Document:

Guaranty, Dated April 30, 2007

 Exhibit 4.1 
 Guaranty 
  

 GUARANTY 
 GUARANTY (this “Guaranty”), dated as of April 30, 2007, made by 1201/5400 Elm Corporation, a Delaware corporation (the “Guarantor”), in favor of the Guarantied Parties
referred to below. 
 W I T N E S S E T H: 
 WHEREAS, Chaparral Steel Company, a Delaware corporation (the “Borrower”), has entered into a Credit Agreement, dated as of June 16, 2005, among the Lenders party thereto, and Bank of
America, N.A., as the Administrative Agent, Swing Line Lender and L/C Issuer (hereinafter, the “Administrative Agent”) for the Lenders (said Credit Agreement, as it may be amended, supplemented or otherwise modified from time
to time, being the “Credit Agreement”, and capitalized terms not defined herein but defined therein being used herein as therein defined); and 
 WHEREAS, the Borrower and the Guarantor are members of the same consolidated group of companies and are engaged in operations which require financing on a basis in which credit can be made available from time to time
to the Borrower and the Guarantor, and the Guarantor will derive direct and indirect economic benefit from the Loans and Letters of Credit under the Credit Agreement; and 
 WHEREAS, it is a requirement of Section 6.13 of the Credit Agreement that the Guarantor shall have executed and delivered this Guaranty; and 
 WHEREAS, the Lenders, the Administrative Agent, any Affiliate of any Lender entering into a Swap Contract (provided that such Lender was a Lender at the
time such Swap Contract was entered into) with the Borrower or any Affiliate of the Borrower and the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document are herein referred to as the
“Guarantied Parties”; 
 NOW, THEREFORE, in consideration of the premises and to induce the Lenders to continue to make
Loans and issue Letters of Credit the Guarantor hereby agrees as follows: 
 Section 1. Guaranty. The Guarantor hereby
unconditionally and irrevocably guarantees the full and prompt payment when due, whether at stated maturity, by acceleration or otherwise, of, and the performance of, (a) the Obligations, whether now or hereafter existing and whether for
principal, interest, fees, expenses or otherwise, (b) all Obligations in respect of Swap Contracts owed to any Lender or any Affiliate of a Lender (provided at the time of execution of the Swap Contract related to such Swap Obligations such
Lender is a party to the Credit Agreement, herein called a “Guarantied Swap Contract”), (c) all obligations and liabilities of the Borrower or any other Loan Party owed to any Lender arising under or in connection with the Cash
Management Obligations, (d) any and all out-of-pocket expenses (including, without limitation, expenses and counsel fees and expenses of the Administrative Agent and the Lenders) incurred by any of the Guarantied Parties in enforcing any rights
under this Guaranty and (e) all present and future amounts that would become due but for the operation of any provision of Debtor Relief Laws, and all present and future accrued and unpaid interest, including, without 

  

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limitation, all post-petition interest if the Borrower or the Guarantor voluntarily or involuntarily becomes subject to any Debtor Relief Laws (the items set
forth in clauses (a), (b), (c), and (e) immediately above being herein referred to as the “Guarantied Obligations”). Upon failure of the Borrower to pay any of the Guarantied Obligations when due after the giving by the
Administrative Agent and/or the Lenders of any notice and the expiration of any applicable cure period in each case provided for in the Credit Agreement, other Loan Documents and Guarantied Swap Contracts (whether at stated maturity, by acceleration
or otherwise), the Guarantor hereby further agrees to promptly pay the same after the Guarantor’s receipt of notice from the Administrative Agent of the Borrower’s failure to pay the same, without any other demand or notice whatsoever,
including without limitation, any notice having been given to the Guarantor of either the acceptance by the Guarantied Parties of this Guaranty or the creation or incurrence of any of the Guarantied Obligations. This Guaranty is an absolute guaranty
of payment and performance of the Guarantied Obligations and not a guaranty of collection, meaning that it is not necessary for the Guarantied Parties, in order to enforce payment by the Guarantor, first or contemporaneously to accelerate payment of
any of the Guarantied Obligations, to institute suit or exhaust any rights against any Loan Party, or to enforce any rights against any collateral. Notwithstanding anything herein, in any other Loan Document or in any Guarantied Swap Contract to the
contrary, in any action or proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if, as a result of applicable law relating to
fraudulent conveyance or fraudulent transfer, including Section 548 of Bankruptcy Code or any applicable provisions of comparable state law (collectively, “Fraudulent Transfer Laws”), the obligations of the Guarantor under this
Section 1 would otherwise, after giving effect to (a) all other liabilities of the Guarantor, contingent or otherwise, that are relevant under such Fraudulent Transfer Laws (specifically excluding, however, any liabilities of the
Guarantor in respect of intercompany Debt to the Borrower to the extent that such Debt would be discharged in an amount equal to the amount paid by the Guarantor hereunder) and (b) to the value as assets of the Guarantor (as determined under
the applicable provisions of such Fraudulent Transfer Laws) of any rights of subrogation, contribution, reimbursement, indemnity or similar rights held by the Guarantor pursuant to (i) applicable requirements of Law,
(ii) Section 10 hereof or (iii) any other contractual obligations providing for an equitable allocation among the Guarantor and other Subsidiaries or Affiliates of the Borrower of obligations arising under this Guaranty or
other guaranties of the Obligations by such parties, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under this Section 1, then
the amount of such liability shall, without any further action by the Guarantor, any Lender, the Administrative Agent or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated
to the claims of other creditors as determined in such action or proceeding. 
 Section 2. Guaranty Absolute. The Guarantor
guaranties that the Guarantied Obligations will be paid strictly in accordance with the terms of the Credit Agreement, the Notes, the other Loan Documents and the Guarantied Swap Contracts, without set-off or counterclaim, and regardless of any
Applicable Law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Guarantied Parties with respect thereto. The liability of the Guarantor under this Guaranty shall be absolute and unconditional
irrespective of: 
  

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 (a) any lack of validity or enforceability of any provision of any other Loan Document or
any Guarantied Swap Contract or any other agreement or instrument relating to any Loan Document, or avoidance or subordination of any of the Guarantied Obligations; 
 (b) any change in the time, manner or place of payment of, or in any other term of, or any increase in the amount of, all or any of the
Guarantied Obligations, or any other amendment or waiver of any term of, or any consent to departure from any requirement of, the Credit Agreement, the Notes, any of the other Loan Documents or any Guarantied Swap Contract; 
 (c) any exchange, release or non-perfection of any Lien on any collateral for, or any release of any other Loan Party or amendment or
waiver of any term of any other guaranty of, or any consent to departure from any requirement of any other guaranty of, all or any of the Guarantied Obligations; 
 (d) the absence of any attempt to collect any of the Guarantied Obligations from the Borrower or from any other Loan Party or any other
action to enforce the same or the election of any remedy by any of the Guarantied Parties; 
 (e) any waiver, consent,
extension, forbearance or granting of any indulgence by any of the Guarantied Parties with respect to any provision of any other Loan Document or any Guarantied Swap Contract; 
 (f) the election by any of the Guarantied Parties in any proceeding under any Debtor Relief Law; 
 (g) any borrowing or grant of a security interest by the Borrower, as debtor-in-possession, under any Debtor Relief Law; or 
 (h) any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Borrower or the Guarantor
other than payment or performance of the Guarantied Obligations. 
 Section 3. Waiver. 
 (a) The Guarantor hereby (i) waives (A) promptness, diligence, notice of acceptance and any and all other notices, including, without
limitation, notice of intent to accelerate and notice of acceleration, with respect to any of the Guarantied Obligations or this Guaranty, (B) any requirement that any of the Guarantied Parties protect, secure, perfect or insure any security
interest in or other Lien on any property subject thereto or exhaust any right or take any action against the Borrower or any other Person or any collateral, (C) the filing of any claim with a court in the event of receivership or bankruptcy of
the Borrower or any other Person, (D) except as otherwise provided herein, protest or notice with respect to nonpayment of all or any of the Guarantied Obligations, (E) to the extent not prohibited by Law, the benefit of any statute of
limitation, (F) all demands whatsoever (and any requirement that demand be made on the Borrower or any other Person as a condition precedent to the Guarantor’s obligations 

  

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hereunder), (G) all rights by which the Guarantor might be entitled to require suit on an accrued right of action in respect of any of the Guarantied
Obligations or require suit against the Borrower or any other Loan Party or Person, (H) any defense based upon an election of remedies by any Guarantied Party, or (I) notice of any events or circumstances set forth in clauses (a)
through (h) of Section 2 hereof; and (ii) covenants and agrees that, except as otherwise agreed by the parties, this Guaranty will not be discharged except (i) by complete payment and performance of the Guarantied
Obligations and any other obligations of the Guarantor contained herein or (ii) as to the Guarantor, upon the sale or other disposition of all of the Stock of the Guarantor as permitted under the Credit Agreement. 
 (b) If, in the exercise of any of its rights and remedies, any of the Guarantied Parties shall forfeit any of its rights or remedies, including, without
limitation, its right to enter a deficiency judgment against the Borrower or any other Person, whether because of any Applicable Law pertaining to “election of remedies” or the like, the Guarantor hereby consents to such action by such
Guarantied Party and waives any claim based upon such action. Any election of remedies which results in the denial or impairment of the right of such Guarantied Party to seek a deficiency judgment against the Borrower shall not impair the obligation
of the Guarantor to pay the full amount of the Guarantied Obligations or any other obligation of the Guarantor contained herein. 
 (c) In
the event any of the Guarantied Parties shall bid at any foreclosure or trustee’s sale or at any private sale permitted by law or under any of the Loan Documents, to the extent not prohibited by Applicable Law, such Guarantied Party may bid all
or less than the amount of the Guarantied Obligations and the amount of such bid, if successful, need not be paid by such Guarantied Party but shall be credited against the Guarantied Obligations. 
 (d) The Guarantor agrees that notwithstanding the foregoing and without limiting the generality of the foregoing if, after the occurrence and during the
continuance of an Event of Default, the Guarantied Parties are prevented by Applicable Law from exercising their respective rights to accelerate the maturity of the Guarantied Obligations, to collect interest on the Guarantied Obligations, or to
enforce or exercise any other right or remedy with respect to the Guarantied Obligations, or the Administrative Agent is prevented from taking any action to realize on the collateral, the Guarantor agrees to pay to the Administrative Agent for the
account of the Guarantied Parties, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Guarantied Parties. 
 (e) The Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Borrower and of each other Loan Party, and
of all other circumstances bearing upon the risk of nonpayment of the Guarantied Obligations or any part thereof, that diligent inquiry would reveal. The Guarantor hereby agrees that the Guarantied Parties shall have no duty to advise the Guarantor
of information known to any of the Guarantied Parties regarding such condition or any such circumstance. In the event that any of the Guarantied Parties in its sole discretion undertakes at any time or from time to time to provide any such
information to the Guarantor, such Guarantied Party shall be under no obligation (i) to undertake any investigation not a part of its regular business routine, (ii) to disclose any information which, pursuant to accepted or reasonable
banking or commercial finance practices, such Guarantied 

  

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Party wishes to maintain as confidential, or (iii) to make any other or future disclosures of such information or any other information to the
Guarantor. 
 (f) The Guarantor consents and agrees that the Guarantied Parties shall be under no obligation to marshal any assets in favor
of the Guarantor or any other Loan Party or otherwise in connection with obtaining payment of any or all of the Guarantied Obligations from any Person or source. 
 Section 4. Representations and Warranties. The Guarantor hereby represents and warrants to the Guarantied Parties that the representations and warranties set forth in Article 5 of the Credit
Agreement as they relate to the Guarantor or to the Loan Documents to which the Guarantor is a party are true and correct in all material respects in the manner specified in the Credit Agreement and the Guarantied Parties shall be entitled to rely
on each of them as if they were fully set forth herein. 
 Section 5. Amendments, Etc. No amendment or waiver of any provision of
this Guaranty nor consent to any departure by the Guarantor herefrom shall in any event be effective unless the same shall be in writing, approved by the Required Lenders (or by all the Lenders where the approval of each Lender is required under the
Credit Agreement) and signed by the Administrative Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 Section 6. Addresses for Notices. All notices and other communications provided for hereunder shall be effectuated in the manner provided for
in Section 10.02 of the Credit Agreement, provided that if a notice or communication hereunder is sent to a Guarantor, said notice shall be addressed to the Guarantor, in care of the Borrower. 
 Section 7. No Waiver; Remedies. 
 (a) No failure on the part of any Guarantied Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by Applicable Law, any of the other Loan Documents or any Guarantied Swap Contract. 
 (b) No waiver by the Guarantied Parties of any default shall operate as a waiver of any other default or the same default on a future occasion, and no
action by any of the Guarantied Parties permitted hereunder shall in way affect or impair any of the rights of the Guarantied Parties or the obligations of the Guarantor under this Guaranty or under any of the other Loan Documents or any Guarantied
Swap Contract, except as specifically set forth in any such waiver. Any determination by a court of competent jurisdiction of the amount of any principal and/or interest or other amount constituting any of the Guarantied Obligations shall be
conclusive and binding on the Guarantor irrespective of whether the Guarantor was a party to the suit or action in which such determination was made provided that the Borrower was so a party. 
  

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 Section 8. Right of Set-off. Upon the occurrence and during the continuance of any Event of
Default under the Credit Agreement, each of the Guarantied Parties is hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set-off and apply any and all deposits (general or special (except trust
and escrow accounts), time or demand, provisional or final) at any time held and other Debt at any time owing by such Guarantied Party to or for the credit or the account of the Guarantor against any and all of the obligations of the Guarantor now
or hereafter existing under this Guaranty, irrespective of whether or not such Guarantied Party shall have made any demand under this Guaranty and although such obligations may be contingent and unmatured; provided, however, such
Guarantied Party shall promptly notify the Guarantor and the Borrower after such set-off and the application made by such Guarantied Party. The rights of each Guarantied Party under this Section 8 are in addition to other rights and
remedies (including, without limitation, other rights of set-off) which such Guarantied Party may have. 
 Section 9. Continuing
Guaranty; Transfer of Notes. This Guaranty is a continuing guaranty and shall (i) remain in full force and effect until the date upon which all Obligations are paid in full and the Commitments are terminated (the “Release
Date”), (ii) be binding upon the Guarantor, its permitted successors and assigns, and (iii) inure to the benefit of and be enforceable by the Guarantied Parties and their respective successors, permitted transferees, and permitted
assigns. Without limiting the generality of the foregoing clause (iii), each of the Guarantied Parties may assign or otherwise transfer any Note held by it or the Guarantied Obligations owed to it to any other Person, and such other Person
shall thereupon become vested with all the rights in respect thereof granted to such Guarantied Party herein or otherwise with respect to such of the Notes and the Guarantied Obligations so transferred or assigned, subject, however, to compliance
with the provisions of Section 10.06 of the Credit Agreement in respect of assignments. The Guarantor may not assign any of its obligations under this Guaranty without first obtaining the written consent of the Lenders as set forth in
the Credit Agreement. 
 Section 10. Reimbursement. To the extent that the Guarantor shall be required hereunder to pay a portion
of the Guarantied Obligations exceeding the greater of (a) the amount of the economic benefit actually received by the Guarantor from the Loans and the Letters of Credit and (b) the amount the Guarantor would otherwise have paid if the
Guarantor had paid the aggregate amount of the Guarantied Obligations (excluding the amount thereof repaid by the Borrower) in the same proportion as the Guarantor’s net worth at the date enforcement is sought hereunder bears to the aggregate
net worth of all the other Loan Parties other than the Borrower (herein the “Guarantor Loan Parties”) at the date enforcement is sought hereunder, then the Guarantor shall be reimbursed by such other Guarantor Loan Parties for the
amount of such excess, pro rata, based on the respective net worths of such other Guarantor Loan Parties at the date enforcement hereunder is sought. Notwithstanding anything to the contrary, the Guarantor agrees that the Guarantied Obligations may
at any time and from time to time exceed the amount of the liability of the Guarantor hereunder without impairing its guaranty herein or affecting the rights and remedies of the Guarantied Parties hereunder. This Section 10 is intended
only to define the relative rights of the Guarantor and the other Guarantor Loan Parties, and nothing set forth in this Section 10 is intended to or shall impair the obligations of the Guarantor to pay to the Guarantied Parties the
Guarantied Obligations as and when the same shall become due and payable in accordance with the terms hereof. 
  

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 Section 11. Reinstatement. This Guaranty shall remain in full force and effect and continue
to be effective should any petition be filed by or against any Loan Party for liquidation or reorganization, should any Loan Party become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for
all or any significant part of any Loan Party’s assets, and shall, to the fullest extent permitted by Applicable Law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Obligations, or
any part thereof, is, pursuant to Applicable Law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligees of the Guarantied Obligations or such part thereof, whether as a “voidable preference,”
“fraudulent transfer,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Guarantied Obligations shall, to the
fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
 Section 12. GOVERNING LAW. 
 (a) THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF TEXAS APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE AND APPLICABLE FEDERAL LAW. 
 (b) ANY LEGAL
ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF TEXAS SITTING IN DALLAS COUNTY, TEXAS OR IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF SUCH STATE, AND BY
EXECUTION AND DELIVERY OF THIS GUARANTY, THE GUARANTOR, THE BORROWER, AND EACH GUARANTIED PARTY CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE GUARANTOR, THE BORROWER, AND EACH GUARANTIED
PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN
RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. THE GUARANTOR, THE BORROWER, AND EACH GUARANTIED PARTY WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF
SUCH STATE. 
 Section 13. Waiver of Jury Trial. EACH PARTY TO THIS GUARANTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED
THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION 

  

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SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 Section 14.
Section Titles. The Section titles contained in this Guaranty are and shall be without substantive meaning or content of any kind whatsoever and are not a part of this Guaranty. 
 Section 15. Execution in Counterparts. This Guaranty may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same Guaranty. 
 Section 16. Miscellaneous. All references herein to the Borrower or to the Guarantor shall include their respective successors and assigns,
including, without limitation, a receiver, trustee or debtor-in-possession of or for the Borrower or the Guarantor. All references to the singular shall be deemed to include the plural where the context so requires. 
 Section 17. Subrogation and Subordination. 
 (a) Subrogation. Notwithstanding any reference to subrogation contained herein to the contrary, the Guarantor hereby agrees that until the Release Date that the Guarantor shall not exercise any claim or other
rights which it may have or hereafter acquire against the Borrower that arise from the existence, payment, performance or enforcement of the Guarantor’s obligations under this Guaranty, including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution, indemnification, any right to participate in any claim or remedy of any Lender against the Borrower or any collateral which any Lender now has or hereafter acquires, whether or not such claim, remedy or
right arises in equity, or under contract, statutes or common law, including without limitation, the right to take or receive from the Borrower, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or
security on account of such claim or other rights. If any amount shall be paid to the Guarantor in violation of the preceding sentence and the Guarantied Obligations shall not have been paid in full, such amount shall be deemed to have been paid to
the Guarantor for the benefit of, and held in trust for the benefit of, the Lenders, and shall forthwith be paid to the Administrative Agent to be credited and applied upon the Guarantied Obligations, whether matured or unmatured, in accordance with
the terms of the Credit Agreement. The Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that the waiver set forth in this Section 17 is
knowingly made in contemplation of such benefits. 
 (b) Subordination. All debt and other liabilities of the Borrower to the
Guarantor (“Borrower Debt”) are expressly subordinate and junior to the Guarantied Obligations and any instruments evidencing the Borrower Debt to the extent provided below. 
 (i) Until the Release Date, the Guarantor agrees that it will not request, demand, accept, or receive (by set-off or other manner) any
payment amount, credit or 

  

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reduction of all or any part of the amounts owing under the Borrower Debt or any security therefor, except as specifically allowed pursuant to
clause (ii) below; 
 (ii) Notwithstanding the provisions of clause (i) above, the Borrower may pay to the Guarantor
and the Guarantor may request, demand, accept and receive and retain from the Borrower payments, credits or reductions of all or any part of the amounts owing under the Borrower Debt or any security therefor on the Borrower Debt, provided that the
Borrower’s right to pay and the Guarantor’s right to receive any such amount (other than in respect of cash management obligations in the ordinary course of business) shall automatically and be immediately suspended and cease (A) upon
the occurrence and during the continuance of an Event of Default or (B) if, after taking into account the effect of such payment, an Event of Default would occur and be continuing. The Guarantor’s right to receive amounts under this
clause (ii) (including any amounts which theretofore may have been suspended) shall automatically be reinstated at such time as the Event of Default which was the basis of such suspension has been cured or waived (provided that no subsequent
Event of Default has occurred) or such earlier date, if any, as the Administrative Agent gives notice to the Guarantor of reinstatement by the Required Lenders, in the Required Lenders’ sole discretion; 
 (iii) If the Guarantor receives any payment on the Borrower Debt in violation of this Guaranty, the Guarantor will hold such payment in
trust for the Lenders and will immediately deliver such payment to the Administrative Agent; and 
 (iv) In the event of the
commencement or joinder of any suit, action or proceeding of any type (judicial or otherwise) or proceeding under any Debtor Relief Law against the Borrower (an “Insolvency Proceeding”) and subject to court orders issued pursuant to
the Bankruptcy Code, the Guarantied Obligations shall first be paid, discharged and performed in full before any payment or performance is made upon the Borrower Debt notwithstanding any other provisions which may be made in such Insolvency
Proceeding. In the event of any Insolvency Proceeding, the Guarantor will at any time prior to the payment in full of the Guarantied Obligations on the Maturity Date (A) file, at the request of any Guarantied Party, any claim, proof of claim or
similar instrument necessary to enforce the Borrower’s obligation to pay the Borrower Debt, and (B) hold in trust for and pay to the Guarantied Parties any and all monies, obligations, property, stock dividends or other assets received in
any such proceeding on account of the Borrower Debt in order that the Guarantied Parties may apply such monies or the cash proceeds of such other assets to the Obligations. 
 Section 18. Guarantor Insolvency. Should the Guarantor voluntarily seek, consent to, or acquiesce in the benefits of any Debtor Relief Law or
become a party to or be made the subject of any proceeding provided for by any Debtor Relief Law (other than as a creditor or claimant) that could suspend or otherwise adversely affect the rights of any Guarantied Party granted hereunder, then, the
obligations of the Guarantor under this Guaranty shall be, as between the Guarantor and such Guarantied Party, a fully-matured, due, and payable obligation of the Guarantor to such Guarantied Party (without regard to whether the Borrower is then in
default under the Credit Agreement or any Guarantied Swap Contract or whether any part of the Guarantied Obligations is then due and owing by the Borrower to such Guarantied Party), 

  

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payable in full by the Guarantor to such Guarantied Party upon demand, which shall be the estimated amount owing in respect of the contingent claim created
hereunder. 
 Section 19. Rate Provision. It is not the intention of any Guarantied Party to make an agreement violative of the
laws of any applicable jurisdiction relating to usury. Regardless of any provision in this Guaranty, no Guarantied Party shall ever be entitled to contract, charge, receive, collect or apply, as interest on the Guarantied Obligations, any amount in
excess of the Highest Lawful Rate. In no event shall the Guarantor be obligated to pay any amount in excess of the Highest Lawful Rate. If from any circumstance the Administrative Agent or any Guarantied Party shall ever receive, collect or apply
anything of value deemed excess interest under Applicable Law, an amount equal to such excess shall be applied to the reduction of the principal amount of outstanding Loans, L/C Borrowings and any remainder shall be promptly refunded to the payor.
In determining whether or not interest paid or payable with respect to the Guarantied Obligations, under any specified contingency, exceeds the Highest Lawful Rate, the Guarantor and the Guarantied Parties shall, to the maximum extent permitted by
Applicable Law, (a) characterize any non-principal payment as an expense, fee or premium rather than as interest, (b) amortize, prorate, allocate and spread the total amount of interest throughout the full term of such Obligations so that
the interest paid on account of such Guarantied Obligations does not exceed the Highest Lawful Rate and/or (c) allocate interest between portions of such Guarantied Obligations; provided that if the Guarantied Obligations are paid and performed
in full prior to the end of the full contemplated term thereof, and if the interest received for the actual period of existence thereof exceeds the Highest Lawful Rate, the Guarantied Parties shall refund to the payor the amount of such excess or
credit the amount of such excess against the total principal amount owing, and, in such event, no Guarantied Party shall be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the Highest
Lawful Rate. 
 Section 20. Severability. Any provision of this Guaranty which is for any reason prohibited or found or held
invalid or unenforceable by any court or governmental agency shall be ineffective to the extent of such prohibition or invalidity or unenforceability, without invalidating the remaining provisions hereof in such jurisdiction or affecting the
validity or enforceability of such provision in any other jurisdiction. 
 Section 21. ENTIRE AGREEMENT. THIS GUARANTY REPRESENTS
THE FINAL AGREEMENT BETWEEN THE PARTIES REGARDING THE SUBJECT MATTER HEREIN AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES. 
 Section 22. Conflicts. If in the event of a conflict between the terms and conditions of this Guaranty and the terms
and conditions of the Credit Agreement, the terms and conditions of the Credit Agreement shall control. 
  

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 Section 23. Taxes. 
 (a) Except as provided below in this Section 23, any and all payments by the Guarantor to or for the account of the Administrative Agent or
any Lender under this Guaranty, any other Loan Document or any Guarantied Swap Contract shall be made free and clear of and without deduction for any and all present or future taxes, duties, levies, imposts, deductions, assessments, fees,
withholdings or similar charges, now or thereafter imposed, and all liabilities with respect thereto, excluding, in the case of any Guarantied Party, or its applicable lending office, or any branch or affiliate thereof, taxes imposed on or measured
by its net income (including net income taxes imposed by means of a backup withholding tax) franchise taxes, branch taxes, taxes on doing business or taxes measured by or imposed upon the overall capital or net worth of any Guarantied Party or its
applicable lending office, or any branch or affiliate thereof, in each case imposed: (i) by the jurisdiction under the laws of which the Administrative Agent, or such Lender, applicable lending office, branch or affiliate is organized or is
located, or in which the principal executive office of any Guarantied Party is located, or any nation within which such jurisdiction is located or any political subdivision thereof; or (ii) by reason of any present or former connection between
the jurisdiction imposing such tax and such Guarantied Party, applicable lending office, branch or affiliate other than a connection arising solely from such Guarantied Party having executed, delivered or performed its obligation under, or received
payment under or enforced this Agreement (all such non-excluded taxes, duties, levies, imposts, deductions, assessments, fees, withholdings or similar charges, and liabilities being hereinafter referred to as “Taxes”). If the
Guarantor shall be required by any Laws to deduct any Taxes from or in respect of any sum payable under this Guaranty, any other Loan Document or any Guarantied Swap Contract to any Guarantied Party, (i) the sum payable shall be increased as
necessary to yield to such Guarantied Party an amount equal to the sum it would have received had no such deductions been made, (ii) the Guarantor shall make such deductions, (iii) the Guarantor shall pay the full amount deducted to the
relevant taxation authority or other authority in accordance with applicable Laws, and (iv) within 30 days after the date of such payment, the Guarantor shall furnish to the Administrative Agent (which shall forward the same to such Guarantied
Party) the original or a certified copy of a receipt evidencing payment thereof; provided, however, that the Guarantor shall be entitled to deduct and withhold any Taxes and shall not be required to increase any such amounts payable to
any Guarantied Party with respect to Taxes (i) that are directly attributable to such Guarantied Party’s failure to comply with the requirements of Section 3.06(a) of the Credit Agreement or (ii) that are U.S. withholding
taxes imposed on amounts payable to such Lender at the time such Guarantied Party becomes a party to the Credit Agreement. 
 (b) In
addition, the Guarantor agrees to pay any and all present or future stamp, court or documentary taxes and any other excise or property taxes or charges or similar levies which arise from any payment made under this Guaranty, any other Loan Document
or any Guarantied Swap Contract or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Guaranty, any other Loan Document or any Guarantied Swap Contract, except that the Guarantor shall not
be obligated to pay any such taxes, charges or similar levies that are incurred or payable by any Person in connection with any assignment referred to in Section 10.06(b) of the Credit Agreement, any participation referred to in
Section 10.06(d) of the Credit Agreement or any pledge or security interest referred to in 

  

 11 

 
Section 10.06(f) of the Credit Agreement (such taxes, charges and similar levies with respect to which the Guarantor are obligated to pay are
hereinafter referred to as “Other Taxes”). 
 (c) If the Guarantor shall be required to pay any Taxes or Other Taxes from or
in respect of any sum payable under this Guaranty, any other Loan Document or any Guarantied Swap Contract to any Guarantied Party, the Guarantor shall also pay to the Administrative Agent (for the account of such Guarantied Party) or to such
Guarantied Party, but without duplication in respect of such amounts payable hereunder, at the time interest on the Guarantied Obligations is paid, such additional amount that such Lender specifies as necessary to preserve the after-tax yield (after
factoring in all taxes, including taxes imposed on or measured by net income) such Lender would have received if such Taxes or Other Taxes had not been imposed. 
 (d) The Guarantor agrees to indemnify each Guarantied Party for (i) the full amount of Taxes and Other Taxes (including any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under
this Section) paid by such Guarantied Party, (ii) amounts payable under Section 23(c) and (iii) any liability (including penalties, interest and expenses) arising therefrom or with respect thereto, in each case whether or not
such Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Payment under this subsection (d) shall be made within 30 days after the date the Guarantied Party makes a demand therefor.

 (e) Any Guarantied Party claiming any additional amounts payable pursuant to this Section 24 shall use its reasonable best
efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its lending office, if the making of such a change would avoid the need for, or reduce the amount of, any such additional amounts which
may thereafter accrue and would not, in the reasonable judgment of such Guarantied Party, be disadvantageous to such Guarantied Party. 
 (f)
Each Guarantied Party agrees that (i) it will take all reasonable actions by all usual means to maintain all exemptions, if any, available to it from United States withholding taxes (whether available by treaty, existing administrative waiver,
by virtue of the location of any Guarantied Party’s lending office) and (ii) otherwise cooperate with the Borrower to minimize amounts payable by the Guarantor under this Section 23; provided, however, the
Guarantied Parties shall not be obligated by reason of this Section 23(f) to contest the payment of any Taxes or Other Taxes or to disclose any information regarding its tax affairs or tax computations or reorder its tax or other affairs
or tax or other planning. Subject to the foregoing, to the extent the Guarantor pays sums pursuant to this Section 23 Guarantied Party receives a refund of any or all of such sums, such refund shall be promptly paid to the Guarantor,
provided that no Default is in existence at such time. Notwithstanding anything in this Section 23 to the contrary, the demand by any Guarantied Party for the payment of Taxes or Other Taxes under this Section 23 shall not
include any Taxes or Other Taxes that occurred 180 days prior to the date that such Guarantied Party notifies the Borrower of such Taxes or Other Taxes no later than 180 days after the date that such Guarantied Party had actual knowledge of such
Taxes or Other Taxes, except to the extent that any such Taxes or Other Taxes are retroactive according to the terms of the applicable provisions related thereto. 
  

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 (g) The obligations of the Guarantor and each Lender or Participant under this Section 23
shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder and under the other Loan Documents. 
 REMAINDER OF PAGE LEFT INTENTIONALLY BLANK 
  

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 IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and delivered by its duly
authorized officer on the date first above written. 
  

			
	1201/5400 ELM CORPORATION
		
	By:	 	 /s/ Robert E. Crawford, Jr.

	Name:	 	 Robert E. Crawford, Jr.

	Title:	 	 Vice President, General Counsel and Secretary

  

			
	 NOTICE ADDRESS FOR GUARANTOR:

	
	  

	  

	 Phone No.:
	 	  

	 Fax No.:
	 	  

	 Attention:
	 	  

	 Electronic Mail:
	 	  

 Guaranty Signature PageSecurity Agreement, dated April 30, 2007

 Exhibit 4.2 
 Security Agreement 

 SECURITY AGREEMENT 
 SECURITY AGREEMENT (this “Agreement”), dated as of April 30, 2007, made by 1201/5400 Elm Corporation, a Delaware corporation (including any permitted successors and assigns, the
“Grantor”), in favor of Bank of America, N.A., as Administrative Agent (“Administrative Agent”), for the ratable benefit of each Secured Lender (as hereinafter defined) (the Administrative Agent in said
capacity, herein also referred to, from time to time, as the “Secured Party”). 
 BACKGROUND. 
 A. Bank of America, N.A., as the Administrative Agent, Swing Line Lender and L/C Issuer, the Lenders party thereto, and Chaparral Steel Company, a
Delaware corporation (the “Borrower”) entered into the Credit Agreement dated as of June 16, 2005 (said Credit Agreement, as it may be amended, restated, extended, supplemented or otherwise modified in writing from time to
time, being the “Credit Agreement”). 
 B. It is the intention of the parties hereto that this Agreement create a first
priority security interest in certain property of the Grantor in favor of the Secured Party for the ratable benefit of the Secured Lenders securing the payment and performance of the Secured Obligations. 
 C. It is a requirement of Section 6.13 of the Credit Agreement that the Grantor shall have executed and delivered this Agreement. 
 AGREEMENT. 
 NOW, THEREFORE, in
consideration of the premises set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in order to induce certain of the Secured Lenders to continue to make the Loans and L/C
Issuer to issue Letters of Credit under the Credit Agreement and to extend other credit accommodations under the Loan Documents, the Grantor hereby agrees with the Secured Party, for the ratable benefit of the Secured Lenders, as follows:

 ARTICLE I. 
 DEFINITIONS 
 Section 1.1 Definitions. For purposes of this Agreement: 
 “Account” means all right, title, and interest of the Grantor (in each case whether now or hereafter existing, owned, arising, or
acquired) in and to an account (as defined in the UCC), and (whether or not included in such definition), a right to payment of a monetary obligation, whether or not earned by performance for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, and for service rendered or to be rendered, and all right, title, and interest in any returned property, together with all rights, titles, securities, and guarantees with respect thereto, including any
rights to stoppage in transit, replevin, reclamation, and 

  

 1 

 
resales, and all related Liens whether voluntary or involuntary. 
 “Account Debtor” means any Person who is or who may become obligated to the Grantor under, with respect to or on account of an Account. 
 “Chattel Paper” means all right, title, and interest of the Grantor (in each case whether now or hereafter existing, owned, arising, or
acquired) in and to chattel paper (as defined in the UCC), and (whether or not included in such definition), a Record or Records that evidence both a monetary obligation and a security interest in specific Goods, a security interest in specific
Goods and Software used in the Goods, or a lease of specific Goods. 
 “Collateral” means all (a) Accounts and all
Software used in the management thereof, (b) Chattel Paper and Instruments related to or arising out of the disposition of Accounts or Inventory, (c) Inventory, (d) all contract rights relating to the lease, sale or other disposition
of Accounts and Inventory, (e) all General Intangibles related to or arising out of the disposition of Accounts or Inventory, (f) Pledged Equity Interests, and (g) Proceeds of the foregoing. 
 “Electronic Chattel Paper” means all right, title, and interest of the Grantor (in each case whether now or hereafter existing, owned,
arising, or acquired) in and to electronic chattel paper (as defined in the UCC), and (whether or not included in such definition), chattel paper evidenced by a Record or Records consisting of information stored in electronic medium. 
 “General Intangible” means all right, title, and interest of the Grantor (in each case whether now or hereafter existing, owned,
arising, or acquired) in and to a general intangible (as defined in the UCC), and (whether or not included in such definition) all personal property, including things in action, other than Accounts, Chattel Paper, commercial tort claims, deposit
accounts, documents, Goods, Instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas or other minerals before extraction. 
 “Goods” means all right, title, and interest of the Grantor (in each case whether now or hereafter existing, owned, arising, or acquired) in and to goods (as defined in the UCC), and (whether or not
included in such definition), all things that are movable when a security interest attaches. 
 “Governmental Authority”
means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial,
taxing, regulatory or administrative powers or 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. 
 “Instrument” means all right, title, and interest of the Grantor (in each case whether now or hereafter existing, owned, arising, or
acquired) in and to an instrument (as defined in the UCC), and (whether or not included in such definition), a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security
agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. 
  

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 “Insurance” means all insurance policies covering any or all of the Collateral
(regardless of whether the Secured Party is the loss payee thereof). 
 “Intellectual Property” means with respect to the
Grantor, the Grantor’s copyrights, trademarks, trademark registrations and applications for registration, trade names, corporate names, trade styles, service marks, logos, other source and business identifying marks, together with goodwill
associated therewith, the Grantor’s Software, any written agreement granting the Grantor any right to use any copyright, trademark, trademark application or registration (other than such rights that cannot be licensed by the Grantor), any
written agreement granting the Grantor any right to use any Software (other than such rights that cannot be licensed by the Grantor), and books and records used in connection with any of the foregoing, but in each case limited solely to the extent
necessary for the disposition of any Inventory pursuant to the terms of this Agreement. 
 “Inventory” means all right,
title, and interest of the Grantor (in each case whether now or hereafter existing, owned, arising, or acquired) in and to inventory (as defined in the UCC), and (whether or not included in such definition), Goods that (a) are leased by a
Person as lessor, (b) are held by a Person for sale or lease or to be furnished under a contract of service, (c) are furnished by a Person under a contract of service, or (d) consist of raw materials, work in process, or materials
used or consumed in a business, including packaging materials, scrap material, manufacturing supplies and spare parts, and all such Goods that have been returned to or repossessed by or on behalf of such Person. 
 “Pledged Equity Interests” shall mean all Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and Pledged Trust
Interests; provided, however, not withstanding anything herein to the contrary, the amount of pledged equity interests of any Foreign Subsidiary pledged by the Grantor shall be limited to 66% of the issued and outstanding equity
interests of such Foreign Subsidiary owned by any the Grantor. 
 “Pledged LLC Interests” shall mean, with respect to the
Grantor, all interests of the Grantor in any limited liability company that is a Subsidiary of the Borrower and listed on Schedule 1 as owned by the Grantor and the certificates, if any, representing such limited liability company
interests and any interest of the Grantor on the books and records of such limited liability company or on the books and records of any securities intermediary pertaining to each such limited liability company interest, and all dividends,
distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such limited liability company
interests; provided, however, notwithstanding anything herein to the contrary, the amount of pledged limited liability company interests of any Foreign Subsidiary pledged by the Grantor shall be limited to 66% of the issued and
outstanding limited liability company interests of such Foreign Subsidiary owned by the Grantor. 
 “Pledged Partnership
Interests” shall mean, with respect to the Grantor, all interests of the Grantor in any general partnership, limited partnership, limited liability partnership or other partnership that is a Subsidiary of the Borrower and listed on
Schedule 1 as owned by the Grantor, and the certificates, if any, representing such partnership interests and any interest of the 

  

 3 

 
Grantor on the books and records of each such partnership or on the books and records of any securities intermediary pertaining to such partnership interests
and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such partnership
interests; provided, however, notwithstanding anything herein to the contrary, the amount of pledged general partnership, limited partnership, limited liability partnership or other partnership interests of any Foreign Subsidiary
pledged by the Grantor shall be limited to 66% of the issued and outstanding general partnership, limited partnership, limited liability partnership or other partnership interests of such Foreign Subsidiary owned by the Grantor. 
 “Pledged Stock” shall mean, with respect to the Grantor, all shares of capital stock listed of Schedule 1 as owned by the
Grantor and the certificates, if any, representing such shares and any interest of the Grantor on the books of the issuer of such shares identified on Schedule 1 or on the books of any securities intermediary pertaining to such shares,
and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares;
provided, however, notwithstanding anything herein to the contrary, the amount of pledged capital stock of any Foreign Subsidiary pledged by the Grantor shall be limited to 66% of the issued and outstanding capital stock of such
Foreign Subsidiary owned by the Grantor. 
 “Pledged Trust Interests” shall mean, with respect to the Grantor, all interests
of the Grantor in a business trust or other trust that is a Subsidiary of the Borrower and listed on Schedule 1 as owned by the Grantor, and the certificates, if any, representing such trust interests and any interest of the Grantor on
the books and records of such trust or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from
time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such trust interests. 
 “Proceeds” means all right, title, and interest of the Grantor (in each case whether now or hereafter existing, owned, arising, or acquired) in and to proceeds (as defined in the UCC), and (whether or not included in such
definition), (a) whatever is acquired upon the sale, lease, license, exchange, or other disposition of the Collateral, (b) whatever is collected on, or distributed on account of, the Collateral, (c) rights arising out of the
Collateral, (d) claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to the Collateral, (e) insurance payable by reason of the loss or nonconformity of, defects or
infringement of rights in, or damage to the Collateral, and (f) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. 
 “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable
in perceivable form. 
 “Release Date” means the date upon which all of the Secured Obligations are paid in full, the
Commitment of each Lender is terminated and all Letters of Credit have expired or terminated. 
  

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 “Secured Lender” or “Secured Lenders” means (a) Administrative
Agent, (b) Lenders, (c) L/C Issuer, (d) Swing Line Lender, (e) any Affiliate of any Lender that is a party to any Swap Contract (provided that such Lender was a Lender at the time such Swap Contract was entered into) with the
Grantor or any other Subsidiary of the Borrower, and (f) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any Loan Document. 
 “Secured Obligations” means, collectively, (a) the Obligations, and (b) any and all out-of-pocket expenses (including, without limitation, expenses and counsel fees and expenses of any
Secured Lender) incurred by any Secured Lender in enforcing its rights under this Agreement. 
 “Securities Collateral” has
the meaning specified in Section 4.5. 
 “Software” means all right, title, and interest of the Grantor (in each
case whether now or hereafter existing, owned, arising, or acquired) in and to software (as defined in the UCC), and (whether or not included in such definition), and computer program (including source and object code) and any supporting information
provided in connection with a transaction relating to the programs, in each case subject to the terms of applicable licenses and only to the extent used in the management of Accounts. 
 “Tangible Chattel Paper” means all right, title, and interest of the Grantor (in each case whether now or hereafter existing, owned,
arising, or acquired) in and to tangible chattel paper (as defined in the UCC), and (whether or not included in such definition), chattel paper evidenced by a Record or Records consisting of information that is inscribed on a tangible medium.

 “UCC” means Chapters 8 and 9 of the Uniform Commercial Code as in effect from time to time in the State of Texas.

 Section 1.2 Other Definitional Provisions. Capitalized terms not otherwise defined herein have the meaning specified in the
Credit Agreement, and, to the extent of any conflict, terms as defined in the Credit Agreement shall control (provided, that a more expansive or explanatory definition shall not be deemed a conflict). 
 Section 1.3 Construction. Unless otherwise expressly provided in this Agreement or the context requires otherwise, (a) the singular
shall include the plural, and vice versa, (b) words of a gender include the other gender, (c) monetary references are to Dollars, (d) time references are to Dallas time, (e) references to “Articles,”
“Sections,” “Exhibits,” and “Schedules” are to the Articles, Sections, Exhibits, and Schedules of and to this Agreement, (f) headings used in this Agreement are for convenience only and shall not be used in
connection with the interpretation of any provision hereof, (g) references to any Person include that Person’s heirs, personal representatives, successors, trustees, receivers, and permitted assigns, that Person as a debtor-in possession,
and any receiver, trustee, liquidator, conservator, custodian, or similar party appointed for such Person or all or substantially all of its assets, (h) references to any Law include every amendment or restatement to it, rule and regulation
adopted under it, and successor or replacement for it, (i) references to a particular Loan Document include each amendment or 

  

 5 

 
restatement to it made in accordance with the Credit Agreement and such Loan Document, and (j) the inclusion of Proceeds in the definition of
“Collateral” shall not be deemed a consent by the Secured Lenders to any sale or other disposition of any Collateral not otherwise specifically permitted by the terms of the Credit Agreement or this Agreement. This Agreement is a Loan
Document. 
 ARTICLE II. 
 GRANT OF SECURITY INTEREST AND LICENSE 
 Section 2.1 Assignment and Grant of Security Interest; Grant of
License. As security for the payment and performance, as the case may be, in full of the Secured Obligations, the Grantor hereby assigns to, and pledges and grants to Secured Party, for its benefit and the ratable benefit of the other Secured
Lenders: 
 (a) a security interest in the entire right, title, and interest of the Grantor in and to all Collateral of the Grantor, whether
now or hereafter existing, owned, arising or acquired (provided, the amount of Equity Interests of any Foreign Subsidiary pledged by the Grantor hereunder shall be limited to 66% of the issued and outstanding Equity Interests of such Foreign
Subsidiary owned by the Grantor); and 
 (b) an irrevocable royalty-free right and license to use, upon the occurrence and during continuance
of an Event of Default, the Intellectual Property worldwide including, without limitation, the Intellectual Property identified in Schedule 2, and to enable Administrative Agent to exercise its rights and remedies with respect to the
Collateral, including, without limitation, the right to use the Intellectual Property on or in connection with the disposition, maintenance or further production, manufacturing or processing of the Inventory and the collection of Accounts as
Administrative Agent reasonably deems necessary or appropriate in the exercise of its rights and remedies with respect to Inventory and Accounts. 
 The Collateral shall not include any agreement, license or permit which by Law or by its terms validly prohibits the granting of a security interest therein unless a consent to the security interest and pledge hereunder has been obtained;
provided that the foregoing limitation shall not affect, limit, restrict, or impair the grant by the Grantor of a security interest pursuant to this Agreement in any such Collateral to the extent that an otherwise applicable prohibition on
such grant is rendered ineffective by the UCC or other applicable Law. Collateral shall not include any general intangibles to the extent the grant by the Grantor of a security interest pursuant to this Agreement in such general intangibles is
expressly prohibited or restricted, unless such prohibition or restriction is rendered ineffective pursuant to Section 9.408 of the UCC, provided that the foregoing limitation shall not affect, limit, restrict or impair the grant by the Grantor
of a security interest pursuant to this Agreement in any money or other amounts due or sums due in respect of such general intangible under Section 9.408 of the UCC. 
 Section 2.2 Grantor Remains Liable. Anything herein to the contrary notwithstanding, (a) the Grantor shall remain liable under the contracts and agreements included in the Grantor’s Collateral to
the extent set forth herein to perform all of its duties and obligations 

  

 6 

 
thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by any Secured Lender of any of the rights hereunder shall
not release the Grantor from any of its duties or obligations under the contracts and agreements included in the Grantor’s Collateral, and (c) no Secured Lender shall have any obligation or liability under the contracts and agreements
included in the Grantor’s Collateral by reason of this Agreement, nor shall any Secured Lender be obligated to perform any of the obligations or duties of the Grantor thereunder or to take any action to collect or enforce any claim for payment
assigned hereunder. 
 Section 2.3 Delivery of Pledged Equity Interests. All certificates or other Instruments constituting or
evidencing the Pledged Equity Interests shall be delivered to and held by or on behalf of Administrative Agent pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by undated and duly executed instruments
of transfer or assignment in blank, all in form and substance reasonably satisfactory to Administrative Agent. If an Event of Default exists, Administrative Agent has the right, without notice to the Grantor, to transfer to or to register in the
name of Administrative Agent or any of its nominees any or all of such Collateral. In addition, Administrative Agent has the right at any time with the consent of the Borrower prior to an Event of Default to exchange certificates or instruments
representing or evidencing Pledged Equity Interests for certificates or instruments of smaller or larger denominations. 
 ARTICLE III.

 REPRESENTATIONS AND WARRANTIES 
 Section 3.1 Representations and Warranties. The Grantor represents and warrants to each Secured Lender with respect to itself and the Collateral owned by it that: 
 (a) This Agreement and the grant of the security interest pursuant to this Agreement in the Collateral create a valid first priority security interest
(other than such Collateral that would require the execution of a control agreement or would require that the Secured Party take possession of for such first priority security interest) in favor of the Secured Party for the ratable benefit of the
Secured Lenders in the Collateral (subject to Permitted Liens), securing the payment and performance of the Secured Obligations, and all filings and other actions necessary to perfect and protect such security interest and such priority have been
duly taken (or will be taken upon the Grantor obtaining rights in Collateral after the date hereof) and, upon the filing of all UCC-1 financing statements for the Grantor on Schedule 3 hereto, in the form delivered by the Grantor to the
Administrative Agent on or prior to the date of this Agreement and in the filing offices listed on such Schedule 3, and delivery to and continuing possession by the Administrative Agent of all certificates evidencing the Pledged Equity
Interests (together with executed stock powers), all filings and other actions necessary to perfect and protect such security interest and such priority (subject to execution of a control agreement or possession by the Secured Party) have been duly
taken (or will be taken upon the Grantor obtaining rights in Collateral after the date hereof), subject, however, with respect to Proceeds, to the provisions of Section 9.315 of the UCC. 
  

 7 

 (b) The Grantor has good and indefeasible title to all of the Collateral free and clear of any Lien,
except for Permitted Liens. The Grantor has not granted a security interest or other Lien in or made an assignment of any of the Collateral, except for Permitted Liens. The Grantor has not entered into nor is it or any of its property subject to any
agreement limiting the ability of the Grantor to grant a Lien in any property of the Grantor, or the ability of the Grantor to agree to grant or not grant a Lien in property of the Grantor (in each case, except as permitted by the Credit Agreement).
None of the Collateral is consigned Goods or subject to any agreement of repurchase, except in the ordinary course of business, nor subject to any dispute, defense, or counterclaim. No effective financing statement or other similar document used to
perfect and preserve a security interest or other Lien under the Laws of any jurisdiction covering all or any part of the Collateral is on file in any recording office, except such as may have been filed (i) pursuant to this Agreement or other
Loan Document, (ii) relating to Permitted Liens, or (iii) pursuant to the Existing Credit Agreement. Except as permitted under the Credit Agreement, the Grantor has not sold any interest in any of its Accounts (other than past due or
doubtful Accounts assigned to third parties for collection), or consigned any of its Inventory. 
 (c) All of the Pledged Equity Interests
have been duly and validly issued, and the Pledged Stock is fully paid and nonassessable. All of the Pledged Equity Interests consisting of certificated securities have been delivered to the Administrative Agent. Other than Pledged Partnership
Interests, Pledged LLC Interests and Pledged Trust Interests constituting General Intangibles, there are no Pledged Equity Interests other than that represented by certificated securities in the possession of the Administrative Agent. There are no
restrictions in any Organization Document governing any Pledged Equity Interest or any other document related thereto which would limit or restrict (i) the grant of a Lien in the Pledged Equity Interests, (ii) the perfection of such Lien
or (iii) the exercise of remedies in respect of such perfected Lien in the Pledged Equity Interests as contemplated by this Agreement that have not been waived. Upon the exercise of remedies in respect of Pledged Partnership Interests, Pledged
LLC Interests and Pledged Trust Interests, a transferee or assignee of a partnership interest, a membership interest or a trust interest, as the case may be, of such partnership, limited liability company or trust, as the case may be, shall become a
partner, member, trustee, beneficiary or settler, as the case may be, of such partnership, limited liability company or trust, as the case may be, entitled to participate in the management thereof to the extent such partnership, membership or trust
interest would otherwise permit such transferee or assignee to participate in management and upon the transfer of the entire interest of the Grantor, the Grantor ceases to be a partner, member, trustee, beneficiary or settlor, as the case may be.

 (d) Schedule 4 states the exact name of the Grantor, as such name appears in its currently effective organizational documents as
filed with the appropriate authority of the jurisdiction of the Grantor’s organization. Schedule 4, Section (a) states the jurisdiction of organization of the Grantor. Schedule 4, Section (b) sets
forth the type of entity and each other name the Grantor has had in the past two years, together with the date of the relevant change. Except as set forth in Schedule 4, Section (c), the Grantor has not changed its identity
or type of entity in any way within the past two years. Changes in identity or type of entity include mergers, consolidations, acquisitions (including both equity and asset acquisitions), and any change in the form, nature or jurisdiction of
organization. Schedules 4 and 5 contain the information required by this Section as to each acquiree or constituent party to a merger, 

  

 8 

 
consolidation, or acquisition within the preceding two years. Schedule 4, Section (d) states all other names (including trade,
assumed, and similar names) used by the Grantor or any of its divisions or other business units at any time during the past two years. Schedule 4, Section (e) states the Federal Taxpayer Identification Number of the Grantor.
Schedule 4, Section (f) states the corporate or other organizational number of the Grantor. 
 (e) As of the date of
this Agreement, the chief executive office of the Grantor is located at the address stated on Schedule 5, Section (a). Schedule 5, Section (b) states all locations where the Grantor maintains any books
or records relating to all Accounts (with each location at which Chattel Paper, if any, is kept being indicated by an “*”). As of the date of this Agreement, Schedule 5, Section (c) states all locations where the
Grantor maintains any Inventory. As of the date of this Agreement, Schedule 5, Section (d) states all the places of business of the Grantor or other locations of Collateral not identified in Schedule 5,
Sections (a), (b), or (c). As of the date of this Agreement, Schedule 5, Section (e) states the names and addresses of all Persons other than the Grantor who have possession of any of the Collateral
of the Grantor. 
 (f) All Accounts have been originated by the Grantor and all Inventory has been acquired by the Grantor in the ordinary
course of business. 
 (g) The Grantor has exclusive possession and control of the Inventory pledged by it hereunder, other than Inventory in
the hands of third party processors, transporters or storage providers. 
 (h) As of the date of this Agreement, Schedule 6 is a
complete and correct list of all insurance policies covering losses with respect to the Collateral for which the Grantor is a named insured. 
 (i) The Grantor represents and warrants that it is the owner of the material Intellectual Property identified in Schedule 2 and has the right to grant the rights and license granted herein. 
 (j) As of the date of this Agreement, except as set forth on Schedule 7, no consent of any other Person and no authorization, approval or
other action by, and no notice to or filing with, any Governmental Authority is required (i) for the pledge by the Grantor of the Collateral pledged by it hereunder, for the grant by the Grantor of the security interest granted hereby, or for
the execution, delivery, or performance of this Agreement by the Grantor, (ii) for the perfection or maintenance of the pledge, assignment, and security interest created hereby (including the first priority nature of such pledge, assignment,
and security interest) or (iii) for the enforcement of remedies by the Administrative Agent or any other Secured Lenders. 
  

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 ARTICLE IV. 
 COVENANTS 
 Section 4.1 Further Assurances. 
 (a) The Grantor will, from time to time and at the Grantor’s expense, promptly execute and deliver such financing or continuation statements, or
amendments thereto and such patent or trademark office filings and promptly deliver such certificated securities, as may be necessary, or as Administrative Agent may request, in order to perfect and preserve the pledge, assignment, and security
interest granted or purported to be granted hereby, and take all further action in connection with the filing of such financing or continuation statements or amendments thereto, and such patent or trademark office filings that Administrative Agent
may reasonably request, in order to perfect and protect any pledge, assignment, or security interest granted or purported to be granted hereby, and the priority thereof, or to enable Administrative Agent to exercise and enforce Administrative
Agent’s and other Secured Lenders’ rights and remedies hereunder with respect to any Collateral. 
 (b) In addition to such other
information as shall be specifically provided for herein, the Grantor shall furnish to Administrative Agent such other information with respect to the Collateral as Administrative Agent may reasonably request. 
 (c) The Grantor authorizes Administrative Agent to file one or more financing or continuation statements and amendments thereto and any patent and
trademark filings, relating to all or any part of the Collateral without the authentication of the Grantor where permitted by Law. A photocopy or other reproduction of this Agreement or any financing statement covering the Collateral or any part
thereof shall be sufficient as a financing statement where permitted by Law. The Grantor ratifies its execution and delivery of, and the filing of, any financing statement describing any of the Collateral which was filed prior to the date of this
Agreement. 
 (d) The Grantor will not, and will not permit any Person to, revise, modify, amend, or restate the Organization Documents of
any Person the Equity Interests in which is Pledged Equity Interests in a manner that adversely affects the security interest of the Secured Party therein except as permitted by the Credit Agreement, or terminate, cancel, or dissolve any such Person
except as permitted by the Credit Agreement. 
 (e) The Grantor shall cooperate to determine what may or shall be required to satisfy the
Laws throughout the world with respect to the recordation and validation of the license of Intellectual Property granted pursuant to Section 2.1(b), or otherwise to render this Agreement and the license of Intellectual Property granted
pursuant to Section 2.1(b) effective for the purposes granted, and shall execute all documents which Administrative Agent reasonably determines to be necessary or desirable to implement this subsection, including registered user
statements or other documents suitable for filing with the appropriate Governmental Authorities. 
  

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 Section 4.2 Place of Perfection; Records; Collection of Accounts, Chattel Paper and
Instruments. 
 (a) The Grantor shall not change the jurisdiction of its organization from the jurisdiction specified in
Schedule 4, Section (a), its type of entity from the type of entity specified in Schedule 4, Section (b), or its name from the name specified in Schedule 4, unless the Grantor has delivered
to Administrative Agent 30 days prior written notice and taken such actions as Administrative Agent may reasonably require with respect to such change. The Grantor shall keep its chief executive office at the address specified in
Schedule 5, Section (a) and the office where it keeps its records concerning the Accounts, and the originals of all Chattel Paper and Instruments, at the address specified in Schedule 5, Section (b),
unless the Grantor has delivered to Administrative Agent 30 days prior written notice and taken such actions as Administrative Agent may reasonably require with respect to such change. The Grantor will hold and preserve such records and Chattel
Paper and Instruments and will permit representatives of Administrative Agent at any time during normal business hours to inspect and make abstracts from and copies of such records and Chattel Paper and Instruments. 
 (b) Except as otherwise provided in this Section 4.2(b), the Grantor shall continue to collect, at its own expense, all amounts due or to
become due the Grantor under the Accounts, Chattel Paper, and Instruments. In connection with such collections, the Grantor may take (and, at Administrative Agent’s direction, shall take) such action as the Grantor or Administrative Agent may
deem necessary or advisable to enforce collection of the Accounts, Chattel Paper, and Instruments; provided, however, that Administrative Agent shall have the right, if an Event of Default exists and is continuing, without notice to
the Grantor, to notify the Account Debtors or obligors under any Accounts, Chattel Paper, and Instruments of the assignment of such Accounts, Chattel Paper, and Instruments to Administrative Agent and to direct such Account Debtors or obligors to
make payment of all amounts due or to become due to the Grantor thereunder directly to Administrative Agent and, at the expense of the Grantor, to enforce collection of any such Accounts, Chattel Paper, and Instruments, and to adjust, settle or
compromise the amount or payment thereof, in the same manner and to the same extent as the Grantor might have done or as Administrative Agent deems appropriate. If any Event of Default has occurred and is continuing and upon notice to the Borrower
and the Grantor, all amounts and proceeds (including Instruments) received by the Grantor in respect of the Accounts, Chattel Paper, and Instruments shall be received in trust for the benefit of Administrative Agent hereunder, shall be segregated
from other funds and property of the Grantor and shall be forthwith paid or delivered over to Administrative Agent in the same form as so received (with any necessary indorsement) to be held as cash collateral thereafter to be applied as provided in
the Credit Agreement. The Grantor shall not adjust, settle, or compromise the amount or payment of any Account, Chattel Paper, or Instrument, release wholly or partly any Account Debtor or obligor thereof, or allow any credit or discount thereon,
except in the ordinary course of business. 
 Section 4.3 Inventory. 
 The Grantor shall keep substantially all of its Inventory (other than Inventory subject to Dispositions permitted under Section 7.05 of the Credit
Agreement,) at the addresses specified in 

  

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Schedule 5 or at such other places if all action required by Section 4.1(a) shall have been taken with respect to the Inventory so
located at any new location and if the Administrative Agent is notified of such new location not more than thirty days after any such Inventory first becomes located at such new location. 
 Section 4.4 Rights to Dividends and Distributions. With respect to any Pledged Equity Interests, Administrative Agent shall have authority if
an Event of Default exists and is continuing, either to have the same registered in Administrative Agent’s name or in the name of a nominee, and, with or without such registration, to demand of the issuer thereof, and to receive and receipt
for, any and all dividends (including any stock or similar dividend or distribution) payable in respect thereof, whether they be ordinary or extraordinary. The Administrative Agent shall send to the Grantor notice of Administrative Agent’s
election to take any action described in the preceding sentence; provided any failure of the Grantor to receive any such notice shall not invalidate any action taken by Administrative Agent or impair any of its rights. If the Grantor shall
become entitled to receive or shall receive any interest in or certificate (including, without limitation, any interest in or certificate representing a dividend or a distribution in connection with any reclassification, increase, or reduction of
capital, or issued in connection with any reorganization), or any option or rights arising from or relating to any of the Pledged Equity Interests, whether as an addition to, in substitution of, as a conversion of, or in exchange for any of the
Pledged Equity Interests, or otherwise, the Grantor agrees to accept the same as Administrative Agent’s agent and to hold the same in trust on behalf of and for the benefit of Administrative Agent, and to deliver the same immediately to
Administrative Agent in the exact form received, with appropriate undated stock or similar powers, duly executed in blank, to be held by Administrative Agent, subject to the terms hereof, as Pledged Equity Interests. Unless an Event of Default
exists, the Grantor shall be entitled to receive all cash dividends and distributions paid in respect of the Pledged Equity Interests, (subject to the restrictions of any other Loan Document). Administrative Agent shall be entitled to all dividends
and distributions, and to any sums paid upon or in respect of any Pledged Equity Interests, upon the liquidation, dissolution, or reorganization of the issuer thereof (except those constituting Dispositions permitted under the Credit Agreement)
which shall be paid to Administrative Agent to be held by it as additional collateral security for and application to the Secured Obligations at the discretion of Administrative Agent. All dividends paid or distributed in respect of the Pledged
Equity Interests which are received by the Grantor in violation of this Agreement shall, until paid or delivered to Administrative Agent, be held by the Grantor in trust as additional Collateral for the Secured Obligations. 
 Section 4.5 Right of Administrative Agent to Notify Issuers. If an Event of Default exists and is continuing and at such other times as
Administrative Agent is entitled to receive dividends and other property in respect of or consisting of any Collateral which is or represents an equity or ownership interest in any Person (“Securities Collateral”), Administrative
Agent may notify issuers of the Securities Collateral to make payments of all dividends and distributions directly to Administrative Agent and Administrative Agent may take control of all Proceeds of any Securities Collateral. Until Administrative
Agent elects to exercise such rights, if an Event of Default exists, the Grantor, as agent of Administrative Agent, shall collect and segregate all dividends and other amounts paid or distributed with respect to the Securities Collateral.

  

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 Section 4.6 Insurance. All policies of insurance required to be maintained pursuant to
Section 6.07 of the Credit Agreement covering Collateral shall be written for the benefit of Administrative Agent, for itself and the other Secured Lenders and the Grantor, as their interests may appear, and shall provide for at least
thirty Business Days’ prior written notice of cancellation to Administrative Agent. Upon reasonable request by Administrative Agent, the Grantor shall promptly furnish to Administrative Agent evidence of such insurance in form and content
satisfactory to Administrative Agent. If the Grantor fails to perform or observe any applicable covenants as to insurance, Administrative Agent may at its option obtain insurance on only Secured Lenders’ interest in the Collateral, any premium
thereby paid by Administrative Agent to become part of the Secured Obligations, bear interest prior to the existence of an Event of Default, at the then applicable Base Rate, and during the existence of an Event of Default, at the lesser of
(i) the Highest Lawful Rate and (ii) the Default Rate. If Administrative Agent maintains such substitute insurance, the premium for such insurance shall be due on demand and payable by the Grantor to Administrative Agent. The Grantor
grants and appoints Administrative Agent its attorney-in-fact to, if an Event of Default exists, endorse any check or draft that may be payable to the Grantor in order to collect any payments in respect of insurance, including any refunds of
unearned premiums in connection with any cancellation, adjustment, or termination of any policy of insurance. Any such sums collected by Administrative Agent shall be credited, except to the extent applied to the purchase by Administrative Agent of
similar insurance, to any amounts then owing on the Secured Obligations in accordance with the Credit Agreement. 
 Section 4.7
Transfers and Other Liens. The Grantor shall not (a) Dispose of any of the Collateral, except as permitted under the Credit Agreement and the other Loan Documents, or (b) create or permit to exist any Lien upon or with respect to
any of the Collateral, except for Permitted Liens. 
 Section 4.8 Administrative Agent Appointed Attorney-in-Fact. The Grantor
hereby irrevocably appoints Administrative Agent Grantor’s attorney-in-fact, with full authority in the place and stead of the Grantor and in the name of the Grantor or otherwise to take any action and to execute any instrument which
Administrative Agent may deem reasonably necessary or advisable to accomplish the purposes of this Agreement, including, without limitation (provided that the actions listed in each clause below other than the obtainment of insurance may only be
taken or exercised if an Event of Default exists): 
 (a) to obtain and adjust insurance required to be paid to Administrative Agent pursuant
to Section 4.6; 
 (b) to ask, demand, collect, sue for, recover, compromise, receive, and give acquittance and receipts for
moneys due and to become due under or in connection with the Collateral; 
 (c) to receive, indorse, and collect any drafts or other
Instruments, documents, and Chattel Paper, in connection therewith; and 
  

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 (d) to file any claims or take any action or institute any proceedings which Administrative Agent may
deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce compliance with the terms and conditions of any Collateral or the rights of Administrative Agent with respect to any of the Collateral. THE GRANTOR
HEREBY IRREVOCABLY GRANTS TO ADMINISTRATIVE AGENT THE GRANTOR’S PROXY (EXERCISABLE ONLY IF AN EVENT OF DEFAULT EXISTS) TO VOTE ANY SECURITIES COLLATERAL AND APPOINTS ADMINISTRATIVE AGENT THE GRANTOR’S ATTORNEY-IN-FACT TO PERFORM ALL
OBLIGATIONS OF THE GRANTOR UNDER THIS AGREEMENT AND TO EXERCISE ALL OF ADMINISTRATIVE AGENT’S AND EACH OTHER SECURED PARTY’S RIGHTS HEREUNDER. THE PROXY AND EACH POWER OF ATTORNEY HEREIN GRANTED, AND EACH STOCK POWER AND SIMILAR POWER NOW
OR HEREAFTER GRANTED (INCLUDING ANY EVIDENCED BY A SEPARATE WRITING), ARE COUPLED WITH AN INTEREST AND ARE IRREVOCABLE PRIOR TO FINAL PAYMENT IN FULL OF THE SECURED OBLIGATIONS. 
 Section 4.9 Intellectual Property. 
 (a) The parties acknowledge and agree that the Intellectual Property is the sole and exclusive property of the Grantor, subject to the terms and conditions stated in this Agreement. Other than in connection with any security interest in the
Intellectual Property that the Grantor has granted to Secured Party, or any rights and remedies of Secured Lenders under Applicable Law, neither Administrative Agent nor any other Secured Lender shall challenge the Grantor’s ownership of the
Intellectual Property. The Grantor expressly retains all rights, prior to the occurrence of an Event of Default, to license third parties to use the Intellectual Property for any purpose whatsoever not in violation of the Loan Documents and which
are not exclusive as to prevent Administrative Agent from using any of the Intellectual Property. 
 (b) The license granted to
Administrative Agent hereunder shall include the right of Administrative Agent to grant sublicenses to others to use the Intellectual Property if an Event of Default exists, and to enable such sublicensees to exercise any rights and remedies of
Secured Lenders with respect to the Collateral, as Administrative Agent reasonably deems necessary or appropriate in the exercise of the rights and remedies of Secured Lenders. In any country where sublicenses are incapable of registration or where
registration of a sublicense will not satisfactorily protect the rights of the Grantor and Administrative Agent, Administrative Agent shall also have the right to designate other parties as direct licensees of the Grantor to use the Intellectual
Property if an Event of Default exists and to enable such direct licensees to exercise any rights and remedies of Secured Lenders as such licensees reasonably deem necessary or appropriate and the Grantor agrees to enter into direct written licenses
with the parties as designated on the same terms as would be applicable to a sublicense, and any such direct license may, depending on the relevant local requirements, be either (a) in lieu of a sublicense or (b) supplemental to a
sublicense. In either case, the parties hereto shall cooperate to determine what shall be necessary or appropriate in the circumstances. For each sublicense to a sublicensee and direct license to a licensee, the Grantor appoints Administrative Agent
its agent for the purpose of exercising quality control over the sublicensee. The Grantor shall execute this Agreement in any form, content and language suitable for recordation, notice and/or registration 

  

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in all available and appropriate agencies of foreign countries as Administrative Agent may require. 
 (c) In connection with the assignment or other transfer (in whole or in part) of its obligations to any other Person, Administrative Agent may assign the
license granted herein without the Grantor’s consent and upon such assignment or transfer such other Person shall thereupon become vested with all rights and benefits in respect thereof granted to Administrative Agent under this Agreement (to
the extent of such assignment or transfer). 
 (d) The parties hereto shall take reasonable action to preserve the confidentiality of the
Intellectual Property; provided, that Administrative Agent shall not have any liability to any Person for any disclosure of the Intellectual Property related to Collateral upon and after any realization upon such Collateral. 
 Section 4.10 Dilution of Ownership. As to any Pledged Equity Interests, unless otherwise permitted by the Credit Agreement, the Grantor will
not consent to or approve of the issuance of (a) any additional shares of any class of Equity Interests of such issuer (unless immediately upon issuance additional Equity Interests are pledged and delivered to the Administrative Agent pursuant
to the terms hereof to the extent necessary to give Secured Party a security interest after such issuance in at least the same percentage of such issuer’s outstanding securities or other equity interest as Secured Party had before such
issuance), (b) any instrument convertible voluntarily by the holder thereof or automatically upon the occurrence or non-occurrence of any event or condition into, or exchangeable for, any such securities or other equity interests, or
(c) any warrants, options, contracts or other commitments entitling any third party to purchase or otherwise acquire any such securities or other equity interests. 
 Section 4.11 Restrictions on Securities. The Grantor will not enter into any agreement creating, or otherwise permit to exist, any restriction or condition upon the transfer, voting or control of any
Pledged Equity Interests, except (a) as consented to in writing by the Secured Party, (b) required by provisions of applicable Securities Laws or state securities Laws (which provisions are subject to Laws that expressly prohibit waiver of
such provision), or (c) otherwise permitted by the Credit Agreement. No issuer of any Pledged Equity Interests, which is either a partnership or limited liability company, shall amend or restate its partnership agreement or certificate of
organization or operating agreement, respectively, or other governance document, to provide that any Equity Interest of such Issuer is a security governed by Chapter 8 of the Code or permit any Equity Interest of such issuer to be evidenced by
a certificate or other instrument. 
 ARTICLE V. 
 RIGHTS AND POWERS OF SECURED PARTY. 
 Section 5.1 Administrative Agent May Perform. If
the Grantor fails to perform any agreement contained herein, Administrative Agent may itself perform, or cause performance of, such agreement, and the expenses of Administrative Agent incurred in connection therewith shall be payable by the Grantor
under Section 5.5. 
  

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 Section 5.2 Administrative Agent’s Duties. The powers conferred on Administrative Agent
hereunder are solely to protect Secured Lenders’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys
actually received by Secured Lenders hereunder, neither Administrative Agent nor any other Secured Lender shall have any duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities,
tenders, or other matters relative to any Collateral, whether or not Administrative Agent or any other Secured Lender has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against prior
parties or any other rights pertaining to any reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which Administrative Agent accords its own
property. Except as provided in this Section 5.2, neither Administrative Agent nor any other Secured Lender shall have any duty or liability to protect or preserve any Collateral or to preserve rights pertaining thereto. Nothing
contained in this Agreement shall be construed as requiring or obligating Administrative Agent or any other Secured Lender, and neither Administrative Agent nor any other Secured Lender shall be required or obligated, to (a) present or file any
claim or notice or take any action, with respect to any Collateral or in connection therewith or (b) notify the Grantor of any decline in the value of any Collateral. 
 Section 5.3 Remedies. If an Event of Default exists: 
 (a) Administrative Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it or any other Secured Lender pursuant to any Applicable Law,
all the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the affected Collateral), and also may require the Grantor to, and the Grantor will at its expense and upon request of Administrative Agent
forthwith, assemble all or part of the Collateral as directed by Administrative Agent and make it available to Administrative Agent at a place to be designated by Administrative Agent which is reasonably convenient to both parties at public or
private sale, at any of Administrative Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as Administrative Agent may deem commercially reasonable. The Grantor agrees that, to the extent notice
of sale shall be required by Law, ten days’ notice to the Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. Administrative Agent shall not be
obligated to make any sale of Collateral regardless of notice of sale having been given. Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without
further notice, be made at the time and place to which it was so adjourned. 
 (b) All cash proceeds received by Administrative Agent upon
any sale of, collection of, or other realization upon, all or any part of the Collateral shall be applied as set forth in Section 8.03 of the Credit Agreement. 
 (c) All payments received by the Grantor under or in connection with any Collateral shall be received in trust for the benefit of Administrative Agent,
shall be segregated from other 

  

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funds of each the Grantor, and shall be forthwith paid over to Administrative Agent in the same form as so received (with any necessary indorsement).

 (d) Because of the Securities Act of 1933, as amended (“Securities Act”), and other Laws, including without limitation
state “blue sky” Laws, or contractual restrictions or agreements, there may be legal restrictions or limitations affecting Administrative Agent in any attempts to dispose of the Pledged Equity Interests and the enforcement of rights under
this Agreement. For these reasons, Administrative Agent is authorized by the Grantor, but not obligated, if any Event of Default exists, to sell or otherwise dispose of any of the Pledged Equity Interests at private sale, subject to an investment
letter, or in any other manner which will not require the Pledged Equity Interests, or any part thereof, to be registered in accordance with the Securities Act, or any other Law. Administrative Agent is also hereby authorized by the Grantor, but not
obligated, to take such actions, give such notices, obtain such consents, and do such other things as Administrative Agent may deem required or appropriate under the Securities Act or other securities Laws or other Laws or contractual restrictions
or agreements in the event of a sale or disposition of any Pledged Equity Interests. The Grantor understands that Administrative Agent may in its discretion approach a restricted number of potential purchasers and that a sale under such
circumstances may yield a lower price for the Pledged Equity Interests than would otherwise be obtainable if same were registered and/or sold in the open market. No sale so made in good faith by Administrative Agent shall be deemed to be not
“commercially reasonable” because so made. The Grantor agrees that if an Event of Default exists, and Administrative Agent sells the Pledged Equity Interests or any portion thereof at any private sale or sales, Administrative Agent shall
have the right to rely upon the advice and opinion of appraisers and other Persons, which appraisers and other Persons are acceptable to Administrative Agent, as to the best price reasonably obtainable upon such a private sale thereof. In the
absence of bad faith or gross negligence, such reliance shall be prima facie evidence that Administrative Agent and the other Secured Lenders handled such matter in a commercially reasonable manner under Applicable Law. 
 (e) After notice to the Grantor, Administrative Agent and such Persons as Administrative Agent may reasonably designate shall have the right, at the
Grantor’s own cost and expense, to verify under reasonable procedures, the validity, amount, quality, quantity, value, condition, and status of, or any other matter relating to, the Collateral, including, in the case of Accounts or Collateral
in the possession of any third person, by contacting Account Debtors or the third person possessing such Collateral for the purpose of making such a verification. Administrative Agent shall have the absolute right to share any information it gains
from such inspection or verification with any Secured Lender. 
 (f) For purposes of enabling Administrative Agent to exercise rights and
remedies under this Agreement, the Grantor grants (to the extent not otherwise prohibited by a license with respect thereto) to Administrative Agent an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation
to the Grantor or any other Person, provided, that if the license granted to Administrative Agent is a sublicense, the Grantor shall be solely responsible for, and indemnify Administrative Agent against, any royalty or other compensation
payable to the Grantor’s licensor or other Person) to use, if an Event of Default exists, all of the 

  

 17 

 
Grantor’s Software, and including in such license reasonable access to all media in which any of the licensed items may be recorded and all related
manuals. 
 (g) Administrative Agent may dispose of any Inventory and any other manufactured products under any of the Intellectual Property
licensed hereby, provided the Inventory and any other manufactured products so disposed of by it or any other Person acting on behalf of licensee shall comply in any material respect with (i) quality standards and specifications, including
labeling specifications, employed by the Grantor in commerce prior to the occurrence of the relevant Event of Default, or, where no such standards and specifications exist, a level of quality comparable to the quality standards generally accepted
for other leading competitive brands of the same item of Inventory in the same markets from time to time; or (ii) a level of quality comparable to that which may be adopted by the Grantor for its or its other licensees’ products.

 (h) The license granted with respect to any Intellectual Property may be terminated only upon the event that the Secured Obligations which
are secured in part by the Collateral of the Grantor and by the license granted herein, are finally and fully satisfied and paid in accordance with all terms and conditions of the Loan Documents at the time of such termination. If after termination
of this Agreement, there occurs a rescission of payment of any of the Secured Obligations or the restoration of such payments by Administrative Agent, any Lender or any other Person upon the insolvency, bankruptcy or reorganization of the Grantor or
any other Person, this Agreement shall be reinstated as though such payment had not been made and remain in full force and effect in accordance with the terms of the preceding sentence. 
 Section 5.4 INDEMNITY AND EXPENSES. 
 (a) THE GRANTOR SHALL INDEMNIFY (WHICH SHALL BE PAYABLE FROM TIME TO TIME ON DEMAND) SECURED LENDERS FROM AND AGAINST ANY AND ALL CLAIMS, LOSSES, AND LIABILITIES (INCLUDING REASONABLE ATTORNEYS’ FEES) GROWING OUT OF OR RESULTING FROM
THIS AGREEMENT (INCLUDING ENFORCEMENT OF THIS AGREEMENT), EXPRESSLY INCLUDING SUCH CLAIMS, LOSSES, OR LIABILITIES ARISING OUT OF MERE NEGLIGENCE OF ANY SECURED PARTY, EXCEPT CLAIMS, LOSSES, OR LIABILITIES RESULTING FROM ANY SECURED LENDER’S
(i) GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OR (ii) BREACH IN BAD FAITH OF ITS OBLIGATIONS HEREUNDER. 
 (b) THE GRANTOR WILL
UPON DEMAND PAY TO ADMINISTRATIVE AGENT (AND EACH SUB-AGENT THEREOF) AND THEIR RESPECTIVE RELATED PARTIES THE AMOUNT OF ANY AND ALL REASONABLE EXPENSES, INCLUDING THE REASONABLE FEES AND EXPENSES OF ITS COUNSEL AND OF ANY EXPERTS AND AGENTS, WHICH
ADMINISTRATIVE AGENT (AND EACH SUB-AGENT THEREOF) AND THEIR RESPECTIVE RELATED PARTIES MAY INCUR IN CONNECTION WITH THE ADMINISTRATION OF THIS AGREEMENT. 
 (c) THE GRANTOR WILL UPON DEMAND PAY TO ADMINISTRATIVE AGENT (AND EACH SUB-AGENT THEREOF), EACH OTHER SECURED LENDER AND 

  

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THEIR RESPECTIVE RELATED PARTIES THE AMOUNT OF ANY AND ALL EXPENSES, INCLUDING THE FEES AND EXPENSES OF ITS COUNSEL AND OF ANY EXPERTS AND AGENTS, WHICH
ADMINISTRATIVE AGENT (AND EACH SUB-AGENT THEREOF), SUCH OTHER SECURED LENDER AND THEIR RESPECTIVE RELATED PARTIES MAY INCUR IN CONNECTION WITH (I) THE CUSTODY, PRESERVATION, USE OR OPERATION OF, OR THE SALE OF, COLLECTION FROM, OR OTHER
REALIZATION UPON, ANY OF THE COLLATERAL, (II) THE EXERCISE OR ENFORCEMENT OF ANY OF THE RIGHTS OF ANY SECURED LENDER HEREUNDER, OR (III) THE FAILURE BY GRANTOR TO PERFORM OR OBSERVE ANY OF THE PROVISIONS HEREOF. 
 ARTICLE VI. 
 MISCELLANEOUS

 Section 6.1 Maximum Liability. Anything in this Agreement to the contrary notwithstanding, the obligations of the Grantor
hereunder shall be limited to a maximum aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States
Code or any applicable provisions of comparable Law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all other liabilities of the Grantor, contingent or otherwise, that are relevant under the
Fraudulent Transfer Laws (specifically excluding, however, any liabilities of the Grantor in respect of intercompany indebtedness to other Loan Parties or Affiliates of other Loan Parties to the extent that such indebtedness would be discharged in
an amount equal to the amount paid or property conveyed by the Grantor under the Loan Documents) and after giving effect as assets, subject to Section 6.2, to the value (as determined under the applicable provisions of the Fraudulent
Transfer Laws) of any rights to subrogation or contribution of the Grantor pursuant to (a) Applicable Law or (b) any agreement providing for an equitable allocation among the Grantor and other Loan Parties of obligations arising under the
Loan Documents. 
 Section 6.2 Waiver of Subrogation. The Grantor shall not assert, enforce, or otherwise exercise (a) any
right of subrogation to any of the rights or Liens of any Secured Lender or any other beneficiary against any other Loan Party or any Collateral, or (b) any right of recourse, reimbursement, contribution, indemnification, or similar right
against any other Loan Party on all or any part of the Obligations or any other Loan Party, and the Grantor hereby waives any and all of the foregoing rights and the benefit of, and any right to participate in, and Collateral or other security given
to or for the benefit of any Secured Lender or any other beneficiary to secure payment of the Obligations. This Section 6.2 shall survive the termination of this Agreement, and any satisfaction and discharge of the Grantor by virtue of
any payment, court order, or Law. 
 Section 6.3 Cumulative Rights. All rights of Administrative Agent and each other Secured
Lender under the Loan Documents are cumulative of each other and of every other right which Administrative Agent and each other Secured Lender may otherwise have at Law or in equity or under any other agreement. The exercise of one or more rights
shall not prejudice or impair the concurrent or subsequent exercise of other rights. 
  

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 Section 6.4 Amendments; Waivers. Any term, covenant, agreement, or condition of this
Agreement may be amended, and any right under this Agreement may be waived, if, but only if, such amendment or waiver is in writing and is signed by Administrative Agent and, in the case of an amendment, by the Grantor. Unless otherwise specified in
such waiver, a waiver of any right under this Agreement shall be effective only in the specific instance and for the specific purpose for which given. No election not to exercise, failure to exercise or delay in exercising any right, nor any course
of dealing or performance, shall operate as a waiver of any right of any Secured Lender under this Agreement or Applicable Law, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise
of any other right of any Secured Lender under this Agreement or Applicable Law. 
 Section 6.5 Continuing Security Interest.

 (a) This Agreement creates a continuing security interest in the Collateral and shall (x) remain in full force and effect until the
Release Date, (y) be binding upon the Grantor, its successors and assigns, and (z) inure to the benefit of, and be enforceable by, Administrative Agent and its successors, transferees and assigns. Upon the Release Date, this Agreement and
all obligations (other than those expressly stated to survive such termination) of Administrative Agent and the Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the
Collateral shall revert to the granting parties and Administrative Agent will, at the Grantor’s expense, execute and deliver to the Grantor such documents (including without limitation UCC termination statements) as each the Grantor shall
reasonably request to evidence such termination and shall deliver to the Grantor any Collateral held by Administrative Agent hereunder. The Grantor agrees that to the extent that Administrative Agent or any other Secured Lender receives any payment
or benefit and such payment or benefit, or any part thereof, is subsequently invalidated, declared to be fraudulent or preferential, set aside or is required to be repaid to a trustee, receiver, or any other Person under any Debtor Relief Law,
common law or equitable cause, then to the extent of such payment or benefit, the Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such payment or benefit had not been made and,
further, any such repayment by Administrative Agent or any other Secured Lender, to the extent that Administrative Agent or any other Secured Lender did not directly receive a corresponding cash payment, shall be added to and be additional
Obligations payable upon demand by Administrative Agent or any other Secured Lender and secured hereby, and, if the Lien and security interest hereof shall have been released, such Lien and security interest shall be reinstated with the same effect
and priority as on the date of execution hereof all as if no release of such Lien or security interest had ever occurred. 
 (b) In
connection with any sale or other disposition of Collateral permitted by the Credit Agreement, the Lien pursuant to this Agreement on such sold or disposed of Collateral shall be automatically released. In connection with the sale or other
disposition of Collateral permitted under the Credit Agreement, Administrative Agent shall, upon receipt from the Borrower of a written request for the release of such Collateral subject to such sale or other disposition, identifying such
Collateral, deliver to the Grantor, as the case may be, such Collateral held by Administrative Agent hereunder and execute and deliver to the Grantor (at the sole cost and expense of the Grantor) or authorize the Grantor to file all releases or
other 

  

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documents (including without limitation UCC termination statements) necessary or reasonably desirable for the release of Liens created hereby on such
Collateral as the Grantor may reasonably request. 
 Section 6.6 GOVERNING LAW; WAIVER OF JURY TRIAL; CONSENT TO JURISDICTION AND
SERVICE OF PROCESS. 
 (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF TEXAS APPLICABLE
TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE AND APPLICABLE FEDERAL LAW. 
 (b) THE GRANTOR, THE SECURED PARTY AND EACH
SECURED LENDER, BY ACCEPTANCE HEREOF, IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF TEXAS SITTING IN DALLAS COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE
NORTHERN DISTRICT OF TEXAS, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND THE GRANTOR, THE
SECURED PARTY AND EACH OTHER SECURED LENDER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH TEXAS STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, IN SUCH FEDERAL COURT. THE GRANTOR, THE SECURED PARTY AND EACH OTHER SECURED LENDER BY ACCEPTANCE HEREOF, AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE SECURED PARTY, ANY SECURED LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE GRANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) THE
GRANTOR, THE SECURED PARTY AND EACH SECURED LENDER, BY ACCEPTANCE HEREOF, IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. THE GRANTOR, THE SECURED PARTY AND EACH OTHER SECURED LENDER, BY ACCEPTANCE HEREOF, HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
  

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 (d) THE GRANTOR, THE SECURED PARTY AND EACH OTHER SECURED LENDER, BY ACCEPTANCE HEREOF, IRREVOCABLY
CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02 OF THE CREDIT AGREEMENT. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF THE GRANTOR, THE SECURED PARTY AND EACH OTHER SECURED LENDER, TO SERVE PROCESS
IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 
 (e) THE GRANTOR, THE SECURED PARTY AND EACH OTHER SECURED LENDER, BY ACCEPTANCE HEREOF,
HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR
ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND THE GRANTOR, THE SECURED PARTY AND EACH SECURED
LENDER, BY ACCEPTANCE HEREOF, HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS
SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 Section 6.7 Administrative Agent’s Right to Use Agents. Administrative Agent may exercise its rights under this Agreement through an agent or other designee. 
 Section 6.8 No Interference, Compensation or Expense. Administrative Agent may exercise its rights under this Agreement (a) without
resistance or interference by the Grantor and (b) without payment of any rent, license fee, or compensation of any kind to the Grantor. 
 Section 6.9 Waivers of Rights Inhibiting Enforcement. The Grantor waives (a) any claim that, as to any part of the Collateral, a private sale, should Administrative Agent elect so to proceed, is, in and of itself, not a
commercially reasonable method of sale for such Collateral, (b) except as otherwise provided in this Agreement, TO THE FULLEST EXTENT NOT PROHIBITED BY APPLICABLE LAW, NOTICE OR JUDICIAL HEARING IN CONNECTION WITH ADMINISTRATIVE AGENT’S
DISPOSITION OF ANY OF THE COLLATERAL INCLUDING ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY PREJUDGMENT REMEDY OR REMEDIES AND ANY SUCH RIGHT THAT THE GRANTOR WOULD OTHERWISE HAVE UNDER THE CONSTITUTION OR ANY STATUTE OF THE UNITED STATES OR OF ANY
STATE, AND ALL OTHER REQUIREMENTS AS TO THE TIME, PLACE AND TERMS OF SALE OR OTHER REQUIREMENTS WITH RESPECT TO THE ENFORCEMENT OF SECURED LENDERS’ RIGHTS HEREUNDER and (c) all rights of redemption, appraisement or valuation.

  

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 Section 6.10 Obligations Not Affected. To the fullest extent not prohibited by Applicable
Law, the obligations of the Grantor under this Agreement shall remain in full force and effect without regard to, and shall not be impaired or affected by: 
 (a) any amendment, addition, or supplement to, or restatement of any Loan Document or any instrument delivered in connection therewith or any assignment or transfer thereof; 
 (b) any exercise, non-exercise, or waiver by Secured Party or any other Secured Lender of any right, remedy, power, or privilege under or in respect of,
or any release of any guaranty, any collateral, or the Collateral or any part thereof provided pursuant to, this Agreement or any Loan Document; 
 (c) any waiver, consent, extension, indulgence, or other action or inaction in respect of this Agreement or any Loan Document or any assignment or transfer of any thereof; 
 (d) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation, or the like of any Loan Party or any other Person,
whether or not the Grantor shall have notice or knowledge of any of the foregoing; or 
 (e) any other event which may give the Grantor or
any other Loan Party a defense to, or a discharge of, any of its obligations under any Loan Document. 
 Section 6.11 Notices and
Deliveries. All notices and other communications provided for hereunder shall be effectuated in the manner provided for in Section 10.02 of the Credit Agreement, provided that if a notice or communication hereunder is to the Grantor,
said notice shall be addressed to the Grantor, in care of the Borrower at the Borrower’s then current address (or facsimile number) for notice under the Credit Agreement. 
 Section 6.12 Severability. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future Laws
during the term thereof, (a) such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part hereof, and the remaining provisions hereof
shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance herefrom and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid, or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid, or unenforceable provisions. 
 Section 6.13 Successors and Assigns. All of the provisions of this Agreement shall be binding and inure to the benefit of the parties hereto and their respective successors and assigns (including, as to
the Grantor, all Persons who may become bound as a debtor or a new debtor to this Agreement); provided, the Grantor may not assign any of its rights or obligations under this Agreement, except as a result of the consummation of a transaction
permitted under Section 7.04 of the Credit Agreement. 
  

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 Section 6.14 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be an original, with the same effect as if the signatures thereto were upon the same instrument. 
 Section 6.15
Waiver. To the extent not prohibited by Applicable Law, the Grantor, which is a partner in any partnership in which any Pledged Partnership Interests are being pledged hereunder, a member in any limited liability company in which any Pledged
Membership Interests are being pledged hereunder, or a trustee, settlor or beneficiary of any trust in which Pledged Trust Interests are being pledged hereunder, hereby agrees that any provision of any Organization Document, the Delaware Limited
Liability Company Act (as it may be amended or restated) or any other governance document that in any manner restricts, prohibits or provides conditions to (a) the grant of a Lien on any interest in such partnership, limited liability company
or trust, (b) any transfer of any interest in such partnership, limited liability company or trust, (c) any change in management or control of such partnership, limited liability company or trust, or (d) any other exercise by the
Administrative Agent of any rights pursuant to this Agreement, any other Loan Document or Law shall not apply to (i) the grant of any Lien hereunder, (ii) the execution, delivery and performance of this Agreement by any the Grantor, or
(iii) the foreclosure or other realization upon any interest in any Pledged Equity Interest. Furthermore, each the Grantor agrees that it will not permit any amendment to or restatement of any Organization Document or any other governance
document in any manner to adversely affect the Administrative Agent’s ability to foreclose on any Pledged Equity Interest or which conflicts with the provisions of this Section 6.15 without the prior written consent of the
Administrative Agent. 
 Section 6.16 ENTIRE AGREEMENT. THIS WRITTEN AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS,
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
  

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

			
	GRANTOR:
	
	1201/5400 ELM CORPORATION
		
	 By:
	 	 /s/ Robert E. Crawford, Jr.

	 Name:
	 	 Robert E. Crawford, Jr.

	 Title:
	 	 Vice President, General Counsel and Secretary

  

 25 

			
	SECURED PARTY:
	
	 BANK OF AMERICA, N.A., as Administrative Agent

		
	 By:
	 	 /s/ Suzanne M. Paul

	 Name:
	 	 Suzanne M. Paul

	 Title:
	 	 Vice President

  

 26

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