Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
  

 
  

ABL/TERM LOAN INTERCREDITOR AGREEMENT 

dated as of April 13, 2017, 

among 
 SUNTRUST BANK, 

as ABL Agent, 
 ROYAL BANK OF
CANADA, 
 as Term Loan Agent 

Each ADDITIONAL PARI TERM LOAN DEBT AGENT from time to time party hereto, 

INSTALLED BUILDING PRODUCTS, INC., 

as Borrower, 
 and 

the other GRANTORS 
 from time to
time party hereto 
  
  

 

 TABLE OF CONTENTS 

 

					
	Page	 
		
	 ARTICLE I Definitions
	  	 	1	 
		
	 SECTION 1.01 Construction; Certain Defined Terms
	  	 	1	 
		
	 ARTICLE II Subordination of Junior Liens; Certain Agreements
	  	 	16	 
		
	 SECTION 2.01 Subordination of Junior Liens
	  	 	16	 
		
	 SECTION 2.02 No Action With Respect to Junior Secured Obligations Collateral Subject to Senior
Liens
	  	 	17	 
		
	 SECTION 2.03 No Duties of Senior Representative
	  	 	18	 
		
	 SECTION 2.04 No Interference; Payment Over; Reinstatement
	  	 	19	 
		
	 SECTION 2.05 Release of Liens; Automatic Release of Junior Liens
	  	 	20	 
		
	 SECTION 2.06 Certain Agreements With Respect to Insolvency or, Liquidation Proceedings
	  	 	21	 
		
	 SECTION 2.07 Reinstatement
	  	 	27	 
		
	 SECTION 2.08 Entry Upon Premises by the ABL Agent and the ABL Secured Parties; Intellectual
Property License
	  	 	27	 
		
	 SECTION 2.09 Insurance
	  	 	29	 
		
	 SECTION 2.10 Refinancing and Additional Secured Debt
	  	 	30	 
		
	 SECTION 2.11 Modification; No Interference
	  	 	31	 
		
	 SECTION 2.12 Legends
	  	 	32	 
		
	 SECTION 2.13 Junior Secured Obligations Secured Parties Rights as Unsecured Creditors
	  	 	32	 
		
	 SECTION 2.14 No New Liens
	  	 	32	 
		
	 SECTION 2.15 Set-Off and Tracing of and Priorities in Proceeds
	  	 	33	 
		
	 ARTICLE III Gratuitous Bailment for Perfection of Certain Security Interests; Rights Under Permits
and Licenses
	  	 	34	 
		
	 SECTION 3.01 General
	  	 	34	 
		
	 SECTION 3.02 Deposit Accounts
	  	 	35	 
		
	 SECTION 3.03 Rights under Permits and Licenses
	  	 	36	 
		
	 ARTICLE IV Existence and Amounts of Liens and Obligations
	  	 	36	 
		
	 ARTICLE V Consent of Grantors
	  	 	37	 
		
	 ARTICLE VI Representations and Warranties
	  	 	37	 
		
	 SECTION 6.01 Representations and Warranties of Each Party
	  	 	37	 
		
	 SECTION 6.02 Representations and Warranties of Each Representative
	  	 	37	 
		
	 ARTICLE VII Miscellaneous
	  	 	38	 

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
		
	 SECTION 7.01 Notices
	  	 	38	 
		
	 SECTION 7.02 Waivers; Amendment
	  	 	39	 
		
	 SECTION 7.03 Parties in Interest
	  	 	39	 
		
	 SECTION 7.04 Survival of Agreement
	  	 	39	 
		
	 SECTION 7.05 Counterparts
	  	 	40	 
		
	 SECTION 7.06 Severability
	  	 	40	 
		
	 SECTION 7.07 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	40	 
		
	 SECTION 7.08 WAIVER OF JURY TRIAL
	  	 	40	 
		
	 SECTION 7.09 Headings
	  	 	41	 
		
	 SECTION 7.10 Conflicts
	  	 	41	 
		
	 SECTION 7.11 Provisions Solely to Define Relative Rights
	  	 	41	 
		
	 SECTION 7.12 Certain Terms Concerning the ABL Agent and each Pari Term Loan Debt Agent; Force
Majeure
	  	 	41	 

  
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 Exhibits: 

EXHIBIT A Form of Grantor Intercreditor Agreement Joinder 

EXHIBIT B Form of Lien Sharing and Priority Confirmation Joinder 

Schedules: 
 SCHEDULE 1 Security Documents 

  
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 This ABL/TERM LOAN INTERCREDITOR AGREEMENT, dated as of April 13, 2017 (as amended,
supplemented or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), is entered into by and among SUNTRUST BANK, as agent for the ABL Secured Parties referred to herein (in such capacity, and
together with its successors in such capacity, the “Original ABL Agent”), ROYAL BANK OF CANADA (“Royal Bank”), as administrative agent for the Term Loan Secured Parties (the “Original Term Loan Agent”),
INSTALLED BUILDING PRODUCTS, INC., a Delaware corporation (the “Borrower”) and each of the Subsidiaries of the Borrower listed on the signature pages hereto (the “Subsidiary Grantors” and together with the Borrower,
the “Grantors”). 
 Reference is made to (a) the ABL Credit Agreement (such term and each other capitalized term used
and not otherwise defined herein having the meaning assigned to it in Article I) and (b) the Term Loan Credit Agreement. 
 In
consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the ABL Agent (for itself and on behalf of the ABL Secured Parties), the Term Loan Agent
(for itself and on behalf of the Term Loan Secured Parties) and each Additional Pari Term Loan Debt Agent (on behalf of the Additional Term Loan Debt Secured Parties of the applicable Series), if any, and the Grantors agree as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01 Construction; Certain Defined Terms. 

(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The
word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument, other document, statute or
regulation herein or in any Annex, Schedule or Exhibit of this Agreement shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, restated, amended and restated, renewed,
extended, supplemented or otherwise modified from time to time, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the Subsidiaries of such Person
unless express reference is made to such Subsidiaries, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, (iv) all references herein to Articles, Sections, Schedules, Exhibits and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified
herein, the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights
and (vi) the term “or” is not exclusive. 

 (b) All terms used in this Agreement that are defined in Article 1, 8 or 9 of the New York UCC
(whether capitalized herein or not) and not otherwise defined herein have the meanings assigned to them in Article 1, 8 or 9 of the New York UCC. If a term is defined in Article 9 of the New York UCC and another Article of the UCC, such term shall
have the meaning assigned to it in Article 9 of the New York UCC. 
 (c) As used in this Agreement, the following terms have the meanings
specified below: 
 “ABL Agent” means the Original ABL Agent, and, from and after the date of execution and delivery of an
ABL Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or holders of the ABL Debt Obligations evidenced thereunder or governed thereby, in each case, together with its successors in such capacity. 

“ABL Credit Agreement” means the credit agreement, dated as of the date hereof, among the Borrower, the ABL Agent, the
lenders party thereto from time to time and the other agents named therein, and any credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument evidencing or governing the terms of any ABL
Substitute Facility, in each case (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time in each case, to the extent not prohibited by the terms hereof). 

“ABL Debt Documents” means the ABL Credit Agreement, the ABL Security Documents, the other “Loan Documents”
(as defined in the ABL Credit Agreement) and all other loan documents, notes, guarantees, instruments and agreements governing or evidencing, or executed or delivered in connection with, any ABL Substitute Facility. 

“ABL Debt Obligations” means the “Obligations” as defined in the ABL Credit Agreement (or any similar term
of any ABL Substitute Facility) or any supplement thereto or refinancing thereof. ABL Debt Obligations shall expressly include (i) any unpaid principal, interest, penalties, fees, expenses, guarantee obligations, indemnifications,
reimbursements, costs, damages and other liabilities, including all interest, fees and expenses incurred upon an Event of Default or accruing after the date of any filing by or against any Grantor of any petition or complaint initiating any
Insolvency or Liquidation Proceeding, regardless of whether any ABL Secured Party’s claim therefor is (a) enforceable, allowable or allowed as a claim in the Insolvency or Liquidation Proceeding commenced by the filing of such petition or
complaint, or (b) enforceable, allowable or allowed as a claim under the ABL Credit Agreement or any related loan documentation or applicable law, (ii) any Bank Products Obligations and (iii) any Hedge Obligations (as defined in the
ABL Credit Agreement) (or any similar term of any ABL Substitute Facility), in each case regardless of whether such obligation is direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred. 

“ABL DIP Financing” has the meaning assigned to that term in Section 2.06(b). 

“ABL DIP Financing Liens” has the meaning assigned to that term in Section 2.06(b). 

  
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 “ABL Facility Collateral” means all assets and properties subject to Liens
created by the ABL Security Documents to secure the ABL Debt Obligations. 
 “ABL First Lien Collateral” means all present
and future right, title and interest of the Grantors in and to the following types of ABL Facility Collateral, whether now owned or hereafter acquired, existing or arising, and wherever located: 

(a) (i) accounts (including credit card receivables) and (ii) all other rights to payment arising from services rendered or from the sale,
lease, use or other disposition of inventory, whether such rights to payment constitute payment intangibles, letter-of-credit rights or any other classification of property, or are evidenced in whole or in part by instruments, chattel paper or
documents; 
 (b) inventory and documents relating to inventory; 

(c) all rights of an unpaid vendor with respect to inventory; 

(d) deposit accounts (other than separately maintained insurance deposit accounts), commodity accounts, securities accounts and lockboxes,
including all money and certificated securities, uncertificated securities (other than Capital Stock of Borrower and the other Guarantors), securities entitlements and related investment property (including all cash, marketable securities and other
funds held in or on deposit in any deposit account, commodity account or securities account), and all cash and cash equivalents, including cash and cash equivalents securing reimbursement obligations in respect of letters of credit or other ABL
Obligations; 
 (e) instruments, chattel paper and general intangibles pertaining to the other items of property included within clauses (a),
(b), (c), (d), (f) and (g) of this definition (other than any Capital Stock of Borrower and the other Guarantors and Intellectual Property); 

(f) books and records, supporting obligations, documents and related letters of credit, letter-of-credit rights, commercial tort claims or
other claims and causes of action, in each case, to the extent arising out of, related to or given in exchange or settlement of any of the foregoing; and 

(g) all substitutions, replacements, accessions, products and proceeds (including insurance proceeds, licenses, royalties, income, payments,
claims, damages and proceeds of suit) of all or any of the foregoing; 
 provided that, subject to clause (c) of Section 3.02
hereof, in no case shall ABL First Lien Collateral include any identifiable cash proceeds from a sale, lease, conveyance or other disposition of any Term Loan First Lien Collateral that has been deposited in the Collateral Proceeds Account in
accordance with the terms of the Term Loan Documents, until such time as such cash proceeds are released therefrom in accordance with the terms of the Term Loan Documents. 

  
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 “ABL Lender” means a “Lender” under (and as defined in) the ABL
Credit Agreement (or under any ABL Substitute Facility or any other similar term used in any ABL Substitute Facility). 
 “ABL
Liens” means Liens on the ABL Facility Collateral created under the ABL Security Documents to secure the ABL Debt Obligations (including Liens on such Collateral under the security documents associated with any ABL Substitute Facility).

 “ABL Secured Parties” means, at any time, the “Secured Creditors” as defined in the ABL Security
Documents (or any similar term of any ABL Substitute Facility). 
 “ABL Security Documents” means each agreement listed in
Part A of Schedule 1 hereto, and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control agreements, guarantees, notes or any other documents or instruments now existing or entered
into after the date hereof that create, perfect or otherwise relate to Liens on any assets or properties of any Grantor to secure any ABL Debt Obligations (including any such agreements, assignments, mortgages, deeds of trust and other documents or
instruments associated with any ABL Substitute Facility). 
 “ABL Substitute Facility” means any facility with respect to
which the requirements contained in Section 2.10(a) of this Agreement have been satisfied and the proceeds or commitments of which are used, among other things, to Replace the ABL Credit Agreement then in existence. For the avoidance of
doubt, no ABL Substitute Facility shall be required to be a revolving or asset-based loan facility and may be a facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement
or instrument; provided that any ABL Lien securing such ABL Substitute Facility shall be subject to the terms of this Agreement for all purposes (including the lien priorities as set forth herein as of the date hereof). 

“Account Agreement” means any lockbox account agreement, pledged account agreement, blocked account agreement, deposit
account control agreement, securities account control agreement, or any similar deposit or securities account agreements among any Term Loan Agent and/or the ABL Agent, one or more Grantors and the relevant financial institution depository or
securities intermediary. 
 “Additional Pari Term Loan Debt” means any secured debt ranking equal in right of security with
the Term Loan Debt Obligations issued pursuant to an Additional Pari Term Loan Debt Facility and permitted under the ABL Credit Agreement and the Term Loan Credit Agreement. 

“Additional Pari Term Loan Debt Agent” means, with respect to any Series of Additional Pari Term Loan Debt Obligations, the
person or entity that, pursuant to the Additional Pari Term Loan Debt Documents relating to such Additional Pari Term Loan Debt Obligations, holds Liens on the Collateral on behalf of the Additional Pari Term Loan Debt Secured Parties thereunder.

 “Additional Pari Term Loan Debt Collateral” means, with respect to any Series of Additional Pari Term Loan Debt
Obligations, all assets and properties subject to Liens created by the Additional Pari Term Loan Debt Security Documents to secure such Additional Pari Term Loan Debt Obligations. 

  
 -4- 

 “Additional Pari Term Loan Debt Documents” means each Additional Pari Term Loan
Debt Facility and the Additional Pari Term Loan Debt Security Documents. 
 “Additional Pari Term Loan Debt Facility” means
one or more debt facilities, commercial paper facilities or indentures for which the requirements of Section 2.10(b) of this Agreement have been satisfied, in each case with banks, other lenders or trustees, providing for revolving
credit loans, term loans, notes, letters of credit, notes or other borrowings, in each case, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time to
time in accordance with each applicable Secured Document; provided that neither the ABL Credit Agreement nor the Term Loan Credit Agreement shall constitute an Additional Pari Term Loan Debt Facility at any time. 

“Additional Pari Term Loan Debt Lien” means a Lien granted pursuant to any Additional Pari Term Loan Debt Security Document
to an Additional Pari Term Loan Debt Agent or Additional Pari Term Loan Debt Secured Party at any time upon any property of any Grantor that is Collateral to secure a Series of Additional Pari Term Loan Debt Obligations. 

“Additional Pari Term Loan Debt Obligations” means, with respect to any Grantor, any obligations of such Grantor owed to any
Additional Pari Term Loan Debt Secured Party under the Additional Pari Term Loan Debt Documents. 
 “Additional Pari Term Loan Debt
Secured Parties” means, with respect to any Series of Additional Pari Term Loan Debt Obligations, at any time, the Additional Pari Term Loan Debt Agent and the other holders from time to time of Additional Pari Term Loan Debt Obligations of
such Series. 
 “Additional Pari Term Loan Debt Security Documents” means the Additional Pari Term Loan Debt Facility
(insofar as the same grants a Lien on any collateral) and all collateral trust agreements, security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control agreements, guarantees, notes and any other documents or
instruments now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any Additional Pari Term Loan Debt Obligations of the Grantors owed thereunder to any Additional Pari Term Loan
Debt Secured Parties. 
 “Agreement” has the meaning assigned to that term in the preamble hereto. 

“Bank Products Document” has the meaning assigned to that term in the ABL Credit Agreement (or any similar term of any ABL
Substitute Facility). 
 “Bank Products Bank” has the meaning assigned to that term in the ABL Credit Agreement (or any
similar term of any ABL Substitute Facility). 
 “Bank Products Obligations” means Obligations owing to any Bank Products
Provider with respect to any Bank Products Document. 

  
 -5- 

 “Bankruptcy Code” means, Title 11 of the United States Code entitled
“Bankruptcy,” as now or hereafter in effect, or any successor thereto, as hereafter amended. 
 “Bankruptcy
Law” means the Bankruptcy Code and any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, suspension of payments, reorganization or similar debtor
relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. 

“Borrower” has the meaning assigned to that term in the preamble hereto. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York, New York or
Atlanta, Georgia are authorized or required by law to remain closed. 
 “Capital Stock” means, with respect to any Person,
any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or non-voting) of equity of such Person, including, if such Person is a partnership, partnership interests
(whether general or limited) or any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership, but in no event will Capital Stock include any
debt securities convertible or exchangeable into equity unless and until actually converted or exchanged. 
 “Closing Date”
means the date first written above. 
 “Collateral” means all of the assets and property of any Grantor, whether real,
personal or mixed, constituting the ABL Facility Collateral and the Pari Term Loan Debt Collateral. 
 “Collateral Proceeds
Account” means one or more deposit accounts or securities accounts established or maintained by any Grantor or a Pari Term Loan Debt Agent or its agent for the sole purpose of holding the proceeds of any sale or other disposition of any
Term Loan First Lien Collateral that are required to be held in trust in such account or accounts pursuant to the terms of any Pari Term Loan Debt Document. 

“Controlling ABL Agent” means the ABL Agent in respect of the ABL Credit Agreement or, to the extent the ABL Credit Agreement
is no longer in effect, any ABL Substitute Facility. 
 “Controlling Term Loan Debt Agent” means (i) for so long as
there is only one Series of Pari Term Loan Debt , the Pari Term Loan Debt Agent for such Series and (ii) at any time when there is more than one Series of Pari Term Loan Debt , the “Applicable Collateral Agent,” as such term is
defined in the Pari Passu Intercreditor Agreement (as such term is defined in the Term Loan Credit Agreement). 

“Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following:
(a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of 

  
 -6- 

 
any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing, including damages or payments for past or future
infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 

“Deposit Accounts” has the meaning assigned to that term in Section 3.02(a). 

“DIP Financing Liens” has the meaning assigned to that term in Section 2.06(b). 

“Discharge of Senior Secured Debt Obligations” means, with respect to any particular Senior Secured Obligations, the
occurrence of all of the following: 
 (a) termination or expiration of all commitments to extend credit (other than Bank Products
Obligations, Hedge Obligations (as defined in the ABL Credit Agreement), Secured Cash Management Obligations (as defined in the Term Loan Credit Agreement) and Secured Swap Obligations (as defined in the Term Loan Credit Agreement) or similar Senior
Secured Obligations) that would constitute such Senior Secured Obligations; 
 (b) payment in full in cash of the principal of, interest and
premium (if any) on, fees and other charges comprising such Senior Secured Obligations (other than any undrawn letters of credit) (including, in any event, all such interest, fees and other charges allowable under applicable law); 

(c) discharge or cash collateralization (at the lower of (i) 103% of the aggregate undrawn amount, and (ii) the percentage of the
aggregate undrawn amount required for release of Liens under the terms of the applicable Senior Documents) of all outstanding letters of credit constituting such Senior Secured Obligations; and 

(d) payment in full in cash of all other such Senior Secured Obligations that are outstanding and unpaid at the time the principal of and
interest and premium on all such Senior Secured Obligations are paid in full in cash (other than any obligations for taxes, costs, indemnification, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has
been made at such time); provided that the Discharge of Senior Secured Debt Obligations shall not be deemed to have occurred in connection with a Replacement as contemplated by Section 2.10(a). 

“Enforcement Notice” means a written notice delivered by either the ABL Agent at a time when an Event of Default has occurred
and is continuing under the ABL Credit Agreement, or any Pari Term Loan Debt Agent at a time when an Event of Default has occurred and is continuing under the Term Loan Credit Agreement, in each case, to the other specifying the relevant Event of
Default. 
 “Event of Default” means an “Event of Default” under and as defined in the ABL Credit
Agreement, the Term Loan Credit Agreement or any Additional Pari Term Loan Debt Document, as the context may require. 

  
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 “Grantor” means the “Grantors” as defined in the preamble
hereto and each other direct or indirect Subsidiary of the Borrower that shall have granted any Lien in favor of the ABL Agent or any Pari Term Loan Debt Agent on any of its assets or properties to secure both (i) the ABL Debt Obligations and
(ii) any Pari Term Loan Debt Obligations. 
 “Insolvency or Liquidation Proceeding” means: 

(a) any case commenced by or, against any Grantor under the Bankruptcy Code, any other proceeding for the reorganization, recapitalization or
adjustment or marshaling of the assets or liabilities of any Grantor, any receivership or assignment for the benefit of creditors relating to any Grantor or any similar case or proceeding relative to any Grantor or its creditors, as such, in each
case whether or not voluntary; 
 (b) any liquidation, dissolution, marshaling of assets or liabilities or other winding up of or relating to
any Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency, in each case to the extent not permitted under the Senior Documents; 

(c) any proceeding seeking the appointment of any trustee, receiver, liquidator, custodian or other insolvency official with similar powers
with respect to any Grantor or any of its assets; or 
 (d) any other proceeding of any type or nature in which substantially all claims of
creditors of any Grantor are determined and any payment or distribution is or may be made on account of such claims. 

“Intellectual Property” means, with respect to Person, all intellectual and similar property of every kind and nature now
owned or hereafter acquired by such Person, including Patents, Copyrights, Trademarks and all related documentation and registrations and all additions, improvements or accessions to any of the foregoing. 

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

“Intercreditor Borrowing Base” means, as of any date, an amount equal to the sum of (1) 85% of the aggregate book value
of all accounts receivable of the Borrower and its restricted subsidiaries; (2) 75% of the aggregate book value of all inventory owned by the Borrower and its restricted subsidiaries; and (3) $30,000,000, all calculated on a
consolidated basis in accordance with GAAP. 
 “Junior Documents” means (a) in respect of the Term Loan First Lien
Collateral, the ABL Debt Documents and (b) in respect of the ABL First Lien Collateral, the Pari Term Loan Debt Documents. 

“Junior Liens” means (a) in respect of the ABL First Lien Collateral, the Pari Term Loan Debt Liens on such Collateral,
and (b) in respect of the Term Loan First Lien Collateral, the ABL Liens on such Collateral. 

  
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 “Junior Representative” means (a) with respect to the Term Loan First Lien
Collateral, the ABL Agent and (b) with respect to the ABL First Lien Collateral, each Pari Term Loan Debt Agent. 
 “Junior
Secured Obligations” means (a) with respect to the Pari Term Loan Debt Obligations (to the extent such Obligations are secured, or intended to be secured, by the Term Loan First Lien Collateral), the ABL Debt Obligations and
(b) with respect to ABL Debt Obligations (to the extent such Obligations are secured, or intended to be secured, by the ABL First Lien Collateral), the Pari Term Loan Debt Obligations. 

“Junior Secured Obligations Collateral” means the Collateral in respect of which any Junior Representative (on behalf of
itself and the applicable Junior Secured Obligations Secured Parties) holds a Junior Lien. 
 “Junior Secured Obligations Secured
Parties” means (a) with respect to the Term Loan First Lien Collateral, the ABL Secured Parties and (b) with respect to the ABL First Lien Collateral, the Pari Term Loan Debt Secured Parties. 

“Junior Secured Obligations Security Documents” means (a) with respect to the ABL First Lien Collateral, the Pari Term
Loan Debt Security Documents, and (b) with respect to the Term Loan First Lien Collateral, the ABL Security Documents. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge, trust (deemed or statutory) or security interest in, on or of such asset, whether or not filed, recorded or otherwise perfected under applicable law, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital
lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third
party with respect to such securities; provided that in no event shall an operating lease be deemed to be a Lien. 
 “Lien
Sharing and Priority Confirmation Joinder” means an agreement substantially in the form of Exhibit B. 
 “Maximum
ABL Facility Amount” means the greatest of (i) a principal amount of $165,000,000, (ii) an amount equal to the Intercreditor Borrowing Base at the time the applicable ABL Debt Obligations were incurred and (iii) an amount
equal to the aggregate principal amount of all Qualifying ABL Debt. 
 “Maximum Term Loan Amount” shall mean the greater of
(i) a principal amount of $430,000,000 and (ii) an amount equal to the aggregate principal amount of all Qualifying Term Loan Debt. 

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

“Obligations” means, with respect to any Secured Parties, any principal, interest, penalties, fees, expenses,
indemnifications, reimbursements, damages and other liabilities, 

  
 -9- 

 
including all interest, fees and expenses incurred upon an Event of Default or accruing after the commencement of any Insolvency or Liquidation Proceeding, regardless of whether any Secured
Party’s claim is (a) enforceable, allowable or allowed as a claim in the Insolvency or Liquidation Proceeding commenced by the filing of such petition or complaint, or (b) enforceable, allowable or allowed as a claim under the Secured
Documents or applicable law, even if such interest, fees and expenses are not enforceable, allowable or allowed as a claim in such proceeding under the Secured Documents of such Secured Party. 

“Officer” means the chief executive officer, any senior vice president, the chief operating officer, chief accounting officer
or any chief financial officer, controller, or secretary of such Person and any other officer or similar official thereof responsible for the administration of the obligations of such Person in respect of this Agreement. Any document delivered
hereunder that is signed by an Officer of a Grantor shall be conclusively presented to have been authorized by all necessary corporate, partnership and/or other action on the part of such Grantor and such Officer shall be conclusively presumed to
have acted on behalf of such Grantor. 
 “Officer’s Certificate” means a certificate signed on behalf of applicable
Grantor by an Officer of such Grantor, who must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of such Grantor. 

“Original ABL Agent” has the meaning assigned to that term in the preamble hereto. 

“Original Term Loan Agent” has the meaning assigned to that term in the preamble hereto. 

“Pari Term Loan Debt Agents” means the Term Loan Agent and each Additional Pari Term Loan Debt Agent. 

“Pari Term Loan Debt Collateral” means the Term Loan Collateral and any Additional Pari Term Loan Debt Collateral. 

“Pari Term Loan Debt Documents” means the Term Loan Documents and any Additional Pari Term Loan Debt Documents. 

“Pari Term Loan Debt Facility” means the Term Loan Facility (as defined in the Term Loan Credit Agreement) and any Additional
Pari Term Loan Debt Facility. 
 “Pari Term Loan Debt Lien” means each Term Loan Lien and each Additional Pari Term Loan
Debt Lien. 
 “Pari Term Loan Debt Obligations” means the Term Loan Debt Obligations and any Additional Pari Term Loan Debt
Obligations. 
 “Pari Term Loan Debt Secured Parties” means the Term Loan Secured Parties and any Additional Pari Term Loan
Debt Secured Parties. 

  
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 “Pari Term Loan Debt Security Documents” means the Term Loan Security Documents
and the Additional Pari Term Loan Debt Security Documents. 
 “Patents” means, with respect to any Person, all of such
Grantor’s right, title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions,
and continuations-in-part thereof; (d) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including damages and payments for past and future infringements thereof; (e) all
rights to sue for past, present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 

“Permitted Subordination” has the meaning assigned thereto in Section 2.01(d). 

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

“Qualifying ABL Debt” means the aggregate principal amount of indebtedness incurred under the ABL Credit Agreement (or any
ABL Substitute Facility) that was incurred in compliance with the Term Loan Credit Agreement (and any other documents governing Additional Pari Term Loan Debt Obligations (if any)) and any amendment or supplement thereto or refinancing thereof (it
being understood that, in order for any indebtedness to qualify as “Qualifying ABL Debt,” the Term Loan Credit Agreement (and the documents governing such Additional Pari Term Loan Debt Obligations (if any)) and any amendment or
supplement thereto or refinancing thereof must have permitted (x) the incurrence of such indebtedness and (y) the incurrence of the Liens granted as security therefor with the priority provided for under this Agreement. 

“Qualifying Term Loan Debt” means the aggregate principal amount of indebtedness incurred under the Term Loan Credit
Agreement (and Additional Pari Term Loan Debt Obligations (if any)) that was incurred in compliance with the ABL Credit Agreement (or any ABL Substitute Facility) and any amendment or supplement thereto or refinancing thereof (it being understood
that, in order for any indebtedness to qualify as “Qualifying Term Loan Debt,” the ABL Credit Agreement (or any ABL Substitute Facility) and any amendment or supplement thereto or refinancing thereof must have permitted (x) the
incurrence of such indebtedness and (y) the incurrence of the Liens granted as security therefor with the priority provided for hereunder). 

“Real Estate Asset” means, at any time of determination, any fee interest then owned by any Grantor in any real property.

 “Replaces” means, (a) in respect of any agreement with reference to the ABL Credit Agreement or the ABL Debt
Obligations or any ABL Substitute Facility, that such agreement refinances, replaces, restructures, exchanges, refunds or otherwise modifies the ABL Credit Agreement or such ABL Substitute Facility (i) in whole (in a transaction that is in
compliance with Section 2.10(a)) and that all commitments under the ABL Credit Agreement are 

  
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terminated or (ii) to the extent permitted by the terms of the ABL Credit Agreement or such ABL Substitute Facility, in part; and (b) in respect of any indebtedness with reference to
the Pari Term Loan Debt Documents or the Pari Term Loan Debt Facility, that such indebtedness refinances, replaces, exchanges or refunds the Pari Term Loan Debt Documents or such Pari Term Loan Debt Facility (i) in whole (in a transaction that
is in compliance with Section 2.10(a)) and that all commitments thereunder are terminated, or, (ii) to the extent permitted by the terms of the Pari Term Loan Debt Documents or such Pari Term Loan Debt Facility, in part.
“Replace,” “Replaced” and “Replacement” shall have correlative meanings. 

“Representative” means (a) in the case of any Series of Pari Term Loan Debt Obligations, the Pari Term Loan Debt Agent
for such Series, and (b) in the case of any ABL Debt Obligations, the ABL Agent. 
 “Secured Debt Obligations” means
the Pari Term Loan Debt Obligations (including the Obligations incurred under each Series of Pari Term Loan Debt ) and the ABL Debt Obligations. 

“Secured Debt Representative” means (a) in the case of the ABL Debt Obligations, the ABL Agent, (b) in the case of
the Term Loan Debt Obligations, the Term Loan Agent and (c) in the case of any Pari Term Loan Debt Obligations, any Additional Pari Term Loan Debt Agent. 

“Secured Documents” means the Pari Term Loan Debt Documents and the ABL Debt Documents. 

“Secured Parties” means the Pari Term Loan Debt Secured Parties and the ABL Secured Parties. 

“Security Documents” means the Pari Term Loan Debt Security Documents and the ABL Security Documents. 

“Senior Documents” means (a) in respect of the Term Loan First Lien Collateral, the Pari Term Loan Debt Documents, and
(b) in respect of the ABL First Lien Collateral, the ABL Debt Documents. 
 “Senior Liens” means (a) in respect
of the ABL First Lien Collateral, the ABL Liens on such Collateral, and (b) in respect of the Term Loan First Lien Collateral, the Pari Term Loan Debt Liens on such Collateral. 

“Senior Representative” means (a) with respect to the Term Loan First Lien Collateral, the Controlling Term Loan Debt
Agent and (b) with respect to the ABL First Lien Collateral, the Controlling ABL Agent. 
 “Senior Secured
Obligations” means (a) with respect to the ABL Debt Obligations (to the extent such obligations are secured, or are intended to be secured, by the Term Loan First Lien Collateral), the Pari Term Loan Debt Obligations, and (b) with
respect to any Pari Term Loan Debt Obligations (to the extent such obligations are secured, or are intended to be secured, by the ABL First Lien Collateral), the ABL Debt Obligations. 

  
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 “Senior Secured Obligations Collateral” means the Collateral in respect of which
the Senior Representative (on behalf of itself and any applicable Senior Secured Obligations Secured Parties) holds a Senior Lien. 

“Senior Secured Obligations Secured Parties” means (a) with respect to the Term Loan First Lien Collateral, the Pari
Term Loan Debt Secured Parties, and (b) with respect to the ABL First Lien Collateral, the ABL Secured Parties. 
 “Senior
Secured Obligations Security Documents” means (a) with respect to the ABL First Lien Collateral, the ABL Security Documents, and (b) with respect to the Term Loan First Lien Collateral, the Pari Term Loan Debt Security Documents.

 “Series” means each of (a) the Term Loan Debt Obligations and (b) each class, tranche or issuance of
Additional Pari Term Loan Debt Obligations incurred under a single Additional Pari Term Loan Debt Facility. “Series” when used with respect to any agent, person, document, lien or other item with respect to any Term Loan Debt
Obligations or Pari Term Loan Debt Obligations shall have a correlative meaning. 
 “Subsidiary” means, with respect to any
specified Person (a) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time
stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries, and (ii) any partnership,
limited liability company, association, joint venture or other entity in which such Person directly or indirectly through Subsidiaries, owns more than 50% of the Capital Stock of such Person at the time or in which such Person, one or more other
Subsidiaries of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, has the power to direct the policies, management and affairs thereof. 

“Subsidiary Grantors” has the meaning assigned to that term in the preamble hereto. 

“Term Loan Agent” means the Original Term Loan Agent, and, from and after the date of execution and delivery of a Term Loan
Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or other holders of the indebtedness and other obligations evidence thereunder or governed thereby, in each case, together with its successors in such
capacity. 
 “Term Loan Credit Agreement” means the Term Loan Credit Agreement, dated as of the date hereof, among the
Borrower, the lenders from time to time party thereto and Royal Bank of Canada, as Term Loan Agent, and any credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument evidencing or governing the
terms of any Term Loan Substitute Facility, in each case (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time in each case, to the extent not prohibited by the terms hereof). 

  
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 “Term Loan Collateral” means all assets and properties subject to Liens created
by the Pari Term Loan Debt Security Documents to secure the Pari Term Loan Debt Obligations. 
 “Term Loan Debt
Obligations” means all “Secured Obligations” as defined in the Term Loan Credit Agreement (or any similar term of any Term Loan Substitute Facility). Term Loan Debt Obligations shall expressly include (i) any
principal, interest, penalties, fees, expenses, indemnifications, reimbursements, damages and other liabilities, including all interest, fees and expenses incurred upon an Event of Default or accruing after the date of any filing by or against any
Grantor of any petition or complaint initiating any Insolvency or Liquidation Proceeding, regardless of whether any Term Loan Secured Party’s claim is (a) enforceable, allowable or allowed as a claim in the Insolvency or Liquidation
Proceeding commenced by the filing of such petition or complaint, or (b) enforceable, allowable or allowed as a claim under the Term Loan Credit Agreement or applicable law, (ii) any Secured Cash Management Obligations (as defined in the
Term Loan Credit Agreement) (or any similar term of any Term Loan Substitute Facility) and (iii) any Secured Swap Obligations (as defined in the Term Loan Credit Agreement) (or any similar term of any Term Loan Substitute Facility), in each
case regardless of whether such obligation is direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred. 

“Term Loan DIP Financing” has the meaning assigned to that term in Section 2.06(b). 

“Term Loan DIP Financing Liens” has the meaning assigned to that term in Section 2.06(b). 

“Term Loan Documents” means the Term Loan Credit Agreement, the Term Loan Security Documents, the other “Loan
Documents” (as defined in the Term Loan Credit Agreement) and all other loan documents, notes, guarantees, instruments and agreements governing or evidencing any Term Loan Substitute Facility. 

“Term Loan First Lien Collateral” means all present and future right, title and interest of the Grantors in the Term Loan
Collateral other than ABL First Lien Collateral, whether now owned or hereafter acquired, existing or arising, and wherever located, including to the extent constituting Term Loan Collateral: 

(a) Capital Stock of Subsidiaries held by the Grantors; 

(b) equipment; 
 (c) Real Estate
Assets; 
 (d) Intellectual Property; 

(e) all general intangibles and investment property that do not constitute ABL First Lien Collateral; 

(f) documents of title related to equipment; 

  
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 (g) books and records, supporting obligations and related letters of credit, commercial tort
claims or other claims and causes of action, in each case, to the extent related primarily to the foregoing; and 
 (h) substitutions,
replacements, accessions, products and proceeds (including insurance proceeds, licenses, royalties, income, payments, claims, damages and proceeds of suit) of any or all of the foregoing; 

provided that, in no case shall Term Loan First Lien Collateral include any identifiable cash proceeds from a sale, lease, conveyance
or other disposition of any ABL First Lien Collateral. 
 “Term Loan Lender” means a “Lender” under (and
as defined in) the Term Loan Credit Agreement (or any similar term under any Term Loan Substitute Facility). 
 “Term Loan
Lien” means a Lien granted by the Term Loan Security Documents to the Term Loan Agent at any time upon any property of any other Grantor to secure Term Loan Debt Obligations. 

“Term Loan Proceeds Notice” shall mean a written notice delivered by a Grantor or the Controlling Term Loan Agent to the
Controlling ABL Agent (A) stating that specifically identifiable cash proceeds arising out of the disposition of Term Loan First Lien Collateral may be deposited in an account constituting ABL First Lien Collateral, (B) identifying the
amount of such proceeds and specifying the Term Loan First Lien Collateral’s origin or source. 
 “Term Loan Security
Documents” means each agreement listed in Part B of Schedule 1 hereto and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control agreements, guarantees, notes or any other
documents or instruments now existing or entered into after the date hereof that create, perfect or otherwise relate to Liens on any assets or properties of any Grantor or any of its Subsidiaries to secure any Term Loan Debt Obligations (including
any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Term Loan Substitute Facility). 

“Term Loan Secured Parties” means, at any time, the “Secured Parties” as defined in the Term Loan Security
Documents (or any similar term of any Term Loan Substitute Facility). 
 “Term Loan Substitute Facility” means any facility
with respect to which the requirements contained in Section 2.10(a) of this Agreement have been satisfied, the proceeds of which are used to, among other things, Replace the Term Loan Credit Agreement. For the avoidance of doubt, no Term
Loan Substitute Facility shall be required to be evidenced by notes or other instruments and may be a facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or
instrument; provided that any such Term Loan Substitute Facility shall be subject to the terms of this Agreement for all purposes (including the lien priority as set forth herein as of the date hereof) as the other Liens securing the Term
Loan Debt Obligations are subject to under this Agreement. 

  
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 “Trademarks” shall mean, with respect to any Person, all of such Person’s
right, title, and interest in and to the following: (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business
symbolized by the foregoing; (b) all renewals of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including damages, claims, and payments for past and future
infringements thereof; (d) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (e) all rights corresponding to any of the
foregoing throughout the world. 
 ARTICLE II 

Subordination of Junior Liens; Certain Agreements 

SECTION 2.01 Subordination of Junior Liens. 

(a) The parties hereto hereby agree that the grant of the ABL Liens pursuant to the ABL Security Documents and each grant of the Pari Term Loan
Debt Liens pursuant to the Pari Term Loan Debt Security Documents create separate and distinct Liens on the Collateral. 
 (b) The parties
hereto hereby further agree that all Junior Liens in respect of any Collateral are expressly subordinated and made junior in right, priority, operation and effect to any and all Senior Liens in respect of such Collateral, notwithstanding anything
contained in this Agreement, the Term Loan Documents, the ABL Debt Documents, any Additional Pari Term Loan Debt Documents, or any other agreement or instrument or operation of law to the contrary, and irrespective of the time, order or method of
creation, attachment or perfection of such Junior Liens and Senior Liens or any failure, defect or deficiency or alleged failure, defect or deficiency in any of the foregoing. 

(c) It is acknowledged that (i) the aggregate amount of the Senior Secured Obligations may be increased from time to time pursuant to the
terms of the Senior Documents, (ii) a portion of the Senior Secured Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be
increased or reduced and subsequently reborrowed, and (iii) the Senior Secured Obligations may be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from
time to time, all without affecting the subordination of the Junior Liens hereunder or the provisions of this Agreement defining the relative rights of the ABL Secured Parties and the Pari Term Loan Debt Secured Parties. The lien priorities provided
for herein shall not be altered or otherwise affected by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Junior Secured Obligations (or any part thereof) or the Senior Secured
Obligations (or any part thereof). 
 (d) If at any time the ABL Agent shall make a Permitted Subordination (as defined below) with respect
to any ABL First Lien Collateral or any Pari Term Loan Debt Agent shall make a Permitted Subordination with respect to Term Loan First Lien Collateral, in each case, to or in favor of any Person, the priority of such Representative’s Liens
vis-à-vis the Liens 

  
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therein of the other Representative shall not be affected thereby and the subordinating Representative’s Liens shall continue to be senior in priority to the other Representative’s
Liens in the affected Collateral as and to the extent provided in this Article II. As used herein, the term “Permitted Subordination” shall mean a voluntary subordination by the ABL Agent of its Liens with respect to any or
all ABL First Lien Collateral, or by any Pari Term Loan Debt Agent of its Liens with respect to any or all Term Loan First Lien Collateral, including any such subordination in favor of depository banks, securities or commodities intermediaries,
landlords, mortgagees, custom brokers, freight forwarders, carriers, warehousemen, factors, and other Persons who provide goods or services to a Grantor in the ordinary course of business. 

SECTION 2.02 No Action With Respect to Junior Secured Obligations Collateral Subject to Senior Liens. Subject to Sections 2.04
and 2.06, no Junior Representative or other Junior Secured Obligations Secured Party shall commence or instruct any Junior Representative to commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee,
receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other
action available to it in respect of, any Junior Secured Obligations Collateral under any Junior Secured Obligations Security Document, applicable law or otherwise until the associated Discharge of Senior Secured Debt Obligations (including
exercising any rights under any deposit account control agreement constituting Junior Secured Obligations Collateral), it being agreed that only the Senior Representative, acting in accordance with the applicable Senior Secured Obligations Security
Documents, shall be entitled to take any such actions or exercise any such remedies prior to the associated Discharge of Senior Secured Debt Obligations. Notwithstanding the foregoing, any Junior Representative may, subject to
Section 2.05, take all such actions as it shall deem necessary to (i) perfect or continue the perfection of its Junior Liens or (ii) to create, preserve or protect (but not enforce) the Junior Liens on any Collateral. In
addition, any Junior Representative may, with respect to any Junior Secured Obligations: 
 (a) file a claim or statement of interest with
respect to such Obligations; provided that an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor; 

(b) file any necessary or appropriate responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other
pleading made by any person objecting to or otherwise seeking the disallowance of the claims or Liens of the Junior Secured Obligations Secured Parties, including any claims secured by the Junior Secured Obligations Collateral, in each case in
accordance with the terms of this Agreement; 
 (c) in accordance with Section 2.06, file any pleadings, objections, motions or
agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either any Insolvency or Liquidation Proceeding, in accordance with applicable law (including the Bankruptcy Laws of any applicable
jurisdiction); and 
 (d) vote on any plan of reorganization or plan of liquidation, file any proof of claim, make other filings and make any
arguments and motions (including in support of or opposition to, as applicable, the confirmation or approval of any plan of reorganization or plan of liquidation that are, in each case, in accordance with the terms of this Agreement. 

 

  
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 SECTION 2.03 No Duties of Senior Representative. Each Junior Secured Obligations Secured
Party acknowledges and agrees that neither the Senior Representative nor any other Senior Secured Obligations Secured Party shall have any duties or other obligations to such Junior Secured Obligations Secured Party with respect to any Senior
Secured Obligations Collateral, other than to transfer to the Junior Representative any remaining Collateral that constitutes Junior Secured Obligations Collateral and any proceeds of the sale or other disposition of any such Collateral that
constitutes Junior Secured Obligations Collateral remaining in its possession following the associated Discharge of Senior Secured Debt Obligations, in each case without representation or warranty on the part of the Senior Representative or any
Senior Secured Obligations Secured Party. In furtherance of the foregoing, each Junior Secured Obligations Secured Party acknowledges and agrees that until the associated Discharge of Senior Secured Debt Obligations secured by any Collateral on
which such Junior Secured Obligations Secured Party holds a Junior Lien, the Senior Representative shall be entitled, for the benefit of the holders of such Senior Secured Obligations, to sell, transfer or otherwise dispose of or deal with such
Collateral, as provided herein and in the Senior Secured Obligations Security Documents, without regard to any Junior Lien or any rights to which the holders of the Junior Secured Obligations would otherwise be entitled as a result of such Junior
Lien. Without limiting the foregoing, each Junior Secured Obligations Secured Party agrees that neither the Senior Representative nor any other Senior Secured Obligations Secured Party shall have any duty or obligation first to marshal or realize
upon any type of Senior Secured Obligations Collateral (or any other collateral securing the Senior Secured Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Collateral (or any other collateral securing the
Senior Secured Obligations), in any manner that would maximize the return to the Junior Secured Obligations Secured Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of
proceeds actually received by the Junior Secured Obligations Secured Parties from such realization, sale, disposition or liquidation. Following the associated Discharge of Senior Secured Debt Obligations, the Junior Secured Obligations Secured
Parties may, subject to any other agreements binding on such Junior Secured Obligations Secured Parties, assert their rights under the New York UCC or otherwise to any proceeds remaining following a sale, disposition or other liquidation of
Collateral by, or on behalf of the Junior Secured Obligations Secured Parties. Each of the Junior Secured Obligations Secured Parties waives any claim such Junior Secured Obligations Secured Party may now or hereafter have against the Senior
Representative or any other Senior Secured Obligations Secured Party (or their representatives) arising out of any actions which the Senior Representative or the Senior Secured Obligations Secured Parties take or omit to take (including actions with
respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral, and actions with respect to the
collection of any claim for all or any part of the Senior Secured Obligations from any account debtor, guarantor or any other party) in accordance with this Agreement and the Senior Secured Obligations Security Documents or any other agreement
related thereto or to the collection of the Senior Secured Obligations or the valuation, use, protection or release of any security for the Senior Secured Obligations. 

  
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 SECTION 2.04 No Interference; Payment Over; Reinstatement. 

(a) Each Junior Secured Obligations Secured Party agrees that (i) it will not itself take or cause to be taken any action the purpose, or
effect of which is, or could be, to make any Junior Lien rank equal with, or to give such Junior Secured Obligations Secured Party any preference or priority relative to, any Senior Lien with respect to the Collateral subject to such Senior Lien and
Junior Lien or any part thereof, (ii) it will not itself challenge or question in any proceeding the validity or enforceability of any Senior Secured Obligations or Senior Secured Obligations Security Document, or the validity, attachment,
perfection or priority of any Senior Lien, or the validity or enforceability of the priorities, rights or duties established by or other provisions of this Agreement, (iii) it will not itself take or cause to be taken any action the purpose or
intent of which is, or could be, to interfere with, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Collateral subject to any Junior Lien by any Senior Secured Obligations
Secured Parties secured by Senior Liens on such Collateral or any Senior Representative acting on their behalf, (iv) it shall have no right to (A) direct any Senior Representative or any holder of Senior Secured Obligations to exercise any
right, remedy or power with respect to the Collateral subject to any Junior Lien or (B) consent to the exercise by any Senior Representative or any other Senior Secured Obligations Secured Party of any right, remedy or power with respect to the
Collateral subject to any Junior Lien, (v) it will not itself institute any suit or assert in any suit or Insolvency or Liquidation Proceeding any claim against any Senior Representative or other Senior Secured Obligations Secured Party seeking
damages from or other relief by way of specific performance, instructions or otherwise with respect to, and neither any Senior Representative nor any other Senior Secured Obligations Secured Party shall be liable for, any action taken or omitted to
be taken by such Senior Representative or other Senior Secured Obligations Secured Party with respect to any Collateral securing such Senior Secured Obligations that is subject to any Junior Lien, (vi) it will not seek, and hereby waives any
right, to have any Senior Secured Obligations Collateral subject to any Junior Lien or any part thereof marshaled upon any foreclosure or other disposition of such Collateral and (vii) it will not attempt, directly or indirectly, whether by
judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement. 
 (b) Subject to
Section 3.02(c), each Junior Representative and each other Junior Secured Obligations Secured Party hereby agrees that if it shall obtain possession of any Senior Secured Obligations Collateral or shall realize any proceeds or payment in
respect of any such Collateral, pursuant to any Junior Secured Obligations Security Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of
remedies, at any time prior to the associated Discharge of Senior Secured Debt Obligations secured, or intended to be secured, by such Collateral, then it shall hold such Collateral, proceeds or payment in trust for the applicable Senior Secured
Obligations Secured Parties and transfer such Collateral, proceeds or payment, as the case may be, to the Senior Representative reasonably promptly after receiving written notice from the Senior Secured Obligations Secured Parties that it has
possession of such Senior Secured Obligations Collateral or proceeds or payments in respect thereof. Each Junior Secured Obligations Secured Party agrees that if, at any time, it receives written notice from the Senior Secured Obligations Secured
Party that all or part of any payment with respect to any Senior Secured Obligations previously made shall be rescinded for any reason whatsoever, such Junior 

  
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Secured Obligations Secured Party shall promptly pay over to the Senior Representative any payment received by it and then in its possession or under its control in respect of any Collateral
subject to any Senior Lien securing such Senior Secured Obligations and shall promptly turn any Collateral subject to any such Senior Lien then held by it over to the Senior Representative, and the provisions set forth in this Agreement shall be
reinstated as if such payment had not been made, until the payment and satisfaction in full of the Senior Secured Obligations. All Junior Liens will remain attached to, and enforceable against, all proceeds so held or remitted. Anything contained
herein to the contrary notwithstanding, this Section 2.04(b) shall not apply to any proceeds of Senior Secured Obligations Collateral realized in a transaction not prohibited by the Senior Documents and as to which the possession or
receipt thereof by the Junior Representative or other Junior Secured Obligations Secured Party is otherwise permitted by the Senior Documents. 

SECTION 2.05 Release of Liens; Automatic Release of Junior Liens. 

(a) The Junior Representative and each other Junior Secured Obligations Secured Party agree that, in the event of a sale, transfer or other
disposition of Senior Secured Obligations Collateral or any such Senior Secured Obligations Collateral becoming Excluded Collateral under the ABL Debt Documents or Term Loan Documents, in each case subject to any Junior Lien (regardless of whether
or not an Event of Default has occurred and is continuing under the Junior Documents at the time of such sale, transfer or other disposition or any such Senior Secured Obligations Collateral becoming Excluded Collateral under the ABL Debt Documents
or Term Loan Documents), such Junior Lien on such Collateral shall terminate and be released automatically and without further action if the applicable Senior Liens on such Collateral are released and if such sale, transfer or other disposition
either (A) is then not prohibited by the Junior Documents (either pursuant to the terms of the Junior Documents or pursuant to a consent issued thereunder) or (B) occurs in connection with the foreclosure upon or other exercise of rights
and remedies with respect to such Senior Secured Obligations Collateral (including, if the Senior Secured Obligations Collateral is ABL First Lien Collateral, in connection with any liquidation of ABL Facility Collateral consented to by the ABL
Agent); provided that such Junior Lien shall remain in place with respect to any proceeds of a sale, transfer or other disposition under this clause (a) that remain after the associated Discharge of Senior Secured Debt Obligations. In
addition, for the avoidance of doubt, the Junior Representative and each Junior Secured Obligations Secured Party agree that, with respect to any property or assets that would otherwise constitute Senior Secured Obligations Collateral, the
requirement that a Junior Lien attach to, or be perfected with respect to, such property or assets shall be waived automatically and without further action so long as the requirement that a Senior Lien attach to, or be perfected with respect to,
such property or assets is waived by the Senior Secured Obligations Secured Parties (or the Senior Representative) in accordance with the Senior Documents and so long as no Event of Default under the Junior Documents shall have occurred, be
continuing or would result therefrom at such time. 
 (b) The ABL Agent and each Pari Term Loan Debt Agent agrees that, with respect to the
release of any Collateral, if the ABL Agent or Pari Term Loan Debt Agent, as applicable, at any time receives: 

  
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 (i) an Officer’s Certificate from the relevant Grantor stating that
(A) the signing Officer has read Article 2 of this Agreement and understands the provisions and the definitions relating hereto, (B) such Officer has made such examination or investigation as is necessary to enable such Persons to
express an informed opinion as to whether or not the conditions precedent in this Agreement and all other Secured Documents, if any, relating to the release of such Collateral have been complied with and (C) in the opinion of such Officer, such
conditions precedent, if any, have been complied with; 
 (ii) the proposed instrument or instruments releasing such Lien as
to such property in recordable form, if applicable; and 
 (iii) prior to the associated Discharge of Senior Secured Debt
Obligations, the written confirmation of the applicable Senior Representative (or, at any time after the associated Discharge of Senior Secured Debt Obligations, the Junior Representative) (such confirmation to be given promptly following receipt
of, and based solely on, the Officer’s Certificate described in clause (i) above) that, in its view, such release is permitted by Section 2.05(a) and the respective Secured Documents governing the Pari Term Loan Debt
Obligations or the ABL Debt Obligations, as applicable, the holders of which such Representative represents; then the ABL Agent or each Pari Term Loan Debt Agent, as applicable, will execute (with such acknowledgements and/or notarizations as are
required) and deliver such release to the applicable Grantor on or before the later of (x) the date specified in such request for such release and (y) the fifth Business Day (or such shorter period as shall be acceptable to the
Representatives) after the date of receipt of the items required by this Section 2.05(b) by the applicable Representative. 
 (c)
The Junior Representative agrees to execute and deliver (at the sole cost and expense of the Grantors) all such releases and other instruments as shall reasonably be requested by the Senior Representative to evidence and confirm any release of
Junior Secured Obligations Collateral provided for in this Section 2.05. 
 SECTION 2.06 Certain Agreements With Respect to
Insolvency or, Liquidation Proceedings. 
 (a) This Agreement shall continue in full force and effect, notwithstanding the commencement
of any Insolvency or Liquidation Proceeding by or the Borrower, any of the Borrower’s Subsidiaries or any Grantor. Without limiting the generality of the foregoing, the provisions of this Agreement are intended to be and shall be enforceable as
a “subordination agreement” under Section 510(a) of the Bankruptcy Code. All references to the Borrower or any other Grantor shall include the Borrower or any other Grantor as debtor and debtor-in-possession and any receiver,
examiner, or trustee for such person in any Insolvency or Liquidation Proceeding. 
 (b) (i) If any Grantor shall be subject to any
Insolvency or Liquidation Proceeding, and the ABL Agent or the ABL Secured Parties shall seek to provide any Grantor with, or consent to a third party providing, any financing under Section 364 of the Bankruptcy Code or consent to any order for
the use of cash collateral constituting ABL First Lien Collateral 

  
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under Section 363 of the Bankruptcy Code (each, an “ABL DIP Financing”), with such ABL DIP Financing to be secured by all or any portion of the Collateral (the “ABL
DIP Financing Liens”) (including assets that, but for the application of Section 552 of the Bankruptcy Code, would be Collateral) (it being agreed that the ABL Agent and the ABL Secured Parties shall not propose any ABL DIP Financing
secured by the Term Loan First Lien Collateral in competition with the Term Loan Secured Parties without the consent of the Term Loan Agent), then each of the Term Loan Secured Parties agrees that it will raise no objection and will not support any
objection to such ABL DIP Financing or use of cash collateral or to the ABL DIP Financing Liens on the grounds of a failure to provide “adequate protection” for the Liens of the Term Loan Secured Parties securing the Term Loan Debt
Obligations or on any other grounds (and will not request any adequate protection solely as a result of such ABL DIP Financing or use of cash collateral that is ABL First Lien Collateral except as permitted by Section 2.06(d)), so long as:
(A) the Term Loan Secured Parties retain their Lien on the Collateral to secure the Term Loan Debt Obligations applicable to each of the Term Loan Secured Parties (in each case, including proceeds thereof arising after the commencement of an
Insolvency or Liquidation Proceeding) and, as to the Term Loan First Lien Collateral only, such Lien has the same priority as existed prior to the commencement of such Insolvency or Liquidation Proceeding and any ABL DIP Financing Lien on the Term
Loan First Lien Collateral is junior and subordinate to the Lien of the Term Loan Secured Parties on the Term Loan First Lien Collateral; (B) all Liens on ABL First Lien Collateral securing any such ABL DIP Financing shall be senior to or pari
passu with the Liens of the ABL Agent and the ABL Secured Parties securing the ABL Obligations on ABL First Lien Collateral; (C) the aggregate principal amount of such ABL DIP Financing (including, for the avoidance of doubt, an ABL DIP
Financing which Replaces in whole or in part the prepetition ABL Debt Obligations pursuant to a “roll-up” or “roll-over”), together with the aggregate outstanding amount of pre-petition ABL Debt Obligations then outstanding, does
not exceed the Maximum ABL Facility Amount; and (D) the foregoing provisions of this Section 2.06(b)(i) shall not prevent the Term Loan Secured Parties from objecting to any provision in any ABL DIP Financing relating to any provision or
content of a plan of reorganization or other plan of similar effect under any Insolvency or Liquidation Proceeding. 
 (ii)
If any Grantor shall be subject to any Insolvency or Liquidation Proceeding, and the Term Loan Agent or the Term Loan Secured Parties shall seek to provide any Grantor with, or consent to a third party providing, any financing under Section 364
of the Bankruptcy Code or consent to any order for the use of cash collateral constituting Term Loan First Priority Collateral under Section 363 of the Bankruptcy Code (each, a “Term Loan DIP Financing”), with such Term Loan
DIP Financing to be secured by all or any portion of the Collateral (the “Term Loan DIP Financing Liens”) (including assets that, but for the application of Section 552 of the Bankruptcy Code, would be Collateral) (it being
agreed that the Term Loan Agent and the Term Loan Secured Parties shall not propose any Term Loan DIP Financing secured by the ABL First Lien Collateral in competition with the ABL Secured Parties without the consent of the ABL Agent), then each of
the ABL Secured Parties agrees that it will raise no objection and will not support any objection to such Term Loan DIP Financing or use of cash collateral or to the Term Loan DIP Financing Liens on the grounds of a failure to provide “adequate
protection” for the Liens of the ABL Secured Parties securing the ABL Debt Obligations or on any other grounds (and will not request any adequate protection solely as a result of such Term Loan DIP Financing or use of cash collateral

  
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that is Term Loan First Priority Collateral except as permitted by Section 2.06(d)), so long as: (A) the ABL Secured Parties retain their Lien on the Collateral to secure the ABL Debt
Obligations owed to each of the Term Loan Secured Parties (in each case, including proceeds thereof arising after the commencement of an Insolvency or Liquidation Proceeding) and, as to the ABL First Lien Collateral only, such Lien has the same
priority as existed prior to the commencement of such Insolvency or Liquidation Proceeding and any Term Loan DIP Financing Lien on the ABL First Lien Collateral is junior and subordinate to the Lien of the ABL Secured Parties on the ABL First Lien
Collateral; (B) all Liens on Term Loan First Priority Collateral securing any such Term Loan DIP Financing shall be senior to or pari passu with the Liens of the Term Loan Agent and the Term Loan Secured Parties securing the Term Loan
Obligations on Term Loan First Priority Collateral; (C) the aggregate principal amount of such Term Loan DIP Financing, together with the aggregate outstanding amount of pre-petition Term Loan Debt Obligations then outstanding, does not exceed
the Maximum Term Loan Amount; and (D) the foregoing provisions of this Section 2.06(b)(ii) shall not prevent the ABL Secured Parties from objecting to any provision in any Term Loan DIP Financing relating to any provision or content of a
plan of reorganization or other plan of similar effect under any Insolvency or Liquidation Proceeding. 
 (c) Each Junior Secured Obligations
Secured Party agrees that it will not object to or oppose (i) a sale or other disposition of any Senior Secured Obligations Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the
Bankruptcy Code if the Senior Secured Obligations Secured Parties shall have consented to such sale or disposition of such Senior Secured Obligations Collateral and all Senior Liens and Junior Liens will attach to the proceeds of the sale or other
disposition with the same priorities set forth herein or (ii) any lawful exercise by any holder of claims in respect of any Senior Secured Obligations of the right to credit bid such claims under Section 363(k) of the Bankruptcy Code or
any other applicable provision of the Bankruptcy Code or in any sale in foreclosure of Collateral that is Senior Secured Obligations Collateral with respect to such claims. 

(d) (i) No Term Loan Secured Party shall oppose (or support the opposition of any other Person) in any Insolvency or Liquidation Proceeding to
(A) any motion or other request by any ABL Secured Party for adequate protection with respect to the ABL Agent’s Liens upon the ABL First Lien Collateral, including any claim of any ABL Secured Party to post-petition interest, fees, or
expenses as a result of the ABL Lien on the ABL First Lien Collateral (so long as any post-petition interest, fees, or expenses paid as a result thereof is not paid from the proceeds of Term Loan First Lien Collateral and is allowable under
Section 506(b) of the Bankruptcy Code), a request for the application of proceeds of ABL First Lien Collateral to the ABL Debt Obligations, and request for additional or replacement Liens on post-petition assets of the same type as the ABL
First Lien Collateral and/or a superpriority administrative claim, or (B) any objection by any ABL Secured Party to any motion, relief, action or proceeding based on such ABL Secured Party claiming a lack of adequate protection with respect to
the ABL Liens in the ABL First Lien Collateral. In addition, the ABL Agent, for itself and on behalf of the ABL Secured Parties, may seek adequate protection of its junior interest in the Term Loan First Lien Collateral in the form of an additional
or replacement Lien on post-petition assets of the same type as the Term Loan First Lien Collateral and/or a superpriority administrative claim, subject to the provisions of this Agreement; provided that

  
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each Term Loan Agent is also granted adequate protection in the same form that is granted to the ABL Agent, which additional or replacement Lien on post-petition assets of the same type as the
Term Loan First Lien Collateral or superpriority administrative claim (as applicable) is senior to that granted to the ABL Agent in respect of the Term Loan First Lien Collateral. Such Lien on post-petition assets of the same type as the Term Loan
First Lien Collateral and/or superpriority administrative claim, if granted to the ABL Agent, will be subordinated to the adequate protection Liens and/or superpriority administrative claims (as applicable) granted in favor of each Pari Term Loan
Debt Agent on such post-petition assets, and, if applicable, to the DIP Financing Liens of each Pari Term Loan Debt Agent or any other Pari Term Loan Debt Secured Party on such post-petition assets of the same type as the Term Loan First Lien
Collateral. If the ABL Agent, for itself and on behalf of the ABL Secured Parties, seeks or requires (or is otherwise granted) adequate protection of its junior interest in the Term Loan First Lien Collateral in the form of an additional or
replacement Lien on post-petition assets of the same type as the Term Loan First Lien Collateral and/or a superpriority administrative claim, then the ABL Agent, for itself and the ABL Secured Parties, agrees that each Pari Term Loan Debt Agent
shall also be granted an additional or replacement Lien on such post-petition assets and/or a superpriority administrative claim as adequate protection of its senior interest in the Term Loan First Lien Collateral and that the ABL Agent’s
additional or replacement Lien on post-petition assets of the same type as the Term Loan First Lien Collateral and/or superpriority administrative claim (as applicable) shall be subordinated to the additional or replacement Lien on post-petition
assets of the same type as the Term Loan First Lien Collateral and/or superpriority administrative claim of each Pari Term Loan Debt Agent on the same basis as the Liens of the ABL Agent on, and claims with respect to, the Term Loan First Lien
Collateral are subordinated to the Liens of each Pari Term Loan Debt Agent on, and claims with respect to, the Term Loan First Lien Collateral under this Agreement. If the ABL Agent or any ABL Secured Party receives as adequate protection a Lien on
post-petition assets of the same type as the ABL First Lien Collateral, then such post-petition assets shall also constitute ABL First Lien Collateral to the extent of any allowed claim of the ABL Secured Parties secured by such adequate protection
Lien and shall be subject to this Agreement. 
 (ii) No ABL Secured Party shall oppose (or support the opposition of any
other Person) in any Insolvency or Liquidation Proceeding to (A) any motion or other request by any Term Loan Secured Party for adequate protection of any Pari Term Loan Debt Agent’s Liens upon any of the Term Loan First Lien Collateral,
including any claim of any Pari Term Loan Debt Secured Party to post-petition interest, fees, or expenses as a result of any Pari Term Loan Debt Liens on the Term Loan First Lien Collateral (so long as any post-petition interest, fees, or expenses
paid as a result thereof are not paid from the proceeds of ABL First Lien Collateral), a request for the application of proceeds of Term Loan First Lien Collateral to the Pari Term Loan Debt Obligations, and request for additional or replacement
Liens on post-petition assets of the same type as the Term Loan First Lien Collateral and/or a superpriority administrative claim or (B) any objection by any Pari Term Loan Debt Secured Party to any motion, relief, action or proceeding based on
such Pari Term Loan Debt Secured Party claiming a lack of adequate protection, with respect to any Pari Term Loan Debt Agent’s Liens in the Term Loan First Lien Collateral. In addition, any Pari Term Loan Debt Agent, for itself and on behalf of
the applicable Pari Term Loan Debt Secured Parties, may seek adequate protection of its junior interest in the ABL First Lien Collateral in the form of an additional or 

  
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replacement Lien on post-petition assets of the same type as the Term Loan First Lien Collateral and/or a superpriority administrative claim, subject to the provisions of this Agreement;
provided, that the ABL Agent is also granted adequate protection in the same form that is granted to the applicable Pari Term Loan Debt Agent, which additional or replacement Lien on post-petition assets of the same type as the Term Loan
First Lien Collateral and/or superpriority administrative claim (as applicable) granted in favor of the ABL Agent is senior to that granted to the applicable Pari Term Loan Debt Agent in respect of the ABL First Lien Collateral. Such Lien on
post-petition assets of the same type as the ABL First Lien Collateral and/or superpriority administrative claim, if granted to any Pari Term Loan Debt Agent, will be subordinated to the adequate protection Liens and/or superpriority administrative
claims (as applicable) granted in favor of the ABL Agent on such post-petition assets, and, if applicable, to the DIP Financing Liens of the ABL Agent or any other ABL Secured Party on such post-petition assets of the same type as the ABL First Lien
Collateral. If any Pari Term Loan Debt Agent, for itself and on behalf of any Pari Term Loan Debt Secured Parties, seeks or requires (or is otherwise granted) adequate protection of its junior interest in the ABL First Lien Collateral in the form of
an additional or replacement Lien on the post-petition assets of the same type as the ABL First Lien Collateral and/or a superpriority administrative claim, then such Pari Term Loan Debt Agent, for itself and the applicable Pari Term Loan Debt
Secured Parties, agrees that the ABL Agent shall also be granted an additional or replacement Lien on such post-petition assets and/or a superpriority administrative claim as adequate protection of its senior interest in the ABL First Lien
Collateral and that such Pari Term Loan Debt Agent’s additional or replacement Lien on such post-petition assets of the same type as the ABL First Lien Collateral and/or superpriority administrative claim shall be subordinated to the additional
or replacement Lien and/or superpriority administrative claim of the ABL Agent on the same basis as the Liens of such Pari Term Loan Debt Agent on and claims with respect to the ABL First Lien Collateral are subordinated to the Liens of the ABL
Agent on and claims with respect to the ABL First Lien Collateral under this Agreement. If any Pari Term Loan Debt Agent or any Pari Term Loan Debt Secured Party receives as adequate protection a Lien on post-petition assets of the same type as the
Term Loan First Lien Collateral, then such post-petition assets shall also constitute Term Loan First Lien Collateral to the extent of any allowed claim of the applicable Pari Term Loan Debt Secured Parties secured by such adequate protection Lien
and shall be subject to this Agreement. 
 (e) Each of the Junior Secured Obligations Secured Parties waives any claim such Junior Secured
Obligations Secured Party may now or hereafter have against the Senior Representative or any other Senior Secured Obligations Secured Party (or their representatives) arising out of any election by the Senior Representative or any Senior Secured
Obligations Secured Parties, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code with respect to such party’s Senior Secured Obligations Collateral. 

(f) Prior to any Discharge of Senior Secured Debt Obligations and any DIP Financing provided by the Senior Secured Obligations Secured Parties,
no Junior Secured Obligations Secured Party shall seek relief from the automatic stay in any Insolvency or Liquidation Proceeding with respect to any Senior Secured Obligations Collateral unless 

  
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(i) otherwise consented to by the Senior Representative or (ii) the Senior Representative or Senior Secured Obligations Secured Parties shall seek relief from the automatic stay with
respect to such Collateral to commence a lien enforcement action with respect to such Senior Secured Obligations Collateral. No Junior Secured Obligations Secured Party will object to or otherwise contest: any motion for relief from the automatic
stay or from any injunction against foreclosure or enforcement in respect of the Senior Secured Obligations and the Senior Secured Obligations Collateral made by the Senior Representative or any other Senior Secured Obligations Secured Party (or
their representatives). 
 (g) Each of the Junior Secured Obligations Secured Parties hereby agrees that (i) it will not oppose or seek
to challenge any claim by the Senior Representative or any other Senior Secured Obligations Secured Party (or their representatives) for allowance of Senior Secured Obligations consisting of post-petition interest, fees or expenses to the extent of
the value of the Senior Representative’s Lien on the Senior Secured Obligations Collateral, without regard to the existence of the Lien of the Junior Secured Obligations Secured Parties on the Senior Secured Obligations Collateral; and
(ii) prior to any Discharge of Senior Secured Debt Obligations, will not assert or enforce any claim under Section 506(c) of the Bankruptcy Code senior to or on a parity with the Liens on the Senior Secured Obligations Collateral securing
the Senior Secured Obligations for costs or expenses of preserving or disposing of any Collateral. 
 (h) The Term Loan Agent, for itself and
on behalf of the Term Loan Secured Parties, and the ABL Agent, for itself and on behalf of the ABL Secured Parties, acknowledge and intend that: the grants of Liens pursuant to the Term Loan Security Documents, on the one hand, and the ABL Security
Documents, on the other hand, constitute separate and distinct grants of Liens, and because of, among other things, their differing rights in the Collateral, the ABL Debt Obligations are fundamentally different from the Pari Term Loan Debt
Obligations and must be separately classified in any plan of reorganization or liquidation proposed or confirmed (or approved) in an Insolvency or Liquidation Proceeding. To further effectuate the intent of the parties as provided in the immediately
preceding sentence, if it is held that the claims of the ABL Secured Parties and the claims of the Term Loan Secured Parties in respect of any Collateral constitute claims in the same class (rather than separate classes of secured claims), then the
ABL Secured Parties and the Term Loan Secured Parties hereby acknowledge and agree that all distributions from the Collateral shall be made as if there were separate classes of ABL Debt Obligations and Pari Term Loan Debt Obligations against the
Grantors (with the effect being that, to the extent that the aggregate value of the ABL First Lien Collateral or the Term Loan First Lien Collateral is sufficient (for this purpose ignoring all claims held by the other Secured Parties for whom such
Collateral is Junior Secured Obligations Collateral)), the ABL Secured Parties or the Term Loan Secured Parties, respectively, shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest
and other claims, all amounts owing in respect of post-petition interest, fees, and expenses that are available from the applicable Senior Secured Obligations Collateral for each of the ABL Secured Parties and the Term Loan Secured Parties
(regardless of whether any such claims for post-petition interest, fees, or expenses, may or may not be allowed or allowable in whole or in part as against the Borrower or any of the other Grantors in the applicable Insolvency or Liquidation
Proceeding(s) pursuant to the Bankruptcy Code, applicable law or otherwise), respectively, before any distribution is made in respect of any claims in respect of the Junior Secured Obligations from, or with respect to, such applicable Senior Secured
Obligations Collateral, with the holder of such 

  
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claims hereby acknowledging and agreeing to turn over to the respective other Secured Parties amounts otherwise received or receivable by them from, or with respect to, such applicable Senior
Secured Obligations Collateral to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing their aggregate recoveries. 

(i) If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the
reorganized debtor are distributed pursuant to a plan of reorganization or plan of liquidation, both on account of the ABL Debt Obligations and on account of the Pari Term Loan Debt Obligations, then, to the extent the debt obligations distributed
on account of the ABL Debt Obligations and on account of the Pari Term Loan Debt Obligations are secured by Liens upon the Collateral, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and
will apply with like effect to the debt obligations so distributed, to the Liens securing such debt obligations and the distribution of proceeds thereof. 

SECTION 2.07 Reinstatement. In the event that any of the Senior Secured Obligations shall be paid and such payment or any part thereof
shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference or other avoidance under the Bankruptcy Code, or any similar law, or the settlement of any claim in respect thereof), be required to be returned
or repaid, the terms and conditions of this Agreement shall be fully applicable thereto until all such Senior Secured Obligations shall again have been paid in full in cash. 

SECTION 2.08 Entry Upon Premises by the ABL Agent and the ABL Secured Parties; Intellectual Property License. 

(a) If the ABL Agent takes any enforcement action with respect to the ABL First Lien Collateral, the Pari Term Loan Debt Secured Parties
(i) shall cooperate with the ABL Agent (at the sole cost and expense of the ABL Agent and subject to the condition that the Pari Term Loan Debt Secured Parties shall have no obligation or duty to take any action or refrain from taking any
action that could reasonably be expected to result in the incurrence of any liability or damage to the Pari Term Loan Debt Secured Parties) in its efforts to enforce its security interest in the ABL First Lien Collateral and to finish any
work-in-process and assemble the ABL First Lien Collateral, (ii) shall not take any action designed or intended to hinder or restrict in any respect the ABL Agent from enforcing its security interest in the ABL First Lien Collateral or from
finishing any work-in-process or assembling the ABL First Lien Collateral, and (iii) subject to the rights of any landlords under real estate leases, shall permit the ABL Agent, its employees, agents, advisers and representatives, at the sole
cost and expense of the ABL Secured Parties and upon reasonable advance notice, to enter upon and use the Term Loan First Lien Collateral (including equipment, processors, computers and other machinery related to the storage or processing of
records, documents or files), for a period not to exceed 180 days after the taking of such enforcement action, for purposes of (1) assembling and storing the ABL First Lien Collateral and completing the processing of and turning into finished
goods of any ABL First Lien Collateral consisting of work-in-process, (2) selling any or all of the ABL First Lien Collateral located on such Term Loan First Lien Collateral, whether in bulk, in lots or to customers in the ordinary course of
business or otherwise, (3) removing any or all of the ABL First Lien Collateral located on such Term Loan First Lien Collateral, or (4) taking reasonable 

  
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actions to protect, secure and otherwise enforce the rights of the ABL Secured Parties in and to the ABL First Lien Collateral; provided, however, that nothing contained in this
Agreement shall restrict the rights of any Pari Term Loan Debt Agent from selling, assigning or otherwise transferring any Term Loan First Lien Collateral prior to the expiration of such 180-day period if the purchaser, assignee or transferee
thereof agrees to be bound by the provisions of this Section. If any stay or other order prohibiting the exercise of remedies with respect to the ABL First Lien Collateral has been entered by a court of competent jurisdiction, such 180-day period
shall be tolled during the pendency of any such stay or other order. If the ABL Agent conducts a public auction or private sale of the ABL First Lien Collateral at any of the real property included within the Term Loan First Lien Collateral, the ABL
Agent shall provide each Pari Term Loan Debt Agent with reasonable notice and use reasonable efforts to hold such auction, or sale in a manner which would not unduly disrupt such Pari Term Loan Debt Agent’s use of such real property. 

(b) Notwithstanding any limitation set forth in Section 2.08(a), no Pari Term Loan Debt Secured Party shall in any manner interfere
with ABL Agent’s right to use any Intellectual Property pursuant to any license or other right of use granted by a Grantor or pursuant to any applicable law, and any sale or other disposition of such Intellectual Property whether by a lien
enforcement action or otherwise shall be made expressly subject to such license or other right of use until the sooner to occur of the following: (i) the Discharge of Senior Secured Debt Obligations of the ABL Secured Parties, or (ii) all
ABL First Lien Collateral consisting of inventory having been sold or otherwise disposed of after the occurrence and during the continuance of an Event of Default under the ABL Debt Documents, whether pursuant to a lien enforcement action by ABL
Secured Parties, by a trustee or other representative of creditors in an Insolvency or Liquidation Proceeding or by one or more Grantors in an orderly liquidation of such ABL First Lien Collateral, to repay the ABL Debt Obligations. Nothing in this
Section shall be deemed to modify, waive, condition, limit or otherwise adversely affect any right ABL Agent may have to sell or otherwise dispose of any inventory (including inventory bearing any trademarks or tradenames forming a part of the Term
Loan First Lien Collateral), whether by lien enforcement action or otherwise, after any sale or other disposition of any intellectual property by Term Loan Agent or any other Pari Term Loan Debt Secured Party. 

(c) During the period of actual occupation, use or control by the ABL Secured Parties or their agents or representatives of any Term Loan First
Lien Collateral, the ABL Secured Parties shall (i) be responsible for the ordinary course third-party expenses related thereto, including costs with respect to heat, light, electricity, water and real property taxes with respect to that portion
of any premises so used or occupied, and (ii) be obligated to repair at their expense any physical damage to such Term Loan First Lien Collateral or other assets or property resulting from such occupancy, use or control, and to leave such Term
Loan First Lien Collateral or other assets or property in substantially the same condition as it was at the commencement of such occupancy, use or control, ordinary wear and tear excepted. The ABL Secured Parties severally (on a pro rata basis)
agree to pay, indemnify and hold each Pari Term Loan Debt Agent and their respective officers, directors, employees and agents harmless from and against any liability, cost, expense, loss or damages, including legal fees and expenses, resulting from
the gross negligence or willful misconduct of the ABL Agent or any of its agents, representatives or invitees in its or their operation of such facilities. Notwithstanding the foregoing, in no event 

  
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shall the ABL Secured Parties have any liability to the Pari Term Loan Debt Secured Parties pursuant to this Section as a result of any condition (including any environmental condition, claim or
liability) on or with respect to the Term Loan First Lien Collateral existing prior to the date of the exercise by the ABL Secured Parties of their rights under this Section and the ABL Secured Parties shall have no duty or liability to maintain the
Term Loan First Lien Collateral in a condition or manner better than that in which it was maintained prior to the use thereof by the ABL Secured Parties, or for any diminution in the value of the Term Loan First Lien Collateral that results solely
from ordinary wear and tear resulting from the use of the Term Loan First Lien Collateral by the ABL Secured Parties in the manner and for the time periods specified under this Section 2.08. Without limiting the rights granted in this
paragraph, ABL Agent, to the extent that rights have been exercised under this Section 2.08 by ABL Agent, shall cooperate with the Pari Term Loan Debt Secured Parties in connection with any efforts made by the Pari Term Loan Debt Secured
Parties to sell the Term Loan First Lien Collateral. 
 (d) Each Pari Term Loan Debt Agent and each Pari Term Loan Debt Secured Party, in its
capacity as a secured party (or as a purchaser, assignee or transferee, as applicable), and to the extent of its interest therein, hereby grants to the ABL Agent and the ABL Secured Parties a nonexclusive, irrevocable, royalty-free, worldwide
license to use, license or sublicense any and all Intellectual Property now owned or hereafter acquired included as part of the Pari Term Loan Debt Collateral (and including in such license access to all media in which any of the licensed items may
be recorded or stored and to all computer software and programs used for the compilation or printout thereof) as is or may be necessary or advisable in the ABL Agent’s reasonable judgment for the ABL Agent to process, ship, produce, store,
supply, lease, complete, sell, liquidate or otherwise deal with the ABL First Lien Collateral, or to collect or otherwise realize upon any Accounts (as defined in the ABL Credit Agreement) comprising ABL First Lien Collateral, in each case solely in
connection with any exercise of remedies available to the ABL Secured Parties; provided that (i) any such license shall terminate upon the sale of the applicable ABL First Lien Collateral and shall not extend or transfer to the purchaser
of such ABL First Lien Collateral, (ii) the ABL Agent’s use of such Intellectual Property shall be reasonable and lawful, and (iii) any such license is granted on an “AS-IS” basis, without any representation or warranty
whatsoever. Furthermore, each Pari Term Loan Debt Agent agrees that, in connection with any exercise of remedies available to any Pari Term Loan Debt Agent in respect of Pari Term Loan Debt Collateral, such Pari Term Loan Debt Agent shall provide
written notice to any purchaser, assignee or transferee of Intellectual Property pursuant to such exercise of remedies, that the applicable Intellectual Property is subject to such license. 

SECTION 2.09 Insurance. Unless and until written notice by the ABL Agent to each Pari Term Loan Debt Agent that the Discharge of Senior
Secured Debt Obligations in respect of the ABL Debt Obligations has occurred, as between the ABL Agent, on the one hand, and any Pari Term Loan Debt Agent, on the other hand, only the ABL Agent will have the right (subject to the rights of the
Grantors under the ABL Debt Documents and the Term Loan Documents) to adjust or settle any insurance policy or claim covering or constituting ABL First Lien Collateral in the event of any loss thereunder and to approve any award granted in any
condemnation or similar proceeding affecting the ABL First Lien Collateral. Unless and until written notice by each Pari Term Loan Debt Agent to the ABL Agent that the Pari Term Loan Debt Obligations have been paid in full, as between the ABL Agent,
on the one hand, and any Pari Term Loan Debt Agent, on the other hand, only Pari Term Loan Debt Agents will have the 

  
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right (subject to the rights of the Grantors under the ABL Debt Documents and the Pari Term Loan Debt Documents) to adjust or settle any insurance policy covering or constituting Term Loan First
Lien Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding solely affecting Term Loan First Lien Collateral. To the extent that an insured loss covers or constitutes both ABL First
Lien Collateral and Term Loan First Lien Collateral, then the ABL Agent and each Pari Term Loan Debt Agent will work jointly and in good faith to collect, adjust or settle (subject to the rights of the Grantors under the ABL Debt Documents and the
Pari Term Loan Debt Documents) under the relevant insurance policy. 
 SECTION 2.10 Refinancing and Additional Secured Debt. 

(a) The ABL Debt Obligations and the Pari Term Loan Debt Obligations may be Replaced by any ABL Substitute Facility or Term Loan Substitute
Facility, as the case may be, in each case, without notice to or the consent of any Secured Party, all without affecting the Lien priorities provided for herein or the other provisions hereof; provided, however, that the Term Loan
Agent and the ABL Agent shall receive on or prior to incurrence of the Replacement of an ABL Substitute Facility or Term Loan Substitute Facility (i) an Officer’s Certificate from the Borrower stating that (A) the Replacement is
permitted by each applicable Secured Document to be incurred, or to the extent a consent is otherwise required to permit the Replacement under any Secured Document, each Grantor has obtained the requisite consent and (B) the requirements of
Section 2.09 have been satisfied, and (ii) a Lien Sharing and Priority Confirmation Joinder from the holders or lenders of any indebtedness that Replaces the ABL Debt Obligations or the Term Loan Debt Obligations (or an authorized
agent, trustee or other representative on their behalf). 
 Each of the then-existing ABL Agent and Term Loan Agent shall be authorized to
execute and deliver such documents and agreements (including amendments or supplements to this Agreement) as such holders, lenders, agent, trustee or other representative may reasonably request to give effect to such Replacement, it being understood
that the ABL Agent and each Term Loan Agent, without the consent of any other Secured Party, may amend, supplement, modify or restate this Agreement to the extent reasonably necessary or appropriate to facilitate such amendments or supplements to
effect such Replacement all at the expense of the Borrower. Upon the consummation of such Replacement and the execution and delivery of the documents and agreements contemplated in the preceding sentence, the holders or lenders of such indebtedness
and any authorized agent, trustee or other representative thereof shall be entitled to the benefits of this Agreement. 
 (b) Each Grantor
will be permitted to designate as an additional holder of Secured Debt Obligations hereunder each Person who is or who becomes the registered holder of Additional Pari Term Loan Debt, incurred by such Grantor after the date of this Agreement in
accordance with the terms of all applicable Secured Documents. Each Grantor may effect such designation by delivering to each Pari Term Loan Debt Agent and the ABL Agent, each of the following: 

(i) an Officer’s Certificate stating that (A) such Grantor intends to incur Additional Pari Term Loan Debt and
(B) such Additional Pari Term Loan Debt is then permitted by each applicable Secured Document to be incurred and secured by a Pari Term Loan Debt Lien, in respect of such Additional Pari Term Loan, and 

  
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 (ii) if applicable, the Additional Pari Term Loan Debt Agent, on behalf of itself
and the Additional Pari Term Loan Debt Secured Parties of the applicable Series must, prior to such designation, sign and deliver a Lien Sharing and Priority Confirmation Joinder. 

(c) Notwithstanding the foregoing, nothing in this Agreement will be construed to permit any Grantor to incur, or prohibit any Grantor from
incurring, additional indebtedness unless otherwise permitted or prohibited, as applicable, by the terms of each applicable Secured Document. 

(d) Any Series of Additional Pari Term Loan Debt shall rank equal in right of security with the Term Loan Debt Obligations and any other Series
of Additional Pari Term Loan Debt . 
 SECTION 2.11 Modification; No Interference. 

(a) The ABL Secured Parties may agree to modify the terms (including, amending, restating, amending and restating, supplementing,
restructuring, repaying, refinancing, or otherwise modifying) of any of the ABL Debt Obligations and any ABL Debt Documents and grant extensions of the time of payment or performance to and make compromises (including releases of Liens on the ABL
First Lien Collateral or of guaranties) and settlements with any and all Grantors and all other Persons, in each case, without the consent of the Pari Term Loan Debt Secured Parties and without affecting agreements of the Pari Term Loan Debt Secured
Parties in this Agreement. If an ABL Secured Party should amend or waive any provisions of the ABL Debt Documents, whether or not any ABL Secured Party has knowledge that such amendment or waiver would result in a breach of any Pari Term Loan Debt
Documents or an Event of Default under any Pari Term Loan Debt Documents, or knowledge of an act, condition or event which with notice or passage of time or both would constitute an Event of Default under any Pari Term Loan Debt Documents, in no
event shall the ABL Secured Parties have any liability to any Pari Term Loan Debt Secured Parties as a result of such breach and, without limiting generality of the foregoing, the ABL Secured Parties shall not have any liability for tortious
interference with contractual relations or for inducement by the ABL Secured Parties of any Grantor to breach any contract or otherwise. Nothing contained in this Section 2.11(a) shall limit, impair or waive any right that the Pari Term
Loan Debt Secured Parties have to enforce any of the provisions of the Pari Term Loan Debt Documents against any Grantor and the provisions of this Agreement against any ABL Secured Party. 

(b) The Pari Term Loan Debt Secured Parties may agree to modify the terms (including, amending, restating, amending and restating,
supplementing, restructuring, repaying, refinancing, or otherwise modifying) of any of their respective Pari Term Loan Debt Obligations and any Pari Term Loan Debt Documents and grant extensions of the time of payment or performance to and make
compromises (including releases of Liens on Term Loan First Lien Collateral or of guaranties) and settlements with any and all Grantors and all other Persons, in each case, without the consent of the ABL Secured Parties and without affecting the
agreements 

  
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of the ABL Secured Parties in this Agreement. If a Pari Term Loan Debt Secured Party should amend or waive any provisions of its respective Pari Term Loan Debt Documents, whether or not any Pari
Term Loan Debt Secured Party has knowledge that such amendment or waiver would result in a breach of any ABL Debt Documents or an Event of Default under any ABL Debt Documents, or knowledge of an act, condition or event which with notice or passage
of time or both would constitute an Event of Default under any ABL Debt Documents, in no event shall the Pari Term Loan Debt Secured Parties have any liability to any ABL Secured Party as a result of such breach and, without limiting generality of
the foregoing, the Pari Term Loan Debt Secured Parties shall not have any liability for tortious interference with contractual relations or for inducement by the Pari Term Loan Debt Secured Parties of any Grantor to breach any contract or otherwise.
Nothing contained in this Section 2.11(b) shall limit, impair or waive any right that the ABL Secured Parties have to enforce any of the provisions of the ABL Debt Documents against any Grantor and the provisions of this Agreement
against any Pari Term Loan Debt Secured Party. 
 SECTION 2.12 Legends. Each Security Document shall (and, to the extent already in
existence, shall be amended to) include a legend, substantially in the form of Annex I, describing this Agreement. 
 SECTION 2.13 Junior
Secured Obligations Secured Parties Rights as Unsecured Creditors. Notwithstanding the provisions of Sections 2.02, 2.04(a) and 2.06(b), (c) and (d) or otherwise, both before and during an Insolvency
or Liquidation Proceeding, any of the Junior Secured Obligations Secured Parties may take any actions and exercise any and all rights that would be available to a holder of unsecured claims, including the commencement of an Insolvency or Liquidation
Proceeding against any Grantor in accordance with applicable law (including the Bankruptcy Laws of any applicable jurisdiction); provided that, the Junior Secured Obligations Secured Parties may not take any of the actions prohibited by
Section 2.02, clauses (i) through (vii) of Section 2.04(a) or Section 2.06(b), (c), (d) and (e); provided, further, that in the event that any of the
Junior Secured Obligations Secured Parties becomes a judgment lien creditor in respect of any Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Junior Secured Obligations, such judgment lien shall
be subject to the terms of this Agreement for all purposes (including in relation to the Senior Secured Obligations) as the other Liens securing the Junior Secured Obligations are subject to this Agreement. 

SECTION 2.14 No New Liens. Except as provided in Section 2.06, so long as the Discharge of Senior Secured Debt Obligations
with respect to any Senior Secured Obligation has not occurred, whether or not any Insolvency Proceeding has been commenced by or against any Grantor, the parties hereto agree that the Borrower shall not, and shall not permit any other Grantor to,
grant any Lien on any of its property, or permit any of its Subsidiaries to grant a Lien on any of its property, to secure Junior Secured Obligations unless it, or such Subsidiary, has granted (or offered to grant with a reasonable opportunity for
such Lien to be accepted) a corresponding Lien on such property in favor of the holders of the Senior Secured Obligations with respect to such property; provided, however, notwithstanding the foregoing, the refusal of any such holder
of Senior Secured Obligations to accept a Lien on any property of any Grantor shall not prohibit the taking of a Lien on such property by the holders of Junior Secured Obligations. If any Secured Party shall acquire any Lien on any property of any
Grantor or any of their respective Subsidiaries constituting Junior Secured Obligations Collateral securing any 

  
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Junior Secured Obligations which property is not also subject to the Lien of the holders of Senior Secured Obligations with respect to such property, then such holders of Junior Secured
Obligations shall, without the need for any further consent of any other Person and notwithstanding anything to the contrary in any other Junior Document (x) hold and be deemed to have held such Lien and security interest on such property for
the benefit of the holders of Senior Secured Obligations with respect to such property as security for the Senior Secured Obligations, or (y) if directed by the holders of the Senior Secured Obligations with respect to such property
constituting Senior Secured Obligations Collateral, take any actions that are necessary to make such Lien subject to this Agreement and provide the benefit of such Lien to the holders of the Senior Secured Obligations with respect to such property.
To the extent any additional Liens are granted on any asset or property pursuant to this Section 2.14, the priority of such additional Liens shall be determined in accordance with Section 2.01. In addition, to the extent that
the foregoing provisions are not complied with for any reason, and without limiting any other rights and remedies available under this Agreement, the ABL Agent, each Pari Term Loan Debt Agent and the Secured Parties agree that any amounts received
by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.14 shall be subject to Section 2.04(b). 

SECTION 2.15 Set-Off and Tracing of and Priorities in Proceeds. Each Pari Term Loan Debt Agent, on behalf of the Pari Term Loan Debt
Secured Parties, acknowledges and agrees that, to the extent any Pari Term Loan Debt Agent or any Pari Term Loan Debt Secured Party exercises any rights of set-off against any ABL First Lien Collateral, the amount of such set-off shall be held and
distributed pursuant to Section 2.04(b). The ABL Agent, on behalf of the ABL Secured Parties, acknowledges and agrees that, to the extent the ABL Agent or any ABL Secured Party exercises any rights of set-off against any ABL First Lien
Collateral, the amount of such set-off shall be held and distributed pursuant to Section 2.04(b). The ABL Agent, for itself and on behalf of the ABL Secured Parties, and the Pari Term Loan Debt Agents, for themselves and on behalf of the
Pari Term Loan Debt Secured Parties, further agree that prior to an issuance of any Enforcement Notice with respect to the Senior Secured Obligations Collateral or the commencement of any Insolvency or Liquidation Proceeding, any proceeds of
Collateral, whether or not deposited under Account Agreements, which are used by any Grantor to acquire other property which is Collateral shall not (solely as between the ABL Agent, the ABL Secured Parties, the Pari Term Loan Debt Agents and the
Pari Term Loan Debt Secured Parties) be treated as proceeds of Collateral for purposes of determining the relative priorities in the Collateral which was so acquired. In addition, unless and until the Discharge of Senior Secured Debt Obligations
occurs, the Pari Term Loan Debt Agents and the Pari Term Loan Debt Secured Parties each hereby consents to the application, prior to the receipt by the ABL Agent of an Enforcement Notice issued by any Pari Term Loan Debt Agent, of cash or other
proceeds of Collateral, deposited under Account Agreements to the repayment of ABL Debt Obligations pursuant to the ABL Debt Documents; provided that after the receipt by the ABL Agent of an Enforcement Notice from any Pari Term Loan Debt
Agent and a Term Loan Proceeds Notice with respect to such proceeds, any identifiable proceeds of Term Loan First Lien Collateral (whether or not deposited under Account Agreements with the ABL Agent) shall be treated as Term Loan First Lien
Collateral. 
 Notwithstanding anything to the contrary contained herein or in the definition of ABL First Lien Collateral or Term Loan
First Lien Collateral, in the event that proceeds of Collateral 

  
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are received from (or are otherwise attributable to the value of) a sale or other disposition of Collateral that involves a combination of ABL First Lien Collateral and Term Loan First Lien
Collateral, the portion of such proceeds that shall be allocated as proceeds of ABL First Lien Collateral for purposes of this Agreement shall be an amount equal to the net book value of such ABL First Lien Collateral (except in the case of
Accounts, Supporting Obligations with respect to such Accounts and proceeds thereof, which amount shall be equal to the face amount of such Accounts). In addition, notwithstanding anything to the contrary contained herein or in the definition of ABL
First Lien Collateral or Term Loan First Lien Collateral, to the extent proceeds of Collateral are proceeds received from (or are otherwise attributable to the value of) the sale or disposition of all or substantially all of the Capital Stock of any
Subsidiary that is a Grantor or all or substantially all of the assets of any such Subsidiary, such proceeds shall constitute (a) first, in an amount equal to (i) the face amount of the Accounts (excluding any rights to payment for any
property which specifically constitutes Term Loan First Lien Collateral that has been or is to be sold, leased, licensed, assigned or otherwise disposed of), (ii) the amount of cash held in the deposit accounts of such Grantor immediately prior
to the consummation of such sale constituting the proceeds of Accounts constituting ABL First Lien Collateral and (iii) the net book value of the Inventory owned by such Subsidiary at the time of such sale, ABL First Lien Collateral, and
(b) second, to the extent in excess of the amounts described in preceding clause (a), Term Loan First Lien Collateral. In the event that amounts are received in respect of Collateral consisting of Capital Stock of or intercompany loans issued
to any Grantor in an Insolvency or Liquidation Proceeding, such amounts shall be deemed to be Proceeds received from a sale or disposition of ABL First Lien Collateral and Term Loan First Lien Collateral and shall be allocated as proceeds of ABL
First Lien Collateral and Term Loan First Lien Collateral in proportion to the ABL First Lien Collateral and Term Loan First Lien Collateral owned at such time by the issuer of such Capital Stock (with such proportion to be determined in the same
manner as is set forth in the immediately preceding sentence as it relates to a sale or disposition of Capital Stock). 
 ARTICLE III 

Gratuitous Bailment for Perfection of Certain Security 

Interests; Rights Under Permits and Licenses 

SECTION 3.01 General. Each of the ABL Agent and each Pari Term Loan Debt Agent agrees and acknowledges that if it shall at any time
hold a Senior Lien on any Junior Secured Obligations Collateral that can be perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such Collateral or any such account is in fact in the
possession or under the control of the Senior Representative, the Senior Representative shall also hold such Collateral as gratuitous bailee for the Junior Representative for the sole purpose of perfecting the Junior Lien of the Junior
Representative on such Collateral. It is agreed that the obligations of the Senior Representative and the rights of the Junior Representative and the other Junior Secured Obligations Secured Parties in connection with any such bailment arrangement
will be in all respects subject to the provisions of Article II. Notwithstanding anything to the contrary herein, the ABL Agent and each Pari Term Loan Debt Agent will be deemed to make no representation as to the adequacy of the steps taken
by it to perfect the Junior Lien on any such Collateral and shall have no responsibility, duty, obligation or liability to the Junior Representative or other Junior Secured Obligations Secured Party or any

  
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other person for such perfection or failure to perfect, it being understood that the sole purpose of this Article is to enable the Junior Secured Obligations Secured Parties to obtain a perfected
Junior Lien in such Collateral to the extent, if any, that such perfection results from the possession or control of such Collateral or any such account by the ABL Agent or any Pari Term Loan Debt Agent. Subject to Section 2.06 and to
the ABL Agent or any Pari Term Loan Debt Agent receiving such indemnifications as shall be required by such ABL Agent or any Pari Term Loan Debt Agent, from and after the associated Discharge of Senior Secured Debt Obligations, the ABL Agent or any
Pari Term Loan Debt Agent shall take all such actions in its power as shall reasonably be requested by Junior Representative (at the sole cost and expense of the Grantors) to transfer possession of such Collateral in its possession (in each case to
the extent the Junior Representative has a Lien on such Collateral after giving effect to any prior or concurrent releases of Liens) to the Junior Representative (and with respect to any Collateral constituting ABL First Lien Collateral, to each
Pari Term Loan Debt Agent for the benefit of all applicable Junior Secured Obligations Secured Parties). In furtherance of the foregoing, each Grantor hereby grants a security interest in the Collateral to each ABL Agent and Pari Term Loan Debt
Agent that controls such Collateral for the benefit of all Junior Representatives which have been granted a Lien on such Collateral controlled by such Senior Representative. 

SECTION 3.02 Deposit Accounts. 

(a) The Grantors, to the extent permitted by the ABL Credit Agreement, may from time to time establish deposit accounts (the “Deposit
Accounts”) with certain depositary banks in which collections from Inventory (as defined in the ABL Credit Agreement) and Accounts (as defined in the ABL Credit Agreement) may be deposited. To the extent that any such Deposit Account is
under the control of the ABL Agent at any time, the ABL Agent will act as agent and gratuitous bailee for each Pari Term Loan Debt Agent for the purpose of perfecting the Liens of the Pari Term Loan Debt Secured Parties in such Deposit Accounts and
the cash and other assets therein as provided in Section 2.01 (but will have no duty, responsibility or obligation to the Pari Term Loan Debt Secured Parties (including any duty, responsibility or obligation as to the maintenance of such
control, the effect of such arrangement or the establishment of such perfection). Unless the Junior Liens on such ABL First Lien Collateral shall have been or concurrently are released, after the occurrence of any Discharge of Senior Secured Debt
Obligations, the ABL Agent shall, to the extent that the same are then under the sole dominion and control of the ABL Agent and that such action is otherwise within the power and authority of the ABL Agent pursuant to the ABL Debt Documents, at the
request of any Pari Term Loan Debt Agent, cooperate with Grantors and the other Pari Term Loan Debt Agents (at the expense of the Grantors) in permitting control of any Deposit Accounts to be transferred to the Controlling Term Loan Debt Agent (or
for other arrangements with respect to each such Deposit Accounts satisfactory to each Pari Term Loan Debt Agent to be made): 
 (b) The
Grantors, the Representatives, the Secured Parties and all other parties hereto agree that only proceeds of the Term Loan First Lien Collateral may be deposited in the Collateral Proceeds Account and agree to take all other actions necessary to give
effect to the intent of this Section 3.02(b). Without limiting the generality of the foregoing, each Pari Term Loan Debt Agent hereby agrees that if the Collateral Proceeds Account contains any proceeds of the ABL First Lien Collateral,
it shall hold such proceeds in trust for the ABL Secured Parties and transfer such proceeds the ABL Secured Parties reasonably promptly after receiving written notice from the ABL Secured Parties that it has possession of such proceeds in accordance
with Section 2.04(b). Each Pari Term Loan Debt Agent shall give written notice to the ABL Agent identifying the Collateral Proceeds Account. 

  
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 (c) Prior to the earliest of (x) the delivery of any Enforcement Notice to the ABL Agent by
the Term Loan Agent and (y) an Insolvency or Liquidation Proceeding in respect of the Borrower or any Guarantor, all funds, cash, cash equivalents, collections and payments deposited in any Deposit Account subject to a control agreement or
other similar account constituting ABL First Lien Collateral and then applied to the ABL Debt Obligations shall be treated as ABL First Lien Collateral and, unless the ABL Agent has received a Term Loan Proceeds Notice from the Term Loan Agent which
Term Loan Proceeds Notice is received by the ABL Agent either prior to the receipt by the ABL Agent of such identifiable cash proceeds of Term Loan First Lien Collateral or at a time when such proceeds are still standing to the credit of the
applicable account, (1) any claim that payments made to the ABL Agent through the Deposit Accounts or securities accounts that are subject to control agreements or otherwise constituting ABL First Lien Collateral are proceeds of or otherwise
constitute Term Loan First Lien Collateral, are waived, and (2) such proceeds shall not be subject to disgorgement by, or held in trust or otherwise for the benefit of, any Term Loan Secured Party. 

SECTION 3.03 Rights under Permits and Licenses. 

Each Pari Term Loan Debt Agent agrees that if the ABL Agent shall require rights available under any permit or license controlled by such Pari
Term Loan Debt Agent (as certified to such Pari Term Loan Debt Agent by the ABL Agent, upon which such Pari Term Loan Debt Agent may rely) in order to realize on any ABL First Lien Collateral, such Pari Term Loan Debt Agent shall (subject to the
terms of the Pari Term Loan Debt Documents, including such Pari Term Loan Debt Agent’s rights to indemnification thereunder) take all such actions as shall be available to it (at the sole expense of the Grantors), consistent with applicable law
and reasonably requested by the ABL Agent in writing, to make such rights available to the ABL Agent, subject to the Pari Term Loan Debt Liens. The ABL Agent agrees that if any Pari Term Loan Debt Agent shall require rights available under any
permit or license controlled by the ABL Agent (as certified to the ABL Agent by such Pari Term Loan Debt Agent, upon which the ABL Agent may rely) in order to realize on any Term Loan First Lien Collateral, the ABL Agent shall (subject to the terms
of the ABL Debt Documents, including such ABL Agent’s rights to indemnification thereunder) take all such actions as shall be available to it (at the sole expense of the Grantors), consistent with applicable law and reasonably requested by such
Pari Term Loan Debt Agent in writing, to make such rights available to such Pari Term Loan Debt Agent, subject to the ABL Liens. 
 ARTICLE
IV 
 Existence and Amounts of Liens and Obligations 

Whenever a Representative shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to
determine the existence or amount of any Senior Secured Obligations (or the existence of any commitment to extend credit that would constitute Senior Secured Obligations) or Junior Secured Obligations (or the existence of any

  
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commitment to extend credit that would constitute Junior Secured Obligations), or the existence of any Lien securing any such obligations, or the Collateral subject to any such Lien, it may
request that such information be furnished to it in writing by the other Representative or Representatives and shall be entitled to make such determination on the basis of the information so furnished; provided, however, that if a
Representative shall fail or refuse reasonably promptly to provide the requested information, the requesting Representative shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment,
determine, including by reliance upon a certificate of the Borrower. Each Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence
(or as otherwise directed by a court of competent jurisdiction) and shall have no liability to the Grantors or any of their Subsidiaries, any Secured Party or any other person as a result of such determination. 

ARTICLE V 
 Consent of Grantors

 Each Grantor hereby consents to the provisions of this Agreement and the intercreditor arrangements provided for herein and agrees
that the obligations of the Grantors under the Security Documents will in no way be diminished or otherwise affected by such provisions or arrangements (except as expressly provided herein). 

ARTICLE VI 
 Representations
and Warranties 
 SECTION 6.01 Representations and Warranties of Each Party. Each Grantor hereto represents and warrants to the
other parties hereto as follows: 
 (a) Such party is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization and has all requisite power and authority to enter into and perform its obligations under this Agreement. 

(b) This Agreement has been duly executed and delivered by such party. 

(c) The execution, delivery and performance by such party of this Agreement (i) do not require any consent or approval of, registration or
filing with or any other action by any governmental authority of which the failure to obtain could reasonably be expected to have a Materially Adverse Effect (as defined in the ABL Credit Agreement), (ii) will not violate any applicable law or
regulation or any order of any governmental authority or any indenture, agreement or other instrument binding upon such party which could reasonably be expected to have a Materially Adverse Effect and (iii) will not violate the charter, by-laws
or other organizational documents of such party. 
 SECTION 6.02 Representations and Warranties of Each Representative. Each of the
Pari Term Loan Debt Agents and the ABL Agent represents and warrants to the other parties hereto that it is authorized under their respective Pari Term Loan Debt Documents and the ABL Credit Agreement, as the case may be, to enter into this
Agreement. 

  
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 ARTICLE VII 

Miscellaneous 
 SECTION
7.01 Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows: 

 

	 	(a)	if to the Original ABL Agent, to: 

 SunTrust Bank 

303 Peachtree St., NE 
 Atlanta,
GA 30308 
 Attention: 
 Fax:

  

	 	(b)	if to the Original Term Loan Agent, to: 

 Royal Bank of Canada 

20 King Street West, 4th Floor 

Toronto, Ontario M5H 1C4 

Canada 
 Attention: Manager,
Agency Services 
 Fax: (416) 842-4023 
  

	 	(c)	if to the Grantors, to: 

 Installed Building Products, Inc. 

495 South High St. 
 Suite 50

 Columbus, OH 43215 

Attention: Michael Miller 
 Fax:
(614) 961-3300 
 and if to any other Secured Debt Representative, to such address as specified in the Lien Sharing and Priority
Confirmation Joinder. 
 Any party hereto may change its address or fax number for notices and other communications hereunder by notice to the other parties
hereto (and for this purpose a notice to the Borrower shall be deemed to be a written notice to each Grantor). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have
been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) at the address of such party as provided in this Section 7.01 or in accordance with the latest unrevoked direction from
such party given in accordance with this Section 7.01. As agreed to in writing among the Borrower, on behalf of the Grantors, each Pari Term Loan Debt Agent and the ABL Agent from time to time, notices and other communications may also
be delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person. 

  
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 SECTION 7.02 Waivers; Amendment. 

(a) No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto
in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this
Agreement nor any provision hereof may be terminated, waived, amended or modified except pursuant to an agreement or agreements in writing entered into by each Representative and the Borrower, on behalf of the Grantors (it being understood that the
consent of the Borrower to any amendment or modification of this Agreement or any provision thereof shall only be required to the extent such amendment or modification adversely affects or impairs the rights of the Borrower or any Grantor (including
rights hereunder, under the ABL Debt Documents and under the Pari Term Loan Debt Documents) or imposes any additional obligation or liability upon the Borrower or any Grantor); provided, however, that this Agreement may be amended from
time to time (x) as provided in Section 2.12 and (y) at the sole request and expense of the Borrower, and without the consent of any Representative, to add, pursuant to the Intercreditor Agreement Joinder, additional Grantors
whereupon such Person will be bound by the terms hereof to the same extent as if it had executed and delivered this Agreement as of the date hereof. Any amendment of this Agreement that is proposed to be effected without the consent of a
Representative as permitted by the proviso to the preceding sentence shall be submitted to such Representative for its review at least 5 Business Days (or such shorter period as shall be acceptable to such Representative) prior to the proposed
effectiveness of such amendment; provided that no prior review shall be required for the joinder of a Grantor pursuant to a joinder in the form of Exhibit A. 

SECTION 7.03 Parties in Interest. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, as well as the other Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement. 

SECTION 7.04 Survival of Agreement. All covenants, agreements, representations and warranties made by any party in this Agreement shall
be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 

  
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 SECTION 7.05 Counterparts. This Agreement may be executed in counterparts, each of which
shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission (or other electronic transmission) shall be as effective as
delivery of a manually signed counterpart of this Agreement. 
 SECTION 7.06 Severability. Any provision of this Agreement held to be
invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7.07 Governing Law; Jurisdiction; Consent to Service of Process. 

(a) This Agreement shall be construed in accordance with and governed by the laws of the State of New York. 

(b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in the Borough of Manhattan in New York, New York and of the United States District Court of the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, in
any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding shall be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (c) Each party hereto hereby irrevocably
and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any
court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court. 
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 7.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 7.08 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

  
 -40- 

 
EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 7.09 Headings. Article, Section and Annex headings used herein are for convenience of reference only, are not part of this
Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
 SECTION 7.10
Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of any Secured Documents, the provisions of this Agreement shall control. 

SECTION 7.11 Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose
of defining the relative rights of the ABL Secured Parties, on the one hand, and the Pari Term Loan Debt Secured Parties, on the other hand. None of the Grantors or any other creditor thereof shall have any rights or obligations hereunder, except as
expressly provided in this Agreement (provided that nothing in this Agreement (other than Article I, Sections 2.05, 2.06, 2.09, 2.10 or Article VII) is intended to or will amend, waive or otherwise
modify the provisions of the ABL Debt Documents or the Pari Term Loan Debt Documents), and no Grantor may rely on the terms hereof (other than Article I, Sections 2.05, 2.06, 2.09, 2.10, Article IV and
Article VII). Nothing in this Agreement is intended to or shall impair the obligations of Grantors, which are absolute and unconditional, to pay the Obligations under the Secured Documents as and when the same shall become due and payable in
accordance with their terms. Notwithstanding anything to the contrary herein or in any Secured Document, the Grantors shall not be required to act or refrain from acting (a) pursuant to this Agreement or any Pari Term Loan Debt Document with
respect to any ABL First Lien Collateral in any manner that would cause a default under any ABL Debt Document, or (b) pursuant to this Agreement or any ABL Debt Document with respect to any Term Loan First Lien Collateral in any manner that
would cause a default under any Pari Term Loan Debt Document. 
 SECTION 7.12 Certain Terms Concerning the ABL Agent and each Pari Term
Loan Debt Agent; Force Majeure. 
 (a) Neither the ABL Agent nor any Pari Term Loan Debt Agent shall have any liability or responsibility
for the actions or omissions of any other Secured Party, or for any other Secured Party’s compliance with (or failure to comply with) the terms of this Agreement. Neither the ABL Agent nor any Pari Term Loan Debt Agent shall have individual
liability to any Person if it shall mistakenly pay over or distribute to any Secured Party (or the Grantors) any amounts in violation of the terms of this Agreement, so long as the ABL Agent or such Pari Term Loan Debt Agent, as the case may be, is
acting in good faith. Neither the ABL Agent nor any Pari Term Loan Debt Agent shall be responsible for or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused by, directly or

  
 -41- 

 
indirectly, forces beyond its reasonable control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts
of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 
 (b) Each of the
Pari Term Loan Debt Agents and the ABL Agent is executing and delivering this Agreement solely in its capacity as agent and in so doing, neither such Pari Term Loan Debt Agent nor the ABL Agent shall be responsible for the terms or sufficiency of
this Agreement for any purpose. None of the Pari Term Loan Debt Agents or the ABL Agent shall have any duties or obligations under or pursuant to this Agreement other than such duties as may be expressly set forth in this Agreement as duties on its
part to be performed or observed. In entering into this Agreement, or in taking (or forbearing from) any action under or pursuant to this Agreement, each Pari Term Loan Debt Agent and the ABL Agent shall have and be protected by all of the rights,
immunities, indemnities and other protections granted to it under the ABL Debt Documents and the Term Loan Documents, as applicable. 

[Remainder of this page intentionally left blank] 

  
 -42- 

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

			
	SUNTRUST BANK,
	as Original ABL Agent
		
	By:	 	 /s/ Tighe A. Ittner

		 	Name:    Tighe A. Ittner
		 	Title:    Director

 
			
	ROYAL BANK OF CANADA, as Original Term Loan Agent
		
	By:	 	 /s/ Ann Hurley

		 	Name:    Ann Hurley
		 	Title:    Manager, Agency

					
	GRANTORS:	    		 	
			
	BORROWER:	    	INSTALLED BUILDING PRODUCTS, INC.	 	
			
		    	By: /s/ Michael T.
Miller                                        
    	 	
		    	      Name: Michael T. Miller	 	
		    	       Title: Executive Vice President and Chief

        Financial Officer
	 	

					
	SUBSIDIARY GRANTORS:	    	 ACCURATE INSULATION LLC
 ACCURATE INSULATION OF
COLORADO, LLC
 ACCURATE INSULATION OF DELAWARE, LLC
 ACCURATE
INSULATION OF UPPER MARLBORO, LLC
 ALL CONSTRUCTION SERVICES, LLC

ALL IN ONE & MOORE BUILDING SYSTEMS, LLC
 ALPHA INSULATION
& WATER PROOFING COMPANY
 ALPHA INSULATION & WATER PROOFING, INC.

ALPINE INSULATION I, LLC
 AMERICAN INSULATION & ENERGY
SERVICES, LLC
 ANY SEASON INSULATION, LLC
 APPLE VALLEY
INSULATION, A BDI COMPANY, INC.
 BAYTHERM INSULATION, LLC
 BDI
INSULATION OF IDAHO FALLS, INC.
 BDI INSULATION OF SALT LAKE, L.L.C.

BER ENERGY SERVICES, LLC
 BIG CITY INSULATION OF IDAHO, INC.

BIG CITY INSULATION, INC.
 B-ORGANIZED INSULATION, LLC

BROKEN DRUM INSULATION VISALIA, INC.
 BROKEN DRUM OF BAKERSFIELD,
INC.
 BUILDERS INSTALLED PRODUCTS OF MAINE, LLC
 BUILDERS
INSTALLED PRODUCTS OF NEW HAMPSHIRE, LLC
 BUILDERS INSTALLED PRODUCTS OF NEW YORK, LLC

BUILDERS INSTALLED PRODUCTS OF VERMONT, LLC
 BUILDING MATERIALS
FINANCE, INC.
 C.Q. INSULATION, INC.
 CLS INSULATION, LLC

CORNHUSKER INSULATION, LLC
 EAST COAST INSULATORS II, LLC

EASTERN CONTRACTOR SERVICES LIMITED LIABILITY
 COMPANY

ECOLOGIC ENERGY SOLUTIONS, LLC
 EDWARDS / MOONEY & MOSES,
LLC
 EMPER HOLDINGS, LLC
 FIBERCLASS INSULATION, LLC

FORT WAYNE URETHANE, LLC
 GARAGE DOOR SYSTEMS, LLC

GOLD INSULATION, INC.
 G-T-G, LLC

HINKLE INSULATION & DRYWALL COMPANY, INCORPORATED
 HORIZON
ELECTRIC SERVICES, LLC
 IBHL A HOLDING COMPANY, INC.
 IBHL B
HOLDING COMPANY, INC.
 IBHL II-A HOLDING COMPANY, INC.
	 	
			
		    	By: /s/ Michael T.
Miller                                        
            	 	
		    	 Name: Michael T. Miller
	 	
		    	 Title: Executive Vice President and Chief

  Financial Officer
	 	

					
		    	 IBHL II-B HOLDING COMPANY, INC.
 IBP
ARCTIC EXPRESS, LLC
 IBP ASSET, LLC
 IBP ASSET II, LLC

IBP CORPORATION HOLDINGS, INC.
 IBP EXTERIORS, INC.

IBP HOLDINGS, LLC
 IBP HOLDINGS II, LLC

IBP OF MANSFIELD, LLC
 IBP OF OKLAHOMA, LLC

IBP OF SAN ANTONIO, LLC
 IBP OF TOLEDO, LLC

IBP TEXAS ASSETS I, LLC
 IBP TEXAS ASSETS II, LLC

IBP TEXAS ASSETS III, LLC
 INSTALLED BUILDING PRODUCTS, LLC

INSTALLED BUILDING PRODUCTS II, LLC
 INSTALLED BUILDING PRODUCTS
OF HOUSTON, LLC
 INSTALLED BUILDING PRODUCTS – PORTLAND, LLC

INSTALLED BUILDING SOLUTIONS II, LLC
 INSULATION NORTHWEST,
LLC
 INSULATION WHOLESALE SUPPLY, LLC
 INSULVAIL, LLC

KEY INSULATION OF AUSTIN, LLC
 KEY INSULATION OF SAN ANTONIO,
LLC
 LAKESIDE INSULATION, LLC
 LAYMAN BROTHERS INSULATION,
LLC
 LKS TRANSPORTATION, LLC
 LOVEDAY INSULATION, LLC

M&D INSULATION, LLC
 MAP INSTALLED BUILDING PRODUCTS OF
SAGAMORE, LLC
 MAP INSTALLED BUILDING PRODUCTS OF SEEKONK, LLC

MARV’S INSULATION, INC.
 METRO HOME INSULATION, LLC

MID SOUTH CONSTRUCTION AND BUILDING PRODUCTS, INC.
 MIG BUILDING
SYSTEMS, LLC
 MIG BUILDING SYSTEMS OF EAST SYRACUSE, LLC

MOMPER INSULATION OF CROWN POINT, LLC
 MOMPER INSULATION OF
ELKHART, LLC
 MOMPER INSULATION OF FORT WAYNE, LLC
 NORTHWEST
INSULATION, LLC
 OJ INSULATION HOLDINGS, INC.
 PACIFIC PARTNERS
INSULATION NORTH, A BDI COMPANY, LLC
 PACIFIC PARTNERS INSULATION SOUTH, A BDI COMPANY, LLC

PARKER INSULATION AND BUILDING PRODUCTS, LLC
	 	
			
		    	By: /s/ Michael T.
Miller                                        
            	 	
		    	 Name: Michael T. Miller
	 	
		    	 Title: Executive Vice President and Chief

  Financial Officer
	 	

					
		    	 PEG, LLC
 RAJAN, LLC

ROCKFORD INSULATION, LLC
 SIERRA INSULATION CONTRACTORS II,
LLC
 SOUTHERN INSULATORS, LLC
 SPEC 7 INSULATION CO., LLC

SUPERIOR INSULATION SERVICES, LLC
 SUPERIOR INSULATION, LLC

TCI CONTRACTING OF CHARLESTON, LLC
 TCI CONTRACTING OF HILTON
HEAD, LLC
 TCI CONTRACTING OF KENTUCKY, LLC
 TCI CONTRACTING OF
MEMPHIS, LLC
 TCI CONTRACTING OF NASHVILLE, LLC
 TCI
CONTRACTING OF THE GULF, LLC
 TCI CONTRACTING, LLC
 THERMAL
CONTROL INSULATION, LLC
 TIDEWATER INSULATORS, LLC
 TOWN
BUILDING SYSTEMS, LLC
 TRILOK INDUSTRIES, INC.
 U.S. INSULATION
CORP.
 WATER-TITE COMPANY, LLC
 WILSON INSULATION COMPANY,
LLC
	 	
			
		    	By: /s/ Michael T.
Miller                                        
            	 	
		    	 Name: Michael T. Miller
	 	
		    	 Title: Executive Vice President and Chief

  Financial Officer
	 	
			
		    	GOLD STAR INSULATION, L.P.	 	
			
		    	By: Gold Insulation, Inc., its General Partner	 	
			
		    	 By: /s/ Michael T.
Miller                                        
    
	 	
		    	 Name: Michael T. Miller
	 	
		    	 Title: Executive Vice President and

  Chief Financial Officer
	 	
			
		    	OJ INSULATION, L.P.	 	
			
		    	 By: OJ Insulation Holdings, Inc., its General

Partner
	 	
			
		    	 By: /s/ Michael T.
Miller                                        
    
	 	
		    	 Name: Michael T. Miller
	 	
		    	 Title: Executive Vice President and

  Chief Financial Officer
	 	

 ANNEX I 

Provision for the ABL Credit Agreement, the Term Loan Credit Agreement and any Additional Pari Term Loan Debt Facility: 

Reference is made to the ABL/Term Loan Intercreditor Agreement, dated as of April 13, 2017, among SunTrust Bank, as ABL Agent (as defined in the ABL/Term
Loan Intercreditor Agreement) for the ABL Secured Parties referred to therein; Royal Bank of Canada, as Term Loan Agent (as defined in the ABL/Term Loan Intercreditor Agreement) for the Term Loan Secured Parties referred to therein; each Additional
Pari Term Loan Debt Agent (as defined in the ABL/Term Loan Intercreditor Agreement), for the Pari Term Loan Debt Secured Parties referred to therein; Installed Building Products, Inc. and the Subsidiaries of Installed Building Products, Inc. party
thereto (the “ABL/Term Loan Intercreditor Agreement”). Each [ABL Lender hereunder] [Term Loan Lender hereunder] [lender under any Additional Pari Term Loan Debt] (a) consents to the subordination of Liens provided for in the
ABL/Term Loan Intercreditor Agreement, (b) agrees that it will be bound by, and will take no actions contrary to, the provisions of the ABL/Term Loan Intercreditor Agreement and (c) authorizes and instructs the [ABL Agent] [Pari Term Loan
Debt Agent] to enter into the ABL/Term Loan Intercreditor Agreement as [ABL Agent] [Pari Term Loan Debt Agent] on behalf of such [ABL Lender] [Term Loan Lender]. The foregoing provisions are intended as an inducement to the [ABL Lenders] [Term Loan
Lender] to extend credit to Borrowers or to acquire any notes or other evidence of any debt obligation owing from the Borrowers and such [ABL Lenders] [Term Loan Lender] are intended third party beneficiaries of such provisions and the provisions of
the ABL/Term Loan Intercreditor Agreement. 
 Provision for all ABL Security Documents and Term Loan Security Documents and any Additional Pari Term Loan
Debt Security Documents that Grant a Security Interest in Collateral: 
 Reference is made to the ABL/Term Loan Intercreditor Agreement, dated as of
[            ], 2017, among SunTrust Bank, as ABL Agent (as defined in the ABL/Term Loan Intercreditor Agreement) for the ABL Secured Parties referred to therein; Royal Bank of Canada, as
Term Loan Agent (as defined in the ABL/Term Loan Intercreditor Agreement) for the Term Loan Secured Parties referred to therein; each Additional Pari Term Loan Debt Agent (as defined in the ABL/Term Loan Intercreditor Agreement), for the Pari Term
Loan Debt Secured Parties referred to therein; Installed Building Products, Inc. and the Subsidiaries of Installed Building Products, Inc. party thereto (the “ABL/Term Loan Intercreditor Agreement”). Each Person that is secured
hereunder, by accepting the benefits of the security provided hereby, (i) consents (or is deemed to consent), to the subordination of Liens provided for in the ABL/Term Loan Intercreditor Agreement, (ii) agrees (or is deemed to agree) that
it will be bound by, and will take no actions contrary to, the provisions of the ABL/Term Loan Intercreditor Agreement, (iii) authorizes (or is deemed to authorize) the [ABL Agent] [Pari Term Loan Debt Agent] on behalf of such Person to enter
into, and perform under, the ABL/Term Loan Intercreditor Agreement and (iv) acknowledges (or is deemed to acknowledge) that a copy of the ABL/Term Loan Intercreditor Agreement was delivered, or made available, to such Person. 

  
 1 

 Notwithstanding any other provision contained herein, this Agreement, the Liens created hereby and the rights,
remedies, duties and obligations provided for herein are subject in all respects to the provisions of the ABL/Term Loan Intercreditor Agreement and, to the extent provided therein, the applicable Security Documents (as defined in the ABL/Term Loan
Intercreditor Agreement). In the event of any conflict or inconsistency between the provisions of this Agreement and the ABL/Term Loan Intercreditor Agreement, the provisions of the ABL/Term Loan Intercreditor Agreement shall control. 

  
 2 

 EXHIBIT A 

to ABL/Term Loan Intercreditor Agreement 

[FORM OF] 
 GRANTOR INTERCREDITOR
AGREEMENT JOINDER 
 The
undersigned,                     ,
a                     , hereby agrees to become party as a [Grantor] under the (a) ABL/Term Loan Intercreditor Agreement, dated as of
April 13, 2017, among SunTrust Bank, as ABL Agent for the ABL Secured Parties referred to therein; Royal Bank of Canada, as Term Loan Agent for the Term Loan Secured Parties referred to therein; each Additional Pari Term Loan Debt Agent for the
Pari Term Loan Debt Secured Parties referred to therein; Installed Building Products, Inc. and the Subsidiaries of Installed Building Products, Inc. party thereto (the “ABL/Term Loan Intercreditor Agreement”); for all purposes
thereof on the terms set forth therein, and to be bound by the terms of the ABL/Term Loan Intercreditor Agreement as fully as if the undersigned had executed and delivered the ABL/Term Loan Intercreditor Agreement as of the date thereof. 

The provisions of Article VII of the ABL/Term Loan Intercreditor Agreement will apply with like effect to this Joinder. 

IN WITNESS WHEREOF, the parties hereto have caused this ABL/Term Loan Intercreditor Agreement Joinder to be executed by their respective officers or
representatives as of            , 20    . 
  

			
	[                     ]
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Notice Address]

  

			
	ACKNOWLEDGED:
	
	 SUNTRUST BANK,
 as Original ABL
Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 1 

			
	 ROYAL BANK OF CANADA,

as Term Loan Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 2 

 EXHIBIT B to 

ABL/Term Loan Intercreditor Agreement 

[FORM- OF] 
 LIEN SHARING AND
PRIORITY CONFIRMATION JOINDER 
 Reference is made to the ABL/Term Loan Intercreditor Agreement, dated as of April 13, 2017 (as amended, supplemented,
amended and restated or otherwise modified and in effect from time to time, the “ABL/Term Loan Intercreditor Agreement”) among SunTrust Bank, as ABL Agent for the ABL Secured Parties referred to therein; Royal Bank of Canada, as
Term Loan Agent for the Term Loan Secured Parties referred to therein; each Additional Pari Term Loan Debt Agent for the Pari Term Loan Debt Secured Parties referred to therein; Installed Building Products, Inc. and the Subsidiaries of Installed
Building Products, Inc. party thereto. 
 Capitalized terms used but not otherwise defined herein shall have meaning set forth in the ABL/Term Loan
Intercreditor Agreement. This Lien Sharing and Priority Confirmation Joinder is being executed and delivered pursuant to Section 2.10[a][b] of the ABL/Term Loan Intercreditor Agreement as a condition precedent to the debt for which the
undersigned is acting as representative being entitled to the rights and obligations of being additional secured debt under the ABL/Term Loan Intercreditor Agreement. 

1. Joinder. The undersigned, [             ], a
[             ], (the “New Representative”) as [trustee] [collateral trustee] [administrative agent] [collateral agent] under that certain [described applicable
indenture, credit agreement or other document governing the additional secured debt] hereby: 
 (a) represents that the
New Representative has been authorized to become a party to the ABL/Term Loan Intercreditor Agreement on behalf of the [ABL Secured Parties under an ABL Substitute Facility] [Term Loan Secured Parties under a Term Loan Substitute Facility]
[Additional Pari Term Loan Debt Secured Parties under an Additional Pari Term Loan Debt Facility] as [an ABL Agent under an ABL Substitute Facility] [a Term Loan Agent under a Term Loan Substitute Facility] [an Additional Pari Term Loan Debt Agent
under an Additional Pari Term Loan Debt Facility] under the ABL/Term Loan Intercreditor Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the ABL/Term Loan Intercreditor Agreement as fully as if the
undersigned had executed and delivered the ABL/Term Loan Intercreditor Agreement as of the date thereof; and 
 (b) agrees
that its address for receiving notices pursuant to the ABL/Term Loan Intercreditor Agreement shall be as follows: 

[Address]; 
 2. Lien Sharing
and Priority Confirmation. 
 [Option A: to be used if Additional Debt constitutes ABL Debt Obligations] The undersigned New
Representative, on behalf of itself and each holder of ABL Debt Obligations for which the undersigned is acting as [collateral agent] hereby agrees, for the benefit of all 

  
 1 

 
Secured Parties and each future Representative, and as a condition to being treated as ABL Debt Obligations under the ABL/Term Loan Intercreditor Agreement, that the New Representative is bound
by the provisions of the ABL/Term Loan Intercreditor Agreement, including the provisions relating to the ranking of Liens [or] 
 B-1

 [Option B: to be used if Additional Debt constitutes a Series of Pari Term Loan Debt ] The undersigned New Representative, on
behalf of itself and each holder of Obligations in respect of the Series of Term Loan Debt Obligations or Additional Pari Term Loan Debt [that constitutes a Term Loan Substitute Facility] for which the undersigned is acting as [Term Loan Agent]
[Pari Term Loan Debt Agent] hereby agrees, for the benefit of all Secured Parties and each future Secured Debt Representative, and as a condition to being treated as Secured Debt Obligations under the ABL/Term Loan Intercreditor Agreement, that:

 (a) all Pari Term Loan Debt Obligations will be and are secured equally and ratably, by all Pari Term Loan Debt Liens at
any time granted by the Grantors or any other Grantor to secure any Obligations in respect of such Series of Term Loan Debt Obligations or Additional Pari Term Loan Debt, whether or not upon property otherwise constituting Collateral for such Series
of Term Loan Debt Obligations, and that all such Pari Term Loan Debt Liens will be enforceable by the Pari Term Loan Debt Agent with respect to such Series of Pari Term Loan Debt for the benefit of all holders of Pari Term Loan Debt Obligations
equally and ratably; 
 (b) the New Representative and each holder of Obligations in respect of the Series of Pari Term Loan
Debt for which the undersigned is acting as Pari Term Loan Debt Agent are bound by the provisions of the ABL/Term Loan Intercreditor Agreement, including the provisions relating to the ranking of Pari Term Loan Debt Liens and the order of
application of proceeds from enforcement of Pari Term Loan Debt Liens; and 
 (c) the New Representative and each holder of
Obligations in respect of the Series of Pari Term Loan Debt for which the undersigned is acting as Pari Term Loan Debt Agent appoints the Pari Term Loan Debt Agent and consents to the terms of the ABL/Term Loan Intercreditor Agreement and the
performance by the Pari Term Loan Debt Agent of, and directs the Pari Term Loan Debt Agent to perform, its obligations under the ABL/Term Loan Intercreditor Agreement, together with all such powers as are reasonably incidental thereto. 

3. Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the ABL/Term Loan Intercreditor Agreement will apply with like
effect to this Lien Sharing and Priority Confirmation Joinder. 
 [signature page follows] 

  
 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Lien Sharing and Priority Confirmation Joinder to be
executed by their respective officers or representatives as of                     , 20    ]. 

 

			
	[insert name of New Representative]
		
	By:	 	  

		 	Name:
		 	Title:

 The Pari Term Loan Debt Agent hereby acknowledges receipt of this Lien Sharing and Priority Confirmation Joinder and
agrees to act as Pari Term Loan Debt Agent for the New Representative and the holders of the Obligations represented thereby: 
  

			
	                                    
                                         
           ,
	as Pari Term Loan Debt Agent

		
	By:	 	  

		 	Name:
		 	Title:

 The ABL Agent hereby acknowledges receipt of this Lien Sharing and Priority Confirmation Joinder and agrees to act as
ABL Agent for the New Representative and the holders of the Obligations represented thereby: 
  

			
	                                    
                                         
           ,
	as ABL Agent

		
	By:	 	  

		 	Name:
		 	Title:

  
 3 

 SCHEDULE 1 

to ABL/Term Loan Intercreditor Agreement 

SECURITY DOCUMENTS 
 PART A. 

List of ABL Security Documents 
  

	1.	Security Agreement, dated as of April 13, 2017, among the Grantors and the ABL Agent. 

  

	2.	Trademark Security Agreement, dated as of April 13, 2017, among the IBP Texas Assets I, LLC and the ABL Agent. 

  

	3.	Trademark Security Agreement, dated as of April 13, 2017, between TCI Contracting, LLC and the ABL Agent; 

  

	4.	Trademark Security Agreement, dated as of April 13, 2017, between BER Energy Services, LLC and the ABL Agent; 

  

	5.	And all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security in the Collateral
executed and delivered by any of the Grantors in favor of the ABL Agent from time to time. 

 PART B. 

List of Term Loan Security Documents 
  

	1.	Security Agreement, dated as of April 13, 2017, among the Grantors and Term Loan l Agent. 

  

	2.	Trademark Security Agreement, dated as of April 13, 2017, among the IBP Texas Assets I, LLC and Term Loan Agent. 

  

	3.	Trademark Security Agreement, dated as of April 13, 2017, between TCI Contracting, LLC and the Term Loan Agent; 

  

	4.	Trademark Security Agreement, dated as of April 13, 2017, between BER Energy Services, LLC and the Term Loan Agent; 

  

	5.	And all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security in the Collateral
executed and delivered by any of the Grantors in favor of any Pari Term Loan Debt Agent from time to time. 

  
 1EX-10.4

 Exhibit 10.4 

TERM COLLATERAL AGREEMENT 
 dated
as of 
 April 13, 2017 

among 
 INSTALLED BUILDING
PRODUCTS, INC., 
 THE OTHER GRANTORS PARTY HERETO 

and 
 ROYAL BANK OF CANADA, 

as Term Collateral Agent 

 TABLE OF CONTENTS 
  

					
		  	 	Page	 
	 ARTICLE I Definitions
	  	 	1	 
		
	 SECTION 1.01. Defined Terms
	  	 	1	 
		
	 SECTION 1.02. Other Defined Terms
	  	 	1	 
		
	 ARTICLE II Pledge of Securities
	  	 	5	 
		
	 SECTION 2.01. Pledge
	  	 	5	 
		
	 SECTION 2.02. Delivery of the Pledged Collateral
	  	 	5	 
		
	 SECTION 2.03. Representations, Warranties and Covenants
	  	 	5	 
		
	 SECTION 2.04. Registration in Nominee Name; Denominations
	  	 	6	 
		
	 SECTION 2.05. Voting Rights; Dividends and Interest
	  	 	7	 
		
	 ARTICLE III Security Interests in Personal Property
	  	 	8	 
		
	 SECTION 3.01. Security Interest
	  	 	8	 
		
	 SECTION 3.02. Representations and Warranties
	  	 	10	 
		
	 SECTION 3.03. Covenants
	  	 	11	 
		
	 SECTION 3.04. Other Actions
	  	 	12	 
		
	 SECTION 3.05. Covenants Regarding Patent, Trademark and Copyright Collateral
	  	 	13	 
		
	 ARTICLE IV Remedies
	  	 	13	 
		
	 SECTION 4.01. Remedies upon Default
	  	 	13	 
		
	 SECTION 4.02. Application of Proceeds
	  	 	14	 
		
	 SECTION 4.03. Securities Act
	  	 	15	 
		
	 SECTION 4.04. Grant of License to Use Intellectual Property
	  	 	16	 
		
	 ARTICLE V Miscellaneous
	  	 	16	 
		
	 SECTION 5.01. Notices
	  	 	16	 
		
	 SECTION 5.02. Waivers; Amendment
	  	 	16	 
		
	 SECTION 5.03. Term Collateral Agent’s Fees and Expenses; Indemnification
	  	 	17	 
		
	 SECTION 5.04. Successors and Assigns
	  	 	17	 
		
	 SECTION 5.05. Survival of Agreement
	  	 	17	 
		
	 SECTION 5.06. Counterparts; Effectiveness; Several Agreement
	  	 	17	 
		
	 SECTION 5.07. Severability
	  	 	17	 

					
		
	 SECTION 5.08. Right of Set-off
	  	 	17	 
		
	 SECTION 5.09. Governing Law; Jurisdiction; Consent to Service of Process; Appointment of Service
of Process Agent
	  	 	18	 
		
	 SECTION 5.10. Waiver of Jury Trial
	  	 	18	 
		
	 SECTION 5.11. Headings
	  	 	18	 
		
	 SECTION 5.12. Security Interest Absolute
	  	 	18	 
		
	 SECTION 5.13. Termination or Release
	  	 	19	 
		
	 SECTION 5.14. Additional Subsidiaries
	  	 	19	 
		
	 SECTION 5.15. Term Collateral Agent Appointed Attorney-in-Fact
	  	 	19	 
		
	 SECTION 5.16. Pari Passu Intercreditor Agreement and ABL/Bond Intercreditor Agreement
Governs
	  	 	20	 
		
	 SECTION 5.17. Delivery of Collateral
	  	 	20	 
		
	 SECTION 5.18. No Liability
	  	 	20	 

  

			
	Schedules	  	
		
	Schedule I	  	Grantors
	Schedule II	  	Pledged Equity Interests; Pledged Debt Securities
	Schedule III	  	Intellectual Property
	Schedule IV	  	Commercial Tort Claims
		
	Exhibits	  	
		
	Exhibit I	  	Form of Term Loan Copyright Security Agreement
	Exhibit II	  	Form of Term Loan Patent Security Agreement
	Exhibit III	  	Form of Term Loan Trademark Security Agreement
	Exhibit IV	  	Form of Grantor Supplement

 TERM COLLATERAL AGREEMENT dated as of April 13, 2017 (as amended, restated, supplemented or
otherwise modified from time to time, this “Agreement”) among INSTALLED BUILDING PRODUCTS, INC., a Delaware corporation (the “Borrower”), the other GRANTORS from time to time party hereto and Royal Bank of Canada,
as Term Collateral Agent (in such capacity, together with its successors and assigns, the “Term Collateral Agent”). 

Reference is made to the Term Loan Credit Agreement dated as of the date hereof (as amended, supplemented or otherwise modified from time to
time, the “Credit Agreement”), among the Borrower, the Lenders party thereto from time to time and Royal Bank of Canada, as Term Administrative Agent. The Lenders have agreed to extend credit to the Borrower subject to the terms and
conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. The Grantors (other than the Borrower) are Affiliates of the
Borrower, will derive substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly, the
parties hereto agree as follows: 
 ARTICLE I 

Definitions 

SECTION 1.01. Defined Terms. (a) Each capitalized term used but not defined herein shall have the meaning assigned thereto in the
Credit Agreement; provided that each term defined in the New York UCC (as defined herein) and not defined in this Agreement or the Credit Agreement shall have the meaning specified in the New York UCC. The term “instrument” shall
have the meaning specified in Article 9 of the New York UCC. 
 (b) The rules of construction specified in Sections 1.03 and 1.04
of the Credit Agreement also apply to this Agreement, mutatis mutandis.  
 SECTION 1.02. Other Defined Terms. As used in this
Agreement, the following terms have the meanings specified below: 
 “ABL Credit Agreement” means the Credit Agreement dated
as of the Effective Date (as defined in the Credit Agreement) among the Borrower, the Subsidiaries of the Borrower party thereto, SunTrust Bank, as administrative and collateral agent and the lenders party thereto from time to time, as amended,
modified, supplemented, substituted, replaced, restated or refinanced, in whole or in part, from time to time (whether with the original administrative agent and lenders or other agents and lenders or otherwise and whether provided under the
original ABL Credit Agreement or another credit agreement, indenture, instrument, other document or otherwise, unless such credit agreement, indenture, instrument or document expressly provides that it is not an ABL Credit Agreement). 

“ABL Agent” means initially, Suntrust Bank, in its capacity as administrative agent and collateral agent under the ABL Credit
Agreement and the other ABL Loan Documents and any other administrative agent, collateral agent or representative of the holders of ABL Obligations appointed as a representative for purposes related to the administration of the security documents
pursuant to the ABL Credit Agreement, in such capacity as provided in the ABL Credit Agreement. 
 “Account Debtor” means
any Person that is or may become obligated to any Grantor under, with respect to or on account of an Account, Chattel Paper or General Intangible. 

“After-acquired Debt” has the meaning set forth in the definition of Pledged Collateral. 

“After-acquired Shares” has the meaning set forth in the definition of Pledged Collateral. 

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

 “Article 9 Collateral” has the meaning assigned to such term in
Section 3.01. 
 “Borrower” has the meaning assigned to such term in the preamble to this Agreement. 

“Collateral” means Article 9 Collateral and Pledged Collateral. 

“Term Collateral Agent” has the meaning assigned to such term in the preamble to this Agreement. 

“Copyright Security Agreement” means the Copyright Security Agreement substantially in the form of Exhibit II hereto.

 “Copyrights” shall mean, with respect to any Grantor, all of such Grantor’s right, title, and interest in and to
the following: (a) all copyrights, rights and interests in copyrights, works protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages,
and payments now or hereafter due and/or payable under any of the foregoing, including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future
infringements of any of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 

“Credit Agreement” has the meaning assigned to such term in the preamble to this Agreement. 

“Discharge of Senior Secured Debt Obligations” has the meaning assigned to such term in the ABL/Term Loan Intercreditor
Agreement. 
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited
liability company, beneficial interests in a trust or other equity ownership interests in a Person. 
 “Excluded Accounts”
shall have the meaning assigned to such term in the ABL Credit Agreement. 
 “Excluded CFC” means any Subsidiary that is a
“controlled foreign corporation” within the meaning of Section 957 of the Code. 
 “Excluded Collateral”
shall mean (i) any governmental licenses or state or local franchises, charters or authorizations, to the extent a security interest in any such licenses, franchise, charter or authorization would be prohibited or restricted thereby (including
any legally effective prohibition or restriction), (ii) pledges and security interests prohibited by applicable law, rule or regulation (including any legally effective requirement to obtain the consent of any governmental authority) or any
agreement containing anti-assignment provisions not overridden by the UCC, (iii) margin stock and, to the extent prohibited by the terms of any applicable organizational documents, joint venture agreement or shareholders’ agreement, equity
interests in any person other than wholly-owned restricted subsidiaries, (iv) assets to the extent a security interest in such assets would result in material adverse tax consequences as reasonably determined by the Borrower in consultation
with the Term Administrative Agent, (v) any intent-to-use trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with respect thereto, (vi) any lease, license or other agreement
or any property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or purchase money or similar arrangement or
create a right of termination in favor of any other party thereto (other than the Borrower or its Subsidiaries) after giving effect to the applicable anti-assignment provisions of the UCC or other similar applicable law, other than proceeds and
receivables thereof, the assignment of which is expressly deemed effective under the UCC or other similar applicable law notwithstanding such prohibition, (vii) any Excluded Real Property, (viii) any rolling stock, (ix) Excluded
Accounts listed in clauses (iii), (iv) of the definition of Excluded Accounts in the ABL Credit Agreement and Vehicles and other assets subject to certificates of title and (x) any assets as to which the Term Administrative Agent and the
Borrower agree that the costs of obtaining such a security interest or perfection thereof are excessive in relation to the value to the Secured Parties of the security afforded thereby. 

  
 2 

 “Excluded Equity Interests” shall mean (a) any of the outstanding voting
Equity Interests or other voting ownership interests of any Excluded CFC or FSHCO in excess of 65% of all the Equity Interests or other voting ownership interests of such Excluded CFC or FSHCO designated as having voting power, (b) any equity
or other voting ownership interests in any Subsidiary that is not a first tier Subsidiary of the Borrower or a Guarantor, (c) any Equity Interests to the extent the pledge thereof would be prohibited or limited by any applicable law, rule or
regulation existing on the date hereof or on the date such Equity Interests are acquired by the Borrower or a Guarantor or on the date the issuer of such Equity Interests is created, (d) the Equity Interests of a Subsidiary (other than a
Wholly-Owned Subsidiary) the pledge of which would violate a contractual obligation to the owners of the other Equity Interests of such Subsidiary (other than any such owners that are the Borrower or Affiliates of the Borrower) that is binding on or
relating to such Equity Interests and (e) the Equity Interests of any Unrestricted Subsidiaries. 
 “Federal Securities
Laws” has the meaning assigned to such term in Section 4.03. 
 “FSHCO” means any Subsidiary that is not a
Foreign Subsidiary that owns no material assets other than the capital stock of one or more Subsidiaries that are Excluded CFCs. 

“Grantor Supplement” means an instrument in the form of Exhibit IV hereto, or any other form approved by the Term
Collateral Agent, and in each case reasonably satisfactory to the Term Collateral Agent. 
 “Grantors” means (a) the
Borrower, (b) each other Subsidiary identified on Schedule I hereto and (c) each Subsidiary that becomes a party to this Agreement as a Grantor on or after the Effective Date. 

“Intellectual Property” shall mean, with respect to any Grantor, all intellectual and similar property of every kind and
nature now owned or hereafter acquired by such Grantor, including Patents, Copyrights, Trademarks and all related documentation and registrations and all additions, improvements or accessions to any of the foregoing. 

“Intercompany Note” means a promissory note substantially in the form of Exhibit C to the Credit Agreement. 

“Inventory” shall have the meaning set forth in Article 9 of the UCC and shall include, without limitation, (a) all
goods intended for sale or lease or for display or demonstration, (b) all work in process, and (c) all raw materials and other materials and supplies of every nature and description used or which might be used in connection with the
manufacture, packing, shipping, advertising, selling, leasing or furnishing of goods or services or otherwise used or consumed in the conduct of business. 

“Licenses” shall mean, with respect to any Grantor, all of such Grantor’s right, title, and interest in and to
(a) any and all written licensing agreements or similar arrangements in and to its owned (1) Patents, (2) Copyrights, or (3) Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or
payable under and with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all rights to sue for past, present, and future breaches thereof. 

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

“Patents” shall mean, with respect to any Grantor, all of such Grantor’s right, title, and interest in and to:
(a) any and all patents and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and continuations-in-part thereof; (d) all
income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past,
present, and future infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 

“Patent Security Agreement” means the Patent Security Agreement substantially in the form of Exhibit II hereto. 

  
 3 

 “Pledged Collateral” shall mean collectively, (a) all of the Equity
Interests of Restricted Subsidiaries that are Material Subsidiaries (other than Excluded Equity Interests) held by the Grantors, including such Equity Interests described in Schedule 5 in the Perfection Certificate issued by the entities
named therein and all other Equity Interests required to be pledged by any Grantor under Section 5.11 of the Credit Agreement (the “After-acquired Shares”) (the “Pledged Equity Securities”) and
(b) each promissory note (including the Intercompany Note), Tangible Chattel Paper and Instrument evidencing Indebtedness in excess of $1,000,000 (individually) owed to any Grantor (other than such promissory notes, Tangible Chattel Paper and
Instruments that are Excluded Collateral) described in Schedule 6 in the Perfection Certificate and issued by the entities named therein and all other Indebtedness owed to any Grantor hereafter and required to be pledged by any Grantor
pursuant to Section 5.12 of the Credit Agreement (the “After-acquired Debt”), in each case as such Section may be amended pursuant to Section 9.02 of the Credit Agreement (the “Pledged Debt
Securities”). 
 “Pledged Debt Securities” has the meaning assigned to such term in clause (b) of the
definition of Pledged Collateral. 
 “Pledged Equity Interests” has the meaning assigned to such term in clause (a) of
the definition of Pledged Collateral. 
 “Pledged Securities” means any promissory notes, stock certificates, unit
certificates, limited or unlimited liability membership certificates or other securities (to the extent certificated) now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents representing or
evidencing any Pledged Collateral. 
 “Receivables” shall mean the Accounts, Chattel Paper, Documents, Investment Property,
Instruments and any other rights or claims to receive money that are General Intangibles or that are otherwise included as Collateral. 

“Secured Parties” means (a) each Lender, (b) the Term Administrative Agent, (c) the Term Collateral Agent,
(d) each holder of Secured Swap Obligations, (e) each holder of Secured Cash Management Obligations (f) each Joint Lead Arranger, (g) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any
Loan Document and (h) the permitted successors and assigns of each of the foregoing. 
 “Security Interest” has the
meaning assigned to such term in Section 3.01(a). 
 “Stock Rights” shall mean all dividends, instruments or other
distributions and any other right or property which any Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest constituting Collateral, any
right to receive an Equity Interest constituting Collateral and any right to receive earnings, in which such Grantor now has or hereafter acquires any right, issued by an issuer of such Equity Interest. 

“Trademark Security Agreement” means the Trademark Security Agreement substantially in the form of Exhibit III hereto.

 “Trademarks” shall mean, with respect to any Grantor, all of such Grantor’s right, title, and interest in and to
the following: (a) all trademarks (including service marks), trade names, trade dress, and trade styles and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all
renewals of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof;
(d) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (e) all rights corresponding to any of the foregoing throughout
the world. 
 “UCC” shall mean the New York UCC; provided, however, that, at any time, if by reason of mandatory provisions
of law, any or all of the perfection or priority of the Term Collateral Agent’s and the Secured Parties’ 

  
 4 

 
security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC”
shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

“Vehicles” shall mean all vehicles covered by a certificate to title law of any state and all tires and other appurtenances
to any of the foregoing. 
 ARTICLE II 

Pledge of Securities  

SECTION 2.01. Pledge. As security for the payment or performance, as the case may be, in full of the Secured Obligations, each Grantor
hereby pledges, assigns and grants to the Term Collateral Agent, on behalf of and for the benefit of the Secured Parties, a security interest in all of its right, title and interest in, to and under all of the Pledged Collateral. 

Notwithstanding the foregoing or anything herein to the contrary, in no event shall the “Pledged Collateral” include or the security
interest attach to any Excluded Collateral or Excluded Equity Interests. 
 SECTION 2.02. Delivery of the Pledged Collateral. 

(a) Each Grantor will promptly deliver to the Term Collateral Agent (or its non-fiduciary agent or designee) upon execution of this Agreement
all certificates, now or hereafter acquired, if any, representing or evidencing the Pledged Collateral to the extent such certificates constitute certificated securities (other than checks received in the ordinary course of business), together with
duly executed instruments of transfer or assignments in blank. 
 (b) Except as otherwise addressed in Section 3.03(b) herein, if any
amount payable with respect to any Indebtedness owed to any Grantor shall be or become evidenced by any promissory note (which may be a global note), such note or instrument shall be promptly delivered (but in any event within 45 days of receipt
(other than any promissory note in an aggregate principal amount of less than $1,000,000 owed to the applicable Grantor by any Person) by such Grantor or such longer period as the Term Collateral Agent may agree in its reasonable discretion) to the
Term Collateral Agent, for the benefit of the Secured Parties, together with an undated instrument of transfer duly executed in blank and in a manner reasonably satisfactory to the Term Collateral Agent. 

(c) Upon delivery to the Term Collateral Agent, (i) any certificate or promissory note representing Pledged Securities shall be
accompanied by undated stock or note powers, as applicable, duly executed in blank or other undated instruments of transfer duly executed in blank and reasonably satisfactory to the Term Collateral Agent and by such other instruments and documents
as the Term Collateral Agent may reasonably request and (ii) all other property comprising part of the Pledged Collateral shall be accompanied by undated proper instruments of assignment duly executed in blank by the applicable Grantor and such
other instruments and documents as the Term Collateral Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing such Pledged Securities, which schedule shall be deemed attached to, and shall
supplement, Schedule II hereto and be made a part hereof; provided, that failure to provide any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement any
prior schedules so delivered. 
 SECTION 2.03. Representations, Warranties and Covenants. The Grantors jointly and severally
represent, warrant and covenant to and with the Term Collateral Agent, for the benefit of the Secured Parties, that: 
 (a) as of the
Effective Date, Schedule II hereto sets forth a true and complete list, with respect to each Grantor, of all the Pledged Equity Interests owned by such Grantor in any Subsidiary and the percentage of the issued and outstanding units of each class of
the Equity Interests of the issuer thereof represented by the Pledged Equity Interests owned by such Grantor and all the Pledged Debt Securities owned by such Grantor; 

  
 5 

 (b) the Pledged Equity Interests and the Pledged Debt Securities have been duly and validly
authorized and issued by the issuers thereof and (i) in the case of Pledged Equity Interests, are fully paid and, in the case of corporate interests, nonassessable and (ii) in the case of Pledged Debt Securities, are legal, valid and
binding obligations of the issuers thereof, except to the extent that enforceability of such obligations may be limited by applicable bankruptcy, insolvency, and other similar laws affecting creditor’s rights generally; provided that the
foregoing representations, insofar as they relate to the Pledged Collateral issued by a Person other than the Borrower or any Subsidiary, are made to the knowledge of the Grantors; 

(c) except for the security interests granted hereunder and under any other Loan Documents, each of the Grantors (i) is and, subject to
any transfers made in compliance with the Credit Agreement, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule II hereto as owned by such Grantor, (ii) holds the same free and clear
of all Liens, other than Liens permitted pursuant to Section 6.02 of the Credit Agreement and transfers made in compliance with the Credit Agreement, (iii) will make no further assignment, pledge, hypothecation or transfer of, or create or
permit to exist any security interest in or other Lien on, the Pledged Collateral, other than Liens permitted pursuant to Section 6.02 of the Credit Agreement and transfers made in compliance with the Credit Agreement, and (iv) will use
commercially reasonable efforts to defend its title or interest thereto or therein against any and all Liens (other than the Liens created by this Agreement and the other Loan Documents and Liens permitted pursuant to Section 6.02 of the Credit
Agreement), however arising, of all Persons whomsoever; 
 (d) except for restrictions and limitations imposed by or otherwise permitted by
the Loan Documents (including pursuant to the ABL Loan Documents and any Liens permitted pursuant to Section 6.02 of the Credit Agreement) or securities laws generally, the Pledged Equity Interests and, to the extent issued by the Borrower or
any Subsidiary, the Pledged Debt Securities are and will continue to be freely transferable and assignable, and none of the Pledged Equity Interests and, to the extent issued by the Borrower or any Subsidiary, none of the Pledged Debt Securities are
or will be subject to any option, right of first refusal, shareholders agreement or Organizational Document provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect in any manner adverse to the
Secured Parties in any material respect the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Term Collateral Agent of rights and remedies hereunder; 

(e) each of the Grantors has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby done or
contemplated; 
 (f) by virtue of the execution and delivery by the Grantors of this Agreement, when any Pledged Securities constituting
certificated securities are delivered to the Term Collateral Agent in accordance with this Agreement, the Term Collateral Agent will obtain a legal, valid and perfected lien upon and security interest in such Pledged Securities, free of any adverse
claims, under the New York UCC to the extent such lien and security interest may be created and perfected under the New York UCC, as security for the payment and performance of the Secured Obligations; and 

(g) subject to the terms of this Agreement and to the extent permitted by applicable law, each Grantor hereby agrees that upon the occurrence
and during the continuance of an Event of Default, it will comply with the instructions of the Term Collateral Agent with respect to the Equity Interests in such Grantor that constitute Pledged Equity hereunder that are not certificated without
further consent by the applicable owner or holder of such Equity Interests. 
 SECTION 2.04. Registration in Nominee Name;
Denominations. If an Event of Default shall have occurred and is continuing and the Term Collateral Agent shall have notified the Grantors in writing of its intent to exercise such rights, the Term Collateral Agent, on behalf of the Secured
Parties, shall have the right (in its sole and absolute discretion) to hold the Pledged Securities in the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Term 

  
 6 

 
Collateral Agent or in its own name as pledgee or in the name of its nominee (as pledgee or as sub-agent), and each Grantor will promptly give to the Term Collateral Agent copies of any notices
or other communications received by it with respect to Pledged Securities registered in the name of such Grantor. Upon the occurrence and during the continuance of an Event of Default, the Term Collateral Agent shall at all times have the right to
exchange the certificates representing Pledged Securities for certificates of smaller or larger denominations for any reasonable purpose consistent with this Agreement. 

SECTION 2.05. Voting Rights; Dividends and Interest. (a) Unless and until an Event of Default shall have occurred and is
continuing and the Term Collateral Agent shall have notified the Grantors in writing that their rights under this Section 2.05 are being suspended: 

(i) each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner
of Pledged Securities or any part thereof; 
 (ii) the Term Collateral Agent shall promptly execute and deliver to each
Grantor, or cause to be promptly executed and delivered to such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and/or
consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section; and 
 (iii) each
Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest,
principal and other distributions are permitted by, and are otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable laws; provided that any noncash dividends,
interest, principal or other distributions that would constitute Pledged Equity Interests or Pledged Debt Securities, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests in the issuer of any
Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise,
shall be and become part of the Pledged Collateral and, if received by any Grantor, shall be forthwith delivered to the Term Collateral Agent in the same form as so received (with any necessary endorsements, stock or note powers and other
instruments of transfer reasonably requested by the Term Collateral Agent), in each case, to the extent required pursuant to Section 2.02 or Section 2.06. So long as no Event of Default has occurred and is continuing, the Term Collateral
Agent shall promptly deliver to each Grantor any Pledged Securities in its possession if requested to be delivered to the issuer thereof in connection with any exchange or redemption of such Pledged Securities permitted by the Credit Agreement in
accordance with this Section 2.05(a)(iii), subject to receipt by the Term Collateral Agent of a certificate of a Responsible Officer of the Borrower with respect thereto and other documents reasonably requested by the Term Collateral Agent.

 (b) Upon the occurrence and during the continuance of an Event of Default, after the Term Collateral Agent shall have notified the
Grantors, as applicable, of the suspension of their rights under paragraph (a)(iii) of this Section 2.05, all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to
paragraph (a)(iii) of this Section 2.05 shall cease, and all such rights shall thereupon become vested in the Term Collateral Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends,
interest, principal or other distributions; provided that, to the extent directed by the Required Lenders, the Term Collateral Agent shall have the right from time to time following the occurrence and during the continuance of an Event of
Default to permit the Grantors to exercise such rights. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this Section 2.05 shall be held for the benefit of the Term Collateral Agent
and the other Secured Parties and shall be forthwith delivered to the Term Collateral Agent upon demand in the same form as so received (with any necessary endorsements, stock or note powers and other instruments of transfer reasonably requested by
the Term Collateral Agent). Any and all money and other property paid over to or received by the Term Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Term Collateral Agent in an account to be
established by the Term Collateral Agent upon receipt of such money or other property and, to the extent so received, shall, subject to any applicable Intercreditor Agreement, be applied in accordance with the provisions of Section 4.02. After
all Events of Default have been cured or waived and the Borrower has delivered to the Term Collateral Agent a certificate of a 

  
 7 

 
Responsible Officer of the Borrower to that effect, the Term Collateral Agent shall promptly repay to each Grantor (without interest) all dividends, interest, principal or other distributions
that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.05 and that remain in such account. 

(c) Upon the occurrence and during the continuance of an Event of Default, after the Term Collateral Agent shall have notified the Grantors of
the suspension of their rights under paragraph (a)(i) of this Section 2.05, all rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this
Section 2.05, and the obligations of the Term Collateral Agent under paragraph (a)(ii) of this Section 2.05, shall cease, and all such rights shall thereupon become vested in the Term Collateral Agent, which shall have the sole and
exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Term Collateral Agent shall have the right from time to time following and during
the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived and the Borrower has delivered to the Term Collateral Agent a certificate of a Responsible Officer of the
Borrower to that effect, all rights vested in the Term Collateral Agent pursuant to this paragraph (c) shall cease, and the Grantors shall have the exclusive right to exercise the voting and consensual rights and powers they would otherwise be
entitled to exercise pursuant to paragraph (a)(i) of this Section 2.05. 
 (d) Any notice given by the Term Collateral Agent to the
Grantors, suspending their rights under paragraph (a) of this Section 2.05 (i) may be given by telephone if promptly confirmed in writing, (ii) may be given with respect to one or more of the Grantors at the same or different
times and (iii) may suspend the rights of the Grantors under paragraph (a)(i) or paragraph (a)(iii) in part without suspending all such rights (as specified by the Term Collateral Agent in its sole and absolute discretion) and without waiving
or otherwise affecting the Term Collateral Agent’s rights to give additional notices from time to time suspending other rights; provided that the Term Collateral Agent shall only provide any such notice if an Event of Default has
occurred and is continuing. 
 SECTION 2.06. Article 8 Opt-In. No Grantor shall take any action to cause any membership interest,
partnership interest, or other equity interest of any limited liability company or limited partnership owned or controlled by any Grantor comprising Collateral to be or become a “security” within the meaning of, or to be governed by
Article 8 of the UCC as in effect under the laws of any state having jurisdiction and shall not cause or permit any such limited liability company or limited partnership to “opt in” or to take any other action seeking to establish any
membership interest, partnership interest or other equity interest of such limited liability company or limited partnership comprising the Collateral as a “security” or to become a certificated security, in each case, without delivering
all certificates evidencing such interest to the Term Collateral Agent in accordance with and as required by Section 2.02 or, in the case of any uncertificated security, without taking such steps, to the extent requested by the Term Collateral
Agent (following notice to the Term Collateral Agent of any such change, which shall be promptly provided by such Grantor), to provide the Term Collateral Agent with control (as defined in Article 8-106 of the UCC) of any such security. 

ARTICLE III 
 Security
Interests in Personal Property  
 SECTION 3.01. Security Interest. (a) As security for the payment or performance, as
the case may be, in full of the Secured Obligations, each Grantor hereby pledges, assigns and grants to the Term Collateral Agent, on behalf of and for the benefit of the Secured Parties, a security interest (the “Security Interest”) in
all of its right, title and interest in, to and under all of the following property and other assets, whether now owned by or owing to, or hereafter acquired by or arising in favor of, such Grantor, and regardless of where located (all of which are
collectively referred to as the “Article 9 Collateral”): 
  

	 	(a)	all Accounts; 

  

	 	(b)	all Chattel Paper (including Electronic Chattel Paper and Tangible Chattel Paper); 

  

	 	(c)	all Intellectual Property; 

  

	 	(d)	all Documents; 

  
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	 (e)    all Equipment;

	
	 (f)     all Fixtures;

	
	 (g)    all General Intangibles;

	
	 (h)    all Goods;

	
	 (i)     all Instruments;

	
	 (j)     all Inventory;

	
	 (k)    all Investment Property;

	
	 (l)     all Letter-of-Credit Rights and Supporting
Obligations;

	
	 (m)   all Deposit Accounts;

	
	 (n)    [Reserved.];

	
	 (o)    all Commercial Tort Claims as specified from time to time in Schedule
IV hereto (as the same may be updated from time to time in accordance with the terms hereof);

	
	 (p)    all cash or other property deposited with the Term Collateral Agent or
any Secured Party or any Affiliate of the Term Collateral Agent or any Secured Party or which the Term Collateral Agent, for its benefit and for the benefit of the other Secured Parties, or any Secured Party or such Affiliate is entitled to retain
or otherwise possess as collateral pursuant to the provisions of this Agreement or the Credit Agreement;

	
	 (q)    all books, records, files, correspondence, computer programs, tapes,
disks and related data processing software which contain information identifying or pertaining to any of the foregoing or any Account Debtor or showing the amounts thereof or payments thereon or otherwise necessary or helpful in the realization
thereon or the collection thereof;

	
	 (r)     As-Extracted Collateral; and

	
	 (s)    any and all accessions to, substitutions for and replacements, products
and cash and non-cash proceeds (including Stock Rights) of the foregoing (including any claims to any items referred to in this definition and any claims against third parties for loss of, damage to or destruction of any or all of the Collateral or
for proceeds payable under or unearned premiums with respect to policies of insurance) in whatever form, including cash, negotiable instruments and other instruments for the payment of money, Chattel Paper, collateral agreements and other
documents.

 Notwithstanding the foregoing or anything herein to the contrary, in no event shall the “Article 9
Collateral” include or the Security Interest attach to any Excluded Collateral. 
 (b) Each Grantor hereby irrevocably authorizes the
Term Collateral Agent for the benefit of the Secured Parties at any time and from time to time to file in any relevant U.S. jurisdiction any financing statements, with respect to the Collateral or any part thereof and amendments thereto that
(i) describe the collateral covered thereby in any manner that the Term Collateral Agent reasonably determines is necessary or advisable to ensure the perfection of the security interest in the Collateral granted under this Agreement, including
indicating the Collateral as “all assets” of such Grantor or words of similar effect, and (ii) contain the information required by Article 9 of the UCC for the filing of any financing statement or amendment, including whether such
Grantor is an organization, the type of organization and, if required, any organizational identification number issued to such Grantor. Each Grantor agrees to provide such information to the Term Collateral Agent promptly upon request. 

The Term Collateral Agent is further authorized to file with the United States Patent and Trademark Office or United States Copyright Office
(or any successor office), such documents as may be reasonably necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest in Article 9 Collateral consisting of Patents, Trademarks or
Copyrights granted by each Grantor and naming any Grantor or the Grantors as debtors and the Term Collateral Agent as secured party. 

  
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 (c) The Security Interest and the security interest granted pursuant to Article II are
granted as security only and shall not subject the Term Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Collateral. 

SECTION 3.02. Representations and Warranties. The Grantors jointly and severally represent and warrant to the Term Collateral Agent,
for the benefit of the Secured Parties, that: 
 (a) each Grantor has good title or valid leasehold interests in the tangible Article 9
Collateral material to its business with respect to which it has purported to grant a Security Interest hereunder, free and clear of any Liens, (i) except for Liens expressly permitted pursuant to Section 6.02 of the Credit Agreement and
(ii) except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or as proposed to be conducted or to utilize such properties for their intended purposes, in each case to the extent
the failure to have such good title or valid leasehold interest could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and has full power and authority to grant to the Term Collateral Agent, for the
benefit of the Secured Parties, the Security Interest in such tangible Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval of
any other Person other than any consent or approval that has been obtained and except to the extent that failure to obtain or make such consent or approval, as the case may be, individually or in aggregate, could not reasonably be expected to have a
Material Adverse Effect; 
 (b) the Perfection Certificate has been duly prepared, completed and executed and the information set forth
therein, including the exact legal name and jurisdiction of organization of each Grantor, is correct and complete in all material respects as of the Effective Date. The Uniform Commercial Code financing statements or other appropriate filings,
recordings or registrations prepared by the Term Collateral Agent based upon the information provided to the Term Collateral Agent in the Perfection Certificate for filing in each governmental, municipal or other office specified in Schedule 4
to the Perfection Certificate (or specified by notice from the Borrower to the Term Collateral Agent after the Effective Date in the case of filings, recordings or registrations required by Section 5.12 of the Credit Agreement), are all the
filings, recordings and registrations that are necessary to establish a legal, valid and perfected security interest in favor of the Term Collateral Agent, for the benefit of the Secured Parties, in respect of all Article 9 Collateral in which
the Security Interest may be perfected by such filing, recording or registration in the United States, and as of the date hereof, no further or subsequent filing, refiling, recording, rerecording, registration or reregistration (other than filings,
if any, which shall be made in the United States Patent and Trademark Office and the United States Copyright Office, as applicable, to record the Security Interest in Article 9 Collateral consisting of filed, registered or applied-for United
States Patents, Trademarks and Copyrights) is necessary, except as provided under applicable law with respect to the filing of continuation statements (other than such actions as are necessary to perfect the Security Interest with respect to any
Article 9 Collateral consisting of registered or applied for Patents, Trademarks and Copyrights filed, acquired or developed by a Grantor after the date hereof). The Grantors represent and warrant that, if applicable, a fully executed Patent
Security Agreement, Trademark Security Agreement and Copyright Security Agreement, in each case containing a list of the Article 9 Collateral consisting of United States registered Patents, United States registered Trademarks and United States
registered Copyrights (and applications for any of the foregoing), as applicable, and executed by each Grantor owning any such Article 9 Collateral, have been delivered to the Term Collateral Agent for recording with the United States Patent and
Trademark Office or the United States Copyright Office as applicable to establish a legal, valid and perfected security interest in favor of the Term Collateral Agent, for the benefit of the Secured Parties, in respect of all Article 9
Collateral consisting of registered and applied for Patents, Trademarks and Copyrights in which a security interest may be perfected by filing, recording or registration in the United States Patent and Trademark Office or the United States Copyright
Office, as applicable. No further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary (other than such actions as are necessary to perfect the Security Interest with respect to any Article 9
Collateral consisting of registered and applied for Patents, Trademarks and Copyrights acquired or developed by a Grantor after the date hereof); 

(c) the Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the payment
and performance of the Secured Obligations, (ii) subject to the filings described in paragraph (b) of this Section 3.02 (including payment of applicable fees in connection therewith), a perfected security interest

  
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in all Article 9 Collateral in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the applicable jurisdiction in
the United States pursuant to the Uniform Commercial Code and (iii) subject to the filings described in paragraph (b) of this Section 3.02, a perfected security interest in all Article 9 Collateral in which a security interest
may be perfected upon the receipt and recording of a Patent Security Agreement, a Trademark Security Agreement and a Copyright Security Agreement with the United States Patent and Trademark Office and the United States Copyright Office, as
applicable. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than Liens permitted pursuant to Section 6.02 of the Credit Agreement; 

(d) as of the Effective Date, Schedule III hereto sets forth a true and complete list, with respect to each Grantor, of (i) all of such
Grantor’s Patents and Trademarks applied for or issued or registered with the United States Patent and Trademark Office, including the name of the registered owner or applicant and the registration, application, or publication number, as
applicable, of each such Patent or Trademark and (ii) all of such Grantor’s Copyrights applied for or registered with the United States Copyright Office, including the name of the registered owner and the registration number of each such
Copyright; and 
 (e) none of the Grantors has filed or consented to (i) the filing of any financing statement or analogous
document, in each case with respect to a Lien, under the Uniform Commercial Code or any other applicable laws covering any Article 9 Collateral, or (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security
agreement or similar instrument covering any Article 9 Collateral with the United States Patent and Trademark Office or the United States Copyright Office, except, in each case, for Liens expressly permitted pursuant to Section 6.02 of the
Credit Agreement. 
 SECTION 3.03. Covenants. (a) Each Grantor shall, at its own expense, take any and all commercially
reasonable actions necessary to (i) defend title to the Article 9 Collateral (other than Intellectual Property, which is governed by Section 3.05) against all Persons, except with respect to Article 9 Collateral that such Grantor
determines in its reasonable business judgment is no longer necessary or beneficial to the conduct of such Grantor’s business, and (ii) defend the Security Interest of the Term Collateral Agent in the Article 9 Collateral and the priority
thereof against any Lien, in each case subject to (x) Liens permitted pursuant to Section 6.02 of the Credit Agreement, (y) transfers made in compliance with the Credit Agreement and (z) the rights of such Grantor under
Section 9.14 of the Credit Agreement and corresponding provisions of the Security Documents to obtain a release of the Liens created under the Security Documents. 

(b) Each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and
documents and take all such actions as the Term Collateral Agent may from time to time reasonably request to obtain, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any
reasonable and documented or invoiced out-of-pocket fees and Taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing statements or other documents in
connection herewith or therewith. If any amount payable to any Grantor under or in connection with any of the Article 9 Collateral shall be or become evidenced by any promissory note (which may be a global note) or other instrument (other than
any promissory note or other instrument in an aggregate principal amount of less than $1,000,000 owed to the applicable Grantor by any Person), such note or instrument shall be promptly delivered (but in any event within 45 days of receipt by such
Grantor or such longer period as the Term Collateral Agent may agree in its reasonable discretion) to the Term Collateral Agent, for the benefit of the Secured Parties, together with an undated instrument of transfer duly executed in blank and in a
manner reasonably satisfactory to the Term Collateral Agent. 
 (c) At its option, the Term Collateral Agent may, with three
(3) Business Day’s prior written notice to the Borrower, discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the tangible Article 9 Collateral and not
permitted pursuant to Section 6.02 of the Credit Agreement, and may pay for the maintenance and preservation of the tangible Article 9 Collateral to the extent any Grantor fails to do so as required by the Credit Agreement, this Agreement
or any other Loan Document and within a reasonable period of time after the Term Collateral Agent has reasonably requested that it do so; provided that nothing in this paragraph shall be interpreted as excusing any Grantor from the
performance of, or imposing any obligation on the Term Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other
encumbrances and maintenance as set forth herein or in the other Loan Documents. 

  
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 (d) The exercise by the Term Collateral Agent of any of its rights hereunder shall not release
any Grantor from any of its duties or obligations under each contract, agreement or instrument relating to the Article 9 Collateral unless the Term Collateral Agent has expressly in writing assumed such duties and obligations and each Grantor
jointly and severally agrees to indemnify and hold harmless the Term Collateral Agent and the other Secured Parties from and against any and all liability for such performance. 

(e) Notwithstanding anything herein to the contrary, it is understood that no Grantor shall be required by this Agreement to better assure,
preserve, protect or perfect the Security Interest created hereunder by any means other than (i) filings of financing statements pursuant to the Uniform Commercial Code, (ii) filings with the United States Patent and Trademark Office or
United States Copyright Office (or any successor office), in respect of registered or applied for Intellectual Property, (iii) in the case of Collateral that constitutes Pledged Securities, Instruments, Tangible Chattel Paper or Negotiable
Documents (other than those Negotiable Documents held in the ordinary course of business), delivery thereof to the Term Collateral Agent in accordance with the terms hereof (together with, where applicable, undated stock or note powers or other
undated proper instruments of assignment) and (iv) other actions to the extent required by Section 3.04 hereunder. No Grantor shall be required to (i) complete any filings or other action with respect to the better assurance,
preservation, protection or perfection of the security interests created hereby in any jurisdiction outside of the United States or to reimburse the Administrative Agent for any costs incurred in connection with the same or (ii) except as
required by Section 3.04(e) below, deliver control agreements with respect to, or confer perfection by “control” over, any Deposit Accounts, Securities Accounts or Commodity Accounts. 

SECTION 3.04. Other Actions. In order to further insure the attachment, perfection and priority of, and the ability of the Term
Collateral Agent to enforce, the Security Interest, each Grantor agrees, in each case at such Grantor’s own expense, to take the following actions with respect to the following Article 9 Collateral: 

(a) Instruments. If any Grantor shall at any time hold or acquire any Instruments constituting Collateral evidencing Indebtedness in
excess of $1,000,000 (individually), such Grantor shall promptly (but in any event within 45 days of receipt by such Grantor or such longer period as the Term Collateral Agent may agree in its reasonable discretion) endorse, assign and deliver the
same to the Term Collateral Agent, accompanied by such undated instruments of transfer or assignment duly executed in blank as the Term Collateral Agent may from time to time reasonably request. 

(b) Investment Property. Except to the extent otherwise provided in Article II, if any Grantor shall at any time hold or acquire
any certificated securities constituting Collateral, such Grantor shall forthwith endorse, assign and deliver the same to the Term Collateral Agent, accompanied by such undated instruments of transfer or assignment duly executed in blank as the Term
Collateral Agent may from time to time reasonably request. 
 (c) [Reserved]. 

(d) Commercial Tort Claims. If any Grantor shall at any time hold or acquire a Commercial Tort Claim (in respect of which a complaint or
counterclaim has been filed by or on behalf of such Grantor) seeking damages in an amount reasonably estimated to exceed $1,000,000, such Grantor shall promptly notify the Term Collateral Agent thereof in a writing signed by such Grantor, including
a summary description of such claim, and Schedule IV hereto shall be deemed to be supplemented to include such description of such Commercial Tort Claim as set forth in such writing. 

(e) Control Agreements. With respect to each Deposit Account and Securities Account subject to a control agreement for the benefit of an
ABL Agent (the “ABL Control Agreement”), the applicable Grantor shall deliver to the Term Collateral Agent a duly executed control agreement, in form reasonably satisfactory to the Term Collateral Agent, granting to the Term
Collateral Agent “control” within the meaning of the UCC over such Deposit Account or Securities Account at the time it enters into such ABL Control Agreement or with respect to any ABL Control Agreement outstanding on the date hereof,
within 90 days of the date hereof (or such later date as may be agreed to by the Term Collateral Agent in its reasonable discretion). 

  
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 SECTION 3.05. Covenants Regarding Patent, Trademark and Copyright Collateral.
(a) Except to the extent a failure to act could not reasonably be expected to have a Material Adverse Effect, with respect to registration or pending application of each item of its Intellectual Property for which such Grantor has standing and
ability to do so, each Grantor agrees to take commercially reasonable efforts to (i) take all steps to maintain the validity and enforceability of any United States registered Intellectual Property (or applications therefor) and to maintain
such registrations and applications of Intellectual Property in full force and effect and (ii) pursue the registration and maintenance of each Patent, Trademark or Copyright registration or application that is material to the conduct of such
Grantor’s business. Grantor shall take commercially reasonable steps to defend title to and ownership of its Intellectual Property that is material to the conduct of such Grantor’s business. Notwithstanding the foregoing, nothing in this
Section 3.05 shall prevent any Grantor from disposing of, discontinuing the use or maintenance of, abandoning, failing to pursue or enforce or otherwise allowing to lapse, terminate, be invalidated or put into the public domain any of its
registered or applied for Intellectual Property that is no longer used or useful, or economically practicable to maintain, or if such Grantor determines in its reasonable business judgment that such discontinuance is desirable in the conduct of its
business. 
 (b) Each Grantor agrees that, should it obtain an ownership or other interest in any Intellectual Property after the Effective
Date (i) the provisions of this Agreement shall automatically apply thereto and (ii) any such Intellectual Property shall automatically become Intellectual Property subject to the terms and conditions of this Agreement, except, with
respect to each of (i) and (ii) above, if such Intellectual Property is obtained under a license from a third party under which a security interest would not be permitted. For the avoidance of doubt, a security interest shall not be
granted in any Intellectual Property that constitutes an Excluded Asset. 
 (c) Each Grantor, either itself or through any agent, employee,
licensee or designee, shall (i) whenever a certificate is delivered or required to be delivered pursuant to Section 5.03(b) of the Credit Agreement, deliver to the Term Collateral Agent a schedule setting forth all of such Grantor’s
registered and applied for Patents, Trademarks and Copyrights that are not listed on Schedule III hereto or on a schedule previously provided to the Term Collateral Agent pursuant to this Section 3.05(c), and (ii) within a reasonable time
following the request of the Term Collateral Agent, execute and deliver a Patent Security Agreement, Trademark Security Agreement or Copyright Security Agreement, as applicable, in respect of such Patents, Trademarks and Copyrights, and any and all
other agreements, instruments, documents and papers as the Term Collateral Agent may reasonably request to evidence and perfect the Security Interest in such registered or applied for Patents, Trademarks or Copyrights. 

ARTICLE IV 
 Remedies
 
 SECTION 4.01. Remedies upon Default. Upon the occurrence and during the continuance of an Event of Default, each Grantor
agrees to deliver, on demand, each item of Collateral to the Term Collateral Agent or any Person designated by the Term Collateral Agent, and it is agreed that the Term Collateral Agent shall have the right to take any of or all the following
actions at the same or different times: (a) with respect to any Article 9 Collateral consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such
Article 9 Collateral by the applicable Grantors to the Term Collateral Agent, for the benefit of the Secured Parties, or to license or sublicense, whether on an exclusive or nonexclusive basis, any such Article 9 Collateral throughout the world on
such terms and conditions and in such manner as the Term Collateral Agent shall determine (other than in violation of any of the then existing licensing arrangements to the extent that waivers cannot be obtained) in connection with exercise of its
remedies hereunder, and (b) with or without legal process and with or without prior notice or demand for performance, to take possession of the Article 9 Collateral and the Pledged Collateral and occupy any premises owned or, to the extent
lawful and permitted, leased by any of the Grantors where the Collateral or any part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under the Uniform Commercial Code or other
applicable law. Without limiting the generality of the foregoing, each Grantor agrees that the Term Collateral Agent shall have the right, subject to the mandatory requirements of applicable law 

  
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and the notice requirements described below, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities
exchange, for cash, upon credit or for future delivery as the Term Collateral Agent shall deem appropriate. The Term Collateral Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective
bidders or purchasers to Persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Term
Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely free from any claim or right
on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay and appraisal that such Grantor now has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted. 
 The Term Collateral Agent shall give the applicable Grantors no less than 10 days’ prior written notice
(which each Grantor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Term Collateral Agent’s intention to make any sale of Collateral. Such notice, in
the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the
Collateral or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Term Collateral Agent may fix and
state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Term Collateral Agent may (in its sole and absolute discretion)
determine. The Term Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Term Collateral Agent may,
without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to
which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Term Collateral Agent until the sale price is paid by the purchaser or
purchasers thereof, but the Term Collateral Agent and the other Secured Parties shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such
Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of
redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and may make payment on account thereof
by using any claim then due and payable to such Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further
accountability to any Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Term Collateral Agent shall be free to carry out such sale pursuant to such
agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Term Collateral Agent shall have entered into such an agreement all Events of Default shall
have been remedied and the Secured Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Term Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to
sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01
shall be deemed to conform to the commercial reasonableness standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 

SECTION 4.02. Application of Proceeds. Subject to the terms of any applicable intercreditor agreement contemplated by the Credit
Agreement, the Term Collateral Agent shall apply the proceeds of any collection or sale of Collateral, including any Collateral consisting of cash, as follows: 

FIRST, to the payment of all reasonable and documented or invoiced out-of-pocket costs and expenses incurred by the Term
Collateral Agent in connection with such collection or sale or otherwise in connection with this Agreement, any other Loan Document or any of the Secured Obligations, including all reasonable 

  
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and documented or invoiced out-of-pocket court costs and the fees and expenses of its agents and legal counsel (limited, in the case of (x) legal fees and expenses, to the reasonable,
documented and invoiced fees, charges and disbursements of Paul Hastings LLP and to the extent reasonably determined by the Administrative Agent to be necessary, one local counsel in each relevant material jurisdiction and, in the case of an actual
conflict of interest where the Term Collateral Agent or any Lender affected by such conflict notifies the Borrower of the existence of such conflict and thereafter retains its own counsel, one additional conflicts counsel and (y) the fees and
expenses of any other advisor or consultant, to the reasonable, documented and invoiced fees, charges and disbursements of such advisor or consultant, but solely to the extent that such consultant or advisor has been retained with the
Borrower’s consent (such consent not to be unreasonably withheld or delayed)), the repayment of all advances made by the Term Collateral Agent hereunder or under any other Loan Document on behalf of any Grantor and any other costs or expenses
incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; 
 SECOND, to
the payment in full of the Secured Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Secured Obligations owed to them on the date of any such distribution); 

THIRD, to any agent of any other junior secured debt, in accordance with any applicable intercreditor agreement; and 

FOURTH, to the Grantors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. 

The Term Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance
with this Agreement. Upon any sale of Collateral by the Term Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Term Collateral Agent or of the officer making the sale shall
be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Term Collateral Agent or such
officer or be answerable in any way for the misapplication thereof. The Term Collateral Agent shall have no liability to any of the Secured Parties for actions taken in reliance on information supplied to it as to the amounts of unpaid principal and
interest and other amounts outstanding with respect to the Secured Obligations. 
 SECTION 4.03. Securities Act. In view of the
position of the Grantors in relation to the Pledged Collateral, or because of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted
analogous in purpose or effect (such act and any such similar statute as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. Each
Grantor understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of the Term Collateral Agent if the Term Collateral Agent were to attempt to dispose of all or any part of the Pledged Collateral,
and might also limit the extent to which or the manner in which any subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Term Collateral Agent in any
attempt to dispose of all or part of the Pledged Collateral under applicable blue sky or other state securities laws or similar laws analogous in purpose or effect. Each Grantor recognizes that in light of such restrictions and limitations the Term
Collateral Agent may, with respect to any sale of the Pledged Collateral, limit the purchasers to those who will agree, among other things, to acquire such Pledged Collateral for their own account, for investment and not with a view to the
distribution or resale thereof. Each Grantor acknowledges and agrees that in light of such restrictions and limitations, the Term Collateral Agent, in its sole and absolute discretion, (a) may proceed to make such a sale whether or not a
registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws to the extent the Term Collateral Agent has determined that such a registration is not required by
any Requirements of Law and (b) may approach and negotiate with a limited number of potential purchasers (including a single potential purchaser) to effect such sale. Each Grantor acknowledges and agrees that any such sale might result in
prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any such sale, the Term Collateral Agent and the other Secured Parties shall incur no responsibility or liability for
selling all or any part of the Pledged Collateral at a price that the Term Collateral Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that

  
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a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more than a limited number of purchasers (or a single purchaser) were
approached. The provisions of this Section 4.03 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed substantially the price at which the Term Collateral Agent sells. 

SECTION 4.04. Grant of License to Use Intellectual Property. Upon the occurrence and during the continuance of an Event of Default, for
the purpose of enabling the Term Collateral Agent to exercise rights and remedies under this Agreement, each Grantor hereby grants to the Term Collateral Agent an irrevocable (until terminated as provided below), nonexclusive license (exercisable
without payment of royalty or other compensation to the Grantors) to use or sublicense (to its contractors, agents or representatives, or otherwise exercising its remedies hereunder) any of the Collateral consisting of Intellectual Property now
owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs
used for the compilation or printout thereof to the extent that such non-exclusive license (a) does not violate the express terms of any agreement between a Grantor and a third party governing such Collateral consisting of Intellectual
Property, or gives such third party any right of acceleration, modification, termination or cancellation therein and (b) is not prohibited by any Requirements of Law; provided that such license and sublicenses with respect to Trademarks shall
be subject to the maintenance of quality standards with respect to the goods and services on which such Trademarks are used sufficient to preserve the validity of such Trademarks. The use of such license by the Term Collateral Agent may be exercised
solely during the continuation of an Event of Default; provided that any license, sublicense or other transaction entered into by the Term Collateral Agent in accordance with the provisions of this Agreement shall be binding upon the Grantors,
notwithstanding any subsequent cure of an Event of Default. For the avoidance of doubt, at the time of the release of the Liens on any Collateral as set forth in Section 5.13, the license granted to the Term Collateral Agent pursuant to this
Section 4.04 with respect to such Collateral shall automatically and immediately terminate. 
 ARTICLE V 

Miscellaneous  

SECTION 5.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing
and given as provided in Section 9.01 of the Credit Agreement. All communications and notices hereunder to any Grantor shall be given to it in care of the Borrower as provided in Section 9.01 of the Credit Agreement. 

SECTION 5.02. Waivers; Amendment. (a) No failure or delay by the Term Collateral Agent, Administrative Agent or any Lender in
exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Term Collateral Agent, Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative
and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section 5.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not
be construed as a waiver of any Default hereunder, regardless of whether the Term Collateral Agent, Administrative Agent, or any Lender may have had notice or knowledge of such Default at the time. No notice or demand on any Loan Party in any case
shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor
any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Term Collateral Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to
apply, subject to any consent required in accordance with Section 9.04 of the Credit Agreement; provided that the Term Collateral Agent may, without the consent of any other Secured Party, consent to a departure by any Grantor from any
covenant of such Grantor set forth herein to the extent such departure is consistent with the authority of the Term Collateral Agent set forth in the definition of the term “Collateral and Guarantee Requirement” in the Credit Agreement.

  
 16 

 SECTION 5.03. Term Collateral Agent’s Fees and Expenses; Indemnification. The
provisions of Section 9.03 of the Credit Agreement are incorporated herein by reference, mutatis mutandis; provided that each reference therein to the “Borrower” shall be deemed to be a reference to “each
Grantor” and each reference therein to the “Term Administrative Agent” shall be deemed to be a reference to the “Term Collateral Agent.” 

SECTION 5.04. Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the permitted successors and assigns of such party, and all covenants, promises and agreements by or on behalf of any Grantor or the Term Collateral Agent that are contained in this Agreement shall bind and inure to the benefit of
their respective successors and assigns. 
 SECTION 5.05. Survival of Agreement. All covenants, agreements, representations and
warranties made by the Loan Parties in this Agreement and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Secured Parties and shall survive the
execution and delivery of the Loan Documents and the making of any Loans, in each case, in accordance with and subject to the limitations set forth in Section 9.05 of the Credit Agreement. 

SECTION 5.06. Counterparts; Effectiveness; Several Agreement. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic
transmission shall be effective as delivery of a manually signed counterpart of this Agreement. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the
Term Collateral Agent and a counterpart hereof shall have been executed on behalf of the Term Collateral Agent, and thereafter shall be binding upon such Grantor and the Term Collateral Agent and their respective permitted successors and assigns,
and shall inure to the benefit of such Grantor, the Term Collateral Agent and the other Secured Parties and their respective successors and assigns, except that no Grantor shall have the right to assign or transfer its rights or obligations
hereunder or any interest herein (and any such assignment or transfer shall be void) except as expressly provided in this Agreement and the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to each Grantor and
may be amended, modified, supplemented, waived or released with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

SECTION 5.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 SECTION 5.08. Right of Set-off. If an Event
of Default under the Credit Agreement shall have occurred and be continuing, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender to or for the credit or the account of any Grantor against any of and all the obligations of
such Grantor then due and owing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although (i) such obligations may be contingent or unmatured and
(ii) such obligations are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such Indebtedness. The applicable Lender shall notify the applicable Grantor and the Term Collateral
Agent of such setoff and application; provided that any 

  
 17 

 
failure to give or any delay in giving such notice shall not affect the validity of any such setoff and application under this Section 5.08. The rights of each Lender under this
Section 5.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender may have. 
 SECTION
5.09. Governing Law; Jurisdiction; Consent to Service of Process; Appointment of Service of Process Agent. (a) This Agreement shall be construed in accordance with and governed by the laws of the State of New York. 

(b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme
Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York
State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in
any other manner provided by law. Nothing in this Agreement shall affect any right that the Term Collateral Agent, the Term Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against
any Grantor or its respective properties in the courts of any jurisdiction. 
 (c) Each party hereto hereby irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in
paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.01. Nothing in
any Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 (e) Each
Grantor hereby irrevocably designates, appoints and empowers the Borrower as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons,
notices and documents that may be served in any such action or proceeding and the Borrower hereby accepts such designation and appointment. 

SECTION 5.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.10. 

SECTION 5.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are
not part of this Agreement and shall not affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 5.12. Security Interest Absolute. All rights of the Term Collateral Agent hereunder, the Security Interest, the grant of a
security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of 

  
 18 

 
(a) any lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument
relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit
Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee
securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the Secured Obligations or this Agreement. 

SECTION 5.13. Termination or Release. (a) This Agreement, the Security Interest and all other security interests granted hereby
shall terminate automatically upon the Termination Date. 
 (b) The Security Interest and all other security interests granted hereby shall
also automatically terminate and be released at the time or times and in the manner set forth in Section 9.14 of the Credit Agreement. 

(c) In connection with any termination or release pursuant to paragraph (a) or (b) of this Section, the Term Collateral Agent shall
execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release so long as the applicable Loan Party shall have provided the Term
Collateral Agent such certifications or documents as the Term Collateral Agent shall reasonably request in order to demonstrate compliance with this Section 5.13. Any execution and delivery of documents by the Term Collateral Agent pursuant to
this Section shall be without recourse to or warranty by the Term Collateral Agent. 
 SECTION 5.14. Additional Subsidiaries. The
Grantors shall cause (i) each Subsidiary of the Borrower (other than any Excluded Subsidiary) which, from time to time, on or after the date hereof shall be required to pledge any assets) to the Term Collateral Agent for the benefit of the
Secured Parties pursuant to the Credit Agreement and (ii) consistent with the Credit Agreement, any Domestic Subsidiary, or to the extent reasonably acceptable to the Term Collateral Agent, a Subsidiary that is not a Wholly Owned Subsidiary
(including any consolidated Affiliate in which its Subsidiaries own no Equity Interests), which the Borrower, at its option, elects to become a Grantor, to execute and deliver to the Term Collateral Agent a Grantor Supplement regarding such
Subsidiary (as applicable), in each case, within the time period provided in Section 5.11 of the Credit Agreement. Upon execution and delivery of such documents to the Term Collateral Agent, any such Subsidiary shall become a Grantor hereunder
with the same force and effect as if originally named as such herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain
in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 
 SECTION 5.15. Term Collateral
Agent Appointed Attorney-in-Fact. Each Grantor hereby makes, constitutes and appoints the Term Collateral Agent (and all officers, employees or agents designated by the Term Collateral Agent) the attorney-in-fact of such Grantor for the purpose
of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Term Collateral Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of an
Event of Default, which appointment is irrevocable (until termination of this Agreement in accordance with Section 5.13) and coupled with an interest. Without limiting the generality of the foregoing, the Term Collateral Agent shall have the
right, but only upon the occurrence and during the continuance of an Event of Default and written notice by the Term Collateral Agent to the Borrower of its intent to exercise such rights, with full power of substitution either in the Term
Collateral Agent’s name or in the name of such Grantor (a) to receive, indorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part
thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral;
(d) upon prior written notice to the Borrower, to send verifications of accounts receivable to any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to 

  
 19 

 
collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits
or proceedings relating to all or any of the Collateral; (g) upon prior written notice to the Borrower, to notify, or to require any Grantor to notify, Account Debtors to make payment directly to the Term Collateral Agent; (h) to use,
sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the
Term Collateral Agent were the absolute owner of the Collateral for all purposes, and (i) to make, settle and adjust claims in respect of Article 9 Collateral under policies of insurance, indorsing the name of such Grantor on any check, draft,
instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with respect thereto; provided that nothing herein contained shall be construed as requiring or obligating the
Term Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Term Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral
or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Term Collateral Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of
the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence, bad faith or willful
misconduct or that of any of their controlled Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact. 
 SECTION
5.16. ABL/Term Loan Intercreditor Agreement Governs. Notwithstanding anything herein to the contrary, (i) the Liens and security interests granted to the Term Collateral Agent for the benefit of the Secured Parties pursuant to this
Agreement and (ii) the exercise of any right or remedy by the Term Collateral Agent hereunder or the application of proceeds (including insurance proceeds and condemnation proceeds) of any Collateral, are subject to the provisions of the
ABL/Term Loan Intercreditor Agreement. In the event of any conflict between the terms of the ABL/Term Loan Intercreditor Agreement, the terms of the ABL/Term Loan Intercreditor Agreement shall govern. 

SECTION 5.17. Delivery of Collateral. In accordance with the terms of the ABL/Term Loan Intercreditor Agreement, all ABL First Lien
Collateral delivered to the ABL Agent shall be held by the ABL Agent as gratuitous bailee for the Secured Parties solely for the purpose of perfecting the security interest granted under this Agreement. Notwithstanding anything herein to the
contrary, prior to the Discharge of Senior Secured Debt Obligations with respect to ABL First Lien Collateral, to the extent any Grantor is required hereunder to deliver ABL First Lien Collateral to the Term Collateral Agent and is unable to do so
as a result of having previously delivered such ABL First Lien Collateral to the ABL Agent in accordance with the terms of the ABL Security Documents, such Grantor’s obligations hereunder with respect to such delivery shall be deemed satisfied
by the delivery to the ABL Agent, acting as gratuitous bailee of the Term Collateral Agent. Terms used in this Section 5.17 and not otherwise defined herein shall have the meanings given to such terms in the ABL/Term Loan Intercreditor
Agreement. 
 SECTION 5.18. No Liability. The Term Collateral Agent shall not be responsible for or have a duty to ascertain or
inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Term Collateral Agent’s Lien thereon, or any certificate prepared by any Loan Party in
connection therewith, nor shall the Term Collateral Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 

[Remainder of Page Intentionally Left Blank] 

  
 20 

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

			
	INSTALLED BUILDING PRODUCTS, INC.
		
	By:	 	 /s/ Michael T. Miller

		 	Michael T. Miller
		 	 Executive Vice President and Chief Financial Officer

  

									
	 ACCURATE INSULATION LLC
 AMERICAN
INSULATION & ENERGY SERVICES, LLC
 ANY SEASON INSULATION, LLC

APPLE VALLEY INSULATION, A BDI COMPANY, INC.
 BAYTHERM INSULATION,
LLC
 BDI INSULATION OF IDAHO FALLS, INC.
 BDI INSULATION OF
SALT LAKE, L.L.C.
 BER ENERGY SERVICES, LLC
 BIG CITY
INSULATION, INC.
 BIG CITY INSULATION OF IDAHO, INC.
 BROKEN
DRUM INSULATION VISALIA, INC.
 BROKEN DRUM OF BAKERSFIELD, INC.

BUILDING MATERIALS FINANCE, INC.
 C.Q. INSULATION, INC.

CORNHUSKER INSULATION, LLC
 EASTERN CONTRACTOR SERVICES LIMITED
LIABILITY COMPANY
 GARAGE DOOR SYSTEMS, LLC
 GOLD INSULATION,
INC.
 G-T-G, LLC
 HINKLE INSULATION & DRYWALL COMPANY,
INCORPORATED
 IBHL A HOLDING COMPANY, INC.
 IBHL B HOLDING
COMPANY, INC.
 IBHL II-A HOLDING COMPANY, INC.
 IBHL II-B
HOLDING COMPANY, INC.
 IBP ASSET, LLC
	 		 	 IBP CORPORATION HOLDINGS, INC.
 IBP
EXTERIORS, INC.
 IBP HOLDINGS, LLC
 IBP HOLDINGS II, LLC

IBP TEXAS ASSETS I, LLC
 IBP TEXAS ASSETS II, LLC

IBP TEXAS ASSETS III, LLC
 INSTALLED BUILDING PRODUCTS, LLC

INSTALLED BUILDING PRODUCTS II, LLC
 INSTALLED BUILDING
PRODUCTS—PORTLAND, LLC
 INSTALLED BUILDING SOLUTIONS II, LLC

INSULATION WHOLESALE SUPPLY, LLC
 INSULVAIL, LLC

LAKESIDE INSULATION, LLC
 LKS TRANSPORTATION, LLC

MARV’S INSULATION, INC.
 METRO HOME INSULATION, LLC

MID SOUTH CONSTRUCTION AND BUILDING PRODUCTS, INC.

NORTHWEST INSULATION, LLC
 OJ INSULATION HOLDINGS, INC.

PACIFIC PARTNERS INSULATION NORTH, A BDI COMPANY, LLC
 PACIFIC
PARTNERS INSULATION SOUTH, A BDI COMPANY, LLC
 PARKER INSULATION AND BUILDING PRODUCTS, LLC

					
	By:	 	 /s/ Michael T. Miller
	 		 	By:	 	/s/ Michael T. Miller
		 	 Michael T. Miller
 Executive Vice President and
Chief Financial Officer
	 		 		 	 Michael T. Miller
 Executive Vice President and
Chief Financial Officer

 [Signature Page to Term Collateral Agreement] 

			
	 PEG, LLC
 RAJAN, LLC

ROCKFORD INSULATION, LLC
 SIERRA INSULATION CONTRACTORS II,
LLC
 SPEC 7 INSULATION CO., LLC
 SUPERIOR INSULATION SERVICES,
LLC
 TCI CONTRACTING, LLC
 THERMAL CONTROL INSULATION, LLC

U.S. INSULATION CORP.
 WATER-TITE COMPANY, LLC

WILSON INSULATION COMPANY, LLC
 ALPINE INSULATION I, LLC

EAST COAST INSULATORS II, LLC
 ACCURATE INSULATION OF COLORADO,
LLC
 ACCURATE INSULATION OF DELAWARE, LLC
 ACCURATE INSULATION
OF UPPER MARLBORO, LLC
 ALL CONSTRUCTION SERVICES, LLC
 ALL IN
ONE & MOORE BUILDING SYSTEMS, LLC
 B-ORGANIZED INSULATION, LLC

BUILDERS INSTALLED PRODUCTS OF MAINE, LLC
 BUILDERS INSTALLED
PRODUCTS OF NEW HAMPSHIRE, LLC
 BUILDERS INSTALLED PRODUCTS OF NEW YORK, LLC

BUILDERS INSTALLED PRODUCTS OF VERMONT, LLC
 CLS INSULATION,
LLC
 ECOLOGIC ENERGY SOLUTIONS, LLC
 EDWARDS/MOONEY &
MOSES, LLC
 FIBERCLASS INSULATION, LLC
 FORT WAYNE URETHANE,
LLC
 IBP ARCTIC EXPRESS, LLC
 IBP ASSET II, LLC

TRILOK INDUSTRIES, INC.
	  	 IBP OF MANSFIELD, LLC
 IBP OF OKLAHOMA, LLC

IBP OF SAN ANTONIO, LLC
 IBP OF TOLEDO, LLC

INSTALLED BUILDING PRODUCTS OF HOUSTON, LLC
 INSULATION NORTHWEST,
LLC
 KEY INSULATION OF AUSTIN, LLC
 KEY INSULATION OF SAN
ANTONIO, LLC
 LAYMAN BROTHERS INSULATION, LLC
 LOVEDAY
INSULATION, LLC
 M&D INSULATION, LLC
 MAP INSTALLED
BUILDING PRODUCTS OF SAGAMORE, LLC
 MAP INSTALLED BUILDING PRODUCTS OF SEEKONK, LLC

MIG BUILDING SYSTEMS, LLC
 MIG BUILDING SYSTEMS OF EAST SYRACUSE,
LLC
 MOMPER INSULATION OF CROWN POINT, LLC
 MOMPER INSULATION
OF ELKHART, LLC
 MOMPER INSULATION OF FORT WAYNE, LLC
 SOUTHERN
INSULATORS, LLC
 SUPERIOR INSULATION, LLC
 TCI CONTRACTING OF
CHARLESTON, LLC
 TCI CONTRACTING OF HILTON HEAD, LLC
 TCI
CONTRACTING OF KENTUCKY, LLC
 TCI CONTRACTING OF MEMPHIS, LLC

TCI CONTRACTING OF NASHVILLE, LLC
 TCI CONTRACTING OF THE GULF,
LLC
 TIDEWATER INSULATORS, LLC
 TOWN BUILDING SYSTEMS, LLC

ALPHA INSULATION & WATERPROOFING COMPANY
 ALPHA INSULATION
& WATERPROOFING, INC.
 EMPER HOLDINGS, LLC
 HORIZON
ELECTRIC SERVICES, LLC

									
					
	By:	 	 /s/ Michael T. Miller
	 		 	By:	 	/s/ Michael T. Miller
		 	 Michael T. Miller
 Executive Vice President and
Chief Financial Officer
	 		 		 	 Michael T. Miller
 Executive Vice President and
Chief Financial Officer

			
	 GOLD STAR INSULATION, L.P.
  

By: Gold Insulation, Inc., its general partner
	  	 OJ INSULATION, L.P.
  

By: OJ Insulation Holdings, Inc., its general partner

									
					
	By:	 	 /s/ Michael T. Miller
	 		 	By:	 	/s/ Michael T. Miller
		 	 Michael T. Miller
 Executive Vice President and
Chief Financial Officer
	 		 		 	 Michael T. Miller
 Executive Vice President and
Chief Financial Officer

 
			
	 ROYAL BANK OF CANADA,
as Term Collateral Agent

		
	By:	 	 /s/ Ann Hurley

		 	Name: Ann Hurley
		 	Title: Manager, Agency

 [Signature Page to Term Collateral Agreement] 

 Schedule I to the 

Collateral Agreement 
 GRANTORS 

 

			
	1	  	Accurate Insulation LLC
		
	2	  	Accurate Insulation of Colorado, LLC
		
	3	  	Accurate Insulation of Delaware, LLC
		
	4	  	Accurate Insulation of Upper Marlboro, LLC
		
	5	  	All Construction Services, LLC
		
	6	  	All in One & Moore Building Systems, LLC
		
	7	  	Alpha Insulation & Water Proofing Company
		
	8	  	Alpha Insulation & Water Proofing, Inc.
		
	9	  	Alpine Insulation I, LLC
		
	10	  	American Insulation & Energy Services, LLC
		
	11	  	Any Season Insulation, LLC
		
	12	  	Apple Valley Insulation, a BDI Company, Inc.
		
	13	  	B-Organized Insulation, LLC
		
	14	  	Baytherm Insulation, LLC
		
	15	  	BDI Insulation of Idaho Falls, Inc.
		
	16	  	BDI Insulation of Salt Lake, L.L.C.
		
	17	  	BER Energy Services, LLC
		
	18	  	Big City Insulation, Inc.
		
	19	  	Big City Insulation of Idaho, Inc.
		
	20	  	Broken Drum of Bakersfield, Inc.
		
	21	  	Broken Drum Insulation Visalia, Inc.
		
	22	  	Builders Installed Products of Maine, LLC
		
	23	  	Builders Installed Products of New Hampshire, LLC
		
	24	  	Builders Installed Products of New York, LLC
		
	25	  	Builders Installed Products of Vermont, LLC
		
	26	  	Building Materials Finance, Inc.
		
	27	  	CLS Insulation, LLC
		
	28	  	Cornhusker Insulation, LLC
		
	29	  	C.Q. Insulation, Inc.
		
	30	  	East Coast Insulators II, LLC
		
	31	  	Eastern Contractor Services Limited Liability Company

			
	32	  	Ecologic Energy Solutions, LLC
		
	33	  	Edwards/Mooney & Moses, LLC
		
	34	  	EMPER Holdings, LLC
		
	35	  	FiberClass Insulation, LLC
		
	36	  	Fort Wayne Urethane, LLC
		
	37	  	Garage Door Systems, LLC
		
	38	  	Gold Insulation, Inc.
		
	39	  	Gold Star Insulation, L.P.
		
	40	  	G-T-G, LLC
		
	41	  	Hinkle Insulation & Drywall Company, Incorporated
		
	42	  	Horizon Electric Services, LLC
		
	43	  	IBHL A Holding Company, Inc.
		
	44	  	IBHL B Holding Company, Inc.
		
	45	  	IBHL II-A Holding Company, Inc.
		
	46	  	IBHL II-B Holding Company, Inc.
		
	47	  	IBP Arctic Express, LLC
		
	48	  	IBP Asset, LLC
		
	49	  	IBP Asset II, LLC
		
	50	  	IBP Corporation Holdings, Inc.
		
	51	  	IBP Exteriors, Inc.
		
	52	  	IBP Holdings, LLC
		
	53	  	IBP Holdings II, LLC
		
	54	  	IBP of Mansfield, LLC
		
	55	  	IBP of Oklahoma, LLC
		
	56	  	IBP of San Antonio, LLC
		
	57	  	IBP of Toledo, LLC
		
	58	  	IBP Texas Assets I, LLC
		
	59	  	IBP Texas Assets II, LLC
		
	60	  	IBP Texas Assets III, LLC
		
	61	  	Installed Building Products, Inc.
		
	62	  	Installed Building Products, LLC
		
	63	  	Installed Building Products II, LLC
		
	64	  	Installed Building Products of Houston, LLC
		
	65	  	Installed Building Products – Portland, LLC
		
	66	  	Installed Building Solutions II, LLC
		
	67	  	Insulation Northwest, LLC

			
	68	  	Insulation Wholesale Supply, LLC
		
	69	  	InsulVail, LLC
		
	70	  	Key Insulation of Austin, LLC
		
	71	  	Key Insulation of San Antonio, LLC
		
	72	  	Lakeside Insulation, LLC
		
	73	  	Layman Brothers Insulation, LLC
		
	74	  	LKS Transportation, LLC
		
	75	  	Loveday Insulation, LLC
		
	76	  	M&D Insulation, LLC
		
	77	  	MAP Installed Building Products of Sagamore, LLC
		
	78	  	MAP Installed Building Products of Seekonk, LLC
		
	79	  	Marv’s Insulation, Inc.
		
	80	  	Metro Home Insulation, LLC
		
	81	  	Mid South Construction and Building Products, Inc.
		
	82	  	MIG Building Systems, LLC
		
	83	  	MIG Building Systems of East Syracuse, LLC
		
	84	  	Momper Insulation of Crown Point, LLC
		
	85	  	Momper Insulation of Elkhart, LLC
		
	86	  	Momper Insulation of Fort Wayne, LLC
		
	87	  	Northwest Insulation, LLC
		
	88	  	OJ Insulation Holdings, Inc.
		
	89	  	OJ Insulation, L.P.
		
	90	  	Pacific Partners Insulation North, a BDI Company, LLC
		
	91	  	Pacific Partners Insulation South, a BDI Company, LLC
		
	92	  	Parker Insulation and Building Products, LLC
		
	93	  	PEG, LLC
		
	94	  	RaJan, LLC
		
	95	  	Rockford Insulation, LLC
		
	96	  	Sierra Insulation Contractors II, LLC
		
	97	  	Southern Insulators, LLC
		
	98	  	Spec 7 Insulation Co., LLC
		
	99	  	Superior Insulation, LLC
		
	100	  	Superior Insulation Services, LLC
		
	101	  	TCI Contracting, LLC
		
	102	  	TCI Contracting of Charleston, LLC
		
	103	  	TCI Contracting of Hilton Head, LLC

			
	104	  	TCI Contracting of Kentucky, LLC
		
	105	  	TCI Contracting of Memphis, LLC
		
	106	  	TCI Contracting of Nashville, LLC
		
	107	  	TCI Contracting of the Gulf, LLC
		
	108	  	Thermal Control Insulation, LLC
		
	109	  	Tidewater Insulators, LLC
		
	110	  	Town Building Systems, LLC
		
	111	  	Trilok Industries, Inc.
		
	112	  	U.S. Insulation Corp.
		
	113	  	Water-Tite Company, LLC
		
	114	  	Wilson Insulation Company, LLC

 Schedule II to the 

Collateral Agreement 
 PLEDGED
EQUITY INTERESTS 
  

											
	 	  	 Issuer
	  	 Record Owner
	  	Certificate
No.	  	Percentage
of Equity
Interest
Owned	 	Percent
Pledged
	 1.
	  	Accurate Insulation LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 2.
	  	Accurate Insulation of Colorado, LLC	  	IBP Asset, LLC	  	1	  	100%	 	100%
	 3.
	  	Accurate Insulation of Delaware, LLC	  	Accurate Insulation, LLC	  	1	  	100%	 	100%
	 4.
	  	Accurate Insulation of Upper Marlboro, LLC	  	Accurate Insulation, LLC	  	1	  	100%	 	100%
	 5.
	  	All Construction Services, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 6.
	  	All In One & Moore Building Systems, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 7.
	  	Alpha Insulation & Waterproofing Company	  	EMPER Holdings, LLC	  	4	  	100%	 	100%
	 8.
	  	Alpha Insulation & Waterproofing, Inc.	  	Trilok Industries, Inc.	  	1	  	100%	 	100%
	 9.
	  	Alpine Insulation I, LLC	  	IBP Exteriors, Inc.	  	1	  	100%	 	100%
	 10.
	  	American Insulation & Energy Services, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 11.
	  	Any Season Insulation, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%

											
	 	  	 Issuer
	  	 Record Owner
	  	Certificate
No.	  	Percentage
of Equity
Interest
Owned	 	Percent
Pledged
	 12.
	  	Apple Valley Insulation, a BDI Company, Inc.	  	IBP Corporation Holdings, Inc.	  	4	  	100%	 	100%
	 13.
	  	Baytherm Insulation, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 14.
	  	BDI Insulation of Idaho Falls, Inc.	  	IBP Corporation Holdings, Inc.	  	4	  	100%	 	100%
	 15.
	  	BDI Insulation of Salt Lake, L.L.C.	  	IBP Corporation Holdings, Inc.	  	1	  	100%	 	100%
	 16.
	  	BER Energy Services, LLC	  	IBP Texas Assets III, LLC	  	1	  	100%	 	100%
	 17.
	  	Big City Insulation of Idaho, Inc.	  	IBP Corporation Holdings, Inc.	  	32	  	100%	 	100%
	 18.
	  	Big City Insulation, Inc.	  	IBP Corporation Holdings, Inc.	  	35	  	100%	 	100%
	 19.
	  	B-Organized Insulation, LLC	  	IBP Asset, LLC	  	1	  	100%	 	100%
	 20.
	  	Broken Drum Insulation Visalia, Inc.	  	IBP Corporation Holdings, Inc.	  	15	  	100%	 	100%
	 21.
	  	Broken Drum of Bakersfield, Inc.	  	IBP Corporation Holdings, Inc.	  	22	  	100%	 	100%
	 22.
	  	Builders Installed Products of Maine, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 23.
	  	Builders Installed Products of New Hampshire, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%

											
	 	  	 Issuer
	  	 Record Owner
	  	Certificate
No.	  	Percentage
of Equity
Interest
Owned	 	Percent
Pledged
	 24.
	  	Builders Installed Products of New York, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 25.
	  	Builders Installed Products of Vermont, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 26.
	  	Building Materials Finance, Inc.	  	Installed Building Products, LLC	  	7	  	100%	 	100%
	 27.
	  	C.Q. Insulation, Inc.	  	IBP Corporation Holdings, Inc.	  	16	  	100%	 	100%
	 28.
	  	CLS Insulation, LLC	  	IBP Texas Assets I, LLC	  	1	  	100%	 	100%
	 29.
	  	Cornhusker Insulation, LLC	  	IBP Exteriors, Inc.	  	1	  	100%	 	100%
	 30.
	  	East Coast Insulators II, LLC	  	IBP Asset, LLC	  	1	  	100%	 	100%
	 31.
	  	Eastern Contractor Services Limited Liability Company	  	Installed Building Products, LLC	  	3	  	100%	 	100%
	 32.
	  	Ecologic Energy Solutions, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 33.
	  	Edwards / Mooney & Moses, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 34.
	  	EMPER Holdings, LLC	  	 IBHL A Holding Company, Inc.
 IBHL B Holding
Company, Inc.
	  	1
 2
	  	50%
 50%
	 	50%
 50%

	 35.
	  	Fiberclass Insulation, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%

											
	 	  	 Issuer
	  	 Record Owner
	  	Certificate
No.	  	Percentage
of Equity
Interest
Owned	 	Percent
Pledged
	 36.
	  	Fort Wayne Urethane, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 37.
	  	Garage Door Systems, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 38.
	  	Gold Insulation, Inc.	  	Installed Building Products, LLC	  	R-2	  	100%	 	100%
	 39.
	  	Gold Star Insulation, L.P.	  	 Installed Building Products, LLC
 Gold
Insulation, Inc.
	  	2
 3
	  	99%
 1%
	 	99%
 1%

	 40.
	  	G-T-G, LLC	  	IBP Exteriors, Inc.	  	1	  	100%	 	100%
	 41.
	  	Horizon Electric Services, LLC	  	Installed Building Solutions II, LLC	  	1	  	100%	 	100%
	 42.
	  	Hinkle Insulation & Drywall Company, Incorporated	  	Installed Building Products II, LLC	  	2	  	100%	 	100%
	 43.
	  	IBHL A Holding Company, Inc.	  	Installed Building Products, Inc.	  	1
 2
	  	100%	 	100%
	 44.
	  	IBHL B Holding Company, Inc.	  	Installed Building Products, Inc.	  	1
 2
	  	100%	 	100%
	 45.
	  	IBHL II-A Holding Company, Inc.	  	Installed Building Products, Inc.	  	1	  	100%	 	100%
	 46.
	  	IBHL II-B Holding Company, Inc.	  	Installed Building Products, Inc.	  	1	  	100%	 	100%
	 47.
	  	IBP Arctic Express, LLC	  	IBP Texas Assets I, LLC	  	1	  	100%	 	100%

											
	 	  	 Issuer
	  	 Record Owner
	  	Certificate
No.	  	Percentage
of Equity
Interest
Owned	 	Percent
Pledged
	 48.
	  	IBP Asset, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 49.
	  	IBP Asset II, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 50.
	  	 IBP Corporation
 Holdings, Inc.
	  	 IBHL A Holding Company, Inc.
 IBHL B Holding
Company, Inc.
	  	1
 2
	  	50%
 50%
	 	50%
 50%

	 51.
	  	IBP Exteriors, Inc.	  	Installed Building Products, LLC	  	R-41	  	100%	 	100%
	 52.
	  	IBP Holdings, LLC	  	 IBHL A Holding Company, Inc.
 IBHL B Holding
Company, Inc.
	  	1 Priority
 2 Priority
	  	50%
 50%
	 	50%
 50%

	 53.
	  	IBP Holdings II, LLC	  	 IBHL II-A Holding Company, Inc.
 IBHL II-B
Holding Company, Inc.
	  	17 Common
 18 Common
	  	50%
 50%
	 	50%
 50%

	 54.
	  	IBP of Mansfield, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 55.
	  	IBP of Oklahoma, LLC	  	IBP Texas Assets I, LLC	  	1	  	100%	 	100%
	 56.
	  	IBP of San Antonio, LLC	  	IBP Texas Assets I, LLC	  	1	  	100%	 	100%
	 57.
	  	IBP of Toledo, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%

											
	 	  	 Issuer
	  	 Record Owner
	  	Certificate
No.	  	Percentage
of Equity
Interest
Owned	 	Percent
Pledged
	 58.
	  	IBP Texas Assets I, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 59.
	  	IBP Texas Assets II, LLC	  	Installed Building Products II, LLC	  	1	  	100%	 	100%
	 60.
	  	IBP Texas Assets III, LLC	  	Installed Building Products II, LLC	  	1	  	100%	 	100%
	 61.
	  	Installed Building Products, LLC	  	IBP Holdings, LLC	  	1	  	100%	 	100%
	 62.
	  	Installed Building Products II, LLC	  	IBP Holdings II, LLC	  	2	  	100%	 	100%
	 63.
	  	Installed Building Products of Houston, LLC	  	IBP Texas Assets II, LLC	  	1	  	100%	 	100%
	 64.
	  	Installed Building Products – Portland, LLC	  	IBP Exteriors, Inc.	  	1	  	100%	 	100%
	 65.
	  	Installed Building Solutions II, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 66.
	  	Insulation Northwest, LLC	  	Installed Building Products II, LLC	  	1	  	100%	 	100%
	 67.
	  	Insulation Wholesale Supply, LLC	  	IBP Corporation Holdings, Inc.	  	5	  	100%	 	100%
	 68.
	  	InsulVail, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 69.
	  	Key Insulation of Austin, LLC	  	IBP Texas Assets I, LLC	  	1	  	100%	 	100%
	 70.
	  	Key Insulation of San Antonio, LLC	  	IBP Texas Assets I, LLC	  	1	  	100%	 	100%

											
	 	  	 Issuer
	  	 Record Owner
	  	Certificate
No.	  	Percentage
of Equity
Interest
Owned	 	Percent
Pledged
	 71.
	  	Lakeside Insulation, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 72.
	  	Layman Brothers Insulation, LLC	  	Installed Building Products II, LLC	  	1	  	100%	 	100%
	 73.
	  	LKS Transportation, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 74.
	  	Loveday Insulation, LLC	  	Installed Building Products II, LLC	  	1	  	100%	 	100%
	 75.
	  	M&D Insulation, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 76.
	  	MAP Installed Building Products of Sagamore, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 77.
	  	MAP Installed Building Products of Seekonk, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 78.
	  	Marv’s Insulation, Inc.	  	Installed Building Products, LLC	  	1005	  	100%	 	100%
	 79.
	  	Metro Home Insulation, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 80.
	  	Mid South Construction and Building Products, Inc.	  	TCI Contracting, LLC	  	6
 8
	  	100%	 	100%
	 81.
	  	MIG Building Systems, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%

											
	 	  	 Issuer
	  	 Record Owner
	  	Certificate
No.	  	Percentage
of Equity
Interest
Owned	 	Percent
Pledged
	 82.
	  	MIG Building Systems of East Syracuse, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 83.
	  	Momper Insulation of Crown Point, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 84.
	  	Momper Insulation of Elkhart, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 85.
	  	Momper Insulation of Fort Wayne, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 86.
	  	Northwest Insulation, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 87.
	  	OJ Insulation Holdings, Inc.	  	Installed Building Products, LLC	  	R-1	  	100%	 	100%
	 88.
	  	OJ Insulation, L.P.	  	 OJ Insulation Holdings, Inc.
 Installed
Building Products, LLC
	  	1
 2
	  	1%
 99%
	 	1%
 99%

	 89.
	  	Pacific Partners Insulation North, a BDI Company, LLC	  	IBP Corporation Holdings, Inc.	  	1	  	100%	 	100%
	 90.
	  	Pacific Partners Insulation South, a BDI Company, LLC	  	IBP Corporation Holdings, Inc.	  	1	  	100%	 	100%
	 91.
	  	Parker Insulation and Building Products, LLC	  	IBP Texas Assets III, LLC	  	1	  	100%	 	100%
	 92.
	  	PEG, LLC	  	IBP Texas Assets III, LLC	  	1	  	100%	 	100%
	 93.
	  	RaJan, LLC	  	IBP Exteriors, Inc.	  	1	  	100%	 	100%

											
	 	  	 Issuer
	  	 Record Owner
	  	Certificate
No.	  	Percentage
of Equity
Interest
Owned	 	Percent
Pledged
	 94.
	  	Rockford Insulation, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 95.
	  	Sierra Insulation Contractors II, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 96.
	  	Southern Insulators, LLC	  	IBP Texas Assets I, LLC	  	1	  	100%	 	100%
	 97.
	  	Spec 7 Insulation Co., LLC	  	IBP Exteriors, Inc.	  	1	  	100%	 	100%
	 98.
	  	Superior Insulation Services, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 99.
	  	Superior Insulation, LLC	  	IBP Asset, LLC	  	1	  	100%	 	100%
	 100.
	  	TCI Contracting of Charleston, LLC	  	TCI Contracting, LLC	  	1	  	100%	 	100%
	 101.
	  	TCI Contracting of Hilton Head, LLC	  	TCI Contracting, LLC	  	1	  	100%	 	100%
	 102.
	  	TCI Contracting of Kentucky, LLC	  	TCI Contracting, LLC	  	1	  	100%	 	100%
	 103.
	  	TCI Contracting of Memphis, LLC	  	TCI Contracting, LLC	  	1	  	100%	 	100%
	 104.
	  	TCI Contracting of Nashville, LLC	  	TCI Contracting, LLC	  	1	  	100%	 	100%
	 105.
	  	TCI Contracting of the Gulf, LLC	  	TCI Contracting, LLC	  	1	  	100%	 	100%
	 106.
	  	TCI Contracting, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 107.
	  	Thermal Control Insulation, LLC	  	TCI Contracting, LLC	  	1	  	100%	 	100%

											
	 	  	 Issuer
	  	 Record Owner
	  	Certificate
No.	  	Percentage
of Equity
Interest
Owned	 	Percent
Pledged
	 108.
	  	Tidewater Insulators, LLC	  	Installed Building Products II, LLC	  	1	  	100%	 	100%
	 109.
	  	Town Building Systems, LLC	  	Installed Building Products, LLC	  	1	  	100%	 	100%
	 110.
	  	Trilok Industries, Inc.	  	EMPER Holdings, LLC	  	7	  	100%	 	100%
	 111.
	  	U.S. Insulation Corp.	  	Installed Building Products, LLC	  	21	  	100%	 	100%
	 112.
	  	Water-Tite Company, LLC	  	IBP Exteriors, Inc.	  	1	  	100%	 	100%
	 113.
	  	Wilson Insulation Company, LLC	  	IBP Exteriors, Inc.	  	1	  	100%	 	100%

 PLEDGED DEBT SECURITIES 
  

	1.	Intercompany note: Promissory Note dated April 11, 2016 by IBP Exteriors, Inc. (maker) to Installed Building Products, LLC (payee) for the original principal amount of $16,800,000, as amended and restated.

 Schedule III to the 

Collateral Agreement 
 INTELLECTUAL
PROPERTY 
 Trademarks: 
 U.S. Federal
Trademarks  
  

											
	 Trademark
	  	 Country
	  	 Owner Name
	  	Application
No.	  	Registration
Date	  	Registration
No.
	 TCI
	  	United States of America	  	TCI Contracting, LLC	  	77/560,525	  	4/7/2009	  	3,602,240
	 TOTAL COMFORT INSTALLATIONS
	  	United States of America	  	TCI Contracting, LLC	  	77/560,570	  	4/7/2009	  	3,602,245
	TCI TOTAL COMFORT INSTALLATIONS & DESIGN	  	United States of America	  	TCI Contracting, LLC	  	77/560,550	  	4/7/2009	  	3,602,243
	BUILDERS ENERGY RATER & DESIGN	  	United States of America	  	BER ENERGY SERVICES, LLC	  	85/666,359	  	2/18/2014	  	4,483,382
	 BUILDERS ENERGY RATER
	  	United States of America	  	BER ENERGY SERVICES, LLC	  	85/666,356	  	2/18/2014	  	4,483,381
	 CE3 & DESIGN
	  	United States of America	  	BER ENERGY SERVICES, LLC	  	85/723,233	  	5/7/2013	  	4,331,706
	 WHAT’S IN YOUR WALLS?
	  	United States of America	  	IBP TEXAS ASSETS I, LLC	  	86/525,472	  	9/8/2015	  	4,808,295
	 KEY INSULATION & DESIGN
	  	United States of America	  	IBP TEXAS ASSETS I, LLC	  	85/666,354	  	2/26/2013	  	4,295,442
	 KEY INSULATION
	  	United States of America	  	IBP TEXAS ASSETS I, LLC	  	85/666,352	  	2/12/2013	  	4,289,046

 U.S. State Trademarks 
  

											
	 Trademark
	  	 Country
	  	 Owner Name
	  	Application
No.	  	Registration
Date	  	Registration
No.
	COMFORT INSULATION	  	Illinois	  	Installed Building Products, LLC	  	1035533	  	10/1/2005	  	1035533
	FOREST CITY SEAMLESS GUTTERS	  	Illinois	  	Installed Building Products, LLC	  	1035533	  	10/1/2005	  	1035533
	MIDWEST SEAMLESS GUTTERS	  	Illinois	  	Installed Building Products, LLC	  	1035533	  	10/1/2005	  	1035533
	RES-COMM INSULATION	  	Illinois	  	Installed Building Products, LLC	  	1035533	  	10/1/2005	  	1035533
	THERMASEAL/LAKESIDE	  	Illinois	  	Lakeside Insulation, LLC	  	0133116-8	  	4/20/2005	  	0113116-8
	TSLS	  	Illinois	  	Lakeside Insulation, LLC	  	0133116-8	  	4/29/2005	  	0113116-8
	BUILDER’S INSTALLED PRODUCTS (INSTALLED BUILDING PRODUCTS)	  	Maine	  	Installed Building Products, LLC	  	20090208M	  	4/27/2009	  	20090208M
	ALL IN ONE & MOORE BUILDING SYSTEMS	  	Massachusetts	  	Installed Building Products, LLC	  	71186	  	4/27/2009	  	71,186
	MAP INSTALLED BUILDING PRODUCTS	  	Massachusetts	  	Installed Building Products, LLC	  	71187	  	4/27/2009	  	71,187
	JONES BROTHERS INSULATION	  	New Hampshire	  	Installed Building Products, LLC	  	470949	  	4/22/2004	  	470,949
	BUILDER’S INSTALLED PRODUCTS (INSTALLED BUILDING PRODUCTS)	  	New Hampshire	  	Installed Building Products, LLC	  	4794	  	6/15/2009	  	4794
	SUPERIOR INSULATION (INSTALLED BUILDING PRODUCTS, LLC)	  	New Hampshire	  	Installed Building Products, LLC	  	4793	  	6/15/2009	  	4793

											
	TOWN BUILDING SYSTEMS (INSTALLED BUILDING PRODUCTS)	  	New York	  	Installed Building Products, LLC	  	S21052	  	8/10/2009	  	S21,052
	MIG BUILDING SYSTEM (INSTALLED BUILDING PRODUCTS)	  	New York	  	Installed Building Products, LLC	  	S20975	  	6/22/2009	  	S20,975
	BUILDER’S INSTALLED PRODUCTS (INSTALLED BUILDING PRODUCTS)	  	New York	  	Installed Building Products, LLC	  	S21051	  	8/10/2009	  	S21,051
	ALL CONSTRUCTION MOONEY & MOSES OF OHIO	  	Ohio	  	Installed Building Products, LLC	  	1510603	  	1/6/2005	  	1,510,603
	BRIAN INSULATION CO.	  	Ohio	  	Installed Building Products, LLC	  	1054880	  	1/15/2004	  	1,054,860
	EDWARDS INSULATION	  	Ohio	  	Installed Building Products, LLC	  	RN245852	  	3/3/2003	  	245,852
	MOONEY & MOSES OF OHIO	  	Ohio	  	Installed Building Products, LLC	  	RN245850	  	3/3/2003	  	245,850
	ROYALTY-MOONEY & MOSES OF OHIO	  	Ohio	  	Installed Building Products, LLC	  	1058654	  	1/12/2004	  	1,058,654
	ROYALTY INSULATION CO.	  	Ohio	  	Installed Building Products, LLC	  	1053705	  	1/7/2004	  	1,053,705
	SWAN MANUFACTURING	  	Ohio	  	Installed Building Products, LLC	  	RN245851	  	11/18/2005	  	RN2,455,851
	CJ INSULATING	  	Ohio	  	Installed Building Products, LLC	  	1519219	  	2/4/2005	  	1,519,219
	AMERICAN BUILDING SYSTEMS	  	Ohio	  	Installed Building Products, LLC	  	1521423	  	2/11/2005	  	1,521,423

 Patents 

None. 
 Registered Copyrights 

None. 

 Schedule IV to the 

Collateral Agreement 
 COMMERCIAL
TORT CLAIMS 
 None. 

 Exhibit I to the 

Collateral Agreement 
 TERM LOAN
COPYRIGHT SECURITY AGREEMENT, dated as of [_], 20[_] (this “Agreement”), among [_] (the “Grantor”) and ROYAL BANK OF CANADA, as Term Collateral Agent (in such capacity, the “Term Collateral Agent”).

 Reference is made to (a) the Term Loan Credit Agreement dated as of April [__], 2017 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among INSTALLED BUILDING PRODUCTS, INC., as Borrower, the other parties from time to time party thereto and ROYAL BANK OF CANADA, as Administrative Agent and (b) the Term
Collateral Agreement dated of April [__], 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Term Collateral Agreement”) among the Borrower, the other Grantors from time to time party thereto, and
the Term Collateral Agent. The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The Grantor is an Affiliate of the Borrower and is willing to execute and deliver this
Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. Accordingly, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Term
Collateral Agreement. The rules of construction specified in Section 1.01(b) of the Term Collateral Agreement also apply to this Agreement. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Secured
Obligations, the Grantor hereby grants to the Term Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in, to and under the Copyrights
listed on Schedule I attached hereto (collectively, the “Copyright Collateral”). This Agreement is not to be construed as an assignment of any copyright or copyright application. 

SECTION 3. Term Collateral Agreement and ABL/Term Loan Intercreditor Agreement. The Grantor hereby acknowledges and affirms that the
rights and remedies of the Term Collateral Agent with respect to the Copyright Collateral are more fully set forth in the Term Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth
herein. In the event of any conflict between the terms of this Agreement and the Term Collateral Agreement, the terms of the Term Collateral Agreement shall govern. Notwithstanding anything herein to the contrary, (i) the Liens and security
interests granted to the Term Collateral Agent for the benefit of the Secured Parties pursuant to the Collateral Agreement and (ii) the exercise of any right or remedy by the Term Collateral Agent thereunder or the application of proceeds
(including insurance proceeds and condemnation proceeds) of any Collateral, are subject to the provisions of the ABL/Term Loan Intercreditor Agreement. In the event of any conflict between the terms of the ABL/Term Loan Intercreditor Agreement and
the terms of this Agreement, the terms of the ABL/Term Loan Intercreditor Agreement shall govern. 

 SECTION 4. Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic
transmission shall be effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION 4. Governing Law. This
Agreement shall be construed in accordance with and governed by the laws of the State of New York. 
 [Remainder of Page Intentionally
Left Blank] 

  
 -2- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	[    ], as Grantor
		
	By	 	  

		 	Name:
		 	Title:
	
	Royal Bank of Canada, as Term Collateral Agent
		
	By:	 	  

	Name:
	Title:

 [Signature Page to Copyright Security Agreement] 

 Schedule I 

 Exhibit II to the 

Collateral Agreement 
 TERM LOAN
PATENT SECURITY AGREEMENT, dated as of [_], 20[_] (this “Agreement”), among [_] (the “Grantor”) and ROYAL BANK OF CANADA, as Term Collateral Agent (in such capacity, the “Term Collateral Agent”).

 Reference is made to (a) the Term Loan Credit Agreement dated as of April [__], 2017 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among INSTALLED BUILDING PRODUCTS, INC., as Borrower, the other parties from time to time party thereto and ROYAL BANK OF CANADA, as Administrative Agent and (b) the Term
Collateral Agreement dated of April [__], 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Term Collateral Agreement”) among the Borrower, the other Grantors from time to time party thereto, and
the Term Collateral Agent. The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The Grantor is an Affiliate of the Borrower and is willing to execute and deliver this
Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. Accordingly, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Term
Collateral Agreement. The rules of construction specified in Section 1.01(b) of the Term Collateral Agreement also apply to this Agreement. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Secured
Obligations, the Grantor hereby grants to the Term Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in, to the Patents listed on
Schedule I attached hereto (the “Patent Collateral”). This Agreement is not to be construed as an assignment of any patent or patent application. 

SECTION 3. Collateral Agreement and ABL/Term Loan Intercreditor Agreement. The Grantor hereby acknowledges and affirms that the rights
and remedies of the Term Collateral Agent with respect to the Patent Collateral are more fully set forth in the Term Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein. In
the event of any conflict between the terms of this Agreement and the Term Collateral Agreement, the terms of the Term Collateral Agreement shall govern. Notwithstanding anything herein to the contrary, (i) the Liens and security interests
granted to the Term Collateral Agent for the benefit of the Secured Parties pursuant to the Collateral Agreement and (ii) the exercise of any right or remedy by the Term Collateral Agent thereunder or the application of proceeds (including
insurance proceeds and condemnation proceeds) of any Collateral, are subject to the provisions of the ABL/Term Loan Intercreditor Agreement. In the event of any conflict between the terms of the ABL/Term Loan Intercreditor Agreement and the terms of
this Agreement, the terms of the ABL/Term Loan Intercreditor Agreement shall govern. 

 SECTION 4. Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic
transmission shall be effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION 5. Governing Law. This
Agreement shall be construed in accordance with and governed by the laws of the State of New York. 
 [Remainder of Page Intentionally
Left Blank] 

  
 -2- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	[    ], as Grantor
		
	By	 	  

		 	Name:
		 	Title:
	
	Royal Bank of Canada, as Term Collateral Agent
		
	By:	 	  

	Name:
	Title:

  
 [Signature Page to Patent
Security Agreement] 

 Schedule I 

 Exhibit III to the 

Collateral Agreement 
 TERM LOAN
TRADEMARK SECURITY AGREEMENT, dated as of [_], 20[_] (this “Agreement”), among [_] (the “Grantor”) and ROYAL BANK OF CANADA, as Term Collateral Agent (in such capacity, the “Term Collateral Agent”).

 Reference is made to (a) the Term Loan Credit Agreement dated as of April [__], 2017 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among INSTALLED BUILDING PRODUCTS, INC., as Borrower, the other parties from time to time party thereto and ROYAL BANK OF CANADA, as Administrative Agent and (b) the Term
Collateral Agreement dated of April [__], 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Term Collateral Agreement”) among the Borrower, the other Grantors from time to time party thereto, and
the Term Collateral Agent. The Lenders have agreed to extend credit to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The Grantor is an Affiliate of the Borrower and is willing to execute and deliver this
Agreement in order to induce the Lenders to make additional Loans and as consideration for Loans previously made. Accordingly, the parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Term
Collateral Agreement. The rules of construction specified in Section 1.01(b) of the Term Collateral Agreement also apply to this Agreement. 

SECTION 2. Grant of Security Interest. As security for the payment or performance, as the case may be, in full of the Secured
Obligations, the Grantor hereby grants to the Term Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in all of such Grantor’s right, title and
interest in, to and under the Trademarks listed on Schedule I attached hereto (the “Trademark Collateral”). This Agreement is not to be construed as an assignment of any trademark or trademark application. Notwithstanding
anything herein to the contrary, the Trademark Collateral shall not include, and in no event shall the Security Interest attach to, any intent-to-use trademark applications filed in the United States Patent and Trademark Office, pursuant to
Section 1(b) of the Lanham Act, 15 U.S.C. Section 1051, prior to the accepted filing of a “Statement of Use” and issuance of a “Certificate of Registration” pursuant to Section 1(d) of the Lanham Act or an accepted
filing of an “Amendment to Allege Use” whereby such intent-to-use trademark application is converted to a “use in commerce” application pursuant to Section 1(c) of the Lanham Act. 

SECTION 3. Collateral Agreement and ABL/Term Loan Intercreditor Agreement. The Grantor hereby acknowledges and affirms that the rights
and remedies of the Term Collateral Agent with respect to the Copyright Collateral are more fully set forth in the Term Collateral Agreement, the terms and provisions of which are hereby incorporated herein by reference as if fully set forth herein.
In the event of any conflict between the terms of this Agreement and the Term Collateral Agreement, the terms of the Term Collateral Agreement shall govern. Notwithstanding anything herein to the contrary, (i) the Liens and security interests

 
granted to the Term Collateral Agent for the benefit of the Secured Parties pursuant to the Collateral Agreement and (ii) the exercise of any right or remedy by the Term Collateral Agent
thereunder or the application of proceeds (including insurance proceeds and condemnation proceeds) of any Collateral, are subject to the provisions of the ABL/Term Loan Intercreditor Agreement. In the event of any conflict between the terms of the
ABL/Term Loan Intercreditor Agreement and the terms of this Agreement, the terms of the ABL/Term Loan Intercreditor Agreement shall govern. 

SECTION 4. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be effective as delivery
of a manually signed counterpart of this Agreement. 
 SECTION 5. Governing Law. This Agreement shall be construed in accordance with
and governed by the laws of the State of New York. 
 [Remainder of Page Intentionally Left Blank] 

  
 -2- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	[    ], as Grantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	Royal Bank of Canada, as Term Collateral Agent
		
	By:	 	  

	Name:
	Title:

  
 [Signature Page to
Trademark Security Agreement] 

 Schedule I 

  
 [Signature Page to
Trademark Security Agreement] 

 Exhibit IV to the 

Collateral Agreement 

FORM OF COLLATERAL AGREEMENT SUPPLEMENT 

[Date of Collateral Agreement Supplement] 
 Royal Bank of Canada

 4th Floor, 20 King Street West, 
 Toronto, Ontario M5H 1C4

 Att: Manager, Agency Services Group 
 Facsimile: 416-842-4023

 Ladies and Gentlemen: 
 Reference is made
to the Term Loan Credit Agreement dated as of April [13], 2017 (as amended, restated, supplemented or otherwise modified from time to time, and in effect on the date hereof, the “Credit Agreement”), among Installed Building
Products, Inc., a Delaware corporation (the “Borrower”), the Lenders from time to time party thereto and Royal Bank of Canada, as Administrative Agent (in such capacity, the “Administrative Agent”) and
Collateral Agent (together with any successor collateral agent, the “Collateral Agent”, and together with the Administrative Agent, the “Agents”) for the Secured Parties (as defined therein), and
(ii) the Term Collateral Agreement dated as of April [13], 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Collateral Agreement”) made by the Grantors from time to time
party thereto in favor of the Collateral Agent for the Secured Parties. Terms defined in the Credit Agreement or the Collateral Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement or the Collateral
Agreement, as applicable. 
 1. Grant of Security. The undersigned hereby grants to the Collateral Agent, for the ratable benefit of
the Secured Parties, a security interest in all of its right, title and interest in and to the following, in each case whether now owned or hereafter acquired by the undersigned, wherever located and whether now or hereafter existing or arising
(collectively, the undersigned’s “Collateral”): all Equipment, Inventory, Receivables, Related Contracts, Securities Collateral (including, without limitation, the Pledged Equity and Pledged Debt set forth on Schedule
I hereto), Accounts (including, without limitation, the deposit accounts set forth on Schedule II hereto), Intellectual Property (including as set forth on Schedule III), Commercial Tort Claims listed on Schedule
IV hereto, letters of credit (including, without limitation, letters of credit set forth on Schedule V hereto), general intangibles, investment property, all fixtures, all documents, all accounts, all books and records (including, without
limitation, customer lists, credit files, printouts and other computer output materials and records) of the undersigned pertaining to any of the undersigned’s Collateral, and all proceeds of, collateral for, income, royalties, products and
other payments now or hereafter due and payable with respect to, and supporting obligations relating to, any and all of the undersigned’s Collateral (including, without limitation, proceeds, collateral and supporting obligations that constitute
property of the types described in this Section 1) and, to the extent not otherwise included, all (A) payments under insurance (whether or not the Collateral Agent is the loss payee thereof), or any indemnity, warranty or guaranty,
payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral, (B) claims and (C) cash and Cash Equivalents; provided that the foregoing shall not include any Excluded Property. 

2. Security for Obligations. The grant of a security interest in, the Collateral by the undersigned under this Collateral Agreement
Supplement and the Collateral Agreement secures the 

 
payment of all Secured Obligations of the undersigned now or hereafter existing under or in respect of the Loan Documents, whether direct or indirect, absolute or contingent, and whether for
principal, reimbursement obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without limiting the generality of the foregoing, this Collateral Agreement Supplement and the
Collateral Agreement secures the payment of all amounts that constitute part of the Secured Obligations and that would be owed by the undersigned to any Secured Party under the Loan Documents but for the fact that such Secured Obligations are
unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party. 
 3.
Representations and Warranties. (a) The undersigned’s exact legal name (as defined in Section 9-503(a) of the UCC), type of organization, jurisdiction of organization, organizational identification number and the tax
identification number (if any) are correctly set forth in Schedule VI hereto. The undersigned is located (within the meaning of Section 9-307 of the UCC) and has its chief executive office (or
principal place of business, if different) in the state or jurisdiction set forth in Schedule VI hereto. The undersigned has no trade names other than as listed on Schedule VI hereto. Within the five years preceding the date
hereof, the undersigned has not changed its name, location, chief executive office (or principal place of business, if different), type of organization, jurisdiction of organization or organizational identification number from those set forth in
Schedule VI hereto except as set forth on Schedule VI hereto. 
 The undersigned hereby makes each
other representation and warranty set forth in Sections 2.03 and 3.02 of the Collateral Agreement with respect to itself and the Collateral granted by it. 

4. Obligations Under the Collateral Agreement. The undersigned hereby agrees, as of the date first above written, to be bound as a
Grantor by all of the terms and provisions of the Collateral Agreement to the same extent as each of the other Grantors. The undersigned further agrees, as of the date first above written, that each reference in the Collateral Agreement to an
“Additional Grantor” or a “Grantor” shall also mean and be a reference to the undersigned, that each reference to the “Collateral” or any part thereof shall also mean and be a reference to the undersigned’s
Collateral or part thereof, as the case may be, and that each reference in the Collateral Agreement to a Schedule shall also mean and be a reference to the schedules attached hereto. 

5. Governing Law. This Collateral Agreement Supplement shall be governed by, and construed in accordance with, the laws of the State of
New York without regard to the conflicts of law provisions of such State. 
 6. Execution in Counterparts. This Agreement may be
executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this
Agreement by facsimile or electronic mail shall be effective as delivery of an original executed counterpart of this Agreement. 

  
 -4- 

 
					
	
	Very truly yours,
	
	 [NAME OF ADDITIONAL GRANTOR]

		
	By	 	  

		 	Title:	 	
			
		 	Address for notices:	 	
		 	  
	 	
		 	  
	 	
		 	  
	 	

  
 -5-

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