Document:

EX-10.12

 Exhibit 10.12 

EXECUTION VERSION 

CONFIDENTIAL 
 SUBSIDIARY
GUARANTEE AGREEMENT (ABL) 
 dated and effective as of 

August 30, 2013, 
 among 

The Subsidiaries of CRESTVIEW DS MERGER SUB II, INC. (to be merged on the 

Closing Date with and into DS WATERS OF AMERICA, INC.) Named Herein 

and 
 BMO HARRIS BANK N.A., 

as Collateral Agent 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	1.	 	 DEFINITIONS
	  	 	1	  
			
	2.	 	 THE GUARANTY
	  	 	1	  
			
	3.	 	 FURTHER ASSURANCES
	  	 	4	  
			
	4.	 	 PAYMENTS FREE AND CLEAR OF TAXES
	  	 	4	  
			
	5.	 	 OTHER TERMS
	  	 	5	  
			
	6.	 	 INDEMNITY; SUBROGATION AND SUBORDINATION
	  	 	6	  
			
	7.	 	 GOVERNING LAW
	  	 	8	  
			
	8.	 	 JURISDICTION; CONSENT TO SERVICE OF PROCESS
	  	 	8	  
			
	9.	 	 WAIVER OF JURY TRIAL
	  	 	9	  
			
	10.	 	 RIGHT OF SET-OFF
	  	 	9	  
			
	11.	 	 ADDITIONAL SUBSIDIARIES
	  	 	10	  
			
	12.	 	 AGENCY OF BORROWER FOR GUARANTORS
	  	 	10	  

  

			
	 Exhibit
	  	 
		
	Exhibit A	  	Form of Supplement to Subsidiary Guarantee Agreement (ABL)

 This SUBSIDIARY GUARANTEE AGREEMENT (ABL), dated as of August 30, 2013 (as amended,
restated, supplemented or otherwise modified from time to time, this “Guaranty”), by and among each Subsidiary listed on the signature page hereof and each other Subsidiary that becomes a party hereto after the date hereof (each a
“Subsidiary Guarantor” and collectively the “Subsidiary Guarantors”) and BMO Harris Bank N.A., as collateral agent (in such capacity, together with any successor thereto, the “Collateral Agent”) for
the Secured Parties. 
 WITNESSETH: 

WHEREAS, DS Waters Enterprises, Inc. a Delaware corporation (“Holdings”), Crestview DS Merger Sub II, Inc., a Delaware
corporation (to be merged on the Closing Date with and into DS Waters of America, Inc., a Delaware corporation, with DS Waters of America, Inc. being the surviving corporation of the merger) (such surviving corporation, the
“Borrower”), the Lenders party thereto from time to time and BMO Harris Bank N.A., as Administrative Agent, have entered into that certain Asset-Based Revolving Credit Agreement, dated as of the date hereof (as amended, restated,
supplemented or otherwise modified from time to time, the “Asset-Based Revolving Credit Agreement”), providing for the extension of credit to the Borrower; 

WHEREAS, it is a condition to the extension of credit to the Borrower under the Asset-Based Revolving Credit Agreement that each
Subsidiary Guarantor shall have executed and delivered this Guaranty to guarantee the Obligations; and 
 WHEREAS, each Subsidiary
Guarantor will obtain substantial direct and indirect benefits from the extension of credit to the Borrower, and accordingly desires to execute this Guaranty in order to satisfy the conditions described in the preceding paragraph and to induce the
Lenders to extend credit to the Borrower. 
 Accordingly, the parties hereto agree as follows: 

 

	1.	DEFINITIONS 

 Capitalized terms used herein shall have the meanings assigned to
them in the Asset-Based Revolving Credit Agreement unless otherwise defined herein. References to this “Guaranty” shall mean this Guaranty, including all amendments, modifications and supplements and any annexes, exhibits and schedules to
any of the foregoing, and shall refer to this Guaranty as the same may be in effect at the time such reference becomes operative. 
  

	2.	THE GUARANTY 

 (a) Guaranty of Guaranteed Obligations. Each Subsidiary
Guarantor unconditionally guarantees to the Collateral Agent, jointly and severally with Holdings and the other Subsidiary Guarantors, as a primary obligor and not merely as a surety, the full and punctual payment and performance of, when due
whether at stated maturity or otherwise (and in the currency due) of the Secured Obligations (as defined in the Collateral Agreement) (the “Guaranteed Obligations”) for the benefit of the Secured

 
Parties. Each Subsidiary Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will
remain bound upon its guarantee notwithstanding any extension or renewal of any Guaranteed Obligation. Each Subsidiary Guarantor waives presentment to, demand of payment from and protest to the Borrower or any other Loan Party of any of the
Guaranteed Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. 
 (b) Guaranty of
Payment. Each Subsidiary Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment when due (whether at stated maturity, by acceleration or otherwise) and not of collection, and waives any right to require that any
resort be had by the Collateral Agent or any other Secured Party to any security held for the payment of the Guaranteed Obligations or to any balance of any deposit account or credit on the books of the Collateral Agent or any other Secured Party in
favor of the Borrower or any other person. 
 (c) No Limitations. Except for termination or release of a Subsidiary Guarantor’s
obligations hereunder as expressly provided for in Section 5(g), the obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver,
release, surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or
otherwise (other than defense of payment or performance). Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor hereunder, to the fullest extent permitted by applicable law, shall not be discharged or
impaired or otherwise affected by: (i) the failure of the Collateral Agent or any other Secured Party to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of any Loan Document or otherwise;
(ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, any Loan Document or any other agreement, including with respect to any other Subsidiary Guarantor under this Guaranty;
(iii) the failure to perfect any security interest in, or the exchange, substitution, release or any impairment of, any security held by the Collateral Agent or any other Secured Party for the Guaranteed Obligations; (iv) any default,
failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations; (v) any other act or omission that may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or otherwise operate as a
discharge of any Subsidiary Guarantor as a matter of law or equity (other than the payment in full in cash in immediately available funds of all the Guaranteed Obligations); (vi) any illegality, lack of validity or enforceability of any
Guaranteed Obligation; (vii) any change in the corporate existence, structure or ownership of the Borrower, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Borrower or its assets or any resulting release
or discharge of any Guaranteed Obligation (other than the payment in full in cash in immediately available funds of all the Guaranteed Obligations); (viii) the existence of any claim, set-off or other rights that such Subsidiary Guarantor may
have at any time against the Borrower, the Collateral Agent, or any other corporation or person, whether in connection herewith or any unrelated transactions; provided that nothing herein will

  
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prevent the assertion of any such claim by separate suit or compulsory counterclaim; and (ix) any other circumstance (including, without limitation, any statute of limitations) or any
existence of or reliance on any representation by the Collateral Agent that might otherwise constitute a defense to, or a legal or equitable discharge of, the Borrower or any other Loan Party or any other guarantor or surety (other than defense of
payment or performance). Each Subsidiary Guarantor expressly authorizes the Secured Parties (a) to take and hold security for the payment and performance of the Guaranteed Obligations, (b) to exchange, waive or release any or all such
security (with or without consideration) or take and hold additional security or collateral for the payment of the Secured Obligations or any part of them, (c) to enforce or apply such security and direct the order and manner of any sale
thereof in their sole discretion or (d) to release or substitute any one or more other guarantors or obligors upon or in respect of the Guaranteed Obligations, all without affecting the obligations of any Subsidiary Guarantor hereunder. To the
fullest extent permitted by applicable law, each Subsidiary Guarantor waives any defense based on or arising out of any defense of any other Subsidiary Guarantor or the unenforceability of the Guaranteed Obligations or any part thereof from any
cause, or the cessation from any cause of the liability of any other Subsidiary Guarantor, other than the payment in full in cash in immediately available funds of all the Guaranteed Obligations. The Collateral Agent and the other Secured Parties
may, at their election, foreclose on any security held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Guaranteed
Obligations, make any other accommodation with the Borrower or any other Loan Party or exercise any other right or remedy available to them against the Borrower or any other Loan Party, without affecting or impairing in any way the liability of any
Subsidiary Guarantor hereunder except to the extent the Guaranteed Obligations have been paid in full in cash in immediately available funds. To the fullest extent permitted by applicable law, each Subsidiary Guarantor waives any defense arising out
of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Subsidiary Guarantor against any other Subsidiary Guarantor,
as the case may be, or any security. 
 (d) Reinstatement. Notwithstanding the provisions of Section 5(g)(i), each Subsidiary
Guarantor agrees that its guarantee hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Guaranteed Obligation is rescinded or must otherwise be restored or returned by
the Collateral Agent or any other Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any other Loan Party, or upon or as a result of the appointment of a receiver, intervenor or conservator
of, or trustee or similar officer for, the Borrower or any other Loan Party or any substantial part of its property, or otherwise, all as though such payment had not been made. 

(e) Agreement To Pay; Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Collateral Agent or
any other Secured Party has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Borrower or any other Loan Party to pay any Guaranteed Obligation when and as the same shall become due, whether at maturity,
by acceleration, after notice of prepayment 

  
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or otherwise, each Subsidiary Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Collateral Agent for distribution to the applicable Secured Party in cash in
immediately available funds the amount of such unpaid Guaranteed Obligation. Upon payment by any Subsidiary Guarantor of any sums to the Collateral Agent as provided above, all rights of such Subsidiary Guarantor against the Borrower or any other
Loan Party arising as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Section 6. 

(f) Information. Each Subsidiary Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s and
each other Loan Party’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that such Subsidiary Guarantor assumes and
incurs hereunder, and agrees that neither the Collateral Agent nor any other Secured Party will have any duty to advise such Subsidiary Guarantor of information known to it or any of them regarding such circumstances or risks. 

(g) Maximum Liability. Each Subsidiary Guarantor, and by its acceptance of this Guaranty, the Collateral Agent and each Secured Party
hereby confirms that it is the intention of all such persons that this Guaranty and the Guaranteed Obligations of each Subsidiary Guarantor hereunder not constitute a fraudulent transfer or conveyance for purposes of the U.S. Bankruptcy Code or any
other federal, state or foreign bankruptcy, insolvency, receivership or similar law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to this Guaranty
and the Guaranteed Obligations of each Subsidiary Guarantor hereunder. To effectuate the foregoing intention, the Collateral Agent, the Secured Parties and the Subsidiary Guarantors hereby irrevocably agree that the Guaranteed Obligations of each
Subsidiary Guarantor under this Guaranty at any time shall be limited to the maximum amount as will result in the Guaranteed Obligations of such Subsidiary Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance. 

 

	3.	FURTHER ASSURANCES 

 Each Subsidiary Guarantor agrees, upon the written request of
the Collateral Agent, to execute and deliver to the Collateral Agent, from time to time, any additional instruments or documents reasonably considered necessary by the Collateral Agent to cause this Guaranty to be, become or remain valid and
effective in accordance with its terms. 
  

	4.	PAYMENTS FREE AND CLEAR OF TAXES 

 Each Subsidiary Guarantor agrees that it will
perform or observe all of the terms, covenants and agreements that Section 2.17 of the Asset-Based Revolving Credit Agreement requires such Subsidiary Guarantor to perform or observe, subject to the qualifications set forth therein. 

  
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	5.	OTHER TERMS 

 (a) Entire Agreement. This Guaranty, together with the other Loan
Documents, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements relating to a guaranty of the Loans and advances under the Loan Documents. 

(b) Headings. The headings in this Guaranty are for convenience of reference only and are not part of the substance of this Guaranty.

 (c) Severability. Whenever possible, each provision of this Guaranty shall be interpreted in such a manner to be effective and
valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under applicable law in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 (d) Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be given as provided
in Section 9.01 of the Asset-Based Revolving Credit Agreement, as such address may be changed by written notice to the Collateral Agent and the Borrower. 

(e) Successors and Assigns. Whenever in this Guaranty any Subsidiary Guarantor is referred to, such reference shall be deemed to include
the permitted successors and assigns of such party (in accordance with the terms of the Asset-Based Revolving Credit Agreement); and all covenants, promises and agreements by any Subsidiary Guarantor that are contained in this Guaranty shall bind
and inure to the benefit of its respective permitted successors and assigns. 
 (f) No Waiver; Cumulative Remedies; Amendments. No
failure or delay by the Collateral Agent in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof
or the exercise of any other right, power or remedy. The rights, powers and remedies of the Collateral Agent hereunder are cumulative and are not exclusive of any rights, powers or remedies that it would otherwise have. No waiver of any provision of
this Guaranty or consent to any departure by any Subsidiary Guarantor therefrom shall in any event be effective unless the same shall be permitted by this Section 5(f), and then such waiver or consent shall be effective only in the specific
instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of any Loan or the issuance of any Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of
whether the Collateral Agent may have had notice or knowledge of such Default or Event of Default at the time. No notice or demand on any Subsidiary Guarantor in any case shall entitle any Subsidiary Guarantor to any other or further notice or
demand in similar or other circumstances. When making any demand hereunder against any of the Subsidiary Guarantors, the Collateral Agent or any other Secured Party may, but shall be under no obligation to, make a similar demand on the Borrower or
any other Subsidiary Guarantor or guarantor, and any failure by the Collateral Agent or any other Secured 

  
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Party to make any such demand or to collect any payments from the Borrower or any other Subsidiary Guarantor or guarantor or any release of the Borrower or any other Subsidiary Guarantor or
guarantor shall not relieve any of the Subsidiary Guarantors in respect of which a demand or collection is not made or any of the Subsidiary Guarantors not so released of their several obligations or liabilities hereunder, and shall not impair or
affect the rights and remedies, express or implied, or as a matter of law, of the Collateral Agent or any other Secured Party against any of the Subsidiary Guarantors. For the purposes hereof “demand” shall include the commencement
and continuance of any legal proceedings. Neither this Guaranty nor any provision hereof may be waived, amended or modified (other than termination or release of this Guaranty pursuant to Section 5(g)) except pursuant to an agreement or
agreements in writing entered into by the Collateral Agent and the Subsidiary Guarantor or Subsidiary Guarantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with
Section 9.08 of the Asset-Based Revolving Credit Agreement. 
 (g) Termination and Release. 

(i) This Guaranty shall terminate on the Termination Date. 

(ii) A Subsidiary Guarantor shall automatically be released from its obligations hereunder in accordance with Section 9.18 of the
Asset-Based Revolving Credit Agreement. 
 (iii) In connection with any release pursuant to this Section 5(g) (subject to
Section 9.18 of the Asset-Based Revolving Credit Agreement (including the delivery of any certificate required thereunder)), the Collateral Agent shall execute and deliver to the Borrower all documents that the Borrower shall reasonably request
to evidence such release. Any execution and delivery of documents pursuant to this Section 5(g) shall be made without recourse to or warranty by the Collateral Agent. The Borrower agrees to pay all reasonable and documented out-of-pocket
expenses incurred by the Collateral Agent in connection with the execution and delivery of such documents. 
 (h) Counterparts. This
Guaranty may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract. Delivery of an executed counterpart to this Guaranty by facsimile or other
electronic transmission shall be as effective as delivery of a manually signed original. 
  

	6.	INDEMNITY; SUBROGATION AND SUBORDINATION 

 (a) Indemnity and Subrogation.
In addition to all such rights of indemnity and subrogation as the Subsidiary Guarantors may have under applicable law (but subject to Section 6(c)), the Borrower agrees that (i) in the event a payment shall be made by any Subsidiary
Guarantor under this Guaranty in respect of any Guaranteed Obligation of the Borrower, the Borrower shall indemnify such Subsidiary Guarantor for the full amount of such payment and such Subsidiary Guarantor shall be subrogated to the rights of the
person to whom such payment shall have been made to the extent of such payment and 

  
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(ii) in the event any assets of any Subsidiary Guarantor shall be sold pursuant to any Security Document to satisfy in whole or in part a Guaranteed Obligation of the Borrower, the Borrower shall
indemnify such Subsidiary Guarantor in an amount equal to the greater of the book value or the fair market value of the assets so sold. 

(b) Contribution and Subrogation. Each Subsidiary Guarantor (a “Contributing Guarantor”) agrees (subject to
Section 6(c)) that, in the event a payment shall be made by any other Subsidiary Guarantor hereunder in respect of any Guaranteed Obligation or assets of any other Subsidiary Guarantor shall be sold pursuant to any Security Document to satisfy
any Guaranteed Obligation owed to any Secured Party and such other Subsidiary Guarantor (the “Claiming Guarantor”) shall not have been fully indemnified by the Borrower as provided in Section 6(a) hereof, the Contributing
Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as applicable, in each case multiplied by a fraction of which the numerator
shall be the net worth of such Contributing Guarantor on the date hereof and the denominator shall be the aggregate net worth of all the Subsidiary Guarantors on the date hereof (or, in the case of any Subsidiary Guarantor becoming a party hereto
pursuant to Section 5.10 of the Asset-Based Revolving Credit Agreement, the date of the supplement hereto executed and delivered by such Subsidiary Guarantor). Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to
this Section 6(b) shall be subrogated to the rights of such Claiming Guarantor under Section 6(a) hereof to the extent of such payment. The provisions of this Section 6(b) shall in no respect limit the obligations and liabilities of
any Subsidiary Guarantor to the Collateral Agent and the other Secured Parties, and each Subsidiary Guarantor shall remain liable to the Collateral Agent and the other Secured Parties for the full amount guaranteed by such Subsidiary Guarantor
hereunder. 
 (c) Subordination. Notwithstanding any provision of this Guaranty to the contrary, all rights of the Subsidiary
Guarantors under Sections 6(a) and 6(b) and all other rights of indemnity, contribution or subrogation of any Subsidiary Guarantor under applicable law or otherwise shall be fully subordinated to the Guaranteed Obligations until the occurrence of
the Termination Date. Notwithstanding any payment or payments made by any of the Subsidiary Guarantors hereunder or any set-off or appropriation or application of funds of any of the Subsidiary Guarantors by any Secured Party, no Subsidiary
Guarantor shall be entitled to be subrogated to any of the rights of the Collateral Agent or any other Secured Party against the Borrower or any other Subsidiary Guarantor or any collateral security or guarantee or right of set-off held by any
Secured Party for the payment of the Guaranteed Obligations until the Termination Date shall have occurred, nor shall any Subsidiary Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Subsidiary
Guarantor in respect of payments made by such Subsidiary Guarantor hereunder until the Termination Date shall have occurred. If any amount shall be paid to any Subsidiary Guarantor on account of such subrogation rights at any time prior to the
Termination Date of the Guaranteed Obligations, such amount shall be held by such Subsidiary Guarantor in trust for the Collateral Agent and the other Secured Parties, segregated from other funds of such Subsidiary Guarantor, and shall, forthwith
upon receipt by such Subsidiary 

  
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Guarantor, be paid to the Collateral Agent to be credited and applied against the Guaranteed Obligations, whether matured or unmatured, in accordance with the terms of the Asset-Based Revolving
Credit Agreement. No failure on the part of the Borrower or any Subsidiary Guarantor to make the payments required by Sections 6(a) and 6(b) (or any other payments required under applicable law or otherwise) shall in any respect limit the
obligations and liabilities of the Borrower with respect to the Obligations or any Subsidiary Guarantor with respect to its obligations hereunder, and the Borrower shall remain liable for the full amount of the Obligations and each Subsidiary
Guarantor shall remain liable for the full amount of the obligations of such Subsidiary Guarantor hereunder. 
  

	7.	GOVERNING LAW 

 THIS GUARANTY AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSES OF
ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW
THAT COULD REQUIRE THE APPLICATION OF ANY OTHER LAW. 
  

	8.	JURISDICTION; CONSENT TO SERVICE OF PROCESS 

 (a) Each Subsidiary Guarantor
irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Collateral Agent, any Secured Party,
or any Affiliate of the foregoing, in any way relating to this Guaranty or the transactions relating hereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the
Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation
or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Guaranty shall affect any right that the Collateral Agent or any Secured Party may otherwise have to bring
any action or proceeding relating to this Guaranty against any Subsidiary Guarantor or its properties in the courts of any jurisdiction. 

(b) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

  
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 (c) Each party to this Guaranty irrevocably consents to service of process in the manner provided
for notices in Section 5(d). Nothing in this Guaranty will affect the right of any party to this Guaranty to serve process in any other manner permitted by law. 
  

	9.	WAIVER OF JURY TRIAL 

 EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY (WHETHER BASED IN CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9. 

 

	10.	RIGHT OF SET-OFF 

 If an Event of Default shall have occurred and be continuing, each
Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other
Indebtedness at any time owing by such Lender to or for the credit or the account of any Subsidiary Guarantor against any of and all the obligations of such Subsidiary Guarantor now or hereafter existing under this Guaranty owed to such Lender,
irrespective of whether or not such Lender shall have made any demand under this Guaranty and although such obligations may be unmatured; provided, however, that any Defaulting Lender’s set-off right hereunder shall be subject to
Section 9.06 of the Asset-Based Revolving Credit Agreement. Notwithstanding anything to the contrary contained herein, no Lender or any of its respective Affiliates shall have a right to set off and apply any deposits held by, or other
Indebtedness owing by, such Lender or any of its Affiliates to or for the credit or the account of any subsidiary of a Loan Party that (i) is not a “United States person” within the meaning of Section 7701(a)(30) of the Code or
(ii) is a subsidiary of a person described in clause (i), unless (in either case) such subsidiary is not a direct or indirect Subsidiary of the Borrower. Each Lender agrees promptly to notify the Borrower and the Collateral Agent after any such
set off and application made by such Lender; provided that the failure to give such notice shall not affect the validity of such set off and application. The rights of each Lender under this Section 10 are in addition to other rights and
remedies (including other rights of set off) that such Lender may have. 

  
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	11.	ADDITIONAL SUBSIDIARIES 

 Upon execution and delivery by any Subsidiary of the
Borrower that is required to become a party hereto by Section 5.10 of the Asset-Based Revolving Credit Agreement (or that is referred to in clause (b) of the definition of Subsidiary Loan Party) of an instrument in the form of Exhibit
A hereto, such Subsidiary shall become a Subsidiary Guarantor hereunder with the same force and effect as if originally named as a Subsidiary Guarantor herein. The execution and delivery of any such instrument shall not require the consent of
any other party to this Guaranty. The rights and obligations of each party to this Guaranty shall remain in full force and effect notwithstanding the addition of any new party to this Guaranty. Each reference to “Subsidiary Guarantor” in
this Guaranty shall be deemed to include such Subsidiary. 
  

	12.	AGENCY OF BORROWER FOR SUBSIDIARY GUARANTORS 

 Each of the Subsidiary Guarantors
hereby appoints the Borrower as its agent for all purposes relevant to this Guaranty and the other Loan Documents, including the giving and receipt of notices and the execution and delivery of all documents, instruments and certificates contemplated
herein and therein and all modifications hereto and thereto. 
 [remainder of page intentionally left blank; signature pages
follow] 

  
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 IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be executed and delivered
as of the date first above written. 
  

					
	CRYSTAL SPRINGS OF ALABAMA HOLDINGS, LLC
	 POLYCYCLE SOLUTIONS, LLC,

each as a Subsidiary Guarantor

		
	By:	 	 DS Waters of America, Inc.,
 as the
sole member of each such Subsidiary Guarantor

		
	By:	 	 /s/ Ron Frieman

		 	Name:	 	Ron Frieman
		 	Title	 	Chief Financial Officer and Treasurer

  
 [Signature Page to
Subsidiary Guarantee Agreement (ABL)] 

 
					
	Accepted and Agreed to:
	
	BMO HARRIS BANK N.A.,
	as Collateral Agent
		
	By:	 	/s/ Craig Thistlethwaite
		 	Name:	 	Craig Thistlethwaite
		 	Title:	 	Director

  
 [Signature Page to
Subsidiary Guarantee Agreement (ABL)] 

 Exhibit A 

to the Subsidiary Guarantee Agreement (ABL) 

SUPPLEMENT NO.          

TO SUBSIDIARY GUARANTEE AGREEMENT (ABL) 

SUPPLEMENT NO.         , dated as of
            ,             (as amended, restated, supplemented or otherwise modified from time to time, this
“Supplement”), to the Subsidiary Guarantee Agreement (ABL), dated as of August 30, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), among each Subsidiary listed
on the signature pages thereof (each an “Existing Guarantor” and collectively, the “Existing Guarantors”) and BMO Harris Bank N.A., as collateral agent (in such capacity, the “Collateral Agent”) for
the Secured Parties. 
 A. Reference is made to the Asset-Based Revolving Credit Agreement dated as of August 30, 2013 (as amended,
supplemented, waived or otherwise modified from time to time, the “Asset-Based Revolving Credit Agreement”), among Crestview DS Merger Sub II, Inc., a Delaware corporation (to be merged on the Closing Date with and into DS Waters
Enterprises, Inc., a Delaware corporation, DS Waters of America, Inc., a Delaware corporation, with DS Waters of America, Inc. being the surviving corporation of the merger) (such surviving corporation, the “Borrower”), the Lenders
party thereto from time to time and BMO Harris Bank N.A., as Administrative Agent. 
 B. Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to such terms in the Asset-Based Revolving Credit Agreement. 
 C. Each Existing Guarantor
has entered into the Guaranty in order to induce the Lenders to make Loans and each Issuing Bank to issue Letters of Credit. Section 11 of the Guaranty provides that additional Subsidiaries may become Subsidiary Guarantors (as defined in the
Guaranty) under the Guaranty by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary of the Borrower (the “New Subsidiary”) is executing this Supplement in accordance with the
requirements of the Asset-Based Revolving Credit Agreement to become a Subsidiary Guarantor under the Guaranty in order to induce the Lenders to maintain and/or make additional Loans and/or issue additional Letters of Credit, and as consideration
for Loans previously made and Letters of Credit previously issued. 
 Accordingly, the New Subsidiary agrees as follows: 

SECTION 1. In accordance with Section 11 of the Guaranty, the New Subsidiary by its signature below becomes a Subsidiary Guarantor under
the Guaranty with the same force and effect as if originally named therein as a Subsidiary Guarantor and the New Subsidiary hereby agrees to all the terms and provisions of the Guaranty applicable to it as a Subsidiary Guarantor thereunder. In
furtherance of the foregoing, the New Subsidiary does hereby guarantee to the Collateral Agent the due and punctual payment of the Guaranteed Obligations (as defined in the Guaranty) as set forth in the Guaranty. Each reference to a “Subsidiary
Guarantor” in the Guaranty and in this Supplement shall be deemed to include the New Subsidiary. The Guaranty is hereby incorporated herein by reference. 

 SECTION 2. The New Subsidiary represents and warrants to the Collateral Agent and the other
Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to (i) the effects of bankruptcy,
insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law) and (iii) implied covenants of good faith and fair dealing. 
 SECTION 3. This Supplement may be executed in two or more
counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract. This Supplement shall become effective when the Collateral Agent shall have received a counterpart of this Supplement
that bears the signature of the New Subsidiary. Delivery of an executed counterpart to this Supplement by facsimile or other electronic transmission shall be as effective as delivery of a manually signed original. 

SECTION 4. Except as expressly supplemented hereby, the Guaranty shall remain in full force and effect. 

SECTION 5. THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY
PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE APPLICATION OF ANY OTHER LAW. THE PROVISIONS OF SECTION 8 AND 9 OF THE GUARANTY ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 

SECTION 6. In the event any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Guaranty shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 5(d) of the Guaranty. 

SECTION 8. The New Subsidiary agrees to reimburse the Collateral Agent for its reasonable and documented out-of-pocket expenses in connection
with this Supplement, including the reasonable and documented fees, disbursements and other charges of counsel to the Collateral Agent. 

[remainder of page intentionally left blank; signature page follows] 

  
 2 

 IN WITNESS WHEREOF, the New Subsidiary has duly executed this Supplement to the Guaranty
as of the day and year first above written. 
  

			
	[Name of New Subsidiary]
		
	By:	 	 
		 	Name:
		 	Title:

  
 [Signature Page
to Supplement to Subsidiary Guarantee Agreement (ABL)]EX-10.13

 Exhibit 10.13 

EXECUTION VERSION 

DS WATERS OF AMERICA, INC. 
 5660
New Northside Drive, Suite 500 
 Atlanta, GA 30328 

August 30, 2013 
 Crestview Advisors, L.L.C.

 c/o Crestview Partners II, L.P. 
 667 Madison Avenue, 10th Floor 
 New York, NY 10065 

Attention: Jeffrey Marcus 

                Katherine Chung 

 

	 	Re:	Monitoring Agreement 

 Ladies and Gentlemen: 

This letter (this “Monitoring Agreement”) serves to confirm certain fees and expenses payable by DS Waters of America, Inc., a
Delaware corporation (the “Company”), to Crestview Advisors, L.L.C., a Delaware limited liability company (the “Manager”). Certain capitalized terms used herein are defined in Section 23 below. 

1. This Monitoring Agreement shall commence on the date hereof and, unless otherwise extended pursuant to the second sentence of this
Section 1, shall terminate on December 31, 2023, unless earlier terminated in accordance with Section 17 below (the “Term”). On December 31, 2023, and at the end of each year thereafter (each of December 31,
2023 and the end of each year thereafter being a “Year End”), the Term shall automatically be extended for an additional year unless notice to the contrary is given by either party at least 30, but no more than 60, days prior to the
applicable Year End. 
 2. In connection with the Manager’s monitoring of its (or its Affiliate’s) investment in DSW Group, Inc., a
Delaware corporation and an indirect parent entity of the Company (“DSW Group”), the Company hereby agrees to pay the Manager an aggregate annual fee (the “Monitoring Fee”) in an amount equal to the greater of
(a) $2,000,000 and (b) two percent (2%) of EBITDA (as defined in the First Lien Credit Agreement (as hereinafter defined)), which Monitoring Fee (including the method and timing of payment thereof, including whether payable annually,
quarterly, monthly or otherwise) shall be reasonably determined by the Manager. The Monitoring Fee payable in respect of the calendar year that includes the date hereof shall be pro rated based on the number of days in such calendar year that this
Monitoring Agreement is in effect. 

 3. In addition, the Company shall reimburse the Manager and its Affiliates, employees and agents
for all reasonable fees and expenses incurred in connection with the Manager’s monitoring of its (or its Affiliate’s) investment in DSW Group, including travel, lodging, meals, fees and disbursements of professionals (including
accountants, counsel and other advisors), word processing charges, messenger and duplicating services, telephone and facsimile expenses and other general fees and expenses (collectively, “Expenses”). The Company shall promptly (and
in any event within 30 days following delivery of a written request therefor) reimburse the Manager for all Expenses. Notwithstanding anything in this Monitoring Agreement to the contrary, nothing in this Monitoring Agreement shall limit any
obligations of any member of the Company Group (as hereinafter defined) to reimburse any costs and expenses of the Manager, its Affiliates, employees and agents as provided in any other agreement with any member of the Company Group. 

4. If any amounts payable to the Manager pursuant to this Monitoring Agreement are not paid, for any reason, within 30 days following the date
on which such amounts are due and payable in accordance with the terms hereof, such amounts shall accrue interest at a per annum rate equal to the base or prime rate then offered by Bank of America, N.A., or its successors. 

5. The Company shall, and shall cause each of its direct and indirect parent entities and Subsidiaries (together with the Company,
collectively, the “Company Group”) to, use its reasonable best efforts to furnish, or to cause their respective Subsidiaries and agents to furnish, the Manager with such information (the “Information”) as the
Manager reasonably believes appropriate to the monitoring of its (or its Affiliate’s) investment in DSW Group. The Company acknowledges and agrees that (a) the Manager will rely on the Information and on information available from
generally recognized public sources in performing the activities contemplated hereunder and (b) the Manager does not assume responsibility for the accuracy or completeness of the Information or such other information. 

6. Reference is made to (a) the Asset-Based Revolving Credit Agreement, dated as of the date hereof (as amended, restated, modified,
supplemented or refinanced and in effect from time to time, the “ABL Credit Agreement”), by and among DS Waters Enterprises, Inc., a Delaware corporation (“Holdings”), Crestview DS Merger Sub II, Inc., a Delaware
corporation (the “Borrower”, which is to be merged with and into the Company, with the Company being the surviving corporation of the merger), and the lenders party thereto, (b) the First Lien Credit Agreement, dated as of the
date hereof (as amended, restated, modified, supplemented or refinanced and in effect from time to time, the “First Lien Credit Agreement”), by and among Holdings, the Borrower and the lenders party thereto, and (c) the
Indenture, dated as of the date hereof (as amended, restated, modified, supplemented or refinanced and in effect from time to time, the “Indenture” and, together with the ABL Credit Agreement and the First Lien Credit Agreement,
collectively, the “Loan Documents”), by and among the Borrower, the lenders party thereto and Wilmington Trust, National Association, as trustee. Any portion of the fees and/or expenses payable to the Manager under this Monitoring
Agreement which the Company is prohibited under the Loan Documents from paying to the Manager, and which amount is not otherwise paid by the Company, shall be deferred, shall accrue and shall be payable at the earliest time permitted under the Loan
Documents or upon the payment in full of all obligations under the Loan Documents. The Company shall notify the Manager if the Company shall be prohibited under the Loan Documents from paying any fees and/or expenses under this Monitoring Agreement
on any date on which the Company would otherwise be required to pay to the Manager any fees and/or expenses under this Monitoring Agreement. 

  
 2 

 7. The Company shall indemnify and hold harmless the Manager, its Affiliates and partners (both
general and limited), members (both managing and otherwise), stockholders, directors, officers, controlling persons (if any), agents, consultants and employees and their respective Affiliates (the Manager, each Affiliate and such other specified
Person being individually referred to as an “Indemnified Person”) from and against any and all claims, liabilities, losses, damages and expenses, whether joint or several (the “Liabilities”), incurred by any
Indemnified Person (including those arising out of an Indemnified Person’s negligence and reasonable fees and disbursements of such Indemnified Person’s counsel) which (a) are related to or arise out of (i) actions taken or
omitted to be taken (including any untrue statements made or any statements omitted to be made) by the Company or (ii) actions taken or omitted to be taken by an Indemnified Person with the Company’s consent or in conformity with the
Company’s instructions, actions or omissions or (b) are otherwise related to or arise out of the Manager’s monitoring of its (or its Affiliate’s) investment in DSW Group, and will reimburse each Indemnified Person for all costs
and expenses, including reasonable fees and disbursements of any Indemnified Person’s counsel, as they are incurred, in connection with investigating, preparing for, defending or appealing any action, formal or informal claim, investigation,
inquiry or other proceeding, whether or not in connection with pending or threatened litigation, caused by or arising out of or in connection with the Manager’s monitoring of its (or its Affiliate’s) investment in DSW Group, whether or not
any Indemnified Person is named as a party thereto and whether or not any liability results therefrom. The Company will not, however, be responsible for any claims, liabilities, losses, damages or expenses pursuant to clause (b) of the
preceding sentence that have resulted primarily from the Indemnified Person’s bad faith, gross negligence or willful misconduct. The Company further agrees that it will not, without the prior written consent of the Manager, settle or compromise
or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not any Indemnified Person is an actual or potential party to such claim,
action, suit or proceeding) unless such settlement, compromise or consent includes an unconditional release without any admission of culpability or wrongdoing of the Manager and each other Indemnified Person hereunder from all liability arising out
of such claim, action, suit or proceeding. THE COMPANY HEREBY ACKNOWLEDGES THAT THE FOREGOING INDEMNITY SHALL BE APPLICABLE TO ANY CLAIMS, LIABILITIES, LOSSES, DAMAGES OR EXPENSES THAT HAVE RESULTED FROM OR ARE ALLEGED TO HAVE RESULTED FROM THE
ACTIVE OR PASSIVE ORDINARY NEGLIGENCE OF THE MANAGER OR ANY OTHER INDEMNIFIED PERSON. The foregoing right to indemnity shall be in addition to any rights that the Company and/or any other Indemnified Person may have at common law or otherwise and
shall remain in full force and effect following the completion or any termination of this Monitoring Agreement. The Company hereby acknowledges that certain Indemnified Persons may have rights to indemnification and advancement of expenses from
other sources and agrees that, notwithstanding the foregoing, the Company shall be the indemnitor of first resort with respect to the Indemnified Persons. The Company hereby consents to personal jurisdiction and to service and venue in any court in
which any claim which is subject to this Monitoring Agreement is brought against the Manager or any other Indemnified Person. 

  
 3 

 8. Any advice or opinions provided by the Manager may not be disclosed or referred to publicly or
to any third party (other than the Company Group’s legal, tax, financial or other advisors), except with the prior written consent of the Manager. 

9. The Company hereby grants the Manager and its Affiliates a non-exclusive license to use the Company’s trademarks and logos, solely in
connection with describing the Manager’s relationship with the Company and the other members of the Company Group. 
 10. The Manager
shall act as an independent contractor, with duties solely to the Company Group. The provisions hereof shall inure to the benefit of and shall be binding upon the parties hereto and their respective heirs, legal representatives, successors and
permitted assigns; provided, that (a) neither this Monitoring Agreement nor any right, interest or obligation hereunder may be assigned by the Company, whether by operation of law or otherwise, without the express written consent of the
Manager and (b) any assignment by the Manager of its rights, interests or obligations under this Monitoring Agreement to an Affiliate shall be expressly permitted hereunder and shall not require the prior written consent of the Company. Nothing
in this Monitoring Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto or their respective successors and assigns, any rights or remedies under or by reason of this Monitoring Agreement. Without
limiting the generality of the foregoing, the parties acknowledge that nothing in this Monitoring Agreement, expressed or implied, is intended to confer on any present or future holders of any capital stock of the Company or any of its Affiliates,
or any present or future creditor of the Company or any of its Affiliates, any rights or remedies under or by reason of this Monitoring Agreement or any performance hereunder. 

11. This Monitoring Agreement constitutes the entire agreement between the Company and the Manager with respect to the subject matter hereof
and supersedes all prior agreements and understanding with respect to the subject matter hereof. The Company acknowledges and agrees that the Manager makes no representations or warranties in connection with this Monitoring Agreement or its
performance of any activities pursuant hereto. 
 12. This Monitoring Agreement and any provision hereof may be amended or modified from time
to time only by a written instrument executed by each of the parties hereto. No waiver by any party of any term or condition of this Monitoring Agreement, in one or more instances, shall be valid unless in writing, and no such waiver shall be deemed
to be construed as a waiver of any subsequent breach or default of the same or similar nature. 
 13. This Monitoring Agreement and the
rights, obligations and duties of the parties hereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware, without reference to the principles of conflict of laws thereof that would require the application of
the law of another jurisdiction. 
 14. EACH OF THE PARTIES HERETO CONSENTS TO THE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF
DELAWARE AND, TO THE FULLEST EXTENT PERMITTED BY LAW, SUBJECT TO THE LAST SENTENCE OF SECTION 7 ABOVE, IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS MONITORING AGREEMENT OR THE TRANSACTIONS

  
 4 

 
CONTEMPLATED BY THIS MONITORING AGREEMENT (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE LITIGATED IN SUCH COURT. SUBJECT TO THE LAST SENTENCE OF SECTION 7 ABOVE, EACH OF THE PARTIES HERETO
ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS RESPECTIVE PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURT AND TO THE FULLEST EXTENT PERMITTED BY LAW, WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND
IRREVOCABLY AGREES TO BE BOUND BY ANY FINAL AND NONAPPEALABLE JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS MONITORING AGREEMENT OR THE OTHER TRANSACTIONS CONTEMPLATED BY THIS MONITORING AGREEMENT. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF
THE PARTIES HERETO FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF THE AFOREMENTIONED COURT IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT THE
ADDRESS SPECIFIED IN THIS MONITORING AGREEMENT. NOTHING HEREIN WILL IN ANY WAY BE DEEMED TO LIMIT THE ABILITY OF ANY PARTY HERETO TO SERVE ANY SUCH LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW OR TO
OBTAIN JURISDICTION OVER OR TO BRING ACTIONS, SUITS OR PROCEEDINGS AGAINST ANY OTHER PARTY HERETO IN SUCH OTHER JURISDICTIONS, AND IN SUCH MANNER, AS MAY BE PERMITTED BY ANY APPLICABLE LAW. 

15. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER IN CONTRACT, TORT
OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS MONITORING AGREEMENT, THE ACTIVITIES PERFORMED BY THE MANAGER HEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

16. All notices, requests and other communications hereunder must be in writing and shall be deemed to have been duly given only if delivered
personally against written receipt or by facsimile transmission or mailed by prepaid first class mail, return receipt requested, or mailed by overnight courier prepaid to the parties at the following addresses or facsimile numbers: 

If to the Manager, to: 

c/o Crestview Partners II, L.P. 

667 Madison Avenue, 10th Floor 

New York, NY 10065 

Facsimile: (212) 906-0793 

Attention: Jeffrey Marcus 

                Katherine Chung 

  
 5 

 with a copy to: 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, NY 10019-6064 

Facsimile: (212) 757-3990 

Attention: Kenneth M. Schneider 

                  Neil Goldman 

If to the Company, to: 

5660 New Northside Drive, Suite 500 

Atlanta, GA 30328 

Facsimile: (770) 850-6421 

Attention: Ryan K. Owens 
 All
such notices, requests and other communications shall (a) if delivered personally to the address as provided in this Section 16, be deemed given upon delivery, (b) if delivered by facsimile transmission to the facsimile number as
provided in this Section 16, be deemed given upon facsimile confirmation, (c) if delivered by mail in the manner described above to the address as provided in this Section 16, upon the earlier of the third Business Day following
mailing or upon receipt and (d) if delivered by overnight courier to the address as provided in this Section 16, be deemed given on the earlier of the first Business Day following the date sent by such overnight courier or upon receipt (in
each case regardless of whether such notice, request or other communication is received by any other Person to whom a copy of such notice is to be delivered pursuant to this Section 16). Any party from time to time may change its address,
facsimile number or other information for the purpose of notices to that party by giving written notice specifying such change to the other parties hereto. 

17. This Monitoring Agreement shall continue in effect for the duration of the Term unless earlier terminated by (a) the consent of all of
the parties hereto or (b) the Company, with the consent of the Manager, by delivery of a written notice of termination to the Manager in connection with the consummation of (i) (A) any merger, tender offer or other business
combination involving DSW Group or its direct or indirect wholly owned Subsidiary in which Affiliates of the Manager do not directly or indirectly own a majority of the voting securities of the surviving Person, (B) a voluntary sale of voting
securities of DSW Group or its direct or indirect wholly owned Subsidiary to any Person in which Affiliates of the Manager do not directly or indirectly own a majority of the voting securities of the surviving Person (including the ultimate parent
of the surviving Person) or (C) the sale, lease, license or other transfer of all or substantially all of the assets of the Company Group (each transaction described in clauses (A) through (C), a “Sale Transaction”) or
(ii) an initial public offering of any equity securities of any member of the Company Group (an “IPO”). In the event of any termination of this Monitoring Agreement, the Company shall pay, or cause to be paid, in cash to the
Manager an amount (the “Lump Sum Payment”) equal to the net present value (using a discount rate equal to the yield to maturity on the date of termination of this Monitoring Agreement of the class of outstanding U.S. government
bonds having a final maturity date closest to the earlier of (x) the expiration date of the Term (as extended pursuant to Section 1 above) or (y) the date that is the fifth
(5th) anniversary of the date of termination of this Monitoring Agreement (such earlier date, the “Lump Sum Measurement Date”)) of the sum of the remaining payments due to
the Manager hereunder through the Lump Sum Measurement Date and any payments deferred by the Manager in accordance with this Monitoring Agreement, including all accrued and unpaid (1) Monitoring Fees, (2) Expenses and (3) interest on
any of the foregoing. 

  
 6 

 18. If any term or other provision of this Monitoring Agreement is invalid, illegal or incapable
of being enforced as a result of any rule of law or public policy, all other terms and other provisions of this Monitoring Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated by this Monitoring Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good
faith to modify this Monitoring Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated by this Monitoring Agreement are fulfilled to the greatest
extent possible. 
 19. It is expressly understood that the foregoing Sections 2 – 4 (with respect to any accrued and unpaid amounts as
of the date of termination), 6 – 8, 10 – 21 and 23, in their entirety, survive any termination of this Monitoring Agreement. 
 20.
Except in cases of gross negligence or willful misconduct, none of the Manager, its Affiliates or any of their respective partners (both general and limited), members (both managing and otherwise), stockholders, directors, officers, controlling
persons (if any), agents, consultants or employees or their respective Affiliates shall have any liability of any kind whatsoever to any member of the Company Group for any damages, losses or expenses (including special, punitive, incidental or
consequential damages and interest, penalties and fees and disbursements of attorneys, accountants, investment bankers and other professional advisors) with respect to the performance of any activities hereunder. To the fullest extent permitted
under applicable law, neither the Manager nor any of its Affiliates shall be liable to the Company or any other member of the Company Group for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types
contemplated by this Monitoring Agreement. The Company (on behalf of itself and the other members of the Company Group), by its acceptance of the benefits hereof, covenants, agrees and acknowledges that no Person other than the Manager shall have
any obligation hereunder and that it has no rights of recovery against, and no recourse hereunder or under any documents or instruments delivered in connection herewith shall be had against, any former, current or future director, officer,
controlling person, manager, agent, Affiliate, consultant or employee of the Manager (or any of its successors or permitted assignees), against any former, current or future general or limited partner, member or stockholder of the Manager (or any of
its successors or permitted assignees) or any Affiliate thereof or against any former, current or future director, officer, controlling person, agent, consultant, employee, Affiliate, general or limited partner, stockholder, manager or member of any
of the foregoing, whether by or through attempted piercing of the corporate veil, by or through a claim by or on behalf of any member of the Company Group against any such Person, whether in tort, contract or otherwise, by the enforcement of any
judgment or assessment or by any legal or equitable proceeding, or by virtue of any applicable law, or otherwise. 

  
 7 

 21. For purposes of this Monitoring Agreement, except as otherwise expressly provided herein or
unless the context otherwise requires: (a) references herein to “Sections” are to the specified Section of this Monitoring Agreement; (b) the words “herein,” “hereof,” “hereunder,” “hereby”
and other words of similar import refer to this Monitoring Agreement as a whole and not to any particular provision; and (c) the words “include” and “including” are deemed to be followed by the phrase “without
limitation.” No party, nor such party’s counsel, shall be deemed to be the drafter of this Monitoring Agreement for purposes of construing the provisions hereof, and all provisions of this Monitoring Agreement shall be construed according
to their fair meaning and not strictly for or against any party. 
 22. This Monitoring Agreement may be executed in one or more counterparts
(by facsimile or via email as a portable document format (.pdf)), each of which shall be deemed an original, and all of which taken together shall constitute one and the same instrument. 

23. As used in this Monitoring Agreement: (a) “Affiliate” means, with respect to any Person, any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person, and “control” means, when used with respect to any specified Person, the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and “controlling” and “controlled” shall have correlative meanings; (b) “Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized or required by law or executive order to close; (c) “Person” means any individual, firm,
corporation, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, limited liability company, governmental entity or other entity of any kind, and shall include any successor (by merger or otherwise) of
such entity; and (d) “Subsidiary” means, with respect to any Person, any Affiliate controlled by such Person directly or indirectly through one or more intermediaries. 

[Signature Page Follows] 

  
 8 

 If the foregoing sets forth the understanding between us, please so indicate on the enclosed
signed copy of this Monitoring Agreement in the space provided therefor and return it to us, whereupon this Monitoring Agreement shall constitute a binding agreement among us. 

 

			
	Very truly yours,
	
	DS WATERS OF AMERICA, INC.
		
	By:	 	/s/ Thomas J. Harrington
		 	Name: Thomas J. Harrington
		 	Title:   CEO and President

  

			
	AGREED TO AND ACCEPTED BY:
	
	CRESTVIEW ADVISORS, L.L.C.
		
	By:	 	/s/ Evelyn C. Pellicone
		 	Name: Evelyn C. Pellicone
		 	Title:   Chief Financial Officer

 [Signature Page to Monitoring Agreement]

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