Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
  

 
 COLLATERAL TRUST AGREEMENT 

dated as of October 29, 2020, 

among 
 UNISYS CORPORATION,

 the Subsidiary Guarantors from time to time party hereto, 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Notes Trustee under the Notes Indenture, 

the other Pari Passu Lien Representatives from time to time party hereto 

and 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION,  
 as Collateral Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	 	1	 
			
	 SECTION 1.1.
	 	Defined Terms	  	 	1	 
	 SECTION 1.2.
	 	Rules of Interpretation	  	 	14	 
		
	 ARTICLE 2. THE SENIOR TRUST ESTATE
	  	 	16	 
			
	 SECTION 2.1.
	 	Declaration of Senior Trust	  	 	16	 
	 SECTION 2.2.
	 	Actions of Holders of Pari Passu Lien Representatives and Holders of Pari Passu Lien Obligations	  	 	17	 
		
	 ARTICLE 3. OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE
	  	 	17	 
			
	 SECTION 3.1.
	 	Undertaking of the Collateral Trustee	  	 	17	 
	 SECTION 3.2.
	 	Release or Subordination of Liens	  	 	18	 
	 SECTION 3.3.
	 	Enforcement of Liens	  	 	19	 
	 SECTION 3.4.
	 	Application of Proceeds	  	 	20	 
	 SECTION 3.5.
	 	Powers of the Collateral Trustee	  	 	21	 
	 SECTION 3.6.
	 	Documents and Communications	  	 	21	 
	 SECTION 3.7.
	 	For Sole and Exclusive Benefit of Holders of Pari Passu Lien Obligations	  	 	22	 
	 SECTION 3.8.
	 	Additional Pari Passu Lien Debt	  	 	22	 
	 SECTION 3.9.
	 	Additional Junior Lien Debt	  	 	23	 
	 SECTION 3.10.
	 	Additional First Lien Debt	  	 	23	 
		
	 ARTICLE 4. OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER SUBSIDIARY
GUARANTORS
	  	 	23	 
			
	 SECTION 4.1.
	 	Release of Liens on Collateral	  	 	23	 
	 SECTION 4.2.
	 	Delivery of Copies to Pari Passu Lien Representatives	  	 	25	 
	 SECTION 4.3.
	 	Collateral Trustee Not Required to Serve, File, Register or Record	  	 	25	 
	 SECTION 4.4.
	 	Release of Liens in Respect of Notes	  	 	25	 
		
	 ARTICLE 5. IMMUNITIES OF THE COLLATERAL TRUSTEE
	  	 	26	 
			
	 SECTION 5.1.
	 	No Implied Duty	  	 	26	 
	 SECTION 5.2.
	 	Appointment of Agents and Advisors	  	 	26	 
	 SECTION 5.3.
	 	Other Agreements	  	 	26	 
	 SECTION 5.4.
	 	Solicitation of Instructions	  	 	26	 
	 SECTION 5.5.
	 	Limitation of Liability	  	 	27	 
	 SECTION 5.6.
	 	Documents in Satisfactory Form	  	 	27	 
	 SECTION 5.7.
	 	Entitled to Rely	  	 	27	 
	 SECTION 5.8.
	 	Pari Passu Lien Debt Default	  	 	27	 

							
	 SECTION 5.9.
	 	Actions by Collateral Trustee	  	 	27	 
	 SECTION 5.10.
	 	Security or Indemnity in Favor of the Collateral Trustee	  	 	27	 
	 SECTION 5.11.
	 	Rights of the Collateral Trustee	  	 	28	 
	 SECTION 5.12.
	 	Limitations on Duty of Collateral Trustee in Respect of Collateral	  	 	28	 
	 SECTION 5.13.
	 	Assumption of Rights, Not Assumption of Duties	  	 	29	 
	 SECTION 5.14.
	 	No Liability for Clean Up of Hazardous Materials	  	 	29	 
	 SECTION 5.15.
	 	No Obligation to Act	  	 	29	 
		
	 ARTICLE 6. RESIGNATION, REMOVAL AND REPLACEMENT OF THE COLLATERAL TRUSTEE
	  	 	30	 
			
	 SECTION 6.1.
	 	Resignation or Removal of Collateral Trustee	  	 	30	 
	 SECTION 6.2.
	 	Appointment of Successor Collateral Trustee	  	 	30	 
	 SECTION 6.3.
	 	Succession	  	 	30	 
	 SECTION 6.4.
	 	Merger, Conversion or Consolidation of Collateral Trustee	  	 	31	 
		
	 ARTICLE 7. MISCELLANEOUS PROVISIONS
	  	 	31	 
			
	 SECTION 7.1.
	 	Amendment	  	 	31	 
	 SECTION 7.2.
	 	Voting	  	 	35	 
	 SECTION 7.3.
	 	Further Assurances; Insurance; Real Estate.	  	 	35	 
	 SECTION 7.4.
	 	RESERVED	  	 	38	 
	 SECTION 7.5.
	 	Successors and Assigns	  	 	38	 
	 SECTION 7.6.
	 	Delay and Waiver	  	 	38	 
	 SECTION 7.7.
	 	Notices	  	 	38	 
	 SECTION 7.8.
	 	Notice Following Discharge of Pari Passu Lien Obligations	  	 	39	 
	 SECTION 7.9.
	 	Entire Agreement	  	 	39	 
	 SECTION 7.10.
	 	Compensation; Expenses	  	 	39	 
	 SECTION 7.11.
	 	Indemnity	  	 	40	 
	 SECTION 7.12.
	 	Severability	  	 	41	 
	 SECTION 7.13.
	 	Headings	  	 	41	 
	 SECTION 7.14.
	 	Obligations Secured	  	 	41	 
	 SECTION 7.15.
	 	Governing Law	  	 	41	 
	 SECTION 7.16.
	 	Consent to Jurisdiction	  	 	41	 
	 SECTION 7.17.
	 	Waiver of Jury Trial	  	 	42	 
	 SECTION 7.18.
	 	eSignatures; Counterparts	  	 	42	 
	 SECTION 7.19.
	 	Effectiveness	  	 	43	 
	 SECTION 7.20.
	 	Additional Subsidiary Guarantors	  	 	43	 
	 SECTION 7.21.
	 	Continuing Nature of this Agreement	  	 	43	 
	 SECTION 7.22.
	 	Insolvency	  	 	43	 
	 SECTION 7.23.
	 	Rights and Immunities of Pari Passu Lien Representatives	  	 	43	 
	 SECTION 7.24.
	 	Patriot Act	  	 	43	 
	 SECTION 7.25.
	 	Force Majeure	  	 	44	 

  
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	EXHIBIT A – Additional Pari Passu Lien Debt Designation
	EXHIBIT B – Form of Collateral Trust Joinder—Additional Pari Passu Lien Debt
	EXHIBIT C – Form of Collateral Trust Joinder—Additional Subsidiary Guarantors
	
	SCHEDULE 1 – Mortgaged Properties

  
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 This Collateral Trust Agreement (this “Agreement”) is dated as of
October 29, 2020 and is by and among Unisys Corporation, a Delaware corporation (the “Company”), the Subsidiary Guarantors from time to time party hereto, Wells Fargo Bank, National Association, as Notes Trustee (as
defined below), the other Pari Passu Lien Representatives from time to time party hereto, and Wells Fargo Bank, National Association, as Collateral Trustee (in such capacity and together with its successors in such capacity, the
“Collateral Trustee”). 
 RECITALS 

The Company intends to issue 6.875% Senior Secured Notes due 2027 (such notes issued from time to time under the Notes Indenture (as defined
below), the “Notes”) in an aggregate principal amount of $485,000,000 pursuant to an Indenture, dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified and in effect from time to
time, the “Notes Indenture”), among the Company, the Subsidiary Guarantors party thereto from time to time and Wells Fargo Bank, National Association, as trustee (in such capacity and together with its successors and assigns
in such capacity, the “Notes Trustee”). 
 The Company and the Subsidiary Guarantors intend to secure the
Obligations under the Notes, the Subsidiary Guarantees of the Notes and the Indenture and any future Pari Passu Lien Debt with Liens on all current and future Collateral to the extent that such Liens have been provided for in the applicable Security
Documents. 
 This Agreement sets forth the terms on which each Secured Party has appointed the Collateral Trustee to act as the collateral
trustee for the current and future holders of the Pari Passu Lien Obligations to receive, hold, maintain, administer and distribute the Collateral at any time delivered to the Collateral Trustee or the subject of the Security Documents, and to
enforce the Security Documents and all interests, rights, powers and remedies of the Collateral Trustee with respect thereto or thereunder and the proceeds thereof. 

Capitalized terms used in this Agreement have the meanings assigned to them above or in Article 1 below. 

AGREEMENT 
 In
consideration of the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

SECTION 1.1. Defined Terms. The following terms will have the following meanings: 

“ABL Agent” has the meaning assigned to that term in the ABL Intercreditor Agreement. 

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

 “ABL Collateral” has the meaning assigned to that term in the
ABL Intercreditor Agreement. 
 “ABL Collateral Documents” has the meaning assigned to that term in the ABL
Intercreditor Agreement. 
 “ABL Intercreditor Agreement” means that certain ABL Intercreditor Agreement,
dated as of the Issue Date, among the Company, the Subsidiary Guarantors from time to time party thereto, the ABL Agent, the Collateral Trustee and such additional parties from time to time party thereto pursuant to the terms thereof, as it may be
amended, supplemented, amended and restated or otherwise modified and in effect from time to time. 
 “ABL Liens”
means Liens granted pursuant to the ABL Collateral Documents to the ABL Agent at any time, upon the ABL Collateral of the Company or any Subsidiary Guarantor to secure ABL Obligations. 

“ABL Loan Documents” has the meaning assigned to that term in the ABL Intercreditor Agreement. 

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

“Account” means, as of any date of determination, all “accounts” (as such term is defined in the UCC)
of the Company and including the unpaid portion of the obligation of a customer of the Company in respect of inventory purchased by and shipped to such customer and/or the rendition of services by the Company, as stated on the respective invoice of
the Company. 
 “Act of Required Debtholders” means, as to any matter at any time, a direction in writing
delivered to the Collateral Trustee by or with the written consent of the holders of at least 50.1% of the sum of: 
 (1) the
aggregate outstanding principal amount of Pari Passu Lien Debt (including outstanding letters of credit whether or not then available or drawn unless cash collateralized, with such letters of credit being deemed to have a principal amount equal to
the maximum potential liability of the Company and the Subsidiary Guarantors thereunder); and 
 (2) other than in connection
with the exercise of remedies, the aggregate unfunded commitments to extend credit which, when funded, would constitute Pari Passu Lien Debt. 
 For
purposes of this definition, (a) Pari Passu Lien Debt registered in the name of, or beneficially owned by, the Company or any Affiliate of the Company will be deemed not to be outstanding, and (b) votes will be determined in accordance
with Section 7.2. In addition, with respect to any amendment, the consent of the holders of any Pari Passu Lien Debt is not necessary under any Security Document or Pari Passu Lien Document to approve the particular form of any proposed
amendment. It is sufficient if such consent approves the substance of the proposed amendment. 

  
 2 

 “Additional Pari Passu Lien Debt” has the meaning set forth
in Section 3.8. 
 “Additional Pari Passu Lien Debt Designation” means a notice in substantially the
form of Exhibit A. 
 “Affiliate” of any Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” has the meaning set forth in the preamble. 

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

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

 “Board of Directors” has the meaning assigned to that term in the Notes Indenture. 

“Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions in the State of
New York are authorized or required by law to close. 
 “Capital Stock” of any Person means any and all shares,
interests, participations, warrants, options (including any Permitted Bond Hedge Transaction (as defined in the Notes Indenture)) or other rights to acquire or other equivalents of or interests in (however designated) corporate stock or other equity
participations, including partnership interests, whether general or limited, of such Person, but in each case excluding any debt security that is convertible or exchangeable for Capital Stock. 

“CFC” means any Person that is a controlled foreign corporation within the meaning of Section 957 of the
Code. 
 “Class” means every Series of Pari Passu Lien Debt, taken together. 

“Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto. 

“Collateral” means all the assets and properties subject to the Liens created (or purported to be created) by
the Security Documents. For the avoidance of doubt, no Excluded Assets shall be included in the Collateral. 
 “Collateral
Account” means one or more deposit accounts or securities accounts under the control of the Notes Trustee or the Collateral Trustee holding only the proceeds of any sale or disposition of any Shared Collateral. 

“Collateral Trust Joinder” means (1) with respect to the provisions of this Agreement relating to any
Additional Pari Passu Lien Debt, an agreement substantially in the form of Exhibit B and (2) with respect to the provisions of this Agreement relating to the addition of additional Subsidiary Guarantors, an agreement substantially in the
form of Exhibit C. 

  
 3 

 “Collateral Trustee” has the meaning set forth in the
preamble. 
 “Company” has the meaning set forth in the preamble. 

“Consolidated Total Assets” has the meaning assigned to that term in the Notes Indenture. 

“Contractual Obligations” means, as to any Person, any provision of any security issued by such Person or of any
agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument, document or agreement to which such Person is a party or by which it or any of its Property is bound. 

“Copyrights” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement
of Law in or relating to copyrights and all mask work, database and design rights, whether or not registered or published, all registrations and recordations thereof and all applications in connection therewith. 

“Covenant Defeasance” has the meaning assigned to that term in the Notes Indenture. 

“Debt” has the meaning assigned to that term in the Notes Indenture. 

“Debt Facility” means one or more credit facilities, debt facilities, indentures or commercial paper facilities
in each case with banks or other financial institutions or lenders or investors, providing for revolving credit loans, term loans, private placements, debt securities, receivables financings (including through the sale of receivables to such lenders
or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit or letter of credit guarantees, in each case, as amended, restated, modified, supplemented, extended, renewed, refunded, replaced or
refinanced in whole or in part from time to time (including increases in borrowings permitted under the Notes Indenture and the other Pari Passu Lien Documents) or additions of Restricted Subsidiaries as additional borrowers or guarantors
thereunder. 
 “Discharge of Pari Passu Lien Obligations” means the occurrence of all of the following: 

(1) termination or expiration of all commitments to extend credit that would constitute Pari Passu Lien Debt; 

(2) payment in full in cash of the principal of, and interest and premium, if any, on all Pari Passu Lien Debt (other than any
undrawn letters of credit), including interest and premiums accruing on or after the commencement of any Insolvency Proceeding, whether or not such interest or premiums would be allowed or allowable in such Insolvency Proceeding; 

  
 4 

 (3) discharge or cash collateralization (at the lower of (A) 105% of the
aggregate undrawn amount and (B) the percentage of the aggregate undrawn amount required for release of liens under the terms of the applicable Pari Passu Lien Document) of all outstanding letters of credit constituting Pari Passu Lien Debt;
and 
 (4) payment in full in cash of all other Pari Passu Lien Obligations that are outstanding and unpaid at the time the
Pari Passu Lien Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time). 

“Dollars” means the lawful money of the United Stated of America. 

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States, any state or
territory thereof or the District of Columbia that is not either (1) a FSHCO, (2) a direct or indirect Subsidiary of a CFC or (3) an entity that is disregarded as a separate entity of a CFC or a FSHCO for United States federal income
tax purposes, and which, in the case of clauses (2) and (3) above, has no business or operations in the United States, any state or territory thereof or the District of Columbia. 

“Equally and Ratably” means, in reference to sharing of Liens or proceeds thereof as between holders of Pari
Passu Lien Obligations within the same Class, that such Liens or proceeds: 
 (1) will be allocated and distributed in
accordance with Section 3.4, first, to the Pari Passu Lien Representative for each outstanding Series of Pari Passu Lien Debt within that Class, for the account of the holders of such Series of Pari Passu Lien Debt, ratably in proportion
to the principal of, and interest and premium (if any) and reimbursement obligations (contingent or otherwise) with respect to letters of credit, if any, outstanding (whether or not drawings have been made under such letters of credit) on, each
outstanding Series of Pari Passu Lien Debt within that Class when the allocation or distribution is made; and thereafter 

(2) will be allocated and distributed in accordance with Section 3.4 (if any remain after payment in full of all of the
principal of, and interest and premium (if any) and reimbursement obligations (contingent or otherwise) with respect to letters of credit, if any, outstanding (whether or not drawings have been made on such letters of credit) on all outstanding Pari
Passu Lien Obligations within that Class) to the Pari Passu Lien Representative for each outstanding Series of Pari Passu Lien Obligations within that Class, for the account of the holders of any remaining Pari Passu Lien Obligations within that
Class, ratably in proportion to the aggregate unpaid amount of such remaining Pari Passu Lien Obligations within that Class due and demanded (with written notice to the applicable Pari Passu Lien Representative and the Collateral Trustee) prior
to the date such distribution is made. 
 “Eurodollar” means a Dollar denominated deposit in a bank or branch
outside of the United States. 

  
 5 

 “Excess Proceeds” has the meaning assigned to that term in
the Notes Indenture. 
 “Excluded Assets” has the meaning assigned to that term in the ABL Intercreditor
Agreement. 
 “Fair Market Value” has the meaning assigned to that term in the Notes Indenture. 

“Finance Lease Obligation” has the meaning assigned to that term in the Notes Indenture. 

“First Lien Debt” has the meaning assigned to that term in the Notes Indenture. 

“First Lien Debt Collateral Agent” the collateral agent, collateral trustee or other applicable agent or
representative in respect of the applicable First Lien Debt to which the security interests securing such First Lien Debt are granted for the benefit of the holders of any First Lien Debt and the First Lien Debt Representative pursuant to the
applicable First Lien Debt Documents. 
 “First Lien Obligations” has the meaning assigned to that term in
the Notes Indenture. 
 “First Lien Debt Representatives” has the meaning assigned to that term in the Notes
Indenture. 
 “Fitch” means Fitch, Inc., and any successor to its rating agency business. 

“Foreign Subsidiary” means, with respect to any Person, a Subsidiary of such Person that is not a Domestic Subsidiary.

 “FSHCO” means any Person (other than, solely for purposes of the definition of “Shared Collateral,”
Unisys AP Investment Company I) substantially all of the assets of which consist of Capital Stock of one or more CFCs; provided that for this definition, the term “Capital Stock” includes all interests in a CFC treated as equity for
U.S. federal income tax purposes. 
 “GAAP” means accounting principles generally accepted in the United
States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements, and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Issue Date. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any central
bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled,
through stock or capital ownership or otherwise, by any of the foregoing. 
 “Grantor” has the meaning
assigned to that term in the Security Agreement. 

  
 6 

 “Hedging Obligations” means, with respect to any Person, the
obligations of such Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap
agreement or similar agreement providing for the transfer or mitigation of interest rate, currency or commodity risks either generally or under specific contingencies. 

“Indemnified Liabilities” means any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, taxes, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, performance, administration or enforcement of this Agreement or any of the other Security Documents, including any of
the foregoing relating to the use of proceeds of any Pari Passu Lien Debt or the violation of, noncompliance with or liability under, any law applicable to or enforceable against the Company, any of its Subsidiaries or any Subsidiary Guarantor or
any of the Collateral and all reasonable costs and expenses (including reasonable fees and expenses of legal counsel selected by the Indemnitee) incurred by any Indemnitee in connection with any claim, action, investigation or proceeding in any
respect relating to any of the foregoing, whether or not suit is brought. 
 “Indemnitee” has the meaning set
forth in Section 7.11(a). 
 “Insolvency Proceeding” means: (a) any voluntary or involuntary case or
proceeding under any Bankruptcy Law with respect to the Company or any Subsidiary Guarantor; (b) any receivership, liquidation or other similar case or proceeding with respect to the Company or any Subsidiary Guarantor or with respect to a
material portion of its assets; (c) any other liquidation, dissolution or winding up of the Company or any Subsidiary Guarantor whether voluntary or involuntary; or (d) any assignment for the benefit of creditors or any other marshaling of
assets or liabilities of the Company or any Subsidiary Guarantor. 
 “Intellectual Property” means all rights, title
and interests in or relating to intellectual property arising under any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Trademarks, Internet Domain Names, Trade Secrets and IP Licenses. 

“Intercreditor Agreements” means, collectively, this Agreement, the ABL Intercreditor Agreement and the Senior-Junior
Intercreditor Agreement (if any). 
 “Interest Rate, Currency or Commodity Price Agreement” has the meaning assigned
to that term in the Notes Indenture. 
 “Internet Domain Name” means all right, title and interest (and all related
IP Ancillary Rights) arising under any Requirement of Law in or relating to internet domain names. 
 “IP Ancillary
Rights” means, with respect to any other Intellectual Property, as applicable, all foreign counterparts to, and all divisionals, reversions, continuations,
continuations-in-part, reissues, reexaminations, renewals and extensions of, such Intellectual Property and all income, royalties, proceeds and Liabilities at any time
due or payable or asserted under or with respect to any of the foregoing or otherwise with respect to such Intellectual Property, including all rights to sue or recover at law or in equity for any past, present or future infringement,
misappropriation, dilution, violation or other impairment thereof, and, in each case, all rights to obtain any other IP Ancillary Right. 

  
 7 

 “IP License” means all Contractual Obligations (and all related IP
Ancillary Rights), whether written or oral, licensing any right to or interest in any Intellectual Property. 
 “Issue
Date” means October 29, 2020. 
 “Junior Lien Intercreditor Agreement” means an intercreditor
agreement to be entered into among the Company, the Subsidiary Guarantors, the Collateral Trustee, on behalf of itself and the holders of any Pari Passu Lien Obligations, the ABL Agent, on behalf of itself and the holders of any ABL Obligations, to
the extent any First Lien Debt is incurred and outstanding, the First Lien Debt Collateral Agent, on behalf of itself and the holders of any First Lien Obligations, the First Lien Debt Representatives, and the authorized representative of any Junior
Lien Obligations, on behalf of itself and the holders of such Junior Lien Obligations, which agreement shall be on customary terms and establish that the Liens on any Collateral securing such Junior Lien Obligations shall have Junior Lien Priority.

 “Junior Lien Obligations” means all Obligations secured by a Lien having Junior Lien Priority. 

“Junior Lien Priority” means any Debt of the Company or any Subsidiary Guarantor which is secured by a Lien on any of
the Collateral on a basis that is junior in priority to each of the Notes, the Pari Passu Lien Obligations, the ABL Obligations and the First Lien Obligations pursuant to the Junior Lien Intercreditor Agreement. 

“Legal Defeasance” has the meaning assigned to that term in the Notes Indenture. 

“Liabilities” means all claims, actions, suits, judgments, damages, losses, liabilities, obligations,
responsibilities, fines, penalties, sanctions, costs, fees, taxes, commissions, charges, disbursements and expenses, in each case of any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of
financial, legal and other advisors and consultants), whether joint or several, whether contingent or actual. 

“Lien” means, with respect to any property or assets, any mortgage or deed of trust, pledge, hypothecation,
assignment, deposit arrangement, security interest, lien (statutory or otherwise), charge, easement (other than any easement not materially impairing usefulness or marketability), encumbrance, preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any sale and leaseback arrangement, conditional sale or other title retention agreement having substantially the
same economic effect as any of the foregoing). 

  
 8 

 “Lien Sharing and Priority Confirmation” means, as to any Series of
Pari Passu Lien Debt, the written agreement of the Pari Passu Lien Representative of such Series of Pari Passu Lien Debt, as set forth in the applicable Collateral Trust Joinder or as otherwise set forth in the indenture, credit agreement or other
agreement governing such Series of Pari Passu Lien Debt, for the enforceable benefit of all holders of each existing and future Series of Pari Passu Lien Debt and each existing and future Pari Passu Lien Representative: 

(1) that all Pari Passu Lien Obligations will be and are secured Equally and Ratably by all Pari Passu Liens at any time
granted (or purported to be granted) by the Company or any Subsidiary Guarantor to secure any Obligations in respect of such Series of Pari Passu Lien Debt, whether or not upon property otherwise constituting Collateral, and that all such Pari Passu
Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Pari Passu Lien Obligations Equally and Ratably; 

(2) that the holders of Obligations in respect of such Series of Pari Passu Lien Debt are bound by the provisions of this
Agreement (and the ABL Intercreditor Agreement and the Senior-Junior Intercreditor Agreement), including the provisions relating to the ranking of Pari Passu Liens and the order of application of proceeds from enforcement of Pari Passu Liens; and

 (3) consenting to and directing the Collateral Trustee to perform its obligations under this Agreement and the other
Security Documents. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor to its
rating agency business. 
 “Mortgaged Property” means each parcel of real property owned in fee simple by the
Company or any Subsidiary Guarantor required to be mortgaged to the Collateral Trustee, for the benefit of Secured Parties, including, without limitation, the properties listed on Schedule 1 (which Schedule shall be supplemented from time to time to
reflect any additional property required to be mortgaged pursuant to Section 7.3(h)(5)). 
 “Mortgages” means
the mortgages, debentures, hypothecs, fixture filings, deeds of trust, deeds to secure Debt or other similar documents in legally sufficient form to vest in the Collateral Trustee a perfected first-priority Lien (subject to Permitted Liens) in the
Mortgaged Property and the other Collateral secured by and described in the mortgages, debentures, hypothecs, fixture filings, deeds of trust, deeds to secure Debt, together with Opinions of Counsel qualified in the jurisdiction in which the subject
Mortgage is granted (or purported to be granted) as to, among other customary opinions, the enforceability of the subject Mortgage, and Opinions of Counsel qualified in the jurisdiction of organization of the owner of the applicable Mortgaged
Property covering the due authorization, execution and delivery of the applicable Mortgage, along with such other documents, instruments, certificates, affidavits and agreements to perfect the Collateral Trustee’s Lien and as the Collateral
Trustee and its counsel may otherwise reasonably request. 
 “Notes” has the meaning set forth in the
recitals. 
 “Notes Indenture” has the meaning set forth in the recitals. 

“Notes Trustee” has the meaning set forth in the recitals. 

  
 9 

 “Obligations” means any principal, interest (including any
interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed or allowable claim under
applicable state, federal or foreign law), other monetary obligations, premium, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and
other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Debt. 

“Offer to Purchase” has the meaning assigned to that term in the Notes Indenture. 

“Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the President,
any Executive Vice President, Senior Vice President or Vice President, the Treasurer, the Controller or the Secretary of the Company or of any other Person, as the case may be, or in the event that the Company or such Person is a partnership or a
limited liability company that has no such officers, a person duly authorized under applicable law by the general partner, managers, members or a similar body to act on behalf of the Company or such Person. 

“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company
or on behalf of any other Person by two Officers of such Person, as the case may be, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company or of such
other Person that meets the requirements set forth in the Notes Indenture. 
 “Opinion of Counsel” means a written
opinion from legal counsel who is reasonably acceptable to the Collateral Trustee. The counsel may be an employee of or counsel to the Company. 

“Pari Passu Lien” means a Lien granted (or purported to be granted) by a Security Document to the Collateral
Trustee, at any time, upon any property of the Company or any Subsidiary Guarantor to secure Pari Passu Lien Obligations, and that is: 

(1) with respect to Collateral other than ABL Collateral, senior in priority to ABL Liens, if any; 

(2) with respect to ABL Collateral, junior in priority to all ABL Liens, if any; and 

(3) pari passu with all other Liens to secure Pari Passu Lien Obligations. 

“Pari Passu Lien Debt” means: 

(1) the Notes issued by the Company from time to time; 

  
 10 

 (2) additional notes issued under any indenture or other Debt (including
letters of credit and reimbursement obligations with respect thereto) of the Company that is secured Equally and Ratably with the Notes by a Pari Passu Lien that was permitted to be incurred and so secured under each applicable Pari Passu Lien
Document; provided, in the case of any additional notes or other Debt referred to in this clause (2), that: 
 (a) on
or before the date on which such additional notes were issued or Debt is incurred by the Company, such additional notes or other Debt, as applicable, is designated by the Company as “Pari Passu Lien Debt” for the purposes of the Pari Passu
Lien Documents in an Additional Pari Passu Lien Debt Designation executed and delivered in accordance with Section 3.8(b); 

(b) the Pari Passu Lien Representative for such Debt executes and delivers a Collateral Trust Joinder in accordance with
Section 3.8(a) (unless the Pari Passu Lien Representative for the holders of such Debt is already a party hereunder in a manner that applies to the holders of such Debt); 

(c) such additional notes or other Debt is governed by an indenture or a credit agreement, as applicable, or other agreement
that includes a Lien Sharing and Priority Confirmation; and 
 (d) all other requirements set forth in this Agreement,
including Section 3.8, as to the confirmation, grant or perfection of the Collateral Trustee’s Liens to secure such Debt or Obligations in respect thereof are satisfied (and the satisfaction of such requirements will be conclusively
established if the Company delivers to the Collateral Trustee an Officers’ Certificate stating that such requirements and other provisions have been satisfied and that such notes or such Debt is “Pari Passu Lien Debt”); and 

(3) Hedging Obligations of the Company incurred to hedge or manage interest rate risk in accordance with the terms of the Pari
Passu Lien Documents; provided that: 
 (a) on or before the date on which such Hedging Obligations are incurred by
the Company, such Hedging Obligations are designated by the Company as “Pari Passu Lien Debt” for the purposes of the Pari Passu Lien Documents in an Additional Pari Passu Lien Debt Designation executed and delivered in accordance with
Section 3.8(b); 
 (b) the counterparty in respect of such Hedging Obligations, in its capacity as a holder or
beneficiary of such Pari Passu Lien, executes and delivers a Collateral Trust Joinder in accordance with Section 3.8(a) or otherwise becomes (or the associated Pari Passu Liens otherwise become) subject to the terms of this Agreement; and 

(c) all other requirements set forth in this Agreement, including Section 3.8, have been complied with (and the
satisfaction of such requirements will be conclusively established if the Company delivers to the Collateral Trustee an Officers’ Certificate stating that such requirements and other provisions have been satisfied and that such Hedging
Obligations are “Pari Passu Lien Debt”). 

  
 11 

 “Pari Passu Lien Debt Default” means any event of default (or
equivalent thereof) under the terms of any credit agreement, indenture or other agreement governing any Series of Pari Passu Lien Debt, which causes, or permits holders of Pari Passu Lien Debt outstanding thereunder to cause, the Pari Passu Lien
Debt outstanding thereunder to become immediately due and payable. 
 “Pari Passu Lien Documents” means the
Notes Indenture and any additional indenture, Debt Facility or other agreement pursuant to which any Pari Passu Lien Debt is incurred and the Security Documents (other than any Security Documents that do not secure Pari Passu Lien Obligations). 

“Pari Passu Lien Obligations” means the Pari Passu Lien Debt and all other Obligations in respect of Pari Passu
Lien Debt. 
 “Pari Passu Lien Representative” means: 

(1) the Notes Trustee, in the case of the Notes; or 

(2) in the case of any other Series of Pari Passu Lien Debt, the trustee, agent or representative of the holders of such Series
of Pari Passu Lien Debt who maintains the transfer register for such Series of Pari Passu Lien Debt and is appointed as a representative of the Pari Passu Lien Debt (for purposes related to the administration of the Security Documents) pursuant to
the indenture, credit agreement or other agreement governing such Series of Pari Passu Lien Debt, and who has executed a Collateral Trust Joinder. 

“Patents” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of
Law in or relating to letters patent and applications therefor. 
 “Pension Obligations” means obligations
(including any contingent liability or obligation) under any defined benefit pension plan (including by way of guarantee or joint or several liability) of the Company, any of its Affiliates or Persons consolidated with any of the foregoing. 

“Permitted Liens” has the meaning assigned to that term in the Notes Indenture. 

“Permitted Sales-Type Lease Transaction” has the meaning assigned to that term in the ABL Intercreditor Agreement.

 “Person” means any individual, corporation, limited liability company, partnership, joint venture,
association, joint stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock” has the meaning assigned to that term in the Notes Indenture. 

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, and whether tangible
or intangible. 

  
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 “Redeemable Stock” has the meaning assigned to that term in
the Notes Indenture. 
 “Requirement of Law” means, as to any Person, any law (statutory or common), ordinance,
treaty, rule, regulation, order, policy, other legal requirement or determination of an arbitrator or of a Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
Property is subject. 
 “Restricted Subsidiary” means any Subsidiary of the Company, whether existing on or after
the Issue Date, unless such Subsidiary is an Unrestricted Subsidiary. 
 “S&P” means S&P Global
Ratings, and any successor to its rating agency business. 
 “Secured Parties” means, collectively, and
“Secured Party” means, individually, the holders of Pari Passu Lien Obligations, the Pari Passu Lien Representatives and the Collateral Trustee. 

“Security Agreement” means that certain Security Agreement, dated as of the date hereof, by the Company, the
Subsidiary Guarantors from time to time party thereto and the Collateral Trustee, as it may be amended, supplemented, modified, restated, renewed or replaced from time to time. 

“Security Documents” means this Agreement, the Security Agreement, each Lien Sharing and Priority Confirmation,
each Collateral Trust Joinder, the ABL Intercreditor Agreement, the Senior-Junior Intercreditor Agreement (if any) and all security agreements, pledge agreements, mortgages, hypothecs, collateral assignments, deeds of trust, deeds to secure debt,
collateral agency agreements, control agreements or other grants or transfers for security executed and delivered by the Company or any Subsidiary Guarantor creating (or purporting to create) a Lien upon Collateral in favor of the Collateral
Trustee, for the benefit of the Secured Parties, in each case, as amended, supplemented, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and Section 7.2. 

“Senior-Junior Intercreditor Agreement” means an intercreditor agreement among the Company, the Subsidiary Guarantors
from time to time party thereto, the Initial First Lien Debt Collateral Agent (as defined therein), the Initial Collateral Trustee (as defined therein) and such additional parties from time to time party thereto in substantially the same form as
Exhibit E of the Notes Indenture, as it may be amended, supplemented, amended and restated or otherwise modified and in effect from time to time. 

“Senior Trust Estate” has the meaning set forth in Section 2.1. 

“Series of Pari Passu Lien Debt” means, severally, the Notes, any other notes or any Debt Facility or other
Debt that constitutes Pari Passu Lien Debt. 
 “Shared Collateral” has the meaning assigned to that term in the ABL
Intercreditor Agreement. 

  
 13 

 “Subsidiary” of any Person means: 

(1) a corporation more than 50% of the combined voting power of the outstanding Voting Stock of which is owned, directly or
indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof; or 

(2) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person or such
Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct the policies, management and affairs thereof. 

“Subsidiary Guarantee” means the guarantee by any Subsidiary Guarantor of the Company’s Obligations under the
Notes Indenture. 
 “Subsidiary Guarantor” means each Restricted Subsidiary of the Company that at any time provides
a Subsidiary Guarantee of any Pari Passu Lien Obligations (including the Notes). 
 “Successor ABL Agent” means, in
the event that the ABL Agreement is no longer outstanding, the “ABL Agent” (or other collateral agent, representative or trustee) designated pursuant to the terms of the documentation relating to the ABL Obligations. 

“Title Company” has the meaning set forth in Section 7.3. 

“Trade Secrets” means all right, title and interest (and all related IP Ancillary Rights) arising under any
Requirement of Law in or relating to trade secrets. 
 “Trademark” means all rights, title and interests (and all
related IP Ancillary Rights) arising under any Requirement of Law in or relating to trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business
identifiers and, in each case, all goodwill associated therewith, all registrations and recordations thereof and all applications in connection therewith. 

“UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction from time to time. 

“Unrestricted Subsidiary” has the meaning assigned to that term in the Notes Indenture. 

“Voting Stock” has the meaning assigned to that term in the Notes Indenture. 

SECTION 1.2. Rules of Interpretation. 

(a) All terms used in this Agreement that are defined in Article 9 of the UCC and not otherwise defined herein have the meanings assigned to
them in Article 9 of the UCC. 
 (b) Unless otherwise indicated, any reference to any agreement or instrument will be deemed to include a
reference to that agreement or instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time or replaced in accordance with the terms of this Agreement. 

  
 14 

 (c) The use in this Agreement or any of the other Security Documents of the word
“include” or “including,” when following any general statement, term or matter, will 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 will be deemed to refer to all other items or
matters that fall within the broadest possible scope of such general statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall.” 

(d) References to “Sections,” “clauses,” “recitals” and the “preamble” will be to Sections, clauses,
recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References to “Articles” will be to Articles of this Agreement unless otherwise specifically provided. References to “Exhibits”
will be to Exhibits to this Agreement unless otherwise specifically provided. 
 (e) Notwithstanding anything to the contrary in this
Agreement, any references contained herein to any section, clause, paragraph, definition or other provision of the Notes Indenture (including any definition contained therein) shall be deemed to be a reference to such section, clause, paragraph,
definition or other provision as in effect on the date of this Agreement; provided that any reference to any such section, clause, paragraph or other provision shall refer to such section, clause, paragraph or other provision of the Notes
Indenture (including any definition contained therein) as amended or modified from time to time if such amendment or modification has been (1) made in accordance with the Notes Indenture and (2) approved by an Act of the Required
Debtholders in a writing delivered to the applicable Pari Passu Lien Representatives and the Collateral Trustee. Notwithstanding the foregoing, whenever any term used in this Agreement is defined or otherwise incorporated by reference to the Notes
Indenture, such reference shall be deemed to have the same effect as if such definition or term had been set forth herein in full and such term shall continue to have the meaning established pursuant to the Notes Indenture notwithstanding the
termination or expiration of the Notes Indenture or redemption of all Obligations evidenced thereby. 
 (f) This Agreement and the other
Security Documents will be construed without regard to the identity of the party who drafted it and as though the parties participated equally in drafting it. Consequently, each of the parties acknowledges and agrees that any rule of construction
that a document is to be construed against the drafting party will not be applicable either to this Agreement or the other Security Documents. 

(g) In the event of any conflict between any terms and provisions set forth in this Agreement and those set forth in any other Security
Document, the terms and provisions of this Agreement shall supersede and control the terms and provisions of such other Security Document. 

  
 15 

 ARTICLE 2. THE SENIOR TRUST ESTATE 

SECTION 2.1. Declaration of Senior Trust. To secure the payment of the Pari Passu Lien Obligations and in consideration of the
mutual agreements set forth in this Agreement, the Company and each of the Subsidiary Guarantors hereby grants to the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to receive and hold, in trust under this Agreement for the
benefit of all present and future holders of Pari Passu Lien Obligations and the other Secured Parties, all of such Company’s or Subsidiary Guarantor’s right, title and interest in, to and under all Collateral granted to the Collateral
Trustee under any Security Document for the benefit of the Secured Parties, together with all of the Collateral Trustee’s right, title and interest in, to and under the Security Documents, and all interests, rights, powers and remedies of the
Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof (collectively, the “Senior Trust Estate”). 

Each Pari Passu Lien Representative appoints the Collateral Trustee to act as collateral agent for the benefit of all present and future
holders of Pari Passu Lien Obligations. The Collateral Trustee and its successors and assigns under this Agreement will hold the Senior Trust Estate in trust for the benefit solely and exclusively of all present and future holders of Pari Passu Lien
Obligations and the other Secured Parties as security for the payment of all present and future Pari Passu Lien Obligations. 

Notwithstanding the foregoing, if at any time: 

(1) all Liens securing the Pari Passu Lien Obligations have been released as provided in Section 4.1; 

(2) the Collateral Trustee holds no other property in trust as part of the Senior Trust Estate; 

(3) no monetary obligation (other than indemnification and other contingent obligations not then due and payable and letters of
credit that have been cash collateralized as provided in clause (3) of the definition of “Discharge of Pari Passu Lien Obligations”) is outstanding and payable under this Agreement to the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity); and 
 (4) the
Company delivers to the Collateral Trustee an Officers’ Certificate stating that all Pari Passu Liens of the Collateral Trustee have been released in compliance with all applicable provisions of the Pari Passu Lien Documents and that the
Company and the Subsidiary Guarantors are not required by any Pari Passu Lien Document to grant any Pari Passu Lien upon any property, 
 then the senior
trust arising hereunder will terminate, except that all provisions set forth in Sections 7.10 and 7.11 that are enforceable by the Collateral Trustee or any of its co-trustees or agents (whether in an
individual or representative capacity) will remain enforceable in accordance with their terms. 
 The parties further declare and covenant
that the Senior Trust Estate will be held and distributed by the Collateral Trustee subject to the further agreements herein. 

  
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 SECTION 2.2. Actions of Holders of Pari Passu Lien Representatives and Holders of
Pari Passu Lien Obligations. Without in any way limiting the generality of Section 3.3, the holders of Notes or other Pari Passu Lien Obligations and the Pari Passu Lien Representatives may, at any time and from time to time, 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 Pari Passu Lien Obligations or any Lien 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 Pari Passu 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 Collateral Trustee or any rights or remedies under any of the Pari Passu 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 Collateral (except to the extent provided in this Agreement, the ABL Intercreditor Agreement or the Senior-Junior Intercreditor (if any))
or any liability of the Company or any other Grantor or any liability incurred directly or indirectly in respect thereof; 

(3) settle or compromise any 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 in any manner or order that is not inconsistent with the terms of this Agreement; 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. 
 ARTICLE 3. OBLIGATIONS AND
POWERS OF COLLATERAL TRUSTEE 
 SECTION 3.1. Undertaking of the Collateral Trustee. 

(a) Subject to, and in accordance with, this Agreement, including without limitation Section 5.3, the ABL Intercreditor Agreement and the
Senior-Junior Intercreditor Agreement (if any), the Collateral Trustee will, as collateral trustee, for the benefit solely and exclusively of the current and future Secured Parties: 

(1) accept, enter into, hold, maintain, administer and enforce all Security Documents, including all Collateral subject
thereto, and all Liens created thereunder, perform its obligations under the Security Documents and protect, exercise and enforce the interests, rights, powers and remedies granted or available to it under, pursuant to or in connection with the
Security Documents; 
 (2) take all lawful and commercially reasonable actions permitted under the Security Documents that it
may deem necessary to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and remedies; 

  
 17 

 (3) deliver and receive notices pursuant to the Security Documents; 

(4) sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect to or otherwise exercise or enforce
the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the Security Documents and its other interests, rights, powers and remedies; 

(5) remit as provided in Section 3.4 all cash proceeds received by the Collateral Trustee from the collection, foreclosure
or enforcement of its interest in the Collateral under the Security Documents or any of its other interests, rights, powers or remedies; 

(6) execute and deliver amendments to the Security Documents as from time to time authorized pursuant to Section 7.1
accompanied by an Officers’ Certificate to the effect that the amendment was permitted under Section 7.1; 
 (7)
release any Lien granted to it by any Security Document upon any Collateral if and as required by Section 4.1, the ABL Intercreditor Agreement or the Senior-Junior Intercreditor Agreement (if any); and 

(8) enter into and perform its obligations and protect, exercise and enforce its interest, rights, powers and remedies under
the ABL Intercreditor Agreement and the Senior-Junior Intercreditor Agreement (if any). 
 (b) Each party to this Agreement acknowledges and
consents to the undertaking of the Collateral Trustee set forth in Section 3.1(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral Trustee. 

(c) Notwithstanding anything to the contrary contained in this Agreement, the Collateral Trustee will not commence any exercise of remedies or
any foreclosure actions or otherwise take any action or proceeding against any of the Collateral (other than actions as necessary to prove, protect or preserve (but not enforce) the Liens securing the Pari Passu Lien Obligations, subject to the
Section 5.9 of this Agreement) unless and until it shall have been directed by written notice of an Act of Required Debtholders, as applicable, and then only in accordance with the provisions of this Agreement and, where applicable, the Notes
Indenture, subject to the ABL Intercreditor Agreement and the Senior-Junior Intercreditor Agreement (if any). 
 SECTION 3.2.
Release or Subordination of Liens. The Collateral Trustee will not release or subordinate any Lien of the Collateral Trustee or consent to the release or subordination of any Lien of the Collateral Trustee, except: 

(a) as directed by an Act of Required Debtholders accompanied by an Officers’ Certificate to the effect that the release or subordination
was permitted by each applicable Pari Passu Lien Document; 
 (b) as required by Article 4; 

  
 18 

 (c) as ordered pursuant to applicable law under a final and nonappealable order or judgment
of a court of competent jurisdiction; 
 (d) for the subordination of the Liens on the ABL Collateral securing the Pari Passu Lien
Obligations to the Liens on the ABL Collateral securing the ABL Obligations to the extent required by the ABL Intercreditor Agreement; 
 (e)
to the extent First Lien Debt is incurred and outstanding, for the subordination of the Liens on the Collateral securing the Pari Passu Lien Obligations to the Liens on the Collateral securing the First Lien Obligations to the extent required by the
Senior-Junior Intercreditor Agreement; 
 (f) pursuant to the ABL Intercreditor Agreement; 

(g) pursuant to the Senior-Junior Intercreditor Agreement (if any); or 

(h) pursuant to a provision of the Notes Indenture. 

SECTION 3.3. Enforcement of Liens. If the Collateral Trustee at any time receives written notice stating that any event has
occurred that constitutes a default under any Pari Passu Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens thereunder, the Collateral Trustee will promptly deliver written notice thereof to each
Pari Passu Lien Representative. Subject to the Intercreditor Agreements, the Pari Passu Lien Representatives may enforce (or refrain from enforcing) or instruct the Collateral Trustee to enforce the provisions of the Pari Passu Lien Documents and
exercise (or refrain from exercising) or instruct the Collateral Trustee to exercise remedies thereunder or any such rights and remedies, all in such order and in such manner as they may determine pursuant to the Pari Passu Lien Documents.
Thereafter, the Collateral Trustee may await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests,
rights, powers and remedies in respect of the Collateral (subject to the Intercreditor Agreements) or under the Security Documents or applicable law, and following the initiation of such exercise of remedies, the Collateral Trustee will act, or
decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Required Debtholders. Unless it has been directed to the contrary by an Act of Required Debtholders, the Collateral Trustee in any event may (but will
not be obligated to) take or refrain from taking such action with respect to any default under any Pari Passu Lien Document as it may deem advisable and in the best interest of the holders of Pari Passu Lien Obligations, including but not limited
to: 
 (1) the exercise or forbearance from exercise of all rights and remedies in respect of the Collateral and/or the Pari
Passu Lien Obligations; 
 (2) the enforcement or forbearance from enforcement of any Lien in respect of the Collateral; 

(3) the exercise or forbearance from exercise of rights and powers of a holder of shares of stock included in the Collateral to
the extent provided in the Security Documents; 

  
 19 

 (4) the acceptance of the Collateral in full or partial satisfaction of the
Pari Passu Lien Obligations; and 
 (5) the exercise or forbearance from exercise of all rights and remedies of a secured
lender under the UCC or any similar law of any applicable jurisdiction or in equity. 
 SECTION 3.4. Application of Proceeds.

 (a) Subject to the terms of the ABL Intercreditor Agreement and the Senior-Junior Intercreditor Agreement (if any), if any Collateral is
sold or otherwise realized upon by the Collateral Trustee in connection with any foreclosure, collection or other enforcement of Pari Passu Liens granted to the Collateral Trustee in the Security Documents, the proceeds received by the Collateral
Trustee from such foreclosure, collection or other enforcement will be distributed by the Collateral Trustee in the following order of application: 

FIRST, to the payment of all amounts payable under this Agreement on account of the Collateral Trustee’s fees and any
reasonable legal fees, costs and expenses or other liabilities of any kind incurred by the Collateral Trustee or any co-trustee or agent of the Collateral Trustee in connection with any Security Document; 

SECOND, to the repayment of Debt and other Obligations, other than Pari Passu Lien Debt, secured by a Permitted Lien on the
Collateral sold or realized upon, to the extent that the Permitted Lien securing such other Debt or Obligation has priority over the Pari Passu Lien Debt (including any First Lien Obligations subject to the Senior-Junior Intercreditor Agreement) and
such other Debt or Obligation is to be discharged in connection with such sale; 
 THIRD, to the respective Pari Passu Lien
Representatives for application to the payment of all Pari Passu Lien Debt (which, for the avoidance of doubt, includes the Notes) and any other Pari Passu Lien Obligations that are then due and payable on a pro rata basis up to an amount sufficient
to pay in full in cash all Pari Passu Lien Debt and all other Pari Passu Lien Obligations that are then due and payable (including all interest accrued thereon after the commencement of any Insolvency Proceeding at the rate, including any applicable
post-default rate, specified in the Pari Passu Lien Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding, and including the discharge or cash collateralization (at the lower of (1) 105% of the
aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Pari Passu Lien Document) of all outstanding letters of credit constituting Pari Passu Lien Debt);

 FOURTH, if the ABL Obligations are outstanding, to the agent or other representative of such ABL Obligations as provided
in the ABL Intercreditor Agreement; and 
 FIFTH, any surplus remaining after the payment in full in cash of the amounts
described in the preceding clauses will be paid to the Company or the applicable Subsidiary Guarantor, as the case may be, or its successors or assigns, or as a court of competent jurisdiction may direct. 

  
 20 

 (b) Notwithstanding the foregoing, (i) in accordance with the ABL Intercreditor
Agreement, the proceeds of any foreclosure, collection or other enforcement of the ABL Collateral will be distributed first to pay ABL Obligations of the Company and any Subsidiary Guarantors, including the expenses of the ABL Agent, before any such
proceeds are applied in the order of application described above and (ii) to the extent First Lien Debt is incurred and outstanding, in accordance with the Senior-Junior Intercreditor Agreement, the proceeds of any foreclosure, collection or
other enforcement of the Collateral will be distributed first to pay First Lien Obligations of the Company and any Subsidiary Guarantors, including the expenses of any First Lien Debt Representative, before any such proceeds are applied in the order
of application described above. 
 (c) This Section 3.4 is intended for the benefit of, and will be enforceable as a third party
beneficiary by, each present and future holder of Pari Passu Lien Obligations, each present and future Pari Passu Lien Representative and the Collateral Trustee. The Pari Passu Lien Representative of each future Series of Pari Passu Lien Debt will
be required to deliver a Collateral Trust Joinder, including a Lien Sharing and Priority Confirmation, to the Collateral Trustee and each other Pari Passu Lien Representative as provided in Section 3.8 at the time of incurrence of such Series
of Pari Passu Lien Debt. 
 (d) In connection with the application of proceeds pursuant to Section 3.4(a), except as otherwise directed
by an Act of Required Debtholders, the Collateral Trustee may sell any non-cash proceeds for cash prior to the application of the proceeds thereof. 

SECTION 3.5. Powers of the Collateral Trustee. 

(a) The Collateral Trustee is irrevocably authorized and empowered to enter into and perform its obligations and protect, perfect, exercise and
enforce its interest, rights, powers and remedies under the Security Documents and applicable law and in equity and to act as set forth in this Article 3 or as requested in any lawful directions given to it from time to time in respect of any matter
by an Act of Required Debtholders, as applicable, in accordance with the provisions of this Agreement. 
 (b) No Pari Passu Lien
Representative or holder of Pari Passu Lien Obligations will have any liability whatsoever for any act or omission of the Collateral Trustee. 

SECTION 3.6. Documents and Communications. The Collateral Trustee will permit each Pari Passu Lien Representative and each holder
of Pari Passu Lien Obligations upon reasonable written notice from time to time to inspect and copy, at the cost and expense of the party requesting such copies, any and all Security Documents and other documents, notices, certificates, instructions
or communications received by the Collateral Trustee in its capacity as such. 

  
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 SECTION 3.7. For Sole and Exclusive Benefit of Holders of Pari Passu Lien
Obligations. The Collateral Trustee will accept, hold, administer and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and remedies at any time granted to or enforceable by
the Collateral Trustee and all other property of the Senior Trust Estate solely and exclusively for the benefit of the current and future holders of current and future Pari Passu Lien Obligations, and will distribute all proceeds received by it in
realization thereon or from enforcement thereof solely and exclusively pursuant to the provisions of Section 3.4. 
 SECTION 3.8.
Additional Pari Passu Lien Debt. 
 (a) The Collateral Trustee will, as trustee hereunder, perform its undertakings set forth in
Section 3.1(a) with respect to each holder of Pari Passu Lien Obligations of a Series of Pari Passu Lien Debt that is issued or incurred after the date hereof (including any refinancing or replacement of a Series of Pari Passu Lien Debt) that:

 (1) holds Pari Passu Lien Obligations that are identified as Pari Passu Lien Debt in accordance with the procedures set
forth in Section 3.8(b); and 
 (2) signs, through its designated Pari Passu Lien Representative identified pursuant to
Section 3.8(b), a Collateral Trust Joinder and delivers the same to the Collateral Trustee and each other Pari Passu Lien Representative at the time of incurrence of such Series of Pari Passu Lien Debt. 

(b) The Company will be permitted to designate as an additional holder of Pari Passu Lien Obligations hereunder each Person who is, or who
becomes, the registered holder of Pari Passu Lien Debt incurred by the Company or any Subsidiary Guarantor after the date of this Agreement in accordance with the terms of all applicable Pari Passu Lien Documents. The Company may only effect such
designation by delivering to the Collateral Trustee and each Pari Passu Lien Representative an Additional Pari Passu Lien Debt Designation stating that: 

(1) the Company or such Subsidiary Guarantor intends to incur additional Pari Passu Lien Debt (“Additional Pari
Passu Lien Debt”) which will be Pari Passu Lien Debt permitted by each applicable Pari Passu Lien Document to be secured by a Pari Passu Lien Equally and Ratably with all previously existing and future Pari Passu Lien Debt; 

(2) specifying the name and address of the Pari Passu Lien Representative for such series of Additional Pari Passu Lien Debt
for purposes of Section 7.7; and 
 (3) the Company and each Subsidiary Guarantor has duly authorized, executed (if
applicable) and recorded (or caused to be recorded) in each appropriate governmental office all relevant filings and recordations to ensure that the Additional Pari Passu Lien Debt is secured by the Collateral in accordance with the Security
Documents. 
 Although the Company shall be required to deliver a copy of each Additional Pari Passu Lien Debt Designation and each Collateral Trust Joinder
to each then existing Pari Passu Lien Representative, the failure to so deliver a copy of the Additional Pari Passu Lien Debt Designation and/or Collateral Trust Joinder to any then existing Pari Passu Lien Representative shall not affect the status
of such debt as Additional Pari Passu Lien Debt if the other 

  
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requirements of this Section 3.8 are complied with. Each of the Collateral Trustee and any other then existing Pari Passu Lien Representative shall have the right to request that the Company
provide a copy of any Opinion of Counsel provided to the holders of Additional Pari Passu Lien Debt or their Pari Passu Lien Representatives as to the Additional Pari Passu Lien Debt being secured by a valid and perfected security interest;
provided, however, that such legal opinion or opinions need not address any Collateral of a type or located in a jurisdiction not previously covered by any legal opinion delivered by or on behalf of the Company unless otherwise required by
this Agreement. Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the Company or any Subsidiary Guarantor to incur additional Debt unless otherwise permitted by the terms of all applicable Pari Passu Lien Documents.

 SECTION 3.9. Additional Junior Lien Debt. The parties hereto agree that upon notice to the Collateral Trustee from the
Company or any Subsidiary Guarantor that any of them intends to enter into Debt secured by Liens with Junior Lien Priority permitted under the terms of the Notes Indenture, the Collateral Trustee shall, for itself and on behalf of and for the
benefit of the Secured Parties, enter into an intercreditor agreement with the representative of such Junior Lien Obligations, subordinating the Liens securing such Junior Lien Obligations to the Liens securing the Pari Passu Lien Obligations on
substantially the same terms and conditions as set forth in the ABL Intercreditor Agreement with respect to the Collateral other than ABL Collateral or on other terms and conditions substantially acceptable to the Collateral Trustee, providing
holders of such Junior Lien Obligations with substantially the same rights and obligations (or lesser rights and greater obligations) as the holders of the ABL Obligations (in the case of the Collateral other than ABL Collateral) have pursuant to
the ABL Intercreditor Agreement as to the specified Collateral. 
 SECTION 3.10. Additional First Lien Debt. The parties hereto
agree that upon notice to the Collateral Trustee from the Company or any Subsidiary Guarantor that any of them intends to enter into First Lien Debt permitted under the terms of the Notes Indenture, the Collateral Trustee shall, for itself and on
behalf of and for the benefit of the Secured Parties, enter into a Senior-Junior Intercreditor Agreement with the First Lien Debt Collateral Agent. 

ARTICLE 4. OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE 

OTHER SUBSIDIARY GUARANTORS 

SECTION 4.1. Release of Liens on Collateral. 

(a) The Collateral Trustee’s Liens upon the Collateral will be released: 

(1) in whole, upon (A) payment in full or discharge of all outstanding Pari Passu Lien Debt and all other Pari Passu Lien
Obligations that are outstanding, due and payable at the time all of the Pari Passu Lien Debt is paid in full and discharged and (B) termination or expiration of all commitments to extend credit under all Pari Passu Lien Documents and the
cancellation or termination or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Pari Passu
Lien Documents) of all outstanding letters of credit issued pursuant to any Pari Passu Lien Documents; 

  
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 (2) as to any Collateral that is sold, transferred or otherwise disposed of
by the Company or any Subsidiary Guarantor (including indirectly, by way of a sale or other disposition of Capital Stock of that Subsidiary Guarantor) to a Person that is not (either before or after such sale, transfer or disposition) the Company or
a Subsidiary Guarantor in a transaction or other circumstance that is not prohibited by either the Notes Indenture or by the terms of any other applicable Pari Passu Lien Documents at the time of such sale, transfer or other disposition or to the
extent of the interest sold, transferred or otherwise disposed of; provided that the Collateral Trustee’s Liens upon the Collateral will not be released if the sale or disposition is subject to the terms of the Notes Indenture (except,
as to any Subsidiary Guarantor, to the extent such transaction results in the release of the Subsidiary Guarantor’s Subsidiary Guarantee pursuant to clauses (1) or (2) of Section 10.5 of the Notes Indenture); 

(3) as to any accounts receivable and related assets transferred or purportedly transferred in connection with a Permitted
Sales-Type Lease Transaction; 
 (4) as to a release of less than all or substantially all of the Collateral, if consent to
the release of all Pari Passu Liens on such Collateral has been given by an Act of Required Debtholders; 
 (5) as to a
release of all or substantially all of the Collateral, if (A) consent to the release of that Collateral has been given by the requisite percentage or number of holders of each Series of Pari Passu Lien Debt at the time outstanding as provided
for in the applicable Pari Passu Lien Documents and (B) the Company has delivered an Officers’ Certificate to the Collateral Trustee certifying that all such necessary consents have been obtained; and 

(6) as required pursuant to the ABL Intercreditor Agreement or the Senior-Junior Intercreditor Agreement (if any); 

and, in each case, upon request of the Company, the Collateral Trustee will execute (with such acknowledgements and/or notarizations as are required) and
deliver evidence of such release to the Company in the form provided by the Company; provided, however, to the extent the Company requests the Collateral Trustee to deliver evidence of the release of Collateral in accordance with this
Section 4.1(a), the Company will deliver to the Collateral Trustee an Officers’ Certificate and Opinion of Counsel to the effect that no release of Collateral pursuant to this Section 4.1(a) violated the terms of any Pari Passu Lien
Document. 
 (b) Other than with respect to any release pursuant to clause (4) or (5) of Section 4.1(a), the Collateral Trustee
agrees for the benefit of the Company and the Subsidiary Guarantors that if the Collateral Trustee at any time receives: 

(1) an Opinion of Counsel and an Officers’ Certificate stating that (A) the signing Officer or provider of such
Opinion of Counsel has read Article 4 of this Agreement and understands the provisions and the definitions relating hereto, (B) they have made such examination or investigation as is necessary to enable them to express an informed opinion as to
whether or not the conditions precedent in this Agreement and all other Pari Passu Lien Documents, if any, relating to the release of the Collateral have been complied with and (C) in the opinion of such Officer or provider of such Opinion of
Counsel, such conditions precedent, if any, have been complied with; and 

  
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 (2) the proposed instrument or instruments releasing such Lien as to such
property in recordable form, if applicable, 
 then the Collateral Trustee will execute (with such acknowledgements and/or notarizations as are required)
and deliver such release to the Company or Subsidiary Guarantors on or before the later of (x) the date specified in such request for such release and (y) the fifth Business Day after the date of receipt of the items required by this
Section 4.1(b) by the Collateral Trustee. 
 (c) The Collateral Trustee hereby agrees that in the case of any release pursuant to clause
(2) of Section 4.1(a), if the terms of any such sale, transfer or other disposition require the payment of the purchase price to be contemporaneous with the delivery of the applicable release, then, at the written request of and at the
expense of the Company or Subsidiary Guarantor, the Collateral Trustee will either (A) be present at and deliver the release at the closing of such transaction or (B) deliver the release under customary escrow arrangements that permit such
contemporaneous payment and delivery of the release. 
 In addition, the Liens granted by any Subsidiary Guarantor pursuant to the Security
Documents will be released upon any Subsidiary Guarantor ceasing to guarantee the Pari Passu Lien Obligations pursuant to the Pari Passu Lien Documents then in effect. 

SECTION 4.2. Delivery of Copies to Pari Passu Lien Representatives. The Company will deliver to each Pari Passu Lien
Representative a copy of (i) each Pari Passu Lien Document and (ii) each Officers’ Certificate, delivered to the Collateral Trustee pursuant to Section 4.1(b), together with copies of all documents delivered to the Collateral
Trustee with such Officers’ Certificate. 
 SECTION 4.3. Collateral Trustee Not Required to Serve, File, Register or
Record. The Collateral Trustee is not required to serve, file, register or record any instrument releasing or subordinating its Liens on any Collateral; provided, however, that if, in connection with any release pursuant to Article 4 of
this Agreement, the Company or any Subsidiary Guarantor shall make a written demand for a termination statement under Section 9-513(c) of the UCC, the Collateral Trustee shall comply with the written
request of such Company or Subsidiary Guarantor to comply with the requirements of such UCC provision; provided, further, that the Collateral Trustee must first confirm with the Pari Passu Lien Representatives that the requirements of
such UCC provisions have been satisfied. 
 SECTION 4.4. Release of Liens in Respect of Notes. The Collateral Trustee’s
Liens upon the Collateral will no longer secure the Notes issued under the Notes Indenture or any other Obligations outstanding thereunder, and the right of the holders of the Notes and such other Obligations to the benefits and proceeds of the
Collateral Trustee’s Lien on the Collateral will terminate and be discharged: 
 (a) upon satisfaction and discharge of the Notes
Indenture as set forth under Article VIII of the Notes Indenture; 

  
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 (b) upon a Legal Defeasance or Covenant Defeasance of all outstanding Notes issued under the
Notes Indenture, as set forth under Article VIII of the Notes Indenture; 
 (c) in whole or in part, with the consent of the holders of the
requisite percentage of the Notes in accordance with Article IX of the Notes Indenture and Section 4.1 hereof. 
 In addition, the
security interests granted by any Subsidiary Guarantor pursuant to the Security Documents will be released upon any Subsidiary Guarantor ceasing to guarantee the Notes as described under Article X of the Notes Indenture. 

ARTICLE 5. IMMUNITIES OF THE COLLATERAL TRUSTEE 

SECTION 5.1. No Implied Duty. The Collateral Trustee will not have any fiduciary duties, nor will it have responsibilities or
obligations other than those expressly assumed by it in this Agreement and the other Security Documents to which it is a party. The Collateral Trustee will not be required to take any action that is contrary to applicable law or any provision of
this Agreement or the other Security Documents to which it is a party. 
 SECTION 5.2. Appointment of Agents and Advisors. The
Collateral Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good faith as it may
reasonably require and will not be responsible for any misconduct or negligence on the part of any of them. 
 SECTION 5.3. Other
Agreements. The Collateral Trustee has accepted and is bound by the Security Documents executed by the Collateral Trustee as of the date of this Agreement and, as required under Section 3.8 or Section 3.9 or as directed by an Act of
Required Debtholders, the Collateral Trustee shall execute additional Security Documents delivered to it after the date of this Agreement; provided, however, that such additional Security Documents do not adversely affect the rights,
privileges, benefits and immunities of the Collateral Trustee. The Collateral Trustee will not otherwise be bound by, or be held obligated by, the provisions of any credit agreement, indenture or other agreement governing Pari Passu Lien Debt (other
than this Agreement and the other Security Documents to which it is a party). 
 SECTION 5.4. Solicitation of Instructions. 

(a) The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Required Debtholders, an
Officers’ Certificate or an order of a court of competent jurisdiction as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other
Security Documents. 
 (b) No written direction given to the Collateral Trustee by an Act of Required Debtholders that in the reasonable
judgment of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Security Documents will
be binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction. 

  
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 SECTION 5.5. Limitation of Liability. The Collateral Trustee will not be
responsible or liable for any action taken or omitted to be taken by it hereunder or under any other Security Document, except for its own gross negligence or willful misconduct as determined by a court of competent jurisdiction. 

SECTION 5.6. Documents in Satisfactory Form. The Collateral Trustee will be entitled to require that all agreements, certificates,
opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement, be delivered to it in a form and with substantive provisions reasonably satisfactory to it. 

SECTION 5.7. Entitled to Rely. The Collateral Trustee may seek and rely upon, and shall be fully protected in relying upon, any
judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by it in good faith and upon any certification, instruction, notice or other writing delivered to it by the
Company or any Subsidiary Guarantor in compliance with the provisions of this Agreement or delivered to it by any Pari Passu Lien Representative as to the holders of Pari Passu Lien Obligations for whom it acts, without being required to determine
the authenticity thereof or the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Trustee may act in reliance upon any instrument comporting with the provisions of this Agreement or any signature
reasonably believed by it to be genuine and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the provisions hereof or the other Security Documents has been
duly authorized to do so. To the extent an Officers’ Certificate or Opinion of Counsel is required or permitted under this Agreement to be delivered to the Collateral Trustee in respect of any matter, the Collateral Trustee may rely
conclusively on an Officers’ Certificate or Opinion of Counsel as to such matter and such Officers’ Certificate or Opinion of Counsel shall be full warranty and protection to the Collateral Trustee for any action taken, suffered or omitted
by it under the provisions of this Agreement and the other Security Documents. 
 SECTION 5.8. Pari Passu Lien Debt Default. The
Collateral Trustee will not be required to inquire as to the occurrence or absence of any Pari Passu Lien Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Pari Passu Lien Debt
Default unless and until it is directed by an Act of Required Debtholders. 
 SECTION 5.9. Actions by Collateral Trustee. As to
any matter not expressly provided for by this Agreement or the other Security Documents, the Collateral Trustee will act or refrain from acting as directed by an Act of Required Debtholders and will be fully protected if it does so, and any action
taken, suffered or omitted pursuant hereto or thereto shall be binding on the holders of Pari Passu Lien Obligations. 
 SECTION 5.10.
Security or Indemnity in Favor of the Collateral Trustee. The Collateral Trustee will not be required to advance or expend any funds or otherwise incur any financial liability in the performance of its duties or the exercise of its powers or
rights hereunder unless it has been provided with security or indemnity reasonably satisfactory to it against any and all liability or expense which may be incurred by it by reason of taking or continuing to take such action. 

  
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 SECTION 5.11. Rights of the Collateral Trustee. In the event there is any
bona fide, good faith disagreement between the other parties to this Agreement or any of the other Security Documents resulting in adverse claims being made in connection with Collateral held by the Collateral Trustee and the terms of this
Agreement or any of the other Security Documents do not unambiguously mandate the action the Collateral Trustee is to take or not to take in connection therewith under the circumstances then existing, or the Collateral Trustee is in doubt as to what
action it is required to take or not to take hereunder or under the other Security Documents, it will be entitled to refrain from taking any action (and will incur no liability for doing so) until directed otherwise in writing by a request signed
jointly by the parties hereto entitled to give such direction or by order of a court of competent jurisdiction. 
 The Collateral Trustee is
entitled under this Agreement to all of the rights, protections and immunities of the Notes Trustee under the Notes Indenture, mutatis mutandis, to the extent applicable and not otherwise addressed herein. 

SECTION 5.12. Limitations on Duty of Collateral Trustee in Respect of Collateral. 

(a) Beyond the exercise of reasonable care in the custody of Collateral in its possession, the Collateral Trustee shall have no duty as to any
Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Collateral Trustee shall not be
responsible for filing any financing or continuation statements (except as set forth in Section 4.3) or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of
any Liens on the Collateral. The Collateral Trustee shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own
property, and the Collateral Trustee shall not be liable or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the
Collateral Trustee in good faith. 
 (b) The Collateral Trustee shall not be responsible for the existence, genuineness or value of any of
the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part hereunder, except to the extent such
action or omission constitutes negligence or willful misconduct on the part of the Collateral Trustee, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Company
or any Subsidiary Guarantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Trustee hereby disclaims
any representation or warranty to the present and future holders of the Pari Passu Lien Obligations concerning the perfection of the Liens granted hereunder or in the value of any of the Collateral. 

  
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 (c) Without limiting the generality of the foregoing sentences, the use of the term
“trustee” in this Agreement with reference to the Collateral Trustee is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely
as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 

SECTION 5.13. Assumption of Rights, Not Assumption of Duties. Notwithstanding anything to the contrary contained herein: 

(1) each of the parties thereto will remain liable under each of the Security Documents (other than this Agreement) to the
extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this Agreement had not been executed; 

(2) the exercise by the Collateral Trustee of any of its rights, remedies or powers hereunder will not release such parties
from any of their respective duties or obligations under the other Security Documents; and 
 (3) the Collateral Trustee will
not be obligated to perform any of the obligations or duties of any of the parties thereunder other than the Collateral Trustee. 

SECTION 5.14. No Liability for Clean Up of Hazardous Materials. In the event that the Collateral Trustee is required to acquire
title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the Collateral Trustee’s sole discretion may cause the
Collateral Trustee to be considered an “owner or operator” under any environmental laws or otherwise cause the Collateral Trustee to incur, or be exposed to, any environmental liability or any liability under any other federal, state or
local law, the Collateral Trustee reserves the right, instead of taking such action, either to resign as Collateral Trustee or to arrange for the transfer of the title or control of the asset to a court appointed receiver. The Collateral Trustee
will not be liable to any Person for any environmental liability or any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral Trustee’s actions and conduct as
authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened discharge or release of any hazardous materials into the environment. 

SECTION 5.15. No Obligation to Act. Except as provided in this Agreement or as directed by the Notes Trustee or an Act of Required
Debtholders in accordance with this Agreement, the Collateral Trustee will not be obligated: 
 (1) to act upon directions
purported to be delivered to it by any Person; 
 (2) to foreclose upon or otherwise enforce any Lien; or 

  
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 (3) to take any other action whatsoever with regard to any or all of the
Security Documents, the Liens created thereby or the Collateral. 
 ARTICLE 6. RESIGNATION, REMOVAL AND REPLACEMENT OF THE COLLATERAL TRUSTEE

 SECTION 6.1. Resignation or Removal of Collateral Trustee. Subject to the appointment of a successor Collateral Trustee as
provided in Section 6.2 and the acceptance of such appointment by the successor Collateral Trustee: 
 (a) the Collateral Trustee may
resign at any time by giving notice of resignation to each Pari Passu Lien Representative and the Company; and 
 (b) the Collateral Trustee
may be removed at any time, with or without cause, by an Act of Required Debtholders. 
 SECTION 6.2. Appointment of Successor
Collateral Trustee. 
 (a) Upon any resignation or removal of the Collateral Trustee pursuant to Section 6.1, a successor Collateral
Trustee may be appointed by an Act of Required Debtholders, subject to, so long as no Pari Passu Lien Debt Default has occurred or is continuing, the consent of the Company (which may not be unreasonably withheld or delayed). If no successor
Collateral Trustee has been so appointed and accepted such appointment within 45 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Company), at its
option, appoint a successor Collateral Trustee, or petition a court of competent jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust company: 

(1) authorized to exercise corporate trust powers; 

(2) having a combined capital and surplus of at least $50,000,000; and 

(3) maintaining an office in New York, New York. 

(b) The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this
Section 6.2 has accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied. 

SECTION 6.3. Succession. When the Person so appointed as successor Collateral Trustee pursuant to Section 6.2 accepts such
appointment: 
 (1) such Person will succeed to and become vested with all the rights, powers, privileges and duties of the
predecessor Collateral Trustee, and the predecessor Collateral Trustee will be discharged from its duties and obligations hereunder; and 

  
 30 

 (2) the predecessor Collateral Trustee will (at the expense of the Company)
promptly transfer all Liens and collateral security and other property of the Senior Trust Estate within its possession or control to the possession or control of the successor Collateral Trustee and will execute instruments and assignments as may
be necessary or reasonably requested by the successor Collateral Trustee to transfer to the successor Collateral Trustee all Liens, interests, rights, powers and remedies of the predecessor Collateral Trustee in respect of the Security Documents or
the Senior Trust Estate. 
 Thereafter, the predecessor Collateral Trustee will remain entitled to enforce the immunities granted to it in Article 5 and the
provisions of Sections 7.10 and 7.11. 
 SECTION 6.4. Merger, Conversion or Consolidation of Collateral Trustee. Any
Person into which the Collateral Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Trustee shall be a party, or any Person succeeding
to the business of the Collateral Trustee, shall be the successor of the Collateral Trustee pursuant to Section 6.3; provided that (i) without the execution or filing of any paper with any party hereto or any further act on the part
of any of the parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person satisfies the eligibility requirements specified in clauses
(1) through (3) of Section 6.2 and (ii) prior to any such merger, conversion or consolidation, the Collateral Trustee shall have notified the Company and each Pari Passu Lien Representative thereof in writing. 

ARTICLE 7. MISCELLANEOUS PROVISIONS 

SECTION 7.1. Amendment. 

(a) No amendment or supplement to the provisions of this Agreement or any other Security Document will be effective without the approval of the
Collateral Trustee acting as directed by an Act of Required Debtholders, except that: 
 (1) any amendment or supplement that
has the effect solely of: 
 (A) adding additional assets as Collateral or maintaining Collateral, securing additional Pari
Passu Lien Debt that was otherwise permitted by the terms of the Pari Passu Lien Documents to be secured by the Collateral or preserving, perfecting or establishing the priority of the Liens thereon or the rights of the Collateral Trustee therein;

 (B) curing any ambiguity, omission, defect or inconsistency; 

(C) providing for the assumption of the Company’s or any Subsidiary Guarantor’s obligations under any Security
Document in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such Subsidiary Guarantor’s assets, as applicable; 

(D) making any change that would provide any additional rights or benefits to the Secured Parties or the Collateral Trustee or
that does not adversely affect the legal rights under the Notes Indenture or any other Pari Passu Lien Document of any holder of Notes, any other Secured Party or the Collateral Trustee; 

  
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 (E) conforming the text of the Security Documents, the ABL Intercreditor
Agreement or the Senior-Junior Intercreditor Agreement to any provision of the “Description of notes” section of the Offering Memorandum (as defined in the Notes Indenture); 

(F) releasing Collateral from the Lien of the Collateral Trustee or any Subsidiary Guarantor from its Subsidiary Guarantee, in
each case pursuant to the Pari Passu Lien Documents, the Security Documents, the ABL Intercreditor Agreement or the Senior-Junior Intercreditor Agreement when expressly permitted or required by the Pari Passu Lien Documents, the Security Documents,
the ABL Intercreditor Agreement or the Senior-Junior Intercreditor Agreement or any other intercreditor agreement to which the Collateral Trustee is a party; 

(G) in the case of any deposit account control agreement, securities account control agreement, bailee agreement or other
similar agreement providing for “control” over the Collateral, in each case (i) providing for control and perfection of ABL Collateral and (ii) to which both the ABL Agent and the Collateral Trustee are a party, at the request
and sole expense of the Company, and without the consent of the Collateral Trustee, amending any such agreement to substitute a Successor ABL Agent for the ABL Agent as the controlling secured party thereunder; 

(H) in connection with any refinancing or replacement of the ABL Agreement expressly permitted under the Notes Indenture, at
the request and sole expense of the Company, and without the consent of the Collateral Trustee to amend the ABL Intercreditor Agreement (i) adding parties (or any authorized agent or trustee therefor) providing any such refinancing or
replacement indebtedness and (ii) establishing that Liens on any Collateral securing such refinancing or replacement ABL Obligations will have the same priority as the Liens on any Collateral securing the ABL Obligations being refinanced or
replaced, all on the terms provided for in the ABL Intercreditor Agreement immediately prior to such refinancing or replacement; 

(I) in connection with any issuance of First Lien Debt (or refinancing or replacement thereof) expressly permitted under the
Pari Passu Lien Documents, at the request and sole expense of the Company, and without the consent of the Collateral Trustee to amend, supplement or otherwise modify the Intercreditor Agreements (i) to add parties (or any authorized agent or
trustee therefor) providing any such Debt, (ii) to establish that Liens on the Collateral securing the First Lien Obligations in respect of such First Lien Debt will have priority over the Liens on the Collateral securing the Pari Passu Lien
Debt, and (iii) in the case of any refinancing or replacement thereof, to establish that the Liens on the Collateral securing such Debt will have the same priority relative to such First Lien Obligations as they have relative to the Pari Passu
Lien Debt, all on the terms provided for in the Intercreditor Agreements immediately prior to such refinancing or replacement; 

  
 32 

 (J) securing any other Pari Passu Lien Obligations under the Security
Documents and appropriately including the same in this Agreement, the ABL Intercreditor Agreement and the Senior-Junior Intercreditor Agreement, in each case, to the extent the incurrence of such Debt and the grant of all Liens on the Collateral
held for the benefit of such Debt were permitted under the Notes Indenture; 
 (K) providing for the succession of any
parties to the Security Documents (and other amendments that are administrative or ministerial in nature) in connection with an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other modification
from time to time of any agreement that is not prohibited by the Notes Indenture; 
 (L) entering into any additional
intercreditor agreements contemplated by the Notes Indenture or any documents for the other Pari Passu Lien Obligations; or 

(M) making any other provisions with respect to matters or questions arising under the Notes Indenture; provided that
such actions pursuant to this clause (L) shall not adversely affect the interests of the holders of any Pari Passu Lien Obligations in any material respect, as determined in good faith by the Board of Directors of the Company, 

will, in each case, become effective when executed and delivered by the Company or any other applicable Subsidiary Guarantor party thereto and
the Collateral Trustee without the need of an Act of Required Debtholders; 
 (2) no amendment or supplement that reduces,
impairs or adversely affects the right of any holder of Pari Passu Lien Obligations: 
 (A) to vote its outstanding Pari
Passu Lien Debt as to any matter requiring an Act of Required Debtholders (or amends the provisions of this clause (2) or the definition of “Act of Required Debtholders”); 

(B) to share, in the order of application described in Section 3.4, in the proceeds of enforcement of or realization on
any Collateral that has not been released in accordance with the provisions described in Section 4.1; or 
 (C) to
require that Liens securing Pari Passu Lien Obligations be released only as set forth in the provisions described in Section 4.1, 

will become effective without the consent of the requisite percentage or number of holders of each Series of Pari Passu Lien Debt so affected
under the applicable Pari Passu Lien Documents; 
 (3) no amendment or supplement that imposes any obligation upon the
Collateral Trustee or any Pari Passu Lien Representative or adversely affects the rights of the Collateral Trustee or any Pari Passu Lien Representative, respectively, in its individual capacity as such will become effective without the consent of
the Collateral Trustee or such Pari Passu Lien Representative, respectively; and 

  
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 (4) no amendment or supplement will become effective without the consent of
the ABL Agent only to the extent such consent is required under Section 1.1 of the ABL Intercreditor Agreement. 
 (b) Notwithstanding
Section 7.1(a) but subject to Section 7.1(a)(2) and Section 7.1(a)(3), the Company may direct the Collateral Trustee to amend, supplement, modify, restate, renew or replace the ABL Intercreditor Agreement or the Senior-Junior
Intercreditor Agreement; provided that the changes made by such amendment, supplement, modification, restatement, renewal or replacement are not, taken as a whole, adverse to any holder of Pari Passu Lien Obligations. 

(c) The Collateral Trustee will not enter into any amendment or supplement of this Agreement unless it has received an Officers’
Certificate to the effect that such amendment or supplement will not result in a breach of any provision or covenant contained in any of the Pari Passu Lien Documents or the Security Documents. Prior to executing any amendment or supplement pursuant
to this Section 7.1, the Collateral Trustee will be entitled to receive an Opinion of Counsel of the Company to the effect that the execution of such document is authorized or permitted hereunder, and with respect to amendments adding
Collateral, an Opinion of Counsel of the Company addressing customary perfection matters with respect to such additional Collateral (subject to customary qualifications and assumptions). 

(d) Any amendment or supplement to the provisions of the Security Documents that releases Collateral will be effective only if consent to such
release is granted in accordance with the applicable Pari Passu Lien Document for each series of Pari Passu Lien Obligations that is required to consent to the release of the Collateral Trustee’s Liens on such Collateral pursuant to
Section 4.1. Any amendment or supplement that results in the Collateral Trustee’s Liens upon the Collateral no longer securing the Notes and all related Obligations under the Indenture may only be effected in accordance with
Section 4.1. 
 (e) Upon an Act of Required Debtholders, the Collateral Trustee will be authorized to consent to any amendment to the
ABL Agreement (or any Security Document entered into in connection therewith) with respect to which the ABL Intercreditor Agreement requires the consent of the Collateral Trustee. 

(f) Upon an Act of Required Debtholders, the Collateral Trustee will be authorized to consent to any amendment to the agreements governing
First Lien Debt (or any Security Document entered into in connection therewith) with respect to which the Senior-Junior Intercreditor Agreement requires the consent of the Collateral Trustee. 

(g) The Collateral Trustee is authorized to amend the Security Documents to add additional secured parties to the extent Liens securing Debt
held by such parties are permitted under the Notes Indenture. 

  
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 (h) After an amendment under this Agreement becomes effective, the Company shall mail or
cause to be mailed (or deliver, or cause to be delivered, by electronic transmission in accordance with the applicable procedures of DTC) to holders of the Notes a notice briefly describing such amendment. However, the failure to give such notice to
all holders of the Notes, or any defect therein, will not impair or affect the validity of the amendment. 
 SECTION 7.2.
Voting. In connection with any matter under this Agreement requiring a vote of holders of Pari Passu Lien Debt, each Series of Pari Passu Lien Debt will cast its votes in accordance with the Pari Passu Lien Documents governing such Series of
Pari Passu Lien Debt. The amount of Pari Passu Lien Debt to be voted by a Series of Pari Passu Lien Debt will equal (1) the aggregate outstanding principal amount of Pari Passu Lien Debt held by such Series of Pari Passu Lien Debt (including
outstanding letters of credit whether or not then available or drawn, unless cash collateralized), plus (2) other than in connection with an exercise of remedies, the aggregate unfunded commitments to extend credit which, when funded,
would constitute Debt of such Series of Pari Passu Lien Debt. Following and in accordance with the outcome of the applicable vote under its Pari Passu Lien Documents, the Pari Passu Lien Representative of each Series of Pari Passu Lien Debt will
vote the total amount of Pari Passu Lien Debt under that Series of Pari Passu Lien Debt as a block in respect of any vote under this Agreement. If any series of any Class of Pari Passu Lien Debt consists of Hedging Obligations, the holders of
those Hedging Obligations will vote on matters concerning such Class of Pari Passu Lien Debt in accordance with the applicable Pari Passu Lien Documents governing such Hedging Obligations. In making any determination of the aggregate
outstanding principal amount of Pari Passu Lien Debt outstanding for purposes of the provisions of the foregoing paragraph, any Pari Passu Lien Debt directly or indirectly held or beneficially owned by Affiliates of the Company shall be disregarded.

 SECTION 7.3. Further Assurances; Insurance; Real Estate. 

(a) The Company and each of the Subsidiary Guarantors will do or cause to be done all acts and things (including the execution and delivery of
security agreement supplements, mortgages, deeds of trust, security instruments, financing statements, title insurance, surveys and certificates and Opinions of Counsel) that may be required, or that the Collateral Trustee from time to time may
reasonably request, to assure and confirm that the Collateral Trustee holds, for the benefit of the holders of Pari Passu Lien Obligations, duly created and enforceable and perfected Liens upon the Collateral (including any property or assets that
are acquired or otherwise become Collateral after the date hereof), in each case as contemplated by, and with the Lien priority required under, the Pari Passu Lien Documents; provided that except in the case of the creation, perfection or
protection of Liens securing the Notes over (i) the Capital Stock of Unisys Global Holding B.V. (or its successors and assigns) or (ii) the Capital Stock of any other Subsidiary (other than a Subsidiary organized under the laws of the
United States, a state or territory thereof or the District of Columbia) of the Company or a Subsidiary Guarantor having (x) gross assets with an aggregate book value exceeding 5.0% of Consolidated Total Assets or (y) revenues exceeding
5.0% of the consolidated revenue of the Company and its Restricted Subsidiaries, the Company and any Subsidiary Guarantor that is a Domestic Subsidiary will not be required to take any actions under the laws of any jurisdiction outside of the United
States to create, perfect or protect the Liens securing the Notes; provided, further, that the limitation in the preceding proviso shall not apply (and the Company or such Subsidiary Guarantor that is a Domestic Subsidiary shall take
such actions) to the extent that the Company or such Subsidiary Guarantor that is a Domestic Subsidiary takes any such actions for the benefit of any other Debt or Pension Obligations of the Company or the Subsidiary Guarantors. 

  
 35 

 (b) If the Company or any Restricted Subsidiary pledges any assets or property to secure any
Pari Passu Lien Obligations, the Company or such Restricted Subsidiary shall also pledge such assets or property to Equally and Ratably secure the Notes, the Notes Indenture and the Subsidiary Guarantees. 

(c) Upon the reasonable request of the Collateral Trustee or any Pari Passu Lien Representative at any time and from time to time, the Company
and each of the Subsidiary Guarantors will promptly execute, acknowledge and deliver such additional security documents, instruments, certificates, notices and other documents, and take such other actions as may be reasonably required, or that the
Collateral Trustee may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred thereby, in each case as contemplated by the Pari Passu Lien Documents for the benefit of holders of Pari Passu
Lien Obligations. 
 (d) The Company and each of its Subsidiaries will: 

(1) keep their properties adequately insured at all times by financially sound and reputable insurers, in such amounts and
against such risks (and with such deductibles, retentions and exclusions) as are commercially reasonable and customary for companies in the same or similar businesses operating in the same or similar locations; 

(2) maintain such other insurance, to such extent and against such risks (and with such deductibles, retentions and exclusions)
as is commercially reasonable and customary with companies in the same or similar businesses operating in the same or similar locations, including public liability insurance against claims for personal injury or death or property damage occurring
upon, in, about or in connection with the use of any properties owned, occupied or controlled by them; and 
 (3) maintain
such other insurance as may be required by law. 
 (e) Upon the written request of the Collateral Trustee, the Company and the Subsidiary
Guarantors will furnish to the Collateral Trustee all reasonably requested information as to their property and liability insurance carriers. 

(f) The Company will use its commercially reasonable efforts by the Issue Date to cause the holders of any Pari Passu Lien Obligations, as a
class, to be named as additional insureds on all third-party liability insurance policies of the Company and the Subsidiary Guarantors, and to cause the Collateral Trustee to be named as loss payee as its interests may appear on all property
insurance policies of the Company and the Subsidiary Guarantors covering the Collateral. 
 (g) Upon the request of the Collateral Trustee,
the Company and the Subsidiary Guarantors will permit the Collateral Trustee or any of its agents or representatives, at reasonable times and intervals upon reasonable prior notice during regular business hours, to visit their offices and sites and
inspect any of the Collateral and to discuss matters relating to the 

  
 36 

 
Collateral with their respective officers. The Company and the Subsidiary Guarantors shall, at any reasonable time and from time to time upon reasonable prior notice during regular business
hours, permit the Collateral Trustee or any of its agents or representatives to examine and make copies of and abstracts from the records and books of account of the Company and the Subsidiary Guarantors and their respective Subsidiaries, all at the
Company’s expense. 
 (h) With respect to any Mortgaged Property: 

(1) Within 90 days of the date hereof or the date of acquisition, as applicable, (i) the Collateral Trustee and the
issuers of the title insurance policies (the “Title Company”) being issued in connection with the Mortgages shall have received fully executed and notarized Mortgages, which Mortgages shall be in proper form for recording in
all appropriate places in all applicable jurisdictions located in the United States, encumbering the fee interests of the Company and the Subsidiary Guarantors, as applicable, in the Mortgaged Property and (ii) the Collateral Trustee shall have
received confirmation that the Title Company has accepted the Mortgages for recording. 
 (2) Within 90 days of the date
hereof or the date of acquisition, as applicable, (i) the Title Company shall have issued to the Collateral Trustee a title insurance policy (or an unconditional marked commitment or signed pro forma therefor) insuring each Mortgage to be a
valid Lien with the priority described therein (which shall in all events conform to the requirements of this Agreement) against the Mortgaged Property described therein, free from all Liens except Permitted Liens, for the full amount stated in the
title insurance policies, which amount shall be not less than the tax assessed value set forth in the applicable appraisals covering the applicable Mortgaged Property that the Company delivered to the Collateral Trustee prior to the date hereof;
(ii) the Title Company shall have issued such endorsements customarily issued by the Title Company to each of the policies of title insurance to the extent available in the relevant jurisdiction at ordinary rates (including, but not limited to,
ALTA comprehensive, access, deletion of arbitration, environmental lien protection, address, tax map, survey, contiguity, subdivision, doing business, and tax parcel); (iii) the Title Company shall have received all amounts required to be paid to
the Title Company to issue the title insurance policies referred to in clause (i) above; and (iv) the Collateral Trustee shall have received copies of the title insurance policies. 

(3) Within 90 days of the date hereof or the date of acquisition, as applicable, the Collateral Trustee and the Title Company
shall have received ALTA surveys with respect to each Mortgaged Property in form and substance necessary to induce the Title Company to delete the general survey disclosure exception and to issue the endorsements identified in
Section 7.3(h)(2)(ii). 
 (4) Within 90 days of the date hereof or the date of acquisition, as applicable, the
Collateral Trustee shall have received flood certifications with respect to each Mortgaged Property and evidence of flood insurance with respect to each Mortgaged Property that is located in a community that participates in the National Flood
Insurance Program, which in all events complies with any applicable regulations of the Board of Governors of the United States Federal Reserve System. 

  
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 (5) With respect to any fee simple interest in any real property located in
the United States having a Fair Market Value of at least $5,000,000 acquired after the date hereof by any of the Company or any Subsidiary Guarantor, the Company or applicable Subsidiary Guarantor shall as soon as practicable (but in no event later
than 90 days following the date such real property is acquired), deliver such items as were required to be delivered under the clauses (1) through (4) above. 

SECTION 7.4. RESERVED. 

SECTION 7.5. Successors and Assigns. 

(a) Except as provided in Section 5.2, the Collateral Trustee may not, in its capacity as such, delegate any of its duties or assign any
of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Collateral Trustee hereunder will inure to the sole and exclusive benefit of, and be enforceable by, each
Pari Passu Lien Representative and each present and future holder of Pari Passu Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective successors and assigns. 

(b) Neither the Company nor any Subsidiary Guarantor may delegate any of its duties or assign any of its rights hereunder, and any attempted
delegation or assignment of any such duties or rights will be null and void. All obligations of the Company and the Subsidiary Guarantors hereunder will inure to the sole and exclusive benefit of, and be enforceable by, the Collateral Trustee, each
Pari Passu Lien Representative and each present and future holder of Pari Passu Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective successors and assigns. 

SECTION 7.6. Delay and Waiver. No failure to exercise, no course of dealing with respect to the exercise of, and no delay in
exercising any right, power or remedy arising under this Agreement or any of the other Security Documents will impair any such right, power or remedy or operate as a waiver thereof. No single or partial exercise of any such right, power or remedy
will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 

SECTION 7.7. Notices. Any communications, including notices and instructions, between the parties hereto or notices provided
herein to be given may be given to the following addresses: 
  

			
	If to the Collateral Trustee:	  	 Wells Fargo Bank, National Association
 MAC N9300-060
 600 South, 4th Street, 6th Floor
 Minneapolis, MN 55415

Attention: Corporate Trust Services – Unisys Administrator

Email: Lynn.m.steiner@wellsfargo.com

  
 38 

 
			
	If to the Company or any Subsidiary Guarantor:	  	 Unisys Corporation
 801 Lakeview Drive, Suite
100
 Blue Bell, PA 19424
 Fax: (215) 986-0622, with a copy to
 (215) 986-0624

Attention: Treasurer, with a copy to the General Counsel

		
	If to the Notes Trustee:	  	 Wells Fargo Bank, National Association
 MAC N9300-060
 600 South, 4th Street, 6th Floor
 Minneapolis, MN 55415

Attention: Corporate Trust Services – Unisys Administrator

Email: Lynn.m.steiner@wellsfargo.com

 and if to any other Pari Passu Lien Representative, to such address as it may specify by written notice to the parties
named above. 
 All notices and communications will be faxed to the relevant fax number set forth above emailed or mailed by first class
mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery, to the relevant address set forth above or, as to holders of Pari Passu Lien Debt, all notices and communications will be sent in
the manner specified in the Pari Passu Lien Documents applicable to such holder. Failure to mail a notice or communication to a holder of Pari Passu Lien Debt or any defect in it will not affect its sufficiency with respect to other holders of Pari
Passu Lien Debt. 
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given,
whether or not the addressee receives it. 
 SECTION 7.8. Notice Following Discharge of Pari Passu Lien Obligations. Promptly
following the Discharge of Pari Passu Lien Obligations with respect to one or more Series of Pari Passu Lien Debt, each Pari Passu Lien Representative with respect to each applicable Series of Pari Passu Lien Debt that is so discharged will provide
written notice of such discharge to the Collateral Trustee and to each other Pari Passu Lien Representative. 
 SECTION 7.9. Entire
Agreement. This Agreement states the complete agreement of the parties relating to the undertaking of the Collateral Trustee set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking. 

SECTION 7.10. Compensation; Expenses. The Company and the Subsidiary Guarantors jointly and severally agree to pay, promptly upon
demand: 
 (1) such compensation to the Collateral Trustee and its agents as the Company and the Collateral Trustee may agree
in writing from time to time; 

  
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 (2) all reasonable costs and expenses incurred by the Collateral Trustee and
its agents in the preparation, execution, delivery, filing, recordation, administration or enforcement of this Agreement or any other Security Document or any consent, amendment, waiver or other modification relating hereto or thereto; 

(3) all reasonable fees, expenses and disbursements of legal counsel and any auditors, accountants, consultants or appraisers
or other professional advisors and agents engaged by the Collateral Trustee incurred in connection with the negotiation, preparation, closing, administration, performance or enforcement of this Agreement and the other Security Documents or any
consent, amendment, waiver or other modification relating hereto or thereto and any other document or matter requested by the Company or any Subsidiary Guarantor; 

(4) all reasonable costs and expenses incurred by the Collateral Trustee and its agents in creating, perfecting, preserving,
releasing or enforcing the Collateral Trustee’s Liens on the Collateral, including filing and recording fees, court costs, expenses and taxes, stamp or documentary taxes, and search fees; 

(5) all other reasonable costs and expenses incurred by the Collateral Trustee and its agents in connection with the
negotiation, preparation and execution of the Security Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby or the exercise of rights or performance of obligations by the Collateral
Trustee thereunder; and 
 (6) after the occurrence of any Pari Passu Lien Debt Default, all reasonable costs and expenses
incurred by the Collateral Trustee, its agents and any Pari Passu Lien Representative in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Security Documents or any interest, right, power or
remedy of the Collateral Trustee or in connection with the collection or enforcement of any of the Pari Passu Lien Obligations or the proof, protection, administration or resolution of any claim based upon the Pari Passu Lien Obligations in any
Insolvency Proceeding, including all reasonable fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Collateral Trustee, its agents or the Pari Passu Lien Representatives. 

The agreements in this Section 7.10 will survive repayment of all other Pari Passu Lien Obligations and the removal or resignation of the
Collateral Trustee. 
 SECTION 7.11. Indemnity. 

(a) The Company and the Subsidiary Guarantors jointly and severally agree to defend, indemnify, pay and hold harmless the Collateral Trustee
and its Affiliates and each and all of the directors, officers, partners, trustees, employees, attorneys and agents, and (in each case) their respective heirs, representatives, successors and assigns (each of the foregoing, an
“Indemnitee”) from and against any and all Indemnified Liabilities; provided that no Indemnitee will be entitled to indemnification hereunder with respect to any Indemnified Liability to the extent such Indemnified
Liability is found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. 

  
 40 

 (b) All amounts due under this Section 7.11 will be payable upon demand. 

(c) To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in Section 7.11(a) may be unenforceable in
whole or in part because they violate any law or public policy, each of the Company and the Subsidiary Guarantors will contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all
Indemnified Liabilities incurred by Indemnitees or any of them. 
 (d) Neither the Company nor any Subsidiary Guarantor will ever assert any
claim against any Indemnitee, on any theory of liability, for any lost profits or special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any punitive damages arising out of, in
connection with, or as a result of, this Agreement or any other Pari Passu Lien Document or any agreement or instrument or transaction contemplated hereby or relating in any respect to any Indemnified Liability, and the Company and each of the
Subsidiary Guarantors hereby forever waives, releases and agrees not to sue upon any claim for any such lost profits or special, indirect, consequential or (to the fullest extent lawful) punitive damages, whether or not accrued and whether or not
known or suspected to exist in its favor. 
 (e) The agreements in this Section 7.11 will survive repayment of all other Pari Passu Lien
Obligations and the removal or resignation of the Collateral Trustee. 
 SECTION 7.12. Severability. If any provision of this
Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other
jurisdictions, will not in any way be affected or impaired thereby. 
 SECTION 7.13. Headings. Section headings herein have been
inserted for convenience of reference only, are not to be considered a part of this Agreement and will in no way modify or restrict any of the terms or provisions hereof. 

SECTION 7.14. Obligations Secured. All obligations of the Company and the Subsidiary Guarantors set forth in or arising under this
Agreement will be Pari Passu Lien Obligations and are secured by all Liens granted by the Security Documents. 
 SECTION 7.15.
Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS AGREEMENT. 
 SECTION 7.16.
Consent to Jurisdiction. All judicial proceedings brought against any party hereto arising out of or relating to this Agreement or any of the other Security Documents may be brought in any state or federal court of competent jurisdiction in
the State, County and City of New York. By executing and delivering this Agreement, the Company and each Subsidiary Guarantor, 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; 

  
 41 

 (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 such party at its address provided in accordance with Section 7.7; 

(4) agrees that service as provided in clause (3) above is sufficient to confer personal jurisdiction over such party in
any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and 
 (5)
agrees that each party hereto retains the right to serve process in any other manner permitted by law or to bring proceedings against any party in the courts of any other jurisdiction. 

SECTION 7.17. Waiver of Jury Trial. Each party to this Agreement waives its rights to a jury trial of any claim or cause of action
based upon or arising under this Agreement or any of the other Security Documents or any dealings between them relating to the subject matter of this Agreement or the intents and purposes of the other Security Documents. 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 of this Agreement and the other Security Documents, including contract claims, tort
claims, breach of duty claims and all other common law and statutory claims. Each party to this Agreement acknowledges that this waiver is a material inducement to enter into a business relationship, that each party hereto has already relied on this
waiver in entering into this Agreement, and that each party hereto 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 7.17 and executed by each of the parties hereto), and this waiver will apply to any subsequent amendments, renewals, supplements or modifications of or to this Agreement or any of the other Security Documents or to any
other documents or agreements relating thereto. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 

SECTION 7.18. eSignatures; Counterparts. This Agreement and any amendments, modifications or waivers in respect hereof, shall be
valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or
(iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including
any relevant provisions of the UCC (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity,
legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other
electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original, but such counterparts shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law
due to the character or intended character of the writings. 

  
 42 

 SECTION 7.19. Effectiveness. This Agreement will become effective upon the
execution of a counterpart hereof by each of the parties hereto on the date hereof and receipt by each party of written notification of such execution and written or telephonic authorization of delivery thereof. 

SECTION 7.20. Additional Subsidiary Guarantors. The Company will cause each Subsidiary that becomes a Subsidiary Guarantor or is
required by any Pari Passu Lien Document to become a party to this Agreement to become a party to this Agreement, for all purposes of this Agreement, by causing such Subsidiary to execute and deliver to the Collateral Trustee a Collateral Trust
Joinder, whereupon such Subsidiary will be bound by the terms hereof to the same extent as if it had executed and delivered this Agreement as of the date hereof. The Company shall promptly provide each Pari Passu Lien Representative with a copy of
each Collateral Trust Joinder executed and delivered pursuant to this Section 7.20; provided, however, that the failure to so deliver a copy of the Collateral Trust Joinder to any then existing Pari Passu Lien Representative shall not
affect the inclusion of such Person as a Subsidiary Guarantor if the other requirements of this Section 7.20 are complied with. 

SECTION 7.21. Continuing Nature of this Agreement. This Agreement will be reinstated if at any time any payment or distribution in
respect of any of the Pari Passu Lien Obligations is rescinded or must otherwise be returned in an Insolvency Proceeding or otherwise by any holder of Pari Passu Lien Obligations or Pari Passu Lien Representative or any representative of any such
party (whether by demand, settlement, litigation or otherwise). 
 SECTION 7.22. Insolvency. This Agreement will be applicable
both before and after the commencement of any Insolvency Proceeding by or against the Company or any Subsidiary Guarantor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency Proceeding
on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. 
 SECTION 7.23. Rights
and Immunities of Pari Passu Lien Representatives. The Pari Passu Lien Representatives will be entitled to all of the rights, protections, immunities and indemnities set forth in the Notes Indenture and any future Pari Passu Lien Representative
will be entitled to all of the rights, protections, immunities and indemnities set forth in the credit agreement, indenture or other agreement governing the applicable Pari Passu Lien Debt with respect to which such Person is acting or will act as
representative, in each case as if specifically set forth herein. In no event will any Pari Passu Lien Representative be liable for any act or omission on the part of the Company or any Subsidiary Guarantor or the Collateral Trustee hereunder. 

SECTION 7.24. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the
Collateral Trustee, like all financial institutions, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with Wells Fargo Bank, National Association.
The parties to this Agreement agree that they will provide the Collateral Trustee with such information as it may request in order for the Collateral Trustee to satisfy the requirements of the USA Patriot Act. 

  
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 SECTION 7.25. Force Majeure. The Collateral Trustee shall not incur any
liability for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of the Collateral Trustee (including, but not limited to, any act or provision of any present or
future law or regulation or Governmental Authority, any act of God or war, civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or
communication facility). 

  
 44 

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

			
	UNISYS CORPORATION
		
	By:	 	 /s/ Michael M. Thomson

		 	Name: Michael M. Thomson
		 	Title: Senior Vice President and Chief
		 	          Financial Officer
	
	UNISYS AP INVESTMENT COMPANY I
		
	By:	 	 /s/ Gary M. Polikoff

		 	Name: Gary M. Polikoff
		 	Title: President
	
	UNISYS HOLDING CORPORATION
		
	By:	 	 /s/ Gary M. Polikoff

		 	Name: Gary M. Polikoff
		 	Title: President
	
	UNISYS NPL, INC.
		
	By:	 	 /s/ Gary M. Polikoff

		 	Name: Gary M. Polikoff
		 	Title: President

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Notes Trustee under the Notes Indenture
		
	By:	 	 /s/ Stefan Victory

		 	Name: Stefan Victory
		 	Title: Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Trustee
		
	By:	 	 /s/ Stefan Victory

		 	Name: Stefan Victory
		 	Title: Vice President

 EXHIBIT A 

to Collateral Trust Agreement 

FORM OF 
 ADDITIONAL
SECURED DEBT DESIGNATION 
 Reference is made to the Collateral Trust Agreement, dated as of October 29, 2020 (as amended,
supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”), among Unisys Corporation, a Delaware corporation (the “Company”), the
Subsidiary Guarantors from time to time party thereto, Wells Fargo Bank, National Association, as Trustee under the Notes Indenture (as defined therein), the other Pari Passu Lien Representatives from time to time party thereto and Wells Fargo Bank,
National Association, as Collateral Trustee. Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Collateral Trust Agreement. This Additional Pari Passu Lien Debt Designation is being executed and delivered
in order to designate additional secured debt as Pari Passu Lien Debt entitled to the benefit of the Collateral Trust Agreement. 
 The
undersigned, the duly appointed [specify title] of the Company hereby certifies on behalf of the Company that: 

(A) [insert name of the Company or Subsidiary Guarantor] intends to incur additional Pari Passu Lien Debt
(“Additional Pari Passu Lien Debt”) which will be Pari Passu Lien Debt permitted by each applicable Pari Passu Lien Document to be secured by a Pari Passu Lien pari passu with all previously existing and future Pari
Passu Lien Debt;  
 (B) such Additional Pari Passu Lien Debt is permitted by each applicable Pari Passu Lien
Document; 
 (C) the name and address of the Pari Passu Lien Representative for the Additional Pari Passu Lien Debt for
purposes of Section 7.7 of the Collateral Trust Agreement is: 
  

					
			
		 	                                      
                                  	 	
			
		 	                                      
                                  	 	
			
		 	Telephone:                                    
                  	 	
			
		 	Fax:                                     
                            	 	

 (D) the Company has caused a copy of this Additional Pari Passu Lien Debt Designation to be delivered to each
existing Pari Passu Lien Representative. 

  
 A-1 

 IN WITNESS WHEREOF, the Company has caused this Additional Pari Passu Lien Debt Designation
to be duly executed by the undersigned officer as of _______________, 20____. 
  

			
	UNISYS CORPORATION
		
	By:	 	                                      
                                         
 
		 	Name:                                     
                                
		 	Title:                                     
                                  

 ACKNOWLEDGEMENT OF RECEIPT 

The undersigned, the duly appointed Collateral Trustee under the Collateral Trust Agreement, hereby acknowledges receipt of an executed copy of this
Additional Pari Passu Lien Debt Designation. 
  

			
	Wells Fargo Bank, National Association, as Collateral Trustee
		
	By:	 	                                      
                                         
 
		 	Name:                                     
                                
		 	Title:                                     
                                  

  
 A-2 

 EXHIBIT B 

to Collateral Trust Agreement 

FORM OF 
 COLLATERAL
TRUST JOINDER – ADDITIONAL DEBT 
 Reference is made to the Collateral Trust Agreement, dated as of October 29, 2020 (as
amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”), among Unisys Corporation, a Delaware corporation (the “Company”),
the Subsidiary Guarantors from time to time party thereto, Wells Fargo Bank, National Association, as Trustee under the Notes Indenture (as defined therein), the other Pari Passu Lien Representatives from time to time party thereto and Wells Fargo
Bank, National Association, as Collateral Trustee. Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to
Section 3.8 of the Collateral Trust Agreement as a condition precedent to the debt for which the undersigned is acting as agent being entitled to the benefits of being Additional Pari Passu Lien Debt under the Collateral Trust Agreement. 

1 Joinder. The undersigned, ________________, a _______________, (the “New Representative”) as [trustee,
administrative agent] under that certain [describe applicable indenture, credit agreement or other document governing the Additional Pari Passu Lien Debt] hereby agrees to become party as a Pari Passu Lien
Representative under the Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the
Collateral Trust Agreement as of the date thereof. 
 2. Lien Sharing and Priority Confirmation. 

The undersigned New Representative, on behalf of itself and each holder of Obligations in respect of the Series of Pari Passu Lien Debt for
which the undersigned is acting as Pari Passu Lien Representative, hereby agrees, for the enforceable benefit of all holders of each existing and future Series of Pari Passu Lien Debt and each other existing and future Pari Passu Lien Representative
and as a condition to being treated as Pari Passu Lien Debt under the Collateral Trust Agreement that: 
 (a) all Pari Passu
Lien Obligations will be and are secured Equally and Ratably by all Pari Passu Liens at any time granted by the Company or any Subsidiary Guarantor to secure any Obligations in respect of any Series of Pari Passu Lien Debt, whether or not upon
property otherwise constituting collateral for such Series of Pari Passu Lien Debt, and that all such Pari Passu Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Pari Passu Lien Obligations Equally and Ratably;

 (b) the New Representative and each holder of Obligations in respect of the Series of Pari Passu Lien Debt for which the
undersigned is acting as Pari Passu Lien Representative are bound by the provisions of the Collateral Trust Agreement, including the provisions relating to the ranking of Pari Passu Liens and the order of application of proceeds from the enforcement
of Pari Passu Liens; and 

  
 B-1 

 (c) the Collateral Trustee shall perform its obligations under the
Collateral Trust Agreement and the other Security Documents. 
 3. Governing Law and Miscellaneous Provisions. The provisions of
Article 7 of the Collateral Trust Agreement will apply with like effect to this Collateral Trust Joinder. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Collateral Trust Joinder to be executed by their respective officers or representatives as of _________________, 20____. 
  

			
	[insert name of the New Representative]
		
	By:	 	                                      
                                         
 
		 	Name:                                     
                                
		 	Title:                                     
                                  

 The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral
Trustee for the New Representative and the holders of the Obligations represented thereby: 
  

			
	Wells Fargo Bank, National Association, as Collateral Trustee
		
	By:	 	                                      
                                         
 
		 	Name:                                     
                                
		 	Title:                                     
                                  

  
 B-2 

 EXHIBIT C 

to Collateral Trust Agreement 

FORM OF 
 COLLATERAL
TRUST JOINDER – ADDITIONAL SUBSIDIARY GUARANTOR 
 Reference is made to the Collateral Trust Agreement, dated as of
October 29, 2020 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”), among Unisys Corporation, a Delaware corporation (the
“Company”), the Subsidiary Guarantors from time to time party thereto, Wells Fargo Bank, National Association, as Trustee under the Notes Indenture (as defined therein), the other Pari Passu Lien Representatives from time to
time party thereto and Wells Fargo Bank, National Association, as Collateral Trustee. Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Collateral Trust Agreement. This Collateral Trust Joinder is being
executed and delivered pursuant to Section 7.20 of the Collateral Trust Agreement. 
 1. Joinder. The undersigned,
_________________, a _______________, hereby agrees to become party as a Subsidiary Guarantor under the Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust
Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof. 
 2. Governing
Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement will apply with like effect to this Collateral Trust Joinder. 

IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Joinder to be executed by their respective officers or
representatives as of __________________, 20____. 
  

			
	[                                   
                                         
         ]
		
	By:	 	                                      
                                         
 
		 	Name:                                     
                                
		 	Title:                                     
                                  

 The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral
Trustee with respect to the Collateral pledged by the new Subsidiary Guarantor: 
  

			
	Wells Fargo Bank, National Association, as Collateral Trustee
		
	By:	 	                                      
                                         
 
		 	Name:                                     
                                
		 	Title:                                     
                                  

  
 C-1 

 SCHEDULE 1 

to Collateral Trust Agreement 

Mortgaged Properties 
 None as of the
Issue Date. 

  
 Schedule 1EX-10.3

 Exhibit 10.3 

Execution Version 
 ABL
INTERCREDITOR AGREEMENT 
 This ABL INTERCREDITOR AGREEMENT (as amended, restated, renewed, extended, supplemented or
otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), is dated as of October 29, 2020, and entered into by and among (a) JPMorgan Chase Bank, N.A., in its capacity as agent for the ABL
Lenders (including its successors and assigns from time to time, the “ABL Agent”), (b) Wells Fargo Bank, National Association, in its capacity as collateral trustee (including its successors and assigns from time to time, the
“Collateral Trustee”) for (i) the Notes Trustee and the Noteholders and (ii) any future Pari Passu Lien Representative or Pari Passu Lien Claimholders and (c) such additional parties from time to time party hereto
pursuant to the terms hereof and acknowledged by Unisys Corporation, a Delaware corporation (the “Company”) and certain subsidiaries of the Company (the “Subsidiary Guarantors”). As described in more detail
in Section 8.10 hereof, this Agreement is intended to be binding on all Claimholders, Pari Passu Lien Representatives and First Lien Debt Representatives, as well as the ABL Agent, the Collateral Trustee and the First Lien Debt Collateral
Agent. Capitalized terms used in this Agreement have the meanings assigned to them in Article I below. 
 RECITALS 

The Company, the Subsidiary Guarantors, certain lenders (the “ABL Lenders”) and agents party thereto and the ABL Agent have
entered into an Amended and Restated Credit Agreement, dated as of October 29, 2020, providing for a revolving credit facility (including swing-line and
letter-of-credit sub-facilities) (as amended, restated, supplemented, modified, replaced or refinanced from time to time in
accordance with the terms hereof, the “ABL Agreement”); 
 The Company, the Subsidiary Guarantors and Wells Fargo Bank,
National Association, as trustee (in such capacity and including its successors and assigns from time to time, the “Notes Trustee”) are entering into the Indenture, dated as of the date hereof (as amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof, the “Notes Indenture”); 
 The Company
may, subject to the terms of the ABL Agreement and the Notes Indenture, from time to time incur additional (i) Pari Passu Lien Debt pursuant to the terms of the Collateral Trust Agreement and (ii) First Lien Debt pursuant to the terms of
the First Lien Debt Documents; 
 The obligations of the Company and the Subsidiary Guarantors to (i) the ABL Agent and the ABL
Claimholders, (ii) the Pari Passu Lien Representatives and the Pari Passu Lien Claimholders and (iii) in respect of any future First Lien Debt, the First Lien Debt Representatives and the First Lien Debt Claimholders are, or in the case of
future First Lien Debt, will be, each secured by Liens on certain of the assets of the Grantors, and as required under the ABL Agreement, each of the ABL Agent, the Priority Lien Representatives and the applicable Claimholders have agreed to the
relative priority of their respective Liens on the Collateral and certain other rights, priorities and interests as 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: 

ARTICLE 1 
 DEFINITIONS.

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

“ABL Agent” has the meaning assigned to that term in the preamble to this Agreement. 

“ABL Agreement” has the meaning assigned to that term in the recitals to this Agreement. 

“ABL Claimholders” means, at any relevant time, the holders of ABL Obligations at that time, including the ABL
Lenders, the Bank Product Providers, the Secured Swap Providers and the agents under the ABL Loan Documents. 
 “ABL
Collateral” means all of the following now owned or hereafter acquired assets wherever located (including, for the avoidance of doubt, any such assets that, but for the application of Section 552 of the Bankruptcy Code (or any
provision of any other Bankruptcy Law)), would constitute ABL Collateral: 
 (1) Accounts and “payment intangibles”
(as defined in Article 9 of the UCC), other than payment intangibles that constitute identifiable proceeds of Collateral which is not otherwise ABL Collateral; 

(2) (i) “deposit accounts” (as defined in Article 9 of the UCC) and “securities accounts” (as defined in
Article 8 of the UCC) (in each case, other than any Collateral Account), including all monies, “uncertificated securities” (as defined in Article 8 of the UCC) (other than Capital Stock of Subsidiaries of any Grantor), “securities
entitlements” (as defined in Article 8 of the UCC) and “financial assets” (as defined in Article 8 of the UCC) contained therein (including all cash, marketable securities and other funds held in or on deposit in either of the
foregoing), (ii) “instruments” (as defined in Article 9 of the UCC) and intercompany Debt (whether or not evidenced by an instrument, a note or otherwise) and (iii) “chattel paper” (as defined in Article 9 of the UCC); 

(3) “general intangibles” (as defined in Article 9 of the UCC) pertaining solely to the other items of property
included within clauses (1), (2), (4), (5) and (6) of this definition of ABL Collateral (other than Capital Stock of Subsidiaries of any Grantor and Intellectual Property); 

(4) “records” (as defined in Article 9 of the UCC), “supporting obligations” (as defined in Article 9 of
the UCC) and related “letters of credit” (as defined in Article 5 of the UCC), “commercial tort claims” (as defined in Article 9 of the UCC) or other claims and causes of action, in each case, to the extent related primarily to
any of the foregoing; 

  
 2 

 (5) all books, records and information relating to the foregoing (including,
without limitation, all books, records, information, databases and customer lists, whether tangible or electronic, that contain any information relating to any of the foregoing); and 

(6) substitutions, replacements, accessions, products and proceeds (including, without limitation, insurance proceeds,
licenses, royalties, income, payments, claims, damages and proceeds of suit) of any or all of the foregoing, 
 except to the extent that
any item of property included in clauses (1) through (6) constitutes an Excluded Asset; provided that, notwithstanding anything to the contrary contained in the foregoing, ABL Collateral shall include, without limitation, any proceeds
from the disposition of “inventory” (as defined in Article 9 of the UCC) sold by any Grantor in the ordinary course of business; provided, further, that in no case shall ABL Collateral include any identifiable cash proceeds from a
sale, lease, conveyance or other disposition of any Collateral (other than ABL Collateral or inventory sold by any Grantor in the ordinary course of business) that have been deposited in the Collateral Account, in each case in accordance with the
terms of the Pari Passu Lien Documents, the Security Documents and the Intercreditor Agreements. 
 “ABL Collateral
Documents” means the “Collateral Documents” (as defined in the ABL Agreement; provided that the term “Collateral Documents” as defined in the ABL Agreement shall include this Agreement) and any other agreement,
document or instrument pursuant to which a Lien is granted, or purported to be granted, securing any ABL Obligations or under which rights or remedies with respect to such Liens are governed. 

“ABL Default” means an “Event of Default” (as defined in the ABL Agreement). 

“ABL Lenders” has the meaning assigned to that term in the recitals to this Agreement. 

“ABL Loan Documents” means the ABL Agreement, the ABL Collateral Documents and the other “Loan Documents”
(as defined in the ABL Agreement) and each of the other agreements, documents and instruments providing for or evidencing any other ABL Obligation, and any other document or instrument executed or delivered at any time in connection with any ABL
Obligations, including any intercreditor or joinder agreement among holders of ABL Obligations, to the extent such are effective at the relevant time, as each may be amended, supplemented, refunded, deferred, restructured, replaced or refinanced
from time to time in whole or in part (whether with the ABL Agent and ABL Lenders or other agents and lenders or otherwise), in each case in accordance with the provisions of this Agreement. 

“ABL Obligations” means all Obligations outstanding under the ABL Agreement and the other ABL Loan Documents and the
Bank Product Agreements and Secured Rate Contracts. “ABL Obligations” shall include (a) all amounts accrued or accruing (or which would, absent commencement of an Insolvency Proceeding, accrue) after commencement of an Insolvency
Proceeding in accordance with the relevant ABL Loan Document, whether or not the claim for such amounts is allowed or allowable as a claim in such Insolvency Proceeding, and (b) all other Obligations that are purported to be secured under the
ABL Collateral Documents. 
 “ABL Standstill Period” has the meaning set forth in Section 3.2(a)(i). 

  
 3 

 “Access Period” means, for each parcel of Mortgaged Premises and IP
Collateral, the period, after the commencement of an Enforcement by the ABL Agent, which begins on the day that the ABL Agent provides the Controlling Priority Lien Collateral Agent (with copies to each other Priority Lien Debt Collateral Agent)
with the written notice of its election to request access or a license pursuant to Section 3.3(b) or 3.4, as the case may be, and ends on the earliest of (i) the 180th day after the ABL Agent obtains the ability to use, take physical
possession of, remove or otherwise control the use or access to the relevant ABL Collateral following Enforcement plus such number of days, if any, after the ABL Agent obtains access to such ABL Collateral that it is stayed or otherwise prohibited
by law or court order from exercising remedies with respect to such ABL Collateral, (ii) the date on which all or substantially all of such ABL Collateral is sold, collected or liquidated or (iii) the date on which the Discharge of ABL
Obligations occurs. 
 “Account” means all present and future “accounts” (as defined in Article 9 of the
UCC). 
 “Account Agreements” means any lockbox account agreement, pledged account agreement, blocked account
agreement, securities account control agreement, or any similar deposit or securities account agreements among the applicable Priority Lien Debt Collateral Agents and/or the ABL Agent and the applicable Grantors and the relevant financial
institution depository or securities intermediary. 
 “Affiliate” of any Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies
of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Bank Product Agreement” means any agreement evidencing Bank Product Obligations. 

“Bank Product Obligations” has the meaning set forth in the ABL Agreement on the Issue Date. 

“Bank Product Provider” has the meaning set forth in the ABL Agreement. 

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

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

 “Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions in the State of New
York are authorized or required by law to close. 
 “Capital Stock” of any Person means any and all shares, interests,
participations, warrants, options (including any Permitted Bond Hedge Transaction (as defined in the Notes Indenture)) or other rights to acquire or other equivalents of or interests in (however designated) corporate stock or other equity
participations, including partnership interests, whether general or limited, of such Person, but in each case excluding any debt security that is convertible or exchangeable for Capital Stock. 

  
 4 

 “Cash Equivalents” means: 

(1) Dollars and, in the case of Foreign Subsidiaries, the local currency where such Foreign Subsidiary is operating; 

(2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality thereof having maturities of not more than six months from the date of acquisition; 
 (3) certificates of
deposit and Eurodollar time deposits with maturities of six months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months and bank deposits, in each case with any lender party to the ABL Credit
Agreement or with any domestic commercial bank having capital and surplus in excess of $250.0 million and a Moody’s, S&P or Fitch rating of “B” or better; 

(4) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) commercial paper having a rating of at least P-1 from Moody’s and a rating of
at least A-1 from S&P; 
 (6) deposits available for withdrawal on demand with
any commercial bank not meeting the qualifications specified in clause (3) above; and 
 (7) investments in money market
or other mutual funds substantially all of whose assets comprise securities of the types described in clauses (2) through (6) above. 

“CFC” means any Person that is a controlled foreign corporation within the meaning of Section 957 of the Code.

 “Chattel Paper” means all present and future “chattel paper” (as defined in Article 9 of the UCC). 

“Claimholders” means the ABL Claimholders and the Priority Lien Claimholders. 

“Collateral” means all assets and properties, whether real, personal or mixed, subject to, or purported to be subject to,
Liens in favor of any ABL Claimholders, any Pari Passu Lien Claimholders or any First Lien Debt Claimholders created by any of the ABL Collateral Documents, the Pari Passu Lien Documents or the First Lien Debt Documents, as applicable, including any
asset subject to Liens granted pursuant to Article 6 to secure the ABL Obligations, the Pari Passu Lien Obligations or the First Lien Debt Obligations (if any). 

  
 5 

 “Collateral Account” means one or more deposit accounts or securities
accounts under the control of the Notes Trustee or the Collateral Trustee holding only the proceeds of any sale or disposition of any Shared Collateral. 

“Collateral Trust Agreement” means that certain Collateral Trust Agreement, dated as of the date hereof, by and among
the Company, the Grantors party thereto, the Notes Trustee, the Collateral Trustee and the other parties thereto from time to time, as amended, restated, supplemented or otherwise modified from time to time, in accordance with the terms thereof and
hereof (including Section 1.2 hereof). 
 “Collateral Trustee” has the meaning assigned to that term in the
preamble to this Agreement. 
 “Company” has the meaning assigned to that term in the preamble to this Agreement.

 “Controlling Priority Lien Collateral Agent” means (i) as of the date hereof and until a different Controlling
Priority Lien Collateral Agent has been designated pursuant to clause (ii) below, the Collateral Trustee, and (ii) at any time that a Senior-Junior Intercreditor Agreement is in effect, the Priority Lien Debt Collateral Agent of the
Priority Lien Claimholders entitled, at such time, to direct the exercise of rights and remedies pursuant to the Senior-Junior Intercreditor Agreement, as identified from time to time in a written notice delivered to the ABL Agent executed by such
new Controlling Priority Lien Collateral Agent and acknowledged and agreed by the prior Controlling Priority Lien Collateral Agent. For the avoidance of doubt, there shall only be one Controlling Priority Lien Collateral Agent at any time. 

“Debt” means and includes all Obligations that constitute “Debt,” “Indebtedness,”
“Obligations,” “Liabilities” or any similar term within the meaning of the ABL Agreement, the Pari Passu Lien Documents (including the Notes Indenture) or the First Lien Debt Documents (if any). 

“Deposit Accounts” means all present and future “deposit accounts” (as defined in Article 9 of the UCC).

 “DIP Financing” has the meaning assigned to that term in Section 6.1. 

“Discharge of ABL Obligations” means, except to the extent otherwise expressly provided in Section 5.5: 

(a) termination or expiration of all commitments, if any, to extend credit that would constitute ABL Obligations; 

(b) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency
Proceeding, whether or not such interest would be allowed or allowable in such Insolvency Proceeding) on all ABL Obligations (other than any undrawn letters of credit); 

(c) discharge or cash collateralization (in an amount and manner reasonably satisfactory to the ABL Agent, but in no event exceeding the lower
of (i) 105% of the aggregate 

  
 6 

 
undrawn amount and (ii) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable ABL Loan Document) of all letters of credit issued
under the ABL Loan Documents and constituting ABL Obligations; 
 (d) termination of each Secured Rate Contract and the payment in full in
cash by wire transfer of immediately available funds of all obligations thereunder (other than any Secured Rate Contract with respect to which other arrangements satisfactory in the sole discretion of the Secured Swap Provider that is a party to
such Secured Rate Contract have been made and communicated to the ABL Agent); 
 (e) termination of each Bank Product Agreement and the
payment in full in cash by wire transfer of immediately available funds of all obligations thereunder (other than any Bank Product Agreement with respect to which other arrangements satisfactory in the sole discretion of the Bank Product Provider
that is a party to such Bank Product Agreement have been made and communicated to the ABL Agent); 
 (f) the provision of cash collateral to
the applicable ABL Claimholders in such amount as such ABL Claimholders determine is reasonably necessary to secure such ABL Claimholders in respect of any asserted or threatened (in writing) claims, demands, actions, suits, proceedings,
investigations, liabilities, fines, costs, penalties or damages for which any of such ABL Claimholders may be entitled to indemnification by any obligor pursuant to the indemnification provisions in the applicable ABL Loan Documents; and 

(g) payment in full in cash of all other ABL Obligations that are outstanding and unpaid at the time the Debt constituting such ABL
Obligations is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time). 

“Discharge of First Lien Debt Obligations” means the occurrence of all of the following: 

(a) termination or expiration of all commitments to extend credit that would constitute First Lien Debt; 

(b) payment in full in cash of the principal of, and interest and premium, if any, on all First Lien Debt (other than any undrawn letters of
credit), including interest and premiums accruing on or after the commencement of any Insolvency Proceeding, whether or not such interest or premiums would be allowed or allowable in such Insolvency Proceeding; 

(c) discharge or cash collateralization (at the lower of (A) 105% of the aggregate undrawn amount and (B) the percentage of the aggregate
undrawn amount required for release of liens under the terms of the applicable First Lien Debt Document) of all outstanding letters of credit constituting First Lien Debt; and 

(d) payment in full in cash of all other First Lien Debt Obligations that are outstanding and unpaid at the time the First Lien Debt is paid
in full in cash (other than any obligations consisting of unasserted contingent obligations). 

  
 7 

 “Discharge of Priority Lien Obligations” means, collectively, the Discharge
of Pari Passu Lien Obligations and the Discharge of First Lien Debt Obligations. 
 “Disposition” has the meaning
assigned to that term in Section 5.1(b). 
 “Enforcement” means, collectively or individually for the ABL Agent
or any ABL Claimholder or any Priority Lien Debt Collateral Agent or Priority Lien Claimholder when an ABL Default or a Priority Lien Debt Default, as the case may be, has occurred and is continuing, any action taken by such Person to repossess, or
exercise any remedies with respect to, the Collateral or commence the judicial enforcement of any of the rights and remedies under the ABL Loan Documents or the Priority Lien Documents or under any applicable law, but in all cases excluding
(i) the imposition of a default rate or late fee and (ii) the collection and application of Accounts or other monies deposited from time to time in Deposit Accounts or Securities Accounts against the ABL Obligations pursuant to the ABL
Loan Documents; provided, however, the foregoing exclusion set forth in clause (ii) shall immediately cease to apply upon the earliest of (x) the ABL Agent’s delivery of written notice to the Company that such exclusion no longer
applies, (y) the lapse of ten (10) consecutive Business Days after an ABL Default in which no “Revolving Loans,” “Swing Line Loans” or “Overadvances” are made and no “Letters of Credit” are issued
(in each case, as defined in the ABL Agreement), and (z) the termination of the Revolving Commitments (as such term is defined in the ABL Agreement) pursuant to Section 7.2 (or any other applicable provision) of the ABL Agreement. 

“Enforcement Notice” means a written notice delivered, at a time when an ABL Default or a Priority Lien Debt Default
has occurred and is continuing, by either the ABL Agent or the Controlling Priority Lien Collateral Agent to the other such Person announcing that Enforcement actions shall commence, specifying the relevant event of default, stating the current
balance of the ABL Obligations or the current balances owing with respect to Priority Lien Obligations and requesting the current balance owing of the ABL Obligations or the Priority Lien Obligations. 

“Excluded Assets” means each of the following: 

(1) any (i) real property located outside the United States, (ii) real property located in the United States with a
Fair Market Value less than $5.0 million, (iii) real property located at 3199 Pilot Knob Road, Eagan, Minnesota and (iv) leasehold interests in real property; provided that no local filings or other steps shall be required to
perfect a security interest in fixtures (other than in conjunction with the filing of mortgages or deeds of trust for real property as required by the Pari Passu Lien Documents and the Security Documents); 

(2) any lease, license, contract, property right or agreement to which the Company or any Subsidiary Guarantor is a party, and
any of its rights or interests thereunder, if and to the extent that a security interest is (i) prohibited by or in violation of any law, rule or regulation applicable to the Company or any Subsidiary Guarantor, or (ii) will constitute or
result in a breach, termination or default under 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, term, provision or condition
would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the
UCC of the 

  
 8 

 
relevant jurisdiction or any other applicable law); provided that any such lease, license, contract or agreement shall cease to be an Excluded Asset and the Collateral shall include (and
such security interest shall attach) immediately at such time as the contractual or legal prohibition shall no longer be applicable, and to the extent severable, shall attach immediately to any portion of such lease, license, contract or agreement
not subject to the prohibitions specified in subclauses (i) and (ii) of this clause (2); provided, further, that the exclusions referred to in this clause (2) shall not include any monies due or to become due from or proceeds
of any such lease, license, contract, property right or agreement; 
 (3) any of the outstanding Capital Stock of a CFC or
FSHCO, in each case in excess of 65% of the voting power of all classes of Capital Stock of such CFC or FSHCO entitled to vote; provided that for purposes of this clause (3), the term “Capital Stock” includes all interests in a CFC
or FSHCO treated as equity for U.S. federal income tax purposes; 
 (4) any deposit account solely and exclusively used for
taxes, payroll, employee benefits or similar items and any other account or financial asset in which such security interest would be unlawful or in violation of any Plan or employee benefit agreement; 

(5) accounts receivable and related assets transferred or purported to be transferred in a Permitted Sales-Type Lease
Transaction; provided that the exclusion referred to in this clause (5) shall not include any proceeds of any such transaction; 

(6) assets, with respect to which any applicable law prohibits the creation or perfection of security interests therein (other
than to the extent that any such law would be rendered ineffective with respect to the creation of the security interest in the Collateral pursuant to Sections 9-406,
9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any other applicable law); provided that any such asset
shall cease to be an Excluded Asset and the Collateral shall include (and such security interest shall attach) immediately at such time as the legal prohibition shall no longer be applicable, and to the extent severable, shall attach immediately to
any portion of such asset not subject to the prohibitions specified in this clause (6); provided, further, that the exclusion referred to in this clause (6) shall not include any monies due or to become due from or proceeds of any
such asset; 
 (7) deposit or checking accounts with balances below $1.0 million to the extent that the aggregate
balance of all such deposit and checking accounts does not at any one time exceed $10.0 million (it being understood that any deposit or checking account that is subject to an account control agreement in favor of the Collateral Trustee shall
not constitute an “Excluded Asset”); 
 (8) any motor vehicles, vessels and aircraft, or other property subject to
a certificate of title; 
 (9) any
intent-to-use trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with respect thereto, 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 such intent-to-use
trademark application under applicable federal law; 

  
 9 

 (10) cash or Cash Equivalents securing one or more reimbursement obligations
under letters of credit or surety bonds, which letters of credit and surety bonds are otherwise not Pari Passu Lien Debt or ABL Obligations; 

(11) equity interests in any joint venture with a third party that is not an Affiliate, to the extent a pledge of such equity
interests is prohibited by the documents governing such joint venture; and 
 (12) any assets subject to a Permitted Lien
described in clauses (6), (13), (38) (with respect to Debt incurred under clause (17) of the definition of Permitted Debt (as defined in the Notes Indenture)) or (41) (with respect to such clauses (6) and (13)) of the definition thereof,
and proceeds thereof, to the extent that (and only for so long as) the documents governing the related Debt prohibit other Liens on such assets; provided that such assets (i) shall automatically cease to be Excluded Assets at such time
as the documents governing such Debt no longer prohibit other Liens on such assets and (ii) shall not be Excluded Assets to the extent that the documents governing such Debt permit the granting of a Lien for the benefit of the holders of the
Notes junior to the Lien pursuant to such documents; 
 provided that no asset or property shall be an Excluded Asset (other than
pursuant to clauses (5), (10) or (12) above) if it is pledged to secure any other Debt or Pension Obligations (as defined in the Notes Indenture) of the Company or any Subsidiary Guarantor. 

“First Lien Debt” at any date shall mean the aggregate principal amount of Debt that in each case is then secured by
first-priority Liens on the Shared Collateral of the Grantors, which Debt shall have a Lien on the Shared Collateral that is senior to the Lien on the Shared Collateral securing the Pari Passu Lien Obligations pursuant to the Senior-Junior
Intercreditor Agreement. 
 “First Lien Debt Claimholders” means the holders of any First Lien Debt, at that time,
including the First Lien Debt Representatives and the First Lien Debt Collateral Agents. 
 “First Lien Debt Collateral
Agent” means the collateral agent, collateral trustee or other applicable agent or representative in respect of the applicable First Lien Debt to which the security interests securing such First Lien Debt are granted for the benefit of the
holders of any First Lien Debt and the First Lien Debt Representative pursuant to the applicable First Lien Debt Documents. 

“First Lien Debt Default” means any event of default (or equivalent thereof) under the terms of any credit agreement,
indenture or other agreement governing any First Lien Debt, which causes, or permits holders of First Lien Debt outstanding thereunder to cause, the First Lien Debt outstanding thereunder to become immediately due and payable. 

“First Lien Debt Document” means any indenture, credit agreement or other agreement governing any First Lien Debt and the
guarantees and collateral in respect thereof. 

  
 10 

 “First Lien Debt Obligations” means all Obligations in respect of any First
Lien Debt, the guarantees thereof and the First Lien Debt Documents, including, in each case, all amounts accruing on or after the commencement of any Insolvency Proceeding relating to the Company or any other obligor in respect of such First Lien
Debt, or that would have accrued or become due under the terms of the First Lien Debt Documents but for the effect of such Insolvency Proceeding. 

“First Lien Debt Representative” means the trustee, agent or representative of the holders of the applicable First Lien Debt
that maintains the transfer register for such First Lien Debt and is appointed as a representative of such First Lien Debt (for purposes related to the administration of the security documents) pursuant to the indenture, credit agreement or other
agreement governing such First Lien Debt. 
 “FSHCO” means any Person (other than, solely for purposes of the definition of
“Shared Collateral,” Unisys AP Investment Company I) substantially all of the assets of which consist of Capital Stock of one or more CFCs; provided that for this definition, the term “Capital Stock” includes all interests
in a CFC treated as equity for U.S. federal income tax purposes. 
 “Grantors” means the Company, each Subsidiary
Guarantor and each other Person that has or may from time to time hereafter execute and deliver an ABL Collateral Document or Priority Lien Document as a grantor of a security interest (or the equivalent thereof). 

“Instruments” means all present and future “instruments” (as defined in Article 9 of the UCC). 

“Intellectual Property” means all rights, title and interests in or relating to intellectual property arising under any
Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Trademarks, Internet Domain Names, Trade Secrets and IP Licenses. 

“Intercreditor Agreement Joinder” means an agreement substantially in the form of Exhibit A attached hereto.

 “Intercreditor Agreements” means, collectively, this Agreement, the Collateral Trust Agreement and the Senior-Junior
Intercreditor Agreement (if any). 
 “IP Collateral” means all Intellectual Property that is Shared Collateral. 

“Lien” means, with respect to any property or assets, any mortgage or deed of trust, pledge, hypothecation, assignment,
deposit arrangement, security interest, lien (statutory or otherwise), charge, easement (other than any easement not materially impairing usefulness or marketability), encumbrance, preference, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever on or with respect to such property or assets (including, without limitation, any sale and leaseback arrangement, conditional sale or other title retention agreement having substantially the same economic
effect as any of the foregoing). 
 “Mortgaged Premises” means any real property which shall now or hereafter be
subject to a Priority Lien Mortgage. 

  
 11 

 “New Agent” has the meaning assigned to that term in
Section 5.5. 
 “Noteholder” means, at any relevant time, a Person in whose name a Note is registered. 

“Notes” means the notes issued from time to time pursuant to the Notes Indenture. 

“Notes Indenture” has the meaning set forth in the recitals to this Agreement. 

“Notes Trustee” has the meaning assigned to that term in the recitals to this Agreement. 

“Obligations” means all obligations of every nature of each Grantor from time to time owed to any agent or trustee,
the ABL Claimholders, the Priority Lien Claimholders or any of them or their respective Affiliates, in each case under the ABL Loan Documents, the Bank Product Agreements, the Secured Rate Contracts or the Priority Lien Documents, whether for
principal, interest or payments for early termination of Hedging Obligations, fees, expenses, indemnification or otherwise and all guarantees of any of the foregoing, and including amounts that accrue after the commencement by or against any Person
of any proceeding under any Bankruptcy Law naming such Person as the debtor in such proceeding, regardless of whether such amounts are allowed or allowable claims in such proceeding. 

“Pari Passu Lien Claimholders” means the holders of any Pari Passu Lien Obligations (including the
Noteholders), at that time, including the Collateral Trustee and the Pari Passu Lien Representatives. 
 “Permitted
Liens” has the meaning assigned to that term in the Notes Indenture. 
 “Permitted Sales-Type Lease
Transaction” means a limited recourse sale of payment obligations owing to the Company or any Subsidiary of the Company in relation to sales-type leases (as defined pursuant to ASC Topic 605, “Revenue Recognition” or ASC Topic
840, “Leases”) in exchange for cash proceeds; provided that at the time of any such sale, no Default or Event of Default (each as defined in the Notes Indenture) shall exist or result from such sale. 

“Plan” has the meaning assigned to that term in the Notes Indenture. 

“Pledged Collateral” has the meaning set forth in Section 5.4(a). 

“Priority Lien Claimholders” means, collectively, the Pari Passu Lien Claimholders and the First Lien Debt Claimholders (if
any). 
 “Priority Lien Debt Collateral Agents” means, collectively, the Collateral Trustee and the First Lien Debt
Collateral Agents (if any). 
 “Priority Lien Debt Default” means any of a Pari Passu Lien Debt Default and a First Lien
Debt Default. 
 “Priority Lien Debt Standstill Period” has the meaning set forth in Section 3.1(a). 

  
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 “Priority Lien Documents” means, collectively, the Pari Passu Lien
Documents and the First Lien Debt Documents (if any). 
 “Priority Lien Mortgages” means a collective reference to
each mortgage, deed of trust and other document or instrument under which a Lien on any real property located in the United States or any other jurisdiction and owned by any Grantor is granted, or purported to be granted, to secure any Priority Lien
Obligations or (except for this Agreement, the Collateral Trust Agreement and the Senior-Junior Intercreditor Agreement) under which rights or remedies with respect to any such Liens are governed. 

“Priority Lien Obligations” means, collectively, the Pari Passu Lien Obligations and the First Lien Debt Obligations (if
any). 
 “Priority Lien Representatives” mean, collectively, the Pari Passu Lien Representatives and the First Lien Debt
Representatives (if any). 
 “Priority Liens” means, collectively, the Pari Passu Liens and the Liens in respect of First
Lien Debt Obligations or either of them as the context may require. 
 “Recovery” has the meaning set forth in
Section 6.4. 
 “Refinance” means, in respect of any Debt, to refinance, extend, renew, defease, replace,
refund or repay, or to issue other indebtedness, in exchange or replacement of, such Debt in whole or in part. For purposes of this definition, the terms “Refinanced” and “Refinancing” shall have
correlative meanings. 
 “Secured Rate Contract” has the meaning set forth in the ABL Agreement as of the Issue Date. 

“Secured Swap Provider” has the meaning set forth in the ABL Agreement as of the Issue Date. 

“Securities Accounts” means all present and future “securities accounts” (as defined in Article 8 of the
UCC), including all monies, “uncertificated securities” and “securities entitlements” (as defined in Article 8 of the UCC) contained therein. 

“Senior-Junior Intercreditor Agreement” means the intercreditor agreement, to be entered into at the time of incurrence by
the Company or any Grantor of any First Lien Debt, by one or more First Lien Debt Collateral Agents and the Collateral Trustee, and acknowledged by the Company and each other Grantor, as it may be amended, restated, supplemented or otherwise
modified from time to time in accordance with its terms, and any additional, new or replacement intercreditor agreement, on substantially the same terms, with any new First Lien Debt Collateral Agent. 

“Shared Collateral” means all now owned or hereafter acquired Collateral other than the ABL Collateral. For the
avoidance of doubt, in the case of Shared Collateral constituting Capital Stock of a Person, such Shared Collateral shall in no event include ABL Collateral owned by such Person. 

  
 13 

 “Subsidiary” of any Person means: 

(1) a corporation more than 50% of the combined voting power of the outstanding Voting Stock of which is owned, directly or
indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof; or 

(2) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person or such
Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct the policies, management and affairs thereof. 

“Subsidiary Guarantor” has the meaning set forth in the preamble to this Agreement. 

“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. 
 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. 

Terms used in this Agreement but not defined herein shall have the meanings given to such terms in the Collateral Trust Agreement.
Notwithstanding anything to the contrary in this Agreement, any references contained herein to any section, clause, paragraph, definition or other provision of the Collateral Trust Agreement (including any definition contained herein), or any terms
not defined herein and therefore having the meanings given to such terms in the Collateral 

  
 14 

 
Trust Agreement, shall be deemed to be a reference to such section, clause, paragraph, definition or other provision or term as in effect on the date of this Agreement; provided, that any
reference to any such section, clause, paragraph, definition or other provision or term shall refer to such section, clause, paragraph, definition or other provision or term of the Collateral Trust Agreement (including any definition contained
therein) as amended or modified from time to time if such amendment or modification has been (1) made in accordance with the Collateral Trust Agreement and (2) approved in writing by the ABL Agent. Notwithstanding the foregoing, whenever
any term used in this Agreement is defined or otherwise incorporated by reference to the Collateral Trust Agreement, such reference shall be deemed to have the same effect as if such definition or term had been set forth herein in full. 

ARTICLE 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 Priority Lien Obligations granted on the Collateral or of any Liens securing the ABL Obligations granted on the Collateral and notwithstanding any provision of the UCC, or any other applicable law or the ABL Loan Documents or the
Priority 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, or the subordination (by equitable subordination or otherwise) of, the Liens
securing the ABL Obligations or Priority Lien Obligations or any other circumstance whatsoever, whether or not any Insolvency Proceeding has been commenced by or against the Company or any Subsidiary Guarantor, the ABL Agent, on behalf of itself and
the ABL Claimholders, and each Priority Lien Debt Collateral Agent, for itself and on behalf of its respective Priority Lien Claimholders, hereby each agrees that: 

(a) any Lien of the ABL Agent on the ABL Collateral, whether now or hereafter held by or on behalf of the ABL Agent or any ABL Claimholder or
any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be and remain senior in all respects and prior to any Lien on the ABL Collateral securing any
Priority Lien Obligations; and 
 (b) any Lien of any Priority Lien Debt Collateral Agent on the Shared Collateral, whether now or hereafter
held by or on behalf of any Priority Lien Debt Collateral Agent, any Priority Lien Claimholder or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be
and remain senior in all respects and prior to any Liens on the Shared Collateral which may secure any ABL Obligations. 
 2.2
Prohibition on Contesting Liens. The ABL Agent, the ABL Claimholders, each Priority Lien Debt Collateral Agent and the Priority Lien Claimholders, each agrees that it will not (and hereby waives any right to) contest or support, directly or
indirectly, any other Person in contesting, in any proceeding (including any Insolvency Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the ABL Claimholders or any of the Priority Lien
Claimholders in all or any part of the Collateral, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the 

  
 15 

 
rights of either the ABL Agent or any ABL Claimholder, the Priority Lien Debt Collateral Agents or any Priority Lien Claimholder (a) to enforce this Agreement, including the provisions of
this Agreement relating to the priority of the Liens securing the Obligations as provided in Sections 2.1, 3.1 and 3.2 and (b) with respect to the Priority Lien Debt Collateral Agents and any Priority Lien Claimholder, to enforce the Collateral
Trust Agreement and the Senior-Junior Intercreditor Agreement. 
 2.3 No New Liens. Subject to Article 6, so long as the Discharge of
ABL Obligations and the Discharge of Priority Lien Obligations have not occurred, whether or not any Insolvency Proceeding has been commenced by or against the Company or any other Grantor, the ABL Agent, the ABL Claimholders, the Priority Lien Debt
Collateral Agents and the Priority Lien Claimholders, each acknowledge and agree that the Company shall not, and shall not permit any other Grantor to: 

(a) grant or permit any additional Liens on any asset or property to secure any ABL Obligations unless it has granted or concurrently grants a
Lien on such asset or property to secure all of the Priority Lien Obligations; or 
 (b) grant or permit any additional Liens on any asset
or property to secure any Priority Lien Obligations unless it has granted or concurrently grants a Lien on such asset or property to secure the ABL Obligations. 

To the extent any additional Liens are granted on any asset or property pursuant to this Section 2.3, the priority of such additional
Liens shall be determined in accordance with Section 2.1. In addition, to the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights and remedies available hereunder, the ABL Agent and each
Priority Lien Debt Collateral Agent agree that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted or permitted in contravention of this Section 2.3 shall be subject to Section 4.2. 

ARTICLE 3 
 ENFORCEMENT.

 3.1 Exercise of Remedies – Restrictions on Priority Lien Debt Collateral Agents and Priority Lien Claimholders.

 (a) Until the Discharge of ABL Obligations has occurred, whether or not any Insolvency Proceeding has been commenced by or against the
Company or any other Grantor, each Priority Lien Debt Collateral Agent and each Priority Lien Claimholder: 
 (i) will not
exercise or seek to exercise, directly or indirectly, any rights or remedies with respect to any ABL Collateral (including any Enforcement action or the exercise of any right of setoff or any right under any Account Agreement, landlord waiver or
bailee’s letter or similar agreement or arrangement to which any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder is a party, in any case, solely to the extent that the exercise of any such right is with respect to any ABL
Collateral) or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure); provided, however, that the Controlling Priority Lien Collateral Agent may

  
 16 

 
exercise any or all of such rights or remedies after a period of at least 180 days has elapsed since the later of: (i) the date on which a Priority Lien Representative first declares the
existence of a Priority Lien Debt Default and demands the repayment of all the principal amount of any Priority Lien Obligations; and (ii) the date on which the ABL Agent received written notice from the Controlling Priority Lien Collateral
Agent of such declarations of a Priority Lien Debt Default (the “Priority Lien Debt Standstill Period”); provided, further, however, that notwithstanding anything herein to the contrary, in no event shall any
Priority Lien Debt Collateral Agent or any Priority Lien Claimholder exercise any rights or remedies (other than those under Section 3.3) with respect to the ABL Collateral if, notwithstanding the expiration of the Priority Lien Debt Standstill
Period, (A) the ABL Agent or ABL Claimholders shall have commenced and be diligently pursuing the exercise of their rights or remedies with respect to all or any material portion of such ABL Collateral (prompt notice of such exercise to be
given to the Priority Lien Debt Collateral Agents), or (B) an Insolvency Proceeding in respect of any Grantor has been commenced; 

(ii) will not contest, protest or object to any foreclosure proceeding or action brought by the ABL Agent or any ABL
Claimholder or any other exercise by the ABL Agent or any ABL Claimholder of any rights and remedies relating to the ABL Collateral, whether under the ABL Loan Documents or otherwise; and 

(iii) subject to their rights under clause (a)(i) above and except as may be permitted in Section 3.1(c), will not object
to the forbearance by the ABL Agent or the ABL Claimholders from bringing or pursuing any Enforcement; 
 provided, however, that, in the case of (i), (ii)
and (iii) above, the Liens granted to secure the Priority Lien Obligations shall attach to any proceeds resulting from actions taken by the ABL Agent or any ABL Claimholder in accordance with this Agreement after application of such proceeds to
the extent necessary to meet the requirements of a Discharge of ABL Obligations. 
 (b) Until the Discharge of ABL Obligations has occurred,
whether or not any Insolvency Proceeding has been commenced by or against the Company or any other Grantor, the ABL Agent and the ABL Claimholders shall have the exclusive right, subject to Section 3.1(a), to enforce rights, exercise remedies
(including Enforcement actions or the set-off, recoupment and the right to credit bid their debt) and, subject to Section 5.1, in connection therewith (including voluntary Dispositions of ABL Collateral
by the respective Grantors after an ABL Default) make determinations regarding the release, disposition or restrictions with respect to the ABL Collateral without any consultation with or the consent of any Priority Lien Debt Collateral Agent or any
Priority Lien Claimholder; provided, however, that the Lien securing the Priority Lien Obligations shall remain on the proceeds (other than those properly applied to the ABL Obligations) of such Collateral released or disposed of, subject to the
relative priorities described in Section 2. In exercising rights and remedies with respect to the ABL Collateral, the ABL Agent and the ABL Claimholders may enforce the provisions of the applicable ABL Loan Documents and exercise remedies
thereunder, all in such order and in such manner as they may determine in their reasonable discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of the ABL Collateral upon
foreclosure, to incur reasonable 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 the Bankruptcy Laws of any applicable
jurisdiction. 

  
 17 

 (c) Notwithstanding the foregoing, any Priority Lien Debt Collateral Agent and any Priority
Lien Claimholder (unless, as among the Priority Lien Claimholders, the Collateral Trust Agreement and/or the Senior-Junior Intercreditor Agreement provide to the contrary) may: 

(i) file a claim or statement of interest with respect to the Priority Lien Obligations; provided that an Insolvency Proceeding
has been commenced by or against the Company or any other Grantor; 
 (ii) take any action (not adverse to the priority
status of the Liens on the ABL Collateral, or the rights of the ABL Agent or any ABL Claimholder to exercise remedies in respect thereof) in order to create, perfect, preserve or protect (but not enforce) its Lien on any of the ABL Collateral; 

(iii) 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 Priority Lien Claimholders, including any claims secured by the ABL Collateral, if any, in each case in accordance with the terms of this Agreement;

 (iv) file any pleadings, objections, motions or agreements which assert rights or interests that are available to
unsecured creditors of the Grantors arising under either any Insolvency Proceeding or applicable non-bankruptcy law, in each case not inconsistent with the terms of this Agreement; 

(v) 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 Priority Lien Obligations and the Collateral; 

(vi) exercise any of its rights or remedies with respect to any of the ABL Collateral after the termination of the Priority
Lien Debt Standstill Period to the extent permitted by Section 3.1(a)(i); and 
 (vii) make a cash bid on all or any
portion of the ABL Collateral in any foreclosure proceeding or action. 
 Each Priority Lien Debt Collateral Agent, on behalf of itself and
its respective Priority Lien Claimholders, agrees that it will not take or receive any ABL Collateral or any proceeds of such ABL Collateral in connection with the exercise of any right or remedy (including
set-off and recoupment) with respect to any such ABL Collateral in its capacity as a creditor in violation of this Agreement. Without limiting the generality of the foregoing, unless and until the Discharge of
ABL Obligations has occurred, except as expressly provided in Sections 3.1(a), 6.3(c)(i) and this Section 3.1(c), the sole right of any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder with respect to the ABL Collateral is
to hold a Lien (if any) on such ABL Collateral pursuant to the applicable Priority Lien 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 ABL Obligations has
occurred. 

  
 18 

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

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

(iii) each Priority Lien Debt Collateral Agent hereby acknowledges and agrees that no covenant, agreement or restriction
contained in any Priority Lien Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the ABL Agent or the ABL Claimholders with respect to the enforcement of the Liens on the ABL Collateral as set
forth in this Agreement and the ABL Loan Documents. 
 (e) The Priority Lien Debt Collateral Agents and the Priority Lien Claimholders may
exercise rights and remedies as unsecured creditors against the Company or any other Grantor that has guaranteed or granted Liens to secure the Priority Lien Obligations in accordance with the terms of the Priority Lien Documents and applicable law
so long as such rights and remedies do not violate or are not otherwise inconsistent with any express provision in this Agreement (including any provision prohibiting or restricting the Priority Lien Debt Collateral Agents or the Priority Lien
Claimholders from taking various actions or making various objections); provided, however, that in the event that any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder becomes a judgment Lien creditor in respect of ABL Collateral
as a result of its enforcement of its rights as an unsecured creditor with respect to the Priority Lien Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the ABL Obligations)
as the other Liens securing the Priority Lien Obligations are subject to this Agreement. 
 (f) Nothing in this Agreement shall prohibit the
receipt by any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder of the required payments of interest, principal and other amounts owed in respect of its Priority Lien Obligations, so long as such receipt is not the direct or
indirect result of the exercise by such Priority Lien Debt Collateral Agent or such Priority Lien Claimholder of rights or remedies as a secured creditor in respect of the ABL Collateral (including set-off and
recoupment) or enforcement in contravention of this Agreement 

  
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of any Lien held by any of them. Nothing in this Agreement shall be construed to impair or otherwise adversely affect any rights or remedies the ABL Agent or the ABL Claimholders may have against
the Grantors under the ABL Loan Documents. 
 3.2 Exercise of Remedies – Restrictions on ABL Agent and ABL Claimholders. 

(a) Until the Discharge of Priority Lien Obligations has occurred, whether or not any Insolvency Proceeding has been commenced by or against
the Company or any other Grantor, the ABL Agent and any ABL Claimholder: 
 (i) will not exercise or seek to exercise,
directly or indirectly, any rights or remedies with respect to any Shared Collateral (including any Enforcement action or the exercise of any right of setoff or any right under any Account Agreement, landlord waiver or bailee’s letter or
similar agreement or arrangement to which the ABL Agent or any ABL Claimholder is a party, in any case, solely to the extent that the exercise of any such right is with respect to any Shared Collateral) or institute any action or proceeding with
respect to such rights or remedies (including any action of foreclosure); provided, however, the ABL Agent may exercise any or all of such rights or remedies after the passage of a period of at least 180 days has elapsed since the later of:
(x) the date on which the ABL Agent first declares the existence of any ABL Default and demands the repayment of all the principal amount of any ABL Obligations; and (y) the date on which the Priority Lien Debt Collateral Agents received
written notice from the ABL Agent of such declarations of any ABL Default (the “ABL Standstill Period”); provided, further, however, that notwithstanding anything herein to the contrary, in no event shall the ABL Agent
or any ABL Claimholder exercise any rights or remedies (other than those under Section 3.3) with respect to the Shared Collateral if, notwithstanding the expiration of the ABL Standstill Period, (A) the Controlling Priority Lien Collateral
Agent or any applicable Priority Lien Claimholder shall have commenced and be diligently pursuing the exercise of their rights or remedies with respect to all or any material portion of such Collateral (prompt notice of such exercise to be given to
the ABL Agent), or (B) or an Insolvency Proceeding in respect of any Grantor has been commenced; 
 (ii) will not
contest, protest or object to any foreclosure proceeding or action brought by any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder or any other exercise by any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder
of any rights and remedies relating to the Shared Collateral, whether under the Priority Lien Documents or otherwise; and 

(iii) subject to their rights under clause (a)(i) above and except as may be permitted in Section 3.2(c), will not object
to the forbearance by any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder from bringing or pursuing any Enforcement; 
 provided,
however, that in the case of (i), (ii) and (iii) above, the Liens granted to secure the ABL Obligations shall attach to any proceeds resulting from actions taken by any Priority Lien Debt Collateral Agent and any Priority Lien Claimholder in
accordance with this Agreement after application of such proceeds to the extent necessary to meet the requirements of a Discharge of Priority Lien Obligations. 

  
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 (b) Until the Discharge of Priority Lien Obligations has occurred, whether or not any
Insolvency Proceeding has been commenced by or against the Company or any other Grantor, the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders shall have the exclusive right, subject to Section 3.2(a), to enforce rights,
exercise remedies (including any Enforcement Action or the set-off, recoupment and the right to credit bid their debt) and, subject to Section 5.1, in connection therewith (including voluntary
Dispositions of Shared Collateral by the respective Grantors after a Priority Lien Debt Default) make determinations regarding the release, disposition, or restrictions with respect to the Shared Collateral without any consultation with or the
consent of the ABL Agent or any ABL Claimholder; provided, however, that the Lien securing the ABL Obligations shall remain on the proceeds (other than those properly applied to the Priority Lien Obligations) of such Collateral released or disposed
of subject to the relative priorities described in Section 2. In exercising rights and remedies with respect to the Shared Collateral, the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders may enforce the provisions of the
applicable Priority Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in their reasonable discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to
sell or otherwise dispose of the Shared Collateral upon foreclosure, to incur reasonable 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 the Bankruptcy Laws of any applicable jurisdiction. 
 (c) Notwithstanding the foregoing, the ABL Agent and any ABL Claimholder may:

 (i) file a claim or statement of interest with respect to the ABL Obligations; provided that an Insolvency Proceeding has
been commenced by or against the Company or any other Grantor; 
 (ii) take any action (not adverse to the priority status of
the Liens on the Shared Collateral, or the rights of any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder to exercise remedies in respect thereof) in order to create, perfect, preserve or protect (but not enforce) its Lien on any
of the Shared Collateral; 
 (iii) 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 ABL Claimholders, including any claims secured by the Shared Collateral, if any, in each case, in accordance with terms
of this Agreement; 
 (iv) file any pleadings, objections, motions or agreements which assert rights or interests that are
available to unsecured creditors of the Grantors arising under either any Insolvency Proceeding or applicable non-bankruptcy law, in each case not inconsistent with the terms of this Agreement; 

  
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 (v) 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 ABL Obligations and the Collateral; 

(vi) exercise any of its rights or remedies with respect to any of the Collateral after the termination of the ABL Standstill
Period, to the extent permitted by Section 3.2(a)(i); and 
 (vii) make a cash bid on all or any portion of the Shared
Collateral in any foreclosure proceeding or action. 
 The ABL Agent, on behalf of itself and the ABL Claimholders, agrees that it will not take or receive
any Shared Collateral or any proceeds of such Shared Collateral in connection with the exercise of any right or remedy (including set-off and recoupment) with respect to any such Shared Collateral in its
capacity as a creditor in violation of this Agreement. Without limiting the generality of the foregoing, unless and until the Discharge of Priority Lien Obligations has occurred, except as expressly provided in Sections 3.2(a), 6.3(c)(ii) and this
Section 3.2(c), the sole right of the ABL Agent or any ABL Claimholder with respect to the Shared Collateral is to hold a Lien (if any) on such Shared Collateral pursuant to the applicable ABL Loan 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 Priority Lien Obligations has occurred. 

(d) Subject to Sections 3.2(a) and (c) and Sections 3.3 and 6.3(c)(ii): 

(i) the ABL Agent, on behalf of itself and the ABL Claimholders, agrees that the ABL Agent and the ABL Claimholders will not
take any action that would hinder any exercise of remedies under the Priority Lien Documents or that is otherwise prohibited hereunder, including any sale, lease, exchange, transfer or other disposition of the Shared Collateral, whether by
foreclosure or otherwise; 
 (ii) the ABL Agent, on behalf of itself and the ABL Claimholders, hereby waives any and all
rights it or the ABL Claimholders may have as a junior lien creditor or otherwise to object to the manner in which any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder seeks to enforce or collect the Priority Lien Obligations or
the Liens securing the Shared Collateral granted in any of the Priority Lien Documents or undertaken in accordance with this Agreement, regardless of whether any action or failure to act by or on behalf of the Priority Lien Debt Collateral Agents or
Priority Lien Claimholders is adverse to the interest of the ABL Claimholders; and 
 (iii) the ABL Agent hereby acknowledges
and agrees that no covenant, agreement or restriction contained in any ABL Collateral Document, or any other ABL Loan Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of any Priority Lien Debt
Collateral Agent or any Priority Lien Claimholder with respect to the enforcement of its Liens on the Shared Collateral as set forth in this Agreement and the Priority Lien Documents. 

  
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 (e) The ABL Agent and the ABL Claimholders may exercise rights and remedies as unsecured
creditors against the Company or any other Grantor that has guaranteed or granted Liens to secure the ABL Obligations in accordance with the terms of the ABL Loan Documents and applicable law, so long as such rights and remedies do not violate or
are not otherwise inconsistent with any express provision in this Agreement (including any provision prohibiting or restricting the ABL Agent and the ABL Claimholders from taking various actions or making various objections); provided, however, that
in the event that the ABL Agent or any ABL Claimholder becomes a judgment Lien creditor in respect of Shared Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the ABL Obligations, such judgment Lien
shall be subject to the terms of this Agreement for all purposes (including in relation to the Priority Lien Obligations) as the other Liens securing the ABL Obligations are subject to this Agreement. 

(f) Nothing in this Agreement shall prohibit the receipt by the ABL Agent or any ABL Claimholder of the required payments of interest,
principal and other amounts owed in respect of its ABL Obligations, so long as such receipt is not the direct or indirect result of the exercise by the ABL Agent or such ABL Claimholder of rights or remedies as a secured creditor in respect of the
Shared Collateral (including set-off or recoupment) or enforcement in contravention of this Agreement of any Lien held by any of them. Nothing in this Agreement shall be construed to impair or otherwise
adversely affect any rights or remedies the Priority Lien Debt Collateral Agents or the Priority Lien Claimholders may have against the Grantors under the Priority Lien Documents. 

3.3 Exercise of Remedies – Collateral Access Rights. 

(a) The ABL Agent agrees not to commence any initial Enforcement action until an Enforcement Notice has been given to the Priority Lien Debt
Collateral Agents. Subject to the provisions of Section 3.1 and the Senior-Junior Intercreditor Agreement (if any), the Priority Lien Debt Collateral Agents may, to the extent permitted by applicable law, join in any judicial proceedings
commenced by the ABL Agent to enforce Liens on the ABL Collateral; provided that no Priority Lien Claimholder shall interfere with the Enforcement actions of the ABL Agent with respect to the ABL Collateral. 

(b) If any Priority Lien Debt Collateral Agent or Priority Lien Claimholder or any of their respective agents or representatives, or any third
party pursuant to any Enforcement undertaken by any Priority Lien Debt Collateral Agent or Priority Lien Claimholder or receiver, shall obtain possession or physical control of any item of Shared Collateral (including, without limitation, any
contracts, documents, books, records and other information with respect to the ABL Collateral or any Mortgaged Premises or IP Collateral), such Priority Lien Debt Collateral Agent or Priority Lien Claimholder shall promptly notify the ABL Agent in
writing of that fact, and the ABL Agent shall, within ten (10) Business Days thereafter, notify in writing the Priority Lien Debt Collateral Agents or, if applicable, any such other party (at such address to be provided by such Priority Lien
Debt Collateral Agents, as applicable, in connection with the applicable Enforcement), as to whether the ABL Agent desires to exercise access rights under this Agreement (including with respect to any Mortgaged Premises) for any purpose permitted
under the ABL Loan Documents (including enforcement of rights and remedies), at which time the parties shall confer in good faith to coordinate with respect to the ABL Agent’s exercise of such access rights. 

  
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 (c) Each Priority Lien Debt Collateral Agent agrees not to commence any initial Enforcement
action until an Enforcement Notice has been given to the ABL Agent by the Controlling Priority Lien Collateral Agent. Subject to the provisions of Section 3.2, the ABL Agent may, to the extent permitted by applicable law, join in any judicial
proceedings commenced by any Priority Lien Debt Collateral Agent to enforce Liens on the Shared Collateral; provided that neither the ABL Agent nor the ABL Claimholders shall interfere with the Enforcement actions of such Priority Lien Debt
Collateral Agent with respect to the Shared Collateral. 
 (d) If the ABL Agent or any of its agents or representatives, or any third party
pursuant to any Enforcement undertaken by the ABL Agent or receiver, shall obtain possession or physical control of any item of ABL Collateral (including without limitation, any contracts, documents, books, records and other information with respect
to the Shared Collateral), the ABL Agent shall promptly notify the Priority Lien Debt Collateral Agents in writing of that fact and the Controlling Priority Lien Collateral Agent shall, within ten (10) Business Days thereafter, notify the ABL
Agent in writing or, if applicable, any such third party (at such address to be provided by the ABL Agent in connection with the applicable Enforcement), as to whether the Controlling Priority Lien Collateral Agent desires to exercise access rights
under this Agreement for any purpose permitted under the Priority Lien Documents (including enforcement of rights and remedies), at which time the parties shall confer in good faith to coordinate with respect to the Controlling Priority Lien
Collateral Agent exercise of such access rights. 
 (e) Upon delivery of written notice to the Controlling Priority Lien Collateral Agent
(with copies to the other Priority Lien Debt Collateral Agents) as provided in Section 3.3(b), the Access Period shall commence for the subject parcel of Mortgaged Premises. During the Access Period, the ABL Agent and its agents,
representatives and designees shall have a non-exclusive right to have access to, and a rent free right to use the Mortgaged Premises for the purpose of arranging for and effecting the sale or disposition of
ABL Collateral. During any such Access Period, the ABL Agent and its representatives (and persons employed on their behalf), may continue to operate, service, maintain, process and sell the ABL Collateral, as well as to engage in bulk sales of ABL
Collateral. The ABL Agent shall (i) take proper care of any Mortgaged Premise that is used by it during the Access Period, (ii) repair and replace any damage (ordinary
wear-and-tear excepted) caused by it or its agents, representatives or designees, (iii) comply with all applicable laws in connection with its use or occupancy of
the Mortgaged Premises and (iv) leave such Mortgaged Premises in substantially the same condition as it was at the commencement of the Access Period. No Priority Lien Claimholder shall bear any expense for any of the actions in the preceding
sentence. The ABL Agent and the ABL Claimholders shall indemnify and hold harmless the Priority Lien Claimholders from any claim, loss, damage, cost or liability suffered by any such Person and arising directly from the ABL Agent’s use or
occupancy of the Mortgaged Premises, except to the extent caused by any such Person’s gross negligence or willful misconduct. The ABL Agent and each Priority Lien Debt Collateral Agent shall cooperate and use reasonable efforts to ensure that
their activities during the Access Period as described above do not interfere materially with the activities of the other as described above, including the right of any Priority Lien Debt Collateral Agent to commence foreclosure of the Priority Lien
Mortgages or to show the Shared Collateral to prospective purchasers and to ready the Shared Collateral for sale. Access rights may apply to differing parcels of Mortgaged Premises at differing times (i.e., the Priority Lien Debt Collateral Agents
may obtain possession of one premises at a different time than it obtains possession of other properties), in which case, a differing Access Period may apply to each such property. 

  
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 3.4 Exercise of Remedies – Intellectual Property Rights/Access to Information.

 (a) Each Priority Lien Debt Collateral Agent hereby grants (to the full extent of its rights and interests) to the ABL Agent and its
agents, representatives and designees (1) a royalty free, rent free license and lease to use all of the Shared Collateral, including any IP Collateral or computer or other data processing equipment and other Intellectual Property, to collect
all Accounts or amounts owing under Instruments or Chattel Paper (in each case, to the extent included in the ABL Collateral), to copy, use or preserve any and all information relating to any of the ABL Collateral and (2) a royalty free license
(which will be binding on any successor or assignee of the Intellectual Property) to use any and all Intellectual Property at any time in connection with its Enforcement; provided, however, the royalty free, rent free licenses and leases granted
above shall expire immediately upon the end of the applicable Access Period. 
 (b) The ABL Agent hereby grants (to the full extent of its
rights and interests) to the Priority Lien Debt Collateral Agents and their respective agents, representatives and designees (1) a royalty free, rent free license and lease to use all of the ABL Collateral, including any computer or other data
processing equipment and Intellectual Property, to collect all Accounts or amounts owing under Instruments or Chattel Paper (in each case, to the extent included in the Shared Collateral), to copy, use or preserve any and all information relating to
any of the Shared Collateral and (2) a royalty free license (which will be binding on any successor or assignee of the Intellectual Property) to use any and all Intellectual Property at any time in connection with its Enforcement; provided,
however, the royalty free, rent free licenses and leases granted above shall expire on the 180th day after the commencement of the Controlling Priority Lien Collateral Agent’s use thereof. 

3.5 Exercise of Remedies – Set Off and Tracing of and Priorities in Proceeds. 

(a) Each Priority Lien Debt Collateral Agent, for itself and on behalf of the applicable Priority Lien Claimholders, acknowledges and agrees
that, to the extent any Priority Lien Claimholder exercises its rights of setoff against any Grantor’s Deposit Accounts, Securities Accounts or other ABL Collateral (in each case, other than the Collateral Account), the amount of such setoff
shall be deemed to be ABL Collateral to be held and distributed pursuant to Section 4.2; provided, however, that the foregoing shall not apply to any setoff by any Priority Lien Claimholder against any Shared Collateral to the extent applied to
payment of the Priority Lien Obligations. 
 (b) Each Priority Lien Debt Collateral Agent, for itself and on behalf of the applicable
Priority Lien Claimholders, agrees that prior to the issuance of an Enforcement Notice (unless an Insolvency Proceeding has been commenced by or against any Grantor) all funds deposited under Account Agreements and then applied to the ABL
Obligations shall be deemed to be ABL Collateral and, unless the ABL Agent shall have actual knowledge to the contrary, any claim that payments made to the ABL Agent through the Deposit Accounts or Securities Accounts that are subject to Account
Agreements are proceeds of or otherwise constitute Shared Collateral, are waived. 

  
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 (c) The ABL Agent, the ABL Claimholders, the Priority Lien Debt Collateral Agents and the
Priority Lien Claimholders, each agrees that, prior to the issuance of an Enforcement Notice (unless an Insolvency Proceeding has commenced by or any Grantor), any proceeds of Collateral, whether or not deposited under Account Agreements, which are
used by any Grantor to acquire other property which is Collateral shall not (as among the ABL Agent, the ABL Claimholders, the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders) be treated as proceeds of Collateral for purposes
of determining the relative priorities in the Collateral which was so acquired. The ABL Agent, the ABL Claimholders, the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders each agrees that after an issuance of an Enforcement
Notice (and after an Insolvency Proceeding has been commenced by or against any Grantor), each such Person shall cooperate in good faith to identify the proceeds of the ABL Collateral and the Shared Collateral, as the case may be. Each of the ABL
Agent and the Priority Lien Debt Collateral Agents may request from the other an accounting of the identification of the proceeds of Collateral (and the ABL Agent and the Priority Lien Debt Collateral Agents, as the case may be, upon such request
being made, shall deliver such accounting reasonably promptly after such request is made). Notwithstanding the foregoing, in connection with any disposition consisting of ABL Collateral and Shared Collateral, unless otherwise agreed by and between
the ABL Agent and the Priority Lien Debt Collateral Agents, the portion of the proceeds from such disposition allocated to ABL Collateral shall be equal to the book value of such ABL Collateral. 

(d) The ABL Agent, for itself and on behalf of the ABL Claimholders, acknowledges and agrees that, to the extent the ABL Agent or any ABL
Claimholder exercises its rights of setoff against any Shared Collateral, the amount of such setoff shall be deemed to be Shared Collateral to be held and distributed pursuant to Section 4.2; provided, however, that the foregoing shall not
apply to any setoff by the ABL Agent or any ABL Claimholder against any ABL Collateral to the extent applied to payment of the ABL Obligations. 

(e) The ABL Agent, for itself and on behalf of the ABL Claimholders, agrees that prior to an issuance of an Enforcement Notice (unless an
Insolvency Proceeding has been commenced by or against any Grantor) all funds deposited in the Collateral Account or under Account Agreements and then applied to the Priority Lien Obligations shall be treated as Shared Collateral and, unless the
Priority Lien Debt Collateral Agents shall have actual knowledge to the contrary, any claim that payments made to the Priority Lien Debt Collateral Agents through the Collateral Account or the Deposit Accounts or Securities Accounts that are subject
to Account Agreements are proceeds of or otherwise constitute ABL Collateral are waived. 
 ARTICLE 4 

PAYMENTS. 
 4.1
Application of Proceeds. 
 (a) So long as the Discharge of ABL Obligations has not occurred, whether or not any Insolvency Proceeding
has been commenced by or against the Company or any other Grantor, all ABL Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on or distributions with respect to, such ABL Collateral upon the
exercise of remedies (including any Enforcement Action) by the ABL Agent or ABL Claimholders or after an Insolvency Proceeding, shall be applied by the ABL Agent to the ABL Obligations in 

  
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such order as specified in the relevant ABL Loan Documents. Upon the Discharge of ABL Obligations, the ABL Agent shall deliver to the Controlling Priority Lien Collateral Agent any ABL Collateral
and proceeds of ABL Collateral held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Controlling Priority Lien Collateral Agent in such order as
specified in the Collateral Trust Agreement, the Senior-Junior Intercreditor Agreement (if any) and/or the other relevant Priority Lien Documents. 

(b) So long as the Discharge of Priority Lien Obligations has not occurred, whether or not any Insolvency Proceeding has been commenced by or
against the Company or any other Grantor, all Shared Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on or distribution with respect to, such Collateral upon the exercise of remedies by the
Priority Lien Debt Collateral Agents or the Priority Lien Claimholders or after an Insolvency Proceeding, shall be applied to the Priority Lien Obligations in such order as specified in the Collateral Trust Agreement, the Senior-Junior Intercreditor
Agreement (if any) and the other relevant Priority Lien Documents. Upon the Discharge of Priority Lien Obligations, the then Controlling Priority Lien Collateral Agent shall deliver to the ABL Agent any Shared Collateral and proceeds of Shared
Collateral held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the ABL Agent in such order as specified in the ABL Loan Documents. 

4.2 Payments Over in Violation of Agreement. Unless and until both the Discharge of ABL Obligations and the Discharge of Priority Lien
Obligations have occurred, whether or not any Insolvency Proceeding has been commenced by or against the Company or any other Grantor, any Collateral or proceeds thereof (including assets or proceeds subject to Liens referred to in the final
sentence of Section 2.3) received by the ABL Agent, any ABL Claimholder, any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder in connection with the exercise of any right or remedy (including any Enforcement Action or set-off or recoupment) relating to the Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to the ABL Agent or the Controlling Priority Lien Collateral Agent,
as appropriate, in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Controlling Priority Lien Collateral Agent and the ABL Agent are each hereby authorized to make any such
endorsements as agent for the other Person. This authorization is coupled with an interest and is irrevocable until both the Discharge of ABL Obligations and the Discharge of Priority Lien Obligations have occurred. 

4.3 Application of Payments. Subject to the other terms of (a) this Agreement, all payments received by the ABL Agent or the ABL
Claimholders may be applied, reversed and reapplied, in whole or in part, to the ABL Obligations to the extent provided for in the ABL Loan Documents; and (b) this Agreement, the Collateral Trust Agreement and the Senior-Junior Intercreditor
Agreement (if any), all payments received by any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder, as applicable, may be applied, reversed and reapplied, in whole or in part, to the Priority Lien Obligations to the extent
provided for in the Collateral Trust Agreement, the Senior-Junior Intercreditor Agreement (if any) and/or the other Priority Lien Documents. 

  
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 4.4 Revolving Nature of ABL Obligations. Each Priority Debt Collateral Agent for and
on behalf of itself and the Priority Debt Claimholders acknowledges and agrees that the ABL Agreement includes a revolving commitment and that the ABL Agent and ABL Lenders will apply payments, including proceeds of Collateral, and make advances
thereunder and that the amount of the ABL Obligations that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed in accordance with the terms thereof. 

ARTICLE 5 
 OTHER AGREEMENTS.

 5.1 Releases. 

(a) (i) If in connection with the exercise of the ABL Agent’s remedies in respect of any ABL Collateral as provided for in
Section 3.1, the ABL Agent, for itself or on behalf of any of the ABL Claimholders, releases its Liens on any part of the ABL Collateral, then the Liens, if any, the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders, on
the ABL Collateral sold or disposed of in connection with such exercise, shall be automatically, unconditionally and simultaneously released. Each Priority Lien Debt Collateral Agent, for itself and/or on behalf of any such Persons, promptly shall
execute and deliver to the ABL Agent or the applicable Grantor such termination statements, releases and other documents as the ABL Agent or such Grantor may request to effectively confirm such release. 

(ii) If in connection with the exercise by any Priority Lien Debt Collateral Agent or Priority Lien Claimholder of remedies in respect of any
Shared Collateral as provided for in Section 3.2, the Controlling Priority Lien Collateral Agent, for itself and on behalf of its respective Priority Lien Claimholders, releases its Liens on any part of the Shared Collateral, then the Liens, if
any, of the ABL Agent, for itself or for the benefit of the ABL Claimholders, on the Shared Collateral sold or disposed of in connection with such exercise, shall be automatically, unconditionally and simultaneously released. The ABL Agent, for
itself and on behalf of any such ABL Claimholder shall each promptly execute and deliver to the Controlling Priority Lien Collateral Agent or the applicable Grantor such termination statements, releases and other documents as the Controlling
Priority Lien Collateral Agent or such Grantor may request to effectively confirm such release. 
 (b) If in connection with any sale,
lease, exchange, transfer or other disposition of any Collateral (collectively, a “Disposition”) permitted under the terms of both the ABL Loan Documents and the Priority Lien Documents (including voluntary Dispositions of
Collateral by the respective Grantors after (x) in the case of clause (i) below, an ABL Default, and (y) in the case of clause (ii) below, a Priority Lien Debt Default), (i) the ABL Agent, for itself and on behalf of any of the
ABL Claimholders, releases its Liens on any part of the ABL Collateral, other than (A) in connection with the Discharge of ABL Obligations or (B) after the occurrence and during the continuance of a Priority Lien Debt Default, then the
Liens, if any, of the any Priority Lien Debt Collateral Agent, for itself and for the benefit of the applicable Priority Lien Claimholders, on such ABL Collateral shall be automatically, unconditionally and simultaneously released, and (ii) the
Controlling Priority Lien Collateral Agent, for itself and on behalf of the applicable Priority Lien Claimholders, releases its Liens on any part of the Shared Collateral, other than (A) in connection with the Discharge of Priority Lien
Obligations or (B) after the occurrence and during 

  
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the continuance of a ABL Default, then the Liens, if any, of the ABL Agent, for itself and for the benefit of the ABL Claimholders, on such Shared Collateral shall be automatically,
unconditionally and simultaneously released. The ABL Agent or any Priority Lien Debt Collateral Agent, each for itself and on behalf of any such ABL Claimholders or applicable Priority Lien Claimholder, as the case may be, promptly shall execute and
deliver to the Priority Lien Debt Collateral Agents, the ABL Agent or such Grantor such termination statements, releases and other documents as the Priority Lien Debt Collateral Agents, the ABL Agent or such Grantor may request to effectively
confirm such release. 
 (c) Until the Discharge of ABL Obligations shall occur, each Priority Lien Debt Collateral Agent, for itself and on
behalf of the applicable Priority Lien Claimholders, hereby irrevocably constitutes and appoints the ABL Agent and any of its officers or agents, 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 such Priority Lien Debt Collateral Agent or such Priority Lien Claimholder, whether in the ABL Agent’s name or, at the
option of the ABL Agent, in any Priority Lien Debt Collateral Agent’s or any Priority Lien Claimholder’s own name, from time to time in the ABL 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. 

(d) Until the Discharge of Priority Lien Obligations shall occur, the ABL Agent, for itself and on behalf of the ABL Claimholders hereby
irrevocably constitutes and appoints the Controlling Priority Lien Collateral Agent and any of its officers or agents, 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 ABL Agent or such ABL Claimholder, whether in such Controlling Priority Lien
Collateral Agent’s name or, at the option of the Controlling Priority Lien Collateral Agent, in the ABL Agent’s or any ABL Claimholder’s own name, from time to time in such Controlling Priority 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. 
 5.2 Insurance. 

(a) Unless and until the Discharge of ABL Obligations has occurred, subject to the terms of, and the rights of the Grantors under, the ABL Loan
Documents, (i) the ABL Agent and the ABL Claimholders shall have the right, in consultation with and subject to the consent of the Company (unless an ABL Default shall have occurred and be continuing and except as otherwise provided in the ABL
Loan Documents), to adjust settlement for any insurance policy covering the ABL Collateral or the Liens with respect thereto in the event of any loss thereunder or with respect thereto and, in consultation with and subject to the consent of the
Company (unless, with respect to such consultation and consent right, an ABL Default shall have occurred and be continuing and except as otherwise provided in the ABL Loan Documents), to approve any award granted in any condemnation or similar
proceeding (or any deed in lieu of condemnation) affecting the ABL Collateral; (ii) 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 of the ABL Collateral and to
the extent 

  
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required by the ABL Loan Documents shall be paid to the ABL Agent for the benefit of the ABL Claimholders pursuant to the terms of the ABL Loan Documents (including, without limitation, for
purposes of cash collateralization of letters of credit) and thereafter, to the extent no ABL Obligations are outstanding, and subject to the terms of, and the rights of the Grantors under, the Priority Lien Documents and the terms of the Collateral
Trust Agreement and the Senior-Junior Intercreditor Agreement (if any), to the Priority Lien Debt Collateral Agents for the benefit of the applicable Priority Lien Claimholders to the extent required under the Priority Lien Documents and then, to
the extent no Priority 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, and (iii) if any Priority Lien Debt
Collateral Agent or any Priority Lien Claimholder 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 ABL Agent in accordance with the terms of Section 4.2. 
 (b) Unless and until the Discharge of Priority Lien
Obligations has occurred, subject to the terms of, and the rights of the Grantors under the Priority Lien Documents, (i) the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders shall have the right, in consultation with and
subject to the consent of the Company (unless, with respect to such consultation and consent right, a Priority Lien Debt Default shall have occurred and be continuing and except as otherwise provided in the Priority Lien Documents), to adjust
settlement for any insurance policy covering the Shared Collateral or the Liens with respect thereto in the event of any loss thereunder or with respect thereto and, in consultation with and subject to the consent of the Company (unless a Priority
Lien Debt Default shall have occurred and be continuing and except as otherwise provided in the Priority Lien Documents), to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the
Shared Collateral; (ii) 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 of the Shared Collateral and to the extent required by the Priority Lien Documents and the
terms of the Collateral Trust Agreement and the Senior-Junior Intercreditor Agreement (if any) shall be paid to the Controlling Priority Lien Collateral Agent for the benefit of the Priority Lien Claimholders pursuant to the terms of the Collateral
Trust Agreement, the Senior-Junior Intercreditor Agreement (if any) and the other Priority Lien Documents (including, without limitation, for purposes of cash collateralization of letters of credit) and thereafter, to the extent no Priority Lien
Obligations are outstanding, and subject to the terms of, and the rights of the Grantors under, the ABL Collateral Documents to the ABL Agent for the benefit of the ABL Claimholders to the extent required under such ABL Collateral Documents and
then, to the extent the Discharge of Priority ABL Obligations has occurred, 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, and (iii) if the ABL
Agent or any ABL Claimholder 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
Controlling Priority Lien Collateral Agent in accordance with the terms of Section 4.2. 
 (c) To effectuate the foregoing, the ABL
Agent and the Priority Lien Debt Collateral Agents shall each receive separate lender’s loss payable endorsements naming themselves as loss payee, as their interests may appear, with respect to policies which insure Collateral hereunder. 

  
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 5.3 Amendments to ABL Loan Documents and Priority Lien Documents;
Refinancing; Legending Provisions. 
 (a) Subject to the last paragraph of Section 1.2 with respect to the Collateral Trust
Agreement, the ABL Loan Documents and Priority Lien Documents may be amended, supplemented or otherwise modified in accordance with the terms of the ABL Loan Documents and the Priority Lien Documents, respectively, unless such amendment, supplement
or modification would contravene any provision of this Agreement, and the ABL Obligations and Priority Lien Obligations may be Refinanced, in each case, without notice to, or the consent (except to the extent a consent is required to permit the
Refinancing transaction under any ABL Document or any Priority Lien Document) of the ABL Agent, the ABL Claimholders, the Priority Lien Debt Collateral Agents or the Priority Lien Claimholders, as the case may be, all without affecting the Lien
subordination or other provisions of this Agreement; provided, however, that the holders of such Refinancing debt bind themselves in an Intercreditor Agreement Joinder or other writing, reasonably acceptable to the Priority Lien Debt Collateral
Agents and the ABL Agent and addressed to the Priority Lien Debt Collateral Agents or the ABL Agent, as the case may be, to the terms of this Agreement and any such amendment, supplement, modification or Refinancing shall be substantially in
accordance with the provisions of both the ABL Loan Documents and the Priority Lien Documents. 
 (b) The Company agrees that each ABL
Collateral Document entered into on or after the date hereof shall include the following language (or language to similar effect approved by both the Controlling Priority Lien Collateral Agent and the ABL Agent); provided that such language
shall only be required for the Security Agreement (as such term is defined in the ABL Agreement) and any Priority Lien Mortgages: 

“Notwithstanding anything herein to the contrary, the lien and security interest granted to JPMorgan Chase Bank, N.A., as
Administrative Agent, pursuant to this Agreement and the exercise of any right or remedy by JPMorgan Chase Bank, N.A., as Administrative Agent hereunder are subject to the provisions of the ABL Intercreditor Agreement, dated as of October 29,
2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Unisys Corporation, Wells Fargo Bank, National Association, as Collateral Trustee, JPMorgan Chase Bank, N.A., as
ABL Agent, and certain other persons which may be or become parties thereto or become bound 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.” 
 (c) The Company agrees that each Priority Lien Document that is a Collateral Document entered
into on or after the date hereof shall include the following language (or language to similar effect approved by both the Controlling Priority Lien Collateral Agent and the ABL Agent); provided that such language shall only be required for
the Security Agreement (as such term is defined in the Collateral Trust Agreement) and any Priority Lien Mortgages: 

  
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 “Notwithstanding anything herein to the contrary, the lien and security
interest granted to [describe applicable Priority Lien Debt Collateral Agent], pursuant to this Agreement and the exercise of any right or remedy by [describe applicable Priority Lien Debt Collateral Agent], as [_____] hereunder are subject to the
provisions of the ABL Intercreditor Agreement, dated as of October 29, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Unisys Corporation, Wells Fargo
Bank, National Association, as Collateral Trustee, JPMorgan Chase Bank, N.A., as ABL Agent, and certain other persons which may be or become parties thereto or become bound 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.” 
 (d) The ABL
Agent and each Priority Lien Debt Collateral Agent shall each use its reasonable best efforts to notify the other parties of any written amendment or modification to any ABL Loan Document or any Priority Lien Document, as applicable, but the failure
to do so shall not create a cause of action against the party failing to give such notice or create any claim or right on behalf of any third party. In connection with amendments or modifications permitted by this Section 5.3, the ABL Agent and
each Priority Lien Debt Collateral Agent, as applicable shall, upon request of the other party, provide copies of all such modifications or amendments and copies of all other relevant documentation to the other Persons. 

5.4 Bailees for Perfection. 

(a) The ABL Agent and each Priority Lien Debt Collateral Agent, as the case may be, agree to hold that part of the 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 Collateral being the “Pledged Collateral”) as
collateral agent for the ABL Claimholders and Priority Lien Claimholders, as the case may be, and as bailee for the ABL Agent or Priority Lien Debt Collateral Agents, as the case may be (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), solely for the purpose of perfecting the security interest granted under the ABL Loan
Documents and the Priority Lien Documents, as applicable, subject to the terms and conditions of this Section 5.4. Solely with respect to any Deposit Accounts under the control (within the meaning of
Section 9-104 of the UCC) of the ABL Agent, the ABL Agent agrees to also hold control over such Deposit Accounts as gratuitous agent for the Controlling Priority Lien Collateral Agent, subject to the
terms and conditions of this Section 5.4. Solely with respect to any Deposit Accounts under the control (within the meaning of Section 9-104 of the UCC) of any Priority Lien Debt Collateral Agent,
such Priority Lien Debt Collateral Agent agrees to also hold control over such Deposit Accounts as gratuitous agent for the ABL Agent, subject to the terms and conditions of this Section 5.4. 

(b) The ABL Agent and each Priority Lien Debt Collateral Agent shall have no obligation whatsoever to any other Person 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 

  
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set forth in this Section 5.4. The duties or responsibilities under this Section 5.4 shall be limited solely to holding the Pledged Collateral as bailee (and with respect to Deposit
Accounts, agent) in accordance with this Section 5.4 and delivering the Pledged Collateral upon a Discharge of ABL Obligations or Discharge of Priority Lien Obligations, as the case may be, as provided in paragraph (d) below. 

(c) No Person acting pursuant to this Section 5.4 shall have by reason of the ABL Loan Documents, the Priority Lien Documents, this
Agreement, the Collateral Trust Agreement, the Senior-Junior Intercreditor Agreement (if any) or any other document, a fiduciary relationship with any other Person with respect to such acts. 

(d) Upon the Discharge of ABL Obligations, the ABL Agent shall deliver the remaining Pledged Collateral (if any) together with any necessary
endorsements, first, to the Controlling Priority Lien Collateral Agent to the extent the Priority Lien Obligations which are secured by such Pledged Collateral remain outstanding, and second, to the Company (in each case, so as to allow such Person
to obtain possession or control of such Pledged Collateral). The ABL Agent further agrees to take all other action reasonably required in connection with the Priority Lien Debt Collateral Agents obtaining a first-priority interest in such Pledged
Collateral or as a court of competent jurisdiction may otherwise direct. 
 (e) Upon the Discharge of the Priority Lien Obligations, the
Controlling Priority Lien Collateral Agent (or any other applicable Priority Lien Debt Collateral Agent) shall deliver the remaining Pledged Collateral (if any), together with any necessary endorsements, first, to the ABL Agent to the extent any ABL
Obligations which are secured by such Pledged Collateral remain outstanding, and second, to the Company (in each case, so as to allow such Person to obtain possession or control of such Pledged Collateral). The Controlling Priority Lien Collateral
Agent further agrees to take all other action reasonably requested by the ABL Agent in connection with the ABL Agent obtaining a first-priority interest in such Pledged Collateral or as a court of competent jurisdiction may otherwise direct. 

(f) Subject to the terms of this Agreement, (i) so long as the Discharge of ABL Obligations has not occurred, the ABL Agent shall be
entitled to deal with the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement and other ABL Loan Documents, but only to the extent that such Collateral constitutes ABL Collateral, as if the
Liens (if any) of the Priority Lien Debt Collateral Agents in such ABL Collateral did not exist and (ii) so long as the Discharge of Priority Lien Obligations has not occurred, any Priority Lien Debt Collateral Agent shall be entitled to deal
with the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement, the Collateral Trust Agreement, the Senior-Junior Intercreditor Agreement (if any) and other Priority Lien Documents, but only
to the extent that such Collateral constitutes Shared Collateral, as if the Liens of the ABL Agent in such Shared Collateral did not exist. 

5.5 When Discharge of ABL Obligations and Discharge of Priority Lien Obligations Deemed to Not Have
Occurred; Refinancing of ABL Obligations and Priority Lien Obligations. 
 (a) If concurrently with the
Discharge of ABL Obligations or the Discharge of Priority Lien Obligations, the Company (i) enters into any Refinancing of any ABL Obligation or 

  
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Priority Lien Obligation, as the case may be, which Refinancing is permitted by the Priority Lien Documents and the ABL Loan Documents and (ii) delivers to the Priority Lien Debt Collateral
Agents or ABL Agent, as appropriate, a notice and an Intercreditor Agreement Joinder in accordance with clause (b) or (c) of this Section 5.5, then such Discharge of ABL Obligations or the Discharge of Priority Lien Obligations, as the
case may be, shall 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 ABL Obligations or the Discharge of Priority Lien
Obligations) and the obligations under such Refinancing shall automatically be treated as ABL Obligations or Priority Lien Obligations, as applicable, for all purposes of this Agreement, including for purposes of the Lien priorities and rights in
respect of Collateral set forth herein, and the ABL Agent or the Priority Lien Debt Collateral Agents, as the case may be, under such new ABL Loan Documents or Priority Lien Documents shall be the ABL Agent or a Priority Lien Debt Collateral Agent,
as applicable, for all purposes of this Agreement. 
 (b) Upon receipt of a written notice by the parties hereto, together with an
Intercreditor Agreement Joinder, from any First Lien Debt Collateral Agent and the Company stating that the Company has entered into First Lien Debt permitted to be incurred under the ABL Loan Documents and the Priority Lien Documents then extant
(which notice shall include a complete copy of the relevant new documents and provide the identity of the First Lien Debt Collateral Agent), such First Lien Debt Collateral Agent shall automatically be treated as a Priority Lien Debt Collateral
Agent for all purposes of this Agreement. The First Lien Debt Collateral Agent shall agree pursuant to the Intercreditor Agreement Joinder addressed to the other parties hereto to be bound by the terms of this Agreement on behalf of itself and the
First Lien Debt Claimholders. 
 (c) Upon receipt of a written notice by the parties hereto, together with an Intercreditor Agreement
Joinder, from the New Agent (as defined below) and the Company stating that the Company has entered into new Debt permitted to be incurred under the ABL Loan Documents and the Priority Lien Documents then extant (which notice shall include a
complete copy of the relevant new documents and provide the identity of the new agent for such Debt, such agent, the “New Agent”), such New Agent shall automatically be treated as the ABL Agent or a Priority Lien Debt Collateral
Agent, as applicable, for all purposes of this Agreement. The parties to this Agreement shall promptly (a) enter into such documents and agreements (including amendments or supplements to this Agreement) as the Company or such New Agent shall
reasonably request to provide the New Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement and (b) deliver, to the extent contemplated by this Agreement and the Senior-Junior
Intercreditor Agreement, if applicable, to the New Agent any Pledged Collateral held by it together with any necessary endorsements (or otherwise allow the New Agent to obtain control of such Pledged Collateral). The New Agent shall agree pursuant
to the Intercreditor Agreement Joinder addressed to the other parties hereto to be bound by the terms of this Agreement.  

5.6 Successor Agents. If any successor ABL Agent or successor Priority Lien Debt Collateral Agent is elected or appointed pursuant to
the terms of the ABL Loan Documents or the Priority Lien Documents, as applicable, then such successor ABL Agent or successor Priority Lien Debt Collateral Agent, as applicable, shall automatically be treated as the ABL Agent or Priority Lien Debt
Collateral Agent, as applicable, for all purposes of this Agreement. The successor ABL 

  
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Agent or successor Priority Lien Debt Collateral Agent, as applicable, shall enter into such documents and agreements (including amendments or supplements to this Agreement) as the Company, the
existing ABL Agent or the existing Priority Lien Debt Collateral Agents shall reasonably request in order to provide to the successor ABL Agent or successor Priority Lien Debt Collateral Agent, as applicable, the rights contemplated hereby, in each
case consistent in all material respects with the terms of this Agreement. The successor ABL Agent or successor Priority Lien Debt Collateral Agent, as applicable, shall agree pursuant to the Intercreditor Agreement Joinder addressed to the existing
ABL Agent or each existing Priority Lien Debt Collateral Agent, as applicable, to be bound by the terms of this Agreement. 
 ARTICLE 6 

INSOLVENCY PROCEEDINGS. 

6.1 Finance and Sale Issues. 

(a) Until the Discharge of ABL Obligations has occurred, if the Company or any other Grantor shall be subject to any Insolvency Proceeding and
the ABL Agent shall, acting in accordance with the ABL Agreement, agree to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code), which constitutes ABL Collateral securing the ABL
Obligations or to permit the Company or any other Grantor to obtain financing, whether from the ABL Claimholders or any other Person under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (“DIP Financing”) to
the extent such DIP Financing is secured by Liens on ABL Collateral, then each Priority Lien Debt Collateral Agent and each Priority Lien Claimholder each agrees that it will raise no objection to such Cash Collateral use or DIP Financing, and,
except to the extent permitted by Section 3.1(c) and Section 6.3, will not request adequate protection or any other relief in connection therewith, so long as such Cash Collateral use or DIP Financing meets the following requirements:
(i) it is on commercially reasonable terms under the circumstances, (ii) each Priority Lien Debt Collateral Agent and each Priority Lien Claimholder retain the right to object to any ancillary agreements or arrangements regarding the Cash
Collateral use or the DIP Financing that are prejudicial to their interests in the Shared Collateral, (iii) the terms of the Cash Collateral use or DIP Financing do not compel the Company to seek confirmation of a specific plan of
reorganization for which all or substantially all of the material terms are set forth in the DIP Financing documentation or a related document, and (iv) if the ABL Claimholders retain their Liens on the ABL Collateral securing the ABL
Obligations and each Priority Lien Debt Collateral Agent, for the ratable benefit of the Priority Lien Claimholders, shall retain an immediately junior Lien on the ABL Collateral. To the extent the Liens on the ABL Collateral securing the ABL
Obligations are subordinated to or pari passu with such DIP Financing which meets the requirements of clauses (i) through (iii) above, each Priority Lien Debt Collateral Agent will subordinate any Liens in the ABL 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 ABL Agent or to the extent permitted by Section 6.3).
The foregoing shall not prohibit any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder from objecting to the terms of any DIP Financing to the extent that such DIP Financing is secured by any Shared Collateral. 

  
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 (b) Until the Discharge of Priority Lien Obligations has occurred, if the Company or any
other Grantor shall be subject to an Insolvency Proceeding and the Controlling Priority Lien Collateral Agent shall, acting in accordance with the Priority Lien Debt Documents and the Senior-Junior Intercreditor Agreement (if any), agree to permit
the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code), which constitutes Shared Collateral securing the Priority Lien Obligations or to permit the Company or any other Grantor to obtain DIP
Financing to the extent such DIP Financing is secured by Liens on Shared Collateral, then the ABL Agent and each ABL Claimholder agrees that it will raise no objection to such Cash Collateral use or DIP Financing, and, except to the extent permitted
by Section 3.2(c) and Section 6.3, will not request adequate protection or any other relief in connection therewith, so long as such Cash Collateral use or DIP Financing meets the following requirements: (i) it is on commercially
reasonable terms under the circumstances, (ii) the ABL Agent and each ABL Claimholder retain the right to object to any ancillary agreements or arrangements regarding the Cash Collateral use or the DIP Financing that are prejudicial to their
interests in the ABL Collateral, (iii) the terms of the Cash Collateral use or DIP Financing do not compel the Company to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms are set
forth in the DIP Financing documentation or a related document and (iv) if the Priority Lien Claimholders retain their Liens on the Shared Collateral securing the Priority Lien Obligations, the ABL Agent for the ratable benefit of each ABL
Claimholder shall retain an immediately junior Lien on the Shared Collateral. To the extent the Liens on the Shared Collateral securing the Priority Lien Obligations are subordinated to or pari passu with such DIP Financing which meets the
requirements of clauses (i) through (iii) above, the ABL Agent and each ABL Claimholder will subordinate any Liens in the Shared 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 Controlling Priority Lien Collateral Agent or to the extent permitted by Section 6.3). The foregoing shall not prohibit the ABL Agent or any ABL
Claimholder from objecting to the terms of any DIP Financing to the extent that such DIP Financing is secured by any ABL Collateral. 
 (c)
Each Priority Lien Debt Collateral Agent, on behalf of the applicable Priority Lien Claimholders, agrees that it will not oppose, and hereby consents to (i) any sale consented to by the ABL Agent of any ABL Collateral pursuant to
Section 363 or 1129 of the Bankruptcy Code (or any similar provision under the law applicable to any Insolvency Proceeding), (ii) any bid by the ABL Agent on behalf of the ABL Claimholders with respect to then outstanding ABL Obligations in
connection with any such sale or any other sale or other disposition of the ABL Collateral and (iii) any bidding, sale or auction procedures and related bidding protections, consented to by the ABL Agent in connection with the immediately
preceding clauses (i) and (ii). 
 (d) The ABL Agent agrees, on behalf of the ABL Claimholders, that it will not oppose, and hereby
consents to (i) any sale consented to by the Controlling Priority Lien Collateral Agent or any such Priority Lien Claimholder for whom the Controlling Priority Lien Collateral Agent acts as representative of any Shared Collateral pursuant to
Section 363 or 1129 of the Bankruptcy Code (or any similar provision under the law applicable to any Insolvency Proceeding), (ii) any bid by any such Priority Lien Debt Collateral Agent or any Priority Lien Claimholder with respect to then
outstanding Priority Lien Obligations in connection with any such sale or any other sale or other disposition of the Shared Collateral, and (iii) any bidding, sale or auction procedures and related bidding protections, consented to by the
Controlling Priority Lien Collateral Agent in connection with the immediately preceding clauses (i) and (ii). 

  
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 6.2 Relief from the Automatic Stay. 

(a) Until the Discharge of ABL Obligations has occurred, each Priority Lien Debt Collateral Agent and each Priority Lien Claimholder, agrees
that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of the ABL Collateral (other than to the extent such relief is required to exercise its
rights under Section 3.3), without the prior written consent of the ABL Agent. 
 (b) Until the Discharge of Priority Lien Obligations
has occurred, the ABL Agent, on behalf of itself and the ABL Claimholders agrees that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of the
Shared Collateral (other than to the extent such relief is required to exercise its rights under Section 3.3), without the prior written consent of the Controlling Priority Lien Collateral Agent. 

6.3 Adequate Protection. 

(a) The Priority Lien Debt Collateral Agents and the Priority Lien Claimholders each agree that, prior to the Discharge of ABL Obligations,
none of them shall contest (or support any other Person contesting): 
 (i) any request by the ABL Agent for adequate
protection with respect to the ABL Collateral; or 
 (ii) any objection by the ABL Agent to any motion, relief, action or
proceeding based on the ABL Agent or the ABL Claimholders claiming a lack of adequate protection with respect to the ABL Collateral. 
 (b)
The ABL Agent and the ABL Claimholders each agrees that, prior to the Discharge of Priority Lien Obligations, none of them shall contest (or support any other Person contesting): 

(i) any request by any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder for adequate protection with
respect to the Shared Collateral; or 
 (ii) any objection by any Priority Lien Debt Collateral Agent or any Priority Lien
Claimholder to any motion, relief, action or proceeding based on any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder claiming a lack of adequate protection with respect to the Shared Collateral. 

(c) Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency Proceeding: 

(i) in the event the ABL Agent or any of the ABL Claimholders (or any subset thereof) seeks or requests adequate protection in
respect of ABL Collateral and such adequate protection is granted with respect to the ABL Collateral in the form of additional collateral in connection with any Cash Collateral use or DIP Financing or a superpriority claim in connection with any DIP
Financing or otherwise, then each Priority Lien Debt 

  
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Collateral Agent, on behalf of itself or any of the applicable Priority Lien Claimholders, may seek or request adequate protection with respect to its interests in such ABL Collateral in the form
of a Lien on the same additional collateral, or a junior superpriority claim, as applicable, which Lien, or junior superpriority claim, shall be subordinated (except to the extent that Priority Lien Debt Collateral Agents already had a Lien on such
additional collateral (in which case the priorities established by Section 2.1 shall apply)) to the Liens or claims securing the ABL Obligations and such Cash Collateral use or DIP Financing (and all Obligations relating thereto) on the same
basis as the other Liens of the Priority Lien Collateral Debt Agents on ABL Collateral; and 
 (ii) in the event any Priority
Lien Debt Collateral Agent or any of the Priority Lien Claimholders (or any subset thereof) seeks or requests adequate protection in respect of Shared Collateral and such adequate protection is granted with respect to the Shared Collateral in the
form of additional collateral in connection with any Cash Collateral use or DIP Financing or a superpriority claim in connection with any DIP Financing or otherwise, then the ABL Agent, on behalf of itself or any of the ABL Claimholders, may seek or
request adequate protection with respect to its interests in such Shared Collateral in the form of a Lien on the same additional collateral, or a junior superpriority claim, as applicable, which Lien or junior superpriority claim shall be
subordinated (except to the extent that the ABL Agent already had a Lien on such additional collateral (in which case the priorities established by Section 2.1 shall apply)) to the Liens or claims securing the Priority Lien Obligations and such
Cash Collateral use or DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens of the ABL Agent on the Shared Collateral. 

(d) Except as otherwise expressly set forth in Section 6.1 or in connection with the exercise of remedies with respect to (i) the
ABL Collateral, nothing herein shall limit the rights of any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder from seeking adequate protection with respect to their rights in the Shared Collateral in any Insolvency Proceeding
(including adequate protection in the form of a cash payment, periodic cash payments or otherwise) or (ii) the Shared Collateral, nothing herein shall limit the rights of the ABL Agent or the ABL Claimholders from seeking adequate protection
with respect to their rights in the ABL Collateral in any Insolvency Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise). 

6.4 Avoidance Issues. If any ABL Claimholder or Priority Lien Claimholder is required in any Insolvency Proceeding or otherwise to turn
over or otherwise pay to the estate of the Company or any other Grantor (or to any other creditor pursuant to a settlement) any amount paid in respect of ABL Obligations or the Priority Lien Obligations, as the case may be (a
“Recovery”), then such ABL Claimholders or Priority Lien Claimholders shall be entitled to a reinstatement of ABL Obligations or the Priority Lien Obligations, as the case may be, with respect to all such recovered amounts. 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. 

  
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 6.5 Reorganization Securities. If, in any Insolvency 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 ABL Obligations and on account of the Priority
Lien Obligations, then, to the extent the debt obligations distributed on account of the ABL Obligations and on account of the Priority 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 debt obligations so distributed, to the Liens securing such debt obligations and the distribution of proceeds thereof. 

6.6 Post-Petition Interest. 

(a) The Priority Lien Debt Collateral Agents and the Priority Lien Claimholders each agrees that none of them shall oppose or seek to challenge
any claim by the ABL Agent or any ABL Claimholder for allowance in any Insolvency Proceeding of ABL Obligations consisting of post-petition interest, fees or expenses, without regard to the existence of the Lien of the Priority Lien Claimholders on
the ABL Collateral. 
 (b) The ABL Agent and the ABL Claimholders each agrees that none of them shall oppose or seek to challenge any claim
by any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder for allowance in any Insolvency Proceeding of Priority Lien Obligations consisting of post-petition interest, fees or expenses, without regard to the existence of the Lien
of the ABL Agent on behalf of the ABL Claimholders on the Shared Collateral. 
 6.7 Waiver - 1111(b)(2) Issues. 

(a) Each Priority Lien Debt Collateral Agent, for itself and on behalf of the applicable Priority Lien Claimholders, each waives any objection
or claim it may hereafter have against any ABL Claimholder arising out of the election by any ABL Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code to any claims of such ABL Claimholder in respect of the ABL Collateral
and agrees that in the case of any such election it shall have no claim or right to payment with respect to the ABL Collateral in or from such Insolvency Proceeding. Any reorganization securities issued with respect to such election shall be
allocated solely to the ABL Claimholders pursuant to Section 6.5 hereof. 
 (b) The ABL Agent, for itself and on behalf of the ABL
Claimholders, waives any objection or claim it may hereafter have against any Priority Lien Claimholder arising out of the election by any Priority Lien Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code to any claims
of such Priority Lien Claimholder in respect of the Shared Collateral and agrees that in the case of any such election it shall have no claim or right to payment with respect to the Shared Collateral in or from such Insolvency Proceeding. Any
reorganization securities issued with respect to such election shall be allocated solely to the Priority Lien Claimholders pursuant to Section 6.5 hereof. 

6.8 Separate Grants of Security and Separate Classification. The ABL Agent, on behalf each ABL Claimholder, and each Priority
Lien Debt Collateral Agent and Priority Lien Claimholder, acknowledges and agrees that (a) the grants of Liens pursuant to the ABL Loan 

  
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Documents and the Priority Lien Documents constitute separate and distinct grants of Liens and (b) because of, among other things, their differing rights in the Collateral, the Priority Lien
Obligations and the ABL Obligations are fundamentally different from each other and must be separately classified in any plan of reorganization or liquidation under the Bankruptcy Code (or other plan of similar effect under any Bankruptcy Law)
proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the ABL Claimholders and the Priority Lien Claimholders in respect
of the Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims, as applicable), then the ABL Agent, on behalf of the ABL Claimholders, and each Priority Lien Debt Collateral Agent, on behalf of
their respective Priority Lien Claimholders, hereby acknowledge and agree that all distributions shall be made as if there were separate classes of ABL Obligation claims and Priority Lien Obligation claims against the Company and the Grantors, with
the effect being that, (i) to the extent that the aggregate value of the ABL Collateral is sufficient (for this purpose ignoring all claims held by the Priority Lien Debt Collateral Agents, on behalf of the Priority Lien Claimholders), the ABL
Agent and the ABL 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 in respect of
post-petition interest that is available from the ABL Collateral before any distribution is made in respect of the claims held by the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders from such ABL Collateral, with the Priority
Lien Debt Collateral Agents, on behalf of their respective Priority Lien Claimholders, hereby acknowledging and agreeing to turn over to the ABL Agent, for the benefit of the ABL Claimholders, amounts otherwise received or receivable by them to the
extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries, and (ii) to the extent that the aggregate value of the Shared Collateral is sufficient (for this purpose
ignoring all claims held by the ABL Agent on behalf of the ABL Claimholders), the Priority Lien Debt Collateral Agents, on behalf of the Priority 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 in respect of post-petition interest that is available from the Shared Collateral before any distribution is made in respect of the
claims held by the ABL Agent, on behalf of the ABL Claimholders from such Shared Collateral, with the ABL Agent, on behalf of the ABL Claimholders hereby acknowledging and agreeing to turn over to the Priority Lien Debt Collateral Agents, on behalf
of the Priority Lien Claimholders, amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries. 

6.9 Application. This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under
Section 510(a) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law, shall be effective before, during and after the commencement of any Insolvency Proceeding (including, without limitation, to the extent that
Section 1129(b) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law is invoked to render this Agreement unenforceable or inapplicable in whole or in part). The relative rights as to the ABL Collateral and the Shared
Collateral shall continue after the commencement of any Insolvency Proceeding on the same basis as prior to the date of the petition therefor, subject to any court order approving the financing of, or use of cash collateral by, any Grantor. All
references herein to any Grantor shall include such Grantor as a debtor-in-possession and any receiver or trustee for such Grantor. 

  
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 ARTICLE 7 

RELIANCE; WAIVERS; ETC. 

7.1 Reliance. Other than any reliance on the terms of this Agreement, (a) the ABL Agent, on behalf of itself and the ABL
Claimholders, acknowledges that it and such ABL Claimholders have, independently and without reliance on any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder, and based on documents and information deemed by them appropriate,
made their own credit analysis and decision to enter into the ABL Loan 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 ABL Loan Documents or
this Agreement, and (b) each Priority Lien Debt Collateral Agent, on behalf of itself and the Priority Lien Claimholders, acknowledges that it and the Priority Lien Claimholders have, independently and without reliance on the ABL Agent or any
ABL Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into each of the Priority 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 Priority Lien Documents, the Collateral Trust Agreement, the Senior-Junior Intercreditor Agreement (if any) or this Agreement. 

7.2 No Warranties or Liability. The ABL Agent, on behalf of itself and the ABL Claimholders, acknowledges and agrees that each of the
Priority Lien Debt Collateral Agents and the Priority 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 Priority Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided in this Agreement, the Priority Lien Debt Collateral Agent and the Priority Lien Claimholders will be
entitled to manage and supervise their respective loans and extensions of credit under the Priority Lien Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Priority Lien Debt Collateral Agents
and the Priority Lien Claimholders each acknowledges and agrees that the ABL Agent and the ABL 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 ABL Loan Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided herein, the ABL Agent and the ABL Claimholders will be entitled to
manage and supervise their respective loans and extensions of credit under their respective ABL Loan Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Priority Lien Debt Collateral Agents and
the Priority Lien Claimholders shall have no duty to the ABL Agent or any of the ABL Claimholders, and the ABL Agent and the ABL Claimholders shall have no duty to the Priority Lien Debt Collateral Agent or any of the Priority 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 the Company or any other Grantor (including the ABL Loan Documents and the Priority Lien
Documents), regardless of any knowledge thereof which they may have or be charged with. 

  
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 7.3 No Waiver of Lien Priorities. 

(a) No right of the ABL Agent, the ABL Claimholders, the Priority Lien Debt Collateral Agents or the Priority Lien Claimholders to enforce any
provision of this Agreement, the Collateral Trust Agreement, the Senior-Junior Intercreditor Agreement (if any), any ABL Loan Document or any other Priority 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 such Persons or by any noncompliance by any such Person with the terms, provisions and covenants of this Agreement, the Collateral Trust Agreement, the
Senior-Junior Intercreditor Agreement (if any), any of the ABL Loan Documents or any of the other Priority Lien Documents, regardless of any knowledge thereof which such Persons, 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 ABL Loan Documents and the Priority Lien Documents and subject to the provisions of Section 5.3(a)), the ABL Agent, the ABL Claimholders, the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders may, at any time and
from time to time in accordance with the ABL Loan Documents and Priority Lien Documents and/or applicable law, without the consent of, or notice to, the other Persons (as the case may be), without incurring any liabilities to such Persons and
without impairing or releasing the Lien priorities and other benefits provided in this Agreement, the Collateral Trust Agreement or the Senior-Junior Intercreditor Agreement (if any) (even if any right of subrogation or other right or remedy is
affected, impaired or extinguished thereby), do any one or more of the following: 
 (i) 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 Obligations or any Lien 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 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 ABL Agent or any Priority Lien Debt Collateral Agent or any rights or remedies under any of the ABL Loan Documents or the Priority Lien Documents; 

(ii) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part
of the Collateral (except to the extent provided in this Agreement) or any liability of the Company or any other Grantor or any liability incurred directly or indirectly in respect thereof; 

(iii) settle or compromise any 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 in any manner or order that is not inconsistent with the terms of this Agreement; and 

(iv) 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. 

  
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 7.4 Obligations Unconditional. All rights, interests, agreements and obligations of
the ABL Agent and the ABL Claimholders and the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any ABL Loan Documents or any Priority 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 ABL Obligations or Priority 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 ABL Loan Document or
any Priority Lien Document; 
 (c) except as otherwise expressly set forth in this Agreement, any exchange of any security interest in any
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 ABL Obligations or Priority Lien Obligations or any guaranty thereof; 

(d) the commencement of any Insolvency 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 ABL Agent, the ABL Obligations, any ABL Claimholder, the Priority Lien Debt Collateral Agents, the Priority Lien Obligations or any Priority Lien Claimholder in respect of this Agreement. 

ARTICLE 8 
 MISCELLANEOUS.

 8.1 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any ABL Loan
Document or any Priority Lien Document, the provisions of this Agreement shall govern and control; provided, however, that notwithstanding anything to the contrary contained herein, the ABL Agent agrees on behalf of itself and each ABL Claimholder
that the provisions of the Collateral Trust Agreement and the Senior-Junior Intercreditor Agreement (if any) shall govern the rights and obligations of the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders as among themselves.
Neither the ABL Agent nor any ABL Creditor shall be deemed to have knowledge of, or shall be required to act in accordance with, the relative rights and priorities of, or rights and obligations among, the Priority Lien Claimholders established under
the Senior-Junior Intercreditor Agreement or the Collateral Trust Agreement. 
 8.2 Effectiveness; Continuing Nature of this Agreement;
Severability. This Agreement shall become effective when executed and delivered by the parties hereto on the date hereof. This is a continuing agreement of lien subordination and the ABL Agent, the ABL Claimholders and the Priority Lien Debt
Collateral Agents and the Priority Lien Claimholders may continue, at any time and without notice to any of the others, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any Grantor in
reliance hereon. Each such 

  
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Person hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement (including, without limitation, any such right arising under
Section 1129(b) of the Bankruptcy Code). The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. The relative rights, as provided for in this Agreement, will continue after the
commencement of any such Insolvency Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in
any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. All
references to the Company or any other Grantor shall include the Company or such Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company
or any other Grantor (as the case may be) in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and effect until the earlier to occur of: 

(a) with respect to the Priority Lien Debt Collateral Agents, the Priority Lien Claimholders and the Priority Lien Obligations, on the date of
the Discharge of the Priority Lien Obligations, subject to the rights of the ABL Agent and ABL Claimholders under Section 6.4; and 

(b) with respect to the ABL Agent, the ABL Claimholders and the ABL Obligations, on the date of the Discharge of ABL Obligations, on the date
of the Discharge of Priority Lien Obligations, subject to the rights of the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders under Section 6.4. 

For the avoidance of doubt, if a Discharge of ABL Obligations occurs, to the extent that ABL Obligations are reinstated in accordance with
Section 6.4, the Discharge of ABL Obligations shall (effective upon the reinstatement of such ABL Obligations, as applicable) be deemed to no longer be effective. If a Discharge of Priority Lien Obligations occurs, to the extent that Priority
Lien Obligations are reinstated in accordance with Section 6.4, the Discharge of Priority Lien Obligations shall (effective upon the reinstatement of such Priority Lien Obligations, as applicable) be deemed to no longer be effective. 

8.3 Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Agreement shall be deemed to be made
unless the same shall be in writing and signed on behalf of the parties hereto or their respective 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 or obligations are directly and adversely affected (which includes, but is not limited to any amendment to the Grantors’ ability to cause additional
obligations to constitute ABL Obligations or Priority Lien Obligations as the Company may designate). 
 8.4 Information Concerning
Financial Condition of the Company and its Subsidiaries. The ABL Agent and the ABL Claimholders, on the one hand, and the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders, 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 

  
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endorsers and/or guarantors of the ABL Obligations or the Priority Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the ABL Obligations or the Priority
Lien Obligations. Neither the ABL Agent and the ABL Claimholders, on the one hand, nor the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders, on the other hand, shall have any duty to advise the other of information known to it
or them regarding such condition or any such circumstances or otherwise. In the event that either the ABL Agent or any of the ABL Claimholders, on the one hand, or the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders, on the
other hand, undertakes at any time or from time to time to provide any such information to any of the others, it or they shall be under no obligation: 

(a) to make, and 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. 

(a) With respect to the value of any payments or distributions in cash, property or other assets that any of the Priority Lien Claimholders or
any Priority Lien Debt Collateral Agent pays over to the ABL Agent or the ABL Claimholders under the terms of this Agreement, the Priority Lien Claimholders and any Priority Lien Debt Collateral Agent shall be subrogated to the rights of the ABL
Agent and the ABL Claimholders; provided, however, that any Priority Lien Debt Collateral Agent and the Priority Lien Claimholders, hereby each 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 ABL Obligations has occurred. The Company acknowledges and agrees that, to the extent permitted by applicable law, the value of any payments or distributions in cash, property or other assets received by any Priority
Lien Debt Collateral Agent or any Priority Lien Claimholder that are paid over to the ABL Agent or the ABL Claimholders pursuant to this Agreement shall not reduce any of the Priority Lien Obligations. 

(b) With respect to the value of any payments or distributions in cash, property or other assets that any of the ABL Claimholders or the ABL
Agent pays over to any Priority Lien Debt Collateral Agent or the Priority Lien Claimholders under the terms of this Agreement, the ABL Claimholders and the ABL Agent shall be subrogated to the rights of any Priority Lien Debt Collateral Agent and
the Priority Lien Claimholders; provided, however, that the ABL Agent, on behalf of itself and the ABL 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 Priority Lien Obligations has occurred. The Company acknowledges and agrees that, to the extent permitted by applicable law, the value of any payments or distributions in cash, property or other

  
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assets received by the ABL Agent or the ABL Claimholders that are paid over to any Priority Lien Debt Collateral Agent or any Priority Lien Claimholder pursuant to this Agreement shall not reduce
any of the ABL Obligations. 
 8.6 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, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY: 

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

(ii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; 

(iii) 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 8.7; 

(iv) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (iii) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION
OVER SUCH PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND 

(v) AGREES THAT EACH PARTY HERETO RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING
PROCEEDINGS AGAINST ANY PARTY IN THE COURTS OF ANY OTHER JURISDICTION. 
 (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 OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE INTENTS AND PURPOSES HEREOF. 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 PARTY HERETO HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH
PARTY HERETO WILL CONTINUE TO RELY ON THIS WAIVER  

  
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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 8.6(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. 
 8.7 Notices. All notices to the ABL Claimholders, on the one hand, or the Priority Lien Claimholders, on the other
hand, permitted or required under this Agreement shall also be sent to the ABL Agent and the Priority Lien Debt Collateral Agents, respectively. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be
personally served 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 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. 
 8.8
Further Assurances. The ABL Agent, each Priority Lien Debt Collateral Agent and each of the Claimholders, each agrees 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 ABL Agent or Priority Lien Debt Collateral Agents may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement. Without limiting the generality of the foregoing, all
such Persons agree upon request by the ABL Agent or the Priority Lien Debt Collateral Agents, 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 ABL Collateral or Shared Collateral, as applicable, and the steps taken to perfect their respective Liens thereon and the identity of the respective parties obligated under the ABL Loan Documents and the Priority Lien Documents. 

8.9 APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE EXCLUDING ANY PRINCIPLES OF CONFLICTS OF LAW OR
ANY OTHER RULE OF LAW THAT WOULD RESULT IN THE APPLICATION OF LAW OF ANY JURISDICTION OTHER THAN THE LAWS OF THE STATE OF NEW YORK. 
 8.10
Binding Effect on Successors and Assigns and on Claimholders and Priority Lien Representatives. This Agreement shall be binding upon the ABL Agent, the ABL Claimholders, the Priority Lien Debt Collateral Agents and the
Priority Lien Claimholders (including any Priority Lien Representatives) and their respective successors and assigns. Notwithstanding any 

  
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implication to the contrary in any provision in any other section of the Agreement, neither the Priority Lien Debt Collateral Agents nor the ABL Agent make any representation regarding the
validity or binding effect of the Priority Lien Documents or ABL Loan Documents, respectively, or their authority to bind any of the Claimholders through their execution of this Agreement. 

8.11 Specific Performance. Each of the ABL Agent and the Priority Lien Debt Collateral Agents may demand specific performance of this
Agreement. The ABL Agent, on behalf of itself and the ABL Claimholders, and the Priority Lien Debt Collateral Agent, on behalf of the Priority 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 ABL Agent or the ABL Claimholders or the Priority Lien Debt Collateral Agents or the Priority Lien Claimholders, as the case
may be, under this Agreement. 
 8.12 Headings. Section headings herein have been inserted for convenience of reference only, are not
to be considered a part of this Agreement and will in no way modify or restrict any of the terms or provisions hereof. 
 8.13
Counterparts.    This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature;
(ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions
Act, and/or any other relevant electronic signatures law, including any relevant provisions of the UCC (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other
electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect
to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement
of writings when required under the UCC or other Signature Law due to the character or intended character of the writings. 
 8.14
Authority. By its signature, each Person executing this Agreement represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. Each Priority Lien Debt Collateral Agent hereby further represents and
warrants to the other parties hereto that it is authorized to enter into this Agreement on behalf of the Priority Lien Claimholders (including, without limitation, all applicable Priority Lien Representatives). The ABL Agent hereby further
represents and warrants to the other parties hereto that it is authorized to enter into this Agreement on behalf of the ABL Claimholders. 

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 ABL Agent, the Priority Lien Debt Collateral Agent, the 

  
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ABL Claimholders and the Priority Lien Claimholders. Nothing in this Agreement shall impair, as between the Company and the other Grantors and the ABL Agent and the ABL Claimholders, or as
between the Company and the other Grantors and the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders the obligations of the Company and the other Grantors to pay principal, interest, fees and other amounts as provided in the
ABL Loan Documents and the Priority Lien Documents, respectively. 
 8.16 Provisions Solely to Define Relative Rights. The provisions
of this Agreement are solely for the purpose of defining the relative rights of the ABL Agent and the ABL Claimholders on the one hand and the Priority Lien Debt Collateral Agents and the Priority Lien Claimholders on the other hand. None of the
Company, any other Grantor or any other creditor thereof shall have any rights hereunder and neither the Company nor any Grantor may rely on the terms hereof. Nothing in this Agreement is intended to or shall impair the obligations of the Company or
any other Grantor, which are absolute and unconditional, to pay the ABL Obligations and the Priority Lien Obligations as and when the same shall become due and payable in accordance with their terms. 

8.17 Marshalling of Assets. The Priority Lien Debt Collateral Agents and the Priority Lien Claimholders hereby each waives any and all
rights to have the ABL Collateral, or any part thereof, marshaled upon any foreclosure or other enforcement of the ABL Agent’s Liens or the Priority Liens. The ABL Agent and each ABL Claimholder hereby waive any and all rights to have the
Shared Collateral, or any part thereof, marshaled upon any foreclosure or other enforcement of the Priority Liens or the ABL Agent’s Liens. 

8.18 Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Priority Lien Debt
Collateral Agents and the ABL Agent, like all financial institutions, are required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with JPMorgan Chase Bank,
N.A. or Wells Fargo Bank, National Association, as the case may be. The parties to this Agreement agree that they will provide the Priority Lien Debt Collateral Agents and the ABL Agent, as the case may be, with such information as it may request in
order for the Priority Lien Debt Collateral Agents and the ABL Agent, as the case may be, to satisfy the requirements of the USA Patriot Act. 

8.19 Grantor Agreement; Additional Grantors. 

(a) Each Grantor as of the date hereof by executing its acknowledgment and agreement below hereby acknowledges that it has received a copy of
this Agreement and consents thereto, agrees to recognize all rights granted thereby to the ABL Agent, the ABL Claimholders, each Priority Lien Debt Collateral Agent and the Priority Lien Claimholders and will not do any act or perform any obligation
which is not in accordance with the agreements set forth in this Agreement. 
 (b) Each Subsidiary of the Company that becomes a Grantor
shall become an “Subsidiary Guarantor” and “Grantor” for all purposes of this Agreement, and shall be required to execute and deliver an acknowledgment substantially similar to the acknowledgment executed and delivered by the
Grantors as of the date hereof. 
  

  
 49 

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

			
	ABL Agent
	
	JPMORGAN CHASE BANK, N.A., as ABL Agent and as authorized representative of the ABL Claimholders
		
	By:	 	 /s/ Timothy Lee

	Name:	 	Timothy Lee
	Title:	 	Authorized Officer
	
	Notice Address:
	  

	  
  

	
	with copies to:
	  
  

 

 [Signature Page to ABL Intercreditor Agreement] 

 
			
	Collateral Trustee
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral Trustee and as authorized representative of the Pari Passu Lien Representatives and Pari Passu Lien Claimholders
		
	By:	 	 /s/ Stefan Victory

	Name:	 	Stefan Victory
	Title:	 	Vice President
	
	Notice Address:
	
	Wells Fargo Bank, National Association
	Corporate Trust Services
	600 South 4th Street, 6th Floor
	Minneapolis, MN 55415
	Attn: Corporate Trust Administrator – Unisys Corp.

 [Signature Page to ABL Intercreditor Agreement] 

			
	Acknowledged and Agreed to by:
	
	Company
	
	UNISYS CORPORATION
		
	By:	 	 /s/ Michael M. Thomson

	Name:	 	Michael M. Thomson
	Title:	 	Senior Vice President and Chief Financial Officer
	
	Notice Address:
	
	Unisys Corporation
	801 Lakeview Drive, Suite 100
	Blue Bell, Pennsylvania 19424
	Attention: Vice President and Treasurer
	Phone No.: (215) 986-2600
	Facsimile No.: (215) 986-4132
	
	with a copy to
	
	Unisys Corporation
	801 Lakeview Drive, Suite 100
	Blue Bell, Pennsylvania 19422
	Attention: General Counsel
	Phone No.: (215) 986-4008
	Facsimile No.: (215) 986-9388

 [Signature Page to ABL Intercreditor Agreement] 

			
	Subsidiary Guarantors
	
	UNISYS HOLDING CORPORATION
		
	By:	 	 /s/ Gary M. Polikoff

	Name:	 	Gary M. Polikoff
	Title:	 	President
	
	Notice Address:
	
	Unisys Holding Corporation
	501 Silverside Road
	Suite 18-A
	Wilmington, Delaware 19809
	Attention: Vice President and Treasurer
	Phone No.: (302) 792-2558
	Facsimile No.: (302) 791-9371
	
	with a copy to
	
	Unisys Corporation
	801 Lakeview Drive, Suite 100
	Blue Bell, Pennsylvania 19422
	Attention: Vice President and Treasurer
	Phone No.: 215-986-2600
	Facsimile No.: (215) 986-4132

 [Signature Page to ABL Intercreditor Agreement] 

			
	UNISYS NPL, INC.
		
	By:	 	 /s/ Gary M. Polikoff

	Name:	 	Gary M. Polikoff
	Title:	 	President
	
	Notice Address:
	
	Unisys NPL, Inc.
	501 Silverside Road
	Suite 18-A
	Wilmington, Delaware 19809
	Attention: Vice President and Treasurer
	Phone No.: (302) 792-2558
	Facsimile No.: (302) 791-9371
	
	with a copy to
	
	Unisys Corporation
	801 Lakeview Drive, Suite 100
	Blue Bell, Pennsylvania 19422
	Attention: Vice President and Treasurer
	Phone No.: 215-986-2600
	Facsimile No.: (215) 986-4132

 [Signature Page to ABL Intercreditor Agreement] 

			
	UNISYS AP INVESTMENT COMPANY I
		
	By:	 	 /s/ Gary M. Polikoff

	Name:	 	Gary M. Polikoff
	Title:	 	President
	
	Notice Address:
	
	Unisys AP Investment Company I
	501 Silverside Road
	Suite 18-A
	Wilmington, Delaware 19809
	Attention: Vice President and Treasurer
	Phone No.: (302) 792-2558
	Facsimile No.: (302) 791-9371
	
	with a copy to
	
	Unisys Corporation
	801 Lakeview Drive, Suite 100
	Blue Bell, Pennsylvania 19422
	Attention: Vice President and Treasurer
	Phone No.: 215-986-2600
	Facsimile No.: (215) 986-4132

 [Signature Page to ABL Intercreditor Agreement] 

 EXHIBIT A 

FORM OF INTERCREDITOR AGREEMENT JOINDER 

The undersigned, ___________________, a __________ (“New Agent”), hereby agrees to become party as a[n] [Grantor] [ABL Agent]
[First Lien Debt Collateral Agent][Collateral Trustee] under the ABL Intercreditor Agreement, dated as of October 29, 2020 (the “Intercreditor Agreement”), among Unisys Corporation, a Delaware corporation, the Subsidiary Guarantors
from time to time party thereto, JPMorgan Chase Bank, N.A., in its capacity as agent for the ABL Lenders, Wells Fargo Bank, National Association, in its capacity as collateral trustee for (i) the Notes Trustee and the Noteholders and
(ii) any future Pari Passu Lien Representative and Pari Passu Lien Claimholders, and such additional parties from time to time party thereto pursuant to the terms thereof, as amended, supplemented, amended and restated or otherwise modified and
in effect from time to time, for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Intercreditor Agreement as fully as if the undersigned had executed and delivered the Intercreditor Agreement as of the date
thereof. The provisions of Article 8 of the Intercreditor Agreement will apply with like effect to this Intercreditor Agreement Joinder. Terms used in this Intercreditor Agreement Joinder but not defined herein shall have the meanings given to such
terms in the Intercreditor Agreement. 
 IN WITNESS WHEREOF, the parties hereto have caused this Intercreditor Agreement Joinder to be
executed by their respective officers or representatives as of [__________________, 20__]. 
  

			
	[                    ], as
[                     ]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Notice Address:
	  

	  

	  

	
	with copies to:
	  

	  

	  

 Acknowledged and Agreed to by: 

ABL Agent 
 JPMORGAN CHASE BANK, N.A., 

as ABL Agent and as authorized representative of the ABL Claimholders 
  

			
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Collateral Trustee 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Collateral 
 Trustee
and as authorized representative of the Pari Passu Lien 
 Representatives and Pari Passu Lien Claimholders 

 

			
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 First Lien Debt Collateral Agent1 

[●], as First Lien Debt Collateral Agent and as authorized representative of the First Lien Debt 

Representatives and First Lien Debt Claimholders 
  

			
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

	1 	 Include if applicable.

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