Document:

Registration Rights Agreement

 EXHIBIT 4.3 
  

  
 REGISTRATION RIGHTS
AGREEMENT 
  
 Dated as of September 30, 2004 
  
 Among 
  
 US LEC CORP. 
  
 and 
  
 THE GUARANTORS NAMED HEREIN 
 as Issuers, 
  
 and 
  
 DEUTSCHE BANK SECURITIES INC., 
  
 and 
  
 LIBERTAS PARTNERS, LLC 
  
 as Initial Purchasers 
  
 Second
Priority Senior Secured Floating Rate Notes due 2009 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	 Page

	 1.
	  	Definitions	  	1
	 2.
	  	Exchange Offer	  	5
	 3.
	  	Shelf Registration	  	9
	 4.
	  	Additional Interest	  	10
	 5.
	  	Registration Procedures	  	11
	 6.
	  	Registration Expenses	  	18
	 7.
	  	Indemnification and Contribution	  	19
	 8.
	  	Rules 144 and 144A	  	23
	 9.
	  	Underwritten Registrations	  	23
	 10.
	  	Miscellaneous	  	24

  

 -i- 

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is dated as of September 30, 2004, among US
LEC Corp., a Delaware corporation (the “Company”), the subsidiaries of the Company that are listed on the signature pages hereto (collectively, and together with any entity that in the future executes a supplemental indenture
pursuant to which such entity agrees to guarantee the Notes (as hereinafter defined), the “Guarantors” and, together with the Company, the “Issuers”), and DEUTSCHE BANK SECURITIES INC. and LIBERTAS
CAPITAL, LLC, as initial purchasers (the “Initial Purchasers”). 
  
 This Agreement is entered into in connection with the Purchase Agreement by and among the Company, the Guarantors and the Initial Purchasers, dated as of September 23, 2004 (the “Purchase
Agreement”), which provides for, among other things, the sale by the Company to the Initial Purchasers of $150,000,000 aggregate principal amount of the Company’s Second Priority Senior Secured Floating Rate Notes due 2009 (the
“Notes”) guaranteed by the Guarantors (the “Guarantees”). The Notes and the Guarantees are collectively referenced to herein as the “Securities”. In order to induce the Initial
Purchasers to enter into the Purchase Agreement, the Issuers have agreed to provide the registration rights set forth in this Agreement for the benefit of the Initial Purchasers and any subsequent holder or holders of the Securities. The execution
and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Securities under the Purchase Agreement. 
  
 The parties hereby agree as follows: 
  
 1. Definitions. 
  
 As used in this Agreement, the following terms shall have the following meanings: 
  
 Additional Interest: See Section 4(a) hereto. 
  
 Advice: See the last paragraph of Section 5 hereto. 

 
 Agreement: See the introductory paragraphs hereto.

  
 Applicable Period: See Section 2(b) hereto.

  
 Application: See Section 7(a) hereto.

  
 Business Day: Any day that is not a Saturday,
Sunday or a day on which banking institutions in New York are authorized or required by law to be closed. 

 Company: See the introductory paragraphs hereto. 
  
 Effectiveness Date: With respect to (i) the Exchange Offer
Registration Statement, the 150th day after the Issue Date and (ii) any Shelf Registration Statement, the 150th day after the Filing Date with respect thereto; provided, however, that if the Effectiveness Date would otherwise fall on a
day that is not a Business Day, then the Effectiveness Date shall be the next succeeding Business Day. 
  
 Effectiveness Period: See Section 3(a) hereto. 
  
 Event Date: See Section 4(b) hereto. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

 
 Exchange Notes: See Section 2(a) hereto. 
  
 Exchange Offer: See Section 2(a) hereto. 
  
 Exchange Offer Registration Statement: See Section 2(a) hereto.

  
 Filing Date: (A) With respect to an Exchange
Offer Registration Statement, the 90th day after the Issue Date; and (B) in any other case (which may be applicable notwithstanding the consummation of the Exchange Offer), the 90th day after the delivery of a Shelf Notice as required pursuant to
Section 2(c) hereof; provided, however, that if the Filing Date would otherwise fall on a day that is not a Business Day, then the Filing Date shall be the next succeeding Business Day. 
  
 Guarantees: See the introductory paragraphs hereto.

  
 Guarantors: See the introductory paragraphs
hereto. 
  
 Holder: Any holder of a
Registrable Note or Registrable Notes. 
  
 Indenture: The Indenture dated as of September 30, 2004, by and between the Company, the Guarantors and U.S. Bank National Association, as Trustee, pursuant to which the Notes are being issued, as amended or supplemented from
time to time in accordance with the terms thereof. 
  
 Information: See Section 5(n) hereto. 
  
 Initial Purchasers: See the introductory paragraphs hereto. 
  
 Inspectors: See Section 5(n) hereto. 
  

 -2- 

 Issue Date: September 30, 2004, the date of original issuance of the Notes. 
  
 Issuers: See the introductory paragraphs hereto.

  
 NASD: See Section 5(r) hereto. 
  
 Notes: See the introductory paragraphs hereto. 
  
 Participant: See Section 7(a) hereto. 
  
 Participating Broker-Dealer: See Section 2(b) hereto.

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

  

 -3- 

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

  
 Securities Act: The Securities Act of 1933, as
amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 Shelf Notice: See Section 2(c) hereto. 
  
 Shelf Registration: See Section 3(a) hereto. 
  
 Shelf Registration Statement: Any Registration Statement relating to a Shelf Registration. 
  
 TIA: The Trust Indenture Act of 1939, as amended. 
  

Trustee: The trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes and Private Exchange
Notes (and the related guarantees). 
  

 -4- 

 Underwritten registration or underwritten offering: A registration in which Registrable
Notes are sold to an underwriter for reoffering to the public. 
  
 Except as otherwise specifically provided, all references in this Agreement to acts, laws, statutes, rules, regulations, releases, forms, no-action letters and other regulatory requirements (collectively, “Regulatory
Requirements”) shall be deemed to refer also to any amendments thereto and all subsequent Regulatory Requirements adopted as a replacement thereto having substantially the same effect therewith; provided that Rule 144 shall not
be deemed to amend or replace Rule 144A. 
  
 2.
Exchange Offer. 
  
 (a) Unless the Exchange Offer would
violate applicable law or any applicable interpretation of the staff of the SEC, the Issuers shall use their best efforts to file with the SEC, no later than the Filing Date, a Registration Statement (the “Exchange Offer Registration
Statement”) on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Notes for a like aggregate principal amount of debt securities
of the Company (the “Exchange Notes”) guaranteed by the Guarantors that are identical in all material respects to the Securities, except that (i) the Exchange Notes shall contain no restrictive legend thereon and (ii) the
Exchange Notes shall not be entitled to any of the rights set forth in Section 4 of this Agreement, and that are entitled to the benefits of the Indenture, which shall be qualified under the TIA. The Exchange Offer shall comply with all applicable
tender offer rules and regulations under the Exchange Act and other applicable laws. The Issuers shall (x) use their reasonable best efforts to cause the Exchange Offer Registration Statement to be declared effective under the Securities Act on or
before the Effectiveness Date; (y) keep the Exchange Offer open for at least 30 days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to Holders; and (z) consummate the Exchange Offer on or prior
to the 180th day following the Issue Date. 
  
 The parties hereto
acknowledge that each Holder (including, without limitation, each Participating Broker-Dealer) who participates in the Exchange Offer will be required to represent to the Issuers in writing (which may be contained in the applicable letter of
transmittal) that: (i) any Exchange Notes acquired in exchange for Registrable Notes tendered are being acquired in the ordinary course of business of the Person receiving such Exchange Notes, whether or not such recipient is such Holder itself;
(ii) at the time of the commencement or consummation of the Exchange Offer neither such Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Notes from such Holder has an arrangement or understanding with any
Person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act; (iii) neither the Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Notes from 
  

 -5- 

 such Holder is an “affiliate” (as defined in Rule 405) of the Company or, if it is an affiliate of the Company,
it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable and will provide information to be included in the Shelf Registration Statement in accordance with Section 5 hereof in order to
have their Notes included in the Shelf Registration Statement and benefit from the provisions regarding Additional Interest in Section 4 hereof; (iv) neither such Holder nor, to the actual knowledge of such Holder, any other Person receiving
Exchange Notes from such Holder is engaging in or intends to engage in a distribution of the Exchange Notes; and (v) if such Holder is a Participating Broker-Dealer, such Holder has acquired the Registrable Notes as a result of market-making
activities or other trading activities and that it will comply with the applicable provisions of the Securities Act (including, but not limited to, the prospectus delivery requirements thereunder). 
  
 Upon consummation of the Exchange Offer in accordance with this Section 2,
the provisions of this Agreement shall continue to apply solely with respect to Registrable Notes that are Private Exchange Notes, Exchange Notes as to which Section 2(c)(iv) is applicable and Exchange Notes held by Participating Broker-Dealers, and
the Issuers shall have no further obligation to register Registrable Notes (other than Private Exchange Notes and Exchange Notes as to which clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof. 
  
 No securities other than the Exchange Notes shall be included in the Exchange
Offer Registration Statement. 
  
 (b) The Issuers shall include
within the Prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or
policies made by the staff of the SEC with respect to the potential “underwriter” status of any broker-dealer that is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such
broker-dealer in the Exchange Offer (a “Participating Broker-Dealer”). Such “Plan of Distribution” section shall also expressly permit, to the extent permitted by applicable policies and regulations of the SEC, the
use of the Prospectus by all Persons subject to the prospectus delivery requirements of the Securities Act, including, to the extent permitted by applicable policies and regulations of the SEC, all Participating Broker-Dealers, and include a
statement describing the means by which Participating Broker-Dealers may resell the Exchange Notes in compliance with the Securities Act. 
  
 The Issuers shall use their reasonable best efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the Prospectus
contained therein in order to permit such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection
with any resale of the Exchange Notes; provided, however, that such period shall not be required to exceed 90 days or such longer period if extended pursuant to the last paragraph of Section 5 hereof (the “Applicable
Period”). 
  

 -6- 

 If, prior to consummation of the Exchange Offer, the Initial Purchasers hold any Notes acquired by them
that have the status of an unsold allotment in the initial distribution, the Issuers upon the request of the Initial Purchasers shall simultaneously with the delivery of the Exchange Notes issue and deliver to the Initial Purchasers, in exchange
(the “Private Exchange”) for such Notes held by any such Holder, a like principal amount of notes (the “Private Exchange Notes”) of the Issuers, guaranteed by the Guarantors that are identical in all
material respects to the Exchange Notes except for the placement of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number
as the Exchange Notes. 
  
 In addition to the provisions set forth
elsewhere in this Section 2, in connection with the Exchange Offer, the Issuers shall: 
  
 (1) mail, or cause to be mailed, to each Holder of record entitled to participate in the Exchange Offer a copy of the Prospectus forming
part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
  
 (2) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York; and

  
 (3) permit Holders to withdraw tendered
Securities at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer remains open. 
  
 As soon as practicable after the close of the Exchange Offer and the Private Exchange, if any, the Issuers shall: 
  
 (1) accept for exchange all Registrable Notes validly
tendered and not validly withdrawn pursuant to the Exchange Offer or the Private Exchange, if any; 
  
 (2) cause the Exchange Agent to deliver to the Trustee for cancellation all Registrable Notes so accepted for exchange; and 
  
 (3) cause the Trustee to authenticate and deliver promptly
to each Holder of Securities, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Securities of such Holder so accepted for exchange; provided that, in the case of any Securities held in global form
by a depositary, authentication and delivery to such depositary of one or more replacement Securities in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such
authentication and delivery requirement. 
  

 -7- 

 The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i)
the Exchange Offer or Private Exchange or the making of any exchange by a Holder, as the case may be, does not violate applicable law or any applicable interpretation of the staff of the SEC; (ii) no action or proceeding shall have been instituted
or threatened in any court or by any governmental agency with respect to the Exchange Offer or the Private Exchange which might materially impair the ability of the Issuers to proceed with the Exchange Offer or the Private Exchange, (iii) no
material adverse development shall have occurred in any existing action or proceeding with respect to the Issuers; (iv) all governmental approvals shall have been obtained, which approvals the Issuers deem necessary for the consummation of the
Exchange Offer or Private Exchange; (v) the due tendering of Registrable Notes shall be in accordance with the Exchange Offer or Private Exchange; and (vi) each Holder of Registrable Securities exchanged in the Exchange Offer shall have made all of
the representations required to be made pursuant to Section 2(a) of this Agreement. 
  
 The Exchange Notes and the Private Exchange Notes shall be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture and which, in either case, has been qualified under
the TIA or is exempt from such qualification and shall provide that the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture. 
  
 (c) If, (i) because of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuers are
not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated within 180 days of the Issue Date, (iii) the Initial Purchasers or any holder of Private Exchange Notes so requests in writing to the Company at any time after
the consummation of the Exchange Offer, or (iv) in the case of any Holder that participates in the Exchange Offer, such Holder does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and federal
securities laws (other than due solely to the status of such Holder as an affiliate of the Issuers within the meaning of the Securities Act) and so notifies the Company within 30 days after such Holder first becomes aware of such restrictions, in
the case of each of clauses (i) to and including (iv) of this sentence, then the Issuers shall promptly deliver to the Holders and the Trustee written notice thereof (the “Shelf Notice”) and shall file a Shelf Registration
pursuant to Section 3 hereof. 
  

 -8- 

 3. Shelf Registration 
  
 If a Shelf Notice is delivered as contemplated by Section 2(c) hereof, then: 
  
 (a) Shelf Registration. The Issuers shall as
promptly as practicable file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the “Shelf Registration”). The Issuers shall use
their reasonable best efforts to file with the SEC the Shelf Registration on or prior to the applicable Filing Date. The Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Registrable Notes for resale
by Holders in the manner or manners designated by Holders of a majority of the aggregate principal amount of such Registrable Notes participating in the Shelf Registration (including, without limitation, one or more underwritten offerings). The
Issuers shall not permit any securities other than the Registrable Notes and the Guarantees to be included in the Shelf Registration. 
  
 The Issuers shall use their reasonable best efforts to cause the Shelf Registration to be declared effective under the Securities Act on
or prior to the Effectiveness Date and to keep the Shelf Registration continuously effective under the Securities Act until the date that is two years from the Issue Date or such shorter period ending when all Registrable Notes covered by the Shelf
Registration have been sold or cease to be outstanding in the manner set forth and as contemplated in the Shelf Registration (the “Effectiveness Period”); provided, however, that the Effectiveness Period in
respect of the Shelf Registration shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein and shall be subject to
reduction to the extent that the applicable provisions of Rule 144(k) are amended or revised to reduce the two year holding period set forth therein. 
  
 (b) Withdrawal of Stop Orders. If the Shelf Registration ceases to be effective for any reason at any time during the
Effectiveness Period (other than because of the sale of all of the Notes registered thereunder), the Issuers shall use their reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event
shall within 30 days of such cessation of effectiveness amend such Shelf Registration Statement in a manner to obtain the withdrawal of the order suspending the effectiveness thereof. 
  
 (c) Supplements and Amendments. The Issuers shall promptly supplement and amend the Shelf
Registration if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested by the Holders of a majority in aggregate
principal amount of the Registrable Notes (or their counsel) covered by such Registration Statement with respect to the information included therein with respect to one or more of such Holders, or by any underwriter of such Registrable Notes with
respect to the information included therein with respect to such underwriter. 
  

 -9- 

 4. Additional Interest 
  
 (a) The Issuers and the Initial Purchasers agree that the Holders will suffer damages if the Issuers fail to fulfill their
obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers agree that, as liquidated damages, the interest rate on the Notes will increase
(“Additional Interest”) under the circumstances and to the extent set forth below (each of which shall be given independent effect): 
  
 (i) if (A) neither the Exchange Offer Registration Statement nor the Shelf Registration has been filed on or prior to the Filing Date
applicable thereto or (B) notwithstanding that the Issuers have consummated or will consummate the Exchange Offer, the Issuers are required to file a Shelf Registration and such Shelf Registration is not filed on or prior to the Filing Date
applicable thereto, then, commencing on the day after any such Filing Date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days immediately following such applicable Filing Date,
and such Additional Interest rate shall increase by an additional 0.25% per annum at the beginning of each subsequent 90-day period; or 
  
 (ii) if (A) neither the Exchange Offer Registration Statement nor the Shelf Registration is declared effective by the SEC on or prior to
the Effectiveness Date applicable thereto or (B) notwithstanding that the Issuers have consummated or will consummate the Exchange Offer, the Issuers are required to file a Shelf Registration and such Shelf Registration is not declared effective by
the SEC on or prior to the Effectiveness Date applicable to such Shelf Registration, then, commencing on the day after such Effectiveness Date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for
the first 90 days immediately following the day after such Effectiveness Date, and such Additional Interest rate shall increase by an additional 0.25% per annum at the beginning of each subsequent 90-day period; or 
  
 (iii) if (A) the Issuers have not exchanged Exchange Notes
for all Notes validly tendered in accordance with the terms of the Exchange Offer on or prior to the 181st day after the Issue Date or (B) if applicable, a Shelf Registration has been declared effective and such Shelf Registration ceases to be
usable by the Holders for any reason for 30 days in the aggregate in any consecutive twelve-month period during the Effectiveness Period, then Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the
first 90 days commencing on the (x) 181st day after the Issue Date, in the case of (A) above, or (y) the day such Shelf Registration ceases to be effective in the case of (B) above, and such Additional Interest rate shall increase by an additional
0.25% per annum at the beginning of each such subsequent 90-day period; 
  

 -10- 

 provided, however, that (1) the Additional Interest rate on the Notes may not accrue under more than one of
the foregoing clauses (i)-(iii) at any one time and at no time shall the aggregate amount of additional interest accruing exceed in the aggregate 1.0% per annum; provided, further, however, that (1) upon the filing of the
applicable Exchange Offer Registration Statement or the applicable Shelf Registration as required hereunder (in the case of clause (i) above of this Section 4), (2) upon the effectiveness of the Exchange Offer Registration Statement or the
applicable Shelf Registration Statement as required hereunder (in the case of clause (ii) of this Section 4), or (3) upon the exchange of the Exchange Notes for all Notes tendered (in the case of clause (iii)(A) of this Section 4), or upon the
effectiveness of the applicable Shelf Registration Statement which had ceased to remain effective (in the case of (iii)(B) of this Section 4), Additional Interest on the Notes in respect of which such events relate as a result of such clause (or the
relevant subclause thereof), as the case may be, shall cease to accrue. 
  
 (b) The Issuers shall notify the Trustee within three Business Days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Any amounts of
Additional Interest due pursuant to clause (a) of this Section 4 will be payable in cash semiannually on each April 1 and October 1 (to the holders of record on the March 15 and September 15 immediately preceding such dates), commencing with the
first such date occurring after any such Additional Interest commences to accrue. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Registrable Notes,
multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360 day year comprised of twelve 30 day months and, in the case of a partial month,
the actual number of days elapsed), and the denominator of which is 360. No Additional Interest shall accrue with respect to Notes that are not Registrable Notes. 
  
 5. Registration Procedures. 
  
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect such
registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder, each
of the Issuers shall: 
  
 (a) Prepare and file
with the SEC prior to the applicable Filing Date a Registration Statement or Registration Statements as prescribed by Section 2 or 3 hereof, 
  

 -11- 

 and use its reasonable best efforts to cause each such Registration Statement to become effective and
remain effective as provided herein and, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuers shall furnish to and afford the Initial Purchasers and the Holders of the Registrable Notes to be
named in such Registration Statement or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any
documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days prior to such filing). The Issuers shall not file any Registration Statement or Prospectus or any amendments
or supplements thereto if the Initial Purchasers or the Holders of a majority in aggregate principal amount of the Registrable Notes to be named in such Registration Statement, their counsel, or the managing underwriters, if any, shall reasonably
object within five (5) Business Days. 
  
 (b)
Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously
effective for the Effectiveness Period, the Applicable Period or until consummation of the Exchange Offer, as the case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so
supplemented to be filed pursuant to Rule 424, if required; and comply with the provisions of the Securities Act applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in such
Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by an Participating Broker-Dealer covered by any such Prospectus. 
  
 (c) Notify the Initial Purchasers, the selling Holders of Registrable Notes to be named in any Registration
Statement or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, promptly (but in any event within two Business Days) in writing, (i) when a Registration Statement has been filed and has
become effective under the Securities Act, (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any prospectus or the initiation of any
proceedings for that purpose, (iii) of the receipt by any Issuer of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Notes or the Exchange
Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (iv) of the happening of any event, the existence of any condition or any information becoming known that makes any statement made in
such Registration Statement or any document incorporated therein by reference untrue in any material respect or that requires the making of any changes in or amendments or supplements 
  

 -12- 

 to such Registration Statement or documents so that the Registration Statement will not contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and (v) of the Issuers’ determination that a post-effective amendment to a
Registration Statement would be appropriate. 
  
 (d) Use its reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption
from qualification) of any of the Registrable Notes or the Exchange Notes, for sale in any jurisdiction, and, if any such order is issued, to use its reasonable best efforts to obtain the withdrawal of any such order at the earliest practicable
moment. 
  
 (e) If a Shelf Registration is filed
pursuant to Section 3 and if requested during the Effectiveness Period by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Notes being sold in connection with an
underwritten offering or any Participating Broker-Dealer, (i) as promptly as practicable incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders, any
Participating Broker-Dealer or counsel for any of them reasonably request to be included therein and (ii) make all required filings of any supplement or amendment as soon as practicable after the Company has received notification of the matters to
be incorporated in such supplement or amendment. 
  
 (f) Furnish to each selling Holder of Registrable Notes to be named in any Registration Statement and to each such Participating Broker-Dealer who so requests and to their respective counsel and each managing underwriter, if any, at the
sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference
and all exhibits and as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of
this Section 5, the Issuers hereby consent to the use of such Prospectus by each of the selling Holders of Registrable Notes named therein or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and
dealers, if any, in connection with the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus. 
  
 (g) Prior to any public offering of Registrable Notes or any
delivery of a Prospectus contained in the Exchange Offer Registration Statement, cooperate with the selling Holders of Registrable Notes to be named in the Registration Statement or 
  

 -13- 

 each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if
any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Notes for offer and sale under the securities or Blue Sky laws of such jurisdictions
within the United States as Holders of a majority of the aggregate principal amount being registered thereby, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request in writing; provided, however,
that no Issuer shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so
subject or (C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
  
 (h) Cooperate with the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable
Notes to be in such denominations (subject to applicable requirements contained in the Indenture) and registered in such names as the managing underwriter or underwriters, if any, or Holders may request. 
  
 (i) Use its reasonable best efforts to cause the Registrable
Notes covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate
the disposition of such Registrable Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuers will cooperate in all respects with the filing of such Registration
Statement and the granting of such approvals. 
  
 (j) Upon the occurrence of any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the SEC, at the sole expense of the Issuers, a supplement or
post-effective amendment to the Registration Statement or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that any such Prospectus will not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 (k) Use its reasonable best efforts to cause the Registrable
Notes covered by a Registration Statement or the Exchange Notes, as the case may be, to be rated 
  

 -14- 

 with the appropriate rating agencies (unless such Notes are already so rated), if so requested by the
Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement or the Exchange Notes, as the case may be, or the managing underwriter or underwriters, if any. 
  
 (l) Prior to the effective date of the first Registration
Statement relating to the Registrable Notes, (i) provide the Trustee with certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Registrable Notes. 

 
 (m) In connection with any underwritten offering of
Registrable Notes pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Securities, and take all such other actions as are reasonably requested by the
managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with
respect to the business of the Issuers (including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each
case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Securities, and confirm the same in writing if and when requested; (ii) obtain the written opinions of counsel to the Issuers, and
written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions reasonably requested in underwritten
offerings; (iii) obtain “cold comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if
necessary, any other independent certified public accountants of the Issuers, or of any business acquired by the Issuers, for which financial statements and financial data are, or are required to be, included or incorporated by reference in the
Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of debt
securities similar to the Securities; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable to the sellers and underwriters, if any, than those set forth in Section
7 hereof (or such other provisions and procedures reasonably acceptable to Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or agents, if
any) with respect to all parties to be indemnified pursuant thereto. The above shall be done at each closing under such underwriting agreement, or as, and to the extent, required thereunder. 
  

 -15- 

 (n) Make available for inspection by any Initial Purchaser, any selling Holder of such
Registrable Notes being named in any Registration Statement or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent
retained by any such selling Holder or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, or underwriter (any such Initial Purchaser, Holders, Participating Broker-Dealers, underwriters,
attorneys, accountants or agents, collectively, the “Inspectors”), upon written request, at the offices where normally kept, during reasonable business hours, all pertinent financial and other records, pertinent corporate
documents and instruments of the Issuers and subsidiaries of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the
officers, directors and employees of the Issuers and any of their respective subsidiaries, if any, to supply all information (“Information”) reasonably requested by any such Inspector in connection with such due diligence
responsibilities. Each Inspector shall agree in writing that it will keep the Records and Information confidential and that it will not disclose any of the Records or Information unless (i) the disclosure of such Records or Information is necessary
to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records or Information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) disclosure of
such Records or Information is necessary or advisable, in the opinion of counsel for any Inspector, in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out
of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records or Information has been made generally
available to the public other than through disclosure by an Inspector or an “affiliate” (as defined in Rule 405) thereof; provided, however, that prior notice shall be provided as soon as practicable to any Issuer of the
potential disclosure of any information by such Inspector pursuant to clause (i), (ii) or (iii) of this sentence to permit the Issuers to undertake appropriate action to prevent disclosure of such Records or Information at the Issuers’ expense.

  
 (o) Cause the Indenture to be qualified under
the TIA not later than the effective date of the first Registration Statement required by this Agreement and, in connection therewith, cooperate with the trustee under the Indenture and the Holders of the Registrable Notes, to effect such changes
(if any) to the Indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use its reasonable best efforts to cause such trustee to execute, all documents as may be required to effect
such changes, and all other forms and documents required to be filed with the SEC to enable such indenture to be so qualified in a timely manner. 
  

 -16- 

 (p) Comply with all applicable rules and regulations of the SEC and make generally
available to its securityholders with regard to any applicable Registration Statement, a consolidated earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under
the Securities Act) no later than 45 days after the end of any fiscal quarter (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes are sold to
underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company, after the effective date of a Registration
Statement, which statements shall cover said 12-month periods. 
  
 (q) Upon consummation of the Exchange Offer or a Private Exchange, or if so requested by the Trustee, obtain an opinion of counsel to the Issuers, in a form customary for underwritten transactions, addressed to the
Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as the case may be, that the Exchange Notes or Private Exchange Notes, as the case may be, the related guarantees and the
Indenture constitute legal, valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with their respective terms, subject to customary exceptions and qualifications. If the Exchange Offer or a Private Exchange is
to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other Person as directed by the Company), in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, the Issuers shall mark,
or cause to be marked, on such Registrable Notes that such Registrable Notes are being canceled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as paid or
otherwise satisfied. 
  
 (r) Cooperate with each
Holder of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the
National Association of Securities Dealers, Inc. (the “NASD”). 
  
 (s) Use its reasonable best efforts to take all other steps necessary to effect the registration of the Exchange Notes and/or Registrable
Notes covered by a Registration Statement contemplated hereby. 
  
 The Issuers may require each Holder of Registrable Notes as to which any registration is being effected to furnish to the Issuers such information regarding such Holder and the distribution of such Registrable Notes as the Issuers may, from
time to time, reasonably request. The Issuers may exclude from such registration the Registrable Notes of any Holder 
  

 -17- 

 so long as such Holder fails to furnish such information within a reasonable time after receiving such request. Each
Holder as to which any Shelf Registration is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the information previously furnished to the Issuers by such Holder not materially
misleading. 
  
 If any such Registration Statement refers to any
Holder by name or otherwise as the holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the
holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in
any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
  
 Each Holder of Registrable Notes and each Participating Broker-Dealer agrees by its acquisition of such Registrable Notes or Exchange Notes to be sold by
such Participating Broker-Dealer, as the case may be, that, upon actual receipt of any notice from the Company (i) of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, such Holder will
forthwith discontinue disposition of such Registrable Notes covered by such Registration Statement or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be, until such Holder’s or Participating
Broker-Dealer’s receipt of the copies of any supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing (the “Advice”) by the Issuers that the use of the applicable
Prospectus may be resumed, and has received copies of any amendments or supplements thereto. In the event that the Issuers shall give any such notice, each of the Applicable Period and the Effectiveness Period shall be extended by the number of days
during such periods from and including the date of the giving of such notice to and including the date when each seller of Registrable Notes covered by such Registration Statement or Exchange Notes, as the case may be, shall have received (x) the
copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or (y) the Advice. 
  
 6. Registration Expenses. 
  
 All fees and expenses incident to the performance of or compliance with this Agreement by the Issuers (other than any underwriting discounts or
commissions) shall be borne by the Issuers, whether or not the Exchange Offer Registration Statement or any Shelf Registration Statement is filed or becomes effective or the Exchange Offer is consummated, including, without limitation, (i) all
registration and filing fees (including, without limitation, 
  

 -18- 

 (A) fees with respect to filings required to be made with the NASD in connection with an underwritten offering and (B)
fees and expenses of compliance with state securities or Blue Sky laws), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The
Depository Trust Company and of printing prospectuses, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for, and other Persons retained by, the Issuers and, in the case of a Shelf Registration, reasonable fees
and disbursements of one special counsel for all of the sellers of Registrable Notes, (v) fees and disbursements of all independent certified public accountants referred to in Section 5(o)(iii) hereof (including, without limitation, the expenses of
any “cold comfort” letters required by or incident to such performance), (vi) internal expenses of the Issuers (including, without limitation, all salaries and expenses of officers and employees of the Issuers performing legal or
accounting duties), (vii) the expense of any annual audit and (viii) any fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in
each case, if applicable. 
  
 7. Indemnification and
Contribution. 
  
 (a) Each of the Issuers agree, jointly
and severally, to indemnify and hold harmless each Holder of Registrable Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, and each Person, if any, who controls such Person or its affiliates within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, a “Participant”) against any losses, claims, damages or liabilities to which any Participant may become subject under the Act, the Exchange Act or
otherwise, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: 
  
 (i) any untrue statement or alleged untrue statement made by any Issuer contained in any application or any other document or any
amendment or supplement thereto executed by any Issuer based upon written information furnished by or on behalf of any Issuer filed in any jurisdiction in order to qualify the Notes under the securities or Blue Sky laws thereof or filed with the SEC
or any securities association or securities exchange (each, an “Application”); 
  
 (ii) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement (or any amendment
thereto) or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus; or 
  
 (iii) the omission or alleged omission to state, in any Registration Statement (or any amendment thereto) or
Prospectus (as amended or supplemented if the Issuers 
  

 -19- 

 shall have furnished any amendments or supplements thereto) or any preliminary prospectus or any
Application or any other document or any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein not misleading; 
  
 and will reimburse, as incurred, the Participant for any reasonable legal or other expenses incurred by the Participant in connection with
investigating, defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or action; provided, however, the Issuers will not be liable in any such case (i) to the extent that any
such loss, claim, damage, or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any Registration Statement or any preliminary prospectus or Application or any amendment
or supplement thereto in reliance upon and in conformity with information relating to any Participant furnished to the Issuers by such Participant specifically for use therein and (ii) if such Participant sold to the person asserting the claim the
Registrable Notes or Exchange Notes that are the subject of such claim and such untrue statement or alleged untrue statement or omission or alleged omission was contained or made in any preliminary prospectus and corrected in the Prospectus or any
amendment or supplement thereto and the Prospectus does not contain any other untrue statement or omission of a material fact that was the subject matter of the related proceeding and it is established by the Issuers in the related proceeding that
such Participant failed to deliver or provide a copy of the Prospectus (as amended or supplemented) to such Person with or prior to the confirmation of the sale of such Registrable Notes or Exchange Notes sold to such Person if required by
applicable law, unless such failure to deliver or provide a copy of the Prospectus (as amended or supplemented) was a result of noncompliance with the Issuers with Section 7 of this Agreement. The indemnity provided for in this Section 7 will be in
addition to any liability that the Issuers may otherwise have to the indemnified parties. The Issuers shall not be liable under this Section 7 for any settlement of any claim or action effected without its prior written consent, which shall not be
unreasonably withheld. 
  
 (b) Each Participant, severally and not
jointly, agrees to indemnify and hold harmless the Issuers, their directors, their officers and each Person, if any, who controls the Issuers within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims,
damages or liabilities to which the Issuers or any such director, officer or controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Application, Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary prospectus, or (ii)
the omission or the alleged omission to state therein a material fact necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or
alleged omission was made in reliance upon and in conformity with written information concerning such Participant, furnished to the Issuers by the Participant, 
  

 -20- 

 specifically for use therein; and subject to the limitation set forth immediately preceding this clause, will reimburse,
as incurred, any legal or other expenses incurred by the Issuers or any such director, officer or controlling person in connection with investigating or defending against or appearing as a third party witness in connection with any such loss, claim,
damage, liability or action in respect thereof. The indemnity provided for in this Section 7 will be in addition to any liability that the Participants may otherwise have to the indemnified parties. The Participants shall not be liable under this
Section 7 for any settlement of any claim or action effected without their consent, which shall not be unreasonably withheld. The Issuers shall not, without the prior written consent of such Participant, effect any settlement or compromise of any
pending or threatened proceeding in respect of which any Participant is or could have been a party, or indemnity could have been sought hereunder by any Participant, unless such settlement (A) includes an unconditional written release of the
Participants, in form and substance reasonably satisfactory to the Participants, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an admission of fault, culpability or failure
to act by or on behalf of any Participant. 
  
 (c) Promptly after
receipt by an indemnified party under this Section 7 of notice of the commencement of any action for which such indemnified party is entitled to indemnification under this Section 7, such indemnified party will, if a claim in respect thereof is to
be made against the indemnifying party under this Section 7, notify the indemnifying party of the commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or
(b) above unless and to the extent such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party
other than the indemnification obligation provided in paragraphs (a) and (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be
entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party; provided,
however, that if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the defendants in any such action include both the indemnified party and
the indemnifying party and the indemnified party shall have been advised by counsel that there may be one or more legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the
indemnifying party, or (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after receipt by the indemnifying party of notice of the
institution of such action, then, in each such case, the indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right to
select separate counsel to defend such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense 
  

 -21- 

 thereof and approval by such indemnified party of counsel appointed to defend such action, the indemnifying party will
not be liable to such indemnified party under this Section 7 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the
indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that in connection with such action the indemnifying party shall not be liable for the
expenses of more than one separate counsel (in addition to local counsel) in any one action or separate but substantially similar actions in the same jurisdiction arising out of the same general allegations or circumstances, designated by
Participants who sold a majority in interest of the Registrable Notes and Exchange Notes sold by all such Participants in the case of paragraph (a) of this Section 7 or the Issuers in the case of paragraph (b) of this Section 7, representing the
indemnified parties under such paragraph (a) or paragraph (b), as the case may be, who are parties to such action or actions) or (ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense
of the indemnifying party. All fees and expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred. After such notice from the indemnifying party to such indemnified party, the indemnifying party will not be liable
for the costs and expenses of any settlement of such action effected by such indemnified party without the prior written consent of the indemnifying party (which consent shall not be unreasonably withheld), unless such indemnified party waived in
writing its rights under this Section 7, in which case the indemnified party may effect such a settlement without such consent. 
  
 (d) In circumstances in which the indemnity agreement provided for in the preceding paragraphs of this Section 7 is unavailable to, or insufficient to
hold harmless, an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof), each indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties on
the one hand and the indemnified party on the other from the offering of the Notes or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the
indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in
respect thereof). The relative benefits received by the Issuers on the one hand and such Participant on the other shall be deemed to be in the same proportion as the total proceeds from the offering (before deducting expenses) of the Notes received
by the Issuers bear to the total net profit received by such Participant in connection with the sale of the Notes. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers on the one hand, 
  

 -22- 

 or the Participants on the other, the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission or alleged statement or omission, and any other equitable considerations appropriate in the circumstances. The parties agree that it would not be equitable if the amount of such contribution were
determined by pro rata or per capita allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the first sentence of this paragraph (d). Notwithstanding any other provision of this
paragraph (d), no Participant shall be obligated to make contributions hereunder that in the aggregate exceed the total net profit received by such Participant in connection with the sale of the Notes, less the aggregate amount of any damages that
such Participant has otherwise been required to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls a Participant within the meaning of Section 15
of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Participants, and each director of any Issuer, each officer of any Issuer and each person, if any, who controls any Issuer within the meaning of Section
15 of the Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Issuers. 
  
 8. Rules 144 and 144A. 
  
 For so long as the Registrable Notes remain outstanding, each of the Issuers covenants and agrees that it will file the reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time such Issuer is not
required to file such reports, such Issuer will, upon the request of any Holder or beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rule 144A. Each of the Issuers further covenants and
agrees, for so long as any Registrable Notes remain outstanding that it will take such further action as any Holder of Registrable Notes may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable
Notes without registration under the Securities Act within the limitation of the exemptions provided by Rule 144(k) under the Securities Act and Rule 144A. 
  
 9. Underwritten Registrations. 
  
 If any of the Registrable Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers
and manager or 
  

 -23- 

 managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of
such Registrable Notes included in such offering and shall be reasonably acceptable to the Issuers. 
  
 No Holder of Registrable Notes may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s
Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting arrangements. 
  
 10. Miscellaneous. 
  
 (a) No Inconsistent Agreements. The Issuers have not, as of the date hereof, and the Issuers shall not, after the date of this Agreement, enter into any agreement with respect to any of their securities that is inconsistent
with the rights granted to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights
granted to the holders of the Issuers’ other issued and outstanding securities under any such agreements. The Issuers will not enter into any agreement with respect to any of their securities which will grant to any Person piggy-back
registration rights with respect to any Registration Statement. 
  
 (b) Adjustments Affecting Registrable Notes. The Issuers shall not, directly or indirectly, take any action with respect to the Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable
Notes to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 
  
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, otherwise than with the prior written consent of (I) the Company, and (II)(A) the Holders of not less than a majority in aggregate principal amount of the then outstanding Registrable Notes and
(B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the Exchange Notes held by all Participating Broker-Dealers;
provided, however, that Section 7 and this Section 10(c) may not be amended, modified or supplemented without the prior written consent of each Holder and each Participating Broker-Dealer (including any person who was a Holder or
Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement) affected by any such amendment, modification or supplement. Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect 
  

 -24- 

 to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities are being sold
pursuant to a Registration Statement may be given by Holders of at least a majority in aggregate principal amount of the Registrable Notes being sold pursuant to such Registration Statement. 
  
 (d) Notices. All notices and other communications (including,
without limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile: 
  
 (i) if to a Holder of the Registrable Notes or any
Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture, with a copy in like manner to the Initial Purchasers as
follows: 
  
  

	
	 Deutsche Bank Securities Inc.

	 31 West 52nd Street

	 New York, New York 10019

	 Facsimile No.: (646) 324-7467

	 Attention: Corporate Finance Department

	
	 with a copy to:

	
	 Cahill Gordon & Reindel LLP

	 80 Pine Street

	 New York, New York 10005

	 Facsimile No.: (212) 269-5420

	 Attention: James J. Clark, Esq.

  
 (ii)
if to the Initial Purchasers, at the address(es) specified and with a copy as specified in Section 10(d)(i); 
  
 (iii) if to the Issuers, at the address as follows: 
  

	
	 US LEC Corp.

	 6801 Morrison Boulevard

	 Charlotte, NC 28211

	 Facsimile No.: (704) 409-6869

	 Attention: Michael Schor, General Counsel

  

 -25- 

	
	 with a copy to:

	
	 Moore & Van Allen PLLC

	 100 North Tryon Street

	 47th Floor

	 Charlotte, NC 28202

	 Facsimile No.: (704) 378-2029

	 Attention: Barney Stewart III, Esq.

  
 All such notices and
communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day
air courier; and when receipt is acknowledged by the addressee, if sent by facsimile. 
  
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address and in the manner specified in such Indenture. 
  
 (e) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that nothing herein shall be deemed to permit any assignment, transfer or
other disposition of Registrable Notes in violation of the terms of the Purchase Agreement or the Indenture. 
  
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
  
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD REQUIRE THE APPLICATION OF ANY OTHER
LAW. 
  
 (i) Severability. If any term,
provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, 
  

 -26- 

 and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the
same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions,
covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (j) Securities Held by the Issuers or Their Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable
Notes is required hereunder, Registrable Notes held by the Issuers’ affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such consent or approval was given by the Holders of such
required percentage. 
  
 (k) Third-Party
Beneficiaries. Holders of Registrable Notes and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. 
  
 (l) Entire Agreement. This Agreement, together with the
Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or
written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Initial Purchasers on the one hand and the Issuers on the other, or between or among any agents, representatives,
parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 -27- 

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

  

			
	 US LEC CORP.

		
	 By:
	 	 /s/ MICHAEL K. ROBINSON

	Name:	 	Michael K. Robinson
	Title:	 	 Executive Vice President and
 Chief Financial
Officer

  

	
	 US LEC OF NORTH CAROLINA INC.

	 US LEC OF GEORGIA INC.

	 US LEC OF TENNESSEE INC.

	 US LEC OF FLORIDA INC.

	 US LEC OF SOUTH CAROLINA INC.

	 US LEC OF ALABAMA INC.

	 US LEC OF MARYLAND INC.

	 US LEC OF PENNSYLVANIA INC.

	 US LEC COMMUNICATIONS INC.

	 US LEC OF VIRGINIA L.L.C.

	 US LEC ACQUISITION CO.

  
  

			
		
	 By:
	 	 /s/ MICHAEL K. ROBINSON

	Name:	 	Michael K. Robinson
	Title:	 	 Executive Vice President-Finance and
 Chief Financial
Officer

  

 S-1 

 The foregoing Agreement is hereby confirmed and accepted as of the date first above written. 

 

			
	 DEUTSCHE BANK SECURITIES INC.

		
	 By:
	 	 /s/ PREM PARAMESWARAN

	Name:	 	Prem Parameswaran
	Title:	 	Director
		
	 By:
	 	 /s/ ANTHONY WHITTEMORE

	 Name:
	 	Anthony Whittemore
	 Title:
	 	Managing Director
	
	 LIBERTAS PARTNERS, LLC

		
	 By:
	 	 /s/ GARY KATCHER

	Name:	 	Gary Katcher
	Title:	 	Managing Director

  

 S-2Security Agreement

 EXHIBIT 4.4 
  

  
 SECURITY AGREEMENT

  
 by 
  
 US LEC CORP., 
  
 and 
  
 THE GUARANTORS PARTY HERETO 
  
 and 
  
 US BANK NATIONAL ASSOCIATION, 
 as Trustee 
  

  
 Dated as of September 30, 2004 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 PREAMBLE
	  	 	  	1
			
	 RECITALS
	  	 	  	1
			
	 AGREEMENT
	  	 	  	1
	 	  	  
 ARTICLE I
  
	  	 
	 	  	 DEFINITIONS AND INTERPRETATION
  
	  	 
	 SECTION 1.1.
	  	DEFINITIONS	  	1
	 SECTION 1.2.
	  	RESOLUTION OF DRAFTING AMBIGUITIES	  	8
	 SECTION 1.3.
	  	PERFECTION CERTIFICATE	  	9
	 	  	  
 ARTICLE II
  
	  	 
	 	  	 GRANT OF SECURITY AND SECURED OBLIGATIONS
  
	  	 
	 SECTION 2.1.
	  	GRANT OF SECURITY INTEREST	  	9
	 SECTION 2.2.
	  	FILINGS	  	10
	 SECTION 2.3.
	  	JUNIOR PRIORITY NATURE OF LIENS	  	10
	 	  	  
 ARTICLE III
  
	  	 
	 	  	 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;
 USE OF PLEDGED COLLATERAL
  
	  	 
	 SECTION 3.1.
	  	DELIVERY OF CERTIFICATED SECURITIES COLLATERAL	  	11
	 SECTION 3.2.
	  	PERFECTION OF UNCERTIFICATED SECURITIES COLLATERAL	  	11
	 SECTION 3.3.
	  	FINANCING STATEMENTS AND OTHER FILINGS;
    MAINTENANCE OF PERFECTED SECURITY INTEREST	  	11
	 SECTION 3.4.
	  	OTHER ACTIONS	  	12
	 SECTION 3.5.
	  	JOINDER OF ADDITIONAL GUARANTORS	  	15
	 SECTION 3.6.
	  	 SUPPLEMENTS; FURTHER ASSURANCES
  
	  	15
	 	  	  
 ARTICLE IV
	  	 
			
	 	  	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 
			
	 SECTION 4.1.
	  	TITLE	  	15
	 SECTION 4.2.
	  	VALIDITY OF SECURITY INTEREST	  	16
	 SECTION 4.3.
	  	DEFENSE OF CLAIMS; TRANSFERABILITY OF PLEDGED COLLATERAL	  	16
	 SECTION 4.4.
	  	OTHER FINANCING STATEMENTS	  	16
	 SECTION 4.5.
	  	CHIEF EXECUTIVE OFFICE; CHANGE OF NAME; JURISDICTION OF ORGANIZATION	  	16
	 SECTION 4.6.
	  	LOCATION OF INVENTORY AND EQUIPMENT	  	17

  

 -i- 

					
	 	  	 	  	Page

	 SECTION 4.7.
	  	DUE AUTHORIZATION AND ISSUANCE	  	17
	 SECTION 4.8.
	  	CONSENTS, ETC.	  	17
	 SECTION 4.9.
	  	PLEDGED COLLATERAL	  	17
	 SECTION 4.10.
  
	  	ACCESS TO PLEDGED COLLATERAL, BOOKS AND RECORDS; OTHER INFORMATION	  	17
			
	 	  	ARTICLE V	  	 
			
	 	  	CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL	  	 
			
	 SECTION 5.1.
	  	PLEDGE OF ADDITIONAL SECURITIES COLLATERAL	  	18
	 SECTION 5.2.
	  	VOTING RIGHTS; DISTRIBUTIONS; ETC.	  	18
	 SECTION 5.3.
	  	CERTAIN AGREEMENTS OF PLEDGORS AS ISSUER AND HOLDERS OF EQUITY INTERESTS	  	19
			
	 	  	ARTICLE VI	  	 
			
	 	  	CERTAIN PROVISIONS CONCERNING INTELLECTUAL	  	 
	 	  	PROPERTY COLLATERAL	  	 
			
	 SECTION 6.1.
	  	PROTECTION OF TRUSTEE’S SECURITY	  	20
	 SECTION 6.2.
	  	AFTER-ACQUIRED PROPERTY	  	20
			
	 	  	ARTICLE VII	  	 
			
	 	  	CERTAIN PROVISIONS CONCERNING ACCOUNTS	  	 
			
	 SECTION 7.1.
	  	MAINTENANCE OF RECORDS	  	21
	 SECTION 7.2.
	  	MODIFICATION OF TERMS, ETC.	  	21
	 SECTION 7.3.
	  	COLLECTION	  	21
			
	 	  	ARTICLE VIII	  	 
			
	 	  	TRANSFERS	  	 
			
	 SECTION 8.1.
	  	TRANSFERS OF PLEDGED COLLATERAL	  	22
			
	 	  	ARTICLE IX	  	 
			
	 	  	REMEDIES	  	 
			
	 SECTION 9.1.
	  	REMEDIES	  	22
	 SECTION 9.2.
	  	NOTICE OF SALE	  	23
	 SECTION 9.3.
	  	WAIVER OF NOTICE AND CLAIMS	  	24
	 SECTION 9.4.
	  	CERTAIN SALES OF PLEDGED COLLATERAL	  	24
	 SECTION 9.5.
	  	NO WAIVER; CUMULATIVE REMEDIES	  	25
	 SECTION 9.6.
	  	CERTAIN ADDITIONAL ACTIONS REGARDING INTELLECTUAL PROPERTY	  	25

  

 -ii- 

					
	 	  	 	  	Page

	 	  	 ARTICLE X
  
	  	 
	 	  	 APPLICATION OF PROCEEDS
  
	  	 
	 SECTION 10.1.
	  	 APPLICATION OF PROCEEDS
  
	  	25
	 	  	 ARTICLE XI
  
	  	 
	 	  	 MISCELLANEOUS
  
	  	 
	 SECTION 11.1.
	  	CONCERNING TRUSTEE	  	26
	 SECTION 11.2.
	  	TRUSTEE MAY PERFORM; TRUSTEE APPOINTED ATTORNEY-IN-FACT	  	26
	 SECTION 11.3.
	  	CONTINUING SECURITY INTEREST; ASSIGNMENT	  	27
	 SECTION 11.4.
	  	TERMINATION; RELEASE	  	27
	 SECTION 11.5.
	  	MODIFICATION IN WRITING	  	28
	 SECTION 11.6.
	  	NOTICES	  	28
	 SECTION 11.7.
	  	 GOVERNING LAW, CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL
	  	28
	 SECTION 11.8.
	  	SEVERABILITY OF PROVISIONS	  	28
	 SECTION 11.9.
	  	EXECUTION IN COUNTERPARTS	  	28
	 SECTION 11.10.
	  	BUSINESS DAYS	  	28
	 SECTION 11.11.
	  	NO CREDIT FOR PAYMENT OF TAXES OR IMPOSITION	  	28
	 SECTION 11.12.
	  	NO CLAIMS AGAINST TRUSTEE	  	29
	 SECTION 11.13.
	  	NO RELEASE	  	29
	 SECTION 11.14.
	  	 OBLIGATIONS ABSOLUTE
  
	  	29
	 SIGNATURES
	  	 	  	 
			
	 EXHIBIT 1
	  	Form of Issuer’s Acknowledgment	  	 
	 EXHIBIT 2
	  	Form of Securities Pledge Amendment	  	 
	 EXHIBIT 3
	  	Form of Joinder Agreement	  	 
	 EXHIBIT 4
	  	Form of Control Agreement Concerning Securities Accounts	  	 
	 EXHIBIT 5
	  	Form of Control Agreement Concerning Deposit Accounts	  	 
	 EXHIBIT 6
	  	Form of Copyright Security Agreement	  	 
	 EXHIBIT 7
	  	Form of Patent Security Agreement	  	 
	 EXHIBIT 8
	  	 Form of Trademark Security Agreement
  
	  	 
	 SCHEDULE A
	  	Landlord Access Agreement Locations	  	 

  

 -iii- 

 SECURITY AGREEMENT 
  
 SECURITY AGREEMENT, dated as of September 30, 2004 (as amended, amended and restated, supplemented or otherwise modified
from time to time in accordance with the provisions hereof, the “Agreement”), made by US LEC CORP., a Delaware corporation (the “Company”) and THE GUARANTORS LISTED ON THE SIGNATURE PAGES HERETO (the
“Original Guarantors”) OR FROM TIME TO TIME PARTY HERETO BY EXECUTION OF A JOINDER AGREEMENT (the “Additional Guarantors,” and together with the Original Guarantors, the “Guarantors”), as pledgors,
assignors and debtors (the Company, together with the Guarantors, in such capacities and together with any successors in such capacities, the “Pledgors,” and each, a “Pledgor”), in favor of U.S. BANK NATIONAL
ASSOCIATION, a national banking organization, in its capacity as trustee (the “Trustee”) pursuant to the Indenture, dated as of the date hereof by and among the Company, the guarantors party thereto and the Trustee, acting for and
on behalf of the holders (the “Noteholders”) of the Notes described below. 
  
 R E C I T A L S : 
  
 WHEREAS, the Company has issued, on the date hereof, Senior Secured Floating Rate Notes due 2009 in the aggregate principal amount of $150,000,000
(collectively, the “Notes”); 
  
 WHEREAS, the
Noteholders have authorized the Trustee to enter into this Agreement; and 
  
 WHEREAS, in order to induce the Noteholders to purchase the Notes, each Pledgor has agreed to secure the payment and performance of the Obligations (as hereinafter defined) and to accomplish same by (i) executing and
delivering to the Trustee this Agreement and (ii) delivering to the Trustee any and all other documents required hereunder; 
  
 A G R E E M E N T : 
  
 NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each Pledgor and the Trustee hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS AND INTERPRETATION 
  
 SECTION 1.1.
Definitions. 
  
 (a) Unless otherwise defined herein or in
the Indenture, capitalized terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC. 
  
 (b) Terms used but not otherwise defined herein that are defined in the Indenture shall have the meanings given to them in the Indenture. Section
1.4 of the Indenture shall apply herein mutatis mutandis. 

 (c) The following terms shall have the following meanings: 
  
 “Additional Guarantors” shall have the meaning assigned to
such term in the Preamble hereof. 
  
 “Additional Pledged
Interests” shall mean, collectively, with respect to each Pledgor, (i) all options, warrants, rights, agreements, additional membership, partnership or other equity interests of whatever class of any issuer of Initial Pledged Interests or
any interest in any such issuer, together with all rights, privileges, authority and powers of such Pledgor relating to such interests in each such issuer or under any Organizational Document of any such issuer, and the certificates, instruments and
agreements representing such membership, partnership or other interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such membership, partnership or other equity interests from time
to time acquired by such Pledgor in any manner and (ii) all membership, partnership or other equity interests, as applicable, of each limited liability company, partnership or other entity (other than a corporation) hereafter acquired or formed by
such Pledgor and all options, warrants, rights, agreements, additional membership, partnership or other equity interests of whatever class of such limited liability company, partnership or other entity, together with all rights, privileges,
authority and powers of such Pledgor relating to such interests or under any Organizational Document of any such issuer, and the certificates, instruments and agreements representing such membership, partnership or other equity interests and any and
all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such membership, partnership or other interests, from time to time acquired by such Pledgor in any manner. 
  
 “Additional Pledged Shares” shall mean, collectively, with
respect to each Pledgor, (i) all options, warrants, rights, agreements, additional shares of capital stock of whatever class of any issuer of the Initial Pledged Shares or any other equity interest in any such issuer, together with all rights,
privileges, authority and powers of such Pledgor relating to such interests issued by any such issuer under any Organizational Document of any such issuer, and the certificates, instruments and agreements representing such interests and any and all
interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such interests, from time to time acquired by such Pledgor in any manner and (ii) all the issued and outstanding shares of capital stock of each
corporation hereafter acquired or formed by such Pledgor and all options, warrants, rights, agreements or additional shares of capital stock of whatever class of such corporation, together with all rights, privileges, authority and powers of such
Pledgor relating to such shares or under any Organizational Document of such corporation, and the certificates, instruments and agreements representing such shares and any and all interest of such Pledgor in the entries on the books of any financial
intermediary pertaining to such shares, from time to time acquired by such Pledgor in any manner. 
  
 “Agreement” shall have the meaning assigned to such term in the Preamble hereof. 
  
 “Claims” shall mean any and all property and other taxes,
assessments and special assessments, levies, fees and all governmental charges imposed upon or assessed against, and landlords’, carriers’, mechanics’, workmen’s, repairmen’s, laborers’, materialmen’s,
suppliers’ and warehousemen’s Liens and other claims arising by operation of law against, all or any portion of the Pledged Collateral. 
  
 “Collateral Account” shall mean a collateral account or sub-account established and maintained in accordance with the provisions of
Section 12.1 of the Indenture and all property from time to time on deposit in the Collateral Account. 
  

 -2- 

 “Commodity Account Control Agreement” shall mean a commodity account control agreement
in a form that is reasonably satisfactory to the Administrative Agent. 
  
 “Commodity Accounts” shall mean, collectively, with respect to each Pledgor, all “commodity accounts” as such term is defined in the UCC other than any Excluded Accounts. 
  
 “Company” shall have the meaning assigned to such term in
the Preamble hereof. 
  
 “Contracts” shall mean,
collectively, with respect to each Pledgor, all sale, service, performance, equipment or property lease contracts, agreements and grants and all other contracts, agreements or grants (in each case, whether written or oral, or third party or
intercompany), between such Pledgor and third parties, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof. 
  
 “Control” shall mean (i) in the case of each Deposit Account, “control,” as such term is defined
in Section 9-104 of the UCC, and (ii) in the case of any Security Entitlement, “control,” as such term is defined in Section 8-106 of the UCC and (iii) in the case of any Commodity Contract, “control,” as such term is defined in
Section 9-106 of the UCC. 
  
 “Control
Agreements” shall mean, collectively, the Deposit Account Control Agreement, the Securities Account Control Agreement and the Commodity Account Control Agreement. 
  
 “Copyrights” shall mean, collectively, with respect to each Pledgor, all copyrights (whether statutory or
common law, whether established or registered in the United States or any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished) and all copyright registrations and applications
made by such Pledgor, in each case, whether now owned or hereafter created or acquired by or assigned to such Pledgor, together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of such
copyrights, and (ii) reissues, renewals, continuations and extensions thereof. 
  
 “Copyright Security Agreement” shall mean an agreement substantially in the form annexed hereto as Exhibit 6. 
  
 “Credit Agreement Secured Party” shall have the meaning assigned to such term in the Intercreditor
Agreement. 
  
 “Credit Facility Indebtedness”
shall have the meaning assigned to such term in the Intercreditor Agreement. 
  
 “Deposit Account Control Agreement” shall mean an agreement substantially in the form annexed hereto as Exhibit 5 or such other form that is reasonably satisfactory to the Trustee. 

 
 “Deposit Accounts” shall mean, collectively, with respect
to each Pledgor, (i) all “deposit accounts” as such term is defined in the UCC other than any Excluded Accounts, and in any event shall include the Collateral Account and all accounts and sub-accounts relating to the foregoing account and
(ii) all cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition. 
  
 “Distributions” shall mean, collectively, with respect to each Pledgor, all dividends, cash, options,
warrants, rights, instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision, 
  

 -3- 

 reclassification or other like change of the Pledged Securities, from time to time received, receivable or otherwise
distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities or Intercompany Notes. 
  
 “Excluded Account” shall mean (i) any Deposit Account, Securities Account or Commodity Account opened by any Pledgor the average daily
balance of which is less than $500,000; provided that the average daily balance of any such excluded Deposit Account, Securities Account or Commodity Account when aggregated with the average daily balance of all other excluded Deposit
Accounts, Securities Accounts and Commodity Accounts shall not exceed $1,000,000 and (ii) any Deposit Account used solely for (A) funding payroll or segregating payroll taxes or (B) segregating 401k contributions or contributions to the employee
stock purchase plan and other health and benefit plans, in each case for payment in accordance with any Legal Requirement. 
  
 “Excluded Property” shall mean Special Property other than the following: 
  
 (a) the right to receive any payment of money (including Accounts, General Intangibles and Payment
Intangibles) or any other rights referred to in Sections 9-406(d), 9-407(a) or 9-408(a) of the UCC to the extent that such sections of the UCC are effective to limit the prohibitions which make such property “Special Property”; and

  
 (b) any claim under the policy of insurance
(an “Insurance Claim”); and 
  
 (c) any Proceeds, substitutions or replacements of any Special Property (unless such Proceeds, substitutions or replacements would constitute Special Property). 
  
 “Financing Documents” shall mean, collectively, the Indenture, the Notes and all guarantees, security
agreements and other agreements, documents and instruments now or at any time hereafter executed and/or delivered by any Pledgor in connection therewith, as the same now exist or may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced. 
  
 “Foreign Subsidiary”
shall mean any Subsidiary which is organized and existing under the laws of any jurisdiction outside of the United States of America. 
  
 “General Intangibles” shall mean, collectively, with respect to each Pledgor, all “general intangibles,” as such term is
defined in the UCC, of such Pledgor and, in any event, shall include (i) all of such Pledgor’s rights, title and interest in, to and under all insurance policies and Contracts, (ii) all know-how and warranties relating to any of the Pledged
Collateral or the Mortgaged Property, if applicable, (iii) any and all other rights, claims, choses-in-action and causes of action of such Pledgor against any other person and the benefits of any and all collateral or other security given by any
other person in connection therewith, (iv) all guarantees, endorsements and indemnifications on, or of, any of the Pledged Collateral or any of the Mortgaged Property, if applicable, (v) all lists, books, records, correspondence, ledgers, printouts,
files (whether in printed form or stored electronically), tapes and other papers or materials containing information relating to any of the Pledged Collateral or any of the Mortgaged Property, if applicable, including all customer or tenant lists,
identification of suppliers, data, plans, blueprints, specifications, designs, drawings, appraisals, recorded knowledge, surveys, studies, engineering reports, test reports, manuals, standards, processing standards, performance standards, catalogs,
research data, computer and automatic machinery software and programs and the like, field repair data, accounting information pertaining to such Pledgor’s operations or any of the Pledged Collateral or any of the Mortgaged 
  

 -4- 

 Property, if applicable, and all media in which or on which any of the information or knowledge or data or records may be
recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data, (vi) all licenses, consents, permits, variances, certifications, authorizations and approvals, however characterized,
of any Governmental Authority (or any person acting on behalf of a Governmental Authority) now or hereafter acquired or held by such Pledgor pertaining to operations now or hereafter conducted by such Pledgor or any of the Pledged Collateral or any
of the Mortgaged Property, if applicable, including building permits, certificates of occupancy, environmental certificates, industrial permits or licenses and certificates of operation and (vii) all rights to reserves, deferred payments, deposits,
refunds, indemnification of claims to the extent the foregoing relate to any Pledged Collateral or Mortgaged Property, if applicable, and claims for tax or other refunds against any Governmental Authority relating to any Pledged Collateral or any of
the Mortgaged Property, if applicable. 
  
 “Goodwill” shall mean, collectively, with respect to each Pledgor, the goodwill connected with such Pledgor’s business including all goodwill connected with (i) the use of and symbolized by any Trademark or Trademark
License in which such Pledgor has any interest and (ii) all know-how, trade secrets, customer and supplier lists, proprietary information, inventions, methods, procedures, formulae, descriptions, compositions, technical data, drawings,
specifications, name plates, catalogs, confidential information and the right to limit the use or disclosure thereof by any person, pricing and cost information, business and marketing plans and proposals, consulting agreements, engineering
contracts and such other assets which relate to such goodwill. 
  
 “Guarantors” shall have the meaning assigned to such term in the Preamble hereof. 
  
 “Indenture” shall have the meaning assigned to such term in the Recitals hereof. 
  
 “Initial Pledged Interests” shall mean, with respect to each
Pledgor, all membership, partnership or other equity interests (other than in a corporation), as applicable, of each issuer described in Schedule 11 annexed to the Perfection Certificate, together with all rights, privileges, authority and
powers of such Pledgor in and to each such issuer or under any Organizational Document of each such issuer, and the certificates, instruments and agreements representing such membership, partnership or other interests and any and all interest of
such Pledgor in the entries on the books of any financial intermediary pertaining to such membership, partnership or other interests. 
  
 “Initial Pledged Shares” shall mean, collectively, with respect to each Pledgor, the issued and outstanding shares of capital stock of
each issuer described in Schedule 11 annexed to the Perfection Certificate together with all rights, privileges, authority and powers of such Pledgor relating to such interests in each such issuer or under any Organizational Document of each
such issuer, and the certificates, instruments and agreements representing such shares of capital stock and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to the Initial Pledged Shares.

  
 “Instruments” shall mean, collectively, with
respect to each Pledgor, all “instruments,” as such term is defined in Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 
  
 “Intellectual Property Collateral” shall mean, collectively,
the Patents, Trademarks, Copyrights, Licenses and Goodwill. 
  
 “Intercompany Notes” shall mean, with respect to each Pledgor, all intercompany notes described in Schedule 12 annexed to the Perfection Certificate and intercompany notes hereafter acquired 
  

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 by such Pledgor and all certificates, instruments or agreements evidencing such intercompany notes, and all assignments,
amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof to the extent permitted pursuant to the terms hereof. 
  
 “Investment Property” shall mean a security, whether certificated or uncertificated, Security Entitlement, Securities Account, Commodity
Contract or Commodity Account, excluding, however, the Securities Collateral. 
  
 “Joinder Agreement” shall mean an agreement substantially in the form annexed hereto as Exhibit 3. 
  
 “Junior Priority” shall mean, with respect to any Lien purported to be created in any Collateral pursuant to any Security Document, that
such Lien is junior in priority only to the Permitted Collateral Liens. 
  
 “Licenses” shall mean, collectively, with respect to each Pledgor, all license and distribution agreements with, and covenants not to sue, any other party with respect to any Patent, Trademark or Copyright or any other
patent, trademark or copyright, whether such Pledgor is a licensor or licensee, distributor or distributee under any such license or distribution agreement, together with any and all renewals, extensions, supplements and continuations thereof.

  
 “Obligations” shall mean any and all
obligations, liabilities and indebtedness of every kind, nature and description owing by any or all of Pledgors to the Trustee or any Noteholder, including principal, interest, charges, fees, costs and expenses, however evidenced, whether as
principal, surety, endorser, guarantor or otherwise, arising under the Indenture, the Notes or any of the other Financing Documents, whether now existing or hereafter arising, whether arising before, during or after the commencement of any case with
respect to any Pledgor under the United States Bankruptcy Code or any similar statute (including the payment of interest and other amounts which would accrue and become due but for the commencement of such case, whether or not such amounts are
allowed or allowable in whole or in part in such case), whether direct of indirect, absolute or contingent, joint or several, due or to become due, primary or secondary, liquidated or unliquidated, or secured or unsecured. 
  
 “Original Guarantors” shall have the meaning assigned to
such term in the Preamble hereof. 
  
 “Patents”
shall mean, collectively, with respect to each Pledgor, all patents issued or assigned to and all patent applications and registrations made by such Pledgor (whether established or registered or recorded in the United States or any other country or
any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s use of any patents, (ii) inventions and improvements described and claimed therein and (iii)
reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof. 
  
 “Patent Security Agreement” shall mean an agreement substantially in the form annexed hereto as Exhibit 7. 
  
 “Perfection Certificate” shall mean that certain perfection certificate dated September 30, 2004 executed
and delivered by each Pledgor in favor of the Trustee for the benefit of the Secured Parties, and each other Perfection Certificate (which shall be in form and substance reasonably acceptable to the Trustee) executed and delivered by the applicable
Guarantor in favor of the Trustee for the benefit of the Secured Parties contemporaneously with the execution and delivery of each Joinder Agreement executed in accordance with Section 3.5 hereof, in each case, as the same may be amended,
amended and restated, supplemented or otherwise modified from time to time in accordance with the Indenture or upon the request of the Trustee. 
  

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 “Permitted Collateral Liens” shall mean Permitted Liens that satisfy the qualifications
and limitations set forth in Section 13.1 of the Indenture. 
  
 “Pledge Amendment” shall have the meaning assigned to such term in Section 5.1 hereof. 
  
 “Pledged Collateral” shall have the meaning assigned to such term in Section 2.1 hereof. 
  
 “Pledged Interests” shall mean, collectively, the Initial
Pledged Interests and the Additional Pledged Interests; provided, however, that to the extent applicable, Pledged Interests shall not include (i) more than 65% of any series of the outstanding capital stock of any Foreign Subsidiary or
(ii) any of the capital stock of a Subsidiary of a Foreign Subsidiary. 
  
 “Pledged Securities” shall mean, collectively, the Pledged Interests, the Pledged Shares and the Successor Interests. 
  
 “Pledged Shares” shall mean, collectively, the Initial Pledged Shares and the Additional Pledged Shares; provided, however,
that Pledged Shares shall not include (i) more than 65% of any series of the outstanding capital stock of any Foreign Subsidiary or (ii) any of the capital stock of a Subsidiary of a Foreign Subsidiary. 
  
 “Pledgor” shall have the meaning assigned to such term in
the Preamble hereof. 
  
 “Secured Parties” shall
mean, collectively, the Trustee and the Noteholders. 
  
 “Securities Account Control Agreement” shall mean an agreement substantially in the form annexed hereto as Exhibit 4 or such other form that is reasonably satisfactory to the Trustee. 
  
 “Securities Accounts” shall mean, collectively, with respect
to each Pledgor, all “securities accounts” as such term is defined in the UCC other than any Excluded Accounts. 
  
 “Securities Collateral” shall mean, collectively, the Pledged Securities, the Intercompany Notes and the Distributions. 
  
 “Special Property” shall mean: 
  
 (a) any personal property or other asset in respect of which
perfection of a lien is not either (i) governed by the UCC or (ii) effected by appropriate evidence of the Lien being filed in either the United States Copyright Office or the United States Patent and Trademark Office; 
  
 (b) any personal property or other asset that is subject to
a Lien securing a Purchase Money Obligation or a Capitalized Lease Obligation permitted under the Indenture if the contract or other agreement in which such Lien is granted (or the documentation providing for such obligation) prohibits the creation
of a lien on such personal property or other assets; 
  
 (c) any permit, lease, license, contract or instrument now or hereafter held or owned by any Pledgor if the grant of a security interest in such, permit, lease, license, contract or instrument, under the terms thereof or under any
applicable Legal Requirement, (i) is prohibited and 
  

 -7- 

 would result in the termination thereof or give other parties the right to terminate such permit, lease,
license, contract or instrument or accelerate such Pledgor’s obligations thereunder or would result in a default thereunder that otherwise materially and adversely alter such Pledgor’s rights, titles and interests thereunder (including
upon the giving of notice or the lapse of time or both) or (ii) would require the consent of any Person, other than any Pledgor; and 
  
 (d) Excluded Accounts; 
  
 provided, however, that in each case described in clauses (a), (b), (c) and (d) of this definition, such property shall constitute “Special
Property” only to the extent and for so long as such permit, lease, license, contract, instrument or other agreement or Legal Requirement applicable to such property validly prohibits the creation of a Lien on such property in favor of the
Trustee and, upon the termination of such prohibition (howsoever occurring), such property shall cease to constitute “Special Property.” 
  
 “Successor Interests” shall mean, collectively, with respect to each Pledgor, all shares of each class of the capital stock of the
successor corporation or interests or certificates of the successor limited liability company, partnership or other entity owned by such Pledgor (unless such successor is such Pledgor itself) formed by or resulting from any consolidation or merger
in which any person listed in Schedule 1(a) annexed to the Perfection Certificate is not the surviving entity; provided, however, that to the extent applicable, Successor Interest shall not include (i) more than 65% of any
series of the outstanding capital stock of any Foreign Subsidiary or (ii) any of the capital stock of a Subsidiary of a Foreign Subsidiary. 
  
 “Trademarks” shall mean, collectively, with respect to each Pledgor, all trademarks (including service marks), slogans, logos,
certification marks, trade dress, uniform resource locations (URL’s), domain names, corporate names and trade names, whether registered or unregistered, owned by or assigned to such Pledgor and all registrations and applications for the
foregoing (whether statutory or common law and whether established or registered in the United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with
respect to such Pledgor’s use of any trademarks and (ii) reissues, continuations, extensions and renewals thereof. 
  
 “Trademark Security Agreement” shall mean an agreement substantially in the form annexed hereto as Exhibit 8. 
  
 “Trustee” shall have the meaning assigned to such term in
the Preamble hereof. 
  
 “UCC” shall mean the
Uniform Commercial Code as in effect on the date hereof in the State of New York; provided, however, that if by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the Trustee’s and any
other Secured Party’s security interest in any item or portion of the Pledged Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform
Commercial Code as in effect on the date hereof in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority and for purposes of definitions relating to such provisions. 
  
 SECTION 1.2. Resolution of Drafting Ambiguities. 
  
 Each Pledgor acknowledges and agrees that it was represented by counsel in
connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting
party (i.e., the Secured Parties) shall not be employed in the interpretation hereof. 
  

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 SECTION 1.3. Perfection Certificate. 
  
 The Trustee and each Secured Party and each Pledgor agree that the
Perfection Certificate and all descriptions of Pledged Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part of this Agreement. 
  
 ARTICLE II 
  
 GRANT OF SECURITY AND SECURED OBLIGATIONS 
  
 SECTION 2.1. Grant of Security Interest. 
  
 As collateral security for the payment and performance in full of all the Obligations, each Pledgor hereby pledges and grants to the Trustee for its
benefit and the benefit of the Noteholders, a lien on and security interest in and to all of the right, title and interest of such Pledgor in, to and under the following property, wherever located, whether now existing or hereafter arising or
acquired from time to time (collectively, the “Pledged Collateral”): 
  

	 	(i)	all Accounts; 

  

	 	(ii)	all Equipment, Goods, Inventory and Fixtures; 

  

	 	(iii)	all Documents, Instruments and Chattel Paper; 

  

	 	(iv)	all Letters of Credit and Letter-of-Credit Rights; 

  

	 	(v)	all Securities Collateral; 

  

	 	(vi)	all Collateral Accounts; 

  

	 	(vii)	all Investment Property; 

  

	 	(viii)	all Intellectual Property Collateral; 

  

	 	(ix)	the Commercial Tort Claims described on Schedule 15 to the Perfection Certificate; 

  

	 	(x)	all General Intangibles; 

  

	 	(xi)	all Deposit Accounts; 

  

	 	(xii)	all Supporting Obligations; 

  

	 	(xiii)	all books and records relating to the Pledged Collateral; and 

  

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	 	(xiv)	to the extent not covered by clauses (i) through (xiii) of this sentence, all other personal property of such Pledgor, whether tangible or intangible and all Proceeds and products
of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to such Pledgor from time
to time with respect to any of the foregoing. 

  
 Notwithstanding anything to the contrary contained in clauses (i) through (xiv) above, the security interest created by this Agreement shall not extend to, and the term “Pledged Collateral” shall not include, any Excluded
Property. From and after the Closing Date, no Pledgor shall permit to become effective in any document creating, governing or providing for any permit, lease or license, a provision that would prohibit the creation of a Lien on such permit, lease or
license in favor of the Trustee unless such Pledgor believes, in its reasonable judgment, that such prohibition is usual and customary in transactions of such type. 
  
 SECTION 2.2. Filings. 
  
 (a) Each Pledgor hereby irrevocably authorizes the Trustee at any time and from time to time to file in any relevant jurisdiction any initial financing
statements (including fixture filings) and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment relating to the
Pledged Collateral, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor, (ii) any financing or continuation statements or other documents without the
signature of such Pledgor where permitted by law, including the filing of a financing statement describing the Pledged Collateral as “all assets in which the Pledgor now owns or hereafter acquires rights” and (iii) in the case of a
financing statement filed as a fixture filing or covering Pledged Collateral constituting minerals or the like to be extracted or timber to be cut, a sufficient description of the real property to which such Pledged Collateral relates. Each Pledgor
agrees to provide all information described in the immediately preceding sentence to the Trustee upon request. 
  
 (b) Each Pledgor hereby further authorizes the Trustee to file filings with the United States Patent and Trademark Office or United States Copyright
Office (or any successor office or any similar office in any other country), including this Agreement, the Copyright Security Agreement, the Patent Security Agreement and the Trademark Security Agreement, or other documents for the purpose of
perfecting, confirming, continuing, enforcing or protecting the security interest granted by such Pledgor hereunder, without the signature of such Pledgor, and naming such Pledgor, as debtor, and the Trustee, as secured party. 
  
 SECTION 2.3. Junior Priority Nature of Liens. 
  
 Notwithstanding anything herein to the contrary, the lien and security
interest granted to the Trustee pursuant to this Agreement and the exercise of any right or remedy by the Trustee hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the
Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. Notwithstanding anything herein to the contrary, so long as the Credit Facility Indebtedness (other than any indemnity obligations not
then due) is outstanding and prior to the Credit Facility Indebtedness being Fully Paid (as such term is defined in the Intercreditor Agreement), the requirements of this Agreement to deliver Collateral to the Trustee shall be deemed satisfied by
delivery of such Collateral to the Lender (as such term is defined in the Intercreditor Agreement). 
  

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 ARTICLE III 
  
 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES; 
 USE OF PLEDGED COLLATERAL 
  
 SECTION 3.1. Delivery of
Certificated Securities Collateral. 
  
 Each Pledgor
represents and warrants that all certificates, agreements or instruments representing or evidencing the Securities Collateral in existence on the date hereof will be delivered to the Trustee upon the execution and delivery of this Agreement in
suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank and that the Trustee upon such delivery has a perfected Junior Priority security interest therein. Each Pledgor hereby agrees that
all certificates, agreements or instruments representing or evidencing Securities Collateral acquired by such Pledgor after the date hereof shall promptly upon receipt thereof by such Pledgor be delivered to and held by or on behalf of the Trustee
pursuant hereto. The Trustee shall have the right, at any time upon the occurrence and during the continuance of any Event of Default and the receipt of written notice from the Trustee that it is exercising rights under this Section 3.1, to endorse,
assign or otherwise transfer to or to register in the name of the Trustee or any of its nominees or endorse for negotiation any or all of the Securities Collateral, without any indication that such Securities Collateral is subject to the security
interest hereunder. In addition, upon the occurrence and during the continuance of an Event of Default and the receipt of written notice from the Trustee that it is exercising rights under this Section 3.1, the Trustee shall have the right at any
time to exchange certificates representing or evidencing Securities Collateral for certificates of smaller or larger denominations. 
  
 SECTION 3.2. Perfection of Uncertificated Securities Collateral. 
  
 Each Pledgor represents and warrants that the Trustee has a security interest in all uncertificated Pledged Securities owned
by such Pledgor on the date hereof. Each Pledgor hereby agrees that if any of the Pledged Securities are at any time not evidenced by certificates of ownership, then each applicable Pledgor shall, to the extent permitted by applicable law (i) cause
such pledge to be recorded on the equityholder register or the books of the issuer, cause the issuer to execute and deliver to the Trustee an acknowledgment of the pledge of such Pledged Securities substantially in the form of Exhibit 1
annexed hereto, if necessary or desirable in the opinion of the Trustee, execute any customary pledge forms or other documents necessary or appropriate to complete the pledge and give the Trustee the right to transfer such Pledged Securities under
the terms hereof and, upon request, provide to the Trustee an opinion of counsel, in form and substance reasonably satisfactory to the Trustee, confirming such pledge and perfection thereof and (ii) use its commercially reasonable efforts to cause
such Pledged Securities to become certificated and delivered to the Trustee in accordance with the provisions of Section 3.1. 
  
 SECTION 3.3. Financing Statements and Other Filings; Maintenance of Perfected Security Interest. 
  
 Each Pledgor agrees that at the sole cost and expense of the Pledgors, (i)
such Pledgor will maintain the security interest created by this Agreement in the Pledged Collateral as a perfected Junior Priority security interest and, upon the reasonable request of the Trustee, shall defend such security interest against the
claims and demands of all persons except Permitted Collateral Liens, (ii) such Pledgor shall furnish to the Trustee from time to time statements and schedules further identifying and describing the Pledged Collateral and such other reports in
connection with the Pledged Collateral as the Trustee may reasonably request, all in reasonable detail and (iii) at any time and from time to time, upon the written 
  

 -11- 

 request of the Trustee, such Pledgor shall promptly and duly execute and deliver, and file and have recorded, such
further instruments and documents and take such further action as the Trustee may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and the rights and powers herein granted, including the filing of any
financing statements, continuation statements and other documents (including this Agreement) under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby and the
execution and delivery of Control Agreements, all in form reasonably satisfactory to the Trustee and in such offices (including the United States Patent and Trademark Office and the United States Copyright Office) wherever required by law to
perfect, continue and maintain a valid, enforceable, Junior Priority security interest in the Pledged Collateral as provided herein and to preserve the other rights and interests granted to the Trustee hereunder, as against third parties, with
respect to the Pledged Collateral. 
  
 SECTION 3.4. Other
Actions. 
  
 In order to further insure the attachment,
perfection and priority of, and the ability of the Trustee to enforce, the Trustee’s security interest in the Pledged Collateral, each Pledgor represents and warrants (as to itself) as follows and agrees, in each case at such Pledgor’s own
expense, to take the following actions with respect to the following Pledged Collateral: 
  
 (a) Instruments and Tangible Chattel Paper. (i) No amounts payable under or in connection with any of the Pledged Collateral are
evidenced by any Instrument or Tangible Chattel Paper other than such Instruments and Tangible Chattel Paper listed in Schedule 12 annexed to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection
Certificate as of the date this representation is made or deemed made) and (ii) each Instrument and each item of Tangible Chattel Paper listed in Schedule 12 annexed to the Perfection Certificate has been properly delivered to the Trustee,
accompanied by instruments of transfer or assignment duly executed in blank. If any amount then payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel Paper, and such amount,
together with all amounts payable evidenced by any Instrument or Tangible Chattel Paper not previously delivered to the Trustee exceeds $1,000,000 in the aggregate for all Pledgors, the Pledgor acquiring such Instrument or Tangible Chattel Paper
shall forthwith deliver the same to the Trustee, accompanied by such instruments of transfer or assignment duly executed in blank as the Trustee may from time to time specify. 
  
 (b) Deposit Accounts. Each Pledgor (i) has neither opened nor maintains any deposit accounts other
than the accounts listed in Schedule 16 annexed to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made) and (ii) within 30
days of the date hereof, shall enter into and deliver, a Deposit Account Control Agreement duly authorized and executed by the applicable Bank and such Pledgor with respect to each Deposit Account listed in Schedule 16 annexed to the
Perfection Certificate. No Pledgor shall hereafter establish and maintain any Deposit Account unless (1) the applicable Pledgor shall have given the Trustee 10 days’ prior written notice of its intention to establish such new Deposit Account
with a Bank and (2) such Bank and such Pledgor shall have duly executed and delivered to the Trustee a Deposit Account Control Agreement with respect to such Deposit Account. Each Pledgor agrees that at the time it establishes any additional Deposit
Accounts it shall enter into a duly authorized, executed and delivered Deposit Account Control Agreement with respect to such Deposit Account. The Trustee agrees with each Pledgor that the Trustee shall not give any instructions directing the
disposition of funds from time to time credited to any Deposit Account or withhold any withdrawal rights from such Pledgor with respect to funds from time to time credited to any Deposit Account unless an Event 
  

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 of Default has occurred and is continuing. The provisions of this Section 3.4(b) shall not apply
to the Collateral Account. No Pledgor shall grant Control of any Deposit Account to any person other than the Trustee. 
  
 (c) Investment Property. (i) Each Pledgor (1) has no securities accounts or commodity accounts other than those listed in
Schedule 16 annexed to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made) (2) does not hold, own or have any interest in
any certificated securities or uncertificated securities other than those constituting Pledged Securities and those maintained in Securities Accounts or Commodity Accounts listed in Schedule 16 annexed to the Perfection Certificate (to the
extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made) and (3) within 30 days of the date hereof, shall enter into and deliver, a Securities Account Control Agreement or
a Commodity Account Control Agreement duly authorized and executed by the applicable Securities Intermediary or Commodity Intermediary, as the case may be, and such Pledgor with respect to each Securities Account or Commodity Account listed in
Schedule 16 annexed to the Perfection Certificate, as applicable. 
  
 (ii) If any Pledgor shall at any time hold or acquire any certificated securities constituting Investment Property, such Pledgor shall promptly (a) deliver the same to the Trustee, accompanied by such instruments of
transfer or assignment duly executed in blank (all in form and substance reasonably satisfactory to the Trustee) as shall be necessary to create a perfected security interest in such assets or (b) deliver such securities into a Securities Account
with respect to which a Control Agreement is in effect in favor of the Trustee. If any securities now or hereafter acquired by any Pledgor constituting Investment Property are uncertificated and are issued to such Pledgor or its nominee directly by
the issuer thereof, such Pledgor shall promptly notify the Trustee thereof and (a) cause the issuer to execute and deliver to the Trustee an acknowledgement of the pledge of such uncertificated securities substantially in the form of Exhibit 1
annexed hereto or (b) cause a Security Entitlement with respect to such uncertificated security to be held in a Securities Account with respect to which the Trustee has Control or (c) arrange for the Trustee to become the registered owner of the
securities. Pledgor shall not hereafter establish and maintain any Securities Account or Commodity Account with any Securities Intermediary or Commodity Intermediary unless (1) the applicable Pledgor shall have given the Trustee 10 days’ prior
written notice of its intention to establish such new Securities Account or Commodity Account with such Securities Intermediary or Commodity Intermediary, and (2) such Securities Intermediary or Commodity Intermediary, as the case may be, and such
Pledgor shall have duly executed and delivered a Control Agreement with respect to such Securities Account or Commodity Account, as the case may be, at the time such Securities Account or Commodity Account is established. Each Pledgor shall within
one (1) Business Day of actual receipt thereof, deposit any cash or Investment Property and any new securities, instruments, documents or other property by reason of ownership of the Investment Property (other than payments of a kind described in
Section 7.4 hereof) received by it into a Deposit Account or Securities Account subject to a Control Agreement. The Trustee agrees with each Pledgor that the Trustee shall not give any Entitlement Orders or instructions or directions to any
issuer of uncertificated securities, Securities Intermediary or Commodity Intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by such Pledgor, unless an Event of Default has occurred and is
continuing. The provisions of this Section 3.4(c) shall not apply to any Financial Assets credited to a Securities Account for which the Trustee is the Securities Intermediary. No Pledgor shall grant control over any Investment Property to
any person other than the Trustee. 
  

 -13- 

 (iii) As between the Trustee and the Pledgors, the Pledgors shall bear the investment
risk with respect to the Investment Property and Pledged Securities, and the risk of loss of, damage to, or the destruction of the Investment Property and Pledged Securities, whether in the possession of, or maintained as a security entitlement or
deposit by, or subject to the control of, the Trustee, a Securities Intermediary, Commodity Intermediary, any Pledgor or any other person; provided, however, that nothing contained in this Section 3.4(c) shall release or relieve
any Securities Intermediary or Commodity Intermediary of its duties and obligations to the Pledgors or any other person under any Control Agreement or under applicable law. Unless such Claims constitute Permitted Collateral Liens, each Pledgor shall
promptly pay all Claims and fees of whatever kind or nature with respect to the Investment Property and Pledged Securities pledged by it under this Agreement. In the event any Pledgor shall fail to make such payment contemplated in the immediately
preceding sentence, the Trustee may do so for the account of such Pledgor and the Pledgors shall promptly reimburse and indemnify the Trustee from all costs and expenses incurred by the Trustee under this Section 3.4(c) in accordance with
Section 7.7 of the Indenture. 
  
 (d)
Electronic Chattel Paper and Transferable Records. No amount under or in connection with any of the Pledged Collateral is evidenced by any Electronic Chattel Paper other than such Electronic Chattel Paper and transferable records listed in
Schedule 12 annexed to the Perfection Certificate (to the extent required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made). If any amount payable under or in connection
with any of the Pledged Collateral shall be evidenced by any Electronic Chattel Paper, the Pledgor acquiring such Electronic Chattel Paper shall promptly notify the Trustee thereof and shall take such action as the Trustee may reasonably request to
vest in the Trustee control under UCC Section 9-105 of such Electronic Chattel Paper. The requirement in the preceding sentence shall apply to the extent that such amount, together with all amounts payable evidenced by Electronic Chattel Paper or
any transferable record in which the Trustee has not been vested control within the meaning of the statutes described in this sentence exceeds $1,000,000 in the aggregate for all Pledgors. The Trustee agrees with such Pledgor that the Trustee will
arrange, pursuant to procedures satisfactory to the Trustee and so long as such procedures will not result in the Trustee’s loss of control, for the Pledgor to make alterations to the Electronic Chattel Paper permitted under UCC Section 9-105
for a party in control to allow without loss of control, unless an Event of Default has occurred and is continuing or would occur after taking into account any action by such Pledgor with respect to such Electronic Chattel Paper and the Trustee has
provided a notice thereof to such Pledgor. 
  
 (e) Commercial Tort Claims. As of the date hereof each Pledgor hereby represents and warrants that it holds no Commercial Tort Claims other than those listed in Schedule 15 annexed to the Perfection Certificate (to the extent
required to be listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made). If any Pledgor shall at any time hold or acquire a Commercial Tort Claim having an asserted value together with all
other Commercial Tort Claims of all Pledgors in which the Trustee does not have a security interest in excess of $500,000 in the aggregate, such Pledgor shall immediately notify the Trustee in writing signed by such Pledgor of the brief details
thereof and grant to the Trustee in such writing a security interest therein and in the Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Trustee. 
  
 (f) Landlord’s Access Agreements. Each Pledgor
shall use its commercially reasonable efforts to obtain within 90 days after the date hereof with respect to each location set forth in Schedule A annexed hereto, where such Pledgor maintains Pledged Collateral, a Landlord Access Agreement or
landlord’s lien waiver, as applicable, from all such landlords. 
  

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 SECTION 3.5. Joinder of Additional Guarantors. 
  
 The Pledgors shall cause each Subsidiary of the Company which, from time to
time, after the date hereof shall be required to pledge any assets to the Trustee for the benefit of the Secured Parties pursuant to the provisions of the Indenture, to execute and deliver to the Trustee (i) a Joinder Agreement substantially in the
form of Exhibit 3 annexed hereto within thirty (30) Business Days of the date on which it was acquired or created and (ii) a Perfection Certificate for such Subsidiary, in each case, within thirty (30) Business Days of the date on which it
was acquired or created and, upon such execution and delivery, such Subsidiary shall constitute a “Guarantor” and a “Pledgor” for all purposes hereunder with the same force and effect as if originally named as a Guarantor and
Pledgor herein. The execution and delivery of such Joinder Agreement shall not require the consent of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of
any new Guarantor and Pledgor as a party to this Agreement. 
  
 SECTION 3.6. Supplements; Further Assurances. 
  
 Each Pledgor shall take such further actions, and to execute and deliver to the Trustee such additional assignments, agreements, supplements, powers and instruments, as the Trustee may in its reasonable judgment deem necessary or
appropriate, wherever required by law, in order to perfect, preserve and protect the security interest in the Pledged Collateral as provided herein and the rights and interests granted to the Trustee hereunder, to carry into effect the purposes
hereof or better to assure and confirm unto the Trustee the Pledged Collateral or permit the Trustee to exercise and enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral. Without limiting the generality of the
foregoing, each Pledgor shall make, execute, endorse, acknowledge, file or refile and/or deliver to the Trustee from time to time upon reasonable request such lists, descriptions and designations of the Pledged Collateral, copies of warehouse
receipts, receipts in the nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, supplements, additional security agreements, conveyances, financing statements, transfer
endorsements, powers of attorney, certificates, reports and other assurances or instruments as the Trustee shall reasonably request. If an Event of Default has occurred and is continuing and upon the receipt of written notice from the Trustee that
it is exercising rights under this Section 3.6, the Trustee may institute and maintain, in its own name or in the name of any Pledgor, such suits and proceedings as the Trustee may be advised by counsel shall be necessary or expedient to prevent any
impairment of the security interest in or the perfection thereof in the Pledged Collateral. All of the foregoing shall be at the sole cost and expense of the Pledgors. 
  
 ARTICLE IV 
  
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 Each Pledgor represents, warrants and covenants as follows: 
  
 SECTION 4.1. Title. 
  
 Except for the security interest granted to the Trustee for the ratable benefit of the Secured Parties pursuant to this Agreement and Permitted Liens,
such Pledgor owns and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own the rights in each item of Pledged Collateral pledged by it hereunder free and clear of any and all Liens or claims of others other than
Permitted Collateral Liens. Such Pledgor has not filed, nor authorized any third party to file a financing statement or other public notice with respect to all or any part of the Pledged Collateral on file or of record in any public 
  

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 office, except such as have been filed in favor of the Trustee pursuant to this Agreement or as are permitted by the
Indenture or financing statements or public notices relating to the termination statements listed on Schedule 9 to the Perfection Certificate. 
  
 SECTION 4.2. Validity of Security Interest. 
  
 The security interest in and Lien on the Pledged Collateral (other than any Insurance Claims) granted to the Trustee for the benefit of the Secured
Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing the payment and performance of the Obligations, and (b) subject to the filing of the financing statements in the offices identified in
Schedule 7 to the Perfection Certificate, the filing of the Patent Security Agreement and the Trademark Security Agreement described in Schedule 7 to the Perfection Certificate with the United State Patent and Trademark Office and
compliance with Section 3.4 of this Agreement (to the extent such actions are required as of the date this representation is made or deemed made), a perfected security interest in all the Pledged Collateral. The security interest and Lien granted to
the Trustee for the benefit of the Secured Parties pursuant to this Agreement in and on the Pledged Collateral will at all times constitute a perfected, continuing security interest therein, subject only to Permitted Collateral Liens. 
  
 SECTION 4.3. Defense of Claims; Transferability of Pledged Collateral.

  
 Each Pledgor shall, at its own cost and expense, defend title
to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Trustee and the priority thereof against all claims and demands of all persons (other than any claim that could not individually or
in the aggregate materially impair the value of Collateral), at its own cost and expense, at any time claiming any interest therein adverse to the Trustee or any other Secured Party other than Permitted Collateral Liens. There is no agreement, and
no Pledgor shall enter into any agreement or take any other action, that would restrict the transferability of any of the Pledged Collateral or otherwise impair or conflict with such Pledgors’ obligations or the rights of the Trustee hereunder.

  
 SECTION 4.4. Other Financing Statements. 
  
 It has not filed, nor authorized any third party to file (nor will there be
any) valid or effective financing statement (or similar statement or instrument of registration under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Pledged Collateral other than financing statements and
other statements and instruments relating to Permitted Collateral Liens and leases permitted under the Indenture. So long as any of the Obligations remain unpaid, no Pledgor shall execute, authorize or permit to be filed in any public office any
financing statement (or similar statement or instrument of registration under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and
covering the security interests granted by such Pledgor to the holder of the Permitted Collateral Liens and leases permitted under the Indenture. 
  
 SECTION 4.5. Chief Executive Office; Change of Name; Jurisdiction of Organization. 
  
 (a) No Pledgor shall effect any change (i) in its legal name, (ii) in its identity or organizational structure, or (iii) in
its jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), until (A) it shall have given the Trustee not less than
10 days’ prior written notice of its intention so to do, clearly describing such change and (B) it shall have taken all action reasonably satisfactory to the Trustee to maintain the perfection and priority of the security interest of the
Trustee for the benefit of the Secured Parties in the Collateral, if applicable. 
  

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 (b) The Trustee may rely on opinions of counsel as to whether any or all UCC financing statements of the
Pledgors need to be amended as a result of any of the changes described in Section 4.5. The Trustee shall have no duty to inquire about such changes if any Pledgor does not inform the Trustee of such changes, the parties acknowledging and
agreeing that it would not be feasible or practical for the Trustee to search for information on such changes if such information is not provided by any Pledgor. 
  
 SECTION 4.6. Location of Inventory and Equipment. 
  
 It shall not move any Equipment or Inventory to any location other than one within the continental United States.

  
 SECTION 4.7. Due Authorization and Issuance.

  
 All of the Initial Pledged Shares have been, and to the
extent any Pledged Shares are hereafter issued, such Pledged Shares will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable. All of the Initial Pledged Interests have been fully paid for, and there is no amount
or other obligation owing by any Pledgor to any issuer of the Initial Pledged Interests in exchange for or in connection with the issuance of the Initial Pledged Interests or any Pledgor’s status as a partner or a member of any issuer of the
Initial Pledged Interests. 
  
 SECTION 4.8. Consents, etc.

  
 In the event that the Trustee desires to exercise any
remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then, upon the reasonable
request of the Trustee, such Pledgor agrees to use its commercially reasonable efforts to assist and aid the Trustee to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers.

  
 SECTION 4.9. Pledged Collateral. 
  
 All information set forth herein, including the schedules annexed hereto,
and all information contained in any documents, schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement, in each case, relating to the Pledged
Collateral, is accurate and complete in all material respects. The Pledged Collateral described on the schedules annexed to the Perfection Certificate constitutes all of the property of such type of Pledged Collateral owned or held by the Pledgors.

  
 SECTION 4.10. Access to Pledged Collateral, Books and
Records; Other Information. 
  
 Upon reasonable request to
each Pledgor, the Trustee, its agents, accountants and attorneys shall have full and free access to visit and inspect, as applicable, during normal business hours and such other reasonable times as may be requested by the Trustee all of the Pledged
Collateral and Mortgaged Property, if applicable, including all of the books, correspondence and records of such Pledgor relating thereto. The Trustee and its representatives may examine the same, take extracts therefrom and make photocopies
thereof, and such Pledgor agrees to render to the Trustee, at such Pledgor’s cost and expense, such clerical and other assistance as may be reasonably requested by the Trustee with regard 
  

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 thereto. Such Pledgor shall, at any and all times, within a reasonable time after written request by the Trustee, furnish
or cause to be furnished to the Trustee, in such manner and in such detail as may be reasonably requested by the Trustee, additional information with respect to the Pledged Collateral. 
  
 ARTICLE V 
  
 CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL 
  
 SECTION 5.1. Pledge of Additional Securities Collateral. 
  

Each Pledgor shall, upon obtaining any Pledged Securities or Intercompany Notes of any person, accept the same in trust for the benefit of the Trustee
and forthwith deliver to the Trustee a pledge amendment, duly executed by such Pledgor, in substantially the form of Exhibit 2 annexed hereto (each, a “Pledge Amendment”), and the certificates and other documents required
under Section 3.1 and Section 3.2 hereof in respect of the additional Pledged Securities or Intercompany Notes which are to be pledged pursuant to this Agreement, and confirming the attachment of the Lien hereby created on and in
respect of such additional Pledged Securities or Intercompany Notes. Each Pledgor hereby authorizes the Trustee to attach each Pledge Amendment to this Agreement and agrees that all Pledged Securities or Intercompany Notes listed on any Pledge
Amendment delivered to the Trustee shall for all purposes hereunder be considered Pledged Collateral. 
  
 SECTION 5.2. Voting Rights; Distributions; etc. 
  
 (i) So long as no Event of Default shall have occurred and be continuing: 
  
 (A) Each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to
the Securities Collateral or any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Indenture or any other document evidencing the Obligations. 
  
 (B) Each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien hereof,
any and all Distributions, but only if and to the extent made in accordance with the provisions of the Indenture; provided, however, that any and all such Distributions consisting of rights or interests in the form of securities shall
be forthwith delivered to the Trustee to hold as Pledged Collateral and shall, if received by any Pledgor, be segregated from the other property or funds of such Pledgor and be forthwith delivered to the Trustee as Pledged Collateral in the same
form as so received (with any necessary endorsement). 
  
 (ii) The
Trustee shall be deemed without further action or formality to have granted to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and at the sole cost and expense of the
Pledgors, from time to time execute and deliver (or cause to be executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other consensual rights
which it is entitled to exercise pursuant to Section 5.2(i)(A) hereof and to receive the Distributions which it is authorized to receive and retain pursuant to Section 5.2(i)(B) hereof. 
  

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 (iii) Upon the occurrence and during the continuance of an Event of Default and the receipt of written
notice from the Trustee that it is exercising rights under this Section 5.2(iii): 
  
 (A) All rights of each Pledgor to exercise the voting and other consensual rights it would otherwise be entitled to exercise pursuant to
Section 5.2(i)(A) hereof shall cease, and all such rights shall thereupon become vested in the Trustee, which shall thereupon have the sole right to exercise such voting and other consensual rights. 
  
 (B) All rights of each Pledgor to receive Distributions
which it would otherwise be authorized to receive and retain pursuant to Section 5.2(i)(B) hereof shall cease and all such rights shall thereupon become vested in the Trustee, which shall thereupon have the sole right to receive and hold as
Pledged Collateral such Distributions. 
  
 (iv) Each Pledgor
shall, at its sole cost and expense, from time to time execute and deliver to the Trustee appropriate instruments as the Trustee may reasonably request in order to permit the Trustee to exercise the voting and other rights which it may be entitled
to exercise pursuant to Section 5.2(iii)(A) hereof and to receive all Distributions which it may be entitled to receive under Section 5.2(iii)(B) hereof. 
  
 (v) All Distributions which are received by any Pledgor contrary to the provisions of Section 5.2(iii)(B) hereof
shall be received in trust for the benefit of the Trustee, shall be segregated from other funds of such Pledgor and shall immediately be paid over to the Trustee as Pledged Collateral in the same form as so received (with any necessary endorsement).

  
 SECTION 5.3. Certain Agreements of Pledgors As Issuer and
Holders of Equity Interests. 
  
 (i) In the case of each
Pledgor which is an issuer of Securities Collateral, such Pledgor agrees to be bound by the terms of this Agreement relating to the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it.

  
 (ii) In the case of each Pledgor which is a partner in a
partnership, limited liability company or other entity, such Pledgor hereby consents to the extent required by the applicable Organizational Document to the pledge by each other Pledgor, pursuant to the terms hereof, of the Pledged Interests in such
partnership, limited liability company or other entity and, upon the occurrence and during the continuance of an Event of Default and in connection with the exercise of remedies by the Trustee pursuant to Article IX, to the transfer of such
Pledged Interests to the Trustee or its nominee and to the substitution of the Trustee or its nominee as a substituted partner or member in such partnership, limited liability company or other entity with all the rights, powers and duties of a
general partner or a limited partner or member, as the case may be. 
  

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 ARTICLE VI 
  
 CERTAIN PROVISIONS CONCERNING INTELLECTUAL 
 PROPERTY COLLATERAL 
  
 SECTION 6.1. Protection of
Trustee’s Security. 
  
 On a continuing basis, each
Pledgor shall, at its sole cost and expense, (i) promptly following its becoming aware thereof, notify the Trustee of (A) any materially adverse determination in any proceeding in the United States Patent and Trademark Office or the United States
Copyright Office with respect to any material Patent, Trademark or Copyright or (B) the institution of any proceeding or any adverse determination in any federal, state or local court or administrative body regarding such Pledgor’s claim of
ownership in or right to use any of the Intellectual Property Collateral material to the use and operation of the Pledged Collateral or Mortgaged Property, if applicable, its right to register such Intellectual Property Collateral or its right to
keep and maintain such registration in full force and effect, (ii) maintain and protect the Intellectual Property Collateral material to the use and operation of the Pledged Collateral or Mortgaged Property, if applicable, as presently used and
operated and as contemplated by the Indenture, (iii) not permit to lapse or become abandoned any Intellectual Property Collateral material to the use and operation of the Pledged Collateral or Mortgaged Property, if applicable, as presently used and
operated and as contemplated by the Indenture, and not settle or compromise any pending or future litigation or administrative proceeding with respect to such Intellectual Property Collateral, in each case except as shall be consistent with
commercially reasonable business judgment, (iv) upon such Pledgor obtaining knowledge thereof, promptly notify the Trustee in writing of any event which may be reasonably expected to materially and adversely affect the value or utility of the
Intellectual Property Collateral or any portion thereof material to the use and operation of the Pledged Collateral or Mortgaged Property, if applicable, the ability of such Pledgor or the Trustee to dispose of the Intellectual Property Collateral
or any portion thereof or the rights and remedies of the Trustee in relation thereto including a levy or threat of levy or any legal process against the Intellectual Property Collateral or any portion thereof, (v) not license the Intellectual
Property Collateral other than licenses entered into by such Pledgor in, or incidental to, the ordinary course of business, or amend or permit the amendment of any of the licenses in a manner that materially and adversely affects the right to
receive payments thereunder, or in any manner that would materially impair the value of the Intellectual Property Collateral or the Lien on and security interest in the Intellectual Property Collateral intended to be granted to the Trustee for the
benefit of the Secured Parties, without the consent of the Trustee, (vi) diligently keep adequate records respecting the Intellectual Property Collateral and (vii) furnish to the Trustee from time to time upon the Trustee’s request therefor
reasonably detailed statements and amended schedules further identifying and describing the Intellectual Property Collateral and such other materials evidencing or reports pertaining to the Intellectual Property Collateral as the Trustee may from
time to time request. 
  
 SECTION 6.2. After-Acquired
Property. 
  
 If any Pledgor shall, at any time before the
Obligations have been paid in full (other than contingent indemnification obligations which, pursuant to the provisions of the Indenture or the Security Documents, survive the termination thereof), (i) obtain any rights to any additional
Intellectual Property Collateral or (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension thereof, including any reissue, division, continuation, or continuation-in-part of any
Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, the provisions hereof shall automatically apply thereto and any such item enumerated in clause (i) or (ii) of this Section 6.2 with respect to such
Pledgor shall automatically constitute Intellectual Property Collateral if such would have constituted Intellectual Property Collateral at the time of execution hereof and be subject to the Lien and security interest created by this Agreement
without further action by any party. Each Pledgor shall promptly (i) provide to the Trustee written notice of any of the foregoing and (ii) confirm the attachment of the Lien and security interest created by this Agreement to any rights described in
clauses (i) and (ii) of the immediately preceding sentence of this Section 6.2 by execution of an instrument in form reasonably acceptable to the Trustee and the filing of any instruments or statements as shall be reasonably necessary to
preserve, protect or perfect the Trustee’s security interest in such Intellectual Property Collateral. Further, each Pledgor authorizes the Trustee to modify this Agreement by amending Schedules 14(a) and 14(b) annexed to the
Perfection Certificate to include any Intellectual Property Collateral acquired or arising after the date hereof of such Pledgor. 
  

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 ARTICLE VII 
  
 CERTAIN PROVISIONS CONCERNING ACCOUNTS 
  
 SECTION 7.1. Maintenance of Records. 
  
 Each Pledgor shall keep and maintain at its own cost and expense complete records of each Account, in a manner consistent with prudent business practice,
including records of all payments received, all credits granted thereon, all merchandise returned and all other documentation relating thereto. Upon the occurrence and during the continuance of any Event of Default and the receipt of written notice
from the Trustee that it is exercising rights under this Section 7.1, the Trustee may transfer a full and complete copy of any Pledgor’s books, records, credit information, reports, memoranda and all other writings relating to the
Accounts to and for the use by any person that has acquired or is contemplating acquisition of an interest in the Accounts or the Trustee’s security interest therein without the consent of any Pledgor. 
  
 SECTION 7.2. Modification of Terms, etc. 
  
 No Pledgor shall rescind or cancel any obligations evidenced by any Account
or modify any term thereof or make any adjustment with respect thereto except in the ordinary course of business consistent with prudent business practice, or extend or renew any such obligations except in the ordinary course of business consistent
with prudent business practice or compromise or settle any dispute, claim, suit or legal proceeding relating thereto or sell any Account or interest therein except in the ordinary course of business consistent with prudent business practice without
the prior written consent of the Trustee. Each Pledgor shall timely fulfill all obligations on its part to be fulfilled under or in connection with the Accounts except in the ordinary course and consistent with prudent business practices.

  
 SECTION 7.3. Collection. 
  
 Each Pledgor shall cause to be collected from the Account Debtor of each of
the Accounts, as and when due in the ordinary course of business and consistent with prudent business practice (including Accounts that are delinquent, such Accounts to be collected in accordance with generally accepted commercial collection
procedures), any and all amounts owing under or on account of such Account, and apply forthwith upon receipt thereof all such amounts as are so collected to the outstanding balance of such Account, except that any Pledgor may, with respect to an
Account, allow in the ordinary course of business (i) a refund or credit due as a result of returned or damaged or defective merchandise and (ii) such extensions of time to pay amounts due in respect of Accounts and such other modifications of
payment terms or settlements in respect of Accounts as shall be commercially reasonable in the circumstances, all in accordance with such Pledgor’s ordinary course of business consistent with its collection practices as in effect from time to
time. The costs and expenses (including attorneys’ fees) of collection, in any case, whether incurred by any Pledgor, the Trustee or any Secured Party, shall be paid by the Pledgors. 
  

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 ARTICLE VIII 
  
 TRANSFERS 
  
 SECTION 8.1. Transfers of Pledged Collateral. 
  
 No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral pledged by it hereunder
except as permitted by the Indenture. 
  
 ARTICLE IX 
  
 REMEDIES 
  
 SECTION 9.1. Remedies. 
  
 Upon the occurrence and during the continuance of any Event of Default, the Trustee may from time to time exercise in respect of the Pledged Collateral,
in addition to the other rights and remedies provided for herein or otherwise available to it, the following remedies: 
  
 (i) Upon the receipt by the applicable Pledgor of written notice from the Trustee that it is exercising rights under this Section 9.1(i),
personally, or by agents or attorneys, immediately take possession of the Pledged Collateral or any part thereof, from any Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that
purpose may, in compliance with applicable law, occupy any premises owned or leased by any Pledgor where Pledged Collateral is assembled for a reasonable period of time or collect and assemble Pledged Collateral at another location in order to
facilitate and effectuate the Trustee’s rights to realize the value of its security interests granted hereunder or under any applicable law, remove such Pledged Collateral, remain present at such premises to receive copies of all communications
and remittances relating to the Pledged Collateral and use in connection with such removal and possession any and all services, supplies, aids and other facilities of any Pledgor; 
  
 (ii) Demand, sue for, collect or receive any money or property at any time payable or receivable in respect of the Pledged
Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to make any payment required by the terms of such agreement, instrument or other obligation
directly to the Trustee, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided, however, that in the event that any such payments are
made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit of the Trustee and shall promptly (but in no event later than one (1)
Business Day after receipt thereof) pay such amounts to the Trustee; 
  
 (iii) Upon the receipt by the applicable Pledgor of written notice from the Trustee that it is exercising rights under this Section 9.1(iii), sell, assign or otherwise liquidate, or direct any Pledgor to sell, assign or otherwise
liquidate, any and all Investment Property made in whole or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment or liquidation to be held as cash collateral under the terms of
this Agreement or for application to the Obligations as provided in Article X; 
  

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 (iv) Take possession of the Pledged Collateral or any part thereof, by directing any Pledgor in writing
to deliver the same to the Trustee at any place or places so designated by the Trustee, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to the place or places designated by the Trustee and therewith
delivered to the Trustee, (B) store and keep any Pledged Collateral so delivered to the Trustee at such place or places pending further action by the Trustee and (C) while the Pledged Collateral shall be so stored and kept, provide such security and
maintenance services as shall be necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to deliver the Pledged Collateral as contemplated in this Section 9.1(iv) is of the essence
hereof. Upon application to a court of equity having jurisdiction, the Trustee shall be entitled to a decree requiring specific performance by any Pledgor of such obligation; 
  
 (v) Withdraw all moneys, instruments, securities and other property in any bank, financial securities, deposit or other
account of any Pledgor constituting Pledged Collateral for application to the Obligations as provided in Article X hereof; 
  
 (vi) Retain and apply the Distributions to the Obligations as provided in Article X hereof; and 
  
 (vii) Exercise all the rights and remedies of a secured party on default
under the UCC, and the Trustee may also in its sole discretion, without notice except as specified in Section 9.2 hereof, sell, assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or
private sale, at any exchange, broker’s board or at any of the Trustee’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as the Trustee may deem commercially
reasonable. The Trustee or any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of any or all of the Pledged Collateral at any such sale and shall be entitled, for the purpose of bidding
and making settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Obligations owed to such person as a credit on account of the purchase price
of any Pledged Collateral payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold, assigned or licensed absolutely free from any claim or right on the part of any Pledgor,
and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. The
Trustee shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given. The Trustee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such
sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives, to the fullest extent permitted by law, any claims against the Trustee arising by reason of the fact that the price at which
any Pledged Collateral may have been sold, assigned or licensed at such a private sale was less than the price which might have been obtained at a public sale, even if the Trustee accepts the first offer received and does not offer such Pledged
Collateral to more than one offeree. 
  
 SECTION 9.2. Notice of
Sale. 
  
 Each Pledgor acknowledges and agrees that, to the
extent notice of sale or other disposition of Pledged Collateral shall be required by law, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or other intended
disposition is to take place shall be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or modifying any right to
notification of sale or other intended disposition. 
  

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 SECTION 9.3. Waiver of Notice and Claims. 
  
 Each Pledgor hereby waives, to the fullest extent permitted by applicable
law, notice or judicial hearing in connection with the Trustee’s taking possession or the Trustee’s disposition of any of the Pledged Collateral, including any and all prior notice and hearing for any prejudgment remedy or remedies and any
such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law: (i) all damages occasioned by such taking of possession, (ii) all other requirements as to the
time, place and terms of sale or other requirements with respect to the enforcement of the Trustee’s rights hereunder and (iii) all rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any
applicable law. 
  
 SECTION 9.4. Certain Sales of Pledged
Collateral. 
  
 (i) Each Pledgor recognizes that, by reason
of certain prohibitions contained in law, rules, regulations or orders of any Governmental Authority, the Trustee may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the
requirements of such Governmental Authority. Each Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Trustee than those obtainable through a public sale without such restrictions, and, notwithstanding such
circumstances, agrees that any such restricted sale shall be deemed to have been made in a commercially reasonable manner and that, except as may be required by applicable law, the Trustee shall have no obligation to engage in public sales.

  
 (ii) Each Pledgor recognizes that, by reason of certain
prohibitions contained in the Securities Act, and applicable state securities laws, the Trustee may be compelled, with respect to any sale of all or any part of the Securities Collateral and Investment Property, to limit purchasers to persons who
will agree, among other things, to acquire such Securities Collateral or Investment Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may
be at prices and on terms less favorable to the Trustee than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such
circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Trustee shall have no obligation to engage in public sales and no obligation to delay the sale of any Securities
Collateral or Investment Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer
would agree to do so. 
  
 (iii) If the Trustee determines to
exercise its right to sell any or all of the Securities Collateral or Investment Property, upon written request, the applicable Pledgor shall from time to time furnish to the Trustee all such information as the Trustee may request in order to
determine the number of securities included in the Securities Collateral or Investment Property which may be sold by the Trustee as exempt transactions under the Securities Act and the rules of the Securities and Exchange Commission thereunder, as
the same are from time to time in effect. 
  
 (iv) Each Pledgor
further agrees that a breach of any of the covenants contained in this Section 9.4 will cause irreparable injury to the Trustee and other Secured Parties, that the Trustee and the other Secured Parties have no adequate remedy at law in
respect of such breach and, as a consequence, that each and every covenant contained in this Section 9.4 shall be specifically enforceable 
  

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 against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action for specific
performance of such covenants except for a defense that no Event of Default has occurred and is continuing. 
  
 SECTION 9.5. No Waiver; Cumulative Remedies. 
  
 (i) No failure on the part of the Trustee to exercise, no course of dealing with respect to, and no delay on the part of the Trustee in exercising, any
right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or
remedy; nor shall the Trustee be required to look first to, enforce or exhaust any other security, collateral or guaranties. The remedies herein provided are cumulative and are not exclusive of any remedies provided by law. 
  
 (ii) In the event that the Trustee shall have instituted any proceeding to
enforce any right, power or remedy under this Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Trustee, then and in every
such case, the Pledgors, the Trustee and each other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Pledged Collateral, and all rights, remedies and powers of the Trustee and the other
Secured Parties shall continue as if no such proceeding had been instituted. 
  
 SECTION 9.6. Certain Additional Actions Regarding Intellectual Property. 
  
 If any Event of Default shall have occurred and be continuing, upon the written demand of the Trustee, each Pledgor shall execute and deliver to the
Trustee an assignment or assignments of the registered Patents, Trademarks and/or Copyrights and Goodwill and such other documents as are necessary or appropriate to carry out the intent and purposes of this Article IX. Within five (5)
Business Days of written notice thereafter from the Trustee, each Pledgor shall make available to the Trustee, to the extent within such Pledgor’s power and authority, such personnel in such Pledgor’s employ on the date of the Event of
Default as the Trustee may reasonably designate to permit such Pledgor to continue, directly or indirectly, to produce, advertise and sell the products and services sold by such Pledgor under the registered Patents, Trademarks and/or Copyrights, and
such persons shall be available to perform their prior functions on the Trustee’s behalf. 
  
 ARTICLE X 
  
 APPLICATION OF
PROCEEDS 
  
 SECTION 10.1. Application of Proceeds.

  
 The proceeds received by the Trustee in respect of any sale
of, collection from or other realization upon all or any part of the Collateral pursuant to the exercise by the Trustee of its remedies shall be applied, together with any other sums then held by the Trustee pursuant to this Agreement, in accordance
with the Indenture. 
  

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 ARTICLE XI 
  
 MISCELLANEOUS 
  
 SECTION 11.1. Concerning Trustee. 
  
 (i) The Trustee has been authorized to enter into this Agreement pursuant to the Indenture. The actions of the Trustee hereunder are subject to the
provisions of the Indenture. The Trustee shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking action (including the release or substitution of the
Pledged Collateral), in accordance with this Agreement and the Indenture. The Trustee may employ agents and attorneys-in-fact in connection herewith and shall not be liable for the negligence or misconduct of any such agents or attorneys-in-fact
selected by it in good faith. The Trustee may resign and a successor Trustee may be appointed in the manner provided in the Indenture. Upon the acceptance of any appointment as the Trustee by a successor Trustee, that successor Trustee shall
thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Trustee under this Agreement, and the retiring Trustee shall thereupon be discharged from its duties and obligations under this Agreement.
After any retiring Trustee’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Trustee. 
  
 (ii) The Trustee shall be deemed to have exercised reasonable care in the
custody and preservation of the Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Trustee, in its individual capacity, accords its own property consisting of similar
instruments or interests, it being understood that neither the Trustee nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters
relating to any Securities Collateral, whether or not the Trustee or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against any person with respect to any Pledged
Collateral. 
  
 (iii) The Trustee shall be entitled to rely upon
any written notice, statement, certificate, order or other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to this
Agreement and its duties hereunder, upon advice of counsel selected by it. 
  
 (iv) If any item of Pledged Collateral also constitutes collateral granted to the Trustee under any other deed of trust, mortgage, security agreement, pledge or instrument of any type (other than the Indenture and the
Intercreditor Agreement), in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or instrument of any type in respect of such collateral, the Trustee, in its
sole discretion, shall select which provision or provisions shall control. 
  
 SECTION 11.2. Trustee May Perform; Trustee Appointed Attorney-in-Fact. 
  
 If any Pledgor shall fail to perform any covenants contained in this Agreement (including such Pledgor’s covenants to (i) pay the premiums in respect
of all required insurance policies hereunder, (ii) pay Claims, other than any Claims constituting Permitted Collateral Liens, (iii) make repairs, (iv) discharge Liens other than any Permitted Collateral Liens or (v) pay or perform any obligations of
such Pledgor under any Pledged Collateral) or if any representation or warranty on the part of any Pledgor 
  

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 contained herein shall be breached, the Trustee may (but shall not be obligated to) do the same or cause it to be done or
remedy any such breach, and may expend funds for the purpose of preserving or maintaining the Pledged Collateral or its interest therein. Any and all amounts so expended by the Trustee shall be paid by the Pledgors in accordance with the provisions
of Section 7.7 of the Indenture. Neither the provisions of this Section 11.2 nor any action taken by the Trustee pursuant to the provisions of this Section 11.2 shall prevent any such failure to observe any covenant contained in
this Agreement nor any breach of representation or warranty from constituting an Event of Default. Each Pledgor hereby appoints the Trustee its attorney-in-fact, with full authority in the place and stead of such Pledgor and in the name of such
Pledgor, or otherwise, from time to time in the Trustee’s discretion to take any action and to execute any instrument for the purpose of carrying out the provisions of this Agreement. The foregoing grant of authority is a power of attorney
coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. 
  
 SECTION 11.3. Continuing Security Interest; Assignment. 
  
 This Agreement shall create a continuing security interest in the Pledged
Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the Trustee hereunder, to the benefit of the Trustee and the other Secured Parties and each of
their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect hereto. Without limiting the generality of the foregoing clause
(ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such other person shall thereupon become vested with all the benefits in respect thereof granted to such Secured
Party, herein or otherwise, subject however, to the provisions of the Indenture. 
  
 SECTION 11.4. Termination; Release. 
  
 (a) The Pledged Collateral shall be released from the Lien of this Agreement in accordance with the provisions of the Indenture. Upon termination hereof or any release of Pledged Collateral in accordance with the
provisions of the Indenture, the Trustee shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor, against receipt and without recourse to or warranty by the Trustee except as to the fact that
the Trustee has not encumbered the released assets, such of the Pledged Collateral to be released (in the case of a release) as may be in possession of the Trustee and as shall not have been sold or otherwise applied pursuant to the terms hereof,
and, with respect to any other Pledged Collateral, proper documents and instruments (including UCC-3 termination statements or releases) acknowledging the termination hereof or the release of such Pledged Collateral, as the case may be; and

  
 (b) At the request and sole expense of the Company (pursuant to an
Officers’ Certificate), a Guarantor shall be released from its obligations hereunder, in the event that Rule 3-16 or Rule 3-10 of Regulation S-X under the Securities Act is amended, modified or interpreted by the SEC to require (or is replaced
with another rule or regulation, or any other law, rule or regulation is adopted, which would require) the filing with the SEC (or any other governmental agency) of separate financial statements of any Subsidiary of the Company due to the fact that
such Subsidiary’s capital stock or other securities secure the Notes, then the capital stock or other securities of such Subsidiary will automatically be deemed not to be part of the Collateral (and thus shall be deemed to be Excluded
Collateral) but only to the extent necessary to not be subject to such requirement. 
  

 -27- 

 SECTION 11.5. Modification in Writing. 
  
 No amendment, modification, supplement, termination or waiver of or to any
provision hereof, nor consent to any departure by any Pledgor or the Trustee therefrom, shall be effective unless the same shall be made in accordance with the terms of the Indenture and unless in writing and signed by the Trustee and any Pledgor
affected thereby. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure by any Pledgor or the Trustee from the terms of any provision hereof shall be effective
only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document evidencing the Obligations, no notice to or demand on any Pledgor in any case
shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances. 
  
 SECTION 11.6. Notices. 
  
 Unless otherwise provided herein or in the Indenture, any notice or other communication herein required or permitted to be given shall be given in the
manner and become effective as set forth in the Indenture, as to any Pledgor, addressed to it at the address of the Company set forth in the Indenture and as to the Trustee, addressed to it at the address set forth in the Indenture, or in each case
at such other address as shall be designated by such party in a written notice to the other party complying as to delivery with the terms of this Section 11.6. 
  
 SECTION 11.7. Governing Law, Consent to Jurisdiction and Service of Process; Waiver of Jury Trial. 
  
 Section 15.8 of the Indenture is incorporated herein, mutatis
mutandis, as if a part hereof. 
  
 SECTION 11.8.
Severability of Provisions. 
  
 Any provision hereof which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability
of such provision in any other jurisdiction. 
  
 SECTION 11.9.
Execution in Counterparts. 
  
 This Agreement and any
amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such
counterparts together shall constitute one and the same agreement. 
  
 SECTION 11.10. Business Days. 
  
 In the event
any time period or any date provided in this Agreement ends or falls on a day other than a Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein
may be made on such Business Day, with the same force and effect as if made on such other day. 
  
 SECTION 11.11. No Credit for Payment of Taxes or Imposition. 
  
 Such Pledgor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Indenture, and such Pledgor shall
not be entitled to any credit against any other sums which may become payable under the terms thereof or hereof, by reason of the payment of any Tax on the Pledged Collateral or any part thereof. 
  

 -28- 

 SECTION 11.12. No Claims Against Trustee. 
  
 Nothing contained in this Agreement shall constitute any consent or request
by the Trustee, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority
to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Trustee in respect thereof or any claim that any Lien based
on the performance of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 
  
 SECTION 11.13. No Release. 
  
 Nothing set forth in this Agreement shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s
part to be performed or observed under or in respect of any of the Pledged Collateral or from any liability to any person under or in respect of any of the Pledged Collateral or shall impose any obligation on the Trustee or any other Secured Party
to perform or observe any such term, covenant, condition or agreement on such Pledgor’s part to be so performed or observed or shall impose any liability on the Trustee or any other Secured Party for any act or omission on the part of such
Pledgor relating thereto or for any breach of any representation or warranty on the part of such Pledgor contained in this Agreement, the Indenture or the other Financing Documents, or under or in respect of the Pledged Collateral or made in
connection herewith or therewith. The obligations of each Pledgor contained in this Section 11.13 shall survive the termination hereof and the discharge of such Pledgor’s other obligations under this Agreement, the Indenture and the
other Financing Documents. 
  
 SECTION 11.14. Obligations
Absolute. 
  
 All obligations of each Pledgor hereunder shall
be absolute and unconditional irrespective of: 
  
 (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any other Pledgor; 
  
 (ii) any lack of validity or enforceability of the Indenture or any other Financing Document, or any other agreement or instrument
relating thereto; 
  
 (iii) any change in the
time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Indenture or any other Financing Document or any other agreement or instrument
relating thereto; 
  
 (iv) any pledge, exchange,
release or non-perfection of any other collateral, or any release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Obligations; or 
  
 (v) any exercise, non-exercise or waiver of any right, remedy, power or privilege under or in respect
hereof, the Indenture or any other Financing Document except as specifically set forth in a waiver granted pursuant to the provisions of Section 11.5 hereof. 
  
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 
  

 -29- 

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

			
	US LEC CORP.,
	as Pledgor
		
	By:	 	 /s/ MICHAEL K. ROBINSON

	Name:	 	Michael K. Robinson
	Title:	 	Executive Vice President and Chief Financial Officer
	
	US LEC of North Carolina Inc.,
	US LEC of Georgia Inc.,
	US LEC of Tennessee Inc.,
	US LEC of Florida Inc.,
	US LEC of South Carolina Inc.,
	US LEC of Alabama Inc.,
	US LEC of Maryland Inc.,
	US LEC of Pennsylvania Inc.,
	US LEC Communications Inc.,
	US LEC of Virginia L.L.C.,
	US LEC Acquisition Co.,
	each as Pledgor
		
	By:	 	 /s/ MICHAEL K. ROBINSON

	Name:	 	Michael K. Robinson
	Title:	 	Executive Vice President—Finance and Chief Financial Officer

  
 Signature Page to
Security Agreement 

			
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	By:	 	 /s/ RICHARD H. PROKOSCH

	Name:	 	Richard H. Prokosch
	Title:	 	Vice President

  
 Signature Page to
Security Agreement

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