Document:

Collateral Agreement

 Exhibit 10.1 
 Execution Copy 
 COLLATERAL AGREEMENT 

Dated as of May 11, 2012, 
 among 
 VERSO PAPER HOLDINGS LLC, 

as Company, 
 each
other PLEDGOR identified herein, 
 and 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, 
 as Collateral Agent 

NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, (I) THE LIENS AND SECURITY INTERESTS GRANTED TO THE COLLATERAL AGENT PURSUANT TO THIS AGREEMENT ARE
EXPRESSLY SUBJECT AND SUBORDINATE TO THE LIENS AND SECURITY INTERESTS GRANTED TO ANY AGENT OR TRUSTEE FOR ANY SENIOR LENDER (AS DEFINED IN THE INTERCREDITOR AGREEMENT REFERRED TO BELOW), AND (II) THE EXERCISE OF ANY RIGHT OR REMEDY BY THE
COLLATERAL AGENT HEREUNDER IS SUBJECT TO THE LIMITATIONS AND PROVISIONS OF THE INTERCREDITOR AGREEMENT DATED AS OF MAY 11, 2012 (AS FURTHER AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE “INTERCREDITOR
AGREEMENT”), BY AND AMONG CITIBANK, N.A., AS INTERCREDITOR AGENT AND AS ADMINISTRATIVE AGENT UNDER THE ABL CREDIT AGREEMENT, CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, AS ADMINISTRATIVE AGENT UNDER THE CASH FLOW CREDIT AGREEMENT, WILMINGTON
TRUST, NATIONAL ASSOCIATION, AS TRUSTEE UNDER THE 2019 FIRST-LIEN NOTES INDENTURE, WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE UNDER THE 1-1/2 LIEN NOTES INDENTURE, VERSO PAPER FINANCE HOLDINGS LLC, VERSO PAPER HOLDINGS, LLC AND THE
SUBSIDIARIES PARTY THERETO. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND THE TERMS OF THIS AGREEMENT, THE TERMS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	2	  
			
	 Section 1.01.
	  	 Indenture
	  	 	2	  
			
	 Section 1.02.
	  	 Other Defined Terms
	  	 	2	  
		
	 ARTICLE 2 RESERVED
	  	 	9	  
		
	 ARTICLE 3 PLEDGE OF DEBT SECURITIES
	  	 	9	  
			
	 Section 3.01.
	  	 Pledge
	  	 	9	  
			
	 Section 3.02.
	  	 Delivery of the Pledged Collateral
	  	 	9	  
			
	 Section 3.03.
	  	 Representations, Warranties and Covenants
	  	 	10	  
			
	 Section 3.04.
	  	 Registration in Nominee Name; Denominations
	  	 	11	  
			
	 Section 3.05.
	  	 Voting Rights; Dividends and Interest, Etc
	  	 	12	  
		
	 ARTICLE 4 SECURITY INTERESTS IN OTHER PERSONAL PROPERTY
	  	 	14	  
			
	 Section 4.01.
	  	 Security Interest
	  	 	14	  
			
	 Section 4.02.
	  	 Representations and Warranties
	  	 	16	  
			
	 Section 4.03.
	  	 Covenants
	  	 	19	  
			
	 Section 4.04.
	  	 Other Actions
	  	 	22	  
			
	 Section 4.05.
	  	 Covenants Regarding Patent, Trademark and Copyright Collateral
	  	 	23	  
		
	 ARTICLE 5 REMEDIES
	  	 	25	  
			
	 Section 5.01.
	  	 Remedies Upon Default
	  	 	25	  
			
	 Section 5.02.
	  	 Application of Proceeds
	  	 	26	  
			
	 Section 5.03.
	  	 Securities Act, Etc
	  	 	27	  
		
	 ARTICLE 6 RESERVED
	  	 	28	  
		
	 ARTICLE 7 MISCELLANEOUS
	  	 	28	  
			
	 Section 7.01.
	  	 Notices
	  	 	28	  
			
	 Section 7.02.
	  	 Security Interest Absolute
	  	 	28	  
			
	 Section 7.03.
	  	 Limitation by Law
	  	 	29	  

  
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	 Section 7.04.
	  	 Binding Effect; Several Agreement
	  	 	29	  
			
	 Section 7.05.
	  	 Successors and Assigns
	  	 	29	  
			
	 Section 7.06.
	  	 Collateral Agent’s Fees and Expenses; Indemnification
	  	 	29	  
			
	 Section 7.07.
	  	 Collateral Agent Appointed Attorney-in-Fact
	  	 	30	  
			
	 Section 7.08.
	  	 GOVERNING LAW
	  	 	31	  
			
	 Section 7.09.
	  	 Waivers; Amendment
	  	 	31	  
			
	 Section 7.10.
	  	 WAIVER OF JURY TRIAL
	  	 	32	  
			
	 Section 7.11.
	  	 Severability
	  	 	32	  
			
	 Section 7.12.
	  	 Counterparts
	  	 	32	  
			
	 Section 7.13.
	  	 Headings
	  	 	32	  
			
	 Section 7.14.
	  	 Jurisdiction; Consent to Service Of Process
	  	 	32	  
			
	 Section 7.15.
	  	 Termination or Release
	  	 	33	  
			
	 Section 7.16.
	  	 Additional Subsidiaries
	  	 	34	  
			
	 Section 7.17.
	  	 Right of Set-off
	  	 	34	  
			
	 Section 7.18.
	  	 Intercreditor Agreements.
	  	 	34	  
			
	 Section 7.19.
	  	 Other Senior Documents.
	  	 	34	  
			
	 Section 7.20.
	  	 Other Pari Passu Obligations.
	  	 	35	  

  

			
	Schedules
		
	Schedule I	  	Subsidiary Parties
	Schedule II	  	Debt Securities
	Schedule III	  	Intellectual Property
	Schedule IV	  	Filing Jurisdictions
	Schedule V	  	Commercial Tort Claims
	Schedule VI	  	Matters Relating to Accounts and Inventory
	
	Exhibits
		
	Exhibit I	  	Form of Supplement to the Collateral Agreement
	Exhibit II	  	Form of Other Pari Passu Obligations Secured Party Joinder Agreement

  
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 COLLATERAL AGREEMENT dated as of May 11, 2012 (this “Agreement”),
among VERSO PAPER HOLDINGS LLC, a Delaware limited liability company (the “Company”), VERSO PAPER INC. (“Finance Co” and, together with the Company, the “Issuers”), each Subsidiary of the Company
identified on Schedule I or otherwise identified herein as a party (each, a “Subsidiary Party”), and Wilmington Trust, National Association, as collateral agent (in such capacity, together with any successor collateral agent, the
“Collateral Agent”) for the Secured Parties (as defined below). 
 WHEREAS, pursuant to the terms, conditions
and provisions of the Indenture, dated as of May 11, 2012 (as amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time, the “Indenture”), among the Issuers, the Subsidiary Parties,
and Wilmington Trust, National Association, as trustee (the “Trustee), the Issuers are issuing $271,573,000 aggregate principal amount of 11.75% Senior Secured Notes due 2019 (the “Notes”), which will be guaranteed on a
senior secured basis by each of the Subsidiary Parties. 
 WHEREAS, pursuant to (i) the Credit Agreement dated as of
May 4, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “ABL Credit Agreement”), among Verso Paper Finance Holdings LLC, a Delaware limited liability company (“Holdings”),
the Company, as borrower, certain lenders, Citibank, N.A., as administrative agent (the “ABL Administrative Agent”), (ii) the Credit Agreement dated as of May 4, 2012 (as amended, restated, supplemented or otherwise
modified from time to time, the “Cash Flow Credit Agreement”), among Holdings, the Company, as borrower, certain lenders, Credit Suisse AG, Cayman Islands Branch, as administrative agent (the “Cash Flow Administrative
Agent”), and (iii) the Indenture dated as of March 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “First Lien Notes Indenture”), among the Issuers, the Guarantors named
therein, and Wilmington Trust, National Association, as Trustee, the Pledgors (as defined below) have granted to the Senior Lenders (as defined in the Secured Notes Intercreditor Agreement) a first-priority lien and security interest in the
Collateral. 
 WHEREAS, the Issuers, the Subsidiary Parties, the Collateral Agent and the agents on behalf of the first-priority
lien secured parties have entered into a Secured Notes Intercreditor Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Secured Notes Intercreditor Agreement”),
pursuant to which the Liens upon and security interest in the Collateral granted by this Agreement are and shall be subordinated in all respects to the Liens upon and security interest in the Collateral granted pursuant to, and subject to the terms
and conditions of, the Senior Lender Documents (as defined in the Secured Notes Intercreditor Agreement). 
 WHEREAS, from time
to time after the date hereof, the Company may, subject to the terms and conditions of the Indenture, incur Other Pari Passu Obligations, which when incurred would be equally and ratably secured with the Obligations. 

WHEREAS, pursuant to Section 7.18 below, this Agreement shall be subject to the terms and conditions of the Secured Notes
Intercreditor Agreement in all respects. 

 WHEREAS, the Subsidiary Parties are affiliates of the Issuers, will derive substantial
benefits from the extension of credit to the Issuers pursuant to the Indenture and are willing to execute and deliver this Agreement in order to induce the Trustee to enter into the Indenture and to induce the Initial Purchasers to purchase the
Notes. 
 Accordingly, the parties hereto hereby agree as follows: 

ARTICLE 1 

DEFINITIONS 
 Section 1.01. Indenture. (a) Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings assigned thereto in the Indenture. All terms defined in
the New York UCC (as defined herein) and not defined in this Agreement have the meanings specified therein. The term “instrument” shall have the meaning specified in Article 9 of the New York UCC. If the First Lien Termination Date
(as defined below) has occurred, a reference in this Agreement to the Applicable Agent shall, unless the context requires otherwise, be construed as a reference to the Collateral Agent and this agreement shall be interpreted accordingly. 

(b) The definitions set forth or referred to in Section 1.02 shall apply equally to both the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require.
Except as otherwise expressly provided herein, any reference in this Agreement to any Note Document shall mean such document as amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

Section 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 “ABL Administrative Agent” has the meaning specified in the preamble, together with its successors in such
capacity. 
 “ABL Credit Agreement” has the meaning specified in the preamble. 

“Account Debtor” means any person who is or who may become obligated to any Pledgor under, with respect to or on account
of an Account, Chattel Paper, General Intangibles, Instruments or Investment Property. 
 “Applicable Agent”
means the Intercreditor Agent (as defined in the Secured Notes Intercreditor Agreement), provided that in the event the First Lien Termination Date shall have occurred, the Applicable Agent shall be the Collateral Agent. 

“Article 9 Collateral” has the meaning assigned to such term in Section 4.01. 

  
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 “Authorized Representative” with respect to any Other Pari Passu
Obligations means the agent or trustee under the agreement pursuant to which such Other Pari Passu Obligations are issued or incurred. 
 “Bucksport Co-Gen Assets” means all right, title and interest of Verso Bucksport LLC in, to and under the Amended and Restated Co-Owners Ownership, Operating & Mutual Sales
Agreement by and between Champion International Corporation and Bucksport Energy LLC, including without limitation any ownership interests as tenants in common in the property rights established pursuant thereto. 

“Cash Flow Administrative Agent” has the meaning specified in the preamble, together with its successors in such
capacity. 
 “Cash Flow Credit Agreement” has the meaning specified in the preamble. 

“Closing Date” means the Issue Date as defined in the Indenture. 

“Collateral” means Article 9 Collateral and Pledged Collateral. 

“Company” has the meaning specified in the preamble. 

“Control Agreement” means a deposit account control agreement, a securities account control agreement or a commodity
account control agreement, as applicable, enabling the Collateral Agent to obtain “control” (within the meaning of the New York UCC) of any such accounts, in form and substance reasonably satisfactory to the Collateral Agent. 

“Copyright License” means any written agreement, now or hereafter in effect, granting any right to any Pledgor under any
Copyright now or hereafter owned by any third party, and all rights of any Pledgor under any such agreement (including, without limitation, any such rights that such Pledgor has the right to license). 

“Copyrights” means all of the following now owned or hereafter acquired by any Pledgor: (a) all copyright rights in
any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, (b) all registrations and applications for registration of any such Copyright in the United States or any
other country, including registrations, supplemental registrations and pending applications for registration in the United States Copyright Office and the right to obtain all renewals thereof, including those listed on Schedule III, (c) all
claims for, and rights to sue for, past or future infringements of any of the foregoing and (d) all income, royalties, damages and payments now or hereafter due and payable with respect to any of the foregoing, including damages and payments
for past or future infringement thereof. 
 “Discharge of Senior Lender Claims” has the meaning assigned to
such term in the Secured Notes Intercreditor Agreement. 
 “Excluded Minority Interests” means any Equity
Interests owned by Verso Paper LLC in each of (a) Androscoggin Reservoir Company and (b) Gulf Island Pond 

  
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Oxygenation Project, provided that such Equity Interests shall constitute Excluded Minority Interests only for so long as they are subject to an enforceable contractual obligation
(including, for this purpose, rights of first refusal) restricting the grant of a security interest therein. 
 “Federal
Securities Laws” has the meaning assigned to such term in Section 5.03. 
 “Finance Co.” has the
meaning specified in the preamble. 
 “First Lien Termination Date” means, subject to Section 5.7 of the
Secured Notes Intercreditor Agreement, the date on which the Discharge of Senior Lender Claims occurs; provided that if, at any time after the First Lien Termination Date, the Discharge of Senior Lender Claims is deemed not to have occurred pursuant
to Section 5.7 of the Intercreditor Agreement, the First Lien Termination Date shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of incurrence
and designation of any Future First-Lien Indebtedness as a result of the occurrence of such first Discharge of Senior Lender Claims). 
 “General Intangibles” means all “General Intangibles” as defined in the New York UCC, including all choses in action and causes of action and all other intangible personal
property of any Pledgor of every kind and nature (other than Accounts) now owned or hereafter acquired by any Pledgor, including corporate or other business records, indemnification claims, contract rights (including rights under leases, whether
entered into as lessor or lessee, Swap Agreements and other agreements), Intellectual Property (but excluding “intent-to-use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham
Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of Lanham Act has been filed, to extent that, and solely during the period for which, any assignment of an
“intent-to-use” application prior to such filing would violate the Lanham Act), goodwill, registrations, franchises, tax refund claims and any guarantee, claim, security interest or other security held by or granted to any Pledgor to
secure payment by an Account Debtor of any of the Accounts. 
 “Governmental Authority” shall mean any federal,
state, local or foreign court or governmental agency, authority, instrumentality or regulatory or legislative body. 

“Holdings” has the meaning specified in the preamble. 

“Indenture” has the meaning specified in the preamble. 

“Indenture Documents” means (a) the Indenture, the Notes, the Security Documents and this Agreement and
(b) any other related documents or instruments executed and delivered pursuant to the Indenture or any Security Document, in each case, as such agreements may be amended, restated, supplemented or otherwise modified from time to time.

  
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 “Indenture Parties” means the Issuers and the Subsidiary Parties.

 “Intellectual Property” means all intellectual property of every kind and nature now owned or hereafter
acquired by any Pledgor, including, inventions, designs, Patents, Copyrights, Trademarks, Patent Licenses, Copyright Licenses, Trademark Licenses, trade secrets, domain names, confidential or proprietary technical and business information, know-how,
show-how or other data or information and all related documentation. 
 “Intellectual Property Security
Agreement” means a security agreement in the form hereof or a short form hereof, in each case, which form shall be reasonably acceptable to the Collateral Agent. 
 “IP Agreements” means all material Copyright Licenses, Patent Licenses, Trademark Licenses, and all other agreements, permits, consents, orders and franchises relating to the license,
development, use or disclosure of any material Intellectual Property to which a Pledgor, now or hereafter, is a party or a beneficiary, including, without limitation, the agreements set forth on Schedule III hereto. 

“Issuers” has the meaning specified in the preamble. 

“Letter of Credit” means a letter of credit issued under any Credit Agreement. 

“Material Adverse Effect” shall mean a material adverse effect on the business, property, operations or condition of
Holdings, the Company and their Subsidiaries, taken as a whole, or the validity or enforceability of any of the material Note Documents or the rights and remedies of the Secured Parties thereunder. 

“New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 

“Note Documents” means this Agreement, the Indenture, the Notes and the Security Documents. 

“Note Obligations” has the meaning set forth in the Indenture. 

“Obligations” means (a) the Note Obligations and (b) if any Other Pari Passu Obligations are incurred,
(1) the due and punctual payment by the Company of (i) the unpaid principal of and interest (including interest accruing during the pendency interest (including interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) owing to any holder of Other Pari Passu Obligations under any Other Pari Passu Obligations Documents, when and as due, whether at maturity, by
acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations of the Company to any holder of Other Pari Passu Obligations under the Other Pari Passu Obligations Documents, including obligations
to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency,
receivership or other similar 

  
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proceeding, regardless of whether allowed or allowable in such proceeding), (2) the due and punctual performance of all other obligations of the Company under or pursuant to the Other Pari
Passu Obligations Documents and (3) the due and punctual payment and performance of all the obligations of each other Pledgor under or pursuant to this Agreement and the Other Pari Passu Obligations Documents. 

“Other Pari Passu Obligations” means other Indebtedness of the Company and its Restricted Subsidiaries that is equally
and ratably secured with the Securities as permitted by the Indenture and any Other Pari Passu Obligations Documents in effect at the time such Indebtedness is incurred and which is designated by the Company as an Other Pari Passu Obligation in
accordance with Section 7.20 hereof. 
 “Other Pari Passu Obligations Documents” means any document or
instrument executed and delivered with respect to any Other Pari Passu Obligations, including the Security Documents and this Agreement, in each case, as such agreements, documents or instruments may be amended, restated, supplemented or otherwise
modified from time to time. 
 “Other Pari Passu Obligations Secured Party Joinder Agreement” means a Joinder
Agreement, substantially in the form of Exhibit II hereto, executed by the Authorized Representative of any holders of Other Pari Passu Obligations pursuant to Section 7.20. 

“Patent License” means any written agreement, now or hereafter in effect, granting to any Pledgor any right to make, use
or sell any invention covered by a Patent, now or hereafter owned by any third party (including, without limitation, any such rights that such Pledgor has the right to license). 

“Patents” means all of the following now owned or hereafter acquired by any Pledgor: (a) all letters patent of the
United States or the equivalent thereof in any other country or jurisdiction, including those listed on Schedule III, and all applications for letters patent of the United States or the equivalent thereof in any other country or jurisdiction,
including those listed on Schedule III, (b) all provisionals, reissues, extensions, continuations, divisions, continuations-in-part, reexaminations or revisions thereof, and the inventions disclosed or claimed therein, including the right to
make, use, import and/or sell the inventions disclosed or claimed therein, (c) all claims for, and rights to sue for, past or future infringements of any of the foregoing and (d) all income, royalties, damages and payments now or hereafter
due and payable with respect to any of the foregoing, including damages and payments for past or future infringement thereof. 

“Permitted Liens” means Liens that are not prohibited by the Indenture or any Other Pari Passu Obligations Document.

 “person” shall mean any natural person, corporation, business trust, joint venture, association, company,
partnership, limited liability company or government, individual or family trusts, or any agency or political subdivision thereof. 
 “Pledged Collateral” has the meaning assigned to such term in Section 3.01. 

  
 6 

 “Pledged Debt Securities” has the meaning assigned to such term in
Section 3.01. 
 “Pledged Securities” means any promissory notes, stock certificates or other certificated
securities now or hereinafter included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 
 “Pledgor” shall mean each Issuer and each Subsidiary Party. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Second-Priority Lien Documents” means the Note Documents and the Other Pari Passu Obligations
Documents. 
 “Secured Notes Intercreditor Agreement” has the meaning assigned to such term in the recitals of
this Agreement. 
 “Secured Parties” means (a) the Collateral Agent, (b) the holders of the
Securities and any other Note Obligations, (c) the beneficiaries of each indemnification obligation undertaken by any Indenture Party under any Indenture Document, (d) the Trustee, (e) the holders of any Other Pari Passu Obligations
and their Authorized Representative, provided that such Authorized Representative executes an Other Pari Passu Obligations Secured Party Joinder Agreement, and (f) the successors and permitted assigns of each of the foregoing.

 “Security Documents” means this Agreement, any agreement pursuant to which assets are added to the
Collateral and any other instruments or documents entered into and delivered in connection with any of the foregoing, in each case, in favor of the Collateral Agent as security for the Obligations, as such agreements, instruments or documents may
from time to time be amended. 
 “Security Interest” has the meaning assigned to such term in
Section 4.01. 
 “Senior Collateral Documents” has the meaning assigned to such term in the Secured Notes
Intercreditor Agreement. 
 “Senior Lender Claims” has the meaning assigned to such term in the Secured Notes
Intercreditor Agreement. 
 “Senior Lender Documents” has the meaning assigned to such term in the Secured
Notes Intercreditor Agreement. 
 “Senior Lenders” has the meaning assigned to such term in the Secured Notes
Intercreditor Agreement. 

  
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 “Subsidiary Party” has the meaning assigned to such term in the preliminary
statement of this Agreement, and any Subsidiary that becomes a party hereto pursuant to Section 7.16. 
 “Swap
Agreement” shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt
instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided, that no phantom stock or similar
plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of Holdings, the Company or any of the Subsidiaries shall be a Swap Agreement. 

“Trademark License” means any written agreement, now or hereafter in effect, granting to any Pledgor any right to use
any Trademark now or hereafter owned by any third party (including, without limitation, any such rights that such Pledgor has the right to license). 
 “Trademarks” means all of the following now owned or hereafter acquired by any Pledgor: (a) all trademarks, service marks, corporate names, company names, business names, fictitious
business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations thereof (if any), and all registration and
recording applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any State of the United States or any other country or any
political subdivision thereof (except for “intent-to-use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege
Use or a Statement of Use under Sections 1(c) and 1(d) of Lanham Act has been filed, to extent that, and solely during the period for which, any assignment of an “intent-to-use” application prior to such filing would violate the
Lanham Act), and all renewals thereof, including those listed on Schedule III, (b) all goodwill associated therewith or symbolized thereby, (c) all claims for, and rights to sue for, past or future infringements of any of the foregoing and
(d) all income, royalties, damages and payments now or hereafter due and payable with respect to any of the foregoing, including damages and payments for past or future infringement thereof. 

“Trustee” has the meaning specified in the preamble. 

  
 8 

 ARTICLE 2 
 RESERVED 
 ARTICLE 3 

PLEDGE OF SECURITIES 
 Section 3.01. Pledge. As security for the payment or performance, as the case may be, in full of its Obligations, each Pledgor hereby assigns and pledges to the Collateral Agent, its
successors and permitted assigns, for the ratable benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and permitted assigns, for the ratable benefit of the Secured Parties, a security interest in all of such
Pledgor’s right, title and interest in, to and under (a)(i) the debt obligations listed opposite the name of such Pledgor on Schedule II, (ii) any debt securities in the future issued to such Pledgor having, in the case of each
instance of debt securities, an aggregate principal amount in excess of $5.0 million, and (iii) the certificates, promissory notes and any other instruments, if any, evidencing such debt securities (the “Pledged Debt
Securities”); (b) subject to Section 3.05 hereof, all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange
for or upon the conversion of, and all other proceeds received in respect of, the securities referred to in clause (a) above; (c) subject to Section 3.05 hereof, all rights and privileges of such Pledgor with respect to the securities
and other property referred to in clauses (a) and (b) above; and (d) all proceeds of any of the foregoing (the items referred to in clauses (a) through (d) above being collectively referred to as the “Pledged
Collateral”). 
 TO HAVE AND TO HOLD, to the extent consistent with the terms of the Secured Notes Intercreditor
Agreement, the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and permitted assigns, for the ratable benefit of the Secured
Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set forth. 
 Section 3.02.
Delivery of the Pledged Collateral. (a) Each Pledgor agrees promptly to deliver or cause to be delivered to the Applicable Agent, for the ratable benefit of the Secured Parties, any and all Pledged Securities to the extent such Pledged
Securities, in the case of promissory notes or other instruments evidencing Indebtedness, are required to be delivered pursuant to paragraph (b) of this Section 3.02. 

(b) Each Pledgor will cause any Indebtedness for borrowed money having an aggregate principal amount in excess of $5.0 million (other
than (i) intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations and intercompany sales of Holdings, the Company and its Subsidiaries or (ii) to the extent that a
pledge of such promissory note or instrument would violate applicable law) owed to such Pledgor by any person to be evidenced by a duly executed promissory note that is pledged and delivered to the Applicable Agent, for the ratable benefit of the
Secured Parties, pursuant to the terms hereof. To the extent any such promissory note is a demand note, each Pledgor party 

  
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thereto agrees, if requested by the Collateral Agent, to immediately demand payment thereunder upon an Event of Default specified under Sections 6.01(a), (b), (e), (f), or (g) of the
Indenture, unless such demand would not be commercially reasonable or would otherwise expose Pledgor to liability to the maker. 

(c) Upon delivery to the Applicable Agent, (i) any Pledged Securities required to be delivered pursuant to the foregoing paragraphs
(a) and (b) of this Section 3.02 shall be accompanied by note powers duly executed in blank or other instruments of transfer reasonably satisfactory to the Applicable Agent and by such other instruments and documents as the Applicable
Agent may reasonably request and (ii) all other property composing part of the Pledged Collateral delivered pursuant to the terms of this Agreement shall be accompanied to the extent necessary to perfect the security interest in or allow
realization on the Pledged Collateral by proper instruments of assignment duly executed by the applicable Pledgor and such other instruments or documents (including issuer acknowledgments in respect of uncertificated securities) as the Applicable
Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be attached hereto as Schedule II (or a supplement to Schedule II, as applicable) and made a part
hereof; provided that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. 

Section 3.03. Representations, Warranties and Covenants. The Pledgors, jointly and severally, represent, warrant and covenant
to and with the Collateral Agent, for the ratable benefit of the Secured Parties, that: 
 (a) Schedule II includes all debt
securities and promissory notes or instruments evidencing Indebtedness required to be delivered pursuant to Section 3.02(b); 
 (b) the Pledged Debt Securities (solely with respect to Pledged Debt Securities issued by a person that is not a Subsidiary of Holdings or an Affiliate of any such Subsidiary, to the best of each
Pledgor’s knowledge) have been duly and validly authorized and issued by the issuers thereof and (solely with respect to Pledged Debt Securities issued by a person that is not a Subsidiary of Holdings or an Affiliate of any such subsidiary, to
the best of each Pledgor’s knowledge) are legal, valid and binding obligations of the issuers thereof, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or
affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding at law or in equity) and an implied covenant of good faith and fair dealing; 

(c) except for the security interests granted hereunder, each Pledgor (i) is and, subject to any transfers made in compliance with
the Note Documents, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule II as owned by such Pledgor, (ii) holds the same free and clear of all Liens, other than Permitted Liens,
(iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged Collateral, other than pursuant to a transaction permitted by the Note Documents

  
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and other than Permitted Liens and (iv) subject to the rights of such Pledgor under the Note Documents to dispose of Pledged Collateral, will use commercially reasonable efforts to defend
its title or interest hereto or therein against any and all Liens (other than Permitted Liens), however arising, of all persons; 
 (d) [Intentionally Omitted]; 
 (e) each Pledgor has the power and authority to
pledge the Pledged Collateral pledged by it hereunder in the manner hereby done or contemplated; 
 (f) no action, consent or
approval of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the perfection or maintenance of the Liens created hereunder or the exercise by the Collateral Agent or any Secured
Party of its rights hereunder or the remedies in respect of the Collateral, except for (a) the filing of Uniform Commercial Code financing statements, (b) filings with the United States Patent and Trademark Office and the United States
Copyright Office and comparable offices in foreign jurisdictions and equivalent filings in foreign jurisdictions, (c) such as have been made or obtained and are in full force and effect and (d) such actions, consents and approvals the
failure of which to be obtained or made would not reasonably be expected to have a Material Adverse Effect; 
 (g) by virtue of
the execution and delivery by the Pledgors of this Agreement any pledge agreement governed by foreign law, when any Pledged Securities (including foreign stock covered by any pledge agreement governed by foreign law) are delivered to the Collateral
Agent, for the ratable benefit of the Secured Parties, in accordance with this Agreement and a financing statement covering such Pledged Securities is filed in the appropriate filing office, the Collateral Agent will obtain, for the ratable benefit
of the Secured Parties, a legal, valid and perfected lien upon and security interest in such Pledged Securities under the New York UCC, subject only to Liens permitted under the Note Documents, as security for the payment and performance of the
Obligations; and 
 (h) each Pledgor that is an issuer of the Pledged Collateral confirms that it has received notice of the
security interest granted hereunder. 
 Section 3.04. Registration in Nominee Name; Denominations. The Applicable
Agent, on behalf of the Secured Parties, shall have the right (in its sole and absolute discretion) to hold the Pledged Securities in the name of the applicable Pledgor, endorsed or assigned in blank or in favor of the Applicable Agent or, if an
Event of Default shall have occurred and be continuing, in its own name as pledgee or the name of its nominee (as pledgee or as sub-agent). Each Pledgor will promptly give to the Applicable Agent copies of any notices or other communications
received by it with respect to Pledged Securities registered in the name of such Pledgor. If an Event of Default shall have occurred and be continuing, the Applicable Agent shall have the right to exchange the certificates representing Pledged
Securities for certificates of smaller or larger denominations for any purpose consistent with this Agreement. Each Pledgor shall use its commercially reasonable efforts to cause any Indenture Party that is not a party to this 

  
 11 

 
Agreement to comply with a request by the Applicable Agent, pursuant to this Section 3.04, to exchange certificates representing Pledged Securities of such Indenture Party for certificates
of smaller or larger denominations. 
 Section 3.05. Voting Rights; Dividends and Interest, Etc. (a) Unless and
until an Event of Default shall have occurred and be continuing and the Collateral Agent shall have given notice to the relevant Pledgors of the Collateral Agent’s intention to exercise its rights hereunder: 

(i) Each Pledgor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an
owner of Pledged Collateral or any part thereof for any purpose consistent with the terms of this Agreement and the Note Documents; provided, that, except as permitted under the Note Documents, such rights and powers shall not be exercised in
any manner that could materially and adversely affect the rights inuring to a holder of any Pledged Collateral, the rights and remedies of any of the Collateral Agent or the other Secured Parties under any Note Document or the ability of the Secured
Parties to exercise the same. 
 (ii) The Collateral Agent shall promptly execute and deliver to each Pledgor, or
cause to be executed and delivered to such Pledgor, all such proxies, powers of attorney and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and/or consensual rights and powers
it is entitled to exercise pursuant to subparagraph (i) above. 
 (iii) Each Pledgor shall be entitled to
receive and retain any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions
are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the Note Documents and applicable laws; provided, that (A) any noncash dividends, interest, principal or other distributions, payments or
other consideration in respect thereof, including any rights to receive the same to the extent not so distributed or paid, that would constitute Pledged Securities, whether resulting from a subdivision, combination or reclassification of the
outstanding Equity Interests of the issuer of any Pledged Securities, received in exchange for Pledged Securities or any part thereof, or in redemption thereof, as a result of any merger, consolidation, acquisition or other exchange of assets to
which such issuer may be a party or otherwise or (B) any non-cash dividends and other distributions paid or payable in respect of any Pledged Securities that would constitute Pledged Securities in connection with a partial or total liquidation
or dissolution or in connection with a reduction of capital, capital surplus or paid in surplus, shall be and become part of the Pledged Collateral, and, if received by any Pledgor, shall not be commingled by such Pledgor with any of its other funds
or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Applicable Agent and the Collateral Agent, for the ratable benefit of the 

  
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Secured Parties, and shall be forthwith delivered to the Applicable Agent, for the ratable benefit of the Secured Parties, in the same form as so received (endorsed in a manner reasonably
satisfactory to the Applicable Agent). 
 (b) In accordance with, and to the extent consistent with, the terms of the Secured
Notes Intercreditor Agreement, upon the occurrence and during the continuance of an Event of Default and after notice by the Collateral Agent to the Company of the Collateral Agent’s intention to exercise its rights hereunder, all rights of any
Pledgor to dividends, interest, principal or other distributions that such Pledgor is authorized to receive pursuant to paragraph (a)(iii) of this Section 3.05 shall cease, and all such rights shall thereupon become vested, for the ratable
benefit of the Secured Parties, in the Applicable Agent which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions; provided, however, that even after the
occurrence of an Event of Default, any Pledgor may continue to exercise dividend and distribution rights solely to the extent permitted under subclause (xii) and subclause (xiii) of Section 4.04(b) of the Indenture, and not otherwise
prohibited by any Note Documents. All dividends, interest, principal or other distributions received by any Pledgor contrary to the provisions of this Section 3.05 shall not be commingled by such Pledgor with any of its other funds or property
but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Applicable Agent, for the ratable benefit of the Secured Parties, and shall be forthwith delivered to the Applicable Agent, for the ratable benefit of the
Secured Parties, in the same form as so received (endorsed in a manner reasonably satisfactory to the Applicable Agent). Any and all money and other property paid over to or received by the Applicable Agent pursuant to the provisions of this
paragraph (b) shall be retained by the Applicable Agent in an account to be established by the Applicable Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of Section 5.02 hereof.
After all Events of Default have been cured or waived and the Company has delivered to the Applicable Agent a certificate to that effect, the Applicable Agent shall promptly release to each Pledgor (without interest) all dividends, interest,
principal or other distributions that such Pledgor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 3.05 and that remain in such account. 

(c) In accordance with, and to the extent consistent with, the terms of the Secured Notes Intercreditor Agreement, upon the occurrence
and during the continuance of an Event of Default and after notice by the Collateral Agent to the Company of the Collateral Agent’s intention to exercise its rights hereunder, all rights of any Pledgor to exercise the voting and/or consensual
rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 3.05, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 3.05, shall cease, and all such rights shall
thereupon become vested in the Collateral Agent (subject to the Secured Notes Intercreditor Agreement), for the ratable benefit of the Secured Parties, which shall have the sole and exclusive right and authority to exercise such voting and
consensual rights and powers; provided that, to the extent consistent with, the terms of the Secured Notes Intercreditor Agreement and the Indenture, unless the Collateral Agent shall have received written objections from Holders of at least
25% in principal amount of the Notes, the Collateral Agent shall have the right from time to time following and during 

  
 13 

 
the continuance of an Event of Default to permit the Pledgors to exercise such rights. After all Events of Default have been cured or waived and the Company has delivered to the Collateral Agent
a certificate to that effect, each Pledgor shall have the right to exercise the voting and/or consensual rights and powers that such Pledgor would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above. 

ARTICLE 4 

SECURITY INTERESTS IN OTHER PERSONAL PROPERTY

 Section 4.01. Security Interest. (a) As security for the payment or performance when due (whether at the
stated maturity, by acceleration or otherwise), as the case may be, in full of its Obligations, each Pledgor hereby assigns and pledges to the Collateral Agent, its successors and permitted assigns, for the ratable benefit of the Secured Parties,
and hereby grants to the Collateral Agent, its successors and permitted assigns, for the ratable benefit of the Secured Parties, a security interest (the “Security Interest”) in all right, title and interest in or to any and all of
the following assets and properties now owned or at any time hereafter acquired by such Pledgor or in which such Pledgor now has or at any time in the future may acquire any right, title or interest (collectively, the “Article 9
Collateral”): 
 (i) all Accounts; 

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

 (v) all Equipment; 
 (vi) all General Intangibles; 
 (vii) all Instruments; 

(viii) all Inventory; 
 (ix) all Investment Property; 
 (x) all Letter of Credit Rights;

 (xi) all Commercial Tort Claims; 

(xii) (1) Securities Accounts, (2) Financial Assets credited to Securities Accounts or Deposit Accounts from time to
time and all Security Entitlements in respect thereof, (3) all cash held any Securities Account or Deposit Account and (4) all other money in the possession of the Collateral Agent; 

(xiii) all timber to be cut; 

  
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 (xiv) all other personal property not otherwise described above (except for
property specifically excluded from any defined term used in any of the foregoing clauses); 
 (xv) all books and
records pertaining to the Article 9 Collateral; and 
 (xvi) to the extent not otherwise included, all
proceeds, Supporting Obligations and products of any and all of the foregoing and all collateral security and guarantees given by any person with respect to any of the foregoing. 
 Notwithstanding anything to the contrary in this Agreement, the Indenture or any Security Documents, this Agreement shall not constitute a grant of a security interest in (and the following shall not
constitute Collateral for the Obligations) (A) any vehicle covered by a certificate of title or ownership, whether now owned or hereafter acquired, (B) the capital stock or other securities of the Company or any of its Affiliates,
(C) (i) the Bucksport Co-Gen Assets, (ii) the Excluded Minority Interests, (iii) any Equity Interests acquired after the Closing Date in a person that is not a Subsidiary if, and to the extent that, and for so long as, a grant of
a security interest in such Equity Interests would violate applicable law or an enforceable contractual obligation binding on or relating to such Equity Interests (if such obligation existed at the time of acquisition of such Equity Interests and
was not created or made binding on such Equity Interests in contemplation of or in connection with the acquisition of such Equity Interests), and (iv) any assets acquired after the Closing Date to the extent that, and for so long as, granting a
security interest in such assets would violate an enforceable contractual obligation binding on such assets that existed at the time of acquisition thereof and was not created or made binding on such assets in contemplation or in connection with the
acquisition of such assets (except in the case of assets acquired with Indebtedness of the type permitted pursuant to Section 4.03(b)(iv) of the Indenture or any equivalent exception under any other agreement governing indebtedness that is
secured by a Permitted Lien), (D) any property excluded from the definition of Pledged Collateral by virtue of the proviso to Section 3.01 hereof, (E) any Letter of Credit Rights to the extent any Pledgor is required by applicable law
to apply the proceeds of a drawing of such Letter of Credit for a specified purpose, (F) any Pledgor’s right, title or interest in any license, contract or agreement to which such Pledgor is a party or any of its right, title or interest
thereunder to the extent, but only to the extent, that such a grant would, under the terms of such license, contract or agreement, result in a breach of the terms of, or constitute a default under, or result in the abandonment, invalidation or
unenforceability of, any license, contract or agreement to which such Pledgor is a party (other than to the extent that any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the New York UCC or any
other applicable law (including, without limitation, Title 11 of the United States Code) or principles of equity); provided, that immediately upon the ineffectiveness, lapse or termination of any such provision, the Collateral shall include,
and such Pledgor shall be deemed to have granted a security interest in, all such rights and interests as if such provision had never been in effect, or (G) any asset or property that is not at any time subject to a Lien securing the Senior
Lender Claims at such time. 

  
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 (b) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from
time to time to file in any relevant jurisdiction any financing statements (including fixture filings and filings with respect to timber to be cut) with respect to the Article 9 Collateral or any part thereof 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, including (i) whether such Pledgor is an organization, the type of organization
and any organizational identification number issued to such Pledgor, (ii) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such Article 9 Collateral relates and
(iii) a description of collateral that describes such property in any other manner as the Collateral Agent may reasonably determine is necessary or advisable to ensure the perfection of the security interest in the Article 9 Collateral
granted under this Agreement, including describing such property as “all assets” or “all property.” Each Pledgor agrees to provide such information to the Collateral Agent promptly upon request, including providing within 30 days
of any reasonable request therefor legal descriptions of real property (other than real property subject to a Mortgage) on which timber to be cut of such Pledgor is located. 
 The Collateral Agent is further authorized to file with the United States Patent and Trademark Office or United States Copyright Office (or any successor office) such documents as may be reasonably
necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by each Pledgor, without the signature of any Pledgor, and naming any Pledgor or the Pledgors as debtors and the
Collateral Agent as secured party. Notwithstanding anything to the contrary herein, no Pledgor shall be required to take any action under the laws of any jurisdiction other than the United States (or any political subdivision thereof) and its
territories and possessions for the purpose of perfecting the Security Interest in any Article 9 Collateral of such Pledgor constituting Patents, Trademarks or Copyrights. 

(c) The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any
way alter or modify, any obligation or liability of any Pledgor with respect to or arising out of the Article 9 Collateral. 
 (d) Notwithstanding anything to the contrary in the Note Documents, none of the Pledgors shall be required to enter into any Control Agreement with respect to any cash or Deposit Account or (except as
provided in Section 4.04(b)) any Securities Account. 
 Section 4.02. Representations and Warranties. The
Pledgors jointly and severally represent and warrant to the Collateral Agent and the Secured Parties that: 
 (a) Each Pledgor
has good and valid rights in and title to the Article 9 Collateral with respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Collateral Agent the Security Interest in such
Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in 

  
 16 

 
accordance with the terms of this Agreement, without the consent or approval of any other person other than any consent or approval that has been obtained and is in full force and effect or has
otherwise been disclosed herein or in the Indenture. 
 (b) The information set forth in the Schedules attached hereto is
correct and complete, in all material respects, as of the Closing Date. The Uniform Commercial Code financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations containing a description of
the Article 9 Collateral that have been prepared by the Collateral Agent for filing in each governmental, municipal or other office specified in Schedule IV (or specified by notice from the Company to the Collateral Agent after the Closing Date
in the case of filings, recordings or registrations required by Section 4.16 of the Indenture or corresponding provisions of any other Note Documents) and in each relevant governmental, municipal or other office pertaining to real property for
which a legal description is provided pursuant to Section 4.01(b) constitute all the filings, recordings and registrations (except to the extent that filings are required to be made in the United States Patent and Trademark Office and the
United States Copyright Office, or any similar office in any other jurisdiction, in order to perfect the Security Interest in Article 9 Collateral consisting of United States Patents, United States registered Trademarks and United States
registered Copyrights) that are necessary to publish notice of and protect the validity of and to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the ratable benefit of the Secured Parties) in respect
of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent
filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided under applicable law with respect to the filing of continuation statements or amendments. Each Pledgor represents and
warrants that a fully executed Intellectual Property Security Agreement containing a description of all Article 9 Collateral consisting of Intellectual Property with respect to United States Patents (and Patents for which United States
applications are pending), United States registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered Copyrights (and Copyrights for which United States registration applications
are pending) has been delivered to the Collateral Agent for recording with the United States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C.
§ 205 and the regulations thereunder, as applicable, and reasonably requested by the Collateral Agent, to protect the validity of and to establish a legal, valid and perfected security interest in favor of the Collateral Agent, for the
ratable benefit of the Secured Parties, in respect of all Article 9 Collateral consisting of such Intellectual Property in which a security interest may be perfected by recording with the United States Patent and Trademark Office and the United
States Copyright Office, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary (other than the Uniform Commercial Code financing statements referred to above, and other than such actions
as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of United States Patents, Trademarks and Copyrights (or registration or application for registration thereof) acquired or developed after the
date hereof). 

  
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 (c) The Security Interest constitutes (i) a legal and valid security interest in all
the Article 9 Collateral securing the payment and performance of the Obligations, (ii) subject to the filings described in Section 4.02(b), a perfected security interest in all Article 9 Collateral in which a security interest
may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code or other
applicable law in such jurisdictions and (iii) a security interest that shall be perfected in all Article 9 Collateral in which a security interest may be perfected upon the receipt and recording of the Intellectual Property Security
Agreement with the United States Patent and Trademark Office and the United States Copyright Office, as applicable. The Security Interest is and shall be a second priority Security Interest, prior to any other Lien on any of the Article 9
Collateral, other than Liens in respect of Senior Lender Claims, subject to Permitted Liens. 
 (d) The Article 9
Collateral is owned by the Pledgors free and clear of any Lien, other than Permitted Liens. None of the Pledgors has filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial Code or any
other applicable laws covering any Article 9 Collateral, (ii) any assignment in which any Pledgor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with the United
States Patent and Trademark Office or the United States Copyright Office or (iii) any assignment in which any Pledgor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral
with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Permitted Liens. 

(e) None of the Pledgors holds any Commercial Tort Claim individually in excess of $5.0 million as of the Closing Date except as
indicated on Schedule V. 
 (f) Except as set forth in Schedule VI, as of the Closing Date, all Accounts have been originated by
the Pledgors and all Inventory has been produced or acquired by the Pledgors in the ordinary course of business. 
 (g) As to
itself and its Article 9 Collateral consisting of Intellectual Property (the “Intellectual Property Collateral”), to the best of each Pledgor’s knowledge: 

(i) The Intellectual Property Collateral set forth on Schedule III includes all of the material Patents, Trademarks,
Copyrights and IP Agreements owned by such Pledgor as of the date hereof. 
 (ii) The Intellectual Property
Collateral is subsisting and, to the best of such Pledgor’s knowledge, has not been adjudged invalid or unenforceable in whole or part (except for office actions issued in the ordinary course by the United States Patent and Trademark Office or
any similar office in any foreign 

  
 18 

 
jurisdiction), and to the best of such Pledgor’s knowledge, is valid and enforceable, except as would not reasonably be expected to have a Material Adverse Effect. Such Pledgor is not aware
of any uses of any item of Intellectual Property Collateral that would be expected to lead to such item becoming invalid or unenforceable, except as would not reasonably be expected to have a Material Adverse Effect. 

(iii) Such Pledgor has made or performed all commercially reasonable acts, including without limitation filings,
recordings and payment of all required fees and taxes, required to maintain and protect its interest in each and every item of Intellectual Property Collateral in full force and effect in the United States and such Pledgor has used proper statutory
notice in connection with its use of each Patent, Trademark and Copyright in the Intellectual Property Collateral, in each case, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 (iv) With respect to each IP Agreement, the absence, termination or violation of which would reasonably be
expected to have a Material Adverse Effect: (A) such Pledgor has not received any notice of termination or cancellation under such IP Agreement; (B) such Pledgor has not received any notice of a breach or default under such IP Agreement,
which breach or default has not been cured or waived; and (C) to the knowledge of such Pledgor, neither such Pledgor nor any other party to such IP Agreement is in breach or default thereof in any material respect, and no event has occurred
that, with notice or lapse of time or both, would constitute such a breach or default or permit termination, modification or acceleration under such IP Agreement. 

(v) Except as would not reasonably be expected to have a Material Adverse Effect, no Pledgor or Intellectual Property
Collateral is subject to any outstanding consent, settlement, decree, order, injunction, judgment or ruling restricting the use of any Intellectual Property Collateral or that would impair the validity or enforceability of such Intellectual Property
Collateral. 
 Section 4.03. Covenants. (a) Each Pledgor agrees to provide at least 10 days’ prior written
notice to Collateral Agent of any change (i) in its corporate or organization name, (ii) in its identity or type of organization or corporate structure, (iii) in its Federal Taxpayer Identification Number or organizational
identification number or (iv) in its “location” (determined as provided in the Uniform Commercial Code Section 9-307). Each Pledgor agrees promptly to provide the Collateral Agent with certified organizational documents
reflecting any of the changes described in the immediately preceding sentence. Each Pledgor agrees not to effect or permit any change referred to in the first sentence of this paragraph (a) unless all filings have been made, or will have been
made within any applicable statutory period, under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected first priority
security interest in all the Article 9 Collateral, for the ratable benefit of the Secured Parties. Each Pledgor agrees promptly to notify the Collateral Agent if any material portion of the Article 9 Collateral owned or held by such
Pledgor is damaged or destroyed. 

  
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 (b) Subject to the rights of such Pledgor under the Note Documents to dispose of Collateral,
each Pledgor shall, at its own expense, use commercially reasonable efforts to defend title to the Article 9 Collateral against all persons and to defend the Security Interest of the Collateral Agent, for the ratable benefit of the Secured
Parties, in the Article 9 Collateral and the priority thereof against any Lien that is not a Permitted Lien. 
 (c) Each
Pledgor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions that, in accordance with, and to the extent consistent with the terms of the Secured
Notes Intercreditor Agreement and the Indenture, the Holders of at least 25% in principal amount of the Notes or the Collateral Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and
the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement and the granting of the Security Interest and the filing of any financing statements
(including fixture filings) or other documents in connection herewith or therewith. If any amount payable under or in connection with any of the Article 9 Collateral that is in excess of $5.0 million shall be or become evidenced by any
promissory note or other instrument, such note or instrument shall be promptly pledged and delivered to the Applicable Agent, for the ratable benefit of the Secured Parties, duly endorsed in a manner reasonably satisfactory to the Applicable Agent.

 Without limiting the generality of the foregoing, each Pledgor hereby authorizes the Applicable Agent, with prompt notice
thereof to the Pledgors, to supplement this Agreement by supplementing Schedule III or adding additional schedules hereto to specifically identify any asset or item that may constitute material Copyrights, Patents, Trademarks, Copyright Licenses,
Patent Licenses or Trademark Licenses; provided that any Pledgor shall have the right, exercisable within 30 days after the Company has been notified by the Applicable Agent of the specific identification of such Article 9 Collateral, to
advise the Applicable Agent in writing of any inaccuracy of the representations and warranties made by such Pledgor hereunder with respect to such Article 9 Collateral. Each Pledgor agrees that it will use its commercially reasonable efforts to
take such action as shall be necessary in order that all representations and warranties hereunder shall be true and correct with respect to such Article 9 Collateral within 30 days after the date it has been notified by the Applicable Agent of
the specific identification of such Article 9 Collateral. 
 (d) In accordance with, and to the extent consistent with, the
terms of the Secured Notes Intercreditor Agreement, after the occurrence of an Event of Default and during the continuance thereof, the Collateral Agent shall have the right to verify under reasonable procedures the validity, amount, quality,
quantity, value, condition and status of, or any other matter relating to, the Article 9 Collateral, including, in the case of Accounts or Article 9 Collateral in the possession of any third person, by contacting

  
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Account Debtors or the third person possessing such Article 9 Collateral for the purpose of making such a verification. The Collateral Agent shall have the right to share any information it
gains from such inspection or verification with any Secured Party. 
 (e) In accordance with, and to the extent consistent with,
the terms of the Secured Notes Intercreditor Agreement , at its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Article 9
Collateral and not a Permitted Lien, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Pledgor fails to do so as required by the Note Documents or this Agreement, and each Pledgor jointly and
severally agrees to reimburse the Collateral Agent on demand for any reasonable payment made or any reasonable expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided, however, that nothing in this
Section 4.03(e) shall be interpreted as excusing any Pledgor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Pledgor with respect
to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Note Documents. 
 (f) Each Pledgor (rather than the Collateral Agent or any Secured Party) shall remain liable for the observance and performance of all the conditions and obligations to be observed and performed by it
under each contract, agreement or instrument relating to the Article 9 Collateral and each Pledgor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability
for such performance. 
 (g) None of the Pledgors shall make or permit to be made an assignment, pledge or hypothecation of the
Article 9 Collateral or shall grant any other Lien in respect of the Article 9 Collateral, except as permitted by the Note Documents and the other provisions hereof. None of the Pledgors shall make or permit to be made any transfer of the
Article 9 Collateral and each Pledgor shall remain at all times in possession of the Article 9 Collateral owned by it, except as permitted by the Note Documents and the other provisions hereof. 

(h) None of the Pledgors will, without the Collateral Agent’s prior written consent (which consent shall not be unreasonably
withheld), grant any extension of the time of payment of any Accounts included in the Article 9 Collateral, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person liable for the
payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with prudent business practices or as
otherwise permitted under the Note Documents. 
 (i) Each Pledgor irrevocably makes, constitutes and appoints the Applicable
Agent (and all officers, employees or agents designated by the Applicable Agent) as such Pledgor’s true and lawful agent (and attorney-in-fact) for the purpose, during the continuance of an Event of Default, of making, settling and adjusting
claims in 

  
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respect of Article 9 Collateral under policies of insurance, endorsing the name of such Pledgor on any check, draft, instrument or other item of payment for the proceeds of such policies of
insurance and for making all determinations and decisions with respect thereto. In the event that any Pledgor at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby or to pay any premium in whole or
part relating thereto, the Applicable Agent may, without waiving or releasing any obligation or liability of the Pledgors hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium
and take any other actions with respect thereto as the Applicable Agent reasonably deems advisable. All sums disbursed by the Applicable Agent in connection with this Section 4.03(i), including reasonable attorneys’ fees, court costs,
expenses and other charges relating thereto, shall be payable, upon demand, by the Pledgors to the Applicable Agent and shall be additional Obligations secured hereby. 
 Section 4.04. Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, for the ratable benefit of the Secured
Parties, the Collateral Agent’s security interest in the Article 9 Collateral, each Pledgor agrees, in each case at such Pledgor’s own expense, to take the following actions with respect to the following Article 9 Collateral:

 (a) Instruments and Tangible Chattel Paper. If any Pledgor shall at any time hold or acquire any Instrument (other
than checks received and processed in the ordinary course of business) or Tangible Chattel Paper evidencing an amount in excess of $5.0 million, such Pledgor shall forthwith endorse, assign and deliver the same to the Applicable Agent, accompanied
by such instruments of transfer or assignment duly executed in blank as the Applicable Agent may from time to time reasonably request. 
 (b) Investment Property. Except to the extent otherwise provided in Article 3, if any Pledgor shall at any time hold or acquire any certificated security constituting Pledged Collateral or
Article 9 Collateral, such Pledgor shall forthwith endorse, assign and deliver the same to the Applicable Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Applicable Agent may from time to time
reasonably specify. If any security of a domestic issuer now owned or hereafter acquired by any Pledgor is uncertificated and is issued to such Pledgor or its nominee directly by the issuer thereof, such Pledgor shall promptly notify the Applicable
Agent of such uncertificated securities and (i) upon the Applicable Agent’s reasonable request or (ii) upon the occurrence and during the continuance of an Event of Default, such Pledgor shall pursuant to an agreement in form and
substance reasonably satisfactory to the Applicable Agent, either cause the issuer to agree to comply with instructions from the Applicable Agent as to such security, without further consent of any Pledgor or such nominee, or cause the issuer
to register the Applicable Agent as the registered owner of such security. If any security or other Investment Property, whether certificated or uncertificated, representing an Equity Interest in a third party and having a fair market value in
excess of $5.0 million now or hereafter acquired by any Pledgor is held by such Pledgor or its nominee through a securities intermediary or commodity intermediary, such Pledgor shall promptly notify the Applicable Agent thereof and, at the
Applicable Agent’s request and option, pursuant to a Control Agreement in form and substance 

  
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reasonably satisfactory to the Applicable Agent, either (A) cause such securities intermediary or commodity intermediary, as applicable, to agree, in the case of a securities intermediary,
to comply with entitlement orders or other instructions from the Applicable Agent to such securities intermediary as to such securities or other Investment Property or, in the case of a commodity intermediary, to apply any value distributed on
account of any commodity contract as directed by the Applicable Agent to such commodity intermediary, in each case without further consent of any Pledgor or such nominee, or (B) in the case of Financial Assets or other Investment Property held
through a securities intermediary, arrange for the Applicable Agent to become the entitlement holder with respect to such Investment Property, for the ratable benefit of the Secured Parties, with such Pledgor being permitted, only with the consent
of the Applicable Agent, to exercise rights to withdraw or otherwise deal with such Investment Property. The Applicable Agent agrees with each of the Pledgors that the Applicable Agent shall not give any such entitlement orders or instructions or
directions to any such issuer, securities intermediary or commodity intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by any Pledgor, unless an Event of Default has occurred and is continuing or,
after giving effect to any such withdrawal or dealing rights, would occur. The provisions of this paragraph (b) shall not apply to any Financial Assets credited to a Securities Account for which the Applicable Agent is the securities
intermediary. 
 (c) Commercial Tort Claims. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim in
an amount reasonably estimated to exceed $5.0 million, such Pledgor shall promptly notify the Applicable Agent thereof in a writing signed by such Pledgor, including a summary description of such claim, and grant to the Applicable Agent in writing a
security interest therein and in the proceeds thereof, all under the terms and provisions of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Applicable Agent. 

Section 4.05. Covenants Regarding Patent, Trademark and Copyright Collateral. Except as permitted by the Note Documents:
(a) Each Pledgor agrees that it will not knowingly do any act or omit to do any act (and will exercise commercially reasonable efforts to prevent its licensees from doing any act or omitting to do any act) whereby any Patent that is material to
the normal conduct of such Pledgor’s business may become prematurely invalidated, abandoned, lapsed or dedicated to the public, and agrees that it shall take commercially reasonable steps with respect to any material products covered by any
such Patent as necessary and sufficient to establish and preserve its rights under applicable patent laws. 
 (b) Each Pledgor
will, and will use its commercially reasonable efforts to cause its licensees or its sublicensees to, for each material Trademark necessary to the normal conduct of such Pledgor’s business, (i) maintain such Trademark in full force free
from any adjudication of abandonment or invalidity for non-use, (ii) maintain the quality of products and services offered under such Trademark, (iii) display such Trademark with notice of federal or foreign registration or claim of
trademark or service mark as required under applicable law and (iv) not knowingly use or knowingly permit its licensees’ use of such Trademark in violation of any third-party rights. 

  
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 (c) Each Pledgor will, and will use its commercially reasonable efforts to cause its
licensees or its sublicensees to, for each work covered by a material Copyright necessary to the normal conduct of such Pledgor’s business that it publishes, displays and distributes, use a copyright notice as provided by applicable copyright
laws. 
 (d) Each Pledgor shall notify the Applicable Agent promptly if it knows that any Patent, Trademark or Copyright
material to the normal conduct of such Pledgor’s business may imminently become abandoned, lapsed or dedicated to the public, or of any materially adverse determination or development, excluding office actions and similar determinations or
developments in the United States Patent and Trademark Office, United States Copyright Office, any court or any similar office of any country, regarding such Pledgor’s ownership of any such material Patent, Trademark or Copyright or its right
to register or to maintain the same. 
 (e) Each Pledgor, either itself or through any agent, employee, licensee or designee,
shall (i) inform the Applicable Agent on an annual basis of each application by itself, or through any agent, employee, licensee or designee, for any Patent with the United States Patent and Trademark Office and each registration of any
Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright Office or any comparable office or agency in any other country filed during the preceding twelve-month period, and (ii) upon the reasonable
request of the Applicable Agent, execute and deliver any and all agreements, instruments, documents and papers as the Applicable Agent may reasonably request to evidence the Applicable Agent’s security interest for the ratable benefit of the
Secured Parties in such Patent, Trademark or Copyright. 
 (f) Each Pledgor shall exercise its reasonable business judgment
consistent with the practice in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any comparable office or agency in any other country with respect to maintaining and pursuing each application
relating to any Patent, Trademark and/or Copyright (and obtaining the relevant grant or registration) material to the normal conduct of such Pledgor’s business and to maintain (i) each issued Patent and (ii) the registrations of each
Trademark and each Copyright that is material to the normal conduct of such Pledgor’s business, including, when applicable and necessary in such Pledgor’s reasonable business judgment, timely filings of applications for renewal, affidavits
of use, affidavits of incontestability and payment of maintenance fees, and, if any Pledgor believes necessary in its reasonable business judgment, to initiate opposition, interference and cancellation proceedings against third parties. 

(g) In the event that any Pledgor knows or has reason to know that any Article 9 Collateral consisting of a Patent, Trademark or
Copyright material to the normal conduct of its business has been or is about to be materially infringed, misappropriated or diluted by a third party, such Pledgor shall promptly notify the Applicable Agent and shall, if such Pledgor deems it
necessary in its reasonable business judgment, promptly sue and recover any and all damages, and take such other actions as are reasonably appropriate under the circumstances. 

  
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 ARTICLE 5 
 REMEDIES 
 Section 5.01. Remedies Upon Default. In
accordance with, and to the extent consistent with, the terms of the Secured Notes Intercreditor Agreement, upon the occurrence and during the continuance of an Event of Default, each Pledgor agrees to deliver each item of Collateral to the
Collateral Agent on demand, and it is agreed that the Collateral Agent shall have the right to take any of or all the following actions at the same or different times: (a) with respect to any Article 9 Collateral consisting of Intellectual
Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the applicable Pledgors to the Collateral Agent or to license or sublicense, whether general,
special or otherwise, and whether on an exclusive or a nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such manner as the Collateral Agent shall determine (other than in violation of
any then-existing licensing arrangements to the extent that waivers thereunder cannot be obtained with the use of commercially reasonable efforts, which each Pledgor hereby agrees to use) and (b) with or without legal process and with or
without prior notice or demand for performance, to take possession of the Article 9 Collateral and without liability for trespass to the applicable Pledgor to enter any premises where the Article 9 Collateral may be located for the purpose
of taking possession of or removing the Article 9 Collateral and, generally, to exercise any and all rights afforded to a secured party under the applicable Uniform Commercial Code or other applicable law. Without limiting the generality of the
foregoing, each Pledgor agrees that the Collateral Agent shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any
broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized in connection with any sale of a security (if it deems it
advisable to do so) pursuant to the foregoing to restrict the prospective bidders or purchasers to persons who represent and agree that they are purchasing such security for their own account, for investment, and not with a view to the distribution
or sale thereof. Upon consummation of any such sale of Collateral pursuant to this Section 5.01 the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such
purchaser at any such sale shall hold the property sold absolutely, free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives and releases (to the extent permitted by law) all rights of redemption, stay, valuation and
appraisal that such Pledgor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 
 The Collateral Agent shall, except in the case of Collateral that is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, give the applicable
Pledgors 10 Business Days’ written notice (which each Pledgor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make
any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities 

  
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exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any
such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or the portion thereof,
to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be obligated to make any sale of any Collateral if it shall
determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to
time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In the case of any sale of all or any part of the Collateral made on credit or
for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur any liability in the event that any such purchaser or
purchasers shall fail to take up and pay for the Collateral so sold and, in the case of any such failure, such Collateral may be sold again upon notice given in accordance with provisions above. At any public (or, to the extent permitted by law,
private) sale made pursuant to this Section 5.01, any Secured Party may bid for or purchase for cash, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of any Pledgor (all such rights
being also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property in accordance
with Section 5.02 hereof without further accountability to any Pledgor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free
to carry out such sale pursuant to such agreement and no Pledgor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an
agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to
foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the
provisions of this Section 5.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 

Section 5.02. Application of Proceeds. 
 In accordance with, and to the extent consistent with, the terms of the Secured Notes Intercreditor Agreement , the Collateral Agent shall promptly apply the proceeds, moneys or balances of any collection
or sale of Collateral, as well as any Collateral consisting of cash, as follows: 
 FIRST, to the payment of all
costs and expenses incurred by the Collateral Agent in connection with such collection or sale or otherwise in connection with this Agreement, any Note Document or any of the Obligations, including without limitation all court costs and the fees and
expenses of agents and legal counsel for the Collateral Agent, the repayment of all advances made by the Collateral Agent hereunder or under any Note Document on behalf of any Pledgor, any other costs or expenses incurred in connection with the
exercise of any right or remedy hereunder or under any other Note Document, and all other fees, indemnities and other amounts owing or reimbursable to the Collateral Agent under any Note Document or any Security Document in its capacity as such;

  
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 SECOND, to interest in respect of the Obligations which such Collateral
secures; 
 THIRD, to the principal of the Obligations which such Collateral secures; and 

FOURTH, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct.

 The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with
this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Collateral Agent or of the officer making the
sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or
such officer or be answerable in any way for the misapplication thereof. 
 Section 5.03. Securities Act, Etc. In
view of the position of the Pledgors in relation to the Pledged Collateral, or because of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar federal statute
hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted
hereunder. Each Pledgor understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of the Collateral Agent if the Collateral Agent were to attempt to dispose of all or any part of the Pledged
Collateral, and might also limit the extent to which or the manner in which any subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Collateral Agent
in any attempt to dispose of all or part of the Pledged Collateral under applicable Blue Sky or other state securities laws or similar laws analogous in purpose or effect. Each Pledgor acknowledges and agrees that in light of such restrictions and
limitations, the Collateral Agent, in its sole and absolute discretion, 

  
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(a) may proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal
Securities Laws or, to the extent applicable, Blue Sky or other state securities laws and (b) may approach and negotiate with a single potential purchaser to effect such sale. Each Pledgor acknowledges and agrees that any such sale might result
in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Collateral Agent shall incur no responsibility or liability for selling all or any part of the
Pledged Collateral at a price that the Collateral Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if
the sale were deferred until after registration as aforesaid or if more than a single purchaser were approached. The provisions of this Section 5.03 will apply notwithstanding the existence of a public or private market upon which the
quotations or sales prices may exceed substantially the price at which the Collateral Agent sells. 
 ARTICLE 6 

RESERVED 
 ARTICLE 7 
 MISCELLANEOUS 

Section 7.01. Notices. All communications and notices hereunder (including communications and notices to the Collateral
Agent) shall (except as otherwise permitted or provided herein) be in writing and given as provided in Section 13.02 of the Indenture. All communications and notices hereunder to any Subsidiary Party shall be given to it in care of the Company,
with such notice to be given as provided in Section 13.02 of the Indenture. Any such notice and other communication shall be deemed to be given or made at such time as set forth in the Indenture. Any party hereto may change its notice details
by notice to the other parties hereto. 
 Section 7.02. Security Interest Absolute. All rights of the Collateral
Agent hereunder, the Security Interest in the Article 9 Collateral, the security interest in the Pledged Collateral and all obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity
or enforceability of any Note Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term
of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from any Note Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or
any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge
of, any Pledgor in respect of the Obligations or this Agreement (other than a defense of payment or performance). 

  
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 Section 7.03. Limitation by Law. All rights, remedies and powers provided in
this Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all the provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law that may
be controlling and to be limited to the extent necessary so that they shall not render this Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law.

 Section 7.04. Binding Effect; Several Agreement. This Agreement shall become effective as to any party to this
Agreement when a counterpart hereof executed on behalf of such party shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such
party and the Collateral Agent and their respective permitted successors and assigns, and shall inure to the benefit of such party, the Collateral Agent and the other Secured Parties and their respective permitted successors and assigns, except that
no party shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Note
Documents. This Agreement shall be construed as a separate agreement with respect to each party and may be amended, modified, supplemented, waived or released with respect to any party without the approval of any other party and without affecting
the obligations of any other party hereunder. 
 Section 7.05. Successors and Assigns. Whenever in this Agreement
any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Pledgor or the Collateral Agent that are
contained in this Agreement shall bind and inure to the benefit of their respective permitted successors and assigns; provided that no Pledgor may assign, transfer or delegate any of its rights or obligations under this Agreement without the
prior written consent of the Collateral Agent, except as permitted by the Indenture. The Collateral Agent hereunder shall at all times be the same person that is the Collateral Agent under the Indenture. Written notice of resignation by the
Collateral Agent as trustee pursuant to the Indenture shall also constitute notice of resignation as the Collateral Agent under this Agreement. Upon the acceptance of any appointment as the trustee under the Indenture by a successor Collateral
Agent, that successor trustee shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent pursuant hereto. 
 Section 7.06. Collateral Agent’s Fees and Expenses; Indemnification 
 (a) In accordance with, and to the extent consistent with, the terms of the Secured Notes Intercreditor Agreement, each Pledgor jointly and severally agrees to pay upon demand to the Collateral Agent the
amount of any and all reasonable expenses, including the reasonable fees, disbursements and other charges of its counsel and of any experts or agents, which the Collateral Agent may incur in connection with (i) the administration of this
Agreement, (ii) the custody or preservation of, or the sale of, collection from or other realization upon any of the Collateral, (iii) the exercise, enforcement or protection of any rights of the Collateral Agent hereunder or (iv) the
failure of any Pledgor to perform or observe any of the provisions hereof applicable to it. 

  
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 (b) Without limitation of its indemnification obligations under the other Note Documents,
each Pledgor jointly and severally agrees to indemnify the Collateral Agent, the Trustee, and each Affiliate of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and
all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, (i) the
execution, delivery or performance of this Agreement or any other Note Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or the
consummation of the transactions contemplated hereby, (ii) the use of proceeds of Notes or other Obligations or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, or to the Collateral, whether or not
any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction
by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
 (c)
Any such amounts payable as provided hereunder shall be additional Obligations secured hereby and by the other Note Documents. Notwithstanding anything to the contrary in this Agreement, the provisions of this Section 7.06 shall remain
operative and in full force and effect regardless of the termination of this Agreement or any other Note Document, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability
of any term or provision of this Agreement or any other Note Document, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party. All amounts due under this Section 7.06 shall be payable on written demand
therefor. 
 Section 7.07. Collateral Agent Appointed Attorney-in-Fact. In accordance with, and to the extent
consistent with, the terms of the Secured Notes Intercreditor Agreement, each Pledgor hereby appoints the Collateral Agent the attorney-in-fact of such Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action
and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. The Collateral Agent shall have the right, upon the occurrence
and during the continuance of an Event of Default, with full power of substitution either in the Collateral Agent’s name or in the name of such Pledgor, (a) to receive, endorse, assign or deliver any and all notes, acceptances, checks,
drafts, money orders or other evidences of payment relating to the Collateral or any part thereof, (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to ask
for, demand, sue for, collect, receive and give acquittance for any and all moneys due or to become due under and by virtue of any Collateral; (d) to sign the name of any Pledgor on any invoice or bill of lading relating to any of the
Collateral; 

  
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(e) to send verifications of Accounts to any Account Debtor; (f) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (g) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any
of the Collateral; (h) to notify, or to require any Pledgor to notify, Account Debtors to make payment directly to the Collateral Agent; and (i) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal
with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes;
provided that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to
present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties
shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Pledgor for any act or failure
to act hereunder, except for their own gross negligence or willful misconduct. 
 Section 7.08. GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

Section 7.09. Waivers; Amendment. (a) No failure or delay by the Collateral Agent, or any Secured Party in exercising
any right, power or remedy hereunder or under any other Note Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance of steps to enforce such a
right, power or remedy, preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights, powers and remedies of the Collateral Agent and the Secured Parties hereunder and under the other Note Documents
are cumulative and are not exclusive of any rights, powers or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Secured Party therefrom shall in any event be effective unless the
same shall be permitted by paragraph (b) of this Section 7.09, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice 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. 
 (b) Neither this Agreement,
the Secured Notes Intercreditor Agreement, any of the other Note Documents or any provision of any of the foregoing may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent and
the Pledgor or Pledgors with respect to which such waiver, amendment or modification is to apply, subject to the limitations in the Secured Notes Intercreditor Agreement or as otherwise provided in the Secured Notes Intercreditor Agreement.

  
 31 

 Section 7.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER SECURITY DOCUMENT. EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.10. 

Section 7.11. Severability. In the event any one or more of the provisions contained in this Agreement or in any other
Security Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The parties
shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 Section 7.12. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
constitute an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 7.04 hereof. Delivery of an executed counterpart to this Agreement by facsimile transmission shall
be as effective as delivery of a manually signed original. 
 Section 7.13. Headings. Article and
Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 Section 7.14. Jurisdiction; Consent to Service Of Process. (a) Each party to this Agreement hereby
irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York City, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement or any other Security Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced 

  
 32 

 
in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Collateral Agent, or any Secured Party may
otherwise have to bring any action or proceeding relating to this Agreement or any other Note Documents or Security Documents against any Pledgor, or its properties, in the courts of any jurisdiction. 

(b) Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Note Documents in any New York State or federal court. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 Section 7.15. Termination or Release. (a) This Agreement, the pledges made herein, the Security Interest and all other security interests granted hereby shall terminate when all the
Obligations (other than contingent indemnity or expense reimbursement obligations in respect of which no claim has been made) have been defeased in accordance with its terms and any other requirements set forth in the Note Documents then effective
are satisfied. 
 (b) The Liens securing the Note Obligations will be released in whole or in part, as provided in
Section 11.04 of the Indenture. 
 (c) A Subsidiary Party shall automatically be released from its obligations hereunder
and the security interests in the Collateral of such Subsidiary Party shall be automatically released if such Subsidiary Party is released from its guarantee pursuant to Section 12.02(b) of the Indenture. 

(d) Upon any sale or other transfer by any Pledgor of any Collateral that is permitted under the Note Documents, or upon the
effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to the Note Documents, the security interest in such Collateral shall be automatically released. 

(e) In connection with any termination or release pursuant to paragraph (a), (b), (c) or (d) of this Section 7.15, the
Collateral Agent shall execute and deliver to any Pledgor, at such Pledgor’s expense, all documents that such Pledgor shall reasonably request to evidence such termination or release and will duly assign and transfer to such Pledgor such of the
Pledged Collateral that may be in the possession of the Collateral Agent and has not theretofore been sold or otherwise applied or released pursuant to this Agreement; provided, that the Collateral Agent shall not be required to take any
action under this Section 7.15(e) unless such Pledgor shall have delivered to the Collateral Agent together with such request, which may be incorporated into such request, an Officers’ Certificate of the Company or such Pledgor
certifying that the transaction giving rise to such termination or release is permitted by the Note Documents and was consummated in compliance with the Note Documents. Any execution and 

  
 33 

 
delivery of documents pursuant to this Section 7.15 shall be without recourse to or warranty by the Collateral Agent. In connection with any termination or release pursuant to paragraph (a),
(b), (c) or (d) above, the Pledgors shall be permitted to take any action in connection therewith consistent with such release including, without limitation, the filing of UCC termination statements. 

Section 7.16. Additional Subsidiaries. Upon execution and delivery by the Collateral Agent and any Subsidiary that is
required to become a party hereto by any Note Document of an instrument in the form of Exhibit I hereto, such Subsidiary shall become a Subsidiary Party hereunder with the same force and effect as if originally named as a Subsidiary Party herein.
The execution and delivery of any such instrument shall not require the consent of any other party to this Agreement. The rights and obligations of each party to this Agreement shall remain in full force and effect notwithstanding the addition of
any new party to this Agreement. 
 Section 7.17. Right of Set-off. If an Event of Default shall have occurred and
be continuing, each Secured Party is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other indebtedness at any time owing by such Secured Party to or for the credit or the account of any party to this Agreement against any of and all the obligations of such party now or hereafter existing under this Agreement owed to such
Secured Party, irrespective of whether or not Secured Party shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Secured Party under this Section 7.17 are in addition to other rights
and remedies (including other rights of set-off) that such Secured Party may have. 
 Section 7.18. Intercreditor
Agreements. Notwithstanding anything herein to the contrary, (i) the liens and security interests granted to the Collateral Agent pursuant to this Agreement are expressly subject and subordinate to the liens and security interests granted
to the Senior Priority Agents (as defined in the Secured Notes Intercreditor Agreement) or any agent or trustee for any other Senior Lenders, and (ii) the exercise of any right or remedy by the Collateral Agent hereunder or the application of
proceeds (including insurance proceeds and condemnation proceeds) of any Collateral are subject to the limitations and provisions of the Secured Notes Intercreditor Agreement. In the event of any conflict between the terms of the Secured Notes
Intercreditor Agreement and the terms of this Agreement, the terms of the Secured Notes Intercreditor Agreement shall govern. 

Section 7.19. Other Senior Documents. The Collateral Agent acknowledges and agrees, on behalf of itself and any Secured
Party, that any provision of this Agreement to the contrary notwithstanding, until the First Lien Termination Date, the Pledgors shall not be required to act or refrain from acting pursuant to the Security Documents or with respect to any Collateral
on which the Applicable Agent or any other Senior Priority Agent has a Lien superior in priority to the Collateral Agent’s Lien thereon in any manner that would result in a default under the terms and provisions of the Senior Lender Documents.

  
 34 

 Section 7.20. Other Pari Passu Obligations. On or after the date hereof and so
long as the obligations are permitted to be incurred under the Note Documents and are not prohibited by any Other Pari Passu Documents then in effect, the Company may from time to time designate obligations in respect of Indebtedness to be secured
on a pari passu basis with the Obligations as Other Pari Passu Obligations hereunder and under the other Security Documents by delivering to the Collateral Agent, Trustee and each other Authorized Representative (a) a certificate signed by an
Authorized Officer of the Company (i) identifying the obligations so designated and the initial aggregate principal amount or face amount thereof, (ii) stating that such obligations are designated as Other Pari Passu Obligations for
purposes hereof and of the other Security Documents, (iii) representing that such designation of such obligations as Other Pari Passu Obligations complies with the terms of the Indenture and any Other Pari Passu Document then in effect,
(iv) specifying the name and address of the Authorized Representative for such obligations and (v) identifying the documents to be designated as the related Other Pari Passu Obligations Documents and (b) a fully executed Other Pari
Passu Obligations Secured Party Joinder Agreement. The Collateral Agent, Trustee and each Authorized Representative agree that upon the satisfaction of all conditions set forth in the preceding sentence, the Collateral Agent shall act as agent under
and subject to the terms of the Security Documents for the benefit of all Secured Parties, including without limitation, any Secured Parties that hold any such Other Pari Passu Obligations, and the Collateral Agent and each Authorized Representative
agree to the appointment, and acceptance of the appointment, of the Collateral Agent as agent for the holders of such Other Pari Passu Obligations as set forth in each Other Pari Passu Obligations Secured Party Joinder Agreement and agree, on behalf
of itself and each Secured Party it represents, to be bound by this Agreement, the other Security Documents, and the Secured Notes Intercreditor Agreement. 
 [Signature Page Follows] 

  
 35 

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

			
	 VERSO PAPER HOLDINGS LLC

VERSO PAPER LLC
 VERSO PAPER INC.
 VERSO ANDROSCOGGIN LLC

VERSO BUCKSPORT LLC

VERSO SARTELL LLC

VERSO QUINNESEC REP HOLDING INC.

VERSO QUINNESEC LLC

VERSO MAINE ENERGY LLC

VERSO FIBER FARM LLC

NEXTIER SOLUTIONS CORPORATION

		
	 By:
	 	 /s/ Robert P. Mundy

	 Name:
	 	 Robert P. Mundy

	 Title:
	 	 Senior Vice President and

Chief Financial Officer

 [Signature Page – Notes Collateral Agreement] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Agent
		
	 By:
	 	 /s/ Jane Schweiger

	 Name:
	 	 Jane Schweiger

	 Title:
	 	 Vice President

 [Signature Page – Notes Collateral Agreement] 

 Exhibit I 
 to Collateral Agreement 
 SUPPLEMENT NO.
                     dated as of
                     (this “Supplement”), to the Collateral Agreement dated as of 11, 2012 (the “Collateral
Agreement”), among VERSO PAPER HOLDINGS LLC, a Delaware limited liability company (the “Company”), VERSO PAPER INC. (“Finance Co” and, together with the Company, the “Issuers”), each
Subsidiary of the Company identified on Schedule I or otherwise identified therein as a party (each, a “Subsidiary Party”), and Wilmington Trust, National Association, as collateral agent (in such capacity, together with any
successor collateral agent, the “Collateral Agent”) for the Secured Parties (as defined therein). 

Section 7.16 of the Collateral Agreement provides that additional Subsidiaries may become Subsidiary Parties under the Collateral
Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement to become a Subsidiary Party under the Collateral Agreement in order
to induce the Secured Parties to make or continue extensions of credit. 
 Accordingly, the Collateral Agent and the New
Subsidiary agree as follows: 
 SECTION 1. In accordance with Section 7.16 of the Collateral Agreement, the New Subsidiary
by its signature below becomes a Subsidiary Party and a Pledgor under the Collateral Agreement with the same force and effect as if originally named therein as a Subsidiary Party and a Pledgor, and the New Subsidiary hereby (a) agrees to all
the terms and provisions of the Collateral Agreement applicable to it as a Subsidiary Party and a Pledgor thereunder and (b) represents and warrants that the representations and warranties made by it as a Pledgor thereunder are true and
correct, in all material respects, on and as of the date hereof. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Obligations (as defined in the Collateral Agreement), does hereby create
and grant to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in and Lien on all the New Subsidiary’s right, title and interest in and to the Collateral (as defined in the Collateral Agreement) of the
New Subsidiary. Each reference to a “Subsidiary Party” or a “Pledgor” in the Collateral Agreement shall be deemed to include the New Subsidiary. The Collateral Agreement is hereby incorporated herein by reference.

 SECTION 2. The New Subsidiary represents and warrants to the Collateral Agent and the other Secured Parties that this
Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium,
reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and
(iii) implied covenants of good faith and fair dealing. 

  
 I-1

 SECTION 3. This Agreement may be executed in two or more counterparts, each of which shall
constitute an original but all of which when taken together shall constitute but one contract. This Supplement shall become effective when (a) the Collateral Agent shall have received a counterpart of this Supplement that bears the signature of
the New Subsidiary and (b) the Collateral Agent has executed a counterpart hereof. 
 SECTION 4. The New Subsidiary hereby
represents and warrants that (a) set forth on Schedule I attached hereto is a true and correct schedule of all the Pledged Debt Securities of the New Subsidiary as of the date hereof, (b) set forth on Schedule II attached hereto is a true
and correct schedule of all of the material Patents, Trademarks and Copyrights of the New Subsidiary as of the date hereof, (c) set forth on Schedule III attached hereto is a true and correct schedule of all Commercial Tort Claims of the New
Subsidiary individually in excess of $5.0 million as of the date hereof and (d) set forth under its signature hereto, is the true and correct legal name of the New Subsidiary, its jurisdiction of formation and the location of its chief
executive office. 
 SECTION 5. Except as expressly supplemented hereby, the Collateral Agreement shall remain in full force and
effect. 
 SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SUPPLEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 7. In the event any one or more of the provisions
contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Collateral Agreement shall not in any way be affected or
impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions. 
 SECTION 8. All communications and notices hereunder shall be in writing and given as provided in
Section 7.01 of the Collateral Agreement. 
 SECTION 9. The New Subsidiary agrees to reimburse the Collateral Agent for its
reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, disbursements and other charges of counsel for the Collateral Agent. 

  
 I-2

 IN WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed this
Supplement to the Collateral Agreement as of the day and year first above written. 
  

			
	 [Name of New Subsidiary]

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 Legal Name:

	
	 Jurisdiction of Formation:

	
	 Location of Chief Executive Office:

	
	 WILMINGTON TRUST, National Association,
 as Collateral Agent

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Schedule I 
 to Supplement No.              to the 
 Collateral Agreement 
 Pledged Debt Securities of the New Subsidiary 

 

							
	 Issuer
	  	 Principal Amount
	  	 Date of Note
	  	 Maturity Date

		  		  		  	

  
 I-2

 Schedule II 
 to Supplement No.              to the 
 Collateral Agreement 
 PATENTS, TRADEMARKS AND COPYRIGHTS 

  
 I-3

 Schedule III 
 to Supplement No.              to the 
 Collateral Agreement 
 COMMERCIAL TORT CLAIMS 

  
 I-4

 Exhibit II 
 to Collateral Agreement 
 Form of Other Pari Passu Obligations Secured Party
Joinder Agreement 
 [Name of Additional Secured Creditor] 
 [Address of Additional Secured Creditor] 
 [Date] 

 
  
  

 
  

 
  

 
 The undersigned is the agent or trustee (the
“Authorized Representative”) for persons wishing to become “Secured Parties” (the “New Secured Parties”) under the Collateral Agreement dated as of May 11, 2012 (as heretofore amended and/or
supplemented, the “Collateral Agreement” (capitalized terms used without definition herein have the meanings assigned to such term by the Collateral Agreement)) among VERSO PAPER HOLDINGS LLC, a Delaware limited liability company
(the “Company”), VERSO PAPER INC. (“Finance Co” and, together with the Company, the “Issuers”), each subsidiary of the Company identified therein as a party (each, a “Subsidiary
Pledgor”) and Wilmington Trust, National Association, as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties (as defined therein). 
 In consideration of the foregoing, the undersigned hereby: 
 (i)
represents that the Authorized Representative has been authorized by the New Secured Parties to become a party to the Collateral Agreement on behalf of the New Secured Parties under that [DESCRIBE OPERATIVE AGREEMENT] (the “New Secured
Obligation”) and to act as the Authorized Representative for the New Secured Parties; 
 (ii)
acknowledges that the New Secured Parties has received a copy of the Collateral Agreement; 
 (iii) appoints and
authorizes the Collateral Agent to take such action as agent on its behalf and on behalf of all other Secured Parties and to exercise such powers under the Collateral Agreement as are delegated to the Collateral Agent by the terms thereof, together
with all such powers as are reasonably incidental thereto; and 
 (iv) accepts and acknowledges the terms of the
Collateral Agreement and agrees to serve as Authorized Representative for the New Secured 

  
 I-5

 
Parties with respect to the New Secured Obligations and agrees on its own behalf and on behalf of the New Secured Parties to be bound by the terms hereof applicable to holders of Other
Second-Lien Obligations, with all the rights and obligations of a Secured Party thereunder and bound by all the provisions thereof as fully as if it had been a Secured Party on the effective date of the Collateral Agreement. 

The Collateral Agent, by acknowledging and agreeing to this Additional Secured Party Consent, accepts the appointment set forth in clause
(iii) above. 
 The name and address of the Authorized Representative for purposes of Section 6.01 of the Collateral Agreement are as
follows: 
 [name and address of Authorized Representative] 
 THIS ADDITIONAL SECURED PARTY CONSENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

IN WITNESS WHEREOF, the undersigned has caused this Additional Secured Party Consent to be duly executed by its authorized officer as of the
     day of 20    . 
  

			
	[NAME OF AUTHORIZED REPRESENTATIVE]
		
	By:	 	  

		 	Name:
		 	Title:
	
	ACKNOWLEDGED AND AGREED WILMINGTON TRUST, NATIONAL ASSOCIATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 I-6

			
	VERSO PAPER HOLDINGS LLC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 I-7Secured Notes Intercreditor Agreement

 Exhibit 10.2 
 Execution Copy 
 INTERCREDITOR AGREEMENT 

dated as of 

May 11, 2012 

among 
 CITIBANK,
N.A., 
 as Intercreditor Agent, 
 CITIBANK, N.A., 
 as Administrative Agent under the ABL Credit Agreement,

 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 
 as Administrative Agent under the Cash Flow Credit Agreement, 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Trustee under the 2019 First-Lien Notes Indenture, 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 
 as Trustee under the 1-1/2 Lien Notes Indenture, 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION, 
 as Collateral Agent under the 1-1/2 Lien Notes Indenture, 

VERSO PAPER FINANCE HOLDINGS LLC 
 VERSO PAPER HOLDINGS LLC 
 and 

THE SUBSIDIARIES OF VERSO PAPER HOLDINGS LLC NAMED HEREIN 

 INTERCREDITOR AGREEMENT (this “Agreement”) dated as of May 11,
2012, among CITIBANK, N.A., as Intercreditor Agent, CITIBANK, N.A., as administrative agent under the ABL Credit Agreement referred to herein (together with its successors in substantially the same capacity as may from time to time be appointed, the
“ABL Credit Agreement Agent”), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as administrative agent under the Cash Flow Credit Agreement referred to herein (together with its successors in substantially the same capacity as may
from time to time be appointed, the “Cash Flow Credit Agreement Agent”), WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee under the 2019 First-Lien Notes Indenture referred to herein (together with its successors in
substantially the same capacity as may from time to time be appointed, the “2019 First-Lien Notes Trustee”), WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee and collateral agent under the 1-1/2 Lien Notes Indenture
referred to herein (together with its successors in substantially the same capacity as may from time to time be appointed, the “Trustee”), VERSO PAPER FINANCE HOLDINGS LLC (“Holdings”), VERSO PAPER
HOLDINGS LLC (the “Company”), and the subsidiaries of the Company named herein. 
 A. The Company is
party to (i) the Credit Agreement dated as of May 4, 2012 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “ABL Credit Agreement”), among Holdings, the Company, the financial
institutions party thereto from time to time, and the ABL Credit Agreement Agent, (ii) the Credit Agreement dated as of May 4, 2012 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Cash
Flow Credit Agreement”), among Holdings, the Company, the financial institutions party thereto from time to time, and the Cash Flow Credit Agreement Agent, and (iii) the Indenture dated as of March 21, 2012 (as amended,
restated, supplemented, waived or otherwise modified from time to time, the “2019 First-Lien Notes Indenture”), among the Company and Verso Paper Inc., as joint and several obligors, the subsidiary guarantors party thereto,
and Wilmington Trust, National Association, as Trustee. The ABL Credit Agreement, the Cash Flow Credit Agreement and the 2019 First-Lien Notes Indenture have been designated by the Company to be included in the definition of “Credit
Agreement” under the 1-1/2 Lien Notes Indenture (as defined below) and the Obligations of the Company and certain of the Company’s Subsidiaries under the Senior Lender Documents executed or delivered pursuant thereto constitute First-Lien
Indebtedness and Senior Lender Claims hereunder. 
 B. The Company is party to the Indenture dated as of May 11, 2012 (as
amended, restated, supplemented, waived or otherwise modified from time to time, the “1-1/2 Lien Notes Indenture”), among the Company and Verso Paper, Inc., as joint and several obligors, the subsidiary guarantors party
thereto and Wilmington Trust, National Association, as Trustee. The Obligations of the Issuers, the Company and certain of the Company’s Subsidiaries under the 1-1/2 Lien Notes Indenture, the Notes, and other Noteholder Documents constitute
Second-Priority Claims hereunder. 

 Accordingly, in consideration of the foregoing, the mutual covenants and obligations herein
set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

SECTION 1. Definitions. 
 1.1. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “1-1/2 Lien Indenture Secured Parties” shall mean the Persons holding Noteholder Claims, including the Trustee. 
 “1-1/2 Lien Notes Indenture” shall have the meaning set forth in the recitals. 
 “2019 First-Lien Notes Indenture” shall have the meaning set forth in the preamble. 
 “ABL Credit Agreement” shall have the meaning set forth in the preamble. 
 “ABL Credit Agreement Agent” shall have the meaning set forth in the preamble. 
 “Agreement” shall mean this Agreement, as amended, renewed, extended, supplemented or otherwise modified from time to time in accordance with the terms hereof. 

“Bankruptcy Law” shall mean Title 11 of the United States Code and any similar Federal, state or foreign law for the
relief of debtors. 
 “Business Day” shall mean any day other than a Saturday, a Sunday or a day that is a
legal holiday under the laws of the State of New York or on which banking institutions in the State of New York are required or authorized by law or other governmental action to close. 

“Cash Flow Credit Agreement” shall have the meaning set forth in the preamble. 

“Cash Flow Credit Agreement Agent” shall have the meaning set forth in the preamble. 

“Cash Management Obligations” shall mean, with respect to any Person, all obligations, whether now owing or hereafter
arising, of such Person in respect of overdrafts and related liabilities or arising from cash management services (including treasury, depositary, overdraft, credit or debit card, electronic funds transfer, netting, automatic clearing house
transfers of funds or any similar transactions). 
 “Collateral Agent” shall mean Wilmington Trust, National
Association in its capacity as collateral agent for the holders under the 1-1/2 Lien Notes Indenture. 
 “Common
Collateral” shall mean all of the assets of any Grantor, whether real, personal or mixed, constituting both Senior Lender Collateral and Second-Priority Collateral, including without limitation any assets in which the Intercreditor Agent is
automatically deemed to have a Lien pursuant to the provisions of Section 2.3. 
 “Company” shall have the
meaning set forth in the preamble. 
 “Comparable Second-Priority Collateral Document” shall mean, in relation
to any Common Collateral subject to any Lien created under any Senior Collateral Document, those Second-Priority Collateral Documents that create a Lien on the same Common Collateral, granted by the same Grantor. 

  
 - 2 -

 “Deposit Account” shall have the meaning set forth in the Uniform
Commercial Code. 
 “Deposit Account Collateral” shall mean that part of the Common Collateral comprised of or
contained in Deposit Accounts or Securities Accounts. 
 “DIP Financing” shall have the meaning set forth in
Section 6.1. 
 “Discharge of Senior Lender Claims” shall mean, except to the extent otherwise provided in
Section 5.7, payment in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of (a) all Obligations in respect of all outstanding First-Lien Indebtedness and, with
respect to letters of credit or letter of credit guaranties outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect thereof in compliance with the Senior Credit Agreement, in each case after or concurrently with
the termination of all commitments to extend credit thereunder and (b) any other Senior Lender Claims that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid; provided that the
Discharge of Senior Lender Claims shall not be deemed to have occurred if such payments are made with the proceeds of other First-Lien Indebtedness that constitutes an exchange or replacement for or a refinancing of such Obligations or Senior Lender
Claims. In the event the First-Lien Indebtedness is modified and the Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the Senior Lender Claims shall be deemed to be discharged when the final
payment is made, in cash, in respect of such indebtedness and any obligations pursuant to such new indebtedness shall have been satisfied. 
 “Existing Fixed Rate Junior Lien Notes” shall mean the 8 3/4% Second Priority Senior Secured Notes due 2019, issued by the Issuers. 

“Existing Floating Rate Junior Lien Notes” shall mean the Second-Priority Senior Secured Floating Rate Notes due
2014, issued by the Issuers.  
 “First-Lien Indebtedness” shall mean (a) any Bank Indebtedness (as
defined in the 1-1/2 Lien Notes Indenture on the date hereof), including without limitation all Indebtedness incurred by the Company and its Subsidiaries pursuant to (i) the ABL Credit Agreement and the other Loan Documents (as defined in the
ABL Credit Agreement), (ii) the Cash Flow Credit Agreement hereof and the other Loan Documents (as defined in the Cash Flow Credit Agreement), and (iii) the 2019 First-Lien Notes Indenture hereof and the other Note Documents (as defined in
the 2019 First-Lien Notes Indenture) hereof, in each case that is secured by a Permitted Lien (as defined in the 1-1/2 Lien Notes Indenture on the date hereof and incurred or deemed incurred pursuant to clause (6)(C) of the definition thereof),
(b) all other Obligations (not constituting Indebtedness) of the Company and its Subsidiaries under the agreements governing such Bank Indebtedness and (c) all Obligations of the Company and its Subsidiaries in respect of Hedging
Obligations or Cash Management Obligations, in each case to a Person that is a holder of such Bank Indebtedness or an affiliate of such holder at the time of entry into such Hedging Obligation or Cash Management Obligation. 

  
 - 3 -

 “Future First-Lien Indebtedness” shall mean any First-Lien Indebtedness
other than First-Lien Indebtedness referred to in clauses (a) and (b) of the definition of First-Lien Indebtedness incurred pursuant to the ABL Credit Agreement, Cash Flow Credit Agreement, the 2019 First-Lien Indenture and the Senior
Lender Documents entered into in connection therewith. 
 “Future Second Lien Indebtedness” shall mean
Indebtedness or Obligations (other than Noteholder Claims) of the Company and its Subsidiaries that is to be equally and ratably secured with the Noteholder Claims and is so designated by the Company as Future Second Lien Indebtedness hereunder;
provided, however, that such Future Second Lien Indebtedness is permitted to be so incurred in accordance with any Senior Lender Documents and any Second-Priority Documents, as applicable. 

“Grantors” shall mean the Company and each of the Subsidiaries that has executed and delivered a Second-Priority
Collateral Document or a Senior Collateral Document. 
 “Hedging Obligations” shall mean, with respect to any
Person, all obligations and liabilities, whether now owing or hereafter arising, of such Person in respect of (a) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements, and
currency exchange, interest rate or commodity collar agreements and (b) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates and/or commodity prices. 

“Indebtedness” shall mean and include all obligations that constitute “Indebtedness” within the meaning of the
1-1/2 Lien Notes Indenture or the Senior Credit Agreement. 
 “Insolvency or Liquidation Proceeding” shall mean
(a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation,
reorganization or other similar case or proceeding with respect to any Grantor or with respect to any of its assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or
not involving insolvency or bankruptcy or (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 
 “Intercreditor Agent” shall mean, Citibank, N.A.; provided that from and after the date, if any, on which another agent or trustee is designated “Intercreditor Agent” for
purposes of this Agreement by Senior Lenders pursuant to the terms of the Senior Lender Documents, “Intercreditor Agent” shall mean such other agent or trustee. 
 “Issuers” shall mean (i) the Company, and (ii) Verso Paper, Inc., a Delaware limited liability company. 
 “Junior Lien Intercreditor Agreement” shall mean the intercreditor agreement dated as of August 1, 2006, among Credit Suisse, Cayman Islands Branch, as agent under the Senior Credit
Documents (as defined therein), Wilmington Trust Company, as trustee under each Junior Lien Notes Indenture, the Issuers, each guarantor thereunder and the other parties from time to time party thereto, as heretofore and hereafter amended, restated,
supplemented or otherwise modified from time to time in accordance with the terms thereof and the Junior Lien Notes Indentures. 

  
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 “Junior Lien Notes Indentures” shall mean, collectively,
(i) the indenture governing the Existing Floating Rate Junior Lien Notes, dated as of August 1, 2006, and (ii) the indenture governing the Existing Fixed Rate Junior Lien Notes, dated as of January 26, 2011, in each case as each
such indenture may heretofore or hereafter be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof.  
 “Lien” shall mean, with respect to any asset, any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset. 

“Noteholder Claims” shall mean all Obligations in respect of the Notes or arising under the Noteholder Documents or any
of them, including all fees and expenses of the Trustee thereunder. 
 “Noteholder Collateral” shall mean all
of the assets of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Noteholder Claim. 
 “Noteholder Collateral Agreement” shall mean the Collateral Agreement dated as of the date hereof, among the Company, certain other Grantors and the Collateral Agent in respect of the
1-1/2 Lien Notes Indenture. 
 “Noteholder Collateral Documents” shall mean the Noteholder Collateral Agreement
and any other document or instrument pursuant to which a Lien is granted by any Grantor to secure any Noteholder Claims or under which rights or remedies with respect to any such Lien are governed. 

“Noteholder Documents” shall mean (a) the 1-1/2 Lien Notes Indenture, the Notes, the Noteholder Collateral
Documents and (b) any other related document or instrument executed and delivered pursuant to any Noteholder Document described in clause (a) above evidencing or governing any Obligations thereunder. 

“Notes” shall mean (a) (i) the initial $271,573,000 in aggregate principal amount of 11.75% senior secured
notes due 2019 co-issued by the Issuers pursuant to the 1-1/2 Lien Notes Indenture, (b) the exchange notes issued in exchange therefor as contemplated by the Registration Rights Agreement dated as of May 11, 2012, among the Issuers,
certain of the Company’s Subsidiaries and the initial purchasers party thereto and (c) any additional notes issued under the 1-1/2 Lien Notes Indenture by the Issuers, to the extent permitted by the 1-1/2 Lien Notes Indenture, the ABL
Credit Agreement, the Cash Flow Credit Agreement, the 2019 First-Lien Notes Indenture, any other Senior Lender Documents and any Second-Priority Document, as applicable. 
 “Obligations” shall mean, with respect to any Person, any and all obligations and liabilities of any kind, whether now owing or hereafter arising, including with respect to the payment of
(a) any principal of or interest (including interest accrued on or accruing after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for post-filing interest is allowed in such proceeding) or premium on any
Indebtedness, including any 

  
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reimbursement obligation in respect of any letter of credit or letter of credit guaranty, (b) any fees, indemnification obligations, expense reimbursement obligations or other liabilities
payable under the documentation governing such Indebtedness and (c) any obligation to post cash collateral in respect of letters of credit or letter of credit guaranties and any other obligations. 

“Officers’ Certificate” shall have the meaning set forth in the 1-1/2 Lien Notes Indenture. 

“Person” shall mean any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, entity or other party, including any government and any political subdivision, agency or instrumentality thereof. 
 “Pledged Collateral” shall mean the Common Collateral in the possession of the Intercreditor Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien
thereon under the Uniform Commercial Code. 
 “Recovery” shall have the meaning set forth in Section 6.4.

 “Required Lenders” shall mean, with respect to any Senior Credit Agreement, those Senior Lenders the
approval of which is required to approve an amendment or modification of, termination or waiver of any provision of or consent to any departure from such Senior Credit Agreement (or would be required to effect such consent under this Agreement if
such consent were treated as an amendment of the Senior Credit Agreement). 
 “Second-Priority Agents” shall
mean (a) the Trustee as agent for the 1-1/2 Lien Indenture Secured Parties and (b) the collateral agent for any Future Second-Lien Indebtedness (including the Collateral Agent). 

“Second-Priority Claims” shall mean the Noteholder Claims and all other Obligations in respect of, or arising under, the
Second-Priority Documents, including all fees and expenses of the collateral agent for any Future Second-Lien Indebtedness. 

“Second-Priority Collateral” shall mean the Noteholder Collateral and all of the assets of any Grantor, whether real,
personal or mixed, with respect to which a Lien is granted as security for any Future Second-Lien Indebtedness. 

“Second-Priority Collateral Agreements” shall mean the Noteholder Collateral Agreement and any comparable agreement with
respect to any Future Second-Lien Indebtedness. 
 “Second-Priority Collateral Documents” shall mean the
Noteholder Collateral Documents and any other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Second-Priority Claims or under which rights or remedies with respect to such Liens are at any time
governed. 
 “Second-Priority Documents” shall mean the Noteholder Documents and any other document or
instrument evidencing or governing any Future Second-Lien Indebtedness. 

  
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 “Second-Priority Designated Agent” shall mean such agent or trustee as is
designated “Second-Priority Designated Agent” by Second-Priority Secured Parties holding a majority in principal amount of the Second-Priority Claims then outstanding; it being understood and agreed that as of the date of this agreement,
the Trustee shall be so designated Second-Priority Designated Agent. 
 “Second-Priority Lien” shall mean any
Lien on any assets of the Company or any other Grantor securing any Second-Priority Claims. 
 “Second-Priority Secured
Parties” shall mean the 1-1/2 Lien Indenture Secured Parties and all other Persons holding any Second-Priority Claims, including the collateral agent for any Future Second-Lien Indebtedness. 

“Securities Account” shall have the meaning set forth in the Uniform Commercial Code. 

“Senior Collateral Documents” shall mean any agreement, document or instrument pursuant to which a Lien is now or
hereafter granted securing any Senior Lender Claims or under which rights or remedies with respect to such Liens are at any time governed. 
 “Senior Credit Agreement” shall mean, collectively, the ABL Credit Agreement, the Cash Flow Credit Agreement, the 2019 First-Lien Notes Indenture and any other agreement governing any
Future First-Lien Indebtedness. 
 “Senior Lender Cash Management Obligations” shall mean any Cash Management
Obligations secured by any Common Collateral under the Senior Collateral Documents. 
 “Senior Lender Claims”
shall mean all First-Lien Indebtedness outstanding, including any Future First-Lien Indebtedness. Senior Lender Claims shall include all interest and expenses accrued or accruing (or that would, absent the commencement of an Insolvency or
Liquidation Proceeding, accrue) after the commencement of an Insolvency or Liquidation Proceeding in accordance with and at the rate specified in the relevant Senior Lender Document whether or not the claim for such interest or expenses is allowed
or allowable as a claim in such Insolvency or Liquidation Proceeding. 
 “Senior Lender Collateral” shall mean
all of the assets of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Senior Lender Claim. 
 “Senior Lender Documents” shall mean the Senior Credit Agreement, the Senior Collateral Documents and each of the other agreements, documents and instruments (including each agreement,
document or instrument providing for or evidencing a Senior Lender Hedging Obligation or Senior Lender Cash Management Obligation) providing for, evidencing or securing any Obligation under the Senior Credit Agreement or any Future First-Lien
Indebtedness and any other related document or instrument (including any intercreditor agreements) executed or delivered pursuant to any Senior Lender Document at any time or otherwise evidencing or securing any Indebtedness arising under any Senior
Lender Document. 

  
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 “Senior Lender Hedging Obligations” shall mean any Hedging Obligations
secured by any Common Collateral under the Senior Collateral Documents. 
 “Senior Lenders” shall mean the
Persons holding Senior Lender Claims, including the Senior-Priority Agents. 
 “Senior-Priority Agents” shall
mean (a) the ABL Credit Agreement Agent, (b) the Cash Flow Credit Agreement Agent, (c) the 2019 First-Lien Notes Trustee, (d) each collateral agent for the indebtedness evidenced in (a) through (c) and (e) the
administrative agent or collateral agent for any other First-Lien Indebtedness. 
 “Subsidiary” shall mean any
“Subsidiary” of the Company as defined in the 1-1/2 Lien Notes Indenture. 
 “Trustee” shall mean
Wilmington Trust, National Association, in its capacity as trustee under the 1-1/2 Lien Notes Indenture and as collateral agent under the Noteholder Collateral Documents, and its permitted successors. 

“Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as from time to time in
effect in the State of New York. 
 1.2. Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall
be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified in accordance with this Agreement,
(b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections of this Agreement and (e) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

SECTION 2. Lien Priorities. 
 2.1. Subordination of Liens. Notwithstanding (i) the date, time, manner or order of filing or recordation of any document or instrument or grant, attachment or perfection (including any defect
or deficiency or alleged defect or deficiency in any of the foregoing) of any Liens granted to the Second-Priority Secured Parties on the Common Collateral or of any Liens granted to the Intercreditor Agent or the Senior Lenders on the Common
Collateral, (ii) any provision of the UCC, the Bankruptcy Code, any applicable law, the Second-Priority Documents or the Senior Lender Documents, (iii) whether the Intercreditor Agent or any Senior Lenders, either directly or through
agents, holds possession of, or has control over, all or any part of the Common Collateral, (iv) the fact that any such Liens may be subordinated, voided, avoided, 

  
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invalidated or lapsed or (v) any other circumstance of any kind or nature whatsoever, each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party,
hereby agrees that: (a) any Lien on the Common Collateral securing any Senior Lender Claims now or hereafter held by or on behalf of the Intercreditor Agent or any Senior Lenders or any agent or trustee therefor regardless of how acquired,
whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Common Collateral securing any Second-Priority Claims, (b) any Lien on the Common
Collateral securing any Second-Priority Claims now or hereafter held by or on behalf of the Trustee, the Collateral Agent or any Second-Priority Secured Parties or any agent or trustee therefor regardless of how acquired, whether by grant, statute,
operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any Senior Lender Claims and (c) with respect to any Second-Priority Claims (and as between the
Second-Priority Agents and the Second-Priority Secured Parties), the Liens on the Common Collateral securing any Second-Priority Claims now or hereafter held by or on behalf of the Trustee, the Collateral Agent or any Second-Priority Secured Party
or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall rank equally and ratably in all respects. All Liens on the Common Collateral securing any Senior Lender Claims
shall be and remain senior in all respects and prior to all Liens on the Common Collateral securing any Second-Priority Claims for all purposes, whether or not such Liens securing any Senior Lender Claims are subordinated to any Lien securing any
other obligation of the Company, any other Grantor or any other Person. 
 2.2. Prohibition on Contesting Liens. Each
Second-Priority Agent, for itself and on behalf of each applicable Second-Priority Secured Party, and the Senior-Priority Agents, for itself and on behalf of each applicable Senior Lender, agrees that it shall not (and hereby waives any right to)
take any action to challenge, contest or support any other Person in contesting or challenging, directly or indirectly, in any proceeding (including any Insolvency or Liquidation Proceeding), the validity, perfection, priority, validity or
enforceability of (a) a Lien securing any Senior Lender Claims held (or purported to be held) by or on behalf of the Intercreditor Agent or any of the Senior Lenders or any agent or trustee therefor in any Senior Lender Collateral or (b) a
Lien securing any Second-Priority Claims held (or purported to be held) by or on behalf of any Second-Priority Secured Party in the Common Collateral, as the case may be; provided, however, that nothing in this Agreement shall be construed to
prevent or impair the rights of the Intercreditor Agent or any Senior Lender to enforce this Agreement (including the priority of the Liens securing the Senior Lender Claims as provided in Section 2.1) or any of the Senior Lender Documents.

 2.3. No New Liens. Subject to Section 11.04 of the 1-1/2 Lien Notes Indenture and any corresponding provision of
any Second-Priority Document relating to Future Second-Lien Indebtedness, so long as the Discharge of Senior Lender Claims has not occurred, the parties hereto agree that, after the date hereof, each Second-Priority Agent shall not acquire or hold
any Lien on any assets of the Company or any other Grantor securing any Second-Priority Claims that are not also subject to the first-priority Lien in respect of the Senior Lender Claims under the Senior Lender Documents. Subject to
Section 11.04 of the 1-1/2 Lien Notes Indenture and any corresponding provision of any Second-Priority Document relating to Future Second-Lien Indebtedness, if any Second-Priority Agent shall (nonetheless and in breach hereof) acquire or

  
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hold any Lien on any assets of the Company or any other Grantor that is not also subject to the first-priority Lien in respect of the Senior Lender Claims under the Senior Lender Documents, then
such Second-Priority Agent shall, without the need for any further consent of any party and notwithstanding anything to the contrary in any other document, be deemed to also hold and have held such lien for the benefit of the Intercreditor Agent and
the Senior Lenders as security for the Senior Lender Claims (subject to the lien priority and other terms hereof) and shall promptly notify the Intercreditor Agent in writing of such Lien and in any event take such actions as may be requested by the
Intercreditor Agent to assign or release such Lien to the Intercreditor Agent (and/or its designee) as security for the applicable Senior Lender Claims. 
 2.4. Perfection of Liens. Neither the Intercreditor Agent nor the Senior Lenders shall be responsible for perfecting and maintaining the perfection of Liens with respect to the Common Collateral
for the benefit of the Second-Priority Agents and the Second-Priority Secured Parties. The provisions of this Intercreditor Agreement are intended solely to govern the respective Lien priorities as between the Senior Lenders and the Second-Priority
Secured Parties and shall not impose on the Intercreditor Agent, the Second-Priority Agents, the Second-Priority Secured Parties or the Senior Lenders or any agent or trustee therefor any obligations in respect of the disposition of proceeds of any
Common Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. 
 SECTION 3. Enforcement. 
 3.1. Exercise of Remedies.

 (a) So long as the Discharge of Senior Lender Claims has not occurred, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against the Company or any other Grantor, (i) no Second-Priority Agent or any Second-Priority Secured Party will (x) exercise or seek to exercise any rights or remedies (including setoff)
with respect to any Common Collateral in respect of any applicable Second-Priority Claims, or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to
any foreclosure proceeding or action brought with respect to the Common Collateral or any other collateral by the Intercreditor Agent or any Senior Lender in respect of the Senior Lender Claims, the exercise of any right by the Intercreditor Agent
or any Senior Lender (or any agent or sub-agent on their behalf) in respect of the Senior Lender Claims under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which any
Second-Priority Agent or any Second-Priority Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party, of any rights and remedies as a secured party relating to the Common Collateral or
any other collateral under the Senior Lender Documents or otherwise in respect of Senior Lender Claims, or (z) object to the forbearance by the Senior Lenders from bringing or pursuing any foreclosure proceeding or action or any other exercise
of any rights or remedies relating to the Common Collateral or any other collateral in respect of Senior Lender Claims and (ii) except as otherwise provided herein, the Intercreditor Agent and the Senior Lenders shall have the exclusive right
to enforce rights, exercise remedies (including setoff and the right to credit bid their debt) and make 

  
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determinations regarding the release, disposition or restrictions with respect to the Common Collateral without any consultation with or the consent of any Second-Priority Agent or any
Second-Priority Secured Party; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against the Company or any other Grantor, each Second-Priority Agent may file a proof of claim or statement of
interest with respect to the applicable Second-Priority Claims and (B) each Second-Priority Agent may take any action (not adverse to the prior Liens on the Common Collateral securing the Senior Lender Claims, or the rights of the Intercreditor
Agent or the Senior Lenders to exercise remedies in respect thereof) in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority of its Lien on, the Common Collateral. In exercising rights and
remedies with respect to the Senior Lender Collateral, the Intercreditor Agent and the Senior Lenders may enforce the provisions of the Senior Lender Documents and exercise remedies thereunder, all in such order and in such manner as they may
determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Common Collateral or other collateral upon foreclosure, to incur expenses in
connection with such sale or disposition, and to exercise all the rights and remedies of a secured lender under the Uniform Commercial Code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable
jurisdiction. 
 (b) So long as the Discharge of Senior Lender Claims has not occurred, each Second-Priority
Agent, on behalf of itself and each applicable Second-Priority Secured Party, agrees that it will not, in the context of its role as secured lender, take or receive any Common Collateral or any proceeds of Common Collateral in connection with the
exercise of any right or remedy (including setoff) with respect to any Common Collateral in respect of the applicable Second-Priority Claims. Without limiting the generality of the foregoing, unless and until the Discharge of Senior Lender Claims
has occurred, except as expressly provided in the proviso in clause (ii) of Section 3.1(a), the sole right of the Second-Priority Agents and the Second-Priority Secured Parties with respect to the Common Collateral is to hold a Lien on the
Common Collateral in respect of the applicable Second-Priority Claims pursuant to the Second-Priority Documents, as applicable, for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the
Discharge of Senior Lender Claims has occurred. 
 (c) Subject to the proviso in clause (ii) of
Section 3.1(a), (i) each Second-Priority Agent, for itself and on behalf of each applicable Second-Priority Secured Party, agrees that no Second-Priority Agent or any Second-Priority Secured Party will take any action that would hinder any
exercise of remedies undertaken by the Intercreditor Agent or the Senior Lenders with respect to the Common Collateral or any other collateral under the Senior Lender Documents, including any sale, lease, exchange, transfer or other disposition of
the Common Collateral or such other collateral, whether by foreclosure or otherwise, and (ii) each Second-Priority Agent, for itself and on behalf of each applicable Second-Priority Secured Party, hereby waives any and all rights it or any
Second-Priority Secured Party may have as a junior lien creditor or otherwise to object to the manner in which the Intercreditor Agent or the Senior Lenders seek to enforce or collect the Senior Lender Claims or the Liens granted in any of the
Senior Lender Collateral, regardless of whether any action or failure to act by or on behalf of the Intercreditor Agent or Senior Lenders is adverse to the interests of the Second-Priority Secured Parties. 

  
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 (d) Each Second-Priority Agent hereby acknowledges and agrees that no
covenant, agreement or restriction contained in any applicable Second-Priority Document shall be deemed to restrict in any way the rights and remedies of the Intercreditor Agent or the Senior Lenders with respect to the Senior Lender Collateral as
set forth in this Agreement and the Senior Lender Documents. 
 3.2. Cooperation. Subject to the proviso in
clause (ii) of Section 3.1(a), each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, agrees that, unless and until the Discharge of Senior Lender Claims has occurred, it will not commence, or
join with any Person (other than the Senior Lenders and the Intercreditor Agent upon the request thereof) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the
Common Collateral or any other collateral under any of the applicable Second-Priority Documents or otherwise in respect of the applicable Second-Priority Claims. 
 SECTION 4. Payments. 
 4.1. Application of Proceeds. So long
as the Discharge of Senior Lender Claims has not occurred, the Common Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Common Collateral upon the exercise of remedies as a secured
party, shall be applied by the Intercreditor Agent to the Senior Lender Claims in such order as specified in the relevant Senior Lender Documents until the Discharge of Senior Lender Claims has occurred. Upon the Discharge of Senior Lender Claims,
subject to Section 5.7(c) hereof, the Intercreditor Agent or any Senior Lender holding Common Collateral shall deliver promptly to the Second-Priority Designated Agent any Common Collateral or proceeds thereof held by it in the same form as
received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Second-Priority Designated Agent ratably to the Second-Priority Claims and, with respect to each class of Second-Priority
Claims, in such order as specified in the relevant Second-Priority Documents. 
 4.2. Payments Over. Any Common
Collateral or proceeds thereof received by any Second-Priority Agent or any Second-Priority Secured Party in connection with the exercise of any right or remedy (including setoff) relating to the Common Collateral in contravention of this Agreement
prior to the Discharge of Senior Lender Claims shall be segregated and held in trust for the benefit of and forthwith paid over to the Intercreditor Agent (and/or its designees) for the benefit of the applicable Senior Lenders in the same form as
received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Intercreditor Agent is hereby authorized to make any such endorsements as agent for any Second-Priority Agent or any such Second-Priority
Secured Party. This authorization is coupled with an interest and is irrevocable. 

  
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 SECTION 5. Other Agreements. 

5.1. Releases. 
 (a) If, at any time any Grantor or the holder of any Senior Lender Claim delivers notice to each Second-Priority Agent that any specified Common Collateral (including for such purpose, in the case of the
sale of all or substantially all of the equity interests in any Subsidiary, any Common Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof) is (A) sold, transferred or otherwise disposed of: 

(i) by the owner of such Common Collateral in a transaction permitted under the Senior Credit Agreement, the 1-1/2 Lien
Notes Indenture and each other Second-Priority Document (if any); or 
 (ii) during the existence of any Event of
Default under (and as defined in) the Senior Credit Agreement to the extent the Intercreditor Agent has consented to such sale, transfer or disposition: 
 or (B) is otherwise released as permitted by the Senior Credit Agreement, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the
Second-Priority Secured Parties upon such Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Collateral securing Senior Lender Claims are released and discharged. Upon delivery to each
Second-Priority Agent of a notice from the Intercreditor Agent stating that any release of Liens securing or supporting the Senior Lender Claims has become effective (or shall become effective upon each Second-Priority Agent’s release) (whether
in connection with a sale of such assets by the relevant Grantor pursuant to the preceding sentence or otherwise), each Second-Priority Agent, subject to Section 11.04 of the 1-1/2 Lien Notes Indenture, will promptly execute and deliver such
instruments, releases, termination statements or other documents confirming such release on customary terms. In the case of the sale of all or substantially all of the capital stock of a Grantor or any of its Subsidiaries, the guarantee in favor of
the Second-Priority Secured Parties, if any, made by such Grantor or Subsidiary will automatically be released and discharged as and when, but only to the extent, the guarantee by such Grantor or Subsidiary of Senior Lender Claims is released and
discharged. 
 (b) Each Second-Priority Agent, for itself and on behalf of each applicable Second-Priority
Secured Party, hereby irrevocably constitutes and appoints the Intercreditor Agent and any officer or agent of the Intercreditor Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and
authority in the place and stead of each Second-Priority Agent or such holder or in the Intercreditor Agent’s own name, from time to time in the Intercreditor Agent’s discretion, for the purpose of carrying out the terms of this
Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this Section 5.1, including any termination statements, endorsements
or other instruments of transfer or release. 

  
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 (c) Unless and until the Discharge of Senior Lender Claims has occurred,
each Second-Priority Agent, for itself and on behalf of each applicable Second-Priority Secured Party, hereby consents to the application, whether prior to or after a default, of Deposit Account Collateral or proceeds of Common Collateral or other
collateral to the repayment of Senior Lender Claims pursuant to the Senior Lender Documents; provided that nothing in this Section 5.1(c) shall be construed to prevent or impair the rights of the Second-Priority Agents or the Second-Priority
Secured Parties to receive proceeds in connection with the Second-Priority Claims not otherwise in contravention of this agreement. 
 5.2. Insurance. Unless and until the Discharge of Senior Lender Claims has occurred, the Intercreditor Agent and the Senior Lenders shall have the sole and exclusive right, subject to the rights of
the Grantors under the Senior Lender Documents, to adjust settlement for any insurance policy covering the Common Collateral or any other collateral in respect of the Second-Priority Claims in the event of any loss thereunder and to approve any
award granted in any condemnation or similar proceeding affecting the Common Collateral or such other collateral. Unless and until the Discharge of Senior Lender Claims has occurred, all proceeds of any such policy and any such award if in respect
of the Common Collateral or such other collateral shall be paid (a) first, prior to the occurrence of the Discharge of Senior Lender Claims, to the Intercreditor Agent for the benefit of Senior Lenders pursuant to the terms of the Senior Lender
Documents, (b) second, after the occurrence of the Discharge of Senior Lender Claims, to the Second-Priority Agents for the benefit of the Second-Priority Secured Parties pursuant to the terms of the applicable Second-Priority Documents and
(c) third, if no Second-Priority Obligations are outstanding, to the owner of the subject property, such other person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If any Second-Priority Agent or any
Second-Priority Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such proceeds over to the Intercreditor Agent in accordance with the terms of
Section 4.2. 
 5.3. Amendments to Second-Priority Collateral Documents. 

(a) So long as the Discharge of Senior Lender Claims has not occurred, without the prior written consent of the
Intercreditor Agent and the Required Lenders, no Second-Priority Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Second-Priority
Collateral Document, would be prohibited by or inconsistent with any of the terms of this Agreement. Each Second-Priority Agent agrees that each applicable Second-Priority Collateral Document shall include the following language (or language to
similar effect approved by the Intercreditor Agent): 
 “Notwithstanding anything herein to the contrary, (i) the liens
and security interests granted to the [applicable Second-Priority Agent] pursuant to this Agreement are expressly subject and subordinate to the liens and security interests granted to the Senior Priority Agents (as defined in the Intercreditor
Agreement referred to below) or any agent or trustee for any other Senior Lenders (as defined in the Intercreditor Agreement referred to below), and (ii) the exercise of any right or remedy by the [applicable Second-Priority

  
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Agent] hereunder is subject to the limitations and provisions of the Intercreditor Agreement dated as of May 11, 2012 (as further amended, restated, supplemented or otherwise modified from
time to time, the “Intercreditor Agreement”), by and among Citibank, N.A., as Intercreditor Agent and as administrative agent under the ABL Credit Agreement, Credit Suisse AG, Cayman Islands Branch, as administrative agent under the Cash
Flow Credit Agreement, Wilmington Trust, National Association, as trustee under the 2019 First-Lien Notes Indenture, Wilmington Trust, National Association, as trustee under the 1-1/2 Lien Notes Indenture, Verso Paper Finance Holdings LLC, Verso
Paper Holdings, LLC and the subsidiaries party thereto. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern”. 

(b) In the event that the Intercreditor Agent or the Senior Lenders under the Senior Credit Agreement or, if there is no
Senior Credit Agreement, any other Senior Lenders, enter into any amendment, waiver or consent in respect of or replace any of the Senior Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures
from any provisions of, any Senior Collateral Document or changing in any manner the rights of the Intercreditor Agent, the Senior Lenders, the Company or any other Grantor thereunder (including the release of any Liens in Senior Lender Collateral),
then such amendment, waiver or consent shall apply automatically to any comparable provision of each Comparable Second-Priority Collateral Document without the consent of any Second-Priority Agent or any Second-Priority Secured Party and without any
action by any Second-Priority Agent, the Company or any other Grantor; provided, that such amendment, waiver or consent does not materially adversely affect the rights of the Second-Priority Secured Parties or the interests of the
Second-Priority Secured Parties in the Second-Priority Collateral and not the other creditors of the Company or such Grantor, as the case may be, that have a security interest in the affected collateral in a like or similar manner (without regard to
the fact that the Lien of such Senior Collateral Document is senior to the Lien of the Comparable Second-Priority Collateral Document). The Intercreditor Agent shall give written notice of such amendment, waiver or consent to each Second-Priority
Agent; provided that the failure to give such notice shall not affect the effectiveness of such amendment with respect to the provisions of any Second Priority Collateral Document as set forth in this Section 5.3(b). 

5.4. Rights As Unsecured Creditors. Notwithstanding anything to the contrary in this Agreement, the Second-Priority Agents and the
Second-Priority Secured Parties may exercise rights and remedies as an unsecured creditor against the Company or any Subsidiary that has guaranteed the Second-Priority Claims in accordance with the terms of the applicable Second-Priority Documents
and applicable law. Nothing in this Agreement shall prohibit the receipt by any Second-Priority Agent or any Second-Priority Secured Party of the required payments of interest and principal so long as such receipt is not the direct or indirect
result of the exercise by any Second-Priority Agent or any Second-Priority Secured Party of rights or remedies as a secured creditor in respect of Common Collateral or other collateral or enforcement in contravention of this Agreement of any Lien in
respect of Second-Priority Claims held by any of them. In the event any Second-Priority Agent or any Second-Priority Secured Party becomes a judgment lien creditor or other secured creditor in respect of Common Collateral or other collateral as a
result of its enforcement of its rights as an unsecured creditor in respect of Second-Priority 

  
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Claims or otherwise, such judgment or other lien shall be subordinated to the Liens securing Senior Lender Claims on the same basis as the other Liens securing the Second-Priority Claims are so
subordinated to such Liens securing Senior Lender Claims under this Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Intercreditor Agent or the Senior Lenders may have with respect to the Senior
Lender Collateral. 
 5.5. Intercreditor Agent as Gratuitous Bailee for Perfection. 

(a) The Intercreditor Agent and each other Senior-Priority Agent agrees to hold the Pledged Collateral that is part of the
Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for each Second-Priority Agent and any assignee solely for the purpose of perfecting the security interest granted in such
Pledged Collateral pursuant to the Second-Priority Collateral Agreements, subject to the terms and conditions of this Section 5.5. 
 (b) The Intercreditor Agent and each other Senior-Priority Agent agrees to hold the Deposit Account Collateral that is part of the Common Collateral and controlled by the Intercreditor Agent or any such
Senior-Priority Agent as gratuitous bailee for each Second-Priority Agent and any assignee solely for the purpose of perfecting the security interest granted in such Deposit Account Collateral pursuant to the Second-Priority Collateral Agreements,
subject to the terms and conditions of this Section 5.5. 
 (c) In the event that the Intercreditor Agent
(or its agent or bailees) or any other Senior-Priority Agent has Lien filings against intellectual property that is part of the Common Collateral that are necessary for the perfection of Liens in such Common Collateral, the Intercreditor Agent and
each such Senior-Priority Agent agrees to hold such Liens as gratuitous bailee for each Second-Priority Agent and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the Second-Priority
Collateral Agreements, subject to the terms and conditions of this Section 5.5. 
 (d) Except as otherwise
specifically provided herein (including Sections 3.1 and 4.1), until the Discharge of Senior Lender Claims has occurred, the Intercreditor Agent and each other Senior-Priority Agent shall be entitled to deal with the Pledged Collateral in
accordance with the terms of the Senior Lender Documents as if the Liens under the Second-Priority Collateral Documents did not exist. The rights of the Second-Priority Agents and the Second-Priority Secured Parties with respect to such Pledged
Collateral shall at all times be subject to the terms of this Agreement. 
 (e) The Intercreditor Agent and each
other Senior-Priority Agent shall have no obligation whatsoever to any Second-Priority Agent or any Second-Priority Secured Party to assure that the Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits
of any Person or any rights pertaining to the Common Collateral except as expressly set forth in this Section 5.5. The duties or responsibilities of the Intercreditor Agent and each other Senior-Priority Agent under this Section 5.5 shall
be limited solely to holding the Pledged Collateral as gratuitous bailee for each Second-Priority Agent for purposes of perfecting the Lien held by the Second-Priority Secured Parties. 

  
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 (f) The Intercreditor Agent and each other Senior-Priority Agent shall not
have by reason of the Second-Priority Collateral Documents or this Agreement or any other document a fiduciary relationship in respect of any Second-Priority Agent or any Second-Priority Secured Party and the Second-Priority Agents and the
Second-Priority Secured Parties hereby waive and release the Intercreditor Agent and each other Senior-Priority Agent from all claims and liabilities arising pursuant to the Intercreditor Agent’s or any Senior-Priority Agent’s role under
this Section 5.5, as agent and gratuitous bailee with respect to the Common Collateral. 
 (g) Upon the
Discharge of Senior Lender Claims, the Intercreditor Agent and any other Senior-Priority Agent holding Common Collateral shall deliver to the Second-Priority Designated Agent, to the extent that it is legally permitted to do so, the remaining
Pledged Collateral (if any) and the Deposit Account Collateral (if any) together with any necessary endorsements (or otherwise allow the Second-Priority Designated Agent to obtain control of such Pledged Collateral and Deposit Account Collateral) or
as a court of competent jurisdiction may otherwise direct. The Company shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify the Intercreditor Agent and each other Senior-Priority Agent for
loss or damage suffered by the Intercreditor Agent or any such Senior-Priority Agent as a result of such transfer except for loss or damage suffered by the Intercreditor Agent or such Senior-Priority Agent as a result of its own willful misconduct,
gross negligence or bad faith. The Intercreditor Agent and each other Senior-Priority Agent have no obligation to follow instructions from any Second-Priority Agent in contravention of this Agreement. 

(h) Neither the Intercreditor Agent nor the Senior Lenders shall be required to marshal any present or future collateral
security for the Company’s or its Subsidiaries’ obligations to the Intercreditor Agent or the Senior Lenders under the Senior Credit Agreement or the Senior Collateral Documents or any assurance of payment in respect thereof or to resort
to such collateral security or other assurances of payment in any particular order, and all of their rights in respect of such collateral security or any assurance of payment in respect thereof shall be cumulative and in addition to all other
rights, however existing or arising. 
 5.6. Second-Priority Designated Agent as Gratuitous Bailee for Perfection.

 (a) Upon the Discharge of Senior Lender Claims, the Second-Priority Designated Agent agrees to hold the
Pledged Collateral that is part of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the other Second-Priority Agents and any assignee solely for the purpose of
perfecting the security interest granted in such Pledged Collateral pursuant to the applicable Second-Priority Collateral Agreement, subject to the terms and conditions of this Section 5.6. 

  
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 (b) Upon the Discharge of Senior Lender Claims, the Second-Priority
Designated Agent agrees to hold the Deposit Account Collateral that is part of the Common Collateral and controlled by the Second-Priority Designated Agent as gratuitous bailee for the other Second-Priority Agent and any assignee solely for the
purpose of perfecting the security interest granted in such Deposit Account Collateral pursuant to the Second-Priority Collateral Agreement, subject to the terms and conditions of this Section 5.6. 

(c) In the event that the Second-Priority Designated Agent (or its agent or bailees) has Lien filings against intellectual
property that is part of the Common Collateral that are necessary for the perfection of Liens in such Common Collateral, upon the Discharge of Senior Lender Claims, the Second-Priority Designated Agent agrees to hold such Liens as gratuitous bailee
for the other Second-Priority Agents and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the applicable Second-Priority Collateral Agreement, subject to the terms and conditions of this
Section 5.6. 
 (d) The Second-Priority Designated Agent, in its capacity as gratuitous bailee, shall have
no obligation whatsoever to the other Second-Priority Agents to assure that the Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Common Collateral
except as expressly set forth in this Section 5.6. The duties or responsibilities of the Second-Priority Designated Agent under this Section 5.6 upon the Discharge of Senior Lender Claims shall be limited solely to holding the Pledged
Collateral as gratuitous bailee for the other Second-Priority Agents for purposes of perfecting the Lien held by the applicable Second-Priority Secured Parties. 
 (e) The Second-Priority Designated Agent shall not have by reason of the Second-Priority Collateral Documents or this Agreement or any other document a fiduciary relationship in respect of the other
Second-Priority Agents (or the Second-Priority Secured Parties for which such other Second-Priority Agents is agent) and the other Second-Priority Agents hereby waive and release the Second-Priority Designated Agent from all claims and liabilities
arising pursuant to the Second-Priority Designated Agent’s role under this Section 5.6, as agent and gratuitous bailee with respect to the Common Collateral. 

(f) In the event that the Second-Priority Designated Agent shall cease to be so designated the Second-Priority Designated
Agent pursuant to the definition of such term, the then Second-Priority Designated Agent shall deliver to the successor Second-Priority Designated Agent, to the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any)
and the Deposit Account Collateral (if any) together with any necessary endorsements (or otherwise allow the successor Second-Priority Designated Agent to obtain control of such Pledged Collateral and Deposit Account Collateral) or as a court of
competent jurisdiction may otherwise direct, and such successor Second-Priority Designated Agent shall perform all duties of the Second-Priority Designated Agent as set forth herein. The Company shall take such further action as is required to
effectuate the transfer contemplated hereto and shall indemnify the Second-Priority 

  
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Designated Agent for loss or damage suffered by the Second-Priority Designated Agent as a result of such transfer except for loss or damage suffered by the Second-Priority Designated Agent as a
result of its own willful misconduct, gross negligence or bad faith. The Second-Priority Designated Agent has no obligation to follow instructions from the successor Second-Priority Designated Agent in contravention of this Agreement. 

5.7. Release Upon Discharge of Senior Lender Claims; No Release If Event of Default; Reinstatement. 

(a) Except as otherwise provided in clause (b) of this Section 5.7, upon the Discharge of Senior Lender Claims
and the concurrent release of the Liens securing Senior Lender Claims, the Liens in favor of the Second-Priority Secured Parties shall automatically be released and discharged. 

(b) Notwithstanding any other provisions contained in this Agreement, if an Event of Default (as defined in the 1-1/2 Lien
Notes Indenture or any other Second-Priority Document, as applicable) exists on the date on which all First-Lien Indebtedness is repaid in full and terminated (including all commitments and letters of credit thereunder), the second-priority Liens on
the Second-Priority Collateral securing the Second-Priority Claims relating to such Event of Default will not be released, except to the extent such Collateral or any portion thereof was disposed of in order to repay the First-Lien Indebtedness
secured by such Collateral, and thereafter the applicable Second-Priority Agent will have the right to direct the Intercreditor Agent to foreclose upon such Collateral (but in such event, the Liens on such Collateral securing the applicable
Second-Priority Claims will be released when such Event of Default and all other Events of Default under the 1-1/2 Lien Notes Indenture or any other Second-Priority Document, as applicable, cease to exist). 

(c) If, at any time after the Discharge of Senior Lender Claims has occurred, the Company incurs and designates any Future
First-Lien Indebtedness and the related Liens are incurred in reliance on clause (6)(C) of the definition of “Permitted Liens” in the 1-1/2 Lien Notes Indenture, then such Discharge of Senior Lender Claims shall automatically be
deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Lender Claims), and the applicable
agreement governing such Future First-Lien Indebtedness shall automatically be treated as a Senior Credit Agreement for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Common Collateral set
forth herein and the granting by the Intercreditor Agent of amendments, waivers and consents hereunder. Upon receipt of notice of such designation (including the identity of the new Intercreditor Agent), each Second-Priority Agent shall promptly
(i) enter into such documents and agreements (at the expense of the Company), including amendments or supplements to this Agreement, as the Company or such new Intercreditor Agent shall reasonably request in writing in order to provide the new
Intercreditor Agent the rights of the Intercreditor Agent contemplated hereby and (ii) to the extent then held by any Second-Priority Agent, deliver to the Intercreditor Agent the Pledged Collateral that is Common Collateral together with any
necessary endorsements (or otherwise allow such Intercreditor Agent to obtain possession or control of such Pledged Collateral). 

  
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 SECTION 6. Insolvency or Liquidation Proceedings. 

6.1. Financing Issues. If the Company or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding and the
Intercreditor Agent shall desire to permit the use of cash collateral or to permit the Company or any other Grantor to obtain financing under Section 363 or Section 364 of Title 11 of the United States Code or any similar provision in any
Bankruptcy Law (“DIP Financing”), then each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, agrees that it will raise no objection to, and will not support any objection to, and will not
otherwise contest (a) such use of cash collateral or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted by the proviso in clause (ii) of Section 3.1(a)
and Section 6.3) and, to the extent the Liens securing the Senior Lender Claims under the Senior Credit Agreement or, if no Senior Credit Agreement exists, under the other Senior Lender Documents are subordinated or pari passu with such DIP
Financing, will subordinate its Liens in the Common Collateral and any other collateral to such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second-Priority Claims are so subordinated to
Liens securing Senior Lender Claims under this Agreement, (b) any motion for relief from the automatic stay or from any injunction against foreclosure or enforcement in respect of Senior Lender Claims made by the Intercreditor Agent or any
holder of Senior Lender Claims, (c) any lawful exercise by any holder of Senior Lender Claims of the right to credit bid Senior Lender Claims at any sale in foreclosure of Senior Lender Collateral, (d) any other request for judicial relief
made in any court by any holder of Senior Lender Claims relating to the lawful enforcement of any Lien on Senior Lender Collateral or (e) any order relating to a sale of assets of any Grantor for which the Intercreditor Agent has consented that
provides, to the extent the sale is to be free and clear of Liens, that the Liens securing the Senior Lender Claims and the Second-Priority Claims will attach to the proceeds of the sale on the same basis of priority as the Liens securing the Senior
Lender Collateral rank to the Liens securing the Second-Priority Collateral in accordance with this Agreement. 
 6.2. Relief
from the Automatic Stay. Until the Discharge of Senior Lender Claims has occurred, each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, agrees that none of them shall seek relief from the automatic
stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Common Collateral or any other collateral, without the prior written consent of the Intercreditor Agent and the Required Lenders. 

6.3. Adequate Protection. Each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party,
agrees that none of them shall contest (or support any other Person contesting) (a) any request by the Intercreditor Agent or the Senior Lenders for adequate protection or (b) any objection by the Intercreditor Agent or the Senior Lenders
to any motion, relief, action or proceeding based on the Intercreditor Agent’s or the Senior Lenders’ claiming a lack of adequate protection. Notwithstanding the foregoing, in any Insolvency or Liquidation Proceeding, (i) if the
Senior Lenders (or any subset thereof) are granted adequate protection in the form of additional collateral in connection with any DIP Financing or use of 

  
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cash collateral under Section 363 or Section 364 of Title 11 of the United States Code or any similar Bankruptcy Law, then each Second-Priority Agent, on behalf of itself and any
applicable Second-Priority Secured Party, may seek or request adequate protection in the form of a replacement Lien on such additional collateral, which Lien is subordinated to the Liens securing the Senior Lender Claims and such DIP Financing (and
all Obligations relating thereto) on the same basis as the other Liens securing the Second-Priority Claims are so subordinated to the Liens securing Senior Lender Claims under this Agreement and (ii) in the event any Second-Priority Agent, on
behalf of itself or any applicable Second-Priority Secured Party, seeks or requests adequate protection and such adequate protection is granted in the form of additional collateral, then such Second-Priority Agent, on behalf of itself or each such
Second-Priority Secured Party, agrees that the Senior-Priority Agents shall also be granted a senior Lien on such additional collateral as security for the applicable Senior Lender Claims and any such DIP Financing and that any Lien on such
additional collateral securing the Second-Priority Claims shall be subordinated to the Liens on such collateral securing the Senior Lender Claims and any such DIP Financing (and all Obligations relating thereto) and any other Liens granted to the
Senior Lenders as adequate protection on the same basis as the other Liens securing the Second-Priority Claims are so subordinated to such Liens securing Senior Lender Claims under this Agreement. 

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

6.6. Waivers. Until the Discharge of Senior Lender Claims has occurred, each Second-Priority Agent, on behalf of itself and each
applicable Second-Priority Secured Party, will not assert or enforce any claim under Section 506(c) of the United States Bankruptcy Code senior to or on a parity with the Liens securing the Senior Lender Claims for costs or expenses of
preserving or disposing of any Common Collateral or other collateral. 

  
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 SECTION 7. Reliance; Waivers; etc. 

7.1. Reliance. The consent by the Senior Lenders to the execution and delivery of the Second-Priority Documents to which the Senior
Lenders have consented and all loans and other extensions of credit made or deemed made on and after the date hereof by the Senior Lenders to the Company or any Subsidiary shall be deemed to have been given and made in reliance upon this Agreement.
Each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, acknowledges that it and the applicable Second-Priority Secured Parties have, independently and without reliance on the Intercreditor Agent or any
Senior Lender, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into the applicable Second-Priority Document, this Agreement and the transactions contemplated hereby and thereby
and they will continue to make their own credit decision in taking or not taking any action under the applicable Second-Priority Document or this Agreement. 
 7.2. No Warranties or Liability. Each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, acknowledges and agrees that neither the Intercreditor Agent nor
any Senior Lender has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Senior Lender Documents, the ownership of any
Common Collateral or the perfection or priority of any Liens thereon. The Senior Lenders will be entitled to manage and supervise their respective loans and extensions of credit under the Senior Lender Documents in accordance with law and as they
may otherwise, in their sole discretion, deem appropriate, and the Senior Lenders may manage their loans and extensions of credit without regard to any rights or interests that any Second-Priority Agent or any of the Second-Priority Secured Parties
have in the Common Collateral or otherwise, except as otherwise provided in this Agreement. Neither the Intercreditor Agent nor any Senior Lender shall have any duty to any Second-Priority Agent or any Second-Priority Secured Party to act or refrain
from acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreements with the Company or any Subsidiary thereof (including the Second-Priority Documents), regardless of any
knowledge thereof that they may have or be charged with. Except as expressly set forth in this Intercreditor Agreement, the Intercreditor Agent, the Senior Lenders, the Second-Priority Agents and the Second-Priority Secured Parties have not
otherwise made to each other, nor do they hereby make to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to (a) the enforceability, validity, value or collectibility of any of the
Second-Priority Claims, the Senior Lender Claims or any guarantee or security which may have been granted to any of them in connection therewith, (b) the Company’s title to or right to transfer any of the Common Collateral or (c) any
other matter except as expressly set forth in this Intercreditor Agreement. 
 7.3. Obligations Unconditional. All
rights, interests, agreements and obligations of the Intercreditor Agent and the Senior Lenders, and the Second-Priority Agents and the Second-Priority Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of:

 (a) any lack of validity or enforceability of any Senior Lender Documents or any Second-Priority Documents;

  
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 (b) any change in the time, manner or place of payment of, or in any other
terms of, all or any of the Senior Lender Claims or Second-Priority Claims, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the Senior Credit
Agreement or any other Senior Lender Document or of the terms of the 1-1/2 Lien Notes Indenture or any other Second-Priority Document; 
 (c) any exchange of any security interest in any Common Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all
or any of the Senior Lender Claims or Second-Priority Claims or any guarantee thereof; 
 (d) the commencement of
any Insolvency or Liquidation Proceeding in respect of the Company or any other Grantor; or 
 (e) any other
circumstances that otherwise might constitute a defense available to, or a discharge of, the Company or any other Grantor in respect of the Senior Lender Claims, or of any Second-Priority Agent or any Second-Priority Secured Party in respect of this
Agreement. 
 SECTION 8. Miscellaneous. 
 8.1. Conflicts. Subject to Section 8.19, in the event of any conflict between the provisions of this Agreement and the provisions of any Senior Lender Document or any Second-Priority Document,
the provisions of this Agreement shall govern. 
 8.2. Continuing Nature of this Agreement; Severability. Subject to
Section 6.4, this Agreement shall continue to be effective until the Discharge of Senior Lender Claims shall have occurred or such later time as all the Obligations in respect of the Second-Priority Claims shall have been paid in full. This is
a continuing agreement of lien subordination and the Senior Lenders may continue, at any time and without notice to each Second-Priority Agent or any Second-Priority Secured Party, to extend credit and other financial accommodations and lend monies
to or for the benefit of the Company or any other Grantor constituting Senior Lender Claims in reliance hereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 8.3. Amendments; Waivers. No amendment, modification or waiver of any of the
provisions of this Agreement by any Second-Priority Agent or any Senior-Priority Agent shall be deemed to be made unless the same shall be in writing signed on behalf of the party making the same or its authorized agent and each waiver, if any,
shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. The
Company and the other Grantors shall not have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent their 

  
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rights are affected. Notwithstanding anything in this Section 8.3 to the contrary, this Agreement may be amended from time to time at the request of the Company, at the Company’s
expense, and without the consent of any Second-Priority Agent, any Senior-Priority Agent, any Senior Lender or any Second-Priority Secured Party to (i) add other parties holding Future Second-Lien Indebtedness (or any agent or trustee therefor)
and Future First-Lien Indebtedness (or any agent or trustee therefor) in each case to the extent such Indebtedness is not prohibited by the Senior Credit Agreement, the 1-1/2 Lien Notes Indenture or any other Second-Priority Document governing
Future Second-Lien Indebtedness, (ii) in the case of Future Second-Lien Indebtedness, (a) establish that the Lien on the Common Collateral securing such Future Second-Lien Indebtedness shall be junior and subordinate in all respects to all
Liens on the Common Collateral securing any Senior Lender Claims and shall share in the benefits of the Common Collateral equally and ratably with all Liens on the Common Collateral securing any Second-Priority Claims, and (b) provide to the
holders of such Future Second-Lien Indebtedness (or any agent or trustee thereof) the comparable rights and benefits (including any improved rights and benefits that have been consented to by the Intercreditor Agent) as are provided to the holders
of Second-Priority Claims under this Agreement, and (iii) in the case of Future First-Lien Indebtedness, (a) establish that the Lien on the Common Collateral securing such Future First-Lien Indebtedness shall be superior in all respects to
all Liens on the Common Collateral securing any Second-Priority Claims and any Future Second-Lien Indebtedness and shall share in the benefits of the Common Collateral equally and ratably with all Liens on the Common Collateral securing any Senior
Lender Claims, and (b) provide to the holders of such Future First-Lien Indebtedness (or any agent or trustee thereof) the comparable rights and benefits as are provided to the holders of Senior Lender Claims under this Agreement, in each case
so long as such modifications do not expressly violate the provisions of the Senior Credit Agreement, the 1-1/2 Lien Notes Indenture or any other Second-Priority Document governing Future Second-Lien Indebtedness. Any such additional party and each
Second-Priority Agent shall be entitled to rely on the determination of officers of the Company that such modifications do not violate the Senior Credit Agreement, the 1-1/2 Lien Notes Indenture or any other Second-Priority Document governing Future
Second-Lien Indebtedness if such determination is set forth in an Officers’ Certificate delivered to such party, the Intercreditor Agent and each Second-Priority Agent; provided, however, that such determination will not affect whether or not
the Company has complied with its undertakings in the Senior Credit Agreement, the Senior Collateral Documents, the 1-1/2 Lien Notes Indenture, any other Second-Priority Document governing Future Second-Lien Indebtedness, the Second-Priority
Collateral Documents or this Agreement. 
 8.4. Information Concerning Financial Condition of the Company and the
Subsidiaries. The Intercreditor Agent, the Senior Lenders, each Second-Priority Agent and the Second-Priority Secured Parties shall each be responsible for keeping themselves informed of (a) the financial condition of the Company and the
Subsidiaries and all endorsers and/or guarantors of the Second-Priority Claims or the Senior Lender Claims and (b) all other circumstances bearing upon the risk of nonpayment of the Second-Priority Claims or the Senior Lender Claims. The
Intercreditor Agent, the Senior Lenders, each Second-Priority Agent and the Second-Priority Secured Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances
or otherwise. In the event that the Intercreditor Agent, any Senior Lender, any Second-Priority Agent or any Second-Priority Secured Party, in its or their sole discretion, undertakes at any time or from time to time to provide any such information
to any other party, it or they shall be under 

  
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no obligation (w) to make, and the Intercreditor Agent, the Senior Lenders, the Second-Priority Agents and the Second-Priority Secured Parties shall not make, any express or implied
representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (x) to provide any additional information or to provide any such information on any subsequent
occasion, (y) to undertake any investigation or (z) to disclose any information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain
confidential. 
 8.5. Subrogation. Each Second-Priority Agent, on behalf of itself and each applicable Second-Priority
Secured Party, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Lender Claims has occurred. 
 8.6. Application of Payments. Except as otherwise provided herein, all payments received by the Senior Lenders may be applied, reversed and reapplied, in whole or in part, to such part of the
Senior Lender Claims as the Senior Lenders, in their sole discretion, deem appropriate, consistent with the terms of the Senior Lender Documents. Except as otherwise provided herein, each Second-Priority Agent, on behalf of itself and each
applicable Second-Priority Secured Party, assents to any such extension or postponement of the time of payment of the Senior Lender Claims or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release
of any security that may at any time secure any part of the Senior Lender Claims and to the addition or release of any other Person primarily or secondarily liable therefor. 
 8.7. Consent to Jurisdiction; Waivers. The parties hereto consent to the jurisdiction of any state or federal court located in New York, New York, and consent that all service of process may be
made by registered mail directed to such party as provided in Section 8.8 for such party. Service so made shall be deemed to be completed three days after the same shall be posted as aforesaid. The parties hereto waive any objection to any
action instituted hereunder in any such court based on forum non conveniens, and any objection to the venue of any action instituted hereunder in any such court. Each of the parties hereto waives any right it may have to trial by jury in respect of
any litigation based on, or arising out of, under or in connection with this Agreement, or any course of conduct, course of dealing, verbal or written statement or action of any party hereto in connection with the subject matter hereof. 

8.8. Notices. All notices to the Second-Priority Secured Parties and the Senior Lenders permitted or required under this Agreement
may be sent to the Trustee, the Intercreditor Agent, any Senior-Priority Agent or any Second-Priority Agent as provided in the 1-1/2 Lien Notes Indenture, the ABL Credit Agreement, the Cash Flow Credit Agreement, the 2019 First-Lien Notes Indenture,
the other relevant Senior Lender Document or the relevant Second-Priority Document, as applicable. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may
be personally served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via
U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each

  
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party, at such other address as may be designated by such party in a written notice to all of the other parties. The Senior-Priority Agents hereby agree to promptly notify each Second-Priority
Agent upon payment in full in cash of all Indebtedness under the applicable Senior Lender Documents (except for contingent indemnities and cost and reimbursement obligations to the extent no claim therefor has been made). 

8.9. Further Assurances. Each of the Second-Priority Agents, on behalf of itself and each applicable Second-Priority Secured
Party, and the Intercreditor Agent, on behalf of itself and each Senior Lender, agrees that each of them shall take such further action and shall execute and deliver to the Intercreditor Agent and the Senior Lenders such additional documents and
instruments (in recordable form, if requested) as the Intercreditor Agent or the Senior Lenders may reasonably request to effectuate the terms of and the lien priorities contemplated by this Agreement. 

8.10. Governing Law. This Agreement has been delivered and accepted at and shall be deemed to have been made at New York, New York
and shall be interpreted, and the rights and liabilities of the parties bound hereby determined, in accordance with the laws of the State of New York. 
 8.11. Binding on Successors and Assigns. This Agreement shall be binding upon the Intercreditor Agent, the Senior Lenders, the Second-Priority Agents, the Second-Priority Secured Parties, the
Company, the Company’s Subsidiaries party hereto and their respective permitted successors and assigns. 
 8.12.
Specific Performance. The Intercreditor Agent may demand specific performance of this Agreement. Each Second-Priority Agent, on behalf of itself and each applicable Second-Priority Secured Party, hereby irrevocably waives any defense based on
the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by the Intercreditor Agent. 

8.13. Section Titles. The section titles contained in this Agreement are and shall be without substantive meaning or content of
any kind whatsoever and are not a part of this Agreement. 
 8.14. Counterparts. This Agreement may be executed in one or
more counterparts, including by means of facsimile, each of which shall be an original and all of which shall together constitute one and the same document. 
 8.15. Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute
this Agreement. The Intercreditor Agent represents and warrants that this Agreement is binding upon the Senior Lenders. The Trustee represents and warrants that this Agreement is binding upon the 1-1/2 Lien Indenture Secured Parties. 

8.16. No Third Party Beneficiaries; Successors and Assigns. This Agreement and the rights and benefits hereof shall inure to the
benefit of, and be binding upon, each of the parties hereto and their respective successors and assigns and shall inure to the benefit of each of, and be binding upon, the holders of Senior Lender Claims and Second-Priority Claims. No other Person
shall have or be entitled to assert rights or benefits hereunder. 

  
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 8.17. Effectiveness. This Agreement shall become effective when executed and
delivered by the parties hereto. This Agreement shall be effective both before and after the commencement of any Insolvency or Liquidation Proceeding. All references to the Company or any other Grantor shall include the Company or any other Grantor
as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. 
 8.18. Intercreditor Agent and Second-Priority Agents. It is understood and agreed that (a) Citibank, N.A. is entering into this Agreement in its capacity as administrative agent under the ABL
Credit Agreement and the provisions of Article 9 of the ABL Credit Agreement applicable to Citibank, N.A. as administrative agent thereunder shall also apply to Citibank, N.A. as Intercreditor Agent and as ABL Credit Agreement Agent hereunder,
(b) Credit Suisse AG, Cayman Islands Branch is entering into this Agreement in its capacity as administrative agent under the Cash Flow Credit Agreement and the provisions of Article 9 of the Cash Flow Credit Agreement applicable to Credit
Suisse AG, Cayman Islands Branch as administrative agent thereunder shall also apply to Credit Suisse AG, Cayman Islands Branch hereunder, (c) Wilmington Trust Company, National Association is entering in this Agreement in its capacity as
trustee under the 2019 First-Lien Notes Indenture, and the provisions of Article 7 of the 2019 First-Lien Notes Indenture applicable to the Trustee thereunder shall also apply to the Trustee hereunder, and (d) Wilmington Trust Company, National
Association is entering into this Agreement in its capacity as trustee under the 1-1/2 Lien Notes Indenture, and the provisions of Article 7 of the 1-1/2 Lien Notes Indenture applicable to the Trustee thereunder shall also apply to the Trustee
hereunder. 
 8.19. Relative Rights. Notwithstanding anything in this Agreement to the contrary (except to the extent
contemplated by Section 5.3(b)), nothing in this Agreement is intended to or will (a) amend, waive or otherwise modify the provisions of the Senior Credit Agreement, the 1-1/2 Lien Notes Indenture or any other Senior Lender Documents or
Second-Priority Documents entered into in connection with the Senior Credit Agreement, the 1-1/2 Lien Notes Indenture or any other Senior Lender Document or Second-Priority Document or permit the Company or any Subsidiary to take any action, or fail
to take any action, to the extent such action or failure would otherwise constitute a breach of, or default under, the Senior Credit Agreement or any other Senior Lender Documents entered into in connection with the Senior Credit Agreement, the
1-1/2 Lien Notes Indenture or any other Second-Priority Documents, (b) change the relative priorities of the Senior Lender Claims or the Liens granted under the Senior Lender Documents on the Common Collateral (or any other assets) as among the
Senior Lenders, (c) otherwise change the relative rights of the Senior Lenders in respect of the Common Collateral as among such Senior Lenders or (d) obligate the Company or any Subsidiary to take any action, or fail to take any action,
that would otherwise constitute a breach of, or default under, the Senior Credit Agreement or any other Senior Lender Document entered into in connection with the Senior Credit Agreement, the 1-1/2 Lien Notes Indenture or any other Second-Priority
Documents. 
 8.20. References. Notwithstanding anything to the contrary in this Agreement, any references contained
herein to any Section, clause, paragraph, definition or other provision of the 

  
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1-1/2 Lien Notes Indenture (including any definition contained therein) shall be deemed to be a reference to such Section, clause, paragraph, definition or other provision as in effect on the
date of this Agreement; provided that any reference to any such Section, clause, paragraph or other provision shall refer to such Section, clause, paragraph or other provision of the 1-1/2 Lien Notes Indenture, as applicable (including any
definition contained therein), as amended or modified from time to time if such amendment or modification has been (1) made in accordance with the 1-1/2 Lien Notes Indenture, and (2) approved in writing by, or on behalf of, the requisite
Senior Lenders as are needed under the terms of the Senior Credit Agreement to approve such amendment or modification. 
 8.21.
Intercreditor Agreements. Notwithstanding anything to the contrary contained in this Agreement, each party hereto agrees that the Senior Lenders (as among themselves) and the Second-Priority Secured Parties (as among themselves) may each
enter into intercreditor agreements (or similar arrangements) governing the rights, benefits and privileges as among the Senior Lenders or the Second-Priority Secured Parties, as the case may be, in respect of the Common Collateral, this Agreement
and the other Senior Collateral Documents or Second-Priority Collateral Documents, as the case may be, including as to application of proceeds of the Common Collateral, voting rights, control of the Common Collateral and waivers with respect to the
Common Collateral, in each case so long as (A) the terms thereof do not violate or conflict with the provisions of this Agreement or the other Senior Collateral Documents or Second-Priority Collateral Documents, as the case may be, and
(B) in the case of any such intercreditor agreement (or similar arrangement) affecting any Senior Lenders, such Senior Lenders shall not be bound thereby unless the Senior-Priority Agent acting on behalf of such Senior Lenders enters into any
such intercreditor agreement (or similar arrangement) having either been authorized under the applicable Senior Lender Document to enter into such intercreditor agreement (or similar arrangement) or is instructed or authorized by the requisite
percentage of Senior Lenders thereunder to do so. In any event, if a respective intercreditor agreement (or similar arrangement) exists, the provisions thereof shall not be (or be construed to be) an amendment, modification or other change to this
Agreement or any other Senior Collateral Document or Second-Priority Collateral Document, and the provisions of this Agreement and the other Senior Collateral Documents and Second-Priority Collateral Documents shall remain in full force and effect
in accordance with the terms hereof and thereof (as such provisions may be amended, modified or otherwise supplemented from time to time in accordance with the terms thereof, including to give effect to any intercreditor agreement (or similar
arrangement)). 
 8.22. Designation of Intercreditor Agent Under Junior Lien Intercreditor Agreement. Until the Discharge
of Senior Lender Claims, the Trustee and each other Second-Priority Agent hereby appoint as “Intercreditor Agent” under the Junior Lien Intercreditor Agreement such agent or trustee as is designated “Intercreditor Agent”
hereunder. On the date hereof, the Intercreditor Agent is Citibank, N.A. Following the Discharge of Senior Lender Claims, the “Intercreditor Agent” under the Junior Lien Intercreditor Agreement shall be such agent or trustee as is
designated “Second-Priority Designated Agent” hereunder. 
 8.23. Supplements. Upon the execution by any
Subsidiary of Borrower of a supplement hereto in form and substance satisfactory to the Intercreditor Agent, such Subsidiary shall be a party to this Agreement and shall be bound by the provisions hereof to the same extent as the Company and each
other Grantor are so bound. 

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

			
	CITIBANK, N.A.,
	as Intercreditor Agent
		
	By:	 	 /s/ Brendan Mackay

		 	Name: Brendan Mackay
		 	Title: Director
	
	 CITIBANK, N.A.,
 as
Administrative Agent under the ABL Credit Agreement

		
	By:	 	 /s/ Brendan Mackay

		 	Name: Brendan Mackay
		 	Title: Director

 [Signature Page to 1.5 Lien Intercreditor Agreement] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as Administrative Agent under the Cash Flow Credit Agreement
		
	By:	 	 /s/ Robert Hetu

		 	Name: Robert Hetu
		 	Title: Managing Director
		
	By:	 	 /s/ Rahul Parmar

		 	Name: Rahul Parmar
		 	Title: Associate

 [Signature Page to 1.5 Lien Intercreditor Agreement] 

 
			
	VERSO PAPER FINANCE HOLDINGS LLC
	VERSO PAPER HOLDINGS LLC
	VERSO PAPER INC.
	VERSO PAPER LLC
	VERSO ANDROSCOGGIN LLC
	VERSO BUCKSPORT LLC
	VERSO SARTELL LLC
	VERSO QUINNESEC LLC
	VERSO MAINE ENERGY LLC
	VERSO FIBER FARM LLC
	VERSO QUINNESEC REP HOLDING INC.
	NEXTIER SOLUTIONS CORPORATION
		
	By:	 	 /s/ Robert P. Mundy

		 	Name: Robert P. Mundy
		 	 Title:   Senior Vice President and
             Chief Financial Officer

 [Signature Page to 1.5 Lien Intercreditor Agreement] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as Trustee under the 2019 First-Lien Notes Indenture
		
	By:	 	 /s/ Jane Schweiger

		 	Name: Jane Schweiger
		 	Title: Vice President
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as Trustee under the 1-1/2 Lien Notes Indenture

		
	By:	 	 /s/ Jane Schweiger

		 	Name: Jane Schweiger
		 	Title: Vice President
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as Collateral Agent under the 1-1/2 Lien Notes Indenture

		
	By:	 	 /s/ Jane Schweiger

		 	Name: Jane Schweiger
		 	Title: Vice President

 [Signature Page to 1.5 Lien Intercreditor Agreement]

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