Document:

EX-10.10

 Exhibit 10.10 

EXECUTION VERSION 

CONFIDENTIAL 
 HOLDINGS
PLEDGE AGREEMENT (SECOND LIEN) 
 dated and effective as of 

August 30, 2013, 
 between

 DS WATERS ENTERPRISES, INC., 

as Holdings 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Collateral Agent 
 THIS HOLDINGS PLEDGE
AGREEMENT (SECOND LIEN) IS SUBJECT TO THE PROVISIONS OF (I) THE FIRST LIEN/SECOND LIEN INTERCREDITOR AGREEMENT AND (II) THE SECOND LIEN/SECOND LIEN INTERCREDITOR AGREEMENT (IF ENTERED INTO) AS SET FORTH MORE FULLY IN SECTION 5.14 HEREOF.

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	ARTICLE I.	  
	
	DEFINITIONS	  
			
	SECTION 1.01.	  	 Notes Indenture
	  	 	2	  
	SECTION 1.02.	  	 Other Defined Terms
	  	 	2	  
	
	ARTICLE II.	  
	
	PLEDGE OF SECURITIES	  
			
	SECTION 2.01.	  	 Pledge
	  	 	5	  
	SECTION 2.02.	  	 Delivery of the Pledged Securities
	  	 	5	  
	SECTION 2.03.	  	 Representations, Warranties and Covenants
	  	 	6	  
	SECTION 2.04.	  	 Filings
	  	 	8	  
	SECTION 2.05.	  	 Registration in Nominee Name; Denominations
	  	 	8	  
	SECTION 2.06.	  	 Voting Rights; Dividends and Interest, etc.
	  	 	9	  
	
	ARTICLE III.	  
	
	[RESERVED.]	  
	
	ARTICLE IV.	  
	
	REMEDIES	  
			
	SECTION 4.01.	  	 Remedies upon Default
	  	 	11	  
	SECTION 4.02.	  	 Application of Proceeds
	  	 	13	  
	SECTION 4.03.	  	 Securities Act, etc.
	  	 	13	  
	
	ARTICLE V.	  
	
	MISCELLANEOUS	  
			
	SECTION 5.01.	  	 Notices
	  	 	14	  
	SECTION 5.02.	  	 Security Interest Absolute
	  	 	14	  
	SECTION 5.03.	  	 Limitation by Law
	  	 	14	  
	SECTION 5.04.	  	 Binding Effect; Several Agreement
	  	 	15	  
	SECTION 5.05.	  	 Successors and Assigns
	  	 	15	  
	SECTION 5.06.	  	 Collateral Agent’s Fees and Expenses; Indemnification
	  	 	15	  
	SECTION 5.07.	  	 Collateral Agent Appointed Attorney-in-Fact
	  	 	16	  
	SECTION 5.08.	  	 GOVERNING LAW
	  	 	16	  
	SECTION 5.09.	  	 Waivers; Amendment; Extension of Time
	  	 	17	  

  
 -i- 

							
	 	  	 	  	Page	 
			
	SECTION 5.10.	  	 Severability
	  	 	17	  
	SECTION 5.11.	  	 Counterparts
	  	 	18	  
	SECTION 5.12.	  	 Headings
	  	 	18	  
	SECTION 5.13.	  	 Termination or Release
	  	 	18	  
	SECTION 5.14.	  	 Subject to Intercreditor Agreements
	  	 	19	  
	SECTION 5.15.	  	 Authority of Collateral Agent
	  	 	19	  
	SECTION 5.16.	  	 WAIVER OF JURY TRIAL
	  	 	19	  
	SECTION 5.17.	  	 Jurisdiction; Consent to Service of Process
	  	 	20	  

 Schedules 

Schedule I        Pledged Issuer Stock 

  
 -ii- 

 This HOLDINGS PLEDGE AGREEMENT (SECOND LIEN), dated and effective as of August 30,
2013 (as amended, renewed, extended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is between DS WATERS ENTERPRISES, INC., a Delaware corporation (“Holdings”), and
WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Agent for the benefit of the Second-Priority Secured Parties. Capitalized terms used but not defined in this preamble or the recitals have the meanings assigned to such terms in
Section 1.02. 
 WHEREAS, as of the date hereof, Crestview DS Merger Sub II, Inc., a Delaware corporation (to be merged on the
Issue Date with and into DS WATERS OF AMERICA, INC., a Delaware corporation (the “Issuer”) is issuing 10.000% Second-Priority Senior Secured Notes due 2021 (the “Notes”) pursuant to that certain Indenture, dated as
of the date hereof, among the Issuer, as issuer, Holdings, the Subsidiary Guarantors party thereto from time to time and Wilmington Trust, National Association, as trustee (together with its successors and assigns in such capacity, the
“Trustee”) and collateral agent (as amended, renewed, extended, restated, supplemented or otherwise modified from time to time, the “Notes Indenture”); 

WHEREAS, Holdings is executing and delivering this Agreement pursuant to the terms of the Notes Indenture to induce the purchasers of the
Notes to purchase the Notes. Holdings is an Affiliate of the Issuer, will derive substantial benefits from the issuance of the Notes and is willing to execute and deliver this Agreement in order to induce the purchasers of the Notes to purchase the
Notes; 
 WHEREAS, concurrently with the execution and delivery of the Notes Indenture, the Issuer is entering into the Credit Agreement and
the ABL Facility, in each case, as borrower; 
 WHEREAS, concurrently with the execution and delivery of the Notes Indenture, the
Credit Agreement and the ABL Facility, (i) Wilmington Trust, National Association, in its capacities as the Notes Collateral Agent and the Second-Priority Collateral Agent (each as defined in the Issue Date First Lien/Second Lien ICA referred
to below), is entering into that certain First Lien/Second Lien Intercreditor Agreement dated as of the date hereof with Barclays Bank PLC, in its capacities as the Credit Agreement Agent and the First-Priority Collateral Agent (each as defined
therein) and the other parties thereto (as amended, renewed, extended, restated, supplemented or otherwise modified from time to time in accordance with the Indenture, the “Issue Date First Lien/Second Lien ICA”); and
(ii) Barclays Bank PLC, in its capacity as the First Lien/Second Lien Intercreditor Agent (as defined in the Issue Date ABL ICA referred to below) and Wilmington Trust, National Association, in its capacity as Notes Agent (as defined in the
Issue Date ABL ICA referred to below), are also entering into that certain ABL Intercreditor Agreement dated as of the date hereof (as amended, renewed, extended, restated, supplemented or otherwise modified from time to time in accordance with the
Indenture, the “Issue Date ABL ICA”) with BMO Harris Bank N.A., in its capacity as the ABL Facility Agent (as defined therein) and the other parties thereto; 

WHEREAS, pursuant to the ABL Intercreditor Agreement, the Liens upon and security interests in the ABL Priority Collateral (as defined in the
ABL Intercreditor Agreement) granted by this Agreement are and shall be subordinated in the manner provided in the ABL Intercreditor Agreement to the Liens upon and security interests in such ABL Priority Collateral granted to secure the ABL
Obligations; and 

 WHEREAS, pursuant to the First Lien/Second Lien Intercreditor Agreement, the Liens upon and
security interests in the Pledged Collateral granted by this Agreement are and shall be subordinated in the manner provided in the First Lien/Second Lien Intercreditor Agreement to the Liens upon and security interests in the Pledged Collateral
granted to secure the First-Priority Obligations. 
 Accordingly, the parties hereto agree as follows: 

ARTICLE I. 
 Definitions

 SECTION 1.01. Notes Indenture. 

(a) Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings assigned thereto in the Notes
Indenture. All capitalized terms referred to herein that are defined in Article 9 of the New York UCC and not defined in this Agreement or the Notes Indenture have the meanings specified in Article 9 of the New York UCC. The term
“instrument” shall have the meaning specified in Article 9 of the New York UCC.  
 (b) The rules of construction
specified in Section 1.03 of the Notes Indenture also apply to this Agreement. 
 SECTION 1.02. Other Defined Terms. As used in
this Agreement, the following terms have the meanings specified below: 
 “ABL Intercreditor Agreement” means, as the
context may require, (i) the Issue Date ABL ICA or (ii) any replacement or other intercreditor agreement that contains terms not materially less favorable to holders of the Notes than the Issue Date ABL ICA. 

“ABL Obligations” has the meaning assigned to such term in the ABL Intercreditor Agreement. 

“Agreement” has the meaning assigned to such term in the preamble hereof. 

“Applicable Collateral Agent” means, as the context may require, (i) the First Lien/Second Lien Intercreditor Agent (as
defined in the First Lien/Second Lien Intercreditor Agreement (or other analogous term in another Permitted Senior Intercreditor Agreement, as applicable)), or (ii) following the Discharge of First-Priority Obligations, the Second-Priority
Collateral Agent. 
 “Collateral Agent” means Wilmington Trust, National Association acting as the collateral agent for the
Second-Priority Secured Parties, together with its successors and assigns in such capacity. 

  
 2 

 “Collateral Agreement (First Lien)” means the Collateral Agreement (First Lien),
dated as of August 30, 2013, among the Issuer, each Subsidiary of the Issuer from time to time party thereto and Barclays Bank PLC, as collateral agent for the Secured Parties (as defined therein). 

“Collateral Agreement (Second Lien)” means the Collateral Agreement (Second Lien), dated as of August 30, 2013, among
the Issuer, each Subsidiary of the Issuer from time to time party thereto and Wilmington Trust, National Association, as collateral agent for the Second-Priority Secured Parties (as defined therein). 

“Common Collateral” has the meaning assigned to such term in the First Lien/Second Lien Intercreditor Agreement. 

“Discharge of First-Priority Obligations” has the meaning assigned to such term in the First Lien/Second Lien Intercreditor
Agreement (as of the Issue Date). 
 “Dispose” or “Disposed of” shall mean to convey, sell, lease, sell
and leaseback, assign, farm-out, transfer or otherwise dispose of any property, business or asset. The term “Disposition” shall have a correlative meaning to the foregoing. 

“Excluded Securities” means “Excluded Securities” as defined in the Collateral Agreement (Second Lien). 

“Federal Securities Laws” has the meaning assigned to such term in Section 4.03. 

“First Lien/Second Lien Intercreditor Agreement” means, as the context may require, (i) the Issue Date First Lien/Second
Lien ICA or (ii) any replacement or other intercreditor agreement that contains terms not materially less favorable to holders of the Notes than the Issue Date First Lien/Second Lien ICA. 

“First-Priority Collateral Agent” means the “First-Priority Collateral Agent” as defined in the Issue Date First
Lien/Second Lien ICA. 
 “First-Priority Obligations” has the meaning assigned to such term in the First Lien/Second Lien
Intercreditor Agreement. 
 “Governmental Authority” shall mean any federal, state, local or foreign court or governmental
agency, authority, instrumentality or regulatory or legislative body. 
 “Holdings” has the meaning assigned to such term
in the preamble hereof. 
 “Intercreditor Agreements” means the ABL Intercreditor Agreement, the First Lien/Second Lien
Intercreditor Agreement and the Second Lien/Second Lien Intercreditor Agreement (if entered into). 
 “Issue Date” means
August 30, 2013. 

  
 3 

 “Issue Date ABL ICA” has the meaning assigned to such term in the recitals of
this Agreement. 
 “Issue Date First Lien/Second Lien ICA” has the meaning assigned to such term in the recitals of this
Agreement. 
 “Issuer” has the meaning assigned to such term in the recitals of this Agreement. 

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

“Notes” has the meaning assigned to such term in the recitals hereto. 

“Notes Indenture” has the meaning assigned to such term in the recitals hereto. 

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

“Permitted Senior Intercreditor Agreement” shall mean an intercreditor agreement entered into pursuant to clause (ii) of
the definition of “First Lien/Second Lien Intercreditor Agreement”. 
 “Pledged Collateral” has the meaning
assigned to such term in Section 2.01. 
 “Pledged Issuer Stock” has the meaning assigned to such term in
Section 2.01. 
 “Pledged Securities” means all “certificated securities” as such term is defined in
Section 8-102(a)(4) of the New York UCC, and in any event, including any stock certificates or other certificated securities now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents
representing or evidencing any Pledged Collateral. 
 “Requirement of Law” shall mean, as to any person, any law, treaty,
rule, regulation, statute, order, ordinance, decree, judgment, consent decree, writ, injunction, settlement agreement or governmental requirement enacted, promulgated or imposed or entered into or agreed by any Governmental Authority, in each case
applicable to or binding upon such person or any of its property or assets or to which such person or any of its property or assets is subject. 

“Second Lien/Second Lien Intercreditor Agreement” means an intercreditor agreement that may be entered into after the date
hereof in connection with the incurrence of Pari Passu Indebtedness under the Notes Indenture, as such document may be amended, renewed, extended, supplemented, restated or otherwise modified from time to time. 

“Secured Obligations” means Obligations in respect of the Notes, the Guarantees, the Notes Indenture and the Security
Documents, including, for the avoidance of doubt, obligations in respect of Exchange Notes and guarantees thereof. 

  
 4 

 “Second-Priority Secured Parties” means the Trustee and the Collateral Agent and
each holder of Secured Obligations. 
 “Trustee” has the meaning assigned to such term in the recitals hereto. 

ARTICLE II. 
 Pledge of
Securities 
 SECTION 2.01. Pledge. As security for the payment or performance, as the case may be, in full of the Secured
Obligations, Holdings hereby assigns and pledges to the Collateral Agent, its successors and permitted assigns, for the benefit of the Second-Priority Secured Parties, and hereby grants to the Collateral Agent, its successors and permitted assigns,
for the benefit of the Second-Priority Secured Parties, a security interest in all of Holdings’ right, title and interest in, to and under (a) the Equity Interests of the Issuer owned by Holdings (which such Equity Interests as of the date
hereof shall be listed on Schedule I) and any certificates representing all such Equity Interests (collectively, the “Pledged Issuer Stock”); provided, that the Pledged Issuer Stock shall not include any Excluded
Securities; (b) subject to Section 2.06, all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the
conversion of, and all other Proceeds received in respect of, the securities referred to in clause (a) above; (c) subject to Section 2.06, all rights and privileges of Holdings with respect to the securities and other property
referred to in clauses (a) and (b) above; and (d) all Proceeds of any of the foregoing (the items referred to in clauses (a) through (d) above being collectively referred to as the “Pledged Collateral”).

 TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or
incidental thereto, unto the Collateral Agent, its successors and permitted assigns, for the benefit of the Second-Priority Secured Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set forth. 

SECTION 2.02. Delivery of the Pledged Securities. 

(a) Holdings agrees promptly (and in any event within 45 days after the acquisition or such longer time as the First-Priority Collateral Agent
shall permit in its reasonable discretion pursuant to the Collateral Agreement (First Lien); provided, after the Discharge of First Priority Obligations, promptly shall mean within 45 days for purposes of this Section 2.02(a)) to deliver
or cause to be delivered to the Applicable Collateral Agent (acting as gratuitous bailee / agent for perfection purposes, pursuant to Section 5.5 or 5.6 of the First Lien/Second Lien Intercreditor Agreement, as applicable, if the Applicable
Collateral Agent is not the Collateral Agent), for the benefit of the Second-Priority Secured Parties, any and all Pledged Securities. 

(b) Upon delivery to the Applicable Collateral Agent, within the time period set forth in clause (a) above, (i) any Pledged
Securities required to be delivered pursuant to the foregoing paragraph (a) of this Section 2.02 shall be accompanied by stock powers, duly executed in blank or other instruments of transfer reasonably satisfactory to the Applicable

  
 5 

 
Collateral Agent (it being understood that after the Discharge of First-Priority Obligations, the Applicable Collateral Agent shall be under no obligation to exercise such discretion and the
applicable Pledgor shall take such necessary actions to satisfy this clause (i) Section 2.02(b) without the Applicable Collateral Agent exercising such discretion) and by such other instruments and documents as the Applicable Collateral
Agent may reasonably request (it being understood that after the Discharge of First-Priority Obligations, the Applicable Collateral Agent shall be under no obligation to make such requests and the applicable Pledgor shall take such necessary actions
to satisfy this clause (i) of Section 2.02(b) without such requests being made by the Applicable Collateral Agent) and (ii) all other property comprising part of the Pledged Collateral delivered pursuant to the terms of this Agreement
shall be accompanied to the extent necessary to perfect the security interest in or allow realization on the Pledged Collateral by proper instruments of assignment duly executed by Holdings and such other instruments or documents as the Applicable
Collateral Agent may reasonably request (it being understood that after the Discharge of First-Priority Obligations, the Applicable Collateral Agent shall be under no obligation to make such requests and the applicable Pledgor shall take such
necessary actions to satisfy this clause (ii) of Section 2.02(b) without such requests being made by the Applicable Collateral Agent). Each delivery of Pledged Securities shall be accompanied (or promptly followed) by a schedule describing
the securities, which schedule shall be attached hereto as Schedule I (or a supplement to Schedule I, as applicable) and made a part hereof; provided, that failure to attach any such schedule hereto shall not affect the validity
of such pledge of such Pledged Securities. Each schedule so delivered shall be deemed to supplement any prior schedules so delivered. 

SECTION 2.03. Representations, Warranties and Covenants. Holdings represents and warrants to, and covenants with, the Collateral Agent,
for the benefit of the Second-Priority Secured Parties that: 
 (a) Schedule I, as of the Issue Date, correctly sets forth the
percentage of the issued and outstanding shares of each class of the Equity Interests of the Issuer represented by the Pledged Issuer Stock as of the Issue Date; 

(b) as of the Issue Date, the Pledged Issuer Stock has been duly and validly authorized and issued by the Issuer and is fully paid and
nonassessable; 
 (c) except for the security interests granted hereunder, Holdings (i) is and, subject to any transfers made not in
violation of the Notes Indenture and each other Notes Indenture Document, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule I (as may be supplemented from time to time pursuant
to Section 2.02(b)) as owned by Holdings, (ii) holds the same free and clear of all Liens, other than any Permitted Liens, (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security
interest in or other Lien on, the Pledged Collateral, other than pursuant to a transaction not prohibited by the Notes Indenture and other than any Permitted Liens, and (iv) subject to the rights of Holdings under the Notes Indenture Documents
to Dispose of Pledged Collateral, will use commercially reasonable efforts to defend its title or interest thereto or therein against any and all Liens (other than Permitted Liens), however arising, of all persons; 

  
 6 

 (d) other than as set forth in the Notes Indenture, in any offering circular related thereto or
in the other Notes Indenture Documents and except for restrictions and limitations imposed by the Notes Indenture Documents or securities laws generally or otherwise not prohibited by the Notes Indenture Documents, the Pledged Collateral is and will
continue to be freely transferable and assignable, and none of the Pledged Collateral is or will be subject to any option, right of first refusal, shareholders agreement, charter, by-law, memorandum of association or articles of association
provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of the Pledged Collateral hereunder, the Disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights and
remedies hereunder other than under applicable Requirements of Law; 
 (e) Holdings has the power and authority to pledge the Pledged
Collateral pledged by it hereunder in the manner hereby done or contemplated; 
 (f) other than as set forth in the Notes Indenture, in any
offering circular related thereto or in the other Notes Indenture Documents, no consent or approval of any Governmental Authority, any securities exchange or any other person was or is necessary to the validity of the pledge effected hereby (other
than such as have been obtained and are in full force and effect); 
 (g) by virtue of the execution and delivery by Holdings of this
Agreement, when the Pledged Securities are delivered to the Applicable Collateral Agent (acting as gratuitous bailee / agent for perfection purposes, pursuant to Section 5.5 or 5.6 of the First Lien/Second Lien Intercreditor Agreement, as
applicable, if the Applicable Collateral Agent is not the Collateral Agent), for the benefit of the Second-Priority Secured Parties, in accordance with this Agreement and a Uniform Commercial Code financing statement in respect of the Pledged
Securities is filed in the appropriate filing office, the Collateral Agent will obtain, for the benefit of the Second-Priority Secured Parties, a legal, valid and perfected lien upon and security interest in such Pledged Securities, subject only to
Permitted Liens, as security for the payment of the Secured Obligations to the extent such perfection is governed by the Uniform Commercial Code; and 

(h) Holdings agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and
documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Collateral Agent’s security interest and the rights and remedies created hereby, including
the payment of any fees and taxes required in connection with the execution and delivery of this Agreement and the granting of the security interest hereunder and the filing of any financing statements or other documents in connection herewith or
therewith (it being understood that after the Discharge of First-Priority Obligations, the Applicable Collateral Agent shall be under no obligation to make such requests and the applicable Pledgor shall take such necessary actions to satisfy this
Section 2.03(h) without such requests being made by the Applicable Collateral Agent). 

  
 7 

 SECTION 2.04. Filings. 

(a) Holdings hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant jurisdiction any
initial financing statements with respect to the Pledged Collateral or any part thereof and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any
financing statement or amendment, including (i) whether Holdings is an organization, the type of organization and any organizational identification number issued to Holdings and (ii) a description of Pledged Collateral that describes such
property in any other manner as the Collateral Agent may reasonably determine is necessary or advisable to ensure the perfection of the security interest in the Pledged Collateral granted under this Agreement. Holdings agrees to provide such
information to the Collateral Agent promptly upon request. 
 (b) Holdings agrees to furnish to the Collateral Agent prompt written notice
of any change in: (i) its corporate or organization name, (ii) its identity or type of organization, (iii) its organizational identification number, (iv) its jurisdiction of organization or (v) the location of its chief
executive office if it is not a registered organization; provided, that Holdings shall not effect or permit any such change unless all filings have been made, or will have been made, within 30 days following such change (or such longer period
as the First-Priority Collateral Agent shall permit in its reasonable discretion pursuant to the Collateral Agreement (First Lien); provided, after the Discharge of First-Priority Obligations, promptly thereafter shall mean within 30 days for
the purposes of this Section 2.04(b)), under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in
all the Pledged Collateral for the benefit of the Second-Priority Secured Parties and promptly notify the Collateral Agent if the Pledged Collateral is damaged or destroyed. 

SECTION 2.05. Registration in Nominee Name; Denominations. Subject to the First Lien/Second Lien Intercreditor Agreement and the Second
Lien/Second Lien Intercreditor Agreement (if entered into), (a) the Applicable Collateral Agent, on behalf of the Second-Priority Secured Parties, shall have the right (to the extent that the First-Priority Collateral Agent exercises its sole
and absolute discretion pursuant to the Collateral Agreement (First Lien); provided, that the Applicable Collateral Agent shall be under no obligation to exercise such discretion after the Discharge of First Priority Obligations) to hold the
Pledged Securities in the name of Holdings, endorsed or assigned in blank in favor of the Applicable Collateral Agent (acting as gratuitous bailee / agent for perfection purposes, pursuant to Section 5.5 or 5.6 of the First Lien/Second Lien
Intercreditor Agreement, as applicable, if the Applicable Collateral Agent is not the Collateral Agent), for the benefit of the Second-Priority Secured Parties or, if an Event of Default shall have occurred and be continuing, in its own name as
pledgee or the name of its nominee (as pledgee or as sub-agent) or the name of Holdings, endorsed or assigned in blank in favor of the Applicable Collateral Agent, and (b) if an Event of Default shall have occurred and be continuing, Holdings
will promptly give to the Applicable Collateral Agent copies of any notices or other communications received by it with respect to Pledged Securities registered in the name of Holdings. Subject to the First Lien/Second Lien Intercreditor Agreement
and the Second Lien/Second Lien Intercreditor Agreement (if entered into), if an Event of Default shall have occurred and be continuing, the Applicable Collateral Agent shall have the right to exchange the certificates representing Pledged
Securities for certificates of smaller or larger denominations for any purpose consistent with this Agreement. 

  
 8 

 
Holdings shall use its commercially reasonable efforts to cause the Issuer to comply with a request by the Applicable Collateral Agent, pursuant to this Section 2.05, to exchange
certificates representing Pledged Securities of the Issuer for certificates of smaller or larger denominations. 
 SECTION 2.06. Voting
Rights; Dividends and Interest, etc. 
 (a) Subject to the First Lien/Second Lien Intercreditor Agreement and the Second Lien/Second
Lien Intercreditor Agreement (if entered into), unless and until an Event of Default shall have occurred and be continuing and the Collateral Agent shall have given written notice to Holdings of the Collateral Agent’s intention to exercise its
rights hereunder: 
 (i) Holdings shall be entitled to exercise any and all voting and/or other consensual rights and powers
inuring to an owner of Pledged Collateral or any part thereof for any purpose not prohibited by the terms of this Agreement, the Notes Indenture and the other Notes Indenture Documents; provided, that, except as permitted under the Notes
Indenture Documents, such rights and powers shall not be exercised in any manner that could be reasonably likely to materially and adversely affect the rights and remedies of the Collateral Agent or the other Second-Priority Secured Parties under
this Agreement, the Notes Indenture or any other Notes Indenture Document or the ability of the Second-Priority Secured Parties to exercise the same. 

(ii) The Collateral Agent shall promptly execute and deliver to Holdings, or cause to be executed and delivered to Holdings,
all such proxies, powers of attorney and other instruments as Holdings may reasonably request for the purpose of enabling Holdings to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to
subparagraph (i) above. 
 (iii) Holdings shall be entitled to receive and retain any and all dividends, interest,
principal and other distributions paid on or distributed in respect of the Pledged Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions are not prohibited by, and otherwise paid or
distributed in accordance with, the terms and conditions of the Notes Indenture, any other Notes Indenture Documents and applicable laws; provided, that any noncash dividends, interest, principal or other distributions that would constitute
Pledged Securities, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the Issuer or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result
of any merger, consolidation, acquisition or other exchange of assets to which the Issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by Holdings, shall be promptly (and in any event within 45
days of their receipt or such longer time as the First-Priority Collateral Agent shall permit in its reasonable discretion pursuant to the Collateral Agreement (First Lien); provided, after the Discharge of First Priority Obligations,
promptly shall mean within 45 days for purposes of this Section 2.06(a)(iii)) delivered to the Applicable Collateral Agent (acting as gratuitous bailee / agent for perfection purposes, pursuant to Section 5.5 or 5.6 of the First
Lien/Second Lien Intercreditor Agreement, as applicable, if the Applicable Collateral Agent is not the Collateral Agent), for the benefit of the Second-Priority Secured Parties, in the same form as so received (endorsed in a manner reasonably
satisfactory to the Applicable Collateral Agent). 

  
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 (b) Subject to the First Lien/Second Lien Intercreditor Agreement and the Second Lien/Second Lien
Intercreditor Agreement (if entered into), after the occurrence and during the continuance of an Event of Default and upon written notice by the Collateral Agent to Holdings of the Collateral Agent’s intention to exercise its rights hereunder,
all rights of Holdings to receive dividends, interest, principal or other distributions that Holdings is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become
vested, for the benefit of the Second-Priority Secured Parties, in the Collateral Agent, which, subject to the First Lien/Second Lien Intercreditor Agreement and the Second Lien/Second Lien Intercreditor Agreement (if entered into), shall have the
sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions; provided, that the Collateral Agent shall have the right from time to time following and during the continuance of an
Event of Default to permit Holdings to receive and retain such amounts; provided, further, that notwithstanding the occurrence of an Event of Default, Holdings may continue to exercise dividend and distribution rights solely to the
extent permitted under subclauses (b)(xii) and (b)(xiii)(A) of Section 4.04 of the Notes Indenture. All dividends, interest, principal or other distributions received by Holdings contrary to the provisions of this Section 2.06 shall not be
commingled by Holdings with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent, for the benefit of the Second-Priority Secured Parties, and shall be
forthwith delivered to the Collateral Agent, for the benefit of the Second-Priority Secured Parties, in the same form as so received (endorsed in a manner reasonably satisfactory to the Collateral Agent). Any and all money and other property paid
over to or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall continue to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until applied in accordance with
the provisions of Section 4.02. After all Events of Default have been cured or waived and the Issuer has delivered to the Collateral Agent a certificate to that effect, the Collateral Agent shall promptly repay to Holdings (without interest)
all dividends, interest, principal or other distributions that Holdings would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.06 and that remain in such account. 

(c) Subject to the First Lien/Second Lien Intercreditor Agreement and the Second Lien/Second Lien Intercreditor Agreement (if entered into),
upon the occurrence and during the continuance of an Event of Default and after written notice by the Collateral Agent to Holdings of the Collateral Agent’s intention to exercise its rights hereunder, subject to applicable Requirements of Law,
all rights of Holdings to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06, shall cease, and all such rights shall thereupon become vested in the
Collateral Agent, for the benefit of the Second-Priority Secured Parties, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided, that, the Collateral Agent shall have
the right from time to time following and during the continuance of an Event of Default to permit Holdings to exercise such rights; provided, further, that the Collateral Agent shall have no duty to Holdings to exercise any such right,
privilege or option and shall not be responsible for any failure to do so or delay in doing so. After all Events of Default have been cured or waived and the Issuer has delivered to the Collateral Agent a certificate to that effect, all rights of
Holdings to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06 shall be reinstated. 

  
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 (d) In order to permit the Collateral Agent to exercise the voting and other consensual rights
that it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions that it may be entitled to receive hereunder, (i) Holdings shall promptly execute and deliver (or cause to be executed and delivered) to
the Collateral Agent all such proxies, dividend payment orders and other instruments as the Collateral Agent may from time to time reasonably request (it being understood that after the Discharge of First-Priority Obligations, the Applicable
Collateral Agent shall be under no obligation to make such requests and the applicable Pledgor shall take such necessary actions to satisfy this subclause (i) of Section 2.06(d) without such requests being made by the Applicable Collateral
Agent) and (ii) without limiting the effect of clause (i) above, Holdings hereby grants to the Collateral Agent an irrevocable proxy, coupled with an interest, to vote all or any part of the Pledged Collateral and to exercise all other
rights, powers, privileges and remedies to which a holder of the Pledged Collateral would be entitled (including giving or withholding written consents of shareholders, partners or members, as the case may be, calling special meetings of
shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall be effective, automatically and without the necessity of any action (including any transfer of any Pledged Collateral on the record books of the
issuer thereof) by any other person (including the issuer of such Pledged Collateral or any officer or agent thereof) during the continuance of an Event of Default and which proxy shall only terminate upon the discharge of the Secured Obligations.

 (e) Any notice given by the Collateral Agent to Holdings suspending its rights under paragraph (a) of this Section 2.06
(i) shall be in writing and (ii) may suspend the rights of Holdings under paragraph (a)(i) or paragraph (a)(iii) of this Section 2.06 in part without suspending all such rights (to the extent that the First-Priority
Collateral Agent exercises its sole and absolute discretion pursuant to the Collateral Agreement (First Lien) (it being understood that after the Discharge of First-Priority Obligations, the Applicable Collateral Agent shall be under no obligation
to exercise such discretion)) and without waiving or otherwise affecting the Collateral Agent’s rights to give additional notices from time to time suspending other rights so long as an Event of Default has occurred and is continuing. 

ARTICLE III. 
 [Reserved.]

 ARTICLE IV. 
 Remedies

 SECTION 4.01. Remedies upon Default. Subject to the First Lien/Second Lien Intercreditor Agreement, the Second Lien/Second Lien
Intercreditor Agreement (if entered into) and applicable Requirements of Law, upon the occurrence and during the continuance of an Event of Default, Holdings agrees to deliver each item of Pledged Collateral to the Collateral Agent on demand and it
is agreed that the Collateral Agent shall have the right generally to exercise any and all rights afforded to a secured party under the applicable Uniform Commercial 

  
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Code or other applicable law. Without limiting the generality of the foregoing, Holdings agrees that, subject to applicable Requirements of Law, the First Lien/Second Lien Intercreditor Agreement
and the Second Lien/Second Lien Intercreditor Agreement (if entered into), the Collateral Agent shall have the right to Dispose of all or any part of the Pledged Collateral at a public or private sale or at any broker’s board or on any
securities exchange, for cash, upon credit or for future delivery as the Collateral Agent may deem appropriate. The Collateral Agent shall be authorized in connection with any sale of a security (if it deems it advisable to do so) pursuant to the
foregoing to restrict the prospective bidders or purchasers to persons who represent and agree that they are purchasing such security for their own account, for investment, and not with a view to the distribution or sale thereof. Upon consummation
of any such Disposition of Pledged Collateral pursuant to this Section 4.01, the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Pledged Collateral so sold. Each such purchaser at
any such Disposition shall hold the property sold absolutely, free from any claim or right on the part of Holdings, and Holdings hereby waives and releases (to the extent permitted by law) all rights of redemption, stay, valuation and appraisal that
Holdings now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 
 The Collateral
Agent shall give Holdings 10 Business Days’ written notice (which Holdings agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other
jurisdictions) of the Collateral Agent’s intention to make any sale of Pledged Collateral pursuant to the foregoing paragraph. At any such sale, the Pledged Collateral, or the portion thereof, to be sold may be sold in one lot as an entirety or
in separate parcels, as the First-Priority Collateral Agent may determine in its sole and absolute discretion pursuant to the Collateral Agreement (First Lien); provided, after the Discharge of First Priority Obligations, the Applicable
Collateral Agent shall be under no obligation to exercise such discretion. The Collateral Agent shall not be obligated to make any sale of any Pledged Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such
Pledged Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such
sale may, without further notice, be made at the time and place to which the same was so adjourned. In the case of any sale of all or any part of the Pledged Collateral made on credit or for future delivery, the Pledged Collateral so sold may be
retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur any liability in the event that any such purchaser or purchasers shall fail to take up and pay for the
Pledged Collateral so sold and, in the case of any such failure, such Pledged Collateral may be sold again upon notice given in accordance with provisions above. At any public (or, to the extent permitted by law, private) sale made pursuant to this
Section 4.01, any Second-Priority Secured Party may bid for or purchase for cash, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of Holdings (all such rights being also hereby waived
and released to the extent permitted by law), the Pledged Collateral or any part thereof offered for sale and such Second-Priority Secured Party may, upon compliance with the terms of sale, hold, retain and Dispose of such property without further
accountability to Holdings therefor. For purposes hereof, a written agreement to purchase the Pledged Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such
agreement and Holdings shall not be entitled to the return of the Pledged Collateral or any portion thereof 

  
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subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations paid
in full. As an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Pledged Collateral or any portion thereof
pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. To the extent provided in this Section 4.01, any sale that complies with such provisions shall be
deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 

SECTION 4.02. Application of Proceeds. Subject to the First Lien/Second Lien Intercreditor Agreement and the Second Lien/Second Lien
Intercreditor Agreement (if entered into), upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall promptly apply the proceeds, moneys or balances of any collection or sale of Pledged Collateral realized
through the exercise by the Collateral Agent of its remedies hereunder, as well as any Pledged Collateral consisting of cash at any time when remedies are being exercised hereunder, in accordance with Section 6.10 of the Notes Indenture or
Section 4.2 of the First Lien/Second Lien Intercreditor Agreement, as applicable, or, after a Second Lien/Second Lien Intercreditor Agreement has been entered into, in accordance with the Second Lien/Second Lien Intercreditor Agreement. 

The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with
this Agreement. Upon any sale of Pledged Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Collateral Agent or of the officer making
the sale shall be a sufficient discharge to the purchaser or purchasers of the Pledged Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral
Agent or such officer or be answerable in any way for the misapplication thereof. 
 SECTION 4.03. Securities Act, etc. In view of
the position of Holdings in relation to the Pledged Collateral, or because of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar federal statute hereafter
enacted analogous in purpose or effect (such Act and any such similar statute as from time to time in effect being called the “Federal Securities Laws”) with respect to any Disposition of the Pledged Collateral permitted hereunder.
Holdings understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of the Collateral Agent if the Collateral Agent were to attempt to Dispose of all or any part of the Pledged Collateral, and might
also limit the extent to which or the manner in which any subsequent transferee of the Pledged Collateral could Dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Collateral Agent in any attempt to
Dispose of all or part of the Pledged Collateral under applicable Blue Sky or other state securities laws or similar laws analogous in purpose or effect. Holdings acknowledges and agrees that in light of such restrictions and limitations, the
Collateral Agent, to the extent that the First-Priority Collateral Agent exercises its sole and absolute discretion pursuant to the Collateral Agreement (First Lien) (it being understood that the Applicable Collateral Agent shall be under no
obligation to exercise such discretion after the Discharge of First Priority Obligations), (a) may 

  
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proceed to make such a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws
or, to the extent applicable, Blue Sky or other state securities laws and (b) may approach and negotiate with a single potential purchaser to effect such sale. Holdings acknowledges and agrees that any such sale might result in prices and other
terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Collateral Agent shall incur no responsibility or liability for selling all or any part of the Pledged Collateral
at a price that the Collateral Agent, to the extent that the First-Priority Collateral Agent exercises its sole and absolute discretion pursuant to the Collateral Agreement (First Lien) (it being understood that the Applicable Collateral Agent shall
be under no obligation to exercise such discretion after the Discharge of First Priority Obligations), may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been
realized if the sale were deferred until after registration as aforesaid or if more than a single purchaser were approached. The provisions of this Section 4.03 will apply notwithstanding the existence of a public or private market upon which
the quotations or sales prices may exceed substantially the price at which the Collateral Agent sells. 
 ARTICLE V. 

Miscellaneous 
 SECTION
5.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 13.02 of the Notes Indenture, as such address may be changed by written notice
to the Collateral Agent and the Issuer. All communications and notices hereunder to Holdings shall be given to it in care of the Issuer, with such notice to be given as provided in Section 13.02 of the Notes Indenture. 

SECTION 5.02. Security Interest Absolute. All rights of the Collateral Agent hereunder, the security interest in the Pledged Collateral
and all obligations of Holdings hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Notes Indenture, any other Notes Indenture Document, any other agreement with respect to any of the
Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or
waiver of or any consent to any departure from the Notes Indenture, any other Notes Indenture Document, or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or
amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of,
Holdings in respect of the Secured Obligations or this Agreement (other than a defense of payment or performance). 
 SECTION 5.03.
Limitation by Law. All rights, remedies and powers provided in this Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable Requirements of Law, and all the provisions of this Agreement are
intended to be subject to all applicable Requirements of Law that may be controlling and to be limited to the 

  
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extent necessary so that they shall not render this Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any
applicable law or regulation. 
 SECTION 5.04. Binding Effect; Several Agreement. This Agreement shall become effective as to any
party to this Agreement when a counterpart hereof executed on behalf of such party shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding
upon such party and the Collateral Agent and their respective permitted successors and assigns, and shall inure to the benefit of such party, the Collateral Agent and the other Second-Priority Secured Parties and their respective permitted
successors and assigns, except that no party shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Pledged Collateral (and any such assignment or transfer shall be void) except as not
prohibited by this Agreement, the Notes Indenture or any other Notes Indenture Document. This Agreement shall be construed as a separate agreement with respect to each party and may be amended, modified, supplemented, waived or released in
accordance with Section 5.09 or Section 5.13, as applicable. 
 SECTION 5.05. Successors and Assigns. Whenever in this
Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of Holdings or the Collateral Agent that are
contained in this Agreement shall bind and inure to the benefit of their respective permitted successors and assigns. The Collateral Agent hereunder shall at all times be the same person that is the Trustee under the Notes Indenture. Written notice
of resignation by the “Trustee” pursuant to the Notes Indenture shall also constitute notice of resignation as the Collateral Agent under this Agreement. Upon the acceptance of any appointment as the “Trustee” under the Notes
Indenture by a successor “Trustee”, that successor “Trustee” shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent pursuant hereto. 

SECTION 5.06. Collateral Agent’s Fees and Expenses; Indemnification. 

(a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its expenses incurred hereunder by Holdings and
the Collateral Agent and other Indemnitees shall be indemnified by Holdings, in each case of this clause (a), mutatis mutandis, as provided in Section 7.07 of the Notes Indenture. 

(b) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Security Documents.
The provisions of this Section 5.06 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Notes Indenture Document, the consummation of the transactions contemplated hereby, the
repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Notes Indenture Document, or any investigation made by or on behalf of the Collateral Agent or any other
Second-Priority Secured Party. All amounts due under this Section 5.06 shall be payable within fifteen days (or such longer period as the First-Priority Collateral Agent may reasonably agree to pursuant to the Collateral Agreement (First Lien);
provided, after the Discharge of First Priority Obligations, such period shall be within fifteen days) of written demand therefor. 

(c) The agreements in this Section 5.06 shall survive the resignation of the Collateral Agent and the termination of this Agreement. 

  
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 SECTION 5.07. Collateral Agent Appointed Attorney-in-Fact. Subject to the First
Lien/Second Lien Intercreditor Agreement and the Second Lien/Second Lien Intercreditor Agreement (if entered into), Holdings hereby appoints the Collateral Agent the attorney-in-fact of Holdings for the purpose of carrying out the provisions of this
Agreement and taking any action and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. Without limiting the generality
of the foregoing, subject to applicable Requirements of Law, the First Lien/Second Lien Intercreditor Agreement and the Second Lien/Second Lien Intercreditor Agreement (if entered into) the Collateral Agent shall have the right, upon the occurrence
and during the continuance of an Event of Default, with full power of substitution either in the Collateral Agent’s name or in the name of Holdings, (a) to receive, endorse, assign or deliver any and all notes, acceptances, checks, drafts,
money orders or other evidences of payment relating to the Pledged Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Pledged Collateral;
(c) to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys due or to become due under and by virtue of any Pledged Collateral; (d) to sign the name of Holdings on any invoice or bill of lading relating to
any of the Pledged Collateral; (e) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Pledged Collateral or to
enforce any rights in respect of any Pledged Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Pledged Collateral; and (g) to use, sell, assign, transfer,
pledge, make any agreement with respect to or otherwise deal with all or any of the Pledged Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent
were the absolute owner of the Pledged Collateral for all purposes; provided, that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or
sufficiency of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the Pledged Collateral or any part thereof or the moneys due or to become due in respect thereof or any
property covered thereby. The Collateral Agent and the other Second-Priority Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their
officers, directors, employees or agents shall be responsible to Holdings for any act or failure to act hereunder, except for their own or their Related Parties’ gross negligence or willful misconduct. 

SECTION 5.08. GOVERNING LAW. THIS AGREEMENT 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 AGREEMENT 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. 

  
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 SECTION 5.09. Waivers; Amendment; Extension of Time. 

(a) No failure or delay by the Collateral Agent or any other Second-Priority Secured Party in exercising any right, power or remedy hereunder
or under any other Notes Indenture Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance of steps to enforce such a right, power or remedy,
preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights, powers and remedies of the Collateral Agent or any other Second-Priority Secured Party hereunder and under the other Notes Indenture
Documents are cumulative and are not exclusive of any rights, powers or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by Holdings therefrom shall in any event be effective unless
the same shall be permitted by paragraph (b) of this Section 5.09, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on Holdings in any case shall
entitle Holdings to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor any provision
hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent and Holdings, subject to any consent required in accordance with Article IX of the Notes Indenture and except as
otherwise provided in the First Lien/Second Lien Intercreditor Agreement or the Second Lien/Second Lien Intercreditor Agreement (if entered into). The Collateral Agent may conclusively rely on a certificate of an officer of Holdings as to whether
any amendment contemplated by this Section 5.09(b) is permitted. 
 (c) Notwithstanding anything to the contrary contained herein, the
Applicable Collateral Agent may, to the extent that the First-Priority Collateral Agent exercises its discretion pursuant to the Collateral Agreement (First Lien) (it being understood that the Applicable Collateral Agent shall be under no obligation
to exercise such discretion after the Discharge of First Priority Obligations) grant extensions of time for the creation or perfection of security interests in or the obtaining of insurance (including title insurance) or surveys with respect to
particular assets (including extensions beyond the Issue Date for the perfection of security interests in the Pledged Collateral on such date) where it reasonably determines, in consultation with the Issuer, that perfection or obtaining of such
items cannot be accomplished by the time or times at which it would otherwise be required by this Agreement or the other Notes Indenture Documents. 

SECTION 5.10. Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein 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. 

  
 17 

 SECTION 5.11. Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall constitute an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 5.04. Delivery of an executed counterpart to this Agreement by facsimile or
other electronic transmission shall be as effective as delivery of a manually signed original. 
 SECTION 5.12. Headings. Article and
Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 5.13. Termination or Release. 

(a) This Agreement and the pledges made by Holdings herein and all other security interests granted by Holdings hereby shall automatically
terminate and/or be released, whether in whole or in part, in accordance with Article XI of the Notes Indenture, as applicable. In the event of any conflict between the terms of this Agreement and Article XI of the Notes Indenture, the terms of
Article XI of the Notes Indenture shall govern. 
 (b) If any of the Pledged Collateral shall become subject to the release provision set
forth in Section 5.1 of the First Lien/Second Lien Intercreditor Agreement, such Pledged Collateral shall be automatically released from the security interest in such Pledged Collateral to the extent provided therein. 

(c) In connection with any termination or release pursuant to paragraph (a) or (b) of this Section 5.13, subject to Article XI
of the Notes Indenture, the Collateral Agent shall execute and deliver to Holdings all documents that Holdings shall reasonably request to evidence such termination or release (including, without limitation, Uniform Commercial Code termination
statements), and will duly assign and transfer to Holdings such of the Pledged Collateral that may be in the possession of the Collateral Agent and has not theretofore been sold or otherwise applied or released pursuant to this Agreement. Any
execution and delivery of documents pursuant to this Section 5.13 shall be made without recourse to or warranty by the Collateral Agent. In connection with any release pursuant to paragraph (a) or (b) above, Holdings shall be
permitted to take any action in connection therewith consistent with such release including, without limitation, the filing of Uniform Commercial Code termination statements. Subject to Article XI of the Notes Indenture, upon the receipt of any
necessary or proper instruments of termination, satisfaction or release prepared by the Issuer, in form and substance as such deliverables are accepted by the First-Priority Collateral Agent pursuant to the Collateral Agreement (First Lien);
provided, after the Discharge of First Priority Obligations, the Applicable Collateral Agent shall be under no obligation to determine whether such deliverables are satisfactory, the Collateral Agent shall execute, deliver or acknowledge such
instruments or releases to evidence the release of the Pledged Collateral permitted to be released pursuant to this Agreement. Holdings agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Collateral Agent (and its
representatives and counsel) in connection with the execution and delivery of such release documents or instruments. 

  
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 SECTION 5.14. Subject to Intercreditor Agreements. 

(a) Notwithstanding anything herein to the contrary, (i) the Liens and security interests granted to the Collateral Agent for the benefit
of the Second-Priority Secured Parties pursuant to this Agreement and (ii) the exercise of any right or remedy by the Collateral Agent hereunder or the application of proceeds (including insurance proceeds and condemnation proceeds) of any
Pledged Collateral constituting Common Collateral are subject to the limitations and provisions of the First Lien/Second Lien Intercreditor Agreement. In the event of any conflict between the terms of the First Lien/Second Lien Intercreditor
Agreement and the terms of this Agreement, the terms of the First Lien/Second Lien Intercreditor Agreement shall govern. 
 (b)
Notwithstanding anything herein to the contrary, if a Second Lien/Second Lien Intercreditor Agreement has been entered into, (i) the Liens and security interests granted to the Collateral Agent for the benefit of the Second-Priority Secured
Parties pursuant to this Agreement and (ii) the exercise of any right or remedy by the Collateral Agent hereunder or the application of proceeds (including insurance proceeds and condemnation proceeds) of any Pledged Collateral constituting
Common Collateral shall be subject to the limitations and provisions of the Second Lien/Second Lien Intercreditor Agreement. In the event of any conflict between the terms of the Second Lien/Second Lien Intercreditor Agreement (if entered into) and
the terms of this Agreement, the terms of the Second Lien/Second Lien Intercreditor Agreement shall govern. 
 SECTION 5.15. Authority of
Collateral Agent. Holdings acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any
option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the Second-Priority Secured Parties, be governed by the Notes Indenture and
by such other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and Holdings, the Collateral Agent shall be conclusively presumed to be acting as agent for the applicable Second-Priority
Secured Parties with full and valid authority so to act or refrain from acting, and Holdings shall not be under any obligation, or entitlement, to make any inquiry respecting such authority. 

SECTION 5.16. WAIVER OF JURY TRIAL. 

EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT (WHETHER BASED ON 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 AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.16. 

  
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 SECTION 5.17. Jurisdiction; Consent to Service of Process. 

(a) Holdings 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 Second-Priority Secured Party, or any Affiliate of the foregoing in any way relating to this Agreement or any other Notes Indenture Document or
the transactions relating hereto or thereto, 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 Agreement or in any other Notes Indenture Document shall affect any right that the Collateral Agent or any Second-Priority Secured Party may otherwise have to bring any
action or proceeding relating to this Agreement or any other Notes Indenture Document against Holdings 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 Agreement or the other Notes Indenture Documents in any New York State or federal court. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.01. Nothing
in this Agreement will affect the right of any party to this Agreement or any other Notes Indenture Document to serve process in any other manner permitted by law. 

[remainder of page intentionally left blank; signature pages follow] 

  
 20 

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

					
	DS WATERS ENTERPRISES, INC.
		
	By:	 	 /s/ Ron Frieman

		 	Name:	 	Ron Frieman
		 	Title:	 	CFO and Treasurer

  
 [Signature Page to
Holdings Pledge Agreement (Second Lien)] 

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

		 	Name:	 	Jane Schweiger
		 	Title:	 	Vice President

  
 [Signature Page to
Holdings Pledge Agreement (Second Lien)] 

 Schedule I 

to the Pledge Agreement 

Pledged Issuer Stock 
  

									
	 Number of Issuer
	  	Certificate
of Registered
Owner	  	Number and
Class of Equity
Interests	  	Percentage of
Equity Interests	 
				
	 No. 2
	  	DS Waters
Enterprises, Inc.	  	199 shares of
$.01 par value
common stock	  	 	100	%EX-10.11

 Exhibit 10.11 

EXECUTION VERSION 

CONFIDENTIAL 
 SUBSIDIARY
GUARANTEE AGREEMENT (FIRST LIEN) 
 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 
 BARCLAYS BANK PLC, 

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	  	 	5	  
			
	 5.
	  	OTHER TERMS	  	 	5	  
			
	 6.
	  	INDEMNITY; SUBROGATION AND SUBORDINATION	  	 	7	  
			
	 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 (First Lien) 

 This SUBSIDIARY GUARANTEE AGREEMENT (FIRST LIEN), 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 BARCLAYS BANK PLC, 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 Barclays Bank PLC, as Administrative Agent, have entered into that certain First Lien Credit Agreement, dated as of the date hereof (as amended, restated, supplemented or
otherwise modified from time to time, the “First Lien 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 First Lien 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 First Lien 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 stated at 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

  
 2 

 
prevent the assertion of any such claim by separate suit or compulsory counterclaim; and (ix) any Secured Party’s election, in any proceeding instituted under chapter 11 of the
Bankruptcy Code, of the application of Section 1111(b)(2) of the Bankruptcy Code or any applicable provisions of comparable state or foreign law; (x) the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of
any Secured Party’s claim (or claims) for repayment of the Secured Obligations ; (xi) any agreement or stipulation as to the provision of adequate protection in any bankruptcy proceeding; and (xii) 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. 

  
 3 

 (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 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. 

(h) No Marshaling. Each Subsidiary Guarantor consents and agrees that no Secured Party or Person acting for or on behalf of any Secured
Party shall be under any obligation to marshal any assets in favor of any Subsidiary Guarantor or against or in payment of any or all of the Secured Obligations. 
  

	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 

	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 2.18 of the First Lien Credit Agreement requires such Subsidiary Guarantor to perform or observe, subject to the qualifications set forth therein. 

 

	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 First Lien 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 First Lien 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 

  
 5 

 
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 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 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 9.02 of the First Lien 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 9.15 of the First
Lien Credit Agreement. 
 (iii) In connection with any release pursuant to this Section 5(g) (subject to Section 9.15 of the 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 

	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 (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 5.11 of the First Lien 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 

  
 7 

 
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 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 First Lien 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 

  
 8 

 
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. 

(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 ON 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 9.08 of the First Lien 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 

  
 9 

 
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. 
  

	11.	ADDITIONAL SUBSIDIARIES 

 Upon execution and delivery by any Subsidiary of the
Borrower that is required to become a party hereto by Section 5.11 of the First Lien 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]

  
 10 

 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 (First Lien)] 

 
					
	Accepted and Agreed to:
	
	 BARCLAYS BANK PLC,
 as
Collateral Agent

		
	By:	 	 /s/ Ritam Bhalla

		 	Name:	 	Ritam Bhalla
		 	Title:	 	Director

 [Signature Page to Subsidiary Guarantee Agreement (First Lien)] 

 Exhibit A 

to the Subsidiary Guarantee Agreement (First Lien) 

SUPPLEMENT NO. __ 

TO SUBSIDIARY GUARANTEE AGREEMENT (FIRST LIEN) 

SUPPLEMENT NO.     , dated as of         
    ,              (as amended, restated, supplemented or otherwise modified from time to time, this “Supplement”), to the Subsidiary Guarantee
Agreement (First Lien), 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 BARCLAYS BANK PLC, as collateral agent (in such capacity, the “Collateral Agent”) for the Secured Parties. 

A. Reference is made to the First Lien Credit Agreement dated as of August 30, 2013 (as amended, supplemented, waived or otherwise
modified from time to time, the “First Lien 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 Barclays
Bank PLC, as Administrative Agent. 
 B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to
such terms in the First Lien Credit Agreement. 
 C. Each Existing Guarantor has entered into the Guaranty in order to induce the Lenders to
make Loans. 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 First Lien Credit Agreement to become a Subsidiary Guarantor under the Guaranty in order to induce
the Lenders to maintain and/or make additional Loans, and as consideration for Loans previously made. 
 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 (First Lien)]

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