Document:

Intercreditor Agreement

 Exhibit 10.4 
 Execution Version 
 INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT (“Agreement”), is dated as of March 31, 2011, and entered into by and among JEFFERIES
FINANCE LLC, in its capacity as agent under the First Lien Credit Agreement (as defined below), including its successors and assigns from time to time (the “First Lien Collateral Agent”), and THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A. (“BNYM”) the Trustee (as defined in the Indenture) and BNY TRUST COMPANY OF CANADA (“BNY Canada”), in their capacity as collateral agent for the Noteholders (as defined below), including their
successors and assigns from time to time (collectively the “Second Lien Collateral Agent”) and acknowledged and agreed to by PRETIUM PACKAGING, L.L.C. (the “Company”). Capitalized terms used in this Agreement have
the meanings assigned to them in Section 1 below. 
 RECITALS 

The Company, the Co-Borrowers (as defined below and, together with the Company, the “Borrowers”), the First Lien
Guarantors, the lenders and agents party thereto, and Jefferies Finance LLC, as Administrative Agent and Collateral Agent, and Jefferies Group, Inc., as Issuing Bank, have entered into that certain Credit Agreement dated as of even date herewith
providing for an asset-based revolving credit facility (as amended, restated, supplemented, modified, replaced or refinanced from time to time, the “First Lien Credit Agreement”), pursuant to which the First Lien Guarantors have
guarantied, and future subsidiaries of the Company will guaranty, the First Lien Obligations (the “First Lien Guaranty”); 
 The Company and Pretium Finance, Inc. (together, the “Issuers”) have issued $150 million in aggregate principal amount of 11.5% senior secured notes due 2016 under an Indenture, dated as
of even date herewith, among the Issuers, the Second Lien Guarantors, BNYM and BNY Canada in their capacity as indenture trustee and as collateral agent, respectively, for the Noteholders (as amended, restated, supplemented, modified, replaced, or
refinanced from time to time, the “Indenture”), pursuant to which the Second Lien Guarantors have guarantied, and future subsidiaries of the Company will guaranty, the Second Lien Obligations (the “Second Lien
Guaranty”); 
 The obligations of the Borrowers and the First Lien Guarantors under the First Lien Credit Agreement and
any Hedging Agreements provided by First Lien Lenders (or any of their affiliates) will be secured on a first priority basis by liens on substantially all the assets of the Borrowers and the First Lien Guarantors, pursuant to the terms of the First
Lien Security Documents (as defined below); 
 The obligations of the Issuers and the Second Lien Guarantors under the Indenture
will be secured on a second priority basis by liens on substantially all the assets of the Issuers and the Second Lien Guarantors, pursuant to the terms of the Second Lien Security Documents (as defined below); 

  
 S-1

 The First Lien Documents and the Second Lien Documents provide, among other things, that the
parties thereto shall set forth in this Agreement their respective rights and remedies with respect to the Common Collateral; and 
 In order to induce the First Lien Collateral Agent and the First Lien Claimholders to consent to the Second Lien Grantors incurring the Second Lien Obligations and to induce the First Lien Claimholders to
extend credit and other financial accommodations and lend monies to or for the benefit of the Borrowers, the Second Lien Collateral Agent on behalf of the Second Lien Claimholders has agreed to the intercreditor and other provisions set forth in
this Agreement. 
 AGREEMENT 
 In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the
parties hereto, intending to be legally bound, hereby agree as follows: 
 SECTION 1. Definitions. 

1.1 Defined Terms. As used in the Agreement, the following terms shall have the following meanings: 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, a Person shall be deemed to “control” or be “controlled by” a Person if such Person
possesses, directly or indirectly, power to direct or cause the direction of the management or policies of such Person whether through ownership of equity interests, by contract or otherwise. 

“Agreement” means this Intercreditor Agreement, as amended, restated, renewed, extended, supplemented or otherwise
modified from time to time. 
 “Asset Sale” has the meaning assigned to such term in the First Lien Credit
Agreement. 
 “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,”
as now and hereafter in effect, or any successor statute. 
 “Bankruptcy Law” means the Bankruptcy Code and any
similar federal, state or foreign law for the relief of debtors. 
 “Business Day” means a day other than a
Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close. 

“Co-Borrowers” has the meaning assigned to such term in the First Lien Credit Agreement.” 

 “Common Collateral” means all of the assets and property of the Issuers and
the other Second Lien Grantors, whether real, personal or mixed, constituting Second Lien Collateral. 
 “Common
Grantor” means each Person that has or may from time to time hereafter execute and deliver both a First Lien Security Document and a Second Lien Security Document as a “grantor” or “pledgor” (or the equivalent thereof).

 “Company” has the meaning assigned to such term in the Preamble to this Agreement. 

“Comparable Second Lien Security Document” means, in relation to any Common Collateral subject to any Lien created under
any First Lien Security Document, the Second Lien Document that creates a Lien on the same Common Collateral, granted by the same Common Grantor. 
 “Currency Agreement” means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar agreement or arrangement, each of
which is for the purpose of hedging the foreign currency risk associated with the operations of the Company and/or its Affiliates and not for speculative purposes. 
 “DIP Financing” has the meaning assigned to such term in Section 6.1. 
 “Discharge of First Lien Obligations” means, except to the extent otherwise expressly provided in Section 5.5: 

(a) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency
or Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all Indebtedness outstanding under the First Lien Documents and constituting First Lien Obligations; 

(b) payment in full in cash of all Hedging Obligations constituting First Lien Obligations and the expiration or termination of all
Hedging Agreements included in the First Lien Obligations or the cash collateralization of all such Hedging Obligations on terms reasonably satisfactory to each applicable counterparty; 

(c) payment in full in cash of all other First Lien Obligations that are due and payable or otherwise accrued and owing at or prior to
the time such principal and interest are paid (other than any indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time); 

(d) termination or expiration of all commitments, if any, to extend credit that would constitute First Lien Obligations; and 

(e) termination or cash collateralization (in an amount and manner reasonably satisfactory to the First Lien Collateral Agent, but in no
event greater than 

 
105% of the aggregate undrawn face amount) of all letters of credit issued under the First Lien Documents and constituting First Lien Obligations. 

“Disposition” has the meaning assigned to such term in Section 5.1(b). 

“Enforcement Action” means an action: 
 (a) to foreclose, execute, levy, or collect on, take possession or control of, sell or otherwise realize upon (judicially or non-judicially), or lease, license, or otherwise dispose of (whether publicly
or privately), Common Collateral, or otherwise exercise or enforce remedial rights with respect to Common Collateral under the First Lien Documents or the Second Lien Documents (including by way of setoff, recoupment, notification of a public or
private sale or other disposition pursuant to the UCC or other applicable law, notification to account debtors, notification to depositary banks under deposit account control agreements, or exercise of rights under landlord consents, if applicable),

 (b) to solicit bids from third Persons, or file a motion to approve bid procedures to conduct the liquidation or disposition
of Common Collateral or to engage or retain sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third Persons for the purposes of valuing, marketing, promoting, and selling Common Collateral,

 (c) to receive a transfer of Common Collateral in satisfaction of Indebtedness or any other Obligation secured thereby,

 (d) to otherwise enforce a security interest or exercise another right or remedy, as a secured creditor or otherwise,
pertaining to the Common Collateral at law, in equity, or pursuant to the First Lien Documents or Second Lien Documents (including the commencement of applicable legal proceedings or other actions with respect to all or any portion of the Common
Collateral to facilitate the actions described in the preceding clauses, and exercising voting rights in respect of equity interests comprising Common Collateral), or 
 (e) that involves the Disposition of Common Collateral by any Grantor after the occurrence and during the continuation of an event of default under the First Lien Documents or the Second Lien Documents
with the consent of the First Lien Collateral Agent or the Second Lien Collateral Agent, respectively. 
 “First Lien
Claimholders” means, at any relevant time, the holders of First Lien Obligations at that time, including the First Lien Lenders and the agents under the First Lien Documents. 

“First Lien Collateral Agent” has the meaning assigned to such term in the Preamble to this Agreement. 

“First Lien Collateral” means all of the assets and property of the Borrowers, the First Lien Grantors and Intermediate
Holdings, whether real, personal or mixed, with respect to which a Lien is granted, purported to be granted, or required to be granted, as security for any First Lien Obligations, including any property subject to

 
Liens granted pursuant to Section 6, “Insolvency or Liquidation Proceedings,” to secure the First Lien Obligations. 

“First Lien Credit Agreement” has the meaning assigned to such term in the Recitals to this Agreement. 

“First Lien Documents” means the First Lien Credit Agreement and the Loan Documents (as such term is defined in the
First Lien Credit Agreement) including any Hedging Agreements entered into with a Hedging Provider and each of the other agreements, documents and instruments providing for or evidencing any other First Lien Obligation, and any other document or
instrument executed or delivered at any time in connection with any First Lien Obligations, including this Agreement or any other intercreditor or joinder agreement among holders of First Lien Obligations, to the extent such are effective at the
relevant time, as each may be amended, restated, supplemented, modified, renewed, refinanced, refunded, replaced or extended in whole or in part, whether with the same or any other agent, lender or group or otherwise, from time to time in accordance
with the provisions of this Agreement, including any other agreement, document, or instrument providing for, evidencing, guaranteeing, or securing any DIP Financing provided by or consented to in writing by the First Lien Lenders and deemed
consented to by the Noteholders pursuant to Section 6. 
 “First Lien Grantors” means the Borrowers, the
First Lien Guarantors and each other Person that has or may from time to time hereafter execute and deliver a First Lien Security Document as a “grantor” or “pledgor” (or the equivalent thereof). 

“First Lien Guarantors” has the meaning assigned to the term “Guarantors” in the First Lien Credit Agreement.

 “First Lien Guaranty” has the meaning assigned to such term in the Recitals to this Agreement. 

“First Lien Lenders” means the “Lenders” under and as defined in the First Lien Documents. 

“First Lien Obligations” means the following: 
 (a) (i) all principal of and interest (including without limitation any Post-Petition Interest) and premium (if any) on all loans made pursuant to the First Lien Credit Agreement, (ii) all
reimbursement obligations (if any) and interest thereon (including without limitation any Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to the First Lien Credit Agreement, (iii) all Hedging
Agreements which at time entered into with a Hedging Provider and (iv) all guarantee obligations, fees, expenses and all other Obligations under the First Lien Credit Agreement and the other First Lien Documents, in each case whether or not
allowed or allowable in an Insolvency or Liquidation Proceeding. 
 (b) To the extent any payment with respect to any First Lien
Obligation (whether by or on behalf of any Borrower or First Lien Guarantor, as proceeds of 

 
security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession,
any Second Lien Claimholders, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Lien Claimholders and the Second
Lien Claimholders, be deemed to be reinstated and outstanding as if such payment had not occurred. To the extent that any interest, fees, expenses or other charges (including, without limitation, Post-Petition Interest) to be paid pursuant to the
First Lien Documents are disallowed by order of any court, including, without limitation, by order of a Bankruptcy Court in any Insolvency or Liquidation Proceeding, such interest, fees, expenses and charges (including, without limitation,
Post-Petition Interest) shall, as between the First Lien Claimholders and the Second Lien Claimholders, be deemed to continue to accrue and be added to the amount to be calculated as the “First Lien Obligations”. 

“First Lien Security Documents” means the Security Documents as such term is defined in the First Lien Credit Agreement
and any other agreement, document or instrument pursuant to which a Lien is granted securing any First Lien Obligations or under which rights or remedies with respect to such Liens are governed. 

“Governmental Authority” means any federal, state, municipal, national or other government, governmental department,
commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any
court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government. 

“Grantors” means the First Lien Grantors and the Second Lien Grantors. 

“Guarantors” means the First Lien Guarantors and the Second Lien Guarantors. 

“Hedging Agreements” means an Interest Rate Agreement, a Currency Agreement or a commodity price hedge agreement entered
into with a Hedging Provider in order to satisfy the requirements of the First Lien Credit Agreement in the ordinary course of business of any Borrower and/or their respective Affiliates. 

“Hedging Obligation” of any Person means any obligation of such Person pursuant to any Hedging Agreements. 

“Hedging Provider” means (i) any Hedging Provider as such term is defined in the First Lien Credit Agreement and
(ii) any Person who at the time such Hedging Agreement was entered into was the administrative agent under the First Lien Credit Agreement, a First Lien Lender, the trustee under the Indenture, a Noteholder or an Affiliate of any of the
foregoing Persons. 

 “Indebtedness” means and includes all Obligations that constitute
“Indebtedness” within the meaning of the First Lien Credit Agreement or the Indenture, as applicable. 

“Indenture” has the meaning assigned to that term in the Recitals to this Agreement. 

“Insolvency or Liquidation Proceeding” means: 
 (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Grantor; 
 (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any
Grantor or with respect to a material portion of their respective assets; 
 (c) any liquidation, dissolution, reorganization or
winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or 
 (d) any
assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 
 “Interest
Rate Agreement” means any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement designed to protect the Company or any of its Affiliates against fluctuations in
interest rates and is not for speculative purposes. 
 “Intermediate Holdings” means Pretium Intermediate
Holding, LLC. 
 “Lien” means any lien (including, without limitation judgment liens and liens arising by
operation of law), mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature
thereof) or any lien purportedly securing any of the First Lien Obligations or Second Lien Obligations and any option, call, trust, UCC financing statement or other preferential arrangement having the practical effect of any of the foregoing,
including any right of set-off or recoupment. 
 “New First Lien Collateral Agent” has the meaning assigned to
that term in Section 5.6. 
 “Noteholders” has the meaning assigned to that term in the Indenture.

 “Noteholder Secured Party” has the meaning assigned to that term in the Indenture. 

 “Obligations” means all obligations of every nature of each Grantor from
time to time owed to any agent or trustee, the First Lien Claimholders or the Second Lien Claimholders or any of them or their respective Affiliates under the First Lien Documents or the Second Lien Documents, whether for principal, interest or
payments for early termination of Interest Rate Agreements, fees, expenses, indemnification or otherwise and all guarantees of any of the foregoing. 
 “Other Pari Passu Agent” means the Person appointed to act as trustee, agent or representative for the holders of Other Pari Passu Lien Obligations pursuant to any Other Pari Passu Lien
Obligations Agreement. 
 “Other Pari Passu Lien Obligations” has the meaning assigned to such term in the
Indenture. 
 “Other Pari Passu Lien Obligations Agreement” means the indenture, credit agreement or other
agreement under which any Other Pari Passu Lien Obligations are incurred. 
 “Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity. 
 “Pledged Collateral” has the meaning set forth in Section 5.5. 
 “Post-Petition Interest” means interest, fees, expenses and other charges that pursuant to the First Lien Credit Agreement or the Indenture, continue to accrue after the commencement of
any Insolvency or Liquidation Proceeding, whether or not such interest, fees, expenses and other charges are allowed or allowable under the Bankruptcy Law or in any such Insolvency or Liquidation Proceeding. 

“Recovery” has the meaning set forth in Section 6.5. 

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement,
restructure, replace, refund or repay, or to issue other indebtedness, in exchange or replacement for, such Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings.

 “Second Lien Claimholders” means, at any relevant time, the holders of Second Lien Obligations or any Other
Pari Passu Lien Obligations at that time, including the Noteholders and the agents under the Second Lien Documents. 

“Second Lien Collateral” means all of the assets and property of any Second Lien Grantor, whether real, personal or
mixed, with respect to which a Lien is granted, purported to be granted or required to be granted, as security for any Second Lien Obligations, including any property subject to Liens granted pursuant to Section 6, “Insolvency or
Liquidation Proceedings,” to secure the Second Lien Obligations; provided, that the Second Lien Collateral shall not include the grant of any Lien or 

 
security interest by Intermediate Holdings in its properties or assets (including without limitation, the equity of the Company). 

“Second Lien Collateral Agent” has the meaning set assigned to that term in the Preamble of this Agreement. 

“Second Lien Documents” means the Indenture, each Other Pari Passu Lien Obligations Agreement, the Second Lien Security
Documents and each of the other agreements, documents and instruments providing for or evidencing any other Second Lien Obligation, and any other document or instrument executed or delivered at any time in connection with any Second Lien
Obligations, including any intercreditor or joinder agreement among holders of Second Lien Obligations to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed, refinanced, refunded,
replaced or extended, in whole or in part, whether with the same or any other agent, trustee, lender group or otherwise, from time to time in accordance with the provisions of this Agreement. 

“Second Lien Grantors” means the Issuers, the Second Lien Guarantors and each other Person that has or may from time to
time hereafter execute and deliver a Second Lien Security Document as a “grantor” or “pledgor” (or the equivalent thereof). 
 “Second Lien Guarantors” has the meaning assigned to the term “Guarantors” in the Indenture. 
 “Second Lien Guaranty” has the meaning assigned in the Recitals to this Agreement. 
 “Second Lien Mortgages” means a collective reference to each mortgage, deed of trust and any other document or instrument under which any Lien on real property owned or leased by any
Second Lien Grantor is granted to secure any Second Lien Obligations or under which rights or remedies with respect to any such Liens are governed. 
 “Second Lien Obligations” means all Obligations outstanding under the Indenture and the other Second Lien Documents. “Second Lien Obligations” shall include all interest accrued
or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant Second Lien Document whether or
not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding. 
 “Second Lien
Security Documents” means the Security Documents (as defined in the Indenture) and any other agreement, document or instrument pursuant to which a Lien is granted securing any Second Lien Obligations or under which rights or remedies with
respect to such Liens are governed. 
 “Subsidiary” means, with respect to any Person, any other Person of
which more than 50% of the total voting power of shares of stock or other ownership 

 
interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing
similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a
combination thereof. 
 “UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as
in effect in any applicable jurisdiction. 
 1.2 Terms Generally. The definitions of terms in this Agreement shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise:

 (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to
such agreement, instrument or other document as from time to time amended, restated, supplemented, modified, renewed or extended; 
 (b) any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns; 
 (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular
provision hereof; 
 (d) all references herein to Sections shall be construed to refer to Sections of this Agreement; and

 (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

SECTION 2. Lien Priorities. 
 2.1 Relative Priorities. Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Second Lien Obligations granted on the Common
Collateral or of any Liens securing the First Lien Obligations granted on the Common Collateral and notwithstanding any provision of the UCC, or any other applicable law or the Second Lien Documents or any defect or deficiencies in, or failure to
perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the First Lien Obligations or any other circumstance whatsoever, whether or not any Insolvency or Liquidation Proceeding has been
commenced by or against any Borrower or any other Grantor, the Second Lien 

 
Collateral Agent, on behalf of itself and the Second Lien Claimholders, hereby agrees that: 
 (a) any Lien on the Common Collateral securing any of the First Lien Obligations now or hereafter held by or on behalf of the First Lien Collateral Agent or any First Lien Claimholders or any agent or
trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Common Collateral securing any Second Lien Obligations; and

 (b) any Lien on the Common Collateral securing any Second Lien Obligations now or hereafter held by or on behalf of the
Second Lien Collateral Agent, any Second Lien Claimholders or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all
respects to all Liens on the Common Collateral securing any First Lien Obligations. All Liens on the Common Collateral securing any First Lien Obligations shall be and remain senior in all respects and prior to all Liens on the Common Collateral
securing any of the Second Lien Obligations for all purposes, whether or not such Liens securing any of the First Lien Obligations are subordinated to any Lien securing any other obligation of the Borrowers or the First Lien Guarantors or any other
Person. 
 2.2 Prohibition on Contesting Liens; No Marshalling. Each of the Second Lien Collateral Agent, for
itself and on behalf of each Second Lien Claimholder, and the First Lien Collateral Agent, for itself and on behalf of each First Lien Claimholder, agrees that it will not (and hereby waives any right to) directly or indirectly contest or support
any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the priority, validity, perfection, extent or enforceability of a Lien held, or purported to be held, by or on behalf of any of the First Lien
Claimholders in the First Lien Collateral or by or on behalf of any of the Second Lien Claimholders in the Second Lien Collateral, as the case may be, or the provisions of this Agreement; provided that nothing in this Agreement shall be
construed to prevent or impair the rights of the First Lien Collateral Agent or any First Lien Claimholder to enforce this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the First Lien
Obligations as provided in Sections 2.1 and 3.1. Until the Discharge of the First Lien Obligations, neither the Second Lien Collateral Agent nor any Second Lien Claimholder will assert any marshaling, appraisal, valuation or other similar right that
may otherwise be available to a junior secured creditor. 
 2.3 No New Liens. So long as the Discharge of the
First Lien Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Borrower or any other First Lien Guarantor, the parties hereto agree that the Borrowers shall not, and shall not
permit any other Second Lien Grantor to: 
 (a) grant or permit any additional Liens on any asset or property to secure any
Second Lien Obligation unless it has granted or concurrently grants a Lien on 

 
such asset or property to secure the First Lien Obligations, the parties hereto agreeing that any such Lien shall be subject to Section 2.1 hereof; or 

(b) grant or permit any additional Liens on any asset or property to secure any of the First Lien Obligations unless it has granted or
concurrently grants a Lien on such asset or property to secure the Second Lien Obligations; provided, however, that this provision will not be violated (i) if the Second Lien Collateral Agent is given a reasonable opportunity to
accept a Lien on any asset or property and the Second Lien Collateral Agent states in writing that the Second Lien Documents prohibit the Second Lien Collateral Agent from accepting a Lien on such asset or property or the Second Lien Collateral
Agent otherwise expressly declines to accept a Lien on such asset or property or (ii) with respect to any Lien on any equity interests or other securities of any Affiliate of the Company released pursuant to the terms of the Seond Lien
Documents; provided, further, however, in no event shall any Lien be granted on any asset or property of Intermediate Holdings to secure the Second Lien Obligations. 
 To the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available to the First Lien Collateral Agent and/or the First Lien
Claimholders, the Second Lien Collateral Agent, on behalf of Second Lien Claimholders, agrees that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be
subject to Section 4.2. 
 2.4 Similar Liens and Agreements. The parties hereto agree that it is their
intention that the First Lien Collateral and the Second Lien Collateral be substantially identical except as set forth in Section 2.3(b). In furtherance of the foregoing and of Section 8.9, the parties hereto agree, subject to the other
provisions of this Agreement: 
 (a) upon request by the First Lien Collateral Agent or the Second Lien Collateral Agent, to
cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the First Lien Collateral and the Second Lien Collateral and the steps taken to perfect their
respective Liens thereon and the identity of the respective parties obligated under the First Lien Documents and the Second Lien Documents; and 
 (b) that the documents and agreements creating or evidencing the First Lien Collateral and the Second Lien Collateral and guarantees for the First Lien Obligations and the Second Lien Obligations, subject
to Section 5.3(c) and the proviso to Section 2.3(b), shall be in all material respects the same forms of documents other than with respect to the first lien and the second lien nature of the Obligations thereunder. 

SECTION 3. Enforcement. 
 3.1 Exercise of Remedies. 
 (a) Until the Discharge of the First
Lien Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or 

 
against the Company or any other Grantor, the Second Lien Collateral Agent and the Second Lien Claimholders: 

(1) will not commence or maintain, or seek to commence or maintain, any Enforcement Action or otherwise exercise any
rights or remedies with respect to the Common Collateral; 
 (2) will not contest, protest or object to any
foreclosure proceeding or action brought by the First Lien Collateral Agent or any First Lien Claimholder or any other exercise by the First Lien Collateral Agent or any First Lien Claimholder of any rights and remedies relating to the Common
Collateral under the First Lien Documents or otherwise; and 
 (3) will not object to the forbearance by the
First Lien Collateral Agent or the First Lien Claimholders from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Common Collateral, in each case so long as any Proceeds
received by the First Lien Collateral Agent in excess of those necessary to achieve a Discharge of the First Lien Obligations are distributed in accordance with the UCC and other applicable law, subject to the relative priorities described herein.

 (b) Until the Discharge of the First Lien Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding
has been commenced by or against the Company or any other Grantor, the First Lien Collateral Agent and the First Lien Claimholders shall have the exclusive right to commence and maintain an Enforcement Action or otherwise enforce rights, exercise
remedies (including set-off, recoupment and the right to credit bid their debt, except that the Second Lien Collateral Agent shall have the credit bid rights set forth in 3.1(c)(5)) and, subject to Section 5.1, to make determinations regarding
the release, disposition, or restrictions with respect to the Common Collateral on notice to the Second Lien Collateral Agent on behalf of the Second Lien Claimholders, but without any consultation with or the consent of the Second Lien Collateral
Agent or any Second Lien Claimholder; provided, that any Proceeds received by the First Lien Collateral Agent in excess of those necessary to achieve a Discharge of the First Lien Obligations are distributed in accordance with the UCC and
other applicable law, subject to the relative priorities described herein. In commencing or maintaining any Enforcement Action or otherwise exercising rights and remedies with respect to the Common Collateral, the First Lien Collateral Agent and the
First Lien Claimholders may enforce the provisions of the First Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion in compliance with any applicable
law and without consultation with the Second Lien Collateral Agent or any Second Lien Claimholder and regardless of whether any such exercise is adverse to the interest of any Second Lien Claimholder. Such exercise and enforcement shall include the
rights of an agent appointed by them to sell or otherwise dispose of Common Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC
and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 

 (c) Notwithstanding the foregoing, the Second Lien Collateral Agent and any Second Lien
Claimholder may: 
 (1) file a claim or statement of interest with respect to the Second Lien Obligations;
provided that an Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Second Lien Grantor; 
 (2) take any action (not adverse to the priority status of the Liens on the Common Collateral securing the First Lien Obligations, or the rights of any First Lien Collateral Agent or the First Lien
Claimholders to exercise remedies in respect thereof) in order to create, perfect, preserve or protect its Lien on the Common Collateral; 
 (3) file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of
the claims of the Second Lien Claimholders, including any claims secured by the Common Collateral, if any, in each case in accordance with the terms of this Agreement; 

(4) vote on any plan of reorganization, file any proof of claim, make other filings and make any arguments and motions
that are, in each case, in accordance with the terms of this Agreement, with respect to the Second Lien Obligations and the Common Collateral; and 
 (5) bid for or purchase Common Collateral at any public, private or judicial foreclosure upon such Common Collateral initiated by the First Lien Collateral Agent or any First Lien Claimholder, or any sale
of Common Collateral during an Insolvency Proceeding; provided that such bid may not include a “credit bid” in respect of any Second Lien Obligations unless the cash proceeds of such bid are otherwise sufficient to cause the
Discharge of First Lien Obligations. 
 The Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders,
agrees that it will not take or receive any Common Collateral or any proceeds of Common Collateral in connection with the exercise of any right or remedy (including set-off and recoupment) with respect to any Common Collateral in its capacity as a
creditor other than in accordance with and subject to Section 4.2(c), unless and until the Discharge of the First Lien Obligations has occurred. Without limiting the generality of the foregoing, unless and until the Discharge of the First Lien
Obligations has occurred, except as expressly provided in Section 6.3(b) and this Section 3.1(c), the sole right of the Second Lien Collateral Agent and the Second Lien Claimholders with respect to the Common Collateral is to hold a Lien
on the Common Collateral pursuant to the Second Lien Security Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of First Lien Obligations has occurred. 

 (d) Subject to Sections 3.1(c) and Section 6.3(b): 

(1) the Second Lien Collateral Agent, for itself and on behalf of the Second Lien Claimholders, agrees that the Second
Lien Collateral Agent and the Second Lien Claimholders will not take any action that would hinder any exercise of remedies under the First Lien Documents or is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other
disposition of the Common Collateral, whether by foreclosure or otherwise; 
 (2) the Second Lien Collateral
Agent, for itself and on behalf of the Second Lien Claimholders, hereby waives any and all rights it or the Second Lien Claimholders may have as a junior lien creditor or otherwise to object to the manner in which the First Lien Collateral Agent or
the First Lien Claimholders seek to enforce or collect the First Lien Obligations or the Liens securing the First Lien Obligations granted in any of the First Lien Collateral undertaken in accordance with this Agreement, regardless of whether any
action or failure to act by or on behalf of the First Lien Collateral Agent or First Lien Claimholders is adverse to the interest of the Second Lien Claimholders; and 

(3) the Second Lien Collateral Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained
in the Second Lien Security Documents or any other Second Lien Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the First Lien Collateral Agent or the First Lien Claimholders with respect to the
Common Collateral as set forth in this Agreement and the First Lien Documents. 
 (e) Except as specifically set forth in
Section 3.1(d) and Section 6, the Second Lien Collateral Agent and the Second Lien Claimholders may exercise rights and remedies as unsecured creditors against the Company or any other Second Lien Grantor that has guaranteed or granted
Liens to secure the Second Lien Obligations in accordance with the terms of the Second Lien Documents and applicable law (including initiating or joining in an involuntary case or proceeding under the Bankruptcy Code with respect to any Grantor);
provided that in the event that any Second Lien Claimholder becomes a judgment Lien creditor in respect of Common Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Second Lien Obligations,
such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the First Lien Obligations) as the other Liens securing the Second Lien Obligations are subject to this Agreement. 

(f) Except as specifically set forth in Sections 3.1(d), nothing in this Agreement shall prohibit the receipt by the Second Lien
Collateral Agent or any Second Lien Claimholders of the required payments of interest, principal and other amounts owed in respect of the Second Lien Obligations so long as such receipt is not the direct or indirect result of the exercise by the
Second Lien Collateral Agent or any Second Lien Claimholders of rights or remedies as a secured creditor (including set-off and recoupment) or enforcement in contravention of this Agreement of any Lien held by any of them. Nothing in this Agreement
impairs or otherwise adversely affects any rights or 

 
remedies the First Lien Collateral Agent or the First Lien Claimholders may have with respect to the First Lien Collateral. 

3.2 Exercise of Remedies. Actions Upon Breach; Specific Performance. If any Second Lien Claimholder, in contravention of
the terms of this Agreement, in any way take, attempt to or threaten to take any action with respect to the Common Collateral (including, without limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail
to take any action required by this Agreement, this Agreement shall create an irrebutable presumption and admission by such Second Lien Claimholder that relief against such Second Lien Claimholder by injunction, specific performance and/or other
appropriate equitable relief is necessary to prevent irreparable harm to the First Lien Claimholders, it being understood and agreed by the Second Lien Collateral Agent on behalf of each Second Lien Claimholder that (i) the First Lien
Claimholders’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each Second Lien Claimholder waives any defense that the First Lien Grantors and/or the First Lien Claimholders cannot
demonstrate damage and/or be made whole by the awarding of damages. Each of the First Lien Collateral Agent and the Second Lien Collateral Agent may demand specific performance of this Agreement. The First Lien Collateral Agent, on behalf of itself
and the First Lien Claimholders under the First Lien Documents, and the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other
defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the First Lien Collateral Agent or the First Lien Claimholders or the Second Lien Collateral Agent or the Second Lien Claimholders, as
the case may be. For the avoidance of doubt, nothing herein shall constitute a waiver by the First Lien Collateral Agent or the Second Lien Collateral Agent to seek money damages in connection with any breach of this Agreement. 

SECTION 4. Payments. 
 4.1 Application of Proceeds. So long as the Discharge of First Lien Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the
Company or any other Grantor, Common Collateral or proceeds thereof received in connection with any Enforcement Action or other exercise of remedies by the First Lien Collateral Agent or First Lien Claimholders shall be applied by the First Lien
Collateral Agent to the First Lien Obligations in such order as specified in the relevant First Lien Documents; provided, that any non-cash Common Collateral or non-cash Proceeds will be held by the First Lien Collateral Agent as Common Collateral
unless the failure to apply such amounts would be commercially unreasonable. Upon the Discharge of First Lien Obligations, the First Lien Collateral Agent shall deliver to the Second Lien Collateral Agent any Common Collateral and proceeds of Common
Collateral held by it in the same form as received, with any necessary endorsements to the Second Lien Collateral Agent, or as a court of competent jurisdiction may otherwise direct, to be applied by the Second Lien Collateral Agent to the Second
Lien Obligations in such order as specified in the Second Lien Security Documents. 

 4.2 Payments Over. (a) So long as the Discharge of First Lien Obligations
has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Grantor, any Common Collateral or proceeds thereof (including assets or proceeds subject to Liens referred to in the
final sentence of Section 2.3 and assets or proceeds subject to Liens that have been avoided or otherwise invalidated) received by the Second Lien Collateral Agent or any Second Lien Claimholders in connection with any Enforcement Action or
other exercise of any right or remedy relating to the Common Collateral in contravention of this Agreement in all cases shall be segregated and held in trust and forthwith paid over to the First Lien Collateral Agent for the benefit of the First
Lien Claimholders in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The First Lien Collateral Agent is hereby authorized to make any such endorsements as agent for the Second
Lien Collateral Agent or any such Second Lien Claimholders. This authorization is coupled with an interest and is irrevocable until the Discharge of First Lien Obligations. 
 (b) So long as the Discharge of First Lien Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company or any other Grantor, any
Common Collateral or proceeds thereof (including assets or proceeds subject to Liens referred to in the final sentence of Section 2.3 and assets or proceeds subject to Liens that have been avoided or otherwise invalidated) received by the
Second Lien Collateral Agent or any Second Lien Claimholders in connection with any Enforcement Action or other exercise of any right or remedy relating to the Common Collateral not in contravention of this Agreement shall be segregated and
held in trust and forthwith paid over to the First Lien Collateral Agent for the benefit of the First Lien Claimholders in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct;
provided, however, that this Section 4.2(b) shall only be applicable if the exercise of such right or remedy by the Second Lien Collateral Agent or any Second Lien Claimholder has the effect of discharging the Lien of the First Lien Collateral
Agent on such Common Collateral. The First Lien Collateral Agent is hereby authorized to make any such endorsements as agent for the Second Lien Collateral Agent or any such Second Lien Claimholders. This authorization is coupled with an interest
and is irrevocable until the Discharge of First Lien Obligations. 
 (c) So long as the Discharge of First Lien Obligations has
not occurred, if in any Insolvency or Liquidation Proceeding the Second Lien Collateral Agent or any Second Lien Claimholders shall receive any distribution of money or other property in respect of the Common Collateral, such money or other property
shall be segregated and held in trust and forthwith paid over to the First Lien Collateral Agent for the benefit of the First Lien Claimholders in the same form as received, with any necessary endorsements. Any Lien received by the Second Lien
Collateral Agent or any Second Lien Claimholders in any Insolvency or Liquidation Proceeding shall be subject to the terms of this Agreement. 

 SECTION 5. Other Agreements. 

5.1 Releases. (a) If in connection with any Enforcement Action by the First Lien Collateral Agent or any other exercise
of the First Lien Collateral Agent’s remedies in respect of the Common Collateral, the First Lien Collateral Agent, for itself or on behalf of any of the First Lien Claimholders, releases any of its Liens on any part of the Common Collateral or
releases any Guarantor from its obligations under its guaranty of the First Lien Obligations prior to the Discharge of First Lien Obligations, then the Liens, if any, of the Second Lien Collateral Agent, for itself or for the benefit of the Second
Lien Claimholders, on such Common Collateral (other than any Liens on the proceeds thereof), and the obligations of such Guarantor under its guaranty of the Second Lien Obligations (if any shall exist), shall be automatically, unconditionally and
simultaneously released. The Second Lien Collateral Agent, for itself or on behalf of any such Second Lien Claimholders, promptly shall execute and deliver to the First Lien Collateral Agent or such First Lien Guarantor such termination statements,
releases and other documents as the First Lien Collateral Agent or such First Lien Guarantor may request to effectively confirm the foregoing releases. 
 (b) If in connection with any sale, lease, exchange, transfer or other disposition of any Common Collateral by any First Lien Grantor (collectively, a “Disposition”) permitted under the
terms of the First Lien Documents and not expressly prohibited under the terms of the Second Lien Documents (other than in connection with an Enforcement Action or other exercise of the First Lien Collateral Agent’s remedies in respect of the
Common Collateral which shall be governed by Section 5.1(a) above), the First Lien Collateral Agent, for itself or on behalf of any of the First Lien Claimholders, releases any of its Liens on any part of the Common Collateral, or releases any
Guarantor from its obligations under its guaranty of the First Lien Obligations, in each case other than in connection with the Discharge of First Lien Obligations, then the Liens, if any, of the Second Lien Collateral Agent, for itself or for the
benefit of the Second Lien Claimholders, on such Common Collateral, and the obligations of such under its guaranty of the Second Lien Obligations, shall be automatically, unconditionally and simultaneously released. The Second Lien Collateral Agent,
for itself or on behalf of any such Second Lien Claimholders, promptly shall execute and deliver to the First Lien Collateral Agent or such First Lien Guarantor such termination statements, releases and other documents as the First Lien Collateral
Agent or such First Lien Grantor may request to effectively confirm such release. 
 (c) Until the Discharge of First Lien
Obligations occurs, the Second Lien Collateral Agent, for itself and on behalf of the Second Lien Claimholders, hereby irrevocably constitutes and appoints the First Lien Collateral Agent and any officer or agent of the First Lien Collateral Agent,
with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Second Lien Collateral Agent or such holder or in the First Lien Collateral Agent’s own name, from
time to time in the First Lien Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary
to accomplish the purposes of this Section 5.1, including any endorsements or other 

 
instruments of transfer or release. This power is coupled with an interest and is irrevocable until the Discharge of First Lien Obligations. 

(d) Until the Discharge of First Lien Obligations occurs, to the extent that the First Lien Collateral Agent or the First Lien
Claimholders (i) have released any Lien on Common Collateral or any First Lien Guarantor from its obligation under its guaranty and any such Liens or guaranty are later reinstated or (ii) obtain any new liens or additional guarantees from
any First Lien Guarantor in respect of the First Lien Obligations, then the Second Lien Collateral Agent, for itself and for the Second Lien Claimholders, shall be granted a Lien on any such Common Collateral, subject to the lien subordination
provisions of this Agreement, and an additional guaranty, as the case may be. 
 5.2 Insurance. Unless and until
the Discharge of First Lien Obligations has occurred, the First Lien Collateral Agent and the First Lien Claimholders shall have the sole and exclusive right, subject to the rights of the First Lien Grantors under the First Lien Documents, to adjust
settlement for any insurance policy covering the Common Collateral (including, without limitation, title insurance) in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu
of condemnation) affecting the Common Collateral. Unless and until the Discharge of First Lien Obligations has occurred, and subject to the rights of the First Lien Grantors under the First Lien Documents, all proceeds of any such policy and any
such award (or any payments with respect to a deed in lieu of condemnation) if in respect to the Common Collateral shall be paid to the First Lien Collateral Agent for the benefit of the First Lien Claimholders pursuant to the terms of the First
Lien Documents (including for purposes of cash collateralization of letters of credit) and thereafter, to the extent no First Lien Obligations are outstanding, and subject to the rights of the Second Lien Grantors under the Second Lien Documents, to
the Second Lien Collateral Agent for the benefit of the Second Lien Claimholders to the extent required under the Second Lien Security Documents and then, to the extent no Second Lien Obligations are outstanding, to the owner of the subject
property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Lien Obligations has occurred, if the Second Lien Collateral Agent or any Second Lien Claimholders
shall, at any time, receive any proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall segregate and hold in trust and forthwith pay such proceeds over to the First Lien Collateral Agent in
accordance with the terms of Section 4.2. 
 5.3 Amendments to First Lien Documents and Second Lien
Documents. (a) To the extent permitted under the Second Lien Documents, the First Lien Documents may be amended, supplemented or otherwise modified in accordance with their terms and the First Lien Credit Agreement may be Refinanced, in
each case, without notice to, or the consent of the Second Lien Collateral Agent or the Second Lien Claimholders, all without affecting the lien subordination or other provisions of this Agreement; provided, however, that the holders
of such Refinancing debt bind themselves in writing addressed to the Second Lien Collateral Agent and the Second Lien Claimholders to the terms of this Agreement by executing and delivering, to the Second

 
Lien Collateral Agent a joinder to this Agreement substantially in the form of Exhibit A hereto. In connection with such Refinancing, the Company shall have the right to request that this
Agreement be amended to reflect the terms of the Refinancing. 
 (b) To the extent permitted under the First Lien Documents, the
Second Lien Documents may be amended, supplemented or otherwise modified in accordance with their terms and the Indenture may be Refinanced, in each case, without notice to, or the consent of the First Lien Collateral Agent or the First Lien
Claimholders, all without affecting the lien subordination or other provisions of this Agreement; provided, however, that the holders of such Refinancing debt bind themselves in writing addressed to the First Lien Collateral Agent and
the First Lien Claimholders to the terms of this Agreement by executing and delivering to the First Lien Collateral Agent and the First Lien Claimholders a joinder to this Agreement substantially in the form of Exhibit A hereto. In connection
with such Refinancing, the Company shall have the right to request that this Agreement be amended to reflect the terms of the Refinancing. 
 (c) In the event any First Lien Collateral Agent or the First Lien Claimholders and the relevant First Lien Grantor enter into any amendment, waiver or consent in respect of any Common Collateral governed
by the First Lien Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any First Lien Security Document with respect to the Common Collateral or changing in any manner
the rights of the First Lien Collateral Agent, such First Lien Claimholders, and any Borrower or any other First Lien Grantor thereunder, then such amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable
Second Lien Security Document without the consent of the Second Lien Collateral Agent or the Second Lien Claimholders and without any action by the Second Lien Collateral Agent, the Company or any other Second Lien Grantor, provided, that:
 
 (1) no such amendment, waiver or consent shall have the effect of: 

(A) removing assets subject to the Lien of the Second Lien Security Documents, except to the extent that a release of
such Lien is permitted or required by Section 5.1 and provided that there is a corresponding release of the Liens securing the First Lien Obligations; 
 (B) imposing duties on the Second Lien Collateral Agent without its consent; 
 (C) permitting other Liens on the Common Collateral not permitted under the terms of the Second Lien Documents or Section 6; or 

(D) being prejudicial to the interests of the Second Lien Claimholders to a greater extent than the First Lien
Claimholders (other 

 
than by virtue of their relative priority and the rights and obligations hereunder); and 
 (2) notice of such amendment, waiver or consent shall have been given to the Second Lien Collateral Agent within ten Business Days after the effective date of such amendment, waiver or consent.

 (d) In the event the Company or any other Grantor enters into any Other Pari Passu Lien Obligations, any Other Pari Passu
Agent, on behalf of itself and the applicable holders of Other Pari Passu Lien Obligations, shall bind itself in a writing addressed to the First Lien Collateral Agent and First Lien Claimholders to the terms of this Agreement by executing and
delivering to the First Lien Collateral Agent and the First Lien Claimholders a joinder to this Agreement in substantially the form of Exhibit A hereto. 
 5.4 Confirmation of Subordination in Second Lien Security Documents. The Company hereby acknowledges and agrees that each Second Lien Security Document shall include the following language
(or language to similar effect approved by the First Lien Collateral Agent): 
 “Notwithstanding anything herein to the
contrary, the lien and security interest granted to the Second Lien Collateral Agent pursuant to this Agreement and the exercise of any right or remedy by the Second Lien Collateral Agent hereunder are subject to the provisions of the Intercreditor
Agreement, dated as of March 31, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Jefferies Finance LLC, as First Lien Collateral Agent and their respective
successors and assigns, The Bank of New York Mellon Trust Company, N.A. and BNY Trust Company of Canada as Second Lien Collateral Agent, and their respective successors and assigns, and the Second Lien Collateral Trustee, and certain other persons
party or that may become party thereto from time to time. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.” 

In addition, the Company hereby acknowledges and agrees that each Second Lien Mortgage covering any Common Collateral shall contain such other language
as the First Lien Collateral Agent may reasonably request to reflect the subordination of such Second Lien Mortgage to the First Lien Security Document covering such Common Collateral. 

5.5 Gratuitous Bailee/Agent for Perfection. (a) The First Lien Collateral Agent agrees to hold that part of the Common
Collateral that is in its possession or control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC (such Common Collateral being the
“Pledged Collateral”) as collateral agent for the First Lien Claimholders and as gratuitous bailee for the Second Lien Collateral Agent (such 

 
bailment being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC) and any assignee solely for the purpose of perfecting the
security interest granted under the First Lien Documents and the Second Lien Documents, respectively, subject to the terms and conditions of this Section 5.5. Solely with respect to any deposit accounts under the control (within the meaning of
Section 9-104 of the UCC) of the First Lien Collateral Agent, the First Lien Collateral Agent agrees to also hold control over such deposit accounts as gratuitous agent for the Second Lien Collateral Agent, subject to the terms and conditions
of this Section 5.5. 
 (b) The First Lien Collateral Agent shall have no obligation whatsoever to the First Lien
Claimholders, the Second Lien Collateral Agent or any Second Lien Claimholder to ensure that the Pledged Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person except as expressly set forth in this
Section 5.5. The duties or responsibilities of the First Lien Collateral Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral as bailee (and with respect to deposit accounts, agent) in accordance with this
Section 5.5 and delivering the Pledged Collateral upon a Discharge of First Lien Obligations as provided in paragraph (d) below. 
 (c) The First Lien Collateral Agent shall not have by reason of the First Lien Security Documents, the Second Lien Security Documents, this Agreement or any other document a fiduciary relationship in
respect of the First Lien Claimholders, the Second Lien Collateral Agent or any Second Lien Claimholder and the Second Lien Collateral Agent and the Second Lien Claimholders hereby waive and release the First Lien Collateral Agent from all claims
and liabilities arising pursuant to the First Lien Collateral Agent’s role under this Section 5.5 as gratuitous bailee and gratuitous agent with respect to the Common Collateral (except in connection with the gross negligence or willful
misconduct of the First Lien Collateral Agent as determined by the final non-appealable judgment of a court of competent jurisdiction). It is understood and agreed that the interests of the First Lien Collateral Agent and the Second Lien Collateral
Agent may differ and the First Lien Collateral Agent shall be fully entitled to act in its own interest without taking into account the interests of the Second Lien Collateral Agent or Second Lien Claimholders. 

(d) Upon the Discharge of First Lien Obligations under the First Lien Documents to which the First Lien Collateral Agent is a party, the
First Lien Collateral Agent shall deliver the remaining Pledged Collateral in its possession (if any) together with any necessary endorsements (such endorsement shall be without recourse and without any representation or warranty), first, to
the Second Lien Collateral Agent to the extent Second Lien Obligations remain outstanding, and second, to the Company to the extent no First Lien Obligations or Second Lien Obligations remain outstanding (in each case, so as to allow such
Person to obtain possession or control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct. The First Lien Collateral Agent further agrees to take all other action reasonably requested by the Second Lien
Collateral Agent at the expense of the Second Lien Claimholders or the Issuers in connection with the Second Lien Collateral Agent obtaining a first-priority interest in the Common Collateral. 

 5.6 When Discharge of First Lien Obligations Deemed to Not Have Occurred. If,
at any time after the Discharge of First Lien Obligations has occurred, any Borrower thereafter enters into any Refinancing of any First Lien Document evidencing a First Lien Obligation which Refinancing is permitted by the Second Lien Documents,
then such Discharge of First Lien Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken as a result of the occurrence of such first Discharge of First Lien
Obligations), and, from and after the date on which the New First Lien Debt Notice (as defined below) is delivered to the Second Lien Collateral Agent in accordance with the next sentence, the obligations under such Refinancing of the First Lien
Documents shall automatically be treated as First Lien Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Common Collateral set forth herein, and the First Lien Collateral Agent
under such First Lien Documents shall be the First Lien Collateral Agent for all purposes of this Agreement. Upon receipt of a notice (the “New First Lien Debt Notice”) stating that the Borrowers have entered into a new First Lien
Document (which notice shall include the identity of the new First Lien Collateral Agent for the First Lien Obligations, such agent, the “New First Lien Agent”), the Second Lien Collateral Agent shall promptly (a) enter into
such documents and agreements (including amendments or supplements to this Agreement) as the Company or such New First Lien Collateral Agent shall reasonably request in order to provide to the New First Lien Collateral Agent the rights contemplated
hereby, in each case consistent in all material respects with the terms of this Agreement and (b) deliver to the New First Lien Collateral Agent any Pledged Collateral held by it together with any necessary endorsements (or otherwise allow the
New First Lien Collateral Agent to obtain control of such Pledged Collateral). The New First Lien Collateral Agent shall agree in a writing addressed to the Second Lien Collateral Agent and the Second Lien Claimholders to be bound by the terms of
this Agreement. If the new First Lien Obligations under the new First Lien Documents are secured by assets of the Grantors constituting Common Collateral that do not also secure the Second Lien Obligations, then the Second Lien Obligations shall be
secured at such time by a second priority Lien on such assets to the same extent provided in the Second Lien Security Documents and this Agreement. 
 SECTION 6. Insolvency or Liquidation Proceedings. 
 6.1
Finance and Sale Issues. Until the Discharge of First Lien Obligations has occurred, if the Company or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding and the First Lien Collateral Agent shall desire to permit
the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code), on which the First Lien Collateral Agent or any other creditor has a Lien or to permit the Company or any other Grantor to obtain
financing, whether from the First Lien Claimholders or any other Person under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (“DIP Financing”), then the Second Lien Collateral Agent, on behalf of itself and
the Second Lien Claimholders, agrees that it will raise no objection to such Cash Collateral use or DIP Financing and to the extent the Liens securing the First Lien Obligations are subordinated to or pari passu with such DIP Financing, the Second
Lien Collateral Agent will subordinate its Liens in the Common 

 
Collateral to the Liens securing such DIP Financing (and all Obligations relating thereto) and will not request adequate protection or any other relief in connection therewith (except, as
expressly agreed by the First Lien Collateral Agent or to the extent permitted by Section 6.3). No Second Lien Claimholder may provide DIP Financing to any Borrower or other Grantor secured by Liens equal or senior in priority to the Liens
securing any First Lien Obligations. The Second Lien Collateral Agent on behalf of the Second Lien Claimholders, agrees that it will raise no objection and will not oppose a motion to approve bid procedures in connection with a sale of any Common
Collateral or to sell or otherwise dispose of any Common Collateral free and clear of its Liens or other claims under Section 363 of the Bankruptcy Code if the requisite First Lien Claimholders have consented to such sale or disposition of such
assets, in which instance the Second Lien Claimholders will be deemed to have consented to the sale or disposition of the Common Collateral pursuant to Section 363(f) of the Bankruptcy Code. 

6.2 Relief from the Automatic Stay. Until the Discharge of First Lien Obligations has occurred, the Second Lien Collateral
Agent, on behalf of itself and the Second Lien Claimholders, agrees that none of them shall: (i) seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect
of the Common Collateral, without the prior written consent of the First Lien Collateral Agent, unless a motion for adequate protection permitted under Section 6.3 has been denied by the Bankruptcy Court or (ii) oppose any request by the
First Lien Collateral Agent for relief from such stay. 
 6.3 Adequate Protection. 

(a) The Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, agrees that none of them shall contest (or
support any other Person contesting): 
 (1) any request by the First Lien Collateral Agent or the First Lien
Claimholders for adequate protection; or 
 (2) any objection by the First Lien Collateral Agent or the First
Lien Claimholders to any motion, relief, action or proceeding based on the First Lien Collateral Agent or the First Lien Claimholders claiming a lack of adequate protection. 
 (b) Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or Liquidation Proceeding: 

(1) if the First Lien Claimholders (or any subset thereof) are granted adequate protection in the form of additional
collateral in connection with any Cash Collateral use or DIP Financing, then the Second Lien Collateral Agent, on behalf of itself or any of the Second Lien Claimholders, may seek or request adequate protection in the form of a Lien on such
additional collateral, which Lien will be subordinated to the Liens securing the First Lien Obligations and such Cash Collateral use or DIP Financing (and all Obligations relating thereto) on the

 
same basis as the other Liens securing the Second Lien Obligations are so subordinated to the First Lien Obligations under this Agreement; and 

(2) the Second Lien Collateral Agent and Second Lien Claimholders shall only be permitted to seek adequate protection with
respect to their rights in the Common Collateral in any Insolvency or Liquidation Proceeding in the form of (A) additional collateral; provided that, as adequate protection for the First Lien Obligations, the First Lien Collateral Agent,
on behalf of the First Lien Claimholders, is granted a Lien on such additional collateral that is senior in priority to the Lien granted for the benefit of the Second Lien Claimholders; (B) replacement Liens on the Common Collateral;
provided that, as adequate protection for the First Lien Obligations, the First Lien Collateral Agent, on behalf of the First Lien Claimholders, is also granted senior replacement Liens on the Common Collateral; (C) an administrative
expense claim; provided that, as adequate protection for the First Lien Obligations, the First Lien Collateral Agent, on behalf of the First Lien Claimholders, is also granted an administrative expense claim which is senior and prior to the
administrative expense claim of the Second Lien Collateral Agent and the Second Lien Claimholders; and (D) cash payments with respect to interest on the Second Lien Obligations; provided either (1) as adequate protection for the
First Lien Obligations, the First Lien Collateral Agent, on behalf of the First Lien Claimholders, is also granted cash payments with respect to interest on the First Lien Obligations, or (2) such cash payments do not exceed an amount equal to
the interest accruing on the principal amount of Second Lien Obligations outstanding on the date such relief is granted at the interest rate under the Second Lien Documents and accruing from the date the Second Lien Collateral Agent is granted such
relief. If any Noteholder Secured Party receives post-petition interest and/or adequate protection payments in an Insolvency or Liquidation Proceeding (“Second Lien Adequate Protection Payments”), and the First Lien Secured Parties
do not receive payment in full in cash of all First Lien Obligations upon the effectiveness of the plan of reorganization for, or conclusion of, that Insolvency or Liquidation Proceeding, then, each Second Lien Claimholder shall pay over to the
First Lien Claimholders an amount (the “Pay-Over Amount”) equal to the lesser of (i) the Second Lien Adequate Protection Payments received by such Second Lien Claimholders and (ii) the amount of the short-fall (the
“Short Fall”) in payment in full of the First Lien Obligations; provided, that to the extent any portion of the Short Fall represents payments received by the First Lien Claimholders in the form of promissory notes, equity or
other property, equal in value to the cash paid in respect of the Pay-Over Amount, the First Lien Claimholders shall, upon receipt of the Pay-Over Amount, transfer those promissory notes, equity or other property, pro rata, equal in value to the
cash paid in respect of the Pay-Over Amount to the applicable Second Lien Claimholders in exchange for the Pay-Over Amount. Notwithstanding anything herein to the contrary, the First Lien Claimholders shall not be deemed to have consented to, and
expressly retain their rights to object to the grant of adequate protection in the form of cash payments to the Second Lien Claimholders made pursuant to the foregoing Section 6.3(b). 

 (c) The Second Lien Collateral Agent, for itself and on behalf of the other Second Lien
Claimholders, agrees that notice of a hearing to approve DIP Financing or use of Cash Collateral on an interim basis shall be adequate if delivered to the Second Lien Collateral Agent at least two (2) Business Days in advance of such hearing
and that notice of a hearing to approve DIP Financing or use of Cash Collateral on a final basis shall be adequate if delivered to the Second Lien Collateral Agent at least fifteen (15) days in advance of such hearing. 

6.4 No Waiver. Subject to Sections 3.1(d) and 6.7(d), nothing contained herein shall prohibit or in any way limit the First
Lien Collateral Agent or any First Lien Claimholder from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action taken by the Second Lien Collateral Agent or any of the Second Lien Claimholders, including the seeking by the
Second Lien Collateral Agent or any Second Lien Claimholders of adequate protection or the asserting by the Second Lien Collateral Agent or any Second Lien Claimholders of any of its rights and remedies under the Second Lien Documents or otherwise.

 6.5 Avoidance Issues. If any First Lien Claimholder is required in any Insolvency or Liquidation Proceeding or
otherwise to turn over or otherwise pay to the estate of the Company or any other Grantor any amount paid in respect of the First Lien Obligations (a “Recovery”), then such First Lien Claimholders shall be entitled to a
reinstatement of First Lien Obligations with respect to all such recovered amounts, and from and after the date of such reinstatement the Discharge of First Lien Obligations shall be deemed not to have occurred for all purposes hereunder. If this
Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties
hereto from such date of reinstatement. 
 6.6 Reorganization Securities. If, in any Insolvency or Liquidation
Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan, both on account of the First Lien
Obligations and on account of the Second Lien Obligations, then, to the extent the debt obligations distributed on account of the First Lien Obligations and on account of the Second Lien Obligations are secured by Liens upon the same property, the
provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 

6.7 Post-Petition Interest. (a) Neither the Second Lien Collateral Agent nor any Second Lien Claimholder shall oppose
or seek to challenge any claim by the First Lien Collateral Agent or any First Lien Claimholder for allowance in any Insolvency or Liquidation Proceeding of First Lien Obligations consisting of Post-Petition Interest to the extent of the value of
any First Lien Claimholder’s Lien, without regard to the existence of the Lien of the Second Lien Collateral Agent on behalf of the Second Lien Claimholders on the Common Collateral. 

 (b) Neither the First Lien Collateral Agent nor any other First Lien Claimholder shall
oppose or seek to challenge any claim by the Second Lien Collateral Agent or any Second Lien Claimholder for allowance in any Insolvency or Liquidation Proceeding of Second Lien Obligations consisting of Post-Petition Interest to the extent of the
value of the Lien of the Second Lien Collateral Agent on behalf of the Second Lien Claimholders on the Common Collateral (after taking into account the value of the First Lien Obligations). 

6.8 Waiver. The Second Lien Collateral Agent, for itself and on behalf of the Second Lien Claimholders, waives any claim it
may hereafter have against any First Lien Claimholder arising out of the election of any First Lien Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code, and/or out of any cash collateral or financing arrangement or out
of any grant of a security interest in connection with the Common Collateral in any Insolvency or Liquidation Proceeding so long as such actions are not in express contravention of the terms of this Agreement and do not constitute the gross
negligence or willful misconduct of any First Lien Claimholder (as determined by the final non-appealable judgment of a court of competent jurisdiction). 
 6.9 Separate Grants of Security and Separate Classification. The Second Lien Collateral Agent, for itself and on behalf of the Second Lien Claimholders, and the First Lien Collateral Agent
for itself and on behalf of the First Lien Claimholders, acknowledges and agrees that 
 (a) the grants of Liens pursuant to the
First Lien Security Documents and the Second Lien Security Documents constitute two separate and distinct grants of Liens; and 

(b) because of, among other things, their differing rights in the Common Collateral, the Second Lien Obligations are fundamentally
different from the First Lien Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency or Liquidation 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 First Lien Claimholders and the Second Lien Claimholders in respect
of the Common Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then each of the parties hereto hereby acknowledges and agrees that, subject to Sections 2.1 and 4.1, all distributions
shall be made as if there were separate classes of senior and junior secured claims against the First Lien Grantors and Second Lien Grantors, respectively, in respect of the Common Collateral (with the effect being that, to the extent that the
aggregate value of the Common Collateral is sufficient (for this purpose ignoring all claims held by the Second Lien Claimholders), the First Lien Claimholders 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 (or that would be owing if there were such separate classes of senior and junior secured claims) in respect of post-petition interest, including any additional interest payable
pursuant to the First Lien Credit Agreement, arising from or related to a default, which is disallowed 

 
as a claim in any Insolvency or Liquidation Proceeding) before any distribution is made in respect of the claims held by the Second Lien Claimholders with respect to the Common Collateral, with
the Second Lien Collateral Agent, for itself and on behalf of the Second Lien Claimholders, hereby acknowledging and agreeing to turn over to the First Lien Collateral Agent, for itself and on behalf of the First Lien Claimholders, Common Collateral
or proceeds of Common Collateral 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 claim or recovery of the Second Lien Claimholders).

 6.10 Effectiveness in Insolvency Proceedings. The Parties acknowledge that this Agreement is a
“subordination agreement” under section 510(a) of the Bankruptcy Code, which will be effective before, during and after the commencement of an Insolvency Proceeding. All references in this Agreement to any Grantor will include such Person
as a debtor-in-possession and any receiver or trustee for such Person in an Insolvency Proceeding. 
 SECTION 7. Reliance;
Waivers; Etc. 
 7.1 Reliance. Other than any reliance on the terms of this Agreement, the First Lien
Collateral Agent, on behalf of itself and the First Lien Claimholders under its First Lien Documents, acknowledges that it and such First Lien Claimholders have, independently and without reliance on the Second Lien Collateral Agent or any Second
Lien Claimholders, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into such First Lien Documents and be bound by the terms of this Agreement and they will continue to make
their own credit decision in taking or not taking any action under the First Lien Credit Agreement or this Agreement. The Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, acknowledges that it and the Second Lien
Claimholders have, independently and without reliance on the First Lien Collateral Agent or any First Lien Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into each
of the Second Lien Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Second Lien Documents or this Agreement. 

7.2 No Warranties or Liability. The First Lien Collateral Agent, on behalf of itself and the First Lien Claimholders under
the First Lien Documents, acknowledges and agrees that each of the Second Lien Collateral Agent and the Second Lien Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality,
completeness, collectibility or enforceability of any of the Second Lien Documents, the ownership of any Common Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided herein and subject to the terms of the Second
Lien Documents, the Second Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the Second Lien Documents in accordance with law and as they may otherwise, in their sole discretion, deem
appropriate. Except as otherwise provided herein, the Second Lien Collateral Agent, on behalf of itself and the Second 

 
Lien Obligations, acknowledges and agrees that the First Lien Collateral Agent and the First Lien Claimholders have made no express or implied representation or warranty, including with respect
to the execution, validity, legality, completeness, collectibility or enforceability of any of the First Lien Documents, the ownership of any Common Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided herein,
the First Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under their respective First Lien Documents in accordance with law and as they may otherwise, in their sole discretion, deem
appropriate. The Second Lien Collateral Agent and the Second Lien Claimholders shall have no duty to the First Lien Collateral Agent or any of the First Lien Claimholders, and the First Lien Collateral Agent and the First Lien Claimholders shall
have no duty to the Second Lien Collateral Agent or any of the Second Lien Claimholders, to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of an event of default or default under any agreements with
any Borrower or any Guarantor (including the First Lien Documents and the Second Lien Documents), regardless of any knowledge thereof which they may have or be charged with. 
 7.3 No Waiver of Lien Priorities. (a) No right of the First Lien Claimholders, the First Lien Collateral Agent or any of them to enforce any provision of this Agreement or any First
Lien Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Company or any other Grantor or by any act or failure to act by any First Lien Claimholder or the First Lien Collateral Agent, or by
any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the First Lien Documents or any of the Second Lien Documents, regardless of any knowledge thereof which the First Lien Collateral Agent or the First
Lien Claimholders, or any of them, may have or be otherwise charged with. 
 (b) Without in any way limiting the generality of
the foregoing paragraph (but subject to the rights of the Company and the other Grantors under the First Lien Documents and subject to the provisions of Section 5.3(a)), the First Lien Claimholders, the First Lien Collateral Agent and any of
them may, at any time and from time to time in accordance with the First Lien Documents and/or applicable law, without the consent of, or notice to, the Second Lien Collateral Agent or any Second Lien Claimholders, without incurring any liabilities
to the Second Lien Collateral Agent or any Second Lien Claimholders and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of the Second Lien
Collateral Agent or any Second Lien Claimholders is affected, impaired or extinguished thereby) do any one or more of the following: 
 (1) change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the First Lien Obligations or any Lien on any
First Lien Collateral or guaranty thereof or any liability of the Company or any other Grantor, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the First Lien Obligations, without any
restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, 

 
extend, modify or supplement in any manner any Liens held by the First Lien Collateral Agent or any of the First Lien Claimholders, the First Lien Obligations or any of the First Lien Documents;

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

(3) settle or compromise any First Lien Obligation or any other liability of the Company or any other Grantor or any
security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the First Lien Obligations) in any manner or order; and 

(4) exercise or delay in or refrain from exercising any right or remedy against the Company or any security or any other
Grantor or any other Person, elect any remedy and otherwise deal freely with the Company or any other Grantor or any First Lien Collateral and any security and any guarantor or any liability of the Company or any other Grantor to the First Lien
Claimholders or any liability incurred directly or indirectly in respect thereof. 
 (c) Except as otherwise expressly provided
herein, the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, also agrees that the First Lien Claimholders and the First Lien Collateral Agent shall have no liability to the Second Lien Collateral Agent or any
Second Lien Claimholders, and the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, hereby waives any claim against any First Lien Claimholder or the First Lien Collateral Agent, arising out of any and all actions
which the First Lien Claimholders or the First Lien Collateral Agent may take or permit or omit to take (except in connection with the gross negligence or willful misconduct of any First Lien Claimholder or the First Lien Collateral Agent as
determined by the final non-appealable judgment of a court of competent jurisdiction) with respect to: 
 (1) the
First Lien Documents (other than this Agreement); 
 (2) the collection of the First Lien Obligations; or

 (3) the foreclosure upon, or sale, liquidation or other disposition of, any First Lien Collateral. The Second
Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, agrees that the First Lien Claimholders and the First Lien Collateral Agent have no duty to them in respect of the maintenance or preservation of the First Lien Collateral,
the First Lien Obligations or otherwise, except to the extent that they shall not act in bad faith. 
 (d) Until the Discharge
of First Lien Obligations, the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, 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 Common Collateral (or the First Lien Collateral) or any other similar rights a junior secured creditor may have under applicable law. 

7.4 Obligations Unconditional. All rights, interests, agreements and obligations of the First Lien Collateral Agent and the
First Lien Claimholders and the Second Lien Collateral Agent and the Second Lien Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any First Lien Documents or any Second Lien Documents; 
 (b) except as otherwise expressly set forth in this Agreement, any change in the time, manner or place of payment of, or in any other terms of, all or any of the First Lien Obligations or Second Lien
Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any First Lien Document or any Second Lien Document; 

(c) except as otherwise expressly set forth in this Agreement, any exchange of any security interest in any Common Collateral or any
other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the First Lien Obligations or Second Lien Obligations or any guaranty thereof; 

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

(e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, the Company or any other Grantor
in respect of the First Lien Collateral Agent, the First Lien Obligations, any First Lien Claimholder, the Second Lien Collateral Agent, the Second Lien Obligations or any Second Lien Claimholder in respect of this Agreement. 

SECTION 8. Miscellaneous. 
 8.1 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of the First Lien Documents or the Second Lien Documents, the provisions of this
Agreement shall govern and control. 
 8.2 Effectiveness; Continuing Nature of this Agreement; Severability. This
Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the First Lien Claimholders may continue, at any time and without notice to the Second Lien Collateral Agent
or any Second Lien Claimholder subject to the Second Lien Documents, to extend credit and other financial accommodations and lend monies to or for the benefit of the 

 
Company or any other Grantor constituting First Lien Obligations in reliance hereof. The Second Lien Collateral Agent, on behalf of 
 itself and the Second Lien Claimholders, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall
survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to the Company, any Borrower or any other Grantor shall include the Company, such Borrower
or such Grantor as debtor and debtor-in-possession and any receiver or trustee for either Issuer, any Borrower or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further
force and effect: 
 (a) with respect to the First Lien Collateral Agent, the First Lien Claimholders and the First Lien
Obligations, the date of Discharge of First Lien Obligations, subject to the rights of the First Lien Claimholders under Section 6.5; and 
 (b) with respect to the Second Lien Collateral Agent, the Second Lien Claimholders and the Second Lien Obligations, upon the later of (1) the date upon which the obligations under the Indenture
terminate if there are no other Second Lien Obligations outstanding on such date and (2) if there are other Second Lien Obligations outstanding on such date, the date upon which such Second Lien Obligations terminate. 

8.3 Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Agreement by the Second Lien
Collateral Agent or the First Lien Collateral Agent shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the
specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, the Company shall not
have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent its rights are directly and adversely affected. The Company shall be provided with a copy of any proposed
amendment, modification or waiver prior to its execution. 
 8.4 Information Concerning Financial Condition of the
Borrowers and Borrower Subsidiaries. The First Lien Collateral Agent and the First Lien Claimholders, on the one hand, and the Second Lien Claimholders and the Second Lien Collateral Agent, on the other hand, shall each be responsible for
keeping themselves informed of (a) the financial condition of the Company and its Subsidiaries and all endorsers and/or guarantors of the First Lien Obligations or the Second Lien Obligations and (b) all other circumstances bearing upon
the risk of nonpayment of the First Lien Obligations or the Second Lien Obligations. The First Lien Collateral Agent and the First Lien Claimholders shall have no duty to advise the Second Lien Collateral Agent or any Second Lien Claimholder of
information known to it or them regarding such condition or any such circumstances or otherwise. In the event the First Lien Collateral Agent or any 

 
of the First Lien Claimholders, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to the Second Lien Collateral Agent or any Second Lien
Claimholder, it or they shall be under no obligation: 
 (a) to make, and the First Lien Collateral Agent and the First Lien
Claimholders shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided; 

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

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

 8.5 Subrogation. With respect to the value of any payments or distributions in cash, property or other assets
that any of the Second Lien Claimholders or the Second Lien Collateral Agent pays over to the First Lien Collateral Agent or the First Lien Claimholders under the terms of this Agreement, the Second Lien Claimholders and the Second Lien Collateral
Agent shall be subrogated to the rights of the First Lien Collateral Agent and the First Lien Claimholders; provided that, the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, hereby agrees not to assert or
enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of First Lien Obligations has occurred. The Company acknowledges and agrees that the value of any payments or distributions in cash,
property or other assets received by the Second Lien Collateral Agent or the Second Lien Claimholders that are paid over to the First Lien Collateral Agent or the First Lien Claimholders pursuant to this Agreement shall not reduce any of the Second
Lien Obligations. 
 8.6 Application of Payments. All payments received by the First Lien Collateral Agent or the
First Lien Claimholders may be applied, reversed and reapplied, in whole or in part, to such part of the First Lien Obligations provided for in the First Lien Documents. The Second Lien Collateral Agent, on behalf of itself and the Second Lien
Claimholders, assents to any extension or postponement of the time of payment of the First Lien Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security which may at
any time secure any part of the First Lien Obligations and to the addition or release of any other Person primarily or secondarily liable therefor. 
 8.7 SUBMISSION TO JURISDICTION; WAIVERS. (a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY
STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE AND 

 
COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY: 

(1) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; 

(2) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; 

(3) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.8; AND 
 (4) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (3) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. 
 (b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP THAT EACH HAS ALREADY RELIED
ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE; MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 8.7(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A
WRITTEN CONSENT TO A TRIAL BY THE COURT. 

 (c) EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT
OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER FIRST LIEN DOCUMENT OR SECOND LIEN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY PARTY
HERETO. 
 8.8 Notices. All notices to the Second Lien Claimholders and the First Lien Claimholders permitted
or required under this Agreement shall also be sent to the Second Lien Collateral Agent and the First Lien Collateral Agent, respectively. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally
served, telexed or sent by telefacsimile or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or telex,
or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages
hereto, 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. 
 8.9 Further Assurances. The First Lien Collateral Agent, on behalf of itself and the First Lien Claimholders under the First Lien Documents, and the Second Lien Collateral Agent, on behalf
of itself and the Second Lien Claimholders under the Second Lien Documents, and the Company, agree that each of them shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if
requested) as the First Lien Collateral Agent or the Second Lien Collateral Agent may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement. 

8.10 APPLICABLE LAW. THIS AGREEMENT, AND ANY CLAIM OR CONTROVERSY RELATING TO THE SUBJECT MATTER HEREOF WHETHER SOUNDING IN
CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER
THAN THE LAW FO THE STATE OF NEW YORK. 
 8.11 Binding on Successors and Assigns. This Agreement shall be
binding upon the First Lien Collateral Agent, the First Lien Claimholders, the Second Lien Collateral Agent, the Second Lien Claimholders and their respective successors and assigns. If either of the First Lien Collateral Agent or the Second Lien
Collateral Agent resigns or is replaced pursuant to the First Lien Credit Agreement or the Indenture, as applicable, its successor shall be deemed to be a party to this Agreement and shall have all the rights of, and be subject to all the
obligations of, this Agreement. 

 8.12 Headings. Section headings in this Agreement are included herein for
convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 8.13 Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which
when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy shall be effective as delivery of a manually
executed counterpart of this Agreement or such other document or instrument, as applicable. 
 8.14 Authorization.
By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. 

8.15 No Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of
the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the First Lien Claimholders and the Second Lien Claimholders. Nothing in this Agreement shall impair, as between the Borrowers and the other First
Lien Grantors, on the one hand, and the First Lien Collateral Agent and the First Lien Claimholders, on the other hand, or as between the Issuers and the other Second Lien Grantors, on the one hand, and the Second Lien Collateral Agent and the
Second Lien Claimholders, on the other hand, the obligations of the Company, the Borrowers and the other Grantors to pay principal, interest, fees and other amounts as provided in the First Lien Documents and the Second Lien Documents, respectively.

 8.16 No Indirect Actions Unless otherwise expressly stated, if a Party may not take an action under this
Agreement, then it may not take that action indirectly, or support any other Person in taking that action directly or indirectly. “Taking an action indirectly” means taking an action that is not expressly prohibited for the Party but is
intended to have substantially the same effects as the prohibited action. 
 8.17 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 First Lien Collateral Agent and the First Lien Claimholders on the one hand and the Second Lien Collateral Agent and the
Second Lien Claimholders on the other hand. Neither the Company nor any other Grantor or any creditor thereof shall have any rights hereunder and neither the Company nor any Grantor may rely on the terms hereof, except as to those rights of the
Company and any other Grantor expressly set forth herein. Nothing in this Agreement is intended to or shall impair the obligations of the Company or any other Grantor, which are absolute and unconditional, to pay the First Lien Obligations and the
Second Lien Obligations, respectively, as and when the same shall become due and payable in accordance with their terms. 

 8.18 Second Lien Collateral Agent. In acting hereunder, the Second Lien
Collateral Agent shall have the benefits of the rights, protections and immunities granted to as trustee in the Indenture, all of which are incorporated by reference herein, mutatis mutandis. 

[Signature Pages Follow] 

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

					
	First Lien Collateral Agent
	
	 JEFFERIES FINANCE LLC,
 as First Lien Collateral Agent,

		
	By:	 	   /s/ J. Paul McDonnell

		 	 Name:	 	J. Paul McDonnell
		 	 Title:	 	Managing Director
	
	Jefferies Finance LLC
	520 Madison Avenue
	New York, NY 10022

 Signature page to Intercreditor Agreement 

 
					
	Trustee
	
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A.,
 as a Second Lien Collateral Agent and Trustee

		
	By:	 	   /s/ Sharon McGrath

		 	 Name:	 	Sharon McGrath
		 	 Title:	 	Vice President
	
	 The Bank of New York Mellon Trust
 Company, N.A.
 Corporate Trust Division,
 2 North LaSalle Street, Suite 1020
 Chicago, Illinois 60602

Attention: Sharon McGrath
 Fax No.:
402-496-2014

 Signature page to Intercreditor Agreement 

 
					
	BNY TRUST COMPANY OF CANADA
	as a Second Lien Collateral Agent
		
	By:	 	   /s/ Moran Chiu

		 	 Name:	 	Moran Chiu
		 	 Title:	 	Authorized Signatory
	
	BNY Trust Company of Canada
	320 Bay Street, 11th Floor
	Toronto, Ontario M5H 4A6
	Attention: Moran Chiu
	Fax No: 416-360-1711

 Signature page to Intercreditor Agreement 

					
	Acknowledged and Agreed to by:
	
	PRETIUM PACKAGING, L.L.C.
		
	By:	 	   /s/ George A. Abd

		 	 Name:	 	George A. Abd
		 	 Title:	 	President and Chief Executive Officer
	
	Pretium Packaging, L.L.C.
	15450 South Outer Forty Drive, Suite 120
	Chesterfield, MO 63017

 Signature page to Intercreditor Agreement 

 Exhibit A 

Form of Joinder Agreement 
 [FORM OF] JOINDER AGREEMENT NO. [    ] dated as of [            ], 20[    ] (the “Joinder
Agreement”) to the INTERCREDITOR AGREEMENT dated as of March [    ], 2011 (as further amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Intercreditor
Agreement”) by and among JEFFERIES FINANCE LLC, in its capacity as agent under the First Lien Credit Agreement (as defined below), including its successors and assigns from time to time (the “First Lien Collateral Agent”),
and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (“BNYM”) and BNY Trust Company of Canada, in their capacity as collateral agent for the Noteholders (as defined below), including its successors and assigns from time to time (the
“Second Lien Collateral Agent”) and acknowledged and agreed to by PRETIUM PACKAGING, L.L.C. (the “Company”). Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such
terms in the Intercreditor Agreement. 
 [A. The Issuers propose to issue or incur Other Pari Passu Lien Obligations and the
Person identified in the signature pages hereto as the “Other Pari Passu Agent” (the “New Agent”) will serve as the agent, trustee, or other representative for the holders of such Other Pari Passu Lien Obligations.]

 OR 
 [A. [The Issuers] propose to Refinance the indebtedness under the [First Lien Credit Agreement] [Indenture] and the Person identified in the signature pages hereto as the [“First Lien Collateral
Agent”] [“Second Lien Collateral Agent”] (the “New Agent”) will serve as the agent, trustee, or other representative for the holders of such Refinancing [First Lien Obligations] [Second Lien Obligations]
(the “Refinancing Obligations”).] 
 B. The New Agent wishes to become a party to the Intercreditor Agreement
and to acquire and undertake, for itself and on behalf of the holders of the [Other Pari Passu Lien Obligations] [Refinancing Obligations] [existing First Lien Obligations] [existing Second Lien Obligations], the rights and obligations of an
“Agent” thereunder. The New Agent is entering into this Joinder Agreement in accordance with the provisions of the Intercreditor Agreement in order to become an Agent thereunder. 

Accordingly, the New Agent and the Issuers agree as follows, for the benefit of the New Agent, the Issuers and each other party to the
Intercreditor Agreement: 
 Section 1. Accession to the Intercreditor Agreement. The New Agent (a) hereby
accedes and becomes a party to the Intercreditor Agreement as an Agent for the holders of the [Other Pari Passu Lien Obligations] [Refinancing Obligations] [existing First Lien Obligations] [existing Second Lien Obligations], (b) agrees, for
itself and on behalf of the 

 
holders of such [Other Pari Passu Lien Obligations] [Refinancing Obligations] [existing First Lien Obligations] [existing Second Lien Obligations], to all the terms and provisions of the
Intercreditor Agreement and (c) shall have all the rights and obligations of an Agent under the Intercreditor Agreement. 

Section 2. Representations, Warranties and Acknowledgement of the New Agent. The New Agent represents and warrants to each
other Agent and to the Secured Parties that (a) it has full power and authority to enter into this Joinder Agreement, in its capacity as the Agent with respect to the [Other Pari Passu Lien Obligations] [Refinancing Obligations] [existing First
Lien Obligations] [existing Second Lien Obligations], (b) this Joinder Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with the terms
of this Joinder Agreement and (c) the [First Lien Documents] [Second Lien Documents] relating to such [Other Pari Passu Lien Obligations] [Refinancing Obligations] [existing First Lien Obligations] [existing Second Lien Obligations] provide
that, upon the New Agent’s entry into this Joinder Agreement, the secured parties in respect of such [Other Pari Passu Lien Obligations] [Refinancing Obligations] [existing First Lien Obligations] [existing Second Lien Obligations] will be
subject to and bound by the provisions of the Intercreditor Agreement. 
 Section 3. Counterparts. This Joinder
Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Joinder Agreement or any document or instrument delivered in connection herewith by telecopy shall be effective as delivery of a manually executed counterpart of this Joinder Agreement or such other document
or instrument, as applicable. 
 Section 4. Benefit of Agreement. The agreements set forth herein or undertaken
pursuant hereto are for the benefit of, and may be enforced by, any party to the Intercreditor Agreement. 
 Section 5.
Governing Law. THIS AGREEMENT, AND ANY CLAIM OR CONTROVERSY RELATING TO THE SUBJECT MATTER HEREOF WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE, SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW FO THE STATE OF NEW YORK. 
 Section 6. Severability. In case any one or more of the provisions contained in this Joinder Agreement should be held invalid, illegal or unenforceable in any respect, none of the parties
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 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. Notices. All communications and notices hereunder shall
be in writing and given as provided in Section 8.8 of the Intercreditor Agreement. All communications and notices hereunder to the New Agent shall be given to it at the address set forth under its signature hereto, which information
supplements Section 8.8 of the Intercreditor Agreement. 
 Section 8. Expenses. The Issuers agree to
reimburse each Agent for its reasonable out-of-pocket expenses in connection with this Joinder Agreement, including the reasonable fees, other charges and disbursements of counsel for each Agent. 

Section 9. Miscellaneous. The provisions of Sections 8.7 and 8.14 of the Intercreditor Agreement are
incorporated herein as if fully set forth herein. 
 [Signature Pages Follow] 

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

			
	 [NAME OF NEW AGENT], as [FIRST LIEN
 COLLATERAL AGENT]
 [SECOND LIEN COLLATERAL
 AGENT] [OTHER PARI PASSU
 AGENT] with respect to [NAME OF

AGREEMENT] and holders of the [First
 Lien
Obligations] [Second Lien
 Obligations]
thereunder

			
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Address for notices:
	  

 

	  

	attention of:	 	  

	Telecopy:	 	  

 Acknowledged by: 
  

					
	 JEFFRIES FINANCE LLC, as First Lien
 Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY, N.A., as a Second
 Lien Collateral Agent and Trustee

		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  

					
	 BNY TRUST COMPANY OF CANADA,
 as a Second Lien Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:Senior Notes Security Agreement

 Exhibit 10.5 
 EXECUTION VERSION 
  
  

SENIOR NOTES SECURITY AGREEMENT 
 (Second Lien) 
 dated as of March 31, 2011 

among 
 PRETIUM
PACKAGING, L.L.C., 
 PRETIUM FINANCE, INC., 
 AND EACH OF THE GUARANTORS PARTY HERETO, 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Collateral Trustee 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.01
	  	 General Definitions
	  	 	1	  
	 Section 1.02
	  	 Definitions; Interpretation
	  	 	8	  
		
	 ARTICLE II GRANT OF SECURITY
	  	 	8	  
	 Section 2.01
	  	 Grant of Security
	  	 	8	  
	 Section 2.02
	  	 Certain Limited Exclusions
	  	 	9	  
		
	 ARTICLE III SECURITY FOR SECURED OBLIGATIONS; GRANTORS REMAIN LIABLE
	  	 	9	  
	 Section 3.01
	  	 Security for Secured Obligations
	  	 	9	  
	 Section 3.02
	  	 Continuing Liability Under Collateral
	  	 	9	  
	 Section 3.03
	  	 Intercreditor Agreement
	  	 	10	  
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES AND COVENANTS
	  	 	10	  
	 Section 4.01
	  	 Generally
	  	 	10	  
	 Section 4.02
	  	 Equipment and Inventory
	  	 	13	  
	 Section 4.03
	  	 [Intentionally Omitted]
	  	 	14	  
	 Section 4.04
	  	 Investment Related Property
	  	 	14	  
	 Section 4.05
	  	 Pledged Equity Interests
	  	 	16	  
	 Section 4.06
	  	 Pledged Debt
	  	 	17	  
	 Section 4.07
	  	 Investment Accounts
	  	 	18	  
	 Section 4.08
	  	 [Intentionally Omitted]
	  	 	19	  
	 Section 4.09
	  	 Letter of Credit Rights
	  	 	19	  
	 Section 4.10
	  	 Intellectual Property
	  	 	19	  
	 Section 4.11
	  	 Commercial Tort Claims
	  	 	23	  
		
	 ARTICLE V RIGHT OF INSPECTION AND FURTHER ASSURANCES; ADDITIONAL GRANTORS
	  	 	23	  
	 Section 5.01
	  	 Further Assurances
	  	 	23	  
	 Section 5.02
	  	 Additional Grantors
	  	 	24	  
		
	 ARTICLE VI COLLATERAL Trustee APPOINTED ATTORNEY-IN-FACT
	  	 	24	  
	 Section 6.01
	  	 Power of Attorney
	  	 	24	  
	 Section 6.02
	  	 No Duty on the Part of Collateral Trustee or Secured Parties
	  	 	25	  
		
	 ARTICLE VII REMEDIES
	  	 	26	  
	 Section 7.01
	  	 Generally
	  	 	26	  
	 Section 7.02
	  	 Application of Proceeds
	  	 	28	  
	 Section 7.03
	  	 Sales on Credit
	  	 	28	  
	 Section 7.04
	  	 [Intentionally Omitted
	  	 	28	  
	 Section 7.05
	  	 Investment Related Property
	  	 	28	  
	 Section 7.06
	  	 Intellectual Property
	  	 	28	  
	 Section 7.07
	  	 Collection of Accounts and General Intangibles
	  	 	30	  
	 Section 7.08
	  	 Cash Proceeds
	  	 	30	  
		
	 ARTICLE VIII COLLATERAL Trustee
	  	 	30	  

							
		
	 ARTICLE IX CONTINUING SECURITY INTEREST; TRANSFER OF LOANS
	  	 	31	  
		
	 ARTICLE X STANDARD OF CARE; COLLATERAL Trustee MAY PERFORM
	  	 	31	  
		
	 ARTICLE XI MISCELLANEOUS
	  	 	33	  
		
	 TRADEMARK REGISTRATIONS AND APPLICATIONS
	  	 	5	  

  
 ii 

 SCHEDULE 4.01 — GENERAL INFORMATION 
 SCHEDULE 4.02 — LOCATION OF EQUIPMENT AND INVENTORY 
 SCHEDULE 4.05 — INVESTMENT RELATED
PROPERTY 
 SCHEDULE 4.09 — DESCRIPTION OF LETTERS OF CREDIT 
 SCHEDULE 4.10 — INTELLECTUAL PROPERTY EXCEPTIONS 
 SCHEDULE 4.11 — COMMERCIAL TORT
CLAIMS 
 EXHIBIT A — PLEDGE SUPPLEMENT 
 EXHIBIT B — UNCERTIFICATED SECURITIES CONTROL AGREEMENT 
 EXHIBIT C — TRADEMARK SECURITY
AGREEMENT 
 EXHIBIT D — COPYRIGHT SECURITY AGREEMENT 
 EXHIBIT E — PATENT SECURITY AGREEMENT 

  
 iii

 This SECURITY AGREEMENT, dated as of March 31, 2011 (this
“Agreement”), between PRETIUM PACKAGING, L.L.C., a Delaware limited liability company (the “Company”), PRETIUM FINANCE, INC., a Delaware corporation (“Pretium Finance,” and together
with the Company, the “Issuers”), EACH OF THE UNDERSIGNED (other than the Collateral Trustee), whether as an Additional Grantor (as herein defined) or as an original signatory hereto (together with the Issuers,
collectively, the “Grantors” and each, a “Grantor”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Collateral Trustee for the Secured Parties (in such capacity, together with any successor in
such capacity, the “Collateral Trustee”). 
 RECITALS: 

WHEREAS, pursuant to that certain Indenture, dated as of the date hereof (as it may be amended, restated, supplemented or otherwise
modified from time to time, the “Indenture,” the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among the Issuers, the Guarantors (as defined in the Indenture), the Noteholders
and the Collateral Trustee, the Noteholders have agreed to extend credit to the Issuers; and 
 WHEREAS, in consideration of the
extensions of credit and other accommodations of Noteholders as set forth in the Indenture, each Grantor has agreed to secure the Obligations under the Indenture as set forth herein; and 

WHEREAS, concurrently herewith, the Company and Pretium Finance, Inc. are entering into (i) the Credit Agreement, by and among by
and among Pretium Packaging, L.L.C., the Co-Borrowers, the Guarantors, the Lenders from time to time party thereto, Jefferies Finance LLC, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), Jefferies
Finance LLC, as collateral agent for the Secured Parties (in such capacity, the “Collateral Agent”), and Jefferies Group, Inc., issuing bank for the Lenders (in such capacity, the “Issuing Bank”), and (ii) the ABL Security
Agreement. 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained,
each Grantor and the Collateral Trustee agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 General Definitions. In this Agreement, the following terms shall have the following meanings: 

“ABL Collateral Agent” the Collateral Agent as such is defined in the Credit Agreement. 

“ABL Security Agreement” has the meaning assigned to the term in the Credit Agreement. 

“Additional Grantors” as defined in Section 5.02. 

“Additional Notes” shall have the meaning assigned thereto in the indenture. 

“Agreement” as defined in the preamble. 

 “Bailee Letter” means an agreement in form and substance reasonably
satisfactory to the ABL Collateral Agent by which any repairman, mechanic or bailee holding any Collateral acknowledges the ABL Collateral Agent’s Lien, waives any Lien it may have on the Collateral and agrees to deliver the Collateral to the
ABL Collateral Agent upon request. 
 “Cash Proceeds” as defined in Section 7.08. 

“Chattel Paper” means all “chattel paper” as defined in Article 9 of the UCC, including, without limitation,
“electronic chattel paper” or “tangible chattel paper”, as each term is defined in Article 9 of the UCC. 

“Collateral” as defined in Section 2.01. 
 “Collateral Account” means any account established by the Collateral Agent for the purpose of serving as a collateral account under this Agreement. 

“Collateral Records” means books, records, ledger cards, files, correspondence, customer lists, supplier lists,
blueprints, technical specifications, manuals, computer software and related documentation, computer printouts, tapes, disks and other electronic storage media and related data processing software and similar items that at any time evidence or
contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon. 
 “Collateral Support” means all property (real or personal) assigned, hypothecated or otherwise securing any Collateral and shall include any security agreement or other agreement granting
a lien or security interest in such real or personal property. 
 “Collateral Trustee” as defined in the
preamble. 
 “Commercial Tort Claims” means all “commercial tort claims” as defined in Article 9
of the UCC, including, without limitation, all commercial tort claims listed on Schedule 4.11 (as such schedule may be amended or supplemented from time to time). 
 “Commodities Accounts” (i) means all “commodity accounts” as defined in Article 9 of the UCC and (ii) shall include, without limitation, all of the accounts listed on
Schedule 4.05 under the heading “Commodities Accounts” (as such schedule may be amended or supplemented from time to time). 
 “Control Agreement” means a control agreement in a form as shall be reasonably satisfactory to the Collateral Agent, executed and delivered by a Grantor, the ABL Collateral Agent, the
Collateral Trustee and the applicable securities intermediary (with respect to a Securities Account) or depositary institution (with respect to a Deposit Account that is not an Excluded Deposit Account), pursuant to which (i) the ABL Collateral
Agent shall have “control” (within the meaning of Section 9-104 of the UCC) over each Securities Account and Deposit Account, as applicable, and (ii) the applicable securities intermediary or depositary institution agrees to
comply with instructions originated by the ABL Collateral Agent or the Collateral Trustee, when applicable, after delivery of a Control Notice without further consent by such Grantor, and has such other terms and conditions as the ABL Collateral
Agent may reasonably require. 
 “Control Notice” means a written notice delivered by the ABL Collateral Agent
or the Collateral Trustee, when applicable, pursuant to a Control Agreement instructing the applicable securities intermediary (with respect to a Securities Account) or depositary institution (with respect to a Deposit

  
 2 

 
Account that is not an Excluded Account) to comply with instructions originated by the ABL Collateral Agent (or the Collateral Trustee, when applicable) with respect to the Securities Account or
Deposit Account, as applicable, that is covered thereby without further consent of the applicable Grantor. 

“Controlled Foreign Corporation” means “controlled foreign corporation” as defined in the Internal Revenue
Code. 
 “Copyright Licenses” means any and all agreements, licenses and covenants providing for the granting
of any right in or to Copyrights (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.10(B) (as such schedule may be amended or supplemented from time to time). 

“Copyrights” means all United States and foreign copyrights (including Community designs), including but not limited to
copyrights in software and databases, and all Mask Works (as defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or unregistered, and with respect to any and all of the foregoing: (i) all registrations and applications
therefor including, without limitation, the registrations and applications referred to in Schedule 4.10(A) (as such schedule may be amended or supplemented from time to time), (ii) all extensions and renewals thereof, (iii) all rights
corresponding thereto throughout the world, (iv) rights to sue or otherwise recover for any past, present and future infringement or other violation thereof, and (v) all Proceeds of the foregoing, including licenses, royalties, income,
payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto 
 “Credit
Agreement” as defined in the recitals. 
 “Deposit Accounts” (i) means all “deposit
accounts” as defined in Article 9 of the UCC and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.05 under the heading “Deposit Accounts” (as such schedule may be amended or supplemented from time
to time). 
 “Discharge of First Lien Obligations” shall have the meaning assigned thereto in the Intercreditor
Agreement. 
 “Documents” means all “documents” as defined in Article 9 of the UCC. 

“Equipment” means: (i) all “equipment” as defined in Article 9 of the UCC, (ii) all machinery,
manufacturing equipment, data processing equipment, computers, office equipment, furnishings, furniture, appliances, fixtures and tools (in each case, regardless of whether characterized as equipment under the UCC) and (iii) all accessions or
additions thereto, all parts thereof, whether or not at any time of determination incorporated or installed therein or attached thereto, and all replacements therefor, wherever located, now or hereafter existing, including any fixtures. 

“Excluded Deposit Accounts” has the meaning assigned thereto in the Credit Agreement. 

“Excluded Assets” means (i) any lease, license, contract, property right, agreement or other General Intangible to
which any Grantor is a party or any of its rights or interests thereunder, now or in the future, if and only for so long as the grant of a Lien under the Security Documents will violate any law, rule or regulation applicable to such Grantor or will
constitute or result in a breach, termination or default, or requires any consent not obtained, under any such lease, license, contract, property right or agreement (other than to the extent that any such law, rule, regulation or term would be
rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any other applicable law or principles of equity); (ii) any “intent-to-use” application for registration of a

  
 3 

 
Trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an
“Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the
validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law; (iii) any ULC Shares; and (iv) in the event that Rule 3-16 of Regulation S-X under the Securities Act requires (or
is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would require) the filing with the SEC (or any governmental agency) of separate audited financial statements of any Affiliate of the Company (other
than the Company or its successors) due to the fact that such Affiliate’s Capital Stock or other securities secure the Notes, the Capital Stock or other securities of such affiliate but only to the extent necessary to not be subject to such
requirement; provided that such assets shall cease to be Excluded Assets under this paragraph, if, and for so long as, the provisions of Rule 3-16 of Regulation S-X no longer apply to the Indenture and the Notes or in respect thereof and, in
such event, the Collateral Trustee shall be granted a perfected security interest therein. 
 “General
Intangibles” (i) means all “general intangibles” as defined in Article 9 of the UCC, including “payment intangibles” also as defined in Article 9 of the UCC and (ii) shall include, without limitation, all
interest rate or currency protection, all tax refunds, all licenses, permits, concessions and authorizations, and all Intellectual Property (in each case, regardless of whether characterized as general intangibles under the UCC). 

“Goods” (i) means all “goods” as defined in Article 9 of the UCC and (ii) shall include, without
limitation, all Inventory and Equipment (in each case, regardless of whether characterized as goods under the UCC). 

“Grantors” as defined in the preamble. 
 “Instruments” means all “instruments” as defined in Article 9 of the UCC. 
 “Insurance” means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Trustee is the loss payee thereof) and (ii) any key man
life insurance policies. 
 “Intellectual Property” means, collectively, all intellectual property and similar
proprietary rights, whether arising under the United States, multinational or foreign laws or otherwise, including Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks, Trademark Licenses and Trade Secrets, and the right to sue or
otherwise recover for any past, present and future infringement, dilution, misappropriation, or other violation or impairment thereof, including the right to receive all Proceeds therefrom, including license fees, royalties, income, payments,
claims, damages and proceeds of suit, now or hereafter due and/or payable with respect thereto. 
 “Intercreditor
Agreement” has the meaning ascribed to such term in the Indenture. 
 “Internal Revenue Code” means
the United States Internal Revenue Code of 1986, as amended from time to time. 
 “Investment Accounts” means
the Collateral Account, Securities Accounts, Commodities Accounts and Deposit Accounts. 
 “Investment Related
Property” means: (i) all “investment property” (as such term is defined in Article 9 of the UCC) and (ii) all of the following (regardless of whether classified as

  
 4 

 
investment property under the UCC): all Pledged Interests, Pledged Debt, the Investment Accounts and certificates of deposit. 

“Joinder Agreement” means any joinder agreement substantially in the form of Exhibit F. 

“Letter of Credit Right” means “letter-of-credit right” as defined in Article 9 of the UCC. 

“Lien” means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind
(including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the
foregoing and (ii) in the case of Pledged Interests, any purchase option, call or similar right of a third party with respect to such Pledged Interests. 
 “Material Adverse Effect” shall mean (a) a material adverse effect on the financial condition, results of operations or business of the Grantors, taken as a whole, (b) a
material impairment of the ability of the Grantors, taken as a whole, to fully and timely perform any of their obligations under the Indenture or this Agreement, (c) a material impairment of the rights of or benefits or remedies available to
the Noteholders or the Collateral Trustee under the Indenture or this Agreement, or (d) a material adverse effect on any substantial portion of the Collateral or on the Liens in favor of the Collateral Trustee (for its benefit and for the
benefit of the other Secured Parties) on the Collateral or the validity, enforceability, perfection or priority of such Liens. 

“Money” means “money” as defined in the UCC. 

“Patent Licenses” means all agreements providing for the granting of any right in or to Patents (whether such Grantor is
licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.10(D) (as such schedule may be amended or supplemented from time to time). 

“Patents” means all United States and foreign patents and certificates of invention, or similar industrial property
rights, and applications for any of the foregoing, including: (i) each issued patent and patent application referred to in Schedule 4.10(C) hereto (as such schedule may be amended or supplemented from time to time), (ii) all reissues,
divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (iii) all inventions and improvements described therein, (iv) the right to sue or otherwise recover for any past, present and future
infringement or other violation thereof, (v) all Proceeds of the foregoing, including licenses, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto, and (vi) all other
rights of any kind accruing thereunder or pertaining thereto throughout the world. 
 “Pledge Supplement” means
any supplement to this agreement in substantially the form of Exhibit A. 
 “Pledged Debt” means all
Indebtedness owed to such Grantor, including, without limitation, all Indebtedness described on Schedule 4.05(A) under the heading “Pledged Debt” (as such schedule may be amended or supplemented from time to time), issued by the obligors
named therein, the instruments evidencing such Indebtedness, and all interest, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such
Indebtedness. 
 “Pledged Interests” means all Pledged Stock, Pledged LLC Interests, Pledged Partnership
Interests and Pledged Trust Interests. 

  
 5 

 “Pledged LLC Interests” means all interests in any limited liability
company including, without limitation, all limited liability company interests listed on Schedule 4.05(A) under the heading “Pledged LLC Interests” (as such schedule may be amended or supplemented from time to time) and the certificates,
if any, representing such limited liability company interests and any interest of such Grantor on the books and records of such limited liability company or on the books and records of any securities intermediary pertaining to such interest and all
dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such limited liability
company interests. 
 “Pledged Partnership Interests” means all interests in any general partnership, limited
partnership, limited liability partnership or other partnership including, without limitation, all partnership interests listed on Schedule 4.05(A) under the heading “Pledged Partnership Interests” (as such schedule may be amended or
supplemented from time to time) and the certificates, if any, representing such partnership interests and any interest of such Grantor on the books and records of such partnership or on the books and records of any securities intermediary pertaining
to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of
such partnership interests. 
 “Pledged Stock” means all shares of capital stock owned by such Grantor,
including, without limitation, all shares of capital stock described on Schedule 4.05(A) under the heading “Pledged Stock” (as such schedule may be amended or supplemented from time to time), and the certificates, if any, representing such
shares and any interest of such Grantor in the entries on the books of the issuer of such shares or on the books of any securities intermediary pertaining to such shares, and all dividends, distributions, cash, warrants, rights, options,
instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares. 

“Pledged Trust Interests” means all interests in a Delaware business trust or other trust including, without limitation,
all trust interests listed on Schedule 4.05(A) under the heading “Pledged Trust Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such trust interests and any interest
of such Grantor on the books and records of such trust or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other
property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such trust interests. 
 “Proceeds” means: (i) all “proceeds” as defined in Article 9 of the UCC, (ii) payments or distributions made with respect to any Investment Related Property and
(iii) whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected or otherwise disposed of, whether such disposition is voluntary or involuntary. 

“Receivables” means all rights to payment, whether or not earned by performance, for goods or other property sold,
leased, licensed, assigned or otherwise disposed of, or services rendered or to be rendered, including, without limitation all such rights constituting or evidenced by any Account, Chattel Paper, Instrument, General Intangible or Investment Related
Property, together with all of Grantor’s rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and all Receivables Records. 

“Receivables Records” means (i) all original copies of all documents, instruments or other writings or electronic
records or other Records evidencing the Receivables, (ii) all books, 

  
 6 

 
correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other papers relating to Receivables, including, without limitation, all tapes, cards, computer tapes,
computer discs, computer runs, record keeping systems and other papers and documents relating to the Receivables, whether in the possession or under the control of Grantor or any computer bureau or agent from time to time acting for Grantor or
otherwise, (iii) all evidences of the filing of financing statements and the registration of other instruments in connection therewith, and amendments, supplements or other modifications thereto, notices to other creditors or secured parties,
and certificates, acknowledgments, or other writings, including, without limitation, lien search reports, from filing or other registration officers, (iv) all credit information, reports and memoranda relating thereto and (v) all other
written or nonwritten forms of information related in any way to the foregoing or any Receivable. 
 “Record”
shall have the meaning specified in Article 9 of the UCC. 
 “Secured Obligations” as defined in
Section 3.01. 
 “Secured Parties” shall mean the Noteholders, the Trustee and the Collateral Trustee.

 “Securities Accounts” (i) means all “securities accounts” as defined in Article 8 of the UCC
and (ii) shall include, without limitation, all of the accounts listed on Schedule 4.05(A) under the heading “Securities Accounts” (as such schedule may be amended or supplemented from time to time). 

“Supporting Obligation” means all “supporting obligations” as defined in Article 9 of the UCC. 

“Trademark Licenses” means any and all agreements providing for the granting of any right in or to Trademarks (whether
such Grantor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Schedule 4.10(F) (as such schedule may be amended or supplemented from time to time). 

“Trademarks” means all United States, state and foreign trademarks, trade names, corporate names, company names,
business names, fictitious business names, internet domain names, trade styles, service marks, certification marks, collective marks, logos, other source or business identifiers, designs and general intangibles of a like nature, all registrations
and applications for any of the foregoing including: (i) the registrations and applications referred to in Schedule 4.10(E) (as such schedule may be amended or supplemented from time to time), (ii) all extensions or renewals of any of the
foregoing, (iii) all of the goodwill of the business connected with the use of and symbolized by the foregoing, (iv) the right to sue or otherwise recover for any past, present and future infringement, dilution or other violation thereof
or for any injury to goodwill, (v) all Proceeds of the foregoing, including licenses, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto, and (vi) all other rights of
any kind accruing thereunder or pertaining thereto throughout the world. 
 “Trade Secrets” means all trade
secrets and all other confidential or proprietary information and know-how whether or not the foregoing has been reduced to a writing or other tangible form, including all documents and things embodying, incorporating, or referring in any way to the
foregoing, including: (i) the right to sue or otherwise recover for any past, present and future misappropriation or other violation thereof, (ii) all Proceeds of the foregoing, including licenses, royalties, income, payments, claims,
damages, and proceeds of suit now or hereafter due and/or payable with respect thereto, and (iii) all other rights of any kind accruing thereunder or pertaining thereto throughout the world. 

  
 7 

 “UCC” means the Uniform Commercial Code as in effect from time to time in
the State of New York or, when the context implies, the Uniform Commercial Code as in effect from time to time in any other applicable jurisdiction. 
 “ULC” means an unlimited company, unlimited liability corporation or unlimited liability company, in each case organized under the laws of Canada or any province or territory thereof.

 “ULC Shares” means shares or membership or other equity interests in the capital stock of a ULC. 

“United States” means the United States of America. 

Section 1.02 Definitions; Interpretation. All capitalized terms used herein (including the preamble and recitals hereto) and not
otherwise defined herein shall have the meanings ascribed thereto in the Indenture. All terms defined in Article 8 and Article 9 of the UCC and not otherwise defined are used herein as therein defined. References to “Sections,”
“Exhibits” and “Schedules” shall be to Sections, Exhibits and Schedules, as the case may be, of this Agreement unless otherwise specifically provided. Section headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending
on the reference. The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set
forth immediately following such word or to similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but
rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. If any conflict or inconsistency exists between this Agreement and the Indenture, the Indenture
shall govern. All references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any Article of the UCC. 
 ARTICLE II 
 GRANT OF SECURITY 

Section 2.01 Grant of Security. Subject to Section 2.02, each Grantor hereby grants to the Collateral Trustee a security
interest and continuing lien on all of such Grantor’s right, title and interest in, to and under all personal property of such Grantor including, but not limited to the following, in each case whether now owned or existing or hereafter acquired
or arising and wherever located (all of which being hereinafter collectively referred to as the “Collateral”): 
 (a) Accounts; 
 (b) Equipment, 

(c) Fixtures 
 (d) Inventory 
 (e) Chattel Paper; 

(f) Documents; 

  
 8 

 (g) General Intangibles; 

(h) Goods; 
 (i) Instruments; 
 (j) Insurance; 

(k) Intellectual Property; 
 (l) Investment Related Property; 
 (m) Letter of Credit Rights;

 (n) Money; 
 (o) Receivables and Receivable Records; 
 (p) Commercial Tort
Claims; 
 (q) to the extent not otherwise included above, all Collateral Records, Collateral Support and
Supporting Obligations relating to any of the foregoing; and 
 (r) to the extent not otherwise included above,
all Proceeds, products, accessions, rents and profits of or in respect of any of the foregoing. 
 Section 2.02 Certain
Limited Exclusions. Notwithstanding anything herein to the contrary, in no event shall the security interest granted under Section 2.01 hereof attach to any Excluded Assets. 

ARTICLE III 

SECURITY FOR SECURED OBLIGATIONS; GRANTORS REMAIN LIABLE 
 Section 3.01 Security for Secured Obligations. This Agreement secures, and the Collateral is collateral security for, the prompt and complete payment or performance in full when due, whether at
stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C.
§362(a) (and any successor provision thereof)), of all Obligations with respect to every Grantor (the “Secured Obligations”). 
 Section 3.02 Continuing Liability Under Collateral. Notwithstanding anything herein to the contrary, (i) each Grantor shall remain liable for all obligations under the Collateral and nothing
contained herein is intended or shall be a delegation of duties to the Collateral Trustee or any Secured Party, (ii) each Grantor shall remain liable under each of the agreements included in the Collateral, including, without limitation, any
agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and neither the Collateral Trustee
nor any Secured Party shall have any obligation or liability under any of such agreements by reason of or arising out of this Agreement or any other document related thereto nor shall the Collateral Trustee nor any Secured Party have any obligation
to make any inquiry as to the nature or sufficiency of any payment received by it or have any 

  
 9 

 
obligation to take any action to collect or enforce any rights under any agreement included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership
Interests or Pledged LLC Interests, and (iii) the exercise by the Collateral Trustee of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the
Collateral. 
 Section 3.03 Intercreditor Agreement. Notwithstanding anything herein to the contrary, the lien and
security interest granted to the Collateral Trustee pursuant to this Agreement and the exercise of any right or remedy by the Collateral Trustee hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict
between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES AND COVENANTS 

Section 4.01 Generally. 
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date and on the date of issuance of Additional Notes, if any, pursuant to and as contemplated by the
terms of the Indenture until termination of this Agreement pursuant to Article IX hereof, that: 
 (i) it owns
the Collateral purported to be owned by it or otherwise has the rights it purports to have in each item of Collateral and, as to all Collateral whether now existing or hereafter acquired, will continue to own or have such rights in each item of the
Collateral, in each case free and clear of any and all Liens, rights or claims of all other Persons, including, without limitation, liens arising as a result of such Grantor becoming bound (as a result of merger or otherwise) as debtor under a
security agreement entered into by another Person other than Permitted Liens, filing for which termination statements have been delivered to the Collateral Trustee, and precautionary financing statement filings regarding operating leases;

 (ii) it has indicated on Schedule 4.01(A) (as such schedule may be amended or supplemented from time to time):
(w) the type of organization of such Grantor, (x) the jurisdiction of organization of such Grantor, (y) its organizational identification number, if applicable, and (z) the jurisdiction where the chief executive office or its
sole place of business is (or the principal residence if such Grantor is a natural person), and for the one-year period preceding the date hereof has been, located; 

(iii) the full legal name of such Grantor is as set forth on Schedule 4.01(A) and it has not done in the last five
(5) years, and does not do, business under any other name (including any trade-name or fictitious business name) except for those names set forth on Schedule 4.01(B) (as such schedule may be amended or supplemented from time to time);

 (iv) except as provided on Schedule 4.01(C), it has not changed its name, jurisdiction of organization, chief
executive office or sole place of business (or principal residence if such Grantor is a natural person) or its corporate structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) within the past five
(5) years; 

  
 10 

 (v) it has not within the last five (5) years become bound (whether as
a result of merger or otherwise) as debtor under a security agreement entered into by another Person, which has not heretofore been terminated, other than Permitted Liens; 

(vi) [Intentionally Omitted]; 
 (vii) upon the filing of all UCC financing statements naming each Grantor as “debtor” and the Collateral Trustee as “secured party” and describing the Collateral in the filing offices
set forth opposite such Grantor’s name on Schedule 4.01(E) hereof (as such schedule may be amended or supplemented from time to time), upon execution of a Control Agreement with respect to any Deposit Account or other Investment Account, upon
consent of the issuer with respect to Letter of Credit Rights, upon delivery to the Collateral Trustee taking possession or control of any Investment Related Property, and to the extent not subject to Article 9 of the UCC, upon recordation of the
security interests granted hereunder in registered and applied for United States Patents, Trademarks and Copyrights with the United States Patent and Trademark Office and United States Copyright Office, the security interests granted to the
Collateral Trustee hereunder constitute valid and perfected Liens (subject in the case of priority only to Permitted Liens and to the rights of the United States government (including any agency or department thereof) with respect to United States
government Receivables) on all of the Collateral (other than rights in foreign Intellectual Property); 
 (viii)
all actions and consents, including all filings, notices, registrations and recordings necessary for the exercise by the Collateral Trustee of the voting or other rights provided for in this Agreement or the exercise of remedies in respect of the
Collateral have been made or obtained; 
 (ix) other than the financing statements filed in favor of the
Collateral Trustee, no effective UCC financing statement, fixture filing or other instrument similar in effect under any applicable law covering all or any part of the Collateral is on file in any filing or recording office except for
(x) financing statements for which proper termination statements have been delivered to the Collateral Trustee for filing and (y) financing statements filed in connection with Permitted Liens and (z) and precautionary financing
statement filings regarding operating leases; 
 (x) no authorization, approval or other action by, and no notice
to or filing with, any Governmental Authority or regulatory body is required for either (i) the pledge or grant by any Grantor of the Liens purported to be created in favor of the Collateral Trustee hereunder or (ii) the exercise by
Collateral Trustee of any rights or remedies in respect of any Collateral (whether specifically granted or created hereunder or created or provided for by applicable law), except (A) as set forth in clause (vii) above and (B) as may
be required, in connection with the disposition of any Investment Related Property, by laws generally affecting the offering and sale of Securities; 
 (xi) all information supplied by any Grantor with respect to any of the Collateral pursuant to the Loan Documents (in each case taken as a whole with respect to any particular Collateral) is accurate and
complete in all material respects; 
 (xii) none of the Collateral constitutes, or is the Proceeds of, “farm
products” (as defined in the UCC); 

  
 11 

 (xiii) it does not own any “as extracted collateral” (as defined
in the UCC) or any timber to be cut; 
 (xiv) Except as described on Schedule 4.01(D), such Grantor has not
become bound as a debtor, either by contract or by operation of law, by a security agreement previously entered into by another Person; and 
 (xv) Such Grantor has been duly organized as an entity of the type as set forth opposite such Grantor’s name on Schedule 4.01(A) solely under the laws of the jurisdiction as set forth opposite such
Grantor’s name on Schedule 4.01(A) and remains duly existing as such. Such Grantor has not filed any certificates of domestication, transfer or continuance in any other jurisdiction. 

(b) Covenants and Agreements. Each Grantor hereby covenants and agrees that: 

(i) except for the security interest created by this Agreement, it shall not create or suffer to exist any Lien upon or
with respect to any of the Collateral, except Permitted Liens, and such Grantor shall defend the Collateral against all Persons at any time claiming any interest therein; 

(ii) it shall not produce, use or permit any Collateral to be used unlawfully or in violation of any provision of this
Agreement or any applicable statute, regulation or ordinance or any policy of insurance covering the Collateral; 

(iii) it shall not change such Grantor’s name, identity, corporate structure (e.g., by merger, consolidation, change
in corporate form or otherwise), sole place of business (or principal residence if such Grantor is a natural person), chief executive office, type of organization or jurisdiction of organization or establish any trade names unless it shall have
(a) notified the Collateral Trustee in writing, by executing and delivering to the Collateral Trustee a completed Pledge Supplement together with all Supplements to Schedules thereto, at least five (5) days prior to any such change or
establishment, identifying such new proposed name, identity, corporate structure, sole place of business (or principal residence if such Grantor is a natural person), chief executive office, jurisdiction of organization or trade name and providing
such other information in connection therewith as the Collateral Trustee may reasonably request and (b) taken all actions necessary or advisable to maintain the continuous validity, perfection and the same or better priority of the Collateral
Trustee’s security interest in the Collateral intended to be granted and agreed to hereby; 
 (iv)
[Intentionally Omitted]; 
 (v) it shall pay promptly when due all material property and other taxes, assessments
and governmental charges or levies imposed upon, and all claims (including claims for labor, materials and supplies) against, the Collateral, except to the extent the validity thereof is being contested in good faith; provided, such Grantor shall in
any event pay such taxes, assessments, charges, levies or claims not later than five (5) days prior to the date of any proposed sale under any judgment, writ or warrant of attachment entered or filed against such Grantor or any of the
Collateral as a result of the failure to make such payment; 

  
 12 

 (vi) upon such Grantor or any officer of such Grantor obtaining knowledge
thereof, it shall promptly notify the Collateral Trustee in writing of any event that may have a Material Adverse Effect on the value of the Collateral or any portion thereof, the ability of any Grantor or the Collateral Trustee to dispose of the
Collateral or any portion thereof, or the rights and remedies of the Collateral Trustee in relation thereto, including, without limitation, the levy of any legal process against the Collateral or any portion thereof; 

(vii) it shall not take or permit any action which could reasonably be expected to impair the Collateral Trustee’s
rights in the Collateral; and 
 (viii) it shall not sell, transfer or assign (by operation of law or otherwise)
any Collateral, except for Inventory sold in the ordinary course of business or as otherwise expressly permitted by the Indenture. 
 Section 4.02 Equipment and Inventory. 
 (a) Representations and
Warranties. Each Grantor hereby represents and warrants, on the Closing Date and on the date of issuance of Additional Notes, if any, pursuant to and as contemplated by the terms of the Indenture until termination of this Agreement pursuant to
Article IX hereof, that: 
 (i) any Goods now or hereafter produced by any Grantor included in the Collateral
have been and will be produced in compliance with the requirements of the Fair Labor Standards Act, as amended; and 
 (ii) [Intentionally omitted] 
 (b) Covenants and Agreements. Each Grantor
covenants and agrees that: 
 (i) it shall keep the Equipment, Inventory and any Documents evidencing any
Equipment and Inventory in the locations specified on Schedule 4.02, other than in-transit Inventory and equipment out for repair (as such schedule may be amended or supplemented by the Grantors in writing, from time to time, but in any event,
no less frequently than monthly) unless it shall have (a) notified the Collateral Trustee in writing, by executing and delivering to the Collateral Trustee a completed Pledge Supplement together with all Supplements to Schedules thereto, at
least five (5) days prior to any change in locations, identifying such new locations and providing such other information in connection therewith as the Collateral Trustee may reasonably request and (b) taken all actions necessary or
advisable to maintain the continuous validity, perfection and the same or better priority of the Collateral Trustee’s security interest in the Collateral intended to be granted and agreed to hereby, or to enable the Collateral Trustee to
exercise and enforce its rights and remedies hereunder, with respect to such Equipment and Inventory; 
 (ii) it
shall keep correct and accurate records of the Inventory, itemizing and describing the kind, type and quantity of Inventory, such Grantor’s cost therefor and (where applicable) the current list prices for the Inventory, in each case, in
reasonable detail; and 
 (iii) [Intentionally omitted] 

  
 13 

 (iv) [Intentionally omitted]; and 

(v) with respect to any item of Equipment which is covered by a certificate of title under a statute of any jurisdiction
under the law of which indication of a security interest on such certificate is required as a condition of perfection thereof, upon the reasonable request of the Collateral Trustee, but subject to the terms and conditions set forth in the
Intercreditor Agreement, (A) provide information with respect to any such Equipment, (B) execute and file with the registrar of motor vehicles or other appropriate authority in such jurisdiction an application or other document requesting
the notation or other indication of the security interest created hereunder on such certificate of title, and (C) deliver to the Collateral Trustee copies of all such applications or other documents filed during such calendar quarter and copies
of all such certificates of title issued during such calendar quarter indicating the security interest created hereunder in the items of Equipment covered thereby; provided, that no Grantor shall be required to request a notation or other
indication of security interest with respect to any motor vehicles owned by the Grantors with a value of less than $200,000 in the aggregate at any time. 
 Section 4.03 [Intentionally Omitted.] 
 Section 4.04 Investment Related
Property. 
 (a) Covenants and Agreements. Each Grantor hereby covenants and agrees that: 

(i) in the event it acquires rights in any Investment Related Property after the date hereof, it shall deliver to the
Collateral Trustee a completed Pledge Supplement together with all Supplements to Schedules thereto, reflecting such new Investment Related Property and all other Investment Related Property. Notwithstanding the foregoing, it is understood and
agreed that the security interest of the Collateral Trustee shall attach to all Investment Related Property immediately upon any Grantor’s acquisition of rights therein and shall not be affected by the failure of any Grantor to deliver a
supplement to Schedule 4.05 as required hereby; 
 (ii) except as provided in the next sentence, in the event
such Grantor receives any dividends, interest or distributions on any Investment Related Property, or any securities or other property upon the merger, consolidation, liquidation or dissolution of any issuer of any Investment Related Property, then
(a) such dividends, interest or distributions and securities or other property shall be included in the definition of Collateral without further action and (b) subject to the terms and conditions set forth in the Intercreditor Agreement,
such Grantor shall immediately take all steps, if any, necessary or advisable to ensure the validity, perfection, priority and, if applicable, control of the Collateral Trustee over such Investment Related Property and pending any such action such
Grantor shall be deemed to hold such dividends, interest, distributions, securities or other property in trust for the benefit of the Collateral Trustee and shall segregate such dividends, distributions, Securities or other property from all other
property of such Grantor. Notwithstanding the foregoing, so long as no Event of Default shall have occurred and be continuing, the Collateral Trustee authorizes each Grantor to retain all ordinary cash dividends and distributions paid in the normal
course of the business of the issuer and consistent with the past practice of the issuer and all scheduled payments of interest; and 

  
 14 

 (iii) each Grantor consents to the grant by each other Grantor to the
Collateral Agent of a Security Interest in all Investment Related Property. 
 (b) [Intentionally Omitted(i).] 

(c) Voting and Distributions. From and after the Discharge of the First Lien Obligations: 

(i) So long as no Event of Default shall have occurred and be continuing: 

(1) except as otherwise provided under the covenants and agreements relating to Investment Related Property in this
Agreement or elsewhere herein or in the Indenture, each Grantor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Investment Related Property or any part thereof for any purpose
not inconsistent with the terms of this Agreement or the Indenture; provided, no Grantor shall exercise or refrain from exercising any such right if in the Grantor’s judgment, such action would have a Material Adverse Effect on the value of the
Investment Related Property or any part thereof; it being understood, however, that neither the voting by such Grantor of any Pledged Stock for, or such Grantor’s consent to, the election of directors (or similar governing body) at a regularly
scheduled annual or other meeting of stockholders or with respect to incidental matters at any such meeting, nor such Grantor’s consent to or approval of any action otherwise permitted under this Agreement and the Indenture, shall be deemed
inconsistent with the terms of this Agreement or the Indenture within the meaning of this Section 4.04(c)(i)(1), and no notice of any such voting or consent need be given to the Collateral Trustee; and 

(2) the Collateral Trustee shall promptly execute and deliver (or cause to be executed and delivered) to each Grantor all
proxies, and other instruments as such Grantor may from time to time reasonably request for the purpose of enabling such Grantor to exercise the voting and other consensual rights when and to the extent which it is entitled to exercise pursuant to
clause (1) above; 
 (3) Upon the occurrence and during the continuation of an Event of Default, unless
otherwise elected or consented to in writing by the Collateral Trustee: 
 (A) all rights of each Grantor to
exercise or refrain from exercising the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall cease and all such rights shall thereupon become vested in the Collateral Trustee who shall thereupon
have the sole right to exercise such voting and other consensual rights; and 
 (B) in order to permit the
Collateral Trustee to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be entitled to receive hereunder: (1) each Grantor
shall promptly execute and deliver (or cause to be executed and delivered) to the 

  
 15 

 
Collateral Trustee all proxies, dividend payment orders and other instruments as the Collateral Trustee may from time to time reasonably request and (2) each Grantor acknowledges that the
Collateral Trustee may utilize the power of attorney set forth in Section 6.01. 
 Section 4.05 Pledged Equity
Interests. 
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date
and on the date of issuance of Additional Notes, if any, pursuant to and as contemplated by the terms of the Indenture until termination of this Agreement pursuant to Article IX hereof, that: 

(i) Schedule 4.05(A) (as such schedule may be amended or supplemented from time to time) sets forth under the headings
“Pledged Stock, “Pledged LLC Interests,” “Pledged Partnership Interests” and “Pledged Trust Interests,” respectively, all of the Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust
Interests owned by any Grantor and such Pledged Interests constitute the percentage of issued and outstanding shares of stock, percentage of membership interests, percentage of partnership interests or percentage of beneficial interest of the
respective issuers thereof indicated on such Schedule; 
 (ii) except as set forth on Schedule 4.05(B) (as such
schedule may be amended or supplemented from time to time), it has not acquired any equity interests of another entity or substantially all the assets of another entity within the past five (5) years; 

(iii) it is the record and beneficial owner of the Pledged Interests free of all Liens, rights or claims of other Persons
other than Permitted Liens and there are no outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the
issuance or sale of, any Pledged Interests; 
 (iv) without limiting the generality of Section 4.01(a)(v),
no consent of any Person including any other general or limited partner, any other member of a limited liability company, any other shareholder or any other trust beneficiary is necessary in connection with the creation, perfection or priority
status of the security interest of the Collateral Trustee in any Pledged Interests or the exercise by the Collateral Trustee of the voting or other rights provided for in this Agreement or the exercise of remedies in respect thereof; and 

(v) none of the Pledged LLC Interests nor Pledged Partnership Interests are or represent interests in issuers that:
(a) are registered as investment companies, (b) are dealt in or traded on securities exchanges or markets, (c) have opted to be treated as securities under the uniform commercial code of any jurisdiction unless to the extent that
Section 4.04(b) has been complied with in respect of such Pledged LLC Interests or Pledged Partnership Interests. 
 (b)
Covenants and Agreements. Each Grantor hereby covenants and agrees that: 
 (i) it shall not vote to
enable or take any other action to: (a) amend or terminate any partnership agreement, limited liability company agreement, certificate of 

  
 16 

 
incorporation, by-laws or other organizational documents in any way that materially and adversely changes the rights of such Grantor with respect to any Investment Related Property or adversely
affects the validity, perfection or priority of the Collateral Trustee’s security interest, (b) permit any issuer of any Pledged Interest to issue any additional stock, partnership interests, limited liability company interests or other
equity interests of any nature or to issue securities convertible into or granting the right of purchase or exchange for any stock or other equity interest of any nature of such issuer, unless the same are pledged hereunder (c) other than as
permitted under the Indenture, permit any issuer of any Pledged Interest to dispose of all or a material portion of their assets, (d) waive any default under or breach of any terms of organizational document relating to the issuer of any
Pledged Interest or the terms of any Pledged Debt, or (e) cause any issuer of any Pledged Partnership Interests or Pledged LLC Interests which are not securities (for purposes of the UCC) on the date hereof to elect or otherwise take any action
to cause such Pledged Partnership Interests or Pledged LLC Interests to be treated as securities for purposes of the UCC; unless such Grantor has fully complied with Section 4.04(b); 

(ii) it shall comply with all of its obligations under any partnership agreement or limited liability company agreement
relating to Pledged Partnership Interests or Pledged LLC Interests and shall enforce all of its rights with respect to any Investment Related Property; 
 (iii) unless permitted under the Indenture, it shall not permit any issuer of any Pledged Interest to merge or consolidate unless (i) such issuer creates a security interest that is perfected by a
filed financing statement (that is not effective solely under section 9-508 of the UCC) in collateral in which such new debtor has or acquires rights, and (ii) all the outstanding capital stock or other equity interests of the surviving or
resulting corporation, limited liability company, partnership or other entity is, upon such merger or consolidation, pledged hereunder and no cash, securities or other property is distributed in respect of the outstanding equity interests of any
other constituent Grantor; provided that if the surviving or resulting Grantor upon any such merger or consolidation involving an issuer which is a Controlled Foreign Corporation, then such Grantor shall only be required to pledge equity
interests in accordance with Section 2.02; and 
 (iv) each Grantor consents to the grant by each other
Grantor of a security interest in all Investment Related Property to the Collateral Trustee and, without limiting the foregoing, consents to the transfer of any Pledged Partnership Interest and any Pledged LLC Interest to the Collateral Trustee or
its nominee following an Event of Default and to the substitution of the Collateral Trustee or its nominee as a partner in any partnership or as a member in any limited liability company with all the rights and powers related thereto. 

Section 4.06 Pledged Debt. 
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date and on the date of issuance of Additional Notes, if any, pursuant to and as contemplated by the
terms of the Indenture until termination of this Agreement pursuant to Article IX hereof, that Schedule 4.05 (as such schedule may be amended or supplemented from time to time) sets forth under the heading “Pledged Debt” all of the Pledged
Debt (unless issued by a Grantor) owned by any Grantor and all of such Pledged Debt has been duly authorized, authenticated or issued, and delivered and is the legal, valid and binding obligation of the issuers thereof and is not in default and
constitutes all of the issued and outstanding inter-company Indebtedness; 

  
 17 

 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that it shall
notify the Collateral Trustee of any default under any Pledged Debt that has caused, either in any individual case or in the aggregate, a Material Adverse Effect. 
 Section 4.07 Investment Accounts. 
 (a) Representations and
Warranties. Each Grantor hereby represents and warrants, on the Closing Date, that: 
 (i) Schedule 4.05
hereto (as such schedule may be amended or supplemented from time to time) sets forth under the headings “Securities Accounts” and “Commodities Accounts,” respectively, all of the Securities Accounts and Commodities Accounts in
which each Grantor has an interest. Each Grantor is the sole entitlement holder of each such Securities Account and Commodity Account, and such Grantor has not consented to, and is not otherwise aware of, any Person (other than the Collateral
Trustee having “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over, or any other interest in, any such Securities Account or Commodity Account or securities or other property credited thereto; 

(ii) Schedule 4.05 hereto (as such schedule may be amended or supplemented from time to time) sets forth under the
headings “Deposit Accounts” all of the Deposit Accounts in which each Grantor has an interest. Each Grantor is the sole account holder of each such Deposit Account and such Grantor has not consented to, and is not otherwise aware of, any
Person (other than the ABL Collateral Agent) having either sole dominion and control (within the meaning of common law) or “control” (within the meanings of Section 9-104 of the UCC) over, or any other interest in, any such Deposit
Account or any money or other property deposited therein; and 
 (iii) Each Grantor has taken all actions
necessary or desirable in accordance with the deadline set forth in Section 5.14 of the Credit Agreement, including those specified in Section 4.05(c), subject to the terms and conditions set forth in the Intercreditor Agreement, to:
(a) establish the ABL Collateral Agent’s “control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over any portion of the Investment Related Property constituting Certificated Securities, Uncertificated Securities,
Securities Accounts, Securities Entitlements or Commodities Accounts (each as defined in the UCC); (b) establish the ABL Collateral Agent’s “control” (within the meaning of Section 9-104 of the UCC) over all Deposit
Accounts; and (c) deliver all Instruments to the ABL Collateral Agent over such Investment Related Property. 
 (b)
Covenant and Agreement. Each Grantor hereby covenants and agrees with the Collateral Trustee and each other Secured Party that it shall not close or terminate any Investment Account (except if doing so shall not in the judgment of the Grantor
have a Material Adverse Effect) unless a successor or replacement account has been established with the consent of the Collateral Trustee with respect to which successor or replacement account a Control Agreement has been entered into by the
appropriate Grantor, Collateral Trustee and securities intermediary or depository institution at which such successor or replacement account is to be maintained in accordance with the provisions of Section 4.05(c). 

(c) Delivery and Control. Each Grantor shall have entered into a Control Agreement in accordance with the deadline set forth in
Section 5.14 of the Credit Agreement of 30 days after the date hereof, with respect to: (i) any Investment Related Property consisting of Securities Accounts or 

  
 18 

 
Securities Entitlements, and any Investment Related Property that is a “Deposit Account” (other than any Excluded Deposit Account), that exist on the Closing Date and (ii) any
Securities Accounts, Securities Entitlements or Deposit Accounts that are created or acquired after the Closing Date, as of or prior to the deposit or transfer of any such Securities Entitlements or funds, whether constituting moneys or investments,
into such Securities Accounts or Deposit Accounts, except, in each case, with respect to Excluded Deposit Accounts. With respect to any Securities Accounts or Securities Entitlements, in accordance with the deadline set forth in Section 5.14 of
the Credit Agreement of 30 days after the date hereof, it shall cause the securities intermediary maintaining such Securities Account or Securities Entitlement to enter into a Control Agreement pursuant to which such securities intermediary agrees
to comply with the “entitlement orders” given by the ABL Collateral Agent or, after Discharge of the First Lien Obligations, given by the Collateral Trustee, without further consent by such Grantor. With respect to any Deposit Account that
is not an Excluded Deposit Account, in accordance with the deadline set forth in Section 5.14 of the Credit Agreement of 30 days after the date hereof, it shall cause the depositary institution maintaining such account to enter into a Control
Agreement. 
 In addition to the foregoing, if any issuer of any Investment Related Property is located in a jurisdiction
outside of the United States, each Grantor shall take such additional actions, including, without limitation, causing the issuer to register the pledge on its books and records or making such filings or recordings, in each case as may be necessary
or advisable, under the laws of such issuer’s jurisdiction to insure the validity, perfection and priority of the security interest of the Collateral Trustee. Upon the occurrence of an Event of Default, the Collateral Trustee shall have the
right, without notice to any Grantor, (a) to transfer all or any portion of the Investment Related Property to its name or the name of its nominee or agent or (b) to exchange any certificates or instruments representing any Investment
Related Property for certificates or instruments of smaller or larger denominations. 
 Section 4.08 [Intentionally Omitted].

 Section 4.09 Letter of Credit Rights. 
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date and on the date of issuance of Additional Notes, if any, pursuant to and as contemplated by the
terms of the Indenture until termination of this Agreement pursuant to Article IX hereof, that: 
 (i) all
letters of credit for an amount in excess of $200,000 to which such Grantor has rights as a beneficiary is listed on Schedule 4.09 (as such schedule may be amended or supplemented from time to time) hereto; and 

(ii) it has obtained the consent of each issuer of any letter of credit for an amount in excess of $200,000 to the
assignment of the proceeds of the letter of credit to the Collateral Trustee. 
 (b) Covenants and Agreements. Each
Grantor hereby covenants and agrees that with respect to any letter of credit for an amount in excess of $200,000 hereafter arising as to which such Grantor has rights as a beneficiary, it shall, subject to the terms and conditions set forth in the
Intercreditor Agreement, obtain the consent of the issuer thereof to the assignment of the proceeds of the letter of credit to the Collateral Trustee and shall deliver to the Collateral Trustee a completed Pledge Supplement together with all
Supplements to Schedules thereto. 
 Section 4.10 Intellectual Property. 

  
 19 

 (a) Representations and Warranties. Except as disclosed in Schedule 4.10(H) (as such
schedule may be amended or supplemented from time to time), each Grantor hereby represents and warrants, on the Closing Date and on the date of issuance of Additional Notes, if any, pursuant to and as contemplated by the terms of the Indenture until
termination of this Agreement pursuant to Article IX hereof, that: 
 (i) Schedule 4.10 (as such schedule may be
amended or supplemented from time to time) sets forth a true and complete list of (i) all United States, state and foreign registrations of and applications for Patents, Trademarks, and Copyrights (including exclusive Copyright Licenses
pursuant to which such Grantor is an exclusive licensee) owned by each Grantor and (ii) all Patent Licenses, Trademark Licenses and Copyright Licenses material to the business of such Grantor; 

(ii) such Grantor is the sole and exclusive owner of the entire right, title, and interest in and to all Intellectual
Property listed on Schedule 4.10 (as such schedule may be amended or supplemented from time to time), and owns or has a license or other right to use all other material Intellectual Property necessary to conduct its business, free and clear of all
Liens and encumbrances, except for certain Permitted Liens; 
 (iii) all Intellectual Property owned by such
Grantor is subsisting and has not been adjudged invalid or unenforceable, in whole or in part, and each Grantor has performed all acts and has paid all renewal, maintenance, and other fees and taxes required to maintain each and every registration
and application of material Copyrights, Patents and Trademarks in full force and effect; 
 (iv) to such
Grantor’s knowledge, all Intellectual Property owned by such Grantor is valid and enforceable; no holding, decision, or judgment has been rendered in any action or proceeding before any court or administrative authority challenging the validity
of, such Grantor’s right to register, or such Grantor’s rights to own or use, any Intellectual Property owned by such Grantor and no such action or proceeding is pending or, to such Grantor’s knowledge, threatened; 

(v) all registrations and applications for Copyrights, Patents and Trademarks owned by such Grantor are standing in the
name of such Grantor and none of the material Trademarks, Patents, Copyrights or Trade Secrets owned by such Grantor has been licensed by any Grantor to any affiliate or third party, except as disclosed in Schedule 4.10(B), (D), (F), or (G) (as
each may be amended or supplemented from time to time); 
 (vi) to such Grantor’s knowledge, such Grantor
has been using appropriate statutory notice of registration in connection with its use of registered Trademarks, proper marking practices in connection with the use of Patents, and appropriate notice of copyright in connection with the publication
of Copyrights material to the business of such Grantor; 
 (vii) the conduct of such Grantor’s business does
not infringe, dilute, misappropriate or otherwise violate any Intellectual Property of a third party; no claim has been made in writing that the use of Intellectual Property by such Grantor violates the asserted rights of any third party, except to
the extent that such claims, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; 

  
 20 

 (viii) to each Grantor’s knowledge, no third party is infringing upon
or otherwise violating any rights in any material Intellectual Property owned or used by such Grantor, or any of its respective licensees; 
 (ix) to each Grantor’s knowledge, no settlement or consents, covenants not to sue, nonassertion assurances, or releases have been entered into by such Grantor or to which such Grantor is bound that
adversely affect such Grantor’s rights to own or use any material Intellectual Property; and 
 (x) except
for certain Permitted Liens, each Grantor has not made a previous assignment, sale, transfer or agreement constituting a present or future assignment, sale or transfer of any Intellectual Property that has not been terminated or released. Except for
certain Permitted Liens, there is no effective financing statement or other document or instrument now executed, or on file or recorded in any public office, granting a security interest in or otherwise encumbering any Intellectual Property of such
Grantor, other than in favor of the Collateral Trustee. 
 (b) Covenants and Agreements. Each Grantor hereby covenants
and agrees as follows: 
 (i) it shall not do any act or omit to do any act whereby any of the Intellectual
Property owned by such Grantor which is material to the business of Grantor may lapse, or become abandoned, dedicated to the public, or unenforceable, or which would adversely affect the validity, grant, or enforceability of the security interest
granted therein; 
 (ii) it shall not, with respect to any Trademarks owned by such Grantor which are material to
the business of any Grantor (excluding any Trademarks which such Grantor decides to cease using in its reasonable business judgment), cease the use of any of such Trademarks or fail to maintain the level of the quality of products sold and services
rendered under any of such Trademarks at a level at least substantially consistent with the quality of such products and services as of the date hereof, and each Grantor shall take all steps reasonably necessary to insure that licensees of such
Trademarks use such consistent standards of quality; 
 (iii) it shall promptly notify the Collateral Trustee if
it knows or has reason to know that any item of Intellectual Property that is material to the business of any Grantor may become (a) abandoned or dedicated to the public or placed in the public domain, (b) invalid or unenforceable, or
(c) subject to any adverse determination or development (including the institution of proceedings) in any action or proceeding in the United States Patent and Trademark Office, the United States Copyright Office, any state registry, any foreign
counterpart of the foregoing, or any court; 
 (iv) it shall take all reasonable steps in the United States
Patent and Trademark Office, the United States Copyright Office, any state registry or any foreign counterpart of the foregoing, to pursue any application and maintain any registration of each Trademark, Patent, and Copyright owned by such Grantor
and material to its business which is now or shall become included in the Collateral including, but not limited to, those items on Schedule 4.10(A), (C) and (E) (as each may be amended or supplemented from time to time), unless such
Grantor decides, in its reasonable business judgment, not to pursue or maintain such application or registration because such 

  
 21 

 
Trademark, Patent or Copyright is no longer necessary for or material to such Grantor’s business; 
 (v) in the event that any Intellectual Property owned by or exclusively licensed to such Grantor is infringed, misappropriated, or diluted or otherwise violated by a third party, such Grantor shall
promptly take all reasonable actions to stop such infringement, misappropriation, dilution or other violation and protect its rights in such Intellectual Property including, but not limited to, the initiation of a suit for injunctive relief and to
recover damages; 
 (vi) it shall report to the Collateral Trustee within five (5) Business Days after the
last day of the fiscal quarter during which the following occurs (but with respect to Copyrights, within 30 days of such occurrence); (i) such Grantor’s filing of any application to register any Intellectual Property with the United States
Patent and Trademark Office, the United States Copyright Office, or any state registry or foreign counterpart of the foregoing (whether such application is filed by such Grantor or through any agent, employee, licensee, or designee thereof) and
(ii) such Grantor’s registration of any Intellectual Property by any such office, in each case by executing and delivering to the Collateral Trustee a completed Pledge Supplement together with all Supplements to Schedules thereto;

 (vii) it shall execute and deliver to the Collateral Trustee any document that is necessary or appropriate to
acknowledge, confirm, register, record, or perfect the Collateral Trustee’s interest in any part of the Intellectual Property, whether now owned or hereafter acquired (including, but not limited to Trademark Security Agreements, Copyright
Security Agreements and Patent Security Agreements, in the form of Exhibits C, D and E, respectively); 
 (viii)
except as permitted under the Indenture, each Grantor shall not execute, and there will not be on file in any public office, any financing statement or other document or instruments, except financing statements or other documents or instruments
filed or to be filed in favor of the Collateral Trustee and except as permitted in the Indenture each Grantor shall not sell, assign, transfer, license, grant any option, or create or suffer to exist any Lien upon or with respect to the Intellectual
Property, except for the Lien created by and under this Agreement and the other Loan Documents; 
 (ix) it shall
hereafter use commercially reasonable efforts so as not to permit the inclusion in any contract to which it hereafter becomes a party of any provision that could or might in any way materially impair or prevent the creation of a security interest
in, or the assignment of, such Grantor’s rights and interests in any property included within the definitions of any Intellectual Property acquired under such contracts; 

(x) it shall take all steps reasonably necessary to protect the secrecy of all Trade Secrets, including, without
limitation, entering into confidentiality agreements with employees and labeling and restricting access to secret information and documents; 
 (xi) it shall use proper statutory notice in connection with its use of any of the Intellectual Property owned by such Grantor; and 

(xii) it shall continue to collect, at its own expense, all amounts due or to become due to such Grantor in respect of the
Intellectual Property owned by such Grantor 

  
 22 

 
or any portion thereof. In connection with such collections, each Grantor may take such action as such Grantor may deem reasonably necessary or advisable to enforce collection of such amounts.
Notwithstanding the foregoing, the Collateral Trustee shall have the right at any time, to notify, or require any Grantor to notify, any obligors with respect to any such amounts of the existence of the security interest created hereby. 

Section 4.11 Commercial Tort Claims. 
 (a) Representations and Warranties. Each Grantor hereby represents and warrants, on the Closing Date and on the date of issuance of Additional Notes, if any, pursuant to and as contemplated by the
terms of the Indenture until termination of this Agreement pursuant to Article IX hereof, that Schedule 4.11 (as such schedule may be amended or supplemented from time to time) sets forth all Commercial Tort Claims of each Grantor reasonably
expected to exceed $[500,000]; and 
 (b) Covenants and Agreements. Each Grantor hereby covenants and agrees that with
respect to any Commercial Tort Claim reasonably expected to exceed $[500,000] hereafter arising it shall deliver to the Collateral Trustee a completed Pledge Supplement together with all Supplements to Schedules thereto, identifying such new
Commercial Tort Claims. 
 ARTICLE V 
 RIGHT OF INSPECTION AND FURTHER ASSURANCES; ADDITIONAL GRANTORS 
 Section 5.01
Further Assurances. 
 (a) Each Grantor agrees that from time to time, at the expense of such Grantor, that it shall
promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary, or that the Collateral Trustee may reasonably request, in order to create and/or maintain the validity, perfection or priority of
and protect any security interest granted or purported to be granted hereby or to enable the Collateral Trustee to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the
foregoing, each Grantor shall: 
 (i) file such financing or continuation statements, or amendments thereto, and
execute and deliver such other agreements, instruments, endorsements, powers of attorney or notices, as may be necessary, or as the Collateral Trustee may reasonably request, in order to perfect and preserve the security interests granted or
purported to be granted hereby; 
 (ii) take all actions necessary to ensure the recordation of appropriate
evidence of the liens and security interests granted hereunder in the Intellectual Property owned by such Grantor and the registered Copyrights exclusively licensed to such Grantor with any intellectual property registry in which said Intellectual
Property is registered or in which an application for registration is pending including, without limitation, the United States Patent and Trademark Office, the United States Copyright Office, the various Secretaries of State, and the foreign
counterparts on any of the foregoing; 
 (iii) subject to Section 5.07 of the Credit Agreement at any
reasonable time, upon request by the Collateral Trustee, assemble the Collateral and allow inspection of 

  
 23 

 
the Collateral by the Collateral Trustee, or persons designated by the Collateral Trustee; and 
 (iv) at the Collateral Trustee’s request, appear in and defend any action or proceeding that may affect such Grantor’s title to or the Collateral Trustee’s security interest in all or any
part of the Collateral. 
 (b) Each Grantor hereby authorizes the Collateral Trustee to file a Record or Records, including,
without limitation, financing or continuation statements, and amendments thereto, in any jurisdictions and with any filing offices as the Collateral Trustee may determine, in its sole discretion, are necessary or advisable to perfect the security
interest granted to the Collateral Trustee herein. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other
manner necessary or advisable to ensure the perfection of the security interest in the Collateral granted to the Collateral Trustee herein, including, without limitation, describing such property as “all assets” or “all personal
property, whether now owned or hereafter acquired.” Each Grantor shall furnish to the Collateral Trustee from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the
Collateral as the Collateral Trustee may reasonably request, all in reasonable detail. In no event shall the foregoing authorization be deemed an obligation. 
 (c) Each Grantor hereby authorizes modification of this Agreement upon such Grantor’s signature to such modification by amending Schedule 4.10 (as such schedule may be amended or supplemented from
time to time) to include reference to any right, title or interest in any existing Intellectual Property or any Intellectual Property acquired or developed by any Grantor after the execution hereof or to delete any reference to any right, title or
interest in any Intellectual Property in which any Grantor no longer has or claims any right, title or interest. 
 (d)
[Intentionally Omitted]. 
 Section 5.02 Additional Grantors. From time to time subsequent to the date hereof, additional
Persons may become parties hereto as additional Grantors (each, an “Additional Grantor”), by executing a Joinder Agreement. Upon delivery of any such Joinder Agreement to the Collateral Trustee, notice of which is hereby waived by
Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto as if Additional Grantor were an original signatory hereto. Each Grantor expressly agrees that its Obligations arising hereunder shall not be affected or
diminished by the addition or release of any other Grantor hereunder, nor by any election of Collateral Trustee not to cause any Subsidiary of the Borrower to become an Additional Grantor hereunder. This Agreement shall be fully effective as to any
Grantor that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Grantor hereunder. 
 ARTICLE VI 
 COLLATERAL TRUSTEE APPOINTED ATTORNEY-IN-FACT 

Section 6.01 Power of Attorney. Each Grantor hereby irrevocably appoints the Collateral Trustee (such appointment being coupled
with an interest) as such Grantor’s attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor, the Collateral Trustee or otherwise, from time to time to take any action and to execute any
instrument that the Collateral Trustee may deem reasonably necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, the following: 

  
 24 

 (a) upon the occurrence and during the continuance of any Event of Default,
to obtain and adjust insurance required to be maintained by such Grantor or paid to the Collateral Trustee pursuant to the Indenture; 
 (b) upon the occurrence and during the continuance of any Event of Default, to ask for, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become
due under or in respect of any of the Collateral; 
 (c) upon the occurrence and during the continuance of any
Event of Default, to receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with clause (b) above; 
 (d) upon the occurrence and during the continuance of any Event of Default, to file any claims or take any action or institute any proceedings that the Collateral Trustee may deem necessary or desirable
for the collection of any of the Collateral or otherwise to enforce the rights of the Collateral Trustee with respect to any of the Collateral; 
 (e) to prepare and file any UCC financing statements against such Grantor as debtor; 
 (f) to prepare, sign, and file for recordation in any intellectual property registry, appropriate evidence of the lien and security interest granted herein in the Intellectual Property in the name of such
Grantor as debtor; 
 (g) to take or cause to be taken all actions necessary to perform or comply or cause
performance or compliance with the terms of this Agreement, including, without limitation, actions to pay or discharge taxes or Liens (other than Permitted Liens) levied or placed upon or threatened against the Collateral, the legality or validity
thereof and the amounts necessary to discharge the same to be determined by the Collateral Trustee in its sole discretion, any such payments made by the Collateral Trustee to become Obligations of such Grantor to the Collateral Trustee, due and
payable immediately without demand; and 
 (h) upon the occurrence and during the continuance of any Event of
Default, to generally to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Collateral Trustee were the absolute owner thereof for all purposes, and to do, at
the Collateral Trustee’s option and such Grantor’s expense, at any time or from time to time, all acts and things that the Collateral Trustee deems reasonably necessary to protect, preserve or realize upon the Collateral and the Collateral
Trustee’s security interest therein in order to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. 
 Section 6.02 No Duty on the Part of Collateral Trustee or Secured Parties. The powers conferred on the Collateral Trustee hereunder are solely to protect the interests of the Secured Parties in the
Collateral and shall not impose any duty upon the Collateral Trustee or any Secured Party to exercise any such powers. The Collateral Trustee and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the
exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

  
 25 

 ARTICLE VII 
 REMEDIES 
 Section 7.01 Generally. 

(a) If any Event of Default shall have occurred and be continuing, subject to the terms and conditions set forth in the Intercreditor
Agreement, the Collateral Trustee may exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it at law or in equity, all the rights and remedies of the Collateral Trustee on
default under the UCC (whether or not the UCC applies to the affected Collateral) to collect, enforce or satisfy any Secured Obligations then owing, whether by acceleration or otherwise, and also may pursue any of the following separately,
successively or simultaneously: 
 (i) require any Grantor to, and each Grantor hereby agrees that it shall at
its expense and promptly upon request of the Collateral Trustee forthwith, assemble all or part of the Collateral as directed by the Collateral Trustee and make it available to the Collateral Trustee at a place to be designated by the Collateral
Trustee that is reasonably convenient to both parties; 
 (ii) enter onto the property where any Collateral is
located and take possession thereof with or without judicial process; 
 (iii) prior to the disposition of the
Collateral, store, process, repair or recondition the Collateral or otherwise prepare the Collateral for disposition in any manner to the extent the Collateral Trustee deems appropriate; and 

(iv) without notice except as specified below or under the UCC, sell, assign, lease, license (on an exclusive or
nonexclusive basis) or otherwise dispose of the Collateral or any part thereof in one or more parcels at any public or private sale, at any of the Collateral Trustee’s offices or elsewhere, for cash, on credit or for future delivery, at such
time or times and at such price or prices and upon such other terms as the Collateral Trustee may deem commercially reasonable. 

(b) The Collateral Trustee or any Secured Party may be the purchaser of any or all of the Collateral at any public or private (to the
extent the portion of the Collateral being privately sold is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations) sale in accordance with the UCC and the Collateral Trustee, as
Collateral Trustee for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale made in accordance
with the UCC, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Collateral Trustee at such sale. Each purchaser at any such sale shall hold the property sold absolutely
free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule
of law or statute now existing or hereafter enacted. Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days written notice to such Grantor of the time and place of any public sale or the time
after which any private sale is to be made shall constitute reasonable notification. The Collateral Trustee shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Trustee may adjourn any
public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and 

  
 26 

 
place to which it was so adjourned. To the extent that applicable law imposes duties on the Administrative Agent, any Collateral Trustee or any Secured Party to exercise remedies in a
commercially reasonable manner (which duties cannot be waived under such law), each Grantor agrees that it would not be commercially unreasonable for the Collateral Trustee (i) to fail to incur expenses reasonably deemed necessary or
appropriate by the Collateral Trustee or any Secured Party to prepare Collateral for disposition or otherwise to complete raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain
third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to fail to obtain consents of any Governmental Authority or other third party for the collection or disposition of Collateral to be
collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors, secondary obligors or other Persons obligated on Collateral or to remove Liens or encumbrances on or any adverse claims against Collateral,
(iv) to exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through
publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as any Grantor, for expressions of interest in acquiring all or any
portion of the Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing Internet sites
that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets (ix) to dispose of assets in wholesale rather than retail markets,
(x) to disclaim disposition warranties, (xi) to purchase insurance or credit enhancements to insure the Collateral Trustee or the Secured Parties against risks of loss, collection or disposition of Collateral or to provide to the
Collateral Trustee or the Secured Parties a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by the Collateral Trustee, to obtain the services of other brokers, investment bankers,
consultants and other professionals to assist the Collateral Trustee in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section is to provide non-exhaustive indications of what actions or
omissions by the Collateral Trustee or any Secured Party would not be commercially unreasonable in the exercise by the Collateral Trustee or any Secured Party of remedies against the Collateral and that other actions or omissions by the Collateral
Trustee or the Secured Parties shall not be deemed commercially unreasonable solely on account of not being indicated in this Section. Without limitation of the foregoing, nothing contained in this Section shall be construed to grant any rights to
any Grantor or to impose any duties on the Collateral Trustee or the Secured Parties that would not have been granted or imposed by this Agreement or by applicable law in the absence of this Section. Each Grantor hereby waives any claims against the
Collateral Trustee and the Secured Parties arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the Collateral
Trustee accepts the first offer received and does not offer such Collateral to more than one offeree. If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured Obligations, the Grantors shall be
liable for the deficiency and the fees of any attorneys employed by the Collateral Trustee to collect such deficiency. Each Grantor further agrees that a breach of any of the covenants contained in this Section will cause irreparable injury to the
Collateral Trustee, that the Collateral Trustee has no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section shall be specifically enforceable against such Grantor, and such
Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no default has occurred giving rise to the Secured Obligations becoming due and payable prior to their
stated maturities. Nothing in this Section shall in any way alter the rights of the Collateral Trustee hereunder. 
 (c) The
Collateral Trustee may sell the Collateral without giving any warranties as to the Collateral. The Collateral Trustee may specifically disclaim or modify any warranties of title or the 

  
 27 

 
like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 

(d) The Collateral Trustee shall have no obligation to marshal any of the Collateral. 

Section 7.02 Application of Proceeds. Except as expressly provided elsewhere in this Agreement, and subject to the terms of the
Intercreditor Agreement, all proceeds received by the Collateral Trustee in respect of any sale, any collection from, or other realization upon all or any part of the Collateral shall be applied in full or in part by the Collateral Trustee in
accordance with the Indenture, and subject to the Intercreditor Agreement. 
 Section 7.03 Sales on Credit. If Collateral
Trustee sells any of the Collateral upon credit, Grantor will be credited only with payments actually made by purchaser and received by the Collateral Trustee and applied to indebtedness of the purchaser. In the event the purchaser fails to pay for
the Collateral, the Collateral Trustee may resell the Collateral and the Grantor shall be credited with proceeds of the sale. 

Section 7.04 [Intentionally Omitted.] 
 Section 7.05 Investment Related Property. Each Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws, the Collateral
Trustee may be compelled, with respect to any sale of all or any part of the Investment Related Property conducted without prior registration or qualification of such Investment Related Property under the Securities Act and/or such state securities
laws, to limit purchasers to those who will agree, among other things, to acquire the Investment Related Property for their own account, for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges that any
such private sale may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act) and,
notwithstanding such circumstances, each Grantor agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that the Collateral Trustee shall have no obligation to engage in public sales and no
obligation to delay the sale of any Investment Related Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state
securities laws, even if such issuer would, or should, agree to so register it. If the Collateral Trustee determines to exercise its right to sell any or all of the Investment Related Property, upon written request, each Grantor shall determine the
number and nature of interest, shares or other instruments included in the Investment Related Property which may be sold by the Collateral Trustee in exempt transactions under the Securities Act and the rules and regulations of the Securities and
Exchange Commission thereunder, as the same are from time to time in effect. 
 Section 7.06 Intellectual Property.

 (a) Anything contained herein to the contrary notwithstanding, upon the occurrence and during the continuation of an Event of
Default, but subject to the terms and conditions set forth in the Intercreditor Agreement: 
 (i) the Collateral
Trustee shall have the right (but not the obligation) to bring suit or otherwise commence any action or proceeding in the name of any Grantor, the Collateral Trustee or otherwise, in the Collateral Trustee’s sole discretion, to enforce any of
such Grantor’s rights in any Intellectual Property, in which event such Grantor shall, at the request of the Collateral Trustee, do any and all lawful acts and execute any and all 

  
 28 

 
documents required by the Collateral Trustee in aid of such enforcement and such Grantor shall promptly, upon demand, reimburse and indemnify the Collateral Trustee as provided in
Section 11.03 of the Credit Agreement in connection with the exercise of its rights under this Section, and, to the extent that the Collateral Trustee shall elect not to bring suit to enforce any Intellectual Property as provided in this
Section, each Grantor agrees to use all reasonable measures, whether by action, suit, proceeding or otherwise, to prevent the infringement, dilution, misappropriation or other violation of any of such Grantor’s rights in the Intellectual
Property by others and for that purpose agrees to diligently maintain any action, suit or proceeding against any Person so infringing, diluting, misappropriating, or otherwise violating such Intellectual Property as shall be necessary to prevent
such infringement, dilution, misappropriation or other violation; 
 (ii) upon written demand from the Collateral
Trustee, each Grantor shall grant, assign, convey or otherwise transfer to the Collateral Trustee an absolute assignment of all of such Grantor’s right, title and interest in and to the Intellectual Property and shall execute and deliver to the
Collateral Trustee such documents as are necessary or appropriate to carry out the intent and purposes of this Agreement; 
 (iii) each Grantor agrees that such a grant, conveyance, transfer, assignment and/or recording shall be applied to reduce the Secured Obligations outstanding only to the extent that the Collateral Trustee
(or any Secured Party) receives cash proceeds in respect of the sale of, or other realization upon, the Intellectual Property; and 
 (iv) the Collateral Trustee shall have the right to notify, or require each Grantor to notify, any obligors with respect to amounts due or to become due to such Grantor in respect of the Intellectual
Property of such Grantor, of the existence of the security interest created herein, to direct such obligors to make payment of all such amounts directly to the Collateral Trustee, and, upon such notification and at the expense of such Grantor, to
enforce collection of any such amounts and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done; 

(1) all amounts and proceeds (including checks and other instruments) received by any Grantor in respect of amounts due
to such Grantor in respect of the Collateral or any portion thereof shall be received in trust for the benefit of the Collateral Trustee hereunder, shall be segregated from other funds of such Grantor and shall be forthwith paid over or delivered to
the Collateral Trustee in the same form as so received (with any necessary endorsement) to be held as cash Collateral and applied as provided by Section 7.08 hereof; and 

(2) No grantor shall adjust, settle or compromise the amount or payment of any such amount or release wholly or partly
any obligor with respect thereto or allow any credit or discount thereon. 
 (b) If (i) an Event of Default shall have
occurred and, by reason of cure, waiver, modification, amendment or otherwise, no longer be continuing, (ii) no other Event of Default shall have occurred and be continuing, (iii) an assignment or other transfer to the Collateral Trustee
of any rights, title and interests in and to the Intellectual Property shall have been previously made and shall have become absolute and effective, and (iv) the Secured Obligations shall not have become immediately due and payable, upon the
written request of any Grantor, the Collateral Trustee shall promptly execute and deliver to such Grantor, at such Grantor’s sole cost and expense, such assignments or other transfer as 

  
 29 

 
may be necessary to reassign to such Grantor any such rights, title and interests as may have been assigned to the Collateral Trustee as aforesaid, subject to any disposition thereof that may
have been made by the Collateral Trustee; provided, after giving effect to such reassignment, the Collateral Trustee’s security interest granted pursuant hereto, as well as all other rights and remedies of the Collateral Trustee granted
hereunder, shall continue to be in full force and effect; and provided further, the rights, title and interests so reassigned shall be free and clear of any other Liens granted by or on behalf of the Collateral Trustee and the Secured
Parties. 
 (c) Solely for the purpose of enabling the Collateral Trustee to exercise rights and remedies under this Article 7
and at such time as the Collateral Trustee shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Collateral Trustee, to the extent it has the right to do so, an irrevocable, nonexclusive license
(exercisable without payment of royalty or other compensation to such Grantor), subject, in the case of Trademarks, to sufficient rights to quality control and inspection in favor of such Grantor to avoid the risk of invalidation of said Trademarks,
to use, operate under, license, or sublicense any Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located. 
 Section 7.07 Collection of Accounts and General Intangibles. Anything contained herein to the contrary notwithstanding, upon the occurrence and during the continuation of an Event of Default, the
Collateral Trustee or the Collateral Trustee’s designee may, subject to the terms and conditions set forth in the Intercreditor Agreement: (a) notify Account Debtors of any Grantor that the Accounts, General Intangibles or Chattel Paper of
such Grantor have been assigned to the Collateral Trustee, for the benefit of the Secured Parties, or that the Collateral Trustee has a security interest therein, and (b) collect the Accounts and General Intangibles of any Grantor directly, and
any collection costs and expenses shall constitute part of such Grantor’s Obligations under the Indenture. 
 Section 7.08
Cash Proceeds. Subject to the terms and conditions set forth in the Intercreditor Agreement, any cash, checks or other near-cash items (collectively, “Cash Proceeds”) received by the Collateral Trustee (whether from a Grantor
or otherwise): (i) if no Event of Default shall have occurred and be continuing, shall be held by the Collateral Trustee for the ratable benefit of the Secured Parties, as collateral security for the Secured Obligations (whether matured or
unmatured) in accordance with the provisions hereunder and (ii) if an Event of Default shall have occurred and be continuing, may, in the sole discretion of the Collateral Trustee, (A) be held by the Collateral Trustee for the ratable
benefit of the Secured Parties, as collateral security for the Secured Obligations (whether matured or unmatured) and/or (B) then or at any time thereafter may be applied by the Collateral Trustee against the Secured Obligations then due and
owing. 
 ARTICLE VIII 
 COLLATERAL TRUSTEE 
 The Collateral Trustee has been appointed to act as
Collateral Trustee under the Indenture by the Noteholders and, by their acceptance of the benefits hereof, the other Secured Parties. The Collateral Trustee shall be obligated, and shall have the right hereunder, to make demands, to give notices, to
exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without limitation, the release or substitution of Collateral), solely in accordance with this Agreement and the Indenture. In furtherance of
the foregoing provisions of this Section, each Secured Party, by its acceptance of the benefits hereof, agrees that it shall have no right individually to realize upon any of the Collateral hereunder, it being understood and agreed by such Secured
Party that all rights and remedies hereunder may be exercised solely by the Collateral Trustee for the benefit of Secured Parties in accordance with the terms of this Section. 

  
 30 

 ARTICLE IX 
 CONTINUING SECURITY INTEREST; TRANSFER OF LOANS 
 This Agreement shall create a continuing
security interest in the Collateral and shall remain in full force and effect until the payment in full of all Secured Obligations, be binding upon each Grantor, its successors and assigns, and inure, together with the rights and remedies of the
Collateral Trustee hereunder, to the benefit of the Collateral Trustee and its successors, transferees and assigns. Without limiting the generality of the foregoing, but subject to the terms of the Indenture, any Noteholder may assign or otherwise
transfer any Notes held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to the Secured Parties herein or otherwise. Upon the payment in full of all Secured Obligations,
the security interest granted hereby shall terminate hereunder and of record and all rights to the Collateral shall revert to the Grantors. Upon any such termination the Collateral Trustee shall, at the Grantors’ expense, execute and deliver to
the Grantors such documents as the Grantors shall reasonably request to evidence such termination. Upon the release of any Lien on any Collateral in favor of the Collateral Trustee pursuant to the terms of the Indenture, such Collateral shall
automatically be released from the Liens created by this Agreement. 
 ARTICLE X 

STANDARD OF CARE; COLLATERAL TRUSTEE MAY PERFORM 
 The powers conferred on the Collateral Trustee hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of
reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Trustee shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve
rights against prior parties or any other rights pertaining to any Collateral. The Collateral Trustee shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession if such Collateral is accorded
treatment substantially equal to that which the Collateral Trustee accords its own property. Neither the Collateral Trustee nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or
any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or otherwise. If any Grantor fails to perform any agreement contained herein, the
Collateral Trustee may itself perform, or cause performance of, such agreement, and the expenses of the Collateral Trustee incurred in connection therewith shall be payable by each Grantor, but in no event shall the Collateral Trustee be obligated
to so perform. 
  

	 	(a)	In no event shall the Collateral Trustee be charged with knowledge of compliance with or monitoring of the representations, warranties and covenants contained herein,
unless it receives actual notice of compliance or non-compliance by the performing party, including but not limited to whether or not dollar thresholds requiring pledge supplements with respect to letters of credit, tort claims or control agreements
are met; nor shall the Collateral Trustee be charged with knowledge of dates or other terms set forth in the Credit Agreement. 

  

	 	(b)	 In no event shall the Collateral Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of god, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Collateral Trustee shall use reasonable efforts

  
 31 

	 	
which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

 

	 	(c)	Anything in this Agreement to the contrary notwithstanding, in no event shall the Collateral Agent be liable under or in connection with this Agreement for indirect,
special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, irrespective of the likelihood of such loss or damage and regardless of the form of action. 

 

	 	(d)	The Collateral Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Agreement sent by unsecured e-mail, facsimile transmission or
other similar unsecured electronic methods. If the party elects to give the Collateral Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Collateral Trustee in its discretion elects to act upon such
instructions, the Collateral Trustee’s understanding of such instructions shall be deemed controlling absent manifest error. The Collateral Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Collateral Trustee’s reasonable reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to
assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Collateral Trustee, including without limitation the risk of the Collateral Trustee acting on unauthorized instructions, and the risk or
interception and misuse by third parties. 

  

	 	(e)	The Grantors and the Issuers, jointly and severally, shall defend, indemnify, and hold harmless the Collateral Trustee (which for purposes of this paragraph
(e) shall be deemed to include its officers, directors, employees and agents) from and against any claims, demands, penalties, fines, liabilities, settlements, damages or reasonable costs or expenses of whatever kind or nature, known or
unknown, contingent or otherwise, arising out of the following in respect of the Collateral: (w) the presence, disposal, release, or threatened release of any Hazardous Materials which are on, from, or affecting the soil, water, vegetation,
buildings, personal property, persons or animals; (x) any personal injury (including wrongful death) or property damage (real or personal) arising out of or related to such Hazardous Materials; (y) any lawsuit brought or threatened,
settlement reached, or government order relating to such Hazardous Materials, and/or (z) any violation of laws, orders, regulations, requirements or demands of government authorities, which are based upon or in any way related to such Hazardous
Materials including, reasonable attorney and consultant fees and expenses, reasonable investigation and laboratory fees, court costs, and reasonable litigation expenses, except, in each case, where such claims, demands, penalties, fines,
liabilities, settlements, damages, costs or expenses arise solely from the negligence, bad faith or willful misconduct of the Collateral Trustee as determined in a final, non-appealable order of a court of competent jurisdiction. For purposes of
this paragraph, “Hazardous Materials” includes radioactive materials, hazardous materials, hazardous wastes, hazardous or toxic substances defined in the U.S. Comprehensive Environmental Response, Compensation, and Liability Act of 1980,
as amended (42 U.S.C. §9601, et. seq.) (“CERCLA”), the Hazardous Materials Transportation Act, as amended (49 U.S.C. Sections 5108, et seq.), the Resource Conservation and Recovery Act, as amended (42 U.S.C. Sections 6901, et seq.),
and in the regulations adopted and publications promulgated pursuant thereto, or any other Federal, state or local environmental law, ordinance, rule, or regulation. The provisions of this paragraph shall be in addition to any and all other
obligations and liabilities Holdings may have to the Collateral Trustee at common law, and shall survive the termination of this Agreement, and the resignation or removal of the Trustee. 

  
 32 

	 	(f)	The Issuers and the Grantors will, jointly and severally, indemnify the Collateral Trustees against any and all losses, liabilities or expenses incurred by either of
them arising out of or in connection with the acceptance or administration of its duties under this Agreement, including the costs and expenses of enforcing this Agreement against the Issuers and the Grantors (including this Section) and defending
itself against any claim (whether asserted by the Issuers, the Grantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss,
liability or expense may be attributable to its negligence or willful misconduct. The Collateral Trustee will notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the Collateral Trustee to so notify the Issuers will
not relieve the Issuers or any of the Grantors of their obligations hereunder. The Issuers or such Grantor will defend the claim and the Collateral Trustee will cooperate in the defense. The Collateral Trustee may have separate counsel and the
Issuers will pay the reasonable fees and expenses of such counsel. Neither the Issuers nor any Grantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. This provision shall survive the
termination of this Agreement. 

  

	 	(g)	For the avoidance of doubt, in addition to the foregoing, each of the Collateral Trustees hereunder shall have the rights, protections and immunities granted to them
under the Indenture, and such are incorporated by reference herein. 

 ARTICLE XI 

MISCELLANEOUS 
 Any notice
required or permitted to be given under this Agreement shall be given in accordance with Section 13.01 of the Indenture. No failure or delay on the part of the Collateral Trustee in the exercise of any power, right or privilege hereunder or
under the Indenture shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise
thereof or of any other power, right or privilege. All rights and remedies existing under this Agreement and the Indenture are cumulative to, and not exclusive of, any rights or remedies otherwise available. In case any provision in or obligation
under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any
way be affected or impaired thereby. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would
otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. This Agreement shall be binding upon and inure to the benefit of the Collateral
Trustee and Grantors and their respective successors and assigns. No Grantor shall assign any right, duty or obligation hereunder if in such Grantor’s judgment such assignment shall have a Material Adverse Effect. This Agreement and the
Indenture embody the entire agreement and understanding between Grantors and the Collateral Trustee and supersede all prior agreements and understandings between such parties relating to the subject matter hereof and thereof. Accordingly, neither
this Agreement nor the Indenture may be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties. This Agreement may be executed in one or more
counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may
be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. 

  
 33 

 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAW AND RULES. THE
COLLATERAL TRUSTEE SHALL HAVE NO RESPONSIBILITY FOR THE PREPARATION OR FILING OF FINANCING STATEMENTS OR FOR OTHERWISE MAINTAINING THE PERFECTION OF THE LIEN IN THE COLLATERAL HEREUNDER. 
 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 34 

 IN WITNESS WHEREOF, each Grantor and the Collateral Trustee have caused this Agreement to be
duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	
	PRETIUM PACKAGING, L.L.C.
		
	By:	 	 /s/ George A. Abd

		 	Name: George A. Abd
		 	Title: President and Chief Executive Officer
	
	PRETIUM FINANCE, INC.,
		
	By:	 	 /s/ George A. Abd

		 	Name: George A. Abd
		 	Title: President
	
	PVC CONTAINER CORPORATION,
		
	By:	 	 /s/ George A. Abd

		 	Name: George A. Abd
		 	Title: President
	
	ROBB CONTAINER CORPORATION,
		
	By:	 	 /s/ George A. Abd

		 	Name: George A. Abd
		 	Title: President
	
	AIROPAK CORPORATION,
		
	By:	 	 /s/ George A. Abd

		 	Name: George A. Abd
		 	Title: President
	
	NOVAPAK CORPORATION,
		
	By:	 	 /s/ George A. Abd

		 	Name: George A. Abd
		 	Title: President

 Signature page to Security Agreement (Notes) 

 
			
	MONT ROYAL, L.L.C.
		
	By:	 	 /s/ George A. Abd

		 	Name: George A. Abd
		 	Title: President
	
	MR GRANTOR TRUST
		
	By:	 	 /s/ George A. Abd

		 	Name: George A. Abd
		 	Title: Trustee

 Signature page to Security Agreement (Notes) 

 
			
	 THE BANK OF NEW YORK MELLON TRUST

COMPANY, N.A.,

	as the Collateral Trustee
		
	By:	 	 /s/ Sharon McGrath

		 	Name: Sharon McGrath
		 	Title: Vice President

 Signature page to Security Agreement (Notes) 

 **SCHEDULE 4.01 
 TO SECURITY AGREEMENT 
 GENERAL INFORMATION 

 

	(A)	Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Sole Place of Business (or Residence if Grantor is a Natural Person) and
Organizational Identification Number of each Grantor: 

  

									
	 Full Legal Name
	 	 Type of

Organization
	 	 Jurisdiction of

Organization
	 	 Chief Executive
 Office/Sole Place
 of Business (or

Residence if

Grantor is a
 Natural Person)
	 	 Organization I.D.#

		 		 		 		 	

  

	(B)	Other Names (including any Trade-Name or Fictitious Business Name) under which each Grantor has conducted business for the past five (5) years:

  

			
	 Name of Grantor
	  	 Trade Name or Fictitious Business Name

		  	

  

	(C)	Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of Business (or Principal Residence if Grantor is a Natural Person) and Corporate
Structure within past five (5) years: 

  

					
	 Full Legal Name
	  	 Date of Change
	  	 Description of Change

		  		  	

  

	(D)	Agreements pursuant to which any Grantor is found as debtor within past five (5) years: 

 

			
	 Name of Grantor
	  	 Description of Agreement

		  	

  

	(E)	Financing Statements: 

  

			
	 Name of Grantor
	  	 Filing Jurisdiction(s)

		  	

  
 SCHEDULE
4.01-1 

 SCHEDULE 4.02 
 TO SECURITY AGREEMENT 
  

			
	 Name of Grantor
	 	 Location of Equipment and Inventory

  
 SCHEDULE
4.02-1 

 SCHEDULE 4.05 
 TO SECURITY AGREEMENT 
 INVESTMENT RELATED PROPERTY 

 

	(A)	Pledged Stock: 

  

															
	 Grantor
	 	 Stock

Issuer
	 	 Class of

Stock
	 	 Certificated

(Y/N)
	 	 Stock
 Certificate
 No.
	 	 Par

Value
	 	 No. of
 Pledged
 Stock
	 	 % of
 Outstanding
 Stock of the

Stock Issuer

	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 Pledged LLC Interests: 

 

											
	 Grantor
	 	 Limited Liability
Company
	 	 Certificated

(Y/N)
	 	 Certificate No.

(if any)
	 	 No. of Pledged

Units
	 	 % of
 Outstanding
 LLC Interests

of the Limited

Liability
 Company

	  	 	  	 	  	 	  	 	  	 	  

 Pledged Partnership Interests: 

 

											
	 Grantor
	 	 Partnership
	 	 Type of
 Partnership
 Interests (e.g.,

general or
 limited)
	 	 Certificated

(Y/N)
	 	 Certificate No.

(if any)
	 	 % of
 Outstanding
 Partnership

Interests of the
Partnership

		 		 		 		 		 	

 Pledged Trust Interests: 
  

											
	 Grantor
	 	 Trust
	 	 Class of Trust

Interests
	 	 Certificated

(Y/N)
	 	 Certificate No.

(if any)
	 	 % of
 Outstanding
 Trust Interests

of the Trust

		 		 		 		 		 	

 Pledged Debt: 
  

											
	 Grantor
	 	 Issuer
	 	 Original
 Principal
 Amount
	 	 Outstanding
 Principal
 Balance
	 	 Issue Date
	 	 Maturity Date

		 		 		 		 		 	

  
 EXHIBIT 4.05-1

 Securities Account: 
  

							
	 Grantor
	 	 Share of Securities

Intermediary
	 	 Account Number
	 	 Account Name

		 		 		 	

 Commodities Accounts: 
  

							
	 Grantor
	 	 Name of Commodities

Intermediary
	 	 Account Number
	 	 Account Name

	  	 	 	 	 	 	 

 Deposit Accounts: 

 

							
	 Grantor
	 	 Name of Depositary

Bank
	 	 Account Number
	 	 Account Name

	  	 	 	 	 	 	 

 (B) 
  

					
	 Name of Grantor
	 	 Date of Acquisition
	 	 Description of Acquisition

	  	 	 	 	 

  
 EXHIBIT 4.05-2

 SCHEDULE 4.08 
 TO SECURITY AGREEMENT 
  

			
	 Name of Grantor
	 	 Description of Material Contract

  
 SCHEDULE
4.08-1 

 SCHEDULE 4.09 
 TO SECURITY AGREEMENT 
  

			
	 Name of Grantor
	 	 Description of Letters of Credit

  
 SCHEDULE
4.09-1 

 SCHEDULE 4.10 
 TO SECURITY AGREEMENT 
 INTELLECTUAL PROPERTY 

 

	(A)	Copyrights 

  

	(B)	Copyright Licenses 

  

	(C)	Patents 

  

	(D)	Patent Licenses 

  

	(E)	Trademarks 

  

	(F)	Trademark Licenses 

  

	(G)	Trade Secret Licenses 

  

	(H)	Intellectual Property Exceptions 

  
 SCHEDULE
4.10-1 

 SCHEDULE 4.11 
 TO SECURITY AGREEMENT 
  

			
	 Name of Grantor
	 	 Commercial Tort Claims

  
 SCHEDULE
4.11-1 

 EXHIBIT A 
 TO SECURITY AGREEMENT 
 PLEDGE SUPPLEMENT 

This PLEDGE SUPPLEMENT, dated [mm/dd/yy], is delivered pursuant to the Security Agreement, dated as of March 31, 2011
(as it may be from time to time amended, restated, modified or supplemented, the “Security Agreement”), between PRETIUM PACKAGING, L.L.C., a Delaware limited liability company, PRETIUM FINANCE, INC., a Delaware corporation,
the other Grantors party thereto from time to time, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Collateral Trustee for the Secured Parties. Capitalized terms used herein not otherwise defined herein shall have the meanings ascribed
thereto in the Security Agreement. 
 Grantor hereby confirms the grant to the Collateral Trustee set forth in the Security
Agreement of, and does hereby grant to the Collateral Trustee, a security interest in all of Grantor’s right, title and interest in and to all Collateral to secure the Secured Obligations, in each case whether now or hereafter existing or in
which Grantor now has or hereafter acquires an interest and wherever the same may be located. Grantor represents and warrants that the attached Supplements to Schedules accurately and completely set forth all additional information required pursuant
to the Security Agreement and hereby agrees that such Supplements to Schedules shall constitute part of the Schedules to the Security Agreement. 
 IN WITNESS WHEREOF, Grantor has caused this Pledge Supplement to be duly executed and delivered by its duly authorized officer as of [mm/dd/yy]. 

 

			
	[NAME OF GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT A-1

 SUPPLEMENT TO SCHEDULE 4.01 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

	(A)	Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Sole Place of Business (or Residence if Grantor is a Natural Person) and
Organizational Identification Number of each Grantor: 

  

									
	 Full Legal Name
	 	 Type of

Organization
	 	 Jurisdiction of

Organization
	 	 Chief Executive
 Office/Sole Place
 of Business (or

Residence if

Grantor is a
 Natural Person)
	 	 Organization I.D.#

		 		 		 		 	

  

	(B)	Other Names (including any Trade-Name or Fictitious Business Name) under which each Grantor has conducted business for the past five (5) years:

  

			
	 Name of Grantor
	 	 Trade Name or Fictitious Business Name

		 	

  

	(C)	Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of Business (or Principal Residence if Grantor is a Natural Person) and Corporate
Structure within past five (5) years: 

  

					
	 Name of Grantor
	  	 Date of Change
	  	 Description of Change

		  		  	

  

	(D)	Agreements pursuant to which any Grantor is found as debtor within past five (5) years: 

 

			
	 Name of Grantor
	 	 Description of Agreement

		 	

  

	(E)	Financing Statements: 

  

			
	 Name of Grantor
	 	 Filing Jurisdiction(s)

		 	

  
 EXHIBIT A-2

 SUPPLEMENT TO SCHEDULE 4.02 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

			
	 Name of Grantor
	 	 Location of Equipment and Inventory

  
 EXHIBIT A-3

 SUPPLEMENT TO SCHEDULE 4.05 

TO SECURITY AGREEMENT 
 Additional
Information: 
 (A) 
 Pledged Stock:

 Pledged Partnership Interests: 

Pledged LLC Interests: 
 Pledged Trust
Interests: 
 Pledged Debt: 

Securities Account: 
 Commodities Accounts:

 Deposit Accounts: 
 (B) 

 

					
	 Name of Grantor
	 	 Date of Acquisition
	 	 Description of Acquisition

  
 EXHIBIT A-4

 SUPPLEMENT TO SCHEDULE 4.08 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

			
	 Name of Grantor
	 	 Description of Material Contract

  
 EXHIBIT A-5

 SUPPLEMENT TO SCHEDULE 4.09 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

			
	 Name of Grantor
	 	 Description of Letters of Credit

  
 EXHIBIT A-6

 SUPPLEMENT TO SCHEDULE 4.10 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

	(A)	Copyrights 

  

	(B)	Copyright Licenses 

  

	(C)	Patents 

  

	(D)	Patent Licenses 

  

	(E)	Trademarks 

  

	(F)	Trademark Licenses 

  

	(G)	Trade Secret Licenses 

  

	(H)	Intellectual Property Exceptions 

  
 EXHIBIT A-7

 SUPPLEMENT TO SCHEDULE 4.11 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

			
	 Name of Grantor
	 	 Commercial Tort Claims

  
 EXHIBIT A-8

 EXHIBIT B 
 TO SECURITY AGREEMENT 
 UNCERTIFICATED SECURITIES CONTROL AGREEMENT

 This Uncertificated Securities Control Agreement dated as of
[            ] among [the Pledgor] (the “Pledgor”), Pretium Finance, Inc., The Bank of New York Mellon Trust Company, N.A., as Collateral
Trustee for the Secured Parties (the “Collateral Trustee”) and [                    ], a
[            ] corporation (the “Issuer”). Capitalized terms used but not defined herein as defined in the Security Agreement dated March 31, 2011, among
the Pledgor, and the Collateral Trustee (the “Security Agreement”). All references herein to the “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York. 

Section 1.01 Registered Ownership of Shares. The Issuer hereby confirms and agrees that as of the date hereof the Pledgor is
the registered owner of [            ] shares of the Issuer’s [common] stock (the “Pledged Shares”) and the Issuer shall not change the
registered owner of the Pledged Shares without the prior written consent of the Collateral Trustee. 
 Section 1.02
Instructions. If at any time the Issuer shall receive instructions originated by the Collateral Trustee relating to the Pledged Shares, the Issuer shall comply with such instructions without further consent by the Pledgor or any other person.

 Section 1.03 Additional Representations and Warranties of the Issuer. 

The Issuer hereby represents and warrants to the Collateral Trustee: 

(a) It has not entered into, and until the termination of this agreement will not enter into, any agreement with any other
person relating the Pledged Shares pursuant to which it has agreed to comply with instructions issued by such other person. 
 (b) It has not entered into, and until the termination of this agreement will not enter into, any agreement with the Pledgor or the Collateral Trustee purporting to limit or condition the obligation of
the Issuer to comply with Instructions as set forth in Section 1.02 hereof. 
 (c) Except for the claims and
interest of the Collateral Trustee and of the Pledgor in the Pledged Shares, the Issuer does not know of any claim to, or interest in, the Pledged Shares. If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment,
judgment, warrant of attachment, execution or similar process) against the Pledged Shares, the Issuer will promptly notify the Collateral Trustee and the Pledgor thereof. 

(d) This Uncertificated Securities Control Agreement is the valid and legally binding obligation of the Issuer.

 Section 1.04 Choice of Law. This Agreement shall be governed by the laws of the State of New York. 

Section 1.05 Conflict with Other Agreements. In the event of any conflict between this Agreement (or any portion thereof) and
any other agreement now existing or hereafter entered into, 

  
 Exhibit B-1

 
the terms of this Agreement shall prevail. No amendment or modification of this Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is
signed by all of the parties hereto. 
 Section 1.06 Voting Rights. Until such time as the Collateral Trustee shall
otherwise instruct the Issuer in writing, the Pledgor shall have the right to vote the Pledged Shares. 
 Section 1.07
Successors; Assignment. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate successors or heirs and personal representatives who obtain such rights solely by
operation of law. The Collateral Trustee may assign its rights hereunder only with the express written consent of the Issuer and by sending written notice of such assignment to the Pledgor. 

Section 1.08 Indemnification of Issuer. The Pledgor [and the Collateral Trustee] hereby agree that (a) the Issuer is
released from any and all liabilities to the Pledgor [and the Collateral Trustee] arising from the terms of this Agreement and the compliance of the Issuer with the terms hereof, except to the extent that such liabilities arise from the
Issuer’s negligence and (b) the Pledgor, its successors and assigns shall at all times indemnify and save harmless the Issuer from and against any and all claims, actions and suits of others arising out of the terms of this Agreement or
the compliance of the Issuer with the terms hereof, except to the extent that such arises from the Issuer’s negligence, and from and against any and all liabilities, losses, damages, reasonable costs, charges, counsel fees and other expenses of
every nature and character arising by reason of the same, until the termination of this Agreement. 
 Section 1.09
Notices. Any notice, request or other communication required or permitted to be given under this Agreement shall be in writing and deemed to have been properly given when delivered in person or by overnight courier, or when sent by telecopy
or other electronic means and electronic confirmation of error free receipt is received or two (2) days after being sent by certified or registered United States mail, return receipt requested, postage prepaid, addressed to the party at the
address set forth below. 
  

					
	Pledgor:	 		  	 [INSERT ADDRESS]

Attention:

			
	Collateral Trustee:	 		  	 The Bank of New York Mellon Trust Company,
 N.A. 
 Corporate Trust Division
 2 North LaSalle Street, Suite 120
 Chicago, IL 60602

Attention: Account Manager – Pretium Packaging

			
	Issuer:	 		  	 [INSERT ADDRESS]

Attention:

 Any party may change its address for notices in the manner set forth above. 

Section 1.10 Termination. The Obligations of the Issuer to the Collateral Trustee pursuant to this Control Agreement shall
continue in effect until the security interests of the Collateral 

  
 Exhibit B-2

 
Trustee in the Pledged Shares have been terminated pursuant to the terms of the Security Agreement and the Collateral Trustee has notified the Issuer of such termination in writing. The
Collateral Trustee agrees to provide Notice of Termination in substantially the form of Exhibit A hereto to the Issuer upon the request of the Pledgor on or after the termination of the Collateral Trustee’s security interest in the Pledged
Shares pursuant to the terms of the Security Agreement. The termination of this Control Agreement shall not terminate the Pledged Shares or alter the Obligations of the Issuer to the Pledgor pursuant to any other agreement with respect to the
Pledged Shares. 
 Section 1.11 Counterparts. This Agreement may be executed in any number of counterparts, all of
which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. 
 In acting hereunder, the Collateral Trustee shall have all the rights, protections and immunities granted to it under the Security Agreement. 

 

					
	[NAME OF PLEDGOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 The Bank of New York Mellon Trust Company, N.A.
as Collateral
Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	[NAME OF ISSUER]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Exhibit B-3

 EXHIBIT A 
 TO THE UNCERTIFICATED SECURITIES CONTROL AGREEMENT 
 [Letterhead of
Collateral Trustee] 
 [Date] 
 [Name and Address of Issuer]  
 Attention: 

 

	 	Re:	Termination of Control Agreement 

 You are hereby notified that the Uncertificated Securities Control Agreement between you, [the Pledgor] and the undersigned (a copy of which is attached) is terminated and you have no
further Obligations to the undersigned pursuant to such Agreement. Notwithstanding any previous instructions to you, you are hereby instructed to accept all future directions with respect to Pledged Shares (as defined in the Uncertificated Control
Agreement) from [the Pledgor]. This notice terminates any Obligations you may have to the undersigned with respect to the Pledged Shares, however nothing contained in this notice shall alter any Obligations which you may otherwise owe
to [the Pledgor] pursuant to any other agreement. 
 You are instructed to deliver a copy of this notice by
facsimile transmission to [insert name of Pledgor]. 
  

					
	Very truly yours,
	
	 The Bank of New York Mellon Trust Company, N.A.,
as Collateral
Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 Exhibit B-4

 EXHIBIT C 
 TO SECURITY AGREEMENT 
 TRADEMARK SECURITY AGREEMENT 

This TRADEMARK SECURITY AGREEMENT (this “Agreement”), dated as of March 31, 2011 is made by the entities identified
as grantors on the signature pages hereto (collectively, the “Grantors”) and The Bank of New York Mellon Trust Company, N.A., as Collateral Trustee (the “Collateral Trustee”). 

Capitalized terms not otherwise defined herein have the meanings set forth in the Senior Notes Security Agreement (Second Lien), dated as
of March 31, 2011, among Pretium Packaging L.L.C., Pretium Finance, Inc., the other Guarantors party thereto and the Collateral Trustee (as amended, restated, supplemented, or otherwise modified from time to time, the “Notes Security
Agreement”). 
 WHEREAS, pursuant to the Notes Security Agreement, Grantors have granted the Collateral Trustee a
security interest in the Trademark Collateral (as defined below) an are required to execute and deliver this Agreement. 
 NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Grantors and the Collateral Trustee hereby agree as follows: 

 

	 	(i)	Grant of Security Interest 

 (a) Each Grantor hereby grants to the Collateral Trustee a security interest and continuing lien on all of such Grantor’s right, title and interest in, to and under the following, in each case
whether now owned or existing or hereafter acquired or arising and wherever located (collectively, the “Trademark Collateral”): 
 all United States, state and foreign trademarks, trade names, corporate names, company names, business names, fictitious business names, internet domain names, trade styles, service marks, certification
marks, collective marks, logos, other source or business identifiers, designs and general intangibles of a like nature, all registrations and applications for any of the foregoing, including: (i) the registrations and applications listed on
Schedule A hereto, (ii) all extensions or renewals of any of the foregoing, (iii) all of the goodwill of the business connected with the use of and symbolized by the foregoing, (iv) the right to sue or otherwise recover for any past,
present and future infringement, dilution or other violation thereof or for any injury to goodwill, (v) all Proceeds of the foregoing, including licenses, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due
and/or payable with respect thereto, and (vi) all other rights of any kind accruing thereunder or pertaining thereto throughout the world. 
 (b) Notwithstanding anything herein to the contrary, in no event shall the Trademark Collateral include or the security interest granted hereunder attach to any “intent-to-use” application for
registration of a Trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use”
pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in which, the 

  
 EXHIBIT C-1

 
grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law. 

(c) The security interest granted hereby is granted in conjunction with the security interest granted to the Collateral
Trustee under the Notes Security Agreement. The rights and remedies of the Secured Parties with respect to the security interest granted hereby are in addition to those set forth in the Notes Security Agreement. In the event of any conflict between
the terms of this Agreement and the terms of the Notes Security Agreement, the terms of the Notes Security Agreement shall control. In acting hereunder, the Collateral Trustee shall have the rights, protections and immunities granted to it under the
Security Agreement. 
  

	 	(ii)	Governing Law 

 THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW
YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAW AND RULES. 
  

	 	(iii)	Successors and Assigns 

This Agreement shall be binding upon and inure to the benefit of the Collateral Trustee and Grantor and their respective successors and
assigns. Grantor shall not assign any right, duty or obligation hereunder. 
  

	 	(iv)	Counterparts 

 This
Agreement may be executed in any number of counterparts and by the parties hereto on separate counterparts, each of which when so executed, shall be deemed to be an original and all of which taken together shall constitute one and the same
instrument. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 EXHIBIT C-2

 IN WITNESS WHEREOF, the Grantor and the Collateral Trustee have caused this Agreement to be
duly executed and delivered as of the date first above written. 
  

					
	PRETIUM PACKAGING, L.L.C.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 EXHIBIT C-3

 
			
	THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A.,
	as the Collateral Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT C-4

 SCHEDULE A 
 to 
 TRADEMARK SECURITY AGREEMENT 

TRADEMARK REGISTRATIONS AND APPLICATIONS1 
  

									
	 Mark
	 	 Serial No.
	 	 Filing Date
	 	 Registration No.
	 	 Registration Date

	HEAT ZONE	 	78264161	 	6/18/2003	 	3288573	 	9/4/2007
	ECONOLIGHT	 	77126965	 	3/9/2007	 	3505940	 	9/23/2008
	PRETIUM PACKAGING	 	75331366	 	7/28/1997	 	2385951	 	9/12/2000

  

	1 	 Records at the United States Copyright Office currently shows Marpac Industries, Inc., a former subsidiary of PVC Container Corporation that has been
dissolved, as the owner of the copyrights. These records will be updated to reflect PVC Container Corporation as the registered owner of the copyrights. 

  
 EXHIBIT C-5

 EXHIBIT D 
 TO SECURITY AGREEMENT 
 COPYRIGHT SECURITY AGREEMENT 

This COPYRIGHT SECURITY AGREEMENT (this “Agreement”), dated as of March 31, 2011 is made by the entities identified
as grantors on the signature pages hereto (collectively, the “Grantors”) and The Bank of New York Mellon Trust Company, N.A., as Collateral Trustee (the “Collateral Trustee”). 

Capitalized terms not otherwise defined herein have the meanings set forth in the Senior Notes Security Agreement (Second Lien), dated as
of March 31, 2011, among Pretium Packaging, L.L.C., Pretium Finance, Inc., the other Guarantors party thereto and the Collateral Trustee (as amended, restated, supplemented, or otherwise modified from time to time, the “Notes Security
Agreement”). 
 WHEREAS, pursuant to the Notes Security Agreement, Grantors have granted the Collateral Trustee, a
security interest in the Copyright Collateral (as defined below) and are required to execute and deliver this Agreement. 
 NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Grantors and the Collateral Trustee hereby agree as follows: 

 

	 	(i)	Grant of Security Interest 

 (a) Each Grantor hereby grants to the Collateral Trustee a security interest and continuing lien on all of such Grantor’s right, title and interest in, to and under the following, in each case
whether now owned or existing or hereafter acquired or arising and wherever located (collectively, the “Copyright Collateral”): 
 all United States and foreign copyrights (including Community designs), including but not limited to copyrights in software and databases, and all Mask Works (as defined under 17 U.S.C. 901 of the U.S.
Copyright Act), whether registered or unregistered, and with respect to any and all of the foregoing: (i) all registrations and applications therefor including the registrations and applications listed on Schedule A hereto, (ii) all
extensions and renewals thereof, (iii) all rights corresponding thereto throughout the world, (iv) the right to sue or otherwise recover for any past, present and future infringement or other violation thereof, and (v) all Proceeds of
the foregoing, including licenses, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto. 
 (b) The security interest granted hereby is granted in conjunction with the security interest granted to the Collateral Trustee under the Notes Security Agreement. In the event of any conflict between the
terms of this Agreement and the terms of the Notes Security Agreement, the terms of the Notes Security Agreement shall control. In acting hereunder, the Collateral Trustee shall have the rights, protections and immunities granted to it under the
Security Agreement. 
  

	 	(ii)	Governing Law 

  
 EXHIBIT E-1

 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAW AND
RULES. 
  

	 	(iii)	Successors and Assigns 

This Agreement shall be binding upon and inure to the benefit of the Collateral Trustee and Grantor and their respective successors and
assigns. Grantor shall not assign any right, duty or obligation hereunder. 
  

	 	(iv)	Counterparts 

 This
Agreement may be executed in any number of counterparts and by the parties hereto on separate counterparts, each of which when so executed, shall be deemed to be an original and all of which taken together shall constitute one and the same
instrument. 

  
 EXHIBIT E-2

 IN WITNESS WHEREOF, the Grantor and the Collateral Trustee have caused this Agreement to be
duly executed and delivered as of the date first above written. 
  

					
	PVC CONTAINER CORPORATION
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 EXHIBIT E-3

 
					
	THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A.,
	as the Collateral Trustee
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 EXHIBIT E-4

 SCHEDULE A 
 to 
 COPYRIGHT SECURITY AGREEMENT 

COPYRIGHT REGISTRATIONS AND APPLICATIONS2 
  

					
	 Title
	  	 Registration No.
	  	 Registration Date

	In-process control.	  	TXu000248247	  	8/6/1986
	MARPAC	  	TXu000377909	  	7/24/1989
	Marpac: color brochure	  	TXu000244370	  	7/7/1986
	Marpac Industries, Inc., computer aided process quality assurance (CAP/QA)	  	TXu000304615	  	9/21/1987
	The Marpac monitor—dispensing the news of Marpacians : v. 8, no. 6, December 1989	  	TXu000401180	  	1/9/1990
	[Marpac multi-product color photograph]	  	TXu000272387	  	3/2/1987
	Molding/assembly know-how.	  	TXu000231597	  	3/11/1986
	Peace	  	TXu000401179	  	1/9/1990
	Permanent high-relief embossing indelible markings by Marpac.	  	TXu000420337	  	1/9/1990
	Process capability	  	TXu000248246	  	8/6/1986
	Shredder lubricant (quiets your shredder)	  	TXu000297627	  	9/8/1987

  

	2 	 Records at the United States Copyright Office currently shows Marpac Industries, Inc., a former subsidiary of PVC Container Corporation that has been
dissolved, as the owner of the copyrights. These records will be updated to reflect PVC Container Corporation as the registered owner of the copyrights. 

  
 EXHIBIT E-5

 EXHIBIT E 
 TO SECURITY AGREEMENT 
 PATENT SECURITY AGREEMENT 

This PATENT SECURITY AGREEMENT (this “Agreement”), dated as of March 31, 2011 is made by the entities identified as
grantors on the signature pages hereto (collectively, the “Grantors”) and The Bank of New York Mellon Trust Company, N.A., as Collateral Trustee (the “Collateral Trustee”). 

Capitalized terms not otherwise defined herein have the meanings set forth in the Senior Notes Security Agreement (Second Lien), dated as
of March 31, 2011, among Pretium Packaging L.L.C., Pretium Finance, Inc., the other Guarantors party thereto and the Collateral Trustee (as amended, restated, supplemented, or otherwise modified from time to time, the “Notes Security
Agreement”). 
 WHEREAS, pursuant to the Notes Security Agreement, Grantors have granted the Collateral Trustee a
security interest in the Patent Collateral (as defined below) and are required to execute and deliver this Agreement. 
 NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Grantors and the Collateral Trustee hereby agree as follows: 

 

	 	(i)	Grant of Security Interest 

 (a) Each Grantor hereby grants to the Collateral Trustee, a security interest and continuing lien on all of such Grantor’s right, title and interest in, to and under the following, in each case
whether now owned or existing or hereafter acquired or arising and wherever located (collectively, the “Patent Collateral”): 
 all United States and foreign patents and certificates of invention, or similar industrial property rights, and applications for any of the foregoing, including: (i) each patent and patent
application referred listed on Schedule A hereto, (ii) all reissues, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (iii) all inventions and improvements described therein,
(iv) the right to sue or otherwise recover for any past, present and future infringement or other violation thereof, (v) all Proceeds of the foregoing, including licenses, royalties, income, payments, claims, damages, and proceeds of suit
now or hereafter due and/or payable with respect thereto, and (vi) all other rights of any kind accruing thereunder or pertaining thereto throughout the world. 

(b) The security interest granted hereby is granted in conjunction with the security interest granted to the Collateral
Trustee under the Notes Security Agreement. In the event of any conflict between the terms of this Agreement and the terms of the Notes Security Agreement, the terms of the Notes Security Agreement shall control. In acting hereunder, the Collateral
Trustee shall have the rights, protections and immunities granted to it under the Security Agreement. 
  

	 	(ii)	Governing Law 

  
 EXHIBIT E-6

 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAW AND
RULES. 
  

	 	(iii)	Successors and Assigns 

This Agreement shall be binding upon and inure to the benefit of the Collateral Trustee and Grantor and their respective successors and
assigns. Grantor shall not assign any right, duty or obligation hereunder. 
  

	 	(iv)	Counterparts 

 This
Agreement may be executed in any number of counterparts and by the parties hereto on separate counterparts, each of which when so executed, shall be deemed to be an original and all of which taken together shall constitute one and the same
instrument. 

  
 EXHIBIT E-7

 IN WITNESS WHEREOF, the Grantors and the Collateral Trustee have caused this Agreement to be
duly executed and delivered as of the date first above written. 
  

			
	PRETIUM PACKAGING, L.L.C.
		
	By:	 	  

		 	Name:
		 	Title:
	
	PVC CONTAINER CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT E-8

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	as Collateral Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT E-9

 SCHEDULE A 
 to 
 PATENT SECURITY AGREEMENT 

PATENTS AND PATENT APPLICATIONS 
 Pretium Packaging, L.L.C. 
  

									
	 Title
	  	Application No.	  	Filing Date	  	Patent No.	  	Issue Date
					
	 Container
	  	29233988	  	7/12/2005	  	D539661	  	4/3/2007
					
	 Curved Bottle
	  	29225920	  	3/22/2005	  	D531904	  	11/14/2006
					
	 Container with Improved Crush Resistance
	  	11457001	  	7/12/2006	  	—  	  	—  
					
	 Shelved Land for a Container Neck
	  	12110054	  	4/25/2008	  	—  	  	—  
					
	 Container
	  	29302426	  	1/16/2008	  	D607743	  	1/12/2010
					
	 Container
	  	29202277	  	3/29/2004	  	D518725	  	4/11/2006
					
	 Container
	  	29302428	  	1/16/2008	  	D608211	  	1/19/2010
					
	 Thin wall plastic container and method for forming same
	  	12697904	  	2/1/2010	  	—  	  	—  
					
	 Container
	  	29338581	  	6/15/2009	  	D619012	  	7/6/2010
					
	 Lightweight Container
	  	12052177	  	3/20/2008	  	—  	  	—  
					
	 Container
	  	29296719	  	10/26/2007	  	—  	  	—  
					
	 Container
	  	29339356	  	6/29/2009	  	—  	  	—  
					
	 Container
	  	29345073	  	10/8/2009	  	—  	  	—  

 PVC Container Corporation 
  

									
	 Title
	  	Application No.	  	Filing Date	  	Patent No.	  	Issue Date
					
	 Universal Container for chemical transportation
	  	29162380	  	6/14/2002	  	D510872	  	10/25/2005
					
	 Bottle
	  	29022103	  	4/28/1994	  	D376760	  	12/24/1996

  
 EXHIBIT E-10

 EXHIBIT F 
 TO SECURITY AGREEMENT 
 JOINDER AGREEMENT 

This JOINDER AGREEMENT, dated [mm/dd/yy], is delivered pursuant to the Security Agreement, dated as of March 31, 2011
(as it may be from time to time amended, restated, modified or supplemented, the “Security Agreement”), between PRETIUM PACKAGING, L.L.C., a Delaware limited liability company, PRETIUM FINANCE, INC., a Delaware corporation,
the other Grantors party thereto from time to time, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Collateral Trustees for the Parties. Capitalized terms used herein not otherwise defined herein shall have the meanings ascribed thereto in
the Security Agreement. 
 The undersigned (the “Additional Grantor”) hereby (i) agrees that this Joinder
Agreement may be attached to the Security Agreement, (ii) agrees that the Additional Grantor will comply with all the terms and conditions of the Security Agreement as if it were an original signatory thereto, (iii) grants to Collateral
Trustee a security interest in all of the undersigned’s right, title and interest in and to all “Collateral” (as such term is defined in the Security Agreement) of the undersigned, in each case whether now or hereafter existing or in
which the undersigned now has or hereafter acquires an interest and wherever the same may be located and (iv) delivers to Collateral Trustee supplements to all schedules attached to the Security Agreement. All such Collateral shall be deemed to
be part of the “Collateral” and hereafter subject to each of the terms and conditions of the Security Agreement. 

The Additional Grantor agrees from time to time, upon request of the Collateral Trustee, to take such additional actions and to execute
and deliver such additional documents and instruments as the Collateral Trustee may request to effect the transactions contemplated by, and to carry out the intent of, the Security Agreement. 

IN WITNESS WHEREOF, Grantor has caused this Joinder Agreement to be duly executed and delivered by its duly authorized officer as of
[mm/dd/yy]. 
  

			
	[NAME OF ADDITIONAL GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT F-1

 SUPPLEMENT TO SCHEDULE 4.01 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

	(A)	Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Sole Place of Business (or Residence if Grantor is a Natural Person) and
Organizational Identification Number of each Grantor: 

  

									
	 Full Legal Name
	 	 Type of

Organization
	 	 Jurisdiction of

Organization
	 	 Chief Executive
 Office/Sole Place
 of Business (or

Residence if

Grantor is a
 Natural Person)
	 	 Organization I.D.#

 

	(B)	Other Names (including any Trade-Name or Fictitious Business Name) under which each Grantor has conducted business for the past five (5) years:

  

			
	 Name of Grantor
	 	 Trade Name or Fictitious Business Name

 

	(C)	Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of Business (or Principal Residence if Grantor is a Natural Person) and Corporate
Structure within past five (5) years: 

  

					
	 Name of Grantor
	 	 Date of Change
	 	 Description of Change

 

	(D)	Agreements pursuant to which any Grantor is found as debtor within past five (5) years: 

 

			
	 Name of Grantor
	 	 Description of Agreement

 

	(E)	Financing Statements: 

  

			
	 Name of Grantor
	 	 Filing Jurisdiction(s)

  
 EXHIBIT F-2

 SUPPLEMENT TO SCHEDULE 4.02 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

			
	 Name of Grantor
	 	 Location of Equipment and Inventory

  
 EXHIBIT E-3

 SUPPLEMENT TO SCHEDULE 4.05 

TO SECURITY AGREEMENT 
 Additional
Information: 
 (A) 
 Pledged Stock:

 Pledged Partnership Interests: 

Pledged LLC Interests: 
 Pledged Trust
Interests: 
 Pledged Debt: 

Securities Account: 
 Commodities Accounts:

 Deposit Accounts: 
 (B) 

 

					
	 Name of Grantor
	 	 Date of Acquisition
	 	 Description of Acquisition

  
 EXHIBIT E-4

 SUPPLEMENT TO SCHEDULE 4.08 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

			
	 Name of Grantor
	 	 Description of Material Contract

  
 EXHIBIT E-5

 SUPPLEMENT TO SCHEDULE 4.09 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

			
	 Name of Grantor
	 	 Description of Letters of Credit

  
 EXHIBIT E-6

 SUPPLEMENT TO SCHEDULE 4.10 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

	(A)	Copyrights 

  

	(B)	Copyright Licenses 

  

	(C)	Patents 

  

	(D)	Patent Licenses 

  

	(E)	Trademarks 

  

	(F)	Trademark Licenses 

  

	(G)	Trade Secret Licenses 

  

	(H)	Intellectual Property Exceptions 

  
 EXHIBIT E-7

 SUPPLEMENT TO SCHEDULE 4.11 

TO SECURITY AGREEMENT 
 Additional
Information: 
  

			
	 Name of Grantor
	 	 Commercial Tort Claims

  
 EXHIBIT E-8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]