Document:

Intercreditor Agreement, dated July 2, 2009

 Exhibit 4.7 
 INTERCREDITOR AGREEMENT 
 Intercreditor Agreement (this “Agreement”), dated as of
July 2, 2009, among JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “ABL Representative”) for the ABL Secured Parties (as
defined below), U.S. Bank National Association, (“U.S. Bank”), as collateral agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “Term Debt Representative”) for the
Term Debt Secured Parties (as defined below) and each of the Loan Parties (as defined below) party hereto. 
 WHEREAS, Smithfield Foods,
Inc., a Virginia corporation (“Borrower”), the subsidiary guarantors, the ABL Representative and certain financial institutions and other entities are parties to the Amended and Restated Credit Agreement dated as of the date hereof
(the “Existing ABL Agreement”), pursuant to which such financial institutions and other entities have agreed to make loans and extend other financial accommodations to the Loan Parties; 
 WHEREAS, Borrower, Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch and certain financial
institutions and other entities are parties to the Term Loan Agreement dated as of the date hereof (as amended, the “Existing Term Loan Agreement”), pursuant to which such financial institutions and other entities have agreed to
make term loans to Borrower, and such term loans are guaranteed by certain of the Loan Parties; 
 WHEREAS, Borrower, U.S. Bank, as trustee,
the guarantors and other entities are parties to the Indenture dated as of the date hereof (the “Existing Senior Secured Notes Agreement”), pursuant to which the Borrower has issued senior secured notes; 
 WHEREAS, Borrower has granted to the ABL Representative security interests and liens in the Collateral (as defined below) as security for payment and
performance of the ABL Obligations; and 
 WHEREAS, Borrower has granted to the Term Debt Representative security interests and liens in the
Collateral as security for payment and performance of the Term Debt Obligations (as defined below). 
 NOW THEREFORE, in consideration of the
foregoing and the mutual covenants herein contained and other good and valuable consideration, the existence and sufficiency of which is expressly recognized by all of the parties hereto, the parties agree as follows: 
 SECTION 1. Definitions; Rules of Construction. 
 1.1 UCC Definitions. The following terms which are defined in the Uniform Commercial Code are used herein as so defined: Accounts, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents, Equipment, General Intangibles,
Goods, Instruments, Inventory, Investment Property, Letter of Credit, Letter of Credit Rights, Records, Securities Account and Supporting Obligations. 
 1.2. Defined Terms. The following terms, as used herein, have the following meanings: 
 “ABL
Agreement” means the collective reference to (a) the Existing ABL Agreement, (b) any Additional ABL Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement
or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has at any time been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations outstanding
under the 

 
Existing ABL Agreement (regardless of whether such replacement, refunding or refinancing (i) is a “working capital” facility, asset-based
facility, revolving loan facility, term loan facility or otherwise or (ii) was entered into after the ABL Obligations Payment Date), any Additional ABL Agreement or any other agreement or instrument referred to in this clause (c) unless
such agreement or instrument expressly provides that it is not intended to be and is not an ABL Agreement hereunder (a “Replacement ABL Agreement”). Any reference to the ABL Agreement hereunder shall be deemed a
reference to any ABL Agreement then extant. 
 “ABL Creditors” means, collectively, the “Lenders” and the
“Secured Parties”, each as defined in the ABL Agreement. 
 “ABL DIP Financing” has the meaning set forth in
Section 5.2(a). 
 “ABL Documents” means the ABL Agreement, each ABL Security Document, each ABL Guarantee and
each other “Loan Document” as defined in the ABL Agreement. 
 “ABL Guarantee” means any guarantee by any Loan
Party of any or all of the ABL Obligations. 
 “ABL Lien” means any Lien created by the ABL Security Documents. 

“ABL Obligations” means (a) all principal of and interest (including without limitation any Post-Petition Interest) and premium
(if any) on all loans made pursuant to the ABL Agreement or any ABL DIP Financing by the ABL Creditors, (b) all reimbursement obligations (if any) and interest thereon (including without limitation any Post-Petition Interest) with respect to
any letter of credit or similar instruments issued pursuant to the ABL Agreement, (c) all Swap Obligations, (d) all Banking Services Obligations and (e) all guarantee obligations, indemnities, fees, expenses and other amounts payable
from time to time pursuant to the ABL Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any ABL Obligation (whether by or on behalf of any Loan Party, as Proceeds of
security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Term Debt Secured Party, receiver or similar Person,
then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the ABL Secured Parties and the Term Debt Secured Parties, be deemed to be reinstated and outstanding
as if such payment had not occurred. 
 “ABL Obligations Payment Date” means the first date on which (a) the ABL
Obligations (other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in cash in full (or cash collateralized or defeased in accordance with the terms of the ABL Documents), (b) all commitments to extend
credit under the ABL Documents have been terminated, (c) there are no outstanding letters of credit or similar instruments issued under the ABL Documents (other than such as have been cash collateralized or defeased in accordance with the terms
of the ABL Documents), and (d) so long as the Term Debt Obligations Payment Date shall not have occurred, the ABL Representative has delivered a written notice to the Term Debt Representative stating that the events described in clauses (a),
(b) and (c) have occurred to the satisfaction of the ABL Secured Parties. 
 “ABL Post-Petition Assets” has the
meaning set forth in Section 5.2(b). 
 “ABL Priority Collateral” means all Collateral consisting of the
following: 
 (1) all Accounts; 
  

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 (2) all Inventory; 
 (3) all Capital Stock; 
 (4) all Intellectual Property; 
 (5) all Deposit Accounts (other than the Non-ABL Collateral
Account); 
 (6) all cash and cash equivalents (except to the extent held or required to be held in the Non-ABL Collateral
Account); 
 (7) all intercompany notes; 
 (8) to the extent evidencing or governing any of the items referred to in the preceding clauses (1), (2), (3),
(4), (5), (6) and (7) all Chattel Paper, Documents, Instruments, General Intangibles and Securities Accounts related thereto; provided that to the extent any of the foregoing also relates to Term Debt
Priority Collateral only that portion related to the items referred to in the preceding clauses (1), (2), (3), (4), (5), (6) and (7) shall be included in the ABL Priority Collateral;

 (9) all books and records relating to the foregoing (including without limitation all books, databases, customer lists and
records, whether tangible or electronic which contain any information relating to any of the foregoing); and 
 (10) all
Proceeds of and Supporting Obligations, including, without limitation, Letter of Credit Rights, with respect to any of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing. 
 “ABL Representative” has the meaning set forth in the introductory paragraph hereof. In the case of any Replacement ABL Agreement, the
ABL Representative shall be the Person identified as such in such Agreement. 
 “ABL Secured Parties” means the ABL
Representative, the ABL Creditors and any other holders of the ABL Obligations. 
 “ABL Security Documents” means the
“Collateral Documents” as defined in the ABL Agreement, and any other documents that are designated under the ABL Agreement as “ABL Security Documents” for purposes of this Agreement. 
 “Access Period” means, with respect to each parcel or item of Term Debt Priority Collateral, the period, following the commencement of
any Enforcement Action, which begins on the earlier of (a) the day on which the ABL Representative provides the Term Debt Representative with the notice of its election to request access to such parcel or item of Term Debt Priority Collateral
pursuant to Section 3.4(c) and (b) the fifth Business Day after the Term Debt Representative provides the ABL Representative with notice that the Term Debt Representative (or its agent) has obtained possession or control of such
parcel or item of Term Debt Priority Collateral and ends on the earliest of (i) the day which is 180 days after the date (the “Initial Access Date”) on which the ABL Representative initially obtains the ability to take physical
possession of, remove or otherwise control physical access to, or actually uses, such parcel or item of Term Debt Priority Collateral plus such number of days, if any, after the Initial Access Date that it is stayed or otherwise prohibited by law or
court order from exercising 

  

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remedies with respect to associated ABL Priority Collateral, (ii) the date on which all or substantially all of the ABL Priority Collateral associated
with such parcel or item of Term Debt Priority Collateral is sold, collected or liquidated, (iii) the ABL Obligations Payment Date and (iv) the date on which the default which resulted in such Enforcement Action has been cured or waived in
writing. 
 “Additional ABL Agreement” means any agreement for the incurrence of additional indebtedness that is permitted
to be secured by the ABL Priority Collateral pursuant to the Term Loan Agreement and the Senior Secured Notes Agreement and any agreement approved for designation as such by the ABL Representative and the Term Debt Representative. 
 “Additional Debt” has the meaning set forth in Section 10.5(b). 
 “Additional Senior Secured Notes Agreement” means any agreement for the issuance of senior secured notes that is permitted by Sections
6.01(b), 6.01(g) (to the extent that such issuance is to refinance debt incurred pursuant to Section 6.01(b) (or to subsequently refinance any such Section 6.01(b) refinanced debt)) or 6.01(r) of the Existing ABL Agreement (and any
equivalent section of another ABL Agreement), Sections 6.08 and 6.13 of the Existing Term Loan Agreement (and any equivalent section of another Term Loan Agreement) and Sections 2.1 and 3.3 of the Existing Senior Secured Notes Agreement (and any
equivalent section of another Senior Secured Notes Agreement), and any agreement approved for designation as such by the ABL Representative and the Term Debt Representative. 
 “Additional Term Loan Agreement” means any agreement for the incurrence of incremental term loans that is permitted by the ABL
Agreement, the Term Loan Agreement and the Senior Secured Notes Agreement, and any agreement approved for designation as such by the ABL Representative and the Term Debt Representative. 
 “Banking Services Obligations” means, with respect to any Loan Party, any obligations of such Loan Party, whether absolute or contingent
and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), owed to any ABL Secured Party (or any of its affiliates) in respect of the following bank
services: (a) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards and (c) treasury management services (including, without limitation,
controlled disbursement, automated clearinghouse transactions, return items, overdrafts and interstate depository network services). 
 “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. §101 et seq.), as amended from time to time. 
 “Borrower” has the meaning set forth in the first WHEREAS clause above. 
 “Business Day” means
any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed. 
 “Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a
corporation) and any and all warrants, rights or options to purchase any of the foregoing. 
 “Collateral” means,
collectively, all property upon which a Lien is granted pursuant to the Security Documents. 
  

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 “Comparable Security Document” means, in relation to any Senior Collateral subject to
any Senior Security Document, that Junior Security Document that creates a security interest in the same Senior Collateral, granted by the same Loan Party, as applicable. 
 “Copyrights” means, with respect to any Person, all of such Person’s right, title, and interest in and to the following: (a) all copyrights, rights and interests in copyrights, works
protectable by copyright, copyright registrations, and copyright applications; (b) all renewals of any of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due and/or payable under any of the foregoing,
including, without limitation, damages or payments for past or future infringements for any of the foregoing; (d) the right to sue for past, present, and future infringements of any of the foregoing; and (e) all rights corresponding to any
of the foregoing throughout the world. 
 “Enforcement Action” means, with respect to the ABL Obligations or the Term Debt
Obligations, the exercise of any rights and remedies with respect to any Collateral securing such obligations or the commencement or prosecution of enforcement of any of the rights and remedies under, as applicable, the ABL Documents or the Term
Debt Documents, or applicable law, including without limitation the exercise of any rights of set-off or recoupment, and the exercise of any rights or remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction or
under the Bankruptcy Code. 
 “Existing ABL Agreement” has the meaning set forth in the first WHEREAS clause of this
Agreement. 
 “Existing Senior Secured Notes Agreement” has the meaning set forth in the third WHEREAS clause of this
Agreement. 
 “Existing Term Loan Agreement” has the meaning set forth in the second WHEREAS clause of this Agreement.

 “Insolvency Proceeding” means any proceeding in respect of bankruptcy, insolvency, winding up, receivership, dissolution
or assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar federal, state or foreign bankruptcy, insolvency, reorganization, receivership or similar law. 
 “Intellectual Property” means, the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Patents, the Trademarks and the Licenses, and all rights to sue at law or in equity for any Infringement thereof,
including the right to receive all proceeds and damages therefrom. 
 “Junior Collateral” shall mean with respect to any
Junior Secured Party, any Collateral on which it has a Junior Lien. 
 “Junior Documents” shall mean, collectively, with
respect to any Junior Obligations, any provision pertaining to such Junior Obligation in any Loan Document or any other document, instrument or certificate evidencing or delivered in connection with such Junior Obligation. 
 “Junior Liens” shall mean (a) with respect to any ABL Priority Collateral, all Liens securing the Term Debt Obligations and
(b) with respect to any Term Debt Priority Collateral, all Liens securing the ABL Obligations. 
  

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 “Junior Obligations” shall mean (a) with respect to any ABL Priority Collateral,
all Term Debt Obligations and (b) with respect to any Term Debt Priority Collateral, all ABL Obligations. 
 “Junior
Representative” shall mean (a) with respect to any ABL Obligations or any ABL Priority Collateral, the Term Debt Representative and (b) with respect to any Term Debt Obligations or any Term Debt Priority Collateral, the ABL
Representative. 
 “Junior Secured Parties” shall mean (a) with respect to the ABL Priority Collateral, all Term Debt
Secured Parties and (b) with respect to the Term Debt Priority Collateral, all ABL Secured Parties. 
 “Junior Security
Documents” shall mean with respect to any Junior Secured Party, the Security Documents that secure the Junior Obligations. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, deed to secure debt, lien, pledge, hypothecation, assignment, assignation, debenture, encumbrance, charge or security interest in, on or of such
asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such
asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Licenses” means, with respect to any Person, all of such Person’s right, title, and interest in and to (a) any and all licensing agreements or similar arrangements in and to its Patents, Copyrights, or
Trademarks, (b) all income, royalties, damages, claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future breaches thereof, and (c) all
rights to sue for past, present, and future breaches thereof. 
 “Lien Priority” means with respect to any Lien of the ABL
Representative or Term Debt Representative in the Collateral, the order of priority of such Lien specified in Section 2.1. 
 “Loan Documents” shall mean, collectively, the ABL Documents and the Term Debt Documents. 
 “Loan
Party” means Borrower and each direct or indirect affiliate or shareholder (or equivalent) of Borrower or any of its affiliates that is now or hereafter becomes a party to any ABL Document or any Term Debt Document. All references in this
Agreement to any Loan Party shall include such Loan Party as a debtor-in-possession and any receiver or trustee for such Loan Party in any Insolvency Proceeding. 
 “Non-ABL Collateral Account” means the “Non-ABL Collateral Account” as defined in the Senior Secured Notes Security Documents. 
 “Patents” means with respect to any Person, all of such Person’s right, title, and interest in and to: (a) any and all patents
and patent applications; (b) all inventions and improvements described and claimed therein; (c) all reissues, divisions, continuations, renewals, extensions, and continuations-in-part thereof; (d) all income, royalties, damages,
claims, and payments now or hereafter due or payable under and with respect thereto, including, without limitation, damages and payments for past and future infringements thereof; (e) all rights to sue for past, present, and future
infringements thereof; and (f) all rights corresponding to any of the foregoing throughout the world. 
 “Person” means
any person, individual, sole proprietorship, partnership, joint venture, corporation, limited liability company, unincorporated organization, association, institution, entity, party, including any government and any political subdivision, agency or
instrumentality thereof. 
  

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 “Post-Petition Interest” means any interest or entitlement to fees or expenses or other
charges that accrues after the commencement of any Insolvency Proceeding (or would accrue but for the commencement of an Insolvency Proceeding), whether or not allowed or allowable in any such Insolvency Proceeding. 
 “Priority Collateral” means the ABL Priority Collateral or the Term Debt Priority Collateral. 
 “Proceeds” means (a) all “proceeds,” as defined in Article 9 of the Uniform Commercial Code, with respect to the
Collateral, and (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily, including, without limitation, all proceeds of any insurance policy covering the
Collateral. 
 “Real Property” means any right, title or interest in and to real property, including any fee interest,
leasehold interest, easement, or license and any other right to use or occupy real property, including any right arising by contract. 
 “Replacement ABL Agreement” has the meaning set forth in the definition of “ABL Agreement.” 
 “Replacement Senior Secured Notes Agreement” has the meaning set forth in the definition of “Senior Secured Notes Agreement.” 
 “Replacement Term Loan Agreement” has the meaning set forth in the definition of “Term Loan Agreement.” 
 “Secured Obligations” shall mean the ABL Obligations and the Term Debt Obligations. 
 “Secured Parties” means the ABL Secured Parties and the Term Debt Secured Parties. 
 “Security
Documents” means, collectively, the ABL Security Documents and the Term Debt Security Documents. 
 “Senior
Collateral” shall mean with respect to any Senior Secured Party, any Collateral on which it has a Senior Lien. 
 “Senior
Documents” shall mean, collectively, with respect to any Senior Obligation, any provision pertaining to such Senior Obligation in any Loan Document or any other document, instrument or certificate evidencing or delivered in connection with
such Senior Obligation. 
 “Senior Liens” shall mean (a) with respect to the ABL Priority Collateral, all Liens
securing the ABL Obligations and (b) with respect to the Term Debt Priority Collateral, all Liens securing the Term Debt Obligations. 
 “Senior Obligations” shall mean (a) with respect to any ABL Priority Collateral, all ABL Obligations and (b) with respect to any Term Debt Priority Collateral, all Term Debt Obligations. 
 “Senior Obligations Payment Date” shall mean (a) with respect to ABL Obligations, the ABL Obligations Payment Date and
(b) with respect to any Term Debt Obligations, the Term Debt Obligations Payment Date. 
  

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 “Senior Representative” shall mean (a) with respect to any ABL Priority Collateral,
the ABL Representative and (b) with respect to any Term Debt Priority Collateral, the Term Debt Representative. 
 “Senior
Secured Notes” means the senior secured notes of the Borrower issued and sold on or after the “Issue Date” (as defined in the Senior Secured Notes Agreement) pursuant to the Senior Secured Notes Documents and any exchange notes
issued in exchange therefor, in each case, pursuant to the Senior Secured Notes Agreement. 
 “Senior Secured Notes
Agreement” means the collective reference to (a) the Existing Senior Secured Notes Agreement, (b) any Additional Senior Secured Notes Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory
note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has at any time been incurred to extend, replace, refinance or refund in whole or in part the indebtedness
and other obligations outstanding under the Existing Senior Secured Notes Agreement, any Additional Senior Secured Notes Agreement or any other agreement or instrument referred to in this clause (c) unless such agreement or instrument expressly
provides that it is not intended to be and is not a Senior Secured Notes Agreement hereunder (a “Replacement Senior Secured Notes Agreement”). Any reference to the Senior Secured Notes Agreement hereunder shall be
deemed a reference to any Senior Secured Notes Agreement then extant. 
 “Senior Secured Notes Documents” means the Senior
Secured Notes Agreement, the Senior Secured Notes Security Documents, the purchase agreement among the Borrower, the guarantors party thereto, and the initial purchasers thereunder with respect to the Senior Secured Notes and all other agreements,
instruments and other documents (including collateral documents with respect thereto) pursuant to which the Senior Secured Notes have been or will be issued or otherwise setting forth the terms of the Senior Secured Notes. 
 “Senior Secured Notes Obligations” means (a) all principal of and interest (including without limitation any Post-Petition
Interest) and premium (if any) on all indebtedness under the Senior Secured Notes Agreement or any Term Debt DIP Financing by the Senior Secured Notes Secured Parties, and (b) all guarantee obligations, indemnities, fees, expenses and other
amounts payable from time to time pursuant to the Senior Secured Notes Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Senior Secured Notes Obligation (whether by
or on behalf of any Loan Party, as Proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any ABL
Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the ABL Secured Parties and the Senior Secured Notes
Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred. 
 “Senior Secured Notes Obligations
Payment Date” means the first date on which (a) the Senior Secured Notes Obligations (other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in cash in full, (b) all commitments to extend
credit under the Senior Secured Notes Documents have been terminated, and (c) so long as the ABL Obligations Payment Date shall not have occurred, the Term Debt Representative has delivered a written notice to the ABL Representative stating
that the events described in clauses (a) and (b) have occurred to the satisfaction of the Senior Secured Notes Secured Parties. 
 “Senior Secured Notes Secured Parties” means the Term Debt Secured Parties holding Senior Secured Notes Obligations. 
  

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 “Senior Secured Notes Security Documents” means the “Collateral Documents” as
defined in the Senior Secured Notes Agreements and any documents that are designated under the Senior Secured Notes Agreement as “Collateral Documents” for purposes of this Agreement. 
 “Senior Secured Parties” shall mean (a) with respect to the ABL Priority Collateral, all ABL Secured Parties and (b) with
respect to the Term Debt Priority Collateral, all Term Debt Secured Parties. 
 “Senior Security Documents” shall mean with
respect to any Senior Secured Party, the Security Documents that secure the Senior Obligations. 
 “Swap Obligations” means,
with respect to any Loan Party, any obligations of such Loan Party owed to any ABL Creditor (or any of its affiliates) in respect of any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by
reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions or any and all cancellations, buy backs, reversals, terminations or assignments of any these transactions. 
 “Term Debt Agreement” means the collective reference to (a) the Term Loan Agreement and (b) the Senior Secured Notes Agreement. 
 “Term Debt Creditors” means Term Debt Secured Parties. 
 “Term Debt DIP
Financing” has the meaning set forth in Section 5.2(b). 
 “Term Debt Documents” means each Senior
Secured Notes Document and Term Loan Document. 
 “Term Debt Intercreditor Agreement” means the Intercreditor and Collateral
Agency Agreement dated the date hereof among the Loan Parties, U.S Bank, as collateral agent, U.S. Bank as trustee for the Senior Secured Notes and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York
Branch, as administrative agent under the Existing Term Loan Agreement. 
 “Term Debt Lien” means any Lien
created by the Term Debt Security Documents. 
 “Term Debt Obligations” means the Senior Secured Notes Obligations and the
Term Loan Obligations. 
 “Term Debt Obligations Payment Date” means the first date on which (a) Senior Secured Notes
Obligations Payment Date and (b) the Term Debt Obligations Payment Date have occurred. 
 “Term Debt Priority
Collateral” means all Collateral other than the ABL Priority Collateral; provided, however, “Term Debt Priority Collateral” shall not include Proceeds from the disposition of any Term Debt Priority Collateral to the
extent such Proceeds are not required to be deposited in the Non-ABL Collateral Account or not required to be applied to the mandatory prepayment or repurchase of the Term Debt Obligations pursuant to the Term Debt Documents, unless such Proceeds
arise from a disposition of Term Debt Priority Collateral resulting from Enforcement Action taken by the Term Debt Secured Parties permitted by this Agreement. If such Proceeds are required to be deposited in the Non-ABL Collateral Account or are
required to be applied to the mandatory prepayment or repurchase of the Term Debt Obligations or arise from a disposition of Term Debt Priority Collateral resulting from an 

  

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Enforcement Action, such Proceeds shall not be included in the ABL Priority Collateral (not withstanding anything in the definition thereof to the contrary,
including anything in the definition of Accounts to the contrary) and shall be Term Debt Priority Collateral. With respect to Proceeds deposited in the Non-ABL Collateral Account only, such Proceeds shall be Term Debt Priority Collateral until such
time as the use of such Proceeds is no longer restricted by the Term Debt Documents unless they have been applied to the payment of the Term Debt Obligations. 
 “Term Debt Representative” has the meaning set forth in the introductory paragraph hereof. The Term Debt Representative shall be the Person identified as the “Collateral Agent” in the Term
Debt Intercreditor Agreement. 
 “Term Debt Secured Parties” means the “Secured Parties” as defined under the Term
Debt Security Agreement. 
 “Term Debt Security Agreement” means the Pledge and Security Agreement entered into as of
July 2, 2009 by and between the Borrower, and the other Persons listed on the signature pages thereof, as guarantors, and U.S. Bank, in its capacity as collateral agent for the secured parties. 
 “Term Debt Security Documents” means the Senior Secured Notes Security Documents and the Term Loan Security Documents. 
 “Term Loan Agreement” means the collective reference to (a) the Existing Term Loan Agreement, (b) any Additional Term Loan
Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has at any
time been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations outstanding under the Existing Term Loan Agreement, any Additional Term Loan Agreement or any other agreement or instrument
referred to in this clause (c) unless such agreement or instrument expressly provides that it is not intended to be and is not a Term Loan Agreement hereunder (a “Replacement Term Loan Agreement”). Any reference
to the Term Loan Agreement hereunder shall be deemed a reference to any Term Loan Agreement then extant. 
 “Term Loan
Documents” means each Term Loan Agreement, each Term Loan Security Document, each Term Loan Guarantee and each other “Loan Document” as defined in the Term Loan Agreement. 
 “Term Loan Guarantee” means any guarantee by any Loan Party of any or all of the Term Loan Obligations. 
 “Term Loan Obligations” means (a) all principal of and interest (including without limitation any Post-Petition Interest),
prepayment penalty and premium (if any) on all indebtedness under the Term Loan Agreement or any Term Debt DIP Financing by the Term Loan Secured Parties, and (b) all guarantee obligations, indemnities, fees, expenses and other amounts payable
from time to time pursuant to the Term Loan Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Term Loan Obligation (whether by or on behalf of any Loan Party, as
Proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any ABL Secured Party, receiver or similar
Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the ABL Secured Parties and the Term Loan Secured Parties, be deemed to be reinstated and
outstanding as if such payment had not occurred. 
  

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 “Term Loan Obligations Payment Date” means the first date on which (a) the Term
Loan Obligations (other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in cash or cash collateralized in full, (b) all commitments to extend credit under the Term Loan Documents have been terminated,
and (c) so long as the ABL Obligations Payment Date shall not have occurred, the Term Debt Representative has delivered a written notice to the ABL Representative stating that the events described in clauses (a) and (b) have occurred
to the satisfaction of the Term Loan Secured Parties. 
 “Term Loan Secured Parties” means the Term Debt Secured Parties
holding Term Loan Obligations. 
 “Term Loan Security Documents” means the “Collateral Documents” as defined in
the Term Loan Agreement and any documents that are designated under the Term Loan Agreement as “Term Loan Security Documents” for purposes of this Agreement. 
 “Term Post-Petition Assets” has the meaning set forth in Section 5.2(a). 
 “Trademarks” means with respect to any Person, all of such Person’s right, title, and interest in and to the following: (a) all trademarks (including service marks), trade names, trade dress, trade styles, brand
names, corporate names, business names, domain names, logos and other source or business identifiers and the registrations and applications for registration thereof, all common-law rights related thereto, and the goodwill of the business symbolized
by the foregoing; (b) all renewals of the foregoing; (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future
infringements thereof; (d) all rights to sue for past, present, and future infringements of the foregoing, including the right to settle suits involving claims and demands for royalties owing; and (e) all rights corresponding to any of the
foregoing throughout the world. 
 “Unasserted Contingent Obligations” shall mean, at any time, ABL Obligations or Term Debt
Obligations, as applicable, for taxes, costs, indemnifications, reimbursements, damages and other liabilities (excluding (a) the principal of, and interest and premium (if any) on, and fees and expenses relating to, any ABL Obligation or Term
Debt Obligation, as applicable, and (b) with respect to ABL Obligations contingent reimbursement obligations in respect of amounts that may be drawn under outstanding letters of credit) in respect of which no assertion of liability (whether
oral or written) and no claim or demand for payment (whether oral or written) has been made (and, in the case of ABL Obligations or Term Debt Obligations, as applicable, for indemnification, no notice for indemnification has been issued by the
indemnitee) at such time. 
 “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to time
in the applicable jurisdiction. 
 1.3 Rules of Construction. 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 

  

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referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on
such amendments, supplements or modifications set forth herein), (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 Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, 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 Priority.

 2.1 Lien Subordination. Notwithstanding the date, manner or order of grant, attachment or perfection of any Junior Lien in respect
of any Collateral or of any Senior Lien in respect of any Collateral and notwithstanding any provision of the UCC, any applicable law, any Security Document, any alleged or actual defect or deficiency in any of the foregoing or any other
circumstance whatsoever, the Junior Representative, on behalf of each Junior Secured Party, in respect of such Collateral hereby agrees that: 
 (a) any Senior Lien in respect of such Collateral, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be and shall remain senior and prior to any Junior Lien in
respect of such Collateral (whether or not such Senior Lien is subordinated to any Lien securing any other obligation); and 
 (b) any Junior Lien in respect of such Collateral, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to any Senior Lien in respect of such
Collateral. 
 2.2 Prohibition on Contesting Liens. In respect of any Collateral, the Junior Representative, on behalf of each Junior
Secured Party, agrees that it shall not, and hereby waives any right to: 
 (a) contest, or support any other Person in
contesting, in any proceeding (including any Insolvency Proceeding), the priority, validity or enforceability of any Senior Lien on such Collateral; or 
 (b) demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or similar right which it may have in respect of such Collateral or the Senior Liens on such Collateral,
except to the extent that such rights are expressly granted in this Agreement. 
 2.3 Nature of Obligations. The Term Debt
Representative on behalf of itself and the other Term Debt Secured Parties acknowledges that a portion of the ABL Obligations represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to
time may be increased, reduced or repaid and subsequently reborrowed, and that the terms of the ABL Obligations and any ABL Agreement or any provision thereof may be waived, modified, extended, amended, restated or supplemented from time to time,
and that the aggregate amount of the ABL Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the Term Debt Secured Parties and without affecting the provisions hereof. The ABL Representative on behalf
of itself and the other ABL Secured Parties acknowledges that Term Debt Obligations may be replaced or refinanced and the amount of any Term Debt Obligations may be increased, reduced, or 

  

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repaid, and any Term Debt Document or any provision thereof may be waived, modified, extended, amended, restated or supplemented from time to time, and that
the aggregate amount of the Term Debt Obligations may be increased, replaced or refinanced, in each event, without notice to or consent by the ABL Secured Parties and without affecting the provisions hereof. The Lien Priorities provided in
Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of either the ABL Obligations or the
Term Debt Obligations, or any portion thereof. 
 2.4 No New Liens. (a) Until the ABL Obligations Payment Date, no Term Debt
Secured Party shall acquire or hold any Lien on any assets of any Loan Party securing any Term Debt Obligation which assets are not also subject to the Lien of the ABL Representative under the ABL Documents, subject to the Lien Priority set forth
herein. If any Term Debt Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Loan Party securing any Term Debt Obligation which assets are not also subject to the Lien of the ABL Representative under
the ABL Documents, subject to the Lien Priority set forth herein, then the Term Debt Representative (or the relevant Term Debt Secured Party) shall, without the need for any further consent of any other Term Debt Secured Party and notwithstanding
anything to the contrary in any other Term Debt Document be deemed to also hold and have held such lien for the benefit of the ABL Representative as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall
promptly notify the ABL Representative in writing of the existence of such Lien. 
 (b) Until the Term Debt Obligations Payment Date, no ABL
Secured Party shall acquire or hold any Lien on any assets of any Loan Party securing any ABL Obligation which assets are not also subject to a Lien under the Term Debt Documents, subject to the Lien Priority set forth herein. If any ABL Secured
Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Loan Party securing any ABL Obligation which assets are not also subject to a Lien under the Term Debt Documents, subject to the Lien Priority set forth
herein, then the ABL Representative (or the relevant ABL Secured Party) shall, without the need for any further consent of any other ABL Secured Party and notwithstanding anything to the contrary in any other ABL Document be deemed to also hold and
have held such lien for the benefit of the Term Debt Representative as security for the Term Debt Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the Term Debt Representative in writing of the existence of
such Lien. 
 2.5 Separate Grants of Security and Separate Classification. Each Secured Party acknowledges and agrees that
(i) the grants of Liens pursuant to the ABL Security Documents and the Term Debt Security Documents constitute two separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the
Term Debt Obligations are fundamentally different from the ABL Obligations and should be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided
in the immediately preceding sentence, if it is held that the claims of the ABL Secured Parties and the Term Debt Secured Parties in respect of the Collateral constitute claims in the same class (rather than separate classes of senior and junior
secured claims), then the ABL Secured Parties and the Term Debt Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate classes of ABL Obligation claims and Term Debt Obligation claims against the
Loan Parties (with the effect being that, to the extent that the aggregate value of the ABL Priority Collateral or Term Debt Priority Collateral is sufficient (for this purpose ignoring all claims held by the other Secured Parties), the ABL Secured
Parties or the Term Debt Secured Parties, respectively, shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest
that are available from each pool of Priority Collateral for each of the ABL Secured Parties and the Term Debt Secured Parties, respectively, before 

  

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any distribution is made in respect of the claims held by the other Secured Parties, with the other Secured Parties hereby acknowledging and agreeing to turn
over to the respective other Secured Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries. 

2.6 Agreements Regarding Actions to Perfect Liens. (a) The ABL Representative agrees on behalf of itself and the other ABL Secured Parties
that all mortgages, deeds of trust, deeds and similar instruments (collectively, “mortgages”) now or hereafter filed against Real Property in favor of or for the benefit of the ABL Representative shall contain the following
notation: “The lien created by this mortgage on the property described herein is junior and subordinate to the lien on such property created by any mortgage, deed of trust or similar instrument now or hereafter granted to U.S. Bank National
Association, as Term Debt Representative, in accordance with the provisions of the Intercreditor Agreement dated as of July 2, 2009, as amended from time to time.” 
 (b) Each of the ABL Representative and the Term Debt Representative hereby acknowledges that, to the extent that it holds, or a third party holds on its
behalf, physical possession of or “control” (as defined in the Uniform Commercial Code) over Collateral pursuant to the ABL Security Documents or the Term Debt Security Documents, as applicable, such possession or control is also for the
benefit of the Term Debt Representative and the other Term Debt Secured Parties or the ABL Representative and the other ABL Secured Parties, as applicable, solely to the extent required to perfect their security interest in such Collateral. Nothing
in the preceding sentence shall be construed to impose any duty on the ABL Representative or the Term Debt Representative (or any third party acting on either such Person’s behalf) with respect to such Collateral or provide the Term Debt
Representative, any other Term Debt Secured Party, the ABL Representative or any other ABL Secured Party, as applicable, with any rights with respect to such Collateral beyond those specified in this Agreement, the ABL Security Documents and the
Term Debt Security Documents, as applicable, provided that subsequent to the occurrence of the ABL Obligations Payment Date (so long as the Term Debt Obligations Payment Date shall not have occurred), the ABL Representative shall
(i) deliver to the Term Debt Representative, at the Loan Parties’ sole cost and expense, the Collateral in its possession or control together with any necessary endorsements to the extent required by the Term Debt Documents or
(ii) direct and deliver such Collateral as a court of competent jurisdiction otherwise directs; provided, further, that subsequent to the occurrence of the Term Debt Obligations Payment Date (so long as the ABL Obligations Payment
Date shall not have occurred), the Term Debt Representative shall (i) deliver to the ABL Loan Representative, at the Loan Parties’ sole cost and expense, the Collateral in its possession or control together with any necessary endorsements
to the extent required by the ABL Documents or (ii) direct and deliver such Collateral as a court of competent jurisdiction otherwise directs; provided, further, that (i) prior to the occurrence of the Term Obligations
Payment Date, upon the request of the Term Debt Representative or the Company, the ABL Loan Representative shall turn over to the Term Debt Representative any Term Debt Priority Collateral of which it has physical possession, and (ii) prior to
the occurrence of the ABL Obligations Payment Date, upon the request of the ABL Representative or the Company, the Term Debt Representative shall turn over to the ABL Representative any ABL Priority Collateral of which it has physical possession.
The provisions of this Agreement are intended solely to govern the respective Lien priorities as between the ABL Secured Parties and the Term Debt Secured Parties and shall not impose on the ABL Secured Parties or the Term Debt Secured Parties any
obligations in respect of the disposition of any Collateral (or any proceeds thereof) that would conflict with prior perfected Liens or any claims thereon in favor of any other Person that is not a Secured Party. 
  

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 SECTION 3. Enforcement Rights.  
 3.1 Exclusive Enforcement. Until the Senior Obligations Payment Date has occurred, whether or not an Insolvency Proceeding has been commenced by or
against any Loan Party, the Senior Secured Parties shall have the exclusive right to take and continue any Enforcement Action (including the right to credit bid their debt) with respect to the Senior Collateral, without any consultation with or
consent of any Junior Secured Party, but subject to the proviso set forth in Section 5.1. Upon the occurrence and during the continuance of a default or an event of default under the Senior Documents, the Senior Representative and the
other Senior Secured Parties may take and continue any Enforcement Action with respect to the Senior Obligations and the Senior Collateral in such order and manner as they may determine in their sole discretion in accordance with the terms and
conditions of the Senior Documents. 
 3.2 Standstill and Waivers. Each Junior Representative, on behalf of itself and the other
Junior Secured Parties, agrees that, until the Senior Obligations Payment Date has occurred, but subject to the proviso set forth in Section 5.1: 
 (i) they will not take or cause to be taken any action, the purpose or effect of which is to make any Lien on any Senior Collateral that
secures any Junior Obligation pari passu with or senior to, or to give any Junior Secured Party any preference or priority relative to, the Liens on the Senior Collateral securing the Senior Obligations; 
 (ii) they will not contest, oppose, object to, interfere with, hinder or delay, in any manner, whether by judicial proceedings (including
without limitation the filing of an Insolvency Proceeding) or otherwise, any foreclosure, sale, lease, exchange, transfer or other disposition of the Senior Collateral by any Senior Secured Party or any other Enforcement Action taken (or any
forbearance from taking any Enforcement Action) in respect of the Senior Collateral by or on behalf of any Senior Secured Party; 
 (iii) they have no right to (x) direct either the Senior Representative or any other Senior Secured Party to exercise any right, remedy or power with respect to the Senior Collateral or pursuant to the Senior Security Documents in
respect of the Senior Collateral or (y) consent or object to the exercise by the Senior Representative or any other Senior Secured Party of any right, remedy or power with respect to the Senior Collateral or pursuant to the Senior Security
Documents with respect to the Senior Collateral or to the timing or manner in which any such right is exercised or not exercised (or, to the extent they may have any such right described in this clause (iii), whether as a junior lien creditor in
respect of the Senior Collateral or otherwise, they hereby irrevocably waive such right); 
 (iv) they will not institute any
suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim against any Senior Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, and
no Senior Secured Party shall be liable for, any action taken or omitted to be taken by any Senior Secured Party with respect to the Senior Collateral or pursuant to the Senior Documents in respect of the Senior Collateral; 
 (v) they will not commence judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator
or similar official appointed for or over, attempt any action to take possession of any Senior Collateral, exercise any right, remedy or power with respect to, or otherwise take any action to enforce their interest in or realize upon, the Senior
Collateral; and 
  

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 (vi) they will not seek, and hereby waive any right, to have the Senior Collateral or any
part thereof marshaled upon any foreclosure or other disposition of the Senior Collateral. 
 3.3 Judgment Creditors. In the event
that any Term Debt Secured Party becomes a judgment lien creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for all purposes
(including in relation to the ABL Liens and the ABL Obligations) to the same extent as all other Liens securing the Term Debt Obligations are subject to the terms of this Agreement. In the event that any ABL Secured Party becomes a judgment lien
creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Term Debt Liens and the Term
Debt Obligations) to the same extent as all other Liens securing the ABL Obligations are subject to the terms of this Agreement. 
 3.4
Cooperation; Sharing of Information and Access. (a) The Term Debt Representative, on behalf of itself and the other Term Debt Secured Parties, agrees that each of them shall take such actions as the ABL Representative shall request in
connection with the exercise by the ABL Secured Parties of their rights set forth herein in respect of the ABL Priority Collateral. The ABL Representative, on behalf of itself and the other ABL Secured Parties, agrees that each of them shall take
such actions as the Term Debt Representative shall request in connection with the exercise by the Term Debt Secured Parties of their rights set forth herein in respect of the Term Debt Priority Collateral. 
 (b) In the event that the ABL Representative shall, in the exercise of its rights under the ABL Security Documents or otherwise, receive possession or
control of any books and Records of any Loan Party which contain information identifying or pertaining to the Term Debt Priority Collateral, the ABL Representative shall promptly notify the Term Debt Representative of such fact and, upon request
from the Term Debt Representative and as promptly as practicable thereafter, either make available to the Term Debt Representative such books and Records for inspection and duplication or provide to the Term Debt Representative copies thereof. In
the event that a Term Debt Representative shall, in the exercise of its rights under the Term Debt Security Documents or otherwise, receive possession or control of any books and records of any Loan Party which contain information identifying or
pertaining to any of the ABL Priority Collateral, the Term Debt Representative shall promptly notify the ABL Representative of such fact and, upon request from the ABL Representative and as promptly as practicable thereafter, either make available
to the ABL Representative such books and records for inspection and duplication or provide the ABL Representative copies thereof. The ABL Representative hereby irrevocably grants the Term Debt Representative a non-exclusive worldwide license or
right to use, to the maximum extent permitted by applicable law and to the extent of the ABL Representative’s interest therein, exercisable without payment of royalty or other compensation, to use any of the Intellectual Property now or
hereafter owned by, licensed to, or otherwise used by the Loan Parties in order for the Term Debt Representative and Term Debt Secured Parties to purchase, use, market, repossess, possess, store, assemble, manufacture, process, sell, transfer,
distribute or otherwise dispose of any asset included in the Term Debt Priority Collateral in connection with the liquidation, disposition or realization upon the Term Debt Priority Collateral in accordance with the terms and conditions of the Term
Debt Security Documents and the other Term Debt Documents. The ABL Representative agrees that any sale, transfer or other disposition of any of the Loan Parties’ Intellectual Property (whether by foreclosure or otherwise) will be subject to the
Term Debt Representative’s rights as set forth in this Section 3.4. 
  

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 (c) If the Term Debt Representative, or any agent or representative thereof, or any receiver, shall,
after the commencement of any Enforcement Action, obtain possession or physical control of any of the Term Debt Priority Collateral, the Term Debt Representative shall promptly notify the ABL Representative in writing of that fact, and the ABL
Representative shall, within ten Business Days thereafter, notify the Term Debt Representative in writing as to whether the ABL Representative desires to exercise access rights under this Agreement. In addition, if the ABL Representative, or any
agent or representative of the ABL Representative, or any receiver, shall obtain possession or physical control of any of the Term Debt Priority Collateral in connection with an Enforcement Action, then the ABL Representative shall promptly notify
the Term Debt Representative that the ABL Representative is exercising its access rights under this Agreement and its rights under Section 3.4 under either circumstance. Upon delivery of such notice by the ABL Representative to the Term
Debt Representative, the ABL Representative and Term Debt Representative shall confer in good faith to coordinate with respect to the ABL Representative’s exercise of such access rights, with such access rights to apply to any parcel or item of
Term Debt Priority Collateral access to which is reasonably necessary to enable the ABL Representative during normal business hours to convert ABL Priority Collateral consisting of raw materials and work-in-process into saleable finished goods
and/or to transport such ABL Priority Collateral to a point where such conversion can occur, to otherwise prepare ABL Priority Collateral for sale and/or to arrange or effect the sale of ABL Priority Collateral, all in accordance with the manner in
which such matters are completed in the ordinary course of business. Consistent with the definition of “Access Period,” access rights will apply to differing parcels or items of Term Debt Priority Collateral at differing times, in
which case, a differing Access Period will apply to each such parcel or items. During any pertinent Access Period, the ABL Representative and its agents, representatives and designees shall have an irrevocable, non-exclusive right to have access to,
and a rent-free right to use, the relevant parcel or item the Term Debt Priority Collateral for the purposes described above. The ABL Representative shall take proper and reasonable care under the circumstances of any Term Debt Priority Collateral
that is used by the ABL Representative during the Access Period and repair and replace any damage (ordinary wear-and-tear excepted) caused by the ABL Representative or its agents, representatives or designees and the ABL Representative shall comply
with all applicable laws in all material respects in connection with its use or occupancy or possession of the ABL Priority Collateral. The ABL Representative shall indemnify and hold harmless the Term Debt Representative and the Term Debt Creditors
for any injury or damage to Persons or property (ordinary wear-and-tear excepted) caused by the acts or omissions of Persons under its control; provided, however, that the ABL Representative and the ABL Creditors will not be liable for
any diminution in the value of Term Debt Priority Collateral caused by the absence of the ABL Priority Collateral therefrom. The ABL Representative and the Term Debt Representative shall cooperate and use reasonable efforts to ensure that their
activities during the Access Period as described above do not interfere materially with the activities of the other as described above, including the right of Term Debt Representative to show the Term Debt Priority Collateral to prospective
purchasers and to ready the Term Debt Priority Collateral for sale. Consistent with the definition of the term “Access Period,” if any order or injunction is issued or stay is granted or is otherwise effective by operation of law
that prohibits the ABL Representative from exercising any of its rights hereunder, then the Access Period granted to the ABL Representative under this Section 3.4 shall be stayed during the period of such prohibition and shall continue
thereafter for the number of days remaining as required under this Section 3.4. The Term Debt Representative shall not foreclose or otherwise sell, remove or dispose of any of the Term Debt Priority Collateral during the Access Period
with respect to such Collateral if such Collateral is reasonably necessary to enable the ABL Representative to convert, transport or arrange to sell the ABL Priority Collateral as described above. 
 3.5 No Additional Rights For the Loan Parties Hereunder. Except as provided in Section 3.6 hereof, if any ABL Secured Party or Term
Debt Secured Party shall enforce its rights or remedies in violation of the terms of this Agreement, no Loan Party shall be entitled to use such violation as a defense 

  

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to any action by any ABL Secured Party or Term Debt Secured Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against
any ABL Secured Party or Term Debt Secured Party. 
 3.6 Actions Upon Breach. (a) If any ABL Secured Party or Term Debt Secured
Party, contrary to this Agreement, commences or participates in any action or proceeding against any Loan Party or the Collateral, such Loan Party, with the prior written consent of the ABL Representative or the Term Debt Representative, as
applicable, may interpose as a defense or dilatory plea the making of this Agreement, and any ABL Secured Party or Term Debt Secured Party, as applicable, may intervene and interpose such defense or plea in its or their name or in the name of such
Loan Party. 
 (b) Should any ABL Secured Party or Term Debt Secured Party, contrary to this Agreement, in any way take, attempt to or
threaten to take any action with respect to the Collateral (including, without limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail to take any action required by this Agreement, any ABL Secured
Party or Term Debt Secured Party (in its own name or in the name of the relevant Loan Party), as applicable, or the relevant Loan Party, may obtain relief against such ABL Secured Party or Term Debt Secured Party, as applicable, by injunction,
specific performance and/or other appropriate equitable relief, it being understood and agreed by each of the ABL Representative on behalf of each ABL Secured Party and the Term Debt Representative on behalf of each Term Debt Secured Party that
(i) the ABL Secured Parties’ or Term Debt Secured Parties’, as applicable, damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each Term Debt Secured Party or ABL Secured Party, as
applicable, waives any defense that the Loan Parties and/or the Term Debt Secured Parties and/or ABL Secured Parties, as applicable, cannot demonstrate damage and/or be made whole by the awarding of damages. 
 SECTION 4. Application of Proceeds of Senior Collateral; Dispositions and Releases of Lien; Notices and Insurance.  
 4.1 Application of Proceeds. 
 (a)
Application of Proceeds of Senior Collateral. The Senior Representative and Junior Representative hereby agree that all Senior Collateral, and all Proceeds thereof, received by either of them in connection with the collection, sale or
disposition of Senior Collateral shall be applied, 
 first, to the payment of costs and expenses (including reasonable
attorneys fees and expenses and court costs) of the Senior Representative in connection with such Enforcement Action, 
 second, to the payment of the Senior Obligations in accordance with the Senior Documents until the Senior Obligations Payment Date, 
 third, to the payment of the Junior Obligations in accordance with the Junior Documents, and 
 fourth, the balance, if any, to the Loan Parties or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 
 All Proceeds of any sale of a Loan Party as a whole, or substantially all of the assets of any Loan Party where the consideration received
is not allocated by type of asset, in connection with or resulting from any Enforcement Action, and whether or not pursuant to an Insolvency 

  

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Proceeding, shall be distributed as follows under clause “second” above: first to the ABL Representative for application to the ABL Obligations in
accordance with the terms of the ABL Documents, up to the amount of the book value of the ABL Priority Collateral disposed of in such sale or owned by such Loan Party (in the case of a sale of such Loan Party as a whole), second to the Term Debt
Representative for application to the Term Debt Obligations in accordance with the terms of the Term Debt Documents to the extent such Proceeds exceed the book value of the ABL Priority Collateral. 
 (b) Limited Obligation or Liability. In exercising remedies, whether as a secured creditor or otherwise, the Senior Representative shall have no
obligation or liability to the Junior Representative or to any Junior Secured Party, regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations
undertaken by each party under the terms of this Agreement. 
 (c) Segregation of Collateral. Until the occurrence of the Senior
Obligations Payment Date, any Senior Collateral that may be received by any Junior Secured Party in violation of this Agreement shall be segregated and held in trust and promptly paid over to the Senior Representative, for the benefit of the Senior
Secured Parties, in the same form as received, with any necessary endorsements, and each Junior Secured Party hereby authorizes the Senior Representative to make any such endorsements as agent for the Junior Representative (which authorization,
being coupled with an interest, is irrevocable). 
 4.2 Releases of Liens. (a) (i) Upon any release, sale or disposition of
ABL Priority Collateral permitted pursuant to the terms of the ABL Documents that results in the release of the ABL Lien (other than release of the ABL Lien due to the occurrence of the ABL Obligations Payment Date, and any release of the ABL Lien
after the occurrence and during the continuance of any event of default under the Term Debt Agreement) on any ABL Priority Collateral, the Term Debt Lien on such ABL Priority Collateral (excluding any portion of the proceeds of such ABL Priority
Collateral remaining after the ABL Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person so long as such release, sale or disposition of ABL Priority Collateral is
permitted pursuant to the terms of the Term Debt Documents. 
 (ii) Upon any release, sale or disposition of ABL Priority Collateral pursuant
to any Enforcement Action that results in the release of the ABL Lien (other than release of the ABL Lien due to the occurrence of the ABL Obligations Payment Date) on any ABL Priority Collateral pursuant to any Enforcement Action, the Term Debt
Lien on such ABL Priority Collateral (excluding any portion of the proceeds of such ABL Priority Collateral remaining after the ABL Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or
action of any Person so long as the proceeds of such ABL Priority Collateral are applied in accordance with Section 4.1(a) (with, in the case of ABL Obligations consisting of debt of a revolving nature, a corresponding permanent
reduction in the commitments thereto). 
 (iii) The Term Debt Representative shall promptly execute and deliver such release documents and
instruments and shall take such further actions as the ABL Representative shall request in writing to evidence any release of the Term Debt Lien described herein. The Term Debt Representative hereby appoints the ABL Representative and any officer or
duly authorized person of the ABL Representative, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the Term Debt Representative and in the name of the Term
Debt Representative or in the ABL Representative’s own name, from time to time, in the ABL Representative’s sole discretion, for the purposes of carrying out the terms of this Section 4.2, to take any and all appropriate action
and to execute and deliver any and all documents and instruments as may be 

  

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necessary or desirable to accomplish the purposes of this Section 4.2, including, without limitation, any financing statements, endorsements,
assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 
 (b) (i) Upon any release, sale or disposition of Term Debt Priority Collateral permitted pursuant to the terms of the Term Debt Documents that results in the release of the Term Debt Lien (other than release of the Term Debt Lien due
to the occurrence of the Term Debt Obligations Payment Date, and any release of the Term Debt Lien after the occurrence and during the continuance of any event of default under the ABL Agreement) on any Term Debt Priority Collateral, the ABL Lien on
such Term Debt Priority Collateral (excluding any portion of the proceeds of such Term Debt Priority Collateral remaining after the Term Debt Obligations Payment Date occurs) shall be automatically and unconditionally released with no further
consent or action of any Person so long as such release, sale or disposition of Term Debt Priority Collateral is permitted pursuant to the terms of the ABL Documents. 
 (ii) Upon any release, sale or disposition of Term Debt Priority Collateral pursuant to any Enforcement Action that results in the release of the Term Debt Lien (other than release of the Term Debt Lien due to the
occurrence of the Term Debt Obligations Payment Date) on any Term Debt Priority Collateral pursuant to any Enforcement Action, the ABL Lien on such Term Debt Priority Collateral (excluding any portion of the proceeds of such Term Debt Priority
Collateral remaining after the Term Debt Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person so long as the proceeds of such Term Debt Priority Collateral are applied
in accordance with Section 4.1(a) (with, in the case of Term Debt Obligations consisting of debt of a revolving nature, a corresponding permanent reduction in the commitments thereto). 
 (iii) The ABL Representative shall promptly execute and deliver such release documents and instruments and shall take such further actions as the Term
Debt Representative shall request in writing to evidence any release of the ABL Lien described herein. The ABL Representative hereby appoints the Term Debt Representative and any officer or duly authorized person of the Term Debt Representative,
with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the ABL Representative and in the name of the ABL Representative or in the Term Debt Representative’s own
name, from time to time, in the Term Debt Representative’s sole discretion, for the purposes of carrying out the terms of this Section 4.2, to take any and all appropriate action and to execute and deliver any and all documents and
instruments as may be necessary or desirable to accomplish the purposes of this Section 4.2, including, without limitation, any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which
appointment, being coupled with an interest, is irrevocable). 
 4.3 Certain Real Property Notices; Insurance. (a) The Term Debt
Representative shall give the ABL Representative at least 30 days notice prior to commencing any Enforcement Action against any Real Property owned by any Loan Party at which ABL Priority Collateral is stored or otherwise located or to dispossess
any Loan Party from such Real Property. 
 (b) Proceeds of Collateral include insurance proceeds and therefore the Lien Priority shall govern
the ultimate disposition of casualty insurance proceeds. The ABL Representative and Term Debt Representative shall be named as additional insureds and loss payees with respect to all insurance policies relating to Collateral. The ABL Representative
shall have the sole and exclusive right, as against the Term Debt Representative, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of ABL Priority Collateral. The Term Debt Representative shall have the
sole and exclusive right, as against the ABL Representative, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of Term Debt Priority Collateral. All proceeds of such insurance 

  

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shall be remitted to the ABL Representative or the Term Debt Representative, as the case may be, and each of the Term Debt Representative and ABL
Representative shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds in accordance with Section 4.1. 
 SECTION 5. Insolvency Proceedings. 
 5.1 Filing of Motions. Until the Senior Obligations Payment
Date has occurred, the Junior Representative agrees on behalf of itself and the other Junior Secured Parties that no Junior Secured Party shall, in or in connection with any Insolvency Proceeding, file any pleadings or motions, take any position at
any hearing or proceeding of any nature, or otherwise take any action whatsoever, in each case in respect of any of the Senior Collateral, including, without limitation, with respect to the determination of any Liens or claims held by the Senior
Representative (including the validity and enforceability thereof) or any other Senior Secured Party in respect of any Senior Collateral or the value of any claims of such parties under Section 506(a) of the Bankruptcy Code or otherwise;
provided that the Junior Representative may (i) file a proof of claim in an Insolvency Proceeding, and (ii) file any necessary responsive or defensive pleadings in opposition of any motion or other pleadings made by any Person
objecting to or otherwise seeking the disallowance of any Person objecting to or otherwise seeking the disallowance of the claims of the Junior Secured Parties on the Senior Collateral, subject to the limitations contained in this Agreement and only
if consistent with the terms and the limitations on the Junior Representative imposed hereby. 
 5.2 Financing Matters. (a) If
any Loan Party becomes subject to any Insolvency Proceeding in the United States at any time prior to the ABL Obligations Payment Date, and if the ABL Representative or the other ABL Secured Parties desire to consent (or not object) to the use of
cash collateral under the Bankruptcy Code or to provide financing to any Loan Party under the Bankruptcy Code or to consent (or not object) to the provision of such financing to any Loan Party by any third party (any such financing, “ABL DIP
Financing”), then the Term Debt Representative agrees, on behalf of itself and the other Term Debt Secured Parties, that each Term Debt Secured Party (i) (x) will be deemed to have consented to, will raise no objection to, nor
support any other Person objecting to, the use of such cash collateral or to such ABL DIP Financing on the grounds of a failure to provide “adequate protection” for the Term Debt Representative’s Lien on the Collateral to secure the
Term Debt Obligations or on any other grounds and (y) will not request any adequate protection solely as a result of such ABL DIP Financing except as set forth in Section 5.4 below and (ii) will subordinate (and will be deemed
hereunder to have subordinated) the Term Debt Liens on any ABL Priority Collateral (A) to such ABL DIP Financing on the same terms as the ABL Liens are subordinated thereto (and such subordination will not alter in any manner the terms of this
Agreement), (B) to any adequate protection provided to the ABL Secured Parties and (C) to any “carve-out” agreed to by the ABL Representative or the other ABL Secured Parties, so long as (x) the Term Debt Representative
retains their Lien on the Collateral to secure the Term Debt Obligations (in each case, including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code) and, as to the Term Debt Priority Collateral only, such Lien has
the same priority as existed prior to the commencement of the case under the Bankruptcy Code and any Lien securing such ABL DIP Financing is junior and subordinate to the Lien of the Term Debt Representative on the Term Debt Priority Collateral,
(y) all Liens on ABL Priority Collateral securing any such ABL DIP Financing shall be senior to or on a parity with the Liens of the ABL Representative and the ABL Lenders securing the ABL Obligations on ABL Priority Collateral and (z) if
the ABL Representative receives a replacement or adequate protection Lien on post-petition assets of the debtor to secure the ABL Obligations, and such replacement or adequate protection Lien is on any of the Term Debt Priority Collateral,
(1) such replacement or adequate protection Lien on such post-petition assets which are part of the Term Debt Priority Collateral (the “Term Post-Petition Assets”) is junior and subordinate to the Lien in favor of the Term Debt
Representative on the Term Debt Priority Collateral and (2) the Term Debt 

  

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Representative also receives a replacement or adequate protection Lien on such Term Post-Petition Assets of the debtor to secure the Term Debt Obligations.
In no event will any of the ABL Secured Parties seek to obtain a priming Lien on any of the Term Debt Priority Collateral and nothing contained herein shall be deemed to be a consent by Term Debt Secured Parties to any adequate protection payments
using Term Debt Priority Collateral. 
 (b) If any Loan Party becomes subject to any Insolvency Proceeding in the United States at any time
prior to the Term Debt Obligations Payment Date, and if the Term Debt Representative or the other Term Debt Secured Parties desire to consent (or not object) or to provide financing to any Loan Party under the Bankruptcy Code or to consent (or not
object) to the provision of such financing to any Loan Party by any third party (any such financing, “Term Debt DIP Financing”), then the ABL Representative agrees, on behalf of itself and the other ABL Secured Parties, that each
ABL Secured Party (i) (x) will be deemed to have consented to, will raise no objection to, nor support any other Person objecting to such Term Debt DIP Financing on the grounds of a failure to provide “adequate protection” for
the ABL Representative’s Lien on the Collateral to secure the ABL Obligations or on any other grounds and (y) will not request any adequate protection solely as a result of such Term Debt DIP Financing except as set forth in
Section 5.4 below and (ii) will subordinate (and will be deemed hereunder to have subordinated) the ABL Liens on any Term Debt Priority Collateral (A) to such Term Debt DIP Financing on the same terms as the Term Debt Liens are
subordinated thereto (and such subordination will not alter in any manner the terms of this Agreement), (B) to any adequate protection provided to the Term Debt Secured Parties and (C) to any “carve-out” agreed to by the Term
Debt Representative or the other Term Debt Secured Parties, so long as (x) the ABL Representative retains its Lien on the Collateral to secure the ABL Obligations (in each case, including Proceeds thereof arising after the commencement of the
case under the Bankruptcy Code) and, as to the ABL Priority Collateral only, such Lien has the same priority as existed prior to the commencement of the case under the Bankruptcy Code and any Lien securing such Term Debt DIP Financing is junior and
subordinate to the Lien of the ABL Representative on the ABL Priority Collateral, (y) all Liens on Term Debt Priority Collateral securing any such Term Debt DIP Financing shall be senior to or on a parity with the Liens of the Term Debt
Representative and the Term Debt Secured Parties securing the Term Debt Obligations on Term Debt Priority Collateral and (z) if the Term Debt Representative receives a replacement or adequate protection Lien on post-petition assets of the
debtor to secure the Term Debt Obligations, and such replacement or adequate protection Lien is on any of the ABL Priority Collateral, (1) such replacement or adequate protection Lien on such post-petition assets which are part of the ABL
Priority Collateral (the “ABL Post-Petition Assets”) is junior and subordinate to the Lien in favor of the ABL Representative on the ABL Priority Collateral and (2) the ABL Representative also receives a replacement or adequate
protection Lien on such ABL Post-Petition Assets of the debtor to secure the ABL Obligations. In no event will any of the Term Debt Secured Parties seek to obtain a priming Lien on any of the ABL Priority Collateral, and nothing contained herein
shall be deemed to be a consent by the ABL Secured Parties to any adequate protection payments using ABL Priority Collateral. 
 (c) All
Liens granted to the Term Debt Representative or the ABL Representative in any Insolvency Proceeding, whether as adequate protection or otherwise, are intended to be and shall be deemed to be subject to the Lien Priority and the other terms and
conditions of this Agreement. 
 5.3 Relief From the Automatic Stay. Until the ABL Obligations Payment Date, the Term Debt
Representative agrees, on behalf of itself and the other Term Debt Secured Parties, that none of them will seek relief from the automatic stay or from any other stay in any Insolvency Proceeding or take any action in derogation thereof, in each case
in respect of any ABL Priority Collateral, without the prior written consent of the ABL Representative. Until the Term Debt Obligations Payment Date, the ABL 

  

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Representative agrees, on behalf of itself and the other ABL Secured Parties, that none of them will seek relief from the automatic stay or from any other
stay in any Insolvency Proceeding or take any action in derogation thereof, in each case in respect of any Term Debt Priority Collateral, without the prior written consent of the Term Debt Representative. In addition, neither the Term Debt
Representative nor the ABL Representative shall seek any relief from the automatic stay with respect to any Collateral without providing 30 days’ prior written notice to the other, unless otherwise agreed by both the ABL Representative and the
Term Debt Representative. 
 5.4 Adequate Protection. (a) The Term Debt Representative, on behalf of itself and the other Term
Debt Secured Parties, agrees that, prior to the ABL Obligations Payment Date, so long as the ABL Representative and the other ABL Secured Parties comply with Section 5.4(b), none of them shall object, contest, or support any other Person
objecting to or contesting, (i) any request by the ABL Representative or the other ABL Secured Parties for adequate protection of its interest in the Collateral or any adequate protection provided to the ABL Representative or the other ABL
Secured Parties or (ii) any objection by the ABL Representative or any other ABL Secured Parties to any motion, relief, action or proceeding based on a claim of a lack of adequate protection in the Collateral or (iii) the payment of
interest, fees, expenses or other amounts to the ABL Representative or any other ABL Secured Party under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise; provided that any action described in the foregoing clauses
(i) and (ii) does not violate Section 5.2. The Term Debt Representative, on behalf of itself and the other Term Debt Secured Parties, further agrees that, prior to the ABL Obligations Payment Date, none of them shall assert or
enforce any claim under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise that is senior to or on a parity with the ABL Liens for costs or expenses of preserving or disposing of any ABL Priority Collateral. Notwithstanding anything
to the contrary set forth in this Section and in Section 5.2(a)(i)(y), but subject to all other provisions of this Agreement (including, without limitation, Section 5.2(a)(i)(x) and Section 5.3), in any
Insolvency Proceeding, if the ABL Secured Parties (or any subset thereof) are granted adequate protection consisting of additional collateral that constitutes ABL Priority Collateral (with replacement liens on such additional collateral) and
superpriority claims in connection with any ABL DIP Financing or use of cash collateral, and the ABL Secured Parties do not object to the adequate protection being provided to them, then in connection with any such ABL DIP Financing or use of cash
collateral the Term Debt Representative, on behalf of itself and any of the Term Debt Secured Parties, may, as adequate protection of their interests in the ABL Priority Collateral, seek or accept (and the ABL Representative and the ABL Secured
Parties shall not object to) adequate protection consisting solely of (x) a replacement Lien on the same additional collateral, subordinated to the Liens securing the ABL Obligations and such ABL DIP Financing on the same basis as the other
Term Debt Liens on the ABL Priority Collateral are so subordinated to the ABL Obligations under this Agreement and (y) superpriority claims junior in all respects to the superpriority claims granted to the ABL Secured Parties, provided,
however, that the Term Debt Representative shall have irrevocably agreed, pursuant to Section 1129(a)(9) of the Bankruptcy Code, on behalf of itself and the Term Debt Secured Parties, in any stipulation and/or order granting such adequate
protection, that such junior superpriority claims may be paid under any plan of reorganization in any combination of cash, debt, equity or other property having a value on the effective date of such plan equal to the allowed amount of such claims.

 (b) The ABL Representative, on behalf of itself and the other ABL Secured Parties, agrees that, prior to the Term Debt Obligations Payment
Date, so long as the Term Debt Representative and the other Term Debt Secured Parties comply with Section 5.4(a), none of them shall object, contest, or support any other Person objecting to or contesting, (i) any request by the
Term Debt Representative or the other Term Debt Secured Parties for adequate protection of its interest in the Collateral or any adequate protection provided to the Term Debt Representative or the other Term Debt Secured Parties or (ii) any
objection by the Term Debt Representative or any other Term Debt Secured Parties to any motion, relief, action or 

  

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proceeding based on a claim of a lack of adequate protection in the Collateral or (iii) the payment of interest, fees, expenses or other amounts to the
Term Debt Representative or any other Term Debt Secured Party under Section 506(b) or 506(c) of the Bankruptcy Code or otherwise; provided that any action described in the foregoing clauses (i) and (ii) does not violate
Section 5.2. The ABL Representative, on behalf of itself and the other ABL Secured Parties, further agrees that, prior to the Term Debt Obligations Payment Date, none of them shall assert or enforce any claim under Section 506(b) or
506(c) of the Bankruptcy Code or otherwise that is senior to or on a parity with the Term Debt Liens for costs or expenses of preserving or disposing of any Term Debt Priority Collateral. Notwithstanding anything to the contrary set forth in this
Section and in Section 5.2(b)(i)(y), but subject to all other provisions of this Agreement (including, without limitation, Section 5.2(b)(i)(x) and Section 5.3), in any Insolvency Proceeding, if the Term Debt
Secured Parties (or any subset thereof) are granted adequate protection consisting of additional collateral that constitutes Term Debt Priority Collateral (with replacement liens on such additional collateral) and superpriority claims in connection
with any DIP Financing or use of cash collateral, and the Term Debt Secured Parties do not object to the adequate protection being provided to them, then in connection with any such DIP Financing or use of cash collateral the ABL Representative, on
behalf of itself and any of the ABL Secured Parties, may, as adequate protection of their interests in the Term Debt Priority Collateral, seek or accept (and the Term Debt Representative and the Term Debt Secured Parties shall not object to)
adequate protection consisting solely of (x) a replacement Lien on the same additional collateral, subordinated to the Liens securing the Term Debt Obligations on the same basis as the other ABL Liens on the Term Debt Priority Collateral are so
subordinated to the Term Debt Obligations under this Agreement and (y) superpriority claims junior in all respects to the superpriority claims granted to the Term Debt Secured Parties, provided, however, that the ABL Representative shall have
irrevocably agreed, pursuant to Section 1129(a)(9) of the Bankruptcy Code, on behalf of itself and the ABL Secured Parties, in any stipulation and/or order granting such adequate protection, that such junior superpriority claims may be paid
under any plan of reorganization in any combination of cash, debt, equity or other property having a value on the effective date of such plan equal to the allowed amount of such claims. 
 5.5 Avoidance Issues. If any Senior Secured Party is required in any Insolvency Proceeding or otherwise to disgorge, turn over or otherwise pay to
the estate of any Loan Party, because such amount was avoided or ordered to be paid or disgorged for any reason, including without limitation because it was found to be a fraudulent or preferential transfer, any amount (a
“Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the Senior Obligations shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment
had not occurred and the Senior Obligations Payment Date shall be deemed not to have occurred. 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. The Junior Secured Parties agree 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. 
 5.6 Asset Dispositions in an Insolvency
Proceeding. Neither the Junior Representative nor any other Junior Secured Party shall, in an Insolvency Proceeding or otherwise, oppose any sale or disposition of any Senior Collateral that is supported by the Senior Secured Parties, and the
Junior Representative and each other Junior Secured Party will be deemed to have consented under Section 363 of the Bankruptcy Code (and otherwise) to any sale of any Senior Collateral supported by the Senior Secured Parties and to have
released the Junior Liens on such assets. 
  

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 5.7 Other Matters. To the extent that the Senior Representative or any Senior Secured Party has or
acquires rights under Section 363 or Section 364 of the Bankruptcy Code with respect to any of the Collateral on which it has a Junior Lien, such Senior Representative agrees, on behalf of itself and the other Senior Secured Parties, not
to assert any of such rights without the prior written consent of the Junior Representative; provided that if requested by the Junior Representative, such Senior Representative shall timely exercise such rights in the manner requested by the
Junior Representative, including any rights to payments in respect of such rights. 
 5.9 Effectiveness in Insolvency Proceedings.
This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under section 510(a) of the Bankruptcy Code, shall be effective before, during and after the commencement of an Insolvency Proceeding.

 SECTION 6. Term Debt Documents and ABL Documents. 
 (a) Each Loan Party and the Term Debt Representative, on behalf of itself and the Term Debt Secured Parties, agrees that it shall not at any time execute
or deliver any amendment or other modification to any of the Term Debt Documents in violation of this Agreement. 
 (b) Each Loan Party and
the ABL Representative, on behalf of itself and the ABL Secured Parties, agrees that it shall not at any time execute or deliver any amendment or other modification to any of the ABL Documents in violation of this Agreement. 
 (c) In the event the Senior Representative enters into any amendment, waiver or consent in respect of any of the Senior Security Documents for the
purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Senior Security Document or changing in any manner the rights of any parties thereunder, in each case solely with respect to any Senior
Collateral, then such amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable Security Document without the consent of or action by any Junior Secured Party (with all such amendments, waivers and
modifications subject to the terms hereof); provided that, (i) no such amendment, waiver or consent shall have the effect of removing assets subject to the Lien of any Junior Security Document, except to the extent that a release of such
Lien is permitted by Section 4.2, (ii) any such amendment, waiver or consent that materially and adversely affects the rights of the Junior Secured Parties and does not affect the Senior Secured Parties in a like or similar manner
shall not apply to the Junior Security Documents without the consent of the Junior Representative, (iii) no such amendment, waiver or consent with respect to any provision applicable to the Junior Representative under the Junior Loan Documents
shall be made without the prior written consent of the Junior Representative, (iv) notice of such amendment, waiver or consent shall be given to the Junior Representative no later than 30 days after its effectiveness, provided that the
failure to give such notice shall not affect the effectiveness and validity thereof and (v) such amendment, waiver or modification to the applicable Junior Security Documents shall be approved by the Borrower in writing. 
 SECTION 7. Purchase Options. 
 7.1
Notice of Exercise. (a) Upon the occurrence and during the continuance of an “Event of Default” under the ABL Documents, if such Event of Default remains uncured or unwaived for at least thirty (30) consecutive days and
the requisite ABL Lenders have not agreed to forbear from the exercise of remedies, all or a portion of the Term Debt Creditors, acting as a single group, shall have the option at any time upon five (5) Business Days’ prior written notice
to the ABL Representative to purchase all of the ABL Obligations from the ABL Secured Parties. Such notice from such Term Debt Creditors to the ABL Representative shall be irrevocable. 
  

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 (b) Upon the occurrence and during the continuance of an “Event of Default” under the Term Debt
Documents, if such Event of Default remains uncured or unwaived for at least thirty (30) consecutive days and the Term Debt Representative has not agreed to forbear from the exercise of remedies, all or a portion of the ABL Creditors, acting as
a single group, shall have the option at any time upon five (5) Business Days’ prior written notice to the Term Debt Representative to purchase all of the Term Debt Obligations from the lenders under the Term Loan Agreement or holders of
the Senior Secured Notes. Such notice from such ABL Creditors to the Term Debt Representative shall be irrevocable. 
 7.2 Purchase and
Sale. (a) On the date specified by the relevant Term Debt Creditors in the notice contemplated by Section 7.1(a) above (which shall not be less than five (5) Business Days, nor more than twenty (20) calendar days,
after the receipt by the ABL Representative of the notice of the relevant Term Debt Creditor’s election to exercise such option), the ABL Lenders shall sell to the relevant Term Debt Creditors, and the relevant Term Debt Creditors shall
purchase from the ABL Lenders, the ABL Obligations, provided that, the ABL Representative and the ABL Secured Parties shall retain all rights to be indemnified or held harmless by the Loan Parties in accordance with the terms of the ABL
Documents but shall not retain any rights to the security therefor. 
 (b) On the date specified by the relevant ABL Creditors in the notice
contemplated by Section 7.1(b) above (which shall not be less than five (5) Business Days, nor more than twenty (20) calendar days, after the receipt by Term Debt Representative of the notice of the relevant ABL Creditor’s
election to exercise such option), the holders of the Senior Secured Notes and lenders under the Term Loan Agreement shall sell to the relevant ABL Creditors, and the relevant ABL Creditors shall purchase from the holders of the Senior Secured Notes
and lenders under the Term Loan Agreement, the Term Debt Obligations, provided that, the Term Debt Representative and the Term Debt Secured Parties shall retain all rights to be indemnified or held harmless by the Loan Parties in accordance
with the terms of the Term Debt Documents but shall not retain any rights to the security therefor. 
 7.3 Payment of Purchase Price.
Upon the date of such purchase and sale, the relevant Term Debt Creditors or the relevant ABL Creditors, as applicable, shall (a) pay to the ABL Representative for the benefit of the ABL Lenders (with respect to a purchase of the ABL
Obligations) or to the Term Debt Representative for the benefit of the holders of the Senior Secured Notes and lenders under the Term Loan Agreement (with respect to a purchase of the Term Debt Obligations) as the purchase price therefor the full
amount of all the ABL Obligations or Term Debt Obligations, as applicable, then outstanding and unpaid (including principal, interest, fees and expenses, including reasonable attorneys’ fees and legal expenses but specifically excluding any
prepayment premium, termination or similar fees), (b) with respect to a purchase of the ABL Obligations, furnish cash collateral to the ABL Representative in a manner and in such amounts as the ABL Representative determines is reasonably
necessary to secure the ABL Representative, the ABL Secured Parties, letter of credit issuing banks and applicable affiliates in connection with any issued and outstanding letters of credit, hedging obligations and cash management obligations
secured by the ABL Documents, (c) with respect to a purchase of the ABL Obligations, agree to reimburse the ABL Representative, the ABL Secured Parties and letter of credit issuing banks for any loss, cost, damage or expense (including
reasonable attorneys’ fees and legal expenses) in connection with any commissions, fees, costs or expenses related to any issued and outstanding letters of credit as described above and any checks or other payments provisionally credited to the
ABL Obligations, and/or as to which the ABL Representative has not yet received final payment, (d) agree to reimburse the ABL Secured Parties or the Term Debt Secured Parties, as applicable, and with respect to a purchase of the ABL Obligations
letter of credit issuing banks, in respect of indemnification obligations of the Loan Parties under the ABL Documents or the Term Debt Documents, as applicable, as to matters or circumstances known to the ABL Representative or the Term Debt
Representative, as applicable, at the 

  

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time of the purchase and sale which would reasonably be expected to result in any loss, cost, damage or expense (including reasonable attorneys’ fees
and legal expenses) to the ABL Secured Parties, the Term Debt Secured Parties or letter of credit issuing banks, as applicable, and (e) agree to indemnify and hold harmless the ABL Secured Parties or the Term Debt Secured Parties, as
applicable, and with respect to a purchase of the ABL Obligations letter of credit issuing banks, from and against any loss, liability, claim, damage or expense (including reasonable fees and expenses of legal counsel) arising out of any claim
asserted by a third party in respect of the ABL Obligations or the Term Debt Obligations, as applicable, as a direct result of any acts by any Term Debt Secured Party or any ABL Secured Party, as applicable, occurring after the date of such
purchase. Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account in New York, New York as the ABL Representative or the Term Debt Representative, as applicable, may designate in writing for
such purpose. 
 7.4 Limitation on Representations and Warranties. Such purchase shall be expressly made without representation or
warranty of any kind by any selling party (or the ABL Representative or the Term Debt Representative, as applicable) and without recourse of any kind, except that the selling party shall represent and warrant: (a) the amount of the ABL
Obligations or Term Debt Obligations, as applicable, being purchased from it, (b) that such ABL Secured Party or Term Debt Secured Party, as applicable, owns the ABL Obligations or Term Debt Obligations, as applicable, free and clear of any
Liens or encumbrances and (c) that such ABL Secured Party or Term Debt Secured Party, as applicable, has the right to assign such ABL Obligations or Term Debt Obligations, as applicable, and the assignment is duly authorized. 
 SECTION 8. Reliance; Waivers; etc. 
 8.1
Reliance. The ABL Documents are deemed to have been executed and delivered, and all extensions of credit thereunder are deemed to have been made or incurred, in reliance upon this Agreement. The Term Debt Representative, on behalf of it
itself and the other Term Debt Secured Parties, expressly waives all notice of the acceptance of and reliance on this Agreement by the ABL Representative and the other ABL Secured Parties. The Term Debt Documents are deemed to have been executed and
delivered and all extensions of credit thereunder are deemed to have been made or incurred, in reliance upon this Agreement. The ABL Representative, on behalf of itself and the other ABL Secured Parties, expressly waives all notices of the
acceptance of and reliance on this Agreement by the Term Debt Representative and the other Term Debt Secured Parties. 
 8.2 No Warranties
or Liability. The Term Debt Representative and the ABL Representative acknowledge and agree that neither has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of
any other ABL Document or any Term Debt Document. Except as otherwise provided in this Agreement, the Term Debt Representative and the ABL Representative will be entitled to manage and supervise the respective extensions of credit to any Loan Party
in accordance with law and their usual practices, modified from time to time as they deem appropriate. 
 8.3 No Waivers. No right or
benefit of any party hereunder shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of such party or any other party hereto or by any noncompliance by any Loan Party with the terms and conditions of any of
the ABL Documents or the Term Debt Documents. 
 SECTION 9. Obligations Unconditional. All rights, interests, agreements and obligations
hereunder of the Senior Representative and the Senior Secured Parties in respect of any Collateral and the Junior Representative and the Junior Secured Parties in respect of such Collateral shall remain in full force and effect regardless of:

 (a) any lack of validity or enforceability of any Senior Document or any Junior Document and regardless of whether the Liens of the Senior
Representative and Senior Secured Parties are not perfected or are voidable for any reason; 
  

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 (b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the
Senior Obligations or Junior Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof or any refinancing, whether by course of conduct or otherwise, of the terms of any Senior Document or any Junior
Document; 
 (c) any exchange, release or lack of perfection of any Lien on any Collateral or any other asset, or any amendment, waiver or
other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Obligations or Junior Obligations or any guarantee thereof; 
 (d) the commencement of any Insolvency Proceeding in respect of any Loan Party; or 
 (e) any other
circumstances which otherwise might constitute a defense available to, or a discharge of, any Loan Party in respect of any Secured Obligation or of any Junior Secured Party in respect of this Agreement. 
 SECTION 10. Miscellaneous. 
 10.1
Rights of Subrogation. The Term Debt Representative, for and on behalf of itself and the Term Debt Secured Parties, agrees that no payment to the ABL Representative or any ABL Secured Party pursuant to the provisions of this Agreement shall
entitle the Term Debt Representative or any Term Debt Secured Party to exercise any rights of subrogation in respect thereof until the ABL Obligations Payment Date. Following the ABL Obligations Payment Date, the ABL Representative agrees to execute
such documents, agreements, and instruments as the Term Debt Representative or any Term Debt Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations resulting from
payments to the ABL Representative by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the ABL Representative are paid by such Person upon request for payment
thereof. The ABL Representative, for and on behalf of itself and the ABL Secured Parties, agrees that no payment to the Term Debt Representative or any Term Debt Secured Party pursuant to the provisions of this Agreement shall entitle the ABL
Representative or any ABL Secured Party to exercise any rights of subrogation in respect thereof until the Term Debt Obligations Payment Date. Following the Term Debt Obligations Payment Date, the Term Debt Representative agrees to execute such
documents, agreements, and instruments as the ABL Representative or any ABL Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the Term Debt Obligations resulting from payments to the
Term Debt Representative by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the Term Debt Representative are paid by such Person upon request for payment
thereof. 
 10.2 Further Assurances. Each of the Term Debt Representative and the ABL Representative will, at their own expense and at
any time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the other party may reasonably request, in order to protect any right or
interest granted or purported to be granted hereby or to enable the ABL Representative or the Term Debt Representative to exercise and 

  

 28 

 
enforce its rights and remedies hereunder; provided, however, that no party shall be required to pay over any payment or distribution, execute
any instruments or documents, or take any other action referred to in this Section 10.2, to the extent that such action would contravene any law, order or other legal requirement or any of the terms or provisions of this Agreement, and
in the event of a controversy or dispute, such party may interplead any payment or distribution in any court of competent jurisdiction, without further responsibility in respect of such payment or distribution under this Section 10.2.

 10.3 Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any ABL Document or any
Term Debt Document, the provisions of this Agreement shall govern. 
 10.4 Continuing Nature of Provisions. Subject to
Section 5.5, this Agreement shall continue to be effective, and shall not be terminable by any party hereto, until the earlier of (i) the ABL Obligations Payment Date and (ii) the Term Debt Obligations Payment Date;
provided that if a Replacement ABL Agreement, Replacement Senior Secured Notes Agreement or Replacement Term Loan Agreement, as applicable, is entered into following such termination, the relevant Secured Parties agree to, upon the request of
any Loan Party, restore this Agreement on the terms and conditions set forth herein until the earlier to occur of the next following ABL Obligations Payment Date or Term Debt Obligations Payment Date. This is a continuing agreement and the ABL
Secured Parties and the Term Debt Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, any Loan
Party on the faith hereof. In furtherance of the foregoing: 
 (a) Upon receipt of a notice from the Loan Parties stating that the Loan
Parties (or any of them) have entered into entered into a Replacement ABL Agreement (which notice shall include the identity of the new ABL Representative), the Term Debt Representative shall promptly (i) enter into such documents and
agreements (including amendments or supplements to this Agreement) as the Loan Parties or the new ABL Representative shall reasonably request in order to provide to the new ABL Representative the rights contemplated hereby, in each case consistent
in all material respects with the terms of this Agreement, (ii) deliver to the new ABL Representative any ABL Priority Collateral held by it, together with any necessary endorsements (or otherwise allow the new ABL Representative to obtain
control of such ABL Priority Collateral), and (iii) take such other actions as the Loan Parties or the new ABL Representative may reasonably request to provide the new ABL Representative or the applicable the ABL Creditors the benefits of this
Agreement. The new ABL Representative shall agree in a writing addressed to the Term Debt Representative to be bound by the terms of this Agreement, and 
 (b) Upon receipt of a notice from the Loan Parties stating that the Loan Parties (or any of them) have entered into entered into a Replacement Senior Secured Notes Agreement or a Replacement Term Loan Agreement (which
notice shall include the identity of the new Term Debt Representative, if applicable), the ABL Representative shall promptly (i) enter into such documents and agreements (including amendments or supplements to this Agreement) as the Loan
Parties or the new Term Debt Representative shall reasonably request in order to provide to the new Term Debt Representative or the applicable new Term Debt Secured Parties the rights contemplated hereby, in each case consistent in all material
respects with the terms of this Agreement, (ii) deliver to the new Term Debt Representative any Term Debt Priority Collateral held by it together with any necessary endorsements (or otherwise allow the new Term Debt Representative to obtain
control of such Term Debt Priority Collateral), and (iii) take such other actions as the Loan Parties or the new Term Debt Representative may reasonably request to provide the new Term Debt Representative the benefits of this Agreement. The new
Term Debt Representative shall agree in a writing addressed to the ABL Representative to be bound by the terms of this Agreement. 
  

 29 

 10.5 Amendments; Waivers. (a) No amendment or modification of or supplement to any of the
provisions of this Agreement shall be effective unless the same shall be in writing and signed by the ABL Representative and the Term Debt Representative, and, in the cases of (i) amendments or modifications of Sections 2.6(b),
3.5, 3.6, 4.2, 6, 10.4, 10.5, 10.7 or 10.8 that indirectly or directly affect the rights or duties of any Loan Party and (ii) amendments or modifications of or supplements to this
Agreement that directly affect the rights or duties of any Loan Party, such Loan Party. The ABL Representative and the Term Debt Representative shall notify the Borrower at the address specified in the signature pages to this Agreement of any
amendment or modification of or supplement to any provisions of this Agreement which does not need to be signed by a Loan Party and provide the Borrower with a copy of such amendment, modification or supplement. 
 (b) It is understood that the ABL Representative and the Term Debt Representative, without the consent of any other ABL Secured Party or Term Debt
Secured Party, may in their discretion determine that a supplemental agreement (which may take the form of an amendment and restatement of this Agreement) is necessary or appropriate to facilitate having additional indebtedness or other obligations
(“Additional Debt”) of any of the Loan Parties become ABL Obligations or Term Debt Obligations, as the case may be, under this Agreement, which supplemental agreement shall specify whether such Additional Debt constitutes ABL
Obligations or Term Debt Obligations, provided, that such Additional Debt is permitted to be incurred by the ABL Agreement and Term Debt Agreement then extant, and is permitted by such agreements to be subject to the provisions of this
Agreement as ABL Obligations or Term Debt Obligations, as applicable. 
 (c) Notwithstanding the terms of Section 10.5(a) and (b), in
the event that the Term Debt Representative does not take the actions contemplated by Section 10.4(a)(i) in connection with any permitted Additional Debt within 10 days after the delivery of a written request to do so, the ABL Representative,
without the consent of the Term Debt Representative, may modify this Agreement (which modification may take the form of an amendment and restatement of this Agreement) for the purpose of having any Replacement ABL Agreement or Additional Debt of any
of the Loan Parties become ABL Obligations under this Agreement, which agreement shall specify that such Replacement ABL Agreement or Additional Debt constitutes ABL Obligations, provided, that such Additional Debt is permitted to be incurred
pursuant to each Term Debt Agreement then extant, and is permitted by such agreements (as determined by the ABL Representative in good faith and certified by an officer of the Borrower to the Term Debt Representative) to be subject to the provisions
of this Agreement as ABL Obligations, as applicable. 
 10.6 Information Concerning Financial Condition of the Loan Parties. Each of
the Term Debt Representative and the ABL Representative hereby assume responsibility for keeping itself informed of the financial condition of the Loan Parties and all other circumstances bearing upon the risk of nonpayment of the ABL Obligations or
the Term Debt Obligations. The Term Debt Representative and the ABL Representative hereby agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances (except as
otherwise provided in the ABL Documents and Term Debt Documents). In the event the Term Debt Representative or the ABL Representative, in its sole discretion, undertakes at any time or from time to time to provide any information to any other party
to this Agreement, it shall be under no obligation (a) to provide any such information to such other party or any other party on any subsequent occasion, (b) to undertake any investigation not a part of its regular business routine, or
(c) to disclose any other information. 
 10.7 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAW OF THE STATE OF NEW YORK, EXCEPT AS OTHERWISE REQUIRED BY MANDATORY PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT REMEDIES PROVIDED BY THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK ARE GOVERNED BY THE LAWS OF SUCH
JURISDICTION. 
  

 30 

 10.8 Submission to Jurisdiction; JURY TRIAL WAIVER. (a) Each ABL Secured Party, each Term
Debt Secured Party and each Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States
District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each such party hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each such party agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the any ABL Secured Party
or Term Debt Secured Party may otherwise have to bring any action or proceeding against any Loan Party or its properties in the courts of any jurisdiction. 
 (b) Each ABL Secured Party, each Term Debt Secured Party and each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so (i) any objection it may now
or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (a) of this Section and (ii) the defense of an inconvenient forum to the
maintenance of such action or proceeding. 
 (c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 10.9. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 (d) EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR
ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 10.9 Notices. 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, or sent by overnight express courier service or United States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or five days
after deposit in the United States mail (certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this
Section 10.9) shall be as set forth below each party’s name on the signature pages hereof, 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. 

10.10 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and each of
the ABL Secured Parties and Term Debt Secured Parties and their respective successors and assigns, and nothing herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement
or any Collateral. 
  

 31 

 10.11 Headings. Section headings used herein are for convenience of reference only, are not part
of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 10.12
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 10.13 Other Remedies. For avoidance of doubt, it is understood that nothing in this Agreement shall prevent any ABL Secured Party or any Term Debt
Secured Party from exercising any available remedy to accelerate the maturity of any indebtedness or other obligations owing under the ABL Documents or the Term Debt Documents, as applicable, or to demand payment under any guarantee in respect
thereof. 
 10.14 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement. This Agreement shall become effective when it shall have been executed by each party hereto. 
 10.15 Additional Loan Parties. Borrower shall cause each Person that becomes a Loan Party after the date hereof to become a party to this Agreement by execution and delivery by such Person of a Joinder
Agreement in the form of Annex 1 hereto. 
 [SIGNATURE PAGES TO FOLLOW] 
  

 32 

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

  

			
	JPMORGAN CHASE BANK, N.A., as ABL Representative for and on behalf of the ABL Secured Parties
		
	By:	 	 /s/ Barbara R. Marks

	Name:	 	Barbara R. Marks
	Title:	 	Executive Director
		 	
	Address for Notices:
	
	 JPMorgan Chase Bank, N.A.
 1111 Fannin
Street, 10th Floor
 Houston, Texas 77002
 Attention: Loan and
Agency Services Group
 Telecopy No.: (713) 750-2782
  
 with a copy to:
  
 JPMorgan Chase Bank, N.A.
 270 Park Avenue,
 New York,
NY 10017
 Attention: Barbara Marks
 Telecopy No.:
(212) 270-3279
 email: marks_b@jpmorgan.com

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

  

			
	U.S. BANK NATIONAL ASSOCIATION, as Term Debt Representative for and on behalf of the Term Debt Secured Parties
		
	By:	 	 /s/ Jack Ellerin

	Name:	 	Jack Ellerin
	Title:	 	Vice President
		 	
	 Address for Notices:
  
 U.S. Bank National Association
 Two Midtown Plaza
 1349 West Peachtree Street NW
 Suite 1050
 Atlanta, Georgia 30309
 Attention: Jack Ellerin
 Phone: (404) 898-8830
 Telecopy: (404) 898-2467

			
	 Smithfield Foods, Inc.,
a Virginia corporation

		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President, Finance
		 	
	 Address for Notices:
  
 200 Commerce Street
 Smithfield, VA 23430,
 Attention: Robert Manly (Telecopy No. 757-365-3025) and Carey Dubois (Telecopy No. 757-365-3070)
  
 Brown’s Realty Partnership,
a North Carolina
general partnership
 Carroll’s Realty Partnership,
a North Carolina general partnership
 Smithfield-Carroll’s Farms,
a Virginia general partnership

  

			
	By:	 	Murphy-Brown, LLC,
		 	as a general partner of each
		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President
		 	
	 Address for Notices:
  
 200 Commerce Street
 Smithfield, VA 23430,
 Attention: Robert Manly (Telecopy No. 757-365-3025) and Carey Dubois (Telecopy No. 757-365-3070)

			
	 814 Americas, Inc.,
a Delaware corporation
 Armour-Eckrich Meats LLC,
a Delaware limited liability company
 Farmland Distribution Inc.,
a Delaware corporation
 Farmland Foods, Inc.,
a Delaware corporation
 Gwaltney Transportation Co., Inc.,
a Delaware corporation
 John Morrell & Co.,
a Delaware corporation
 LPC Transport, Inc.,
a Delaware corporation
 Murphy Farms of Texhoma, Inc.,
an Oklahoma corporation
 Murphy-Brown LLC,
a Delaware limited liability company
 North Side Foods Corp.,
a Delaware corporation
 Patrick Cudahy Incorporated,
a Delaware corporation
 PC Express, Inc.,
a Delaware corporation
 Premium Standard Farms, LLC,
a Delaware limited liability company
 RMH Foods, Inc.,
a Delaware corporation
 The Smithfield Packing Company, Incorporated,
a Delaware corporation
 Smithfield Purchase Corporation,
a North Carolina corporation
 Smithfield Transportation Co., Inc.,
a Delaware corporation
 Stefano Foods, Inc.,
a North Carolina corporation
 Valleydale Transportation Company, Inc.,
a Delaware corporation

		 	
	 By:
	 	 /s/ Carey J. Dubois

	 Name:
	 	Carey J. Dubois
	 Title:
	 	Vice President
	
	 Address for Notices:
  
 200 Commerce Street
 Smithfield, VA 23430,
 Attention: Robert Manly (Telecopy No. 757-365-
 3025) and Carey Dubois (Telecopy No. 757-365-3070)

			
	 Jonmor Investments, Inc.,
a Delaware corporation
 Patcud Investments, Inc.,
a Delaware corporation
 SFFC, Inc.,
a Delaware corporation
 SF Investments, Inc.,
a Delaware corporation

  

			
	By:	 	 /s/ Charles McCarrick

	Name:	 	Charles McCarrick
	Title:	 	President/Assistant Secretary/
		 	Assistant Treasurer

 ANNEX 1 
 JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT (this “Agreement”), dated as of
                    , 200    , is executed by
                    , a             (the “New Subsidiary”) in favor of
JPMORGAN CHASE BANK, N.A. (“ABL Representative”) and U.S. BANK, NATIONAL ASSOCIATION (“Term Debt Representative”), in their capacities as ABL Representative and Term Debt Representative, respectively, under that
certain Intercreditor Agreement (the “Intercreditor Agreement”), dated as of July 2, 2009 among the ABL Representative, the Term Debt Representative, Smithfield Foods, Inc., as borrower, and each of the other Loan Parties party
thereto. All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Intercreditor Agreement. 
 The
New Subsidiary, for the benefit of the ABL Representative and the Term Debt Representative, hereby agrees as follows: 
 1. The New
Subsidiary hereby acknowledges the Intercreditor Agreement and acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed to be a Loan Party under the Intercreditor Agreement and shall have all of
the obligations of a Loan Party thereunder as if it had executed the Intercreditor Agreement. The New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the
Intercreditor Agreement. 
 2. The address of the New Subsidiary for purposes of Section 10.09 of the Intercreditor Agreement is as
follows: 
  

							
		  	  
	  		  	
		  	  
	  		  	
		  	  
	  		  	
		  	  
	  		  	

 3. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE NEW SUBSIDIARY HEREUNDER SHALL BE GOVERNED
BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

 IN WITNESS WHEREOF, the New Subsidiary has caused this Agreement to be duly executed by its authorized
officer, as of the day and year first above written. 
  

			
	[NEW SUBSIDIARY]
		
	By:	 	  

	Name:	 	  

	Title:Intercreditor and Collateral Agency Agreement

 Exhibit 4.8 
  
  
  
 

 
 Intercreditor and Collateral Agency Agreement 
 with 
 U.S. Bank National Association 
 as the Collateral Agent 
 2 July 2009

  
  
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	ARTICLE 1    DEFINITIONS	  	3
				
		 	Section 1.01.	  	Definitions	  	3
		 	Section 1.02.	  	Terms Generally	  	7
		
	ARTICLE 2    SHARING AMONG LENDERS	  	8
				
		 	Section 2.01.	  	Pro Rata Treatment	  	8
		 	Section 2.02.	  	Application of Collateral Proceeds	  	8
		 	Section 2.03.	  	Proceeds Received Directly by a Lender	  	8
		 	Section 2.04.	  	Incorrect Distribution	  	9
		 	Section 2.05.	  	Return of Proceeds	  	9
		 	Section 2.06.	  	Notice to Persons making Distributions	  	9
		 	Section 2.07.	  	Possession of Collateral	  	9
		 	Section 2.08.	  	Non-Cash Proceeds	  	9
		
	ARTICLE 3    COOPERATION AMONG SECURED PARTIES	  	9
				
		 	Section 3.01.	  	Cooperation	  	9
		 	Section 3.02.	  	Parties Having Other Relationships	  	10
		 	Section 3.03.	  	Modification to Financing Documents	  	10
		
	ARTICLE 4    OBLIGATED PARTY AGREEMENTS	  	10
				
		 	Section 4.01.	  	Obligations Unimpaired	  	10
		 	Section 4.02.	  	No Additional Rights for the Company	  	10
		 	Section 4.03.	  	Joinder of Subsidiaries	  	10
		
	ARTICLE 5    THE COLLATERAL AGENT	  	10
				
		 	Section 5.01.	  	Appointment and Authority of the Collateral Agent	  	10
		 	Section 5.02.	  	Actions of the Collateral Agent Requiring Consent; Amendment to Collateral Documents	  	12
		 	Section 5.03.	  	Non-Reliance on the Collateral Agent and Other Secured Parties	  	12
		 	Section 5.04.	  	The Collateral Agent and Affiliates	  	13
		 	Section 5.05.	  	Action by the Collateral Agent; Defaults	  	13
		 	Section 5.06.	  	Consultation with Experts	  	13
		 	Section 5.07.	  	Liability of the Collateral Agent	  	13
		 	Section 5.08.	  	Indemnification of the Collateral Agent; Defense of Claims.	  	14
		 	Section 5.09.	  	Resignation or Removal of the Collateral Agent	  	15
		 	Section 5.10.	  	Appointment of Co-Agents	  	15
		 	Section 5.11.	  	Compensation of the Collateral Agent; Expenses	  	16
		 	Section 5.12.	  	Release of Collateral and Subsidiary Guarantors	  	16
		 	Section 5.13.	  	Emergency Actions	  	16
		 	Section 5.14.	  	Interpleader; Declaratory Judgment	  	16
		 	Section 5.15.	  	Operation of the Collateral Account	  	16

  

 TABLE OF CONTENTS, Page i 

							
		
	ARTICLE 6    ENFORCEMENT OF REMEDIES	  	17
				
		 	Section 6.01.	  	Waivers of Rights	  	17
		 	Section 6.02.	  	Permitted Action by the Lenders	  	17
		 	Section 6.03.	  	Right to Instruct the Collateral Agent	  	17
		 	Section 6.04.	  	Permitted Exercise of other Rights	  	17
		
	ARTICLE 7    SUCCESSORS AND ASSIGNS	  	18
				
		 	Section 7.01.	  	Assignees	  	18
		 	Section 7.02.	  	New Lenders	  	18
		
	ARTICLE 8    MISCELLANEOUS	  	18
				
		 	Section 8.01.	  	Indemnification	  	18
		 	Section 8.02.	  	Expenses	  	19
		 	Section 8.03.	  	No Partnership or Joint Venture	  	19
		 	Section 8.04.	  	Notices	  	19
		 	Section 8.05.	  	Entire Agreement; Amendments and Waivers	  	20
		 	Section 8.06.	  	Payments	  	20
		 	Section 8.07.	  	Counterparts; Effectiveness	  	20
		 	Section 8.08.	  	Benefits	  	20
		 	Section 8.09.	  	No Waiver; Cumulative Remedies	  	20
		 	Section 8.10.	  	Term	  	20
		 	Section 8.11.	  	Governing Law	  	20
		 	Section 8.12.	  	Limitation of Liability	  	20
		 	Section 8.13.	  	Severability	  	21
		 	Section 8.14.	  	Headings	  	21
		 	Section 8.15.	  	Construction	  	21
		 	Section 8.16.	  	Submission to Jurisdiction; Service of Process	  	21
		 	Section 8.17.	  	Waiver of Jury Trial	  	21

  

 TABLE OF CONTENTS, Page ii 

 INDEX TO ATTACHMENTS AND SCHEDULES 
  

			
	Attachment A	  	Supplement to Intercreditor Agreement – New Lender
	Attachment B	  	Supplement to Intercreditor Agreement – New Subsidiary Guarantor

  

 INDEX TO ATTACHMENTS, Solo Page 

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT 
 THIS INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT (the “Agreement”), dated as of July 2, 2009, is made by and among SMITHFIELD
FOODS, INC. (the “Company”); each of the Company’s subsidiaries that is listed as a guarantor on the signature pages hereto and each other subsidiary that becomes a party hereto after the date hereof (collectively herein the
“Subsidiary Guarantors” but not including any subsidiary who has been released from its obligations hereunder and the Company and the Subsidiary Guarantors, herein the “Obligated Parties”); U.S. BANK NATIONAL
ASSOCIATION, as trustee for the holders of the notes (the “Noteholders”) issued under the Indenture described below (in such capacity, herein the “Trustee”); COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.
“RABOBANK NEDERLAND”, NEW YORK BRANCH, in its capacity as administrative agent for the lenders (the “Term Lenders” and collectively with the Noteholders, herein the “Lenders”) under the Term Loan Agreement
described below (in such capacity, herein, the “Administrative Agent” and the Administrative Agent and the Trustee, herein the “Representatives”); and U.S. BANK NATIONAL ASSOCIATION, in its capacity as
collateral agent hereunder (in such capacity, the “Collateral Agent”) for the Representatives and Lenders (collectively, the “Secured Parties”). 
 RECITALS 
 A. The Company, certain of its subsidiaries, certain financial
institutions and the Administrative Agent have entered into that certain Term Loan Agreement dated as of July 2, 2009 (the “Term Loan Agreement”). Under the Term Loan Agreement, the Administrative Agent is authorized to enter
into this Agreement on behalf of the Term Lenders and to bind them to the terms hereof. 
 B. Under the terms of the Term Loan Agreement,
payment of the loan outstanding under the Term Loan Agreement (the “Term Loan”) and performance and observance of all other obligations of the Company arising under or in connection with the Term Loan and the Term Loan Agreement are
and will be guaranteed by the Subsidiary Guarantors (the “Term Loan Guarantees”). Under the Term Loan Agreement, the obligations, indebtedness and liability of the Obligated Parties arising under the terms thereof and the other
“Loan Documents” as defined therein, are required to be secured by the Collateral (as hereafter defined). 
 C. The Company has
issued its 10% Senior Secured Notes due 2014 in the aggregate principal amount of $625,000,000 (such notes, along with any “Additional Notes” issued under the Indenture identified below in accordance with the restrictions contained in the
Indenture and the Term Loan Agreement, herein the “Senior Secured Notes”) pursuant to the terms of that certain Indenture dated July 2, 2009 between the Company and the Trustee (the “Indenture”). Under the
Indenture, the Trustee is authorized to enter into this Agreement on behalf of the Noteholders and to bind them to the terms hereof. 
 D.
Under the terms of the Indenture, payment of the Senior Secured Notes and performance and observance of all other obligations of the Company arising under or in connection with the Senior Secured Notes and the Indenture are and will be guaranteed by
the Subsidiary Guarantors (the “Note Guarantees” and together with the Term Loan Guarantees, the “Subsidiary Guarantees”). Under the Indenture, the obligations, indebtedness and liability of the Obligated Parties
arising under the terms thereof and under the Senior Secured Notes, are also required to be secured by the Collateral (as hereafter defined). 
 E. The Obligated Parties, the Secured Parties and the Trustee have agreed that obligations of the Obligated Parties under and in respect of the Indenture, the Senior Secured Notes and the Note 

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 2 

 
Guarantees are to be secured on a pari passu basis with the obligations of the Obligated Parties under and in respect of the Term Loan Agreement, the
Term Loan Guarantee and the Loan Documents (as defined in the Term Loan Agreement). 
 F. The parties hereto desire to enter into this
Agreement in order to: (i) provide for the appointment by the Administrative Agent and the Trustee of U.S. Bank National Association as the collateral agent acting for the benefit of the Secured Parties; (ii) set forth certain
responsibilities and obligations of the Collateral Agent; (iii) set forth certain responsibilities and obligations of the Obligated Parties with respect to the Collateral; and (iii) establish among the Secured Parties their respective
rights with respect to certain payments that may be received by the Collateral Agent in respect of the Collateral. 
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 
 Definitions 
 Section 1.01. Definitions. The following terms, as used herein, have the following meanings: 
 “ABL Collateral” means the portion of the Collateral as to which the Collateral Agent has a second-priority Lien,
including, cash and cash equivalents, deposit accounts, intellectual property, capital stock, inventory, accounts, other personal property relating to such inventory and accounts and all proceeds of the foregoing, with the exception of Excluded
Property, as more fully described in the Collateral Documents. 
 “ABL Collateral Account” shall have the
meaning specified in Section 7.1 of that certain Pledge and Security Agreement, dated July 2, 2009, among the Obligated Parties and the Collateral Agent, for the benefit of the Term Lenders and the Noteholders. 
 “ABL Credit Facility” means the Credit Agreement dated as of July 2, 2009 among the Borrower, the subsidiaries that
guarantee obligations under such agreement, the lenders parties thereto and JPMorgan Chase Bank, N.A., as administrative agent (or its successor in such capacity) and as it may be amended, supplemented or modified from time to time and any renewal,
increase, extension, refunding, restructuring, replacement or refinancing thereof (whether with the original administrative agent and lenders or another administrative agent or agents or one or more other lenders and whether provided under the
original ABL Credit Facility or one or more other credit or other agreements or indentures). 
 “Additional
Notes” means any additional notes issued under the Indenture and having identical terms and conditions as the Senior Secured Notes other than the issue date, issue price and the first interest payment date. 
 “Administrative Agent” shall have the meaning specified in the preamble of this Agreement. 
 “Affiliate” of any specified Person means (i) any other Person, directly or indirectly, controlling or controlled by
or under direct or indirect common control with such specified Person, (ii) any Person who is a director or officer (a) of such Person, (b) of any Subsidiary of such Person or (c) of any Person described in clause (i) above

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 3 

 
and (iii) any beneficial owner of shares representing 5% or more of the total voting power of the Voting Stock (on a fully diluted basis) of the Company
or of rights or warrants to purchase such Voting Stock (whether or not currently exercisable) and any Person who would be an Affiliate of any such beneficial owner pursuant to clauses (i) and (ii). For the purposes of this definition,
“control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agreement”
shall have the meaning specified in the preamble to this Agreement. 
 “Breakage Costs” means, at any time,
amounts then payable by the Company under any Credit Facility upon early prepayment of a fixed rate loan subject to an interest period to compensate for funding losses. 
 “Business Day” means a means any day that is not a Saturday, Sunday or other day on which commercial banks in New York
City are authorized or required by law to remain closed. 
 “Collateral” means the property from time to time
subject to the Liens created by the Collateral Documents. 
 “Collateral Account” means any segregated
account under the sole control of the Collateral Agent that is free from all other Liens, and includes all cash and cash equivalents received by the Trustee or the Collateral Agent from asset dispositions of Collateral, recovery events, foreclosures
on or sales of Collateral, any issuance of Additional Notes or any other awards or proceeds pursuant to the Collateral Documents, including earnings, revenues, rents, issues, profits and income from the Collateral received pursuant to the Collateral
Documents, and interest earned thereon. 
 “Collateral Agent” shall have the meaning specified in the
preamble to this Agreement. 
 “Collateral Documents” means collectively, the Intercreditor Agreement, each
Security Agreement, each Mortgage, all UCC financing statements required by any Security Agreement or any Mortgage to be filed with respect to the security interests in personal property and fixtures created pursuant thereto and each other security
agreement or other documentation executed and delivered to secure any of the Obligations. 
 “Company” shall
have the meaning specified in the preamble to this Agreement. 
 “Credit Facilities” means the Term Loan
Agreement and the Senior Secured Notes. 
 “Default” means any event or condition which upon notice, lapse of
time or both would constitute an Event of Default. 
 “Dollars” means lawful currency of the United States of
America. 
 “Effective Date” means the date hereof. 
  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 4 

 “Event of Default” means the occurrence of any “Event of
Default” or any similar event that is defined or identified in any of the Credit Facilities. 
 “Financing
Documents” means the Indenture, the Senior Secured Notes, all other documents executed and delivered pursuant to the terms of the Indenture, the Term Loan Agreement, any notes executed pursuant to the Term Loan Agreement, the Loan Documents
(as defined in the Term Loan Agreement), the Subsidiary Guarantees, the Collateral Documents and this Agreement. 
 “Funded Obligations” means, at any time of determination and with respect to any Lender, the aggregate amount owed at such time (whether or not then due) to such Lender under such Credit Facility in respect of principal,
interest (determined in accordance with the applicable provisions of any Credit Facility, but only to the extent accrued through the applicable determination date), Breakage Costs (calculated under a Credit Facility entitled to Breakage Costs, as if
the Credit Facility were repaid on the date of the determination of Funded Obligations if the Breakage Costs are not otherwise already due thereunder as of such date) and Premium (calculated under a Credit Facility entitled to Premium, as if the
Credit Facility were repaid on the date of the determination of Funded Obligations if the Premium is not otherwise already due thereunder as of such date). 
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Intercreditor Agreement” means that certain Intercreditor Agreement dated July 2, 2009 among JPMorgan Chase Bank,
National Association, as collateral agent under the ABL Credit Facility, the Collateral Agent, the Company and the Subsidiary Guarantors. 
 “Joinder Supplement” shall have the meaning specified in Section 4.03 of this Agreement. 
 “Lenders” shall have the meaning specified in the preamble to this Agreement. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof, any option or other agreement
to sell, or any filing of, or any agreement to give any security interest). 
 “Mortgage” means any mortgage,
deed of trust or other agreement which conveys or evidences a Lien in favor of the Collateral Agent, for the benefit of the Secured Parties, on real property of an Obligated Party securing the Obligations in each case substantially in the form
attached as Exhibit D to the Indenture. 
 “Non-ABL Collateral Account” shall have the meaning specified in
Section 7.1 of that certain Pledge and Security Agreement, dated July 2, 2009, among the Obligated Parties and the Collateral Agent, for the benefit of the Term Lenders and the Noteholders. 
  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 5 

 “Notice of Event of Default” shall have the meaning specified in
Section 3.01(b) of this Agreement. 
 “Obligated Parties” shall have the meaning specified in the
preamble to this Agreement. 
 “Obligations” means at any time, the aggregate amount of all Funded
Obligations and all other obligations, indebtedness and liabilities of the Obligated Parties (or any one or more of them) to the Secured Parties (or any one or more of them) arising pursuant to any of the Financing Documents (including this
Agreement and the Collateral Documents), whether now existing or hereafter arising, whether direct, indirect, related, unrelated, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several, including, without limitation, the
obligation of the Company to repay the loans made thereunder, all Breakage Costs, all Premiums, all indemnification obligations thereunder and all fees, costs, and expenses (including attorneys’ fees and expenses) provided for in the Financing
Documents. 
 “Officers’ Certificate” means a certificate signed by two or more officers of the Company;
provided, however, that an Officers’ Certificate given pursuant to this Agreement shall be signed by one of the principal executive officer, principal financial officer or principal accounting officer of the Company. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Premium” means, at any time with respect to any
Credit Facility, the amount (whether denominated as a make-whole amount, prepayment premium, yield maintenance amount or otherwise) payable as a premium in excess of principal and interest due on the prepayment, as determined pursuant to the terms
thereof. 
 “Proceeds” means any and all money or other property: (i) received upon the sale, lease,
exchange, casualty loss or any other disposition of any Collateral and (ii) received by the Collateral Agent under the terms of any of the subordination provisions of any Financing Document from a subordinated creditor. The term
“Proceeds” shall include, without limitation, “proceeds” as defined in and interpreted in accordance with the Uniform Commercial Code. 
 “Required Lenders” means, at any time of determination, as long as the aggregate outstanding principal amount of the
Senior Secured Notes equals or exceeds the aggregate principal amount outstanding under the Term Loan Agreement, the Trustee acting at the direction of the number of Noteholders required under the Indenture, and if the aggregate outstanding
principal amount of the Senior Secured Notes is less than the aggregate principal amount outstanding under the Term Loan Agreement, the Administrative Agent acting at the direction of the number of Term Lenders required under the Term Loan
Agreement. 
 “Secured Parties” shall have the meaning specified in the preamble to this Agreement.

 “Security Agreements” means that certain Pledge and Security Agreement, dated July 2, 2009, among the
Obligated Parties and the Collateral Agent, for the benefit of the Term Lenders and the Noteholders, and any other pledge or security agreement 

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 6 

 
securing the Obligations entered into, after the date of this Agreement by any other Obligated Party (as required by this Agreement or any other Financing
Document) or any other Person. 
 “Senior Secured Notes” shall have the meaning specified in Recital C.
of this Agreement. 
 “Sharing Percentage” means, as to any Lender and at any time of determination, the
percentage equivalent of a fraction of which the numerator is such Lender’s Funded Obligations and the denominator is the aggregate of all Funded Obligations of all Lenders. 
 “Subsidiary” of any Person means any corporation, association, limited liability company, partnership or other business
entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership or joint venture interests) entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person or (ii) one or more Subsidiaries of such Person. 
 “Subsidiary Guarantees” shall have the meaning specified in Recital D of this Agreement. 
 “Subsidiary Guarantors” shall have the meaning specified in the preamble to this Agreement. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the
laws of which are required to be applied in connection with the issue of perfection of security interests. 
 “Voting
Stock” of an entity means all classes of capital stock of such entity then outstanding and normally entitled to vote in the election of directors or all interests in such entity with the ability to control the management or actions of such
entity. 
 Section 1.02. 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, replaced or otherwise modified from time to time (subject to any restrictions on such
amendments, supplements, replacements or modifications set forth herein) including any refunding, restructuring, replacement or refinancing thereof (whether with the original parties thereto or other parties and whether provided under the original
agreement or one or more other agreements), (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 Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles
and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights. Terms used herein, which are defined in the UCC, unless otherwise defined herein, shall have the meanings determined in accordance with the UCC. 
  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 7 

 ARTICLE 2 
 Sharing Among Lenders 
 Section 2.01. Pro Rata Treatment. The Collateral Agent shall be the
secured party under the Collateral Documents and shall hold the Collateral, for the benefit of all the Secured Parties. The Lenders will receive pro rata treatment in connection with all payments, distributions, collections or recoveries
relating to the Collateral. Each payment or distribution by or from or received in connection with the exercise of remedies after a Default or an Event of Default in respect of the Collateral shall be shared and applied to the Obligations in
accordance with Section 2.02. The provisions contained herein concerning the Collateral and Proceeds shall be controlling, notwithstanding the terms of any agreement between any Secured Party and any Obligated Party under any other document or
instrument between such parties, whether or not any bankruptcy or other insolvency proceeding shall at any time have been commenced with respect to any Obligated Party. 
 Section 2.02. Application of Collateral Proceeds. The Proceeds of any sale, enforcement or other disposition of any of the Collateral or other distribution in respect of the Collateral, in each case following a
Default or an Event of Default, to the extent received by the Collateral Agent, shall be applied by the Collateral Agent, subject to the terms of the Intercreditor Agreement, in the following order: 
 (a) first, to the payment of all reasonable costs, fees and expenses incurred by the Collateral Agent in connection with the realization upon the
Collateral or incurred in connection with, or otherwise due to the Collateral Agent under, this Agreement; 
 (b) second, to the
payment of the Funded Obligations of the Lenders, which payment shall be paid to the applicable Representative of the Lenders and shall be shared by the Lenders according to their respective Sharing Percentages until all the liquidated Funded
Obligations have been satisfied in full and all contingent Obligations under the Credit Facilities have been fully cash collateralized; 
 (c) third, to the payment of the other Obligations owed to Secured Parties and then due, which payment shall be shared by the Secured Parties pro rata determined based on the outstanding amounts thereof; and 
 (d) fourth, to the payment to the applicable Obligated Party or its successors or assigns, or as a court of competent jurisdiction may direct, or
otherwise as required by law, if any surplus is then remaining from such proceeds. 
 Portions of the proceeds of the Collateral distributed to or for the
benefit of a Lender in respect of contingent obligations shall be held as collateral for such obligations. In the event that any such contingent obligations terminates, the Secured Party holding such Collateral agrees to return such proceeds to the
Collateral Agent for distribution in accordance with this Section 2.02 to be distributed as Proceeds of Collateral hereunder. 
 Section
2.03. Proceeds Received Directly by a Lender. If any Secured Party receives any Proceeds of the type described in Section 2.02, other than from the Collateral Agent pursuant to Section 2.02, such Person shall: (a) notify the
Collateral Agent in writing of the nature of such receipt, the date of the receipt and the amount thereof, (b) deduct from the Proceeds received any costs or expenses (including reasonable attorneys’ fees and expenses) incurred in
connection with the acquisition of such Proceeds, (c) hold the remaining amount of such Proceeds in trust for the benefit of the Collateral Agent until paid over to the Collateral Agent and (d) pay the remaining amount of such Proceeds to
the Collateral Agent promptly upon receipt thereof. Upon receipt, the Collateral Agent shall promptly distribute the Proceeds so received in accordance with Section 2.02. 
  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 8 

 Section 2.04. Incorrect Distribution. If any Secured Party receives any Proceeds in an amount in
excess of the amount such Person is entitled to receive under the terms hereof, such Person shall (a) hold such excess Proceeds in trust for the benefit of the Collateral Agent until paid over to the Collateral Agent and (b) shall promptly
pay the excess amount of such Proceeds to the Collateral Agent. The Collateral Agent shall promptly distribute the amount so received in accordance with the terms of Section 2.02. 
 Section 2.05. Return of Proceeds. If at any time payment, in whole or in part, of any Proceeds distributed hereunder is rescinded or must
otherwise be restored or returned by the Collateral Agent or by any Secured Party as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, then each Person receiving any portion of such Proceeds agrees,
upon demand, to return the portion of such Proceeds it has received to the Person responsible for restoring or returning such Proceeds. 
 Section 2.06. Notice to Persons making Distributions. Each Secured Party shall promptly and appropriately instruct any Person (other than the Collateral Agent) making any distribution of Proceeds to make such distribution so as to
give effect to this Agreement. 
 Section 2.07. Possession of Collateral. Any Secured Party possessing Collateral agrees to act as
bailee for the Collateral Agent in accordance with the terms and provisions hereof and the Intercreditor Agreement. 
 Section 2.08.
Non-Cash Proceeds. Notwithstanding anything contained herein to the contrary, if the Collateral Agent, acting upon the instructions of the Required Lenders, shall ever acquire any Collateral through foreclosure or by a conveyance in lieu of
foreclosure or by retaining any of the Collateral in satisfaction of all or part of the Obligations or if any Proceeds or other property received by the Collateral Agent or any Secured Party to be distributed and shared pursuant to this
Article 2 are in a form other than immediately available funds, the Person receiving such Collateral, Proceeds or other property shall not be required to remit any share thereof under the terms hereof and the Secured Parties shall only be
entitled to their undivided interests therein as determined hereby. The Secured Parties shall receive the applicable portions of any immediately available funds consisting of Proceeds from such Collateral or proceeds of such non-cash Proceeds or
other property so acquired only if and when paid in connection with the subsequent disposition thereof. While any Collateral or other property to be shared pursuant to this Article 2 is held by the Collateral Agent or a Secured Party pursuant
to this Section 2.08, such Person shall hold such Collateral or other property for the benefit of the Secured Parties in accordance with their respective undivided interest therein and all matters relating to the management, operation, further
disposition or any other aspect of such Collateral or other property shall be resolved by the agreement of the Required Lenders. 
 ARTICLE
3 
 Cooperation Among Secured Parties 
 Section 3.01. Cooperation. Each Representative agrees that: 
 (a) it will provide the Sharing
Percentages to the Collateral Agent to the extent necessary to enable the Collateral Agent to make distributions in accordance with Section 2.02; 
 (b) it will, not later than 30 days after it has become aware of the occurrence of any Event of Default under its Financing Documents which it believes will not be cured or waived, give the Collateral Agent notice,
and if such notice is oral, confirmed in writing, of such Event of Default and stating that the same constitutes a Notice of Event of Default (a “Notice of Event of Default”) (provided that the failure to give such notice
shall not constitute a waiver of such Event of Default); and 
  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 9 

 (c) it will give the Collateral Agent and the other Representatives immediate written notice of:
(i) any acceleration of any of its Funded Obligations, and (ii) any demand made under, or any other enforcement action taken in respect of, any Subsidiary Guarantee (provided, that the failure to give such notice shall not
constitute a waiver or rescission of such acceleration, suspension, demand or enforcement action). 
 Section 3.02. Parties Having Other
Relationships. Each Secured Party acknowledges and accepts that now and in the future the other Secured Parties or their respective Affiliates may lend to the Company or any Subsidiary on a basis other than as covered by this Agreement or may
accept deposits from, act as trustee under indentures of, act as servicing bank or any similar function under any credit relationship with, and generally engage in any kind of business with the Company or any Subsidiary, all as if such Person were
not a party to this Agreement. Except as set forth herein, each Secured Party acknowledges that the other Secured Parties and their respective Affiliates may exercise all contractual and legal rights and remedies which may exist from time to time
with respect to such other existing and future relationships without any duty to account therefor to the other Secured Parties except as necessary to establish compliance with the provisions of this Agreement. 
 Section 3.03. Modification to Financing Documents. Nothing herein shall restrict the right of any Secured Party to amend, waive, consent to the
departure from or otherwise modify any Financing Documents to which it is a party in accordance with the terms thereof. 
 ARTICLE 4 

 Obligated Party Agreements 
 Section 4.01. Obligations Unimpaired. Except as expressly provided herein, nothing contained in this Agreement shall impair, as between any Obligated Party and any Secured Party, the obligation of the Obligated Parties to pay or
perform any obligation or liability owed to such Secured Party when the same shall become due and payable in accordance with the terms of the applicable Credit Facility. 
 Section 4.02. No Additional Rights for the Company. If any Secured Party shall enforce its rights and remedies in violation of the terms of its agreements with the other Secured Parties as set forth herein or
shall otherwise not comply with its obligations owed to the other Secured Parties under the terms of this Agreement, each Obligated Party agrees that it shall not use such violation as a defense to the enforcement by such Secured Party of any of its
rights under any Credit Facility or any other Financing Documents to which it is a party nor assert such violation as a counterclaim or basis for setoff or recoupment against such Secured Party. 
 Section 4.03. Joinder of Subsidiaries. Subject to applicable law, the Company shall promptly cause any Person that becomes an Obligated Party
after the Effective Date to execute a Supplement to Intercreditor Agreement substantially in the form of Attachment B hereto (the “Joinder Supplement”). 
 ARTICLE 5 
 The Collateral Agent 
 Section 5.01. Appointment and Authority of the Collateral Agent. U.S. Bank National Association is hereby appointed by the Secured Parties to act
as collateral agent for the Secured Parties hereunder and the Company acknowledges such appointment. The Collateral Agent is hereby authorized 

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 10 

 
and directed by the Secured Parties to take such action on behalf of the Secured Parties under the terms and provisions of this Agreement and the Collateral
Documents and to exercise such rights and remedies hereunder and thereunder as are specifically delegated to or required of the Collateral Agent under the terms and provisions hereof and thereof. The Collateral Agent is appointed solely as an agent
for the Secured Parties and not as an agent of the Obligated Parties. The Collateral Agent is expressly authorized as the Collateral Agent on behalf of the Secured Parties, without limiting the foregoing, and subject to, and in accordance with, the
terms and conditions of this Agreement: 
 (a) to enter into on behalf of the Secured Parties the Intercreditor Agreement and the other
Collateral Documents to which it is a party in such capacity; 
 (b) to receive on behalf of each of the Secured Parties any payment of
monies paid to the Collateral Agent in accordance with this Agreement, the Intercreditor Agreement and the other Collateral Documents, and to distribute all payments so received in accordance with the terms of this Agreement; 
 (c) to receive all documents and items to be furnished to any of the Secured Parties under the Collateral Documents; 
 (d) subject to the terms of the Intercreditor Agreement, to maintain physical possession of any of the Collateral as contemplated in any of the
Collateral Documents as agent and bailee for the Secured Parties to perfect the liens and security interests granted pursuant to the Collateral Documents therein; 
 (e) to act on behalf of the Secured Parties in and under the Collateral Documents, subject to the terms and conditions set forth herein and therein; 
 (f) to execute and deliver to the Company requests, demands, notices, approvals, consents and other communications received from the Secured Parties in
connection with the Collateral Documents, subject to the terms and conditions set forth herein and therein; 
 (g) to the extent permitted by
this Agreement and the Collateral Documents, to exercise on behalf of each Secured Party all remedies of the Secured Parties with respect to the Collateral upon the occurrence and during the continuance of any Default or Event of Default under any
of the Financing Documents and under applicable law (including any bankruptcy or insolvency laws); 
 (h) to distribute to the Secured
Parties information, requests, notices, documents and other items received from the Company and other Persons in respect of the Collateral and the Collateral Documents; 
 (i) to accept, execute, and deliver the Collateral Documents as the secured party for the benefit of the Secured Parties; 
 (j) to continue all financing statements filed to perfect the Liens created by the Collateral Documents when required by law to ensure their continued effectiveness; 
 (k) to maintain and administer the Collateral Account as required by the limitation on sale of asset provisions of the Financing Documents; 

(l) to take title to Collateral for the benefit of the Secured Parties pursuant to the exercise of any rights and remedies under the Collateral
Documents and to manage the Collateral so acquired pursuant to the directions of the Required Lenders; 
  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 11 

 (m) to execute instruments of release or to take such other action necessary to release Liens upon the
Collateral to the extent authorized by this Agreement or the other Collateral Documents; and 
 (n) to take such other actions, other than as
specified in Section 5.02 hereof, as are expressly delegated to the Collateral Agent hereunder and under the other Collateral Documents or as are reasonably incident to any powers granted to the Collateral Agent hereunder and not in conflict
with applicable law or regulation or any Financing Document. 
 As to any matters not expressly provided for by this Agreement or any Collateral Document,
the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance with instructions signed by the Required Lenders, and such instructions of the Required Lenders and any action taken or
failure to act pursuant thereto shall be binding on all of the Secured Parties; provided, however, that the Collateral Agent shall not be obligated to follow any such written directions to the extent that it shall determine that such
directions are in conflict with any provision hereof, of any applicable law or regulation or any Financing Document or which exposes the Collateral Agent to personal liability for which it shall not be entitled to indemnification hereunder.

 Section 5.02. Actions of the Collateral Agent Requiring Consent; Amendment to Collateral Documents. Notwithstanding anything
contained herein or in the Collateral Documents to the contrary: (a) the Collateral Agent shall not, without the prior written consent of all the Lenders, release or substitute any Collateral or any Obligated Party except as expressly permitted
or required by the Indenture and the Term Loan Agreement; (b) the Collateral Agent shall not, without the prior written consent of the Required Lenders, institute foreclosure proceedings with respect to all or any portion of the Collateral; and
(c) the Collateral Agent shall not enter into any other amendment, supplement, consent, waiver or other modification of any of the Collateral Documents without the prior written consent of the Required Lenders; provided, however,
(i) that upon the Collateral Agent’s receipt of the prior written consent, or upon the written instruction, of the Required Lenders, the Collateral Agent shall take such action as to which consent has been granted or such instruction has
been given, (ii) that no amendment, consent, waiver or other modification to the Collateral Documents shall, without the written consent of the Lenders effected thereby, directly or indirectly change the definition of the obligations of such
Lenders secured thereby or alter the pro rata treatment of the Lenders thereunder, (iii) that no amendment, consent, waiver or other modification to the Collateral Documents shall, without the written consent of all the Term Lenders, alter the
pro rata interest of the Term Lenders in the Collateral in any manner not consistent with the pro rata interest of the Noteholders, (iv) that no amendment, consent, waiver or other modification to the Collateral Documents shall, without the
written consent of all the Noteholders, alter the pro rata interest of the Noteholders in the Collateral in any manner not consistent with the pro rata interest of the Term Lenders, (v) that no amendment, consent, waiver or other modification
to the Collateral Documents shall, without the written consent of all the Term Lenders, adversely impact the Term Lenders as compared to the Noteholders and (vi) that no amendment, consent, waiver or other modification to the Collateral
Documents shall, without the written consent of all Noteholders, adversely impact the Noteholders as compared to the Term Lenders. 
 Section
5.03. Non-Reliance on the Collateral Agent and Other Secured Parties. Each Secured Party agrees that it has, independently and without reliance on the Collateral Agent or any other Secured Party, and based upon such documents and information
as it has deemed appropriate, made its own credit analysis of the Obligated Parties and the Collateral, and its independent decision to enter into this Agreement, and that it will, independently and without reliance upon the Collateral Agent or any
other Secured Party, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement. The Collateral Agent shall not be
required to keep the Secured Parties informed as to the performance or 

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 12 

 
observance by any Obligated Party with the terms of this Agreement or any other Financing Document or to inspect the properties or books of any Obligated
Party. The Collateral Agent shall not have any duty, responsibility or liability to provide any Secured Party with any credit or other information concerning the affairs, financial condition or business of any Obligated Party which may come into the
possession of the Collateral Agent; provided, however, the Collateral Agent shall send to the Lenders written notice of any Default or Event of Default as provided herein and all payments and repayments of amounts required hereunder to
be paid to the Lenders received by the Collateral Agent under or in connection with the Collateral Documents or this Agreement. The Collateral Agent shall provide each Lender with a schedule of all costs and expenses which the Collateral Agent has
paid or proposes to pay from the proceeds of such payments or repayments as permitted hereunder. 
 Section 5.04. The Collateral Agent and
Affiliates. U.S. Bank National Association and any successor Collateral Agent, in its capacity as a Lender and as trustee under the Indenture, shall have the same rights and powers under the Financing Documents and may exercise or refrain from
exercising the same as though it were not the Collateral Agent hereunder, and U.S. Bank National Association and its Affiliates may lend money to and generally engage in any kind of lending, investment, trust, hedging or other business with or for
any Secured Party, any Obligated Party, or any of their respective Affiliates, as if it were not acting as the Collateral Agent hereunder. 
 Section 5.05. Action by the Collateral Agent. The obligations of the Collateral Agent hereunder and under the Collateral Documents are only those expressly set forth herein and therein. 
 (a) Defaults; Events of Default. Notwithstanding anything contained herein or in any Financing Document to the contrary, the Collateral Agent
shall not be required to take any action with respect to any Default or Event of Default, except as expressly provided herein. The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default
unless the Collateral Agent has received notice from a Secured Party or the Company specifying such Default or Event of Default and stating that such notice is a “Notice of Default.” In the event that the Collateral Agent receives
such a notice of the occurrence of a Default or Event of Default, the Collateral Agent shall promptly (and in any event within 5 Business Days of receipt thereof) give written notice to the Representatives. The Collateral Agent shall take such
action with respect to such Default or Event of Default as shall be directed by Required Lenders or that may otherwise be permitted by Section 5.14 or the other provisions hereof or of the Collateral Documents. 
 (b) Perfecting Security Interests. Notwithstanding anything contained herein or in any Financing Document to the contrary, the Collateral Agent
shall not be required to file financing statements to perfect the Liens created by the Collateral Documents unless the Collateral Agent has received instructions to make a particular filing and all information necessary to properly complete such
filing. The Obligated Parties shall, to the extent required under the other Collateral Documents, deliver to the Collateral Agent all financing statements and other documents and information as may be required in order to perfect the Liens created
by the Collateral Documents and to maintain perfected security interests. When required by law to ensure their continued effectiveness, the Collateral Agent shall be required to continue all financing statements which have been filed to perfect the
Liens created by the Collateral Documents and which have been delivered to the Collateral Agent. 
 Section 5.06. Consultation with
Experts. The Collateral Agent may consult with legal counsel, independent public accountants and any other experts selected by it (including counsel, accountants and experts of the Company) and shall not be liable for any action taken or omitted
to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts. 
 Section 5.07. Liability of the
Collateral Agent. The Collateral Agent shall be entitled to rely on any communication or document believed by it to be genuine and correct and to have been 

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 13 

 
communicated or signed by the Person by whom it purports to be communicated or signed and shall not be liable to any Secured Party for any of the
consequences of such reliance. Neither the Collateral Agent nor any director, officer, employee, affiliate or agent of the Collateral Agent shall be liable for any action taken or not taken by it or them under, or in connection with, this Agreement
or any of the Financing Documents in the absence of its or their gross negligence or willful misconduct. Without limiting the generality of the preceding sentence, the Collateral Agent: (i) may treat the parties hereto as the holder of the
Obligations until it receives written notice of the assignment or transfer thereof in accordance with Article 7; (ii) shall not by reason of this Agreement or any Collateral Document be a trustee or fiduciary for any Secured Party; and
(iii) shall not be responsible to the Secured Parties for any recitals, statements, representations, or warranties contained in any Financing Document, or any certificate or other documentation referred to or provided for in, or received by any
of them under, any Financing Document, or for the value, validity, effectiveness, enforceability, or sufficiency of any Financing Document or any other documentation referred to or provided for therein or for any failure by any Person to perform any
of its obligations thereunder. Neither the Collateral Agent nor any director, officer, employee, agent or affiliate of the Collateral Agent shall be responsible for or have any duty to ascertain, inquire into or verify: (a) any statement,
warranty or representation made in connection with any of the Financing Documents or any payment thereunder; (b) the performance or observance of any of the covenants or agreements of any Obligated Party or any Secured Party under any of the
Financing Documents; (c) the validity, effectiveness or genuineness of the Financing Documents or any other instrument or writing furnished in connection therewith; or (d) the existence, genuineness or value of any of the Collateral or the
validity, effectiveness, perfection (except as specifically set forth herein), priority or enforceability of the Liens on any of the Collateral. 
 Section 5.08. Indemnification of the Collateral Agent; Defense of Claims. 
 (a) Indemnity. The Representatives, on
behalf of the Lenders, hereby agree to indemnify the Collateral Agent, and each of the Collateral Agent’s directors, officers, affiliates, representatives and agents (each an “Indemnitee”) from and hold each Indemnitee harmless
against (to the extent not reimbursed under sections 8.01 and 8.02, but without limiting the obligations of the Obligated Parties under sections 8.01 and 8.02), ratably in accordance with their respective Sharing Percentages, any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, deficiencies, suits, costs, expenses (including reasonable attorneys’ fees and expenses), and disbursements of any kind or nature whatsoever which may be imposed on,
incurred by, or asserted against an Indemnitee in any way relating to or arising out of any action taken, omitted to be taken or to be taken by the Collateral Agent (or any of the other Indemnitees) on behalf of the Secured Parties within the scope
of the Collateral Agent’s authority as provided in this Agreement or any Collateral Document; provided, that no Representative nor any Lender shall be liable to an Indemnitee for any portion of the foregoing to the extent caused by such
Indemnitee’s gross negligence or willful misconduct. 
 (b) Defense of Claims. The Collateral Agent shall notify each
Representative as promptly as is reasonably practicable of the written assertion of, or the commencement of, any claim, suit, action or proceeding filed against any Indemnitee arising out of any action or omission for which such Indemnitee is
entitled to indemnification pursuant to Section 5.08(a) promptly after such Indemnitee shall have received the written assertion or have been served with the summons or other first legal process giving information as to the nature and basis of
the lawsuit. Each Lender shall be entitled to participate in and assume, at its own expense, the defense of any such claim, suit, action or proceeding, and such defense shall be conducted by counsel chosen by such Lender and reasonably satisfactory
to such Indemnitee, provided, however, that (i) if any Lender has not assumed the defense of such claim, suit, action or proceeding, (ii) if the attorneys handling the defense are not reasonably satisfactory to such
Indemnitee, or (iii) if the defendants in any such action include both such Indemnitee and the Lenders and such Indemnitee shall have been advised by its counsel that there may be legal defenses available to it that 

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 14 

 
are different from or additional to those available to the Lenders, which in the reasonable opinion of such counsel are sufficient to make it undesirable for
the same counsel to represent both the Lenders and such Indemnitee, such Indemnitee shall have the right to employ its own counsel in all such instances described in (i), (ii) or (iii) above, and shall be entitled to recover from any
proceeds received pursuant to Section 2.02 all reasonable fees and expenses of such counsel. If more than one Lender gives notice of assumption of defense, the matter shall be presented to all the Lenders and, unless such Indemnitee receives
notice from the Required Lenders specifying the Lender that is to assume the defense, such Indemnitee shall proceed itself with the defense. Except as provided above, the relevant Indemnitee’s right to recover its reasonable counsel fees and
expenses from proceeds received pursuant to Section 2.02 shall cease upon any Lender’s assumption of the defense of the claim, suit, action or proceeding. Each Lender and the relevant Indemnitee is always entitled to defend itself at its
own expense. Neither the Lenders nor the relevant Indemnitee shall be bound by any settlement entered into by the other parties without such party’s consent. 
 Section 5.09. Resignation or Removal of the Collateral Agent. Subject to the appointment and acceptance of a successor Collateral Agent as provided below: (a) the Collateral Agent may resign at any time by
giving thirty days’ prior written notice thereof to each Representative; and (b) the Collateral Agent may be removed by the Required Lenders if the Collateral Agent shall fail or refuse to perform or commence performing any act set forth
in written instructions delivered to it pursuant to and in accordance with this Agreement, such removal to be effective upon thirty days’ prior written notice of such removal. Upon any such resignation or removal, a successor Collateral Agent
shall be appointed by the Required Lenders; provided that such successor Collateral Agent shall be (i) a bank or trust company having a combined capital and surplus of at least $500,000,000, subject to supervision or examination by a
Federal or state banking authority; and (ii) authorized under the laws of the jurisdiction of its incorporation or organization to assume the functions of the Collateral Agent hereunder and under the Collateral Documents. If no successor
Collateral Agent shall have been appointed as aforesaid and shall have accepted such appointment within thirty days after the retiring Collateral Agent’s giving of notice of resignation or having received notice of removal, then any Lender or
the Collateral Agent (unless the Collateral Agent is being removed) may petition a court of competent jurisdiction for the appointment of a successor Collateral Agent. Such court shall, after such notice as it may deem proper, appoint a successor
Collateral Agent meeting the qualifications specified above. The Lenders hereby consent to such petition and appointment so long as such criteria are met. Upon the acceptance of any appointment as the Collateral Agent hereunder by a successor
Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from its duties
and obligations under this Agreement or any Collateral Document, except to the extent for acts or omissions prior to the resignation or removal. After any retiring Collateral Agent’s resignation or removal hereunder as the Collateral Agent:
(a) the provisions of Sections 5.07 and 5.08 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the Collateral Agent, (b) any Collateral held in possession of
the retiring Collateral Agent shall be delivered to the successor Collateral Agent, and (c) the retiring Collateral Agent shall assign all of its rights as secured party with respect to all of the Collateral to the successor Collateral Agent
for the benefit of the Secured Parties. 
 Section 5.10. Appointment of Co-Agents. At any time or times, in order to comply with any
legal requirement in any jurisdiction, the Collateral Agent may appoint a bank or trust company or one or more other Persons, either to act as co-agent or co-agents, jointly with the Collateral Agent, or to act as separate agent or agents on behalf
of the Secured Parties with such power and authority as may be necessary for the effectual operation of the provisions hereof and may be specified in the instrument of appointment (which may, in the discretion of the Collateral Agent, include
provisions for the protection of such co-agent or separate agent similar to the provisions of this Article 5). 
  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 15 

 Section 5.11. Compensation of the Collateral Agent; Expenses. The Company agrees to pay the
Collateral Agent to compensate it for the role as “Collateral Agent” hereunder, the reasonable and customary fees in such amounts and on such dates, each as separately agreed to between the Company and U.S. Bank National Association. The
fees payable to any successor Collateral Agent appointed pursuant to Section 5.09 shall be the same as those payable to its predecessor unless otherwise agreed by the Company and such successor. The Lenders agree that such compensation paid to
any successor Collateral Agent and all reasonable out-of-pocket expenses (including, without limitation, customary custodial fees and attorneys’ fees and expenses) incurred by the Collateral Agent or such successor Collateral Agent on behalf of
the Secured Parties incident to the exercise or enforcement of any terms or provisions of the Collateral Documents shall be indebtedness to the Collateral Agent or such successor Collateral Agent, secured by the Collateral. 
 Section 5.12. Release of Collateral and Subsidiary Guarantors. The Collateral Agent shall be authorized to release the Liens in the Collateral and
release a Subsidiary Guarantor from its obligations under the Financing Documents upon a certification from the Trustee that such release is permitted or required by the Indenture and a certification from the Administrative Agent that such release
is permitted or required by the Term Loan Agreement. 
 Section 5.13. Emergency Actions. The Collateral Agent is authorized, but not
obligated, to take any action reasonably required to perfect or continue the perfection or effectiveness of the Liens in the Collateral for the benefit of the Secured Parties and following the occurrence of a Default or Event of Default and before
the Required Lenders have given the Collateral Agent directions, to take any action (subject to the restrictions in Section 5.02) which the Collateral Agent, in its sole discretion and good faith, believes to be reasonably required to protect
the interests of the Lenders and to maximize both the value of the Collateral and the present value of the recovery by the Lenders on the Obligations; provided, however, that once such directions have been received, the actions of the
Collateral Agent shall be governed thereby and the Collateral Agent shall not take any further action which would be contrary thereto. The Collateral Agent shall give written notice of any such action to the Lenders within one Business Day and shall
cease any such action upon its receipt of written instructions from the Required Lenders. 
 Section 5.14. Interpleader; Declaratory
Judgment. In the event any controversy arises between or among the Lenders with respect to this Agreement, the Collateral Documents or any rights of any Secured Party hereunder or thereunder, the Collateral Agent shall have the right to
institute a bill of interpleader in any court of competent jurisdiction with respect to any amounts held by the Collateral Agent hereunder or to initiate proceedings in any court of competent jurisdiction for a declaratory judgment to determine the
rights of the parties. 
 Section 5.15. Operation of the Collateral Account. The Collateral Accounts shall be trust accounts and shall
be established and maintained by the Collateral Agent at one of its corporate trust offices (which may include the New York corporate trust office) and all Collateral shall be credited thereto. All cash and cash equivalents received by the
Collateral Agent from dispositions of collateral, recovery events, foreclosures of or sales of the Collateral, issuances of Additional Notes and other awards or proceeds pursuant to the Collateral Documents, including earnings, revenues, rents,
issues, profits and income from the Collateral received pursuant to the Collateral Documents, shall be deposited in the Non-ABL Collateral Account, in the case of proceeds from Non-ABL Collateral, or in the ABL Collateral Account, in the case of
proceeds from ABL Collateral, and thereafter shall be held, applied and/or disbursed by the Collateral Agent in accordance with the terms of this Agreement, the Indenture, the Term Loan Agreement and the Intercreditor Agreement. In connection with
any and all deposits to be made into the Collateral Accounts, the Collateral Agent shall receive an Officers’ Certificate identifying which Collateral Account shall receive such deposit and directing the Collateral Agent to make such deposit.

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 16 

 Section 5.16. Account Holder Verification. To help the government fight the funding of terrorism
and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each Person who opens an account. For a non-individual Person such as a business entity, a charity, a trust,
or other legal entity, the Collateral Agent requests documentation to verify its formation and existence as a legal entity. The Collateral Agent may also request to see financial statements, licenses, identification and authorization documents from
individuals claiming authority to represent the entity or the relevant documentation. 
 ARTICLE 6 
 Enforcement of Remedies 
 Section
6.01. Waivers of Rights. Except as otherwise expressly set forth herein, so long as any of the Obligations remain unpaid, the Secured Parties hereby agree to refrain from exercising any and all rights each may individually (i.e., other
than through the Collateral Agent) now or hereafter have applicable to the Collateral to exercise any right pursuant to the Collateral Documents, the UCC as in effect in any applicable jurisdiction, or under similar provisions of the laws of any
jurisdiction, under any bankruptcy or other insolvency laws or otherwise dispose of or retain any of the Collateral. The Secured Parties hereby agree not to take any action whatsoever to enforce any term or provision of the Collateral Documents or
to enforce any right with respect to the Collateral, in conflict with this Agreement, the Intercreditor Agreement or the terms and provisions of the Collateral Documents. 
 Section 6.02. Permitted Action by the Lenders. Any Secured Party may (but in no event shall be required to), without instruction from the Collateral Agent, take action permitted by applicable law or in
accordance with the terms of the Financing Documents to preserve its Liens and other rights in any item of Collateral securing the payment and performance of the Obligations, including but not limited to curing any default or alleged default under
any contract entered into by any Obligated Party, paying any tax, fee or expense on behalf of any Obligated Party, exercising any offset or recoupment rights and paying insurance premiums on behalf of any Obligated Party so long as such action shall
not impair the rights of the Collateral Agent or of any Secured Party. 
 Section 6.03. Right to Instruct the Collateral Agent. Upon
acceleration of the amounts owed under a Credit Facility, the Required Lenders may instruct the Collateral Agent to exercise the rights and remedies applicable to the Collateral of a secured creditor under the Collateral Documents or other available
with respect to the Collateral in law or equity, including, all rights and remedies under applicable bankruptcy and insolvency laws. 
 Section 6.04. Permitted Exercise of other Rights. Except as otherwise specifically provided in this Article 6, each Secured Party shall have all the rights and remedies available to them under the Financing Documents which are
not Collateral Documents to which they are a party upon the occurrence of a Default or an Event of Default or at any other time, and without limiting the generality of the foregoing, each Secured Party shall have the independent right, exercised in
accordance with the applicable Financing Documents and applicable law, to do any of the following: 
 (a) accelerate the Obligations owing to
such Secured Party pursuant to the Financing Documents (other than this Agreement and the other Collateral Documents) to which such Secured Party is a party; 
  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 17 

 (b) institute suit against any Obligated Party: (i) under the terms of the applicable Financing
Documents (including the Subsidiary Guarantees but excluding this Agreement and the Collateral Documents) for collection of the amounts owing thereunder or (ii) seeking an injunction, restraining order or any other similar remedy; 

(c) seek the appointment of a receiver for any Obligated Party (but not any of the Collateral); 
 (d) file an involuntary petition under any bankruptcy or insolvency laws against any Obligated Party or file a proof of claim in any bankruptcy or
insolvency proceeding; 
 (e) exercise any set–off right; or 
 (f) take any other enforcement action with respect to any Default or Event of Default pursuant to and in accordance with the Financing Documents (other
than this Agreement and the other Collateral Documents) to which it is a party. 
 ARTICLE 7 
 Successors and Assigns 
 Section 7.01.
Assignees. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Obligated Party may assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of each Lender except as otherwise permitted by the limitation on mergers and consolidated provisions of the Financing Documents (and any attempted assignment or transfer by
any Obligated Party without such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby
and, to the extent expressly contemplated hereby, the related parties of each of Collateral Agent and the Secured Parties) any legal or equitable right, remedy or claim under or by reason of this Agreement. No provision of this Agreement shall
restrict in any manner the assignment, participation or other transfer by any Secured Party of all or any part of its right, title or interest under any Credit Facility and any Person who becomes a successor of a Secured Party under the terms of the
applicable Financing Documents shall be “Secured Party” hereunder. 
 Section 7.02. New Lenders. Any bank, insurance company
or other financial institution that has extended credit to the Company after the date hereof, the proceeds of which are used to repay any of the then outstanding Funded Obligations, may become a “Lender” hereunder (and their credit
agreement, indenture, note purchase agreement and/or related documents may become a “Credit Facility” hereunder entitled to share in the Collateral and any administrative agent or trustee appointed by such Lender may become a
“Representative”) upon the receipt by the Collateral Agent of a Supplement to Intercreditor Agreement substantially in the form of Attachment A hereto properly completed, executed and delivered by such new lender. 

ARTICLE 8 
 Miscellaneous 

 Section 8.01. Indemnification. The Company shall indemnify the Collateral Agent and each of its officers, directors, employees,
counsel and agents, against any and all loss, liability or expense (including, but not limited to, reasonable attorneys’ fees and expenses) incurred by it in connection with 

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 18 

 
the administration of the Collateral and the performance of its duties hereunder and under the other Collateral Documents, including the costs and expenses
of enforcing this Agreement (including this Section 8.01) and the Collateral Documents and of defending itself against any claims (whether asserted by any Secured Party, the Company or otherwise). The Collateral Agent shall notify the Company
promptly of any claim for which it may seek indemnity. Failure by the Collateral Agent to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Collateral Agent may have separate
counsel and the Company shall pay the fees and expenses of such counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Collateral Agent through the Collateral Agent’s own willful
misconduct, gross negligence or bad faith. 
 Section 8.02. Expenses. The Obligated Parties, jointly and severally, agree to pay the
Collateral Agent on demand (a) all documented costs and expenses reasonably incurred by the Collateral Agent in connection with the preparation, negotiation, and execution of this Agreement and the Collateral Documents and any and all
amendments, modifications, renewals, extensions, and supplements thereof and thereto (whether or not the same become effective), including the reasonable fees and expenses of legal counsel for the Collateral Agent, (b) all costs and expenses
incurred by the Collateral Agent in connection with the enforcement of this Agreement or the Collateral Documents, including the fees and expenses of legal counsel for the Collateral Agent, and (c) all other costs and expenses incurred by the
Collateral Agent in connection with this Agreement or the Collateral Documents, including all costs, expenses, taxes, assessments, filing fees, and other charges levied by any Governmental Authority or otherwise payable in respect of this Agreement
or the Collateral Documents. 
 Section 8.03. No Partnership or Joint Venture. Nothing contained in this Agreement, and no action
taken by any Secured Party pursuant hereto, is intended to constitute or shall be deemed to constitute the Secured Parties as a partnership, association, joint venture or other entity. 
 Section 8.04. Notices. Unless otherwise specified herein, all notices, requests and other communications to any party hereunder shall be in
writing (including overnight delivery service, facsimile copy or similar writing) and shall if given to the Collateral Agent, be given at the following address and if given to any other party hereto, shall be given to such party at its address or
facsimile number specified pursuant to the Credit Facilities to which it is a party or, in all cases at such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties given in accordance
with this Section. All such notices and other communications shall, when delivered by overnight delivery service or transmitted by facsimile, be effective when delivered to the overnight delivery service or transmitted by facsimile with receipt
confirmed and with a copy sent by overnight delivery service, respectively. 
 Collateral Agent’s Address for Notice: 

U.S. Bank National Association 
 Two
Midtown Plaza 
 1349 West Peachtree Street NW 
 Suite 1050 
 Atlanta, Georgia 30309 
 Attn: Jack Ellerin 
 Phone:
(404) 898-8830 
 Telecopy: (404) 898-2467 
  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 19 

 Section 8.05. Entire Agreement; Amendments and Waivers. This Agreement and the other documents
referred to herein embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and may not
be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the parties hereto. Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and
signed by the Representatives and, if the rights or duties of the Collateral Agent are affected thereby, by the Collateral Agent. 
 Section
8.06. Payments. All payments hereunder shall be made in Dollars in immediately available funds. All payments to the Collateral Agent shall be made to it at such office or account as it may specify for the purpose by notice to the Lenders. All
payments to any Secured Party shall be made to it, to the extent practicable, in accordance with the provisions of the Credit Facilities. 
 Section 8.07. Counterparts; Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, and all of which taken together shall constitute a single agreement, with the same effect as
if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when the Collateral Agent shall have received counterparts hereof (which may be telecopy or other electronically reproduced or transmitted
counterparts) executed by each of the parties listed on the signature pages hereof. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or other electronic communication shall be effective as delivery of a manually
executed counterpart of this Agreement. 
 Section 8.08. Benefits. This Agreement is solely for the benefit of and shall be binding
upon the Obligated Parties, the Collateral Agent and the Secured Parties and their successors and assigns and related parties entitled to the indemnification provisions hereof, and no other Person shall have any right, benefit, priority or interest
under or by reason of this Agreement. No Obligated Party may assign their rights or obligations hereunder without the consent of the Representatives. 
 Section 8.09. No Waiver; Cumulative Remedies. No failure on the part of any Secured Party to exercise and no delay in exercising, and no course of dealing with respect to, any right, power, or privilege under
this Agreement or any Collateral Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power, or privilege under this Agreement or any Collateral Document preclude any other or further exercise thereof or
the exercise of any other right, power, or privilege. The rights and remedies provided for in this Agreement and the Collateral Documents are cumulative and not exclusive of any rights and remedies provided by law. 
 Section 8.10. Term. This Agreement shall terminate upon: (i) the irrevocable payment in full of all of the Obligations (provided,
however, this Agreement shall be reinstated if any such payment is required to be returned by any Secured Party); (ii) no Lender shall have any commitment to lend or otherwise extend credit under any Credit Facility; and (iii) the
release of the Liens on the Collateral or the total liquidation of the Collateral and the distribution of all the proceeds in accordance herewith. Without prejudice to the survival of any other obligations hereunder, the indemnification and
reimbursement obligations of the Obligated Parties under Sections 8.01 and 8.02 of this Agreement and the obligations of the Lenders under Section 5.11 shall survive the termination of this Agreement. 
 Section 8.11. Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed
by, the laws of the State of New York and the applicable laws of the United States of America. 
 Section 8.12. Limitation of
Liability. Neither the Collateral Agent nor any Affiliate, officer, director, employee, attorney, or agent thereof shall have any liability with respect to, and each Obligated 

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 20 

 
Party and each Secured Party hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, consequential
or punitive damages suffered or incurred by any Obligated Party or any Secured Party in connection with, arising out of, or in any way related to, this Agreement or any of the other Financing Documents, or any of the transactions contemplated by
this Agreement or any of the other Financing Documents. 
 Section 8.13. Severability. Any provision of this Agreement held by a court
of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Agreement and the effect thereof shall be confined to the provision held to be invalid or illegal. 
 Section 8.14. Headings. The headings, captions, and arrangements used in this Agreement are for convenience only and shall not affect the
interpretation of this Agreement. 
 Section 8.15. Construction. Each Obligated Party, the Collateral Agent and each Representative
acknowledge that each of them has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Agreement with its legal counsel and that this Agreement shall be construed as if jointly drafted by the parties
hereto. 
 Section 8.16. Submission to Jurisdiction; Service of Process. The Collateral Agent, each Secured Party and each Obligated
Party hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any Collateral Document, or for recognition or enforcement of any judgment, and each such party hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each such party agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Collateral Agent or
any Secured Party may otherwise have to bring any action or proceeding against any Obligated Party or its properties in the courts of any jurisdiction. The Collateral Agent, each Secured Party and each Obligated Party hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so (i) any objection it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in this paragraph and (ii) the defense of an inconvenient forum to the maintenance of such action or proceeding. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 8.04. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 Section 8.17. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS
CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 21 

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

			
	COMPANY:
	
	 SMITHFIELD FOODS, INC., a Virginia corporation

		
	 By:
	 	 /s/ Carey J. Dubois

		 	Carey J. Dubois, Vice President Finance

  

					
	SUBSIDIARY GUARANTORS:
	
	 BROWN’S REALTY PARTNERSHIP, a North Carolina general partnership

	 CARROLL’S REALTY PARTNERSHIP, a North Carolina general partnership

	 SMITHFIELD-CARROLL’S FARMS, a Virginia general partnership

		
	 By:
	 	MURPHY-BROWN, LLC, as a general partner of each partnership
			
		 	 By:
	 	 /s/ Carey J. Dubois

		 		 	Carey J. Dubois, Vice President

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 22 

			
	SUBSIDIARY GUARANTORS (continued):
	
	 814 AMERICAS, INC., a Delaware corporation

	 ARMOUR-ECKRICH MEATS LLC, a Delaware limited liability company

	 FARMLAND DISTRIBUTION INC., a Delaware corporation

	 FARMLAND FOODS, INC., a Delaware corporation

	 GWALTNEY TRANSPORTATION CO., INC., a Delaware corporation

	 JOHN MORRELL & CO., a Delaware corporation

	 LPC TRANSPORT, INC., a Delaware corporation

	 MURPHY FARMS OF TEXHOMA, INC., an Oklahoma corporation

	 MURPHY-BROWN LLC, a Delaware limited liability company

	 NORTH SIDE FOODS CORP., a Delaware corporation

	 PATRICK CUDAHY INCORPORATED, a Delaware corporation

	 PC EXPRESS, INC., a Delaware corporation

	 PREMIUM STANDARD FARMS, LLC, a Delaware limited liability company

	 RMH FOODS, INC., a Delaware corporation

	 THE SMITHFIELD PACKING COMPANY, INCORPORATED, a Delaware corporation

	 SMITHFIELD PURCHASE CORPORATION, a North Carolina corporation

	 SMITHFIELD TRANSPORTATION CO., INC., a Delaware corporation

	 STEFANO FOODS, INC., a North Carolina corporation

	 VALLEYDALE TRANSPORTATION COMPANY, INC., a Delaware corporation

		
	 By:
	 	 /s/ Carey J. Dubois

		 	Carey J. Dubois, Vice President

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 23 

			
	SUBSIDIARY GUARANTORS (continued):
	
	 JONMOR INVESTMENTS, INC., a Delaware corporation

	 PATCUD INVESTMENTS, INC., a Delaware corporation

	 SFFC, INC., a Delaware corporation

	 SF INVESTMENTS, INC., a Delaware corporation

		
	 By:
	 	 /s/ Charles McCarrick

		 	 Charles McCarrick, President/Assistant Secretary/Assistant Treasurer

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 24 

			
	 ADMINISTRATIVE AGENT:

	
	 COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as Administrative
Agent

		
	 By:
	 	 /s/ James V. Kenwood

		 	James V. Kenwood, Executive Director
		
	 By:
	 	 /s/ Rebecca Morrow

		 	Rebecca Morrow, Executive Director

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 25 

			
	 COLLATERAL AGENT:

	
	 U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent

		
	 By:
	 	 /s/ Jack Ellerin

	 Name:
	 	Jack Ellerin
	 Title:
	 	Vice President
	
	 TRUSTEE:

	
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	 /s/ Jack Ellerin

	 Name:
	 	Jack Ellerin
	 Title:
	 	Vice President

  

 INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT, Page 26 

 INDEX TO ATTACHMENTS AND SCHEDULES 
  

			
	Attachment A	  	Supplement to Intercreditor Agreement – New Lender
		
	Attachment B	  	Supplement to Intercreditor Agreement – New Subsidiary Guarantor

  

 INDEX TO ATTACHMENTS, Solo Page 

 Attachment A 
 SUPPLEMENT TO INTERCREDITOR AGREEMENT 
 (NEW LENDER) 
 [Date] 
 U.S. Bank National Association 
 Two Midtown Plaza 
 1349 West Peachtree Street NW 
 Suite 1050 
 Atlanta, Georgia 30309 
 Attn: Jack Ellerin 
 Phone: (404) 898-8830 
 Telecopy: (404) 898-2467 
  

			
	Re:	 	Intercreditor and Collateral Agency Agreement dated as of July 2, 2009, among Smithfield Foods, Inc., certain of its subsidiaries, U.S. Bank National Association, as trustee
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch, in its capacity as administrative agent and U.S. Bank National Association, in its capacity as collateral agent (the
“Intercreditor Agreement”); capitalized terms used herein and not otherwise defined herein shall have the meaning provided in the Intercreditor Agreement.

 Ladies and Gentlemen: 
 We acknowledge that we have received a copy of the Intercreditor Agreement and we refer to Section 7.02 thereof and confirm that we are entitled to become a “Lender” under the terms of Section 7.02
of the Intercreditor Agreement. 
 Upon your receipt of the written consent of the Representatives and your receipt of this Supplement, we
(a) shall have all the rights and benefits of a “Lender” under the Intercreditor Agreement as if we were an original signatory thereto, and (b) agree to be bound by the terms and conditions set forth in the Intercreditor
Agreement and to be obligated thereunder as if we were an original signatory thereto.
                             is our administrative agent/ trustee and shall have all the rights and benefits
of a “Representative” under the Intercreditor Agreement as if it were an original signatory thereto and by its execution below agrees to be bound by the terms and conditions set forth in the Intercreditor Agreement and to be obligated
thereunder as if it were an original signatory thereto. 
 We hereby advise you that we have extended credit to the Company on the terms
summarized on Schedule 1 hereto and that our Financing Documents are described on Schedule 2 hereto. 
 We hereby advise you of the
following administrative details: 
  

													
		 	Address:	  	  
	  		  		  		  	
		 	Facsimile:	  	  
	  		  		  		  	
		 	Telephone:	  	  
	  		  		  		  	

  

 INDEX TO ATTACHMENTS, Solo Page 

 IN WITNESS WHEREOF, the undersigned has caused this Supplement to be duly executed by its proper officer
hereunto duly authorized. 
  

									
	 [NEW ADMINISTRATIVE AGENT:]
	 		 	[NEW LENDER:]
					
	By:	 	  
	 		 	By:	 	  

	Name:	 	  
	 		 	Name:	 	  

	Title:	 	  
	 		 	Title:	 	  

  

 INDEX TO ATTACHMENTS, Solo Page 

 Attachment B 
 SUPPLEMENT TO INTERCREDITOR AGREEMENT 
 (New Subsidiary Guarantor) 
 [Date] 
 U.S. Bank National Association 
 Two Midtown Plaza 
 1349 West Peachtree Street NW 
 Suite 1050 
 Atlanta, Georgia 30309 
 Attn: Jack Ellerin 
 Phone: (404) 898-8830 
 Telecopy: (404) 898-2467 
  

	 	Re:	Intercreditor and Collateral Agency Agreement dated as of July 2, 2009, among Smithfield Foods, Inc., certain of its subsidiaries, U.S. Bank National Association, as
trustee Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch, in its capacity as administrative agent and U.S. Bank National Association, in its capacity as collateral agent (the
“Intercreditor Agreement”); capitalized terms used herein and not otherwise defined herein shall have the meaning provided in the Intercreditor Agreement. 

 Ladies and Gentlemen: 
 We acknowledge that we have received a copy of the Intercreditor Agreement and we
refer to Section 4.03 thereof. The undersigned (the “Subsidiary Guarantor”) is a Subsidiary and is required to execute this Supplement to Intercreditor Agreement (the “Supplement”) pursuant to Section 4.03
of the Intercreditor Agreement. In consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Subsidiary Guarantor hereby agrees that it assumes all the obligations of a
“Subsidiary Guarantor” under the Intercreditor Agreement and agrees that it is a “Subsidiary Guarantor” and bound as a “Subsidiary Guarantor” under the terms of the Intercreditor Agreement as if it had been an original
signatory thereto. 
 This Supplement shall be deemed to be part of, and a modification to, the Intercreditor Agreement and shall be governed
by all the terms and provisions of the Intercreditor Agreement, which terms are incorporated herein by reference, are ratified and confirmed and shall continue in full force and effect as valid and binding agreements of Subsidiary Guarantor
enforceable against Subsidiary Guarantor. The Subsidiary Guarantor hereby waives notice of the Collateral Agent’s or any other Secured Party’s acceptance of this Supplement. 
 IN WITNESS WHEREOF, the undersigned has caused this Supplement to be duly executed by its proper officer hereunto duly authorized. 
  

			
	 [NEW GUARANTOR:]

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 Supplement to Intercreditor Agreement – New Guarantor, Solo Page

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