Document:

EX-10.4

  
   
 Exhibit 10.4

 
  

AMENDED AND RESTATED
 INTERCREDITOR AGREEMENT
  
 by and among
  

BANK OF AMERICA, N.A.,
 as ABL Agent,
  

JPMORGAN CHASE BANK, N.A.
 (AS SUCCESSOR IN INTEREST TO BEAR STEARNS CORPORATE LENDING INC.), 

as First Lien Term Agent, 
  

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,
 as First Lien Notes Agent
  
 Dated as of April 16, 2020
  
 

  

 

 

TABLE OF CONTENTS

 

	 	 	Page No.
	 	 	 
	ARTICLE 1 DEFINITIONS	2
	Section 1.1	UCC Definitions	2
	Section 1.2	Other Definitions	3
	Section 1.3	Rules of Construction	14
	 	 	 
	ARTICLE 2 LIEN PRIORITY	14
	Section 2.1	Priority of Liens	14
	Section 2.2	Waiver of Right to Contest Liens	16
	Section 2.3	Remedies Standstill	17
	Section 2.4	Exercise of Rights	18
	Section 2.5	No New Liens	20
	Section 2.6	Waiver of Marshalling	21
	 	 	 
	ARTICLE 3 ACTIONS OF THE PARTIES	21
	Section 3.1	Certain Actions Permitted	21
	Section 3.2	Agent for Perfection	21
	Section 3.3	Sharing of Information and Access	22
	Section 3.4	Insurance	22
	Section 3.5	No Additional Rights For the Credit Parties Hereunder	22
	Section 3.6	Inspection Rights and Insurance	22
	 	 	 
	ARTICLE 4 APPLICATION OF PROCEEDS	24
	Section 4.1	Application of Proceeds	24
	Section 4.2	Specific Performance	26
	 	 	 
	ARTICLE 5 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS	26
	Section 5.1	Notice of Acceptance and Other Waivers	26
	Section 5.2	Modifications to ABL Documents and Term Loan/Notes Documents	28
	Section 5.3	Reinstatement and Continuation of Agreement	29
	 	 	 
	ARTICLE 6 INSOLVENCY PROCEEDINGS	30
	Section 6.1	DIP Financing	30
	Section 6.2	Relief From Stay	32
	Section 6.3	No Contest	32
	Section 6.4	Asset Sales	33
	Section 6.5	Separate Grants of Security and Separate Classification	33
	Section 6.6	Enforceability	33
	Section 6.7	ABL Obligations Unconditional	33
	Section 6.8	Term Loan/Notes Obligations Unconditional	34
	Section 6.9	Adequate Protection	34
	 	 	 
	ARTICLE 7 MISCELLANEOUS	35
	Section 7.1	Rights of Subrogation	35
	Section 7.2	Further Assurances	35

  

 

 
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	Section 7.3	Representations	36
	Section 7.4	Amendments	36
	Section 7.5	Addresses for Notices	36
	Section 7.6	No Waiver, Remedies	37
	Section 7.7	Continuing Agreement, Transfer of Secured Obligations	37
	Section 7.8	Governing Law: Entire Agreement	37
	Section 7.9	Counterparts	37
	Section 7.10	No Third Party Beneficiaries	38
	Section 7.11	Headings	38
	Section 7.12	Severability	38
	Section 7.13	Attorneys’ Fees	38
	Section 7.14	VENUE; JURY TRIAL WAIVER	38
	Section 7.15	Intercreditor Agreement	39
	Section 7.16	No Warranties or Liability	39
	Section 7.17	Conflicts	39
	Section 7.18	Information Concerning Financial Condition of the Credit Parties	39
	Section 7.19	Amendment and Restatement	39
	Section 7.20	Agent Capacities	40

  
 
 

  
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 AMENDED AND RESTATED
 INTERCREDITOR AGREEMENT

 

THIS AMENDED AND RESTATED INTERCREDITOR AGREEMENT (as amended,
supplemented, restated or otherwise modified from time to time pursuant to the terms hereof, this “Agreement”) is entered into as of April 16, 2020, by and among (a) BANK OF AMERICA, N.A. (in its individual capacity,
“Bank of America”), in its capacities as administrative agent and collateral agent (together with its successors and assigns in such capacities, the “ABL Agent”) for the financial institutions
party from time to time to the Original ABL Credit Agreement referred to below (such financial institutions, together with their successors, assigns and transferees, the “ABL Credit Agreement Lenders” and, together with
affiliates thereof and certain other specified hedging parties, in their capacity as ABL Bank Products Affiliates or ABL Hedging Affiliates (in each case, as hereinafter defined), the “ABL Lenders”), (b) JPMORGAN CHASE
BANK, N.A. (AS SUCCESSOR IN INTEREST TO BEAR STEARNS CORPORATE LENDING INC.) (in its individual capacity, “JPMorgan”), in its capacities as administrative agent and collateral agent (together with its successors and
assigns in such capacities, the “First Lien Term Agent”) for the financial institutions party from time to time to the Original First Lien Term Credit Agreement referred to below (such financial institutions, together with
their successors, assigns and transferees, the “First Lien Term Lenders”), and (c) WILMINGTON TRUST, NATIONAL ASSOCIATION (in its individual capacity, “Wilmington Trust”), in its capacity as
collateral agent under the Original First Lien Indenture referred to below (together with its successors and assigns in such capacity, the “First Lien Notes Agent”) for the First Lien Notes Secured Parties (as defined
below).
  

RECITALS

 

A.           
      Pursuant to that certain Second Amended and Restated Credit Agreement dated as of September 2, 2011 by and among Burlington Coat Factory Warehouse Corporation, as lead borrower (the “Lead
Borrower” and, together with certain other Subsidiaries of the Lead Borrower specified in the Original ABL Credit Agreement, collectively, the “ABL Borrowers”), the ABL Credit Agreement Lenders and the ABL
Agent (as such agreement may be amended, supplemented, restated or otherwise modified from time to time, the “Original ABL Credit Agreement”), the ABL Credit Agreement Lenders have agreed to make certain loans and other
financial accommodations to or for the benefit of the ABL Borrowers.
  
 B.                 Pursuant to certain guaranty agreements and security agreements dated as of April
13, 2006 (the “ABL Guaranties”) by the ABL Guarantors (as hereinafter defined) in favor of the ABL Agent, the ABL Guarantors have agreed to guarantee the payment and performance of the ABL Borrowers’ obligations under
the ABL Documents (as hereinafter defined).

 

C.           
      As a condition to the effectiveness of the Original ABL Credit Agreement and to secure the obligations of the ABL Borrowers and the ABL Guarantors (the ABL Borrowers, the ABL Guarantors and each other direct or indirect
subsidiary or parent of the ABL Borrowers or any of their affiliates that is now or hereafter becomes a party to any ABL Document, collectively, the “ABL Credit Parties”) under and in connection with the ABL Documents, the
ABL Credit Parties have granted to the ABL Agent (for the benefit of the ABL Lenders, including the ABL Bank Products Affiliates and ABL Hedging Affiliates) Liens on the Collateral.

 

D.           
      Pursuant to that certain Credit Agreement dated as of February 24, 2011, by and among the Lead Borrower (the “First Lien Term Borrower”), the First Lien Term Lenders and the First Lien Term Agent (as such agreement may be amended, supplemented, restated or otherwise modified from time to time, the “Original First Lien Term
Credit Agreement”), the First Lien Term Lenders have agreed to make certain loans and other financial accommodations to or for the benefit of the First Lien Term Borrower.

 
 

  

 

  

 

E.           
       Pursuant to certain guaranty agreements and security agreements dated as of February 24, 2011 (the “First Lien Term Guaranties”) by the First Lien Term Guarantors (as hereinafter defined)
in favor of the First Lien Term Agent, the First Lien Term Guarantors have agreed to guarantee the payment and performance of the First Lien Term Borrower’s obligations under the First Lien Term Documents (as hereinafter defined).

 

F.           
       As a condition to the effectiveness of the Original First Lien Term Credit Agreement and to secure the obligations of the First Lien Term Borrower and the First Lien Term Guarantors (the First Lien Term Borrower,
the First Lien Term Guarantors and each other direct or indirect subsidiary or parent of the First Lien Term Borrower or any of its affiliates that is now or hereafter becomes a party to any First Lien Term Document, collectively, the
“First Lien Term Credit Parties”) under and in connection with the First Lien Term Documents, the First Lien Term Credit Parties have granted to the First Lien Term Agent (for the benefit of the First Lien Term Lenders)
Liens on the Collateral.
  

G.           
      Pursuant to that certain Indenture, dated as of April 16, 2020, by and among the Lead Borrower, as Issuer (the “First Lien Notes Issuer”), the First Lien Notes Guarantors (as hereinafter defined), Wilmington Trust, in its capacity as trustee (together with its successors and assigns in such capacity, the “First Lien Notes
Trustee”), and the First Lien Notes Agent (as such agreement may be amended, supplemented, restated or otherwise modified from time to time, the “Original First Lien Notes Indenture”), the First Lien Notes
Issuer has issued senior secured notes to the First Lien Notes Holders.
  
 H.                 Pursuant to the First Lien Notes Documents (as hereinafter defined), the First
Lien Notes Guarantors have provided guarantees and security for the First Lien Notes Obligations .
  
 I.                    As a condition to the effectiveness of the Original First Lien
Notes Indenture and to secure the obligations of the First Lien Notes Issuer and the First Lien Notes Guarantors (the First Lien Notes Issuer, the First Lien Notes Guarantors and each other direct or indirect subsidiary or parent of the First Lien
Notes Issuer or any of its affiliates that is now or hereafter becomes a party to any First Lien Notes Documents, collectively, the “First Lien Notes Credit Parties”) under and in connection with the First Lien Notes
Documents, the First Lien Notes Credit Parties have granted to the First Lien Notes Agent (for the benefit of the First Lien Notes Secured Parties) Liens on the Collateral.

 

J.           
        Each of the ABL Agent (on behalf of the ABL Lenders), the First Lien Term Agent (on behalf of the First Lien Term Lenders), and the First Lien Notes Agent (on behalf of the First Lien Notes Holders) and, by
their acknowledgment hereof, the ABL Credit Parties, the First Lien Term Credit Parties and the First Lien Notes Credit Parties, desire to (1) amend and restate in its entirety the Existing Intercreditor Agreement (as hereinafter defined) pursuant
to this Agreement and (2) agree to the relative priority of Liens on the Collateral and certain other rights, priorities and interests as provided herein.

 

NOW THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows:
  
 ARTICLE 1
 DEFINITIONS

 

Section
1.1                  UCC Definitions. The following terms which are defined in the
Uniform Commercial Code are used herein as so defined: Accounts, Chattel Paper, Deposit Accounts, Documents, Electronic Chattel Paper, Equipment, Financial Assets, Fixtures, Instruments,
Inventory, Investment Property, Letter-Of-Credit Rights, Money, Payment Intangibles, Promissory Notes, Records, Security, Securities Accounts, Security Entitlements, Supporting Obligations and Tangible Chattel Paper.

 
 

 
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Section
1.2                  Other Definitions. Subject to Section 1.1 above, unless the context
otherwise requires, all capitalized terms used but not defined herein shall have the meanings set forth in the Original ABL Credit Agreement, the Original First Lien Term Credit Agreement, and the Original First Lien Notes Indenture, in each case as
in effect on the date hereof. In addition, as used in this Agreement, the following terms shall have the meanings set forth below:

 

“ABL Agent” shall have the meaning assigned
to that term in the introduction to this Agreement and shall include any successor thereto as well as any Person designated as the “Agent” or “Administrative Agent” under any ABL Credit Agreement.

 

“ABL Bank Products Affiliate” shall mean any
ABL Credit Agreement Lender or any Affiliate of any ABL Credit Agreement Lender that has entered into a Bank Products Agreement with an ABL Credit Party with the obligations of such ABL Credit Party thereunder being secured by one or more ABL
Collateral Documents.
  

“ABL Borrowers” shall have the meaning
assigned to that term in the introduction to this Agreement.

 

“ABL Collateral Documents” shall mean all
“Security Documents” as defined in the Original ABL Credit Agreement, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any ABL Credit Agreement, in each
case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.

 

“ABL Credit Agreement” shall mean the
Original ABL Credit Agreement and any other agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the ABL Obligations, whether by the same or any other agent, lender or group of
lenders and whether or not increasing the amount of any Indebtedness that may be incurred thereunder.
  
 “ABL Credit Agreement Lenders” shall have the meaning assigned to that term in the introduction to this Agreement.

 

“ABL Credit Parties” shall have the meaning
assigned to that term in the recitals to this Agreement.

 

“ABL Documents” shall mean the ABL Credit
Agreement, the ABL Guaranties, the ABL Collateral Documents, any Bank Product Agreements between any ABL Credit Party and any ABL Bank Products Affiliate, any Hedge Agreements between any ABL Credit Party and any ABL Lender, those other ancillary
agreements as to which the ABL Agent or any ABL Lender is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any ABL Credit Party or any of its respective
Subsidiaries or Affiliates, and delivered to the ABL Agent, in connection with any of the foregoing or any ABL Credit Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance
with the terms thereof.
  

“ABL Guaranties” shall have the meaning
assigned to that term in the recitals to this Agreement.

 
 

 
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“ABL Guarantors” shall mean the collective
reference to BCF Holdings and its Subsidiaries, other than the ABL Borrowers and any Foreign Subsidiary, and any other Person who becomes a guarantor under any of the ABL Guaranties.

 

“ABL Hedging Affiliate” shall mean any ABL
Credit Agreement Lender or any Affiliate of any ABL Credit Agreement Lender that has entered into a Hedge Agreement with an ABL Credit Party with the obligations of such ABL Credit Party thereunder being secured by one or more ABL Collateral
Documents by an ABL Credit Party.
  

“ABL Lenders” shall have the meaning
assigned to that term in the introduction to this Agreement and shall include all ABL Bank Product Affiliates and ABL Hedging Affiliates and all successors, assigns, transferees and replacements thereof, as well as any Person designated as a
“Lender” under any ABL Credit Agreement.

 

“ABL Obligations” shall mean all obligations
of every nature of each ABL Credit Party from time to time owed to the ABL Agent, the ABL Lenders or any of them, under any ABL Document, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with
respect to such ABL Credit Party, would have accrued on any ABL Obligation, whether or not a claim is allowed against such ABL Credit Party for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under letters of
credit, fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the ABL Documents, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time in
accordance with the terms thereof.
  

“ABL Priority Collateral” shall mean all Collateral consisting of the following:
  
 (1)       all Accounts;
  
 (2)       all Chattel Paper (including Tangible Chattel Paper and Electronic Chattel Paper);

 

(3)       (x) all Deposit Accounts
and Money and all cash, checks, other negotiable instruments, funds and other evidences of payments held therein and (y) Securities, Security Entitlements and Securities Accounts, in each case, solely to the extent constituting cash or Cash
Equivalents or representing a claim to Cash Equivalents and all cash, checks and other property held therein or credited thereto, but in any event and regardless of the foregoing clauses, excluding, in each case, the Asset Sales Proceeds
Account;
  

(4)       all Inventory;

 

(5)       to the extent relating
to, evidencing or governing any of the items referred to in the preceding clauses (1) through (4), all Documents, General Intangibles (other than any Intellectual Property), Instruments (including Promissory Notes) and commercial tort claims,
provided that to the extent any of the foregoing also relates to Term Loan/Notes Priority Collateral, only that portion related to the items referred to in the preceding clauses (1) through (4) shall be included in the ABL Priority
Collateral.
  

(6)      to the extent evidencing or
governing any of the items referred to in the preceding clauses (1) through (5), all Supporting Obligations and Letter of Credit Rights; provided that to the extent any of the foregoing also relates to Term Loan/Notes Priority Collateral only
that portion related to the items referred to in the preceding clauses (1) through (5) shall be included in the ABL Priority Collateral;

 
 

 
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(7)       all books and Records
relating to the items referred to in the preceding clauses (1) through (6) (including all books, databases, customer lists, engineer drawings, and Records, whether tangible or electronic, which contain any information relating to any of the items
referred to in the preceding clauses (1) through (6)); and

 

(8)       all collateral security
and guarantees with respect to any of the foregoing and all cash, Money, insurance proceeds, instruments, securities, financial assets and deposit accounts received as proceeds of any of the foregoing (such proceeds, “ABL Priority
Proceeds”); provided, however, that no proceeds of ABL Priority Proceeds will constitute ABL Priority Collateral unless such proceeds of ABL Priority Proceeds would otherwise constitute ABL Priority Collateral.

 

“ABL Recovery” shall have the meaning set
forth in Section 5.3(a).
  

“ABL Secured Parties” shall mean,
collectively, the ABL Agent and the ABL Lenders.

 

“Account(s)” means “accounts” as
defined in the UCC, and also means a right to payment of a monetary obligation, whether or not earned by performance, (a) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (b) for services rendered or
to be rendered, or (c) arising out of the use of a credit or charge card or information contained on or for use with the card. The term “Account” does not include (a) rights to payment evidenced by chattel paper or an instrument, (b)
commercial tort claims, (c) deposit accounts, (d) investment property, or (e) letter-of-credit rights or letters of credit. For the avoidance of doubt, for purposes of this Agreement, “Account” shall also include payment intangibles
consisting of credit card receivables due and owing to the Credit Parties from any credit or debit card issuer or processor.
  
 “Affiliate” shall mean, with respect to a specified Person, any other Person that directly or indirectly through one or more intermediaries Controls, is
Controlled by or is under common Control with the Person specified.
  
 “Agreement” shall have the meaning assigned to that term in the introduction to this Agreement.

 

“Asset Sales Proceeds Account” shall mean
one or more Deposit Accounts or Securities Accounts, in each case with a Term Loan/Notes Agent, holding only the proceeds of any sale or disposition of any Term Loan/Notes Priority Collateral and the proceeds or investment thereof.

 

“Bank of America” shall have the meaning
assigned to that term in the introduction to this Agreement.

 

“Bank Products” shall have the meaning
provided in the ABL Credit Agreement as in effect on the date hereof.
  
 “BCF Holdings” means Burlington Coat Factory Holdings, Inc.

 

“Bank Products Agreement” shall mean any
agreement pursuant to which a bank or other financial institution agrees to provide Bank Products and Cash Management Services.
  
 “Borrower” shall mean any of the ABL Borrowers, the First Lien Term Borrower, and the First Lien Notes Issuer.

 

“Capital Stock” shall mean, as to any Person
that is a corporation, the authorized shares of such Person’s capital stock, including all classes of common, preferred, voting and nonvoting capital stock, and, as to any Person that is not a corporation or an individual, the membership or
other ownership interests in such Person, including the right to share in profits and losses, the right to receive distributions of cash and other property, and the right to receive allocations of items of income, gain, loss, deduction and credit
and similar items from such Person, whether or not such interests include voting or similar rights entitling the holder thereof to exercise Control over such Person, collectively with, in any such case, all warrants, options and other rights to
purchase or otherwise acquire, and all other instruments convertible into or exchangeable for, any of the foregoing.
  
 

 
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“Cash Collateral” shall mean any Collateral
consisting of Money or Cash Equivalents, Deposit Accounts, Instruments, any Security Entitlement and any Financial Assets.
  
 “Cash Equivalents” shall mean (a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the
United States of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America) or any state or state agency thereof, in each case maturing within one (1) year from the date
of acquisition thereof, (b) investments in commercial paper maturing within one (1) year from the date of acquisition thereof and having, at the date of acquisition, the highest or next highest credit rating obtainable from S&P or from
Moody’s, (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within one (1) year from the date of acquisition thereof which are issued or guaranteed by, or placed with, and demand deposit and money
market deposit accounts issued or offered by, any Lender or any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not
less than $500,000,000, (d) master demand notes and fully collateralized repurchase agreements with a term of not more than thirty (30) days for securities described in clause (a) above (without regard to the limitation on maturity contained in such
clause) and entered into with a financial institution satisfying the criteria described in clause (c) above or with any primary dealer, and (e) shares of any money market or mutual fund that has substantially all of its assets invested in the types
of investments referred to in clauses (a) through (d), above.

 

“Cash Management Services” shall have the
meaning provided in the ABL Credit Agreement as in effect on the date hereof.
  
 “Collateral” shall mean all Property now owned or hereafter acquired by any Borrower or any Guarantor in or upon which a Lien is granted or purported to be
granted to the ABL Agent, the First Lien Term Agent, or the First Lien Notes Agent under any of the ABL Collateral Documents, the First Lien Term Collateral Documents, or the First Lien Notes Collateral Documents, together with all rents, issues,
profits, products and Proceeds thereof.
  

“Control” shall mean the possession,
directly or indirectly, of the power (a) to vote 50% or more of the securities having ordinary voting power for the election of directors (or any similar governing body) of a Person, or (b) to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlling” and “Controlled” have meanings correlative thereto.

 

“Control Collateral” shall mean any
Collateral consisting of any Certificated Security (as defined in Section 8-102 of the Uniform Commercial Code), Investment Property, Deposit Account, Instruments and any other Collateral as to which a Lien may be perfected through possession or
control by the secured party, or any agent therefor.

 

“Controlling Term Loan/Notes Agent” means
initially, the First Lien Term Agent until another Term Loan/Notes Agent becomes the Applicable Collateral Agent as such term is defined in the Term Loan/Notes Intercreditor Agreement as designated by such Applicable Collateral Agent in a notice to
the ABL Agent pursuant to the terms of the Term Loan/Notes Intercreditor Agreement.
  
 

 
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“Controlling Term Loan/Notes Secured
Parties” shall mean the Term Loan/Notes Secured Parties represented by the Controlling Term Loan/Notes Agent.
  
 “Controlling Term Loan/Notes Documents” shall mean the Term Loan/Notes Documents with respect to the Controlling Term Loan/Notes Secured
Parties.
  

“Copyright Licenses” shall have the meaning
assigned to such term in the Intellectual Property Security Agreement as in effect on the Closing Date.
  
 “Copyrights” shall have the meaning assigned to such term in the Intellectual Property Security Agreement as in effect on the Closing Date.

 

“Credit Documents” shall mean the ABL
Documents, the First Lien Term Documents, and the First Lien Notes Documents.
  
 “Credit Parties” shall mean the ABL Credit Parties, the First Lien Term Credit Parties, and the First Lien Notes Credit Parties.

 

“Debtor Relief Laws” shall mean the
Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable
jurisdictions from time to time in effect affecting the rights of creditors generally.
  
 “DIP Financing” shall have the meaning set forth in Section 6.1(a).

 

“Discharge of ABL Obligations” shall mean
(a) the payment in full in cash of the ABL Obligations that are outstanding and unpaid at the time all Indebtedness thereunder is paid in full including, with respect to amounts available to be drawn under outstanding letters of credit issued
thereunder (or indemnities or other undertakings issued pursuant thereto in respect of outstanding letters of credit) delivery or provision of Money or backstop letters of credit in respect thereof in compliance with the terms of any ABL Credit
Agreement (which shall not exceed an amount equal to 101.5% of the aggregate undrawn amount of such letters of credit) and (b) the termination of all commitments to extend credit under the ABL Documents.

 

“Discharge of Term Loan/Notes Obligations”
shall mean (a) the payment in full in cash of the Term Loan/Notes Obligations that are outstanding and unpaid at the time all Indebtedness thereunder is paid in full and (b) the termination of all commitments to extend credit under the Term
Loan/Notes Documents.
  

“Event of Default” shall mean an Event of
Default under any ABL Credit Agreement, any First Lien Term Credit Agreement, or any First Lien Notes Indenture.
  
 “Exercise Any Secured Creditor Remedies” or “Exercise of Secured Creditor Remedies” shall mean, except as otherwise provided in
the final sentence of this definition:
  

(a)       the taking by any Secured
Party of any action to enforce or realize upon any Lien, including the institution of any foreclosure proceedings or the noticing of any public or private sale pursuant to Article 9 of the Uniform Commercial Code;

 
 

 
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(b)       the exercise by any
Secured Party of any right or remedy provided to a secured creditor on account of a Lien under any of the Credit Documents, under applicable law, in an Insolvency Proceeding or otherwise, including the election to retain any of the Collateral in
satisfaction of a Lien;
  

(c)       the taking by any Secured
Party of any action or the exercise of any right or remedy in respect of the collection on, set off against, marshaling of, injunction respecting or foreclosure on the Collateral or the Proceeds thereof;

 

(d)       the appointment on an
application of a Secured Party of a receiver, receiver and manager or interim receiver of all or part of the Collateral;
  
 (e)       the sale, lease, license, or other disposition of all or any portion of the Collateral by private or public sale conducted by a Secured
Party or any other means permissible under applicable law;

 

(f)       the exercise of any other
right of a secured creditor under Part 6 of Article 9 of the Uniform Commercial Code;
  
 (g)       the exercise by any Secured Party of any voting rights relating to any Capital Stock included in the Collateral; and

 

(h)       the delivery of any claim
or demand relating to the Collateral to any Person (including any securities intermediary, depository bank or landlord) in possession or control of any Collateral in connection with the collection of the ABL Obligations or Term Loan/Notes
Obligations after the occurrence of an Event of Default (except, with respect to the ABL Lenders, such action shall not be deemed an Exercise of Secured Creditor Remedies if the ABL Lenders have not terminated their commitments to the ABL Borrowers
under the ABL Credit Agreement and/or are continuing to make loans and advances to or for the benefit of the ABL Borrowers).
  
 For the avoidance of doubt, exercising any right or remedy provided to an ABL Lender upon the occurrence of a Cash Dominion Event, reducing advance rates and sub-limits, imposing
reserves, filing a proof of claim in bankruptcy court or seeking adequate protection shall not be deemed to be an Exercise of Secured Creditor Remedies.

 

“Existing Intercreditor Agreement” shall
mean that certain Intercreditor Agreement, dated as of April 13, 2006, by and between the ABL Agent and the First Lien Term Agent, as amended, amended and restated, restated, supplemented, modified or otherwise in effect from time to time
immediately prior to the date hereof.
  

“Financing Lease” shall mean any lease of
property, real or personal, the obligations of the lessee in respect of which are required in accordance with GAAP to be capitalized on a balance sheet of the lessee.

 

“First Lien Notes” shall mean the 6.250%
Senior Secured Notes due 2025, and all other notes issued pursuant to any First Lien Notes Indenture, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms
thereof.
  

“First Lien Notes Agent” shall have the
meaning assigned to that term in the introduction to this Agreement and shall include any successor thereto as well as any Person designated as the “Collateral Agent” under any First Lien Notes Indenture.

 
 

 
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“First Lien Notes Collateral Documents”
shall mean all “Collateral Documents” as defined in the Original First Lien Notes Indenture, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any First
Lien Notes Indenture, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.

 

“First Lien Notes Credit Parties” shall have
the meaning assigned to that term in the recitals to this Agreement.
  
 “First Lien Notes Documents” shall mean the First Lien Notes Indenture, the First Lien Notes, the First Lien Notes Collateral Documents, those other
ancillary agreements as to which the First Lien Notes Agent, the First Lien Notes Trustee, or any First Lien Notes Holder is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or
on behalf of any First Lien Notes Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the First Lien Notes Agent or the First Lien Notes Trustee, in connection with any of the foregoing or any First Lien Notes
Indenture, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.

 

“First Lien Notes Guarantors” shall mean the
collective reference to BCF Holdings and its Subsidiaries, other than the First Lien Notes Issuer and any Foreign Subsidiary, and any other Person who becomes a guarantor under any of the First Lien Notes Documents.

 

“First Lien Notes Holders” shall mean the
“Holders” under and as defined in the Original First Lien Notes Indenture, and shall include all successors, assigns, transferees and replacements thereof, as well as any Person designated as a “Holder” under any First Lien
Notes Indenture.
  

“First Lien Notes Indenture” shall mean the
Original First Lien Notes Indenture and any other agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the First Lien Notes Obligations, whether by the same or any other agent,
trustee, holder, or group of holders and whether or not increasing the amount of any Indebtedness that may be incurred thereunder.
  
 “First Lien Notes Issuer” shall have the meaning assigned to that term in the introduction to this Agreement.

 

“First Lien Notes Obligations” shall mean
all obligations of every nature of each First Lien Notes Credit Party from time to time owed to the First Lien Notes Agent, the First Lien Notes Trustee, the First Lien Notes Holders or any of them, under any First Lien Notes Documents, whether for
principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such First Lien Notes Credit Party, would have accrued on any First Lien Notes Obligation, whether or not a claim is allowed against such
First Lien Notes Credit Party for such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the First Lien Notes Documents, as amended, restated,
modified, renewed, refunded, replaced or refinanced in whole or in part from time to time in accordance with the terms thereof.
  
 “First Lien Notes Secured Parties” shall mean the First Lien Notes Agent, the First Lien Notes Trustee, and the First Lien Notes Holders.

 

“First Lien Notes Trustee” shall have the
meaning assigned to that term in the recitals to this Agreement, and shall include any successor thereto as well as any Person designated as “Trustee” under any First Lien Notes Indenture.

 
 

 
9
 

  

 

“First Lien Term Agent” shall have the
meaning assigned to that term in the introduction to this Agreement and shall include any successor thereto as well as any Person designated as the “Agent” or “Administrative Agent” under any First Lien Term Credit
Agreement.
  

“First Lien Term Borrower” shall have the
meaning assigned to that term in the introduction to this Agreement.
  
 “First Lien Term Collateral Documents” shall mean all “Security Documents” as defined in the Original First Lien Term Credit Agreement, and all
other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any First Lien Term Credit Agreement, in each case as the same may be amended, supplemented, restated or otherwise modified
from time to time in accordance with the terms thereof.

 

“First Lien Term Credit Agreement” shall
mean the Original First Lien Term Credit Agreement and any other agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the First Lien Term Obligations, whether by the same or any
other agent, lender or group of lenders and whether or not increasing the amount of any Indebtedness that may be incurred thereunder.

 

“First Lien Term Credit Parties” shall have
the meaning assigned to that term in the recitals to this Agreement.
  
 “First Lien Term Documents” shall mean the First Lien Term Credit Agreement, the First Lien Term Guaranties, the First Lien Term Collateral Documents,
those other ancillary agreements as to which the First Lien Term Agent or any First Lien Term Lender is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any
First Lien Term Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the First Lien Term Agent, in connection with any of the foregoing or any First Lien Term Credit Agreement, in each case as the same may be amended,
supplemented, restated or otherwise modified from time to time in accordance with the terms thereof.
  
 “First Lien Term Guaranties” shall have the meaning assigned to that term in the recitals to this Agreement.

 

“First Lien Term Guarantors” shall mean the
collective reference to BCF Holdings and its Subsidiaries, other than the First Lien Term Borrower and any Foreign Subsidiary, and any other Person who becomes a guarantor under any of the First Lien Term Guaranties.

 

“First Lien Term Lenders” shall have the
meaning assigned to that term in the introduction to this Agreement and shall include all successors, assigns, transferees and replacements thereof, as well as any Person designated as a “Lender” under any First Lien Term Credit
Agreement.
  

“First Lien Term Obligations” shall mean all
obligations of every nature of each First Lien Term Credit Party from time to time owed to the First Lien Term Agent, the First Lien Term Lenders or any of them, under any First Lien Term Document, whether for principal, interest (including interest
which, but for the filing of a petition in bankruptcy with respect to such First Lien Term Credit Party, would have accrued on any First Lien Term Obligation, whether or not a claim is allowed against such First Lien Term Credit Party for such
interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the First Lien Term Documents, as amended, restated, modified, renewed, refunded, replaced or
refinanced in whole or in part from time to time in accordance with the terms thereof.
  
 

 
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“First Lien Term Secured Parties” shall mean
the First Lien Term Agent and the First Lien Term Lenders.

 

“Foreign Subsidiary” shall have the meaning
provided in the Original ABL Credit Agreement, the Original First Lien Term Credit Agreement, and the Original First Lien Notes Indenture as in effect on the date hereof.

 

“Future Term Loan/Notes Indebtedness” shall
mean any Indebtedness of the First Lien Notes Issuer and/or the First Lien Notes Guarantors that is secured by a Lien in favor of the First Lien Notes Agent pursuant to the First Lien Notes Collateral Documents and that was permitted to be incurred
and so secured under each applicable Term Loan/Notes Document; provided that (i) the trustee, agent or other authorized representative for the holders of such Indebtedness (other than in the case of Additional Notes (as defined in the First Lien
Notes Indenture)) and the First Lien Notes Issuer and the First Lien Notes Guarantors shall execute a joinder to the Term Loan/Notes Intercreditor Agreement and (ii) the First Lien Notes Issuer shall designate such Indebtedness as “Additional
Pari Passu Obligations” under the Term Loan/Notes Intercreditor Agreement.
  
 “Future Term Loan/Notes Indebtedness Secured Parties” means holders of any Future Term Loan/Notes Obligations and any trustee, authorized representative or
agent of such Future Term Loan/Notes Obligations.

 

“Future Term Loan/Notes Obligations” shall
mean all obligations of every nature of each First Lien Notes Credit Party from time to time owed to the Future Term Loan/Notes Indebtedness Secured Parties or any of them, under any documents governing Future Term Loan/Notes Indebtedness, whether
for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to such First Lien Notes Credit Party, would have accrued on any Future Term Loan/Notes Obligations, whether or not a claim is allowed
against such First Lien Notes Credit Party for such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the documents governing Future Term Loan/Notes
Indebtedness, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time in accordance with the terms thereof (other than, in each case, obligations with respect to Additional Notes (as defined in
the First Lien Notes Indenture) which shall constitute First Lien Notes Obligations).
  
 “General Intangibles” shall mean all “general intangibles” as such term is defined in the Uniform Commercial Code including, with respect to
any Credit Party, all contracts, agreements and indentures in any form, and portions thereof, to which such Credit Party is a party or under which such Credit Party has any right, title or interest or to which such Credit Party or any property of
such Credit Party is subject, as the same may be amended, supplemented, restated or otherwise modified from time to time.
  
 “Guarantor” shall mean any of the ABL Guarantors, the First Lien Term Guarantors, or the First Lien Notes Guarantors.

 

“Indebtedness” shall have the meaning
provided in the ABL Credit Agreement, the First Lien Term Credit Agreement, and the First Lien Notes Indenture as in effect on the date hereof.

 

“Initial Borrower” shall have the meaning
assigned to that term in the recitals to this Agreement.

 

“Insolvency Proceeding” shall mean (a) any
case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of
creditors, 
 composition, marshalling of assets for creditors or other similar
arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case covered by clauses (a) and (b) undertaken under United States Federal, State or foreign law, including the Bankruptcy Code.

  
 

 
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 “JPMorgan” shall have the meaning assigned to that term in the introduction to this Agreement.

 

“Lead Borrower” shall have the meaning
assigned to that term in the recitals to this Agreement.

 

“Lien” shall mean, with respect to any asset, (a) any
mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, encumbrance, collateral assignment, 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
party with respect to such securities.
  

“Lien Priority” shall mean with respect to
any Lien of the ABL Agent, the ABL Lenders, the First Lien Term Agent, the First Lien Term Lenders, the First Lien Notes Agent, the First Lien Notes Secured Parties, or the Future Term Loan/Notes Indebtedness Secured Parties in the Collateral, the
order of priority of such Lien as specified in Section 2.1.

 

“Original ABL Credit Agreement” shall have
the meaning assigned to that term in the introduction to this Agreement.
  
 “Original First Lien Notes Indenture” shall have the meaning assigned to that term in the introduction to this Agreement.

 

“Original First Lien Term Credit Agreement”
shall have the meaning assigned to that term in the introduction to this Agreement.
  
 “Party” shall mean the ABL Agent, the First Lien Term Agent, or the First Lien Notes Agent, and “Parties” shall mean,
collectively, the ABL Agent, the First Lien Term Agent, and the First Lien Notes Agent.
  
 “Patent License” shall have the meaning assigned to such term in the Intellectual Property Security Agreement as in effect on the Closing Date.

 

“Patents” shall have the meaning assigned to
such term in the Intellectual Property Security Agreement as in effect on the Closing Date.
  
 “Payment Collateral” shall mean all Accounts, Instruments, Chattel Paper, Letter-Of-Credit Rights, Deposit Accounts (other than the Asset Sales Proceeds
Account), Securities Accounts and Payment Intangibles, together with all Supporting Obligations, in each case composing a portion of the Collateral.

 

“Priority Collateral” shall mean the ABL
Priority Collateral or the Term Loan/Notes Priority Collateral, as applicable.
  
 “Proceeds” shall mean (a) all “proceeds,” as defined in Article 9 of the Uniform Commercial Code, with respect to the Collateral, and (b)
whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily.

 
 

 
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“Property” shall mean any interest in any
kind of property or asset, whether real, personal or mixed, or tangible or intangible.
  
 “Secured Parties” shall mean the ABL Secured Parties and the Term Loan/Notes Secured Parties.

 

“Subsidiary” shall mean with respect to any
Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity (a) of which Capital Stock representing more than 50% of the ordinary voting power or, in the case of a
partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one
or more subsidiaries of the parent.
  

“Term Loan/Notes Agents” shall mean,
collectively, the First Lien Term Agent and the First Lien Notes Agent.
  
 “Term Loan/Notes Collateral Documents” shall mean, collectively, the First Lien Term Collateral Documents and the First Lien Notes Collateral
Documents.
  

“Term Loan/Notes Credit Parties” shall mean,
collectively, the First Lien Term Credit Parties and the First Lien Notes Credit Parties.
  
 “Term Loan/Notes Documents” shall mean, collectively, the First Lien Term Documents, the First Lien Notes Documents, and all other documents governing Term
Loan/Notes Obligations.
  

“Term Loan/Notes Guarantors” shall mean,
collectively, the First Lien Term Guarantors and the First Lien Notes Guarantors.
  
 “Term Loan/Notes Intercreditor Agreement” shall mean that certain Pari Passu Intercreditor Agreement, dated as of April 16, 2020, by and between the First
Lien Term Agent, the First Lien Notes Agent, the First Lien Notes Trustee, and the applicable Term Loan/Notes Credit Parties.
  
 “Term Loan/Notes Obligations” shall mean, collectively, (a) the First Lien Term Obligations, (b) the First Lien Notes Obligations, and (c) all Future Term
Loan/Notes Obligations.
  

“Term Loan/Notes Priority Collateral” shall
mean:
  

(1)       all Equipment, Fixtures,
Real Estate, Intellectual Property and Investment Property (other than Cash Equivalents not credited to or deposited in the Asset Sales Proceeds Account),

 

(2)       except to the extent
relating to, evidencing or governing ABL Priority Collateral, all Instruments, Documents, General Intangibles and commercial tort claims,

 

(3)       all other Collateral,
other than the ABL Priority Collateral, and

 

(4)       all collateral security
and guarantees with respect to the foregoing and all cash, Money, insurance proceeds, instruments, securities, financial assets and deposit accounts received as proceeds of any Collateral, other than the ABL Priority Collateral (such proceeds,
“Term Loan/Notes Priority Proceeds”); provided, however, no proceeds of Term Loan/Notes Priority Proceeds will constitute Term Loan/Notes Priority Collateral unless such proceeds of Term Loan/Notes Priority
Proceeds would otherwise constitute Term Loan/Notes Priority Collateral or are credited to the Asset Sales Proceeds Account.
  
 

 
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“Term Loan/Notes Recovery” shall have the
meaning set forth in Section 5.3(b).
  

“Term Loan/Notes Secured Parties” shall
mean, collectively, (a) the First Lien Term Secured Parties, (b) the First Lien Notes Secured Parties, and (c) the Future Term Loan/Notes Indebtedness Secured Parties.

 

“Trademark License” shall have the meaning
assigned to such term in the Intellectual Property Security Agreement as in effect on the Closing Date.
  
 “Trademarks” shall have the meaning assigned to such term in the Intellectual Property Security Agreement as in effect on the Closing Date.

 

“Uniform Commercial Code” shall mean the
Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided that to the extent that the Uniform Commercial Code is used to define any term in any security document and such term is defined
differently in differing Articles of the Uniform Commercial Code, the definition of such term contained in Article 9 shall govern; provided, further, that in the event that, by reason of mandatory provisions of law, any or all of the
attachment, perfection, publication or priority of, or remedies with respect to, Liens of any Party is governed by the Uniform Commercial Code or foreign personal property security laws as enacted and in effect in a jurisdiction other than the State
of New York, the term “Uniform Commercial Code” will mean the Uniform Commercial Code or such foreign personal property security laws as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof
relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions.
  
 Section 1.3                  Rules of Construction. Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the term “including” is not limiting and shall
be deemed to be followed by the phrase “without limitation,” 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 refer to this Agreement as a whole and not to any particular provision of this Agreement. Article, section, subsection, clause, schedule and
exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, restatements, extensions, modifications,
renewals, replacements, substitutions, joinders, and supplements thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements set forth herein). Any reference herein to any Person shall be construed to include such Person’s successors and assigns. Any reference herein to the repayment in full of an obligation shall mean the
payment in full in cash of such obligation, or in such other manner as may be approved in writing by the requisite holders or representatives in respect of such obligation, or in such other manner as may be approved by the requisite holders or
representatives in respect of such obligation.
  
 ARTICLE 2
 LIEN PRIORITY

 

Section
2.1                  Priority of Liens.

 

(a)           
     Subject to the provisos in subclauses (b) and (c) of Section 4.1, notwithstanding (i) the date, time, method, manner, or order of grant, attachment, or perfection (including any defect or
deficiency or alleged defect or deficiency in any of the foregoing) of any Liens granted to the ABL Agent or the ABL Lenders in respect of all or any portion of the Collateral or of any Liens granted to the First Lien Term Agent or the First Lien
Term Lenders or of any Liens granted to the First Lien Notes Agent or the First Lien Notes Secured Parties or any Future Term Loan/Notes Indebtedness Secured Parties in respect of all or any portion of the Collateral and regardless of how any such
Lien was acquired (whether by grant, statute, operation of law, subrogation or otherwise), (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favor of the ABL Agent or the First Lien Term Agent
or the First Lien Notes Agent (or ABL Lenders or First Lien Term Lenders or First Lien Notes Secured Parties or the Future Term Loan/Notes Indebtedness Secured Parties) in any Collateral, (iii) any provision of the Uniform Commercial Code, the
Bankruptcy Code or any other applicable law, or of the ABL Documents or the Term Loan/Notes Documents, (iv) whether the ABL Agent, the First Lien Term Agent or the First Lien Notes Agent, in each case, either directly or through agents, holds
possession of, or has control over, all or any part of the Collateral, (v) the fact that any such Liens in favor of the ABL Agent or the ABL Lenders or the First Lien Term Agent or the First Lien Term Lenders or the First Lien Notes Agent or the
First Lien Notes Secured Parties or the Future Term Loan/Notes Indebtedness Secured Parties (or ABL Lenders or any Term Loan/Notes Secured Parties) securing any of the ABL Obligations or Term Loan/Notes Obligations, respectively, are (x)
subordinated to any Lien securing any obligation of any Credit Party other than the Term Loan/Notes Obligations or the ABL Obligations, respectively, or (y) otherwise subordinated, voided, avoided, invalidated or lapsed, or (vi) any other
circumstance of any kind or nature whatsoever, the ABL Agent, on behalf of itself and the ABL Lenders, the First Lien Term Agent, on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself and the other
First Lien Notes Secured Parties and the Future Term Loan/Notes Indebtedness Secured Parties, hereby agree that:
 

 
 

 
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 (1)               any Lien in respect of all or any portion of the ABL Priority
Collateral now or hereafter held by or on behalf of any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party or any Future Term Loan/Notes Indebtedness Secured Party that secures all or any portion of the Term
Loan/Notes Obligations shall in all respects be junior and subordinate to all Liens granted to the ABL Agent and the ABL Lenders in the ABL Priority Collateral to secure all or any portion of the ABL Obligations; 

 

(2)          
     any Lien in respect of all or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Lender that secures all or any portion of the ABL
Obligations shall in all respects be senior and prior to all Liens granted to any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party in the ABL Priority
Collateral to secure all or any portion of the Term Loan/Notes Obligations; 
  
 (3)               any Lien in respect of all or any portion of the Term
Loan/Notes Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Lender that secures all or any portion of the ABL Obligations shall in all respects be junior and subordinate to all Liens granted to any Term
Loan/Notes Agent, the First Lien Term Lenders, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties in the Term Loan/Notes Priority Collateral to secure all or any portion of the Term Loan/Notes
Obligations; and
  

(4)          
     any Lien in respect of all or any portion of the Term Loan/Notes Priority Collateral now or hereafter held by or on behalf of any Term Loan/Notes Agent, any First Lien Term Lender, any First
Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party that secures all or any portion of the Term Loan/Notes Obligations shall in all respects be senior and prior to all Liens granted to the ABL Agent or any ABL Lender
in the Term Loan/Notes Priority Collateral to secure all or any portion of the ABL Obligations.
  
 

 
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(b)           
    Notwithstanding any failure by any ABL Secured Party or Term Loan/Notes Secured Party to perfect its security interests in the Collateral or any avoidance, invalidation, priming or subordination by
any third party or court of competent jurisdiction of the security interests in the Collateral granted to the ABL Secured Parties or the Term Loan/Notes Secured Parties but, for the avoidance of doubt, subject to the provisos in subclauses (b) and
(c) of Section 4.1, the priority and rights as between the ABL Secured Parties and the Term Loan/Notes Secured Parties with respect to the Collateral shall be as set forth herein.

 

(c)           
     The First Lien Term Agent, for and on behalf of itself and the First Lien Term Lenders, acknowledges and agrees that, concurrently herewith, the ABL Agent, for the benefit of itself and the ABL
Lenders, has been granted Liens upon all of the Collateral in which the First Lien Term Agent has been granted Liens and the First Lien Term Agent hereby consents thereto. The First Lien Notes Agent, for and on behalf of itself, the First Lien Notes
Secured Parties and the Future Term Loan/Notes Indebtedness Secured Parties, acknowledges and agrees that, concurrently herewith, the ABL Agent, for the benefit of itself and the ABL Lenders, has been granted Liens upon all of the Collateral in
which the First Lien Notes Agent has been granted Liens and the First Lien Notes Agent hereby consents thereto. The ABL Agent, for and on behalf of itself and the ABL Lenders, acknowledges and agrees that, concurrently herewith, the First Lien Term
Agent, for the benefit of itself and the First Lien Term Lenders, has been granted Liens upon all of the Collateral in which the ABL Agent has been granted Liens and the ABL Agent hereby consents thereto. The ABL Agent, for and on behalf of itself
and the ABL Lenders, acknowledges and agrees that, concurrently herewith, the First Lien Notes Agent, for the benefit of itself, the First Lien Notes Secured Parties and the Future Term Loan/Notes Indebtedness Secured Parties, has been granted Liens
upon all of the Collateral in which the ABL Agent has been granted Liens and the ABL Agent hereby consents thereto. The subordination of Liens by each Term Loan/Notes Agent and the ABL Agent in favor of one another as set forth herein shall not be
deemed to subordinate any Term Loan/Notes Agent’s Liens or the ABL Agent’s Liens to the Liens of any other Person.
  

Section
2.2                  Waiver of Right to Contest Liens.

 

(a)           
     Each of the First Lien Term Agent, for and on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, for and on behalf of itself, the First Lien Notes Secured
Parties, and the Future Term Loan/Notes Indebtedness Secured Parties, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging),
directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the ABL Agent and the ABL Lenders in respect of the Collateral or the provisions
of this Agreement. Except to the extent expressly set forth in this Agreement, the First Lien Term Agent, for itself and on behalf of the First Lien Term Lenders, agrees that none of the First Lien Term Agent or the First Lien Term Lenders will take
any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Agent or any ABL Lender under the ABL Documents with respect to the ABL Priority Collateral. Except to the extent expressly set forth in this
Agreement, the First Lien Notes Agent, for itself and on behalf of the First Lien Notes Secured Parties and the Future Term Loan/Notes Indebtedness Secured Parties, agrees that none of the First Lien Notes Agent, the First Lien Notes Secured Parties
or the Future Term Loan/Notes Indebtedness Secured Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Agent or any ABL Lender under the ABL Documents with respect to the ABL
Priority Collateral. Except to the extent expressly set forth in this Agreement, the First Lien Term Agent, for itself and on behalf of the First Lien Term Lenders, hereby waives any and all rights it or the First Lien Term Lenders may have as a
junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the ABL Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority Collateral. Except to the extent expressly set forth in this
Agreement, the First Lien Notes Agent, for itself and on behalf of the First Lien Notes Secured Parties and the Future Term Loan/Notes Indebtedness Secured Parties, hereby waives any and all rights it, the First Lien Notes Secured Parties or the
Future Term Loan/Notes Indebtedness Secured Parties may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the ABL Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority
Collateral. The foregoing shall not be construed to prohibit any Term Loan/Notes Agent from enforcing the provisions of this Agreement as to the relative priority of the parties hereto.

  
 

 
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 (b)               The ABL Agent, for and on behalf of itself and the ABL
Lenders, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding
(including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of any Term Loan/Notes Agent, the First Lien Term Lenders, the First Lien Notes Secured Parties, or the Future Term Loan/Notes Indebtedness
Secured Parties in respect of the Collateral or the provisions of this Agreement. Except to the extent expressly set forth in this Agreement, the ABL Agent, for itself and on behalf of the ABL Lenders, agrees that none of the ABL Agent or the ABL
Lenders will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness
Secured Party under the applicable Term Loan/Notes Documents with respect to the Term Loan/Notes Priority Collateral. Except to the extent expressly set forth in this Agreement, the ABL Agent, for itself and on behalf of the ABL Lenders, hereby
waives any and all rights it or the ABL Lenders may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured
Party, or any Future Term Loan/Notes Indebtedness Secured Party seeks to enforce its Liens in any Term Loan/Notes Priority Collateral. The foregoing shall not be construed to prohibit the ABL Agent from enforcing the provisions of this Agreement as
to the relative priority of the parties hereto.

 

Section
2.3                  Remedies Standstill.

 

(a)           
     Each of the First Lien Term Agent, on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, the First Lien Notes Secured Parties and the Future
Term Loan/Notes Indebtedness Secured Parties, agrees that, until the date upon which the Discharge of ABL Obligations shall have occurred, neither such Term Loan/Notes Agent nor any First Lien Term Lender or any First Lien Notes Secured Party or any
Future Term Loan/Notes Indebtedness Secured Party will Exercise Any Secured Creditor Remedies with respect to any of the ABL Priority Collateral without the written consent of the ABL Agent, and will not take, receive or accept any Proceeds of ABL
Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of ABL Priority Collateral in a Deposit Account controlled by the Controlling Term Loan/Notes Agent shall not constitute a breach of this Agreement so long as
such Proceeds are promptly remitted to the ABL Agent. From and after the date upon which the Discharge of ABL Obligations shall have occurred (or prior thereto upon obtaining the written consent of the ABL Agent), any Term Loan/Notes Agent, any
First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party may Exercise Any Secured Creditor Remedies under the applicable Term Loan/Notes Documents or applicable law as to any ABL Priority
Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by any Term Loan/Notes Agent is at all times subject to the provisions of this Agreement and the Term Loan/Notes Intercreditor
Agreement, including Section 4.1 hereof.

 
 

 
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(b)           
    The ABL Agent, on behalf of itself and the ABL Lenders, agrees that, until the date upon which the Discharge of Term Loan/Notes Obligations shall have occurred, neither the ABL Agent nor any ABL
Lender will Exercise Any Secured Creditor Remedies with respect to the Term Loan/Notes Priority Collateral without the written consent of the Controlling Term Loan/Notes Agent, and will not take, receive or accept any Proceeds of the Term Loan/Notes
Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of Term Loan/Notes Priority Collateral in a Deposit Account controlled by the ABL Agent shall not constitute a breach of this Agreement so long as such
Proceeds are promptly remitted to the Controlling Term Loan/Notes Agent. From and after the date upon which the Discharge of Term Loan/Notes Obligations shall have occurred (or prior thereto upon obtaining the written consent of the Controlling Term
Loan/Notes Agent), the ABL Agent or any ABL Lender may Exercise Any Secured Creditor Remedies under the ABL Documents or applicable law as to any Term Loan/Notes Priority Collateral (other than with respect to any real property a mortgage
over which has been granted pursuant to the terms of the Term Loan/Notes Documents and has not been granted pursuant to the terms of the ABL Documents); provided, however, that any Exercise of Secured
Creditor Remedies with respect to any Collateral by the ABL Agent is at all times subject to the provisions of this Agreement, including Section 4.1 hereof.

 

(c)           
     Notwithstanding any other provision of this agreement, nothing contained herein shall be construed to prevent (i) the ABL Agent or any ABL Lender from objecting to any proposed retention of
collateral by any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party in full or partial satisfaction of any Term Loan/Notes Obligations or (ii) any Term
Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party from objecting to any proposed retention of collateral by the ABL Agent or any ABL Lender in full or partial
satisfaction of any ABL Obligations.
  

Section
2.4                  Exercise of Rights.

 

(a)           
     No Other Restrictions. Except as expressly set forth in this Agreement, each of the First Lien Term Agent, each First Lien Term Lender, the First Lien Notes Agent, each First Lien Notes
Secured Party, each Future Term Loan/Notes Indebtedness Secured Party, the ABL Agent and each ABL Lender shall have any and all rights and remedies it may have as a creditor under applicable law, including the right to the Exercise of Secured
Creditor Remedies; provided, however, that the Exercise of Secured Creditor Remedies with respect to the Collateral shall be subject to the Lien Priority and to the provisions of this Agreement, including Sections 2.3 and 4.1 hereof.
None of any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, any Future Term Loan/Notes Indebtedness Secured Party, the ABL Agent or any ABL Lender waives any claim it may have on grounds of commercial
reasonableness. The ABL Agent may enforce the provisions of the ABL Documents, the First Lien Term Agent may enforce the provisions of the applicable Term Loan/Notes Documents, the First Lien Notes Agent may enforce the provisions of the applicable
Term Loan/Notes Documents, and each may Exercise Any Secured Creditor Remedies, all in such order and in such manner as each may determine in the exercise of its sole discretion, consistent with the terms of this Agreement and mandatory provisions
of applicable law; provided, however, that each of the ABL Agent and each Term Loan/Notes Agent agrees to provide to the other copies of any notices that it is required under applicable law to deliver to any Borrower or any Guarantor;
provided further, however, that the ABL Agent’s failure to provide any such copies to any Term Loan/Notes Agent shall not impair any of the ABL Agent’s rights hereunder or under any of the ABL Documents and any Term Loan/Notes
Agent’s failure to provide any such copies to the ABL Agent shall not impair any of such Term Loan/Notes Agent’s rights hereunder or under any of the applicable Term Loan/Notes Documents. Each of the First Lien Term Agent, each First
Lien Term Lender, each First Lien Notes Agent, each First Lien Notes Secured Party, each Future Term Loan/Notes Indebtedness Secured Party, the ABL Agent and each ABL Lender agrees that (i) it will not institute any suit or other proceeding or
assert in any suit, Insolvency Proceeding or other proceeding any claim, in the case of the First Lien Term Agent, each First Lien Term Lender, the First Lien Notes Agent, each First Lien Notes Secured Party, and each Future Term Loan/Notes
Indebtedness Secured Party against either the ABL Agent or any other ABL Secured Party, and in the case of the ABL Agent and each other ABL Secured Party, against either any Term Loan/Notes Agent or any other Term Loan/Notes Secured Party, seeking
damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral which is consistent with the terms of this Agreement, and
none of such Parties shall be liable for any such action taken or omitted to be taken and (ii) it will not be a petitioning creditor or otherwise assist in the filing of any involuntary Insolvency Proceeding.

 
 

 
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(b)           
    Release of Liens. (i) In the event of (A) any private or public sale of all or any portion of the ABL Priority Collateral in connection with any Exercise of Secured Creditor Remedies by or
with the consent of the ABL Agent (other than in connection with a refinancing as described in Section 5.2(c)), (B) any sale, transfer or other disposition of all or any portion of the ABL Priority Collateral (other than in connection with a
refinancing as described in Section 5.2(c)), so long as such sale, transfer or other disposition is then permitted by the ABL Documents or shall have been approved by the requisite ABL Lenders or (C) the release of the ABL Secured Parties’
Lien on all or any portion of the ABL Priority Collateral (other than in connection with a sale, transfer or other disposition as described in clauses (A) and (B) above), so long as such release is then permitted by the ABL Documents or shall have
been approved by the requisite ABL Lenders, in the case of clause (C) only to the extent prior to the date upon which the Discharge of ABL Obligations shall have occurred and not in connection with a Discharge of ABL Obligations (and irrespective of
whether an Event of Default has occurred), each of the First Lien Term Agent, on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, the First Lien Notes Secured Parties, and the Future Term
Loan/Notes Indebtedness Secured Parties, agrees such sale, transfer, other disposition or release will be free and clear of the Liens on such ABL Priority Collateral securing the Term Loan/Notes Obligations, and each Term Loan/Notes Agent’s
and the Term Loan/Notes Secured Parties’ Liens with respect to the ABL Priority Collateral so sold, transferred, disposed or released shall terminate and be automatically released without further action. In furtherance of, and subject to, the
foregoing, each Term Loan/Notes Agent agrees, at the Credit Parties’ expense, that it will promptly execute any and all Lien releases or other documents reasonably requested by the ABL Agent in connection therewith. Each Term Loan/Notes Agent
hereby appoints the ABL Agent and any officer or duly authorized person of the ABL Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of such Term Loan/Notes
Agent and in the name of such Term Loan/Notes Agent or in the ABL Agent’s own name, from time to time, in the ABL Agent’s sole discretion, for the purposes of carrying out the terms of this paragraph, to take any and all appropriate
action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this paragraph, including any financing statements, endorsements, assignments, releases or other documents or
instruments of transfer (which appointment, being coupled with an interest, is irrevocable). All proceeds realized from any such sale or disposition shall be applied to the ABL Obligations or the Term Loan/Notes Obligations in accordance with the
terms of this Agreement.
 

 
 

 
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 (ii)       In the event of (A) any private or public sale of all or any portion of the Term Loan/Notes Priority Collateral in connection with any
Exercise of Secured Creditor Remedies by or with the consent of the Controlling Term Loan/Notes Agent (other than in connection with a refinancing as described in Section 5.2(c)), (B) any sale, transfer or other disposition of all or any portion of
the Term Loan/Notes Priority Collateral (other than in connection with a refinancing as described in Section 5.2(c)), so long as such sale, transfer or other disposition is then permitted by the Controlling Term Loan/Notes Documents or shall have
been approved by the requisite Controlling Term Loan/Notes Secured Parties, or (C) the release of the Term Loan/Notes Secured Parties’ Lien on all or any portion of the Term Loan/Notes Priority Collateral (other than in connection with a sale,
transfer or other disposition as described in clauses (A) and (B) above), so long as such release is then permitted by the Term Loan/Notes Documents or shall have been approved by the requisite Controlling Term Loan/Notes Secured Parties in the case
of clause (C) only to the extent prior to the date upon which the Discharge of Term Loan/Notes Obligations shall have occurred and not in connection with a Discharge of ABL Obligations (and irrespective of whether an Event of Default has occurred),
the ABL Agent agrees, on behalf of itself and the ABL Lenders, that such sale, transfer, other disposition or release will be free and clear of the Liens on such Term Loan/Notes Priority Collateral securing the ABL Obligations and the ABL
Agent’s and the ABL Secured Parties’ Liens with respect to the ABL Priority Collateral so sold, transferred, disposed or released shall terminate and be automatically released without further action. In furtherance of, and subject to,
the foregoing, the ABL Agent agrees, at the Credit Parties’ expense, that it will promptly execute any and all Lien releases or other documents reasonably requested by the Controlling Term Loan/Notes Agent in connection therewith. The ABL
Agent hereby appoints the Controlling Term Loan/Notes Agent and any officer or duly authorized person of the Controlling Term Loan/Notes Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of
attorney in the place and stead of the ABL Agent and in the name of the ABL Agent or in the Controlling Term Loan/Notes Agent’s own name, from time to time, in the Controlling Term Loan/Notes Agent’s sole discretion, for the purposes of
carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this paragraph, including any financing
statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). All proceeds realized from any such sale or disposition shall be applied to the ABL
Obligations or the Term Loan/Notes Obligations in accordance with the terms of this Agreement.
  
 Section 2.5                  No New Liens.

 

(a)           
     Subject to Section 2.5(c), until the date upon which the Discharge of ABL Obligations shall have occurred, the parties hereto agree that no Term Loan/Notes Secured Party shall acquire or hold any Lien on any assets of any
Credit Party securing any Term Loan/Notes Obligation which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, subject to the Lien Priority set forth herein. Subject to Section 2.5(c), if any Term Loan/Notes Secured
Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any Term Loan/Notes Obligation which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, subject to the
Lien Priority set forth herein, then the applicable Term Loan/Notes Agent (or the relevant Term Loan/Notes Secured Party) shall, without the need for any further consent of any other Term Loan/Notes Secured Party, the First Lien Term Borrower, the
First Lien Notes Issuer, any First Lien Term Guarantor, or any First Lien Notes Guarantor, and notwithstanding anything to the contrary in any other Term Loan/Notes Document, be deemed to also hold and have held such Lien as bailee for the benefit
of the ABL Agent as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the ABL Agent in writing of the existence of such Lien.

 

(b)           
    Until the date upon which the Discharge of Term Loan/Notes Obligations shall have occurred, the parties hereto agree that no ABL Secured Party shall acquire or hold any Lien on any assets of any Credit Party securing any ABL
Obligation which assets are not also subject to the Lien of each Term Loan/Notes Agent under the Term Loan/Notes Documents, subject to the Lien Priority set forth herein. If any ABL Secured Party shall (nonetheless and in breach hereof) acquire or
hold any Lien on any assets of any Credit Party securing any ABL Obligation which assets are not also subject to the Lien of each Term Loan/Notes Agent under the Term Loan/Notes Documents, subject to the Lien Priority set forth herein, then the ABL
Agent (or the relevant ABL Secured Party) shall, without the need for any further consent of any other ABL Secured Party, any ABL Borrower or any ABL Guarantor and notwithstanding anything to the contrary in any other ABL Document be deemed to also
hold and have held such Lien as bailee for the benefit of each Term Loan/Notes Agent as security for the Term Loan/Notes Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the Controlling Term Loan/Notes
Agent in writing of the existence of such Lien.

 
 

 
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(c)           
     Notwithstanding anything in this Agreement to the contrary, the provisions of clauses (a) and (b) of this Section 2.5 shall not apply to any real property a mortgage over which has been granted pursuant to the terms of the
Term Loan/Notes Documents and has not been granted pursuant to the terms of the ABL Documents.
  
 Section 2.6                  Waiver of
Marshalling
  

(a)           
     Until the Discharge of the ABL Obligations, each Term Loan/Notes Agent, on behalf of itself and the applicable Term Loan/Notes Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law,
any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the ABL Priority Collateral
or any other similar rights a junior secured creditor may have under applicable law.
  
  (b)              Until the Discharge of the Term Loan/Notes Obligations, the ABL Agent, on behalf of itself and the
ABL Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar
right that may otherwise be available under applicable law with respect to the Term Loan/Notes Priority Collateral or any other similar rights a junior secured creditor may have under applicable law.

 

ARTICLE 3
 ACTIONS OF THE PARTIES
  
 Section 3.1                  Certain Actions Permitted. Each Term Loan/Notes Agent and the ABL Agent may make such demands or file such claims in respect of the Term Loan/Notes Obligations or the ABL Obligations, as applicable, as are necessary to prevent the waiver or bar
of such claims under applicable statutes of limitations or other statutes, court orders, or rules of procedure at any time.

 

Section
3.2                  Agent for Perfection. The ABL Agent, for and on behalf of
itself and each ABL Lender, the First Lien Term Agent, for and on behalf of itself and each First Lien Term Lender, and the First Lien Notes Agent, for and on behalf of itself, each First Lien Notes Secured Party and each Future Term Loan/Notes Indebtedness Secured Party, as applicable, each agree to hold all Control Collateral and Cash Collateral that is part of the Collateral in their respective possession, custody, or control (or
in the possession, custody, or control of agents or bailees for either) as agent for the other solely for the purpose of perfecting the security interest granted to each in such Control Collateral or Cash Collateral, subject to the terms and
conditions of this Section 3.2. None of the ABL Agent, the ABL Lenders, the First Lien Term Agent, the First Lien Term Lenders, the First Lien Notes Agent, the First Lien Notes Secured Parties or the Future Term
Loan/Notes Indebtedness Secured Parties, as applicable, shall have any obligation whatsoever to the others to assure that the Control Collateral is genuine or owned by any Borrower, any Guarantor, or any other Person or to preserve rights or
benefits of any Person. The duties or responsibilities of the ABL Agent and each Term Loan/Notes Agent under this Section 3.2 are and shall be limited solely to holding or maintaining control of the Control Collateral and the Cash Collateral as
agent for the other Party for purposes of perfecting the Lien held by the First Lien Term Agent, the First Lien Notes Agent, or the ABL Agent, as applicable. The ABL Agent is not and shall not be deemed to be a fiduciary of any kind for any Term
Loan/Notes Agent, the First Lien Term Lenders, the First Lien Notes Secured Parties, the Future Term Loan/Notes Indebtedness Secured Parties, or any other
Person. No Term Loan/Notes Agent is or shall be deemed to be a fiduciary of any kind for the ABL Agent, the ABL Lenders, or any other Person. In the event that (a) any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured
Party, or any Future Term Loan/Notes Indebtedness Secured Party receives any Collateral or Proceeds of the Collateral in violation of the terms of this Agreement, or (b) the ABL Agent or any ABL Lender receives
any Collateral or Proceeds of the Collateral in violation of the terms of this Agreement, then such Term Loan/Notes Agent, such First Lien Term Lender, such First Lien Notes Secured Party, such Future Term Loan/Notes
Indebtedness Secured Party, the ABL Agent, or such ABL Lender, as applicable, shall promptly pay over such Proceeds or Collateral to (i) in the case of clause (a), the ABL Agent, or (ii) in the case of clause (b), the Controlling Term
Loan/Notes Agent, in each case, in the same form as received with any necessary endorsements, for application in accordance with the provisions of Section 4.1 of this Agreement.

  
 

 
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 Section 3.3                  Sharing of Information and
Access. In the event that the ABL Agent shall, in the exercise of its rights under the ABL Collateral Documents or otherwise, receive possession or control of any books and Records of any Term Loan/Notes
Credit Party which contain information identifying or pertaining to the Term Loan/Notes Priority Collateral, the ABL Agent shall, upon request from any Term Loan/Notes Agent and as promptly as practicable thereafter, either make available to the
Term Loan/Notes Agents such books and Records for inspection and duplication or provide to the Term Loan/Notes Agents copies thereof. In the event that any Term Loan/Notes Agent shall, in the exercise of its rights under the applicable Term
Loan/Notes Collateral Documents or otherwise, receive possession or control of any books and records of any ABL Credit Party which contain information identifying or pertaining to any of the ABL Priority Collateral, such Term Loan/Notes Agent shall,
upon request from the ABL Agent and as promptly as practicable thereafter, either make available to the ABL Agent such books and records for inspection and duplication or provide the ABL Agent copies thereof.

 

Section
3.4                  Insurance. Proceeds of Collateral include insurance proceeds
and, therefore, the Lien Priority shall govern the ultimate disposition of casualty insurance proceeds. Each of the ABL Agent, the First Lien Term Agent, and the First Lien Notes Agent shall be named as additional insured or loss payee, as
applicable, with respect to all insurance policies relating to Collateral. The ABL Agent shall have the sole and exclusive right, as against each Term Loan/Notes Agent, to adjust settlement of insurance claims in the event of any covered loss, theft
or destruction of ABL Priority Collateral. The Controlling Term Loan/Notes Agent shall have the sole and exclusive right, as against the ABL Agent, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of
Term Loan/Notes Priority Collateral. All proceeds of such insurance shall be remitted to the ABL Agent or the applicable Term Loan/Notes Agent, as the case may be, and each of the First Lien Term Agent, the First Lien Notes Agent, and ABL Agent
shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds in accordance with Section 4.1 hereof.

 

Section
3.5                  No Additional Rights For the Credit Parties Hereunder. Except
as provided in Section 3.6, if any ABL Secured Party or Term Loan/Notes Secured Party shall enforce its rights or remedies in violation of the terms of this Agreement, the Credit Parties shall not be entitled to use such violation as a defense to
any action by any ABL Secured Party or Term Loan/Notes Secured Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any ABL Secured Party or Term Loan/Notes Secured Party.

 

Section
3.6                  Inspection Rights and Insurance.
  

(a)           
     Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent, the ABL Secured Parties and any representatives designated by the ABL Agent may,
at any time and whether or not any Term Loan/Notes Agent or any other Term Loan/Notes Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), (i) during
normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been
commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Loan/Notes Priority Collateral and (ii) in the event of any liquidation of the ABL Priority Collateral (or any other Exercise of Any Secured Creditor Remedies
by the ABL Agent or any representatives designated by the ABL Agent (including any ABL Borrower or ABL Guarantor) acting with the consent or on behalf of the ABL Agent), use the Term Loan/Notes Priority Collateral (including without limitation,
Equipment, Fixtures, Intellectual Property, General Intangibles and Real Estate) (A) in the case of Term Loan/Notes Priority Collateral other than Intellectual Property, until the date that is 120 days after the commencement of such liquidation of
the ABL Priority Collateral or Exercise of Any Secured Creditor Remedies, as the case may be, and (B) in the case of Intellectual Property until the liquidation of such ABL Collateral is completed, non-exclusively, royalty free and without other
costs, expenses or charges, in the case of each of (i) and (ii), (x) for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory
involving, taking possession of, moving, preparing and advertising for sale, selling, liquidating (by public auction, private sale or a “store closing”, “going out of business” or similar sale, whether in bulk, in lots or to
customers in the ordinary course of business, which sale may include augmented inventory of the same type sole in the ABL Borrowers’ and ABL Guarantors’ business), storing or otherwise dealing with, or to Exercise Any Secured Creditor
Remedies with respect to, the ABL Priority Collateral (collectively, “ABL Permitted Access Purposes”) and (y) without notice to, the involvement of or interference by any Term Loan/Notes Secured Party or liability to any
Term Loan/Notes Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Priority Collateral, no Term Loan/Notes Agent may sell, assign or otherwise
transfer the related Term Loan/Notes Priority Collateral prior to the expiration of the 120-day period commencing on the date such ABL Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee
thereof agrees to be bound by the provisions of this Section 3.6. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL
Priority Collateral has been entered by a court of competent jurisdiction, such 120-day period shall be tolled during the pendency of any such stay or other order. The ABL Agent and the ABL Secured parties shall not be obligated to pay any amounts
to any Term Loan/Notes Agent or the Term Loan/Notes Secured Parties (or any Person claiming by, through or under the Term Loan/Notes Secured Parties, including any purchaser of the Term Loan/Notes Priority Collateral) or to the ABL Borrowers and ABL
Guarantors, for or in respect of the use by the ABL Agent and the ABL Secured Parties of the Term Loan/Notes Priority Collateral in accordance with this Section and none of the ABL Agent or the ABL Secured Parties shall be obligated to secure,
protect, insure or repair any such Term Loan/Notes Priority Collateral (other than for damages caused by the ABL Agent, the ABL Secured Parties or other respective employees, agents and representatives).

  
 

 
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 (b)               The Term Loan/Notes Agents and the other Term Loan/Notes Secured Parties shall use
commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.

 

(c)           
     Subject to the terms hereof, any Term Loan/Notes Agent may advertise and conduct public auctions or private sales of the Term Loan/Notes Priority Collateral without notice (except as required herein or by applicable law) to,
the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.
 

  
 

 
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ARTICLE 4

APPLICATION OF PROCEEDS

 

Section
4.1                  Application of Proceeds.

 

(a)           
     Revolving Nature of ABL Obligations. Each of the First Lien Term Agent, for and on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, for and on behalf of
itself, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties, expressly acknowledges and agrees that (i) any ABL Credit Agreement includes a revolving commitment, that in the ordinary course of business
the ABL Agent and the ABL Lenders will apply payments and make advances thereunder, and that no application of any Payment Collateral or Cash Collateral or the release of any Lien by the ABL Agent upon any portion of the Collateral in connection
with a permitted disposition under any ABL Credit Agreement shall constitute the Exercise of Secured Creditor Remedies under this Agreement; (ii) the amount of the ABL Obligations that may be outstanding at any time or from time to time may be
increased or reduced and subsequently reborrowed, and that the terms of the ABL Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the ABL Obligations may be increased, replaced or refinanced, in
each event, without notice to or consent by the Term Loan/Notes Secured Parties and without affecting the provisions hereof; and (iii) all Payment Collateral or Cash Collateral received by the ABL Agent may be applied, reversed, reapplied, credited,
or reborrowed, in whole or in part, to the ABL Obligations at any time; provided, however, that from and after the date on which the ABL Agent (or any ABL Lender) commences the Exercise of Any Secured Creditor Remedies (other than,
prior to the acceleration of any of the Term Loan/Notes Obligations, the exercise of its rights in accordance with Section 7.02 of the Original ABL Credit Agreement or any similar provision of any other ABL Credit Agreement), all amounts received by
the ABL Agent or any ABL Lender shall be applied as specified in this Section 4.1. The Lien Priority shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase,
replacement, renewal, restatement or refinancing of either the ABL Obligations or the Term Loan/Notes Obligations, or any portion thereof.

 

(b)           
    Application of Proceeds of ABL Priority Collateral. The ABL Agent, the First Lien Term Agent, and the First Lien Notes Agent hereby agree that all ABL Priority Collateral, and all ABL Priority
Proceeds thereof, received by either of them in connection with any Exercise of Secured Creditor Remedies with respect to ABL Priority Collateral shall be applied,

 

first, to the payment of costs and expenses of the ABL Agent in
connection with such Exercise of Secured Creditor Remedies,

 

second, to the payment of the ABL Obligations in accordance with
the ABL Documents until the Discharge of ABL Obligations shall have occurred,
  
 third, subject to the terms of the Term Loan/Notes Intercreditor Agreement, to the payment, on a pro rata basis, of the Term Loan/Notes Obligations, and

 

fourth, the balance, if any, to the Credit Parties or to
whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct;
 

 
 

 
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 provided that in the event any Term Loan/Notes Agent receives, in connection with an Insolvency Proceeding, any Proceeds of any ABL Priority Collateral and the Lien granted
in favor of the ABL Agent or the ABL Lenders in respect of such ABL Priority Collateral has been voided, avoided or otherwise invalidated by a court of competent jurisdiction and the provisions of Section 5.3 would not be effective, then such
Proceeds received by such Term Loan/Notes Agent with respect to the ABL Priority Collateral shall be applied to the extent permitted by applicable law, subject to the terms of the Term Loan/Notes Intercreditor Agreement, to the payment, on a pro
rata basis, of the Term Loan/Notes Obligations in accordance with the Term Loan/Notes Documents until the Discharge of the Term Loan/Notes Obligations shall have occurred.

 

(c)           
     Application of Proceeds of Term Loan/Notes Priority Collateral. The ABL Agent, the First Lien Term Agent, and the First Lien Notes Agent hereby agree that all Term Loan/Notes Priority
Collateral, and all Term Loan/Notes Priority Proceeds thereof, received by either of them in connection with any Exercise of Secured Creditor Remedies with respect to Term Loan/Notes Priority Collateral shall be applied,

 

first, subject to the terms of the Term Loan/Notes Intercreditor
Agreement, to the payment of costs and expenses of the Term Loan/Notes Agents in connection with such Exercise of Secured Creditor Remedies,

 

second, subject to the terms of the Term Loan/Notes Intercreditor
Agreement, to the payment, on a pro rata basis, of the Term Loan/Notes Obligations in accordance with the Term Loan/Notes Documents until the Discharge of Term Loan/Notes Obligations shall have occurred,

 

third, to the payment of the ABL Obligations; and

 

fourth, the balance, if any, to the Credit Parties or to
whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct;
  
 provided that in the event the ABL Agent receives, in connection with an Insolvency Proceeding, any Proceeds of any Term Loan/Notes Priority Collateral and the Lien granted
in favor of each Term Loan/Notes Agent, the First Lien Term Lenders, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties in respect of such Term Loan/Notes Priority Collateral has been voided, avoided or
otherwise invalidated by a court of competent jurisdiction and the provisions of Section 5.3 would not be effective, then such Proceeds received by the ABL Agent with respect to the Term Loan/Notes Priority Collateral as a result of such defect
shall be applied to the extent permitted by applicable law, to the payment, on a pro rata basis, of the ABL Obligations in accordance with the ABL Documents until the Discharge of the ABL Obligations shall have occurred.

 

(d)           
    Limited Obligation or Liability. In exercising remedies, whether as a secured creditor or otherwise, the ABL Agent shall have no obligation or liability to any Term Loan/Notes Agent or to any
First Lien Term Lender or to any First Lien Notes Secured Party or to any Future Term Loan/Notes Indebtedness Secured Party, and no Term Loan/Notes Agent shall have any obligation or liability to the ABL Agent or any ABL Lender, regarding the
adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement so long as such exercise of remedies is
conducted in a commercially reasonable manner, in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement. 

 

(e)           
     Turnover of Cash Collateral After Discharge. Upon the Discharge of ABL Obligations, the ABL Agent shall (at the ABL Borrowers’ expense) deliver to the Controlling Term Loan/Notes
Agent or shall execute such documents as the Controlling Term Loan/Notes Agent may reasonably request to enable the Controlling Term Loan/Notes Agent to have control over any Cash Collateral or Control Collateral still in the ABL Agent’s
possession, custody, or control in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. Upon the Discharge of Term Loan/Notes Obligations, the Term Loan/Notes Agents shall (at the
First Lien Term Borrower’s or the First Lien Notes Issuer’s, as the case may be, expense) deliver to the ABL Agent or shall execute such documents as the ABL Agent may reasonably request to enable the ABL Agent to have control over any
Cash Collateral or Control Collateral still in any Term Loan/Notes Agent’s possession, custody or control in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise
direct.
  
 

 
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 Section 4.2                  Specific Performance. Each of the ABL Agent, the First Lien Term Agent and the First Lien Notes Agent is hereby authorized to demand specific performance of this Agreement, whether or not any Borrower or any Guarantor shall have complied
with any of the provisions of any of the Credit Documents, at any time when the other Party shall have failed to comply with any of the provisions of this Agreement applicable to it. Each of the ABL Agent, for and on behalf of itself and the ABL
Lenders, the First Lien Term Agent, for and on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, for and on behalf of itself, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured
Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance.

 

ARTICLE 5
 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS
  

Section
5.1                  Notice of Acceptance and Other Waivers.

 

(a)           
     All ABL Obligations at any time made or incurred by any Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and each of the First Lien Term
Agent, on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties, hereby waives notice of acceptance,
or proof of reliance by the ABL Agent or any ABL Lender of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the ABL Obligations. All Term Loan/Notes Obligations at any
time made or incurred by any Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the ABL Agent, on behalf of itself and the ABL Lenders, hereby waives notice of acceptance, or proof of
reliance, by any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual,
creation, or non-payment of all or any part of the Term Loan/Notes Obligations.
  
 (b)               None of the ABL Agent, any ABL Lender, or any of their
respective Affiliates, directors, officers, employees, or agents shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or
otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If the ABL Agent or any ABL Lender
honors (or fails to honor) a request by any Borrower for an extension of credit pursuant to any ABL Credit Agreement or any of the other ABL Documents, whether the ABL Agent or any ABL Lender has knowledge that the honoring of (or failure to honor)
any such request would constitute a default under the terms of any First Lien Term Credit Agreement, any First Lien Notes Indenture, or any other Term Loan/Notes Document (but not a default under this Agreement) or an act, condition, or event that,
with the giving of notice or the passage of time, or both, would constitute such a default, or if the ABL Agent or any ABL Lender otherwise should exercise any of its contractual rights or remedies under any ABL Documents (subject to the express
terms and conditions hereof), neither the ABL Agent nor any ABL Lender shall have any liability whatsoever to any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes
Indebtedness Secured Party as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement). The ABL Agent and the ABL Lenders shall be entitled to manage and
supervise their loans and extensions of credit under any ABL Credit Agreement and any of the other ABL Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any
rights or interests that any Term Loan/Notes Agent or any of the First Lien Term Lenders or any of the First Lien Notes Secured Parties or any of the Future Term Loan/Notes Indebtedness Secured Parties have in the Collateral, except as otherwise
expressly set forth in this Agreement. Each of the First Lien Term Agent, on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, the First Lien Notes Secured Parties, and the Future Term Loan/Notes
Indebtedness Secured Parties, agrees that neither the ABL Agent nor any ABL Lender shall incur any liability as a result of a sale, lease, license, application, or other disposition of all or any portion of the Collateral or Proceeds thereof,
pursuant to the ABL Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement.

  
 

 
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(c)           
     None of the First Lien Term Agent, the First Lien Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, any Future Term Loan/Notes Indebtedness Secured Party, or any of
their respective Affiliates, directors, officers, employees, or agents shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or
otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If any Term Loan/Notes Agent, any First
Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party honors (or fails to honor) a request by any Borrower for an extension of credit pursuant to any First Lien Term Credit Agreement, any
First Lien Notes Indenture, or any of the other Term Loan/Notes Documents, whether any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party has knowledge that
the honoring of (or failure to honor) any such request would constitute a default under the terms of any ABL Credit Agreement or any other ABL Document (but not a default under this Agreement) or an act, condition, or event that, with the giving of
notice or the passage of time, or both, would constitute such a default, or if any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party otherwise should
exercise any of its contractual rights or remedies under the Term Loan/Notes Documents (subject to the express terms and conditions hereof), none of any Term Loan/Notes Agent or any First Lien Term Lender, any First Lien Notes Secured Party, or any
Future Term Loan/Notes Indebtedness Secured Party shall have any liability whatsoever to the ABL Agent or any ABL Lender as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions
of this Agreement). Each Term Loan/Notes Agent, the First Lien Term Lenders, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties shall be entitled to manage and supervise their loans and extensions of
credit under the Term Loan/Notes Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the ABL Agent or any ABL Lender has in the
Collateral, except as otherwise expressly set forth in this Agreement. The ABL Agent, on behalf of itself and the ABL Lenders, agrees that none of the Term Loan/Notes Agents, the First Lien Term Lenders, the First Lien Notes Secured Parties, or the
Future Term Loan/Notes Indebtedness Secured Parties shall incur any liability as a result of a sale, lease, license, application, or other disposition of the Collateral or any part or Proceeds thereof, pursuant to the Term Loan/Notes Documents, so
long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement.

  
 

 
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 Section
5.2                  Modifications to ABL Documents and Term Loan/Notes Documents.

 

(a)           
     Each of the First Lien Term Agent, on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, the First Lien Notes Secured Parties, and the Future
Term Loan/Notes Indebtedness Secured Parties, hereby agrees that, without affecting the obligations of the Term Loan/Notes Agents, the First Lien Term Lenders, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured
Parties hereunder, the ABL Agent and the ABL Lenders may, at any time and from time to time, in their sole discretion without the consent of or notice to any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or
any Future Term Loan/Notes Indebtedness Secured Party (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to any Term Loan/Notes Agent, any First Lien
Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate,
restructure, or otherwise modify any of the ABL Documents in any manner whatsoever, including, without limitation, to:
  
 (i)            change the manner, place, time, or terms of payment or renew, alter or
increase, all or any of the ABL Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the ABL Obligations or any of the ABL
Documents;
  

(ii)         
  retain or obtain a Lien on any Property of any Person to secure any of the ABL Obligations, and in connection therewith to enter into any additional ABL Documents;

 

(iii)         
 amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the ABL
Obligations;
  

(iv)         
 release its Lien on any Collateral or other Property;
  
 (v)           exercise or refrain from exercising any rights against any Borrower, any
Guarantor, or any other Person;

 

(vi)         
 retain or obtain the primary or secondary obligation of any other Person with respect to any of the ABL Obligations; and

 

(vii)         otherwise manage and supervise the ABL Obligations as the ABL Agent shall deem appropriate.

 

(b)           
    The ABL Agent, on behalf of itself and the ABL Lenders, hereby agrees that, without affecting the obligations of the ABL Agent and the ABL Lenders hereunder, each Term Loan/Notes Agent, the First
Lien Term Lenders, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties may, at any time and from time to time, in their sole discretion without the consent of or notice to the ABL Agent or any ABL Lender
(except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the ABL Agent or any ABL Lender or impairing or releasing the subordination provided for herein,
amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the Term Loan/Notes Documents in any manner whatsoever, including, without limitation, to:

 
 

 
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 (i)            change the manner, place, time, or terms of payment or renew, alter or
increase, all or any of the Term Loan/Notes Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Term Loan/Notes Obligations or any of the Term
Loan/Notes Documents;
  

(ii)         
  retain or obtain a Lien on any Property of any Person to secure any of the Term Loan/Notes Obligations, and in connection therewith to enter into any additional Term Loan/Notes Documents;

 

(iii)         
 amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the Term
Loan/Notes Obligations;
  

(iv)         
 release its Lien on any Collateral or other Property;
  
 (v)           exercise or refrain from exercising any rights against any Borrower, any
Guarantor, or any other Person;

 

(vi)         
 retain or obtain the primary or secondary obligation of any other Person with respect to any of the Term Loan/Notes Obligations; and

 

(vii)         otherwise manage and supervise the applicable Term Loan/Notes Obligations as the applicable Term Agent shall deem appropriate.

 

(c)           
     The ABL Obligations and the Term Loan/Notes Obligations of any series may be refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is
required to permit the refinancing transaction under any ABL Document or any Term Document) of the ABL Agent, the ABL Lenders, the First Lien Term Agent, the First Lien Term Lenders, First Lien Notes Agent, the First Lien Notes Secured Parties, or
the Future Term Loan/Notes Indebtedness Secured Parties, as the case may be, all without affecting the Lien Priorities provided for herein or the other provisions hereof, provided, however, that the holders of such refinancing
Indebtedness (or an authorized agent or trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to such documents or agreements (including amendments or supplements to this Agreement) as the ABL Agent, the First
Lien Term Agent, or the First Lien Notes Agent, as the case may be, shall reasonably request and in form and substance reasonably acceptable to the ABL Agent, the First Lien Term Agent, or the First Lien Notes Agent, as the case may be, and any such
refinancing transaction shall be in accordance with any applicable provisions of both the ABL Documents and the Term Loan/Notes Documents.

 

Section
5.3                  Reinstatement and Continuation of Agreement.

 

(a)           
     If the ABL Agent or any ABL Lender is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any Borrower, any Guarantor, or any other Person any
payment made in satisfaction of all or any portion of the ABL Obligations (an “ABL Recovery”), then the ABL Obligations shall be reinstated to the extent of such ABL Recovery. If this Agreement shall have been terminated
prior to such ABL Recovery, this Agreement shall be reinstated in full force and effect in the event of such ABL Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties
from such date of reinstatement. All rights, interests, agreements, and obligations of the ABL Agent, each Term Loan/Notes Agent, the ABL Lenders, the First Lien Term Lenders, the First Lien Notes Secured Parties, and the Future Term Loan/Notes
Indebtedness Secured Parties under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or
against any Borrower or any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of any Borrower or any Guarantor in respect of the ABL Obligations or the Term Loan/Notes Obligations. No
priority or right of the ABL Agent or any ABL Lender shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of any Borrower or any Guarantor or by the noncompliance by any Person with the terms, provisions,
or covenants of any of the ABL Documents, regardless of any knowledge thereof which the ABL Agent or any ABL Lender may have.
 

 
 

 
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(b)           
    If the First Lien Term Agent, any First Lien Term Lender, the First Lien Notes Agent, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party is required in any
Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the Term Loan/Notes Obligations (a “Term
Loan/Notes Recovery”), then the Term Loan/Notes Obligations shall be reinstated to the extent of such Term Loan/Notes Recovery. If this Agreement shall have been terminated prior to such Term Loan/Notes Recovery, this Agreement shall
be reinstated in full force and effect in the event of such Term Loan/Notes Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement. All
rights, interests, agreements, and obligations of the ABL Agent, the First Lien Term Agent, the First Lien Notes Agent, the ABL Lenders, the First Lien Term Lenders, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness
Secured Parties under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against any Borrower or
any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of any Borrower or any Guarantor in respect of the ABL Obligations or the Term Loan/Notes Obligations. No priority or right of the First
Lien Term Agent, any First Lien Term Lender, the First Lien Notes Agent, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party shall at any time be prejudiced or impaired in any way by any act or failure to act
on the part of any Borrower or any Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the Term Loan/Notes Documents, regardless of any knowledge thereof which the First Lien Term Agent, any First Lien
Term Lender, the First Lien Notes Agent, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party may have.

 

ARTICLE 6
 INSOLVENCY PROCEEDINGS
  

Section
6.1                  DIP Financing.

 

(a)           
     If any Borrower or any Guarantor shall be subject to any Insolvency Proceeding in the United States at any time prior to the Discharge of ABL Obligations, and the ABL Agent or the ABL Lenders
shall seek to provide any Borrower or any Guarantor with, or consent to a third party providing, any financing under Section 364 of the Bankruptcy Code or consent to any order for the use of cash collateral under Section 363 of the Bankruptcy Code
(each, a “DIP Financing”), with such DIP Financing to be secured by all or any portion of the ABL Priority Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code would be ABL
Priority Collateral) (it being understood that the ABL Agent and the ABL Secured Parties shall not propose any DIP Financing with respect to the Term Loan/Notes Priority Collateral in competition with the Term Loan/Notes Agents and the Term
Loan/Notes Secured Parties without the consent of the Controlling Term Loan/Notes Agent), then each of the First Lien Term Agent, on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, the First
Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties, agrees that it will raise no objection and will not support any objection to such DIP Financing or to the Liens securing the same on the grounds of a
failure to provide “adequate protection” for the Liens of such Term Loan/Notes Agent securing the Term Loan/Notes Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP
Financing), so long as (i) each Term Loan/Notes Agent retains its Lien on the Collateral to secure the Term Loan/Notes Obligations (in each case, including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code) and,
as to the Term Loan/Notes Priority Collateral only, such Lien has the same priority as existed prior to the commencement of the case under the Bankruptcy Code and any Lien on Term Loan/Notes Priority Collateral securing such DIP Financing is junior
and subordinate to the Lien of each Term Loan/Notes Agent on the Term Loan/Notes Priority Collateral, (ii) all Liens on ABL Priority Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the ABL Agent and the
ABL Lenders securing the ABL Obligations on ABL Priority Collateral and (iii) if the ABL Agent receives an adequate protection Lien on post-petition assets of the debtor to secure the ABL Obligations, the Controlling Term Loan/Notes Agent also may
seek to obtain an adequate protection Lien on such post-petition assets of the debtor to secure the Term Loan/Notes Obligations, provided that (x) such Liens in favor of the ABL Agent, the First Lien Term Agent, and the First Lien Notes Agent
shall be subject to the provisions of Section 6.1(c) hereof and (y) the foregoing provisions of this Section 6.1(a) shall not prevent any Term Loan/Notes Agent, the First Lien Term Lenders, the First Lien Notes Secured Parties, and the Future
Term Loan/Notes Indebtedness Secured Parties from objecting to any provision in any DIP Financing relating to any provision or content of a plan of reorganization.

  
 

 
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(b)           
    If any Borrower or any Guarantor shall be subject to any Insolvency Proceeding in the United States at any time prior to the Discharge of Term Loan/Notes Obligations, and any Term Loan/Notes Agent,
the First Lien Term Lenders, the First Lien Notes Secured Parties, or the Future Term Loan/Notes Indebtedness Secured Parties shall seek to provide any Borrower or any Guarantor with, or consent to a third party providing, any DIP Financing, with
such DIP Financing to be secured by all or any portion of the Term Loan/Notes Priority Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code would be Term Loan/Notes Priority Collateral) (it being
understood that the Term Loan/Notes Agents and the Term Loan/Notes Secured Parties shall not propose any DIP Financing with respect to the ABL Priority Collateral in competition with the ABL Agent and the ABL Secured Parties without the consent of
the ABL Agent), then the ABL Agent, on behalf of itself and the ABL Lenders, agrees that it will raise no objection and will not support any objection to such DIP Financing or to the Liens securing the same on the grounds of a failure to provide
“adequate protection” for the Liens of the ABL Agent securing the ABL Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP Financing), so long as (i) the ABL Agent retains its
Lien on the Collateral to secure the ABL Obligations (in each case, including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code) and, as to the ABL Priority Collateral only, such Lien has the same priority as
existed prior to the commencement of the case under the Bankruptcy Code and any Lien on ABL Priority Collateral securing such DIP Financing is junior and subordinate to the Lien of the ABL Agent on the ABL Priority Collateral, (ii) all Liens on Term
Loan/Notes Priority Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the Term Loan/Notes Agents, the First Lien Term Lenders, the First Lien Notes Secured Parties, and the Future Term Loan/Notes
Indebtedness Secured Parties securing the Term Loan/Notes Obligations on Term Loan/Notes Priority Collateral and (iii) if any Term Loan/Notes Agent receives an adequate protection Lien on post-petition assets of the debtor to secure the Term
Loan/Notes Obligations, the ABL Agent also may seek to obtain an adequate protection Lien on such post-petition assets of the debtor to secure the ABL Obligations, provided that (x) such Liens in favor of the Term Loan/Notes Agents and the
ABL Agent shall be subject to the provisions of Section 6.1(c) hereof and (y) the foregoing provisions of this Section 6.1(b) shall not prevent the ABL Agent and the ABL Lenders from objecting to any provision in any DIP Financing relating to
any provision or content of a plan of reorganization.

 
 

 
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(c)           
     All Liens granted to the ABL Agent or any Term Loan/Notes Agent in any Insolvency Proceeding, whether as adequate protection or otherwise, are intended by the Parties to be and shall be deemed
to be subject to the Lien Priority and the other terms and conditions of this Agreement.
  
 Section 6.2             Relief From Stay.
Until the Discharge of ABL Obligations has occurred, each of the First Lien Term Agent, on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, the First Lien Notes Secured Parties, and the Future
Term Loan/Notes Indebtedness Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the ABL Priority Collateral without the ABL Agent’s express written
consent. Until the Discharge of Term Loan/Notes Obligations has occurred, the ABL Agent, on behalf of itself and the ABL Lenders, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any
portion of the Term Loan/Notes Priority Collateral without the Controlling Term Loan/Notes Agent’s express written consent. In addition, neither any Term Loan/Notes Agent nor the ABL Agent shall seek any relief from the automatic stay with
respect to any Collateral without providing 7 business days’ prior written notice to the other, unless such period is agreed by both the ABL Agent and the Controlling Term Loan/Notes Agent to be modified or unless the ABL Agent or the
Controlling Term Loan/Notes Agent, as applicable, makes a good faith determination that either (A) the ABL Priority Collateral or the Term Loan/Notes Priority Collateral, as applicable, will decline speedily in value, or (B) the failure to take any
action will have a reasonable likelihood of endangering the ABL Agent’s or any Term Loan/Notes Agent’s ability to realize upon its Collateral.

 

Section
6.3             No Contest. Each of the First Lien Term Agent, on behalf of itself and the First Lien Term
Lenders, and the First Lien Notes Agent, on behalf of itself, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties, agrees that, prior to the Discharge of ABL Obligations, none of them shall contest (or
support any other Person contesting) (a) any request by the ABL Agent or any ABL Lender for adequate protection of its interest in the Collateral (unless in contravention of Section 6.1(b) above), or (b) any objection by the ABL Agent or any ABL
Lender to any motion, relief, action, or proceeding based on a claim by the ABL Agent or any ABL Lender that its interests in the Collateral (unless in contravention of Section 6.1(b) above) are not adequately protected (or any other similar request
under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the ABL Agent as adequate protection of its interests are subject to this Agreement. The ABL Agent, on behalf of itself and the ABL Lenders, agrees that, prior to
the Discharge of Term Loan/Notes Obligations, none of them shall contest (or support any other Person contesting) (i) any request by any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party for adequate protection of its interest in the Collateral (unless in contravention of Section 6.1(a) above), or (ii) any objection by any Term Loan/Notes Agent, any
First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party to any motion, relief, action or proceeding based on a claim by any Term Loan/Notes Agent,
any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party that its interests in the Collateral (unless in contravention of Section 6.1(a) above)
are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to any Term Loan/Notes Agent as adequate protection of its interests are subject to this
Agreement.
  

 
 

 
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Section
6.4             Asset Sales. Each of the First Lien Term Agent, on behalf of itself and the
First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties, that it will not oppose any sale consented to by the ABL Agent of any
ABL Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law applicable to any Insolvency Proceeding) so long as the proceeds of such sale are applied in accordance with this Agreement. The ABL
Agent agrees, on behalf of itself and the ABL Lenders, that it will not oppose any sale consented to by any Term Loan/Notes Agent of any Term Loan/Notes Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar
provision under the law applicable to any Insolvency Proceeding) so long as the proceeds of such sale are applied in accordance with this Agreement. If such sale of Collateral includes both ABL Priority Collateral and Term Loan/Notes Priority
Collateral and the Parties are unable after negotiating in good faith to agree on the allocation of the purchase price between the ABL Priority Collateral and Term Loan/Notes Priority Collateral, either Party may apply to the court in such
Insolvency Proceeding to make a determination of such allocation, and the court’s determination shall be binding upon the Parties.
  
 Section 6.5             Separate Grants of Security and Separate
Classification. Each First Lien Term Lender, the First Lien Term Agent, each First Lien Notes Secured Party, each Future Term Loan/Notes Indebtedness Secured Party,
the First Lien Notes Agent, each ABL Lender and the ABL Agent acknowledges and agrees that (i) the grants of Liens pursuant to the ABL Security Documents and the Term Security Documents constitute two or more separate and distinct grants of
Liens and (ii) because of, among other things, their differing rights in the Collateral, the Term Loan/Notes Obligations are fundamentally different from the ABL Obligations and must be separately classified in any plan of reorganization proposed or
adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the ABL Secured Parties and the Term Loan/Notes Secured Parties in respect of
the Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the ABL Secured Parties and the Term Loan/Notes Secured Parties hereby acknowledge and agree that all distributions shall be
made as if there were separate classes of ABL Obligation claims and Term Loan/Notes Obligation claims against the Credit Parties (with the effect being that, to the extent that the aggregate value of the ABL Priority Collateral or Term Loan/Notes
Priority Collateral is sufficient (for this purpose ignoring all claims held by the other Secured Parties), the ABL Secured Parties or the Term Loan/Notes Secured Parties, respectively, shall be entitled to receive, in addition to amounts
distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest that is available from each pool of Priority Collateral for each of the ABL Secured Parties and the Term
Loan/Notes Secured Parties, respectively, before any distribution is made in respect of the claims held by the other Secured Parties, with the other Secured Parties hereby acknowledging and agreeing to turn over to the respective other Secured
Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries.

 

Section
6.6             Enforceability. The provisions of this Agreement are intended to be and shall be enforceable
under Section 510(a) of the Bankruptcy Code.

 

Section
6.7             ABL Obligations Unconditional. All rights of the ABL Agent hereunder, and all agreements and
obligations of the Term Loan/Notes Agents and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of:

 

(i)         
   any lack of validity or enforceability of any ABL Document;
  
 (ii)           any change in the time, place or manner of payment of, or in any other term of,
all or any portion of the ABL Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any ABL Document;

  
 

 
33
 

  

 

(iii)         
 any exchange, release, voiding, avoidance or non-perfection of any security interest in any Collateral or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any
refinancing, replacement, refunding, restatement or increase of all or any portion of the ABL Obligations or any guarantee or guaranty thereof; or

 

(iv)         
 any other circumstances that otherwise might constitute a defense (other than payment in full of the ABL Obligations) available to, or a discharge of, any Credit Party in respect of the ABL Obligations, or of any
of the Term Loan/Notes Agents or any Credit Party, to the extent applicable, in respect of this Agreement.
  
 Section 6.8             Term Loan/Notes Obligations Unconditional. All rights of each Term Loan/Notes Agent hereunder, all agreements and obligations of the ABL Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective
of:
  

(i)         
   any lack of validity or enforceability of any Term Document;
  
 (ii)           any change in the time, place or manner of payment of, or in any other term of,
all or any portion of the Term Loan/Notes Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Term Document;

 

(iii)         
 any exchange, release, voiding, avoidance or non-perfection of any security interest in any Collateral, or any other collateral, or any release, amendment, waiver or other modification, whether by course of
conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the Term Loan/Notes Obligations or any guarantee or guaranty thereof; or

 

(iv)         
 any other circumstances that otherwise might constitute a defense (other than payment in full of the Term Loan/Notes Obligations) available to, or a discharge of, any Credit Party in respect of the Term
Loan/Notes Obligations, or of any of the ABL Agent or any Credit Party, to the extent applicable, in respect of this Agreement.

 

Section
6.9             Adequate Protection. Except to the extent expressly provided in Sections 6.1 and 6.3, nothing
in this Agreement shall limit the rights of the ABL Agent and the ABL Lenders, on the one hand, and the Term Loan/Notes Agents, the First Lien Term Lenders, the First Lien Notes Secured Parties, and the Future Term
Loan/Notes Indebtedness Secured Parties, on the other hand, from seeking or requesting adequate protection with respect to their respective interests in the applicable Collateral in any Insolvency Proceeding, including adequate protection in
the form of a cash payment, periodic cash payments, cash payments of interest, additional collateral or otherwise; provided that (a) in the event that the ABL Agent, on behalf of itself or any of the ABL Lenders, seeks or requests adequate
protection in respect of the ABL Obligations and such adequate protection is granted in the form of additional collateral comprising assets of the type of assets that constitute Term Loan/Notes Priority Collateral, then the ABL Agent, on behalf of
itself and each of the ABL Lenders, agrees that each Term Loan/Notes Agent shall have the right to seek or request a senior Lien on such collateral as security for the Term Loan/Notes Obligations and that any Lien on such collateral securing the ABL
Obligations shall be subordinate to the Lien on such collateral securing the Term Loan/Notes Obligations and (b) in the event that either the First Lien Term Agent, on behalf of itself or any of the First Lien Term Lenders, or the First Lien Notes
Agent, on behalf of itself, any of the First Lien Notes Secured Parties, or any of the Future Term Loan/Notes Indebtedness Secured Parties, seeks or requests adequate protection in respect of the Term
Loan/Notes Obligations and such adequate protection is granted in the form of additional collateral comprising assets of the type of assets that constitute ABL Priority Collateral, then each of the First Lien Term Agent, on behalf of itself and each
of the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, each of the First Lien Notes Secured Parties, and each of the Future Term Loan/Notes Indebtedness Secured Parties,
agrees that the ABL Agent shall have the right to seek or request a senior Lien on such collateral as security for the ABL Obligations and that any Lien on such collateral securing the Term Loan/Notes Obligations shall be subordinate to the Lien on
such collateral securing the ABL Obligations.
 

 
 

 
34
 

  

  

ARTICLE 7
 MISCELLANEOUS
  
 Section 7.1                  Rights of Subrogation. Each of the First Lien Term Agent, on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, on behalf of itself, the First Lien Notes Secured Parties, and the Future Term Loan/Notes
Indebtedness Secured Parties, agrees that no payment to the ABL Agent or any ABL Lender pursuant to the provisions of this Agreement shall entitle any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of ABL Obligations shall have occurred. Following the Discharge of ABL Obligations, the
ABL Agent agrees to execute such documents, agreements, and instruments as the First Lien Term Agent, the First Lien Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term
Loan/Notes Indebtedness Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations resulting from payments to the ABL Agent by such Person, so long as all costs and
expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the ABL Agent are paid by the Credit Parties or such Person upon request for payment thereof. The ABL Agent, for and on behalf of itself and the ABL
Lenders, agrees that no payment to any Term Loan/Notes Agent, any First Lien Term Lender, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party pursuant to the provisions
of this Agreement shall entitle the ABL Agent or any ABL Lender to exercise any rights of subrogation in respect thereof until the Discharge of Term Loan/Notes Obligations shall have occurred. Following the Discharge of Term Loan/Notes Obligations,
each Term Loan/Notes Agent agrees to execute such documents, agreements, and instruments as the ABL Agent or any ABL Lender may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the Term Loan/Notes
Obligations resulting from payments to any Term Loan/Notes Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by any Term Loan/Notes Agent are paid by the
Credit Parties or such Person upon request for payment thereof.
  
 Section 7.2                  Further Assurances. The Parties will, at the cost and expense of the Credit Parties, and at any time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be
necessary or desirable, or that either Party may reasonably request, in order to protect any right or interest granted or purported to be granted hereby or to enable the ABL Agent or any Term Loan/Notes Agent to exercise and enforce its rights and
remedies hereunder; provided, however, that no Party shall be required to pay over any payment or distribution, execute any instruments or documents, or take any other action referred to in this Section 7.2, to the extent that such action would
contravene any law, order or other legal requirement or any of the terms or provisions of this Agreement, and in the event of a controversy or dispute, such Party may interplead any payment or distribution in any court of competent jurisdiction,
without further responsibility in respect of such payment or distribution under this Section 7.2.
  
 
 

 
35
 

  

 

 Section 7.3                 
Representations. The First Lien Term Agent represents and warrants to the ABL Agent that it has the requisite power and authority under the First Lien Term
Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of the First Lien Term Agent and the First Lien Term Lenders, and that this Agreement shall be a binding obligation of the First Lien Term Agent and the
First Lien Term Lenders, enforceable against the First Lien Term Agent and the First Lien Term Lenders in accordance with its terms. The First Lien Notes Agent represents and warrants to the ABL Agent that it has the requisite power and authority
under the First Lien Notes Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of the First Lien Notes Agent, the First Lien Notes Secured Parties, and the Future Term
Loan/Notes Indebtedness Secured Parties that this Agreement shall be a binding obligation of the First Lien Notes Agent, enforceable against the First Lien Notes Agent, and that the terms of the First Lien Notes Indenture authorize the First
Lien Notes Agent to execute and deliver this Agreement and bind the First Lien Notes Secured Parties and the Future Term Loan/Notes Indebtedness Secured Parties to the terms hereof. The ABL Agent represents and
warrants to each Term Loan/Notes Agent that it has the requisite power and authority under the ABL Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the ABL Lenders and that this Agreement
shall be a binding obligation of the ABL Agent and the ABL Lenders, enforceable against the ABL Agent and the ABL Lenders in accordance with its terms.
  
 Section 7.4                  Amendments. No amendment or waiver of any provision of this Agreement nor consent to any departure by any Party hereto shall be effective unless it is in a written agreement executed by each Term Loan/Notes Agent and the ABL Agent
and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

Section
7.5                  Addresses for Notices. Unless otherwise specifically provided
herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied, or sent by overnight express courier service or United States mail and shall be deemed to have been
given when delivered in person or by courier service, upon receipt of a telecopy or five (5) days after deposit in the United States mail (certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties
hereto (until notice of a change thereof is delivered as provided in this Section) shall be as set forth below or, as to each party, at such other address as may be designated by such party in a written notice to all of the other
parties.
  

	ABL Agent:	Bank of America, N.A.
 100 Federal Street, 9th Floor
 Boston, MA 02110
 Attention: Roger Malouf
 E-mail: roger.malouf@baml.com
 Facsimile
No.: (617) 341-7701	 
	 	 	 
	First Lien Term Agent:	JPMorgan Chase Bank, N.A.
 10 S. Dearborn Street, 7th Floor 
 Chicago, IL 60603
 Attention: Cheryl Lyons
 E-mail: jpm.agency.servicing.1@jpmorgan.com

Facsimile No.: (888) 303-9732	 
	 	 	 
	 	With a copy to:	 
	 	 	 
	 	JPMorgan Chase Bank, N.A.
 277 Park Avenue, 22nd Floor
 New York, NY 10172
 Attention: Kennedy A. Capin
 E-mail: kennedy.a.capin@jpmorgan.com

Facsimile No.: (646) 534-2273	 

  
   
 

 
36
 

  

 

 

 

	First Lien Notes Agent:	Wilmington Trust, National Association
 50 South Sixth Street, Suite 1290
 Minneapolis, MN 55402
 Attention: Burlington Coat
Factory Warehouse Notes Administrator
 E-mail: bsomrock@wilmingtontrust.com
 Facsimile No.: (612) 217-5651	 

  

Section
7.6                  No Waiver, Remedies. No failure on the part of any Party to
exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law.
  
 Section 7.7                  Continuing Agreement, Transfer
of Secured Obligations. This Agreement is a continuing agreement and shall (a) remain in full force and effect until the Discharge of ABL Obligations and the Discharge of Term Loan/Notes Obligations shall
have occurred, (b) be binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns. Nothing herein is intended, or shall be
construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Collateral. All references to any Credit Party shall include any Credit Party as debtor-in-possession and any receiver or trustee for
such Credit Party in any Insolvency Proceeding. Without limiting the generality of the foregoing clause (c), the ABL Agent, any ABL Lender, the First Lien Term Agent, any First Lien Term Lender, the First Lien Notes Agent, any First Lien Notes
Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party may assign or otherwise transfer all or any portion of the ABL Obligations or the Term Loan/Notes Obligations, as applicable, to any other
Person (other than any Borrower, any Guarantor or any Affiliate of any Borrower or any Guarantor (except as provided in the ABL Credit Agreement, any First Lien Term Credit Agreement, or the First Lien Notes Indenture) and any Subsidiary of any
Borrower or any Guarantor), and such other Person shall thereupon become vested with all the rights and obligations in respect thereof granted to the ABL Agent, any ABL Lender, the First Lien Term Agent, any First Lien Term Lender, the First Lien
Notes Agent, any First Lien Notes Secured Party, or any Future Term Loan/Notes Indebtedness Secured Party, as the case may be, herein or otherwise. The ABL Secured Parties and the Term Loan/Notes Secured
Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide Indebtedness to, or for the benefit of, any Credit Party on the faith
hereof.
  

Section
7.8                  Governing Law: Entire Agreement. The validity, performance, and
enforcement of this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. This Agreement constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof
and supersedes any prior agreements, written or oral, with respect thereto.
  
 Section 7.9                  Counterparts. This Agreement may be executed in any number of counterparts, and it is not necessary that the signatures of all Parties be contained on any one counterpart hereof, each counterpart will be deemed to be an original, and
all together shall constitute one and the same document. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic methods shall be effective as delivery of a manually executed counterpart of this
Agreement.
  

 

 
37
 

  

 

 Section 7.10              No Third Party Beneficiaries. This Agreement is solely for the benefit of the ABL Agent, ABL Lenders, First Lien Term Agent, First Lien Term Lenders, First Lien Notes Agent, First Lien Notes Secured Parties, and
Future Term Loan/Notes Indebtedness Secured Parties. No other Person (including any Borrower, any Guarantor or any Affiliate of any Borrower or any Guarantor, or any Subsidiary of any Borrower or any
Guarantor) shall be deemed to be a third party beneficiary of this Agreement.

 

Section
7.11              Headings. The headings of the articles and sections of this Agreement are inserted for
purposes of convenience only and shall not be construed to affect the meaning or construction of any of the provisions hereof.

 

Section
7.12              Severability. If any of the provisions in this Agreement shall, for any reason, be
held invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement and shall not invalidate the Lien Priority or the application of Proceeds and other
priorities set forth in this Agreement.

 

Section
7.13              Attorneys’ Fees. The Parties agree that if any dispute, arbitration, litigation,
or other proceeding is brought with respect to the enforcement of this Agreement or any provision hereof, the prevailing party in such dispute, arbitration, litigation, or other proceeding shall be entitled to recover its reasonable attorneys’
fees and all other costs and expenses incurred in the enforcement of this Agreement, irrespective of whether suit is brought and whether incurred before or after judgment.

 

Section
7.14              VENUE; JURY TRIAL WAIVER.

 

(a)           
     EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK
COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, 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 IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL
COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT
SHALL AFFECT ANY RIGHT THAT ANY ABL SECURED PARTY OR ANY TERM LOAN/NOTES SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY ABL DOCUMENTS AGAINST ANY CREDIT PARTY OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION.
  

(b)           
    EACH PARTY HERETO HEREBY WAIVES ITS 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 HEREIN,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT 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.

 
 

 
38
 

  

 

(c)           
     EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 7.5. 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 7.15              Intercreditor Agreement. This Agreement is the Intercreditor Agreement referred to in the Original ABL Credit Agreement, the Original First Lien Term Credit Agreement, and the Original First Lien Notes Indenture. Nothing in this Agreement shall
be deemed to subordinate the obligations due (i) to any ABL Secured Party to the obligations due to any Term Loan/Notes Secured Party or (ii) to any Term Loan/Notes Secured Party to the obligations due to any ABL Secured Party, in each case whether
before or after the occurrence of an Insolvency Proceeding, it being the intent of the Parties that this Agreement shall effectuate a subordination of Liens but not a subordination of Indebtedness.

 

Section
7.16              No Warranties or Liability. The First Lien Term Agent, the First Lien Notes Agent, and
the ABL Agent acknowledge and agree that neither has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any other ABL Document or any Term Document. Except as
otherwise provided in this Agreement, the First Lien Term Agent, the First Lien Notes Agent, and the ABL Agent will be entitled to manage and supervise their respective extensions of credit to any Credit Party in accordance with law and their usual
practices, modified from time to time as they deem appropriate.
  
 Section 7.17              Conflicts.
In the event of any conflict between the provisions of this Agreement and the provisions of any ABL Document or any Term Loan/Notes Document, the provisions of this Agreement shall govern.

 

Section
7.18              Information Concerning Financial Condition of the Credit Parties. The First Lien Term
Agent, the First Lien Notes Agent, and the ABL Agent hereby assume responsibility for keeping itself informed of the financial condition of the Credit Parties and all other circumstances bearing upon the risk of nonpayment of the ABL Obligations or
the Term Loan/Notes Obligations; provided that nothing in this Section 7.18 shall impose any obligation on the First Lien Notes Agent to keep itself informed of the financial condition or the risk of nonpayment beyond that which may be
required by the First Lien Notes Indenture. The First Lien Term Agent, the First Lien Notes Agent, and the ABL Agent hereby agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any
such circumstances. In the event the First Lien Term Agent, the First Lien Notes Agent, or the ABL Agent, in its sole discretion, undertakes at any time or from time to time to provide any information to any other party to this Agreement, (a) it
shall be under no obligation (i) to provide any such information to such other party or any other party on any subsequent occasion, (ii) to undertake any investigation not a part of its regular business routine, or (iii) to disclose any other
information, (b) it makes no representation as to the accuracy or completeness of any such information and (c) the party receiving such information hereby agrees to hold harmless the other party from and against any and all losses, claims, damages,
liabilities and expenses to which such receiving party may become subject arising out of or in connection with the use of such information.

 

Section
7.19              Amendment and Restatement. This Agreement amends and restates, replaces and supersedes in its entirety the Existing
Intercreditor Agreement; provided that, except as expressly modified herein, all of the terms and provisions of the Existing Intercreditor Agreement shall continue to apply for the period prior to the date hereof.

 

 

 
39
 

  

 

 Section 7.20              Agent Capacities. Except as expressly set forth
herein, the ABL Agent, the First Lien Term Agent and the First Lien Notes Agent shall not have any duties or obligations in respect of any of the Collateral, all of such duties and obligations, if any, being subject to and governed by the
applicable ABL Documents, First Lien Term Documents or First Lien Notes Documents, as the case may be. It is understood and agreed that (i) Bank of America is entering into this Agreement in its capacity as administrative agent and collateral agent
under the Original ABL Credit Agreement, and the provisions of the Original ABL Credit Agreement applicable to Bank of America as administrative agent and collateral agent thereunder (including its rights, privileges, immunities and indemnities)
shall also apply to Bank of America as the ABL Agent hereunder, (ii) JPMorgan is entering into this Agreement in its capacity as administrative agent and collateral agent under the Original First Lien Credit Agreement and the provisions of the
Original First Lien Credit Agreement applicable to JPMorgan as administrative agent and collateral agent thereunder (including its rights, privileges, immunities and indemnities) shall also apply to JPMorgan as First Lien Term Agent hereunder and
(iii) Wilmington Trust is entering into this Agreement in its capacity as collateral agent under the Original First Lien Notes Indenture and the provisions of the Original First Lien Notes Indenture applicable to Wilmington Trust as collateral agent
thereunder (including its rights, privileges, immunities and indemnities) shall also apply to Wilmington Trust as First Lien Notes Agent hereunder.
  

[Remainder of Page Intentionally Left Blank; Signature Pages Follow.]

 
 

 
40
 

  

 

IN WITNESS WHEREOF, the ABL Agent, for and on behalf of itself and the
ABL Lenders, the First Lien Term Agent, for and on behalf of itself and the First Lien Term Lenders, and the First Lien Notes Agent, for and on behalf of itself, the First Lien Notes Secured Parties, and the Future Term Loan/Notes Indebtedness
Secured Parties have caused this Agreement to be duly executed and delivered as of the date first above written.
  
 

	 	BANK OF AMERICA, N.A., in its capacity as the
ABL Agent
 
	 	 	 
	 	By:	/s/ Roger Malouf 
	 	 	Name: Roger Malouf

	 	 	Title: Senior Vice President

 

[Burlington Coat Factory – Signature Page to Amended and Restated Intercreditor
Agreement] 
  
 

  

 

  

	 	JPMORGAN CHASE BANK, N.A., in its capacity as
the First Lien Term Agent
 
	 	 	 
	 	By:	/s/ James A. Knight 
	 	 	Name: James A. Knight

	 	 	Title: Executive Director

  
 [Burlington Coat Factory – Signature Page to
Amended and Restated Intercreditor Agreement]
  
 

  

 

  

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacity as the First Lien Notes Agent 
	 	 	 
	 	By:	/s/ Barry D. Somrock 
	 	 	Name: Barry D. Somrock

	 	 	Title: Vice President

 

[Burlington Coat Factory – Signature Page to Amended and Restated Intercreditor Agreement]

 
 

  

 

 

ACKNOWLEDGMENT

 

Each Borrower and each Guarantor hereby acknowledges that it has
received a copy of this Agreement and consents thereto, agrees to recognize all rights granted thereby to the ABL Agent, the ABL Lenders, the First Lien Term Agent, the First Lien Term Lenders, the First Lien Notes Agent, the First Lien Notes
Secured Parties, and the Future Term Loan/Notes Indebtedness Secured Parties, and will not do any act or perform any obligation which is not in accordance with the agreements set forth in this Agreement. Each Borrower and each Guarantor further
acknowledges and agrees that it is not an intended beneficiary or third party beneficiary under this Agreement and that the ABL Documents and Term Loan/Notes Documents remain in full force and effect as written.

 

	BORROWER:	BURLINGTON COAT FACTORY WAREHOUSE CORPORATION
	 	 	 
	 	By:	/s/ David Glick
	 	 	Name: David Glick
	 	 	Title: Senior Vice President, Investor Relations and Treasurer

 

	GUARANTORS:	THE ENTITIES LIST ON SCHEDULE I HERETO 
	 	 	 
	 	By:	/s/ David Glick
	 	 	Name: David Glick
	 	 	Title: Senior Vice President, Investor Relations and Treasurer

    

[Burlington Coat Factory – Signature Page to Amended and Restated Intercreditor
Agreement] 
  
 

  

 

  

SCHEDULE I TO CREDIT PARTY ACKNOWLEDGEMENT

 

		1.	Burlington Coat Factory of Texas, L.P., a Delaware limited partnership

 

		2.	Burlington Coat Factory of Kentucky, Inc., a Kentucky corporation

 

		3.	BURLINGTON COAT FACTORY DIRECT CORPORATION, a New Jersey corporation

 

		4.	BURLINGTON COAT FACTORY WAREHOUSE OF EDGEWATER PARK, INC., a New Jersey corporation

 

		5.	Burlington Coat Factory Warehouse of New Jersey, Inc., a New Jersey corporation

 

		6.	BURLINGTON COAT FACTORY OF PUERTO RICO, LLC, a Puerto Rico limited liability company

 

		7.	COHOES FASHIONS OF CRANSTON, INC., a Rhode Island corporation

 

		8.	BURLINGTON COAT FACTORY WAREHOUSE OF BAYTOWN INC, a Texas corporation

 

		9.	Burlington Coat Factory of Pocono Crossing, LLC, a Virginia limited liability company

 

		10.	Burlington Coat Factory Holdings, LLC, a Delaware limited liability company

 

		11.	Burlington Coat Factory Investments Holdings, Inc., a Delaware corporation

 

		12.	BURLINGTON COAT FACTORY OF TEXAS, INC., a Florida corporation

 

		13.	BURLINGTON COAT FACTORY REALTY OF EDGEWATER PARK, INC., a New Jersey corporation

 

		14.	BURLINGTON COAT FACTORY REALTY OF PINEBROOK, INC., a New Jersey corporation

 

		15.	BURLINGTON COAT FACTORY WAREHOUSE OF EDGEWATER PARK URBAN RENEWAL CORP., a New Jersey corporation

 

		16.	Scottchris, LLC, a Delaware limited liability company

  

		17.	BCF Florence Urban Renewal, L.L.C., a New Jersey limited liability company

 

		18.	BCF Florence Urban Renewal II, LLC, a New Jersey limited liability company

 

		19.	Burlington Merchandising Corporation, a Delaware corporationEX-10.5

  
Exhibit 10.5
  

 
 PARI PASSU INTERCREDITOR AGREEMENT
  

among

 
 BURLINGTON COAT FACTORY WAREHOUSE CORPORATION,
  

the other Grantors party hereto,

 
 JPMORGAN CHASE BANK, N.A.,
 as Credit Agreement
Collateral Agent for the Credit Agreement Secured Parties
  

JPMORGAN CHASE BANK, N.A., 
as Authorized Representative for the Credit Agreement
Secured Parties,
  

WILMINGTON TRUST, NATIONAL ASSOCIATION

as the Additional Pari Passu Collateral Agent

 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION
 as the Initial Additional Authorized
Representative,
  

and

 
 each additional Authorized Representative from time to time party hereto
  

dated as of April 16, 2020

 
 

  

 

 PARI PASSU INTERCREDITOR AGREEMENT, dated as of April 16, 2020 (as amended, restated,
supplemented and/or otherwise modified from time to time, this “Agree­ment”), among BURLINGTON COAT FACTORY WAREHOUSE CORPORATION, a Florida corporation (the “Company”), the other Grantors (as defined
below) from time to time party hereto, JPMORGAN CHASE BANK, N.A., (“JPMCB”), as collateral agent for the Credit Agreement Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the
“Credit Agreement Collateral Agent”), JPMCB, as Authorized Representative for the Credit Agreement Secured Parties (as each such term is defined below), WILMINGTON TRUST, NATIONAL ASSOCIATION (“Wilmington
Trust”), as collateral agent for the Additional Pari Passu Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the “Additional Pari Passu Collateral
Agent”), WILMINGTON TRUST, as Trustee (as defined below) for the Initial Additional Pari Passu Secured Parties (as defined below) (in such capacity and to­gether
with its successors in such capacity, the “Initial Additional Authorized Representative”) and each additional Authorized Representative from time to time party hereto for the other Addi­tional Pari Passu Secured Parties of
the Series (as defined below) with respect to which it is act­ing in such capacity.
  

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Col­lateral Agent, the Administrative Agent (for itself and on behalf of the Credit Agreement Se­cured Parties), the Initial Additional Authorized Representative (for itself and on behalf of the Initial Additional Pari
Passu Secured Parties) and each additional Authorized Representative (for itself and on behalf of the Additional Pari Passu Secured Parties of the applicable Series) agree as follows:

 

ARTICLE I 

 
 Definitions

 
 SECTION 1.01     Certain Defined Terms. Capitalized terms used but not otherwise defined herein
have the meanings set forth in the Credit Agreement or, if defined in the New York UCC, the meanings specified therein. As used in this Agreement, the following terms have the meanings specified below:

 
 “ABL Collateral Agent” means Bank of
America, N.A., in its capacity as collateral agent under the ABL Credit Agreement, and its successors and permitted assigns.
  

“ABL Credit Agreement“ means that certain Second Amended and Restated Credit Agreement, dated as of September 2, 2011, among the Company, as
lead borrower, the Guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent, as the same may be amended, restated, supplemented, replaced, refinanced or increased (to the extent any such
replacement, refinancing or increase has been designated as an “ABL Credit Agreement” for purposes of the ABL Intercreditor Agreement).

 
 “ABL Intercreditor Agreement” shall mean
that certain Amended and Restated Intercreditor Agreement, dated as of April 16, 2020, among the Company, the other Grantors, the ABL Collateral Agent, JPMCB, in its capacity as First Lien Term Agent (as defined in the ABL Intercreditor Agreement),
Wilmington Trust, in its capacity as First Lien Notes Agent (as defined in the ABL Intercreditor Agreement) and each additional agent from time to time party thereto, as amended, restated, amended and restated, extended, supplemented or otherwise
modified from time to time in accordance with its terms.
  

“Additional Pari Passu Collateral Agent” has the meaning assigned to such term in the introductory paragraph of
this Agreement.
  
 “Additional Pari Passu
Documents” means, with respect to the Initial Additional Pari Passu Obligations or any Series of Additional Senior Class Debt, the notes, indentures, secu­rity documents and other operative agreements evidencing or governing such
indebtedness and liens securing such indebtedness, including the Initial Additional Pari Passu Documents and the Additional Pari Passu Security Documents and each other agreement entered into for the purpose of securing the Initial Additional Pari
Passu Obligations or any Series of Additional Senior Class Debt; provided that, in each case, the Indebtedness thereunder (other than the Initial Additional Pari Passu Obligations) has been designated as Additional
Pari Passu Obligations pursuant to Section 5.13.
  
 

  

 

 “Additional Pari Passu Obligations” means all
amounts owing to any Additional Pari Passu Secured Party (including the Initial Additional Pari Passu Secured Parties) pursuant to the terms of any Additional Pari Passu Document (including the Initial Additional Pari Passu Documents), including,
without limitation, all amounts in respect of any principal, premium, in­terest (including any interest, fees, and expenses accruing subsequent to the commencement of an Insolvency or Liquidation Proceeding at the rate provided for in the
respective Additional Pari Passu Document, whether or not such in­terest, fees, or expenses is an allowed claim under any such proceeding or under applicable state, federal or foreign law), penalties, fees, expenses, indemnifications,
reimbursements, damages and other liabilities, and guarantees of the foregoing amounts.
  

“Additional Pari Passu Secured Party” means the holders of any Additional Pari Passu Obligations and any Authorized
Representative with respect thereto, and shall include the Initial Additional Pari Passu Secured Parties.
  

“Additional Pari Passu Security Documents” means any security agreement or any other document now existing or
entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure the Additional Pari Passu Obligations, including the Initial Additional Pari Passu Security Documents.

 
 “Additional Senior Class
Debt” has the meaning assigned to such term in Sec­tion 5.13.
  

“Additional Senior Class Debt Parties” has the meaning assigned to such term in Section 5.13.

 
 “Additional Senior Class
Debt Representative” has the meaning assigned to such term in Section 5.13.
  

“Administrative Agent“ has the meaning assigned to such term in the definition of “Credit
Agreement”.
  

“Agreement” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 
  “Applicable
Authorized Representative” means, with respect to any Shared Col­lateral, (i) until the earlier of (x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the
Administrative Agent and (ii) from and after the earlier of (x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Major Non-Controlling Author­ized
Representative.
  

“Applicable Collateral Agent“ means (i) until the earlier of (x) Discharge of Credit Agreement Obligations and (y)
the Non-Controlling Authorized Representative Enforce­ment Date, the Credit Agreement Collateral Agent and (ii) from and after the earlier of (x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized
Representa­tive Enforcement Date, the Additional Pari Passu Collateral Agent. Upon the Additional Pari Passu Collateral Agent becoming the Applicable Collateral Agent, it shall provide a notice to the ABL Collateral Agent that it shall be the
“Controlling Term Loan/Notes Agent” for all purposes under the ABL Intercreditor Agreement.
  

“Authorized Representative” means, at any time, (i) in the case of any Credit Agreement Obligations or the Credit
Agreement Secured Parties, the Administrative Agent, (ii) in the case of the Initial Additional Pari Passu Obligations or the Initial Additional Pari Passu Secured Parties, the Initial Additional Authorized Representative, and (iii) in the case of
any other Series of Additional Pari Passu Obligations or Additional Pari Passu Secured Parties that become subject to this Agreement after the date hereof, the Authorized Representative named for such Series in the applicable Joinder
Agreement.
  

“Bankruptcy Case” has the meaning assigned to such term in Section 2.05(b).

 
 “Bankruptcy
Code” means Title 11 of the United States Code, as amended.
  

“Bankruptcy Law” means the Bankruptcy Code and any similar Federal, state or foreign law for the relief of
debtors.
  
 

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 “Collateral” means all assets and properties
subject to Liens created pursuant to any Pari Passu Security Document to secure one or more Series of Pari Passu Obligations.
  

“Collateral Agent” means (i) in the case of any Credit Agreement Obligations, the Credit Agreement Collateral Agent
and (ii) in the case of the Additional Pari Passu Obligations, the Additional Pari Passu Collateral Agent.
  

“Company” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 
 “Controlling Secured
Parties” means, with respect to any Shared Collateral, (i) at any time when the Credit Agreement Collateral Agent is the Applicable Collateral Agent, the Credit Agreement Secured Parties and (ii) at any other time, the Series of Pari Passu
Secured Parties whose Authorized Representative is the Applicable Authorized Representative for such Shared Collateral.
  

“Credit Agreement” means that certain Credit Agreement, dated as of February 24, 2011, among the Company, the
guarantors party thereto, the lenders from time to time party thereto, JPMCB, as administrative agent (in such capacity and together with its successors in such capacity, the “Administrative Agent”) and the other parties thereto,
as amended, restated, supplemented, modified, replaced and/or Refinanced from time to time.
  

“Credit Agreement Collateral Agent” has the meaning assigned to such term in the introductory paragraph of this
Agreement.
  

“Credit Agreement Obligations” means all Obligations as defined in the Credit Agreement.

 
 “Credit Agreement
Secured Parties“ means the “Secured Parties” as defined in the Credit Agreement.
  

“Credit Agreement Security Documents” means the Security Agreement, the Pledge Agreement, the other Security
Documents (as defined in the Credit Agreement) and each other agreement entered into in favor of the Credit Agreement Collateral Agent for the purpose of securing any Credit Agreement Obligations.

 
 “DIP
Financing” has the meaning assigned to such term in Section 2.05(b).
  

“DIP Financing Liens” has the meaning assigned to such term in Section 2.05(b).

 
 “DIP Lenders”
has the meaning assigned to such term in Section 2.05(b).
  

“Discharge“ means, with respect to any Shared Collateral and any Series of Pari Passu Obligations, the date on
which such Series of Pari Passu Obligations is no longer secured by such Shared Collateral in accordance with the terms of the documents governing such Series. The term “Discharged” shall have a corresponding meaning.

 
 “Discharge of Credit
Agreement Obligations” means, with respect to any Shared Collateral, the Discharge of the Credit Agreement Obligations with respect to such Shared Col­lateral; provided that the Discharge of Credit Agreement Obligations shall
not be deemed to have occurred in connection with a Refinancing of such Credit Agreement Obligations with additional Pari Passu Obligations secured by such Shared Collateral under an Additional Pari Passu Docu­ment which has been designated in
writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Additional Pari Passu Collateral Agent and each other Author­ized Representative as the “Credit Agreement” for purposes of this
Agreement.
  

“Event of Default“ means an “Event of Default” (or similarly defined term) as de­fined in any
Secured Credit Document.
  

“Grantors” means the Company and each of the Facility Guarantors (as defined in the Credit Agreement) and each
other Subsidiary of the Company which has granted a security interest pursuant to any Pari Passu Security Document to secure any Series of Pari Passu Obliga­tions. The Grantors existing on the date hereof are set forth in Annex I
hereto.
  
 

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 “Impairment” has the meaning assigned to such
term in Section 1.03.
  

“Initial Additional Authorized Representative” has the meaning assigned to such term in the introductory paragraph
of this Agreement.
  

 “Initial Additional Pari Passu Agreement” means that certain Indenture, dated as of April 16, 2020, among the
Company, the Guarantors identified therein, and Wilmington Trust, as trustee (in such capacity, the “Trustee”) and Wilmington Trust, as collateral agent, as amended, restated, supplemented, modified, replaced and/or Refinanced
from time to time.
  

“Initial Additional Pari Passu Documents” means the Initial Additional Pari Passu Agreement, the notes issued
thereunder, the Initial Additional Pari Passu Security Documents and any security documents and other operative agreements evidencing or governing the Indebtedness thereunder, and the liens securing such Indebtedness, including any agreement entered
into for the purpose of securing the Initial Additional Pari Passu Obligations.
  

“Initial Additional Pari Passu Obligations” means the Secured Obligations as such term is defined in the Initial
Additional Pari Passu Security Agreement.
  
 “Initial Additional Pari Passu Pledge Agreement” means the pledge agreement, dated as of the date hereof, among the Company, the Additional Pari Passu Collateral Agent and the other parties thereto, as
amended, restated, supplemented, modified or replaced from time to time.
  

“Initial Additional Pari Passu Secured Parties” means the Additional Pari Passu Collateral Agent, the Initial
Additional Authorized Representative and the holders of the Initial Additional Pari Passu Obligations issued pursuant to the Initial Additional Pari Passu Agree­ment.

 
 “Initial Additional Pari
Passu IP Security Agreement” means the intellectual property security agreement, dated as of the date hereof, among the Company, the Additional Pari Passu Collateral Agent and the other parties thereto, as amended, restated, supplemented,
modified or replaced from time to time.
  
 “Initial Additional Pari Passu Security Agreement” means the security agreement, dated as of the date hereof, among the Company, the Additional Pari Passu Collateral Agent and the other parties thereto, as
amended, restated, supplemented, modified or replaced from time to time.
  

“Initial Additional Pari Passu Security Documents” means the Initial Additional Pari Passu Security Agreement, the
Initial Additional Pari Passu Pledge Agreement, the Initial Additional Pari Passu IP Security Agreement, the other Collateral Documents (as defined in the Initial Additional Pari Passu Agreement) and each other agreement entered into in favor of the
Additional Pari Passu Collateral Agent for the purpose of securing any Initial Additional Pari Passu Obligations.
  

“Insolvency or Liquidation Proceeding” means:

 

(1)           any case or proceeding commenced by or against the Company or any other Grantor
un­der any Bankruptcy Law, any other case or proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any other Gran­tor, any receivership or assignment for the benefit
of creditors relating to the Company or any other Grantor or any similar case or proceeding relative to the Company or any other Grantor or its creditors, as such, in each case whether or not voluntary;

 

(2)           any liquidation, dissolution, marshalling of assets or liabilities or other winding
up of or relating to the Company or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

 
 

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 (3)           any other case
or proceeding of any type or nature in which substantially all claims of creditors of the Company or any other Grantor are determined and any payment or distribution is or may be made on account of such claims.

 
 “Intervening
Creditor” has the meaning assigned to such term in Section 2.01(a).
  

“Joinder Agreement” means a joinder to this Agreement in the form of Annex II hereof required to be delivered by an
Additional Senior Class Debt Representative to each Collateral Agent, each Authorized Representative and each Grantor pursuant to Section 5.13 hereof in order to establish an addi­tional Series of Additional Pari Passu Obligations and add
Additional Pari Passu Secured Parties hereunder.
  
  “JPMCB” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 
 “Lien” means,
with respect to any asset, (a) any mortgage, deed of trust, lien (statutory or otherwise), pledge, hypothecation, encumbrance, collateral assignment, 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 party with respect to such securities.
  

“Major Non-Controlling Authorized Representative” means, with respect to any Shared Collateral, the Authorized
Representative of the Series of Additional Pari Passu Obliga­tions that constitutes the largest outstanding principal amount of any then outstanding Series of Pari Passu Obligations with respect to such Shared Collateral.

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

“Non-Controlling Authorized Representative” means, at any time with respect to any Shared Collateral, any
Authorized Representative that is not the Applicable Authorized Rep­resentative at such time with respect to such Shared Collateral.
  

“Non-Controlling Authorized Representative Enforcement Date” means, with re­spect to any Non-Controlling
Authorized Representative, the date which is 90 days (throughout which 90 day period such Non-Controlling Authorized Representative was the Major Non-Controlling Authorized Representative) after the occurrence of both (i) an Event of Default
(un­der and as defined in the Additional Pari Passu Document under which such Non-Controlling Authorized Representative is the Authorized Representative) and (ii) each Collateral Agent’s and each other Authorized
Representative’s receipt of written notice from such Non-Controlling Au­thorized Representative certifying that (x) such Non-Controlling Authorized Representative is the Major Non-Controlling Authorized Representative and that an Event
of Default (under and as defined in the Additional Pari Passu Document under which such Non-Controlling Authorized Representative is the Authorized Representative) has occurred and is continuing and (y) the Ad­ditional Pari Passu Obligations of
the Series with respect to which such Non-Controlling Author­ized Representative is the Authorized Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of
the ap­plicable Additional Pari Passu Document; provided that the Non-Controlling Authorized Repre­sentative Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect to any Shared
Collateral (1) at any time the Administrative Agent or the Credit Agreement Collateral Agent has commenced and is diligently pursuing any enforcement action with respect to such Shared Collateral, (2) at any time the Grantor which has granted a
security interest in such Shared Collateral is then a debtor under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding or (3) at any time the Credit Agreement Collateral Agent is stayed from exercising remedies with
respect to a material portion of the Shared Collateral pursuant to the ABL Intercreditor Agreement.
  

 “Non-Controlling Secured Parties” means, with respect to any Shared Collateral, the Pari Passu Secured
Parties which are not Controlling Secured Parties with respect to such Shared Collateral.
  
 

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 “Pari Passu Obligations” means, collectively,
(i) the Credit Agreement Obliga­tions and (ii) each Series of Additional Pari Passu Obligations.
  

“Pari Passu Secured Parties” means (i) the Credit Agreement Secured Parties and (ii) the Additional Pari Passu
Secured Parties with respect to each Series of Additional Pari Passu Obligations.
  

“Pari Passu Security Documents” means, collectively, (i) the Credit Agreement Security Documents and (ii) the
Additional Pari Passu Security Documents.
  
 “Pledge Agreement” means the Pledge Agreement, dated as of February 24, 2011, among the Company, the Credit Agreement Collateral Agent and the other parties thereto, as amended, restated, supplemented,
modified or replaced from time to time.
  
 “Possessory Collateral” means any Shared Collateral in the possession of a Col­lateral Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform
Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Investment Property, Instruments, and Chattel Paper (each as defined in the Security Agreement), in each case, delivered to or in the possession of a
Collateral Agent under the terms of the Pari Passu Security Documents.
  

“Proceeds” has the meaning assigned to such term in Section 2.01(a).

 
 “Refinance“
means, in respect of any indebtedness, to refinance, or replace, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such indebtedness (in whole or in part), including by adding or replacing
lenders, creditors, agents, borrowers and/or guarantors, and including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including, in each case, through any credit agreement,
indenture or other agreement. “Refinanced” and “Refinanc­ing” have correlative meanings.
  

“Secured Credit Document” means (i) the Credit Agreement and each Loan Document (as defined in the Credit
Agreement), (ii) the Initial Additional Pari Passu Agreement and each Initial Additional Pari Passu Document, and (iii) each Additional Pari Passu Document.

 
 “Security
Agreement” means the Security Agreement, dated as of February 24, 2011, among the Company, the Credit Agreement Collateral Agent and the other parties thereto, as amended, restated, supplemented, modified or replaced from time to
time.
  

“Series” means (a) with respect to the Pari Passu Secured Parties, each of (i) the Credit Agreement Secured Parties
(in their capacities as such), (ii) the Initial Additional Pari Passu Secured Parties (in their capacities as such), and (iii) the Additional Pari Passu Secured Parties that become subject to this Agreement after the date hereof that are represented
by a com­mon Authorized Representative (in its capacity as such for such Additional Pari Passu Secured Parties) and (b) with respect to any Pari Passu Obligations, each of (i) the Credit Agreement Ob­ligations, (ii) the Initial Additional
Pari Passu Obligations, and (iii) the Additional Pari Passu Ob­ligations incurred pursuant to any Additional Pari Passu Document, which pursuant to any Join­der Agreement, are to be represented hereunder by a common Authorized
Representative (in its capacity as such for such Additional Pari Passu Obligations).
  

“Shared Collateral” means, at any time, Collateral in which the holders of two or more Series of Pari Passu
Obligations hold a valid and perfected security interest at such time. If more than two Series of Pari Passu Obligations are outstanding at any time and the holders of less than all Series of Pari Passu Obligations hold a valid and perfected
security interest in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those Series of Pari Passu Obligations that hold a valid and perfected security interest in such Collateral at such time and shall not
constitute Shared Collateral for any Series which does not have a valid and perfected security interest in such Collateral at such time.
  

“Wilmington Trust” has the meaning assigned to such term in the introductory paragraph of this
Agreement.
  
 
 

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SECTION 1.02     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, (i) any definition of or reference to any
agree­ment, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified, (ii) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (iii) 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, (iv) all references herein to Articles,
Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, 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 and (vi) the term “or” is not exclusive.

 
 SECTION 1.03     Impairments. It
is the intention of the Pari Passu Secured Par­ties of each Series that the holders of Pari Passu Obligations of such Series (and not the Pari Passu Secured Parties of any other Series) bear the risk of (i) any determination by a court of
competent jurisdiction that (x) any of the Pari Passu Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations (other than another Series of Pari Passu Obligations), (y) any of the Pari Passu
Obligations of such Series do not have an en­forceable security interest in any of the Collateral securing any other Series of Pari Passu Obliga­tions and/or (z) any intervening security interest exists securing any other obligations
(other than another Series of Pari Passu Obligations) on a basis ranking prior to the security interest of such Series of Pari Passu Obligations but junior to the security interest of any other Series of Pari Passu Obligations or (ii) the existence
of any Collateral for any other Series of Pari Passu Obli­gations that is not Shared Collateral (any such condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of Pari Passu Obligations, an
“Impairment” of such Series); provided, that the existence of a maximum claim with respect to any real property subject to a mort­gage which applies to all Pari Passu Obligations shall not be deemed to be an Impairment
of any Series of Pari Passu Obligations. In the event of any Impairment with respect to any Series of Pari Passu Obligations, the results of such Impairment shall be borne solely by the holders of such Series of Pari Passu Obligations, and the
rights of the holders of such Series of Pari Passu Obligations (including, without limitation, the right to receive distributions in respect of such Series of Pari Passu Obligations pursuant to Section 2.01) set forth herein shall be modified to the
extent necessary so that the effects of such Impairment are borne solely by the holders of the Series of such Pari Passu Obligations subject to such Impairment. Additionally, in the event the Pari Passu Obligations of any Series are modified
pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code), any reference to such Pari Passu Obligations or the Pari Passu Security Documents governing such Pari Passu Obligations shall refer to such
obligations or such documents as so modified.
  
 SECTION
1.04     Additional First Lien Obligations. It is  hereby agreed that (i) all obligations of the Grantors under the Initial Additional Pari Passu Documents and (ii) all Additional Pari Passu Obligations are hereby
designated as “Additional First Lien Obligations” for all purposes under this Agreement, the Credit Agreement, the Credit Agreement Security Documents, the Initial Additional Pari Passu Agreement, the Initial Additional Pari Passu
Documents, all Additional Pari Passu Documents, and all operative agreements evidencing or governing any Pari Passu Obligations.  
  

ARTICLE
 II

Priorities and Agreements with Respect to Shared Collateral
  

SECTION 2.01     Priority of Claims.

 

(a)           Anything contained herein or in any of the Secured Credit Documents to the contrary
notwithstanding (but subject to Section 1.03 and the ABL Intercreditor Agreement), if an Event of Default has occurred and is continuing, and the Applicable Collateral Agent or any Pari Passu Secured Party is taking action to enforce rights in
respect of any Shared Collateral, or any distribution is made in respect of any Shared Collateral in any Insolvency or Liquidation Proceeding of the Company or any other Grantor or any Pari Passu Secured Party receives any payment pursuant to any
intercreditor agreement (other than this Agreement) with respect to any Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Collateral by any Pari Passu Secured Party or received by the Applicable Collateral
Agent or any Pari Passu Secured Party pursuant to any such intercreditor agreement with respect to such Shared Collateral and proceeds of any such distribution (subject, in the case of any such payments, proceeds, or distribution, to the sentence
immediately following) to which the Pari Passu Obligations are entitled under any intercreditor agreement (other than this Agreement) (all payments, distributions, proceeds of any sale, collection or other liquidation of any Collateral and all
proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied (i) FIRST, to the payment of all amounts owing to each Collateral Agent (in its capacity as such) pursuant to the terms of any
Secured Credit Document, (ii) SECOND, subject to Section 1.03, to the payment in full of the Pari Passu Obligations of each Series on a ratable basis, with such Proceeds to be ap­plied to the Pari Passu Obligations of a given Series in
accordance with the terms of the applica­ble Secured Credit Documents and (iii) THIRD, after payment of all Pari Passu Obligations, to the Company and the other Grantors or their successors or assigns, as their interests may appear, or to
whosoever may be lawfully entitled to receive the same, or as a court of competent jurisdic­tion may direct. Notwithstanding the foregoing, with respect to any Shared Collateral for which a third party (other than a Pari Passu Secured Party)
has a lien or security interest that is junior in priority to the security interest of any Series of Pari Passu Obligations but senior (as determined by appropriate legal proceedings in the case of any dispute) to the security interest of any other
Series of Pari Passu Obligations (such third party, an “Intervening Creditor”), the value of any Shared Collateral or Proceeds which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the
Shared Collateral or Proceeds to be distributed in respect of the Series of Pari Passu Obligations with respect to which such Impairment exists.
 

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(b)           It is acknowledged that the Pari Passu Obligations of any Series may, sub­ject to the
limitations set forth in the then extant Secured Credit Documents, be increased, ex­tended, renewed, restated, supplemented, restructured, repaid, refunded, Refinanced or otherwise amended or modified from time to time, all without affecting
the priorities set forth in Section 2.01(a) or the provisions of this Agreement defining the relative rights of the Pari Passu Secured Parties of any Series.

 

(c)           Notwithstanding the date, time, method, manner or order of grant, attach­ment or perfection
of any Liens securing any Series of Pari Passu Obligations granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the Secured Credit Documents or any
defect or defi­ciencies in the Liens securing the Pari Passu Obligations of any Series or any other circumstance whatsoever (but, in each case, subject to Section 1.03), each Pari Passu Secured Party hereby agrees that the Liens securing each
Series of Pari Passu Obligations on any Shared Collateral shall be of equal priority.
  

SECTION 2.02     Actions with Respect to Shared Collateral; Prohibition on Contesting Liens.

 

(a)           Subject to the ABL Intercreditor Agreement, only the Applicable Collateral Agent shall act or
refrain from acting with respect to any Shared Collateral (including with respect to any intercreditor agreement with re­spect to any Shared Collateral). At any time when the Credit Agreement Collateral Agent is the Applicable Collateral Agent,
no Additional Pari Passu Secured Party shall or shall instruct any Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or
over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or other­wise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any
Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral), whether under any Additional Pari Passu Secu­rity Document, applicable law or otherwise, it being agreed that only the Credit
Agreement Col­lateral Agent, acting in accordance with the Credit Agreement Security Documents, shall be enti­tled to take any such actions or exercise any such remedies with respect to Shared Collateral at such time; provided that,
notwithstanding the foregoing, (i) in any Insolvency or Liquidation Proceeding, any Collateral Agent or any other Pari Passu Secured Party may file a proof of claim or statement of interest with respect to the Pari Passu Obligations owed to the Pari
Passu Secured Parties; (ii) any Collateral Agent or any other Pari Passu Secured Party may take any action to preserve or protect the validity and enforceability of the Liens granted in favor of Pari Passu Secured Parties, provided that no such
action is, or could reasonably be expected to be, (A) adverse, in any material respect, to the Liens granted in favor of the Controlling Secured Parties or the rights of the Controlling Collateral Agent or any other Controlling Secured Parties to
exercise remedies in respect thereof or (B) otherwise inconsistent with the terms of this Agreement or the ABL Intercreditor Agreement; and (iii) any Collateral Agent or any other Pari Passu Secured Party 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 or Liens of such Pari Passu Secured Party, including any claims secured by the
Shared Collateral, in each case, to the extent not inconsistent with the terms of this Agreement and the ABL Intercreditor Agreement.
  

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 (b)           With respect to any Shared
Collateral at any time when the Additional Pari Passu Collateral Agent is the Applicable Collateral Agent, (i) the Additional Pari Passu Collat­eral Agent shall act only on the instructions of the Applicable Authorized Representative, (ii) the
Additional Collateral Agent shall not follow any instructions with respect to such Shared Collat­eral (including with respect to any intercreditor agreement with respect to any Shared Collateral) from any Non-Controlling Authorized
Representative (or any other Pari Passu Secured Party other than the Applicable Authorized Representative) and (iii) no Non-Controlling Authorized Representative or other Pari Passu Secured Party (other than the Applicable Authorized
Repre­sentative) shall or shall instruct the Additional Pari Passu Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for
or over, attempt any action to take possession of, exer­cise any right, remedy or power with respect to, or otherwise take any action to enforce its secu­rity interest in or realize upon, or take any other action available to it in respect
of, any Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Col­lateral), whether under any Pari Passu Security Document, applicable law or otherwise, it being agreed that only the Additional
Collateral Agent, acting on the instructions of the Applicable Au­thorized Representative and in accordance with the Additional Pari Passu Security Documents, shall be entitled to take any such actions or exercise any such remedies with respect
to Shared Collateral.
  

(c)           Notwithstanding the equal priority of the Liens on the Shared Collateral securing each Series of
Pari Passu Obligations, the Applicable Collateral Agent (in the case of the Additional Pari Passu Collateral Agent, acting on the instructions of the Applicable Authorized Representative) may deal with the Shared Collateral as if such Applicable
Collateral Agent had a senior Lien on such Collateral. No Non-Controlling Authorized Representative or Non-Controlling Secured Party will contest, protest or object to any foreclosure proceeding or action brought by the Applicable Collateral Agent,
the Applicable Authorized Representative or the Controlling Secured Party or any other exercise by the Applicable Collateral Agent, the Applicable Authorized Representative or the Controlling Secured Party of any rights and remedies relating to the
Shared Collateral, or to cause the Applicable Collateral Agent to do so. The foregoing shall not be construed to limit the rights and priorities of any Pari Passu Secured Party, the Applicable Collateral Agent or any Authorized Representative with
respect to any Collateral not constituting Shared Collateral.
  

(d)           Each of the Pari Passu Secured Parties agrees that it will not (and hereby waives any right to)
question or contest or support any other Person in contesting, in any pro­ceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity, attachment or enforceability of a Lien held by or on behalf of any of
the Pari Passu Secured Par­ties in all or any part of the Collateral, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Collateral Agent or any
Authorized Representative to enforce this Agreement.
  

SECTION 2.03     No Interference; Payment Over.

 

(a)           Each Pari Passu Secured Party agrees that (i) it will not challenge or ques­tion in any
proceeding (including any Insolvency or Liquidation Proceeding) the validity or enforceability of any Pari Passu Obligations of any Series or any Pari Passu Security Document or the validity, attachment, perfection or priority of any Lien under any
Pari Passu Security Document or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement; (ii) it will not take or cause to be taken any action the purpose or intent of which is, or
could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposi­tion of the Shared Collateral by the Applicable Collateral Agent, (iii) except as provided in
Sec­tion 2.02, it shall have no right to (A) direct the Applicable Collateral Agent or any other Pari Passu Secured Party to exercise any right, remedy or power with respect to any Shared Collateral (including pursuant to any intercreditor
agreement) or (B) consent to the exercise by the Appli­cable Collateral Agent or any other Pari Passu Secured Party of any right, remedy or power with respect to any Shared Collateral, (iv) it will not institute any suit or assert in any suit,
Insolvency or Liquidation Proceeding or other proceeding any claim against the Applicable Collateral Agent or any other Pari Passu Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with
respect to any Shared Collateral, and none of the Applicable Col­lateral Agent, any Applicable Authorized Representative or any other Pari Passu Secured Party shall be liable for any action taken or omitted to be taken by the Applicable
Collateral Agent, such Applicable Authorized Representative or other Pari Passu Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement, (v) it will not seek, and hereby waives any right, to have any
Shared Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral and (vi) it will not attempt, directly or indi­rectly, whether by judicial proceedings or otherwise, to challenge the enforceability of
any provi­sion of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Applicable Collateral Agent or any other Pari Passu Secured Party to enforce this Agreement.

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 (b)           Each Pari Passu Secured Party
hereby agrees that if it shall obtain posses­sion of any Shared Collateral or shall realize any proceeds or payment in respect of any such Shared Collateral, pursuant to any Pari Passu Security Document or by the exercise of any rights
available to it under applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies (including pursuant to any intercreditor agreement), at any time prior to the Discharge of each of the Pari Passu
Obligations, then it shall hold such Shared Col­lateral, proceeds or payment in trust for the other Pari Passu Secured Parties and promptly trans­fer such Shared Collateral, proceeds or payment, as the case may be, to the Applicable
Collateral Agent, to be distributed in accordance with the provisions of Section 2.01 hereof.
  

SECTION 2.04     Automatic Release of Liens; Amendments to Pari Passu Secu­rity Documents.

 

(a)           If, at any time the Applicable Collateral Agent forecloses upon or other­wise exercises
remedies against any Shared Collateral resulting in a sale or disposition thereof, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the other Collateral Agent for the benefit of each Series
of Pari Passu Secured Parties upon such Shared Collateral will automatically be released and discharged as and when, but only to the extent, such Liens of the Applicable Collateral Agent on such Shared Collateral are re­leased and discharged;
provided that any proceeds of any Shared Collateral realized therefrom shall be applied pursuant to Section 2.01.
  

(b)           Each Collateral Agent and Authorized Representative agrees to execute and deliver (at the sole
cost and expense of the Grantors) all such authorizations and other in­struments as shall reasonably be requested by the Applicable Collateral Agent or any Grantor to evidence and confirm any release of Shared Collateral provided for in this
Section.
  
 SECTION 2.05     Certain
Agreements with Respect to Bankruptcy or Insol­vency Proceedings.
  

(a)           This Agreement shall continue in full force and effect notwithstanding the commencement of any
Insolvency or Liquidation Proceeding (including any case or proceeding under the Bankruptcy Code or any other Bankruptcy Law or similar law by or against the Company or any of its Subsidiaries.

 

(b)            If the Company and/or any other Grantor shall become subject
to a case (a “Bankruptcy Case”) under the Bankruptcy Code and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders
(the “DIP Lend­ers”) under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bank­ruptcy Law and/or the use of cash collateral under Section 363 of the Bankruptcy Code or any equivalent
provision of any other Bankruptcy Law, each Pari Passu Secured Party (other than any Controlling Secured Party or Authorized Representative of any Controlling Secured Party) agrees that it will raise no objection to any such financing or to the
Liens on the Shared Collat­eral securing the same (“DIP Financing Liens”) or to any use of cash collateral that constitutes Shared Collateral, unless any Controlling Secured Party, or an Authorized Representative of any
Controlling Secured Party, shall then oppose or object to such DIP Financing or such DIP Fi­nancing Liens and/or use of cash collateral (and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral
for the benefit of the Controlling Secured Par­ties, each Non-Controlling Secured Party will subordinate its Liens with respect to such Shared Collateral on the same terms as the Liens of the Controlling Secured Parties (other than any Liens of
any Pari Passu Secured Parties constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such Shared Collateral granted to secure the Pari Passu Obligations of the Controlling Se­cured Parties, each Non-Controlling Secured Party will confirm the priorities with respect to such Shared
Collateral as set forth herein), in each case so long as (A) the Pari Passu Secured Parties of each Series retain the benefit of their Liens on all such Shared Collateral pledged to the DIP Lenders, including proceeds thereof arising after the
commencement of such proceeding, with the same priority vis-à-vis all the other Pari Passu Secured Parties (other than any Liens of the Pari Passu Secured Parties constituting DIP Financing Liens) as existed prior to the com­mencement of
the Bankruptcy Case, (B) the Pari Passu Secured Parties of each Series are granted Liens on any additional collateral pledged to any Pari Passu Secured Parties as adequate protec­tion or otherwise in connection with such DIP Financing and/or
use of cash collateral, with the same priority vis-à-vis the Pari Passu Secured Parties as set forth in this Agreement (other than any Liens of the Pari Passu Secured Parties constituting DIP Financing Liens), (C) if any amount of such DIP
Financing and/or cash collateral is applied to repay any of the Pari Passu Obligations, such amount is applied pursuant to Section 2.01, and (D) if any Pari Passu Secured Parties are granted adequate protection, including in the form of periodic
payments in cash, in connection with such DIP Financing and/or use of cash collateral, the cash proceeds of such adequate protection are applied pursuant to Section 2.01; provided that the Pari Passu Secured Parties of each Series shall have
a right to object to the grant of a Lien to secure the DIP Financing over any Collateral subject to Liens in favor of the Pari Passu Secured Parties of such Series or its Authorized Rep­resentative that shall not constitute Shared Collateral;
and provided, further, that the Pari Passu Secured Parties receiving adequate protection shall not object to any other Pari Passu Secured Party receiving adequate protection comparable to any adequate protection granted to such Pari
Passu Secured Parties in connection with a DIP Financing and/or use of cash collateral.
  
 

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 SECTION 2.06     Reinstatement. In the event that any of the Pari
Passu Obligations shall be paid in full and such payment or any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement or avoidance of a preference or fraudulent transfer under the Bankruptcy Code, any
Bankruptcy Law or any similar law, or the settlement of any claim in respect thereof), be required to be re­turned or repaid, the terms and conditions of this Article II shall be fully applicable thereto until all such Pari Passu Obligations
shall again have been paid in full (other than contingent obliga­tions).
  

SECTION 2.07     Insurance. As between the Pari Passu Secured Parties, the Applicable Collateral Agent, (and in the case of the
Additional Pari Passu Collateral Agent, act­ing at the direction of the Applicable Authorized Representative), shall have the right to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any
loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Shared Collateral.
  

SECTION 2.08     Refinancings. The Pari Passu Obligations of any Series may be amended, restated, extended, renewed, increased,
registered, defeased, restructured, refunded, repaid, modified, supplemented or otherwise Refinanced, in whole or in part, in each case, with­out notice to, or the consent (except to the extent a consent is otherwise required to permit the
Refinancing transaction under any Secured Credit Document) of any Pari Passu Secured Party of any other Series, all without affecting the priorities provided for herein or the other provisions hereof; provided that the Authorized
Representative of the holders of any such Refinancing in­debtedness shall have executed a Joinder Agreement on behalf of the holders of such Refinanc­ing indebtedness.

 
 SECTION 2.09     Possessory Collateral
Agent as Gratuitous Bailee for Perfec­tion.
  

(a)           The Possessory Collateral shall be delivered to the Credit Agreement Col­lateral Agent and
the Credit Agreement Collateral Agent agrees to hold any Shared Collateral constituting Possessory Collateral that is part of the Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee
for the benefit of each other Pari Passu Secured Party and any assignee solely for the purpose of perfecting the security inter­est granted in such Possessory Collateral, if any, pursuant to the applicable Pari Passu Security Documents, in each
case, subject to the terms and conditions of this Section 2.10; provided that at any time the Credit Agreement Collateral Agent is not the Applicable Collateral Agent, the Credit Agreement Collateral Agent shall, at the request of the
Additional Pari Passu Collateral Agent, promptly deliver all Possessory Collateral to the Additional Pari Passu Collateral Agent together with any necessary endorsements (or otherwise allow the Additional Pari Passu Collat­eral Agent to obtain
control of such Possessory Collateral). The Company shall take such further action as reasonably requested by such Collateral Agent to effectuate the transfer contemplated hereby.

 
 

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 (b)           The Additional Pari Passu
Collateral Agent agrees to hold any Shared Col­lateral constituting Possessory Collateral, from time to time in its possession, as gratuitous bailee for the benefit of each other Pari Passu Secured Party and any assignee, solely for the purpose
of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the ap­plicable Pari Passu Security Documents, in each case, subject to the terms and conditions of this Section 2.09.

 

(c)           The duties or responsibilities of each Collateral Agent under this Section 2.09 shall be limited
solely to holding any Shared Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other Pari Passu Secured Party for purposes of perfecting the Lien held by such Pari Passu Secured Parties therein.

 
 SECTION 2.10     Amendments to
Security Documents.
  

(a)           Without the prior written consent of the Credit Agreement Collateral Agent, the Additional Pari
Passu Collateral Agent agrees that no Additional Pari Passu Security Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Additional Pari Passu
Se­curity Document would be prohibited by, or would require any Grantor to act or refrain from act­ing in a manner that would violate, any of the terms of this Agreement.

 

(b)           Without the prior written consent of the Additional Pari Passu Collateral Agent, the Credit
Agreement Collateral Agent agrees that no Credit Agreement Security Docu­ment may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Credit Agreement
Security Document would be prohibited by, or would require any Grantor to act or refrain from acting in a manner that would violate, any of the terms of this Agreement.

 

(c)           In making determinations required by this Section 2.10, each Collateral Agent may conclusively
rely on an officer’s certificate of the Company.
  

ARTICLE
 III

  

Existence and Amounts of Liens and Obligations

  
 SECTION 3.01     Determinations with Respect to Amounts
of Liens and Obli­gations. Whenever a Collateral Agent or any Authorized Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to de­termine the existence or
amount of any Pari Passu Obligations of any Series, or the Shared Col­lateral subject to any Lien securing the Pari Passu Obligations of any Series, it may request that such information be furnished to it in writing by each other Authorized
Representative or Collat­eral Agent and shall be entitled to make such determination or not make any determination on the basis of the information so furnished; provided, however, that if an Authorized Representa­tive or a
Collateral Agent shall fail or refuse to reasonably promptly provide the requested in­formation, the requesting Collateral Agent or Authorized Representative shall be entitled to make any such determination by such method as it may, in the
exercise of its good faith judg­ment, determine, including by reliance upon a certificate of the Company. Each Collateral Agent and each Authorized Representative may rely conclusively, and shall be fully protected in so re­lying, on any
determination made by it in accordance with the provisions of the preceding sen­tence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any Pari Passu Secured Party or any other person
as a result of such determination.
  

ARTICLE
 IV

  

The Applicable Collateral Agent
   

SECTION 4.01     Authority.
  

(a)           Notwithstanding any other provision of this Agreement, nothing herein shall be construed to impose
any fiduciary or other duty on any Applicable Collateral Agent to any Non-Controlling Secured Party or give any Non-Controlling Secured Party the right to direct any Applicable Collateral Agent, except that each Applicable Collateral Agent shall be
obligated to distribute proceeds of any Shared Collateral in accordance with Section 2.01 hereof.
  
 

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 (b)           In furtherance of the
foregoing, each Non-Controlling Secured Party ac­knowledges and agrees that the Applicable Collateral Agent shall be entitled, for the benefit of the Pari Passu Secured Parties, to sell, transfer or otherwise dispose of or deal with any Shared
Collateral as provided herein and in the Pari Passu Security Documents, as applicable, for which the Applicable Collateral Agent is the collateral agent of such Shared Collateral, without regard to any rights to which the Non-Controlling Secured
Parties would otherwise be entitled as a re­sult of the Pari Passu Obligations held by such Non-Controlling Secured Parties. Without limit­ing the foregoing, each Non-Controlling Secured Party agrees that none of the Applicable
Col­lateral Agent, the Applicable Authorized Representative or any other Pari Passu Secured Party shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or any other Collateral securing any of the Pari
Passu Obligations), or to sell, dispose of or oth­erwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any Pari Passu Obligations), in any manner that would maximize the return to the Non-Controlling
Secured Parties, notwithstanding that the order and timing of any such realization, sale, disposi­tion or liquidation may affect the amount of proceeds actually received by the Non-Controlling Secured Parties from such realization, sale,
disposition or liquidation. Each of the Pari Passu Se­cured Parties waives any claim it may now or hereafter have against any Collateral Agent or the Authorized Representative of any other Series of Pari Passu Obligations or any other Pari
Passu Secured Party of any other Series arising out of (i) any actions which any Collateral Agent, Au­thorized Representative or the Pari Passu Secured Parties take or omit to take (including, actions with respect to the creation, perfection or
continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of
the Pari Passu Obligations from any account debtor, guarantor or any other party) in accordance with the Pari Passu Security Documents or any other agreement related thereto or to the collection of the Pari Passu Obligations or the valuation, use,
protection or release of any security for the Pari Passu Obligations, (ii) any election by any Applicable Authorized Representative or any holders of Pari Passu Obligations, in any Insolvency or Liquidation Proceeding of the appli­cation of
Section 1111(b) of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law or (iii) subject to Section 2.05, any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy
Code or any equivalent provision of any other Bankruptcy Law, by the Company or any of its Subsidiaries, as debtor-in-possession. Notwithstanding any other provision of this Agreement, the Applicable Collateral Agent shall not accept any Shared
Collateral in full or par­tial satisfaction of any Pari Passu Obligations pursuant to Section 9-620 of the Uniform Com­mercial Code of any jurisdiction, without the consent of each Authorized Representative repre­senting holders of
Pari Passu Obligations for whom such Collateral constitutes Shared Collateral.
  

SECTION 4.02   Exculpatory Provisions.  The Applicable Collateral Agent shall not have any
duties or obligations to any Pari Passu Secured Party except those expressly set forth herein.  Without limiting the generality of the foregoing, the Applicable Collateral Agent:

 

(a)           shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of
Default has occurred and is continuing;
  

(b)           shall not have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby; provided that the Applicable Collateral Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Applicable
Collateral Agent to liability or that is contrary to this Agreement, the ABL Intercreditor Agreement or applicable law;
  

(c)           shall not, except as expressly set forth herein, have any duty to disclose, and shall not be
liable for the failure to disclose, any information relating to a Grantor or any of its Affiliates that is communicated to or obtained by the Person serving as the Applicable Collateral Agent or any of its Affiliates in any capacity;

 

(d)           shall not, except as expressly set forth herein, be liable for any action taken or not taken by it
(1) in the absence of its own gross negligence or willful misconduct as determined by a final order of a court of competent jurisdiction or (2) in reliance on a certificate from the Company stating that such action is permitted by the
terms of this Agreement.  The Applicable Collateral Agent shall be deemed not to have knowledge of any Event of Default under any Series of Pari Passu Obligations unless and until notice describing such Event of Default and referencing the
applicable Secured Credit Documents is given to the Applicable Collateral Agent;
  
 

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 (e)           shall not be responsible for
or have any duty to ascertain or inquire into (1) any statement, warranty or representation made in or in connection with this Agreement or any other Secured Credit Document, (2) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (3) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event
of Default, (4) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Secured Credit Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be
created by the Secured Credit Document, (5) the value or the sufficiency of any Collateral for any Series of Pari Passu Obligations, or (6) the satisfaction of any condition set forth in any Secured Credit Document, other than to confirm
receipt of items expressly required to be delivered to the Applicable Collateral Agent under the terms of this Agreement; and
  

(f)            need not segregate money held hereunder from other funds except to the extent required by
law and shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing.
  

ARTICLE V

 

Miscellaneous
   

SECTION 5.01     Notices. All 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 telecopy, as follows:
  

(a)           if to the Credit Agreement Collateral Agent or the Administrative Agent, to it at
270 Park Ave., New York, New York 10017, Attention of: Jennifer Heard;
  

(b)           if to the Additional Pari Passu Collateral Agent or the Initial Additional
Authorized Representative, to it at Wilmington Trust, National Association, 50 South Sixth Street, Suite 1290, Minneapolis, Minnesota 55402, Attention:  Burlington Coat Factory Warehouse Notes Administrator, Facsimile: (612) 217-5651;

 

(c)           if to any other Additional Authorized Representative, to it at the address set
forth in the applicable Joinder Agreement.
  
 Any party hereto may change its address or telecopy number for notices and other communica­tions hereunder by notice to the other parties hereto. 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 a Business Day) and on the next Business Day thereaf­ter (in all other cases) if delivered by hand or overnight courier service or sent by
telecopy or on the date three 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 5.01 or in accordance with the latest
unrevoked direction from such party given in accordance with this Section 5.01. As agreed to in writing among each Collateral Agent and each Authorized Repre­sentative 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.
  

SECTION 5.02     Waivers; Amendment; Joinder Agreements.

 

(a)           No failure or delay on the part of any party hereto in exercising any right or power 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, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice
or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.
  

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 (b)           Neither this Agreement nor
any provision hereof may be terminated, waived, amended or modified (other than pursuant to any Joinder Agreement) except pursuant to an agreement or agreements in writing entered into by each Authorized Representative and each Collateral Agent (and
with respect to any such termination, waiver, amendment or modification which by the terms of this Agreement requires the Company’s consent or which increases the obligations or reduces the rights of the Company or any other Grantor, with the
consent of the Company).
  

(c)           Notwithstanding the foregoing, without the consent of any Pari Passu Se­cured Party, any
Authorized Representative may become a party hereto by execution and deliv­ery of a Joinder Agreement in accordance with Section 5.13 and upon such execution and deliv­ery, such Authorized Representative and the Additional Pari Passu
Secured Parties and Addi­tional Pari Passu Obligations of the Series for which such Authorized Representative is acting shall be subject to the terms hereof and the terms of the Additional Pari Passu Security Docu­ments applicable
thereto.
  

(d)           Notwithstanding the foregoing, without the consent of any other Author­ized Representative or
Pari Passu Secured Party, the Collateral Agents may effect amendments and modifications to this Agreement to the extent necessary to reflect any incurrence of any Ad­ditional Pari Passu Obligations in compliance with the Credit Agreement and
the other Secured Credit Documents.
  
 SECTION
5.03     Parties in Interest. 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 Pari Passu Secured Parties, all of whom
are intended to be bound by, and to be third party beneficiaries of, this Agreement.
  

SECTION 5.04     Survival of Agreement. 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.

 
 SECTION 5.05     Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 
 SECTION 5.06     Severability. Any
provision of this Agreement that is prohib­ited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unen­forceable such provision in any other jurisdiction. 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 5.07     GOVERNING LAW.
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 
 SECTION 5.08     Submission to
Jurisdiction Waivers; Consent to Service of Process. Each Collateral Agent and each Authorized Representative, on behalf of itself and the Pari Passu Secured Parties of the Series for whom it is acting, irrevocably and unconditionally:

 

(a)           submits for itself and its property in any legal action or proceeding relating to
this Agreement and the Pari Passu Security Documents, or for recognition and en­forcement of any judgment in respect thereof, to the non exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of
America for the Southern District of New York, and appellate courts from any thereof;
  
 

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 (b)           consents that
any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such ac­tion or proceeding in any such court or that such action or proceeding was brought in an
inconvenient court and agrees not to plead or claim the same;
  

(c)           agrees that service of process in any such action or proceeding may be
ef­fected by mailing a copy thereof by registered or certified mail (or any substantially simi­lar form of mail), postage prepaid, to such Person (or its Authorized Representative) at the address set forth in Section 5.01;

 

(d)           agrees that nothing herein shall affect the right of any other party hereto (or any
Pari Passu Secured Party) to effect service of process in any other manner permit­ted by law or shall limit the right of any party hereto (or any Pari Passu Secured Party) to sue in any other jurisdiction; and

 

(e)           waives, to the maximum extent permitted by applicable law, any right it may have to
claim or recover in any legal action or proceeding referred to in this Section 5.08 any special, exemplary, punitive, incidental or consequential damages.

 
 SECTION 5.09     WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR FOR ANY COUNTERCLAIM THEREIN.

 
 SECTION 5.10     Headings.
Article, Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 
 SECTION 5.11     Conflicts. In the
event of any conflict or inconsistency be­tween the provisions of this Agreement and the provisions of any of the Pari Passu Security Documents or any of the other Secured Credit Documents, the provisions of this Agreement shall control.

 
 SECTION 5.12     Provisions Solely to
Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Pari Passu Secured Parties in relation to one another. None of the Company, any other Grantor or any
other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than Section 2.04, 2.05, 2.08, 2.09 or Article V) is intended to or will
amend, waive or otherwise modify the provi­sions of the Credit Agreement or any Additional Pari Passu Documents), and none of the Com­pany or any other Grantor may rely on the terms hereof (other than Sections 2.04, 2.05, 2.08, 2.09 and
Article V). Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the Pari Passu Obligations as and when the same shall become due and payable in accordance with their
terms.
  
 SECTION 5.13     Additional
Senior Debt. To the extent, but only to the extent permitted by the provisions of the Credit Agreement and the Additional Pari Passu Documents, the Company may incur additional indebtedness after the date hereof that is permitted by the Credit
Agreement and the Additional Pari Passu Documents to be incurred and secured on an equal and ratable basis by the liens securing the Pari Passu Obligations (such indebtedness re­ferred to as “Additional Senior Class Debt”).
Any such Additional Senior Class Debt may be secured by a Lien and may be Guaranteed by the Grantors on a senior basis, in each case under and pursuant to the Additional Pari Passu Documents, if and subject to the condition that the Au­thorized
Representative of any such Additional Senior Class Debt (each, a “Additional Senior Class Debt Representative”), acting on behalf of the holders of such Additional Indebtedness (such Authorized Representative and holders in
respect of any Additional Senior Class Debt be­ing referred to as the “Additional Senior Class Debt Parties”), becomes a party to this Agreement by satisfying the conditions set forth in clauses (i) through (iv) of the
immediately succeeding paragraph.
  
 

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 In order for an Additional Senior Class Debt Representative to
become a party to this Agreement,
  

(i) such Additional Senior Class Debt Representative, each Collateral Agent, each Authorized Representative and each Grantor shall have executed
and delivered an instrument substantially in the form of Annex II (with such changes as may be reasonably approved by each Collateral Agent and such Additional Senior Class Debt Representa­tive) pursuant to which such Additional Senior Class
Debt Representative becomes an Authorized Representative hereunder, and the Additional Senior Class Debt in respect of which such Additional Senior Class Debt Representative is the Authorized Representa­tive and the related Additional Senior
Class Debt Parties become subject hereto and bound hereby;
  

(ii) the Company shall have (x) delivered to each Collateral Agent true and com­plete copies of each of the Additional Pari Passu Documents
relating to such Additional Senior Class Debt, certified as being true and correct by a Responsible Officer of the Company and (y) identified in a certificate of an authorized officer the obligations to be designated as Additional Pari Passu
Obligations and the initial aggregate principal amount or face amount thereof, which certificate shall state that such obligations are permitted to be incurred and secured on a pari passu basis with the Liens securing the then existing Pari
Passu Obligations and by the terms of the then extant Secured Credit Documents;
  

(iii) all filings, recordations and/or amendments or supplements to the Pari Passu Security Documents necessary or desirable in the reasonable
judgment of the Additional Pari Passu Collateral Agent to confirm and perfect the Liens securing the relevant obliga­tions relating to such Additional Senior Class Debt shall have been made, executed and/or delivered (or, with respect to any
such filings or recordations, acceptable provi­sions to perform such filings or recordings have been taken in the reasonable judgment of the Additional Pari Passu Collateral Agent), and all fees and taxes in connection therewith shall have been
paid (or acceptable provisions to make such payments have been taken in the reasonable judgment of the Additional Pari Passu Collateral Agent); and

 
 (iv) the Additional Pari Passu Documents, as
applicable, relating to such Addi­tional Senior Class Debt shall provide, in a manner reasonably satisfactory to each Col­lateral Agent, that each Additional Senior Class Debt Party with respect to such Addi­tional Senior Class Debt
will be subject to and bound by the provisions of this Agreement in its capacity as a holder of such Additional Senior Class Debt.
  

Each Authorized Representative acknowledges and agrees that upon execution and delivery of a Joinder Agreement substantially in the
form of Annex II by an Additional Sen­ior Class Debt Representative and each Grantor in accordance with Section 5.13, the Additional Pari Passu Collateral Agent will continue to act in its capacity as Additional Pari Passu Collateral Agent in
respect of the then existing Authorized Representatives (other than the Administrative Agent) and such Additional Senior Class Debt Representative.

 
 SECTION 5.14     Agent Capacities.
Except as expressly provided herein or in the Credit Agreement Security Documents, JPMCB is acting in the capacities of Administrative Agent and Credit Agreement Collateral Agent solely for the Credit Agreement Secured Parties. Except as expressly
provided herein or in the Additional Pari Passu Security Documents, Wilmington Trust is acting herein not in its individual capacity, but solely (i) when acting as Additional Pari Passu Collateral Agent, in its capacity as collateral agent under the
Initial Additional Pari Passu Agreement, and (ii) when acting as the Initial Additional Authorized Representative, in its capacity as Trustee under the Initial Additional Pari Passu Agreement, solely for the Additional Pari Passu Secured Parties.
Except as expressly set forth herein, none of the Admin­istrative Agent, the Credit Agreement Collateral Agent, the Additional Pari Passu Collateral Agent or the Initial Additional Pari Passu Authorized Representative shall have any duties or
obligations in respect of any of the Collateral, all of such duties and obligations, if any, being subject to and governed by the applicable Secured Credit Docu­ments.  It is understood and agreed that (i) JPMCB is entering into this
Agreement solely its capacities as Administrative Agent and collateral agent under the Credit Agreement and the provisions of the Credit Agreement applicable to it as Administrative Agent and collateral agent thereunder shall also apply to it as the
Credit Agreement Collateral Agent and Authorized Representative for the Credit Agreement Secured Parties hereunder and (ii) Wilmington Trust is entering into this Agreement in its capacities as trustee and collateral agent under the Initial
Additional Pari Passu Agreement and the provisions of the Initial Additional Pari Passu Agreement granting or extending any rights, protections, privileges, indemnities and immunities to Wilmington Trust thereunder shall also apply to its acting as
Initial Additional Pari Passu Collateral Agent and Initial Additional Authorized Representative hereunder.  Whenever the Initial Additional Authorized Representative is the Applicable Authorized Representative hereunder, the Initial Additional
Authorized Representative shall direct the Additional Pari Passu Collateral Agent to act or refrain from acting all in accordance with the terms of the Initial Additional Pari Passu Agreement.

 
 

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 SECTION 5.15     Integration. This Agreement together with the
other Secured Credit Documents and the Pari Passu Security Documents represents the agreement of each of the Grantors and the Pari Passu Secured Parties with respect to the subject matter hereof and there are no promises, undertakings,
representations or warranties by any Grantor, the Credit Agreement Collateral Agent, the Additional Pari Passu Collateral Agent any or any other Pari Passu Secured Party relative to the subject matter hereof not expressly set forth or referred to
herein or in the other Secured Credit Docu­ments or the Pari Passu Security Documents.
  

SECTION 5.16   Additional Grantors.  The Company agrees that, if any Subsidiary shall become a Grantor after
the date hereof, it will promptly cause such Subsidiary to become party hereto by executing and delivering an instrument in the form of Annex III.  Upon such execution and delivery, such Subsidiary will become a Grantor hereunder with the
same force and effect as if originally named as a Grantor herein.  The execution and delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged by the Additional Pari Passu Collateral Agent
and the Credit Agreement Collateral Agent.  The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement.

 
 

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 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.

 

	 	JPMORGAN CHASE BANK, N.A.,
	 	as Credit Agreement Collateral Agent
	 	 	 
	 	By:	/s/ James A. Knight
	 	 	Name: James A. Knight
	 	 	Title: Executive Director

   

	 	JPMORGAN CHASE BANK, N.A.,
	 	as Authorized Representative for the Credit Agreement Secured Parties
	 	 	 
	 	By:	/s/ James A. Knight
	 	 	Name: James A. Knight
	 	 	Title: Executive Director

[Signature Page to Pari Passu Intercreditor]

 

 

 

 

  

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Additional Pari Passu Collateral Agent
	 	 	 
	 	By:	/s/ Barry D. Somrock
	 	 	Name: Barry D. Somrock
	 	 	Title: Vice President

 
 

 

	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Initial Additional Authorized Representative
	 	 	 
	 	By:	/s/ Barry D. Somrock
	 	 	Name: Barry D. Somrock
	 	 	Title: Vice President

 

 [Signature Page to Pari Passu Intercreditor]
  
 

 

 

 

	 	BURLINGTON COAT FACTORY
 WAREHOUSE CORPORATION
	 	 	 
	 	By:	/s/ David Glick
	 	 	Name:	David Glick
	 	 	Title:	Senior Vice President,
	 	 	 	Investor Relations and
	 	 	 	Treasurer

 

	 	THE OTHER GRANTORS LISTED ON SCHEDULE I HERETO
	 	 	 
	 	By:	/s/ David Glick
	 	 	Name:	David Glick
	 	 	Title:	Senior Vice President,
	 	 	 	Investor Relations and
	 	 	 	Treasurer
	 	 	 	 

 

[Signature Page to Pari Passu Intercreditor]

 

 

 

 

 

ANNEX I

 

Grantors

 

Schedule I

 

	1.	Burlington Coat Factory Holdings,
LLC
	2.	Burlington Coat Factory Investment Holdings,
Inc.
	3.	Burlington Coat Factory of Texas, L.P.
	4.	Burlington Coat Factory of Kentucky,
Inc.
	5.	BURLINGTON COAT FACTORY DIRECT
CORPORATION
	6.	BURLINGTON COAT FACTORY WAREHOUSE OF EDGEWATER PARK,
INC.
	7.	Burlington Coat Factory Warehouse of New Jersey,
Inc.
	8.	BURLINGTON COAT FACTORY OF PUERTO RICO,
LLC
	9.	COHOES FASHION OF CRANSTON, INC.
	10.	BURLINGTON COAT FACTORY WAREHOUSE OF BAYTOWN
INC
	11.	Burlington Coat Factory of Pocono Crossing,
LLC
	12.	BURLINGTON COAT FACTORY OF TEXAS, INC.
	13.	BURLINGTON COAT FACTORY REALTY OF EDGEWATER PARK,
INC.
	14.	BURLINGTON COAT FACTORY REALTY OF PINEBROOK,
INC.
	15.	BURLINGTON COAT FACTORY WAREHOUSE OF EDGEWATER PARK
URBAN RENEWAL CORP.
	16.	BCF Florence Urban Renewal, L.L.C.
	17.	BCF Florence Urban Renewal II, LLC
	18.	Burlington Merchandising Corporation
	19.	Burlington Distribution Corp.
	 	 

 

 

 

 

ANNEX II

 

[FORM OF] JOINDER NO. [ ] dated as of [ ], 202[ ] to the PARI PASSU INTERCREDITOR
AGREEMENT dated as of April 16, 2020 (the “Pari Passu Intercreditor Agreement”), among Burlington Coat Factory Warehouse Corporation, a Florida corporation (the “Company”), the entities listed on Schedule
I thereto (collectively with the Company, each, a “Grantor”), JPMorgan Chase Bank, N.A., as Credit Agreement Collateral Agent for the Credit Agreement Secured Parties under the Pari Passu Security Documents (in such capacity,
the “Credit Agreement Collateral Agent”), JPMorgan Chase Bank, N.A., as Authorized Representative for the Credit Agreement Secured Parties, Wilmington Trust, National Association, as Additional Pari Passu Collateral Agent,
Wilmington Trust, National Association, as Initial Additional Authorized Representative, and the additional Authorized Representatives from time to time a party thereto.[1]

 

A.       Capitalized terms used herein but not
otherwise defined herein shall have the meanings assigned to such terms in the Pari Passu Intercreditor Agreement.
  

B.       As a condition to the ability of the Company
to incur Additional Pari Passu Obligations and to secure such Additional Senior Class Debt with the liens and security interests created by the Additional Pari Passu Security Documents, the Additional Senior Class Debt Representative in respect of
such Additional Senior Class Debt is required to become an Authorized Representative, and such Additional Senior Class Debt and the Additional Senior Class Debt Parties in respect thereof are required to become subject to and bound by, the Pari
Passu Intercreditor Agreement. Section 5.13 of the Pari Passu Intercreditor Agreement provides that such Additional Senior Class Debt Representative may become an Authorized Representative, and such Additional Senior Class Debt and such Additional
Senior Class Debt Parties may become subject to and bound by, the Pari Passu Intercreditor Agreement, pursuant to the execution and delivery by the Additional Senior Debt Class Representative of an instrument in the form of this Joinder and the
satisfaction of the other conditions set forth in Section 5.13 of the Pari Passu Intercreditor Agreement. The undersigned Additional Senior Class Debt Representative (the “New Representative”) is executing this Representative
Joinder in accordance with the requirements of the Pari Passu Intercreditor Agreement and the Pari Passu Security Documents.
  

Accordingly, each Grantor, each Collateral Agent, each Authorized Representative and the
New Representative agree as follows:
  

SECTION 1.     The New Representative, as [trustee,
administrative agent or other capacity] under the that certain [describe the applicable agreement evidencing the Additional Senior Class Debt] (the "New Additional Pari Passu Document"), hereby represents that it is the
representative of [identify the Additional Senior Class Debt Parties] (the "New Additional Pari Passu Secured Parties"). In accordance with Section 5.13 of the Pari Passu Intercreditor Agreement, the New Representative by its
signature below becomes an Authorized Representative under, and the related Additional Senior Class Debt and Additional Senior Class Debt Parties become subject to and bound by, the Pari Passu Intercreditor Agreement with the same force and effect
as if the New Representative had originally been named therein as an Authorized Representative and the New Representative, on its behalf and on behalf of such Additional Senior Class Debt Parties, hereby agrees to all the terms and provisions of the
Pari Passu Intercreditor Agreement applicable to it as Authorized Representative and to the Additional Senior Class Debt Parties that it represents as Additional Pari Passu Secured Parties. Each reference to a “Authorized
Representative” in the Pari Passu Intercreditor Agreement shall be deemed to include the New Representative. The Pari Passu Intercreditor Agreement is hereby incorporated herein by reference. The New Representative also reaffirms the
appointment of and appoints Wilmington Trust, National Association to serve as Additional Pari Passu Collateral Agent for the benefit of each Additional Pari Passu Secured Party, including, without limitation, the New Additional Pari Passu Secured
Parties, and consents to the Additional Pari Passu Collateral Agent's performance of, and ratifies and authorizes the Additional Pari Passu Collateral Agent to perform, its obligations under the Pari Passu Intercreditor Agreement, the ABL
Intercreditor Agreement and all Pari Passue Security Documents.

 

 

 
 
 

		1	In the event of the Refinancing of the Credit Agreement Obligations, revise to reflect joinder by a new Credit Agreement
Collateral Agent.

  

 
 

 

 

  

 

SECTION 2.     The New Representative represents and warrants
to each Collateral Agent, each Authorized Representative and the other Pari Passu Secured Parties, individually, that (i) it has full power and authority to enter into this Joinder, in its capacity as [agent] [trustee], (ii) this Joinder has been
duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms and (iii) the Additional Pari Passu Documents relating to such Additional Senior Class Debt
provide that, upon the New Representative’s entry into this Agreement, the Additional Senior Class Debt Parties in respect of such Additional Senior Class Debt will be subject to and bound by the provisions of the Pari Passu Intercreditor
Agreement as Additional Pari Passu Secured Parties.
  

SECTION 3.     This Joinder may be executed in counterparts,
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Joinder shall become effective when each Collateral Agent shall have received a counterpart of this Joinder that bears the
signatures of the New Representative. Delivery of an executed signature page to this Joinder by facsimile transmission or other electronic means shall be effective as delivery of a manually signed counterpart of this Joinder.

 

SECTION 4.     (a) Each Grantor hereby consents to the
designation of additional debt as Additional Pari Passu Obligations and hereby confirms its respective guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Pari Passu
Security Documents (including without limitation, the Security Agreement, dated as of April 16, 2020 (the "Security Agreement"), by and among the Grantors party thereto and the Additional Pari Passu Collateral Agent) to which it is party,
and agrees that, notwithstanding the designation of such additional indebtedness or any of the transactions contemplated thereby, such guarantees, pledges, grants of security interests and other obligations, and the terms of each Pari Passu Security
Document to which it is a party, are not impaired or adversely affected in any manner whatsoever and shall continue to be in full force and effect and such New Additional Pari Passu Obligations shall be entitled to all of the benefits of such Pari
Passu Security Documents.
  

(b) In furtherance of the foregoing, to secure the prompt and complete payment,
performance and observance of all of the Secured Obligations (as defined in the Security Agreement), each of the Grantors hereby grants to the Additional Pari Passu Collateral Agent for the Additional Pari Passu Secured Parties (including, in any
event, the Additional Pari Passu Collateral Agent,[insert names of any other Authorized Representatives who previously executed a Joinder, becoming party to the Pari Passu Intercreditor Agreement] and the New Representative), a security interest
upon all of its right, title and interest in, to and under the Collateral (as defined in the Security Agreement). In addition, each of the Grantors hereby authorizes the Additional Pari Passu Collateral Agent to file (but the Additional Pari Passu
Collateral Agent shall not be obligated to file) UCC financing statements and/or amendments to UCC financing statements in any jurisdiction and with any filing office. Such UCC financing statements (and/or amendments) may describe or indicate the
collateral covered by such financing statements as "all personal property of debtor, whether now owned or hereafter acquired or arising" or “all personal property of debtor, whether now owned or hereafter acquired " or any words
of similar effect and/or meaning.
  

SECTION 5.     Except as expressly supplemented hereby, the
Pari Passu Intercreditor Agreement shall remain in full force and effect.

 

SECTION 6.     THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
  

SECTION 7.     In case any one or more of the provisions
contained in this Joinder should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the
validity, legality and enforceability of the remaining provisions contained herein and in the Pari Passu Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 8     All communications and notices hereunder shall be
in writing and given as provided in Section 5.01 of the Pari Passu Intercreditor Agreement. All communications and notices hereunder to the New Representative shall be given to it at its address forth below its signature hereto.

 

 

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SECTION 9.     The Company agrees to reimburse each Collateral
Agent and each Authorized Representative for its fees and reasonable out-of-pocket expenses in connection with this Joinder, including the reasonable fees, other charges and disbursements of counsel.

 
 

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3
-

  

  

IN WITNESS WHEREOF, the New Representative has duly executed this Joinder to the Pari
Passu Intercreditor Agreement as of the day and year first above written.

 

	 	[NAME OF NEW REPRESENTATIVE], as
	 	[       ] for the holders of
	 	[                    
     ],

   

	 	by	 
	 	Name:
	 	Title:

 

 

	 	Address for notices:	 
	 	 	 
	 	 	 
	 	attention of:	 	 
	 	Telecopy:	 	 	 
	 	 	 

 

 

 

 

 

Acknowledged and agreed by:

 

JPMORGAN CHASE BANK, N.A.,

 as the Credit Agreement Collateral Agent and Authorized Representative,

 

	By:  		 
	 	Name:	 
	 	Title:	 

  

	By:  		 
	 	Name:	 
	 	Title:	 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

 as the Additional Pari Passu Collateral Agent and Initial Additional Authorized Representative,

 

	By:  		 
	 	Name:	 
	 	Title:	 

 

 

[OTHER AUTHORIZED REPRESENTATIVES]

 

 BURLINGTON COAT FACTORY WAREHOUSE CORPORATION,
 as Company
  

	By:  		 
	 	Name:	 
	 	Title:	 

 

 

THE OTHER GRANTORS

 LISTED ON SCHEDULE I HERETO,
  
 

	By:  		 
	 	Name:	 
	 	Title:	 

  
 

 

 

 ANNEX
III
  

[FORM OF] SUPPLEMENT NO. [ ] (the “Supplement”) dated as of [ 
   ], 20[ ], to the PARI PASSU INTERCREDITOR AGREEMENT dated as of April 16, 2020 (the “Pari Passu Intercreditor Agreement”), among Burlington Coat Factory Warehouse Corporation, a Florida corporation (the
“Company”) the entities listed on Schedule I thereto (collectively with the Company, each, a “Grantor”), JPMorgan Chase Bank, N.A., as Credit Agreement Collateral Agent for the Credit Agreement Secured
Parties under the Pari Passu Security Documents (in such capacity, the “Credit Agreement Collateral Agent”), JPMorgan Chase Bank, N.A., as Authorized Representative for the Credit Agreement Secured Parties, Wilmington Trust,
National Association, as Additional Pari Passu Collateral Agent, Wilmington Trust, National Association, as Initial Additional Authorized Representative, and the additional Authorized Representatives from time to time a party thereto.

 

A.       Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the Pari Passu Intercreditor Agreement.
  

B.       The Grantors have entered into the Pari Passu
Intercreditor Agreement. Pursuant to certain Secured Credit Documents, certain newly acquired or organized Subsidiaries of the Company are required to enter into the Pari Passu Intercreditor Agreement. Section 5.16 of the Pari Passu Intercreditor
Agreement provides that such Subsidiaries may become party to the Pari Passu Intercreditor Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned Subsidiary (the “New Grantor”) is
executing this Supplement in accordance with the requirements of the Credit Agreement, the Initial Additional Pari Passu Agreement and the Initial Additional Pari Passu Documents.

 

Accordingly, the Controlling Collateral Agent and the New Grantor agree as
follows:
  

SECTION 1.     In accordance with Section 5.16 of the Pari Passu
Intercreditor Agreement, the New Grantor by its signature below becomes a Grantor under the Pari Passu Intercreditor Agreement with the same force and effect as if originally named therein as a Grantor, and the New Grantor hereby agrees to all the
terms and provisions of the Pari Passu Intercreditor Agreement applicable to it as a Grantor thereunder. Each reference to a “Grantor” in the Pari Passu Intercreditor Agreement shall be deemed to include the New Grantor. The Pari Passu
Intercreditor Agreement is hereby incorporated herein by reference.

 

SECTION 2.     The New Grantor represents and warrants to the
Applicable Collateral Agent and the other Pari Passu Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its
terms.
  

SECTION 3.     This Supplement may be executed in counterparts,
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Applicable Collateral Agent shall have received a counterpart of this Supplement
that bears the signature of the New Grantor. Delivery of an executed signature page to this Supplement by facsimile transmission or other electronic means shall be as effective as delivery of a manually signed counterpart of this
Supplement.
  

SECTION 4.     Except as expressly supplemented hereby, the Pari
Passu Intercreditor Agreement shall remain in full force and effect.

 

 

 

 

  

SECTION 5.     THIS SUPPLEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 6.     In case any one or more of the provisions
contained in this Supplement should be held invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable, but the
validity, legality and enforceability of the remaining provisions contained herein and in the Pari Passu Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 7.     All communications and notices hereunder shall be
in writing and given as provided in Section 5.01 of the Pari Passu Intercreditor Agreement. All communications and notices hereunder to the New Grantor shall be given to it in care of the Company as specified in the Pari Passu Intercreditor
Agreement.
  

SECTION 8.     The New Grantor agrees to reimburse the Applicable
Collateral Agent for its reasonable out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other charges and disbursements of counsel for the Applicable Collateral Agent. The Applicable Collateral Agent is
executing and delivering this Supplement solely in its capacity as the Applicable Collateral Agent under the Pari Passu Intercreditor Agreement and in acting hereunder shall be entitled to all of the rights, privileges, immunities and indemnities
granted to the Applicable Collateral Agent under the Pari Passu Intercreditor Agreement, as if such rights, privileges, immunities and indemnities were set forth herein.

 
 

-
 2
-

  

  

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

	 	[NAME OF NEW GRANTOR],
	 	By:	 
	 	 	Name:
	 	 	Title:

 

  
 

	Acknowledged by:	 
	[_________________], as Applicable Collateral Agent,	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 
 

 -
 3
-

  

  

 

Schedule I to the

Supplement to the

 Pari Passu Intercreditor Agreement
  

Grantors

 

[       ]

 

 

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 4
-

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