Document:

Security Agreement, dated October 1, 2007

 Exhibit 10.2 
 SECURITY AGREEMENT 
 This SECURITY AGREEMENT (this “Agreement”), dated as of
October 1, 2007, among the Grantors listed on the signature pages hereof and those additional entities that hereafter become parties hereto by executing the form of Supplement attached hereto as Annex 1 (collectively, jointly and
severally, the “Grantors” and each, individually a “Grantor”), and WELLS FARGO FOOTHILLS, INC., a California corporation, in its capacity as administrative agent for the Lender Group and the Bank Product Providers
(together with its successors and assigns in such capacity, the “Agent”). 
 W I T N E
S S E T H: 
 WHEREAS, pursuant to that certain Credit Agreement of even date herewith (as amended,
restated, supplemented, renewed, extended, replaced or otherwise modified from time to time, including all schedules thereto, the “Credit Agreement”) by and among Baseline Oil & Gas Corp., a Nevada corporation
(“Borrower”), the lenders from time to time party thereto as “Lenders” (“Lenders”), and Agent, the Lender Group has agreed to make certain financial accommodations available to Borrower from time to time
pursuant to the terms and conditions thereof; 
 WHEREAS, Agent has agreed to act as agent for the benefit of the Lender Group and the Bank
Product Providers in connection with the transactions contemplated by the Credit Agreement, this Agreement, and the other Loan Documents; and 
 WHEREAS, in order to induce the Lender Group to enter into the Credit Agreement and the other Loan Documents and to induce the Lender Group to make and extend financial accommodations to Borrower as provided for in the Credit Agreement,
Grantors have agreed to grant a continuing security interest in and to the Collateral in order to secure the prompt and complete payment, observance and performance of, among other things, the Secured Obligations, and 
 NOW, THEREFORE, for and in consideration of the recitals made above and other good and valuable consideration, the receipt, sufficiency and adequacy of
which are hereby acknowledged, the parties hereto agree as follows: 
 1. Defined Terms. All capitalized terms used herein (including
in the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement. Any terms used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless
otherwise defined herein or in the Credit Agreement; provided, however, that if the Code is used to define any term used herein and if such term is defined differently in different Articles of the Code, the definition of such term contained in
Article 9 of the Code shall govern. In addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following terms shall have the following meanings: 
 (a) “Account” means an account (as that term is defined in the Code). 
 (b) “Account Debtor” means an account debtor (as that term is defined in the Code). 
 (c) “Agent’s Lien” has the meaning specified therefor in the Credit Agreement. 
 (d) “Bank Product Obligations” has the meaning specified therefor in the Credit Agreement. 
 (e) “Bank Product Provider” has the meaning specified therefor in the Credit Agreement. 

 (f) “Books” means books and records (including each Grantor’s Records indicating,
summarizing, or evidencing such Grantor’s assets (including the Collateral) or liabilities, each Grantor’s Records relating to such Grantor’s business operations or financial condition, and each Grantor’s goods or General
Intangibles related to such information). 
 (g) “Borrower” has the respective meanings specified therefor in the recitals
to this Agreement. 
 (h) “Cash Equivalents” has the meaning specified therefor in the Credit Agreement. 
 (i) “Chattel Paper” means chattel paper (as that term is defined in the Code) and includes tangible chattel paper and electronic chattel
paper. 
 (j) “Code” means the New York Uniform Commercial Code, as in effect from time to time; provided, however, that in
the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, priority, or remedies with respect to Agent’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a
jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment,
perfection, priority, or remedies. 
 (k) “Collateral” has the meaning specified therefor in Section 2.

 (l) “Commercial Tort Claims” means commercial tort claims (as that term is defined in the Code), and includes those
commercial tort claims listed on Schedule 1 attached hereto (“Commercial Tort Claims”). 
 (m)
“Copyrights” means works of authorship (whether or not published, and whether or not copyrightable), copyrights and copyright registrations, including the copyright registrations and recordings thereof and all applications in
connection therewith listed on Schedule 2 attached hereto and made a part hereof, and (i) all reissues, restorations, reversions, continuations, extensions or renewals thereof, (ii) all income, royalties, damages and payments now
and hereafter due and/or payable under and with respect thereto, including, payments under all licenses entered into in connection therewith and damages and payments for past or future infringements or dilutions thereof, (iii) the right to sue
for past, present and future infringements and dilutions thereof, (iv) the goodwill of each Grantor’s business symbolized by the foregoing and connected therewith, and (v) all of each Grantor’s rights corresponding thereto
throughout the world. 
 (n) “Copyright Security Agreement” means each Copyright Security Agreement among Grantors, or any
of them, and Agent, for the benefit of the Lender Group and the Bank Product Providers, in substantially the form of Exhibit A attached hereto, pursuant to which Grantors have granted to Agent, for the benefit of the Lender Group and the Bank
Product Providers, a security interest in all their respective Copyrights. 
 (o) “Credit Agreement” has the meaning
specified therefor in the recitals to this Agreement. 
 (p) “Deposit Account” means a deposit account (as that term is
defined in the Code). 
 (q) “Equipment” means equipment (as that term is defined in the Code). 
 (r) “Event of Default” has the meaning specified therefor in the Credit Agreement. 
 (s) “General Intangibles” means general intangibles (as that term is defined in the Code) and, in any event, includes, payment
intangibles, contract rights, rights to payment, rights arising under 

  

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common law, statutes, or regulations, choses or things in action, goodwill (including the goodwill associated with any Trademark, Patent, or Copyright),
Patents, Trademarks, Copyrights, URLs and domain names, industrial designs, other industrial or Intellectual Property or rights therein or applications therefor, whether under license or otherwise, rights in programs, programming materials,
blueprints, drawings, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including Intellectual Property Licenses, infringement
claims, rights in computer programs, information contained on computer disks or tapes, software, literature, reports, catalogs, pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds, and tax refund claims,
interests in a partnership or limited liability company which do not constitute a security under Article 8 of the Code, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, goods,
Investment Related Property, and Negotiable Collateral. 
 (t) “Grantor” and “Grantors” have the meanings
specified therefor in the recitals to this Agreement. 
 (u) “Insolvency Proceeding” has the meaning specified therefor in
the Credit Agreement. 
 (v) “Intellectual Property” means any and all Intellectual Property Licenses, Patents, Copyrights,
Trademarks, the goodwill associated with such Trademarks, confidential and proprietary information, trade secrets and know-how (including processes, schematics, databases, formulae, drawings, prototypes, models, designs, technical data,
specifications, customer and supplier lists, pricing and cost information, and business and marketing plans and proposals), all computer software, Internet web sites, and all other intellectual property or proprietary rights and claims or causes of
action arising out of or related to an infringement, misappropriation or other violation of any of the foregoing, including rights to recover for past, present and future violations thereof. 
 (w) “Intellectual Property Licenses” means all rights under or interests in any patent, trademark, copyright or other intellectual
property, including software license agreements with any other party, whether the applicable Grantor is a licensee or licensor under any such license agreement, including the license agreements listed on Schedule 3 attached hereto and made a
part hereof, and the right to use the foregoing in connection with the enforcement of the Lender Group’s rights under the Loan Documents, including the right to prepare for sale and sell any and all Inventory and Equipment now or hereafter
owned by any Grantor and now or hereafter covered by such licenses. 
 (x) “Inventory” means inventory (as that term is
defined in the Code). 
 (y) “Investment Related Property” means (i) investment property (as that term is defined in
the Code), and (ii) all of the following regardless of whether classified as investment property under the Code: all Pledged Interests, Pledged Operating Agreements, and Pledged Partnership Agreements. 
 (z) “Lender Group” has the meaning specified therefor in the Credit Agreement. 
 (aa) “Loan Document” has the meaning specified therefor in the Credit Agreement. 
 (bb) “Negotiable Collateral” means letters of credit, letter of credit rights, instruments, promissory notes, drafts and documents (as
that term is defined in the Code) and, in any event, including payment intangibles, contract rights, rights to payment, rights arising under common law, statutes, or regulations, choses or things in action, goodwill (including the goodwill
associated with any Trademark, Patent, or Copyright), Patents, Trademarks, Copyrights, URLs and domain names, industrial designs, other industrial or Intellectual Property or rights therein or applications therefor, whether under license or
otherwise, programs, programming materials, blueprints, drawings, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including
Intellectual Property Licenses, infringement claims, computer programs, information 

  

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contained on computer disks or tapes, software, literature, reports, catalogs, pension plan refunds, pension plan refund claims, insurance premium rebates,
tax refunds, and tax refund claims, uncertificated securities, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, goods, Investment Related Property, and Negotiable Collateral.

 (cc) “Obligations” has the meaning specified therefor in the Credit Agreement. 
 (dd) “Patents” means inventions, discoveries and ideas, whether patentable or not, and all patents, registrations and applications
therefor, including the patents and patent applications listed on Schedule 4 attached hereto and made a part hereof, and (i) all reissues, continuations, continuations-in-part, substitutes, extensions or renewals thereof and improvements
thereon, (ii) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past or future
infringements or dilutions thereof, (iii) the right to sue for past, present and future infringements and dilutions thereof, and (iv) all of each Grantor’s rights corresponding thereto throughout the world. 
 (ee) “Patent Security Agreement” means each Patent Security Agreement among Grantors, or any of them, and Agent, for the benefit of the
Lender Group and the Bank Product Providers, in substantially the form of Exhibit B attached hereto, pursuant to which Grantors have granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, a security interest in
all their respective Patents. 
 (ff) “Permitted Discretion” has the meaning specified therefor in the Credit Agreement.

 (gg) “Permitted Liens” has the meaning specified therefor in the Credit Agreement. 
 (hh) “Person” has the meaning specified therefor in the Credit Agreement. 
 (ii) “Pledged Companies” means, each Person listed on Schedule 5 hereto as a “Pledged Company”, together with each
other Person, all or a portion of whose Stock, is acquired or otherwise owned by a Grantor after the Closing Date. 
 (jj) “Pledged
Interests” means all of each Grantor’s right, title and interest in and to all of the Stock now or hereafter owned by such Grantor, regardless of class or designation, including all substitutions therefor and replacements thereof, all
proceeds thereof and all rights relating thereto, also including any certificates representing the Stock, the right to request after the occurrence and during the continuation of an Event of Default that such Stock be registered in the name of Agent
or any of its nominees, the right to receive any certificates representing any of the Stock and the right to require that such certificates be delivered to Agent together with undated powers or assignments of investment securities with respect
thereto, duly endorsed in blank by such Grantor, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in respect thereof and of all dividends, distributions of income, profits, surplus, or other compensation
by way of income or liquidating distributions, in cash or in kind, and cash, instruments, and other property from time to time received, receivable, or otherwise distributed in respect of or in addition to, in substitution of, on account of, or in
exchange for any or all of the foregoing. 
 (kk) “Pledged Interests Addendum” means a Pledged Interests Addendum
substantially in the form of Exhibit C to this Agreement. 
 (ll) “Pledged Note Addendum” means a Pledged Note
Addendum substantially in the form of Exhibit E to this Agreement. 
 (mm) “Pledged Notes” has the meaning specified
therefor in Section 5(h). 
  

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 (nn) “Pledged Operating Agreements” means all of each Grantor’s rights, powers, and
remedies under the limited liability company operating agreements of each of the Pledged Companies that are limited liability companies. 
 (oo) “Pledged Partnership Agreements” means all of each Grantor’s rights, powers, and remedies under the partnership agreements of each of the Pledged Companies that are partnerships. 
 (pp) “Proceeds” has the meaning specified therefor in Section 2. 
 (qq) “Real Property” means any estates or interests in real property now owned or hereafter acquired by any Grantor and the improvements
thereto. 
 (rr) “Records” means information that is inscribed on a tangible medium or which is stored in an electronic or
other medium and is retrievable in perceivable form. 
 (ss) “Security Interest” has the meaning specified therefor in
Section 2. 
 (tt) “Secured Obligations” means each and all of the following: (a) all of the present and
future obligations of Grantors arising from this Agreement, the Credit Agreement, or the other Loan Documents (including any guaranty), (b) all Bank Product Obligations, and (c) all Obligations of Grantors, including, in the case of each
of clauses (a), (b) and (c), reasonable attorneys fees and expenses and any interest, fees, or expenses that accrue after the filing of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any
Insolvency Proceeding. 
 (uu) “Securities Account” means a securities account (as that term is defined in the Code).

 (vv) “Stock” has the meaning specified therefor in the Credit Agreement 
 (ww) “Supporting Obligations” means Supporting Obligations (as such term is defined in the Code), and includes letters of credit and
guaranties issued in support of Accounts, Chattel Paper, documents, General Intangibles, instruments, or Investment Related Property. 
 (xx)
“Trademarks” means trademarks, trade names, registered trademarks, trademark applications, service marks, registered service marks and service mark applications, brand names, certification marks, collective marks, d/b/a’s,
Internet domain names, logos, symbols, trade dress, assumed names, fictitious names, and other indicia of origin, including the trade names, registered trademarks, trademark applications, registered service marks and service mark applications listed
on Schedule 6 attached hereto and made a part hereof, and (i) all extensions, modifications and renewals thereof, (ii) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto,
including payments under all licenses entered into in connection therewith and damages and payments for past or future infringements or dilutions thereof, (iii) the right to sue for past, present and future infringements and dilutions thereof,
(iv) the goodwill of each Grantor’s business symbolized by the foregoing and connected therewith, and (v) all of each Grantor’s rights corresponding thereto throughout the world. 
 (yy) “Trademark Security Agreement” means each Trademark Security Agreement among Grantors, or any of them, and Agent, for the benefit
of the Lender Group and the Bank Product Providers, in substantially the form of Exhibit D attached hereto, pursuant to which Grantors have granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, a security
interest in all their respective Trademarks. 
 (zz) “URL” means “uniform resource locator,” an internet web
address. 
  

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 2. Grant of Security. 
 (a) Each Grantor hereby unconditionally grants, assigns and pledges to Agent, for the benefit of the Lender Group and the Bank Product Providers, a
continuing security interest (hereinafter referred to as the “Security Interest”) in all personal property of such Grantor whether now owned or hereafter acquired or arising and wherever located, including such Grantor’s right,
title, and interest in and to the following, whether now owned or hereafter acquired or arising and wherever located (the “Collateral”): 
 (i) all of such Grantor’s Accounts; 
 (ii) all of such Grantor’s Books; 
 (iii) all of such Grantor’s Chattel Paper; 
 (iv) all of such Grantor’s interest with respect to any Deposit Account; 
 (v) all of such Grantor’s Equipment and
fixtures; 
 (vi) all of such Grantor’s General Intangibles; 
 (vii) all of such Grantor’s Inventory; 
 (viii) all of such Grantor’s Investment Related Property; 
 (ix) all of such Grantor’s Negotiable Collateral;

 (x) all of such Grantor’s rights in respect of Supporting Obligations; 
 (xi) all of such Grantor’s interest with respect to any Commercial Tort Claims; 
 (xii) all of such Grantor’s money, Cash Equivalents, or other assets of such Grantor that now or hereafter come into the possession, custody, or
control of Agent (or its agent or designee) or any other member of the Lender Group; 
 (xiii) all of such Grantor’s Hydrocarbons and
Hydrocarbon Interests; 
 (xiv) all of such Grantor’s Oil and Gas Properties; and 
 (xv) all of the proceeds and products, whether tangible or intangible, of any of the foregoing, including proceeds of insurance or commercial tort
claims covering or relating to any or all of the foregoing, and any and all Accounts, Books, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Equipment, General Intangibles, Inventory, Investment Related Property, Negotiable Collateral,
Supporting Obligations, money, or other tangible or intangible property resulting from the sale, lease, license, exchange, collection, or other disposition of any of the foregoing, the proceeds of any award in condemnation with respect to any of the
property of Grantors, any rebates or refunds, whether for taxes or otherwise, and all proceeds of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof, and all proceeds of any loss of, damage to, or destruction of
the above, whether insured or not insured, and, to the extent not otherwise included, any indemnity, warranty, or guaranty payable by reason of loss or damage to, or otherwise with respect to any of the foregoing (the “Proceeds”).
Without limiting the generality of the foregoing, the term “Proceeds” includes whatever is receivable or received when Investment Related Property or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such
disposition is voluntary or involuntary, and includes proceeds of any indemnity or guaranty payable to any Grantor or Agent from time to time with respect to any of the Investment Related Property. 
  

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 Notwithstanding anything herein to the contrary, the term “Collateral” shall not include, and
no Grantor is pledging, nor granting a security interest hereunder in, any of such Grantor’s right, title or interest in (A) any license, contract or agreement to which such Grantor is a party as of the date hereof or any of its right,
title or interest thereunder to the extent, but only to the extent, that such a grant would, under the express terms of such license, contract or agreement on the date hereof result in a breach of the terms of, or constitute a default under, such
license, contract or agreement (other than to the extent that any such term (i) has been waived or (ii) would be rendered ineffective pursuant to Sections 9-406, 9-408, 9-409 of the Code or other applicable provisions of the Uniform
Commercial Code of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); provided, that (x) immediately upon the ineffectiveness, lapse or termination of any such provision, the
Collateral shall include, and such Grantor shall be deemed to have granted a security interest in, all such right, title and interest as if such provision had never been in effect and (y) the foregoing exclusion shall in no way be construed so
as to limit, impair or otherwise affect Agent’s unconditional continuing security interest in and liens upon any rights or interest of a Grantor in or to the proceeds of, or any monies due or to become due under, any such license, contract or
agreement or (B) all intent-to-use United States trademark applications for which an amendment to allege use or statement of use has not been filed under 15 U.S.C. § 1051(c) or 15 U.S.C. § 1051(d), respectively, or if filed,
has not been deemed in conformance with 15 U.S.C. § 1051(a) or examined and accepted, respectively, by the United States Patent and Trademark Office, provided that, upon such filing and acceptance, such intent-to-use applications shall be
included in the definition of Collateral. 
 Notwithstanding anything herein to the contrary, the term “Collateral” shall not
include (A) in the case of a first tier foreign Subsidiary, more than 65% (or such greater percentage that, due to a change in applicable law after the date hereof, (i) would not reasonably be expected to cause the undistributed earnings
of such foreign Subsidiary as determined for United States federal income tax purposes to be treated as a deemed dividend to such foreign Subsidiary’s United States parent and (ii) would not reasonably be expected to cause any adverse tax
consequences) of the issued and outstanding shares of Stock entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) (it being understood and agreed that the Collateral shall include 100% of the issued and outstanding shares
of Stock not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) or other equity interest of such foreign Subsidiary) or (B) in the case of all other foreign Subsidiaries, any of the issued and outstanding shares of
Stock. 
 The Grantors agree that the pledge of the shares of Stock of any Subsidiary of a Grantor who is a foreign Subsidiary may be
supplemented by one or more separate pledge agreements, deeds of pledge, share charges, or other similar agreements or instruments, executed and delivered by the relevant Grantors in favor of the Agent, which pledge agreements will provide for the
pledge of such shares of Stock in accordance with the laws of the applicable foreign jurisdiction subject to the limitations set forth above regarding the pledge of Stock securing the payment and performance of the Secured Obligations of the
Grantors. With respect to such shares of Stock, the Agent may, at any time and from time to time, in its sole discretion, take actions in such foreign jurisdictions that will result in the perfection of the Lien created in such shares of Stock.

 3. Security for Obligations. This Agreement and the Security Interest created hereby secures the payment and performance of all the
Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or
any of them, to Agent, the Lender Group, the Bank Product Providers or any of them, but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor. 
 4. Grantors Remain Liable. Anything herein to the contrary notwithstanding, (a) each of the Grantors shall remain liable under the contracts
and agreements included in the Collateral, including the Pledged Operating Agreements and the Pledged Partnership Agreements, to perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed,
(b) the exercise by Agent or any other member of the Lender Group of any of the rights hereunder shall not release any Grantor from any of its duties or obligations under such contracts and agreements included in the Collateral, and
(c) none of the 

  

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members of the Lender Group shall have any obligation or liability under such contracts and agreements included in the Collateral by reason of this
Agreement, nor shall any of the members of the Lender Group be obligated to perform any of the obligations or duties of any Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Until an Event of
Default shall occur and be continuing, except as otherwise provided in this Agreement, the Credit Agreement, or any other Loan Document, Grantors shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the
ordinary course of their respective businesses, subject to and upon the terms hereof and of the Credit Agreement and the other Loan Documents. Without limiting the generality of the foregoing, it is the intention of the parties hereto that record
and beneficial ownership of the Pledged Interests, including all voting, consensual, and dividend rights, shall remain in the applicable Grantor until the occurrence of an Event of Default and until Agent shall notify the applicable Grantor of
Agent’s exercise of voting, consensual, or dividend rights with respect to the Pledged Interests pursuant to Section 15 hereof. 
 5. Representations and Warranties. Each Grantor hereby represents and warrants as follows: 
 (a) The exact legal name of each
of the Grantors is set forth on the signature pages of this Agreement or a written notice provided to Agent pursuant to Section 6.5 of the Credit Agreement. 
 (b) Schedule 7 attached hereto sets forth all Real Property owned by Grantors as of the Closing Date. 
 (c) Such Grantor is the sole legal and beneficial owner, or exclusive or non-exclusive licensee, of all Intellectual Property rights that are necessary or desirable to the conduct of its business as currently conducted. As of the Closing
Date, (i) such Grantor has no ownership interest in, or title to, any Copyrights, Patents or Trademarks that are registered or the subject of pending applications for registrations, except as set forth on Schedules 2(a), 4(a) and
6(a), respectively, attached hereto; (ii) such Grantor has no ownership interest in, or title to, any Copyrights, Patents or Trademarks that are material to such Grantor’s businesses as currently conducted and that are not
registered or the subject of pending applications for registrations, except as set forth in Schedules 2(b), 4(b) and 6(b), respectively, attached hereto; and (iii) such Grantor is not a party to any Intellectual Property
Licenses, except as set forth on Schedule 3 attached hereto. This Agreement is effective to create a valid and continuing Lien on such Grantor’s Copyrights, Patents and Trademarks and all of its rights and interests in and to any
Intellectual Property Licenses. Upon the filing of the Copyright Security Agreement with the United States Copyright Office and the filing of the Patent Security Agreement and the Trademark Security Agreement with the United States Patent and
Trademark Office, and the filing of appropriate financing statements in the jurisdictions listed on Schedule 8 hereto, all action necessary or desirable to protect and perfect the Security Interest in and to each Grantor’s Patents,
Trademarks, or Copyrights has been taken and such perfected Security Interests are enforceable as such as against any and all creditors of and purchasers from any Grantor. No Grantor has any interest in any Copyright that is necessary in connection
with the operation of such Grantor’s business, except for those Copyrights identified on Schedule 2(a) attached hereto which have been registered with the United States Copyright Office. 
 (d) This Agreement creates a valid security interest in the Collateral of each Grantor, to the extent a security interest therein can be created under
the Code, securing the payment and performance of the Secured Obligations. Except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement under the Code, all filings and other actions necessary
or desirable to perfect and protect such security interest have been duly taken or will have been taken upon the filing of financing statements listing each applicable Grantor, as a debtor, and Agent, as secured party, in the jurisdictions listed
next to such Grantor’s name on Schedule 8 attached hereto. Upon the making of such filings, Agent shall have a first priority perfected security interest in the Collateral of each Grantor to the extent such security interest can be
perfected by the filing of a financing statement. All action by any Grantor necessary to protect and perfect such security interest on each item of Collateral has been duly taken. 
  

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 (e) (i) Except for the Security Interest created hereby, each Grantor is and will at all times be the
sole holder of record and the legal and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated on Schedule 5 as being owned by such Grantor and, when acquired by such Grantor, any Pledged
Interests acquired after the Closing Date; (ii) all of the Pledged Interests are duly authorized, validly issued, fully paid and nonassessable and the Pledged Interests constitute or will constitute the percentage of the issued and outstanding
Stock of the Pledged Companies of such Grantor identified on Schedule 5 hereto as supplemented or modified by any Pledged Interests Addendum or any Supplement to this Agreement; (iii) such Grantor has the right and requisite authority to
pledge, the Investment Related Property pledged by such Grantor to Agent as provided herein; (iv) all actions necessary or desirable to perfect, establish the first priority of, or otherwise protect, Agent’s Liens in the Investment Related
Property, and the proceeds thereof, have been duly taken, (A) upon the execution and delivery of this Agreement; (B) upon the taking of possession by Agent (or its agent or designee) of any certificates constituting the Pledged Interests,
to the extent such Pledged Interests are represented by certificates, together with undated powers endorsed in blank by the applicable Grantor; (C) upon the filing of financing statements in the applicable jurisdiction set forth on Schedule
8 attached hereto for such Grantor with respect to the Pledged Interests of such Grantor that are not represented by certificates, and (D) with respect to any Securities Accounts, upon the delivery of Control Agreements with respect
thereto; and (v) each Grantor has delivered to and deposited with Agent (or, with respect to any Pledged Interests created or obtained after the Closing Date, will deliver and deposit in accordance with Sections 6(a) and 8 hereof)
all certificates representing the Pledged Interests owned by such Grantor to the extent such Pledged Interests are represented by certificates, and undated powers endorsed in blank with respect to such certificates. None of the Pledged Interests
owned or held by such Grantor has been issued or transferred in violation of any securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject. 
 (f) No consent, approval, authorization, or other order or other action by, and no notice to or filing with, any Governmental Authority or any other
Person is required (i) for the grant of a Security Interest by such Grantor in and to the Collateral pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by such Grantor, or (ii) for the exercise by
Agent of the voting or other rights provided for in this Agreement with respect to the Investment Related Property or the remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with such disposition
of Investment Related Property by laws affecting the offering and sale of securities generally. 
 (g) Schedule 9 attached hereto sets
forth all motor vehicles owned by Grantors as of the Closing Date, by model, model year and vehicle identification number (“VIN”). 
 (h) There is no default, breach, violation or event of acceleration existing under any promissory note (as defined in the Code) constituting Collateral and pledged hereunder (the “Pledged Notes”) and no event has occurred
or circumstance exists which, with the passage of time or the giving of notice, or both, would constitute a default, breach, violation or event of acceleration under the Pledged Notes. Such Grantor, if it is an obligee under a Pledged Note, has not
waived any default, breach, violation or event of acceleration under such Pledged Notes. The proceeds of the loans evidenced by the Pledged Notes have been fully disbursed and such Grantor has no obligation to make any future advances or other
disbursements under or in respect of the Pledged Notes. A true, correct and complete list of the Pledged Notes is set forth on Schedule 10. 
 (i) Each Grantor has made in good faith and in accordance with the procedures and regulations of the United States Copyright Office and the United States Patent and Trademark Office, as applicable, all payments, filings and recordations
necessary to protect and maintain its interest in the Intellectual Property rights identified on Schedules 2(a), 4(a) and 6(a) in the United States in a manner sufficient to claim in the public record such Grantor’s
ownership thereof, including (i) making all necessary registration, maintenance, and renewal fee payments; and (ii) filing all necessary documents, including all applications for registration of such Intellectual Property rights.

  

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 (j) Except as set forth on Schedules 2, 4 or 6, no claim has been made in writing
and is continuing or, to the best of each Grantor’s knowledge, threatened that the use by any Grantor of any Intellectual Property rights that are material to the conduct of its business does or may violate the Intellectual Property rights of
any Person. To the best of each Grantor’s knowledge, there is currently no infringement or unauthorized use of any item of Intellectual Property rights contained on Schedules 2, 4 or 6. 
 6. Covenants. Each Grantor, jointly and severally, covenants and agrees with Agent and the Lender Group that from and after the date of this
Agreement and until the date of termination of this Agreement in accordance with Section 22 hereof: 
 (a) Possession of
Collateral. In the event that any Collateral, including proceeds, is evidenced by or consists of Negotiable Collateral, Investment Related Property, or Chattel Paper, and if and to the extent that perfection or priority of Agent’s Security
Interest is dependent on possession, the applicable Grantor, immediately upon the request of Agent and in accordance with Section 8 hereof, shall execute such other documents and instruments as shall be requested by Agent or, if
applicable, endorse and deliver physical possession of such Negotiable Collateral, Investment Related Property, or Chattel Paper to Agent, together with such undated powers endorsed in blank as shall be requested by Agent. 
 (b) Chattel Paper. 
 (i) Each Grantor
shall take all steps reasonably necessary to grant Agent control of all electronic Chattel Paper in accordance with the Code and all “transferable records” as that term is defined in Section 16 of the Uniform Electronic Transaction
Act and Section 201 of the federal Electronic Signatures in Global and National Commerce Act as in effect in any relevant jurisdiction; and 
 (ii) If any Grantor retains possession of any Chattel Paper or instruments (which retention of possession shall be subject to the extent permitted hereby and by the Credit Agreement), promptly upon the request of Agent, such Chattel Paper
and instruments shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the Security Interest of Wells Fargo Foothills, Inc., as Agent for the benefit of the Lender Group and the
Bank Product Providers”. 
 (c) Control Agreements. 
 (i) Except to the extent otherwise permitted by the Credit Agreement, each Grantor shall obtain an authenticated Control Agreement, from each bank
maintaining a Deposit Account for such Grantor; and 
 (ii) Except to the extent otherwise permitted by the Credit Agreement, each Grantor
shall obtain authenticated Control Agreements, from each issuer of uncertificated securities, securities intermediary, or commodities intermediary issuing or holding any financial assets or commodities to or for any Grantor. 
 (d) Letter of Credit Rights. Each Grantor that is or becomes the beneficiary of a letter of credit shall promptly (and in any event within 5
Business Days after becoming a beneficiary), notify Agent thereof and, upon the request by Agent, enter into a tri-party agreement with Agent and the issuer or confirmation bank with respect to letter-of-credit rights (as that term is defined in the
Code) assigning such letter-of-credit rights to Agent and directing all payments thereunder to Agent’s Account, all in form and substance satisfactory to Agent. 
 (e) Commercial Tort Claims. Each Grantor shall promptly (and in any event within 5 Business Days of receipt thereof), notify Agent in writing upon incurring or otherwise obtaining a Commercial Tort Claim after
the date hereof and, upon request of Agent, promptly amend Schedule 1 to this Agreement to describe such after-acquired Commercial Tort Claim in a manner that reasonably identifies such Commercial 

  

 10 

 
Tort Claim, and hereby authorizes the filing of additional financing statements or amendments to existing financial statements describing such Commercial
Tort Claims, and agrees to do such other acts or things deemed necessary or desirable by Agent to give Agent a first priority, perfected security interest in any such Commercial Tort Claim. 
 (f) Government Contracts. If any Account or Chattel Paper arises out of a contract or contracts with the United States of America or any
department, agency, or instrumentality thereof, Grantors shall promptly (and in any event within 5 Business Days of the creation thereof) notify Agent thereof in writing and execute any instruments or take any steps reasonably required by Agent in
order that all moneys due or to become due under such contract or contracts shall be assigned to Agent, for the benefit of the Lender Group and the Bank Product Providers, and shall provide written notice thereof under the Assignment of Claims Act
or other applicable law. 
 (g) Intellectual Property. 
 (i) Upon request of Agent, in order to facilitate filings with the United States Patent and Trademark Office and the United States Copyright Office, each Grantor shall execute and deliver to Agent one or more
Copyright Security Agreements, Trademark Security Agreements, or Patent Security Agreements to further evidence Agent’s Lien on such Grantor’s Patents, Trademarks, or Copyrights, and the General Intangibles of such Grantor relating thereto
or represented thereby; 
 (ii) Each Grantor shall have the duty, to the extent material to or economically desirable in the operation of
such Grantor’s business, (A) to promptly sue for infringement, misappropriation, or dilution and to recover any and all damages for such infringement, misappropriation, or dilution, (B) to prosecute diligently any trademark
application or service mark application that is part of the Trademarks pending as of the date hereof or hereafter until the termination of this Agreement, (C) to prosecute diligently any patent application that is part of the Patents pending as
of the date hereof or hereafter until the termination of this Agreement, and (D) to take reasonable and necessary action to preserve and maintain all of such Grantor’s Trademarks, Patents, Copyrights, Intellectual Property Licenses, and
its rights therein, including the filing of applications for renewal, affidavits of use, affidavits of noncontestability and opposition and interference and cancellation proceedings. Each Grantor shall promptly file an application with the United
States Copyright Office for any Copyright that has not been registered with the United States Copyright Office if such Copyright is necessary in connection with the operation of such Grantor’s business. Any expenses incurred in connection with
the foregoing shall be borne by the appropriate Grantor. Each Grantor further agrees not to abandon any Trademark, Patent, Copyright, or Intellectual Property License that is material or economically desirable to the operation of such Grantor’s
business without the prior written consent of Agent; 
 (iii) Grantors acknowledge and agree that the Lender Group shall have no duties with
respect to the Trademarks, Patents, Copyrights, or Intellectual Property Licenses. Without limiting the generality of this Section 6(g), Grantors acknowledge and agree that no member of the Lender Group shall be under any obligation to
take any steps necessary to preserve rights in the Trademarks, Patents, Copyrights, or Intellectual Property Licenses against any other Person, but any member of the Lender Group may do so at its option from and after the occurrence and during the
continuance of an Event of Default, and all expenses incurred in connection therewith (including reasonable fees and expenses of attorneys and other professionals) shall be for the sole account of Borrower and shall be chargeable to the Loan
Account; 
 (iv) In no event shall any Grantor, either itself or through any agent, employee, licensee, or designee, file an application for
the registration of any Patent, Trademark, or Copyright with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency without giving Agent prior written notice thereof. Promptly upon any such
filing, each Grantor shall comply with Section 6(g)(i) hereof; and 
  

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 (v) With respect to the Intellectual Property rights that are material to the conduct of Grantors’
businesses, each Grantor agrees to take all necessary steps to protect each such Intellectual Property right. Each Grantor hereby agrees to take corresponding steps with respect to each new or acquired Intellectual Property right to which it or any
of its Subsidiaries is now or later becomes entitled that are material to the conduct of their businesses. Any expenses incurred in connection with such activities shall be borne solely by such Grantor. 
 (h) Investment Related Property. 
 (i) If any Grantor shall receive or become entitled to receive any Pledged Interests after the Closing Date, it shall promptly (and in any event within 2 Business Days of receipt thereof) deliver to Agent a duly executed Pledged Interests
Addendum identifying such Pledged Interests; 
 (ii) All sums of money and property paid or distributed in respect of the Investment Related
Property which are received by any Grantor shall be held by such Grantor in trust for the benefit of Agent segregated from such Grantor’s other property, and such Grantor shall promptly deliver it forthwith to Agent’s in the exact form
received; 
 (iii) Each Grantor shall promptly deliver to Agent a copy of each notice or other communication received by it in respect of
any Pledged Interests; 
 (iv) No Grantor shall make or consent to any amendment or other modification or waiver with respect to any Pledged
Interests, Pledged Operating Agreement, or Pledged Partnership Agreement, or enter into any agreement or permit to exist any restriction with respect to any Pledged Interests other than pursuant to the Loan Documents; 
 (v) Each Grantor agrees that it will cooperate with Agent in obtaining all necessary approvals and making all necessary filings under federal, state,
local, or foreign law in connection with the Security Interest in the Investment Related Property or any sale or transfer thereof; and 
 (vi) As to all limited liability company or partnership interests, issued under any Pledged Operating Agreement or Pledged Partnership Agreement, each Grantor hereby represents, warrants and covenants that the Pledged Interests issued
pursuant to any such agreement (A) are not and shall not be dealt in or traded on securities exchanges or in securities markets, (B) do not and will not constitute investment company securities, and (C) are not and will not be held by
such Grantor in a securities account. In addition, none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any Pledged Operating Agreement or Pledged
Partnership Agreement, provide or shall provide that such Pledged Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction. 
 (i) Real Property; Fixtures. Each Grantor covenants and agrees that upon the acquisition of any fee interest in Real Property it will promptly
(and in any event within 2 Business Days of acquisition) notify Agent of the acquisition of such Real Property and will grant to Agent, for the benefit of the Lender Group and the Bank Product Providers, a first priority Mortgage on each fee
interest in Real Property now or hereafter owned by such Grantor and shall deliver such other documentation and opinions, in form and substance satisfactory to Agent, in connection with the grant of such Mortgage as Agent shall request in its
Permitted Discretion, including title insurance policies, financing statements, fixture filings and environmental audits and such Grantor shall pay all recording costs, intangible taxes and other fees and costs (including reasonable attorneys fees
and expenses) incurred in connection therewith. Each Grantor acknowledges and agrees that, to the extent permitted by applicable law, all of the Collateral shall remain personal property regardless of the manner of its attachment or affixation to
real property. 
  

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 (j) Transfers and Other Liens. Grantors shall not (i) sell, assign (by operation of law or
otherwise) or otherwise dispose of, or grant any option with respect to, any of the Collateral, except as expressly permitted by the Credit Agreement, or (ii) create or permit to exist any Lien upon or with respect to any of the Collateral,
except for Permitted Liens. The inclusion of Proceeds in the Collateral shall not be deemed to constitute Agent’s consent to any sale or other disposition of any of the Collateral except as expressly permitted in this Agreement or the other
Loan Documents. 
 (k) Other Actions as to Any and All Collateral. Each Grantor shall promptly (and in any event within 2 Business
Days of acquiring or obtaining such Collateral) notify Agent in writing upon (i) acquiring or otherwise obtaining any Collateral after the date hereof consisting of Trademarks, Patents, Copyrights, Intellectual Property Licenses, Investment
Related Property, Chattel Paper (electronic, tangible or otherwise), documents (as defined in Article 9 of the Code), promissory notes (as defined in the Code), or instruments (as defined in the Code) or (ii) any amount payable under or in
connection with any of the Collateral being or becoming evidenced after the date hereof by any Chattel Paper, documents, promissory notes, or instruments and, in each such case upon the request of Agent and in accordance with Section 8
hereof, promptly execute such other documents and instruments, or if applicable, deliver such Chattel Paper, other documents, promissory notes, instruments or certificates evidencing any Investment Related Property in accordance with
Section 6 hereof and do such other acts or things deemed necessary or desirable by Agent to protect Agent’s Security Interest therein. 
 (l) Pledged Notes. 
 (i) If any Grantor shall receive or become entitled to receive any Pledged Note
after the Closing Date, it shall promptly (and in any event within 2 Business Days of receipt thereof) deliver to Agent a duly executed Pledged Note Addendum identifying such Pledged Note; 
 (ii) No Grantor will waive or release any obligation of any party to the Pledged Notes without the prior consent of Agent; 
 (iii) No Grantor will take or omit to take any action or suffer or permit any action to be omitted or taken, the taking or omission of which would
result in any right of offset against sums payable under the Pledged Notes; 
 (iv) Each Grantor shall give Agent copies of all notices
(including notices of default) given or received with respect to the Pledged Notes promptly after giving or receiving such notice; and 
 (v) Without Agent’s prior written consent, each Grantor shall not, and shall not agree to, assign or surrender its rights and interests under the Pledged Notes nor terminate, cancel, modify, change, supplement or amend the Pledged
Notes. 
 (m) Motor Vehicles. Upon request of Agent, with respect to all motor vehicles owned by any Grantor, Grantor shall deliver to
Agent, a certificate of title for all such motor vehicles and shall cause those title certificates to be filed (with the Agent’s Lien noted thereon) in the appropriate state motor vehicle filing office. 
 7. Relation to Other Security Documents. The provisions of this Agreement shall be read and construed with the other Loan Documents referred to
below in the manner so indicated. 
 (a) Credit Agreement. In the event of any conflict between any provision in this Agreement and a
provision in the Credit Agreement, such provision of the Credit Agreement shall control. 
 (b) Patent, Trademark, Copyright Security
Agreements. The provisions of the Copyright Security Agreements, Trademark Security Agreements, and Patent Security Agreements are supplemental to 

  

 13 

 
the provisions of this Agreement, and nothing contained in the Copyright Security Agreements, Trademark Security Agreements, or the Patent Security
Agreements shall limit any of the rights or remedies of Agent hereunder. 
 8. Further Assurances. 
 (a) Each Grantor agrees that from time to time, at its own expense, such Grantor will promptly execute and deliver all further instruments and documents,
and take all further action, that may be necessary or that Agent may reasonably request, in order to perfect and protect any Security Interest granted or purported to be granted hereby or to enable Agent to exercise and enforce its rights and
remedies hereunder with respect to any of the Collateral. 
 (b) Each Grantor hereby authorizes the filing by Agent of financing or
continuation statements, or amendments thereto, and such Grantor will execute and deliver to Agent such other instruments or notices, as may be necessary or as Agent may reasonably request, in order to perfect and preserve the Security Interest
granted or purported to be granted hereby. 
 (c) Each Grantor hereby authorizes Agent at any time and from time to time to file, transmit,
or communicate, as applicable, financing statements and amendments (i) describing the Collateral as “all personal property of debtor” or “all assets of debtor” or words of similar effect, (ii) describing the Collateral
as being of equal or lesser scope or with greater detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance. Each Grantor also hereby ratifies any and all financing
statements or amendments previously filed by Agent in any jurisdiction. 
 (d) Each Grantor acknowledges that it is not authorized to file
any financing statement or amendment or termination statement with respect to any financing statement filed in connection with this Agreement without the prior written consent of Agent, subject to such Grantor’s rights under
Section 9-509(d)(2) of the Code. 
 9. Agent’s Right to Perform Contracts, Exercise Rights, etc. Upon the occurrence and
during the continuance of an Event of Default, Agent (or its designee) (a) may proceed to perform any and all of the obligations of any Grantor contained in any contract, lease, or other agreement and exercise any and all rights of any Grantor
therein contained as fully as such Grantor itself could, (b) shall have the right to use any Grantor’s rights under Intellectual Property Licenses in connection with the enforcement of the Agent’s rights hereunder, including the right
to prepare for sale and sell any and all Inventory and Equipment now or hereafter owned by any Grantor and now or hereafter covered by such licenses, and (c) shall have the right to request that any Stock is pledged hereunder be registered in
the name of Agent or any of its nominees. 
 10. Agent Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints Agent its
attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, at such time as an Event of Default has occurred and is continuing under the Credit Agreement, to take any action and to
execute any instrument which Agent may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including: 
 (a)
to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in connection with the Accounts or any other Collateral of such Grantor; 
 (b) to receive and open all mail addressed to such Grantor and to notify postal authorities to change the address for the delivery of mail to such
Grantor to that of Agent; 
 (c) to receive, endorse, and collect any drafts or other instruments, documents, Negotiable Collateral or
Chattel Paper; 
  

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 (d) to file any claims or take any action or institute any proceedings which Agent may deem necessary or
desirable for the collection of any of the Collateral of such Grantor or otherwise to enforce the rights of Agent with respect to any of the Collateral; 
 (e) to repair, alter, or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any Person obligated to such Grantor in respect of any Account of such Grantor; 
 (f) to use any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, advertising matter or other industrial or
intellectual property rights, in advertising for sale and selling Inventory and other Collateral and to collect any amounts due under Accounts, contracts or Negotiable Collateral of such Grantor; and 
 (g) Agent on behalf of the Lender Group and the Bank Product Providers shall have the right, but shall not be obligated, to bring suit in its own name to
enforce the Trademarks, Patents, Copyrights and Intellectual Property Licenses and, if Agent shall commence any such suit, the appropriate Grantor shall, at the request of Agent, do any and all lawful acts and execute any and all proper documents
reasonably required by Agent in aid of such enforcement. 
 To the extent permitted by law, each Grantor hereby ratifies all that such
attorney-in-fact shall lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable until this Agreement is terminated. 
 11. Agent May Perform. If any Grantor fails to perform any agreement contained herein, Agent may itself perform, or cause performance of, such
agreement, and the reasonable expenses of Agent incurred in connection therewith shall be payable, jointly and severally, by Grantors. 
 12.
Agent’s Duties. The powers conferred on Agent hereunder are solely to protect Agent’s interest in the Collateral, for the benefit of the Lender Group and the Bank Product Providers, and shall not impose any duty upon Agent to
exercise any such powers. Except for the safe custody of any Collateral in its actual possession and the accounting for moneys actually received by it hereunder, Agent shall have no duty as to any Collateral or as to the taking of any necessary
steps to preserve rights against prior parties or any other rights pertaining to any Collateral. Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its actual possession if such Collateral is
accorded treatment substantially equal to that which Agent accords its own property. 
 13. Collection of Accounts, General Intangibles
and Negotiable Collateral. At any time upon the occurrence and during the continuation of an Event of Default, Agent or Agent’s designee may (a) notify Account Debtors of any Grantor that such Grantor’s Accounts, General
Intangibles, Chattel Paper or Negotiable Collateral have been assigned to Agent, for the benefit of the Lender Group and the Bank Product Provider, or that Agent has a security interest therein, and (b) collect such Grantor’s Accounts,
General Intangibles and Negotiable Collateral directly, and any collection costs and expenses shall constitute part of such Grantor’s Secured Obligations under the Loan Documents. 
 14. Disposition of Pledged Interests by Agent. None of the Pledged Interests existing as of the date of this Agreement are, and none of the
Pledged Interests hereafter acquired on the date of acquisition thereof will be, registered or qualified under the various federal or state securities laws of the United States and disposition thereof after an Event of Default may be restricted to
one or more private (instead of public) sales in view of the lack of such registration. Each Grantor understands that in connection with such disposition, Agent may approach only a restricted number of potential purchasers and further understands
that a sale under such circumstances may yield a lower price for the Pledged Interests than if the Pledged Interests were registered and qualified pursuant to federal and state securities laws and sold on the open market. Each Grantor, therefore,
agrees that: (a) if Agent shall, pursuant to the terms of this Agreement, sell or cause the Pledged Interests or any portion thereof to be sold at a private sale, Agent shall have the right 

  

 15 

 
to rely upon the advice and opinion of any nationally recognized brokerage or investment firm (but shall not be obligated to seek such advice and the failure
to do so shall not be considered in determining the commercial reasonableness of such action) as to the best manner in which to offer the Pledged Interest or any portion thereof for sale and as to the best price reasonably obtainable at the private
sale thereof; and (b) such reliance shall be conclusive evidence that Agent has handled the disposition in a commercially reasonable manner. 
 15. Voting Rights. 
 (a) Upon the occurrence and during the continuation of an Event of Default, (i) Agent may, at its
option, and with prior notice (unless such Event of Default is an Event of Default specified in Sections 7.4 or 7.5 of the Credit Agreement, in which case no such notice need be given) to any Grantor, and in addition to all rights and
remedies available to Agent under any other agreement, at law, in equity, or otherwise, exercise all voting rights, and all other ownership or consensual rights in respect of the Pledged Interests owned by such Grantor, but under no circumstances is
Agent obligated by the terms of this Agreement to exercise such rights, and (ii) if Agent duly exercises its right to vote any of such Pledged Interests, each Grantor hereby appoints Agent, such Grantor’s true and lawful attorney-in-fact
and IRREVOCABLE PROXY to vote such Pledged Interests in any manner Agent deems advisable for or against all matters submitted or which may be submitted to a vote of shareholders, partners or members, as the case may be. The power-of-attorney granted
hereby is coupled with an interest and shall be irrevocable. 
 (b) For so long as any Grantor shall have the right to vote the Pledged
Interests owned by it, such Grantor covenants and agrees that it will not, without the prior written consent of Agent, vote or take any consensual action with respect to such Pledged Interests which would adversely affect the rights of Agent and the
other members of the Lender Group or the value of the Pledged Interests. 
 16. Remedies. Upon the occurrence and during the
continuance of an Event of Default: 
 (a) Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided
for herein, in the other Loan Documents, or otherwise available to it, all the rights and remedies of a secured party on default under the Code or any other applicable law. Without limiting the generality of the foregoing, each Grantor expressly
agrees that, in any such event, Agent, without demand of performance or other demand, advertisement or notice of any kind (except a notice specified below of time and place of public or private sale) to or upon any of Grantors or any other Person
(all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), may take immediate possession of all or any portion of the Collateral and
(i) require Grantors to, and each Grantor hereby agrees that it will at its own expense and upon request of Agent forthwith, assemble all or part of the Collateral as directed by Agent and make it available to Agent at one or more locations
where such Grantor regularly maintains Inventory, and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of Agent’s offices or elsewhere, for
cash, on credit, and upon such other terms as Agent may deem commercially reasonable. Each Grantor agrees that, to the extent notice of sale shall be required by law, at least 10 days notice to any of Grantors of the time and place of any public
sale or the time after which any private sale is to be made shall constitute reasonable notification and specifically such notice shall constitute a reasonable “authenticated notification of disposition” within the meaning of
Section 9-611 of the Code. Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 
 (b) Agent is hereby
granted a license or other right to use, without liability for royalties or any other charge, each Grantor’s labels, Patents, Copyrights, rights of use of any name, trade secrets, trade names, Trademarks, service marks and advertising matter,
URLs, domain names, industrial designs, other industrial or intellectual property or any property of a similar nature, whether owned or licensable by any of Grantors or with respect to which any of Grantors have sublicensable rights under license,
sublicense, or other agreements, as it pertains to the Collateral, in preparing for sale, advertising for sale and selling any Collateral, and each Grantor’s rights under all licenses and all franchise agreements shall inure to the benefit of
Agent. 
  

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 (c) Any cash held by Agent as Collateral and all cash proceeds received by Agent in respect of any sale
of, collection from, or other realization upon all or any part of the Collateral shall be applied against the Secured Obligations in the order set forth in the Credit Agreement. In the event the proceeds of Collateral are insufficient to satisfy all
of the Secured Obligations in full, each Grantor shall remain jointly and severally liable for any such deficiency. 
 (d) Each Grantor
hereby acknowledges that the Secured Obligations arose out of a commercial transaction, and agrees that if an Event of Default shall occur and be continuing Agent shall have the right to an immediate writ of possession without notice of a hearing.
Agent shall have the right to the appointment of a receiver for the properties and assets of each Grantor, and each Grantor hereby consents to such rights and such appointment and hereby waives any objection such Grantor may have thereto or the
right to have a bond or other security posted by Agent. 
 17. Remedies Cumulative. Each right, power, and remedy of Agent as provided
for in this Agreement or in the other Loan Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this
Agreement or in the other Loan Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by Agent, of any one or more of such rights, powers, or remedies shall not preclude
the simultaneous or later exercise by Agent of any or all such other rights, powers, or remedies. 
 18. Marshaling. Agent shall not
be required to marshal any present or future collateral security (including but not limited to the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other
assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however
existing or arising. To the extent that it lawfully may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Agent’s rights and remedies
under this Agreement or under any other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is
otherwise assured, and, to the extent that it lawfully may, each Grantor hereby irrevocably waives the benefits of all such laws. 
 19.
Indemnity and Expenses. 
 (a) Each Grantor agrees to indemnify Agent and the other members of the Lender Group from and against all
claims, lawsuits and liabilities (including reasonable attorneys fees) growing out of or resulting from this Agreement (including enforcement of this Agreement) or any other Loan Document to which such Grantor is a party, except claims, losses or
liabilities resulting from the gross negligence or willful misconduct of the party seeking indemnification as determined by a final non-appealable order of a court of competent jurisdiction. This provision shall survive the termination of this
Agreement and the Credit Agreement and the repayment of the Secured Obligations. 
 (b) Grantors, jointly and severally, shall, upon demand,
pay to Agent (or Agent, may charge to the Loan Account) all the Lender Group Expenses which Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or, upon an Event
of Default, the sale of, collection from, or other realization upon, any of the Collateral in accordance with this Agreement and the other Loan Documents, (iii) the exercise or enforcement of any of the rights of Agent hereunder or
(iv) the failure by any of Grantors to perform or observe any of the provisions hereof. 
  

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 20. Merger, Amendments; Etc. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, REPRESENTS
THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. No waiver of any provision of this
Agreement, and no consent to any departure by any of Grantors herefrom, shall in any event be effective unless the same shall be in writing and signed by Agent, and then such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given. No amendment of any provision of this Agreement shall be effective unless the same shall be in writing and signed by Agent and each of Grantors to which such amendment applies. 
 21. Addresses for Notices. All notices and other communications provided for hereunder shall be given in the form and manner and delivered to
Agent at its address specified in the Credit Agreement, and to any of the Grantors at their respective addresses specified in the Credit Agreement or guaranty, as applicable, or, as to any party, at such other address as shall be designated by such
party in a written notice to the other party. 
 22. Continuing Security Interest: Assignments under Credit Agreement. This Agreement
shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the Obligations have been paid in full in cash in accordance with the provisions of the Credit Agreement and the Commitments have
expired or have been terminated, (b) be binding upon each Grantor, and their respective successors and assigns, and (c) inure to the benefit of, and be enforceable by, Agent, and its successors, transferees and assigns. Without limiting
the generality of the foregoing clause (c), any Lender may, in accordance with the provisions of the Credit Agreement, assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement to any other Person, and
such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise. Upon payment in full in cash of the Obligations in accordance with the provisions of the Credit Agreement and the
expiration or termination of the Commitments, the Security Interest granted hereby shall terminate and all rights to the Collateral shall revert to Grantors or any other Person entitled thereto. At such time, Agent will file or authorize the filing
of appropriate termination statements to terminate such Security Interest. No transfer or renewal, extension, assignment, or termination of this Agreement or of the Credit Agreement, any other Loan Document, or any other instrument or document
executed and delivered by any Grantor to Agent nor any additional Advances or other loans made by any Lender to Borrower, nor the taking of further security, nor the retaking or re-delivery of the Collateral to Grantors, or any of them, by Agent,
nor any other act of the Lender Group or the Bank Product Providers, or any of them, shall release any of Grantors from any obligation, except a release or discharge executed in writing by Agent in accordance with the provisions of the Credit
Agreement. Agent shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder, unless such waiver is in writing and signed by Agent and then only to the extent therein set forth. A waiver by
Agent of any right or remedy on any occasion shall not be construed as a bar to the exercise of any such right or remedy which Agent would otherwise have had on any other occasion. 
 23. Governing Law. 
 (a) THE VALIDITY
OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE
PARTIES HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
  

 18 

 (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ANY SUIT SEEKING
ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. AGENT AND EACH GRANTOR
WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION
23(b). 
 (c) TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, AGENT AND EACH GRANTOR HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. AGENT AND
EACH GRANTOR REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT. 
 24. New Subsidiaries. Pursuant to Section 5.16 of the Credit Agreement, any new direct
or indirect Subsidiary (whether by acquisition or creation) of Borrower or any other Grantor is required to enter into this Agreement by executing and delivering in favor of Agent a supplement to this Agreement in the form of Annex 1 attached
hereto. Upon the execution and delivery of Annex 1 by such new Subsidiary, such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any
instrument adding an additional Grantor as a party to this Agreement shall not require the consent of any Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of
any new Grantor hereunder. 
 25. Agent. Each reference herein to any right granted to, benefit conferred upon or power exercisable by
the “Agent” shall be a reference to Agent, for the benefit of the Lender Group and the Bank Product Providers. 
 26.
Miscellaneous. 
 (a) This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other
electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of
transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. The foregoing shall
apply to each other Loan Document mutatis mutandis. 
 (b) Any provision of this Agreement which is prohibited or unenforceable shall
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction. 
 (c) Headings used in this Agreement are for convenience only and shall not be used in connection with the interpretation of any provision hereof.

  

 19 

 (d) The pronouns used herein shall include, when appropriate, either gender and both singular and plural,
and the grammatical construction of sentences shall conform thereto. 
 (e) Unless the context of this Agreement or any other Loan Document
clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and “including” are not limiting, and the term “or” has, except where
otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement or any other Loan Document
refer to this Agreement or such other Loan Document, as the case may be, as a whole and not to any particular provision of this Agreement or such other Loan Document, as the case may be. Section, subsection, clause, schedule, and exhibit references
herein are to this Agreement unless otherwise specified. Any reference in this Agreement or in any other Loan Document to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals,
replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and
supplements set forth herein). Any reference herein or in any other Loan Document to the satisfaction or repayment in full of the Obligations shall mean the repayment in full in cash (or cash collateralization in accordance with the terms hereof) of
all Obligations other than unasserted contingent indemnification Obligations and other than any Bank Product Obligations that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding and that are not required by the
provisions of the Credit Agreement to be repaid or cash collateralized. Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any requirement of a writing contained herein or in any other Loan
Document shall be satisfied by the transmission of a Record and any Record so transmitted shall constitute a representation and warranty as to the accuracy and completeness of the information contained therein. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 20 

 EXECUTION VERSION 
 IN WITNESS WHEREOF, the undersigned parties hereto have executed this Agreement by and through their duly authorized officers, as of the day and year first above written. 
  

							
	 GRANTORS:
	 		 	BORROWER:
			
	 	 	 	 	BASELINE OIL & GAS CORP., a Nevada corporation
				
		 		 	By:	 	 /s/ Thomas Kaetzer

		 		 	Name:	 	Thomas Kaetzer
		 		 	Title:	 	Chief Executive Officer
			
	AGENT:	 		 	WELLS FARGO FOOTHILLS, INC., as Agent
				
		 		 	By:	 	 /s/ David A. Ernst

		 		 	Title:	 	Vice PresidentIntercreditor Agreement, dated October 1, 2007

 Exhibit 10.3 
 EXECUTION VERSION 
  

 INTERCREDITOR AGREEMENT 
 dated as of 
 October 1, 2007, 
 among 
 BASELINE OIL & GAS CORP., 
 as the
Company, 
 WELLS FARGO FOOTHILLS, INC., 
 as First Priority Agent, 
 and 
 THE BANK OF NEW YORK, 
 as Second Priority Agent 
 and 
 THE BANK OF NEW YORK, 
 as Third Priority Agent 
 THIS IS THE INTERCREDITOR AGREEMENT REFERRED TO IN (A) THE INDENTURE, DATED AS OF OCTOBER
1, 2007, BETWEEN BASELINE OIL & GAS CORP. AND THE BANK OF NEW YORK, AS TRUSTEE AND COLLATERAL AGENT, (B) THE INDENTURE, DATED AS OF OCTOBER 1, 2007, BETWEEN BASELINE OIL & GAS CORP. AND THE BANK OF NEW YORK, AS TRUSTEE AND
COLLATERAL AGENT, (C) THE CREDIT AGREEMENT, DATED AS OF OCTOBER 1, 2007, AS AMENDED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, AMONG OIL & GAS CORP., THE LENDERS FROM TIME TO TIME PARTY THERETO AND WELLS FARGO FOOTHILLS,
INC., AS AGENT, (D) THE OTHER LOAN DOCUMENTS REFERRED TO IN SUCH CREDIT AGREEMENT, AND (E) THE OTHER COLLATERAL AGREEMENTS REFERRED TO IN SUCH INDENTURE. 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	ARTICLE I	  	
		
	DEFINITIONS	  	
		
	 SECTION 1.01. Certain Defined Terms
	  	2
	 SECTION 1.02. Other Defined Terms
	  	2
	 SECTION 1.03. Terms Generally
	  	12
		
	ARTICLE II	  	
		
	LIEN PRIORITIES	  	
		
	 SECTION 2.01. Relative Priorities
	  	12
	 SECTION 2.02. Prohibition on Contesting Liens
	  	14
	 SECTION 2.03. No New Liens
	  	14
	 SECTION 2.04. Similar Collateral
	  	15
		
	ARTICLE III	  	
		
	ENFORCEMENT OF RIGHTS; MATTERS RELATING TO COLLATERAL	  	
		
	 SECTION 3.01. Exercise of Rights and Remedies
	  	15
	 SECTION 3.02. No Interference
	  	22
	 SECTION 3.03. Rights as Unsecured Creditors
	  	28
	 SECTION 3.04.(i) Automatic Release of Second Priority Liens and Third Priority Liens
	  	29
	 SECTION 3.05. Automatic Release of First Priority Liens
	  	30
	 SECTION 3.06. Insurance and Condemnation Awards
	  	31
	 SECTION 3.07. Notification of Release of Collateral
	  	32
	 SECTION 3.08. Automatic Release of Liens with respect to Excess Claims.
	  	32
		
	ARTICLE IV	  	
		
	PAYMENTS	  	
		
	 SECTION 4.01. Application of Proceeds
	  	33
	 SECTION 4.02. Payment Over
	  	33
	 SECTION 4.03. Certain Agreements with Respect to Unenforceable Liens
	  	35
		
	ARTICLE V	  	
		
	BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS	  	
		
	ARTICLE VI	  	
		
	INSOLVENCY OR LIQUIDATION PROCEEDINGS	  	

			
	 SECTION 6.01. Finance and Sale Matters
	  	38
	 SECTION 6.02. Relief from the Automatic Stay
	  	42
	 SECTION 6.03. Reorganization Securities
	  	42
	 SECTION 6.04. Post-Petition Interest
	  	42
	 SECTION 6.05. Certain Waivers by the Second Priority Secured Parties and the Third Priority Secured Parties
	  	43
	 SECTION 6.06. Certain Voting Matters
	  	44
		
	ARTICLE VII	  	
		
	OTHER AGREEMENTS	  	
		
	 SECTION 7.01. Matters Relating to Debt Documents
	  	44
	 SECTION 7.02. Effect of Refinancing of Indebtedness under First Priority Debt Documents
	  	44
	 SECTION 7.03. No Waiver by First Priority Secured Parties
	  	45
	 SECTION 7.04. Reinstatement
	  	45
	 SECTION 7.05. Authorization of Collateral Agents
	  	46
	 SECTION 7.06. Further Assurances
	  	46
		
	ARTICLE VIII	  	
		
	REPRESENTATIONS AND WARRANTIES	  	
		
	 SECTION 8.01. Representations and Warranties of Each Party
	  	47
	 SECTION 8.02. Representations and Warranties of Each Collateral Agent
	  	47
		
	ARTICLE IX	  	
		
	NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE	  	
		
	 SECTION 9.01. No Reliance; Information
	  	47
	 SECTION 9.02. No Warranties or Liability
	  	48
	 SECTION 9.03. Obligations Absolute
	  	49
		
	ARTICLE X	  	
		
	MISCELLANEOUS	  	
		
	 SECTION 10.01. Notices
	  	50
	 SECTION 10.02. Conflicts
	  	51
	 SECTION 10.03. Effectiveness; Survival; Termination
	  	51
	 SECTION 10.04. Severability
	  	52
	 SECTION 10.05. Amendments; Waivers
	  	52
	 SECTION 10.06. Postponement of Subrogation
	  	52
	 SECTION 10.07. Applicable Law; Jurisdiction; Consent to Service of Process
	  	53
	 SECTION 10.08. Waiver of Jury Trial
	  	53
	 SECTION 10.09. Parties in Interest
	  	54

  

 ii 

			
	 SECTION 10.10. Specific Performance
	  	54
	 SECTION 10.11. Headings
	  	54
	 SECTION 10.12. Counterparts
	  	54
	 SECTION 10.13. Provisions Solely to Define Relative Rights
	  	54

  

 iii 

 INTERCREDITOR AGREEMENT dated as of October 1, 2007 (this “Agreement”),
among BASELINE OIL & GAS CORP., a Nevada corporation (the “Company”), WELLS FARGO FOOTHILLS, INC., as agent for the First Priority Secured Parties (as defined below) (in such capacity, the “First Priority
Agent”), THE BANK OF NEW YORK, as trustee and collateral agent for the Second Priority Secured Parties (as defined below) (in such capacity, the “Second Priority Agent”), and THE BANK OF NEW YORK, as trustee and
collateral agent for the Third Priority Secured Parties (as defined below) (in such capacity, the “Third Priority Agent”). 
 PRELIMINARY STATEMENT 
 Reference is made to (a) the Credit Agreement, dated as of October 1, 2007 (as amended,
supplemented or otherwise modified from time to time in accordance with the terms hereof, the “First Priority Debt Agreement”), among the Company, the lenders from time to time party thereto (the “First Priority
Creditors”) and the First Priority Agent, (b) the Indenture, dated as of October 1, 2007 (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, the “Second Priority
Debt Agreement”), between the Company and The Bank of New York, as Trustee (in such capacity, the “Second Priority Trustee”) and as Second Priority Agent, with respect to the Company’s 12.5% Senior Secured
Notes due 2012, (c) the Indenture, dated as of October 1, 2007 (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, the “Third Priority Debt Agreement” and, together
with the First Priority Debt Agreement, and the Second Priority Debt Agreement, the “Debt Agreements”), between the Company and The Bank of New York, as Trustee (in such capacity, the “Third Priority
Trustee”) and the Third Priority Agent with respect to the Company’s 14% Senior Subordinated Convertible Secured Notes due 2013, (d) the Security Agreement, dated as of October 1, 2007 (as amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof, the “First Priority Security Agreement”), between the Company, and the First Priority Agent, (e) the Security Agreement, dated as of
October 1, 2007 (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, the “Second Priority Security Agreement”), between the Company, and the Second Priority Agent,
(f) the Security Agreement, dated as of October 1, 2007 (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, the “Third Priority Security Agreement”), among the
Company, and the Third Priority Agent, (g) the other Loan Documents as defined, and referred to, in the First Priority Debt Agreement, (h) the other Collateral Agreements as defined, and referred to, in the Second Priority Debt Agreement,
and (i) the other Collateral Agreements as defined, and referred to, in the Third Priority Debt Agreement. 
 RECITALS 

A. The First Priority Creditors have agreed to make loans and other extensions of credit to the Company pursuant to the First Priority Debt Agreement
on the condition, among others, that the First Priority Claims (such term and each other capitalized term used but not defined in the preliminary statement or these recitals having the meaning given it in Article I) shall be secured by first
priority Liens on, and security interests in, the Collateral. 

 B. The Second Priority Creditors have agreed to purchase and/or hold the Second Priority Notes issued by
the Company from time to time pursuant to the Second Priority Debt Agreement on the condition, among others, that the Second Priority Claims shall be secured by second priority Liens on, and security interests in, the Collateral. 
 C. The Third Priority Creditors have agreed to purchase and/or hold the Third Priority Notes issued by the Company from time to time pursuant to the
Third Priority Debt Agreement on the condition, among others, that the Third Priority Claims shall be secured by third priority Liens on, and security interests in, the Collateral. 
 D. The Debt Agreements require, among other things, that the parties thereto set forth in this Agreement, among other things, their respective rights,
obligations and remedies with respect to the Collateral. 
 Accordingly, the parties hereto agree as follows: 
 ARTICLE I 
 Definitions

 SECTION 1.01. Certain Defined Terms. Capitalized terms used in this Agreement and not otherwise defined herein
shall, except to the extent the context otherwise requires, have the meanings set forth in the Second Priority Debt Agreement (as in effect on the date hereof), the Second Priority Security Agreement (as in effect on the date hereof), the Third
Priority Debt Agreement (as in effect on the date hereof), or the Third Priority Security Agreement (as in effect on the date hereof), as applicable. 
 SECTION 1.02. Other Defined Terms. As used in the Agreement, the following terms shall have the meanings specified below: 
 “Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy,” as now and hereinafter in effect, or any successor statute. 
 “Bankruptcy Law” shall mean the Bankruptcy Code and any other Federal, state or foreign bankruptcy, insolvency, receivership or
similar law. 
 “Base Maximum Principal Amount” means an amount not exceeding $20,000,000. 
 “Cash Management Obligations” means, with respect to any Person, all obligations, whether absolute or contingent, of such Person
in respect of overdrafts, returned items and other liabilities owed to any other Person that arises from treasury, depository, foreign exchange (including without limitation foreign currency hedging obligations) or cash management services,
including without limitation in connection 

  

 2 

 
with any automated clearing house transfers of funds, wire transfer services, controlled disbursement accounts or similar transactions, and all obligations
in connection with any commercial credit cards or stored value cards. 
 “Collateral” shall mean, collectively, all
“Collateral”, as defined in each of the First Priority Debt Agreement or any other First Priority Debt Document, the Second Priority Debt Agreement or any other Second Priority Debt Document, and the Third Priority Debt Agreement or any
other Third Priority Debt Document. 
 “Company” shall have the meaning assigned to such term in the preliminary
statement to this Agreement. 
 “Controlling Agent” shall mean (a) to the extent that the Discharge of First
Priority Claims has not occurred, the First Priority Agent, (b) to the extent that the Discharge of First Priority Claims has occurred and the Discharge of Second Priority Claims has not occurred, the Second Priority Agent, (c) to the
extent that the Discharge of First Priority Claims has occurred, the Discharge of Second Priority Claims has occurred and the Discharge of Third Priority Claims has not occurred, the Third Priority Agent and (d) to the extent that the Discharge
of First Priority Claims has occurred, the Discharge of Second Priority claims has occurred and the Discharge of Third Priority Claims has occurred, the Persons holding Excess Claims. 
 “Debt Agreements” shall have the meaning assigned to such term in the preliminary statement of this Agreement. 
 “Debt Documents” shall mean the First Priority Debt Documents, the Second Priority Debt Documents and the Third Priority Debt
Documents. 
 “Discharge of First Priority Claims” shall mean, subject to Sections 7.02 and 7.04(a),
(a) payment in full in cash of the principal of and interest (including interest accruing during the pendency of any Insolvency or Liquidation Proceeding, regardless of whether allowed or allowable in such Insolvency or Liquidation Proceeding)
and premium, if any, on all Indebtedness outstanding under the First Priority Debt Documents to the extent constituting First Priority Claims, (b) payment in full in cash of all other First Priority Claims that are due and payable (including,
without limitation, the First Priority Cash Management Obligations and the First Priority Hedging Obligations) or otherwise accrued and owing at or prior to the time such principal and interest are paid, (c) cancellation of or the entry into
arrangements satisfactory to the First Priority Agent and the Issuing Bank with respect to all Letters of Credit issued and outstanding under the First Priority Debt Agreement and (d) termination or expiration of all commitments to lend and all
obligations to issue or extend Letters of Credit under the First Priority Debt Agreement. 
 “Discharge of Second Priority
Claims” shall mean, subject to Section 7.04(b), (a) payment in full in cash of the principal of and interest (including interest accruing during the pendency of any Insolvency or Liquidation Proceeding, regardless of whether
allowed or allowable in such Insolvency or Liquidation Proceeding) and premium, if any, 

  

 3 

 
on all Indebtedness outstanding under the Second Priority Debt Documents to the extent constituting Second Priority Claims, (b) payment in full of all
First Priority Claims acquired by the Second Priority Agent and/or any of the Second Priority Secured Parties as contemplated by Section 10.06 hereof, and (c) payment in full in cash of all other Second Priority Claims that are due and
payable or otherwise accrued and owing at or prior to the time such principal and interest are paid. 
 “Discharge of Third
Priority Claims” shall mean, subject to Section 7.04(c), (a) payment in full in cash of the principal of and interest (including interest accruing during the pendency of any Insolvency or Liquidation Proceeding, regardless of
whether allowed or allowable in such Insolvency or Liquidation Proceeding) and premium, if any, on all Indebtedness outstanding under the Third Priority Debt Documents to the extent constituting Third Priority Claims, (b) payment in full of all
First Priority Claims and Second Priority Claims acquired by the Third Priority Agent and/or any of the Third Priority Secured Parties as contemplated by Section 10.06 hereof, and (c) payment in full in cash of all other Third Priority
Claims that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid. 
 “Disposition” shall mean any sale, lease, exchange, transfer or other disposition. “Dispose” shall have a correlative meaning. 
 “Excess Claims” shall have the meaning set forth in the last paragraph of the definition of the term “First Priority
Claims”. 
 “First DIP Financing” shall have the meaning assigned to such term in Section 6.01(a).

 “First DIP Financing Liens” shall have the meaning assigned to such term in Section 6.01(a). 
 “First Priority Agent” shall have the meaning assigned to such term in the preamble to this Agreement. 
 “First Priority Cash Management Obligations” shall mean any Cash Management Obligations secured by any Collateral under the same
First Priority Debt Documents that secure Obligations under the First Priority Debt Agreement. 
 “First Priority
Claims” shall mean, subject to the immediately succeeding paragraph, (a) (i) the due and punctual payment of (A) the principal of and interest (including interest accruing during the pendency of any Insolvency or
Liquidation Proceeding, regardless of whether allowed or allowable in such proceeding) on the loans and other advances outstanding under the First Priority Debt Agreement, whether at maturity, by acceleration, upon one or more dates set for
prepayment or otherwise, (B) each payment required to be made by the Company under the First Priority Debt Agreement in respect of any Letter of Credit, including payments in respect of reimbursement of disbursements, interest thereon and
obligations to provide cash collateral, and (C) all other monetary obligations of the Company to any of the First Priority Secured Parties under the First Priority Debt Agreement and each of the other 

  

 4 

 
First Priority Debt Documents, including fees (including any early termination or prepayment fees), costs, expenses (including fees and expenses of counsel)
and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any Insolvency or Liquidation Proceeding, regardless of whether allowed or allowable in such
proceeding), (ii) the due and punctual performance of all other obligations of the Company under or pursuant to the First Priority Debt Agreement and each of the other First Priority Debt Documents, and (iii) the due and punctual payment
and performance of all the obligations of each other Grantor under or pursuant to the First Priority Debt Agreement and each of the other First Priority Debt Documents; (b) the due and punctual payment and performance of all First Priority
Hedging Obligations of each Grantor, and (c) First Priority Cash Management Obligations. 
 Notwithstanding the foregoing, to the extent
that the sum of (1) the principal amount of any loans or other advances under the First Priority Debt Documents (excluding any First Priority Hedging Obligations and First Priority Cash Management Obligations of the type described in clause
(b) or (c) of the immediately preceding paragraph which shall be deemed to constitute First Priority Claims irrespective of this paragraph) plus (2) the aggregate face amount of any Letters of Credit issued and undrawn or drawn
but not reimbursed under the First Priority Debt Agreement exceeds the Maximum First Priority Indebtedness Amount, then all such amounts in excess of the Maximum First Priority Indebtedness Amount, together with interest on such excess amounts,
shall not constitute First Priority Claims (such excess amounts being referred to herein as “Excess Claims”). This Agreement does not constitute the consent by the Second Priority Agent and/or any Second Priority Secured
Party to the incurrence or existence of any Excess Claim, or to the provision of collateral security for any Excess Claim, that would constitute a “Default” or “Event of Default” under the Second Priority Debt Agreement, nor does
this Agreement constitute a waiver by the Second Priority Agent and/or any Second Priority Secured Party of any such “Default” or “Event of Default”, and nothing in this Agreement shall be interpreted to effect such a consent or
waiver. Moreover, this Agreement does not constitute the consent by the Third Priority Agent and/or any Third Priority Secured Party to the incurrence or existence of any Excess Claim, or to the provision of collateral security for any Excess Claim,
that would constitute a “Default” or “Event of Default” under the Third Priority Debt Agreement, nor does this Agreement constitute a waiver by the Third Priority Agent and/or any Third Priority Secured Party of any such
“Default” or “Event of Default”, and nothing in this Agreement shall be interpreted to effect such a consent or waiver. 
 “First Priority Collateral” shall mean all “Collateral”, as defined in the First Priority Debt Agreement or any other First Priority Debt Document, and any other assets of any Grantor now or at any time
hereafter subject to Liens securing any First Priority Claims. 
 “First Priority Creditors” shall have the meaning
assigned to such term in the preliminary statement of this Agreement. 
  

 5 

 “First Priority Debt Agreement” shall have the meaning assigned to such term in
the preliminary statement of this Agreement. 
 “First Priority Debt Documents” shall mean the “Loan
Documents”, as defined in the First Priority Debt Agreement. 
 “First Priority Hedging Obligations” shall mean
any “Obligations” (as defined in the Second Priority Debt Agreement or the Third Priority Debt Agreement as in effect on the date hereof) under each interest rate hedging, cap, collar, swap or other similar agreement or foreign exchange
contract, currency swap agreement or other similar agreement that is entered into by any Grantor with any counterparty that is the First Priority Agent or a First Priority Creditor or an Affiliate of the First Priority Agent or a First Priority
Creditor at the time such interest rate hedging, cap, collar, swap or other similar agreement or foreign exchange contract, currency swap agreement or other similar agreement is entered into. 
 “First Priority Liens” shall mean all Liens on the First Priority Collateral securing the First Priority Claims, whether created
under the First Priority Security Documents or acquired by possession, statute (including any judgment lien), operation of law, subrogation or otherwise. 
 “First Priority Mortgages” shall mean, collectively, each mortgage, deed of trust, leasehold mortgage, assignment of leases and rents, modifications and any other agreement, document or
instrument pursuant to which a Lien on real property is granted by any Grantor to secure any First Priority Claims or under which rights or remedies with respect to any such Lien are governed. 
 “First Priority Secured Parties” shall mean, at any time, (a) the First Priority Creditors, (b) the First Priority
Agent, (d) the Issuing Bank, (e) each other Person to whom any of the First Priority Claims is owed (including any Affiliate of a First Priority Creditor to whom any First Priority Claims of the type described in clause (b) or
(c) of the definition thereof is owed) and (f) the successors and assigns of each of the foregoing. 
 “First Priority
Security Agreement” shall have the meaning assigned to such term in the preliminary statement of this Agreement. 
 “First Priority Security Documents” shall mean the First Priority Debt Agreement, the First Priority Security Agreement and any other agreement, document or instrument pursuant to which a Lien is granted by any
Grantor to secure any First Priority Claims or under which rights or remedies with respect to any such Lien are governed. 
 “Grantors” shall mean the Company and each of its Subsidiaries that shall have created or purported to create any First Priority Lien, Second Priority Lien or Third Priority Lien on all or any part of its assets to
secure any First Priority Claims, any Second Priority Claims or any Third Priority Claims. 
 “Guarantors” shall
mean, collectively, each Grantor that has guaranteed, or that may from time to time hereafter guarantee, the First Priority Claims, the Second Priority Claims or the Third Priority Claims, whether by executing and delivering the applicable Debt
Agreement, a supplement thereto or otherwise. 
  

 6 

 “Indebtedness” shall mean and includes all obligations that constitute
“Indebtedness”, as defined in the First Priority Debt Agreement, the Second Priority Debt Agreement or the Third Priority Debt Agreement, as applicable. 
 “Insolvency or Liquidation Proceeding” shall mean (a) any voluntary or involuntary proceeding under the Bankruptcy Code or any other Bankruptcy Law with respect to any Grantor,
(b) any voluntary or involuntary appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any Grantor or for a substantial part of the property or assets of any Grantor, (c) any voluntary or
involuntary winding-up or liquidation of any Grantor, or (d) a general assignment for the benefit of creditors by any Grantor. 
 “Inventory” means, with respect to any Grantor, all of such Grantor’s now owned or hereafter acquired right, title, and interest with respect to inventory, including goods held for sale or lease or to be
furnished under a contract of service, goods that are leased by such Grantor as lessor, goods that are furnished by such Grantor under a contract of service, and raw materials, work in process, or materials used or consumed in such Grantor’s
business. 
 “Issuing Bank” shall mean the “Issuing Lender” as defined in the First Priority Debt
Agreement. 
 “Letter of Credit” shall mean a “L/C” as defined in the First Priority Debt Agreement.

 “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation,
encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same
economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third Person with respect to such securities. 
 “Liquidation Sale” shall mean a so-called bulk sale, liquidation sale or “going out of business sale” conducted either
by any Secured Party or a Grantor in respect to all or a substantial portion of such Grantor’s Collateral following the occurrence and during the continuance of an Event of Default under, and as defined in any of the Debt Documents. 

“Maximum First Priority Indebtedness Amount” shall mean the sum of (i) the then applicable Base Maximum Principal Amount
less the aggregate amount (other than by virtue of any initial or subsequent refinancing of Indebtedness under the First Priority Debt Documents in whole or in part) applied from time to time to permanently reduce the principal of Indebtedness under
the First Priority Debt Documents, (ii) the amount by which the U.S. dollar equivalent of the principal amount of the loans and Letters of Credit under the First Priority Debt Documents exceeds the amount allowed under the 

  

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foregoing clause (i) as a result of currency fluctuations, and (iii) other Indebtedness in an aggregate principal amount not to exceed the unused
portion of the Indebtedness permitted under clause (16) of the definition of “Permitted Indebtedness” contained in the Second Priority Debt Agreement or Indebtedness permitted under clause (16) of the definition of
“Permitted Indebtedness” contained in the Third Priority Debt Agreement. 
 For the sake of clarity, (i) the Maximum First
Priority Indebtedness Amount is intended to be applicable only to the principal amount of any loans or advances under the First Priority Debt Documents and the aggregate amount of any undrawn or unreimbursed Letters of Credit issued thereunder; and
(ii) all interest (including interest accruing during the pendency of any Insolvency or Liquidation Proceeding, regardless of whether allowed or allowable in such proceeding), (other than interest on Excess Claims), fees, costs and indemnities
(whether or not charged to the Loan Account (as defined in the First Priority Debt Agreement) under the First Priority Debt Agreement) and First Priority Hedging Obligations and First Priority Cash Management Obligations which are included under the
definition of First Priority Claims shall not be subject to the Maximum First Priority Indebtedness Amount, notwithstanding that such interest, fees, costs and indemnities and First Priority Hedging Obligations and First Priority Cash Management
Obligation constitute First Priority Claims hereunder and not Excess Claims. 
 “Maximum Second Priority Indebtedness
Amount” shall mean $115,000,000. 
 “Maximum Third Priority Indebtedness Amount” shall mean $57,500,000.

 “New First Priority Agent” shall have the meaning assigned to such term in Section 7.02. 
 “New First Priority Claims” shall have the meaning assigned to such term in Section 7.02. 
 “New First Priority Debt Documents” shall have the meaning assigned to such term in Section 7.02. 
 “Other Priority Agents” shall mean (a) to the extent that the Discharge of First Priority Claims has not occurred, the
Second Priority Agent and the Third Priority Agent and (b) to the extent that the Discharge of First Priority Claims has occurred and the Discharge of Second Priority Claims has not occurred, the Third Priority Agent. 
 “Other Priority Claims” shall mean (a) to the extent that the Discharge of First Priority Claims has not occurred, the
Second Priority Secured Claims and the Third Priority Secured Claims and (b) to the extent that the Discharge of First Priority Claims has occurred and the Discharge of Second Priority Claims has not occurred, the Third Priority Secured Claims.

 “Other Priority Liens” shall mean (a) to the extent that the Discharge of First Priority Claims has not
occurred, the Second Priority Liens granted under the Second Priority Debt Documents and the Third Priority Liens granted under the Third Priority Debt Documents and (b) to the extent that the Discharge of First Priority Claims has occurred and
the Discharge of Second Priority Claims has not occurred, the Third Priority Liens granted under the Third Priority Debt Documents. 
  

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 “Other Priority Secured Parties” shall mean (a) to the extent that the
Discharge of First Priority Claims has not occurred, the Second Priority Secured Parties and the Third Priority Secured Parties and (b) to the extent that the Discharge of First Priority Claims has occurred and the Discharge of Second Priority
Claims has not occurred, the Third Priority Secured Parties. 
 “Pledged or Controlled Collateral” shall have the
meaning assigned to such term in Article V. 
 “Refinance” shall mean, in respect of any Indebtedness, to
refinance, extend, renew, restructure (including by the amendment and restatement of any instrument or agreement evidencing such Indebtedness) or replace or to issue other Indebtedness in exchange or replacement for, such Indebtedness, in whole or
in part. “Refinanced” and “Refinancing” shall have correlative meanings. 
 “Refinancing Notice” shall have the meaning assigned to such term in Section 7.02. 
 “Release” shall have the meaning assigned to such term in Section 3.04. 
 “Second DIP
Financing” shall have the meaning assigned to such term in Section 6.01(b). 
 “Second DIP Financing
Liens” shall have the meaning assigned to such term in Section 6.01(b). 
 “Second Lien Standstill
Period” shall have the meaning assigned to such term in Section 3.02(a)(i). 
 “Second Priority
Agent” shall have the meaning assigned to such term in the preamble to this Agreement. 
 “Second Priority
Claims” shall mean all “Obligations”, as defined in the Second Priority Security Agreement of the Grantors under the Second Priority Debt Documents. 
 Notwithstanding the foregoing, if the aggregate principal amount of any notes (including the Second Priority Notes), debentures, loans or other advances
under the Second Priority Debt Documents exceeds the Maximum Second Priority Indebtedness Amount, then all such principal amounts in excess of the Maximum Second Priority Indebtedness Amount shall not constitute Second Priority Claims.

 “Second Priority Collateral” shall mean all “Collateral”, as defined in any Second
Priority Debt Document, and any other assets of any Grantor now or at any time hereafter subject to Liens securing any Second Priority Claims. 
  

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 “Second Priority Creditors” shall mean the “Holders”, as defined in the
Second Priority Debt Agreement. 
 “Second Priority Debt Agreement” shall have the meaning assigned to such term in
the preliminary statement of this Agreement. 
 “Second Priority Debt Documents” shall mean the “Indenture
Documents”, as defined in the Second Priority Debt Agreement. 
 “Second Priority Liens” shall mean all Liens on
the Second Priority Collateral securing the Second Priority Claims, whether created under the Second Priority Security Documents or acquired by possession, statute (including any judgment lien), operation of law, subrogation or otherwise.

 “Second Priority Mortgages” shall mean, collectively, each mortgage, deed of trust, leasehold mortgage, assignment
of leases and rents, modifications and any other agreement, document or instrument pursuant to which any Lien on real property is granted by any Grantor to secure any Second Priority Claims or under which rights or remedies with respect to any such
Lien are governed. 
 “Second Priority Notes” shall mean the notes issued to the Second Priority Secured Parties
under the Second Priority Debt Agreement. 
 “Second Priority Permitted Actions” shall have the meaning assigned to
such term in Section 3.01(a). 
 “Second Priority Secured Parties” shall mean, at any time, (a) the Second
Priority Creditors, (b) the Second Priority Trustee, (c) the Second Priority Agent, (d) each other Person to whom any of the Second Priority Claims (including indemnification obligations) is owed and (e) the successors and
assigns of each of the foregoing. 
 “Second Priority Security Agreement” shall have the meaning assigned to such
term in the preliminary statement of this Agreement. 
 “Second Priority Security Documents” shall mean the
“Collateral Agreements”, as defined in the Second Priority Debt Agreement, and any other agreement, document or instrument pursuant to which a Lien is granted by any Grantor to secure any Second Priority Claims or under which rights or
remedies with respect to any such Lien are governed. 
 “Secured Parties” shall mean, as the context may require, the
First Priority Secured Parties, the Second Priority Secured Parties and/or the Third Priority Secured Parties. 
 “Security
Documents” shall mean the First Priority Security Documents, the Second Priority Security Documents, and the Third Priority Security Documents. 
  

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 “Third Lien Standstill Period” shall have the meaning assigned to such term in
Section 3.02(b)(i). 
 “Third Priority Agent” shall have the meaning assigned to such term in the preamble to
this Agreement. 
 “Third Priority Claims” shall mean all “Obligations”, as defined in the Third Priority
Security Agreement of the Grantors under the Third Priority Debt Documents. 
 Notwithstanding the foregoing, if the aggregate principal
amount of any notes (including the Third Priority Notes), debentures, loans or other advances under the Third Priority Debt Documents exceeds the Maximum Third Priority Indebtedness Amount, then all such principal amounts in excess of the
Maximum Third Priority Indebtedness Amount shall not constitute Third Priority Claims. 
 “Third Priority
Collateral” shall mean all “Collateral”, as defined in any Third Priority Debt Document, and any other assets of any Grantor now or at any time hereafter subject to Liens securing any Third Priority Claims.

 “Third Priority Creditors” shall mean the “Holders”, as defined in the Third Priority Debt
Agreement. 
 “Third Priority Debt Agreement” shall have the meaning assigned to such term in the preliminary
statement of this Agreement. 
 “Third Priority Debt Documents” shall mean the “Indenture Documents”, as
defined in the Third Priority Debt Agreement. 
 “Third Priority Liens” shall mean all Liens on the Third Priority
Collateral securing the Third Priority Claims, whether created under the Third Priority Security Documents or acquired by possession, statute (including any judgment lien), operation of law, subrogation or otherwise. 
 “Third Priority Mortgages” shall mean, collectively, each mortgage, deed of trust, leasehold mortgage, assignment of leases and
rents, modifications and any other agreement, document or instrument pursuant to which any Lien on real property is granted by any Grantor to secure any Third Priority Claims or under which rights or remedies with respect to any such Lien are
governed. 
 “Third Priority Notes” shall mean shall mean the notes issued to the Third Priority Secured Parties
under the Third Priority Debt Agreement. 
 “Third Priority Permitted Actions” shall have the meaning assigned to
such term in Section 3.01(b). 
 “Third Priority Secured Parties” shall mean, at any time, (a) the Third
Priority Creditors, (b) the Third Priority Trustee, (c) the Third Priority Agent, (d) each other Person to whom any of the Third Priority Claims (including indemnification obligations) is owed and (e) the successors and assigns
of each of the foregoing. 
  

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 “Third Priority Security Agreement” shall have the meaning assigned to such term
in the preliminary statement of this Agreement. 
 “Third Priority Security Documents” shall mean the
“Collateral Agreements”, as defined in the Third Priority Debt Agreement, and any other agreement, document or instrument pursuant to which a Lien is granted by any Grantor to secure any Third Priority Claims or under which rights or
remedies with respect to any such Lien are governed. 
 “Uniform Commercial Code” or “UCC”
shall mean the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction. 
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same
meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or
other document as from time to time amended, restated, supplemented or otherwise modified, (b) any reference herein (i) to any Person shall be construed to include such Person’s successors and assigns and (ii) to the Company or
any other Grantor shall be construed to include the Company or such Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor, as the case may be, in any Insolvency or Liquidation Proceeding or
Liquidation Sale, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(d) all references herein to Articles or Sections shall be construed to refer to Articles or Sections of this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and
to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 ARTICLE II

 Lien Priorities 
 SECTION 2.01. Relative Priorities. Notwithstanding the date, manner or order of grant, attachment or perfection of any Third Priority Lien, any Second Priority Lien, any First Priority Lien or any Lien that would constitute a
First Priority Lien but for the fact that it purportedly secures any Excess Claims, and notwithstanding any provision of the UCC or any other applicable law or the provisions of any Security Document or any other Debt Document or any other
circumstance whatsoever, each Collateral Agent, for itself and on behalf of the Secured Parties on whose behalf it acts in such capacity therefor, hereby agrees that, 
  

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 (a) so long as the Discharge of First Priority Claims has not occurred, (i) any
First Priority Lien on any Collateral now or hereafter held by or for the benefit of any First Priority Secured Party shall be senior in right, priority, operation, effect and all other respects to any and all Second Priority Liens and Third
Priority Liens on any Collateral and (ii) any Second Priority Lien and any Third Priority Lien on any Collateral now or hereafter held by or for the benefit of any Second Priority Secured Party and any Third Priority Secured Party shall be
junior and subordinate in right, priority, operation, effect and all other respects to any and all First Priority Liens on any Collateral, and the First Priority Liens on any Collateral shall be and remain senior in right, priority, operation,
effect and all other respects to any Second Priority Liens and Third Priority Liens on any Collateral for all purposes, whether or not any First Priority Liens on any Collateral are subordinated in any respect to any other Lien held by any Person
(other than the Second Priority Secured Parties and the Third Priority Secured Parties) securing any other obligation of the Company, any other Grantor or any other Person; 
 (b) so long as the Discharge of Second Priority Claims has not occurred, (i) any Second Priority Lien on any Collateral now or
hereafter held by or for the benefit of any Second Priority Secured Party shall be senior in right, priority, operation, effect and all other respects to any and all Third Priority Liens on any Collateral and (ii) any Third Priority Lien on any
Collateral now or hereafter held by or for the benefit of any Third Priority Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all Second Priority Liens on any Collateral, and the
Second Priority Liens on any Collateral shall be and remain senior in right, priority, operation, effect and all other respects to any Third Priority Liens on any Collateral for all purposes, whether or not any Second Priority Liens on any
Collateral are subordinated in any respect to any other Lien held by any Person (other than the Third Priority Secured Parties) securing any other obligation of the Company, any other Grantor or any other Person; and 
 (c) so long as the Discharge of Second Priority Claims and the Discharge of Third Priority Claims have not occurred, (i) (x) any
Second Priority Lien now or hereafter held by or for the benefit of any Second Priority Secured Party that secure Second Priority Claims up to the Maximum Second Priority Indebtedness Amount, and (y) any Third Priority Lien now or hereafter
held by or for the benefit of any Third Priority Secured Party Claims up to the Maximum Third Priority Indebtedness Amount, shall be, in each case, senior in right, priority, operation, effect and all other respects to any and all Liens that would
have constituted First Priority Liens but for the fact that they secure Excess Claims, and (ii) any such Lien now or hereafter held by or for the benefit of any Persons that would otherwise hold First Priority Secured Claims but for the
operation of the second paragraph of the definition of the term “First 

  

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Priority Claims”, shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all (x) Second Priority
Liens that secure Second Priority Claims up to the Maximum Second Priority Indebtedness Amount, and (y) Third Priority Liens that secured Third Priority Claims up to the Maximum Third Priority Indebtedness Amount, and the Second Priority Liens
and the Third Priority Liens shall be and remain senior in right, priority, operation, effect and all other respects to any such Liens for all purposes, whether or not any Second Priority Liens or any Third Priority Liens are subordinated in any
respect to any other Lien held by any Person (other than the First Priority Secured Parties in respect of the First Priority Claims) securing any other obligation of the Company, any other Grantor or any other Person. 
 SECTION 2.02. Prohibition on Contesting Liens. Each Collateral Agent, for itself and on behalf of the other Secured Parties on whose behalf
it acts in such capacity therefor, agrees that it will not, and hereby waives any right to, contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the priority, validity or
enforceability of any Third Priority Lien, any Second Priority Lien, any First Priority Lien or any Lien that would constitute a First Priority Lien but for the fact that it purportedly secures any Excess Claims, as the case may be; provided
that nothing in this Agreement shall be construed to prevent or impair the rights of any Collateral Agent or any other Secured Party to enforce this Agreement to the extent provided hereby. 
 SECTION 2.03. No New Liens. (a) The parties hereto agree that, so long as the Discharge of First Priority Claims has not occurred,
none of the Grantors shall, nor shall any Grantor permit any of its subsidiaries to, (i) grant or permit any additional Liens on any asset of a Grantor to secure any Second Priority Claim or any Third Priority Claim unless it has granted, or
substantially concurrently therewith grants, a Lien on such asset of such Grantor to secure the First Priority Claims or (ii) grant or permit any additional Liens on any asset of a Grantor to secure any First Priority Claims unless it has
granted, or substantially concurrently therewith grants, a Lien on such asset of a Grantor to secure the Second Priority Claims or the Third Priority Claims, with each such Lien to be subject to the provisions of this Agreement. To the extent that
the provisions of the immediately preceding sentence are not complied with for any reason, without limiting any other right or remedy available to the First Priority Agent or the other First Priority Secured Parties, (x) the Second Priority
Agent agrees, for itself and on behalf of the other Second Priority Secured Parties, that any amounts received by or distributed to any Second Priority Secured Party pursuant to or as a result of any Lien granted in contravention of this
Section 2.03 shall be subject to Section 4.02(a) and (y) the Third Priority Agent agrees, for itself and on behalf of the other Third Priority Secured Parties that any amounts received by or distributed to any Third Priority Secured
Party pursuant to or as a result of any Lien granted in contravention of this Section 2.03 shall be subject to Section 4.02(a). 
 (b) The parties hereto agree that, so long as the Discharge of Second Priority Claims has not occurred, none of the Grantors shall, nor shall any Grantor permit any of 

  

 14 

 
its subsidiaries to, grant or permit any additional Liens on any asset of a Grantor to secure any Second Priority Claim or any Third Priority Claim
unless it has granted, or substantially concurrently therewith grants, a Lien on such asset of such Grantor to secure all Second Priority Claims and Third Priority Claims, with each such Lien to be subject to the provisions of this Agreement. To the
extent that the provisions of the immediately preceding sentence are not complied with for any reason, without limiting any other right or remedy available to the Second Priority Agent or the other Second Priority Secured Parties, the Third Priority
Agent agrees, for itself and on behalf of the other Third Priority Secured Parties that any amounts received by or distributed to any Third Priority Secured Party pursuant to or as a result of any Lien granted in contravention of this
Section 2.03 shall be subject to Section 4.02(b). 
 (c) The parties hereto agree that, so long as the Discharge of Second Priority
Claims and the Discharge of Third Priority Claims have not occurred, none of the Grantors shall, nor shall any Grantor permit any of its subsidiaries to, grant or permit any additional Liens on any asset to secure any Excess Claims other than Liens
that would otherwise constitute First Priority Liens but for the fact that such Liens secured Excess Claims. To the extent that the provisions of the immediately preceding sentence are not complied with for any reason, without limiting any other
right or remedy available to the Second Priority Agent or the other Second Priority Secured Parties or the Third Priority Agent or the other Third Priority Secured Parties, each Person that holds Excess Claims agrees that any amounts received by or
distributed to any such Person pursuant to or as a result of any Lien granted in contravention of this Section 2.03(b) shall be subject to Section 4.02(c). 
 SECTION 2.04. Similar Collateral. The parties hereto acknowledge and agree that it is their intention that the First Priority Collateral, the Second Priority Collateral and the Third Priority Collateral
be identical. In furtherance of the foregoing, the parties hereto agree to cooperate in good faith in order to determine, upon any reasonable request by the First Priority Agent, the Second Priority Agent or the Third Priority Agent, the specific
assets included in the First Priority Collateral, the Second Priority Collateral and the Third Priority Collateral, the steps taken to perfect the First Priority Liens, the Second Priority Liens and the Third Priority Liens thereon and the identity
of the respective parties obligated under the First Priority Debt Documents, the Second Priority Debt Documents and the Third Priority Debt Documents in respect of the First Priority Claims, the Second Priority Claims and the Third Priority Claims,
respectively. 
 ARTICLE III 
 Enforcement of Rights; Matters Relating to Collateral 
 SECTION 3.01. Exercise of Rights and
Remedies. (a) (i) So long as the Discharge of First Priority Claims has not occurred, whether or not any Insolvency or Liquidation Proceeding or Liquidation Sale has been commenced, the First Priority Agent and the other
First Priority Secured Parties shall have the exclusive right to enforce rights and exercise remedies (including any right of setoff) with respect to the Collateral 
  

 15 

 (including making determinations regarding the release, Disposition or restrictions with respect to the Collateral), or
to commence or seek to commence any action or proceeding with respect to such rights or remedies (including any foreclosure action or proceeding or any Insolvency or Liquidation Proceeding or Liquidation Sale), in each case, without any consultation
with or the consent of the Second Priority Agent or any other Second Priority Secured Party or the Third Priority Agent or any other Third Priority Secured Party; provided that, notwithstanding the foregoing, (x) (i) in any
Insolvency or Liquidation Proceeding, the Second Priority Agent may file a proof of claim or statement of interest with respect to the Second Priority Claims; (ii) the Second Priority Agent may take any action to preserve or protect the
validity and enforceability of the Second Priority Liens, provided that no such action is, or could reasonably be expected to be, (A) adverse to the First Priority Liens or the rights of the First Priority Agent or any other First
Priority Secured Party to exercise remedies in respect thereof or (B) otherwise inconsistent with the terms of this Agreement, including the automatic release of Second Priority Liens provided in Section 3.04; (iii) the Second
Priority Secured Parties may file any responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Second
Priority Secured Parties, including any claims secured by the Collateral or otherwise make any agreements or file any motions pertaining to the Second Priority Claims, in each case, to the extent not inconsistent with the terms of this Agreement;
(iv) the Second Priority Secured Parties may exercise rights and remedies as unsecured creditors, as provided in Section 3.03(a); and (v) subject to Section 3.02(a), the Second Priority Agent and the other Second Priority Secured
Parties may enforce any of their rights and exercise any of their remedies with respect to the Collateral after the termination of the Second Lien Standstill Period (the actions described in clause (x) of this proviso being referred to herein
as the “Second Priority Permitted Actions”), and (y) (i) in any Insolvency or Liquidation Proceeding, the Third Priority Agent may file a proof of claim or statement of interest with respect to the Third Priority Claims;
(ii) the Third Priority Agent may take any action to preserve or protect the validity and enforceability of the Third Priority Liens, provided that no such action is, or could reasonably be expected to be, (A) adverse to the First
Priority Liens or the rights of the First Priority Agent or any other First Priority Secured Party to exercise remedies in respect thereof or (B) otherwise inconsistent with the terms of this Agreement, including the automatic release of Third
Priority Liens provided in Section 3.04; (iii) the Third Priority Secured Parties may file any responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or
otherwise seeking the disallowance of the claims of the Third Priority Secured Parties, including any claims secured by the Collateral or otherwise make any agreements or file any motions pertaining to the Third Priority Claims, in each case, to the
extent not inconsistent with the terms of this Agreement; (iv) the Third Priority Secured Parties may exercise rights and remedies as unsecured creditors, as provided in Section 3.03(a); and (v) subject to Section 3.02(a), the
Third Priority Agent and the other Third Priority Secured Parties may enforce any of their rights and exercise any of their remedies with respect to the Collateral after the termination of the Third Lien Standstill Period (the actions described in
clause (y) of this proviso being referred to herein as the “Third Priority Permitted Actions”). Except for the Second Priority 
  

 16 

 Permitted Actions and the Third Priority Permitted Actions, unless and until the Discharge of First Priority Claims has
occurred, the sole right of the Second Priority Agent and the other Second Priority Secured Parties and the Third Priority Agent and the other Third Priority Secured Parties with respect to the Collateral shall be to receive the proceeds of the
Collateral, if any, remaining after the Discharge of First Priority Claims has occurred and in accordance with the Second Priority Debt Documents or the Third Priority Debt Documents, as applicable, and applicable law. 
 (ii) So long as the Discharge of First Priority Claims has not occurred and the Discharge of Second Priority Claims has not occurred, whether or not any
Insolvency or Liquidation Proceeding or Liquidation Sale has been commenced, the Second Priority Agent and the other Second Priority Secured Parties shall have the exclusive right to enforce rights and exercise remedies (including any right of
setoff) with respect to the Collateral (including making determinations regarding the release, Disposition or restrictions with respect to the Collateral), or to commence or seek to commence any action or proceeding with respect to such rights or
remedies (including any foreclosure action or proceeding or any Insolvency or Liquidation Proceeding or Liquidation Sale), in each case, without any consultation with or the consent of the Third Priority Agent or any other Third Priority Secured
Party; provided that, notwithstanding the foregoing, the Third Priority Agent and the other Third Priority Secured Parties may take any Third Priority Permitted Action. Except for the Third Priority Permitted Actions, unless and until the
Discharge of Second Priority Claims has occurred, the sole right of the Third Priority Agent and the other Third Priority Secured Parties with respect to the Collateral shall be to receive the proceeds of the Collateral, if any, remaining after
Discharge of the Second Priority Claims has occurred and in accordance with the Third Priority Debt Documents and applicable law. 
 (b)
(i) In exercising rights and remedies with respect to the Collateral, the First Priority Agent and the other First Priority Secured Parties may enforce the provisions of the First Priority Debt Documents and exercise remedies thereunder, all in
such order and in such manner as they may determine in their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to Dispose of Collateral upon foreclosure, to incur expenses in connection with any
such Disposition and to exercise all the rights and remedies of a secured creditor under the Uniform Commercial Code, the Bankruptcy Code or any other Bankruptcy Law. The First Priority Agent agrees to provide at least ten Business Days’ prior
written notice to the Second Priority Agent and the Third Priority Agent of its intention to foreclose upon or Dispose of any Collateral; provided, however, that the failure to give any such notice shall not in any way limit its
ability to foreclose upon or Dispose of any Collateral. 
 (ii) After the Discharge of First Priority Claims, in exercising rights and
remedies with respect to the Collateral, the Second Priority Agent and the other Second Priority Secured Parties may enforce the provisions of the Second Priority Debt Documents and exercise remedies thereunder, all in such order and in such manner
as they may determine in their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to Dispose of Collateral upon foreclosure, to incur expenses in connection with any such Disposition and to exercise
all the rights and 

  

 17 

 
remedies of a secured creditor under the Uniform Commercial Code, the Bankruptcy Code or any other Bankruptcy Law. The Second Priority Agent agrees to
provide at least ten Business Days’ prior written notice to the Third Priority Agent and any Person holding an Excess Claim of its intention to foreclose upon or Dispose of any Collateral; provided, however, that the failure to
give any such notice shall not in any way limit its ability to foreclose upon or Dispose of any Collateral. 
 (c)(i) The Second Priority
Agent, for itself and on behalf of the other Second Priority Secured Parties, hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Second Priority Security Document or any other Second Priority Debt Document
shall be deemed to restrict in any way the rights and remedies of the First Priority Agent or the other First Priority Secured Parties with respect to the Collateral as set forth in this Agreement and the other First Priority Debt Documents; and
(ii) the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Third Priority Security Document or any other Third
Priority Debt Document shall be deemed to restrict in any way the rights and remedies of (A) the First Priority Agent or the other First Priority Secured Parties with respect to the Collateral as set forth in this Agreement and the other First
Priority Debt Documents, or (B) the Second Priority Agent or the other Second Priority Secured Parties with respect to the Collateral as set forth in this Agreement and the other Second Priority Debt Documents. 
 (d)(i) Notwithstanding anything in this Agreement to the contrary, following the acceleration of the Indebtedness then outstanding under the First
Priority Debt Agreement, the Second Priority Secured Parties may, at their sole expense and effort, upon notice to the Company and the First Priority Agent (which notice shall be irrevocable), require the First Priority Secured Parties to transfer
and assign to the Second Priority Secured Parties, without warranty or representation or recourse, all (but not less than all) of the First Priority Claims (such right, the “Buy-Out Right”); provided that (x) such
assignment shall not conflict with any law, rule or regulation or order of any court or other Governmental Authority having jurisdiction, and (y) the Second Priority Secured Parties shall have paid to the First Priority Agent, for the account
of the First Priority Secured Parties, in immediately available funds, an amount (such amount, the “First Priority Claim Buy-Out Amount”) equal to: 100% of the principal of such Indebtedness plus all accrued and unpaid
interest thereon plus all accrued and unpaid fees (other than any fees that become due as a result of the prepayment of the loans and other advances under, or early termination of, the First Priority Debt Agreement (such fees are referred to
hereinafter as “First Priority Termination Fees”)) plus all the other First Priority Claims then outstanding (which shall include, with respect to (i) the aggregate face amount of the Letters of Credit outstanding
under the First Priority Debt Agreement, an amount in cash equal to 105% thereof, (ii) each interest rate hedging, cap, collar, swap or other similar agreements that evidence any First Priority Hedging Obligations, 100% of the aggregate amount
of such First Priority Claims, after giving effect to any netting arrangements, that the applicable Grantor would be required to pay if such interest rate hedging, cap, collar, swap or other similar agreements were terminated at such time, and
(iii) each agreement that evidence any First Priority Cash Management Obligations, 

  

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100% of the aggregate amount of such First Priority Claims). In order to effectuate the foregoing, the First Priority Agent shall calculate, upon the written
request of the Second Priority Agent from time to time, the amount in cash that would be necessary so to purchase the First Priority Claims. If the right set forth in this Section 3.01(d)(i) is exercised, the parties shall endeavor to close
promptly thereafter but in any event within ten Business Days of the request set forth in the first sentence of this Section 3.01(d)(i). If the Second Priority Secured Parties exercise the right set forth in this Section 3.01(d)(i), it
shall be exercised pursuant to documentation mutually acceptable to each of the First Priority Agent and the Second Priority Agent. Notwithstanding anything to the contrary herein, if, at any time following the consummation of such transfer and
assignment and the occurrence of the Discharge of First Priority Claims and the Discharge of Second Priority Claims (other than, for the avoidance of doubt, the payment of any fees that become due as a result of the prepayment or termination of the
Second Priority Claims and the payment of Second Priority Claims in excess of the Maximum Second Priority Indebtedness Amount), the Second Priority Secured Parties recover any First Priority Termination Fees prior to the first anniversary of the
date of such transfer and assignment is consummated, they shall turn over such fees to First Priority Secured Parties in the form and to the extent received. 
 (ii) If the Second Priority Secured Parties have the opportunity to exercise their Buy-Out Right and elect not to exercise such right, or if the Discharge of First Priority Claims has occurred and the Indebtedness
then outstanding under the Second Priority Debt Agreement has been accelerated, then the Third Priority Secured Parties may, at their sole expense and effort, upon notice to the Company and the First Priority Agent and the Second Priority Agent
(which notice shall be irrevocable), require the First Priority Secured Parties and the Second Priority Secured Parties to transfer and assign to the First Priority Secured Parties, without warranty or representation or recourse, all (but not less
than all) of the First Priority Claims and Second Priority Claims; provided that (x) such assignment shall not conflict with any law, rule or regulation or order of any court or other Governmental Authority having jurisdiction, and
(y) the Third Priority Secured Parties shall have paid to the First Priority Agent and the Third Priority Agent, for the account of the First Priority Secured Parties and the Second Priority Secured Parties, in immediately available funds, an
amount equal to, (x) in respect of the First Priority Claims, the First Priority Claim Buy-Out Amount and, (y) in respect of the Second Priority Claims, 100% of the principal of such Indebtedness plus all accrued and unpaid interest
thereon plus all accrued and unpaid fees (other than any fees that become due as a result of the prepayment of the Loans and other advances under, or in early termination of the Second Priority Debt Agent (such fee referred to herein as the
“Second Priority Termination Fee”) plus all other Second Priority Claims then outstanding. If the right set forth in this Section 3.01(d)(ii) is exercised, the parties shall endeavor to close promptly thereafter but in
any event within ten Business Days of the request set forth in the first sentence of this Section 3.01(d)(ii). If the Third Priority Secured Parties exercise the right set forth in this Section 3.01(d)(ii), it shall be exercised pursuant
to documentation mutually acceptable to each of the First Priority Agent and the Second Priority Agent, in respect of its sale, and the Third Priority Agent. Notwithstanding anything to the contrary herein, if, at any time following the consummation
of such transfer and assignment and the occurrence of the Discharge of 

  

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First Priority Claims, the Discharge of Second Priority Claims and the Discharge of Third Priority Claims (other than, for the avoidance of doubt, the
payment of any fees that become due as a result of the prepayment or termination of the Third Priority Claims and the payment of Third Priority Claims in excess of the Maximum Third Priority Indebtedness Amount), the Third Priority Secured Parties
recover any First Termination Fees or any Second Termination Fees prior to the first anniversary of the date of such transfer and assignment is consummated, they shall turn over such fees to the First Priority Secured Parties or the Second Priority
Secured Parties, as applicable, in the form and to the extent received. 
 (e)( i) So long as the Discharge of First Priority Claims has
occurred and the Discharge of Second Priority Claims and the Discharge of Third Priority Claims have not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced or Liquidation Sale, the Second Priority Agent and the
other Second Priority Secured Parties shall have the exclusive right to enforce rights and exercise remedies (including any right of setoff) with respect to the Collateral (including making determinations regarding the release, Disposition or
restrictions with respect to the Collateral), or to commence or seek to commence any action or proceeding with respect to such rights or remedies (including any foreclosure action or proceeding or any Insolvency or Liquidation Proceeding or
Liquidation Sale), in each case, without any consultation with or the consent of any Person that holds an Excess Claims; provided that, notwithstanding the foregoing, (i) in any Insolvency or Liquidation Proceeding, any such Person may
file a proof of claim or statement of interest with respect to the Excess Claims; (ii) any such Person may take any action to preserve or protect the validity and enforceability of the Liens that would have constituted First Priority Liens but
for the fact that such Liens secure Excess Claims, provided that no such action is, or could reasonably be expected to be, (A) adverse to the Second Priority Liens or the Third Priority Liens or the rights of the Second Priority Agent,
any other Second Priority Secured Party, the Third Priority Agent or any other Third Priority Secured Party to exercise remedies in respect thereof or (B) otherwise inconsistent with the terms of this Agreement, including the automatic release
of such Liens provided in Section 3.05; (iii) any such Person may file any responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking
the disallowance of the claims of such Person, including any claims secured by the Collateral or otherwise make any agreements or file any motions pertaining to the Excess Claims, in each case, to the extent not inconsistent with the terms of this
Agreement; (iv) any such Person may exercise rights and remedies as unsecured creditors, as provided in Section 3.03(b) (the actions described in this proviso being referred to herein as the “Excess Claims Permitted
Actions”). 
 (ii) So long as the Discharge of First Priority Claims and the Discharge of Second Priority Claims have occurred
and the Discharge of Third Priority Claims has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced or Liquidation Sale, the Third Priority Agent and the other Third Priority Secured Parties shall have the
exclusive right to enforce rights and exercise remedies (including any right of setoff) with respect to the Collateral (including making determinations regarding the release, Disposition or restrictions with respect to the 

  

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Collateral), or to commence or seek to commence any action or proceeding with respect to such rights or remedies (including any foreclosure action or
proceeding or any Insolvency or Liquidation Proceeding or Liquidation Sale), in each case, without any consultation with or the consent of any Person that holds Excess Claims; provided that, notwithstanding the foregoing, any Person that
holds an Excess Claim may take any Excess Claim Permitted Action. 
 (iii) Except for the Excess Claims Permitted Actions, unless and until
the Discharge of Second Priority Claims and the Discharge of Third Priority Claims have occurred, the sole right of any Person holding Excess Claims with respect to the Collateral shall be to receive the proceeds of the Collateral, if any, remaining
after the occurrence of the Discharge of First Priority Claims, the Discharge of Second Priority Claims up to the Maximum Second Priority Indebtedness Amount and the Discharge of Third Priority Claims up to the Maximum Third Priority Indebtedness
Amount and in accordance with the agreements, instruments and other documents evidencing or governing the Excess Claims and applicable law. 
 (f) In exercising rights and remedies with respect to the Collateral, the Second Priority Agent and the other Second Priority Secured Parties and the Third Priority Agent and the other Third Priority Secured Parties may enforce the
provisions of the Second Priority Debt Documents and the Third Priority Debt Documents, respectively, and exercise remedies thereunder, all in such order and in such manner as they may determine in their sole discretion, in each case, to the extent
that such enforcement or exercise is not otherwise prohibited by clauses (a) through (d) of this Section 3.01. Such exercise and enforcement shall, in each case, to the extent that such enforcement or exercise is not otherwise
prohibited by clauses (a) through (d) of this Section 3.01, include the rights of an agent appointed by them to Dispose of Collateral upon foreclosure, to incur expenses in connection with any such Disposition and to exercise all the
rights and remedies of a secured creditor under the Uniform Commercial Code, the Bankruptcy Code or any other Bankruptcy Law. The Second Priority Agent agrees to provide at least ten Business Days’ prior written notice to the First Priority
Agent of its intention to foreclose upon or Dispose of any Collateral; provided, however, that the failure to give any such notice shall not in any way limit its ability to foreclose upon or Dispose of any Collateral to the extent that
such foreclosure is not otherwise prohibited by clauses (a) through (d) of this Section 3.01. The Third Priority Agent agrees to provide at least ten Business Days’ prior written notice to the First Priority Agent and the Second
Priority Agent of its intention to foreclose upon or Dispose of any Collateral; provided, however, that the failure to give any such notice shall not in any way limit its ability to foreclose upon or Dispose of any Collateral to the
extent that such foreclosure is not otherwise prohibited by clauses (a) through (d) of this Section 3.01. 
 (g) Each such
Person hereby acknowledges and agrees that no covenant, agreement or restriction contained in any agreement, instrument or other document that evidences or governs any Excess Claims (other than the provisions of this Agreement that inure to the
benefit of the First Priority Secured Parties) shall be deemed to restrict in any way the rights and remedies of the Second Priority Agent or the other Second Priority Secured Parties or the Third Priority Agent or the other Third Priority Secured
Parties with respect to the Collateral as set forth in this Agreement and the other Second Priority Debt Documents and Third Priority Debt Documents. 
  

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 SECTION 3.02. No Interference. (a) The Second Priority Agent, for itself and on behalf
of the other Second Priority Secured Parties, agrees that, whether or not any Insolvency or Liquidation Proceeding or Liquidation Sale has been commenced, the Second Priority Secured Parties: 
 (i) except for Second Priority Permitted Actions, will not, so long as the Discharge of First Priority Claims has not occurred,
(A) enforce or exercise, or seek to enforce or exercise, any rights or remedies (including any right of setoff) with respect to any Collateral (including the enforcement of any right under any account control agreement, landlord waiver or
bailee’s letter or any similar agreement or arrangement to which the Second Priority Agent or any other Second Priority Secured Party is a party) or (B) commence or join with any Person (other than the First Priority Agent) in commencing,
or petition for or vote in favor of any resolution for, any action or proceeding with respect to such rights or remedies (including any foreclosure action); provided, however, that the Second Priority Agent may enforce or exercise any
or all such rights and remedies, or commence, join with any Person in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding, after a period of 90 days has elapsed (which period shall be tolled during
any period in which the First Priority Agent shall not be entitled to enforce or exercise any rights or remedies with respect to any Collateral as a result of (x) any injunction issued by a court of competent jurisdiction or (y) the
automatic stay or any other stay in any Insolvency or Liquidation Proceeding) since the date on which the Second Priority Agent has delivered to the First Priority Agent written notice of the acceleration of the Indebtedness then outstanding under
the Second Priority Debt Agreement (the “Second Lien Standstill Period”); provided further, however, that (1) notwithstanding the expiration of the Second Lien Standstill Period or anything herein to the
contrary, in no event shall the Second Priority Agent or any other Second Priority Secured Party enforce or exercise any rights or remedies with respect to any Collateral, or commence, join with any Person at any time in commencing, or petition for
or vote in favor of any resolution for, any such action or proceeding, if the First Priority Agent or any other First Priority Secured Party shall have commenced, and shall be diligently pursuing (or shall have sought or requested relief from or
modification of the automatic stay or any other stay in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit thereof), the enforcement or exercise of any rights or remedies with respect to any Collateral or any such action
or proceeding (prompt written notice thereof to be given to the Second Priority Agent by the First Priority Agent) and (2) after the expiration of the Second Lien Standstill Period, so long as neither the First Priority Agent nor the First
Priority Secured Parties have commenced any action to enforce their Lien on any material portion of the Collateral, in the event that and for so long as the Second Priority Secured Parties (or the Second Priority Agent on their behalf) 

  

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have commenced any actions to enforce their Lien with respect to any Collateral to the extent permitted hereunder and are diligently pursuing such actions,
neither the First Priority Secured Parties nor the First Priority Agent shall take any action of a similar nature with respect to such Collateral; provided that all other provisions of this Intercreditor Agreement (including the turnover
provisions of Article IV) are complied with; 
 (ii) will not contest, protest or object to any foreclosure action or
proceeding brought by the First Priority Agent or any other First Priority Secured Party, or any other enforcement or exercise by any First Priority Secured Party of any rights or remedies relating to the Collateral under the First Priority Debt
Documents or an Insolvency or Liquidation Proceeding or in connection with a Liquidation Sale or otherwise, so long as Second Priority Liens attach to the proceeds thereof subject to the relative priorities set forth in Section 2.01(a);

 (iii) subject to the rights of the Second Priority Secured Parties under clause (i) above, will not object to the
forbearance by the First Priority Agent or any other First Priority Secured Party from commencing or pursuing any foreclosure action or proceeding or any other enforcement or exercise of any rights or remedies with respect to the Collateral;

 (iv) will not, so long as the Discharge of First Priority Claims has not occurred and except for Second Priority Permitted
Actions, take or receive any Collateral, or any proceeds thereof or payment with respect thereto, in connection with the exercise of any right or enforcement of any remedy (including any right of setoff) with respect to any Collateral or in
connection with any insurance policy award under a policy of insurance relating to any Collateral or any condemnation award (or deed in lieu of condemnation) relating to any Collateral; 
 (v) will not, except for Second Priority Permitted Actions, take any action that would, or could reasonably be expected to, hinder, in any
manner, any exercise of remedies under the First Priority Debt Documents, including any Disposition of any Collateral, whether by foreclosure or otherwise; 
 (vi) will not, except for Second Priority Permitted Actions, object to the manner in which the First Priority Agent or any other First Priority Secured Party may seek to enforce or collect the First Priority Claims or
the First Priority Liens, regardless of whether any action or failure to act by or on behalf of the First Priority Agent or any other First Priority Secured Party is, or could be, adverse to the interests of the Second Priority Secured Parties, and
will not assert, and hereby waive, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or other similar right that may be available under
applicable law with respect to the Collateral or any similar rights a junior secured creditor may have under applicable law; and 
  

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 (vii) will not attempt, directly or indirectly, whether by judicial proceeding or
otherwise, to challenge or question the validity or enforceability of any First Priority Claim or any First Priority Security Document, including this Agreement, or the validity or enforceability of the priorities, rights or obligations established
by this Agreement. 
 (b) The Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, agrees that,
whether or not any Insolvency or Liquidation Proceeding or Liquidation Sale has been commenced, the Third Priority Secured Parties: 
 (i) except for Third Priority Permitted Actions, will not, so long as the Discharge of First Priority Claims has not occurred and the Discharge of Second Priority Claims has not occurred (A) enforce or exercise, or seek to enforce or
exercise, any rights or remedies (including any right of setoff) with respect to any Collateral (including the enforcement of any right under any account control agreement, landlord waiver or bailee’s letter or any similar agreement or
arrangement to which the Third Priority Agent or any other Third Priority Secured Party is a party) or (B) commence or join with any Person (other than the First Priority Agent or the Second Priority Agent) in commencing, or petition for or
vote in favor of any resolution for, any action or proceeding with respect to such rights or remedies (including any foreclosure action); provided, however, that the Third Priority Agent may enforce or exercise any or all such rights
and remedies, or commence, join with any Person in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding, after a period of 120 days has elapsed (which period shall be tolled during any period in
which the First Priority Agent and the Second Priority Agent shall not be entitled to enforce or exercise any rights or remedies with respect to any Collateral as a result of (x) any injunction issued by a court of competent jurisdiction or
(y) the automatic stay or any other stay in any Insolvency or Liquidation Proceeding) since the date on which the Third Priority Agent has delivered to the First Priority Agent and the Second Priority Agent written notice of the acceleration of
the Indebtedness then outstanding under the Third Priority Debt Agreement (the “Third Lien Standstill Period”); provided further, however, that (1) notwithstanding the expiration of the Third Lien
Standstill Period or anything herein to the contrary, in no event shall the Third Priority Agent or any other Third Priority Secured Party enforce or exercise any rights or remedies with respect to any Collateral, or commence, join with any Person
at any time in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding, if the First Priority Agent or any other First Priority Secured Party or the Second Priority Agent or any other Second Priority Secured
Party shall have commenced, and shall be diligently pursuing (or shall have sought or requested relief from or modification of the automatic stay or any other stay in any Insolvency or Liquidation Proceeding to enable the commencement and pursuit
thereof), the enforcement or exercise of any rights or remedies with respect to any Collateral or any such action or proceeding (prompt written notice thereof to be given to the Third Priority 

  

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Agent by the First Priority Agent or the Second Priority Agent) and (2) after the expiration of the Third Lien Standstill Period, so long as none of the
First Priority Agent, the First Priority Secured Parties, the Second Priority Agent or the Second Priority Secured Parties have commenced any action to enforce their Lien on any material portion of the Collateral, in the event that and for so long
as the Third Priority Secured Parties (or the Third Priority Agent on their behalf) have commenced any actions to enforce their Lien with respect to any Collateral to the extent permitted hereunder and are diligently pursuing such actions, none of
the First Priority Secured Parties, the First Priority Agent, the Second Priority Secured Parties or the Second Priority Agent shall take any action of a similar nature with respect to such Collateral; provided that all other provisions of
this Intercreditor Agreement (including the turnover provisions of Article IV) are complied with; 
 (ii) will not contest,
protest or object to any foreclosure action or proceeding brought by the First Priority Agent or any other First Priority Secured Party or the Second Priority Agent or any other Second Priority Secured Party or any other enforcement or exercise by
any First Priority Secured Party or Second Priority Secured Party of any rights or remedies relating to the Collateral under the First Priority Debt Documents or the Second Priority Debt Documents, as applicable, or an Insolvency or Liquidation
Proceeding or in connection with a Liquidation Sale or otherwise, so long as Third Priority Liens attach to the proceeds thereof subject to the relative priorities set forth in Section 2.01(a); 
 (iii) subject to the rights of the Third Priority Secured Parties under clause (i) above, will not object to the forbearance by
the First Priority Agent or any other First Priority Secured Party or the Second Priority Agent or any other Second Priority Secured Party from commencing or pursuing any foreclosure action or proceeding or any other enforcement or exercise of any
rights or remedies with respect to the Collateral; 
 (iv) will not, so long as the Discharge of First Priority Claims and the
Discharge of Second Priority Claims have not occurred and except for Third Priority Permitted Actions, take or receive any Collateral, or any proceeds thereof or payment with respect thereto, in connection with the exercise of any right or
enforcement of any remedy (including any right of setoff) with respect to any Collateral or in connection with any insurance policy award under a policy of insurance relating to any Collateral or any condemnation award (or deed in lieu of
condemnation) relating to any Collateral; 
 (v) will not, except for Third Priority Permitted Actions, take any action that
would, or could reasonably be expected to, hinder, in any manner, any exercise of remedies under the First Priority Debt Documents or Second Priority Debt Documents, including any Disposition of any Collateral, whether by foreclosure or otherwise;

  

 25 

 (vi) will not, except for Third Priority Permitted Actions, object to the manner in which
the First Priority Agent or any other First Priority Secured Party or the Second Priority Agent or any other Second Priority Secured Party may seek to enforce or collect the First Priority Claims, the First Priority Liens, the Second Priority Claims
or the Second Priority Liens, respectively, regardless of whether any action or failure to act by or on behalf of the First Priority Agent or any other First Priority Secured Party or the Second Priority Agent or any other Second Priority Secured
Party is, or could be, adverse to the interests of the Third Priority Secured Parties, and will not assert, and hereby waive, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the benefit of any
marshalling, appraisal, valuation or other similar right that may be available under applicable law with respect to the Collateral or any similar rights a junior secured creditor may have under applicable law; and 
 (vii) will not attempt, directly or indirectly, whether by judicial proceeding or otherwise, to challenge or question the validity or
enforceability of any First Priority Claim, any First Priority Security Document, any Second Priority Claim or any Second Priority Security Document, including this Agreement, or the validity or enforceability of the priorities, rights or
obligations established by this Agreement. 
 (c) Each Person that holds Excess Claims agrees that, whether or not any Insolvency or
Liquidation Proceeding or Liquidation Sale has been commenced, such Person: 
 (i) except for Excess Claims Permitted Actions,
will not, so long as the Discharge of Second Priority Claims and the Discharge of Third Priority Claims has not occurred, (A) enforce or exercise, or seek to enforce or exercise, any rights or remedies (including any right of setoff) with
respect to any Collateral (including the enforcement of any right under any account control agreement, landlord waiver or bailee’s letter or any similar agreement or arrangement to which such Person is a party) or (B) commence or join with
any Person (other than the Second Priority Agent or the Third Priority Agent) in commencing, or petition for or vote in favor of any resolution for, any action or proceeding with respect to such rights or remedies (including any foreclosure action);

 (ii) will not contest, protest or object to any foreclosure action or proceeding brought by the Second Priority Agent or
any other Second Priority Secured Party or the Third Priority Agent or any other Third Priority Secured Party, or any other enforcement or exercise by any Second Priority Secured Party or any Third Priority Secured Party of any rights or remedies
relating to the Collateral under the Second Priority Debt Documents or the Third Priority Debt Documents, respectively, or an Insolvency or Liquidation Proceeding or in connection with a Liquidation Sale or otherwise, so long as Liens securing the
Excess Claims attach to the proceeds thereof subject to the relative priorities set forth in Section 2.01(b); 
  

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 (iii) subject to the rights of all such Persons under clause (i) above, will
not object to the forbearance by the Second Priority Agent or any other Second Priority Secured Party or the Third Priority Agent or any other Third Priority Secured Party from commencing or pursuing any foreclosure action or proceeding or any other
enforcement or exercise of any rights or remedies with respect to the Collateral; 
 (iv) will not, so long as the Discharge
of Second Priority Claims and the Discharge of Third Priority Claims has not occurred and except for Excess Claims Permitted Actions, take or receive any Collateral, or any proceeds thereof or payment with respect thereto, in connection with the
exercise of any right or enforcement of any remedy (including any right of setoff) with respect to any Collateral or in connection with any insurance policy award under a policy of insurance relating to any Collateral or any condemnation award (or
deed in lieu of condemnation) relating to any Collateral; 
 (v) will not, except for Excess Claims Permitted Actions, take
any action that would, or could reasonably be expected to, hinder, in any manner, any exercise of remedies under the Second Priority Debt Documents and the Third Priority Debt Documents, including any Disposition of any Collateral, whether by
foreclosure or otherwise; 
 (vi) will not, except for Excess Claims Permitted Actions, object to the manner in which the
Second Priority Agent or any other Second Priority Secured Party or the Third Priority Agent or any other Third Priority Secured Party may seek to enforce or collect the Second Priority Claims, the Second Priority Liens, the Third Priority Claims or
the Third Priority Liens, regardless of whether any action or failure to act by or on behalf of the Second Priority Agent, any other Second Priority Secured Party, Third Priority Agent or any other Third Priority Secured Party is, or could be,
adverse to the interests of all such Persons, and will not assert, and hereby waive, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or
other similar right that may be available under applicable law with respect to the Collateral or any similar rights a junior secured creditor may have under applicable law; and 
 (vii) will not attempt, directly or indirectly, whether by judicial proceeding or otherwise, to challenge or question the validity or
enforceability of any Second Priority Claim, Second Priority Security Document, Third Priority Claim or any Third Priority Security Document, including this Agreement, or the validity or enforceability of the priorities, rights or obligations
established by this Agreement. 
  

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 For the sake of clarity, the foregoing provisions of this Section 3.02(c) shall only apply to the
exercise of rights and remedies by the holders of Excess Claims in such capacity and shall not be applicable to the First Priority Secured Parties in respect of their exercise of rights and remedies with respect to their First Priority Claims.

 SECTION 3.03. Rights as Unsecured Creditors. (a) The Second Priority Agent and the other Second Priority Secured
Parties and the Third Priority Agent and the other Third Priority Secured Parties may, in accordance with the terms of the Second Priority Debt Documents and the Third Priority Secured Documents, respectively, and applicable law, enforce rights and
exercise remedies against any Grantor as unsecured creditors; provided that no such action is otherwise inconsistent with the terms of this Agreement. Without limiting the generality of the foregoing sentence, (x) the Second Priority
Secured Parties shall be entitled to prosecute litigation against any Grantor or any other Person liable in respect of the Second Priority Claims, notwithstanding whether any Second Lien Standstill Period is then in effect, but shall be prohibited
from taking any action to enforce any judgment until the lapse of any applicable Second Lien Standstill Period, and (y) the Third Priority Secured Parties shall be entitled to prosecute litigation against any Grantor or any other Person liable
in respect of the Third Priority Claims, notwithstanding whether any Third Lien Standstill Period is then in effect, but shall be prohibited from taking any action to enforce any judgment until the lapse of any applicable Third Lien Standstill
Period. Nothing in this Agreement shall prohibit the receipt by the Second Priority Agent or any other Second Priority Secured Party or the Third Priority Agent or any other Third Priority Secured Party of the required payments of principal,
premium, interest, fees and other amounts due under the Second Priority Debt Documents or the Third Priority Debt Documents, respectively, so long as such receipt is not the direct or indirect result of the enforcement or exercise by the Second
Priority Agent or any other Second Priority Secured Party or the Third Priority Agent or any other Third Priority Secured Party of rights or remedies in contravention of this Agreement as a secured creditor (including any right of setoff) against
Collateral or enforcement in contravention of this Agreement of any Second Priority Lien and any Third Priority Lien against Collateral (including any judgment lien resulting from the exercise of remedies available to an unsecured creditor).

 (b) Each Person that holds Excess Claims may, in accordance with the terms of the agreements, instruments and other documents evidencing
or governing the Excess Claims and applicable law, enforce rights and exercise remedies against any Grantor as unsecured creditors; provided that no such action is otherwise inconsistent with the terms of this Agreement. Nothing in this
Agreement shall prohibit the receipt by any such Person of the required payments of principal, premium, interest, fees and other amounts due under such agreements, instruments and other documents so long as such receipt is not the direct or indirect
result of the enforcement or exercise by any such Person of rights or remedies in contravention of this Agreement as a secured creditor (including any right of setoff) against Collateral or enforcement in contravention of this Agreement of any Lien
against Collateral that would constitute a First Priority Lien but for the fact that it purportedly secures any Excess Claims (including any judgment lien resulting from the exercise of remedies available to an unsecured creditor). 
  

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 SECTION 3.04. (i) Automatic Release of Second Priority Liens and Third Priority Liens.
(a) If, in connection with (A) any Disposition of any Collateral permitted under the terms of the First Priority Debt Documents or (B) the enforcement or exercise of any rights or remedies with respect to the Collateral, including any
Disposition of Collateral, the First Priority Agent, for itself and on behalf of the other First Priority Secured Parties, (x) releases any of the First Priority Liens, or (y) releases any Guarantor from its obligations under its guarantee
of the First Priority Claims (in each case, a “First Priority Release”), other than any such First Priority Release granted following (and not as a condition to) the Discharge of First Priority Claims, then the Second
Priority Liens and the Third Priority Liens on such Collateral, and the obligations of such Guarantor under its guarantee of the Second Priority Claims and the Third Priority Claims, shall be automatically, unconditionally and simultaneously
released, and the Second Priority Agent, for itself and on behalf of the other Second Priority Secured Parties, and the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, shall promptly execute and deliver to
the First Priority Agent, the relevant Grantor or such Guarantor such termination statements, releases and other documents as the First Priority Agent or the relevant Grantor or Guarantor may reasonably request and provide to effectively confirm
such First Priority Release; provided that, in the case of a Disposition of Collateral (other than any such Disposition in connection with the enforcement or exercise of any rights or remedies with respect to the Collateral) or a First Priority
Release of a Guarantor from its Guarantee (as defined in the Second Priority Debt Agreement as in effect on the date hereof) or from its Guarantee (as defined in the Third Priority Debt Agreement as in effect on the date hereof) (other than any such
First Priority Release in connection with the enforcement or exercise of any rights or remedies with respect to all of the Capital Stock of such Guarantor or all or substantially all of its assets), the Second Priority Liens and the Third Priority
Liens or the applicable Guarantee(s) shall not be so released if such Disposition or such First Priority Release is not permitted under the terms of the Second Priority Debt Agreement or the Third Priority Debt Agreement, as applicable. 

(ii) If, in connection with (A) any Disposition of any Collateral permitted under the terms of the Second Priority Debt Documents
or (B) the enforcement or exercise of any rights or remedies with respect to the Collateral, including any Disposition of Collateral, the Second Priority Agent, for itself and on behalf of the other Second Priority Secured Parties,
(x) releases any of the Second Priority Liens, or (y) releases any Guarantor from its obligations under its guarantee of the Second Priority Claims (in each case, a “Second Priority Release”), other than any such
Second Priority Release granted following (and not as a condition to) the Discharge of Second Priority Claims, then the Third Priority Liens on such Collateral, and the obligations of such Guarantor under its guarantee of the Third Priority Claims,
shall be automatically, unconditionally and simultaneously released, and the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, shall promptly execute and deliver to the Second Priority Agent, the relevant
Grantor or such Guarantor such termination statements, releases and other documents as the Second Priority Agent or the relevant Grantor or Guarantor may reasonably request and provide to effectively confirm such 

  

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Second Priority Release; provided that, in the case of a Disposition of Collateral (other than any such Disposition in connection with the enforcement
or exercise of any rights or remedies with respect to the Collateral) or a Second Priority Release of a Guarantor from its Guarantee (as defined in the Third Priority Debt Agreement as in effect on the date hereof) (other than any such Second
Priority Release in connection with the enforcement or exercise of any rights or remedies with respect to all of the Capital Stock of such Guarantor or all or substantially all of its assets), the Third Priority Liens or the applicable Guarantee(s)
shall not be so released if such Disposition or such Second Priority Release is not permitted under the terms of the Third Priority Debt Agreement, as applicable. 
 (b) (i) Until the Discharge of First Priority Claims occurs, the Second Priority Agent, for itself and on behalf of each other Second Priority Secured Party, and the Third Priority Agent, for itself and on behalf
of each other Third Priority Secured Party, hereby appoints the First Priority Agent, and any officer or agent of the First Priority Agent, with full power of substitution, as the attorney-in-fact of each Second Priority Secured Party and Third
Priority Secured Party for the purpose of carrying out the provisions of this Section 3.04 and taking any action and executing any instrument that the First Priority Agent may deem necessary or advisable to accomplish the purposes of this
Section 3.04 (including any endorsements or other instruments of transfer or release), which appointment is irrevocable and coupled with an interest. 
 (ii) After the Discharge of First Priority Claims and until the Discharge of Second Priority Claims occurs, the Third Priority Agent, for itself and on behalf of each other Third Priority Secured Party, hereby
appoints the Second Priority Agent, and any officer or agent of the Second Priority Agent, with full power of substitution, as the attorney-in-fact of each Third Priority Secured Party for the purpose of carrying out the provisions of this
Section 3.04 and taking any action and executing any instrument that the Second Priority Agent may deem necessary or advisable to accomplish the purposes of this Section 3.04 (including any endorsements or other instruments of transfer or
release), which appointment is irrevocable and coupled with an interest. 
 SECTION 3.05. Automatic Release of First Priority
Liens. (a) If, in connection with the enforcement or exercise of any rights or remedies with respect to the Collateral after the expiration of the Second Lien Standstill Period that is permitted in accordance with clause (2) of the
second proviso to Section 3.02(a)(i), including any Disposition of Collateral, the Second Priority Agent, for itself and on behalf of the other Second Priority Secured Parties, (x) releases any of the Second Priority Liens, or
(y) releases any Guarantor from its obligations under its guarantee of the Second Priority Claims (in each case, a “Second Priority Release”), then the First Priority Liens and the Third Priority Liens on such
Collateral, and the obligations of such Guarantor under its guarantee of the First Priority Claims and the Third Priority Claims, shall be automatically, unconditionally and simultaneously released, and the First Priority Agent, for itself and on
behalf of the other First Priority Secured Parties and the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, shall promptly 

  

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execute and deliver to the Second Priority Agent, the relevant Grantor or such Guarantor such termination statements, releases and other documents as the
Second Priority Agent or the relevant Grantor or Guarantor may reasonably request to effectively confirm such release; provided that so long as the Discharge of First Priority Claims has not occurred, the proceeds of, or payments with respect
to, any Second Priority Release that are received by the Second Priority Agent or any other Second Priority Secured Party, shall be segregated and held in trust and forthwith transferred or paid over to the First Priority Agent for the benefit of
the First Priority Secured Parties in accordance with Section 4.02(a); provided further, however, that the First Priority Lender shall not be obligated to release the First Priority Liens on any Collateral in connection with any
sale or other Disposition of Collateral to a Second Priority Secured Party or an affiliate thereof or any other transaction other than a sale of such Collateral to a third Person with respect to which at least 75% of the consideration therefor
consists of cash and cash equivalents. 
 (b) If, in connection with the enforcement or exercise of any rights or remedies with respect to
the Collateral after the expiration of the Third Lien Standstill Period that is permitted in accordance with clause (2) of the second proviso to Section 3.02(b)(i), including any Disposition of Collateral, the Third Priority Agent, for
itself and on behalf of the other Third Priority Secured Parties, (x) releases any of the Third Priority Liens, or (y) releases any Guarantor from its obligations under its guarantee of the Third Priority Claims (in each case, a
“Third Priority Release”), then the First Priority Liens and the Second Priority Liens on such Collateral, and the obligations of such Guarantor under its guarantee of the First Priority Claims and the Second Priority Claims,
shall be automatically, unconditionally and simultaneously released, and the First Priority Agent, for itself and on behalf of the other First Priority Secured Parties, and the Second Priority Agent, for itself and on behalf of the other Second
Priority Secured Parties, shall promptly execute and deliver to the Third Priority Agent, the relevant Grantor or such Guarantor such termination statements, releases and other documents as the Third Priority Agent or the relevant Grantor or
Guarantor may reasonably request to effectively confirm such release; provided that so long as the Discharge of First Priority Claims or the Discharge of Second Priority Claims have not both occurred, the proceeds of, or payments with respect
to, any Third Priority Release that are received by the Third Priority Agent or any other Third Priority Secured Party, shall be segregated and held in trust and forthwith transferred or paid over to the First Priority Agent for the benefit of the
First Priority Secured Parties or to the Second Priority Agent for the benefit of the Second Priority Secured Parties, each in accordance with Section 4.02(a); provided further, however, that neither the First Priority Lenders nor
the Second Priority Lenders shall be obligated to release the First Priority Liens or the Second Priority Liens, respectively, on any Collateral in connection with any sale or other Disposition of Collateral to a Third Priority Secured Party or an
affiliate thereof or any other transaction other than a sale of such Collateral to a third Person with respect to which at least 75% of the consideration therefor consists of cash and cash equivalents. 
 SECTION 3.06. Insurance and Condemnation Awards. So long as the Discharge of First Priority Claims has not occurred, the First Priority
Agent and the other First Priority Secured Parties shall have the exclusive right, subject to the rights of the 

  

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Grantors under the First Priority Debt Documents, to settle and adjust claims in respect of Collateral under policies of insurance covering Collateral and to
approve any award granted in any condemnation or similar proceeding, or any deed in lieu of condemnation, in respect of the Collateral. All proceeds of any such policy and any such award, or any payments with respect to a deed in lieu of
condemnation, shall (a) first, prior to the Discharge of First Priority Claims and subject to the rights of the Grantors under the First Priority Debt Documents, be paid to the First Priority Agent for the benefit of First Priority Secured
Parties pursuant to the terms of the First Priority Debt Documents, (b) second, after the Discharge of First Priority Claims and subject to the rights of the Grantors under the Second Priority Debt Documents, be paid to the Second Priority
Agent for the benefit of the Second Priority Secured Parties pursuant to the terms of the Second Priority Debt Documents, (c) third, after the Discharge of Second Priority Claims and subject to the rights of the Grantors under the Third
Priority Debt Documents, be paid to the Third Priority Agent for the benefit of the Third Priority Secured Parties pursuant to the terms of the Third Priority Debt Documents, (d) forth, after the Discharge of Third Priority Claims and subject
to the rights of the Grantors under the agreements, instruments and other documents evidencing or governing the Excess Claims, be paid to the Persons that hold Excess Claims pursuant to the terms of such agreements, instruments and other documents,
and (e) fifth, if no Excess Claims are outstanding, be paid to the owner of the subject property or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Priority Claims has occurred, if the Second Priority
Agent or any other Second Priority Secured Party or the Third Priority Agent or any other Third Priority Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall transfer and pay over
such proceeds to the First Priority Agent in accordance with Section 4.02. Following the occurrence of the Discharge of First Priority Claims, but until the Discharge of Second Priority Claims has occurred, if the Third Priority Agent or any
other Third Priority Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award or payment, it shall transfer and pay over such proceeds to the Second Priority Agent in accordance with Section 4.02.
Following the occurrence of the Discharge of First Priority Claims, the Discharge of Second Priority Claims, but until the Discharge of Third Priority Claims, if any Person that holds Excess Claims, at any time, receives any proceeds of any such
insurance policy or any such award or payment, it shall transfer and pay over such proceeds to the Second Priority Agent in accordance with Section 4.02. 
 SECTION 3.07. Notification of Release of Collateral. Each of the First Priority Agent, the Second Priority Agent and the Third Priority Agent shall give the other prompt written notice of the Disposition
by it of, and Release by it of the Lien on, any Collateral. Such notice shall describe in reasonable detail the subject Collateral, the parties involved in such Disposition or Release, the place, time manner and method thereof, and the
consideration, if any, received therefor; provided, however, that the failure to give any such notice shall not in and of itself in any way impair the effectiveness of any such Disposition or Release. 
 SECTION 3.08. Automatic Release of Liens with respect to Excess Claims. If, after the Discharge of First Priority Claims has occurred,
there is a Second 

  

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Priority Release or a Third Priority Release, as the case may be, then the Liens securing the Excess Claims on such Collateral, and the obligations of such
Guarantor under its guarantee of the Excess Claims, shall be automatically, unconditionally and simultaneously released, and the First Priority Agent shall, for itself and on behalf of the other First Priority Secured Parties, promptly execute and
deliver to the Other Priority Agent, the relevant Grantor or such Guarantor such termination statements, releases and other documents as the Other Priority Agent or the relevant Grantor or Guarantor may reasonably request to effectively confirm such
release. 
 ARTICLE IV 
 Payments 
 SECTION 4.01. Application of Proceeds. Any Collateral or proceeds thereof received by any
Secured Party or any Person that holds Excess Claims in connection with any Disposition of, or collection on, such Collateral upon the enforcement or exercise of any right or remedy (including any right of setoff) shall be applied as follows:

 first, to the payment of costs and expenses of the applicable Secured Party in connection with such enforcement or
exercise, 
 second, after all such costs and expenses have been paid in full, to the payment of the First Priority
Claims, 
 third, after all such costs and expenses have been paid in full and the Discharge of First Priority Claims
has occurred, to the payment of the Second Priority Claims, 
 fourth, after all such costs and expenses have been paid
in full and the Discharge of Second Priority Claims has occurred, to the payment of the Third Priority Claims, and 
 fourth, after all such costs and expenses have been paid in full, the Discharge of First Priority Claims has occurred, the Discharge of Second Priority Claims has occurred, and the Discharge of Third Priority Claims has occurred, to
the payment of any Excess Claims. 
 After all such costs and expenses have been paid in full, the Discharge of First Priority Claims has occurred, the
Discharge of Second Priority Claims has occurred, the Discharge of Third Priority Claims has occurred and all Excess Claims have been paid in full, any surplus Collateral or proceeds then remaining shall be returned to the applicable Grantor or to
whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 
 SECTION 4.02. Payment
Over. (a) So long as the Discharge of First Priority Claims has not occurred, any Collateral or any proceeds thereof (together with assets or proceeds subject to Liens referred to in the final sentence of Section 2.03(a)) 

  

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received by the Second Priority Agent or any other Second Priority Secured Party or the Third Priority Agent or any other Third Priority Secured Party in
connection with any Disposition of, or collection on, such Collateral upon the enforcement or the exercise of any right or remedy (including any right of setoff) with respect to the Collateral, or in connection with any insurance policy claim or any
condemnation award (or deed in lieu of condemnation), shall be segregated and held in trust and forthwith transferred or paid over to the First Priority Agent for the benefit of the First Priority Secured Parties in the same form as received,
together with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Priority Claims occurs, the Second Priority Agent, for itself and on behalf of each other Second Priority Secured
Party, and the Third Priority Agent, for itself and on behalf of each other Third Priority Secured Party hereby appoints the First Priority Agent, and any officer or agent of the First Priority Agent, with full power of substitution, the
attorney-in-fact of each Second Priority Secured Party and each Third Priority Secured Party for the purpose of carrying out the provisions of this Section 4.02(a) and taking any action and executing any instrument that the First Priority Agent
may deem necessary or advisable to accomplish the purposes of this Section 4.02(a), which appointment is irrevocable and coupled with an interest. 
 (b) (i) So long as the Discharge of First Priority Claims has occurred and the Discharge of Second Priority Claims has not occurred, any Collateral or any proceeds thereof (together with assets or proceeds
subject to Liens referred to in the final sentence of Section 2.03(b)) received by Third Priority Agent or any other Third Priority Secured Party in connection with any Disposition of, or collection on, such Collateral upon the enforcement or
the exercise of any right or remedy (including any right of setoff) with respect to the Collateral, or in connection with any insurance policy claim or any condemnation award (or deed in lieu of condemnation), shall be segregated and held in trust
and forthwith transferred or paid over to the Second Priority Agent for the benefit of the Second Priority Secured Parties in the same form as received, together with any necessary endorsements, or as a court of competent jurisdiction may otherwise
direct. Until the Discharge of Second Priority Claims occurs, the Third Priority Agent, for itself and on behalf of each other Third Priority Secured Party hereby appoints the Second Priority Agent, and any officer or agent of the Second Priority
Agent, with full power of substitution, the attorney-in-fact of each Third Priority Secured Party for the purpose of carrying out the provisions of this Section 4.02(b) and taking any action and executing any instrument that the Second Priority
Agent may deem necessary or advisable to accomplish the purposes of this Section 4.02(b), which appointment is irrevocable and coupled with an interest. 
 (ii) So long as the Discharge of First Priority Claims and the Discharge of Second Priority Claims have occurred and the Discharge of Third Priority Claims has not occurred, any Collateral or any proceeds thereof
(together with assets or proceeds subject to Liens referred to in the final sentence of Section 2.03(b)) received by any Person that holds Excess Claims in connection with any Disposition of, or collection on, such Collateral upon the
enforcement or the exercise of any right or remedy (including any right of setoff) with respect to the Collateral, or in connection with any insurance policy claim or any condemnation award (or deed in lieu of condemnation), 

  

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shall be segregated and held in trust and forthwith transferred or paid over to the Third Priority Agent for the benefit of the Third Priority Secured
Parties in the same form as received, together with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. Until the Discharge of Third Priority Claims occurs, each Person that holds any Excess Claims hereby
appoints the Third Priority Agent, and any officer or agent of the Third Priority Agent, with full power of substitution, the attorney-in-fact of each such Person for the purpose of carrying out the provisions of this Section 4.02(b) and taking
any action and executing any instrument that the Third Priority Agent may deem necessary or advisable to accomplish the purposes of this Section 4.02(b), which appointment is irrevocable and coupled with an interest. 
 SECTION 4.03. Certain Agreements with Respect to Unenforceable Liens. (a) Notwithstanding anything to the contrary contained herein,
(x) if in any Insolvency or Liquidation Proceeding a determination is made that any First Priority Lien encumbering any Collateral is not enforceable for any reason, then the Second Priority Agent, the Second Priority Secured Parties, the Third
Priority Agent and the Third Priority Secured Parties agree that, any distribution or recovery they may receive with respect to, or allocable to, the value of the assets constituting Collateral subject to an enforceable Lien in favor of the Second
Priority Secured Parties or the Third Priority Secured Parties or any proceeds thereof shall (for so long as the Discharge of First Priority Claims has not occurred) be segregated and held in trust and forthwith paid over to the First Priority Agent
for the benefit of the First Priority Secured Parties in the same form as received without recourse, representation or warranty (other than a representation of the Second Priority Agent that it has not otherwise sold, assigned, transferred or
pledged any right, title or interest in and to such distribution or recovery) but with any necessary endorsements or as a court of competent jurisdiction may otherwise direct and (y) after the Discharge of First Priority Claims occurs, if in
any Insolvency or Liquidation Proceeding a determination is made that any Second Priority Lien encumbering any Collateral is not enforceable for any reason, then the Third Priority Agent and the Third Priority Secured Parties agree that, any
distribution or recovery they may receive with respect to, or allocable to, the value of the assets constituting Collateral subject to an enforceable Lien in favor of the Third Priority Secured Parties or any proceeds thereof shall (for so long as
the Discharge of Second Priority Claims has not occurred) be segregated and held in trust and forthwith paid over to the Second Priority Agent for the benefit of the Second Priority Secured Parties in the same form as received without recourse,
representation or warranty (other than a representation of the Third Priority Agent that it has not otherwise sold, assigned, transferred or pledged any right, title or interest in and to such distribution or recovery) but with any necessary
endorsements or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Priority Claims occurs, the Second Priority Agent, for itself and on behalf of each other Second Priority Secured Party, and the Third Priority
Agent, for itself and on behalf of each other Third Priority Secured Party, hereby appoints the First Priority Agent, and any officer or agent of the First Priority Agent, with full power of substitution, the attorney-in-fact of each Second Priority
Secured Party and each Third Priority Secured Party for the limited purpose of carrying out the provisions of this Section 4.03(a) and taking any action and executing any instrument that the First Priority Agent may deem necessary or advisable
to accomplish the purposes of this Section 4.03(a), which appointment is 

  

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irrevocable and coupled with an interest. After the Discharge of First Priority Claims occurs, and until the Discharge of Second Priority Claims, the Third
Priority Agent, for itself and on behalf of each other Third Priority Secured Party, hereby appoints the Second Priority Agent, and any officer or agent of the Second Priority Agent, with full power of substitution, the attorney-in-fact of each
Third Priority Secured Party for the limited purpose of carrying out the provisions of this Section 4.03(a) and taking any action and executing any instrument that the Second Priority Agent may deem necessary or advisable to accomplish the
purposes of this Section 4.03(a), which appointment is irrevocable and coupled with an interest. 
 (b) Notwithstanding anything to the
contrary contained herein, if in any Insolvency or Liquidation Proceeding a determination is made that any Lien encumbering any Collateral is not enforceable for any reason, then Persons holding any Excess Claims agree that, any distribution or
recovery they may receive with respect to, or allocable to, the value of the assets intended to constitute such Collateral or any proceeds thereof shall, (i) (for so long as so long as the Discharge of First Priority Claims has occurred and the
Discharge of Second Priority Claims has not occurred) be segregated and held in trust and forthwith paid over to the Second Priority Agent for the benefit of the Second Priority Secured Parties in the same form as received without recourse,
representation or warranty (other than a representation of any such Person that it has not otherwise sold, assigned, transferred or pledged any right, title or interest in and to such distribution or recovery) but with any necessary endorsements or
as a court of competent jurisdiction may otherwise direct, and after the Discharge of First Priority Claims has occurred and until the Discharge of Second Priority Claims occurs, each Person holding Excess Claims, hereby appoints the Second Priority
Agent, and any officer or agent of the Second Priority Agent, with full power of substitution, the attorney-in-fact of such Person for the limited purpose of carrying out the provisions of this Section 4.03(b) and taking any action and
executing any instrument that the First Priority Agent may deem necessary or advisable to accomplish the purposes of this Section 4.03(b), which appointment is irrevocable and coupled with an interest; and (ii) (for so long as so long as
the Discharge of Second Priority Claims has occurred and the Discharge of Third Priority Claims has not occurred) be segregated and held in trust and forthwith paid over to the Third Priority Agent for the benefit of the Third Priority Secured
Parties in the same form as received without recourse, representation or warranty (other than a representation of any such Person that it has not otherwise sold, assigned, transferred or pledged any right, title or interest in and to such
distribution or recovery) but with any necessary endorsements or as a court of competent jurisdiction may otherwise direct, and after the Discharge of Second Priority Claims has occurred and until the Discharge of Third Priority Claims occurs, each
Person holding Excess Claims, hereby appoints the Third Priority Agent, and any officer or agent of the Third Priority Agent, with full power of substitution, the attorney-in-fact of such Person for the limited purpose of carrying out the provisions
of this Section 4.03(b) and taking any action and executing any instrument that the Second Priority Agent may deem necessary or advisable to accomplish the purposes of this Section 4.03(b), which appointment is irrevocable and coupled with
an interest. 
  

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 ARTICLE V 
 Bailment for Perfection of Certain Security Interests 
 (a) The Controlling Agent agrees that
if it shall at any time hold a First Priority Lien or a Second Priority Lien, as the case may be, on any Collateral that can be perfected or the priority of which can be enhanced by the possession or control of such Collateral or of any account in
which such Collateral is held, and if such Collateral or any such account is in fact in the possession or under the control of the Controlling Agent, or of agents or bailees of the Controlling Agent (such Collateral being referred to herein as the
“Pledged or Controlled Collateral”), the Controlling Agent shall, solely for the purpose of perfecting the Other Priority Liens and subject to the terms and conditions of this Article V, also (i) hold and/or maintain
control of such Pledged or Controlled Collateral as gratuitous bailee for and representative (as defined in Section 1-201(35) of the Uniform Commercial Code as in effect in the State of New York) of, or as agent for, the Other Priority Agents,
(ii) with respect to any securities accounts included in the Collateral, have “control” (within the meaning of Section 8-106(d)(3) of the UCC) of such securities accounts on behalf of the Other Priority Agents and (iii) with
respect to any deposit accounts included in the Collateral, act as agent for the Other Priority Agents and any assignee. 
 (b) The
Controlling Agent shall be entitled to deal with the Pledged or Controlled Collateral in accordance with the terms of this Agreement and the other applicable Debt Documents as if the Other Priority Liens did not exist. The obligations and
responsibilities of the Controlling Agent to the Other Priority Agents and the Other Priority Secured Parties under this Article V shall be limited solely to holding or controlling the Pledged or Controlled Collateral as gratuitous bailee and
representative (as defined in Section 1-201(35) of the Uniform Commercial Code as in effect in the State of New York) in accordance with this Article V. Without limiting the foregoing, the Controlling Agent shall have no obligation or
responsibility to ensure that any Pledged or Controlled Collateral is genuine or owned by any of the Grantors. The Controlling Agent acting pursuant to this Article V shall not, by reason of this Agreement, any other Security Document or any other
document, have a fiduciary relationship in respect of any Other Priority Secured Party. 
 (c) Upon the Discharge of First Priority Claims or
the Discharge of Second Priority Claims, as applicable, the Controlling Agent shall transfer the possession and control of the Pledged or Controlled Collateral, together with any necessary endorsements but without recourse or warranty, (i) if
the Second Priority Claims are outstanding at such time, to the Second Priority Agent, (ii) if no Second Priority Claims are outstanding at such time and any Third Priority Claims are outstanding at such time, to the Third Priority Agent,
(iii) if no Second Priority Claims or Third Priority Claims are outstanding at such time and any Excess Claims are outstanding at such time, to the Persons holding such Excess Claims, and (iv) if no Second Priority Claims, no Third
Priority Claims, and no Excess Claims are outstanding at such time, to the applicable Grantor, in each case so as to allow such Person to obtain possession and control of such Pledged or Controlled Collateral. In connection with any transfer under
clause (i) of the 

  

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immediately preceding sentence, the Controlling Agent agrees, at the expense of the Grantors, to take all actions in its power as shall be reasonably
requested by the successor Controlling Agent to permit such successor Controlling Agent to obtain, for the benefit of the Other Priority Secured Parties, a first priority security interest in the Pledged or Controlled Collateral. 
 ARTICLE VI 
 Insolvency or Liquidation
Proceedings 
 SECTION 6.01. Finance and Sale Matters. (a) Until the Discharge of First Priority Claims has
occurred, the Second Priority Agent, for itself and on behalf of the other Second Priority Secured Parties, and the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, agrees that, in the event of any
Insolvency or Liquidation Proceeding, the Second Priority Secured Parties and the Third Priority Secured Parties: 
 (i) will
not oppose or object to the use of any Collateral constituting cash collateral under Section 363 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, unless the First Priority Secured Parties, or a representative
authorized by the First Priority Secured Parties, shall oppose or object to such use of cash collateral; 
 (ii) (A) will
not oppose or object to any post-petition financing provided to any Grantor, whether provided by the First Priority Secured Parties or any other Person, under Section 364 of the Bankruptcy Code, or any comparable provision of any other
Bankruptcy Law (a “First DIP Financing”), or the Liens securing any First DIP Financing (“First DIP Financing Liens”), unless the First Priority Secured Parties, or a representative authorized by the
First Priority Secured Parties, shall then oppose or object to such First DIP Financing or such First DIP Financing Liens, and, to the extent that such First DIP Financing Liens are senior to, or rank pari passu with, the First Priority Liens
on the Collateral, or the First Priority Claims are (x) included as obligations under such First DIP Financing or (y) are repaid with proceeds of the First DIP Financing, the Second Priority Agent will, for itself and on behalf of the
other Second Priority Secured Parties, subordinate the Second Priority Liens on the Collateral and the Third Priority Agent will, for itself and on behalf of the other Third Priority Secured Parties, subordinate the Third Priority Liens on the
Collateral, in each case, to the First Priority Liens on the Collateral, if applicable, and to the First DIP Financing Liens (including if the First Priority Claims are (x) included as obligations under such First DIP Financing or (y) are
repaid with proceeds of the First DIP Financing) on the terms of this Agreement (and each Person holding any Excess Claims will subordinate its Liens securing such Excess Claims to the Third Priority Claims, the Second Priority Claims, the First
Priority Liens and the First DIP Financing Liens on the terms of this Agreement); and (B) will not propose any First DIP Financing to any Grantor. 

  

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Notwithstanding anything to the contrary, the Second Priority Secured Parties and the Third Priority Secured Parties retain their rights under the Bankruptcy
Code to make post-petition financing proposals and such proposals shall not be deemed to be an objection to any other First DIP Financing proposals so long as (x) any court order approving such post-petition financing requires that the First
Priority Claims be paid in full in cash as a condition to such post-petition financing, and (y) the First Priority Claims are paid in full in cash on the date of such post-petition financing, which date shall be no later than 10 days after the
date on which such post-petition financing is approved by the court in which such Insolvency or Liquidation Proceeding is pending; 
 (iii) except to the extent permitted by paragraph (c) of this Section 6.01, in connection with the use of cash collateral as described in clause (i) above or a First DIP Financing, will not request adequate protection with
respect to any Collateral or any other relief in connection with such use of cash collateral, First DIP Financing or First DIP Financing Liens; and 
 (iv) will not oppose or object to any Disposition of any Collateral free and clear of the Second Priority Liens, the Third Priority Liens or other claims under Section 363 of the Bankruptcy Code, or any
comparable provision of any other Bankruptcy Law, if the First Priority Secured Parties, or a representative authorized by the First Priority Secured Parties, shall consent to such Disposition. 
 (b) After the Discharge of First Priority Claims and until the Discharge of Second Priority Claims, the Third Priority Agent, for itself and on behalf of the other Third
Priority Secured Parties, agrees that, in the event of any Insolvency or Liquidation Proceeding, the Third Priority Secured Parties and the Third Priority Secured Parties: 
 (i) will not oppose or object to the use of any Collateral constituting cash collateral under Section 363 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, unless the Second
Priority Secured Parties, or a representative authorized by the Second Priority Secured Parties, shall oppose or object to such use of cash collateral; 
 (ii) (A) will not oppose or object to any post-petition financing provided to any Grantor, whether provided by the Second Priority Secured Parties or any other Person, under Section 364 of the Bankruptcy
Code, or any comparable provision of any other Bankruptcy Law (a “Second DIP Financing”), or the Liens securing any Second DIP Financing (“Second DIP Financing Liens”), unless the Second Priority
Secured Parties, or a representative authorized by the Second Priority Secured Parties, shall then oppose or object to such Second DIP Financing or such Second DIP Financing Liens, and, to the extent that such Second DIP Financing Liens are senior
to, or rank pari passu with, the Second Priority Liens on the Collateral, or the Second Priority Claims are (x) included as obligations under such Second DIP Financing or (y) are repaid with proceeds of the Second DIP Financing, the
Third Priority Agent will, for itself and on behalf of the other Third Priority Secured Parties, subordinate the Third Priority Liens on the 

  

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Collateral to the Second Priority Liens on the Collateral, if applicable, and to the Second DIP Financing Liens (including if the Second Priority Claims are
(x) included as obligations under such Second DIP Financing or (y) are repaid with proceeds of the Second DIP Financing) on the terms of this Agreement (and each Person holding any Excess Claims will subordinate its Liens securing such
Excess Claims to the Third Priority Claims, the Second Priority Claims, and the Second DIP Financing Liens on the terms of this Agreement); and (B) will not propose any Second DIP Financing to any Grantor. Notwithstanding anything to the
contrary, the Third Priority Secured Parties retain their rights under the Bankruptcy Code to make post-petition financing proposals and such proposals shall not be deemed to be an objection to any other Second DIP Financing proposals so long as
(x) any court order approving such post-petition financing requires that the Second Priority Claims be paid in full in cash as a condition to such post-petition financing, and (y) the Second Priority Claims are paid in full in cash on the
date of such post-petition financing, which date shall be no later than 10 days after the date on which such post-petition financing is approved by the court in which such Insolvency or Liquidation Proceeding is pending; 
 (iii) except to the extent permitted by paragraph (c) of this Section 6.01, in connection with the use of cash collateral as described in
clause (i) above or a Second DIP Financing, will not request adequate protection with respect to any Collateral or any other relief in connection with such use of cash collateral, Second DIP Financing or Second DIP Financing Liens; and

 (iv) will not oppose or object to any Disposition of any Collateral free and clear of the Third Priority Liens, or other claims under
Section 363 of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, if the Second Priority Secured Parties, or a representative authorized by the Second Priority Secured Parties, shall consent to such Disposition.

 (c) (i) The Second Priority Agent, for itself and on behalf of the other Second Priority Secured Parties, and the Third Priority Agent, for itself
and on behalf of the other Third Priority Secured Parties, agrees that no Second Priority Secured Party or Third Priority Secured Party shall contest, or support any other Person in contesting, (x) any request by the First Priority Agent or any
other First Priority Secured Party for adequate protection in respect of any First Priority Claims or (y) any objection, based on a claim of a lack of adequate protection with respect of any First Priority Claims, by the First Priority Agent or
any other First Priority Secured Party to any motion, relief, action or proceeding. Notwithstanding the immediately preceding sentence, if, in connection with any First DIP Financing or use of cash collateral, (A) any First Priority Secured
Party is granted adequate protection in the form of a Lien on additional collateral, the Second Priority Agent may, for itself and on behalf of the other Second Priority Secured Parties and the Third Priority Agent may, for itself and on behalf of
the other Third Priority Secured Parties, seek or request adequate protection in the form of a Lien on such additional collateral, which Lien will be subordinated to the First Priority Liens (and to the Second Priority Liens, in the case of the
Third Priority Claims) and First DIP Financing Liens on the same basis as the other Second Priority Liens and the Third Priority Liens are subordinated to the First Priority Liens (or to the Second Priority Liens, in the case of the 

  

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Third Priority Claims) under this Agreement, (B) any Second Priority Secured Party is granted adequate protection in the form of a Lien on additional
collateral, the First Priority Agent shall, for itself and on behalf of the other First Priority Secured Parties, be granted adequate protection in the form of a Lien on such additional collateral as security for the First Priority Claims that is
senior to such Second Priority Lien on the same basis as the other Second Priority Liens are subordinated to the First Priority Liens and senior to the Third Priority Liens under this Agreement, and (C) any Third Priority Secured Party is
granted adequate protection in the form of a Lien on additional collateral, the First Priority Agent will, for itself and on behalf of the other First Priority Secured Parties and the Second Priority Agent will, for itself and on behalf of the other
Second Priority Secured Parties, be granted adequate protection in the form of a Lien on such additional collateral that is senior to such Third Priority Lien as security for the First Priority Claims and the Second Priority Claims, as the case may
be, on the same basis as the other Third Priority Liens are subordinated to the First Priority Liens and the Second Priority Liens under this Agreement. 
 (ii) After the Discharge of First Priority Claims, the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, will agree that no Third Priority Secured Party, as the case may be,
may contest, or support any other Person in contesting, (x) any request by the Second Priority Agent or any other Second Priority Secured Party for adequate protection in respect of any Second Priority Claims or (y) any objection, based on
a claim of a lack of adequate protection with respect of any Second Priority Claims, by the Second Priority Agent or any other Second Priority Secured Party to any motion, relief, action or proceeding. Notwithstanding the immediately preceding
sentence, if, in connection with any Second DIP Financing or use of cash collateral, (A) any Second Priority Secured Party is granted adequate protection in the form of a Lien on additional collateral, the Third Priority Agent may, for itself
and on behalf of the other Third Priority Secured Parties, seek or request adequate protection in the form of a Lien on such additional collateral, which Lien will be subordinated to the Second Priority Liens and Second DIP Financing Liens on the
same basis as the other Third Priority Liens are subordinated to the Second Priority Liens under this Agreement and (B) any Third Priority Secured Party is granted adequate protection in the form of a Lien on additional collateral, the Second
Priority Agent will, for itself and on behalf of the other Second Priority Secured Parties, be granted adequate protection in the form of a Lien on such additional collateral as security for the Second Priority Claims that is senior to such Third
Priority Lien on the same basis as the other Third Priority Liens are subordinated to the Second Priority Liens. 
 (d) Notwithstanding the
foregoing, the applicable provisions of Section 6.01(a) and (c) above shall only be binding on the Second Priority Secured Parties and the Third Priority Secured Parties with respect to any First DIP Financing to the extent the principal
amount of such First DIP Financing, when taken together with the aggregate principal amount of the First Priority Claims (which, in each case, for the avoidance of doubt shall not include any First Priority Claims of the type described in clause
(b) or (c) of the first paragraph of the definition thereof), does not exceed the sum of (i) the Maximum First Priority Indebtedness Amount, and (ii) $5,000,000. 
  

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 (e) Notwithstanding the foregoing, the applicable provisions of Section 6.01(b) and (c) above
shall only be binding on the Third Priority Secured Parties with respect to any Second DIP Financing to the extent the principal amount of such Second DIP Financing, when taken together with the aggregate principal amount of the Second Priority
Claims and any First Priority Claims (which, in each case, for the avoidance of doubt shall not include any First Priority Claims of the type described in clause (b) or (c) of the first paragraph of the definition thereof), does not exceed
the sum of (i) the Maximum Second Priority Indebtedness Amount, (ii) the Maximum First Priority Indebtedness Amount, and (iii) $5,000,000. 
 SECTION 6.02. Relief from the Automatic Stay. The Second Priority Agent, for itself and on behalf of the other Second Priority Secured Parties and the Third Priority Agent, for itself and on behalf of
the other Third Priority Secured Parties, each agrees that, so long as the Discharge of First Priority Claims has not occurred, no Second Priority Secured Party or Third Priority Secured Party shall, without the prior written consent of the First
Priority Agent, seek or request relief from or modification of the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of any part of the Collateral, any proceeds thereof or any Second Priority Lien or Third
Priority Lien on the Collateral. After the Discharge of First Priority Claims, the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties will each agree that, so long as the Discharge of Second Priority Claims
has not occurred, no Third Priority Secured Party shall, without the prior written consent of the Second Priority Agent, seek or request relief from or modification of the automatic stay or any other stay in any Insolvency or Liquidation Proceeding
in respect of any part of the Collateral, any proceeds thereof or any Third Priority Lien on the Collateral. 
 SECTION 6.03.
Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed, pursuant to a plan of reorganization
or similar dispositive restructuring plan, on account of the First Priority Claims, the Second Priority Claims, the Third Priority Claims, and any Excess Claims, then, to the extent the debt obligations distributed on account of the First Priority
Claims, on account of the Second Priority Claims, on account of the Third Priority Claims, and on account of any Excess Claims are secured by Liens upon the same assets or property, the provisions of this Agreement will survive the distribution of
such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 
 SECTION 6.04.
Post-Petition Interest. (a) The Second Priority Agent, for itself and on behalf of the other Second Priority Secured Parties, and the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, each
agrees that no Second Priority Secured Party or Third Priority Secured Party shall oppose or seek to challenge any claim by the First Priority Agent or any other First Priority Secured Party for allowance in any Insolvency or Liquidation Proceeding
of First Priority Claims consisting of post-petition interest, fees or expenses to the extent of the value of the First Priority Liens (it being understood and agreed that such value shall be determined without regard to the existence of the Second
Priority Liens or Third Priority Liens on the Collateral). 
  

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 (b) The First Priority Agent, for itself and on behalf of the other First Priority Secured Parties,
agrees that the Second Priority Agent or any other Second Priority Secured Party or the Third Priority Agent or any Third Priority Secured Party may make a claim for allowance in any Insolvency or Liquidation Proceeding of Second Priority Claims or
Third Priority Claims consisting of post-petition interest, fees or expenses to the extent of the value of the Second Priority Liens or Third Priority Liens; provided, however, that (i) if the First Priority Secured Parties shall
have made any such claim, such claim (A) shall have also have been approved or (B) shall have been approved prior to, or will be approved contemporaneous with, the approval of any such claim by any Second Priority Secured Party or any
Third Priority Secured Party and (ii) each First Priority Secured Party may oppose or seek to challenge any such claim. 
 (c) After the Discharge of First Priority Claims, the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties agree that no Third Priority Secured Party, shall oppose or seek to challenge any claim by
the Second Priority Agent or any other Second Priority Secured Party for allowance in any insolvency or liquidation proceeding of Second Priority Claims consisting of post-petition interest, fees or expenses to the extent of the value of the Second
Priority Liens (it being understood and agreed that such value will be determined without regard to the existence of the Third Priority Liens on the Collateral). The Second Priority Agent, for itself and on behalf of the other Second Priority
Secured Parties, agree that the Third Priority Agent of any other Third Priority Secured Party may make a claim for allowance in any insolvency or liquidation proceeding of Third Priority Claims consisting of post-petition interest, fees or expenses
to the extent of the value of the Third Priority Claims; provided, however, that (i) if the Second Priority Secured Parties shall have made any such claim, such claim (A) shall have also have been approved or (B) will be
approved contemporaneous with the approval of any such claim by any Third Priority Secured Party and (ii) each Second Priority Secured Party may oppose or seek to challenge any such claim. 
 SECTION 6.05. Certain Waivers by the Second Priority Secured Parties and the Third Priority Secured Parties. The Second Priority Agent, for
itself and on behalf of the other Second Priority Secured Parties, and the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, waives any claim any Second Priority Secured Party or any Third Priority Secured
Party may hereafter have against any First Priority Secured Party arising out of (a) the election by any First Priority Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code, or any comparable provision of any other
Bankruptcy Law, or (b) any use of cash collateral or financing arrangement, or any grant of a security interest in the Collateral, in any Insolvency or Liquidation Proceeding. After the Discharge of First Priority Claims, the Third Priority
Agent, for itself and on behalf of the other Third Priority Secured Parties, waives any claim any Third Priority Secured Party may hereafter have against any Second Priority Secured Party arising out of (x) the election by any Second Priority
Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code, or any comparable provision of any other Bankruptcy Law, or (y) any use of cash collateral or financing arrangement, or any grant of a security interest in the
Collateral, in any Insolvency or Liquidation Proceeding. 
  

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 SECTION 6.06. Certain Voting Matters. Each of the First Priority Agent, on behalf of the
First Priority Secured Parties, the Second Priority Agent on behalf of the Second Priority Secured Parties, and the Third Priority Agent on behalf of the Third Priority Secured Parties, agrees that, without the written consent of the other, it will
not seek to vote with the other as a single class in connection with any plan of reorganization in any Insolvency or Liquidation Proceeding. Except as provided in this Section 6.06, nothing in this Agreement is intended, or shall be construed,
to limit the ability of the Second Priority Agent, the Second Priority Secured Parties, the Third Priority Agent or the Third Priority Secured Parties to vote on any plan of reorganization that maintains the lien subordination provisions of this
Agreement or of either the First Priority Secured Parties, the Second Priority Secured Parties, or the Third Priority Secured Parties to contest any plan of reorganization that does not maintain the lien subordination provisions of this Agreement.

 ARTICLE VII 
 Other
Agreements 
 SECTION 7.01. Matters Relating to Debt Documents. Each of the Company and Second Priority Agent agrees
that the Second Priority Debt Agreement and each Second Priority Security Document shall contain the applicable provisions set forth on Annex I hereto, or similar provisions approved by the First Priority Agent, which approval shall not be
unreasonably withheld or delayed. Each of the Company and the Second Priority Agent further agrees that each Second Priority Mortgage covering any Collateral shall contain such other language as the First Priority Agent may reasonably request to
reflect the subordination of such Second Priority Mortgage to the First Priority Security Document covering such Collateral pursuant to this Agreement. 
 (b) Each of the Company and the Third Priority Agent agrees that the Third Priority Debt Agreement and each Third Priority Security Document shall contain the applicable provisions set forth on Annex I hereto, or
similar provisions approved by the First Priority Agent, which approval shall not be unreasonably withheld or delayed. Each of the Company and the Third Priority Agent further agrees that each Third Priority Mortgage covering any Collateral shall
contain such other language as the First Priority Agent may reasonably request to reflect the subordination of such Second Priority Mortgage to the First Priority Security Document covering such Collateral pursuant to this Agreement. 
 SECTION 7.02. Effect of Refinancing of Indebtedness under First Priority Debt Documents. If, substantially contemporaneously with the
Discharge of First Priority Claims, the Grantors Refinance Indebtedness outstanding under the First Priority Debt Documents and provided that (a) such Refinancing is permitted hereby and (b) the Company gives to the Second Priority Agent
and the Third Priority Agent written notice (the “Refinancing Notice”) electing the application of the provisions of this 

  

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Section 7.02 to such Refinancing Indebtedness, then (i) such Discharge of First Priority Claims shall automatically be deemed not to have occurred
for all purposes of this Agreement, (ii) such Refinancing Indebtedness and all other obligations under the documents evidencing such Indebtedness (the “New First Priority Claims”) shall automatically be treated as First
Priority Claims for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, (iii) the Debt Agreement and the other documents evidencing such Refinancing Indebtedness
(the “New First Priority Debt Documents”) shall automatically be treated as the First Priority Debt Agreement and the First Priority Debt Documents and, in the case of New First Priority Debt Documents that are security
documents pursuant to which any Grantor has granted a Lien to secure any New First Priority Claim, as the First Priority Security Documents for all purposes of this Agreement, (iv) the collateral agent under the New First Priority Debt
Documents (the “New First Priority Agent”) shall be deemed to be the First Priority Agent for all purposes of this Agreement and (v) the lenders under the New First Priority Debt Documents shall be deemed to be the First
Priority Creditors for all purposes of this Agreement. Upon receipt of a Refinancing Notice, which notice shall include the identity of the New First Priority Agent, the Second Priority Agent and the Third Priority Agent shall promptly enter into
such documents and agreements (including amendments or supplements to this Agreement) as the Company or such New First Priority Agent may reasonably request in order to provide to the New First Priority Agent the rights and powers contemplated
hereby, in each case consistent in all material respects with the terms of this Agreement. The Company shall cause the agreement, document or instrument pursuant to which the New First Priority Agent is appointed to provide that the New First
Priority Agent agrees to be bound by the terms of this Agreement. In furtherance of Section 2.03, if the New First Priority Claims are secured by assets of the Grantors that do not also secure the Second Priority Claims and the Third Priority
Claims, the applicable Grantors shall promptly grant a Second Priority Lien and a Third Priority Lien on such assets to secure the Second Priority Claims and the Third Priority Claims. 
 SECTION 7.03. No Waiver by First Priority Secured Parties. Other than with respect to the Second Priority Permitted Actions on the Third
Priority Permitted Actions, nothing contained herein shall prohibit or in any way limit the First Priority Agent or any other First Priority Secured Party from opposing, challenging or objecting to, in any Insolvency or Liquidation Proceeding or
otherwise, any action taken, or any claim made, by the Second Priority Agent, any other Second Priority Secured Party, the Third Priority Agent or any other Third Priority Secured Party including any request by the Second Priority Agent, any other
Second Priority Secured Party, the Third Priority Agent or any other Third Priority Secured Party for adequate protection or any exercise by the Second Priority Agent, any other Second Priority Secured Party, the Third Priority Agent or any other
Third Priority Secured Party of any of its rights and remedies under the Second Priority Debt Documents, the Third Priority Debt Documents or otherwise. 
 SECTION 7.04. Reinstatement. If, in any Insolvency or Liquidation Proceeding or otherwise, all or part of any payment with respect to (a) the First Priority Claims previously made shall be rescinded
for any reason whatsoever, then the First Priority Claims shall be reinstated to the extent of the amount so rescinded and, if 
  

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theretofore terminated, this Agreement shall be reinstated in full force and effect and such prior termination shall not diminish, release, discharge, impair
or otherwise affect the Lien priorities and the relative rights and obligations of the First Priority Secured Parties, the Second Priority Secured Parties and the Third Priority Secured Parties provided for herein, (b) the Second Priority
Claims previously made shall be rescinded for any reason whatsoever and the Discharge of First Priority Claims shall, subject to (for the avoidance of doubt) the immediately preceding clause (a), have occurred, then the Second Priority Claims shall
be reinstated to the extent of the amount so rescinded and, if theretofore terminated, this Agreement shall be reinstated in full force and effect and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien
priorities and the relative rights and obligations of the Second Priority Secured Parties, the Third Priority Secured Parties, and any Person that holds Excess Claims provided for herein solely with respect to any Excess Claims and for the avoidance
of doubt, not with respect to any First Priority Claims, and (c) the Third Priority Claims previously made shall be rescinded for any reason whatsoever and the Discharge of First Priority Claims and the Discharge of Second Priority Claims
shall, subject to (for the avoidance of doubt) the immediately preceding clauses (a) and (b), have occurred, then the Third Priority Claims shall be reinstated to the extent of the amount so rescinded and, if theretofore terminated, this
Agreement shall be reinstated in full force and effect and such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien priorities and the relative rights and obligations of the Third Priority Secured Parties
and any Person that holds Excess Claims provided for herein solely with respect to any Excess Claims and for the avoidance of doubt, not with respect to any First Priority Claims or Second Priority Claims. 
 SECTION 7.05. Authorization of Collateral Agents. By accepting the benefits of this Agreement and the other First Priority Security
Documents, each First Priority Secured Party hereby (a) authorizes the First Priority Agent to enter into this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith and (b) agrees to be bound to the
terms hereof to the extent that it holds any Excess Claims. By accepting the benefits of this Agreement and the other Second Priority Security Documents, each Second Priority Secured Party hereby authorizes the Second Priority Agent to enter into
this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith. By accepting the benefits of this Agreement and the other Third Priority Security Documents, each Third Priority Secured Party hereby authorizes the
Third Priority Agent to enter into this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith. 
 SECTION 7.06. Further Assurances. Each of the First Priority Agent, for itself and on behalf of the other First Priority Secured Parties, the Second Priority Agent, for itself and on behalf of the other Second Priority Secured
Parties, the Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, each Person that holds any Excess Claims, and each Grantor party hereto, for itself and on behalf of its subsidiaries, agrees that it will
execute, or will cause to be executed, any and all further documents, agreements and instruments, and take all such further actions, as may be required under any applicable law, or which the First Priority Agent, the Second Priority Agent, or the
Third Priority Agent may reasonably request, to effectuate the terms of this Agreement, including the relative Lien priorities provided for herein. 
  

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 ARTICLE VIII 
 Representations and Warranties 
 SECTION 8.01. Representations and
Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto as follows: 
 (a)
Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all requisite power and authority to execute and deliver this Agreement and perform its obligations hereunder.

 (b) This Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation
of such party, enforceable in accordance with its terms. 
 (c) The execution, delivery and performance by such party of this
Agreement (i) do not require any consent or approval of, registration or filing with or any other action by any governmental authority (except as contemplated hereby) and (ii) will not violate any provision of law, statute, rule or
regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws of such party or any order of any governmental authority or any provision of any indenture, agreement or other instrument applicable to or
binding upon such party. 
 SECTION 8.02. Representations and Warranties of Each Collateral Agent. Each Collateral Agent
represents and warrants to the other parties hereto that it has been authorized by the Secured Parties under and as defined in the First Priority Debt Agreement, the Second Priority Security Agreement, or the Third Priority Debt Agreement, as
applicable, to enter into this Agreement. 
 ARTICLE IX 
 No Reliance; No Liability; Obligations Absolute 
 SECTION 9.01. No
Reliance; Information. The First Priority Secured Parties, the Second Priority Secured Parties and the Third Priority Secured Parties shall have no duty to disclose to any Third Priority Secured Party, to any Second Priority Secured Party or
to any First Priority Secured Party, respectively, any information relating to the Company or any of the Grantors, or any other circumstance bearing upon the risk of nonpayment of any of the First Priority Claims, the Second Priority Claims, or the
Third Priority Claims, as the case may be, that is known or becomes known to any of them or any of their Affiliates. In the event any First Priority Secured Party, any Second Priority Secured Party, or any Third Priority Secured Party, in its sole
discretion, 
  

 47 

 
undertakes at any time or from time to time to provide any such information to, respectively, any Third Priority Secured Party, any Second Priority Secured
Party or any First Priority Secured Party, it shall be under no obligation (i) to make, and shall not make or be deemed to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness,
truthfulness or validity of the information so provided, (ii) to provide any additional information or to provide any such information on any subsequent occasion or (iii) to undertake any investigation. 
 SECTION 9.02. No Warranties or Liability. (a) The First Priority Agent, for itself and on behalf of the other First Priority Secured
Parties, acknowledges and agrees that, except for the representations and warranties set forth in Article VIII, none of the Second Priority Agent, any other Second Priority Secured Party, the Third Priority Agent or any other Third Priority
Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Second Priority Debt Documents, the Third Priority
Debt Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. The Second Priority Agent, for itself and on behalf of the other Second Priority Secured Parties, acknowledges and agrees that, except for the
representations and warranties set forth in Article VIII, none of the First Priority Agent, any other First Priority Secured Party, the Third Priority Agent or any other Third Priority Secured Party has made any express or implied
representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the First Priority Debt Documents, the Third Priority Debt Documents, the ownership of any Collateral
or the perfection or priority of any Liens thereon. The Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, acknowledges and agrees that, except for the representations and warranties set forth in
Article VIII, none of the First Priority Agent, any other First Priority Secured Party, the Second Priority Agent or any other Second Priority Secured Party has made any express or implied representation or warranty, including with respect to
the execution, validity, legality, completeness, collectibility or enforceability of any of the First Priority Debt Documents, the Second Priority Debt Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon.

 (b) The Second Priority Agent and the other Second Priority Secured Parties shall have no express or implied duty to the First Priority
Agent, any other First Priority Secured Party, the Third Priority Agent or any other Third Priority Secured Party, the First Priority Agent and the other First Priority Secured Parties shall have no express or implied duty to the Second Priority
Agent, any other Second Priority Secured Party, the Third Priority Agent or any other Third Priority Secured Party, and the Third Priority Agent and the other Third Priority Secured Parties shall have no express or implied duty to the Second
Priority Agent, any the other Second Priority Secured Party, the First Priority Agent or any other First Priority Secured Party to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of a default or an
event of default under any First Priority Debt Document, any Second Priority Debt Document, or any Third Priority Debt Document (other than, in each case, this Agreement), regardless of any knowledge thereof which they may have or be charged with.

  

 48 

 (c) The Second Priority Agent, for itself and on behalf of the other Second Priority Secured Parties,
agrees no First Priority Secured Party or Third Priority Secured Party shall have any liability to the Second Priority Agent or any other Second Priority Secured Party, and hereby waives any claim against any First Priority Secured Party, or Third
Priority Secured Party arising out of any and all actions which the First Priority Agent, the other First Priority Secured Parties, the Third Priority Agent or the other Third Priority Secured Parties may take or permit or omit to take with respect
to (i) the First Priority Debt Documents or the Third Priority Debt Documents (other than this Agreement), (ii) the collection of the First Priority Claims or the Third Priority Claims, or (iii) the maintenance of, the preservation
of, the foreclosure upon or the Disposition of any Collateral. 
 (d) The Third Priority Agent, for itself and on behalf of the other Third
Priority Secured Parties, agrees no First Priority Secured Party or Second Priority Secured Party shall have any liability to the Third Priority Agent or any other Third Priority Secured Party, and hereby waives any claim against any First Priority
Secured Party, or Second Priority Secured Party arising out of any and all actions which the First Priority Agent, the other First Priority Secured Parties, the Second Priority Agent or the other Second Priority Secured Parties may take or permit or
omit to take with respect to (i) the First Priority Debt Documents or the Second Priority Debt Documents (other than this Agreement), (ii) the collection of the First Priority Claims or the Second Priority Claims, or (iii) the
maintenance of, the preservation of, the foreclosure upon or the Disposition of any Collateral. 
 SECTION 9.03. Obligations
Absolute. The Lien priorities provided for herein and the respective rights, interests, agreements and obligations hereunder of the First Priority Agent and the other First Priority Secured Parties, the Second Priority Agent and the other
Second Priority Secured Parties and the Third Priority Agent and the other Third Priority Secured Parties shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any Debt Document; 
 (b) any change in the time, place or manner of payment of, or in any other term of (including, subject to the limitations set forth in
Section 7.01(a), the Refinancing of), all or any portion of the First Priority Claims, it being specifically acknowledged that a portion of the First Priority Claims consists or may consist of Indebtedness that is revolving in nature, and the
amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed; 
 (c) any change in the time, place or manner of payment of, or, subject to the limitations set forth in Section 7.01(a), in any other term of, all or any portion of the First Priority Claims; 
  

 49 

 (d) any amendment, waiver or other modification, whether by course of conduct or
otherwise, of any Debt Document; 
 (e) the securing of any First Priority Claims, Second Priority Claims, or Third Priority
Claims with any additional collateral or guarantees, or any exchange, release, voiding, avoidance or non-perfection of any security interest in any Collateral or any other collateral or any release of any guarantee securing any First Priority
Claims, Second Priority Claims, or Third Priority Claims; 
 (f) the commencement of any Insolvency or Liquidation Proceeding
or Liquidation Sale in respect of the Company or any other Grantor; or 
 (g) any other circumstances that otherwise might
constitute a defense available to, or a discharge of, the Company or any other Grantor in respect of the First Priority Claims or this Agreement, any of the Second Priority Secured Parties in respect of this Agreement, or any of the Third Priority
Secured Parties in respect of this Agreement. 
 ARTICLE X 
 Miscellaneous 
 SECTION 10.01. Notices. Notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows: 
 (a) if to the Company or any other Grantor, to it, at Baseline Oil & Gas Corp., 11811 North Freeway I-45, Suite 200, Houston,
Texas 77060, Attention of Chief Financial Officer, (Fax No. (281) 445-5888); 
 (b) if to the First Priority Agent, to
Wells Fargo Foothills, Inc., 1100 Abernathy Road, Suite 1600, Atlanta, Georgia 30328, Attention of Business Finance Division Manager (Fax No. (770) 508-1375); 
 (c) if to the Second Priority Agent, to The Bank of New York, 101 Barclay Street, Fl. 8W, New York, New York 10286, Attention of Corporate
Trust Administration (Fax No. (212) 815-5707); and 
 (d) if to the Third Priority Agent, to The Bank of New York, 101
Barclay Street, Fl. 8W, New York, New York 10286, Attention of Corporate Trust Administration (Fax No. (212) 815-5707). 
  

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 All notices and other communications given to any party hereto in accordance with the provisions of this
Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier service or sent by fax or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered,
sent or mailed (properly addressed) to such party as provided in this Section 10.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 10.01. As agreed to between the Company and any
Collateral Agent from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable Person provided from time to time by such Person. 
 The First Priority Agent, the Second Priority Agent and the Third Priority Agent agree to use diligent efforts to provide each other with copies of any
notices of default or acceleration or similar notices which they give to the Borrower under the First Priority Debt Documents, the Second Priority Debt Documents and the Third Priority Debt Documents respectively; provided, however,
that in the event that either of such parties fails to provide the other with such notice, such failure shall not affect their respective obligations hereunder or the effectiveness of any such notice. 
 SECTION 10.02. Conflicts. IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF THIS AGREEMENT AND THE PROVISIONS OF
THE OTHER DEBT DOCUMENTS, THE PROVISIONS OF THIS AGREEMENT SHALL CONTROL. 
 SECTION 10.03. Effectiveness; Survival;
Termination. This Agreement shall become effective when executed and delivered by the parties hereto. All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon
by the other parties hereto and shall survive the execution and delivery of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. The Second Priority
Agent, for itself and on behalf of the other Second Priority Secured Parties, hereby waives any and all rights the Second Priority Secured Parties may now or hereafter have under applicable law to revoke this Agreement or any of the provisions of
this Agreement. The Third Priority Agent, for itself and on behalf of the other Third Priority Secured Parties, hereby waives any and all rights the Third Priority Secured Parties may now or hereafter have under applicable law to revoke this
Agreement or any of the provisions of this Agreement. This Agreement shall terminate and be of no further force and effect, (i) subject to compliance with its obligations to take certain actions upon Discharge of the Second Priority Claims and
the Discharge of Third Priority Claims pursuant to Article V and Section 3.01(f), with respect to the Second Priority Agent, the Second Priority Secured Parties the Second Priority Claims, Third Priority Agent, the Third Priority Secured
Parties and the Third Priority Claims, upon the later of (1) the date upon which the obligations under both the Second Priority Debt Agreement and the Third Priority Debt Agreement terminate if there are no other Second Priority Claims or Third
Priority Claims outstanding on such date and (2) if there are other Second Priority Claims and Third Priority Claims outstanding on such date, the date upon which all such Second Priority Claims and Third Priority Claims terminate and
(ii) subject to Section 7.02 and 
  

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compliance with its obligations to take certain actions upon Discharge of the First Priority Claims pursuant to Article V, with respect to the First Priority
Agent, the First Priority Secured Parties and the First Priority Claims, the date of Discharge of First Priority Claims, subject to the rights of the First Priority Secured Parties under Section 7.04. 
 SECTION 10.04. 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 (it being understood that the invalidity of a particular provision in a
particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). 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
10.05. Amendments; Waivers. (a) No failure or delay on the part of any party hereto in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power,
or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) of this Section 10.05, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 
 (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 First Priority Agent, the Second Priority Agent and
the Third Priority Agent; provided that no such agreement shall amend, modify or otherwise affect the rights or obligations of any Grantor without such Person’s prior written consent. 
 SECTION 10.06. Postponement of Subrogation. (a) The Second Priority Agent agrees that no payment or distribution to any First Priority
Secured Party pursuant to the provisions of this Agreement shall entitle any Second Priority Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of First Priority Claims shall have occurred. Following the
Discharge of First Priority Claims, each First Priority Secured Party agrees to execute such documents, agreements, and instruments as any Second Priority Secured Party may reasonably request to evidence the transfer by subrogation to any such
Person of an interest in the First Priority Claims resulting from payments or distributions to such First Priority Secured Party by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in
connection therewith by such First Priority Secured Party are paid by such Person upon request for payment thereof. 
  

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 (b) The Third Priority Agent agrees that no payment or distribution to any First Priority Secured Party
or Second Priority Secured Party pursuant to the provisions of this Agreement shall entitle any Third Priority Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of First Priority Claims and the Discharge of
Second Priority Claims shall have occurred. Following the Discharge of Second Priority Claims, each Second Priority Secured Party agrees to execute such documents, agreements, and instruments as any Third Priority Secured Party may reasonably
request to evidence the transfer by subrogation to any such Person of an interest in the Second Priority Claims resulting from payments or distributions to such Second Priority Secured Party by such Person, so long as all costs and expenses
(including all reasonable legal fees and disbursements) incurred in connection therewith by such Second Priority Secured Party are paid by such Person upon request for payment thereof. 
 SECTION 10.07. Applicable Law; Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 (b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction of any Supreme Court
for New York County, New York or in The United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or
enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined only in such New York court or, to the extent permitted
by law, in such Federal court. Each party hereto agrees that a final judgment in any such action 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. 

(c) Each party 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 in any New York court or in any such Federal court. Each party 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. 
 (d) Each party
to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by
law. 
 SECTION 10.08. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE

  

 53 

 
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.
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 10.08. 
 SECTION 10.09. Parties in Interest. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, as well as the other First Priority Secured Parties, Second Priority Secured Parties and Third Priority Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of,
this Agreement. No other Person shall have or be entitled to assert rights or benefits hereunder. 
 SECTION 10.10. Specific
Performance. Each Collateral Agent may demand specific performance of this Agreement and, on behalf of itself and the respective other Secured Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any
other defense that might be asserted to bar the remedy of specific performance in any action which may be brought by the respective Secured Parties. 
 SECTION 10.11. Headings. Article and Section headings used herein and the Table of Contents hereto 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 10.12. Counterparts. This
Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as
provided in Section 10.03. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION 10.13. Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of
defining the relative rights as between First Priority Secured Parties, the Second Priority Secured Parties, and the Third Priority Secured Parties. None of the Company, any other Grantor, any Guarantor or any other creditor thereof shall have any
rights or obligations hereunder, except as expressly provided in this Agreement, and none of the Company, any other Grantor or any Guarantor may rely on the terms hereof. Nothing in this Agreement is intended to or shall impair the obligations of
the Company or any other Grantor or any Guarantor, which are absolute and unconditional, to pay the First Priority Claims, the Second Priority Claims and the Third Priority Claims as and when the same shall become due and payable in accordance with
their terms. 
  

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 SECTION 10.14 Incorporation by Reference 
 In connection with its execution and acting hereunder, each of the Second Priority Agent and the Third Priority Agent are entitled to all rights,
privileges, benefits, protections, immunities and indemnities provided to each of them as Trustees under the Debt Agreements. 
 [Remainder of
this page intentionally left blank] 
  

 55 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	 BASELINE OIL & GAS CORP.,
 a Nevada corporation

		
	 By:
	 	 /s/ Thomas Kaetzer

	 Name:
	 	Thomas Kaetzer
	 Title:
	 	Chief Executive Officer

 Intercreditor Agreement signature page 

			
	FIRST PRIORITY AGENT
	
	WELLS FARGO FOOTHILLS, INC., as First Priority Agent,
		
	 By:
	 	 /s/ David A. Ernst

	 Name:
	 	David A. Ernst
	 Title:
	 	Vice President
	
	SECOND PRIORITY AGENT
	
	THE BANK OF NEW YORK, as Second Priority Agent,
		
	 By:
	 	 /s/ Remo J. Reale

	 Name:
	 	Remo J. Reale
	 Title:
	 	Vice President
	
	THIRD PRIORITY AGENT
	
	THE BANK OF NEW YORK, as Third Priority Agent,
		
	By:	 	 /s/ Remo J. Reale

	Name:	 	Remo J. Reale
	Title:	 	Vice President

 Intercreditor Agreement signature page 

 Provision for the Second Priority Debt Agreement 
 “EACH SECURED PARTY HEREUNDER (A) ACKNOWLEDGES THAT IT HAS RECEIVED A COPY OF THE INTERCREDITOR AGREEMENT, (B) CONSENTS TO THE SUBORDINATION OF LIENS PROVIDED FOR IN THE INTERCREDITOR AGREEMENT,
(C) AGREES THAT IT WILL BE BOUND BY AND WILL TAKE NO ACTIONS CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND (D) AUTHORIZES AND INSTRUCTS THE COLLATERAL AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT AS COLLATERAL AGENT AND
ON BEHALF OF SUCH SECURED PARTY. THE FOREGOING PROVISIONS ARE INTENDED AS AN INDUCEMENT TO THE FIRST PRIORITY SECURED PARTIES UNDER THE FIRST PRIORITY DEBT DOCUMENTS TO PERMIT THE INCURRENCE OF INDEBTEDNESS UNDER THIS AGREEMENT AND TO EXTEND CREDIT
TO THE COMPANY AND CERTAIN OF ITS SUBSIDIARIES AND SUCH FIRST PRIORITY SECURED PARTIES ARE INTENDED THIRD PARTY BENEFICIARIES OF SUCH PROVISIONS. IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND
THE PROVISIONS OF THIS AGREEMENT OR THE OTHER INDENTURE DOCUMENTS, THE PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL CONTROL.” 
 Provision for the
Second Priority Security Documents 
 “REFERENCE IS MADE TO THE INTERCREDITOR AGREEMENT DATED AS OF OCTOBER 1, 2007 (AS AMENDED, RESTATED,
SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE “INTERCREDITOR AGREEMENT”), AMONG BASELINE OIL & GAS CORP., WELLS FARGO FOOTHILLS, INC., AS FIRST PRIORITY AGENT (AS DEFINED THEREIN), THE BANK OF NEW YORK, AS SECOND
PRIORITY AGENT (AS DEFINED THEREIN), AND THE BANK OF NEW YORK, AS THIRD PRIORITY AGENT (AS DEFINED THEREIN). NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THE LIEN AND SECURITY INTEREST GRANTED TO THE BENEFICIARY, FOR THE BENEFIT OF THE SECURED
PARTIES, PURSUANT TO THIS INSTRUMENT AND THE EXERCISE OF ANY RIGHT OR REMEDY BY THE BENEFICIARY AND THE OTHER SECURED PARTIES HEREUNDER ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT. IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY
BETWEEN THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND THE PROVISIONS OF THIS INSTRUMENT, THE PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL CONTROL.” 
 Provision for the Third Priority Debt Agreement 
 “EACH SECURED PARTY HEREUNDER (A) ACKNOWLEDGES THAT IT HAS RECEIVED A COPY OF THE
INTERCREDITOR AGREEMENT, (B) CONSENTS TO THE SUBORDINATION OF LIENS PROVIDED FOR IN THE INTERCREDITOR 

  

 Intercreditor Agreement signature page 

 
AGREEMENT, (C) AGREES THAT IT WILL BE BOUND BY AND WILL TAKE NO ACTIONS CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND
(D) AUTHORIZES AND INSTRUCTS THE COLLATERAL AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT AS COLLATERAL AGENT AND ON BEHALF OF SUCH SECURED PARTY. THE FOREGOING PROVISIONS ARE INTENDED AS AN INDUCEMENT TO THE FIRST PRIORITY SECURED PARTIES
UNDER THE FIRST PRIORITY DEBT DOCUMENTS TO PERMIT THE INCURRENCE OF INDEBTEDNESS UNDER THIS AGREEMENT AND TO EXTEND CREDIT TO THE COMPANY AND CERTAIN OF ITS SUBSIDIARIES AND SUCH FIRST PRIORITY SECURED PARTIES ARE INTENDED THIRD PARTY BENEFICIARIES
OF SUCH PROVISIONS. IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND THE PROVISIONS OF THIS AGREEMENT OR THE OTHER INDENTURE DOCUMENTS, THE PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL
CONTROL.” 
 Provision for the Third Priority Security Documents 
 “REFERENCE IS MADE TO THE INTERCREDITOR AGREEMENT DATED AS OF OCTOBER 1, 2007 (AS AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE “INTERCREDITOR AGREEMENT”), AMONG BASELINE
OIL & GAS CORP., WELLS FARGO FOOTHILLS, INC., AS FIRST PRIORITY AGENT (AS DEFINED THEREIN), THE BANK OF NEW YORK, AS SECOND PRIORITY AGENT (AS DEFINED THEREIN), AND THE BANK OF NEW YORK, AS THIRD PRIORITY AGENT (AS DEFINED THEREIN).
NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THE LIEN AND SECURITY INTEREST GRANTED TO THE BENEFICIARY, FOR THE BENEFIT OF THE SECURED PARTIES, PURSUANT TO THIS INSTRUMENT AND THE EXERCISE OF ANY RIGHT OR REMEDY BY THE BENEFICIARY AND THE OTHER
SECURED PARTIES HEREUNDER ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT. IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND THE PROVISIONS OF THIS INSTRUMENT, THE PROVISIONS OF THE
INTERCREDITOR AGREEMENT SHALL CONTROL.” 
  

 Intercreditor Agreement signature page

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