Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 

CONFIDENTIAL 
  

 
 FIRST LIEN/SECOND LIEN
INTERCREDITOR AGREEMENT 
 dated as of 

August 30, 2013 
 among 

BARCLAYS BANK PLC, 
 as Credit
Agreement Agent and First-Priority Collateral Agent, 
 Wilmington Trust, National Association, 

as Notes Collateral Agent and Second-Priority Collateral Agent, 

DS WATERS ENTERPRISES, INC., 

CRESTVIEW DS MERGER SUB II, INC. (to be merged on the Closing Date with and into 

DS WATERS OF AMERICA, INC.), 
 and

 The Subsidiaries of DS Waters of America, Inc. Named Herein 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 Section 1.
	 	 Definitions
	  	 	1	  
	 1.1
	 	 Defined Terms
	  	 	1	  
	 1.2
	 	 Terms Generally
	  	 	10	  
			
	 Section 2.
	 	 Lien Priorities
	  	 	10	  
	 2.1
	 	 Subordination of Liens
	  	 	10	  
	 2.2
	 	 Prohibition on Contesting Liens
	  	 	11	  
	 2.3
	 	 No New Liens
	  	 	11	  
	 2.4
	 	 Perfection of Liens
	  	 	12	  
			
	 Section 3.
	 	 Enforcement
	  	 	12	  
	 3.1
	 	 Exercise of Remedies
	  	 	12	  
	 3.2
	 	 Cooperation
	  	 	14	  
	 3.3
	 	 Second-Priority Collateral Agent and Second-Priority Secured Parties Waiver
	  	 	14	  
	 3.4
	 	 Actions Upon Breach
	  	 	14	  
			
	 Section 4.
	 	 Payments
	  	 	15	  
	 4.1
	 	 Application of Proceeds
	  	 	15	  
	 4.2
	 	 Payments Over
	  	 	15	  
			
	 Section 5.
	 	 Other Agreements
	  	 	16	  
	 5.1
	 	 Releases
	  	 	16	  
	 5.2
	 	 Insurance
	  	 	17	  
	 5.3
	 	 Amendments to Second-Priority Collateral Documents
	  	 	17	  
	 5.4
	 	 Rights As Unsecured Creditors
	  	 	18	  
	 5.5
	 	 First-Priority Collateral Agent as Gratuitous Bailee/Agent for Perfection
	  	 	19	  
	 5.6
	 	 Second-Priority Collateral Agent as Gratuitous Bailee/Agent for Perfection
	  	 	21	  
	 5.7
	 	 When Discharge of First-Priority Obligations Deemed to Not Have Occurred
	  	 	22	  
	 5.8
	 	 No Release if Event of Default
	  	 	23	  
			
	 Section 6.
	 	 Insolvency or Liquidation Proceedings
	  	 	23	  
	 6.1
	 	 Financing Issues
	  	 	23	  
	 6.2
	 	 Relief from the Automatic Stay
	  	 	24	  
	 6.3
	 	 Adequate Protection
	  	 	24	  
	 6.4
	 	 Preference Issues
	  	 	25	  
	 6.5
	 	 Application
	  	 	25	  
	 6.6
	 	 506(c) Claims
	  	 	25	  
	 6.7
	 	 Separate Grants of Security and Separate Classifications
	  	 	25	  
	 6.8
	 	 Section 1111(b)(2) Waiver
	  	 	26	  
	 6.9
	 	 Asset Sales
	  	 	26	  
	 6.10
	 	 Reorganization Securities
	  	 	26	  

  
 i 

							
	 Section 7.
	 	 Reliance; Waivers; etc.
	  	 	27	  
	 7.1
	 	 Reliance
	  	 	27	  
	 7.2
	 	 No Warranties or Liability
	  	 	27	  
	 7.3
	 	 Obligations Unconditional
	  	 	28	  
			
	 Section 8.
	 	 Miscellaneous
	  	 	28	  
	 8.1
	 	 Conflicts
	  	 	28	  
	 8.2
	 	 Continuing Nature of this Agreement; Severability
	  	 	28	  
	 8.3
	 	 Amendments; Waivers
	  	 	29	  
	 8.4
	 	 Information Concerning Financial Condition of the Company and the Subsidiaries
	  	 	30	  
	 8.5
	 	 Subrogation
	  	 	30	  
	 8.6
	 	 Application of Payments
	  	 	30	  
	 8.7
	 	 Consent to Jurisdiction; Waivers
	  	 	31	  
	 8.8
	 	 Notices
	  	 	31	  
	 8.9
	 	 Further Assurances
	  	 	31	  
	 8.10
	 	 Governing Law
	  	 	32	  
	 8.11
	 	 Binding on Successors and Assigns
	  	 	32	  
	 8.12
	 	 Specific Performance
	  	 	32	  
	 8.13
	 	 Section Titles
	  	 	32	  
	 8.14
	 	 Counterparts
	  	 	32	  
	 8.15
	 	 Authorization
	  	 	32	  
	 8.16
	 	 No Third Party Beneficiaries; Successors and Assigns
	  	 	32	  
	 8.17
	 	 Effectiveness
	  	 	33	  
	 8.18
	 	 First-Priority Representatives and Second-Priority Representatives
	  	 	33	  
	 8.19
	 	 Relative Rights
	  	 	33	  
	 8.20
	 	 Second-Priority Collateral Agent
	  	 	34	  
	 8.21
	 	 Joinder Requirements
	  	 	34	  
	 8.22
	 	 Intercreditor Agreements
	  	 	34	  
	 8.23
	 	 ABL Intercreditor Agreement and First-Priority Collateral Agent as First-Priority Representative
	  	 	35	  

 Exhibits and Schedule 
  

			
	 Exhibit A
	  	 Form of Joinder Agreement (Other First-Priority Obligations)

	 Exhibit B
	  	 Form of Joinder Agreement (Other Second-Priority Obligations)

		
	 Schedule I
	  	 Subsidiary Parties

  
 ii 

 FIRST LIEN/SECOND LIEN INTERCREDITOR AGREEMENT 

FIRST LIEN/SECOND LIEN INTERCREDITOR AGREEMENT dated as of August 30, 2013, among BARCLAYS BANK PLC (“Barclays”),
as Credit Agreement Agent and First-Priority Collateral Agent, Wilmington Trust, National Association, as Notes Collateral Agent and Second-Priority Collateral Agent, Crestview DS Merger Sub II, Inc., a Delaware corporation (to be merged on the
Closing Date with and into DS WATERS OF AMERICA, INC., a Delaware corporation (the “Company”)), DS WATERS ENTERPRISES, INC., a Delaware corporation (“Holdings”), and each Subsidiary of the Company
listed on Schedule I hereto. 
 A. The Company, Holdings, the lenders party thereto from time to time, Barclays, as administrative agent,
and others are party to the First Lien Credit Agreement dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

B. The Credit Agreement is included in the definition of “Credit Agreement” under the Notes Indenture (as defined below), and the
Obligations of the Company and certain of its Subsidiaries under the Credit Agreement and the Credit Agreement Documents executed or delivered pursuant thereto constitute First-Priority Obligations. 

C. The Company, Holdings, certain of its Subsidiaries and Wilmington Trust, National Association, as trustee and collateral agent, are party
to the Indenture dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Notes Indenture”) pursuant to which the 10.000% Second Priority Senior Secured Notes due 2021 were
issued on the date hereof. The Obligations of the Company and certain of its Subsidiaries under the Notes Indenture and the other Notes Documents constitute Notes Obligations hereunder. 

Accordingly, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable
consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1. Definitions. 
 1.1 Defined
Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABL Intercreditor
Agreement” means the ABL Intercreditor Agreement dated as of the date hereof by and among BMO Harris Bank N.A., as ABL Facility Agent (as defined therein), Barclays Bank PLC, as First-Priority Collateral Agent and First Lien/Second Lien
Intercreditor Agent (each as defined therein) and Wilmington Trust, National Association, as Notes Agent (as defined therein), Holdings and the Company and the other parties thereto as amended, modified, supplemented, replaced or restated, in whole
or in part, from time to time. 

 “Agreement” shall mean this Intercreditor Agreement, as amended, renewed,
extended, supplemented or otherwise modified from time to time in accordance with the terms hereof. 
 “Bankruptcy
Law” shall mean Title 11 of the United States Code and any similar federal, state or foreign law for the relief of debtors. 

“Barclays” shall have the meaning set forth in the preamble. 

“Business Day” shall mean any day other than a Saturday, a Sunday or a day that is a legal holiday under the laws of
the State of New York or on which banking institutions in the State of New York are required or authorized by law or other governmental action to close. 

“Cash Management Obligations” means, with respect to any Person, all obligations, whether now owing or hereafter
arising, of such Person in respect of overdrafts or other liabilities owed to any other Person that arise from treasury, depositary or cash management services, including any automated clearing house or other electronic transfers of funds, credit
cards, purchase or debit cards, e-payable services or any similar transactions, including any services or transactions of the type referred to in the definition of “Cash Management Agreement” in the Credit Agreement. 

“Common Collateral” means all of the assets of any Grantor, whether real, personal or mixed, constituting both
First-Priority Collateral and Second-Priority Collateral. 
 “Company” shall have the meaning set forth in the
preamble. 
 “Comparable Second-Priority Collateral Document” shall mean, in relation to any Common Collateral
subject to any Lien created under any First-Priority Collateral Document, those Second-Priority Collateral Documents that create a Lien on the same Common Collateral, granted by the same Grantor. 

“Credit Agreement” shall have the meaning set forth in the recitals. 

“Credit Agreement Agent” shall mean Barclays, in its capacity as administrative agent under the Credit Agreement and
as administrative agent and/or collateral agent, as applicable, under the other Credit Agreement Documents, and its permitted successors in such capacity. 

“Credit Agreement Collateral” shall mean all of the assets of any Grantor, whether real, personal or mixed, with
respect to which a Lien is granted as security for any Credit Agreement Secured Obligations. 
 “Credit Agreement Collateral
Agreement” means the Collateral Agreement (First Lien) dated as of the date hereof among the Company, each other pledgor party thereto and the Credit Agreement Agent, as collateral agent for the Credit Agreement Secured Parties, as
amended, supplemented or modified from time to time. 

  
 2 

 “Credit Agreement Collateral Documents” means the Credit Agreement
Collateral Agreement, the Credit Agreement Holdings Guarantee and Pledge Agreement and any other documents now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any Credit Agreement
Secured Obligations. 
 “Credit Agreement Documents” means the Credit Agreement, the Credit Agreement Collateral
Documents and the other “Loan Documents” as defined in the Credit Agreement. 
 “Credit Agreement Holdings Guarantee
and Pledge Agreement” means the Holdings Guarantee and Pledge Agreement (First Lien) dated as of the date hereof between Holdings and the Credit Agreement Agent, as amended, supplemented or modified from time to time. 

“Credit Agreement Obligations” means all “Loan Obligations” (as such term is defined in the Credit
Agreement) of the Company and other obligors under the Credit Agreement or any of the other Credit Agreement Documents, and all other obligations to pay principal, premium, if any, and interest (including any interest accruing after the commencement
of any Insolvency or Liquidation Proceeding, regardless of whether allowed or allowable in such proceeding) when due and payable, and all other amounts due or to become due under or in connection with the Credit Agreement Documents and the
performance of all other Obligations of the obligors thereunder to the lenders and agents under the Credit Agreement Documents, according to the respective terms thereof. 

“Credit Agreement Secured Obligations” means, collectively, (i) the Credit Agreement Obligations and
(ii) any First-Priority Cash Management Obligations and First-Priority Hedging Obligations included in the term “Secured Obligations” as defined in the Credit Agreement Collateral Agreement. 

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

“Deposit Account” shall have the meaning set forth in the Uniform Commercial Code. 

“Deposit Account Collateral” shall mean that part of the Common Collateral (if any) comprised of or contained in
Deposit Accounts or Securities Accounts. 
 “DIP Financing” shall have the meaning set forth in Section 6.1.

 “Discharge of First-Priority Obligations” shall mean, except to the extent otherwise provided in
Section 5.7, payment in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of (a) all Obligations in respect of all outstanding First-Priority Obligations and, with
respect to letters of credit or letter of credit guaranties outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect thereof in compliance with the First-Priority Credit Documents, in each case after or
concurrently with the 

  
 3 

 
termination of all commitments to extend credit thereunder and (b) any other First-Priority Obligations that are due and payable or otherwise accrued and owing at or prior to the time such
principal and interest are paid. 
 “First Lien/Second Lien Intercreditor Agent” shall have the meaning set forth in
Section 8.23. 
 “First-Priority Cash Management Obligations” means any Cash Management Obligations secured by
any Common Collateral under the First-Priority Collateral Documents. 
 “First-Priority Collateral” shall mean the
Credit Agreement Collateral and all of the assets of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Other First-Priority Obligations. 

“First-Priority Collateral Agent” shall mean Barclays, in its capacity as collateral agent for the First-Priority
Secured Parties, together with its successors and permitted assigns under the First-Priority Documents exercising substantially the same rights and powers (or if there is more than one First-Priority Credit Document, such agent or trustee as is
designated “First-Priority Collateral Agent” by First-Priority Secured Parties pursuant to the terms of the First-Priority Documents). 

“First-Priority Collateral Documents” means (a) the Credit Agreement Collateral Documents and (b) any
documents now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any First-Priority Cash-Management Obligations, First-Priority Hedging Obligations or any Other First-Priority
Obligations. 
 “First-Priority Credit Documents” means (a) the Credit Agreement Documents and (b) any
Other First-Priority Documents. 
 “First-Priority Documents” means (a) the Credit Agreement Documents,
(b) the Other First-Priority Documents and (c) each agreement, document or instrument providing for or evidencing a First-Priority Hedging Obligation or First-Priority Cash Management Obligation. 

“First-Priority Hedging Obligations” means any Hedging Obligations secured by any Common Collateral under the
First-Priority Collateral Documents. 
 “First-Priority Obligations” means (a) the Credit Agreement Secured
Obligations, (b) the Other First-Priority Obligations, and (c) the First-Priority Hedging Obligations and First-Priority Cash Management Obligations (which shall be deemed to be part of the Series of Other First-Priority Obligations to
which they relate to the extent provided in the applicable Other First-Priority Document). 
 “First-Priority
Representatives” shall mean (a) in the case of the Credit Agreement Secured Obligations, the Credit Agreement Agent and (b) in the case of any Series of First-Priority Obligations, the Other First-Priority Representative with
respect thereto. The term “First-Priority Representatives” shall include the First-Priority Collateral Agent as the context requires. 

  
 4 

 “First-Priority Secured Parties” shall mean (a) the Credit Agreement
Secured Parties and (b) the Other First-Priority Secured Parties, including the First-Priority Representatives. 

“Grantors” shall mean the Company, Holdings and each of the Subsidiaries of the Company that has executed and
delivered a First-Priority Collateral Document or a Second-Priority Collateral Document. 
 “Hedging Obligations”
means, with respect to any Person, the obligations of such Person under (a) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements, and currency exchange, interest rate or
commodity collar agreements and (b) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity prices, including any obligations of the type referred to in the
definition of “Hedging Agreement” in the Credit Agreement. 
 “Holdings” shall have the meaning set forth
in the preamble. 
 “Insolvency or Liquidation Proceeding” shall mean (a) any voluntary or involuntary case or
proceeding under any Bankruptcy Law with respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or
proceeding with respect to any Grantor or with respect to any of its assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy
(except for any voluntary liquidation, dissolution or other winding up to the extent expressly permitted by the applicable First-Priority Documents and Second-Priority Documents) or (d) any assignment for the benefit of creditors or any other
marshalling of assets and liabilities of any Grantor. 
 “Lien” means, with respect to any asset, (a) any
mortgage, deed of trust, lien, hypothecation, pledge, charge, security interest or similar monetary encumbrance in, on or on such asset and (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; provided, that in no event shall an operating lease or an agreement to sell be deemed to constitute a
Lien. 
 “Notes Collateral” shall mean all of the assets of any Grantor, whether real, personal or mixed, with
respect to which a Lien is granted as security for any Notes Obligations. 
 “Notes Collateral Agent” shall mean
Wilmington Trust, National Association, in its capacity as collateral agent under the Notes Indenture and the Notes Collateral Documents, and its permitted successors in such capacity. 

  
 5 

 “Notes Collateral Agreement” means the Collateral Agreement (Notes) dated
as of the date hereof, among the Company, certain of its Subsidiaries and the Notes Collateral Agent, as amended, supplemented or modified from time to time. 

“Notes Collateral Documents” means the Notes Collateral Agreement, the Notes Holdings Guarantee and Pledge Agreement
and any documents now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any Notes Obligations. 

“Notes Documents” shall mean (a) the Notes Indenture and the Notes Collateral Documents and (b) any other
related document or instrument executed and delivered pursuant to any Notes Document described in clause (a) above evidencing or governing any Obligations thereunder. 

“Notes Holdings Guarantee and Pledge Agreement” means the Holdings Guarantee and Pledge Agreement (Notes) dated as of
the date hereof between Holdings and the Notes Collateral Agent, as amended, supplemented or modified from time to time. 

“Notes Indenture” shall have the meaning set forth in the recitals. 

“Notes Obligations” means all “Obligations” (as such term is defined in the Notes Indenture) of the Company
and other obligors under the Notes Indenture or any of the other Notes Documents, and all other obligations to pay principal, premium, if any, and interest (including any interest accruing after the commencement of any Insolvency or Liquidation
Proceeding, regardless of whether allowed or allowable in such proceeding) when due and payable, and all other amounts due or to become due under or in connection with the Notes Documents and the performance of all other Obligations of the obligors
thereunder to the Notes Secured Parties under the Notes Documents, according to the respective terms thereof. 
 “Notes Secured
Parties” shall mean the holders of any Notes Obligations, including the Trustee and the Notes Collateral Agent. 

“Obligations” means any principal, interest (including any interest accruing after the commencement of any Insolvency
or Liquidation Proceeding, regardless of whether allowed or allowable in such proceeding), penalties, fees indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and bankers’ acceptances),
damages and other liabilities payable under the documentation governing any indebtedness; provided, that Obligations with respect to the Notes Obligations shall not include fees or indemnifications in favor of third parties other than the
Trustee, the Notes Collateral Agent and the Notes Secured Parties. 
 “Other First-Priority Collateral Agent” means,
with respect to any Series of Other First-Priority Obligations, any Other First-Priority Representative that acts in the capacity of a collateral agent with respect thereto. 

“Other First-Priority Documents” means each of the agreements, documents and instruments providing for, evidencing or
securing any Other First-Priority 

  
 6 

 
Obligations and any other related document or instrument executed or delivered pursuant to any Other First-Priority Document at any time or otherwise evidencing or securing any indebtedness
arising under any Other First-Priority Document. 
 “Other First-Priority Obligations” means (a) all
“Secured Obligations” as defined in the Credit Agreement Collateral Agreement (other than Credit Agreement Secured Obligations) and (b) any other indebtedness or Obligations (other than Credit Agreement Secured Obligations) of the
Grantors that are to be secured with a Lien on the Collateral senior to the Liens securing the Notes Obligations and are designated by the Company as Other First-Priority Obligations hereunder; provided, however, that with respect to this
clause (b), the requirements set forth in Section 8.21 shall have been satisfied. 
 “Other First-Priority
Representative” means, with respect to any Series of Other First-Priority Obligations or any separate facility within such Series, the Person elected, designated or appointed as the administrative agent, trustee or other representative
of such Series or facility by or on behalf of the holders of such Series or facility, and its respective successors in substantially the same capacity as may from time to time be appointed. 

“Other First-Priority Secured Parties” shall mean the Persons holding Other First-Priority Obligations, including the
Other First-Priority Representatives. 
 “Other Second-Priority Collateral Agent” with respect to any Series of
Other Second-Priority Obligations, any Other Second-Priority Representative that acts in the capacity of a collateral agent with respect thereto. 

“Other Second-Priority Documents” means each of the agreements, documents and instruments providing for, evidencing or
securing any Other Second-Priority Obligations and any other related document or instrument executed or delivered pursuant to any Other Second-Priority Document at any time or otherwise evidencing or securing any indebtedness arising under any
Second-Priority Obligations. 
 “Other Second-Priority Obligations” means (a) all “Obligations” as
defined in the Notes Indenture (other than the Notes Obligations) and (b) any other any indebtedness or Obligations (other than the Notes Obligations) of the Grantors that are to be equally and ratably secured with the Notes Obligations and are
designated by the Company as Other Second-Priority Obligations hereunder; provided, however, that with respect to this clause (b), the requirements set forth in Section 8.21 shall have been satisfied. 

“Other Second-Priority Representative” means, with respect to any Series of Other Second-Priority Obligations or any
separate facility within such Series, the Person elected, designated or appointed as the administrative agent, trustee or other representative of such Series or facility by or on behalf of the holders of such Series or facility, and its respective
successors in substantially the same capacity as may from time to time be appointed. 

  
 7 

 “Other Second-Priority Secured Parties” shall mean the Persons holding
Other Second-Priority Obligations, including the Other Second-Priority Representatives. 
 “Person” means any
natural person, corporation, business trust, joint venture, association, company, partnership, limited liability company or government, individual or family trusts, or any agency or political subdivision thereof. 

“Plan of Reorganization” means any plan of reorganization, plan of liquidation, agreement for composition, or other
type of plan of arrangement proposed in or in connection with any Insolvency or Liquidation Proceeding. 
 “Pledged
Collateral” shall mean the Common Collateral in the possession of the First-Priority Collateral Agent (or its agents or bailees), to the extent that possession thereof is necessary to perfect a Lien thereon under the Uniform Commercial
Code. 
 “Recovery” shall have the meaning set forth in Section 6.4. 

“Required Lenders” shall mean, with respect to any First-Priority Credit Document, those First-Priority Secured
Parties the approval of which is required to approve an amendment or modification of, termination or waiver of any provision of or consent to any departure from such First-Priority Credit Document (or would be required to effect such consent under
this Agreement if such consent were treated as an amendment of such First-Priority Credit Document). 
 “Second-Priority
Collateral” shall mean the Notes Collateral and all of the assets of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Other Second-Priority Obligations. 

“Second-Priority Collateral Agent” shall mean such agent or trustee as is designated “Second-Priority Collateral
Agent” by Second-Priority Secured Parties holding a majority in principal amount of the Second-Priority Obligations then outstanding; it being understood that as of the date of this Agreement, the Notes Collateral Agent shall be so designated
Second-Priority Collateral Agent. 
 “Second-Priority Collateral Documents” shall mean (a) the Notes Collateral
Documents and (b) any documents now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any Other Second-Priority Obligations. 

“Second-Priority Credit Documents” shall mean (a) the Notes Indenture and (b) any Other Second-Priority
Documents. 
 “Second-Priority Documents” shall mean (a) the Notes Documents and (b) the Other
Second-Priority Documents. 
 “Second-Priority Lien” shall mean any Lien on any assets of the Company or any other
Grantor securing any Second-Priority Obligations. 

  
 8 

 “Second-Priority Obligations” means (a) the Notes Obligations,
(b) the Other Second-Priority Obligations and (c) all other Obligations in respect of, or arising under, the Second-Priority Obligations Documents, including all fees and expenses of the collateral agent for any Other Second-Priority
Obligations and shall include all interest and fees, which but for the filing of a petition in bankruptcy with respect to the Issuer or any Subsidiary Guarantor, would have accrued on such obligations, whether or not a claim for such interest or
fees is allowed in such proceeding. 
 “Second-Priority Representatives” shall mean (a) in the case of the
Notes Obligations, the Notes Collateral Agent and (b) in the case of any Series of Other Second-Priority Obligations, the Other Second-Priority Representative with respect thereto. The term “Second-Priority Representatives” shall
include the Second-Priority Collateral Agent as the context requires. 
 “Second-Priority Secured Parties” shall
mean (a) the Notes Secured Parties and (b) the Other Second-Priority Secured Parties, including the Second-Priority Representatives. 

“Secured Parties” means the First-Priority Secured Parties and the Second-Priority Secured Parties. 

“Securities Account” shall have the meaning set forth in the Uniform Commercial Code. 

“Series” means (a) the Credit Agreement Secured Obligations and each series of Other First-Priority Obligations,
each of which shall constitute a separate Series of First-Priority Obligations, except that to the extent that the Credit Agreement Secured Obligations and/or any one or more series of such Other First-Priority Obligations (i) are secured by
identical collateral held by a common collateral agent and (ii) have their security interests documented by a single set of security documents, such Credit Agreement Secured Obligations and/or each such series of Other First-Priority
Obligations shall collectively constitute a single Series and (b) the Notes Obligations and each series of Other Second-Priority Obligations, each of which shall constitute a separate Series Second-Priority Obligations, except that to the
extent that the Notes Obligations and/or any one or more series of such Other Second-Priority Obligations (i) are secured by identical collateral held by a common collateral agent and (ii) have their security interests documented by a
single set of security documents, such Notes Obligations and/or each such series of Other Second-Priority Obligations shall collectively constitute a single Series. 

“Subsidiary” means, with respect to any person (herein referred to as the “parent”), any corporation,
partnership, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests
are, at the time any determination is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the
parent and one or more subsidiaries of the parent. 

  
 9 

 “Trustee” means Wilmington Trust, National Association, as trustee for
the Noteholders under the Notes Indenture, together with its successors or co-agents or co-trustees in substantially the same capacity as may from time to time be appointed. 

“Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as from time to time
in effect in the State of New York. 
 1.2 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be
followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to
any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified in accordance with this Agreement, (b) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to
this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections of this Agreement and (e) the words “asset” and “property” shall
be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

Section 2. Lien Priorities. 
 2.1 Subordination
of Liens. Notwithstanding the date, time, manner or order of filing or recordation of any document or instrument or grant, attachment or perfection of any Liens granted to the Second-Priority Secured Parties on the Common Collateral or of
any Liens granted to the First-Priority Secured Parties on the Common Collateral (or any actual or alleged defect in any of the foregoing), and notwithstanding any provision of the UCC, or any applicable law or the Second-Priority Documents or the
First-Priority Documents or any other circumstance whatsoever (including any non-perfection of any Lien purporting to secure the First-Priority Obligations and/or the Second-Priority Obligations), each Second-Priority Representative, on behalf of
itself and each applicable Second-Priority Secured Party, hereby agrees that: (a) any Lien on the Common Collateral securing any First-Priority Obligations now or hereafter held by or on behalf of the any First-Priority Secured Parties or any
agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Common Collateral securing any
Second-Priority Obligations, (b) any Lien on the Common Collateral securing any Second-Priority Obligations now or hereafter held by or on behalf of any Second-Priority Secured Parties or any agent or trustee therefor regardless of how
acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any First-Priority Obligations and (c) with respect to any
Second-Priority Obligations (and as among the Second-Priority 

  
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Secured Parties), the Liens on the Common Collateral securing any Second-Priority Obligations now or hereafter held by or on behalf of any Second-Priority Secured Party or any agent or trustee
therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall rank equally and ratably in all respects, subject to the terms of the Second-Priority Documents. All Liens on the Common Collateral
securing any First-Priority Obligations shall be and remain senior in all respects and prior to all Liens on the Common Collateral securing any Second-Priority Obligations for all purposes, whether or not such Liens securing any First-Priority
Obligations are subordinated to any Lien securing any other obligation of the Company, any other Grantor or any other Person. 
 2.2 Prohibition on
Contesting Liens. Each Second-Priority Representative, for itself and on behalf of each applicable Second-Priority Secured Party, and each First-Priority Representative, for itself and on behalf of each applicable First-Priority Secured
Party, agrees that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the validity, perfection, priority, validity or
enforceability of (a) a Lien securing any First-Priority Obligations held (or purported to be held) by or on behalf of any of the First-Priority Secured Parties or any agent or trustee therefor in any First-Priority Collateral or (b) a
Lien securing any Second-Priority Obligations held (or purported to be held) by or on behalf of any Second-Priority Secured Party in the Common Collateral, as the case may be; provided, however, that nothing in this Agreement shall be construed to
prevent or impair the rights of any First-Priority Secured Party or any agent or trustee therefor to enforce this Agreement (including the priority of the Liens securing the First-Priority Obligations as provided in Section 2.1) or any of the
First-Priority Documents. 
 2.3 No New Liens. Subject to Section 11.04 of the Notes Indenture and the corresponding provision of any
other Second-Priority Credit Document, so long as the Discharge of First-Priority Obligations has not occurred, the parties hereto agree that, after the date hereof, if any Second-Priority Representative shall hold any Lien on any assets intended to
be Common Collateral of the Company or any other Grantor securing any Second-Priority Obligations that are not also subject to the first-priority Lien in respect of the First-Priority Obligations under the First-Priority Documents, such
Second-Priority Representative shall notify the First-Priority Collateral Agent promptly upon becoming aware thereof and, upon demand by the First-Priority Collateral Agent or the Company, will either (i) release such Lien or (ii) assign
such Lien to the First-Priority Collateral Agent (and/or its designee) as security for the applicable First-Priority Obligations (and, in the case of an assignment, each Second-Priority Representative may retain a junior lien on such assets subject
to the terms hereof). Subject to Section 11.04 of the Notes Indenture and the corresponding provision of any Second-Priority Credit Document, each Second-Priority Representative agrees that, after the date hereof, if it shall hold any Lien on
any assets of the Company or any other Grantor securing any Second-Priority Obligations that are not also subject to the Lien in favor of each other Second-Priority Representative such Second-Priority Representative shall notify any other
Second-Priority Representative promptly upon becoming aware thereof. 

  
 11 

 2.4 Perfection of Liens. None of the First-Priority Secured Parties shall be responsible for
perfecting and maintaining the perfection of Liens with respect to the Common Collateral for the benefit of the Second-Priority Secured Parties. The provisions of this Intercreditor Agreement are intended solely to govern the respective Lien
priorities as between the First-Priority Secured Parties and the Second-Priority Secured Parties and shall not impose on the First-Priority Secured Parties or the Second-Priority Secured Parties or any agent or trustee therefor any obligations in
respect of the disposition of proceeds of any Common Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. 

Section 3. Enforcement. 
 3.1 Exercise of
Remedies. 
 (a) So long as the Discharge of First-Priority Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding
has been commenced by or against the Company or any other Grantor, (i) no Second-Priority Representative or any Second-Priority Secured Party will (x) exercise or seek to exercise any rights or remedies (including setoff) with respect to
any Common Collateral in respect of any applicable Second-Priority Obligations, institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to any foreclosure
proceeding or action brought with respect to the Common Collateral by the First-Priority Collateral Agent or any First-Priority Secured Party in respect of the First-Priority Obligations, the exercise of any right by the First-Priority Collateral
Agent or any First-Priority Secured Party (or any agent or sub-agent on their behalf) in respect of the First-Priority Obligations under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or
arrangement to which any Second-Priority Representative or any Second-Priority Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party, of any rights and remedies relating to the
Common Collateral under the First-Priority Documents, the ABL Intercreditor Agreement or otherwise in respect of First-Priority Obligations, or (z) object to the forbearance by the First-Priority Secured Parties from bringing or pursuing any
foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Common Collateral in respect of First-Priority Obligations and (ii) except as otherwise provided herein, the First-Priority Collateral Agent and
the First-Priority Secured Parties shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right to credit bid their debt) and make determinations regarding the release, disposition or restrictions with respect
to the Common Collateral without any consultation with or the consent of any Second-Priority Representative or any Second-Priority Secured Party; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against
the Company or any other Grantor, each Second-Priority Representative may file a claim or statement of interest with respect to the applicable Second-Priority Obligations and (B) each Second-Priority Representative may take any action (not
adverse to the prior Liens on the Common Collateral securing the First-Priority Obligations, or the rights of the First-Priority Collateral Agent or the First-Priority Secured Parties to exercise remedies in respect thereof) in order to create,
prove, perfect, preserve or protect (but not enforce) its 

  
 12 

 
rights in, and perfection and priority of its Lien on, the Common Collateral. In exercising rights and remedies with respect to the First-Priority Collateral, the First-Priority Collateral Agent
and the First-Priority Secured Parties may enforce the provisions of the First-Priority Documents and the ABL Intercreditor Agreement and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of
their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Common Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to
exercise all the rights and remedies of a secured lender under the Uniform Commercial Code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 

(b) So long as the Discharge of First-Priority Obligations has not occurred, each Second-Priority Representative, on behalf of itself and each applicable
Second-Priority Secured Party, agrees that it will not, in the context of its role as a Secured Party, take or receive any Common Collateral or any proceeds of Common Collateral in connection with the exercise of any right or remedy (including
setoff) with respect to any Common Collateral in respect of the applicable Second-Priority Obligations. Without limiting the generality of the foregoing, unless and until the Discharge of First-Priority Obligations has occurred, except as expressly
provided in the proviso in clause (ii) of Section 3.1(a), the sole right of the Second-Priority Representatives and the Second-Priority Secured Parties with respect to the Common Collateral is to hold a Lien on the Common Collateral in
respect of the applicable Second-Priority Obligations pursuant to the Second-Priority Documents, as applicable, for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of
First-Priority Obligations has occurred. 
 (c) Subject to the proviso in clause (ii) of Section 3.1(a), (i) each Second-Priority
Representative, for itself and on behalf of each applicable Second-Priority Secured Party, agrees that no Second-Priority Representative or Second-Priority Secured Party will take any action that would hinder any exercise of remedies undertaken by
the First-Priority Collateral Agent or the First-Priority Secured Parties with respect to the Common Collateral under the First-Priority Documents or the ABL Intercreditor Agreement, including any sale, lease, exchange, transfer or other disposition
of the Common Collateral, whether by foreclosure or otherwise, and (ii) each Second-Priority Representative, for itself and on behalf of each applicable Second-Priority Secured Party, hereby waives any and all rights it or any Second-Priority
Secured Party may have as a junior lien creditor or otherwise to object to the manner in which the First-Priority Collateral Agent or the First-Priority Secured Parties seek to enforce or collect the First-Priority Obligations or the Liens granted
in any of the First-Priority Collateral, regardless of whether any action or failure to act by or on behalf of the First-Priority Collateral Agent or First-Priority Secured Parties is adverse to the interests of the Second-Priority Secured Parties.

 (d) Each Second-Priority Representative hereby acknowledges and agrees that no covenant, agreement or restriction contained in any applicable
Second-Priority Document shall be deemed to restrict in any way the rights and remedies of the First-Priority Collateral Agent or the First-Priority Secured Parties with respect to the First-Priority Collateral as set forth in this Agreement, the
ABL Intercreditor Agreement and the First-Priority Documents. 

  
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 (e) Subject to the proviso appearing in the first sentence of Section 3.1(a), until the Discharge of the
First-Priority Obligations, the First-Priority Collateral Agent shall have the exclusive right to exercise any right or remedy with respect to the Common Collateral and shall have the exclusive right to determine and direct the time, method and
place for exercising such right or remedy or conducting any proceeding with respect thereto. 
 3.2 Cooperation. Subject to the proviso in
clause (ii) of Section 3.1(a), each Second-Priority Representative, on behalf of itself and each applicable Second-Priority Secured Party, agrees that, unless and until the Discharge of First-Priority Obligations has occurred, it will not
commence, or join with any Person (other than the First-Priority Secured Parties and the First-Priority Collateral Agent upon the request thereof) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with
respect to any Lien held by it in the Common Collateral under any of the applicable Second-Priority Documents or otherwise in respect of the applicable Second-Priority Obligations. 

3.3 Second-Priority Collateral Agent and Second-Priority Secured Parties Waiver. The Second-Priority Collateral Agent and the Second-Priority
Secured Parties hereby waive any claim they may now or hereafter have against the First-Priority Collateral Agent or any First-Priority Secured Parties arising out of (i) any actions which the First-Priority Collateral Agent (or any of its
representatives) takes or omits to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, disposition, 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 Obligations from any account debtor, guarantor or any other party) in accordance with the ABL Intercreditor Agreement, any
relevant First-Priority Collateral Documents or any other agreement related thereto, or to the collection of the Obligations or the valuation, use, protection or release of any security for the Obligations, (ii) any election by the
First-Priority Collateral Agent (or any of its agents), in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code, or (iii) subject to Section 6, any borrowing by, or grant of
a security interest or administrative expense priority under Section 364 of the Bankruptcy Code by, the Company or any of its Subsidiaries, as debtor-in-possession. 

3.4 Actions upon Breach. Should any Second-Priority Representative or any Second-Priority Secured Party, contrary to this Agreement, in any way,
take, attempt to take or threaten to take any action with respect to the Common Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement) or fail to take any action required by this Agreement, the
First-Priority Collateral Agent or any First Priority Representative or any other First-Priority Secured Party (in its or their own name or in the name of the Company or any other Grantor) may 

  
 14 

 
obtain relief against such Second-Priority Representative or such Second-Priority Secured Party by injunction, specific performance or other appropriate equitable relief. Each Second-Priority
Representative, for itself and on behalf of each applicable Second-Priority Secured Party, hereby (i) agrees that the First-Priority Secured Parties’ damages from the actions of the Second-Priority Representatives or any Second-Priority
Secured Party may at that time be difficult to ascertain and may be irreparable and waives any defense that the Senior Secured Parties cannot demonstrate damage or be made whole by the awarding of damages and (ii) irrevocably waives any defense
based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by the First-Priority Collateral Agent, any First-Priority Representative or any other
First-Priority Secured Party. 
 Section 4. Payments. 

4.1 Application of Proceeds. After an Event of Default under (and as defined in) any First-Priority Documents has occurred with respect to which
the First-Priority Collateral Agent has provided written notice to each Second-Priority Representative, and until such event of default is cured or waived, so long as the Discharge of First-Priority Obligations has not occurred, the Common
Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Common Collateral upon the exercise of remedies, shall be applied by the First-Priority Collateral Agent to the First-Priority
Obligations in such order as specified in the relevant First-Priority Documents until the Discharge of First-Priority Obligations has occurred. Upon the Discharge of First-Priority Obligations, the First-Priority Collateral Agent shall deliver
promptly to the Second-Priority Collateral Agent any Common Collateral or proceeds thereof held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the
Second-Priority Collateral Agent ratably to the Second-Priority Obligations and, with respect to each class of Second-Priority Obligations, in such order as specified in the relevant Second-Priority Documents. 

4.2 Payments Over. Any Common Collateral or proceeds thereof received by any Second-Priority Representative or any Second-Priority Secured Party
in connection with the exercise of any right or remedy (including setoff) relating to the Common Collateral (or any distribution in respect of the Common Collateral, whether or not expressly characterized as such) prior to the Discharge of the
First-Priority Obligations shall be segregated and held in trust for the benefit of and forthwith paid over to the First-Priority Collateral Agent (and/or its designees) for the benefit of the applicable First-Priority Secured Parties in the same
form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The First-Priority Collateral Agent is hereby authorized to make any such endorsements as agent for any Second-Priority Representative or
any such Second-Priority Secured Party. This authorization is coupled with an interest and is irrevocable. 

  
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 Section 5. Other Agreements. 

5.1 Releases. 
 (a) If, at any time
any Grantor, the First-Priority Collateral Agent or the holder of any First-Priority Obligation delivers notice to each Second-Priority Representative that any specified Common Collateral (including all or substantially all of the equity interests
of a Grantor or any of its Subsidiaries) is sold, transferred or otherwise disposed of (x) by the owner of such Common Collateral in a transaction not prohibited by any First-Priority Credit Document or any Second-Priority Credit Document or
(y) during the existence of any Event of Default under (and as defined in) the Credit Agreement or any other First-Priority Credit Document to the extent the First-Priority Collateral Agent has consented to such sale, transfer or disposition:

 then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Second-Priority Secured Parties upon such
Common Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Common Collateral securing First-Priority Obligations are released and discharged. Upon (i) delivery to each Second-Priority
Representative of a notice from the First-Priority Collateral Agent or the Company stating that any release of Liens securing or supporting the First-Priority Obligations has become effective (or shall become effective upon each First-Priority
Representative’s release), and (ii) in the case of the Notes Collateral Agent, delivery of such certificates and other documents required to be delivered under the Notes Documents, whether in connection with a sale of such assets by the
relevant owner pursuant to the preceding clauses or otherwise, each Second-Priority Representative will promptly execute and deliver such instruments, releases, termination statements or other documents confirming such release on customary terms. In
the case of the sale of all or substantially all of the equity interests of a Grantor or any of its Subsidiaries, the guarantee in favor of the Second-Priority Secured Parties, if any, made by such Grantor or Subsidiary will automatically be
released and discharged as and when, but only to the extent, the guarantee by such Grantor or Subsidiary of First-Priority Obligations is released and discharged. 

(b) Each Second-Priority Representative, for itself and on behalf of each applicable Second-Priority Secured Party, hereby irrevocably constitutes and
appoints the First-Priority Collateral Agent and any officer or agent of the First-Priority Collateral Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead
of each Second-Priority Representative or such holder or in the First-Priority Collateral Agent’s own name, from time to time in the First-Priority Collateral Agent’s discretion, for the purpose of carrying out the terms of this
Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this Section 5.1, including any termination statements, endorsements
or other instruments of transfer or release. 
 (c) Unless and until the Discharge of First-Priority Obligations has occurred, each Second-Priority
Representative, for itself and on behalf of each 

  
 16 

 
applicable Second-Priority Secured Party, hereby consents to the application, whether prior to or after a default, of Deposit Account Collateral or proceeds of Common Collateral to the repayment
of First-Priority Obligations pursuant to the First-Priority Documents; provided that nothing in this Section 5.1(c) shall be construed to prevent or impair the rights of the Second-Priority Representatives or the Second-Priority Secured
Parties to receive proceeds in connection with the Second-Priority Obligations not otherwise in contravention of this Agreement. 
 5.2
Insurance. Unless and until the Discharge of First-Priority Obligations has occurred, the First-Priority Collateral Agent and the First-Priority Secured Parties shall have the sole and exclusive right, subject to the rights of the Grantors
under the First-Priority Documents, to adjust settlement for any insurance policy covering the Common Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Common
Collateral. Unless and until the Discharge of First-Priority Obligations has occurred, all proceeds of any such policy and any such award if in respect of the Common Collateral shall be paid, subject to the rights of the Grantors under the
First-Priority Documents, (a) first, prior to the occurrence of the Discharge of First-Priority Obligations, to the First-Priority Collateral Agent for the benefit of First-Priority Secured Parties pursuant to the terms of the First-Priority
Documents, (b) second, after the occurrence of the Discharge of First-Priority Obligations, to the Second-Priority Collateral Agent for the benefit of the Second-Priority Secured Parties pursuant to the terms of the applicable Second-Priority
Documents and (c) third, if no Second-Priority Obligations are outstanding, to the owner of the subject property, such other person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If any Second-Priority
Representative or any Second-Priority Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such proceeds over to the First-Priority Collateral Agent in
accordance with the terms of Section 4.2. 
 5.3 Amendments to Second-Priority Collateral Documents. 

(a) So long as the Discharge of the First-Priority Obligations has not occurred, without the prior written consent of the First-Priority Collateral Agent and
the Required Lenders, no Second-Priority Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Second-Priority Collateral Document,
would be prohibited by or inconsistent with any of the terms of this Agreement or any other First-Priority Document. Unless otherwise agreed to by the First-Priority Collateral Agent, each Grantor agrees that each applicable Second-Priority
Collateral Document shall include language substantially the same as the following paragraph (or language to similar effect approved by the First-Priority Collateral Agent, such approval not to be unreasonably withheld): 

“Notwithstanding anything herein to the contrary, (i) the liens and security interests granted to the [insert the relevant
Second-Priority Representative] for the benefit of the [Secured Parties] pursuant to this Agreement are expressly subject and subordinate to the liens and security interests granted 

  
 17 

 
to (a) Barclays Bank PLC as collateral agent (and its permitted successors) pursuant to the Collateral Agreement dated as of August 30, 2013 (as amended, restated, supplemented or
otherwise modified from time to time), by and among DS Waters Enterprises, Inc., certain of its affiliates and Barclays Bank PLC, as collateral agent or (b) any agent or trustee for any Other First-Priority Secured Parties (as defined in the
First Lien/Second Lien Intercreditor Agreement referred to below) and (ii) the exercise of any right or remedy by the [insert the relevant Second-Priority Representative] hereunder or the application of proceeds (including insurance proceeds
and condemnation proceeds) of any Common Collateral is subject to the limitations and provisions of the First Lien/Second Lien Intercreditor Agreement dated as of August 30, 2013 (as amended, restated, supplemented or otherwise modified from
time to time, the “First Lien/Second Lien Intercreditor Agreement”), by and among Barclays Bank PLC, in its capacity as the Credit Agreement Agent and First-Priority Collateral Agent, Wilmington Trust, National Association, in its
capacity as the Notes Collateral Agent and Second-Priority Collateral Agent, DS Waters Enterpises, Inc., DS Waters of America, Inc. and the subsidiaries of DS Waters of America, Inc. named therein. In the event of any conflict between the terms
of the First Lien/Second Lien Intercreditor Agreement and the terms of this Agreement, the terms of the First Lien/Second Lien Intercreditor Agreement shall govern.” 

(b) In the event that the First-Priority Collateral Agent or the First-Priority Secured Parties enter into any amendment, waiver or consent in respect of or
replace any of the First-Priority Collateral Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any First-Priority Collateral Document or changing in any manner the rights of
the First-Priority Collateral Agent, the First-Priority Secured Parties, the Company or any other Grantor thereunder (including the release of any Liens in First-Priority Collateral), then such amendment, waiver or consent shall apply automatically
to any comparable provision of each Comparable Second-Priority Collateral Document without the consent of any Second-Priority Representative or any Second-Priority Secured Party and without any action by any Second-Priority Representative,
Second-Priority Secured Party, the Company or any other Grantor; provided, however, that (A) such amendment, waiver or consent does not (i) amend, modify or otherwise affect the rights or duties of any Second-Priority Representative
without its prior written consent or (ii) otherwise materially adversely affect the rights of the Second-Priority Secured Parties or the interests of the Second-Priority Secured Parties in the Second-Priority Collateral and not the
First-Priority Collateral Agent or the First-Priority Secured Parties, as the case may be, that have a security interest in the affected collateral in a like or similar manner, and (B) written notice of such amendment, waiver or consent shall
have been given to each Second-Priority Representative by the First-Priority Collateral Agent within 10 Business Days after the effectiveness of such amendment, waiver or consent. 

5.4 Rights As Unsecured Creditors. Notwithstanding anything to the contrary in this Agreement, the Second-Priority Representatives and the
Second-Priority Secured Parties may exercise rights and remedies as an unsecured creditor 

  
 18 

 
against the Company or any Subsidiary of the Company that has guaranteed the Second-Priority Obligations in accordance with the terms of the applicable Second-Priority Documents and applicable
law, so long as such rights and remedies do not violate (or are otherwise not prohibited by) an express provision of this Agreement. Nothing in this Agreement shall prohibit the receipt by any Second-Priority Representative or any Second-Priority
Secured Party of the required payments of interest and principal so long as such receipt is not the direct or indirect result of the exercise by any Second-Priority Representative or any Second-Priority Secured Party of rights or remedies as a
secured creditor in respect of Common Collateral or enforcement in contravention of this Agreement of any Lien in respect of Second-Priority Obligations held by any of them. In the event any Second-Priority Representative or any Second-Priority
Secured Party becomes a judgment lien creditor in respect of Common Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Second-Priority Obligations, such judgment lien shall be subordinated to the Liens
securing First-Priority Obligations on the same basis as the other Liens securing the Second-Priority Obligations are so subordinated to such Liens securing First-Priority Obligations under this Agreement. Nothing in this Agreement impairs or
otherwise adversely affects any rights or remedies the First-Priority Collateral Agent or the First-Priority Secured Parties may have with respect to the First-Priority Collateral. 

5.5 First-Priority Collateral Agent as Gratuitous Bailee/Agent for Perfection. 

(a) The First-Priority Collateral Agent agrees to hold the Pledged Collateral that is part of the Common Collateral in its possession or control (or in the
possession or control of its agents or bailees) as gratuitous bailee and/or gratuitous agent for the benefit of each Second-Priority Representative and any assignee solely for the purpose of perfecting the security interest granted in such Pledged
Collateral pursuant to the Second-Priority Collateral Documents, subject to the terms and conditions of this Section 5.5. 
 (b) The First-Priority
Collateral Agent agrees to hold the Deposit Account Collateral (if any) that is part of the Common Collateral and controlled by the First-Priority Collateral Agent as gratuitous bailee and/or gratuitous agent for the benefit of each Second-Priority
Representative and any assignee solely for the purpose of perfecting the security interest granted in such Deposit Account Collateral pursuant to the Second-Priority Collateral Documents, subject to the terms and conditions of this Section 5.5.

 (c) In the event that the First-Priority Collateral Agent (or its agent or bailees) has Lien filings against Intellectual Property (as defined in the
Notes Collateral Agreement) that is part of the Common Collateral that are necessary for the perfection of Liens in such Common Collateral, the First-Priority Collateral Agent agrees to hold such Liens as gratuitous bailee and/or gratuitous agent
for the benefit of each Second-Priority Representative and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the Second-Priority Collateral Documents, subject to the terms and conditions of
this Section 5.5. 

  
 19 

 (d) Except as otherwise specifically provided herein (including Sections 3.1 and 4.1), until the Discharge of
First-Priority Obligations has occurred, the First-Priority Collateral Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the First-Priority Documents as if the Liens under the Second-Priority Collateral
Documents did not exist. The rights of the Second-Priority Representatives and the Second-Priority Secured Parties with respect to such Pledged Collateral shall at all times be subject to the terms of this Agreement. 

(e) The First-Priority Collateral Agent shall have no obligation whatsoever to any Second-Priority Representative or any Second-Priority Secured Party to
assure that the Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Common Collateral except as expressly set forth in this Section 5.5. The duties or
responsibilities of the First-Priority Collateral Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral as gratuitous bailee and/or gratuitous agent for the benefit of each Second-Priority Representative for
purposes of perfecting the Lien held by the Second-Priority Secured Parties. 
 (f) The First-Priority Collateral Agent shall not have by reason of the
Second-Priority Collateral Documents or this Agreement or any other document a fiduciary relationship in respect of any Second-Priority Representative or any Second-Priority Secured Party and the Second-Priority Representatives and the
Second-Priority Secured Parties hereby waive and release the First-Priority Collateral Agent from all claims and liabilities arising pursuant to the First-Priority Collateral Agent’s role under this Section 5.5, as gratuitous bailee and/or
gratuitous agent with respect to the Common Collateral. 
 (g) Upon the Discharge of First-Priority Obligations, the First-Priority Collateral Agent shall
deliver to the Second-Priority Collateral Agent, at the Company’s reasonable expense, to the extent that it is legally permitted to do so, the Pledged Collateral (if any) and the Deposit Account Collateral (if any) that is part of the Common
Collateral together with any necessary endorsements (or otherwise allow the Second-Priority Collateral Agent to obtain control of such Pledged Collateral and Deposit Account Collateral) or as a court of competent jurisdiction may otherwise direct.
The Company shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify the First-Priority Collateral Agent for any loss or damage suffered by the First-Priority Collateral Agent as a result of
such transfer except for any loss or damage suffered by the First-Priority Collateral Agent as a result of its own willful misconduct, gross negligence or bad faith. The First-Priority Collateral Agent has no obligation to follow instructions from
any Second-Priority Representative in contravention of this Agreement. 
 (h) Neither the First-Priority Collateral Agent nor the First-Priority Secured
Parties shall be required to marshal any present or future collateral security for the Company’s or its Subsidiaries’ obligations to the First-Priority Collateral Agent or the First-Priority Secured Parties under the First-Priority Credit
Documents or the First-Priority Collateral Documents or any assurance of payment in respect thereof or to resort to such collateral security or other assurances of payment in any particular order, 

  
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and all of their rights in respect of such collateral security or any assurance of payment in respect thereof shall be cumulative and in addition to all other rights, however existing or arising.

 (i) The agreement of the First-Priority Collateral Agent to act as gratuitous bailee and/or gratuitous agent pursuant to this Section 5.5 is
intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2), 9-104(a)(2) and 9-313(c) of the UCC. 
 5.6
Second-Priority Collateral Agent as Gratuitous Bailee/Agent for Perfection. 
 (a) Upon the Discharge of First-Priority Obligations,
the Second-Priority Collateral Agent agrees to hold the Pledged Collateral that is part of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee and/or gratuitous agent for
the benefit of the other Second-Priority Representatives and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the applicable Second-Priority Collateral Document, subject to the
terms and conditions of this Section 5.6. 
 (b) Upon the Discharge of First-Priority Obligations, the Second-Priority Collateral Agent agrees to hold
the Deposit Account Collateral (if any) that is part of the Common Collateral and controlled by the Second-Priority Collateral Agent as gratuitous bailee and/or gratuitous agent for the benefit of other Second-Priority Representatives and any
assignee solely for the purpose of perfecting the security interest granted in such Deposit Account Collateral pursuant to the applicable Second-Priority Collateral Document, subject to the terms and conditions of this Section 5.6. 

(c) In the event that the Second-Priority Collateral Agent (or its agent or bailees) has Lien filings against Intellectual Property (as defined in the Notes
Collateral Agreement) that is part of the Common Collateral that are necessary for the perfection of Liens in such Common Collateral, upon the Discharge of First-Priority Obligations, the Second-Priority Collateral Agent agrees to hold such Liens as
gratuitous bailee and/or gratuitous agent for the benefit of other Second-Priority Representatives and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the applicable Second-Priority
Collateral Document, subject to the terms and conditions of this Section 5.6. 
 (d) The Second-Priority Collateral Agent, in its capacity as
gratuitous bailee and/or gratuitous agent, shall have no obligation whatsoever to the other Second-Priority Representatives to assure that the Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any
Person or any rights pertaining to the Common Collateral except as expressly set forth in this Section 5.6. The duties or responsibilities of the Second-Priority Collateral Agent under this Section 5.6 upon the Discharge of First-Priority
Obligations shall be limited solely to holding the Pledged Collateral as gratuitous bailee and/or gratuitous agent for the benefit of other Second-Priority Representatives for purposes of perfecting the Lien held by the applicable Second-Priority
Secured Parties. 

  
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 (e) The Second-Priority Collateral Agent shall not have by reason of the Second-Priority Collateral Documents or
this Agreement or any other document a fiduciary relationship in respect of the other Second-Priority Representatives (or the Second-Priority Secured Parties for which such other Second-Priority Representatives are agent) and the other
Second-Priority Representatives hereby waive and release the Second-Priority Collateral Agent from all claims and liabilities arising pursuant to the Second-Priority Collateral Agent’s role under this Section 5.6, as gratuitous bailee
and/or gratuitous agent with respect to the Common Collateral. 
 (f) In the event that the Second-Priority Collateral Agent shall cease to be so designated
the Second-Priority Collateral Agent pursuant to the definition of such term, the then Second-Priority Collateral Agent shall deliver to the successor Second-Priority Collateral Agent, to the extent that it is legally permitted to do so, the Pledged
Collateral (if any) and the Deposit Account Collateral (if any) together with any necessary endorsements (or otherwise allow the successor Second-Priority Collateral Agent to obtain control of such Pledged Collateral and Deposit Account Collateral)
or as a court of competent jurisdiction may otherwise direct, and such successor Second-Priority Collateral Agent shall perform all duties of the Second-Priority Collateral Agent as set forth herein. The Company shall take such further action as is
required to effectuate the transfer contemplated hereby and shall indemnify the Second-Priority Collateral Agent for any loss or damage suffered by the Second-Priority Collateral Agent as a result of such transfer except for any loss or damage
suffered by the Second-Priority Collateral Agent as a result of its own willful misconduct, gross negligence or bad faith. The Second-Priority Collateral Agent has no obligation to follow instructions from the successor Second-Priority Collateral
Agent in contravention of this Agreement. 
 (g) The agreement of the Second-Priority Collateral Agent to act as gratuitous bailee and/or gratuitous agent
pursuant to this Section 5.6 is intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2), 9-104(a)(2) and 9-313(c) of the UCC. 

5.7 When Discharge of First-Priority Obligations Deemed to Not Have Occurred. If, at any time after the Discharge of
First-Priority Obligations has occurred, the Company incurs and designates any Other First-Priority Obligations, then such Discharge of First-Priority Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement
(other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of First-Priority Obligations), and the applicable agreement governing such Other First-Priority Obligations
shall automatically be treated as a First-Priority Credit Document (and, upon designation by the Company thereof, the “Credit Agreement” hereunder) for all purposes of this Agreement, including for purposes of the Lien priorities and
rights in respect of Common Collateral set forth herein and the granting by the First-Priority Collateral Agent of amendments, waivers and consents hereunder. Upon receipt of notice of such designation (including the identity of the new
First-Priority Collateral Agent), each Second-Priority Representative shall promptly (i) enter into such documents and agreements (at the expense of the Company), including amendments or supplements to this Agreement, as the Company or such new
First-Priority Collateral Agent shall reasonably request in writing in order to provide the new First-Priority Representative the 

  
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rights of the First-Priority Collateral Agent contemplated hereby and (ii) to the extent then held by any Second-Priority Representative, deliver to the First-Priority Collateral Agent the
Pledged Collateral that is Common Collateral together with any necessary endorsements (or otherwise allow such First-Priority Collateral Agent to obtain possession or control of such Pledged Collateral). 

5.8 No Release Upon Discharge of First-Priority Obligations. Notwithstanding any other provisions contained in this Agreement, if
a Discharge of First-Priority Obligations occurs, the second-priority Liens on the Second-Priority Collateral securing the Second-Priority Obligations will not be released, except to the extent such Second-Priority Collateral or any portion thereof
was disposed of in order to repay the First-Priority Obligations secured by such Second-Priority Collateral (including as contemplated under Section 6.9 below) or otherwise as permitted under the First-Priority Documents and the Second-Priority
Documents, as applicable. 
 Section 6. Insolvency or Liquidation Proceedings. 

6.1 Financing Issues. If the Company or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding and the First-Priority
Collateral Agent shall desire to permit (or not object to) the use of cash collateral or to permit (or not object to) the Company or any other Grantor to obtain financing under Section 363 or Section 364 of Title 11 of the United States
Code or any similar provision in any Bankruptcy Law (“DIP Financing”), then each Second-Priority Representative, on behalf of itself and each applicable Second-Priority Secured Party, agrees that it will raise no
(a) objection to (and will not otherwise contest or join with or support any third party opposing, objecting to or contesting) such use of cash collateral or DIP Financing and will not request adequate protection or any other relief in
connection therewith (except to the extent permitted by the proviso in clause (ii) of Section 3.1(a) and Section 6.3) and, to the extent the Liens securing the First-Priority Obligations under the First-Priority Documents are
subordinated or pari passu with such DIP Financing, will subordinate its Liens in the Common Collateral to such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second-Priority Obligations are so
subordinated to Liens securing First-Priority Obligations under this Agreement, (b) objection to (and will not otherwise contest or join with or support any third party opposing, objecting to or contesting) any motion for relief from the
automatic stay or from any injunction against foreclosure or enforcement in respect of First-Priority Obligations made by the First-Priority Collateral Agent or any holder of First-Priority Obligations, (c) objection to (and will not otherwise
contest or join with or support any third party opposing, objecting to or contesting) any lawful exercise by any holder of First-Priority Obligations of the right to credit bid First-Priority Obligations at any sale in foreclosure of First-Priority
Collateral, (d) objection to (and will not otherwise contest or join with or support any third party opposing, objecting to or contesting) any other request for judicial relief made in any court by any holder of First-Priority Obligations
relating to the lawful enforcement of any Lien on First-Priority Collateral or (e) objection to (and will not otherwise contest or join with or support any third party opposing, objecting to or contesting) any order relating to a sale of assets
of any Grantor for which the First-Priority Collateral Agent has consented that provides, to the extent the 

  
 23 

 
sale is to be free and clear of Liens, that the Liens securing the First-Priority Obligations and the Second-Priority Obligations will attach to the proceeds of the sale on the same basis of
priority as the Liens securing the First-Priority Collateral rank to the Liens securing the Second-Priority Collateral in accordance with this Agreement. 

6.2 Relief from the Automatic Stay. Until the Discharge of First-Priority Obligations has occurred, each Second-Priority Representative, on
behalf of itself and each applicable Second-Priority Secured Party, agrees that none of them shall seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding or take any action in respect of the Common
Collateral, without the prior written consent of the First-Priority Collateral Agent and the Required Lenders. 
 6.3 Adequate Protection.
Each Second-Priority Representative, on behalf of itself and each applicable Second-Priority Secured Party, agrees that none of them shall object or contest (or support any other Person objecting to or contesting) (a) any request by the
First-Priority Collateral Agent or the First-Priority Secured Parties for adequate protection, (b) any objection by the First-Priority Collateral Agent or the First-Priority Secured Parties to any motion, relief, action or proceeding based on
the First-Priority Collateral Agent’s or the First-Priority Secured Parties’ claiming a lack of adequate protection or (c) the payment of interest, fees, expenses or other amounts of the First-Priority Collateral Agent, any
First-Priority Representative or any other First Priority Secured Party under Section 506(b) or 506(c) of Title 11 of the United States Code or any similar provisions of any other Bankruptcy Law. Notwithstanding the foregoing, in any Insolvency
or Liquidation Proceeding, (i) if the First-Priority Secured Parties (or any subset thereof) are granted adequate protection in the form of additional collateral in connection with any DIP Financing or use of cash collateral under
Section 363 or Section 364 of Title 11 of the United States Code or any similar Bankruptcy Law, then each Second-Priority Representative, on behalf of itself and any applicable Second-Priority Secured Party, may seek or request adequate
protection in the form of a replacement Lien on such additional collateral, which Lien is subordinated to the Liens securing the First-Priority Obligations and such DIP Financing (and all Obligations relating thereto) on the same basis as the other
Liens securing the Second-Priority Obligations are so subordinated to the Liens securing First-Priority Obligations under this Agreement and (ii) in the event any Second-Priority Representative, on behalf of itself or any applicable
Second-Priority Secured Party, seeks or requests adequate protection and such adequate protection is granted in the form of additional collateral, then such Second-Priority Representative, on behalf of itself or each such Second-Priority Secured
Party, agrees that the First-Priority Representatives shall also be granted a senior Lien on such additional collateral as security for the applicable First-Priority Obligations and any such DIP Financing and that any Lien on such additional
collateral securing the Second-Priority Obligations shall be subordinated to the Liens on such collateral securing the First-Priority Obligations and any such DIP Financing (and all Obligations relating thereto) and any other Liens granted to the
First-Priority Secured Parties as adequate protection on the same basis as the other Liens securing the Second-Priority Obligations are so subordinated to such Liens securing First-Priority Obligations under this Agreement. 

  
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 6.4 Preference Issues. If any First-Priority Secured Party is required in any Insolvency or
Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Company or any other Grantor (or any trustee, receiver or similar person therefor), because the payment of such amount was declared to be fraudulent or
preferential in any respect or for any other reason, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of setoff or otherwise, then the First-Priority Obligations shall be
reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the First-Priority Secured Parties shall remain entitled to the benefits of this Agreement until a Discharge of First-Priority Obligations
with respect to all such recovered amounts and shall have all rights hereunder until such time. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior
termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. Each Second-Priority Representative, for itself and on behalf of each applicable Second-Priority Secured Party, hereby agrees that
none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance with this Agreement, whether by preference or otherwise, it being understood and agreed that the
benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the priorities set forth in this Agreement. 

6.5 Application. This Agreement shall be applicable prior to and after the commencement of any Insolvency or Liquidation Proceeding. All
references herein to any Grantor shall apply to any trustee for such Person and such Person as debtor in possession. The relative rights as to the Common Collateral and proceeds thereof shall continue after the filing thereof on the same basis as
prior to the date of the petition, subject to any court order approving the financing of, or use of cash collateral by, any Grantor. 
 6.6 506(c)
Claims. Until the Discharge of First-Priority Obligations has occurred, each Second-Priority Representative, on behalf of itself and each applicable Second-Priority Secured Party, will not assert or enforce any claim under
Section 506(c) of the United States Bankruptcy Code senior to or on a parity with the Liens securing the First-Priority Obligations for costs or expenses of preserving or disposing of any Common Collateral. 

6.7 Separate Grants of Security and Separate Classifications. Each Second-Priority Representative, for itself and on
behalf of each applicable Second-Priority Secured Party, acknowledges and agrees that (a) the grants of Liens pursuant to the First-Priority Collateral Documents and the Second-Priority Collateral Documents constitute two separate and distinct
grants of Liens and (b) because of, among other things, their differing rights in the Common Collateral, the Second-Priority Obligations are fundamentally different from the First-Priority Obligations and must be separately classified in any
plan of reorganization proposed or adopted in an Insolvency or Liquidation Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the First-Priority Secured

  
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Parties and the Second-Priority Secured Parties in respect of the Common Collateral constitute a single class of claims (rather than separate classes of senior and junior secured claims), then
each Second-Priority Representative, for itself and on behalf of each applicable Second-Priority Secured Party, hereby acknowledges and agrees that all distributions shall be made as if there were separate classes of senior and junior secured claims
against the Grantors in respect of the Common Collateral (with the effect being that, to the extent that the aggregate value of the Common Collateral is sufficient (for this purpose ignoring all claims held by the Second-Priority Secured Parties),
the First-Priority Secured Parties 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
(whether or not allowed or allowable) before any distribution is made in respect of the Second-Priority Obligations, with each Second-Priority Representative, for itself and on behalf of each applicable Second-Priority Secured Party, hereby
acknowledging and agreeing to turn over to the First-Priority Collateral Agent amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the
claim or recovery of the Second-Priority Secured Parties. 
 6.8 Section 1111(b)(2) Waiver. Each Second-Priority Representative,
for itself and on behalf of the other Second-Priority Secured Parties, waives any claim it may hereafter have against any First-Priority Secured Party arising out of the election by any First-Priority of the application to the claims of any
First-Priority of Section 1111(b)(2) of the Bankruptcy Code, and/or out of any sale, use or lease, cash collateral or DIP Financing arrangement or out of any grant of a security interest in connection with the Common Collateral in any
Insolvency or Liquidation Proceeding. 
 6.9 Asset Sales. Each Second-Priority Representative agrees, for and on behalf of itself and
the applicable Second-Priority Secured Parties represented thereby, that it will not oppose any sale consented to by the First-Priority Collateral Agent or any First-Priority Representative of any Collateral pursuant to Section 363(f) of the
Bankruptcy Code (or any similar provision under the law applicable to any Insolvency or Liquidation Proceeding), so long as the Second Priority Representative, for the benefit of the Second Priority Secured Parties, shall retain a Lien on the
proceeds of such sale (to the extent such proceeds of such sale are not applied in accordance with this Agreement). 
 6.10 Reorganization
Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed, pursuant to a Plan of Reorganization or similar dispositive
restructuring plan, on account of both the First-Priority Obligations and the Second-Priority Obligations, then, to the extent the debt obligations distributed on account of the First-Priority Obligations and on account of the Second-Priority Debt
Obligations are secured by Liens upon the same assets or property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt
obligations. Any such reorganization debt obligations distributed on account of the 

  
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Second-Priority Obligations must provide (i) for the payment of interest thereon in kind until such time as the reorganization debt obligations distributed on account of the First-Priority
Obligations are paid in full and Discharged in accordance with the terms thereof and (ii) for a maturity date and weighted average life to maturity that is later than the maturity date, or longer than the weighted average life to maturity, as
the case may be, of the reorganization debt obligations distributed on account of the First-Priority Obligations. 
 Section 7. Reliance; Waivers;
etc. 
 7.1 Reliance. The consent by the First-Priority Secured Parties to the execution and delivery of the Second-Priority
Documents to which the First-Priority Secured Parties have consented and all loans and other extensions of credit made or deemed made on and after the date hereof by the First-Priority Secured Parties to the Company or any Subsidiary of the Company
shall be deemed to have been given and made in reliance upon this Agreement. Each Second-Priority Representative, on behalf of itself and each applicable Second-Priority Secured Party (other than the Trustee and the Notes Collateral Agent),
acknowledges that it and the applicable Second-Priority Secured Parties (other than the Trustee and the Notes Collateral Agent) have, independently and without reliance on the First-Priority Collateral Agent or any First-Priority Secured Party, and
based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into the applicable Second-Priority Documents, this Agreement and the transactions contemplated hereby and thereby and they will
continue to make their own credit decision in taking or not taking any action under the applicable Second-Priority Documents or this Agreement. 
 7.2
No Warranties or Liability. Each Second-Priority Representative, on behalf of itself and each applicable Second-Priority Secured Party, acknowledges and agrees that neither the First-Priority Collateral Agent nor any First-Priority Secured
Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the First-Priority Documents, the ownership of any Common
Collateral or the perfection or priority of any Liens thereon. The First-Priority Secured Parties will be entitled to manage and supervise their respective loans and extensions of credit under the First-Priority Documents in accordance with law and
as they may otherwise, in their sole discretion, deem appropriate, and the First-Priority Secured Parties may manage their loans and extensions of credit without regard to any rights or interests that any Second-Priority Representative or any of the
Second-Priority Secured Parties have in the Common Collateral or otherwise, except as otherwise provided in this Agreement. Neither the First-Priority Collateral Agent nor any First-Priority Secured Party shall have any duty to any Second-Priority
Representative or any Second-Priority Secured Party to act or refrain from acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreements with the Company or any Subsidiary thereof
(including the Second-Priority Documents), regardless of any knowledge thereof that they may have or be charged with. Except as expressly set forth in this Intercreditor Agreement, the First-Priority Collateral Agent, the First-Priority Secured
Parties, the Second-Priority Representatives and the Second-Priority 

  
 27 

 
Secured Parties have not otherwise made to each other, nor do they hereby make to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to
(a) the enforceability, validity, value or collectibility of any of the Second-Priority Obligations, the First-Priority Obligations or any guarantee or security which may have been granted to any of them in connection therewith, (b) the
Company’s or any other Grantor’s title to or right to transfer any of the Common Collateral or (c) any other matter except as expressly set forth in this Intercreditor Agreement. 

7.3 Obligations Unconditional. All rights, interests, agreements and obligations of the First-Priority Collateral Agent and the First-Priority
Secured Parties, and the Second-Priority Representatives and the Second-Priority Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any First-Priority Documents or any Second-Priority Documents; 

(b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the First-Priority Obligations or Second-Priority
Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the Credit Agreement or any other First-Priority Document or of the terms of the
Notes Indenture or any other Second-Priority Document; 
 (c) any exchange of any security interest in any Common Collateral or any other collateral, or any
amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the First-Priority Obligations or Second-Priority Obligations or any guarantee thereof; 

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

(e) any other circumstances that otherwise might constitute a defense available to, or a discharge of, the Company or any other Grantor in respect of the
First-Priority Obligations, or of any Second-Priority Representative or any Second-Priority Secured Party in respect of this Agreement. 

Section 8. Miscellaneous. 
 8.1
Conflicts. Subject to Section 8.19, in the event of any conflict between the terms of this Agreement and the terms of any First-Priority Document or any Second-Priority Document, the terms of this Agreement shall govern. 

8.2 Continuing Nature of this Agreement; Severability. Subject to Section 5.7 and Section 6.4, this Agreement shall continue to
be effective until the Discharge of First-Priority Obligations shall have occurred or such later time as all the Obligations in respect of the Second-Priority Obligations shall have been paid in full. This is a continuing agreement of lien
subordination and the First-Priority Secured Parties may continue, at any time and without notice to each Second-Priority Representative or 

  
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any Second-Priority Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any other Grantor constituting First-Priority
Obligations in reliance hereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding, any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

8.3 Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Agreement shall be deemed to be made unless the
same shall be in writing signed on behalf of each Second-Priority Representative (or its authorized agent), each First-Priority Representative (or its authorized agent) and the Company and each waiver, if any, shall be a waiver only with respect to
the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding anything in this Section 8.3
to the contrary, this Agreement may be amended from time to time at the request of the Company, at the Company’s expense, and without the consent of any First-Priority Representative, any Second-Priority Representative, any First-Priority
Secured Party or any Second-Priority Secured Party to (i) add other parties holding Other First-Priority Obligations (or any agent or trustee therefor) and Other Second-Priority Obligations (or any agent or trustee therefor) in each case to the
extent such Obligations are not prohibited by any First-Priority Credit Document or any Second-Priority Credit Document, (ii) in the case of Other Second-Priority Obligations, (a) establish that the Lien on the Common Collateral securing
such Other Second-Priority Obligations shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any First-Priority Obligations and shall share in the benefits of the Common Collateral equally and ratably with
all Liens on the Common Collateral securing any Second-Priority Obligations (subject to the terms of the Second-Priority Documents), and (b) provide to the holders of such Other Second-Priority Obligations (or any agent or trustee thereof) the
comparable rights and benefits (including any improved rights and benefits that have been consented to by the First-Priority Collateral Agent) as are provided to the holders of Second-Priority Obligations under this Agreement (subject to the terms
of the Second-Priority Documents), and (iii) in the case of Other First-Priority Obligations, (a) establish that the Lien on the Common Collateral securing such Other First-Priority Obligations shall be superior in all respects to all
Liens on the Common Collateral securing any Second-Priority Obligations and shall share in the benefits of the Common Collateral equally and ratably with all Liens on the Common Collateral securing any First-Priority Obligations (subject to the
terms of the First-Priority Documents), and (b) provide to the holders of such Other First-Priority Obligations (or any agent or trustee thereof) the comparable rights and benefits as are provided to the holders of First-Priority Obligations
under this Agreement (subject to the terms of the First-Priority Documents), in each case so long as such modifications are not prohibited by any First-Priority Credit Document or any Second-Priority Credit Document. Any such additional party and
each Representative shall be entitled to rely on the determination of an officer of the Company that such modifications are not prohibited by any First-Priority Credit Document or any Second-Priority Credit Document if such

  
 29 

 
determination is set forth in an officer’s certificate delivered to such party, the First-Priority Collateral Agent and each Second-Priority Representative. At the request (and sole expense)
of the Company, without the consent of any First-Priority Secured Party or Second-Priority Secured Party, each of the First-Priority Collateral Agent, the Second-Priority Collateral Agent and each other First-Priority Representative and
Second-Priority Representative shall execute and deliver an acknowledgment and confirmation of such permitted modifications and/or enter into an amendment, a restatement or a supplement of this Agreement to facilitate such permitted modifications
(it being understood that such actions shall not be required for the effectiveness of any such modifications). 
 8.4 Information Concerning Financial
Condition of the Company and the Subsidiaries. The First-Priority Collateral Agent, the First-Priority Secured Parties, each Second-Priority Representative and the Second-Priority Secured Parties shall each be responsible for
keeping themselves informed of (a) the financial condition of the Company and the Subsidiaries of the Company and all endorsers and/or guarantors of the Second-Priority Obligations or the First-Priority Obligations and (b) all other
circumstances bearing upon the risk of nonpayment of the Second-Priority Obligations or the First-Priority Obligations. The First-Priority Collateral Agent, the First-Priority Secured Parties, each Second-Priority Representative and the
Second-Priority Secured Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event that the First-Priority Collateral Agent, any
First-Priority Secured Party, any Second-Priority Representative or any Second-Priority Secured Party, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to any other party, it or they shall
be under no obligation (w) to make, and the First-Priority Collateral Agent, the First-Priority Secured Parties, the Second-Priority Representatives and the Second-Priority Secured Parties shall not make, any express or implied representation
or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (x) to provide any additional information or to provide any such information on any subsequent occasion,
(y) to undertake any investigation or (z) to disclose any information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 

8.5 Subrogation. Each Second-Priority Representative, on behalf of itself and each applicable Second-Priority Secured Party,
hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of First-Priority Obligations has occurred. 

8.6 Application of Payments. Except as otherwise provided herein, all payments received by the First-Priority Secured Parties may be
applied, reversed and reapplied, in whole or in part, to such part of the First-Priority Obligations as the First-Priority Secured Parties, in their sole discretion, deem appropriate, consistent with the terms of the First-Priority Documents. Except
as otherwise provided herein, each Second-Priority Representative, on behalf of itself and each applicable Second-Priority Secured Party, assents to any such extension or postponement of the time of payment of the First-Priority Obligations or any
part thereof and to any other indulgence with respect 

  
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thereto, to any substitution, exchange or release of any security that may at any time secure any part of the First-Priority Obligations and to the addition or release of any other Person
primarily or secondarily liable therefor. 
 8.7 Consent to Jurisdiction; Waivers. The parties hereto irrevocably and unconditionally
agree that they will not commence any action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the First-Priority Secured Parties or the Credit Agreement Agent, or
any affiliate of the foregoing in any way relating to this Agreement or the transactions relating hereto, in any forum other than the courts 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. The parties hereto consent to the jurisdiction of any state or federal court located in New York County, New York, and consent that all service of process may be made by registered mail
directed to such party as provided in Section 8.8 for such party. Service so made shall be deemed to be completed three days after the same shall be posted as aforesaid. The parties hereto waive any objection to any action instituted hereunder
in any such court based on forum non conveniens, and any objection to the venue of any action instituted hereunder in any such court. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY PARTY HERETO IN CONNECTION WITH THE SUBJECT MATTER HEREOF. 

8.8 Notices. All notices to the First-Priority Secured Parties and the Second-Priority Secured Parties permitted or required under this
Agreement may be sent to the First-Priority Collateral Agent, the Notes Collateral Agent, or any other First-Priority Representative or Second-Priority Representative as provided in the Credit Agreement, the Notes Indenture, the relevant
First-Priority Document or the relevant Second-Priority Document, as applicable. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally
served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail
(registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each party, at such
other address as may be designated by such party in a written notice to all of the other parties. Each First-Priority Representative hereby agrees to promptly notify each Second-Priority Representative upon payment in full in cash of all
indebtedness under the applicable First-Priority Documents (except for contingent indemnities and cost and reimbursement obligations to the extent no claim therefor has been made). 

8.9 Further Assurances. Each of the Second-Priority Representatives, on behalf of itself and each applicable Second-Priority Secured
Party, and each of the First-Priority Representatives, on behalf of itself and each applicable 

  
 31 

 
First-Priority Secured Party, agrees that each of them shall take such further action and shall execute and deliver to the First-Priority Collateral Agent and the First-Priority Secured Parties
such additional documents and instruments (in recordable form, if requested) as the First-Priority Collateral Agent or the First-Priority Secured Parties may reasonably request to effectuate the terms of and the lien priorities contemplated by this
Agreement. 
 8.10 Governing Law. THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT OR
OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE APPLICATION OF
ANY OTHER LAW. 
 8.11 Binding on Successors and Assigns. This Agreement shall be binding upon the First-Priority Collateral Agent, the other
First-Priority Representatives, the First-Priority Secured Parties, the Second-Priority Representatives, the Second-Priority Secured Parties, the Company, the Company’s Subsidiaries party hereto and their respective permitted successors and
assigns. 
 8.12 Specific Performance. The First-Priority Collateral Agent may demand specific performance of this Agreement. Each
Second-Priority Representative, on behalf of itself and each applicable Second-Priority Secured Party, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of
specific performance in any action that may be brought by the First-Priority Collateral Agent. 
 8.13 Section Titles. The section titles
contained in this Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of this Agreement. 

8.14 Counterparts. This Agreement may be executed in one or more counterparts, including by means of facsimile or in portable document format
(pdf), each of which shall be an original and all of which shall together constitute one and the same document. 
 8.15 Authorization. By its
signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. Each First-Priority Representative represents and warrants that
this Agreement is binding upon the applicable First-Priority Secured Parties for which such First-Priority Representative is acting. Each Second-Priority Representative represents and warrants that this Agreement is binding upon the applicable
Second-Priority Secured Parties for which such Second-Priority Representative is acting. 
 8.16 No Third Party Beneficiaries; Successors and
Assigns. This Agreement and the rights and benefits hereof shall inure to the benefit of, and be 

  
 32 

 
binding upon, each of the parties hereto and their respective successors and assigns and shall inure to the benefit of each of, and be binding upon, the holders of First-Priority Obligations and
Second-Priority Obligations. No other Person shall have or be entitled to assert rights or benefits hereunder. 
 8.17 Effectiveness. This
Agreement shall become effective when executed and delivered by the parties hereto. This Agreement shall be effective both before and after the commencement of any Insolvency or Liquidation Proceeding. All references to the Company or any other
Grantor shall include the Company or any other Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. 

8.18 First-Priority Representatives and Second-Priority Representatives. It is understood and agreed that (a) Barclays is entering into
this Agreement in its capacity as collateral agent under the Credit Agreement and the provisions of Article VIII of the Credit Agreement applicable to Barclays as collateral agent thereunder shall also apply to Barclays as First-Priority Collateral
Agent hereunder and (b) Wilmington Trust, National Association is entering into this Agreement in its capacity as Notes Collateral Agent under the Notes Collateral Agreement, and the provisions of Article XI of the Notes Indenture applicable to
the Notes Collateral Agent thereunder shall also apply to it as Second-Priority Collateral Agent and Notes Collateral Agent hereunder. 
 8.19
Relative Rights. Notwithstanding anything in this Agreement to the contrary (except to the extent contemplated by Sections 5.1 and 5.3(b)), nothing in this Agreement is intended to or will (a) amend, waive or otherwise modify the
provisions of the Credit Agreement, the Notes Indenture or any other First-Priority Document or Second-Priority Document entered into in connection with the Credit Agreement, the Notes Indenture or any other First-Priority Document or
Second-Priority Document or permit the Company or any Subsidiary of the Company to take any action, or fail to take any action, to the extent such action or failure would otherwise constitute a breach of, or default under, the Credit Agreement, the
Notes Indenture or any other First-Priority Document or Second-Priority Document entered into in connection with the Credit Agreement, the Notes Indenture or any other First-Priority Document or Second-Priority Credit Document, (b) change the
relative priorities of the First-Priority Obligations or the Liens granted under the First-Priority Documents on the Common Collateral (or any other assets) as among the First-Priority Secured Parties or (c) otherwise change the relative rights
of the First-Priority Secured Parties in respect of the Common Collateral as among such First-Priority Secured Parties or (d) obligate the Company or any Subsidiary of the Company to take any action, or fail to take any action, that would
otherwise constitute a breach of, or default under, the Credit Agreement, the Notes Indenture or any other First-Priority Document or Second-Priority Document entered into in connection with the Credit Agreement, the Notes Indenture or any other
First-Priority Document or Second-Priority Document. 

  
 33 

 8.20 Second-Priority Collateral Agent. The Second-Priority Collateral Agent is
executing and delivering this Agreement solely in its capacity as such and pursuant to directions set forth in the Notes Indenture; and in so doing, the Second-Priority Collateral Agent shall not be responsible for the terms or sufficiency of this
Agreement for any purpose. The Second-Priority Collateral Agent shall not have duties or obligations under or pursuant to this Agreement other than such duties 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, the Second-Priority Collateral Agent shall have and be protected by all of the rights, immunities, indemnities and other protections
granted to it under the Notes Indenture and, as applicable, the Notes Collateral Agreement. 
 8.21 Joinder Requirements. The
Company may designate additional obligations as Other First-Priority Obligations or Other Second-Priority Obligations pursuant to this Section 8.21 if (x) the incurrence of such obligations is not prohibited by any First-Priority Document
or Second-Priority Document then in effect and (y) the Company shall have delivered an officer’s certificate to each First-Priority Representative and each Second-Priority Representative certifying the same. If not so prohibited, the
Company shall (i) notify each Representative in writing of such designation and (ii) cause the applicable new First-Priority Representative or Second-Priority Representative to execute and deliver to each other First-Priority
Representative and Second-Priority Representative, a Joinder Agreement substantially in the form of Exhibit A or Exhibit B, as applicable, hereto. 

8.22 Intercreditor Agreements. 
 (a) Each party
hereto agrees that the First-Priority Secured Parties (as among themselves) and the Second-Priority Secured Parties (as among themselves) may each enter into intercreditor agreements (or similar arrangements) with the applicable First-Priority
Representatives or Second-Priority Representatives, as the case may be, governing the rights, benefits and privileges as among the First-Priority Secured Parties or as among the Second-Priority Secured Parties, as the case may be, in respect of any
or all of the Common Collateral, this Agreement and the other First-Priority Collateral Documents or the other Second-Priority Collateral Documents, as the case may be, including as to application of proceeds of any Common Collateral, voting rights,
control of any Common Collateral and waivers with respect to any Common Collateral, in each case so long as the terms thereof do not violate or conflict with the provisions of this Agreement or the other First-Priority Collateral Documents or
Second-Priority Collateral Documents, as the case may be. In any event, if a respective intercreditor agreement (or similar arrangement) exists, the provisions thereof shall not be (or be construed to be) an amendment, modification or other change
to this Agreement or any other First-Priority Collateral Document or Second-Priority Collateral Document, and the provisions of this Agreement and the other First-Priority Collateral Documents and Second-Priority Collateral Documents shall remain in
full force and effect in accordance with the terms hereof and thereof (as such provisions may be amended, modified or otherwise supplemented from time to time in accordance with the terms thereof, including to give effect to any intercreditor
agreement (or similar arrangement)). 

  
 34 

 (b) In addition, in the event that the Company or any Subsidiary thereof incurs any Obligations secured by a Lien
on any Common Collateral that is junior to Liens thereon securing any First-Priority Obligations or Second-Priority Obligations, as the case may be, and such Obligations are not designated by the Company as Second-Priority Obligations, then the
First-Priority Collateral Agent and/or Second-Priority Collateral Agent shall upon the request of the Company enter into an intercreditor agreement with the agent or trustee for the creditors with respect to such secured Obligations to reflect the
relative Lien priorities of such parties with respect to the relevant portion of the Common Collateral and governing the relative rights, benefits and privileges as among such parties in respect of such Common Collateral, including as to application
of the proceeds of such Common Collateral, voting rights, control of such Common Collateral and waivers with respect to such Common Collateral, in each case, so long as such secured Obligations are not prohibited by, and the terms of such
intercreditor agreement do not violate or conflict with, the provisions of this Agreement or any of the First-Priority Documents or Second-Priority Documents, as the case may be. If any such intercreditor agreement (or similar arrangement) is
entered into, the provisions thereof shall not be (or be construed to be) an amendment, modification or other change to this Agreement or any First-Priority Documents, and the provisions of this Agreement, the First-Priority Documents and the
Second-Priority Documents shall remain in full force and effect in accordance with the terms hereof and thereof (as such provisions may be amended, modified or otherwise supplemented from time to time in accordance with the respective terms thereof,
including to give effect to any intercreditor agreement (or similar arrangement)). 
 8.23 ABL Intercreditor Agreement and First-Priority Collateral
Agent as First-Priority Representative. 
 (a) Notwithstanding anything herein to the contrary, (i) the Liens and security
interests granted to any First-Priority Representative or any Second-Priority Representative pursuant to any First-Priority Collateral Document or any Second-Priority Collateral Document, as the case may be, and (ii) the exercise of any right
or remedy by any First-Priority Representative (including in the capacity as the First-Priority Collateral Agent) or any Second-Priority Representative (including in the capacity as the Second-Priority Collateral Agent) hereunder or thereunder or
the application of proceeds (including insurance proceeds and condemnation proceeds) of any Common Collateral, are subject to the provisions of the ABL Intercreditor Agreement. As between the ABL Facility Secured Parties (as defined in the ABL
Intercreditor Agreement), on the one hand, and the First-Priority Secured Parties and the Second-Priority Secured Parties, on the other hand, in the event of any conflict between the terms of the ABL Intercreditor Agreement and the terms of this
Agreement, the terms of the ABL Intercreditor Agreement shall govern. 
 (b) The parties hereto agree and acknowledge that, until the
Discharge of First-Priority Obligations has occurred, for purposes of the ABL Intercreditor Agreement, the First-Priority Collateral Agent shall act as the First Lien/Second Lien Intercreditor Agent (as defined therein) (in such capacity the
“First Lien/Second Lien Intercreditor Agent”) for both the First-Priority Secured Parties and the Second-Priority Secured Parties as a single class, and authorize the First Lien/Second

  
 35 

 
Lien Intercreditor Agent to enter into (or amend, renew, extend, supplement, restate, replace, waive or otherwise modify) the ABL Intercreditor Agreement in the capacity of the First Lien/Second
Lien Intercreditor Agent, and shall be entitled to exercise all rights, powers and remedies granted to the First Lien/Second Lien Intercreditor Agent (for itself in such capacity and on behalf of the Non-ABL Secured Parties (as defined in the ABL
Intercreditor Agreement)) thereunder. Notwithstanding any other provision of this Agreement, nothing herein shall be construed to impose any fiduciary or other duty on the First Lien/Second Lien Intercreditor Agent. 

[Remainder of page intentionally left blank] 

  
 36 

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

  

					
	 BARCLAYS BANK PLC,
 as Credit
Agreement Agent and First-Priority Collateral Agent

		
	By:	 	 /s/ Ritam Bhalla

		 	Name:	 	Ritam Bhalla
		 	Title:	 	Director
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Notes Collateral Agent and Second-Priority Collateral Agent

		
	By:	 	 /s/ Jane Schweiger

		 	Name:	 	Jane Schweiger
		 	Title:	 	Vice President

 [Signature Page to First/Second Lien Intercreditor Agreement] 

							
	
	DS WATERS ENTERPRISES, INC.
		
	By:	 	 /s/ Ron Frieman

		 	Name:	 	 Ron Frieman

		 	Title:	 	 Chief Financial Officer and Treasurer

	
	 CRESTVIEW DS MERGER SUB II, INC.

(to be merged on the Closing Date with and into DS WATERS OF AMERICA, INC.)

		
	By:	 	 /s/ Ron Frieman

		 	Name:	 	 Ron Frieman

		 	Title:	 	 Chief Financial Officer and Treasurer

	
	CRYSTAL SPRINGS OF ALABAMA HOLDINGS, LLC
	POLYCYCLE SOLUTIONS, LLC
			
		 	By:	 	 DS Waters of America, Inc., the sole member of each such Subsidiary Loan Party

			
		 	By:	 	 /s/ Ron Frieman

		 		 	Name:	 	Ron Frieman
		 		 	Title:	 	Chief Financial Officer and Treasurer

 [Signature Page to First/Second Lien Intercreditor Agreement] 

 EXHIBIT A 

Joinder Agreement 
 JOINDER
AGREEMENT 
 (Other First-Priority Obligations) 

JOINDER AGREEMENT (this “Agreement”) dated as of
[                    ], [        ], among
[                    ] (the “New Representative”), as an Other First-Priority Representative,
[[                            ] (the “New Collateral Agent”)]1, as an Other First-Priority Collateral Agent, BARCLAYS BANK PLC, as collateral agent for the Credit Agreement Secured Parties (together with its successors and co-agents in substantially the same
capacity as may from time to time be appointed) and as Credit Agreement Agent and First-Priority Collateral Agent, Wilmington Trust, National Association, as collateral agent for the Notes Secured Parties (together with its successors and co-agents
in substantially the same capacity as may from time to time be appointed) and as Notes Collateral Agent and Second-Priority Collateral Agent, DS WATERS ENTERPRISES, INC. and DS WATERS OF AMERICA, INC. (on behalf of itself and its Subsidiaries). 

This Agreement is supplemental to that certain First Lien/Second Lien Intercreditor Agreement, dated as of August 30, 2013 (as the same
may be amended, restated, supplemented or otherwise modified from time to time, the “First Lien/Second Lien Intercreditor Agreement”), by and among the parties (other than the New Representative and the New Collateral Agent)
referred to above. This Agreement has been entered into to record the accession of the New Representative[s] as Other First-Priority Representative[s] under the First Lien/Second Lien Intercreditor Agreement [and to record the accession of the New
Collateral Agent as an Other First-Priority Collateral Agent under the First Lien/Second Lien Intercreditor Agreement]. 
 ARTICLE I 

Definitions 
 SECTION 1.01
Capitalized terms used but not defined herein shall have the meanings assigned thereto in the First Lien/Second Lien Intercreditor Agreement. 

 

	1 	To be included if applicable. 

 ARTICLE II 

Accession 
 SECTION 2.01
[The][/Each] New Representative agrees to become, with immediate effect, a party to and agrees to be bound by the terms of, the First Lien/Second Lien Intercreditor Agreement as an Other First-Priority Representative as if it had originally been
party to the First Lien/Second Lien Intercreditor Agreement as an Other First-Priority Representative. 
 SECTION 2.02 [The New Collateral
Agent agrees to become, with immediate effect, a party to and agrees to be bound by the terms of, the Intercreditor Agreement as an Other First-Priority Collateral Agent as if it had originally been party to the Intercreditor Agreement as an Other
First-Priority Collateral Agent.] 
 SECTION 2.03 The New Representative[s] and the New Collateral Agent confirm[s] that their address
details for notices pursuant to the First Lien/Second Lien Intercreditor Agreement [is][/are] as follows:
[                            ]. 

SECTION 2.04 Each party to this Agreement (other than the New Representative[s] and the New Collateral Agent) confirms the acceptance of the
New Representative[s] and New Collateral Agent as an Other First-Priority Representative and Other First-Priority Collateral Agent, respectively, for purposes of the First Lien/Second Lien Intercreditor Agreement. 

SECTION 2.05 [                    ]
[is][/are] acting in the capacities of Other First-Priority Representative[s] and [                    ] is acting in its capacity as Other
First-Priority Collateral Agent solely for the Secured Parties under [                            ]. 

ARTICLE III 
 Miscellaneous

 SECTION 3.01 This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 

SECTION 3.02 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 shall be as effective as delivery of a manually signed counterpart of this Agreement. 

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. 
 [INSERT SIGNATURE BLOCKS] 

 EXHIBIT B 

Joinder Agreement 
 JOINDER
AGREEMENT 
 (Other Second-Priority Obligations) 

JOINDER AGREEMENT (this “Agreement”) dated as of
[                    ], [        ], among
[                    ] (the “New Representative”), as an Other Second-Priority Representative,
[[                            ] (the “New Collateral Agent”)]2, as an Other Second-Priority Collateral Agent, BARCLAYS BANK PLC, as collateral agent for the Credit Agreement Secured Parties (together with its successors and co-agents in substantially the same
capacity as may from time to time be appointed) and as Credit Agreement Agent and First-Priority Collateral Agent, Wilmington Trust, National Association, as collateral agent for the Notes Secured Parties (together with its successors and co-agents
in substantially the same capacity as may from time to time be appointed) and as Notes Collateral Agent and Second-Priority Collateral Agent, DS WATERS ENTERPRISES, INC. and DS WATERS OF AMERICA, INC. (on behalf of itself and its Subsidiaries). 

This Agreement is supplemental to that certain First Lien/Second Lien Intercreditor Agreement, dated as of August 30, 2013 (as the same
may be amended, restated, supplemented or otherwise modified from time to time, the “First Lien/Second Lien Intercreditor Agreement”), by and among the parties (other than the New Representative and the New Collateral Agent)
referred to above. This Agreement has been entered into to record the accession of the New Representative[s] as Other Second-Priority Representative[s] under the First Lien/Second Lien Intercreditor Agreement [and to record the accession of the New
Collateral Agent as an Other Second-Priority Collateral Agent under the First Lien/Second Lien Intercreditor Agreement]. 
 ARTICLE I 

Definitions 
 SECTION 1.01
Capitalized terms used but not defined herein shall have the meanings assigned thereto in the First Lien/Second Lien Intercreditor Agreement. 

ARTICLE II 
 Accession 

SECTION 2.01 [The][/Each] New Representative agrees to become, with immediate effect, a party to and agrees to be bound by the terms of, the
First Lien/Second Lien Intercreditor Agreement as an Other Second-Priority Representative as if it had originally been party to the First Lien/Second Lien Intercreditor Agreement as an Other Second-Priority Representative. 

 

	2 	To be included if applicable. 

 SECTION 2.02 [The New Collateral Agent agrees to become, with immediate effect, a party to and
agrees to be bound by the terms of, the First Lien/Second Lien Intercreditor Agreement as an Other Second-Priority Collateral Agent as if it had originally been party to the First Lien/Second Lien Intercreditor Agreement as an Other Second-Priority
Collateral Agent.] 
 SECTION 2.03 The New Representative[s] and the New Collateral Agent confirm[s] that their address details for notices
pursuant to the First Lien/Second Lien Intercreditor Agreement [is][/are] as follows: [                        ]. 

SECTION 2.04 Each party to this Agreement (other than the New Representative[s] and the New Collateral Agent) confirms the acceptance of the
New Representative[s] and the New Collateral Agent as an Other Second-Priority Representative and an Other Second-Priority Collateral Agent, respectively, for purposes of the First Lien/Second Lien Intercreditor Agreement. 

SECTION 2.05 [                    ]
[is][/are] acting in the capacities of Other Second-Priority Representative[s] and [                    ] is acting in its capacity as Other
Second-Priority Collateral Agent solely for the Secured Parties under [                            ]. 

ARTICLE III 
 Miscellaneous

 SECTION 3.01 This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 

SECTION 3.02 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 shall be as effective as delivery of a manually signed counterpart of this Agreement. 

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. 
 [INSERT SIGNATURE BLOCKS] 

 SCHEDULE I  

Subsidiary Parties 
 CRYSTAL SPRINGS OF
ALABAMA HOLDINGS, LLC, 
 a Delaware limited liability company. 

POLYCYCLE SOLUTIONS, LLC, 
 a Delaware limited liability company.EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 

CONFIDENTIAL 
  

 
 COLLATERAL AGREEMENT (FIRST
LIEN) 
 dated and effective as of 

August 30, 2013, 
 among 

Crestview DS Merger Sub II, Inc. (to be merged on the Closing Date with and into 

DS WATERS OF AMERICA, INC.), 
 EACH
SUBSIDIARY OF DS WATERS OF AMERICA, INC. IDENTIFIED HEREIN, 
 and 

BARCLAYS BANK PLC, 
 as Collateral
Agent 
 THIS COLLATERAL AGREEMENT (FIRST LIEN) IS SUBJECT TO THE PROVISIONS OF (I) THE ABL INTERCREDITOR AGREEMENT, (II) THE FIRST LIEN/SECOND LIEN
INTERCREDITOR AGREEMENT AND (III) THE FIRST LIEN/FIRST LIEN INTERCREDITOR AGREEMENT (IF ENTERED INTO) AS SET FORTH MORE FULLY IN SECTION 5.15 HEREOF. 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I.	  
	
	DEFINITIONS	  
			
	 SECTION 1.01.
	 	 First Lien Credit Agreement
	  	 	2	  
	 SECTION 1.02.
	 	 Other Defined Terms
	  	 	2	  
	
	ARTICLE II.	  
	
	PLEDGE OF SECURITIES	  
			
	 SECTION 2.01.
	 	 Pledge
	  	 	6	  
	 SECTION 2.02.
	 	 Delivery of the Pledged Securities
	  	 	7	  
	 SECTION 2.03.
	 	 Representations, Warranties and Covenants
	  	 	7	  
	 SECTION 2.04.
	 	 Certification of Limited Liability Company and Limited Partnership Interests
	  	 	9	  
	 SECTION 2.05.
	 	 Registration in Nominee Name; Denominations
	  	 	9	  
	 SECTION 2.06.
	 	 Voting Rights; Dividends and Interest, etc
	  	 	10	  
	
	ARTICLE III.	  
	
	SECURITY INTERESTS IN PERSONAL PROPERTY	  
			
	 SECTION 3.01.
	 	 Security Interest
	  	 	12	  
	 SECTION 3.02.
	 	 Representations and Warranties
	  	 	14	  
	 SECTION 3.03.
	 	 Covenants
	  	 	16	  
	 SECTION 3.04.
	 	 Other Actions
	  	 	19	  
	 SECTION 3.05.
	 	 Covenants Regarding Patent, Trademark and Copyright Collateral
	  	 	19	  
	
	ARTICLE IV.	  
	
	REMEDIES	  
			
	 SECTION 4.01.
	 	 Remedies upon Default
	  	 	21	  
	 SECTION 4.02.
	 	 Application of Proceeds
	  	 	23	  
	 SECTION 4.03.
	 	 Grant of License to Use Intellectual Property
	  	 	23	  
	 SECTION 4.04.
	 	 Securities Act, etc
	  	 	24	  
	
	ARTICLE V.	  
	
	MISCELLANEOUS	  
			
	 SECTION 5.01.
	 	 Notices
	  	 	25	  
	 SECTION 5.02.
	 	 Security Interest Absolute
	  	 	25	  

  
 -i- 

							
	 SECTION 5.03.
	 	 Limitation by Law
	  	 	25	  
	 SECTION 5.04.
	 	 Binding Effect; Several Agreement
	  	 	25	  
	 SECTION 5.05.
	 	 Successors and Assigns
	  	 	26	  
	 SECTION 5.06.
	 	 Collateral Agent’s Fees and Expenses; Indemnification
	  	 	26	  
	 SECTION 5.07.
	 	 Collateral Agent Appointed Attorney-in-Fact
	  	 	26	  
	 SECTION 5.08.
	 	 GOVERNING LAW
	  	 	27	  
	 SECTION 5.09.
	 	 Waivers; Amendment; Extension of Time
	  	 	27	  
	 SECTION 5.10.
	 	 Severability
	  	 	28	  
	 SECTION 5.11.
	 	 Counterparts
	  	 	28	  
	 SECTION 5.12.
	 	 Headings
	  	 	28	  
	 SECTION 5.13.
	 	 Termination or Release
	  	 	28	  
	 SECTION 5.14.
	 	 Additional Subsidiaries
	  	 	29	  
	 SECTION 5.15.
	 	 Subject to Intercreditor Agreements
	  	 	29	  
	 SECTION 5.16.
	 	 Authority of Collateral Agent
	  	 	30	  
	 SECTION 5.17.
	 	 WAIVER OF JURY TRIAL
	  	 	30	  
	 SECTION 5.18.
	 	 Jurisdiction; Consent to Service of Process
	  	 	30	  

 Schedules 
  

			
	Schedule I	  	Subsidiary Parties
	Schedule II	  	Pledged Stock; Pledged Debt Securities
	Schedule III	  	Intellectual Property
	Schedule IV	  	Commercial Tort Claims

 Exhibits 
  

			
	Exhibit I	  	Form of Supplement to the Collateral Agreement
	Exhibit II	  	Form of Perfection Certificate
	Exhibit III	  	Notice of Security Interest (First Lien) in [Patents][Trademarks][Copyrights]

  
 -ii- 

 This COLLATERAL AGREEMENT (FIRST LIEN) dated and effective as of August 30, 2013 (as
amended, renewed, extended, restated, supplemented or otherwise modified from time to time, this “Agreement”) is among Crestview DS Merger Sub II, Inc., a Delaware corporation (to be merged on the Closing Date with and into DS
WATERS OF AMERICA, INC., a Delaware corporation (the “Borrower”)), each subsidiary of the Borrower listed on Schedule I hereto and each such subsidiary that becomes a party hereto after the date hereof (each, a
“Subsidiary Party”) and BARCLAYS BANK PLC (“Barclays”), as Collateral Agent for the benefit of the Secured Parties. Capitalized terms used but not defined in this preamble or the recitals have the meanings assigned
to such terms in Section 1.02. 
 WHEREAS, (i) the Borrower is incurring Loans as the date hereof and may incur additional Loans
from time to time hereafter pursuant to that certain First Lien Credit Agreement, dated as of the date hereof, among the Borrower, DS Waters Enterprises, Inc., a Delaware corporation (“Holdings”), the lenders party thereto from time
to time and Barclays, as administrative agent (as amended, renewed, extended, restated, supplemented or otherwise modified from time to time, the “First Lien Credit Agreement”), and (ii) the Borrower and its subsidiaries may
incur additional Secured Obligations; 
 WHEREAS, each Pledgor is executing and delivering this Agreement pursuant to the terms of the First
Lien Credit Agreement to induce the Lenders to extend Loans to the Borrower. The Subsidiary Parties are Affiliates of the Borrower, will derive substantial benefits from the extension of Loans to the Borrower pursuant to the First Lien Credit
Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders to extend and maintain such Loans; 

WHEREAS, concurrently with the execution and delivery of the First Lien Credit Agreement, the Borrower is entering into the Second Lien Notes
Documents and the ABL Credit Agreement; 
 WHEREAS, concurrently with the execution and delivery of the First Lien Credit Agreement, the
Second Lien Notes Documents and the ABL Credit Agreement, (i) Barclays, in its capacities as the Credit Agreement Agent and the First-Priority Collateral Agent (each as defined in the Closing Date First Lien/Second Lien ICA referred to below),
is entering into that certain First Lien/Second Lien Intercreditor Agreement dated as of the date hereof (as amended, renewed, extended, restated, supplemented or otherwise modified from time to time in accordance with the Loan Documents, the
“Closing Date First Lien/Second Lien ICA”) with Wilmington Trust, National Association, in its capacities as the Notes Collateral Agent and the Second-Priority Collateral Agent (each as defined therein); and (ii) Barclays, in
its capacity as the First Lien/Second Lien Intercreditor Agent (as defined as in the Closing Date ABL ICA referred to below), also is entering into that certain ABL Intercreditor Agreement dated as of the date hereof (as amended, renewed, extended,
restated, supplemented or otherwise modified from time to time in accordance with the Loan Documents, the “Closing Date ABL ICA”) with BMO Harris Bank N.A., in its capacity as the ABL Facility Agent (as defined therein), Wilmington
Trust, National Association, as the Notes Agent (as defined therein) and the other parties thereto; and 

  
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 WHEREAS, pursuant to the ABL Intercreditor Agreement, the Liens upon and security interests in
the ABL Priority Collateral (as defined in the ABL Intercreditor Agreement) granted by this Agreement are and shall be subordinated in the manner provided in the ABL Intercreditor Agreement to the Liens upon and security interests in such ABL
Priority Collateral granted to secure the ABL Obligations. 
 Accordingly, the parties hereto agree as follows: 

ARTICLE I. 
 Definitions

 SECTION 1.01. First Lien Credit Agreement. 

(a) Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings assigned thereto in the First Lien
Credit Agreement. All capitalized terms referred to in Article III hereof that are defined in Article 9 of the New York UCC and not defined in this Agreement have the meanings specified in Article 9 of the New York UCC. The
term “instrument” and “Proceeds” shall have the meaning specified in Article 9 of the New York UCC. 
 (b) The
rules of construction specified in the First Lien Credit Agreement also apply to this Agreement. 
 SECTION 1.02. Other Defined
Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “ABL Intercreditor
Agreement” means, as the context may require, (i) the Closing Date ABL ICA or (ii) another intercreditor agreement that satisfies the requirements of the definition of “Permitted Senior Intercreditor Agreement” in the
First Lien Credit Agreement, with such changes as are reasonably acceptable to the Collateral Agent and the Borrower, as such document may be amended, renewed, extended, supplemented, restated or otherwise modified from time to time in accordance
with the Loan Documents. 
 “ABL Obligations” has the meaning assigned to such term in the ABL Intercreditor Agreement.

 “Account Debtor” means any person who is or who may become obligated to any Pledgor under, with respect to or on account
of an Account. 
 “Agreement” has the meaning assigned to such term in the preamble hereof. 

“Applicable Collateral Agent” means, as the context may require, (i) (a) with respect to the ABL Priority
Collateral (as defined in the ABL Intercreditor Agreement (or other analogous term in another Permitted Senior Intercreditor Agreement, as applicable)), the ABL Facility Agent (as defined in the ABL Intercreditor Agreement (or other analogous term
in another Permitted Senior Intercreditor Agreement, as applicable)), and (b) with respect to the Non-ABL Priority Collateral (as defined in the ABL Intercreditor Agreement (or other analogous 

  
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term in another Permitted Senior Intercreditor Agreement, as applicable)), the First Lien/Second Lien Intercreditor Agent (as defined in the ABL Intercreditor Agreement (or other analogous term
in another Permitted Senior Intercreditor Agreement, as applicable) and appointed pursuant to the First Lien/Second Lien Intercreditor Agreement), or (ii) if at any time there is no ABL Intercreditor Agreement or other intercreditor agreement
as described in the definition of Permitted Senior Intercreditor Agreement then in effect, the First Priority Collateral Agent (as defined in the Closing Date First Lien/Second Lien ICA). 

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

“Barclays” has the meaning assigned to such term in the preamble hereof. 

“Borrower” has the meaning assigned to such term in the preamble hereof. 

“Closing Date” means August 30, 2013. 

“Closing Date ABL ICA” has the meaning assigned to such term in the recitals of this Agreement. 

“Closing Date First Lien/Second Lien ICA” has the meaning assigned to such term in the recitals of this Agreement. 

“Collateral” means, collectively, the Article 9 Collateral, the Pledged Collateral and all other real or personal
property that is subject to any Lien in favor of the Administrative Agent or the Collateral Agent for the benefit of the Secured Parties. 

“Collateral Agent” means the Administrative Agent acting as the collateral agent for the Secured Parties. 

“Common Collateral” has the meaning assigned to such term in the First Lien/Second Lien Intercreditor Agreement. 

“Copyright License” means any written agreement, now or hereafter in effect, granting any right to any Pledgor under any
Copyright now or hereafter owned by any third party, and all rights of any Pledgor under any such agreement (including any such rights that such Pledgor has the right to license). 

“Copyrights” means all of the following now owned or hereafter acquired by any Pledgor (or, as required in the context of the
definition of “Copyright License,” any third party licensor): (a) all copyright rights in any work subject to the copyright laws of the United States of America, or any other country or jurisdiction; and (b) all
registrations and applications for registration of any such copyright in the United States of America or any other country or jurisdiction, including registrations, supplemental registrations and pending applications for registration in the United
States Copyright Office or any other country or jurisdiction, including those listed on Schedule III. 
 “Discharge of
First-Priority Obligations” has the meaning assigned to such term in the First Lien/Second Lien Intercreditor Agreement (as of the Closing Date). 

  
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 “Federal Securities Laws” has the meaning assigned to such term in
Section 4.04. 
 “First Lien/First Lien Intercreditor Agreement” means an intercreditor agreement that may be entered
into after the date hereof and which satisfies the requirements of the definition of “Permitted Pari Passu Intercreditor Agreement” in the First Lien Credit Agreement, with such changes as are reasonably acceptable to the Collateral Agent
and the Borrower, as such document may be amended, renewed, extended, supplemented, restated or otherwise modified from time to time in accordance with the Loan Documents. 

“First Lien/Second Lien Intercreditor Agreement” means, as the context may require, (i) the Closing Date First
Lien/Second Lien ICA or (ii) another intercreditor agreement that satisfies the requirements of the definition of “Permitted Junior Intercreditor Agreement” in the First Lien Credit Agreement, with such changes as are reasonably
acceptable to the Collateral Agent and the Borrower, as such document may be amended, renewed, extended, supplemented, restated or otherwise modified from time to time in accordance with the Loan Documents. 

“First Lien Credit Agreement” has the meaning assigned to such term in the recitals hereto. 

“General Intangibles” means all “general intangibles” as defined in the New York UCC, including all choses in
action and causes of action and all other intangible personal property of any Pledgor of every kind and nature (other than Accounts) now owned or hereafter acquired by any Pledgor, including corporate or other business records, indemnification
claims, contract rights (including rights under leases, whether entered into as lessor or lessee, swap agreements and other agreements), Intellectual Property, goodwill, registrations, franchises and tax refund claims and any guarantee, claim,
security interest or other security held by or granted to any Pledgor to secure payment by an Account Debtor of any of the Accounts. 

“Holdings” has the meaning assigned to such term in the recitals hereto. 

“Intellectual Property” means (a) all intellectual property of every kind and nature now owned or hereafter acquired by
any Pledgor, including inventions, designs, Patents, Copyrights, Trademarks, Patent Licenses, Copyright Licenses, Trademark Licenses, trade secrets, domain names, confidential or proprietary technical and business information, know-how, show-how or
other data or information and all related documentation and (b) all rights to sue at law or in equity for any infringement or other impairment of any of the foregoing, including the right to receive all proceeds and damages therefrom. 

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

“Notice of Security Interests in IP” means notice in form and substance substantially similar to Exhibit III
hereto or in a form reasonably acceptable to the Applicable Collateral Agent and the Pledgors. 
 “Patent License” means
any written agreement, now or hereafter in effect, granting to any Pledgor any right to make, use or sell any invention covered by a Patent, now or hereafter owned by any third party (including any such rights that such Pledgor has the right to
license). 

  
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 “Patents” means all of the following now owned or hereafter acquired by any
Pledgor (or, as required in the context of the definition of “Patent License,” any third party licensor): (a) all patents of the United States of America or the equivalent thereof in any other jurisdiction, and all applications
for patents of the United States of America or the equivalent thereof in any other country or jurisdiction, including those listed on Schedule III, and (b) all reissues, continuations, divisions, continuations-in-part or extensions
thereof, whether in the United States or in any other country or jurisdiction, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 

“Pledged Collateral” has the meaning assigned to such term in Section 2.01. 

“Pledged Debt Securities” has the meaning assigned to such term in Section 2.01. 

“Pledged Securities” means all “certificated securities” as such term is defined in Section 8-102(a)(4) of the
New York UCC, and in any event, including any promissory notes, stock certificates or other certificated securities now or hereafter included in the Pledged Collateral, including all certificates, instruments or other documents representing or
evidencing any Pledged Collateral. 
 “Pledged Stock” has the meaning assigned to such term in Section 2.01. 

“Pledgor” means the Borrower and each Subsidiary Party. 

“Second-Priority Obligations” has the meaning assigned to such term in the First Lien/Second Lien Intercreditor Agreement.

 “Secured Obligations” means, collectively, (i) the “Loan Obligations” as defined in the First Lien Credit
Agreement, (ii) obligations of the Loan Parties in respect of any Secured Cash Management Agreement designated by the Borrower as such in accordance with the First Lien Credit Agreement and (iii) obligations of the Loan Parties in respect
of any Secured Hedge Agreement (other than Excluded Hedging Obligations) designated by the Borrower as such in accordance with the First Lien Credit Agreement, but, as to the foregoing clauses (ii) and (iii), only to the extent that, and only
so long as, the obligations under clause (i) are secured and guaranteed pursuant to this Agreement. 
 “Secured
Parties” means the Term Lenders, the Administrative Agent and any other persons holding any Secured Obligations. 

“Security Interest” has the meaning assigned to such term in Section 3.01. 

“Shared Collateral” has the meaning assigned to the term “Common Collateral” or equivalent definition in the First
Lien/First Lien Intercreditor Agreement. 
 “Subsidiary Party” has the meaning assigned to such term in the preamble
hereof. 

  
 5 

 “Trademark License” means any written agreement, now or hereafter in effect,
granting to any Pledgor any right to use any Trademark now or hereafter owned by any third party (including any such rights that such Pledgor has the right to license). 

“Trademarks” means all of the following now owned or hereafter acquired by any Pledgor (or, as required in the context of the
definition of “Trademark License,” any third party licensor): (a) all trademarks, service marks, corporate names, company names, business names, trade dress, logos and taglines, now existing or hereafter adopted or acquired, all
registrations thereof (if any), and all registration and recording applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any State
of the United States of America or any other jurisdiction, country, or any political subdivision thereof, and all renewals thereof, including those listed on Schedule III and (b) all goodwill associated therewith or symbolized
thereby. 
 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 Pledgor
hereby assigns and pledges to the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured
Parties, a security interest in all of such Pledgor’s right, title and interest in, to and under (a) the Equity Interests directly owned by it (which such Equity Interests constituting Pledged Stock as of the date hereof shall be listed on
Schedule II) and any other Equity Interests obtained in the future by such Pledgor and any certificates representing all such Equity Interests (collectively, the “Pledged Stock”); provided, that the Pledged Stock
shall not include any Excluded Securities; (b)(i) the debt obligations currently issued to any Pledgor (which such debt obligations constituting Pledged Debt Securities as of the date hereof, in each case in excess of $2,000,000 on an
individual basis, shall be listed on Schedule II), (ii) any debt securities in the future issued to such Pledgor and (iii) the promissory notes and any other instruments, if any, evidencing such debt securities (collectively,
the “Pledged Debt Securities”); provided, that the Pledged Debt Securities shall not include any Excluded Securities; (c) subject to Section 2.06, all payments of principal or interest, dividends, cash, instruments
and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in clauses (a) and
(b) above; (d) subject to Section 2.06, all rights and privileges of such Pledgor with respect to the securities and other property referred to in clauses (a), (b) and (c) above; and (e) all Proceeds of any of the
foregoing (the items referred to in clauses (a) through (e) above being collectively referred to as the “Pledged Collateral”); provided, for the avoidance of doubt, that none of the Pledged Collateral shall include
any Excluded Property. 
 TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and
preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set
forth. 

  
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 SECTION 2.02. Delivery of the Pledged Securities. 

(a) Each Pledgor agrees promptly (and in any event within 45 days after the acquisition or such longer time as the Collateral Agent shall
permit in its reasonable discretion) to deliver or cause to be delivered to the Collateral Agent, for the benefit of the Secured Parties, any and all Pledged Securities to the extent such Pledged Securities, in the case of promissory notes or other
instruments evidencing Indebtedness, are required to be delivered pursuant to Section 2.02(b). 
 (b) Within the time period set forth
in clause (a) above, each Pledgor will cause any Indebtedness for borrowed money owed to any Pledgor by any person (other than intercompany indebtedness (x) between or among the Borrower and any Subsidiary Loan Party, (y) between or
among any Subsidiary Loan Parties or (z) incurred in the ordinary course of business in connection with cash management operations of Holdings, the Borrower and its Subsidiaries) having an aggregate principal amount in excess of $2,000,000 to
be evidenced by a duly executed promissory note that is pledged and delivered to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the terms hereof. To the extent any such promissory note is a demand note, each Pledgor party
thereto agrees, if requested by the Collateral Agent, to immediately demand payment thereunder upon an Event of Default specified under Section 7.01 (a), (b), (h) or (i) of the First Lien Credit Agreement unless such demand would not
be commercially reasonable or would otherwise expose such Pledgor to liability to the maker. 
 (c) Upon delivery to the Applicable
Collateral Agent, within the time period set forth in clause (a) above, (i) any Pledged Securities required to be delivered pursuant to the foregoing paragraphs (a) and (b) of this Section 2.02 shall be accompanied by stock
powers or note powers, as applicable, duly executed in blank or other instruments of transfer reasonably satisfactory to the Applicable Collateral Agent and by such other instruments and documents as the Applicable Collateral Agent may reasonably
request and (ii) all other property comprising part of the Pledged Collateral delivered pursuant to the terms of this Agreement shall be accompanied to the extent necessary to perfect the security interest in or allow realization on the Pledged
Collateral by proper instruments of assignment duly executed by the applicable Pledgor and such other instruments or documents as the Applicable Collateral Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied (or
promptly followed) by a schedule describing the securities, which schedule shall be attached hereto as Schedule II (or a supplement to Schedule II, as applicable) and made a part hereof; provided, that failure to attach any
such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall be deemed to supplement any prior schedules so delivered. 

SECTION 2.03. Representations, Warranties and Covenants. Each Pledgor represents and warrants to, and covenants with, the Collateral
Agent, for the benefit of the Secured Parties that: 
 (a) Schedule II, as of the Closing Date,
(i) correctly sets forth (and, with respect to any Pledged Stock issued by an issuer that is not a subsidiary of the Borrower, to the knowledge of the relevant Pledgor) the percentage of the issued and outstanding shares of each class of the
Equity Interests of the issuer thereof represented by such Pledged Stock as of the Closing Date and (ii) includes all Equity Interests, debt securities 

  
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and promissory notes or instruments evidencing Indebtedness required to be pledged in order to satisfy the Collateral and Guarantee Requirement or delivered pursuant to Section 2.02(b) as of
the Closing Date; 
 (b) as of the Closing Date, the Pledged Stock and Pledged Debt Securities (and, with respect to any
Pledged Stock or Pledged Debt Securities issued by an issuer that is not a subsidiary of the Borrower, to the knowledge of the relevant Pledgor) have been duly and validly authorized and issued by the issuers thereof and (i) in the case of
Pledged Stock, are fully paid and, with respect to Equity Interests constituting capital stock of a corporation, nonassessable and (ii) in the case of Pledged Debt Securities, are legal, valid and binding obligations of the issuers thereof,
subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding at
law or in equity) and an implied covenant of good faith and fair dealing); 
 (c) except for the security interests granted
hereunder, each Pledgor (i) is and, subject to any transfers made not in violation of the First Lien Credit Agreement or each other Loan Document, will continue to be the direct owner, beneficially and of record, of the Pledged Securities
indicated on Schedule II (as may be supplemented from time to time pursuant to Section 2.02(c)) as owned by such Pledgor, (ii) holds the same free and clear of all Liens, other than any Permitted Liens, (iii) will make no
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 pursuant to a transaction not prohibited by any Loan Document and other than Permitted
Liens, and (iv) subject to the rights of such Pledgor under the Loan Documents to Dispose of Pledged Collateral, will use commercially reasonable efforts to defend its title or interest thereto or therein against any and all Liens (other than
Permitted Liens), however arising, of all persons; 
 (d) other than as set forth in the First Lien Credit Agreement or the
schedules thereto or in the other Loan Documents and except for restrictions and limitations imposed by the Loan Documents or securities laws generally or otherwise not prohibited by the Loan Documents, the Pledged Collateral is and will continue to
be freely transferable and assignable, and none of the Pledged Collateral is or will be subject to any option, right of first refusal, shareholders agreement, charter, by-law, memorandum of association or articles of association provisions or
contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral hereunder, the Disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights and remedies
hereunder other than under applicable Requirements of Law; 
 (e) each Pledgor has the power and authority to pledge the
Pledged Collateral pledged by it hereunder in the manner hereby done or contemplated; 
 (f) other than as set forth in the
First Lien Credit Agreement or the schedules thereto or in the other Loan Documents, no consent or approval of any Governmental Authority, any securities exchange or any other person was or is necessary to the validity of the pledge effected hereby
(other than such as have been obtained and are in full force and effect); and 

  
 8 

 (g) by virtue of the execution and delivery by the Pledgors of this Agreement,
when any Pledged Securities are delivered to the Applicable Collateral Agent, for the benefit of the Secured Parties, in accordance with this Agreement and a Uniform Commercial Code financing statement in respect of the Pledged Securities is filed
in the appropriate filing office, the Collateral Agent will obtain, for the benefit of the Secured Parties, a legal, valid and perfected lien upon and security interest in such Pledged Securities, subject only to Permitted Liens, as security for the
payment of the Secured Obligations, to the extent such perfection is governed by the Uniform Commercial Code. 
 SECTION 2.04.
Certification of Limited Liability Company and Limited Partnership Interests. 
 (a) As of the Closing Date, the Equity Interests in
limited liability companies that are pledged by the Pledgors hereunder (and, with respect to any Pledged Stock issued by an issuer that is not a subsidiary of the Borrower, to the relevant Pledgor’s knowledge) do not constitute a security under
Section 8-103 of the New York UCC or the corresponding code or statute of any other applicable jurisdiction. 
 (b) The Pledgors shall
at no time elect to treat any interest in any limited liability company or limited partnership controlled by a Pledgor and pledged hereunder as a “security” within the meaning of Article 8 of the New York UCC or issue any
certificate representing such interest, unless promptly thereafter (and in any event within 30 days or such longer period as the Collateral Agent may permit in its reasonable discretion) the applicable Pledgor provides notification to the Collateral
Agent of such election and delivers, as applicable, any such certificate to the Collateral Agent pursuant to the terms hereof. 
 SECTION
2.05. Registration in Nominee Name; Denominations. Subject to the First Lien/Second Lien Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into), (a) the Applicable 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 Pledgor, endorsed or assigned in blank or in favor of the Applicable Collateral Agent, for the benefit of
the Secured Parties or, if an Event of Default shall have occurred and be continuing, in its own name as pledgee or the name of its nominee (as pledgee or as sub-agent), or the name of the applicable Pledgor,
endorsed or assigned in blank in favor of the Applicable Collateral Agent, and (b) if an Event of Default shall have occurred and be continuing, each Pledgor will promptly give to the Applicable Collateral Agent copies of any notices or other
communications received by it with respect to Pledged Securities registered in the name of such Pledgor. Subject to the First Lien/Second Lien Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into), if an
Event of Default shall have occurred and be continuing, the Applicable Collateral Agent shall have the right to exchange the certificates representing Pledged Securities for certificates of smaller or larger denominations for any purpose consistent
with this Agreement. Each Pledgor shall use its commercially reasonable efforts to cause any subsidiary of the Borrower that is not a party to this Agreement to comply with a request by the Applicable Collateral Agent, pursuant to this
Section 2.05, to exchange certificates representing Pledged Securities of such subsidiary for certificates of smaller or larger denominations. 

  
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 SECTION 2.06. Voting Rights; Dividends and Interest, etc. 

(a) Subject to the First Lien/Second Lien Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into),
unless and until an Event of Default shall have occurred and be continuing and the Collateral Agent shall have given written notice to the relevant Pledgors of the Collateral Agent’s intention to exercise its rights hereunder: 

(i) Each Pledgor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner
of Pledged Collateral or any part thereof for any purpose not prohibited by the terms of this Agreement, the First Lien Credit Agreement and the other Loan Documents; provided, that, except as permitted under the Loan Documents, such rights
and powers shall not be exercised in any manner that could be reasonably likely to materially and adversely affect the rights and remedies of the Collateral Agent or the other Secured Parties under this Agreement, the First Lien Credit Agreement or
any other Loan Document or the ability of the Secured Parties to exercise the same. 
 (ii) The Collateral Agent shall
promptly execute and deliver to each Pledgor, or cause to be executed and delivered to such Pledgor, all such proxies, powers of attorney and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to
exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above. 

(iii) Each Pledgor 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 Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions are not prohibited by, and otherwise paid or distributed in accordance with, the terms
and conditions of the First Lien Credit Agreement, any other Loan Documents and applicable laws; provided, that any noncash dividends, interest, principal or other distributions that would constitute Pledged Securities, whether resulting from
a subdivision, combination or reclassification of the outstanding Equity Interests of 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 Pledgor, shall be promptly (and in any event within 45 days of their
receipt or such longer time as the Applicable Collateral Agent shall permit in its reasonable discretion) delivered to the Applicable Collateral Agent, for the benefit of the Secured Parties, in the same form as so received (endorsed in a manner
reasonably satisfactory to the Applicable Collateral Agent). 
 (b) Subject to the First Lien/Second Lien Intercreditor Agreement and the
First Lien/First Lien Intercreditor Agreement (if entered into), after the occurrence and during the continuance of an Event of Default and upon written notice by the Collateral Agent to the 

  
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relevant Pledgors of the Collateral Agent’s intention to exercise its rights hereunder, all rights of any Pledgor to receive dividends, interest, principal or other distributions that such
Pledgor is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become vested, for the benefit of the Secured Parties, in the Collateral Agent, which, subject to
the First Lien/Second Lien Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into), shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other
distributions; provided, that the Collateral Agent, to the extent not objected to by the Required Lenders, shall have the right from time to time following and during the continuance of an Event of Default to permit the Pledgors to receive
and retain such amounts; provided, further, that notwithstanding the occurrence of an Event of Default, any Pledgor may continue to exercise dividend and distribution rights solely to the extent permitted under subclause (i), subclause
(iii) and subclause (v) of Section 6.06(b) of the First Lien Credit Agreement. All dividends, interest, principal or other distributions received by any Pledgor contrary to the provisions of this Section 2.06 shall not be
commingled by such Pledgor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent, for the benefit of the Secured Parties, and shall be forthwith
delivered to the Collateral Agent, for the benefit of the Secured Parties, in the same form as so received (endorsed in a manner reasonably satisfactory to the Collateral Agent). Any and all money and other property paid over to or received by the
Collateral Agent pursuant to the provisions of this paragraph (b) shall continue to be held as collateral security for the Secured Obligations and shall not constitute payment thereof until 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 Collateral Agent a certificate to that effect, in form and substance reasonably satisfactory to the Collateral Agent, the Collateral Agent
shall promptly repay to each Pledgor (without interest, and net of any applicable fees or taxes) all dividends, interest, principal or other distributions that such Pledgor would otherwise be permitted to retain pursuant to the terms of
paragraph (a)(iii) of this Section 3.06 to the extent such amounts have not otherwise been applied (or committed to be applied) in accordance with Section 4.02 or otherwise in accordance with the Loan Documents. 

(c) Subject to the First Lien/Second Lien Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into),
upon the occurrence and during the continuance of an Event of Default and after written notice by the Collateral Agent to the relevant Pledgors of the Collateral Agent’s intention to exercise its rights hereunder, subject to applicable
Requirements of Law, all rights of any Pledgor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06 shall cease, and all such rights shall thereupon
become vested in the Collateral Agent, for the benefit of the Secured Parties, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided, that, to the extent not objected to
by Required Lenders, the Collateral Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Pledgors to exercise such rights; provided further, that the Collateral Agent
shall have no duty to any Pledgor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. After all Events of Default have been cured or waived and the Borrower has delivered to the
Collateral Agent a certificate to that effect, all rights of any Pledgor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06 shall be reinstated. 

  
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 (d) In order to permit the Collateral Agent to exercise the voting and other consensual rights
that it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions that it may be entitled to receive hereunder, (i) each Pledgor shall promptly execute and deliver (or cause to be executed and delivered)
to the Collateral Agent all such proxies, dividend payment orders and other instruments as the Collateral Agent may from time to time reasonably request and (ii) without limiting the effect of clause (i) above, such Pledgor hereby
grants to the Collateral Agent an irrevocable proxy, coupled with an interest, to vote all or any part of the Pledged Collateral and to exercise all other rights, powers, privileges and remedies to which a holder of the Pledged Collateral would be
entitled (including giving or withholding written consents of shareholders, partners or members, as the case may be, calling special meetings of shareholders, partners or members, as the case may be, and voting at such meetings), which proxy shall
be effective, automatically and without the necessity of any action (including any transfer of any Pledged Collateral on the record books of the issuer thereof) by any other person (including the issuer of such Pledged Collateral or any officer or
agent thereof) during the continuance of an Event of Default and which proxy shall only terminate upon the Discharge of the First-Priority Obligations. 

(e) Any notice given by the Collateral Agent to the Pledgors suspending their rights under paragraph (a) of this Section 2.06
(i) shall be in writing, (ii) may be given to one or more of the Pledgors at the same or different times and (iii) may suspend the rights of the Pledgors under paragraph (a)(i) or paragraph (a)(iii) of this
Section 2.06 in part without suspending all such rights (as specified by the Collateral Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Collateral Agent’s rights to give additional notices from
time to time suspending other rights so long as an Event of Default has occurred and is continuing. 
 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 Pledgor hereby pledges to the
Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, a security interest (the
“Security Interest”) in all right, title and interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such Pledgor or in which such Pledgor now has or at any time in the
future may acquire any right, title or interest (collectively, the “Article 9 Collateral”): 
 (i) all
Accounts; 
 (ii) all Chattel Paper; 

  
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 (iii) collection accounts, Deposit Accounts, Securities Accounts, Commodity
Accounts and any cash or other assets held in such accounts and any security entitlements and other rights with respect thereto; 

(iv) all Documents; 

(v) all Equipment; 

(vi) all Fixtures; 

(vii) all General Intangibles; 

(viii) loans receivable and all other Payment Intangibles; 

(ix) Goods; 

(x) all Instruments; 

(xi) all Intellectual Property (including all claims for, and rights to sue for, past or future infringements or violations of
any Intellectual Property and all income, royalties, damages and payments now or hereafter due and payable with respect to any Intellectual Property, including damages and payments for past or future infringements or violations of any Intellectual
Property); 
 (xii) all Inventory (including reusable water containers); 

(xiii) all Investment Property other than the Pledged Collateral, which is governed by Article II; 

(xiv) all Letters of Credit and Letter of Credit Rights; 

(xv) all Commercial Tort Claims, individually in excess of $3,000,000, as described from time to time on Schedule IV;

 (xvi) all minerals, oil, gas and As-Extracted Collateral; 

(xvii) all books and records pertaining to the Article 9 Collateral; and 

(xviii) substitutions, replacements, accessions, products and Proceeds (including insurance proceeds, licenses, royalties,
income, payments, claims, damages and proceeds of suit) and to the extent not otherwise included, all Proceeds, Supporting Obligations and products of any and all of the foregoing and all collateral security and guarantees given by any person with
respect to any of the foregoing. 
 Notwithstanding anything to the contrary in any Loan Documents, this Agreement shall not constitute a
grant of a security interest in (and the Article 9 Collateral shall not include), and the other provisions of the Loan Documents with respect to Collateral need not be satisfied with respect to, the Excluded Property. 

  
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 (b) Each Pledgor hereby irrevocably authorizes the Collateral Agent at any time and from time to
time to file in any relevant jurisdiction any initial financing statements (including fixture filings) with respect to the Collateral or any part thereof and amendments thereto that contain the information required by Article 9 of the Uniform
Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such
Pledgor, (ii) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such Collateral relates and (iii) a description of Collateral that describes such property in any other
manner as the Collateral Agent may reasonably determine is necessary or advisable to ensure the perfection of the security interest in the Collateral granted under this Agreement, including describing such property as “all assets” or
“all personal property” or words of similar effect. Each Pledgor agrees to provide such information to the Collateral Agent promptly upon request. 

The 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 necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by each Pledgor, without the signature of any Pledgor, and naming any
Pledgor or the Pledgors as debtors and the Collateral Agent as secured party. Notwithstanding anything to the contrary herein, no Pledgor shall be required to take any action under the laws of any jurisdiction other than the United States of America
(or any political subdivision thereof) and its territories and possessions for the purpose of perfecting the Security Interest in any Article 9 Collateral of such Pledgor constituting Patents, Trademarks or Copyrights. 

(c) The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any way
alter or modify, any obligation or liability of any Pledgor with respect to or arising out of the Article 9 Collateral. 
 (d)
Notwithstanding anything to the contrary in this Agreement, none of the Pledgors shall be required to enter into any control agreement with respect to any Deposit Accounts, Securities Accounts or Commodities Accounts. 

SECTION 3.02. Representations and Warranties. The Pledgors jointly and severally represent and warrant to the Collateral Agent, for the
benefit of the Secured Parties, as of the Closing Date that: 
 (a) Each Pledgor has good and valid rights in and title to the
Article 9 Collateral with respect to which it has purported to grant a Security Interest hereunder, except where the failure to have such rights and title would 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 Collateral Agent the Security Interest in such 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 is in full force and effect or has otherwise been disclosed herein, in the First Lien Credit Agreement and the schedules
thereto. 

  
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 (b) The Perfection Certificate attached hereto as Exhibit II has been duly prepared,
completed and executed and the information set forth therein, including the exact legal name of each Pledgor, is correct and complete, in all material respects, as of the Closing Date. Uniform Commercial Code financing statements or other
appropriate filings, recordings or registrations containing a description of the Article 9 Collateral for filing in each governmental, municipal or other office specified in Schedule 6 to the Perfection Certificate constitute all the
filings, recordings and registrations (other than filings required to be made in the United States Patent and Trademark Office or the United States Copyright Office in order to perfect the Security Interest in Article 9 Collateral consisting of
United States Patents, United States registered Trademarks or United States registered Copyrights) that are necessary as of the Closing Date to publish notice of and protect the validity of and to establish a legal, valid and perfected security
interest in favor of the 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 filing, recording or registration in the United States of America (or
any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided under applicable
law with respect to the filing of continuation statements or amendments. Each Pledgor represents and warrants that fully executed Notices of Security Interests in IP containing a description of all Article 9 Collateral consisting of
Intellectual Property with respect to registered United States Trademarks (and Trademarks for which registration applications are pending), issued United States Patents (and Patents for which applications are pending) and registered United States
Copyrights (and Copyrights for which registration applications are pending) has been delivered to the Collateral Agent for recording with the United States Patent and Trademark Office or the United States Copyright Office, pursuant to 15 U.S.C.
§ 1060, 17 U.S.C. § 205 or 35 U.S.C. § 261 and the regulations thereunder, as applicable, to establish, a legal, valid and perfected security interest in favor of the Collateral Agent, for the benefit of the
Secured Parties, in respect of all Article 9 Collateral consisting of such Intellectual Property as of the Closing Date in which a security interest may be recorded with the United States Patent and Trademark Office or the United States
Copyright Office, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary (other than (x) the Uniform Commercial Code financing statements and (y) such actions as are necessary to
perfect the Security Interest with respect to any Article 9 Collateral consisting of Patents, Copyrights and Trademarks (or registration or application for registration thereof) acquired or developed after the Closing Date). 

(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 Section 3.02(b), a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording or
registering a Uniform Commercial Code financing statement or analogous document in the United States of America (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code or other applicable
law in such jurisdictions and (iii) a perfected security interest in all Article 9 Collateral in which a security interest may be perfected upon the receipt and recording of the applicable Notice of Security Interests in IP that are delivered
to the Collateral Agent pursuant to Section 3.02(b) 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 Permitted Liens. 

  
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 (d) The Article 9 Collateral is owned by the Pledgors free and clear of any Lien, other than
Permitted Liens. None of the Pledgors has filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial Code or any other applicable laws covering any Article 9 Collateral, (ii) any
assignment in which any Pledgor 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 or
(iii) any assignment in which any Pledgor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing
statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Permitted Liens. 

(e) None of the Pledgors holds any Commercial Tort Claim individually in excess of $3,000,000 except as indicated on Schedule IV (as
may be updated from time to time in accordance with Section 3.04(b) hereof). 
 (f) Schedule III correctly sets forth all of
each Pledgor’s (i) Patents and Trademarks applied for or registered with the United States Patent and Trademark Office as of the Closing Date, including the name of the registered owner or applicant, the name of the patent or trademark,
the registration, application or publication number, as applicable, and the issuance, registration or application date, as applicable and (ii) registered United States Copyrights as of the Closing Date, including the name of the registered
owner and the registration number of each such Copyright. 
 SECTION 3.03. Covenants. 

(a) Each Pledgor agrees to (i) furnish to the Collateral Agent prompt written notice of any change in: (A) its corporate or
organization legal name, (B) its identity or type of organization, (C) its organizational identification number, (D) its jurisdiction of organization or (E) the location of its chief executive office if it is not a registered
organization; provided, that such Pledgor shall not effect or permit any such change unless all filings have been made, or will have been made within 30 days following such change (or such longer period as the Collateral Agent may agree in
its reasonable discretion), under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Article 9
Collateral in which a security interest may be perfected by such filing, for the benefit of the Secured Parties and (ii) promptly notify the Collateral Agent if any material portion of the Article 9 Collateral is damaged or destroyed. 

(b) Subject to the rights of such Pledgor under the Loan Documents to Dispose of Collateral, each Pledgor shall, at its own expense, use
commercially reasonable efforts to defend title to the Article 9 Collateral against all persons and to defend the Security Interest of the Collateral Agent, for the benefit of the Secured Parties, in the Article 9 Collateral and the
priority thereof against any Lien that is not a Permitted Lien. 

  
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 (c) Each Pledgor 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 Collateral Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies
created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement and the granting of the Security Interest and the filing of any financing statements or other documents in
connection herewith or therewith. 
 Without limiting the generality of the foregoing, each Pledgor hereby agrees to supplement this
Agreement by supplementing Schedule III or adding additional schedules hereto to specifically identify any asset or item that constitutes Copyrights, Patents, Trademarks, Copyright Licenses, Patent Licenses or Trademark Licenses within
90 days following the end of each fiscal quarter (a “Quarterly IP Update”). Each Pledgor agrees that all representations and warranties hereunder shall be true and correct with respect to such Article 9 Collateral on each
Quarterly IP Update. 
 (d) Subject to the ABL Intercreditor Agreement, the First Lien/Second Lien Intercreditor Agreement and the First
Lien/First Lien Intercreditor Agreement (if entered into) and in addition to rights under Section 5.07 of the Credit Agreement, after the occurrence of an Event of Default and during the continuance thereof, the Collateral Agent shall have the
right to verify under reasonable procedures the validity, amount, quality, quantity, value, condition and status of, or any other matter relating to, the Article 9 Collateral, including, in the case of Accounts or Article 9 Collateral in
the possession of any third person, by contacting Account Debtors or the third person possessing such Article 9 Collateral for the purpose of making such a verification. The Collateral Agent shall have the right to share any information it
gains from such inspection or verification with any Secured Party, subject to Section 9.12 of the First Lien Credit Agreement. 
 (e)
Subject to the ABL Intercreditor Agreement, the First Lien/Second Lien Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into), the Collateral Agent, at its option, may (i) discharge any past due taxes,
assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Article 9 Collateral and that is not a Permitted Lien and (ii) pay for the maintenance and preservation of the Article 9
Collateral to the extent any Pledgor fails to do so as required by the First Lien Credit Agreement, this Agreement or any other Loan Document (and each Pledgor jointly and severally agrees to reimburse the Collateral Agent on demand for any
reasonable and documented payment made or any reasonable and documented out-of-pocket expense incurred by the Collateral Agent pursuant to the foregoing authorization); provided, however, that nothing in this Section 3.03(e) shall
be interpreted as excusing any Pledgor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Pledgor 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. 
 (f) Each
Pledgor (rather than the Collateral Agent or any Secured Party) shall remain liable for the observance and performance of all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to
the 

  
 17 

 
Article 9 Collateral and each Pledgor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability for such
performance. 
 (g) None of the Pledgors shall make or permit to be made a transfer, assignment, pledge or hypothecation of the
Article 9 Collateral or shall grant any other Lien in respect of the Article 9 Collateral, except as not prohibited by any Loan Document. Notwithstanding the foregoing sentence, if the Collateral Agent shall have notified the Pledgors in
writing that an Event of Default under clause (a) or (b) of Section 7.01 of the First Lien Credit Agreement shall have occurred and be continuing, and during the continuance thereof (or automatically, upon the occurrence of an Event
of Default under clauses (h) or (i) of Section 7.01 of the First Lien Credit Agreement), the Pledgors shall not Dispose of any Article 9 Collateral, except to the extent requested by the Collateral Agent in writing, unless such
Disposition is not otherwise prohibited by the First Lien Credit Agreement during an Event of Default under clause (a), (b), (h) or (i) of Section 7.01 of the First Lien Credit Agreement. 

(h) None of the Pledgors will, without the Applicable Collateral Agent’s prior written consent (which consent shall not be unreasonably
withheld), grant any extension of the time of payment of any Accounts included in the Article 9 Collateral, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person liable for the
payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with prudent business practices, except as
not prohibited by the Loan Documents. 
 (i) Subject to the ABL Intercreditor Agreement, the First Lien/Second Lien Intercreditor Agreement
and the First Lien/First Lien Intercreditor Agreement (if entered into), each Pledgor irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the Collateral Agent) as such Pledgor’s
true and lawful agent (and attorney-in-fact) for the purpose, during the continuance of an Event of Default, of making, settling and adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing the name of such
Pledgor 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. In the event that any Pledgor at any time or times shall fail to
obtain or maintain any of the policies of insurance required by the Loan Documents or to pay any premium in whole or part relating thereto, the Collateral Agent may, subject to the ABL Intercreditor Agreement, the First Lien/Second Lien
Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into), without waiving or releasing any obligation or liability of the Pledgors hereunder or any Event of Default, in its sole discretion, obtain and maintain
such policies of insurance and pay such premium and take any other actions with respect thereto as the Collateral Agent reasonably deems advisable; provided, however, that nothing in this Section 3.03(i) shall be interpreted as
excusing any Pledgor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Pledgor with respect to such policies of insurance and payments of such
premiums. All sums disbursed by the Collateral Agent in connection with this Section 3.03(i), including reasonable and documented attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand, by
the Pledgors to the Collateral Agent and shall be additional Secured Obligations secured hereby. 

  
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 SECTION 3.04. Other Actions. Subject to the ABL Intercreditor Agreement, in order to
further ensure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, for the benefit of the Secured Parties, the Collateral Agent’s security interest in the Article 9 Collateral, each Pledgor
agrees, in each case at such Pledgor’s own expense, to take the following actions with respect to the following Article 9 Collateral: 

(a) Instruments and Tangible Chattel Paper. If any Pledgor shall at any time own or acquire any Instruments (other than
debt obligations covered by Article II) or Tangible Chattel Paper evidencing an amount in excess of $5,000,000, such Pledgor shall promptly (and in any event within 30 days of its acquisition or such longer period as the Applicable Collateral Agent
may permit in its reasonable discretion) notify the Collateral Agent and promptly (and in any event within 5 days following such notice or such longer period as the Applicable Collateral Agent may permit in its reasonable discretion) endorse,
assign and deliver the same to the Applicable Collateral Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Applicable Collateral Agent may from time to time reasonably request. 

(b) Commercial Tort Claims. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim in an amount
reasonably estimated to exceed $3,000,000, such Pledgor shall promptly notify the Collateral Agent thereof in a writing signed by such Pledgor, including a summary description of such claim, and grant to the Collateral Agent in writing a security
interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Collateral Agent and shall update Schedule IV from time to time with respect to any such
Commercial Tort Claim acquired after the Closing Date. 
 SECTION 3.05. Covenants Regarding Patent, Trademark and Copyright
Collateral. Except as permitted by any Loan Documents: 
 (a) Each Pledgor agrees that it will not knowingly do any act
or omit to do any act (and will exercise commercially reasonable efforts to prevent its licensees from doing any act or omitting to do any act) whereby any Patent material to the conduct of such Pledgor’s business may become prematurely
invalidated or dedicated to the public, and agrees that it shall take commercially reasonable steps with respect to any material products covered by any such Patent as necessary and sufficient to establish and preserve its rights under applicable
patent laws. 
 (b) Each Pledgor will, and will use its commercially reasonable efforts to cause its licensees or its
sublicensees to, for each Trademark material to the conduct of such Pledgor’s business, (i) maintain such Trademark in full force free from any adjudication of abandonment or invalidity for non-use, (ii) maintain the quality of
products and services offered under such Trademark, (iii) display such Trademark with notice of federal or foreign registration or claim of trademark or service mark as required under applicable law and (iv) not knowingly use or knowingly
permit its licensees’ use of such Trademark in violation of any third-party rights. 

  
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 (c) Each Pledgor will, and will use its commercially reasonable efforts to cause
its licensees or its sublicensees to, for each work covered by a material Copyright necessary to the conduct of such Pledgor’s business that it publishes, displays and distributes, (i) use copyright notice as required under applicable
copyright laws and (ii) prevent such works covered by a material Copyright from entering into the public domain (except to the extent such works covered by a material Copyright have expired under the latest term of protection granted pursuant
to applicable law). 
 (d) Each Pledgor shall notify the Collateral Agent promptly if it knows that any Patent, Trademark or
Copyright material to the conduct of such Pledgor’s business may imminently become prematurely abandoned, lost or dedicated to the public, or of any materially adverse determination or development, including office actions and similar
determinations or developments (but excluding ordinary course office actions and similar determinations or developments), in the United States Patent and Trademark Office, United States Copyright Office or any court, regarding such Pledgor’s
ownership of any such material Patent, Trademark or Copyright or its right to register or to maintain the same. 
 (e) Each
Pledgor, either itself or through any agent, employee, licensee or designee, shall (i) inform the Collateral Agent on an annual basis on or about the time of delivery of financial statements for such year (commencing with the financial
statements for the fiscal year ended December 31, 2013) of (A) each United States Patent, Trademark and Copyright acquired by such Pledgor during the preceding twelve-month period that is registered or applied for registration with the
United States Patent and Trademark Office or the United States Copyright Office, as applicable, and (B) each application and registration by itself, or through any agent, employee, licensee or designee, for any Patent or Trademark with the
United States Patent and Trademark Office and each application and registration of any Copyright with the United States Copyright Office filed during the preceding twelve-month period, and (ii) upon the reasonable request of the Collateral
Agent, execute and deliver any and all agreements, instruments, documents and papers as the Collateral Agent may reasonably request to evidence the Collateral Agent’s security interest in such Patent, Trademark or Copyright; provided,
that the provisions hereof shall automatically apply to any such Patent, Trademark or Copyright and any such Patent, Trademark or Copyright shall automatically constitute Collateral as if such would have constituted Collateral at the time of
execution hereof and be subject to the Lien and security interest created by this Agreement without further action by any party. 

(f) Each Pledgor shall exercise its reasonable business judgment in any proceeding before the United States Patent and
Trademark Office or the United States Copyright Office or other foreign office with respect to maintaining and pursuing each application relating to any Patent, Trademark and/or Copyright (and obtaining the relevant grant or registration) material
to the conduct of such Pledgor’s business and to maintain (i) each issued Patent and (ii) the registrations of each Trademark and each 

  
 20 

 
Copyright that is material to the conduct of such Pledgor’s business, including, when applicable and necessary in such Pledgor’s reasonable business judgment, timely filings of
applications for renewal, affidavits of use, affidavits of incontestability and payment of maintenance fees, and, if any Pledgor believes necessary in its reasonable business judgment, to initiate opposition, interference and cancellation
proceedings against third parties. 
 (g) In the event that any Pledgor knows or has reason to know that any Article 9
Collateral consisting of a Patent, Trademark or Copyright material to the conduct of its business has been infringed, misappropriated or diluted by a third party, such Pledgor shall promptly notify the Collateral Agent and shall, if such Pledgor
deems it necessary in its reasonable business judgment, promptly sue and recover any and all damages, and take such other actions as are reasonably appropriate under the circumstances. 

(h) Upon and during the continuance of an Event of Default, at the request of the Applicable Collateral Agent, each Pledgor
shall use commercially reasonable efforts to obtain all requisite consents or approvals from the licensor under each Copyright License, Patent License or Trademark License to effect the assignment of all such Pledgor’s right, title and interest
thereunder to (in the Applicable Collateral Agent’s sole discretion) the designee of the Applicable Collateral Agent or the Applicable Collateral Agent. 

ARTICLE IV. 
 Remedies 

SECTION 4.01. Remedies upon Default. Subject to the ABL Intercreditor Agreement, the First Lien/Second Lien Intercreditor Agreement,
the First Lien/First Lien Intercreditor Agreement (if entered into) and applicable Requirements of Law, upon the occurrence and during the continuance of an Event of Default, (a) each Pledgor agrees to deliver each item of Collateral to the
Collateral Agent on demand, and (b) the Collateral Agent shall have the right to take any of or all the following actions at the same or different times: (i) 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 Pledgors to the Collateral Agent or to license or sublicense, whether general,
special or otherwise, and whether on an exclusive or a nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such manner as the Collateral Agent shall determine (other than in violation of
any then-existing licensing arrangements to the extent that waivers thereunder cannot be obtained) and (ii) with or without legal process and with or without prior notice or demand for performance, to take possession of the Article 9
Collateral and without liability for trespass to the applicable Pledgor to enter any premises where the Article 9 Collateral may be located for the purpose of taking possession of or removing the Article 9 Collateral and, generally, to
exercise any and all rights afforded to a secured party under the applicable Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, each Pledgor agrees that, subject to applicable Requirements of Law, the
ABL Intercreditor Agreement, the First Lien/Second Lien 

  
 21 

 
Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into), the Collateral Agent shall have the right to 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 Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized in connection with any sale of
a security (if it deems it advisable to do so) pursuant to the foregoing to restrict the prospective bidders or purchasers to persons who represent and agree that they are purchasing such security for their own account, for investment, and not with
a view to the distribution or sale thereof. Upon consummation of any such Disposition of Collateral pursuant to this Section 4.01, the 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 such Disposition shall hold the property sold absolutely, free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives and releases (to the extent permitted by law) all
rights of redemption, stay, valuation and appraisal that such Pledgor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 

The Collateral Agent shall give the applicable Pledgors 10 Business Days’ written notice (which each Pledgor agrees is reasonable notice
within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral pursuant to the foregoing
paragraph. At any such sale, the Collateral, or the portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The 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 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 the case of any
sale of all or any part of the Collateral made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not
incur any liability in the event that any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in the case of any such failure, such Collateral may be sold again upon notice given in accordance with provisions
above. At any public (or, to the extent permitted by law, private) sale made pursuant to this Section 4.01, any Secured Party may bid for or purchase for cash, free (to the extent permitted by law) from any right of redemption, stay, valuation
or appraisal on the part of any Pledgor (all such rights being also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and such Secured Party may, upon compliance with the terms of sale,
hold, retain and Dispose of such property without further accountability to any Pledgor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent
shall be free to carry out such sale pursuant to such agreement and no Pledgor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the 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 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 

  
 22 

 
pursuant to a proceeding by a court-appointed receiver. To the extent provided in this Section 4.01, any sale that complies with such provisions shall be deemed to conform to the
commercially reasonable 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 ABL Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement
(if entered into), upon the occurrence and during the continuance of an Event of Default, the Collateral Agent shall promptly apply the proceeds, moneys or balances of any collection or sale of Collateral realized through the exercise by the
Collateral Agent of its remedies hereunder, as well as any Collateral consisting of cash at any time when remedies are being exercised hereunder, in accordance with Section 2.01 of the ABL Intercreditor Agreement or Section 4.2 of the
First Lien/Second Lien Intercreditor Agreement, as applicable, or, after a First Lien/First Lien Intercreditor Agreement has been entered into, in accordance with Section 2.01 of the First Lien/First Lien Intercreditor Agreement. 

The 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 Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the 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 Collateral Agent or
such officer or be answerable in any way for the misapplication thereof. 
 SECTION 4.03. Grant of License to Use Intellectual
Property. For the purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Pledgor grants (such grant
effective solely after the occurrence and during the continuance of an Event of Default) to (in the Collateral Agent’s sole discretion) the Collateral Agent or a designee of the Collateral Agent, for the benefit of the Secured Parties, an
irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to any Pledgor) to use, license or sublicense any of the Article 9 Collateral consisting of Intellectual Property now owned or hereafter acquired
by such Pledgor, 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, the right to prosecute and maintain all Intellectual Property and the right to sue for past infringement of the Intellectual Property; provided, however, that nothing in this Section 4.03 shall require Pledgors
to grant any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or default under or results in the termination of, any contract, license, instrument or other agreement with an
unaffiliated third party, to the extent not prohibited by the Loan Documents, with respect to such Intellectual Property Collateral; and provided, further, that such licenses to be granted hereunder shall (i) if granting a license
to Trademarks, apply to the use of the Trademarks in connection with goods and services of similar type and quality to those theretofore sold by such Pledgor under such Trademarks and (ii) be subject to those exclusive Copyright Licenses,
Patent Licenses and Trademark Licenses granted by the Pledgors in effect on the date hereof and those granted by 

  
 23 

 
any Pledgor hereafter, as permitted under the Loan Documents, to the extent conflicting. For the avoidance of doubt, the use of such license may be exercised only during the continuation of an
Event of Default by the Collateral Agent and subject to the ABL Intercreditor Agreement, the First Lien/Second Lien Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into); provided, that any license or
sublicense granted by the Collateral Agent to a third party during the continuation of an Event of Default shall remain in effect notwithstanding any subsequent cure of such Event of Default. Furthermore, each Pledgor hereby grants to the Collateral
Agent an absolute power of attorney to sign, upon the occurrence and during the continuance of any Event of Default, any document which may be required by the United States Copyright Office or the United States Patent and Trademark Office or any
state office in order to effect an absolute assignment of all right, title and interest in each Patent, Trademark or Copyright, and to record the same. 

SECTION 4.04. Securities Act, etc. In view of the position of the Pledgors 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 federal 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 Pledgor understands that compliance with the Federal Securities Laws might very
strictly limit the course of conduct of the Collateral Agent if the 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 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 Pledgor acknowledges and agrees that in light of such restrictions and limitations, the 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 or, to the extent applicable, Blue Sky or other state securities laws
and (b) may approach and negotiate with a single potential purchaser to effect such sale. Each Pledgor 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 Collateral Agent shall incur no responsibility or liability for selling all or any part of the Pledged Collateral at a price that the Collateral Agent, in its sole and
absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more
than a single purchaser were approached. The provisions of this Section 4.04 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
Collateral Agent sells. 

  
 24 

 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 First Lien Credit Agreement, as such address may be changed by
written notice to the Collateral Agent and the Borrower. All communications and notices hereunder to any Pledgor shall be given to it in care of the Borrower, with such notice to be given as provided in Section 9.01 of the First Lien Credit
Agreement. 
 SECTION 5.02. Security Interest Absolute. All rights of the Collateral Agent hereunder, the Security Interest, the
security interest in the Pledged Collateral and all obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the First Lien Credit Agreement, any other Loan
Document, any other 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 First Lien 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 Pledgor in respect of the Secured Obligations or this Agreement (other than a defense of payment or performance). 

SECTION 5.03. Limitation by Law. All rights, remedies and powers provided in this Agreement may be exercised only to the extent that
the exercise thereof does not violate any applicable Requirements of Law, and all the provisions of this Agreement are intended to be subject to all applicable Requirements of Law that may be controlling and to be limited to the extent necessary so
that they shall not render this Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law or regulation. 

SECTION 5.04. Binding Effect; Several Agreement. This Agreement shall become effective as to any party to this Agreement when a
counterpart hereof executed on behalf of such party shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such party and the
Collateral Agent and their respective permitted successors and assigns, and shall inure to the benefit of such party, the Collateral Agent and the other Secured Parties and their respective permitted successors and assigns, except that no party
shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as not prohibited by this Agreement, the First Lien Credit
Agreement or any other Loan Document. This Agreement shall be construed as a separate agreement with respect to each party and may be amended, modified, supplemented, waived or released in accordance with Section 5.09 or 5.13, as applicable.

  
 25 

 SECTION 5.05. 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 Pledgor or the Collateral Agent that are contained in this Agreement
shall bind and inure to the benefit of their respective permitted successors and assigns. The Collateral Agent hereunder shall at all times be the same person that is the Administrative Agent under the First Lien Credit Agreement. Written notice of
resignation by the “Administrative Agent” pursuant to the First Lien Credit Agreement shall also constitute notice of resignation as the Collateral Agent under this Agreement. Upon the acceptance of any appointment as the
“Administrative Agent” under the First Lien Credit Agreement by a successor “Administrative Agent”, that successor “Administrative Agent” shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Collateral Agent pursuant hereto. 
 SECTION 5.06. Collateral Agent’s Fees and Expenses;
Indemnification 
 (a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its expenses incurred
hereunder by the Pledgors and the Collateral Agent and other Indemnitees shall be indemnified by the Pledgors, in each case of this clause (a), mutatis mutandis, as provided in Section 9.03 of the First Lien Credit Agreement. 

(b) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Security Documents.
The provisions of this Section 5.06 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the repayment of any
of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party. All amounts due under
this Section 5.06 shall be payable within fifteen days (or such longer period as the Collateral Agent may reasonably agree to) of written demand therefor. 

(c) The agreements in this Section 5.06 shall survive the resignation of the Collateral Agent and the termination of the Agreement. 

SECTION 5.07. Collateral Agent Appointed Attorney-in-Fact. Subject to the ABL Intercreditor Agreement, the First Lien/Second Lien
Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into), each Pledgor hereby appoints the Collateral Agent the attorney-in-fact of such Pledgor for the purpose of carrying out the provisions of this Agreement
and taking any action and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the
foregoing, subject to applicable Requirements of Law, the ABL Intercreditor Agreement, the First Lien/Second Lien Intercreditor Agreement and the First Lien/First Lien Intercreditor Agreement (if entered into), the Collateral Agent shall have the
right, upon the occurrence and during the continuance of an Event of Default, with full power of substitution either in the Collateral Agent’s name or in the name of such Pledgor, (a) to receive, endorse, assign 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 

  
 26 

 
receipt for and give discharges and releases of all or any of the Collateral; (c) to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys due or to become
due under and by virtue of any Collateral; (d) to sign the name of any Pledgor on any invoice or bill of lading relating to any of the Collateral; (e) to send verifications of Accounts to any Account Debtor; (f) to commence and
prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (g) to settle,
compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (h) to notify, or to require any Pledgor to notify, Account Debtors to make payment directly to the Collateral Agent; and
(i) 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 Collateral Agent were the absolute owner of the Collateral for all purposes; provided, that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make
any inquiry as to the nature or sufficiency of any payment received by the 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 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 Pledgor for any act or failure to act hereunder, except for their own or their Related Parties’ gross negligence or willful misconduct. 

SECTION 5.08. GOVERNING LAW. THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT OR
OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE APPLICATION OF
ANY OTHER LAW. 
 SECTION 5.09. Waivers; Amendment; Extension of Time. 

(a) No failure or delay by the Collateral Agent or any other Secured Party in exercising any right, power or remedy hereunder or under any
other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance of steps to enforce such a right, power or remedy, preclude any other or further
exercise thereof or the exercise of any other right, power or remedy. The rights, powers and remedies of the Collateral Agent or any other Secured Party hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights,
powers or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Pledgor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this
Section 5.09, 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 Pledgor in any case shall entitle any Pledgor to any other or further notice or
demand in similar or other circumstances. 

  
 27 

 (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 Collateral Agent and the Pledgor or Pledgors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with
Section 9.02 of the First Lien Credit Agreement and except as otherwise provided in the ABL Intercreditor Agreement or the First Lien/First Lien Intercreditor Agreement (if entered into). The Collateral Agent may conclusively rely on a
certificate of an officer of the Borrower as to whether any amendment contemplated by this Section 5.09(b) is permitted. 
 (c)
Notwithstanding anything to the contrary contained herein, the Applicable Collateral Agent may grant extensions of time for the creation or perfection of security interests in or the obtaining of insurance (including title insurance) or surveys with
respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Pledgors on such date) where it reasonably determines, in consultation with the Borrower, that perfection or
obtaining of such items cannot be accomplished by the time or times at which it would otherwise be required by this Agreement or the other Loan Documents. 

SECTION 5.10. Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 5.11. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but
all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 5.04. Delivery of an executed counterpart to this Agreement by facsimile or other electronic transmission shall be as
effective as delivery of a manually signed original. 
 SECTION 5.12. 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 are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 5.13. Termination or Release. 

(a) This Agreement and the pledges made by the Pledgors herein and all other security interests granted by the Pledgors hereby shall
automatically terminate and/or be released upon the occurrence of the Termination Date or otherwise in accordance with Section 9.15 of the First Lien Credit Agreement. 

(b) If any of the Collateral shall become subject to the release provision set forth in Section 2.05(b) of the ABL Intercreditor
Agreement, such Collateral shall be automatically released from the security interest in such Collateral to the extent provided therein. 

  
 28 

 (c) In connection with any termination or release pursuant to paragraph (a) or (b) of
this Section 5.13, subject to Section 9.15 of the Credit Agreement (including the delivery of any certificate required thereunder), the Collateral Agent shall execute and deliver to any Pledgor all documents that such Pledgor shall
reasonably request to evidence such termination or release (including, without limitation, Uniform Commercial Code termination statements), and will duly assign and transfer to such Pledgor, such of the Pledged Collateral that may be in the
possession of the Collateral Agent, and has not theretofore been sold or otherwise applied or released pursuant to this Agreement. Any execution and delivery of documents pursuant to this Section 5.13 shall be made without recourse to or
warranty by the Collateral Agent. In connection with any release pursuant to paragraph (a) or (b) above, the Pledgors shall be permitted to take any action in connection therewith consistent with such release including, without limitation,
the filing of Uniform Commercial Code termination statements. Subject to Section 9.15 of the Credit Agreement (including the delivery of any certificate required thereunder), upon the receipt of any necessary or proper instruments of
termination, satisfaction or release prepared by the Borrower, in form and substance reasonably satisfactory to the Collateral Agent, the Collateral Agent shall execute, deliver or acknowledge such instruments or releases to evidence the release of
any Collateral permitted to be released pursuant to this Agreement. The Pledgors agree to pay all reasonable and documented out-of-pocket expenses incurred by the Collateral Agent (and its representatives) in connection with the execution and
delivery of such release documents or instruments. 
 SECTION 5.14. Additional Subsidiaries. Upon execution and delivery by any
subsidiary of the Borrower that is required or permitted to become a party hereto by Section 5.11 of the First Lien Credit Agreement of an instrument substantially in the form of Exhibit I hereto (or another instrument reasonably
satisfactory to the Collateral Agent and the Borrower), such subsidiary shall become a Subsidiary Party hereunder with the same force and effect as if originally named as a Subsidiary Party herein. The execution and delivery of any such instrument
shall not require the consent of any other party to this Agreement. The rights and obligations of each party to this Agreement shall remain in full force and effect notwithstanding the addition of any new party to this Agreement. 

SECTION 5.15. Subject to Intercreditor Agreements. 

(a) Notwithstanding anything herein to the contrary, (i) the Liens and security interests granted to the Collateral Agent for the benefit
of the Secured Parties pursuant to this Agreement and (ii) the exercise of any right or remedy by the 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 Intercreditor Agreement. In the event of any conflict between the terms of the ABL Intercreditor Agreement and the terms of this Agreement, the terms of the ABL Intercreditor Agreement shall govern. 

(b) Notwithstanding anything herein to the contrary, after a First Lien/First Lien Intercreditor Agreement has been entered into, (i) the
Liens and security interests granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement and (ii) the exercise of any right or remedy by the Collateral Agent hereunder or the application of proceeds
(including insurance proceeds and condemnation proceeds) of any Collateral constituting Shared Collateral shall be subject to the provisions of the First Lien/First Lien Intercreditor Agreement. 

  
 29 

 
In the event of any conflict between the terms of the First Lien/First Lien Intercreditor Agreement and the terms of this Agreement, the terms of the First Lien/First Lien Intercreditor Agreement
shall govern. 
 (c) Notwithstanding anything herein to the contrary, (i) the Liens and security interests granted to the Collateral
Agent for the benefit of the Secured Parties pursuant to this Agreement and (ii) the exercise of any right or remedy by the Collateral Agent hereunder or the application of proceeds (including insurance proceeds and condemnation proceeds) of
any Collateral constituting Common Collateral are subject to the provisions of the First Lien/Second Lien Intercreditor Agreement. In the event of any conflict between the terms of the First Lien/Second Lien Intercreditor Agreement and the terms of
this Agreement, the terms of the First Lien/Second Lien Intercreditor Agreement shall govern. 
 SECTION 5.16. Authority of Collateral
Agent. Each Pledgor acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any option,
voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the Secured Parties, be governed by the First Lien Credit Agreement and by such
other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the Pledgors, the Collateral Agent shall be conclusively presumed to be acting as agent for the applicable Secured Parties with
full and valid authority so to act or refrain from acting, and no Pledgor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 

SECTION 5.17. 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 RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT (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 5.17. 
 SECTION 5.18. Jurisdiction; Consent to Service of
Process. 
 (a) Each Pledgor irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding of
any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Collateral Agent, any Secured Party, or any Affiliate of the foregoing, in any way relating to this Agreement or any other Loan Document or
the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in New York County, and of the United States District Court of the 

  
 30 

 
Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that
all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final
judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect
any right that the Collateral Agent or any Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Pledgor or its properties in the courts of any jurisdiction. 

(b) Each of the parties 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 or the other Loan Documents in any New York State or federal court. 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. 

(c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.01. Nothing
in this Agreement will affect the right of any party to this Agreement or any other Loan Document to serve process in any other manner permitted by law. 

[Signature Pages Follow] 

  
 31 

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

							
	CRESTVIEW DS MERGER SUB II, INC.
	(to be merged on the Closing Date with and into DS WATERS OF AMERICA, INC.)
		
	By:	 	 /s/ Ron Frieman

		 	Name:	 	 Ron Frieman

		 	Title:	 	 Chief Financial Officer and Treasurer

	
	 CRYSTAL SPRINGS OF ALABAMA HOLDINGS, LLC

POLYCYCLE SOLUTIONS, LLC

			
		 	By:	 	 DS Waters of America, Inc.,
 as the
sole member of each such Subsidiary Party

			
		 	By:	 	 /s/ Ron Frieman

		 		 	Name:	 	Ron Frieman
		 		 	Title:	 	Chief Financial Officer and Treasurer

 [Signature Page to Collateral Agreement (First Lien)] 

 
					
	BARCLAYS BANK PLC, as Collateral Agent
		
	By:	 	 /s/ Ritam Bhalla

		 	 Name:
 Title:
	 	 Ritam Bhalla
 Director

  
 [Signature Page to
Collateral Agreement (First Lien)] 

 Schedule I 

to the Collateral Agreement (First Lien) 

Subsidiary Parties 
 Crystal
Springs of Alabama Holdings, LLC 
 PolyCycle Solutions, LLC 

 Schedule II 

to the Collateral Agreement (First Lien) 

Pledged Stock; Pledged Debt Securities 

Pledged Stock 
  

															
	 	  	 Issuer
	  	 Record Owner
	  	 Certificate No.
	  	 Percentage
of Equity Interest
Owned
	 	 	 Percent Pledged
	 
	 1.
	  	 Crystal Springs of Alabama Holdings, LLC
	  	DS Waters of America, Inc.	  	N/A	  	 	100	% 	 	 	100	% 
	 2.
	  	 PolyCycle Solutions, LLC
	  	DS Waters of America, Inc.	  	N/A	  	 	100	% 	 	 	100	% 

 Pledged Debt 
 None. 

 Schedule III 

to the Collateral Agreement (First Lien) 

Intellectual Property 

Copyrights: 
 Registered: 

 

					
	 Owner
	 	 Copyright
	 	 Registration Number

	DS Waters of America, Inc.	 	The book of water.	 	TX0003653712
	DS Waters of America, Inc.	 	The 10-k thirst quencher really, really good stuff surfing contest.	 	TX0003647986
	DS Waters of America, Inc.	 	Water delivery man.	 	VA0001385440

 Copyright Applications Filed with the United States Copyright Office: 

None. 
 Patents: 

Registrations: 
  

							
	 Owner
	  	 Patent
	  	 Issue Date
	  	 Patent No.

	DS Waters of America, Inc.	  	Jug	  	1/4/2000	  	D418423
	DS Waters of America, Inc.	  	Combined single serving water bottle and closure	  	5/23/2000	  	D425422
	DS Waters of America, Inc.	  	Bottled Water Center	  	2/14/2012	  	8,113,382
	DS Waters of America, Inc.	  	Bottled Water Center	  	1/29/2013	  	8,360,272

 Applications: 
 None. 

Trademarks: 
 Registrations: 

 

									
	 Owner
	  	 Trademark
	  	 Application

Number
	  	 Registration

Number
	  	 Registration

Date

					
	DS Waters of America, Inc.	  	10K	  	85/033444	  	4202794	  	04-Sep-2012
					
	DS Waters of America, Inc.	  	

	  	77/217661	  	3473432	  	22-Jul-2008

									
	DS Waters of America, Inc.	  	ABITA SPRINGS	  	75/007009	  	2093790	  	02-Sep-1997
					
	DS Waters of America, Inc.	  	ABITA SPRINGS	  	75/004269	  	2100478	  	23-Sep-1997
					
	DS Waters of America, Inc.	  	ABITA SPRINGS	  	75/003995	  	2082990	  	29-Jul-1997
					
	DS Waters of America, Inc.	  	

	  	75/004267	  	2076858	  	08-Jul-1997
					
	DS Waters of America, Inc.	  	

	  	74/678492	  	1999405	  	10-Sep-1996
					
	DS Waters of America, Inc.	  	ALHAMBRA	  	74/386885	  	1819231	  	01-Feb-1994
					
	DS Waters of America, Inc.	  	ALHAMBRA	  	75/527914	  	2301785	  	21-Dec-1999
					
	DS Waters of America, Inc.	  	ALHAMBRA	  	73/546010	  	1380916	  	28-Jan-1986
					
	DS Waters of America, Inc.	  	ALHAMBRA	  	77/494142	  	3594216	  	24-Mar-2009
					
	DS Waters of America, Inc.	  	

	  	77/357424	  	3850480	  	21-Sep-2010
					
	DS Waters of America, Inc.	  	ATHENA	  	78/502129	  	3143277	  	12-Sep-2006
					
	DS Waters of America, Inc.	  	ATHENA	  	77/867384	  	4214325	  	25-Sep-2012
					
	DS Waters of America, Inc.	  	ATHENA	  	78/204256	  	2903885	  	16-Nov-2004
					
	DS Waters of America, Inc.	  	ATHENA	  	78/210927	  	2990282	  	30-Aug-2005
					
	DS Waters of America, Inc.	  	ATHENA	  	78/219346	  	3030066	  	13-Dec-2005

									
	DS Waters of America, Inc.	  	ATHENA	  	78/700789	  	3823247	  	20-Jul-2010
					
	DS Waters of America, Inc.	  	ATHENA	  	77126276	  	3838228	  	24-Aug-2010
					
	DS Waters of America, Inc.	  	ATHENA PARTNERS	  	78/219342	  	2924215	  	01-Feb-2005
					
	DS Waters of America, Inc.	  	ATHENA WARRIORS	  	85/727361	  	4328340	  	30-Apr-2013
					
	DS Waters of America, Inc.	  	BELMONT SPRINGS	  	73/665036	  	1473752	  	26-Jan-1988
					
	DS Waters of America, Inc.	  	BELMONT SPRINGS	  	77/494155	  	3594217	  	24-Mar-2009
					
	DS Waters of America, Inc.	  	BELMONT SPRINGS	  	73/665035	  	1474411	  	26-Jan-1988
					
	DS Waters of America, Inc.	  	

	  	74/258565	  	1828483	  	29-Mar-1994
					
	DS Waters of America, Inc.	  	

	  	76/276675	  	2680005	  	28-Jan-2003
					
	DS Waters of America, Inc.	  	

	  	75/786879	  	2845136	  	25-May-2004
					
	DS Waters of America, Inc.	  	COLORADO CRYSTAL	  	73/655194	  	1464793	  	10-Nov-1987
					
	DS Waters of America, Inc.	  	CREATED FOR THE CAUSE	  	85/106242	  	4158388	  	12-Jun-2012
					
	DS Waters of America, Inc.	  	CREATED FOR THE CAUSE	  	85/115582	  	4246463	  	20-Nov-2012
					
	DS Waters of America, Inc.	  	CRYSTAL SPRINGS	  	78/386156	  	3340862	  	20-Nov-2007

									
	DS Waters of America, Inc.	  	

	  	76/293430	  	2662265	  	17-Dec-2002
					
	DS Waters of America, Inc.	  	CRYSTAL-FRESH	  	73/446186	  	1335806	  	14-May-1985
					
	DS Waters of America, Inc.	  	CULLYSPRING WATER	  	78/439990	  	3382738	  	12-Feb-2008
					
	DS Waters of America, Inc.	  	DEEP ROCK	  	73/408411	  	1273807	  	10-Apr-1984
					
	DS Waters of America, Inc.	  	DEEP ROCK	  	73/408410	  	1273133	  	03-Apr-1984
					
	DS Waters of America, Inc.	  	DEEP ROCK	  	73/408412	  	1279411	  	29-May-1984
					
	DS Waters of America, Inc.	  	

	  	77/154481	  	3587821	  	10-Mar-2009
					
	DS Waters of America, Inc.	  	

	  	78/386135	  	3319455	  	23-Oct-2007
					
	DS Waters of America, Inc.	  	DRINK TO YOUR HEALTH	  	77736368	  	3921593	  	22-Feb-2011
					
	DS Waters of America, Inc.	  	DRINK TO YOUR GOOD HEALTH	  	77/982618	  	4060788	  	22-Nov-2011
					
	DS Waters of America, Inc.	  	DRINK TO YOUR GOOD HEALTH	  	77/919757	  	4060610	  	22-Nov-2011
					
	DS Waters of America, Inc.	  	DS WATERS	  	78/386000	  	3469275	  	15-Jul-2008
					
	DS Waters of America, Inc.	  	DS WATERS	  	77/214607	  	3381515	  	12-Feb-2008
					
	DS Waters of America, Inc.	  	

	  	78/386022	  	3415547	  	22-Apr-2008
					
	DS Waters of America, Inc.	  	EAT CHOCOLATE. FIND A CURE	  	77/628575	  	3647052	  	30-Jun-2009
					
	DS Waters of America, Inc.	  	EAT CHOCOLATE. FIND A CURE	  	77/628571	  	3696998	  	13-Oct-2009

									
	DS Waters of America, Inc.	  	ENVIROBOTTLE	  	77/953509	  	4214380	  	25-Sep-2012
					
	DS Waters of America, Inc.	  	ENVIROPAC	  	85/116748	  	4354317	  	18-Jun-2013
					
	DS Waters of America, Inc.	  	

	  	85/116760	  	4354318	  	18-Jun-2013
					
	DS Waters of America, Inc.	  	EXOTIC ISLE	  	74/715115	  	2058243	  	29-Apr-1997
					
	DS Waters of America, Inc.	  	EZBREW	  	75/045543	  	2633723	  	15-Oct-2002
					
	DS Waters of America, Inc.	  	GEORGIA MOUNTAIN	  	74/311809	  	1806322	  	23-Nov-1993
					
	DS Waters of America, Inc.	  	GLACIER BAY	  	77/561755	  	3650003	  	07-Jul-2009
					
	DS Waters of America, Inc.	  	GOLDEN LEAF	  	76/294093	  	2865943	  	27-Jul-2004
					
	DS Waters of America, Inc.	  	

	  	85/559927	  	4285166	  	05-Feb-2013
					
	DS Waters of America, Inc.	  	GREAT TASTE	  	74/119588	  	1857234	  	04-Oct-1994
					
	DS Waters of America, Inc.	  	GREENMOBILE	  	77/549598	  	3713056	  	17-Nov-2009
					
	DS Waters of America, Inc.	  	H & S	  	72/329335	  	890568	  	05-May-1970
					
	DS Waters of America, Inc.	  	HINCKLEY & SCHMITT	  	72/293516	  	0868229	  	15-Apr-1969
					
	DS Waters of America, Inc.	  	HINCKLEY SPRINGS	  	75/613763	  	2635764	  	15-Oct-2002
					
	DS Waters of America, Inc.	  	

	  	77/494189	  	3594218	  	24-Mar-2009

									
	DS Waters of America, Inc.	  	

	  	76/293585	  	2668365	  	31-Dec-2002
					
	DS Waters of America, Inc.	  	

	  	76/309978	  	3110802	  	04-Jul-2006
					
	DS Waters of America, Inc.	  	

	  	75/786875	  	2832247	  	13-Apr-2004
					
	DS Waters of America, Inc.	  	JAVARAMA	  	75/056700	  	2080228	  	15-Jul-1997
					
	DS Waters of America, Inc.	  	JAVARAMA ONE HUNDRED PERCENT ARABICA COFFEE THE WORLD OF SPECIALTY COFFEES	  	78/565702	  	3223881	  	03-Apr-2007
					
	DS Waters of America, Inc.	  	JR. SPORT	  	75/559412	  	2265142	  	27-Jul-1999
					
	DS Waters of America, Inc.	  	KENTWOOD	  	74/447794	  	1858306	  	18-Oct-1994
					
	DS Waters of America, Inc.	  	KENTWOOD	  	74/447779	  	1862686	  	15-Nov-1994
					
	DS Waters of America, Inc.	  	

	  	73/531844	  	1376422	  	17-Dec-1985
					
	DS Waters of America, Inc.	  	

	  	73/531845	  	1376169	  	17-Dec-1985
					
	DS Waters of America, Inc.	  	KENTWOOD SPRINGS	  	74/465507	  	2169782	  	30-Jun-1998
					
	DS Waters of America, Inc.	  	KENTWOOD SPRINGS	  	77/494238	  	3608380	  	21-Apr-2009
					
	DS Waters of America, Inc.	  	

	  	76/278425	  	2712767	  	06-May-2003
					
	DS Waters of America, Inc.	  	

	  	76/513703	  	2927281	  	22-Feb-2005

									
	DS Waters of America, Inc.	  	KWENCHER	  	75/437624	  	2273841	  	31-Aug-1999
					
	DS Waters of America, Inc.	  	

	  		  	1741749	  	22-Dec-1992
					
	DS Waters of America, Inc.	  	

	  	74/174297	  	1718540	  	22-Sep-1992
					
	DS Waters of America, Inc.	  	

	  	74/174298	  	3998501	  	19-Jul-2011
					
	DS Waters of America, Inc.	  	MOMMY MESSENGER	  	77/504796	  	3958946	  	10-May-2011
					
	DS Waters of America, Inc.	  	

	  	77/892880	  	3848943	  	14-Sep-2010
					
	DS Waters of America, Inc.	  	MOUNT OLYMPUS	  	85/190580	  	4206717	  	11-Sep-2012
					
	DS Waters of America, Inc.	  	

	  	75/530498	  	2310943	  	25-Jan-2000
					
	DS Waters of America, Inc.	  	

	  	85/351538	  	4305920	  	19-Mar-2013
					
	DS Waters of America, Inc.	  	MPROVE	  	85/072612	  	4003741	  	26-Jul-2011
					
	DS Waters of America, Inc.	  	MY UTAPIA	  	85/146695	  	4132660	  	24-Apr-2012
					
	DS Waters of America, Inc.	  	NURSERY	  	73/729676	  	1527257	  	28-Feb-1989
					
	DS Waters of America, Inc.	  	 NURSERY FAMILY

REWARDS
	  	85020887	  	4080744	  	03-Jan-2012
					
	DS Waters of America, Inc.	  	 NURSERY PURE FUN

ZONE
	  	77/210720	  	3599261	  	31-Mar-2009
					
	DS Waters of America, Inc.	  	OZONE	  	77/213029	  	3593704	  	24-Mar-2009
					
	DS Waters of America, Inc.	  	PURE + REFRESHING	  	85/168356	  	4206640	  	11-Sep-2012

									
	DS Waters of America, Inc.	  	

	  	85/029262	  	4191128	  	14-Aug-2012
					
	DS Waters of America, Inc.	  	PURELY REFRESHING	  	78/525533	  	3486185	  	12-Aug-2008
					
	DS Waters of America, Inc.	  	PURELY REFRESHING. PERSONALLY DELIVERED.	  	78/324498	  	3146221	  	19-Sep-2006
					
	DS Waters of America, Inc.	  	

	  	78/451715	  	3529025	  	04-Nov-2008
					
	DS Waters of America, Inc.	  	

	  	85/559855	  	4285165	  	05-Feb-2013
					
	DS Waters of America, Inc.	  	RELYANT	  	85/437873	  	4149908	  	29-May-2012
					
	DS Waters of America, Inc.	  	RENEW	  	77/790044	  	4019967	  	30-Aug-2011
					
	DS Waters of America, Inc.	  	REWARD	  	77/856026	  	4016420	  	23-Aug-2011
					
	DS Waters of America, Inc.	  	ROAST 2 COAST	  	77/028792	  	3481217	  	05-Aug-2008
					
	DS Waters of America, Inc.	  	ROAST 2 COAST	  	77/276441	  	3422659	  	06-May-2008
					
	DS Waters of America, Inc.	  	SERVICE YOU CAN COUNT ON. QUALITY YOU CAN TRUST.	  	77/249809	  	3489905	  	19-Aug-2008
					
	DS Waters of America, Inc.	  	SET A COURSE FOR GREAT SERVICE	  	77/028800	  	3427453	  	13-May-2008
					
	DS Waters of America, Inc.	  	 SET A COURSE FOR GREAT

TASTE
	  	77/028799	  	3427452	  	13-May-2008

									
	DS Waters of America, Inc.	  	SIERRA	  	73/584973	  	1428913	  	17-Feb-1987
					
	DS Waters of America, Inc.	  	SIERRA SPRINGS	  	75/575190	  	2769409	  	30-Sep-2003
					
	DS Waters of America, Inc.	  	SIERRA SPRINGS	  	77/494283	  	3594219	  	24-Mar-2009
					
	DS Waters of America, Inc.	  	

	  	75/786688	  	2719606	  	27-May-2003
					
	DS Waters of America, Inc.	  	

	  	76/276676	  	2680006	  	28-Jan-2003
					
	DS Waters of America, Inc.	  	SPARKLETTS	  	75/372888	  	2225430	  	23-Feb-1999
					
	DS Waters of America, Inc.	  	SPARKLETTS	  	71/678679	  	0625100	  	10-Apr-1956
					
	DS Waters of America, Inc.	  	SPARKLETTS	  	85/269355	  	4246666	  	20-Nov-2012
					
	DS Waters of America, Inc.	  	SPARKLETTS	  	75/523185	  	2301772	  	21-Dec-1999
					
	DS Waters of America, Inc.	  	(a)

	  	78/386069	  	3437557	  	27-May-2008
					
	DS Waters of America, Inc.	  	

	  	78/386056	  	3437556	  	27-May-2008
					
	DS Waters of America, Inc.	  	SPRINGLITE	  	73/651019	  	1464791	  	10-Nov-1987
					
	DS Waters of America, Inc.	  	STANDARD COFFEE	  	75/114463	  	2537522	  	12-Feb-2002

									
	DS Waters of America, Inc.	  	 STANDARD COFFEE

SERVICE COMPANY
	  	73/309109	  	1272975	  	03-Apr-1984
					
	DS Waters of America, Inc.	  	

	  	85/559900	  	4278509	  	22-Jan-2013
					
	DS Waters of America, Inc.	  	STANDGUARD	  	74/228435	  	1832094	  	19-Apr-1994
					
	DS Waters of America, Inc.	  	STANDGUARD	  	74/228433	  	1967133	  	09-Apr-1996
					
	DS Waters of America, Inc.	  	

	  	74/228533	  	1820550	  	08-Feb-1994
					
	DS Waters of America, Inc.	  	

	  	74/228434	  	1970243	  	23-Apr-1996
					
	DS Waters of America, Inc.	  	

	  	73/144046	  	1112920	  	06-Feb-1979
					
	DS Waters of America, Inc.	  	STRENGTH	  	77/829805	  	4152122	  	05-Jun-2012
					
	DS Waters of America, Inc.	  	

	  	75/055571	  	2083253	  	29-Jul-1997
					
	DS Waters of America, Inc.	  	 THE PURE WATER

PEOPLE
	  	73/709883	  	1525495	  	21-Feb-1989
					
	DS Waters of America, Inc.	  	

	  	75/263172	  	2173994	  	14-Jul-1998
					
	DS Waters of America, Inc.	  	

	  	77/143644	  	3595426	  	24-Mar-2009
					
	DS Waters of America, Inc.	  	 WE DELIVER THE

COFFEE HOUSE
 EXPERIENCE
	  	76/293923	  	2707806	  	15-Apr-2003
					
	DS Waters of America, Inc.	  	

	  	78/239265	  	2931796	  	08-Mar-2005

									
	DS Waters of America, Inc.	  	

	  	78/510549	  	3033282	  	20-Dec-2005
					
	DS Waters of America, Inc.	  	ENVIROPAC	  	85/977946	  	Published	  	Published
					
	DS Waters of America, Inc.	  	 ENVIROPAC LIGHTWEIGHT BOTTLES 50% LESS PLASTIC, AND 100% RECYCLABLE PACKAGE

	  	85/977950	  	Published	  	Published
					
	DS Waters of America, Inc.	  	 TRUST IN A BOTTLE
 

	  	76601571	  	3414857	  	22-Apr-2008

 Applications: 
  

									
	 Owner
	  	 Trademark
	  	 Application

Number
	  	 Registration

Number
	  	 Registration

Date

					
	DS Waters of America, Inc.	  	AQUA CAFÉ	  	85/836095	  	Pending	  	Pending
					
	DS Waters of America, Inc.	  	DAILY PERK	  	85/800104	  	Pending	  	Pending
					
	DS Waters of America, Inc.	  	STANDARD	  	85/735681	  	Pending	  	Pending
					
	DS Waters of America, Inc.	  	 DS SERVICES
 

	  	85/931919	  	Pending	  	Pending
					
	DS Waters of America, Inc.	  	 STANDARD COFFEE
 

	  	85/903496	  	Pending	  	Pending

 Schedule IV 

to the Collateral Agreement (First Lien) 

Commercial Tort Claims 
 None. 

 Exhibit I 

to the Collateral Agreement (First Lien) 

Form of Supplement to the Collateral Agreement (First Lien) 

SUPPLEMENT NO.      dated as of         (this “Supplement”),
to the Collateral Agreement (First Lien) dated as of August 30, 2013 (as heretofore amended and/or supplemented and as may hereafter may be amended and/or supplemented, the “Collateral Agreement”), among DS WATERS OF AMERICA,
INC., a Delaware corporation (the “Borrower”), each Subsidiary Party party thereto and BARCLAYS BANK, PLC, as Collateral Agent (in such capacity, the “ Collateral Agent”) for the benefit of the Secured Parties. 

A. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned (directly or by reference) to such terms in
the Collateral Agreement. 
 B. The Pledgors have entered into the Collateral Agreement in order to induce the Secured Parties to make
extensions of credit. Section 5.14 of the Collateral Agreement provides that additional Subsidiaries may become Subsidiary Parties under the Collateral Agreement by execution and delivery of an instrument in the form of this Supplement. The
undersigned subsidiary of the Borrower (the “New Subsidiary”) is executing this Supplement to become a Subsidiary Party under the Collateral Agreement in order to induce the Lenders and the holders of any other Secured Obligations
to make their respective extensions of credit thereunder and as consideration for extensions of credit previously made. 
 Accordingly, the
New Subsidiary agrees as follows: 
 SECTION 1. In accordance with Section 5.14 of the Collateral Agreement, the New Subsidiary by
its signature below becomes a Subsidiary Party and a Pledgor under the Collateral Agreement with the same force and effect as if originally named therein as a Subsidiary Party and a Pledgor, and the New Subsidiary hereby (a) agrees to all the
terms and provisions of the Collateral Agreement applicable to it as a Subsidiary Party and Pledgor thereunder and (b) represents and warrants that the representations and warranties made by it as a Pledgor thereunder are true and correct in
all material respects on and as of the date hereof. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the Secured Obligations, does hereby create and grant to the Collateral Agent, its
successors and assigns, for the benefit of the Secured Parties, their successors and assigns, a security interest in and Lien on all the New Subsidiary’s right, title and interest in and to the Collateral of the New Subsidiary. Each reference
to a “Subsidiary Party” or a “Pledgor” in the Collateral Agreement shall be deemed to include the New Subsidiary. The Collateral Agreement is hereby incorporated herein by reference. 

SECTION 2. The New Subsidiary represents and warrants to the Collateral Agent and the other Secured Parties that this Supplement has been
duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium, reorganization,
fraudulent conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) implied
covenants of good faith and fair dealing. 

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

SECTION 4. The New Subsidiary hereby represents and warrants that (a) Schedule I, as of the date hereof, (i) correctly
sets forth (and, with respect to any Pledged Stock issued by an issuer that is not a subsidiary of the Borrower, to the knowledge of the relevant Pledgor) the percentage of the issued and outstanding shares of each class of the Equity Interests of
the issuer thereof represented by such Pledged Stock as of the date hereof and (ii) includes all Equity Interests, debt securities and promissory notes or instruments evidencing Indebtedness required to be pledged in order to satisfy the
Collateral and Guarantee Requirement or delivered pursuant to Section 2.02(b) of the Collateral Agreement as of the date hereof; (b) Schedule II correctly sets forth all of the New Subsidiary’s (x) Patents and Trademarks
applied for or registered with the United States Patent and Trademark Office as of the date hereof, including the name of the registered owner or applicant, the name of the patent or trademark, the registration, application, or publication number,
as applicable, and the issuance, registration or application date, as applicable, of each Patent or Trademark owned by the New Subsidiary as of the date hereof and (y) registered United States Copyrights as of the date hereof, including the
name of the registered owner and the registration number of each Copyright owned by the New Subsidiary as of the date hereof; (c) Schedule III correctly sets forth all Commercial Tort Claims in excess of $3,000,000 as of the date hereof and
(d) set forth under its signature hereto, is the true and correct legal name of the New Subsidiary, its jurisdiction of formation and organizational ID number as of the date hereof. 

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

SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE APPLICATION OF ANY OTHER LAW. THE PROVISIONS OF SECTION 5.17 AND 5.18 OF THE COLLATERAL AGREEMENT ARE INCORPORATED HEREIN BY
THIS REFERENCE, MUTATIS MUTANDIS. 
 SECTION 7. In the event any one or more of the provisions contained in this
Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Collateral Agreement shall not in any way be affected or impaired thereby.
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. 

  
 2 

 SECTION 8. All communications and notices hereunder shall be in writing and given as provided in
Section 5.01 of the Collateral Agreement. 
 SECTION 9. The New Subsidiary agrees to reimburse the Collateral Agent for its reasonable
and documented out-of-pocket expenses in connection with this Supplement, including the reasonable fees, disbursements and other charges of counsel for the Collateral Agent. 

[Signature Page Follows] 

  
 3 

 IN WITNESS WHEREOF, the New Subsidiary has duly executed this Supplement to the Collateral
Agreement as of the day and year first above written. 
  

			
	[Name of New Subsidiary]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Legal Name:
	Jurisdiction of Formation:
	Organizational ID Number:

 [Signature Page to Supplement to Collateral Agreement (First Lien)] 

 Schedule I 

to Supplement No.      to the 

Collateral Agreement (First Lien) 

Pledged Collateral of the New Subsidiary 

EQUITY INTERESTS 
  

							
	 Number of Issuer Certificate
	 	 Registered Owner
	 	 Number and Class of

Equity Interests
	 	 Percentage of

Equity Interests

		 		 		 	
		 		 		 	
		 		 		 	

 DEBT SECURITIES 
  

							
	 Issuer
	 	 Principal Amount
	 	 Date of Note
	 	 Maturity Date

		 		 		 	
		 		 		 	
		 		 		 	

 Schedule II 

to Supplement No.      to the 

Collateral Agreement (First Lien) 

Intellectual Property of the New Subsidiary 

 Schedule III 

to Supplement No.      to the 

Collateral Agreement (First Lien) 

Commercial Tort Claims 

 Exhibit II 

to the Collateral Agreement (First Lien) 

Form of Perfection Certificate 

See attached. 

 Exhibit III 

to the Collateral Agreement (First Lien) 

Form of Notice of Security Interests (First Lien) in 

[Patents][Trademarks][Copyrights] 

NOTICE OF SECURITY INTERESTS (FIRST LIEN) IN [PATENTS] [TRADEMARKS] [COPYRIGHTS] dated as of
[—] (this “Agreement”), made by [—], a [—] [—] (the “Pledgor”), in favor of BARCLAYS BANK, PLC, as Collateral Agent. 

Reference is made to the Collateral Agreement (First Lien) dated as of August 30, 2013 (as amended, restated, supplemented or otherwise
modified from time to time, the “Collateral Agreement”), among DS Waters of America, Inc. (the “Borrower”), each subsidiary of the Borrower identified therein and the Collateral Agent. 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 Collateral Agreement. The rules of construction specified in Section 1.01(b) of the 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 Pledgor pursuant to the Collateral Agreement hereby pledges to the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and
permitted assigns, for the benefit of the Secured Parties, a security interest in all right, title and interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by the Pledgor or in which the
Pledgor now has or at any time in the future may acquire any right, title or interest (collectively, but excluding any Excluded Property, the “IP Collateral”): 

[(a) all patents of the United States of America and all applications for patents of the United States of America,
including those listed on Schedule I hereto, and (b) all reissues, continuations, divisions, continuations-in-part or extensions thereof, and the inventions disclosed or claimed therein.] 

[(a) all copyright rights in any work subject to the copyright laws of the United States of America; and (b) the
registrations and applications for registration of any such copyright in the United States of America, including registrations, supplemental registrations and pending applications for registration in the United States Copyright Office, including
those listed on Schedule I hereto.] 
 [(a) all trademarks, service marks, corporate names, company names,
business names, trade dress, logos and taglines, all registrations thereof (if any), and all registration and recording applications filed in connection therewith, 

 
including registrations and registration applications in the United States Patent and Trademark Office (except for “intent-to-use” applications for trademark or service mark
registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. §1051, for which an amendment to allege use or a statement of use has not been filed under Sections 1(c) and 1(d) of Lanham Act, respectively, or, if
filed, has not been deemed in conformance with Section 1(a) of the Lanham Act or examined and accepted by the United States Patent and Trademark Office), and all renewals thereof, including those listed on Schedule I hereto and
(b) all goodwill associated therewith or symbolized thereby.] 
 SECTION 3. Collateral Agreement. The security interests
granted to the Collateral Agent herein are granted in furtherance, and not in limitation of, the security interests granted to the Collateral Agent pursuant to the Collateral Agreement. The Pledgor hereby acknowledges and affirms that the rights and
remedies of the Collateral Agent with respect to the IP Collateral are more fully set forth in the 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 Collateral Agreement, the terms of the Collateral Agreement shall govern. 
 SECTION 4.
Recordation. The Pledgors hereby request and authorize the [United States Patent and Trademark Office / United States Copyright Office] to record this Agreement against the IP Collateral. 

SECTION 5. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original
but all of which when taken together shall constitute but one contract. Delivery of an executed counterpart to this Agreement by facsimile or other electronic transmission shall be as effective as delivery of a manually signed original. 

SECTION 6. Termination. This Agreement is made to secure the payment of the Secured Obligations. This Agreement and the security
interest granted hereby shall terminate with respect to all of a Pledgor’s Secured Obligations and any Lien arising therefrom shall be automatically released upon termination of the Collateral Agreement or release of the Pledgor’s Secured
Obligations thereunder or as otherwise provided in the Collateral Agreement. The Collateral Agent shall, in connection with any termination or release herein or under the Collateral Agreement, subject to Section 9.15 of the First Lien Credit
Agreement (including the delivery of any certificate required thereunder) execute and deliver to the Pledgor as the Pledgor may reasonably request, an instrument in writing releasing the security interest in the IP Collateral acquired under this
Agreement. Additionally, upon such payment (and when otherwise contemplated by the Collateral Agreement), the Collateral Agent shall reasonably cooperate with any efforts made by the Pledgor to make of record or otherwise confirm such satisfaction
including, but not limited to, the release and/or termination of this Agreement and any security interest in, to or under the IP Collateral. 

  
 2 

 SECTION 7. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLE OF CONFLICTS OF LAW THAT COULD REQUIRE THE APPLICATION OF ANY OTHER LAW. THE PROVISIONS OF SECTION
5.17 AND 5.18 OF THE COLLATERAL AGREEMENT ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS. 
 [Signature Pages Follow]

  
 3 

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

			
	[Name of Pledgor]
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Notice of Security Interests (First Lien) in [Patents][Trademarks][Copyrights]]

 
					
	 BARCLAYS BANK PLC,
 as Collateral
Agent,

			
		 	By	 	  

		 		 	Name:
		 		 	Title:

 [Signature Page to Notice of Security Interests (First Lien) in 

[Patents][Trademarks][Copyrights]] 

 Schedule I 

Notice of Security Interests (First Lien) in Patents 

Patents Owned by [Name of Pledgor]1 

U.S. Patent Registrations2 

 

					
	 Title
	  	 Registration No.
	  	 Issue Date

		  		  	
		  		  	
		  		  	

 U.S. Published Patent Applications3 

 

					
	 Title
	  	 Application No.
	  	 Filing Date

		  		  	
		  		  	
		  		  	

  

	1 	Make a separate Notice of Security Interest in Patents for each Pledgor that owns U.S. Patents. 

	2 	List in numerical order by Registration No. 

	3 	List in numerical order by Application No. 

 Schedule I 

Notice of Security Interests (First Lien) in Copyrights 

Copyrights Owned by [Name of Pledgor]4 

U.S. Copyright Registrations5 

 

			
	 Title
	  	 Registration No.

		  	
		  	
		  	

  

	4 	Make a separate Notice of Security Interest in Copyrights for each Pledgor that owns U.S. Copyrights. 

	5 	List in numerical order by Registration No. 

 Schedule I 

Notice of Security Interests (First Lien) in Trademarks 

Trademarks Owned by [Name of Pledgor]6 

U.S. Trademark Registrations7 

 

					
	 Mark
	  	 Registration No.
	  	 Registration Date

		  		  	
		  		  	
		  		  	

 U.S. Trademark Applications8 

 

					
	 Mark
	  	 Application No.
	  	 Filing Date

		  		  	
		  		  	
		  		  	

  

	6 	Make a separate Notice of Security Interest in Trademarks for each Pledgor that owns U.S. Trademarks. 

	7 	List in numerical order by Registration No. 

	8 	List in numerical order by Application No.

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