Document:

Intercreditor Agreement, dated as of January 22, 2013

 Exhibit 4.2 
 INTERCREDITOR AGREEMENT 
 This INTERCREDITOR AGREEMENT (this
“Agreement”) is dated as of January 22, 2013, and entered into by and between WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity as trustee and collateral
agent under the 2012 Lien Debt Documents (as defined below) (in such capacity, and together with its successors and assigns in such capacity, “2012 Lien Agent”), and Wells Fargo, in its capacity as trustee and collateral agent under
the 2013 Lien Debt Documents (as defined below) (in such capacity, and together with its successors and assigns in such capacity, “2013 Lien Agent”). 
 RECITALS 
 HUTCHINSON TECHNOLOGY INCORPORATED, a corporation formed under
the laws of Minnesota (“HTI”), the guarantors from time to time party thereto, and Wells Fargo, in its capacity as trustee for the 2012 Lien Claimholders (as defined below), have entered into that certain Indenture dated as of
March 30, 2012 (as amended, restated, supplemented, Refinanced (as defined below), modified, renewed, extended, refunded or replaced from time to time in accordance with the terms of such agreement, the “2012 Indenture”)
providing for the issuance of notes by HTI and the guaranty of the 2012 Lien Obligations (as defined below) by such guarantors; 

The obligations of the Grantors (as defined herein) under the 2012 Indenture are or will be secured by liens on substantially all of the
personal property of the Grantors and certain real property of HTI pursuant to the terms of certain of the 2012 Lien Debt Documents (as defined below); 
 HTI, the guarantors from time to time party thereto, and Wells Fargo, in its capacity as trustee for the 2013 Lien Claimholders (as defined below), have entered into that certain Indenture dated as of the
date hereof (as amended, restated, supplemented, Refinanced (as defined below), modified, renewed, extended, refunded or replaced from time to time in accordance with the terms of such agreement, the “2013 Indenture”) providing for
the issuance of notes by HTI and the guaranty of the 2013 Lien Obligations (as defined below) by such guarantors; 
 The
obligations of the Grantors (as defined herein) under the 2013 Indenture are or will be secured by liens on substantially all of the personal property of the Grantors and certain real property of HTI pursuant to the terms of certain of the 2013 Lien
Debt Documents (as defined below); and 
 The 2012 Lien Debt Documents and the 2013 Lien Debt Documents provide, among other
things, that the parties thereto shall set forth in this Agreement their respective rights and remedies with respect to the Collateral (as defined below) and certain other matters. 

  
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 AGREEMENT 
 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 the Agreement, the following terms shall have the following meanings: 

“2012 Lien Claimholders” means, at any relevant time, the holders of 2012 Lien Obligations at that time, including 2012
Lien Holders and 2012 Lien Agent. 
 “2012 Lien Collateral” means all of the assets and property of any
Grantor, whether real, personal, or mixed, with respect to which a consensual Lien is granted as security for any 2012 Lien Obligations. 
 “2012 Lien Collateral Documents” means the “Second Lien Security Agreement” (as defined in the 2012 Indenture), the 2012 Lien Notes, the 2012 Lien Mortgages, the Minnesota
Mortgage, the Control Agreements and any other agreement, document, or instrument pursuant to which a Lien is granted securing any 2012 Lien Obligations or under which rights or remedies with respect to such Liens are governed. 

“2012 Lien Debt Documents” means the 2012 Lien Collateral Documents, the 2012 Indenture and the 2012 Lien Notes.

 “2012 Lien Default” means any “Event of Default”, as such term is defined in any 2012 Lien Debt
Document. 
 “2012 Lien Holders” means the “Holders” as defined in the 2012 Indenture. 

“2012 Lien Mortgages” means each mortgage, deed of trust, and any other document or instrument under which any Lien on
real property owned or leased by any Grantor is granted to secure any 2012 Lien Obligations or under which rights or remedies with respect to any such Liens are governed. 
 “2012 Lien Notes” means the 8.50% Senior Secured Second Lien Notes due 2017 issued by HTI pursuant to the 2012 Indenture, together with any replacement notes issued at any time in
exchange therefor or pursuant to any Refinancing thereof. 
 “2012 Lien Obligations means all
“Obligations” (as defined in the 2012 Indenture) and all other amounts owing, due, or secured under the terms of the 2012 Indenture or any other 2012 Lien Debt Document, whether now existing or arising hereafter, including all principal,
premium, interest, fees, attorney’s fees, costs, charges, expenses, reimbursement obligations, indemnities, guarantees, and all other amounts payable under or secured by any 2012 Lien Debt Document (including, in each case, all amounts accruing
on or after the commencement of any Insolvency Proceeding relating to any Grantor, or that would have accrued or become due under the terms of the 2012 Lien Debt Documents but for the effect of the Insolvency Proceeding and irrespective of whether a
claim for all or any portion of such amounts is allowable or allowed in such Insolvency Proceeding). 

  
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 “2013 Lien Claimholders” means, at any relevant time, the holders of 2013
Lien Obligations at that time, including 2013 Lien Holders and 2013 Lien Agent. 
 “2013 Lien Collateral”
means all of the assets and property of any Grantor, whether real, personal, or mixed, with respect to which a consensual Lien is granted as security for any 2013 Lien Obligations. 

“2013 Lien Collateral Documents” means the “Second Lien Security Agreement” (as defined in the 2013
Indenture), the 2013 Lien Notes, the 2013 Lien Mortgages, the Minnesota Mortgage, the Control Agreements and any other agreement, document, or instrument pursuant to which a Lien is granted securing any 2013 Lien Obligations or under which rights or
remedies with respect to such Liens are governed. 
 “2013 Lien Debt Documents” means the 2013 Lien Collateral
Documents, the 2013 Indenture and the 2013 Lien Notes. 
 “2013 Lien Default” means any “Event of
Default”, as such term is defined in any 2013 Lien Debt Document. 
 “2013 Lien Holders” means the
“Holders” as defined in the 2013 Indenture. 
 “2013 Lien Mortgages” means each mortgage, deed of
trust, and any other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any 2012 Lien Obligations or under which rights or remedies with respect to any such Liens are governed.

 “2013 Lien Notes” means the 10.875% Senior Secured Second Lien Notes due 2017 issued by HTI pursuant
to the 2013 Indenture, together with any replacement notes issued at any time in exchange therefor or pursuant to any Refinancing thereof. 
 “2013 Lien Obligations means all “Obligations” (as defined in the 2013 Indenture) and all other amounts owing, due, or secured under the terms of the 2013 Indenture or any other 2013
Lien Debt Document, whether now existing or arising hereafter, including all principal, premium, interest, fees, attorney’s fees, costs, charges, expenses, reimbursement obligations, indemnities, guarantees, and all other amounts payable under
or secured by any 2013 Lien Debt Document (including, in each case, all amounts accruing on or after the commencement of any Insolvency Proceeding relating to any Grantor, or that would have accrued or become due under the terms of the 2013 Lien
Debt Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all or any portion of such amounts is allowable or allowed in such Insolvency Proceeding). 

“Agent” means the 2012 Lien Agent, the 2013 Lien Agent or, in the case of the Minnesota Mortgage, PNC. 

  
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 “Bankruptcy Code” means Title 11 of the United States Code entitled
“Bankruptcy,” as now and hereafter in effect, or any successor statute. 
 “Bankruptcy Law” means
the Bankruptcy Code and any other federal, state, or foreign law for the relief of debtors. 
 “Business Day”
means any day other than a Saturday, Sunday, or day on which banks in (i) New York, New York or (ii) Minneapolis, Minnesota are authorized or required by law to close. 

“Capital Stock” of any Person means any and all shares, interests, participations or other equivalents of or interests
in (however designated) equity of such Person. 
 “Claimholders” means 2012 Lien Claimholders and 2013 Lien
Claimholders. 
 “Collateral” means all of the assets and property of any Grantor, whether real, personal or
mixed, constituting 2012 Lien Collateral or 2013 Lien Collateral. 
 “Control Agreements” means collectively,
(i) that certain Amended and Restated Deposit Account Control Agreement dated as of July 30, 2012 among HTI, Citizens Bank and Trust Co., as depository bank, PNC, as first lien agent, and Wells Fargo, as collateral agent, (ii) that
certain Deposit Account Control Agreement dated as of April 30, 2012 among HTI, PNC, as depository bank, PNC, as first lien agent, and Wells Fargo, as collateral agent, (iii) Deposit Account Control Agreement (Springing Agreement) dated as
of April 30, 2012 among HTI, PNC, as depository bank, PNC, as first lien agent, and Wells Fargo, as collateral agent; and (iv) any other deposit account control agreement that may be entered into by and among HTI and the 2012 Lien Agent or
the 2013 Lien Agent. 
 “Disposition” or “Dispose” means the sale, assignment, transfer,
license, lease (as lessor), or other disposition (including any sale and leaseback transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder, as in effect from time to time. 
 “Exercise any Secured Creditor Remedies” or “Exercise
of Secured Creditor Remedies” means (a) the taking of any action to enforce any Lien in respect of the Collateral, including the institution of any foreclosure proceedings, the noticing of any public or private sale or other
disposition pursuant to Article 9 of the UCC or any diligently pursued in good faith attempt to vacate or obtain relief from a stay or other injunction restricting any other action described in this definition, (b) the exercise of any right or
remedy provided to a secured creditor under the 2012 Lien Debt Documents or the 2013 Lien Debt Documents (including, in either case, any delivery of any notice to otherwise seek to obtain payment directly from any account debtor of any Grantor or
the taking of any action or the exercise of any right or remedy in respect of the setoff or recoupment against the Collateral or proceeds of Collateral or the exercise of any right under any lockbox agreement, account control agreement, landlord
waiver or bailee letter or similar agreement or arrangement)), under applicable law, at equity, in an Insolvency Proceeding or otherwise, including the acceptance of Collateral in full or partial satisfaction of a

  
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Lien, (c) the sale, assignment, transfer, lease, license, or other Disposition of all or any portion of the Collateral, by private or public sale or any other means, (d) the
solicitation of bids from third parties to conduct the liquidation of all or a material portion of Collateral to the extent undertaken and being diligently pursued in good faith to consummate the Disposition of such Collateral within a commercially
reasonable time, (e) the engagement or retention of sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third parties for the purposes of valuing, marketing, or Disposing of, all or a material
portion of the Collateral to the extent undertaken and being diligently pursued in good faith to consummate the Disposition of such Collateral within a commercially reasonable time, (f) the exercise of any other enforcement right relating to
the Collateral (including the exercise of any voting rights relating to any capital stock composing a portion of the Collateral) whether under the 2012 Lien Debt Documents, the 2013 Lien Debt Documents, under applicable law of any jurisdiction, in
equity, in an Insolvency Proceeding, or otherwise, (g) the commencement of, or the joinder with any creditor in commencing, any Insolvency Proceeding against any Grantor or any assets of any Grantor or instituting any action seeking the
appointment of a trustee, receiver, liquidator or similar official appointed for or over any Collateral, or (h) in the case of the Minnesota Mortgage, directing PNC, as collateral agent, with respect to any of the foregoing. 

“Exigent Circumstances” means an event or circumstance that materially and imminently threatens the ability of an Agent
to realize upon all or a material part of the Collateral, such as, without limitation, fraudulent removal, concealment, or abscondment thereof, destruction (other than to the extent covered by insurance) or material waste thereof, or the failure of
any Grantor after reasonable demand to maintain or reinstate adequate casualty insurance coverage with respect thereto. 

“Governmental Authority” means the government of the United States of America or any other nation, any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank, or other entity exercising executive, legislative, judicial, taxing, regulatory, or administrative powers or functions of
or pertaining to government. 
 “Grantors” means HTI and Guarantors, and each other Person that may from time
to time execute and deliver a 2012 Lien Collateral Document or a 2013 Lien Collateral Document as a “debtor,” “grantor,” or “pledgor” (or the equivalent thereof), or whose assets otherwise serve as collateral securing
any portion of the 2012 Lien Obligations or the 2013 Lien Obligations. 
 “Guarantor” means any Subsidiary of
HTI that becomes a guarantor of the 2012 Lien Obligations pursuant to the 2012 Indenture or a guarantor of the 2013 Lien Obligations pursuant to the 2013 Indenture. 
 “Holders” means the 2012 Lien Holders and the 2013 Lien Holders 

“Insolvency Proceeding” means: 
 (a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Grantor; 

  
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 (b) any other voluntary or involuntary insolvency or bankruptcy case or proceeding, or any
receivership, liquidation or other similar case or proceeding with respect to any Grantor or with respect to a material portion of its assets; 
 (c) any liquidation, dissolution, 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 marshaling of assets and liabilities of any Grantor. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, security interest, lien (whether statutory
or otherwise), charge, claim or encumbrance, or preference, priority or other security agreement or preferential arrangement held or asserted in respect of any asset of any kind or nature whatsoever including any conditional sale or other title
retention agreement, or any lease having substantially the same economic effect as any of the foregoing. 
 “Minnesota
Mortgage” means, collectively, one or more mortgages, deeds of trust, or other documents or instruments under which a Lien on certain real property owned by HTI in Minnesota shall be granted in favor of PNC, acting in the capacity as
collateral agent on behalf of itself as agent under the Credit Agreement (as defined in the 2012 Indenture and the 2013 Indenture), the 2012 Lien Agent and the 2013 Lien Agent, to secure certain Priority Lien Obligations (as defined in the 2012
Indenture and the 2013 Indenture), the 2012 Lien Obligations and the 2013 Lien Obligations. 
 “Notes” means
the 2012 Lien Notes and the 2013 Lien Notes. 
 “Person” or “person” means any individual,
corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any syndicate or group that would be deemed to be
a “person” under Section 13(d)(3) of the Exchange Act or any other entity. 
 “Pledged
Collateral” has the meaning set forth in Section 5.4(a). 
 “PNC” means PNC Bank,
National Association. 
 “Pro Rata Basis” means, in reference to the sharing of any Collateral or proceeds
thereof as among the Claimholders, the allocation or distribution of such Collateral or proceeds thereof by the applicable Agent for the account of the Claimholders, ratably in proportion to the principal, interest, fees, premiums and other
obligations outstanding, determined at the time of the making of any such allocation or distribution. 

“Refinance” means, in respect of any indebtedness, to refinance (including by means of sales of debt securities to
institutional investors), extend, renew, defease, supplement, restructure, replace, refund or repay, or to issue other indebtedness in exchange or replacement for such indebtedness, in whole or in part, whether with the same or different lenders,
investors, arrangers and/or agents. “Refinanced” and “Refinancing” shall have correlative meanings. 

  
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 “SEC” means the United States Securities and Exchange Commission.

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder, as in effect from time to time. 
 “Subsidiary” means, in respect of any Person, any corporation,
association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general
partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 

“UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable
jurisdiction. 
 1.2 Construction. The definitions of terms in this Agreement 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.” The term “or” shall be construed to have, except where otherwise
indicated, the inclusive meaning represented by the phrase “and/or.” Unless the context requires otherwise: 
 (a) to
the extent such amendment, restatement, supplement, modification, renewal, extension, Refinancing, refund, or replacement is not prohibited under this Agreement, 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, restated, supplemented, modified, renewed, extended, Refinanced, refunded, or replaced; 

(b) any reference to any agreement, instrument, or other document herein “as in effect on the date hereof” shall be construed
as referring to such agreement, instrument, or other document without giving effect to any amendment, restatement, supplement, modification, or Refinance after the date hereof; 

(c) to the extent such amendment, restatement, supplement, modification, renewal, extension, Refinancing, refund, or replacement is not
prohibited under this Agreement, any definition of or reference to 2012 Lien Obligations or the 2013 Lien Obligations herein shall be construed as referring to the 2012 Lien Obligations or the 2013 Lien Obligations (as applicable) as from time to
time amended, restated, supplemented, modified, renewed, extended, Refinanced, refunded, or replaced; 
 (d) any reference
herein to any Person shall be construed to include such Person’s successors and assigns; 

  
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 (e) 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; 

(f) all references herein to Sections shall be construed to refer to Sections of this Agreement; and 

(g) 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 Priority. Notwithstanding the date, time, method, manner, or order of grant, attachment,
or perfection of any Liens securing the 2013 Lien Obligations granted with respect to the Collateral or of any Liens securing the 2012 Lien Obligations granted with respect to the Collateral and notwithstanding any contrary provision of the UCC or
any other applicable law or the 2013 Lien Debt Documents or the 2012 Lien Debt Documents or any defect or deficiencies in, the Liens securing the 2012 Lien Obligations or the 2013 Lien Obligations, or any other circumstance whatsoever, each Agent
hereby agrees that: 
 (a) subject to the last sentence of this Section 2.1, any Lien with respect to the
Collateral securing any 2012 Lien Obligations now or hereafter held by or on behalf of, or created for the benefit of, 2012 Lien Agent or any 2012 Lien Claimholders or any agent or trustee therefor shall be equal and ratable in all respects to any
Lien with respect to the Collateral securing any 2013 Lien Obligations; and 
 (b) subject to the last sentence of this
Section 2.1, any Lien with respect to the Collateral securing any 2013 Lien Obligations now or hereafter held by or on behalf of, or created for the benefit of, 2013 Lien Agent, any 2013 Lien Claimholders or any agent or trustee therefor
shall be equal and ratable in all respects to all Liens with respect to the Collateral securing any 2012 Lien Obligations. 
 The foregoing and
any other provision to the contrary contained in this Agreement notwithstanding, (i) the equal and ratable status of Liens provided for in this Agreement shall cease to be effective with respect to any part of the Collateral from and after the
date on which the Liens of 2012 Lien Agent and 2012 Lien Claimholders are declared, or ruled to be, invalid, unenforceable, void or not allowed by a court of competent jurisdiction in a final, non-appealable order as a result of any action taken by
2012 Lien Agent, or any failure by 2012 Lien Agent to take any action, with respect to any financing statement (including any amendment to or continuation thereof), mortgage or other perfection document, in which event 2013 Lien Agent and 2013 Lien
Claimholders shall be entitled to receive and retain, from and after such date, all proceeds with respect to such Collateral to the extent the Liens of 2013 Lien Agent and 2013 Lien Claimholders are valid, enforceable, not void and allowed with
respect to such Collateral, (ii) except as expressly provided in this Agreement, 2012 Lien Agent agrees not to contractually subordinate its Lien in any Collateral to the Lien of any other creditor of Grantors without the prior written consent
of 2013 Lien Agent (which it shall be authorized to consent to based upon 

  
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an affirmative vote of 2013 Lien Claimholders holding at least a majority in aggregate principal amount of the 2013 Lien Notes then outstanding), (iii) the equal and ratable status of Liens
provided for in this Agreement shall cease to be effective with respect to any part of the Collateral from and after the date on which the Liens of 2013 Lien Agent and 2013 Lien Claimholders are declared, or ruled to be, invalid, unenforceable, void
or not allowed by a court of competent jurisdiction in a final, non-appealable order as a result of any action taken by 2013 Lien Agent, or any failure by 2013 Lien Agent to take any action, with respect to any financing statement (including any
amendment to or continuation thereof), mortgage or other perfection document, in which event 2012 Lien Agent and 2012 Lien Claimholders shall be entitled to receive and retain, from and after such date, all proceeds with respect to such Collateral
to the extent the Liens of 2012 Lien Agent and 2012 Lien Claimholders are valid, enforceable, not void and allowed with respect to such Collateral, and (iv) except as expressly provided in this Agreement, 2013 Lien Agent agrees not to
contractually subordinate its Lien in any Collateral to the Lien of any other creditor of Grantors without the prior written consent of 2012 Lien Agent (which it shall be authorized to consent to based upon an affirmative vote of 2012 Lien
Claimholders holding at least a majority in aggregate principal amount of the 2012 Lien Notes then outstanding). 
 2.2
Prohibition on Contesting Liens. Each of 2012 Lien Agent, for itself and on behalf of each 2012 Lien Claimholder, and 2013 Lien Agent, for itself and on behalf of each 2013 Lien Claimholder, agrees that it will not (and hereby waives any
right to), directly or indirectly, contest, or support any other Person in contesting, in any proceeding (including any Insolvency Proceeding), the priority, validity, or enforceability of a Lien held by or on behalf of any 2013 Lien Claimholders in
the 2013 Lien Collateral or by or on behalf of any 2012 Lien Claimholders in the 2012 Lien Collateral, as the case may be, or the provisions of this Agreement; provided, however that nothing in this Agreement shall be construed to
prevent or impair the rights of 2012 Lien Agent, any 2012 Lien Claimholder, 2013 Lien Agent, or any 2013 Lien Claimholder to enforce the terms of this Agreement, including the provisions of this Agreement relating to the respective priorities of the
Liens securing the 2012 Lien Obligations and the 2013 Lien Obligations as provided in Sections 2.1 and 3. 
 2.3
New Liens. The parties hereto agree that no Grantor shall: 
 (a) grant any additional Liens on any asset to secure any
2012 Lien Obligation unless such Grantor gives 2013 Lien Agent at least five (5) Business Days prior written notice thereof (or, if such Lien is granted upon the written request of any 2012 Lien Claimholder, such notice is provided to 2013 Lien
Agent promptly after receiving such request and in any event prior to such Lien in fact being granted) and unless such notice also offers to grant a Lien on such asset to secure the 2013 Lien Obligations concurrently with the grant of a Lien thereon
in favor of 2012 Lien Agent; or 
 (b) grant any additional Liens on any asset to secure any 2013 Lien Obligations unless such
Grantor gives 2012 Lien Agent at least five (5) Business Days prior written notice thereof (or, if such Lien is granted upon the written request of any 2013 Lien Claimholder, such notice is provided to 2012 Lien Agent promptly after receiving
such request and in any event prior to such Lien in fact being granted) and unless such notice also offers to grant a Lien on such asset to secure the 2012 Lien Obligations concurrently with the grant of a Lien thereon in favor of 2013 Lien Agent.

  
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 To the extent that the foregoing provisions are not complied with for any reason, without limiting any other
rights and remedies available to 2012 Lien Agent or 2013 Lien Agent, each of 2013 Lien Agent, on behalf of 2013 Lien Claimholders, and 2012 Lien Agent, on behalf 2012 Lien Claimholders, agrees that any amounts received by or distributed to any of
them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2. If 2013 Lien Agent or any 2013 Lien Claimholder shall (nonetheless and in breach of this
Section 2.3) acquire any Lien on any assets of any Grantor securing any 2013 Lien Obligations which assets are not also subject to the Lien of 2012 Lien Agent under the 2012 Lien Collateral Documents, then 2013 Lien Agent (or the
relevant 2013 Lien Claimholder), shall, without the need for any further consent of any other Person and notwithstanding anything to the contrary in any other 2013 Lien Debt Document hold and be deemed to have held such Lien and security interest
for the benefit of the 2013 Lien Claimholders as security for the 2013 Lien Obligations and, subject to the terms of this Agreement, the benefit of the 2012 Lien Agent as security for the 2012 Lien Obligations. If 2012 Lien Agent or any 2012 Lien
Claimholder shall (nonetheless and in breach of this Section 2.3) acquire any Lien on any assets of any Grantor securing any 2012 Lien Obligations which assets are not also subject to the Lien of 2013 Lien Agent under the 2013 Lien
Collateral Documents, then 2012 Lien Agent (or the relevant 2012 Lien Claimholder), shall, without the need for any further consent of any other Person and notwithstanding anything to the contrary in any other 2012 Lien Debt Document hold and be
deemed to have held such Lien and security interest for the benefit of the 2012 Lien Claimholders as security for the 2012 Lien Obligations and, subject to the terms of this Agreement, the benefit of the 2013 Lien Agent as security for the 2013 Lien
Obligations. All such Liens and security interests deemed held for the benefit of any Person pursuant to this paragraph shall be subject to the provisions of Sections 5.4(b) and 5.4(c). 

2.4 Similar Liens. The parties hereto agree that it is their intention that the 2012 Lien Collateral and the 2013 Lien Collateral
be identical. In furtherance of the foregoing and of Section 9.8, the parties hereto agree, subject to the other provisions of this Agreement, upon request by 2012 Lien Agent or 2013 Lien Agent, to cooperate in good faith (and to direct
their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the 2012 Lien Collateral and the 2013 Lien Collateral and the steps taken or to be taken to perfect their respective Liens thereon and
the identity of the respective parties obligated under the 2012 Lien Debt Documents and the 2013 Lien Debt Documents. 
 The
foregoing to the contrary notwithstanding, it is also understood by each of the parties that to the extent that 2012 Lien Agent or 2013 Lien Agent obtains a Lien in an asset (of a type that is not included in the types of assets included in the
Collateral as of the date hereof or which would not constitute Collateral without a grant of a security interest or lien separate from the 2012 Lien Debt Documents or 2013 Lien Debt Documents, as applicable, as in effect immediately prior to
obtaining such Lien on such asset) which the other party to this Agreement elects not to obtain after receiving prior written notice thereof in accordance with the provisions of Section 2.3, the Collateral securing the 2012 Lien Debt
Obligations and the 2013 Lien Debt Obligations will not be identical, and the provisions of the documents, agreements and instruments evidencing such Liens also will not be substantively similar, and any such difference in the scope or extent of
perfection with respect to the Collateral resulting therefrom are hereby expressly permitted by this Agreement. 

  
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 SECTION 3. Exercise of Remedies. 

3.1 [Intentionally omitted] 
 3.2 [Intentionally omitted] 
 3.3 [Intentionally omitted] 

3.4 [Intentionally omitted] 
 3.5 Cooperation and Non-Interference. Each Agent, for itself and on behalf of each of the Claimholders, hereby: 
 (a) agrees to consult and cooperate with the other Agent and the other Claimholders with respect to the Exercise of Secured Creditor Remedies to be taken under the 2012 Lien Debt Documents or the 2013
Lien Debt Documents, as applicable, so as not to restrain, hinder, limit, delay, or otherwise interfere with any Exercise of Secured Creditor Remedies by the other Agent or the other Claimholders; 

(b) acknowledges and agrees that no covenant, agreement or restriction contained in the 2012 Lien Collateral Documents or any other 2012
Lien Debt Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of 2013 Lien Agent or 2013 Lien Claimholders with respect to the Collateral as set forth in this Agreement and the 2013 Lien Debt
Documents; and 
 (c) acknowledges and agrees that no covenant, agreement or restriction contained in the 2013 Lien Collateral
Documents or any other 2013 Lien Debt Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of 2012 Lien Agent or 2012 Lien Claimholders with respect to the Collateral as set forth in this Agreement and
the 2012 Lien Debt Documents. 
 3.6 [Intentionally omitted] 

3.7 Commercially Reasonable Dispositions; Notice of Exercise. 2012 Lien Agent agrees that any Exercise of Secured Creditor
Remedies by 2012 Lien Agent with respect to Collateral subject to Article 9 of the UCC shall be conducted by 2012 Lien Agent in a commercially reasonable manner. 2013 Lien Agent agrees that any Exercise of Secured Creditor Remedies by 2013 Lien
Agent with respect to Collateral subject to Article 9 of the UCC shall be conducted by 2013 Lien Agent in a commercially reasonable manner. 2012 Lien Agent shall provide reasonable prior notice to 2013 Lien Agent of its initial material Exercise of
Secured Creditor Remedies. 2013 Lien Agent shall provide reasonable prior notice to 2012 Lien Agent of its initial material Exercise of Secured Creditor Remedies. Prior notice shall not be required pursuant to this Section 3.7 if Exigent
Circumstances exist, provided that such notice shall be given as soon as practicable and in any event contemporaneously with the taking of such action. 

  
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 SECTION 4. Proceeds. 

4.1 Application of Proceeds. Whether or not any Insolvency Proceeding has been commenced by or against any Grantor, except as
otherwise provided in Section 2.1, any Collateral or proceeds thereof received in connection with any Exercise of Secured Creditor Remedies shall (at such time as such Collateral or proceeds has been monetized) be applied:
(a) first, to the payment in full in cash of costs and expenses of 2012 Lien Agent and 2013 Lien Agent in connection with such Exercise of Secured Creditor Remedies, (b) second, to the payment in full in cash of the 2012 Lien
Obligations in accordance with the 2012 Lien Debt Documents, and the payment in full in cash of the 2013 Lien Obligations in accordance with the 2013 Lien Debt Documents, on a Pro Rata Basis and (c) third, other surplus proceeds, if any,
to HTI or to whomsoever shall be lawfully entitled to receive the same or as a court of competent jurisdiction shall direct. If any Exercise of Secured Creditor Remedies with respect to the Collateral produces non-cash proceeds, then such non-cash
proceeds shall be held by the Agent that conducted the Exercise of Secured Creditor Remedies as additional Collateral and, at such time as such non-cash proceeds are monetized, shall be applied as set forth above. 

4.2 Turnover. Whether or not any Insolvency Proceeding has been commenced by or against any Grantor, except as otherwise provided
in Section 2.1, any Collateral or proceeds thereof (including assets or proceeds subject to Liens referred to in the final sentence of Section 2.3) received by any Agent or any Claimholders (a) in connection with the
Exercise of Secured Creditor Remedies with respect to the Collateral by such Agent or such Claimholders, or (b) as a result of such Agent’s or such Claimholders’ collusion with any Grantor in violating the rights of the other Agent or
the other Claimholders (within the meaning of Section 9-332 of the UCC), shall be segregated and held in trust for the ratable benefit of all Agents and other Claimholders. 

SECTION 5. Releases; Dispositions; Other Agreements. 
 5.1 Releases. Each Agent shall have the right to make determinations regarding the release or Disposition of any Collateral pursuant to the terms of the 2012 Lien Debt Documents or the 2013 Lien
Debt Documents, as applicable, in each case without any consultation with, consent of, or notice to the other Agent or the other Claimholders. 
 5.2 [Intentionally omitted] 
 5.3 Amendments; Refinancings; Legend.

 (a) The 2012 Lien Debt Documents may be amended, supplemented, or otherwise modified in accordance with their terms and the
2012 Lien Obligations may be Refinanced, in each case without notice to, or the consent of, 2013 Lien Agent or 2013 Claimholders, all without affecting the lien subordination or other provisions of this Agreement; provided, however,
that, in the case of a Refinancing, the holders of such Refinancing debt bind themselves (in a writing addressed to 2013 Lien Agent for the benefit of itself and the 2013 Lien Claimholders) to the terms of this Agreement; provided
further, however, that any such amendment, supplement, modification, or Refinancing shall not, without the prior written consent of the 2013 Lien Agent (which it shall be authorized to consent to based upon an affirmative vote of 2013
Lien Claimholders holding at least a majority in aggregate principal 

  
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amount of the 2013 Lien Notes then outstanding), contravene the provisions of this Agreement or prohibit the Grantors from making any payment with respect to the 2013 Lien Obligations which is
permitted under the terms of the 2012 Lien Debt Documents as of the date hereof. 
 (b) The 2013 Lien Debt Documents may be
amended, supplemented, or otherwise modified in accordance with their terms and the 2013 Lien Obligations may be Refinanced, in each case without notice to, or the consent of, 2012 Lien Agent or 2012 Lien Claimholders, all without affecting the lien
subordination or other provisions of this Agreement; provided, however, that, in the case of a Refinancing, the holders of such Refinancing debt bind themselves (in a writing addressed to 2012 Lien Agent for the benefit of itself and
the 2012 Lien Claimholders) to the terms of this Agreement; provided further, however, that any such amendment, supplement, modification, or Refinancing shall not, without the prior written consent of the 2012 Lien Agent (which
it shall be authorized to consent to based upon an affirmative vote of 2012 Lien Claimholders holding at least a majority in aggregate principal amount of the 2012 Lien Notes then outstanding), contravene the provisions of this Agreement or prohibit
the Grantors from making any payment with respect to the 2012 Lien Obligations which is permitted under the terms of the 2013 Lien Debt Documents as of the date hereof. 
 (c) Each Grantor agrees that any promissory note evidencing or security agreement, pledge agreement or mortgage securing the 2012 Lien Obligations and the 2013 Lien Obligations executed after the date of
this Agreement shall at all times include the following language (or language to similar effect approved by 2012 Lien Agent or the 2013 Lien Agent, respectively): 
 “Anything herein to the contrary notwithstanding, the liens and security interests [securing the obligations evidenced by this note] [granted hereunder] and the exercise of any right or remedy with
respect thereto are subject to the provisions of the Intercreditor Agreement dated as of January 22, 2013 (as amended, restated, supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”), by and
between Wells Fargo Bank, National Association, as 2012 Lien Agent, and Wells Fargo Bank, National Association, as 2013 Lien Agent. In the event of any conflict between the terms of the Intercreditor Agreement and this [note][security
agreement][pledge agreement][mortgage], the terms of the Intercreditor Agreement (to the extent not inconsistent with the terms of any Priority Lien Intercreditor Agreement, as defined in the 2012 Indenture and the 2013 Indenture) shall govern and
control.” 
 5.4 Bailee for Perfection. 
 (a) 2013 Lien Agent and 2012 Lien Agent each agree to hold or control that part of the Collateral that is now or hereafter in its possession or control (or in the possession or control of its agents or
bailees), including Collateral the liens on which are perfected under the Control Agreement, to the extent that possession or control thereof perfects a Lien thereon under the UCC or other applicable law (such Collateral being referred to as the
“Pledged Collateral”), as bailee and as a non-fiduciary agent for 2012 Lien Agent or 2013 Lien Agent, as applicable (such bailment and agency being intended, among other things, to satisfy the requirements of Sections 8-301(a)(2),
9-313(c), 9-104, 9-105, 9-106, and 9-107 of the UCC), solely for the purpose of perfecting the security interest granted under the 2012 Lien Debt Documents or the 2013 Lien Debt Documents, as applicable, subject to the terms and conditions of this
Section 5.4. 

  
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 (b) 2013 Lien Agent shall have no obligation whatsoever to 2012 Lien Agent or any 2012 Lien
Claimholder to ensure that the Pledged Collateral is genuine or owned by any of Grantors or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.4. 2012 Lien Agent shall have no obligation
whatsoever to 2013 Lien Agent or any 2013 Lien Claimholder to ensure that the Pledged Collateral is genuine or owned by any of Grantors or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.4.
The duties or responsibilities of each Agent under this Section 5.4 shall be limited solely to holding or controlling the Pledged Collateral as bailee and agent in accordance with this Section 5.4 and delivering the Pledged
Collateral upon the discharge of the 2012 Lien Obligations or the 2013 Lien Obligations, as applicable, as provided in paragraph (d) of this Section 5.4. 
 (c) Neither the 2012 Lien Agent nor the 2013 Lien Agent acting pursuant to this Section 5.4 shall have by reason of the 2013 Lien Collateral Documents, the 2012 Lien Collateral Documents, or
this Agreement a fiduciary relationship in respect of the other Agent or any 2013 Lien Claimholder or 2012 Lien Claimholder (as the case may be). 
 (d) Upon the discharge of the 2012 Lien Obligations or the 2013 Lien Obligations, as applicable, the applicable Agent shall deliver the remaining Pledged Collateral (if any) together with any necessary
endorsements, first, to the other Agent to the extent Liens on such Pledged Collateral secure the 2013 Lien Obligations or 2012 Lien Obligation, as applicable, as confirmed in writing by such other Agent and, to the extent such other Agent
confirms no Liens on such Pledged Collateral secure the 2013 Lien Obligations or the 2012 Lien Obligations, as applicable, or following the repayment in full of the 2013 Lien Obligations or 2012 Lien Obligations, as applicable, second, to the
applicable Grantor (in each case, so as to allow such Person to obtain possession or control of such Pledged Collateral). At the time of transfer of the Pledged Collateral by one Agent to the other Agent, the transferring Agent further agrees to
take all other action reasonably requested by the transferee Agent at the expense of HTI (including amending any outstanding control agreements or giving any applicable notice required thereunder) to enable the transferee Agent to obtain a perfected
security interest in the Collateral. 
 5.5 When Discharge of 2012 Lien Obligations or 2013 Lien Obligations Deemed to Not
Have Occurred. 
 (a) If HTI enter into any Refinancing of the 2012 Lien Obligations, then the 2012 Lien Obligations shall
be deemed not to have been discharged or paid in full for any purposes of this Agreement, and the obligations under such Refinancing of such 2012 Lien Obligations shall be treated as 2012 Lien Obligations for all purposes of this Agreement,
including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and 2012 Lien Agent under the 2012 Lien Debt Documents effecting such Refinancing shall be 2012 Lien Agent for all purposes of this Agreement. 2012
Lien Agent under such 2012 Lien Debt Documents, for itself and the 2012 Lien Claimholders, shall agree (in a writing addressed to 2013 Lien Agent for the benefit of itself and the 2013 Lien Claimholders) to be bound by the terms of this Agreement.

  
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 (b) If HTI enter into any Refinancing of the 2013 Lien Obligations, then the 2013 Lien
Obligations shall be deemed not to have been discharged or paid in full for any purposes of this Agreement, and the obligations under such Refinancing of such 2013 Lien Obligations shall be treated as 2013 Lien Obligations for all purposes of this
Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and 2013 Lien Agent under the 2013 Lien Debt Documents effecting such Refinancing shall be 2013 Lien Agent for all purposes of this
Agreement. 2013 Lien Agent under such 2013 Lien Debt Documents, for itself and the 2013 Lien Claimholders, shall agree (in a writing addressed to 2012 Lien Agent for the benefit of itself and the 2012 Lien Claimholders) to be bound by the terms of
this Agreement. 
 5.6 [Intentionally omitted] 
 5.7 Injunctive Relief. Should any 2012 Lien Claimholder in any way take, attempt to, or threaten to take any action contrary to terms of this Agreement with respect to the Collateral, or fail to
take any action required by this Agreement, 2013 Lien Agent or any 2013 Lien Claimholder may obtain relief against such 2012 Lien Claimholder by injunction, specific performance, or other appropriate equitable relief, it being understood and agreed
by 2012 Lien Agent that (a) 2013 Lien Claimholders’ damages from such actions may at that time be difficult to ascertain and may be irreparable, and (b) each 2012 Lien Claimholder waives any defense that such Grantor and/or 2013 Lien
Claimholders cannot demonstrate damage and/or be made whole by the awarding of damages. Should any 2013 Lien Claimholder in any way take, attempt to, or threaten to take any action contrary to terms of this Agreement with respect to the Collateral,
or fail to take any action required by this Agreement, 2012 Lien Agent or any 2012 Lien Claimholder may obtain relief against such 2013 Lien Claimholder by injunction, specific performance, and/or other appropriate equitable relief, it being
understood and agreed by 2013 Lien Agent that (c) 2012 Lien Claimholders’ damages from such actions may at that time be difficult to ascertain and may be irreparable, and (d) each 2013 Lien Claimholder waives any defense that such
Grantor and/or 2012 Lien Claimholders cannot demonstrate damage and/or be made whole by the awarding of damages. 2013 Lien Agent and 2012 Lien Agent hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense
which might be asserted to bar the remedy of specific performance in any action which may be brought by 2013 Lien Agent or 2013 Lien Claimholders or 2012 Lien Agent or 2012 Lien Claimholders, as the case may be. 

SECTION 6. [Intentionally Omitted] 
 SECTION 7. Reliance; Waivers; Etc. 
 7.1 Reliance. Other than any
reliance on the terms of this Agreement, 2013 Lien Agent acknowledges that it and the 2013 Lien Claimholders have not relied on 2012 Lien Agent or any 2012 Lien Claimholders in making any credit analysis and decision to enter into such 2013 Lien
Debt Documents and be bound by the terms of this Agreement and they agree that in the future they will not rely on 2012 Lien Agent or any 2012 Lien Claimholders when making 

  
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any credit decision in taking or not taking any action under the 2013 Indenture or this Agreement. Other than any reliance on the terms of this Agreement, 2012 Lien Agent acknowledges that 2012
Lien Holders have not relied on 2013 Lien Agent or any 2013 Lien Claimholder in making any credit analysis and decision to enter into each of the 2012 Lien Debt Documents and be bound by the terms of this Agreement and they agree that in the future
they will not rely on 2013 Lien Agent or any 2013 Lien Claimholders when making any credit decision in taking or not taking any action under the 2012 Lien Debt Documents or this Agreement. 

7.2 No Warranties or Liability. 2013 Lien Agent acknowledges and agrees that, except as provided in Section 8 hereof,
each of 2012 Lien Agent and 2012 Lien Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability, or enforceability of any of the 2012 Lien Debt
Documents, the ownership of any Collateral, or the perfection or priority of any Liens thereon. Except as otherwise expressly provided herein, 2012 Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of
credit under the 2012 Lien Debt Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. 2012 Lien Agent acknowledges and agrees that, except as provided in Section 8 hereof, 2013 Lien Agent
and 2013 Lien Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability, or enforceability of any of the 2013 Lien Debt Documents, the ownership
of any Collateral, or the perfection or priority of any Liens thereon. Except as otherwise expressly provided herein, 2013 Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under their
respective 2013 Lien Debt Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. 
 7.3 No Waiver of Lien Priorities. 
 (a) No right of 2013 Lien
Claimholders, 2013 Lien Agent or any of them to enforce any provision of this Agreement or any 2013 Lien Debt Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or
failure to act by any 2013 Lien Claimholder or 2013 Lien Agent, or by any noncompliance by any Person with the terms, provisions, and covenants of this Agreement, any of the 2013 Lien Debt Documents or any of the 2012 Lien Debt Documents, regardless
of any knowledge thereof which 2013 Lien Agent or 2013 Lien Claimholders, or any of them, may have or be otherwise charged with. 
 (b) No right of 2012 Lien Claimholders, 2012 Lien Agent or any of them to enforce any provision of this Agreement or any 2012 Lien Debt Document shall at any time in any way be prejudiced or impaired by
any act or failure to act on the part of any Grantor or by any act or failure to act by any 2012 Lien Claimholder or 2012 Lien Agent, or by any noncompliance by any Person with the terms, provisions, and covenants of this Agreement, any of the 2012
Lien Debt Documents or any of the 2013 Lien Debt Documents, regardless of any knowledge thereof which 2012 Lien Agent or 2012 Lien Claimholders, or any of them, may have or be otherwise charged with. 

  
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 (c) Without in any way limiting the generality of the foregoing paragraphs (but subject to
any rights of Grantors under the 2012 Lien Debt Documents or the 2013 Lien Debt Documents and subject to the provisions of Sections 5.3(a) and (b)), each of the 2012 Lien Claimholders, 2012 Lien Agent, 2013 Lien Claimholders, and 2013 Lien
Agent may, at any time and from time to time in accordance with the 2012 Lien Debt Documents, 2013 Lien Debt Documents and/or applicable law, without the consent of, or notice to, the other Agent or the other Claimholders, without incurring any
liabilities to the other Agent or the other Claimholders and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of the other Agent or the other
Claimholders is affected, impaired, or extinguished thereby) do any one or more of the following: 
 (i) change
the manner, place, or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase, or alter, the terms of any of the 2012 Lien Obligations or the 2013 Lien Obligations, as applicable, or any Lien on any 2012 Lien
Collateral or 2013 Lien Collateral, as applicable, or guarantee thereof or any liability of any Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the 2012 Lien Obligations or the
2013 Lien Obligations, as applicable, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify, or supplement in any manner any Liens held by 2012 Lien Agent or any 2012
Lien Claimholders or the 2013 Lien Agent or any 2013 Lien Claimholders, the 2012 Lien Obligations, the 2013 Lien Obligations or any of the 2012 Lien Debt Documents or the 2013 Lien Debt Documents (other than this Agreement); 

(ii) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any
part of the 2012 Lien Collateral or the 2013 Lien Collateral or any liability of any Grantor to 2012 Lien Claimholders, 2012 Lien Agent, 2013 Lien Claimholders or 2013 Lien Agent or any liability incurred directly or indirectly in respect thereof;

 (iii) settle or compromise any 2012 Lien Obligation, 2013 Lien Obligations or any other liability of any
Grantor or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the 2012 Lien Obligations and the 2013 Lien Obligations) in
any manner or order; and 
 (iv) exercise or delay in or refrain from exercising any right or remedy against
any Grantor or any other Person, elect any remedy and otherwise deal freely with any Grantor or any 2012 Lien Collateral, any 2013 Lien Collateral and any security and any guarantor or any liability of any Grantor to 2012 Lien Claimholders or 2013
Lien Claimholders or any liability incurred directly or indirectly in respect thereof. 
 (d) Except as otherwise provided
herein, 2012 Lien Agent also agrees that 2013 Lien Claimholders and 2013 Lien Agent shall have no liability to 2012 Lien Agent or any 2012 Lien Claimholders, and 2012 Lien Agent hereby waives any claim against any 2013 Lien Claimholder or 2013 Lien
Agent, arising out of any and all actions which 2013 Lien Claimholders or 2013 Lien Agent may, pursuant to the terms hereof, take, permit or omit to take with respect to: 

  
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 (i) the 2013 Lien Debt Documents (other than this Agreement); 

(ii) the collection of the 2013 Lien Obligations; or 

(iii) the foreclosure upon, or sale, liquidation, or other disposition of, or the failure to foreclose upon, or sell,
liquidate, or otherwise dispose of, any 2013 Lien Collateral. 2012 Lien Agent agrees that 2013 Lien Claimholders and 2013 Lien Agent have no duty to them in respect of the maintenance or preservation of the 2013 Lien Collateral, the 2013 Lien
Obligations, or otherwise. 
 (e) Except as otherwise provided herein, 2013 Lien Agent also agrees that 2012 Lien Claimholders
and 2012 Lien Agent shall have no liability to 2013 Lien Agent or any 2013 Lien Claimholders, and 2013 Lien Agent hereby waives any claim against any 2012 Lien Claimholder or 2012 Lien Agent, arising out of any and all actions which 2012 Lien
Claimholders or 2012 Lien Agent may, pursuant to the terms hereof, take, permit or omit to take with respect to: 
 (i) the 2012 Lien Debt Documents (other than this Agreement); 

(ii) the collection of the 2012 Lien Obligations; or 

(iii) the foreclosure upon, or sale, liquidation, or other disposition of, or the failure to foreclose upon, or sell,
liquidate, or otherwise dispose of, any 2012 Lien Collateral. 2013 Lien Agent agrees that 2012 Lien Claimholders and 2012 Lien Agent have no duty to them in respect of the maintenance or preservation of the 2012 Lien Collateral, the 2012 Lien
Obligations, or otherwise. 
 7.4 Obligations Unconditional. For so long as this Agreement is in full force and effect,
all rights, interests, agreements and obligations of 2013 Lien Agent and 2013 Lien Claimholders and 2012 Lien Agent and 2012 Lien Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any 2013 Lien Debt Documents or any 2012 Lien Debt Documents; 

(b) except as otherwise expressly restricted in this Agreement, any change in the time, manner, or place of payment of, or in any other
terms of, all or any of the 2013 Lien Obligations or 2012 Lien Obligations, 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 any 2013 Lien Debt
Document or any 2012 Lien Debt Document; 
 (c) except as otherwise expressly restricted in this Agreement, any exchange of any
security interest in any 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 2013 Lien Obligations or 2012 Lien Obligations or any
guarantee thereof; 

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

(e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Grantor in respect of 2013
Lien Agent, the 2013 Lien Obligations, any 2013 Lien Claimholder, 2012 Lien Agent, the 2012 Lien Obligations or any 2012 Lien Claimholder in respect of this Agreement (other than indefeasible payment in full in cash of such obligations). 

SECTION 8. Representations and Warranties. 
 8.1 Representations and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto as follows: 

(a) Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has
all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder. 
 (b) This
Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms. 
 (c) The execution, delivery, and performance by such party of this Agreement (i) do not require any consent or approval of, registration or filing with or any other action by any governmental
authority and (ii) will not violate any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of such party or any order of any governmental authority or any
provision of any indenture, agreement or other instrument binding upon such party. 
 8.2 Representations and Warranties of
Each Agent. 2013 Lien Agent and 2012 Lien Agent each represents and warrants to the other that it has been authorized by 2013 Lien Holders or 2012 Lien Holders, as applicable, under the 2013 Indenture or the 2012 Indenture, as applicable, to
enter into this Agreement and that each of the agreements, covenants, waivers, and other provisions hereof is valid, binding, and enforceable against the 2013 Lien Holders or 2012 Lien Holders, as applicable, as fully as if they were parties hereto.

 SECTION 9. Miscellaneous. 
 9.1 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any of the 2013 Lien Debt Documents or any of the 2012 Lien Debt Documents, the provisions
of this Agreement shall govern and control. In the event of any conflict between the provisions of this Agreement and the provisions of any Priority Lien Intercreditor Agreement (as defined in the 2012 Indenture and the 2013 Indenture), the
provisions of such Priority Lien Intercreditor Agreement shall govern and control. 
 9.2 Effectiveness; Continuing Nature of
this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto. Each of 2013 Lien Agent and 2012 Lien Agent hereby waives any right it may have under applicable law

  
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to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. Any
provision of this Agreement that is prohibited or unenforceable 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. All references to any Grantor shall include such Grantor as debtor and debtor-in-possession and any receiver or trustee for such Grantor in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and
effect: 
 (a) with respect to 2012 Lien Agent, 2012 Lien Claimholders, and the 2012 Lien Obligations, on the date that the
2012 Lien Obligations are paid in full; and 
 (b) with respect to 2013 Lien Agent, 2013 Lien Claimholders, and the 2013 Lien
Obligations, on the date that the 2013 Lien Obligations are paid in full. 
 9.3 Amendments; Waivers. No amendment,
modification, or waiver of any of the provisions of this Agreement shall be effective unless the same shall be in writing signed on behalf of each party hereto, which, in the case of the 2012 Lien Agent, shall be at the direction of 2012 Lien
Holders holding at least a majority of the aggregate outstanding principal amount of the 2012 Lien Notes, and, in the case of the 2013 Lien Agent, shall be at the direction of 2013 Lien Holders holding at least a majority of the aggregate
outstanding principal amount of the 2013 Lien Notes (and acknowledged by the Grantors if such amendment, modification or waiver purports to alter, in a manner adverse to any Grantor, any obligation of such Grantor hereunder or under any
agreement referenced herein) 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. 
 9.4 Information Concerning Financial Condition of
the Grantors and their Respective Subsidiaries. 2013 Lien Agent and 2013 Lien Claimholders, on the one hand, and 2012 Lien Claimholders and 2012 Lien Agent, on the other hand, shall not be responsible for keeping any other party informed of
(a) the financial condition of the Grantors and their respective subsidiaries and all endorsers and/or guarantors of the 2013 Lien Obligations or the 2012 Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment
of the 2013 Lien Obligations or the 2012 Lien Obligations. 2013 Lien Agent and 2013 Lien Claimholders shall have no duty to advise 2012 Lien Agent or any 2012 Lien Claimholder of information known to it or them regarding such condition or any such
circumstances or otherwise. 2012 Lien Agent and 2012 Lien Claimholders shall have no duty to advise 2013 Lien Agent or any 2013 Lien Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise.

 9.5 Subrogation. With respect to any payments or distributions in cash, property, or other assets that any 2013
Lien Claimholders or 2013 Lien Agent pays over to 2012 Lien Agent or 2012 Lien Claimholders under the terms of this Agreement, 2013 Lien Claimholders and 2013 Lien Agent shall be subrogated to the rights of 2012 Lien Agent and 2012 Lien
Claimholders. Any payments or distributions in cash, property or other assets received by 2013 Lien Agent or 2013 Lien Claimholders that are paid over to 2012 Lien Agent or 2012 Lien Claimholders

  
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pursuant to this Agreement shall not reduce any of the 2013 Lien Obligations. With respect to any payments or distributions in cash, property, or other assets that any 2012 Lien Claimholders
or 2012 Lien Agent pays over to 2013 Lien Agent or 2013 Lien Claimholders under the terms of this Agreement, 2012 Lien Claimholders and 2012 Lien Agent shall be subrogated to the rights of 2013 Lien Agent and 2013 Lien Claimholders. Any
payments or distributions in cash, property or other assets received by 2012 Lien Agent or 2012 Lien Claimholders that are paid over to 2013 Lien Agent or 2013 Lien Claimholders pursuant to this Agreement shall not reduce any of the 2012 Lien
Obligations. 
 9.6 SUBMISSION TO JURISDICTION; WAIVERS. 

(a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF
COMPETENT JURISDICTION IN THE STATE, COUNTY, AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY: 

(i) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NON-EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; 

(ii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; 

(iii) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 9.7; AND 
 (iv) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (iii) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. 
 (b) EACH OF THE PARTIES HERETO (INCLUDING EACH OF THE GRANTORS ON BEHALF OF
ITSELF AND ITS SUBSIDIARIES) HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED
IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO
ENTER INTO A BUSINESS RELATIONSHIP THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT
IT HAS 

  
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REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE; MEANING THAT
IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 9.6(b) AND EXECUTED BY 2013 LIEN AGENT AND 2012 LIEN AGENT), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS, OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 9.7 Notices. All notices to 2012 Lien Claimholders and 2013 Lien Claimholders permitted or required under this Agreement shall also be sent to 2012 Lien Agent and 2013 Lien Agent, respectively.
Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by telefacsimile or United States mail or courier service or electronic mail and shall be deemed to have been given when
delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or electronic mail, or 3 Business Days after depositing it in the United States mail with postage prepaid and properly addressed. For the
purposes hereof, the addresses of the parties hereto shall be as designated on Exhibit A attached hereto or as may be otherwise designated by such party in a written notice to all of the other parties complying with this
Section 9.7. 
 9.8 Further Assurances. 2013 Lien Agent and 2012 Lien Agent each agrees to take such further
action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as 2013 Lien Agent or 2012 Lien Agent may reasonably request to effectuate the terms of and the Lien priorities contemplated by this
Agreement, all at the expense of HTI. 
 9.9 APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLIED TO CONTRACTS TO BE PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK. 
 9.10 Binding on Successors and Assigns. This Agreement shall be binding upon 2013 Lien Agent, 2013 Lien Claimholders, 2012 Lien Agent, 2012 Lien Claimholders, and their respective successors and
assigns. 
 9.11 Headings. Section headings in this Agreement are included herein for convenience of reference only and
shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 9.12
Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy or other electronic transmission shall be effective as delivery of a manually executed counterpart
of this Agreement or such other document or instrument, as applicable. 

  
 22 

 9.13 No Third Party Beneficiaries. This Agreement and the rights and benefits hereof
shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of and bind each of 2013 Lien Claimholders and 2012 Lien Claimholders. In no event shall any Grantor be a third party
beneficiary of this Agreement. 
 9.14 Provisions Solely to Define Relative Rights. The provisions of this Agreement are
and are intended solely for the purpose of defining the relative rights of 2013 Lien Agent and 2013 Lien Claimholders on the one hand and 2012 Lien Agent and 2012 Lien Claimholders on the other hand. No Grantor or any other creditor thereof shall
have any rights hereunder and no Grantor may rely on the terms hereof. Nothing in this Agreement shall impair, as between Grantors and 2013 Lien Agent and 2013 Lien Claimholders, or as between Grantors and 2012 Lien Agent and 2012 Lien Claimholders,
the obligations of Grantors to pay principal, interest, fees and other amounts as provided in the 2013 Lien Debt Documents and the 2012 Lien Debt Documents, respectively. 
 9.15 Costs and Attorney’s Fees. In the event it becomes necessary for 2013 Lien Agent, any 2013 Lien Claimholder, 2012 Lien Agent, or any 2012 Lien Claimholder to commence or become a party to
any proceeding or action to enforce the provisions of this Agreement, the court or body before which the same shall be tried shall award to the prevailing party all costs and expenses thereof, including reasonable attorney’s fees, the usual and
customary and lawfully recoverable court costs, and all other expenses in connection therewith. 
 9.16 Patriot Act
Compliance. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, each Agent, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to
obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties to this Agreement agree that they will provide each Agent with such information as it may request in
order for each Agent to satisfy the requirements of the USA PATRIOT Act. 
 [signature pages follow] 

  
 23 

 
			
	SECOND LIEN AGENT:
	
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,

	as 8.50% Lien Agent
		
	By:	 	/s/ Richard Prokosch
	Name:	 	Richard Prokosch
	Title: 	 	Vice President

  

			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as 10.875% Lien Agent

		
	By:	 	/s/ Richard Prokosch
	Name:	 	Richard Prokosch
	Title: 	 	Vice President

 Signature Page to Intercreditor Agreement 

 ACKNOWLEDGMENT 

As of the date first written above, each of the Grantors and each of the Grantors’ undersigned Subsidiaries (if any) hereby
acknowledge that they have received a copy of the foregoing Intercreditor Agreement and consent thereto, agree to recognize all rights granted thereby to 2013 Lien Agent, 2013 Lien Claimholders, 2012 Lien Agent, and 2012 Lien Claimholders, and will
not do any act or perform any obligation which is not in accordance with the agreements set forth therein. The Grantors and each of the Grantors’ undersigned Subsidiaries each further acknowledge and agree that they are not an intended
beneficiary or third party beneficiary under the foregoing Intercreditor Agreement. 
  

			
	ACKNOWLEDGED:
	
	 HUTCHINSON TECHNOLOGY INCORPORATED,
 a Minnesota corporation

		
	By:	 	/s/ David P. Radloff
		 	Name: David P. Radloff
		 	Title: CFO

 Acknowledgment Page to Intercreditor Agreement 

 EXHIBIT A 

NOTICE ADDRESSES 
  

			
	 If to 2012 Lien Agent:
	  	WELLS FARGO BANK, NATIONAL ASSOCIATION
		  	MAC N9311-110
		  	625 Marquette Avenue
		  	Minneapolis, Minnesota 55479
		  	Attention: Hutchinson Administrator
		  	Facsimile: (612) 667-2160
		
	 With copies to:
	  	DORSEY & WHITNEY LLP
		  	Suite 1500, 50 South Sixth Street
		  	Minneapolis, MN 55402
		  	Attention: Steven J. Heim
		  	Facsimile: (612) 340-2643
		
	 If to 2013 Lien Agent:
	  	WELLS FARGO BANK, NATIONAL ASSOCIATION
		  	MAC N9311-110
		  	625 Marquette Avenue
		  	Minneapolis, Minnesota 55479
		  	Attention: Hutchinson Administrator
		  	Facsimile: (612) 667-2160
		
	 with copies to:
	  	DORSEY & WHITNEY LLP
		  	Suite 1500, 50 South Sixth Street
		  	Minneapolis, MN 55402
		  	Attention: Steven J. Heim
		  	Facsimile: (612) 340-2643
		
	 If to the Grantors:
	  	HUTCHINSON TECHNOLOGY INCORPORATED
		  	40 West Highland Park
		  	Hutchinson, MN 55350-9784
		  	Attention: Chief Financial Officer
		  	Facsimile: (320) 587-1810
		
	 with copies to:
	  	FAEGRE BAKER DANIELS LLP
		  	2200 Wells Fargo Center
		  	90 South Seventh Street
		  	Minneapolis, MN 55402
		  	Attention: Peggy Abram
		  	Facsimile: 612-766-1600

  
 Exhibit A - 1First Amendment to Intercreditor Agreement, dated as of January 22, 2013

 Exhibit 4.3 
 FIRST AMENDMENT 
 TO INTERCREDITOR AGREEMENT 

FIRST AMENDMENT, dated as of January 22, 2013 (this “Amendment”), to the Intercreditor Agreement, dated as of
March 30, 2012 (the “Original Intercreditor Agreement”) (the Original Agreement, as amended hereby and as further amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor
Agreement”), by and between PNC BANK, NATIONAL ASSOCIATION, a national banking association (“PNC”), in its capacity as agent under the First Lien Debt Documents (as defined in the Intercreditor Agreement) (in such capacity,
and together with its successors and assigns in such capacity, “First Lien Agent”), PNC, as Limited Agent pursuant to Section 5.8 of the Intercreditor Agreement, WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
association (“Wells Fargo”), in its capacity as trustee and collateral agent under the Second Lien Debt Documents (8.50% Notes) (as defined in the Intercreditor Agreement) (the “8.50% Lien Agent”), and WELLS FARGO,
in its capacity as trustee and collateral agent under the Second Lien Debt Documents (10.875% Notes) (as defined in the Intercreditor Agreement) (in such capacity, and together with its successors and assigns in such capacity, the “10.875%
Lien Agent” and individually or together with the 8.50% Lien Agent, the “Second Lien Agent”). 

WHEREAS, in connection with the execution and delivery of the Second Lien Debt Agreement (8.50% Notes) (as defined in the Intercreditor
Agreement), the First Lien Agent and the Second Lien Agent entered into the Original Intercreditor Agreement; and 
 WHEREAS, in
connection with the execution and delivery of the Second Lien Debt Agreement (10.875% Notes) (as defined in the Intercreditor Agreement), the First Lien Agent and the Second Lien Agent have agreed to amend the Original Intercreditor Agreement on and
subject to the terms set forth herein. 
 NOW THEREFORE, in consideration of the premises and other good and valuable
consideration, the parties hereto hereby agree as follows: 
 Section 1. Definitions. Any capitalized term
used herein and not defined shall have the meaning assigned to it in the Intercreditor Agreement. 
 Section 2.
Amendments. The Original Intercreditor Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined
text (indicated textually in the same manner as the following example: bold and double-underlined text) as set forth on the pages of the Intercreditor Agreement attached as
Annex A hereto. 
 Section 3. Conditions to Effectiveness. This Amendment shall be effective as
of the date hereof (the “Amendment Effective Date”), upon the execution and delivery of (i) counterparts to this Amendment by the First Lien Agent, Limited Agent, 8.50% Lien Agent and 10.875% Lien Agent and (ii) the
Acknowledgment to this Amendment by Hutchinson Technology Incorporated, a corporation formed under the laws of Minnesota (“HTI”), attached hereto as Annex B. 

 Section 4. Representations and Warranties. Each of the First Lien Agent,
the Second Lien Agent and HTI represents and warrants as follows: 
 (a) The execution, delivery and performance
by such Person of this Amendment and the performance by such Person of the Original Intercreditor Agreement, as amended hereby, have been duly authorized by all necessary action, and such Person has all requisite power, authority and legal right to
execute, deliver and perform this Amendment and to perform the Original Intercreditor Agreement, as amended hereby. 
 (b) This Amendment and the Original Intercreditor Agreement, as amended hereby, is a legal, valid and binding obligation of such Person, enforceable against such Person in accordance with the terms
thereof, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 

Section 5. Miscellaneous. 
 (a) Continued Effectiveness of the Intercreditor Agreement. Except as otherwise expressly provided herein, the Intercreditor Agreement is, and shall continue to be, in full force and effect and is
hereby ratified and confirmed in all respects, except that on and after the Amendment Effective Date all references in the Intercreditor Agreement to “this Agreement”, “hereto”, “hereof”, “hereunder” or words
of like import referring to the Intercreditor Agreement shall mean the Original Intercreditor Agreement as amended by this Amendment. Except as expressly provided herein, the execution, delivery and effectiveness of this Amendment shall not operate
as an amendment of any right, power or remedy of any Agent or Claimholder, nor constitute an amendment of any provision of any First Lien Debt Document or Second Lien Debt Document. 

(b) Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Amendment by telefacsimile or electronic mail shall be
equally as effective as delivery of an original executed counterpart of this Amendment. 
 (c) Headings.
Section headings herein are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 
 (d) Governing Law. This Amendment shall be governed by the laws of the State of New York. 
 (e) Waiver of Jury Trial. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AMENDMENT OR ANY OF
THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. 
 [Remainder of this Page Intentionally Left Bank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and
delivered as of the date first above written. 
  

			
	FIRST LIEN AGENT:
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as First Lien Agent

		
	By:	 	 /s/ Robert Anchundia

	Name: 	 	Robert Anchundia
	Title:	 	Senior Vice President
	
	LIMITED AGENT:
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as Limited Agent

		
	By:	 	 /s/ Robert Anchundia

	Name: 	 	Robert Anchundia
	Title:	 	Senior Vice President
	
	SECOND LIEN AGENT:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as 8.50% Lien Agent
		
	By:	 	 /s/ Richard Prokosch

	Name: 	 	Richard Prokosch
	Title:	 	Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as 10.875% Lien Agent
		
	By:	 	 /s/ Richard Prokosch

	Name: 	 	Richard Prokosch
	Title:	 	Vice President

 Annex A 

Revisions to Intercreditor Agreement 
 (attached) 

 [Composite incorporating the
First Amendment] 
 INTERCREDITOR AGREEMENT 
 This INTERCREDITOR AGREEMENT (this “Agreement”) is dated as of March 30, 2012, and entered into by and between PNC BANK, NATIONAL ASSOCIATION, a national banking association
(“PNC”), in its capacity as agent under the First Lien Debt Documents (as defined below), (in such capacity, and together with its successors and assigns in such capacity, “First Lien Agent”),
andPNC, as Limited Agent pursuant to Section 5.8, WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity as trustee and collateral agent under the Second Lien Debt Documents (as defined
below),8.50% Notes) (as defined below) (the “8.50% Lien Agent”), and WELLS FARGO, in its capacity as trustee and collateral agent under the Second Lien Debt Documents
(10.875% Notes) (as defined below) (in such capacity, and together with its successors and assigns in such capacity, the “10.875% Lien Agent” and individually or
together with the 8.50% Lien Agent, the “Second Lien Agent”). 
 RECITALS 

HUTCHINSON TECHNOLOGY INCORPORATED, a corporation formed under the laws of Minnesota (“HTI”) (HTI, together with each
subsidiary of HTI which from time to time may be joined as a borrower thereunder, each a “Borrower” and collectively, the “Borrowers”), the lenders from time to time party thereto, and First Lien Agent, have entered
into that certain Revolving Credit and Security Agreement dated as of September 16, 2011 providing for certain credit facilities (as amended, restated, supplemented, Refinanced (as defined below), modified, renewed, extended, refunded or
replaced from time to time in accordance with the terms of this Agreement, the “First Lien Debt Agreement”); 

The obligations of the Grantors (as defined herein) under the First Lien Debt Agreement are or will be secured on a senior priority basis
by liens on substantially all of the personal property of the Grantors and certain real property of HTI, pursuant to the terms of certain of the First Lien Debt Documents (as defined below); 

HTI, the guarantors from time to time party thereto, and Wells Fargo, in its capacity as trustee for the Second Lien Claimholders (as
defined below), have entered into
(i) that certain Indenture dated as of
the date hereof (as amended by the First Supplemental Indenture thereto, dated as of January 22, 2013 (the “First Supplemental Indenture (8.50% Notes)”) and as
further amended, restated, supplemented, Refinanced (as defined below), modified, renewed, extended, refunded or replaced from time to time in accordance with the terms of this Agreement, the “Second Lien Debt
Agreement (8.50% Notes)”) providing for the issuance of notes by HTI and the guaranty of the
Second Lien Obligations8.50% Senior Secured Second Lien Notes due 2017 by HTI and the guaranty of the
Second Lien Obligations (8.50% Notes) (as defined below) by such guarantors, and (ii) that certain Indenture dated as of 

  
 1 

 
January 22, 2013 (as amended, restated, supplemented, Refinanced, modified, renewed, extended, refunded or replaced from time
to time in accordance with the terms of this Agreement, the “Second Lien Debt Agreement (10.875% Notes)” and together with the Second Lien Debt Agreement (8.50% Notes), collectively, the “Second Lien Debt Agreements”), providing
for the issuance of 10.875% Senior Secured Second Lien Notes due 2017 by HTI and the guaranty of the Second Lien Obligations (10.875% Notes) (as defined below) by such guarantors; 

The obligations of the Grantors under the Second Lien Debt Agreement
(8.50% Notes) are or will be secured, on a junior priority basis in respect of the First Lien Obligations (as defined below) and on a parity basis in respect of the Second Lien Obligations (10.875% Notes), by liens on substantially all of the
personal property of the Grantors and certain real property of HTI pursuant to the terms of certain of the Second Lien Debt Documents (8.50% Notes) (as defined below); 
 The obligations of the Grantors under the Second Lien Debt Agreement (10.875% Notes) are or will be
secured, on a junior priority basis in respect of the First Lien Obligations and on a parity basis in respect of
the Second Lien Obligations (8.50% Notes), by liens on substantially all of the personal property of the Grantors and certain real property of HTI pursuant to the terms of certain of the Second Lien Debt
Documents (10.875% Notes) (as defined below); 
 The
First Lien Debt Documents and the Second Lien Debt Documents provide, among other things, that the parties thereto shall set forth in this Agreement their respective rights and remedies with respect to the Collateral (as defined below) and certain
other matters; and 
 In order to induce the First Lien Claimholders to consent to the Grantors granting the liens to secure the
Second Lien Obligations (as defined below) and to induce the First Lien Claimholders to continue to extend credit and other financial accommodations and continue to lend monies
to or for the benefit of the Borrowers, the First Lien Agent, the Second Lien Agent and, by virtue of accepting the Second Lien Notes (as defined below), the Second Lien Claimholders, have agreed to the intercreditor and other provisions set forth
in this Agreement. 
 AGREEMENT 
 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 the Agreement, the following terms shall have the following meanings: 

“Additional First Lien Permitted Debt” means Indebtedness that (a) is secured by a first lien on the Collateral
and has been designated by HTI as “Priority Lien Debt” under and as defined in the Second Lien Debt AgreementAgreements, (b) is consented to by
the First Lien 

  
 2 

 
Agent, (c) is permitted to be incurred as “Priority Lien Debt” under and as defined in the Second Lien Debt
AgreementAgreements, (d) is in a principal amount that, together with the maximum principal amount that may be outstanding under the First Lien Debt
Agreement at any time plus all then existing Secured Hedge Liabilities and Secured Banking Services Obligations plus all previously incurred Additional First Lien Permitted Debt, does not exceed the First Lien Cap, and (e) the lender or holder
thereof has entered into an intercreditor agreement with the Second Lien Agent on terms no less favorable to the Second Lien Holders than the terms of this Agreement. 
 “Advances” means any term loans or revolving loans made under the First Lien Debt Documents. 
 “Agent” means the First Lien Agent, the Second Lien Agent or, in the case of the Minnesota Mortgage, PNC (as collateral
agent and Limited Agent). 

“Amendment Effective Date” means the date on which the Second
Lien Debt Agreement (10.875% Notes) becomes effective. 
 “Banking Services” means each and any of the
following banking services provided to HTI or any Subsidiary of HTI by any First Lien Lender or any affiliate thereof: (a) commercial credit cards, (b) stored value cards and (c) treasury management services (including controlled
disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in
effect, or any successor statute. 
 “Bankruptcy Law” means the Bankruptcy Code and any other federal, state,
or foreign law for the relief of debtors. 
 “Business Day” means any day other than a Saturday, Sunday, or
day on which banks in (i) New York, New York or (ii) Pittsburgh, Pennsylvania are authorized or required by law to close. 
 “Capital Stock” of any Person means any and all shares, interests, participations or other equivalents of or interests in (however designated) equity of such Person. 

“Cash Collateral” has the meaning set forth in Section 6.2. 

“Claimholders” means First Lien Claimholders and Second Lien Claimholders. 

“Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, constituting First
Lien Collateral or Second Lien Collateral. 
 “Conforming Amendment” means any amendment to any Second Lien
Debt Document that is substantively identical to a corresponding amendment to a comparable provision of a First Lien Debt Document. 

  
 3 

 “Default Disposition” has the meaning set forth in
Section 5.1(d). 
 “DIP Financing” has the meaning set forth in Section 6.2.

 “Discharge of First Lien Priority Obligations” means, except to the extent otherwise expressly provided in
Section 5.5: 
 (a) payment in full in cash of the First Lien Priority Obligations (other than unasserted
contingent indemnification obligations, obligations in respect of outstanding Letters of Credit, Secured Hedge Liabilities and Secured Banking Services Obligations); 
 (b) termination or expiration of all commitments, if any, to extend credit that would constitute First Lien Priority Obligations; and 

(c) termination or cash collateralization of all outstanding Letters of Credit (in an amount and in the manner required by the First
Lien Debt Documents, but not in any event in an amount greater than 105% of the aggregate undrawn face amount of such Letters of Credit) and termination or cash collateralization or the provision of other credit support in respect of all Secured
Hedge Liabilities and Secured Banking Services Obligations (in an amount and in the manner required by the First Lien Debt Documents, but not in any event in an amount greater than 105% of the aggregate amount of the Net Secured Hedge Liabilities
and Secured Banking Services Obligations). 
 “Disposition” or “Dispose” means the sale,
assignment, transfer, license, lease (as lessor), or other disposition (including any sale and leaseback transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing). 

“Effective Date” means the date on which the Second Lien Debt
Agreement (8.50% Notes) becomes effective. 

“Excess First Lien Obligations” means the sum of (a) the portion of the principal amount of the Advances
outstanding under the First Lien Debt Documents, the undrawn amount of all outstanding Letters of Credit, and the outstanding amount of the Net Secured Hedge Liabilities and Secured Banking Services Obligations that is in excess of the First Lien
Cap, plus (b) the portion of interest and fees on account of such portion of the Advances, Letters of Credit, Secured Hedge Liabilities and Secured Banking Services Obligations described in clause (a) of this definition plus (c) any
default interest (but not any other interest) or loan fees, each arising from or related to a default and accruing or becoming due under the terms of the First Lien Debt Documents on or after the commencement of any Insolvency Proceeding relating to
any Grantor or any other Person to the extent that a claim for such default interest or loan fees is not allowable or allowed in such Insolvency Proceeding. 
 “Excess Second Lien Obligations” means the sum of (a) the portion of the principal amount outstanding under the Second Lien Debt Documents in excess of the Second Lien Cap, plus
(b) the portion of interest and fees on account of such portion of the loans described in clause (a) of this definition, plus (c) any default interest (but not any other interest) or loan fees, each arising from or related to a
default and accruing or becoming due under the 

  
 4 

 
destruction (other than to the extent covered by insurance) or material waste thereof, or the failure of any Grantor after reasonable demand to maintain or reinstate adequate casualty insurance
coverage with respect thereto. 
 “First Lien Cap” means, as of any date of determination, in
the case of outstanding Advances, Letters of Credit, Secured Hedge Liabilities, Secured Banking Services Obligations and Additional First Lien Permitted Debt, the result of (a) $35,000,000, minus (b) the aggregate amount of all
permanent repayments of any Advances or any Additional First Lien Permitted Debt made out of the Net Proceeds of Asset Sales (as each such term is defined in the Second Lien Debt
Agreement (8.50% Notes) as in effect on the date hereof), so long as, in the case of any permanent repayment of revolving Advances or revolving Additional First Lien Permitted
Debt, there is a concurrent permanent reduction in the commitments to make such revolving Advances or revolving Additional First Lien Permitted Debt in an amount equal to such permanent repayment. 

“First Lien Claimholders” means, at any relevant time, the holders of First Lien Obligations at that time, including
First Lien Lenders and First Lien Agent. 
 “First Lien Collateral” means all of the assets and property of
any Grantor, whether real, personal or mixed, with respect to which a consensual Lien is granted as security for any First Lien Obligation. 
 “First Lien Collateral Documents” means the First Lien Debt Agreement, any “Guarantor Security Agreement” (as defined in the First Lien Debt Agreement), the First Lien
Mortgages, the Minnesota Mortgage and any other agreement, document, or instrument pursuant to which a Lien is granted securing any First Lien Obligation or under which rights or remedies with respect to such Liens are governed. 

“First Lien Debt Documents” means the First Lien Collateral Documents, the First Lien Debt Agreement, each of the
“Other Documents” (as defined in the First Lien Debt Agreement), and any other agreement, document, or instrument now or hereafter executed by any Grantor and/or delivered to the First Lien Agent or any First Lien Lender in respect of the
transactions contemplated by the First Lien Debt Agreement. 
 “First Lien Default” means any “Event of
Default”, as such term is defined in any First Lien Debt Document. 
 “First Lien Lenders” means the
lenders or investors under the First Lien Debt Agreement. 
 “First Lien Mortgages” means each mortgage, deed
of trust, and other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any First Lien Obligations or under which rights or remedies with respect to any such Liens are governed.

 “First Lien Obligations” means all “Obligations” (as defined in the First Lien Debt Agreement)
and all other amounts owing, due, or secured under the terms of the First Lien 

  
 6 

 
Debt Agreement or any other First Lien Debt Document, whether now existing or arising hereafter, including all principal, premium, interest, fees, attorneys fees, costs, charges, expenses,
reimbursement obligations, Secured Hedge Liabilities, Secured Banking Services Obligations, obligations to post cash collateral or other support in respect of Letters of Credit and/or Secured Hedge Liabilities and/or Secured Banking Services
Obligations or indemnities in respect thereof, any other indemnities or guarantees, and all other amounts payable under or secured by any First Lien Debt Document (including, in each case, all amounts accruing on or after the commencement of any
Insolvency Proceeding relating to any Grantor, or that would have accrued or become due under the terms of the First Lien Debt Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all or any portion of
such amounts is allowable or allowed in such Insolvency Proceeding). 
 “First Lien Priority Obligations”
means all First Lien Obligations exclusive of the Excess First Lien Obligations, which Excess First Lien Obligations shall be excluded from (and shall not constitute) First Lien Priority Obligations. 

“Governmental Authority” means the government of the United States of America or any other nation, any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank, or other entity exercising executive, legislative, judicial, taxing, regulatory, or administrative powers or functions of
or pertaining to government. 
 “Grantors” means Borrowers and Guarantors, and each other Person that may from
time to time execute and deliver a First Lien Collateral Document or a Second Lien Collateral Document as a “debtor,” “grantor,” or “pledgor” (or the equivalent thereof), or whose assets otherwise serve as collateral
securing any portion of the First Lien Obligations or the Second Lien Obligations. 
 “Guarantor” means any
Subsidiary of a Borrower that becomes a guarantor of the First Lien Obligations pursuant to the First Lien Debt Agreement or a guarantor of the Second Lien Obligations pursuant to the Second Lien Debt
AgreementAgreements. 
 “Hedge
Agreement” means any exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor, forward purchase or similar agreement dealing with interest rates, currency exchange rates or commodity prices, either generally or under
specific contingencies. 
 “Insolvency Proceeding” means: 

(a) any voluntary or involuntary case or proceeding under any Bankruptcy Law with respect to any Grantor; 

(b) any other voluntary or involuntary insolvency or bankruptcy case or proceeding, or any receivership, liquidation or other similar
case or proceeding with respect to any Grantor or with respect to a material portion of its assets; 
 (c) any liquidation,
dissolution, or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or 

  
 7 

 (d) any assignment for the benefit of creditors or any other marshaling of assets and
liabilities of any Grantor. 
 “Letters of Credit” means all letters of credit issued under or pursuant to the
First Lien Debt Agreement. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment,
security interest, lien (whether statutory or otherwise), charge, claim or encumbrance, or preference, priority or other security agreement or preferential arrangement held or asserted in respect of any asset of any kind or nature whatsoever
including any conditional sale or other title retention agreement, or any lease having substantially the same economic effect as any of the foregoing. 
 “Limited Agent” has the meaning set forth in Section 5.8. 

“Limited Agent Parties” has the meaning set forth in Section
5.8. 
 “Majority Second Lien Holders” means
Second Lien Holders holding (i) at least a majority in aggregate principal amount of the Second Lien Notes then
outstanding under the Second Lien Debt Agreement (8.50% Notes) and (ii) at least a majority in aggregate principal amount of the Second Lien Notes then outstanding under the Second Lien Debt Agreement (10.875% Notes). 

“Majority Second Lien Holders Approval” means, as to any
action, consent, amendment, modification, waiver or other matter under this Agreement, that such action, consent, amendment, modification, waiver or other matter has been authorized in writing by the Majority Second Lien Holders. 

 “Minnesota Mortgage” means, collectively, one or more mortgages, deeds of trust, or other documents or
instruments under which a Lien on certain real property owned by HTI in Minnesota shall be granted in favor of PNC, acting in the capacity as collateral agent on behalf of both the First Lien Agent
and, as Limited Agent in accordance with Section 5.8, the Second Lien Agent, to secure both the First Lien Obligations and the Second Lien Obligations. 

“Net Secured Hedge Liabilities” means, at any time, the amount of Secured Hedge Liabilities under any Hedge Agreement
that would be due and payable at such time if such Hedge Agreement were terminated (as customarily determined). 

“Parity Lien
Intercreditor Agreement” means the
Intercreditor Agreement, dated as of January 22, 2013, between Wells Fargo, in its capacity as trustee and
collateral agent under the Second Lien Debt Documents (8.50% Notes), and Wells Fargo, in its capacity as trustee and collateral agent under the Second Lien Debt Documents (10.875%
Notes). 
 “Person” or “person” means any individual, corporation, partnership,
limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any syndicate or 

  
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group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act or any other entity. 

“Pledged Collateral” has the meaning set forth in Section 5.4(a). 

“Purchase Notice” has the meaning set forth in Section 5.6(a). 

“Recovery” has the meaning set forth in Section 6.8. 

“Refinance” means, in respect of any indebtedness, to refinance (including by means of sales of debt securities to
institutional investors), extend, renew, defease, supplement, restructure, replace, refund or repay, or to issue other indebtedness in exchange or replacement for such indebtedness, in whole or in part, whether with the same or different lenders,
investors, arrangers and/or agents. “Refinanced” and “Refinancing” shall have correlative meanings. 

“SEC” means the United States Securities and Exchange Commission. 

“Second Lien Cap” means, as of any date of determination, in the case of outstanding Second Lien Notes, the result of
(a) the greater of (x) $90,000,000 and (y) the aggregate principal amount of all Second Lien Notes issued and outstanding on the Effective Date, so long as, if such amount is greater than $90,000,000, PNC has approved such
greater amount on or prior to the(i) prior to the Amendment Effective Date, $90,000,000, and (ii) on
and after the Amendment Effective Date, $92,000,000, minus (b) the aggregate amount of all permanent repayments under the Second Lien Notes made out of the Net Proceeds of Asset Sales (as such term is defined in the Second Lien
Debt Documents). 
 “Second Lien Carveout” means any capital stock of or other equity interests in any
Subsidiary of HTI that is excluded from the Lien granted to the Second Lien Agent to the extent the granting of a Lien thereon would require separate financial statements for such Subsidiary to be filed with the SEC pursuant to Rule 3-16 or Rule
3-10 of Regulation S-X under the Securities Act, subject to the further terms set forth in the definition of “Rule 3-16 Excluded Assets” set forth in the Second Lien Debt
AgreementAgreements. 
 “Second
Lien Claimholders” means, at any relevant time, the holders of Second Lien Obligations at that time, including Second Lien Holders and Second Lien Agent. 
 “Second Lien Collateral” means all of the assets and property of any Grantor, whether real, personal, or mixed, with respect to which a consensual Lien is granted as security for any
Second Lien Obligations. 
 “Second Lien Collateral Documents” means
theeach “Second Lien Security Agreement” (as defined in the Second Lien Debt
AgreementAgreements), the Second Lien Notes, the Second Lien Mortgages, the Minnesota Mortgage and any other agreement, document, or instrument pursuant to which
a Lien is granted securing any Second Lien Obligations or under which rights or remedies with respect to such Liens are governed. 

  
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 “Second Lien Debt Documents” means the Second Lien Collateral Documents,
the Second Lien Debt Agreements, the Parity Lien Intercreditor Agreement and the Second Lien Notes. 

“Second Lien Debt Documents (8.50% Notes)” means the Second
Lien Debt Agreement (8.50% Notes) and the Second Lien Debt Documents issued or entered into pursuant to or in connection with the Second Lien Debt Agreement (8.50% Notes). 

“Second Lien Debt Documents (10.875% Notes)” means the Second
Lien Debt Agreement (10.875% Notes) and the Second Lien Debt Documents issued or entered into pursuant to or in connection with the Second Lien Debt Agreement (10.875% Notes). 

“Second Lien Default” means any “Event of Default”, as such term is defined in any Second Lien Debt Document.

 “Second Lien Holders” means the “Holders” as defined in the Second Lien Debt
AgreementAgreements. 
 “Second
Lien Mortgages” means each mortgage, deed of trust, and any other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any Second Lien Obligations or under which rights or remedies
with respect to any such Liens are governed. 
 “Second Lien Notes” means
(i) the 8.50% Senior Secured Second Lien Notes due 2017 issued by HTI pursuant to the Second Lien Debt
Agreement (8.50% Notes), together with any replacement notes issued at any time in exchange therefor or pursuant to any Refinancing thereof, and (ii) the 10.875% Senior
Secured Second Lien Notes due 2017 issued by HTI pursuant to the Second Lien Debt Agreement (10.875% Notes), together with any replacement notes issued at any time in exchange therefor or pursuant to any Refinancing thereof.

 “Second Lien
Obligations” means all “Obligations” (as defined in the Second Lien Debt
AgreementAgreements) and all other amounts owing, due, or secured under the terms of the Second Lien Debt
AgreementAgreements or any other Second Lien Debt Document, whether now existing or arising hereafter, including all principal, premium, interest, fees,
attorneys fees, costs, charges, expenses, reimbursement obligations, indemnities, guarantees, and all other amounts payable under or secured by any Second Lien Debt Document (including, in each case, all amounts accruing on or after the commencement
of any Insolvency Proceeding relating to any Grantor, or that would have accrued or become due under the terms of the Second Lien Debt Documents but for the effect of the Insolvency Proceeding and irrespective of whether a claim for all or any
portion of such amounts is allowable or allowed in such Insolvency Proceeding). 

“Second Lien Obligations (8.50% Notes)” means Second Lien
Obligations under the Second Lien Debt Agreement (8.50% Notes) and the Second Lien Debt Documents (8.50% Notes). 

  
 10 

 “Second Lien
Obligations (10.875% Notes)” means Second Lien Obligations under the Second Lien Debt Agreement (10.875% Notes) and the Second Lien Debt Documents (10.875% Notes). 

“Second Lien Priority Obligations” means all Second Lien Obligations exclusive of the Excess Second Lien Obligations,
which Excess Second Lien Obligations shall be excluded from (and shall not constitute) Second Lien Priority Obligations. 

“Secured Banking Services Obligations” means any and all obligations of HTI or any Subsidiary of HTI, whether absolute
or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), in connection with Banking Services, in each case, to the extent such
obligations are secured by the First Lien Collateral under the terms of the First Lien Debt Documents. 
 “Secured
Hedge Liabilities” means the obligations of HTI or any Subsidiary of HTI under any Hedge Agreement, in each case, to the extent such obligations are secured by the First Lien Collateral under the terms of the First Lien Debt Documents.

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder, as in effect from time to time. 
 “Standstill Notice” means a written notice from Second Lien
Agent to First Lien Agent stating that (a) a Second Lien Default has occurred and is continuing, (b) that, as a consequence thereof, Second Lien Agent has accelerated the Second Lien
Obligations (8.50% Notes) and/or the Second Lien Obligations (10.875% Notes) and (c) that such notice is a “Standstill Notice” under this Agreement. 

“Standstill Period” means the period of one-hundred-and-twenty (120) days commencing on the date on which First
Lien Agent receives the applicable Standstill Notice. 
 “Subsidiary” means, in respect of any Person, any
corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers,
general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

 “Triggering Event” means (i) the acceleration of any First Lien Priority Obligations, (ii) First
Lien Agent’s (or, following expiration of the Standstill Period, Second Lien Agent’s) Exercise of Secured Creditor Remedies with respect to all or a material portion of the Collateral, (iii) the occurrence of a Second Lien Default as
a result of a failure to make payment of any Second Lien Priority Obligation when due under the terms of the Second Lien Debt Documents, or (iv) the commencement of an Insolvency Proceeding with respect to any Grantor. 

  
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 SECTION 2. Lien Priorities. 

2.1 Relative Priorities. Notwithstanding the date, time, method, manner, or order of grant, attachment, or perfection of any Liens
securing the Second Lien Obligations granted with respect to the Collateral or of any Liens securing the First Lien Obligations granted with respect to the Collateral and notwithstanding any contrary provision of the UCC or any other applicable law
or the Second Lien Debt Documents or any defect or deficiencies in, the Liens securing the First Lien Obligations, or any other circumstance whatsoever, Second Lien Agent hereby agrees that: 

(a) subject to the last sentence of this Section 2.1, any Lien with respect to the Collateral securing any First Lien
Priority Obligations now or hereafter held by or on behalf of, or created for the benefit of, First Lien Agent or any First Lien Claimholders or any agent or trustee therefor shall be senior in all respects and prior to any Lien with respect to the
Collateral securing any Second Lien Obligations; and 
 (b) subject to the last sentence of this Section 2.1, any
Lien with respect to the Collateral securing any Second Lien Obligations now or hereafter held by or on behalf of, or created for the benefit of, Second Lien Agent, any Second Lien Claimholders or any agent or trustee therefor shall be junior and
subordinate in all respects to all Liens with respect to the Collateral securing any First Lien Priority Obligations. 
 Subject to the last
sentence of this Section 2.1, all Liens with respect to the Collateral securing any First Lien Priority Obligations shall be and remain senior in all respects and prior to all Liens with respect to the Collateral securing any Second Lien
Obligations for all purposes, whether or not such Liens securing any First Lien Priority Obligations are subordinated to any Lien securing any other obligation of any Grantor or any other Person (but only to the extent that such subordination is
permitted pursuant to the terms of the First Lien Debt Agreement and the Second Lien Debt AgreementAgreements, or as contemplated in Section 6.2).

 The foregoing and any other provision to the contrary contained in this Agreement notwithstanding, (i) the subordination of Liens
provided for in this Agreement shall cease to be effective with respect to any part of the Collateral from and after the date on which the Liens of First Lien Agent and First Lien Claimholders are declared, or ruled to be, invalid, unenforceable,
void or not allowed by a court of competent jurisdiction in a final, non-appealable order as a result of any action taken by First Lien Agent, or any failure by First Lien Agent to take any action, with respect to any financing statement (including
any amendment to or continuation thereof), mortgage or other perfection document, in which event Second Lien Agent and Second Lien Claimholders shall be entitled to receive and retain, from and after such date, all proceeds with respect to such
Collateral to the extent the Liens of Second Lien Agent and Second Lien Claimholders are valid, enforceable, not void and allowed with respect to such Collateral, and (ii) except as expressly provided in this Agreement, First Lien Agent agrees
not to contractually subordinate its Lien in any Collateral to the Lien of any other creditor of Grantors without the prior written consent of Second Lien Agent (which it shall be authorized to consent to based upon an affirmative vote of
Second Lien Claimholders holding at least a majority in aggregate principal amount of the Second Lien Notes then outstandingMajority Second Lien Holders

  
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Approval); provided that such consent shall not be
required so long as the principal amount of the indebtedness or other obligations to be secured by the Lien of such other creditor does not exceed $5,000,000 in the aggregate for all such Liens. 

2.2 Prohibition on Contesting Liens. Each of Second Lien Agent, for itself and on behalf of each Second Lien Claimholder, and
First Lien Agent, for itself and on behalf of each First Lien Claimholder, agrees that it will not (and hereby waives any right to), directly or indirectly, contest, or support any other Person in contesting, in any proceeding (including any
Insolvency Proceeding), the priority, validity, or enforceability of a Lien held by or on behalf of any First Lien Claimholders in the First Lien Collateral or by or on behalf of any Second Lien Claimholders in the Second Lien Collateral, as the
case may be, or the provisions of this Agreement; provided, however that nothing in this Agreement shall be construed to prevent or impair the rights of First Lien Agent, any First Lien Claimholder, Second Lien Agent, or any Second
Lien Claimholder to enforce the terms of this Agreement, including the provisions of this Agreement relating to the respective priorities of the Liens securing the First Lien Obligations and the Second Lien Obligations as provided in Sections
2.1 and 3. 
 2.3 New Liens. So long as the Discharge of First Lien Priority Obligations has not occurred, and
subject to Section 6 following the commencement of any Insolvency Proceeding by or against any Grantor, the parties hereto agree that no Grantor shall: 
 (a) grant any additional Liens on any asset to secure any Second Lien Obligation unless such Grantor gives First Lien Agent at least five (5) Business Days prior written notice thereof (or, if such
Lien is granted upon the written request of any Second Lien Claimholder, such notice is provided to First Lien Agent promptly after receiving such request and in any event prior to such Lien in fact being granted) and unless such notice also offers
to grant a Lien on such asset to secure the First Lien Obligations concurrently with the grant of a Lien thereon in favor of Second Lien Agent; or 
 (b) grant any additional Liens on any asset (other than the Second Lien Carveout) to secure any First Lien Obligations unless such Grantor gives Second Lien Agent at least five (5) Business Days
prior written notice thereof (or, if such Lien is granted upon the written request of any First Lien Claimholder, such notice is provided to Second Lien Agent promptly after receiving such request and in any event prior to such Lien in fact being
granted) and unless such notice also offers to grant a Lien on such asset to secure the Second Lien Obligations concurrently with the grant of a Lien thereon in favor of First Lien Agent. 
 To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available to First Lien Agent or First Lien Claimholders, Second Lien
Agent, on behalf Second Lien Claimholders, agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2. If
First Lien Agent or any First Lien Claimholder shall (nonetheless and in breach of this Section 2.3) acquire any Lien on any assets of any Grantor (other than the Second Lien Carveout) securing any First Lien Obligations which assets are
not also subject to the Lien of Second Lien Agent under the Second Lien Collateral Documents, then First Lien Agent (or the relevant First Lien Claimholder), shall, without the 

  
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 SECTION 3. Exercise of Remedies. 

3.1 Standstill. Until the Discharge of First Lien Priority Obligations has occurred, whether or not any Insolvency Proceeding has
been commenced by or against any Grantor, Second Lien Agent and Second Lien Claimholders: 
 (a) will not exercise or seek to
exercise any rights or remedies with respect to any Collateral (including any Exercise of Secured Creditor Remedies with respect to any Collateral); provided, however, that if a Second Lien Default has occurred and is continuing,
Second Lien Agent may Exercise any Secured Creditor Remedies after the passage of the applicable Standstill Period (it being understood that if at any time after the delivery of a Standstill Notice that commences a Standstill Period, all Second Lien
Defaults have been waived or cured in accordance with the Second Lien Debt AgreementAgreements, Second Lien Agent may not Exercise any Secured Creditor Remedies
until the passage of a new Standstill Period commenced by a new Standstill Notice relative to the occurrence of a new Second Lien Default that had not occurred as of the date of the delivery of the earlier Standstill Notice; provided
further, however, that in no event shall Second Lien Agent or any Second Lien Claimholder exercise any rights or remedies with respect to the Collateral if, notwithstanding the expiration of the Standstill Period, First Lien Agent or
First Lien Claimholders shall have commenced prior to the expiration of the Standstill Period (or thereafter but prior to the commencement of any Exercise of Secured Creditor Remedies by Second Lien Agent with respect to all or any material portion
of the Collateral) and be diligently pursuing in good faith the Exercise of Secured Creditor Remedies with respect to all or any material portion of the Collateral; 
 (b) will not contest, protest, or object to any Exercise of Secured Creditor Remedies by First Lien Agent or any First Lien Claimholder and has no right to direct First Lien Agent to Exercise any Secured
Creditor Remedies or take any other action under the First Lien Debt Documents; and 
 (c) will not object to (and waive any
and all claims with respect to) the forbearance by First Lien Agent or First Lien Claimholders from Exercising any Secured Creditor Remedies. 

Notwithstanding any other provision hereof, if Second Lien Agent commences the Exercise of Secured Creditor Remedies in accordance with clause
(a) above, First Lien Agent may not exercise any of the remedies of the type described in clauses (a) through (c) above so long as Second Lien Agent at such time has commenced and diligently is pursuing in good faith any Exercise of
Secured Creditor Remedies with respect to all or a material portion of the Collateral, unless and until the Second Lien Obligations (other than then Excess Second Lien Obligations) shall have been paid in full. 

3.2 Exclusive Enforcement Rights. Until the Discharge of First Lien Priority Obligations has occurred, whether or not any
Insolvency Proceeding has been commenced by or against any Grantor, but subject to the first proviso to Section 3.1(a), First Lien Agent and First Lien Claimholders shall have the exclusive right to Exercise any Secured Creditor Remedies

  
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Priority Obligations secured by the Second Lien Collateral) and (ii) any release effected or occasioned by the terms of this Section 5 by Second Lien Agent of any Lien in favor
of the Second Lien Agent or any of the Second Lien Claimholders shall not extend to or otherwise affect any of the rights of the Second Lien Agent or any Second Lien Claimholder arising under the Second Lien Debt Documents to any proceeds of any
disposition of any Second Lien Collateral occurring in connection with such release; provided that such rights to such proceeds shall be subject in all respects to the terms and conditions of this
Agreement. 
 5.2 Insurance. Unless and until the
Discharge of First Lien Priority Obligations has occurred: 
 (a) (i) First Lien Agent and First Lien Claimholders shall have
the sole and exclusive right, subject to the rights of Grantors under the First Lien Debt Documents, to adjust and settle any claim under any insurance policy covering the Collateral in the event of any loss thereunder and to approve any award
granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral; and (ii) all proceeds of any such insurance policy and any such award (or any payments with respect to a deed in lieu of
condemnation) shall be paid, subject to the rights of Grantors under the First Lien Debt Documents and the Second Lien Debt Documents, first to First Lien Claimholders and Second Lien Claimholders in accordance with the priorities set forth
in Section 4.1, until paid in full in cash, and second, 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; and 

(b) if Second Lien Agent or any Second Lien Claimholders shall, at any time, receive any proceeds of any such insurance policy or any
such award or payment in contravention of this Section 5.2, it shall pay such proceeds over to First Lien Agent in accordance with the terms of Section 4.2. 

5.3 Amendments; Refinancings; Legend. 
 (a) The First Lien Debt Documents may be amended, supplemented, or otherwise modified in accordance with their terms and the First Lien Obligations may be Refinanced, in each case without notice to, or
the consent of, Second Lien Agent or Second Lien Claimholders, all without affecting the lien subordination or other provisions of this Agreement; provided, however, that, in the case of a Refinancing, the holders of such Refinancing
debt bind themselves (in a writing addressed to Second Lien Agent for the benefit of itself and the Second Lien Claimholders) to the terms of this Agreement; provided further, however, that any such amendment, supplement,
modification, or Refinancing shall not, without the prior written consent of Second Lien Agent (which it shall be authorized to consent to based upon an affirmative vote of Second Lien Claimholders holding at least a majority in aggregate
principal amount of the Second Lien Notes then outstandingMajority Second Lien Holders Approval): 

(i) contravene the provisions of this Agreement or prohibit the Grantors from making any payment with respect to the
Second Lien Obligations which is permitted under the terms of the First Lien Debt Documents as of the date hereof; 

  
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 (ii) increase the commitments of the First Lien Claimholders under the First
Lien Debt Documents to an amount that would exceed the First Lien Cap or otherwise permit the aggregate outstanding principal amount of Advances plus the aggregate amount of outstanding undrawn Letters of Credit to exceed the First Lien Cap;

 (iii) increase the “applicable margin” or similar component of the interest rate by more than 2
percentage points per annum (excluding increases resulting from the accrual of interest at the default rate); 

(iv) extend the scheduled final maturity of the First Lien Debt Agreement or any Refinancing thereof beyond the scheduled
maturity of the Second Lien Debt AgreementAgreements unless the First Lien Debt Agreement (as so amended or Refinanced) permits the repayment in full of the
Second Lien Obligations at their scheduled maturity; or 
 (v) other than as a function of the requirement that
all proceeds of Collateral be remitted to First Lien Agent for application to the First Lien Obligations on a daily basis, modify (or have the effect of a modification of) the mandatory prepayment provisions of the First Lien Debt Agreement or any
First Lien Debt Document within 180 days of the date hereof in a manner that makes them more restrictive to Grantors. 
 (b) The Second Lien Debt Documents may be amended, supplemented, or otherwise modified in accordance with their terms and the Second Lien Obligations may be Refinanced, in each case without notice to, or
the consent of, First Lien Agent or First Lien Claimholders, all without affecting the lien subordination or other provisions of this Agreement; provided, however, that, in the case of a Refinancing, the holders of such Refinancing
debt bind themselves (in a writing addressed to First Lien Agent for the benefit of itself and the First Lien Claimholders) to the terms of this Agreement; provided further, however, that any such amendment, supplement,
modification, or Refinancing shall not (except with respect to any Conforming Amendment (provided that any Conforming Amendment to the Second Lien Debt
AgreementAgreements shall maintain an equivalent proportionate difference between dollar amounts or ratios, as the case may be, in the relevant provision in the
Second Lien Debt AgreementAgreements and those in the corresponding covenant in the First Lien Debt Agreement, to the extent that such difference exists between
the Second Lien Debt AgreementAgreements and the First Lien Debt Agreement on the date hereof or
on the Amendment Effective Date)), without the prior written consent of First Lien Agent (which it shall be authorized to consent to based upon an affirmative vote of First Lien
ClaimholdersLenders constituting “Required Lenders” as defined in the First Lien Debt Agreement): 

(i) contravene the provisions of this Agreement or prohibit the Grantors from making any payment with respect to the
First Lien Obligations which is permitted under the terms of the Second Lien Debt Documents as of the date hereof or as of the Amendment Effective Date; 

  
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 (ii) increase the aggregate principal amount of the outstanding Second Lien
Notes to an amount that would exceed the Second Lien Cap; 
 (iii) increase the contract rate of interest by
more than 2 percentage points per annum (excluding increases resulting from the accrual of interest at the default rate); 
 (iv) change to earlier dates any dates upon which payments of principal or interest are due thereon; 
 (v) change any default or Second Lien Default thereunder in a manner adverse to Grantors thereunder unless the First Lien Lenders are offered the opportunity to similarly modify the First Lien Debt
Documents (it being understood that any waiver of any such default or Second Lien Default, in and of itself, shall not be deemed to be adverse to Grantors); or 
 (vi) change the redemption, mandatory prepayment, or defeasance provisions thereof within 180 days of the Amendment Effective Date in
a manner adverse to the Grantors or First Lien Claimholders. 
 Each of the
parties hereto confirms that the First Supplemental Indenture (8.50% Notes) is permitted. 
 (c) Each Grantor agrees
that any promissory note evidencing or security agreement, pledge agreement or mortgage securing the Second Lien Obligations shall at all times include the following language (or language to similar effect approved by First Lien Agent): 

“Anything herein to the contrary notwithstanding, the liens and security interests [securing the obligations evidenced by this
note] [granted hereunder] and the exercise of any right or remedy with respect thereto are subject to the provisions of the Intercreditor Agreement dated as of [            ]
[    ],March 30, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”),
by and between PNC Bank, National Association, as First Lien Agent, and Wells Fargo Bank, National Association, as Second Lien Agent. In the event of any conflict between the terms of the Intercreditor Agreement and this [note][security
agreement][pledge agreement][mortgage], the terms of the Intercreditor Agreement shall govern and control.” 
 5.4
Bailee for Perfection. 
 (a) First Lien Agent and Second Lien Agent each agree to hold or control that part of the
Collateral that is in its possession or control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC or other applicable law (such Collateral
being referred to as the “Pledged Collateral”), as bailee and as a non-fiduciary agent for Second Lien Agent or First Lien Agent, as applicable (such bailment and agency being intended, among other things, to satisfy the
requirements of Sections 8-301(a)(2), 9-313(c), 9-104, 9-105, 9-106, and 9-107 of 

  
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owns, or has the right to transfer to purchasing Second Lien Holders, the rights being transferred, and (iii) such transfer will be free and clear of Liens. 

(e) In the event that any one or more of Second Lien Claimholders exercises and consummates the purchase option set forth in this
Section 5.6, (i) First Lien Agent shall have the right, but not the obligation, to immediately resign under the First Lien Debt Agreement, and (ii) purchasing Second Lien Holders shall have the right, but not the obligation, to
require First Lien Agent to immediately resign under the First Lien Debt Agreement. 
 5.7 Injunctive Relief. Should any
Second Lien Claimholder in any way take, attempt to, or threaten to take any action contrary to terms of this Agreement with respect to the Collateral, or fail to take any action required by this Agreement, First Lien Agent or any First Lien
Claimholder may obtain relief against such Second Lien Claimholder by injunction, specific performance, or other appropriate equitable relief, it being understood and agreed by Second Lien Agent that (a) First Lien Claimholders’ damages
from such actions may at that time be difficult to ascertain and may be irreparable, and (b) each Second Lien Claimholder waives any defense that such Grantor and/or First Lien Claimholders cannot demonstrate damage and/or be made whole by the
awarding of damages. Should any First Lien Claimholder in any way take, attempt to, or threaten to take any action contrary to terms of this Agreement with respect to the Collateral, or fail to take any action required by this Agreement, Second Lien
Agent or any Second Lien Claimholder (in its or their own name or in the name of any Grantor) or any Grantor may obtain relief against such First Lien Claimholder by injunction, specific performance, and/or other appropriate equitable relief, it
being understood and agreed by First Lien that (i) Second Lien Claimholders’ damages from such actions may at that time be difficult to ascertain and may be irreparable, and (ii) each First Lien Claimholder waives any defense that
such Grantor and/or Second Lien Claimholders cannot demonstrate damage and/or be made whole by the awarding of damages. First Lien Agent and Second Lien Agent hereby irrevocably waive any defense based on the adequacy of a remedy at law and any
other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by First Lien Agent or First Lien Claimholders or Second Lien Agent or Second Lien Claimholders, as the case may be. 

5.8 Certain Agency Provisions. 

(a) Appointment. The Second Lien Agent, for itself and on behalf of each
other Second Lien Claimholder, hereby designates and appoints PNC as collateral agent under the Minnesota Mortgage solely for the limited purpose of securing the Second Lien Obligations with the Lien granted by HTI in the property described in the
Minnesota Mortgage and only until the payment in full of the First Lien Obligations owed to PNC under the First Lien Debt Agreement and the termination or expiration of PNC’s commitments to extend credit to Grantors under the First Lien Debt
Agreement (PNC acting in such capacity, the “Limited Agent”), and the Second Lien Agent, for itself and on behalf of each other Second Lien Claimholder, irrevocably authorizes PNC as Limited Agent, to exercise such powers and perform such
duties as are expressly delegated to PNC by the terms of the Minnesota Mortgage, together with such other powers as are incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement or the

  
 28 

 
Minnesota Mortgage, PNC shall not have any duties or responsibilities as Limited Agent, except those expressly set forth herein or
therein, or any fiduciary relationship with any Second Lien Claimholder, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement, the Minnesota Mortgage or otherwise exist against
PNC acting as Limited Agent. Upon the payment in full of the First Lien Obligations owed to PNC under the First Lien Debt Agreement and the termination or expiration of PNC’s commitments to extend credit to Grantors under the First Lien Debt
Agreement, PNC shall promptly assign the Minnesota Mortgage, if such payment and termination or expiration occurs in connection with any Refinancing of the First Lien Obligations owed to PNC, to the First Lien Agent under the First Lien Debt
Documents effecting such Refinancing (whereupon such First Lien Agent shall be treated for all purposes of this Section 5.8 as the Limited Agent and all references in this Section 5.8 to “PNC” shall be deemed to be references to
such First Lien Agent), and otherwise to the Second Lien Agent or its designee and/or take such other steps reasonably requested by the Second Lien Agent so that Second Lien Agent remains secured party under the Minnesota Mortgage (in each case at
Grantors’ expense and without any representation or warranty by PNC). 

(b) Delegation of Duties. PNC, acting as Limited Agent, may execute any
of its duties under this Agreement or the Minnesota Mortgage by or through agents or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. PNC, as Limited Agent, shall not be responsible for
the negligence or misconduct of any agents or attorneys in fact selected by it with reasonable care. 

(c) Exculpatory Provisions. Neither PNC, acting as Limited Agent, nor any
of its officers, directors, employees, agents, attorneys in fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Section 5.8 or the Minnesota
Mortgage (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful misconduct) or
(ii) responsible in any manner to any Second Lien Claimholder for any recitals, statements, representations or warranties made by any Grantor or any officer thereof (x) contained in this Agreement or the Minnesota Mortgage or (y) in
any certificate, report, statement or other document referred to or provided for in, or received by the PNC, as Limited Agent, under or in connection with this Agreement or the Minnesota Mortgage or (z) regarding the value, validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement, the Minnesota Mortgage or any Collateral or for any failure of any Grantor or other party thereto to perform its obligations hereunder or thereunder. PNC, as Limited Agent,
shall not be under any obligation to any Second Lien Claimholder to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Section 5.8 or the Minnesota Mortgage, or to inspect
the properties, books or records of any Grantor. 
 (d)
Non Reliance on Limited Agent. The Second Lien Agent, for itself and on behalf of each other Second Lien Claimholder, hereby expressly acknowledges that neither PNC, as Limited Agent, nor any of its officers, directors, employees, agents, 

  
 29 

 
attorneys in fact or affiliates have made any representations or warranties to it (other than as expressly set forth in
Section 8) and that no act by PNC, as Limited Agent, hereinafter taken, including any review of the affairs of any Grantor or any affiliates of any Grantor, shall be deemed to constitute any representation or warranty by the Limited Agent to
any Second Lien Claimholder. PNC, as Limited Agent, shall not have any duty or responsibility to provide any Second Lien Claimholder with any information (credit or otherwise), including, without limitation, matters concerning the business,
operations, property, condition (financial or otherwise), prospects or creditworthiness of any Grantor or any affiliate of any Grantor that may come into the possession of PNC or any of its officers, directors, employees, agents, attorneys in fact
or affiliates or to provide any Second Lien Claimholder with any evaluation materials or information generated and delivered by or on behalf of PNC. Notwithstanding the foregoing, PNC, as Limited Agent, agrees to use commercially reasonable efforts
to promptly notify Second Lien Agent if PNC, solely as a result of being the named mortgagee under the Minnesota Mortgage, receives written notice (x) that its Lien has become invalid or unperfected or no longer covered by title insurance or
(y) of any material adverse claim affecting the property subject to the Minnesota Mortgage, provided that PNC shall have no liability if it fails to provide any such notice in the absence of bad faith. 

(e) Indemnification. The Grantors, jointly and severally, and if the
Grantors fail to make payment within 10 Business Days of written demand or such written demand may not be made under applicable law (whether as a result of an Insolvency Proceeding or otherwise), then Second Lien Agent, for itself and on behalf of
each other Second Lien Claimholder (in accordance with the Second Lien Debt Agreements), agrees to indemnify PNC, in its capacity as Limited Agent, and each affiliate thereof, together with each of the officers, directors, partners, trustees,
employees, representatives, affiliates, shareholders, advisors, agents, attorneys-in-fact and controlling Persons of the foregoing and each other Person designated, nominated or otherwise mandated by or assisting PNC pursuant to Section 5.8(b)
hereof (collectively the “Limited Agent Parties”), from and against any and all liabilities, obligations, losses, damages, fines, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any
time be imposed on, incurred by or asserted against such Limited Agent Party in any way relating to or arising out of the appointment and authorization of the Limited Agent and the carrying out of the duties and obligations thereof under or in
connection with this Section 5.8, the Minnesota Mortgage or any document contemplated by or referred to in this Section 5.8 or in the Minnesota Mortgage, any of the transactions contemplated by this Section 5.8 or the Minnesota
Mortgage, or any action taken or omitted by such Limited Agent Party under or in connection with any of the foregoing; provided that no Grantor or Second Lien Claimholder shall be liable for the payment of any portion of such liabilities,
obligations, losses, damages, fines, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable judgment of a court of competent jurisdiction to have resulted solely and directly from such
Limited Agent Party’s gross negligence or willful misconduct. The agreements in this Section 5.8(e) shall survive the termination of this Agreement and the payment in full of the First Lien Obligations owed to PNC under the First Lien Debt
Agreement and the termination or 

  
 30 

 
expiration of PNC’s commitments to extend credit to Grantors under
the First Lien Debt Agreement.  
 SECTION 6. Insolvency Proceedings. 

6.1 Enforceability and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any
Insolvency Proceeding and all converted or succeeding cases in respect thereof. The relative rights of Claimholders in or to any distributions from or in respect of any Collateral or proceeds of Collateral, shall continue after the commencement of
any Insolvency Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code. 

6.2 Financing. If any Grantor shall be subject to any Insolvency Proceeding and First Lien Agent consents to the use of cash
collateral (as such term is defined in Section 363(a) of the Bankruptcy Code; herein, “Cash Collateral”), on which First Lien Agent has a Lien or to permit any Grantor to obtain financing provided by any one or more First Lien
Claimholders under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (such financing, a “DIP Financing”), then Second Lien Agent agrees that it will consent to such Cash Collateral use or raise no objection to
such DIP Financing and, to the extent the Liens securing the First Lien Obligations are discharged, subordinated to, or pari passu with such DIP Financing, Second Lien Agent will subordinate its Liens in the Collateral to (i) the
Liens securing such DIP Financing and (ii) any “carve-out” authorized by the bankruptcy court in connection with such DIP Financing provided that the amount of such “carve-out” (exclusive of amounts the DIP Financing lenders
agree to allow under such DIP Financing for payment of professionals on a current basis prior to a default under such DIP Financings) is not more than $250,000; provided that (a) the principal amount of any such DIP Financing
plus the outstanding principal amount of other First Lien Obligations does not exceed the First Lien Cap, (b) the interest rate and fees of any such DIP Financing are commercially reasonable under the circumstances and (c) any such
DIP Financing is otherwise subject to the terms of this Agreement. If First Lien Claimholders offer to provide DIP Financing that meets the requirements set forth in clauses (a) through (c) above, Second Lien Agent agrees that it shall
not, directly or indirectly, provide, offer to provide, or support any DIP Financing secured by a Lien senior to or pari passu with the Liens securing the First Lien Priority Obligations. The foregoing provisions of this
Section 6.2 shall not prevent the Second Lien Agent or the Second Lien Claimants from objecting to any provision in any Cash Collateral order or DIP Financing documentation relating to any provision or content of a plan of
reorganization. 
 6.3 Sales. Second Lien Agent agrees that it will consent, and will not object or oppose a motion to
Dispose of any Collateral free and clear of the Liens or other claims in favor of Second Lien Agent under Section 363 of the Bankruptcy Code if the requisite First Lien Claimholders under the First Lien Debt Agreement have consented to such
Disposition of such assets, and such motion does not impair, subject to the priorities set forth in this Agreement, the rights of Second Lien Claimholders under Section 363(k) of the Bankruptcy Code (so long as the right of the Second Lien
Claimholders to offset its claim against the purchase price is only after the First Lien Priority Obligations have been paid in full in cash). The foregoing to the contrary 

  
 31 

 (c) The execution, delivery, and performance by such party of this Agreement (i) do
not require any consent or approval of, registration or filing with or any other action by any governmental authority and (ii) will not violate any provision of law, statute, rule or regulation, or of the certificate or articles of
incorporation or other constitutive documents or by-laws of such party or any order of any governmental authority or any provision of any indenture, agreement or other instrument binding upon such party. 

8.2 Representations and Warranties of Each Agent. First Lien Agent and Second Lien Agent each represents and warrants to the other
that it has been authorized by First Lien Lenders or Second Lien Holders, as applicable, under the First Lien Debt Agreement or the Second Lien Debt
AgreementAgreements, as applicable, to enter into this Agreement and that each of the agreements, covenants, waivers, and other provisions hereof is valid,
binding, and enforceable against the First Lien Lenders or Second Lien Holders, as applicable, as fully as if they were parties hereto. 
 SECTION 9. Miscellaneous. 
 9.1 Conflicts. In the event of any
conflict between the provisions of this Agreement and the provisions of any of the First Lien Debt Documents or any of the Second Lien Debt Documents, the provisions of this Agreement shall govern and control. 

9.2 Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and
delivered by the parties hereto. This is a continuing agreement of lien subordination and First Lien Claimholders may continue, at any time and without notice to Second Lien Agent or any Second Lien Claimholder, to extend credit and other financial
accommodations to or for the benefit of any Grantor constituting First Lien Priority Obligations in reliance hereof. Each of First Lien Agent and Second Lien Agent hereby waives any right it may have under applicable law to revoke this Agreement or
any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. Any provision of this Agreement that is prohibited or unenforceable 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. All references to any Grantor shall include such Grantor as
debtor and debtor-in-possession and any receiver or trustee for such Grantor in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and effect: 

(a) with respect to First Lien Agent, First Lien Claimholders, and the First Lien Obligations, on the date that the First Lien
Obligations are paid in full and termination or expiration of all commitments, if any, to extend credit that would constitute First Lien Obligations has occurred; and 
 (b) with respect to Second Lien Agent, Second Lien Claimholders, and the Second Lien Obligations, on the date that the Second Lien Obligations are paid in full. 

9.3 Amendments; Waivers. No amendment, modification, or waiver of any of the provisions of this Agreement shall be effective
unless the same shall be in writing signed on 

  
 38 

 
behalf of each party hereto(i) the First Lien Agent (acting with the approval of First Lien Lenders constituting
“Required Lenders” as defined in the First Lien Debt Agreement) and (ii) the Second Lien Agent (acting with Majority Second Lien Holders Approval) (and acknowledged by the Grantors if such amendment, modification or waiver
purports to alter, in a manner adverse to any Grantor, any obligation of such Grantor hereunder or under any agreement referenced herein), 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. 
 9.4 Information Concerning
Financial Condition of the Grantors and their Respective Subsidiaries. First Lien Agent and First Lien Claimholders, on the one hand, and Second Lien Claimholders and Second Lien Agent, on the other hand, shall not be responsible for keeping any
other party informed of (a) the financial condition of the Grantors and their respective subsidiaries and all endorsers and/or guarantors of the First Lien Obligations or the Second Lien Obligations and (b) all other circumstances bearing
upon the risk of nonpayment of the First Lien Obligations or the Second Lien Obligations. First Lien Agent and First Lien Claimholders shall have no duty to advise Second Lien Agent or any Second Lien Claimholder of information known to it or them
regarding such condition or any such circumstances or otherwise. Second Lien Agent and Second Lien Claimholders shall have no duty to advise First Lien Agent or any First Lien Claimholder of information known to it or them regarding such condition
or any such circumstances or otherwise. In the event First Lien Agent or any First Lien Claimholders, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to Second Lien Agent or any Second
Lien Claimholder, it or they shall be under no obligation: 
 (a) to make, and First Lien Agent and First Lien Claimholders
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; 

(b) to provide any additional information or to provide any such information on any subsequent occasion; 

(c) to undertake any investigation; or 
 (d) to disclose any information, which pursuant to accepted or reasonable commercial practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 

9.5 Subrogation. With respect to any payments or distributions in cash, property, or other assets that any Second Lien
Claimholders or Second Lien Agent pays over to First Lien Agent or First Lien Claimholders under the terms of this Agreement, Second Lien Claimholders and Second Lien Agent shall be subrogated to the rights of First Lien Agent and First Lien
Claimholders; provided, however, that, Second Lien Agent hereby agrees not to assert or enforce any such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of all First Lien Priority
Obligations has occurred. Any payments or distributions in 

  
 39 

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

			
	FIRST LIEN AGENT:
	
	 PNC BANK, NATIONAL ASSOCIATION,
 as First Lien Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	LIMITED AGENT:
	
	 PNC BANK, NATIONAL
ASSOCIATION,

as Limited Agent

		
	By: 	 	  

	Name:	 	  

	Title: 	 	  

 Signature Page to Intercreditor Agreement 

			
	SECOND LIEN AGENT:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Second8.50% Lien
Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as 10.875% Lien Agent
		
	By: 	 	  

	Name:	 	  

	Title: 	 	  

 Signature Page to Intercreditor Agreement 

 ACKNOWLEDGMENT 

As of the date first written above, each of the Grantors and each of the Grantors’ undersigned Subsidiaries (if any) hereby
acknowledge that they have received a copy of the foregoing Intercreditor Agreement and consent thereto, agree to recognize all rights granted thereby to First Lien Agent, Limited Agent,
First Lien Claimholders, Second Lien Agent, and Second Lien Claimholders, and will not do any act or perform any obligation which is not in accordance with the agreements set forth therein. The Grantors and each of the Grantors’
undersigned Subsidiaries each further acknowledge and agree that they are not an intended beneficiary or third party beneficiary under the foregoing Intercreditor Agreement. 

 

			
	ACKNOWLEDGED:
	
	 HUTCHINSON TECHNOLOGY

INCORPORATED,
 a Minnesota corporation

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Acknowledgment Page to Intercreditor Agreement 

 EXHIBIT A 

NOTICE ADDRESSES 
  

					
	If to Second Lien Agent:	  	WELLS FARGO BANK, NATIONAL ASSOCIATION
		  	MAC N9311-110
		  	625 Marquette Avenue
		  	Minneapolis, Minnesota 55479
		  	Attention:	  	Hutchinson Administrator
		  	Facsimile:	  	(612) 667-2160
		
	With copies to:	  	DORSEY & WHITNEY LLP
		  	Suite 1500, 50 South Sixth Street
		  	Minneapolis, MN 55402
		  	Attention:	  	Steven J. Heim
		  	Facsimile:	  	(612) 340-2643
		
	If to First Lien Agent:	  	PNC BANK, NATIONAL ASSOCIATION
		  	340 Madison Avenue
		  	New York, NY 10173
		  	Attention:	  	Marc Hansen
		  	Facsimile:	  	(212) 752-6043
		
	with copies to:	  	HAHN & HESSEN LLP
		  	488 Madison Avenue
		  	New York, NY 10022
		  	Attention:	  	Steven J. Seif
		  	Facsimile:	  	(212) 478-7400
		
	If to the Grantors:	  	HUTCHINSON TECHNOLOGY INCORPORATED
		  	40 West Highland Park
		  	Hutchinson, MN 55350-9784
		  	Attention:	  	Chief Financial Officer
		  	Facsimile:	  	(320) 587-1810
		
	with copies to:	  	FAEGRE BAKER DANIELS LLP
		  	2200 Wells Fargo Center
		  	90 South Seventh Street
		  	Minneapolis, MN 55402
		  	Attention:	  	Peggy Abram
		  	Facsimile:	  	612-766-1600

 Exhibit A - 1 

 Annex B 

ACKNOWLEDGMENT 
 As of the date first written above, each of the Grantors and each of the Grantors’ undersigned Subsidiaries (if any) hereby acknowledge that they have received a copy of the foregoing First Amendment
to the Original Intercreditor Agreement and consent thereto, and to the Original Intercreditor Agreement as amended thereby, agree to recognize all rights granted thereby to First Lien Agent, First Lien Claimholders, Limited Agent, Second Lien
Agent, and Second Lien Claimholders, and will not do any act or perform any obligation which is not in accordance with the agreements set forth therein. The Grantors and each of the Grantors’ undersigned Subsidiaries each further acknowledge
and agree that they are not an intended beneficiary or third party beneficiary under the foregoing First Amendment to the Original Intercreditor Agreement or the Original Intercreditor Agreement as amended thereby. 

 

			
	ACKNOWLEDGED:
	
	 HUTCHINSON TECHNOLOGY INCORPORATED,
 a Minnesota corporation

		
	By:	 	 /s/ David P. Radloff

		 	Name: David P. Radloff
		 	Title: CFO

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