of Note Priority Collateral. All proceeds of such insurance shall be remitted to the ABL Representative or the Note Representative, as
the case may be, and each of the Note Representative and ABL Representative shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds in accordance with Section 4.1. 
  

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 SECTION 5. Insolvency Proceedings. 
 5.1 Filing of Motions. Until the Senior Obligations Payment Date has occurred, the Junior Representative agrees on behalf of itself
and the other Junior Secured Parties that no Junior Secured Party shall, in or in connection with any Insolvency Proceeding, file any pleadings or motions, take any position at any hearing or proceeding of any nature, or otherwise take any action
whatsoever, in each case in respect of any of the Senior Collateral, including, without limitation, with respect to the determination of any Liens or claims held by the Senior Representative (including the validity and enforceability thereof) or any
other Senior Secured Party in respect of any Senior Collateral or the value of any claims of such parties under Section 506(a) of the Bankruptcy Code or otherwise; provided that the Junior Representative may (i) file a proof of
claim in an Insolvency Proceeding, and (ii) file any necessary responsive or defensive pleadings in opposition of any motion or other pleadings made by any Person objecting to or otherwise seeking the disallowance of any Person objecting to or
otherwise seeking the disallowance of the claims of the Junior Secured Parties on the Senior Collateral, subject to the limitations contained in this Agreement and only if consistent with the terms and the limitations on the Junior Representative
imposed hereby. 
 5.2 Financing Matters. (a) If any Loan Party becomes subject to any Insolvency Proceeding
in the United States at any time prior to the ABL Obligations Payment Date, and if the ABL Representative or the other ABL Secured Parties desire to consent (or not object) to the use of cash collateral under the Bankruptcy Code or to provide
financing to any Loan Party under the Bankruptcy Code or to consent (or not object) to the provision of such financing to any Loan Party by any third party (any such financing, “ABL DIP Financing”), then the Note Representative
agrees, on behalf of itself and the other Note Secured Parties, that each Note Secured Party (i) (x) will be deemed to have consented to, will raise no objection to, nor support any other Person objecting to, the use of such cash
collateral or to such ABL DIP Financing on the grounds of a failure to provide “adequate protection” for the Note Representative’s Lien on the Collateral to secure the Note Obligations or on any other grounds and (y) will not
request any adequate protection solely as a result of such ABL DIP Financing except as set forth in Section 5.4 below and (ii) will subordinate (and will be deemed hereunder to have subordinated) the Note Liens on any ABL Priority
Collateral (A) to such ABL DIP Financing on the same terms as the ABL Liens are subordinated thereto (and such subordination will not alter in any manner the terms of this Agreement), (B) to any adequate protection provided to the ABL
Secured Parties and (C) to any “carve-out” agreed to by the ABL Representative or the other ABL Secured Parties, so long as (x) the Note Representative retains their Lien on the Collateral to secure the Note Obligations (in each
case, including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code) and, as to the Note Priority Collateral only, such Lien has the same priority as existed prior to the commencement of the case under the
Bankruptcy Code and any Lien securing such ABL DIP Financing is junior and subordinate to the Lien of the Note Representative on the Note Priority Collateral, (y) all Liens on ABL Priority Collateral securing any such ABL DIP Financing shall be
senior to or on a parity with the Liens of the ABL Representative and the ABL Lenders securing the ABL Obligations on ABL Priority Collateral and (z) if the ABL Representative receives a replacement or adequate protection Lien on post-petition
assets of the debtor to secure the ABL Obligations, and such replacement or adequate protection Lien is on any of the Note Priority Collateral, (1) such replacement or adequate protection Lien on such post-petition assets which are part of the
Note Priority Collateral (the “Note Post-Petition Assets”) is junior and subordinate to the Lien in favor of the Note Representative on the Note Priority Collateral and (2) the Note Representative also receives a replacement or
adequate protection Lien on such Note Post-Petition Assets of the debtor to secure the Note Obligations. In no event will any of the ABL Secured Parties seek to obtain a priming Lien on any of the Note Priority Collateral and nothing contained
herein shall be deemed to be a consent by Note Secured Parties to any adequate protection payments using Note Priority Collateral. 
  

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 (b) If any Loan Party becomes subject to any Insolvency Proceeding in the United States at
any time prior to the Note Obligations Payment Date, and if the Note Representative or the other Note Secured Parties desire to consent (or not object) or to provide financing to any Loan Party under the Bankruptcy Code or to consent (or not object)
to the provision of such financing to any Loan Party by any third party (any such financing, “Note DIP Financing”), then the ABL Representative agrees, on behalf of itself and the other ABL Secured Parties, that each ABL Secured
Party (i) (x) will be deemed to have consented to, will raise no objection to, nor support any other Person objecting to such Note DIP Financing on the grounds of a failure to provide “adequate protection” for the ABL
Representative’s Lien on the Collateral to secure the ABL Obligations or on any other grounds and (y) will not request any adequate protection solely as a result of such Note DIP Financing except as set forth in Section 5.4
below and (ii) will subordinate (and will be deemed hereunder to have subordinated) the ABL Liens on any Note Priority Collateral (A) to such Note DIP Financing on the same terms as the Note Liens are subordinated thereto (and such
subordination will not alter in any manner the terms of this Agreement), (B) to any adequate protection provided to the Note Secured Parties and (C) to any “carve-out” agreed to by the Note Representative or the other Note
Secured Parties, so long as (x) the ABL Representative retains its Lien on the Collateral to secure the ABL Obligations (in each case, including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code) and, as to
the ABL Priority Collateral only, such Lien has the same priority as existed prior to the commencement of the case under the Bankruptcy Code and any Lien securing such Note DIP Financing is junior and subordinate to the Lien of the ABL
Representative on the ABL Priority Collateral, (y) all Liens on Note Priority Collateral securing any such Note DIP Financing shall be senior to or on a parity with the Liens of the Note Representative and the Note Secured Parties securing the
Note Obligations on Note Priority Collateral and (z) if the Note Representative receives a replacement or adequate protection Lien on post-petition assets of the debtor to secure the Note Obligations, and such replacement or adequate protection
Lien is on any of the ABL Priority Collateral, (1) such replacement or adequate protection Lien on such post-petition assets which are part of the ABL Priority Collateral (the “ABL Post-Petition Assets”) is junior and
subordinate to the Lien in favor of the ABL Representative on the ABL Priority Collateral and (2) the ABL Representative also receives a replacement or adequate protection Lien on such ABL Post-Petition Assets of the debtor to secure the ABL
Obligations. In no event will any of the Note Secured Parties seek to obtain a priming Lien on any of the ABL Priority Collateral, and nothing contained herein shall be deemed to be a consent by the ABL Secured Parties to any adequate protection
payments using ABL Priority Collateral. 
 (c) All Liens granted to the Note Representative or the ABL Representative in any
Insolvency Proceeding, whether as adequate protection or otherwise, are intended to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement. 
 5.3 Relief From the Automatic Stay. Until the ABL Obligations Payment Date, the Note Representative agrees, on behalf of itself and
the other Note Secured Parties, that none of them will seek relief from the automatic stay or from any other stay in any Insolvency Proceeding or take any action in derogation thereof, in each case in respect of any ABL Priority Collateral, without
the prior written consent of the ABL Representative. Until the Note Obligations Payment Date, the ABL Representative agrees, on behalf of itself and the other ABL Secured Parties, that none of them will seek relief from the automatic stay or from
any other stay in any Insolvency Proceeding or take any action in derogation thereof, in each case in respect of any Note Priority Collateral, without the prior written consent of the Note Representative. In addition, neither the Note Representative
nor the ABL Representative shall seek any relief from the automatic stay with respect to any Collateral without providing 30 days’ prior written notice to the other, unless otherwise agreed by both the ABL Representative and the Note
Representative. 
  

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 5.4 Adequate Protection. (a) The Note Representative, on behalf of itself and
the other Note Secured Parties, agrees that, prior to the ABL Obligations Payment Date, so long as the ABL Representative and the other ABL Secured Parties comply with Section 5.4(b), none of them shall object, contest, or support any
other Person objecting to or contesting, (i) any request by the ABL Representative or the other ABL Secured Parties for adequate protection of its interest in the Collateral or any adequate protection provided to the ABL Representative or the
other ABL Secured Parties or (ii) any objection by the ABL Representative or any other ABL Secured Parties to any motion, relief, action or proceeding based on a claim of a lack of adequate protection in the Collateral or (iii) the payment
of interest, fees, expenses or other amounts to the ABL Representative or any other ABL Secured Party under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise; provided that any action described in the foregoing clauses
(i) and (ii) does not violate Section 5.2. The Note Representative, on behalf of itself and the other Note Secured Parties, further agrees that, prior to the ABL Obligations Payment Date, none of them shall assert or enforce
any claim under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise that is senior to or on a parity with the ABL Liens for costs or expenses of preserving or disposing of any ABL Priority Collateral. Notwithstanding anything to the
contrary set forth in this Section and in Section 5.2(a)(i)(y), but subject to all other provisions of this Agreement (including, without limitation, Section 5.2(a)(i)(x) and Section 5.3), in any Insolvency
Proceeding, if the ABL Secured Parties (or any subset thereof) are granted adequate protection consisting of additional collateral that constitutes ABL Priority Collateral (with replacement liens on such additional collateral) and superpriority
claims in connection with any ABL DIP Financing or use of cash collateral, and the ABL Secured Parties do not object to the adequate protection being provided to them, then in connection with any such ABL DIP Financing or use of cash collateral the
Note Representative, on behalf of itself and any of the Note Secured Parties, may, as adequate protection of their interests in the ABL Priority Collateral, seek or accept (and the ABL Representative and the ABL Secured Parties shall not object to)
adequate protection consisting solely of (x) a replacement Lien on the same additional collateral, subordinated to the Liens securing the ABL Obligations and such ABL DIP Financing on the same basis as the other Note Liens on the ABL Priority
Collateral are so subordinated to the ABL Obligations under this Agreement and (y) superpriority claims junior in all respects to the superpriority claims granted to the ABL Secured Parties, provided, however, that the Note Representative shall
have irrevocably agreed, pursuant to Section 1129(a)(9) of the Bankruptcy Code, on behalf of itself and the Note Secured Parties, in any stipulation and/or order granting such adequate protection, that such junior superpriority claims may be
paid under any plan of reorganization in any combination of cash, debt, equity or other property having a value on the effective date of such plan equal to the allowed amount of such claims. 
 (b) The ABL Representative, on behalf of itself and the other ABL Secured Parties, agrees that, prior to the Note Obligations Payment Date,
so long as the Note Representative and the other Note Secured Parties comply with Section 5.4(a), none of them shall object, contest, or support any other Person objecting to or contesting, (i) any request by the Note Representative
or the other Note Secured Parties for adequate protection of its interest in the Collateral or any adequate protection provided to the Note Representative or the other Note Secured Parties or (ii) any objection by the Note Representative or any
other Note Secured Parties to any motion, relief, action or proceeding based on a claim of a lack of adequate protection in the Collateral or (iii) the payment of interest, fees, expenses or other amounts to the Note Representative or any other
Note Secured Party under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise; provided that any action described in the foregoing clauses (i) and (ii) does not violate Section 5.2. The ABL Representative, on
behalf of itself and the other ABL Secured Parties, further agrees that, prior to the Note Obligations Payment Date, none of them shall assert or enforce any claim under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise that is
senior to or on a parity with the Note Liens for costs or expenses of preserving or disposing of any Note Priority Collateral. Notwithstanding anything to the contrary set forth in this Section and in Section 5.2(b)(i)(y), but subject to
all other provisions of this Agreement (including, without limitation, Section 5.2(b)(i)(x)

  

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and Section 5.3), in any Insolvency Proceeding, if the Note Secured Parties (or any subset thereof) are granted adequate protection consisting of additional collateral that
constitutes Note Priority Collateral (with replacement liens on such additional collateral) and superpriority claims in connection with any DIP Financing or use of cash collateral, and the Note Secured Parties do not object to the adequate
protection being provided to them, then in connection with any such DIP Financing or use of cash collateral the ABL Representative, on behalf of itself and any of the ABL Secured Parties, may, as adequate protection of their interests in the Note
Priority Collateral, seek or accept (and the Note Representative and the Note Secured Parties shall not object to) adequate protection consisting solely of (x) a replacement Lien on the same additional collateral, subordinated to the Liens
securing the Note Obligations on the same basis as the other ABL Liens on the Note Priority Collateral are so subordinated to the Note Obligations under this Agreement and (y) superpriority claims junior in all respects to the superpriority
claims granted to the Note Secured Parties, provided, however, that the ABL Representative shall have irrevocably agreed, pursuant to Section 1129(a)(9) of the Bankruptcy Code, on behalf of itself and the ABL Secured Parties, in any stipulation
and/or order granting such adequate protection, that such junior superpriority claims may be paid under any plan of reorganization in any combination of cash, debt, equity or other property having a value on the effective date of such plan equal to
the allowed amount of such claims. 
 5.5 Avoidance Issues. If any Senior Secured Party is required in any Insolvency
Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of any Loan Party, because such amount was avoided or ordered to be paid or disgorged for any reason, including without limitation because it was found to be a fraudulent
or preferential transfer, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the Senior Obligations shall be reinstated to the extent of such Recovery and
deemed to be outstanding as if such payment had not occurred and the Senior Obligations Payment Date shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in
full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. The Junior Secured Parties agree that none of them shall be entitled to benefit from any
avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise, it being understood and agreed that the benefit of such avoidance action otherwise
allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement. 
 5.6 Asset Dispositions in an Insolvency Proceeding. Neither the Junior Representative nor any other Junior Secured Party shall, in an Insolvency Proceeding or otherwise, oppose any sale or
disposition of any Senior Collateral that is supported by the Senior Secured Parties, and the Junior Representative and each other Junior Secured Party will be deemed to have consented under Section 363 of the Bankruptcy Code (and otherwise) to
any sale of any Senior Collateral supported by the Senior Secured Parties and to have released the Junior Liens on such assets. 
 5.7 Other Matters. To the extent that the Senior Representative or any Senior Secured Party has or acquires rights under Section 363 or Section 364 of the Bankruptcy Code with respect to any of the Collateral on which it
has a Junior Lien, such Senior Representative agrees, on behalf of itself and the other Senior Secured Parties, not to assert any of such rights without the prior written consent of the Junior Representative; provided that if requested by the
Junior Representative, such Senior Representative shall timely exercise such rights in the manner requested by the Junior Representative, including any rights to payments in respect of such rights. 
 5.9 Effectiveness in Insolvency Proceedings. This Agreement, which the parties hereto expressly acknowledge is a “subordination
agreement” under section 510(a) of the Bankruptcy Code, shall be effective before, during and after the commencement of an Insolvency Proceeding. 
  

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 SECTION 6. Note Documents and ABL Documents. 
 (a) Each Loan Party and the Note Representative, on behalf of itself and the Note Secured Parties, agrees that it shall not at any time
execute or deliver any amendment or other modification to any of the Note Documents in violation of this Agreement. 
 (b) Each
Loan Party and the ABL Representative, on behalf of itself and the ABL Secured Parties, agrees that it shall not at any time execute or deliver any amendment or other modification to any of the ABL Documents in violation of this Agreement.

 (c) In the event the Senior Representative enters into any amendment, waiver or consent in respect of any of the Senior
Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Senior Security Document or changing in any manner the rights of any parties thereunder, in each case solely
with respect to any Senior Collateral, then such amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable Security Document without the consent of or action by any Junior Secured Party (with all such
amendments, waivers and modifications subject to the terms hereof); provided that, (i) no such amendment, waiver or consent shall have the effect of removing assets subject to the Lien of any Junior Security Document, except to the
extent that a release of such Lien is permitted by Section 4.2, (ii) any such amendment, waiver or consent that materially and adversely affects the rights of the Junior Secured Parties and does not affect the Senior Secured Parties
in a like or similar manner shall not apply to the Junior Security Documents without the consent of the Junior Representative, (iii) no such amendment, waiver or consent with respect to any provision applicable to the Junior Representative
under the Junior Loan Documents shall be made without the prior written consent of the Junior Representative, (iv) notice of such amendment, waiver or consent shall be given to the Junior Representative no later than 30 days after its
effectiveness, provided that the failure to give such notice shall not affect the effectiveness and validity thereof and (v) such amendment, waiver or modification to the applicable Junior Security Documents shall be approved by the
Borrower in writing. 
 SECTION 7. Purchase Options. 
 7.1 Notice of Exercise. (a) Upon the occurrence and during the continuance of an “Event of Default” under the ABL
Documents, if such Event of Default remains uncured or unwaived for at least sixty (60) consecutive days and the requisite ABL Lenders have not agreed to forbear from the exercise of remedies, all or a portion of the Note Creditors, acting as a
single group, shall have the option at any time upon five (5) Business Days’ prior written notice to the ABL Representative to purchase all of the ABL Obligations from the ABL Secured Parties. Such notice from such Note Creditors to the
ABL Representative shall be irrevocable. 
 (b) Upon the occurrence and during the continuance of an “Event of
Default” under the Note Documents, if such Event of Default remains uncured or unwaived for at least sixty (60) consecutive days and the Note Representative has not agreed to forbear from the exercise of remedies, all or a portion of the
ABL Creditors, acting as a single group, shall have the option at any time upon five (5) Business Days’ prior written notice to the Note Representative to purchase all of the Note Obligations from the holders of the Notes. Such notice from
such ABL Creditors to the Note Representative shall be irrevocable. 
 7.2 Purchase and Sale. (a) On the date
specified by the relevant Note Creditors in the notice contemplated by Section 7.1(a) above (which shall not be less than five (5) Business Days, nor more than twenty (20) calendar days, after the receipt by the ABL
Representative of the notice of the relevant Note

  

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Creditor’s election to exercise such option), the ABL Lenders shall sell to the relevant Note Creditors, and the relevant Note Creditors shall purchase from the ABL Lenders, the ABL
Obligations, provided that, the ABL Representative and the ABL Secured Parties shall retain all rights to be indemnified or held harmless by the Loan Parties in accordance with the terms of the ABL Documents but shall not retain any rights to
the security therefor. 
 (b) On the date specified by the relevant ABL Creditors in the notice contemplated by
Section 7.1(b) above (which shall not be less than five (5) Business Days, nor more than twenty (20) calendar days, after the receipt by Note Representative of the notice of the relevant ABL Creditor’s election to exercise
such option), the holders of the Notes shall sell to the relevant ABL Creditors, and the relevant ABL Creditors shall purchase from the holders of the Notes, the Note Obligations, provided that, the Note Representative and the Note Secured
Parties shall retain all rights to be indemnified or held harmless by the Loan Parties in accordance with the terms of the Note Documents but shall not retain any rights to the security therefor. 
 7.3 Payment of Purchase Price. Upon the date of such purchase and sale, the relevant Note Creditors or the relevant ABL Creditors, as
applicable, shall (a) pay to the ABL Representative for the benefit of the ABL Lenders (with respect to a purchase of the ABL Obligations) or to the Note Representative for the benefit of the holders of the Notes (with respect to a purchase of
the Note Obligations) as the purchase price therefor the full amount of all the ABL Obligations or Note Obligations, as applicable, then outstanding and unpaid (including principal, interest, fees and expenses, including reasonable attorneys’
fees and legal expenses but specifically excluding any prepayment premium, termination or similar fees), (b) with respect to a purchase of the ABL Obligations, furnish cash collateral to the ABL Representative in a manner and in such amounts as
the ABL Representative determines is reasonably necessary to secure the ABL Representative, the ABL Secured Parties, letter of credit issuing banks and applicable affiliates in connection with any issued and outstanding letters of credit, hedging
obligations and cash management obligations secured by the ABL Documents, (c) with respect to a purchase of the ABL Obligations, agree to reimburse the ABL Representative, the ABL Secured Parties and letter of credit issuing banks for any loss,
cost, damage or expense (including reasonable attorneys’ fees and legal expenses) in connection with any commissions, fees, costs or expenses related to any issued and outstanding letters of credit as described above and any checks or other
payments provisionally credited to the ABL Obligations, and/or as to which the ABL Representative has not yet received final payment, (d) agree to reimburse the ABL Secured Parties or the Note Secured Parties, as applicable, and with respect to
a purchase of the ABL Obligations letter of credit issuing banks, in respect of indemnification obligations of the Loan Parties under the ABL Documents or the Note Documents, as applicable, as to matters or circumstances known to the ABL
Representative or the Note Representative, as applicable, at the time of the purchase and sale which would reasonably be expected to result in any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) to the
ABL Secured Parties, the Note Secured Parties or letter of credit issuing banks, as applicable, and (e) agree to indemnify and hold harmless the ABL Secured Parties or the Note Secured Parties, as applicable, and with respect to a purchase of
the ABL Obligations letter of credit issuing banks, from and against any loss, liability, claim, damage or expense (including reasonable fees and expenses of legal counsel) arising out of any claim asserted by a third party in respect of the ABL
Obligations or the Note Obligations, as applicable, as a direct result of any acts by any Note Secured Party or any ABL Secured Party, as applicable, occurring after the date of such purchase. Such purchase price and cash collateral shall be
remitted by wire transfer in federal funds to such bank account in New York, New York as the ABL Representative or the Note Representative, as applicable, may designate in writing for such purpose. 
 7.4 Limitation on Representations and Warranties. Such purchase shall be expressly made without representation or warranty of any
kind by any selling party (or the ABL Representative or the

  

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Note Representative, as applicable) and without recourse of any kind, except that the selling party shall represent and warrant: (a) the amount of the ABL Obligations or Note Obligations, as
applicable, being purchased from it, (b) that such ABL Secured Party or Note Secured Party, as applicable, or the Borrower owns the ABL Obligations or Note Obligations, as applicable, free and clear of any Liens or encumbrances and
(c) that such ABL Secured Party or Note Secured Party, as applicable, has the right to assign such ABL Obligations or Note Obligations, as applicable, and the assignment is duly authorized. 
 SECTION 8. Reliance; Waivers; etc. 
 8.1 Reliance. The ABL Documents are deemed to have been executed and delivered, and all extensions of credit thereunder are deemed to have been made or incurred, in reliance upon this Agreement.
The Note Representative, on behalf of it itself and the other Note Secured Parties, expressly waives all notice of the acceptance of and reliance on this Agreement by the ABL Representative and the other ABL Secured Parties. The Note Documents are
deemed to have been executed and delivered and all extensions of credit thereunder are deemed to have been made or incurred, in reliance upon this Agreement. The ABL Representative, on behalf of itself and the other ABL Secured Parties, expressly
waives all notices of the acceptance of and reliance on this Agreement by the Note Representative and the other Note Secured Parties. 
 8.2 No Warranties or Liability. The Note Representative and the ABL Representative acknowledge and agree that neither has made any representation or warranty with respect to the execution, validity, legality, completeness,
collectability or enforceability of any other ABL Document or any Note Document. Except as otherwise provided in this Agreement, the Note Representative and the ABL Representative will be entitled to manage and supervise the respective extensions of
credit to any Loan Party in accordance with law and their usual practices, modified from time to time as they deem appropriate. 
 8.3 No Waivers. No right or benefit of any party hereunder shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of such party or any other party hereto or by any noncompliance by any Loan
Party with the terms and conditions of any of the ABL Documents or the Note Documents. 
 SECTION 9. Obligations Unconditional.
All rights, interests, agreements and obligations hereunder of the Senior Representative and the Senior Secured Parties in respect of any Collateral and the Junior Representative and the Junior Secured Parties in respect of such Collateral shall
remain in full force and effect regardless of: 
 (a) any lack of validity or enforceability of any Senior Document or any
Junior Document and regardless of whether the Liens of the Senior Representative and Senior Secured Parties are not perfected or are voidable for any reason; 
 (b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the Senior Obligations or Junior Obligations, or any amendment or waiver or other modification, including
any increase in the amount thereof or any refinancing, whether by course of conduct or otherwise, of the terms of any Senior Document or any Junior Document; 
 (c) any exchange, release or lack of perfection of any Lien on any Collateral or any other asset, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise,
of all or any of the Senior Obligations or Junior Obligations or any guarantee thereof; 
  

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 (d) the commencement of any Insolvency Proceeding in respect of any Loan Party; or

 (e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Loan Party in
respect of any Secured Obligation or of any Junior Secured Party in respect of this Agreement. 
 SECTION 10.
Miscellaneous. 
 10.1 Rights of Subrogation. The Note Representative, for and on behalf of itself and the Note
Secured Parties, agrees that no payment to the ABL Representative or any ABL Secured Party pursuant to the provisions of this Agreement shall entitle the Note Representative or any Note Secured Party to exercise any rights of subrogation in respect
thereof until the ABL Obligations Payment Date. Following the ABL Obligations Payment Date, the ABL Representative agrees to execute such documents, agreements, and instruments as the Note Representative or any Note Secured Party may reasonably
request to evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations resulting from payments to the ABL Representative by such Person, so long as all costs and expenses (including all reasonable legal fees and
disbursements) incurred in connection therewith by the ABL Representative are paid by such Person upon request for payment thereof. The ABL Representative, for and on behalf of itself and the ABL Secured Parties, agrees that no payment to the Note
Representative or any Note Secured Party pursuant to the provisions of this Agreement shall entitle the ABL Representative or any ABL Secured Party to exercise any rights of subrogation in respect thereof until the Note Obligations Payment Date.
Following the Note Obligations Payment Date, the Note Representative agrees to execute such documents, agreements, and instruments as the ABL Representative or any ABL Secured Party may reasonably request to evidence the transfer by subrogation to
any such Person of an interest in the Note Obligations resulting from payments to the Note Representative by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by
the Note Representative are paid by such Person upon request for payment thereof. 
 10.2 Further Assurances. Each of the
Note Representative and the ABL Representative will, at any time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the other party may
reasonably request, in order to protect any right or interest granted or purported to be granted hereby or to enable the ABL Representative or the Note Representative to exercise and enforce its rights and remedies hereunder; provided,
however, that no party shall be required to pay over any payment or distribution, execute any instruments or documents, or take any other action referred to in this Section 10.2, to the extent that such action would contravene any
law, order or other legal requirement or any of the terms or provisions of this Agreement, and in the event of a controversy or dispute, such party may interplead any payment or distribution in any court of competent jurisdiction, without further
responsibility in respect of such payment or distribution under this Section 10.2. 
 10.3 Conflicts. In the
event of any conflict between the provisions of this Agreement and the provisions of any ABL Document or any Note Document, the provisions of this Agreement shall govern; provided, however, the rights, benefits, privileges, indemnities
and protections of the Note Representative as Collateral Agent under the Note Security Documents shall apply to this Agreement. 
 10.4 Continuing Nature of Provisions. Subject to Section 5.5, this Agreement shall continue to be effective, and shall not be terminable by any party hereto, until the earlier of (i) the ABL Obligations Payment Date
and (ii) the Note Obligations Payment Date; provided that if a Replacement ABL Agreement or Replacement Note Agreement, as applicable, is entered into following such

  

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termination, the relevant Secured Parties agree to, upon the request of any Loan Party, restore this Agreement on the terms and conditions set forth herein until the earlier to occur of the next
following ABL Obligations Payment Date or Note Obligations Payment Date. This is a continuing agreement and the ABL Secured Parties and the Note Secured Parties may continue, at any time and without notice to the other parties hereto, to extend
credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, any Loan Party on the faith hereof. In furtherance of the foregoing: 
 (a) Upon receipt of a notice from the Loan Parties stating that the Loan Parties (or any of them) have entered into entered into a
Replacement ABL Agreement (which notice shall include the identity of the new ABL Representative), the Note Representative shall promptly (i) enter into such documents and agreements (including amendments or supplements to this Agreement) as
the Loan Parties or the new ABL Representative shall reasonably request in order to provide to the new ABL Representative the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement,
(ii) deliver to the new ABL Representative any ABL Priority Collateral held by it, together with any necessary endorsements (or otherwise allow the new ABL Representative to obtain control of such ABL Priority Collateral), and (iii) take
such other actions as the Loan Parties or the new ABL Representative may reasonably request to provide the new ABL Representative or the applicable the ABL Creditors the benefits of this Agreement. The new ABL Representative shall agree in a writing
addressed to the Note Representative to be bound by the terms of this Agreement, and 
 (b) Upon receipt of a notice from the
Loan Parties stating that the Loan Parties (or any of them) have entered into entered into a Replacement Note Agreement (which notice shall include the identity of the new Note Representative, if applicable), the ABL Representative shall promptly
(i) enter into such documents and agreements (including amendments or supplements to this Agreement) as the Loan Parties or the new Note Representative shall reasonably request in order to provide to the new Note Representative or the
applicable new Note Secured Parties the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement, (ii) deliver to the new Note Representative any Note Priority Collateral held by it together
with any necessary endorsements (or otherwise allow the new Note Representative to obtain control of such Note Priority Collateral), and (iii) take such other actions as the Loan Parties or the new Note Representative may reasonably request to
provide the new Note Representative the benefits of this Agreement. The new Note Representative shall agree in a writing addressed to the ABL Representative to be bound by the terms of this Agreement. 
 10.5 Amendments; Waivers. (a) No amendment or modification of or supplement to any of the provisions of this Agreement shall be
effective unless the same shall be in writing and signed by the ABL Representative and the Note Representative, and, in the cases of amendments or modifications of or supplements to this Agreement that directly or indirectly affect the rights or
duties of any Loan Party, including amendments or modifications of Sections 2.6(b), 3.5, 3.6, 4.2, 6, 10.4, 10.5, 10.7 or 10.8 that indirectly or directly affect the rights or duties of
any Loan Party, such Loan Party. The ABL Representative and the Note Representative shall notify the Borrower at the address specified in the signature pages to this Agreement of any amendment or modification of or supplement to any provisions of
this Agreement which does not need to be signed by a Loan Party and provide the Borrower with a copy of such amendment, modification or supplement. 
 (b) It is understood that the ABL Representative and the Note Representative, without the consent of any other ABL Secured Party or Note Secured Party, may in their discretion determine that a
supplemental agreement (which may take the form of an amendment and restatement of this Agreement) is necessary or appropriate to facilitate having additional indebtedness or other obligations (“Additional Debt”) of any of the Loan
Parties become ABL Obligations or Note Obligations, as the case may be, under this Agreement, which supplemental agreement shall specify whether such Additional Debt constitutes ABL Obligations or Note Obligations, provided, that such
Additional Debt is permitted to be incurred by the ABL Agreement and Note Agreement then extant, and is permitted by such agreements to be subject to the provisions of this Agreement as ABL Obligations or Note Obligations, as applicable. 

 

 27 

 (c) Notwithstanding the terms of Section 10.5(a) and (b), in the event that the Note
Representative does not take the actions contemplated by Section 10.4(a)(i) in connection with any permitted Additional Debt within 10 days after the delivery of a written request to do so, the ABL Representative, without the consent of the
Note Representative, may modify this Agreement (which modification may take the form of an amendment and restatement of this Agreement) for the purpose of having any Replacement ABL Agreement or Additional Debt of any of the Loan Parties become ABL
Obligations under this Agreement, which agreement shall specify that such Replacement ABL Agreement or Additional Debt constitutes ABL Obligations, provided, that such Additional Debt is permitted to be incurred pursuant to each Note
Agreement then extant, and is permitted by such agreements (as determined by the ABL Representative in good faith and certified by an officer of the Borrower to the Note Representative) to be subject to the provisions of this Agreement as ABL
Obligations, as applicable. 
 (d) Notwithstanding the terms of Section 10.5(a) and (b), in the event that the ABL
Representative does not take the actions contemplated by Section 10.4(b)(i) in connection with any permitted Additional Debt within 10 days after the delivery of a written request to do so, the Note Representative, without the consent of the
ABL Representative, may modify this Agreement (which modification may take the form of an amendment and restatement of this Agreement) for the purpose of having any Replacement Note Agreement or Additional Debt of any of the Loan Parties become Note
Obligations under this Agreement, which agreement shall specify that such Replacement Note Agreement or Additional Debt constitutes Note Obligations, provided, that such Additional Debt is permitted to be incurred pursuant to each ABL
Agreement then extant, and is permitted by such agreements (as determined by the Note Representative in good faith and certified by an officer of the Borrower to the ABL Representative) to be subject to the provisions of this Agreement as Note
Obligations, as applicable. 
 10.6 Information Concerning Financial Condition of the Loan Parties. Each of the Note
Representative and the ABL Representative hereby assume responsibility for keeping itself informed of the financial condition of the Loan Parties and all other circumstances bearing upon the risk of nonpayment of the ABL Obligations or the Note
Obligations. The Note Representative and the ABL Representative hereby agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances (except as otherwise provided in
the ABL Documents and Note Documents). In the event the Note Representative or the ABL Representative, in its sole discretion, undertakes at any time or from time to time to provide any information to any other party to this Agreement, it shall be
under no obligation (a) to provide any such information to such other party or any other party on any subsequent occasion, (b) to undertake any investigation not a part of its regular business routine, or (c) to disclose any other
information. 
 10.7 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK. 
 10.8 Submission to Jurisdiction; JURY TRIAL WAIVER. (a) Each ABL Secured Party, each Note
Secured Party and each Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States
District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each such party hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and

  

 28 

 
determined in such New York State or, to the extent permitted by law, in such Federal court. Each such party agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the any ABL Secured Party or Note Secured Party may otherwise have to bring any action
or proceeding against any Loan Party or its properties in the courts of any jurisdiction. 
 (b) Each ABL Secured Party, each
Note Secured Party and each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so (i) any objection it may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement in any court referred to in paragraph (a) of this Section and (ii) the defense of an inconvenient forum to the maintenance of such action or proceeding. 
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.9.
Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 (d) EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT
OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 10.9 Notices.
Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied, or sent by overnight express courier service or United States
mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or five days after deposit in the United States mail (certified, with postage prepaid and properly addressed). For the purposes
hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section 10.9) shall be as set forth below each party’s name on the signature pages hereof, or, as to each party, at such
other address as may be designated by such party in a written notice to all of the other parties. 
 10.10 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and each of the ABL Secured Parties and Note Secured Parties and their respective successors and assigns, and nothing herein is intended,
or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Collateral. 
 10.11 Headings. Section headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in
interpreting, this Agreement. 
 10.12 Severability. Any provision of this Agreement held to be invalid, illegal
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and
the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  

 29 

 10.13 Other Remedies. For avoidance of doubt, it is understood that nothing in this
Agreement shall prevent any ABL Secured Party or any Note Secured Party from exercising any available remedy to accelerate the maturity of any indebtedness or other obligations owing under the ABL Documents or the Note Documents, as applicable, or
to demand payment under any guarantee in respect thereof. 
 10.14 Counterparts; Integration; Effectiveness. This
Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall become effective when it shall have been executed by each party hereto.

 10.15 Additional Loan Parties. Borrower shall cause each Person that becomes a Loan Party after the date hereof to
become a party to this Agreement by execution and delivery by such Person of a Joinder Agreement in the form of Annex 1 hereto. 
 [SIGNATURE PAGES TO FOLLOW] 
  

 30 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
 JPMORGAN CHASE BANK, N.A., as ABL Representative for and on behalf of the ABL Secured Parties 
 By: /s/ Christy
West                                         
                    
 Name: Christy West 
 Title: Vice President 
  

 31 

 U.S. BANK NATIONAL ASSOCIATION, as Note Representative for and on behalf of the Note
Secured Parties 
 By: /s/ Richard
Prokosch                                        
              
 Name: Richard Prokosch

 Title: Vice President 
 Address for Notices: 
 U.S. Bank National Association 
 60 Livingston Avenue 

EP-MN-WS3C 
 St. Paul, MN 55107-2292 
 Attention: Rick Prokosch 
 Facsimile No: (651) 495-8097 
  

 32 

 EASTON-BELL SPORTS, INC., a Delaware corporation 
 By: /s/ Mark A.
Tripp                                        
         
 Name: Mark A. Tripp 
 Title: Chief Financial Officer 
 SUBSIDIARY GUARANTORS: 
 ALL AMERICAN SPORTS CORPORATION 
 BELL CHINA INVESTMENTS, INC. 
 BELL RACING COMPANY 
 BELL SPORTS CORP. 
 BELL SPORTS, INC. 
 CDT NEVADA, INC. 
 EASTON SPORTS ASIA, INC. 
 EASTON SPORTS, INC. 
 EQUILINK LICENSING, LLC 
 MACMARK CORPORATION 
 RIDDELL, INC. 
 RIDDELL SPORTS GROUP, INC. 
 RIDMARK CORPORATION 
 By: /s/ Mark A.
Tripp                                        
         
 Name: Mark A. Tripp 
 Title: Chief Financial Officer 
  

 33 

 ANNEX 1 
 JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT (this “Agreement”),
dated as of ________ ____, 20__, is executed by _____________________________, a _________________ (the “New Subsidiary”) in favor of JPMORGAN CHASE BANK, N.A. (“ABL Representative”) and U.S. BANK NATIONAL
ASSOCIATION (“Note Representative”), in their capacities as ABL Representative and Note Representative, respectively, under that certain Intercreditor Agreement (the “Intercreditor Agreement”), dated as of
December 3, 2009 among the ABL Representative, the Note Representative, Easton-Bell Sports, Inc., as borrower, and each of the other Loan Parties party thereto. All capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Intercreditor Agreement. 
 The New Subsidiary, for the benefit of the ABL Representative and the Note
Representative, hereby agrees as follows: 
 1. The New Subsidiary hereby acknowledges the Intercreditor Agreement and
acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed to be a Loan Party under the Intercreditor Agreement and shall have all of the obligations of a Loan Party thereunder as if it had executed
the Intercreditor Agreement. The New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Intercreditor Agreement. 
 2. The address of the New Subsidiary for purposes of Section 10.09 of the Intercreditor Agreement is as follows: 
  

			
		
	 	 	
		
	 	 	
		
	 	 	
		
	 	 	

 3. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE NEW SUBSIDIARY HEREUNDER SHALL BE GOVERNED BY
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

 34 

 IN WITNESS WHEREOF, the New Subsidiary has caused this Agreement to be duly executed by its
authorized officer, as of the day and year first above written. 
 [NEW SUBSIDIARY] 
 By:
                                         
                     
 Name:
                                         
                
 Title:
                                         
                  
  

 35Form of Amended Warrant

 Exhibit 4.7 
 FORM OF WARRANT 
 NEITHER THIS WARRANT NOR THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF HAVE BEEN THE SUBJECT OF REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN (OR WILL BE, WITH RESPECT TO THE SECURITIES ISSUABLE UPON EXERCISE
HEREOF) ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF
EXCEPT AS PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. 
 THE WARRANT EVIDENCED BY THIS
CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AS SET FORTH IN THE WARRANT PURCHASE AGREEMENT, DATED AS OF NOVEMBER 9, 2009, COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF
THIS WARRANT WILL BE MADE ON THE BOOKS OF THE ISSUER UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH. 
 DYNAVAX TECHNOLOGIES CORPORATION 
 WARRANT TO PURCHASE COMMON STOCK 
 No. CW-_ 
 [            ,__], 2009 
 Void After
[            ,__], 2014 
 THIS
CERTIFIES THAT, for value received, SYMPHONY DYNAMO HOLDINGS LLC, a Delaware limited liability company, with its principal office at 7361 Calhoun
Place, Suite 325, Rockville, MD 20855, or its assigns (the “Holder”), is entitled to subscribe for and purchase at the Exercise Price (defined below) from DYNAVAX TECHNOLOGIES
CORPORATION, a Delaware corporation, with its principal office at 2929 Seventh Street, Suite 100, Berkeley, CA 94710-2753 (the “Company”) Two Million (2,000,000) shares of Common Stock, par
value $0.001 per share, of the Company (the “Common Stock”), subject to adjustment as provided herein. 
 This
Warrant is being issued pursuant to the terms of the Warrant Purchase Agreement, dated November 9, 2009, between the Company and the Holder (the “Warrant Purchase Agreement”). Capitalized terms not otherwise defined herein
shall have the respective meanings ascribed to such terms in the Warrant Purchase Agreement. 
 1.
    DEFINITIONS. Capitalized terms used but not defined herein are used as defined in the Warrant Purchase Agreement. As used herein, the following terms shall have the following respective meanings:

 (a)     “Common Stock” shall mean shares of Dynavax
Technologies Corporation Common Stock, par value $0.001. 
 (b)     “Exercise Period” shall mean
the period commencing on [            ], 20[__] and ending on [            ], 20[__], except as otherwise provided
below. 
 (c)     “Exercise Price” shall mean $1.94 per share, subject to adjustment pursuant to
Section 4 below. 
 (d)     “Exercise Shares” shall mean the outstanding and unexercised
shares of Common Stock issuable upon exercise of this Warrant from time to time, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Sections 4, 6 and 7 below. 
 (e)     “Purchase Option” shall have the meaning set forth in the Warrant Purchase Agreement. 
 2.     EXERCISE OF WARRANT. 
 2.1 Generally. The rights represented by this Warrant may be exercised in whole or in part at any time during the Exercise Period,
by delivery of the following to the Company at its address set forth above (or at such other address as it may designate pursuant to Section 12 hereof): 
 (a)     an executed Notice of Exercise in the form attached hereto; 
 (b)     payment of the Exercise Price of the shares thereby subscribed for by means of any of the following: (i) wire transfer; (ii) cashier’s check drawn on a U.S. bank made out to the Company; or
(iii) a cashless exercise pursuant to Section 2.2; and 
 (c)     this Warrant. 
 Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased, registered
in the name of the Holder or persons affiliated with the Holder, if the Holder so designates, shall be issued and delivered to the Holder as soon as practicable, but in no event later than thirty (30) days, after the date of exercise pursuant
to this Section 2.1. The Company shall, upon request of the Holder, if available and if allowed under applicable securities laws, use commercially reasonable efforts to deliver Exercise Shares electronically through the Depository Trust
Corporation or another established clearing corporation performing similar functions, or if requested by Holder, certificates evidencing the Exercise Shares. If this Warrant shall have been exercised in part, the Company shall, at the time of
delivery of the Exercise Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unexercised Exercise Shares remaining under this Warrant, which new Warrant shall in all other respects be identical to this Warrant.

 The person in whose name any Exercise Shares are to be issued upon exercise of this Warrant shall be deemed to have become
the holder of record of such shares on the date on which the Notice of Exercise, this Warrant and payment of the Exercise Price and all taxes required to be paid by the Holder, if any, were made,

 
irrespective of the date of delivery of any certificate or certificates evidencing the Exercise Shares, except that, if the date of such surrender and payment is a date when the stock transfer
books of the Company are closed, such person shall be deemed to have become the holder of the Exercise Shares at the close of business on the next business day on which the stock transfer books are open. 
 2.2     Cashless Exercise. The Holder may exercise the Warrant pursuant to Section 2.1(b)(iii) and receive
shares equal to the value (as determined below) of this Warrant (or the portion thereof being exercised) by delivery and notice of cashless exercise in accordance with Section 2.1, in which event the Company shall issue to the Holder a number
of shares of Common Stock computed using the following formula: 
  

			
		 	 X = Y (A-B)
             A

		
	Where 	 	X =   the number of shares of Common Stock to be issued to the Holder
		
		 	Y =   the number of shares of Common Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being
exercised (at the date of such calculation)
		
		 	A =   the fair market value of one share of Common Stock (at the date of such calculation)
		
		 	B =   Exercise Price (as adjusted to the date of such calculation)

 For purposes of the above calculation, the fair market value of one share of Common Stock shall equal the average closing price of the Common Stock, as reported by the NASDAQ National Market, or other
national exchange that is then the primary exchange on which the Common Stock is listed, for the thirty (30) trading days immediately preceding the second trading day prior to the date on which the Holder delivers to the Company the Warrant and
an executed Notice of Exercise in the form attached hereto. If the Common Stock is not quoted on the NASDAQ National Market, or listed on another national exchange, the fair market value of one share of Common Stock shall be determined by the
Company’s Board of Directors in good faith. 
 2.3     Legend. 
 (a)     All certificates evidencing the shares to be issued to the Holder may bear the following legends: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE
SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN ISSUED IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. SUCH SHARES MAY NOT BE SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS
PERMITTED UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.” 

 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON
TRANSFER AS SET FORTH IN THE WARRANT PURCHASE AGREEMENT, DATED AS OF NOVEMBER 9, 2009 COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE ISSUER. NO REGISTRATION OF TRANSFER OF THESE SHARES WILL BE MADE ON THE BOOKS OF THE ISSUER
UNLESS AND UNTIL SUCH RESTRICTIONS SHALL HAVE BEEN COMPLIED WITH.” 
 (b)     If the certificates
representing shares include either or both of the legends set forth in Section 2.3(a) hereof, the Company shall, upon a request from a Holder, or subsequent transferee of a Holder, as soon as practicable but in no event more than thirty
(30) days after receiving such request, remove or cause to be removed (i) if the shares cease to be restricted securities, the securities law portion of the legend and/or (ii) in the event of a sale of the shares subject to issuance
following the transfer of the shares in compliance with the transfer restrictions, the transfer restriction portion of the legend, from certificates representing the shares delivered by a Holder (or a subsequent transferee). 
 2.4     Charges, Taxes and Expenses. Issuance of the Exercise Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of any electronic or paper certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the
Holder or in such name or names as may be directed by the Holder; provided, however, that in the event Exercise Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 
 3.     COVENANTS OF THE COMPANY. 
 3.1     No Impairment. Except and to the extent as waived or consented to by the Holder, the Company shall at
all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may be necessary or appropriate in order to protect the exercise rights of the Holder against impairment. 
 3.2     Notices of Record Date. If at any time: 
 (a)     the Company shall take a record of the holders of Common Stock for the purpose of entitling them to receive a
dividend or other distribution, or any right to subscribe for or purchase any evidences of its indebtedness, any shares of stock of any class or any other securities or property, or to receive any other right (other than with respect to any equity
or equity equivalent security issued pursuant to a rights plan adopted by the Company’s Board of Directors); 
 (b)     there shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or any consolidation or merger of the Company, or any sale, transfer or other
disposition of all or substantially all the property, assets or business of the Company; or 
 (c)    
there shall be a voluntary or involuntary dissolution, liquidation or

 
winding up of the Company; 
 then, in any one or more of such cases, the Company shall
give to Holder at least ten (10) days’ prior written notice of the record date for such dividend, distribution or right or for determining rights to vote in respect of any such reorganization, reclassification, recapitalization,
consolidation, merger, sale, transfer, disposition, dissolution, liquidation or winding up of the Company. Any notice provided hereunder shall specify the date on which the holders of Common Stock shall be entitled to any such dividend, distribution
or right, and the amount and character thereof, and the then current estimated date for the closing of the transaction contemplated by any proposed reorganization, reclassification, recapitalization, consolidation, merger, sale, transfer,
disposition, dissolution, liquidation or winding up of the Company. 
 4.     ADJUSTMENT
OF EXERCISE PRICE. 
 4.1     Changes in Common
Stock. In the event of changes in the outstanding Common Stock by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations or the like, the number
and class of shares available under this Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of this Warrant, on exercise for the same aggregate Exercise Price, the total number, class and kind of
shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment. The form of this Warrant need not be changed because of any
adjustment in the number of Exercise Shares subject to this Warrant pursuant to this Section 4.1. 
 5.     FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of this Warrant, including as a consequence of any adjustment pursuant hereto. If the exercise would
result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the fair market value of
an Exercise Share (determined as provided in Section 2.2 hereof) by such fraction. 
 6.    
CORPORATE TRANSACTIONS. In the event that the Company enters into a merger or acquisition in which the surviving or “resulting” parent entity (“Surviving Entity”) is other than the Company, then
the Holder shall surrender the Warrant for a new warrant exercisable in return for shares or common stock of the Surviving Entity (as defined in the Warrant Purchase Agreement) (the “Replacement Warrant”); provided that: 
 6.1     Mixed Consideration. In accordance with Section 7.08 of the Warrant Purchase Agreement, if the
consideration for a merger or acquisition consists of a combination of cash and stock of the Surviving Entity, then the Replacement Warrant issued to Holder shall be solely for common stock of the Surviving Entity at an exchange ratio reflecting the
total consideration paid by the Surviving Entity at the time of such change in control as if the total consideration (including cash) for each share of the Common Stock was instead paid only in common stock of the Surviving Entity at the time of
such change of control (as illustrated on Exhibit B to the Warrant Purchase Agreement), and the holders of the Replacement Warrants shall have the registration rights for stock issuable upon exercise of the Replacement Warrants as provided under the
Registration Rights Agreement; or 
 6.2     Cash Consideration. In accordance with
Section 7.08 of the

 
Warrant Purchase Agreement, if prior to the end of the Term (as defined in the Warrant Purchase Agreement), a merger or acquisition shall occur and the consideration for such merger or
acquisition shall be paid entirely in cash, then the Holder of this Warrant shall then have the option to irrevocably elect within fifteen (15) Business Days of the public announcement of the merger or acquisition by written notice of election
to the Company, either (a) to retain the Warrant and the right to exercise the Warrant then outstanding for Exercise Shares in accordance with the terms of this Warrant, which exercise shall occur no later than immediately prior to the closing
of such merger or acquisition; or (b) to surrender the Warrant to the Company in consideration of a cash payment for each share of the Common Stock subject to purchase under this Warrant in an amount equal to forty percent (40%) of the per
share cash consideration to be received by a holder of one share of the Company’s Common Stock to be tendered in the merger or acquisition, provided that the aggregate total cash payments to all holders of outstanding Warrants shall not exceed
five million dollars ($5,000,000) (the “Warrant Surrender Price”). The Warrant Surrender Price shall be paid upon the surrender of the Warrants promptly following the closing of the all cash merger or acquisition. Any failure by the Holder
to deliver a written notice of election to the Company pursuant to this Section 6.2 shall be deemed an election of Section 6.2(a) hereunder. 
 Following a merger or acquisition involving consideration of cash and stock in which the Surviving Entity is other than the Company, reference to Common Stock shall instead be deemed a reference to the common stock of the Surviving Entity.
For purposes of Section 6.1, “common stock of the Surviving Entity” shall include stock of such corporation of any class which is not preferred as to dividends or assets over any other class of stock of such corporation and which is
not subject to redemption and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable for any such stock, either immediately or upon the arrival of a specified date or the
occurrence of a specified event and any warrants or other rights to subscribe for or purchase any such stock. The foregoing provisions of this Section 6 shall similarly apply to successive reorganizations, reclassifications, mergers,
consolidations or disposition of assets. 
 7.     NOTICE OF
ADJUSTMENT. Whenever the number of Exercise Shares or number or kind of securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the Company shall give
notice thereof to the Holder at the address of such Holder appearing on the books of the Company, which notice shall state the number of Exercise Shares (and other securities or property) purchasable upon the exercise of this Warrant and the
Exercise Price of such Exercise Shares (and other securities or property) after such adjustment, setting forth a brief statement of the facts requiring such adjustment and setting forth the computation by which such adjustment was made. 

8.     ADDITIONAL ADJUSTMENTS. This Warrant is subject to the provisions
of Section 2.05 of the Warrant Purchase Agreement. 
 9.     ORDERLY
SALE. This Warrant and the Exercise Shares are subject to the provisions of Sections 6.04 and 6.05 of the Warrant Purchase Agreement. 
 10.   NO STOCKHOLDER RIGHTS. This Warrant does not entitle the Holder to any voting rights or other rights as a stockholder of the
Company prior to the exercise hereof. Upon the exercise of this Warrant in accordance with Section 2, the Exercise Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such

 
shares as of the close of business on the date of such exercise. 
 11.     TRANSFER OF WARRANT. Subject to applicable laws, the restriction on transfer set forth on the first page of this Warrant and the provisions of Article VI
of the Warrant Purchase Agreement, this Warrant and all rights hereunder are transferable by the Holder, in person or by duly authorized attorney, upon delivery of this Warrant, the Assignment Form attached hereto and funds sufficient to pay any
transfer taxes payable upon the making of such transfer, to any transferee designated by Holder. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A
Warrant, if properly assigned, may be exercised by a new holder for the purchase of Exercise Shares without having a new Warrant issued. The Company may require, as a condition of allowing a transfer (i) that the Holder or transferee of this
Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without
registration under the Securities Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the Company,
(iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the Securities Act and (iv) the transferee agree in writing to be bound by the terms of this Warrant and the Warrant Purchase
Agreement as if an original signatory thereto. 
 12.     LOST,
STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may
reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. 
 13.     NOTICES, ETC. Any notice, request, demand, waiver, consent, approval
or other communication that is required or permitted to be given hereto shall be in writing and shall be deemed given only if delivered to the applicable party personally or sent to the party by facsimile transmission (promptly followed by a
hard-copy delivered in accordance with this Section 12), by next business day delivery by a nationally recognized courier service, or by registered or certified mail (return receipt requested), with postage and registration or certification
fees thereon prepaid, addressed to the party at its address set forth in the Warrant Purchase Agreement, or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other party hereto.

 14.     ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute
acceptance of and agreement to all of the terms and conditions contained herein. 
 15.    
GOVERNING LAW. This Warrant and all rights, obligations and liabilities hereunder shall be governed by the laws of the State of New York. 
 16.     SATURDAYS, SUNDAYS, HOLIDAYS, ETC. If
the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be

 
exercised on the next succeeding day not a Saturday, Sunday or legal holiday. 
 17.     AMENDMENT. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder. 
 18.     SUCCESSORS AND ASSIGNS. Subject to applicable
securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. 
 19.     REGISTRATION RIGHTS. The holder of this Warrant and of the Exercise
Shares shall be entitled to the registration rights and other applicable rights with respect to the Exercise Shares as and to the extent set forth in the Warrant Purchase Agreement and the Registration Rights Agreement. 
 20.     HEADINGS. The headings used in this Warrant are for the convenience of reference
only and shall not, for any purpose, be deemed a part of this Warrant. 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly
authorized officer as of [DATE OF ISSUE]. 
  

			
	DYNAVAX TECHNOLOGIES CORPORATION
		
	By:	 	 
		
	Title:	 	 

 NOTICE OF EXERCISE 
  

			
	TO:	  	  DYNAVAX TECHNOLOGIES CORPORATION
		
	ATTN:	  	  CHIEF FINANCIAL OFFICER

 (1)         The undersigned hereby elects to purchase
             shares of Common Stock of DYNAVAX TECHNOLOGIES CORPORATION (the “Company”) pursuant to the terms of the attached
Warrant dated [DATE OF ISSUE], as follows: 
             
shares pursuant to the terms of the cashless exercise provisions set forth in Section 2.2, and shall tender payment of all applicable transfer taxes, if any. 
 (2)         Please issue said shares of Common Stock in the name of the undersigned or in such other name as is specified below: 
  
  
 (Name) 
  
  
  
  
 (Address)

 (iii)            (3)         The undersigned represents that: 
 (A)         It is an “accredited investor” within the meaning of Rule
501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”). 
 (B)         It has relied completely on the advice of, or has consulted with or has had the opportunity to consult with, its own personal tax, investment, legal or other advisors and has not relied on
the Company or any of its affiliates for advice. 
 (C)         It has
been advised and understands that the offer and sale of the attached Warrant and the shares of Common Stock issued upon exercise of the Warrant (the “Warrant Shares”) have not been registered under the Securities Act. It is able to bear
the economic risk of such investment for an indefinite period and to afford a complete loss thereof. 
 (D)         It is acquiring the Warrant Shares solely for its own account for investment purposes as a principal and not with a view to the resale of all or any part thereof. It agrees that the
Warrant Shares may not be resold (1) without registration thereof under the Securities Act (unless an exemption from such registration is available), or (2) in violation of any law. It acknowledges that the Company is not required to
register the

 
Warrant Shares under the Securities Act. It is not and will not be an underwriter within the meaning of Section 2(11) of the Securities Act with respect to the Warrant Shares. 
 (E)         No person or entity acting on behalf of, or under the authority of,
the undersigned is or will be entitled to any broker’s, finder’s or similar fees or commission payable by the Company or any of its affiliates. 
  

					
			
	  	 		 	  
	(Date)	 		 	(Signature)
			
	 	 		 	  
		 		 	(Print Name)

 ASSIGNMENT FORM 
 (To assign the foregoing Warrant, execute this 
 form and supply required information. Do not use 
 this form to purchase shares.)

 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
 Name:                                      
                                         
                                         
                                         
                                 
                                         
                                         
                   (Please Print) 
 Address:                                      
                                         
                                         
                                         
                                     
                                         
                                         
                   (Please Print) 
 Dated:
                                    ,
20     
 Holder’s 
 Signature:
                                         
                            
 Holder’s 
 Address:
                                         
                            
 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever. Officers of
corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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