Document:

EX-4.2

 Exhibit 4.2 
  

 
  

PLEDGE AND SECURITY AGREEMENT 

Dated as of May 22, 2020 
 by
and among 
 THE GRANTORS REFERRED TO HEREIN 

and 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION, 
 as Notes Collateral Agent 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	 Article I
	  

	
	 DEFINITIONS
	  

			
	 Section 1.1
	 	Terms Defined in Indenture	  	 	1	 
	 Section 1.2
	 	Terms Defined in UCC	  	 	1	 
	 Section 1.3
	 	Terms Generally	  	 	1	 
	 Section 1.4
	 	Definitions of Certain Terms Used Herein	  	 	1	 
	
	 Article II
	  

	
	 GRANT OF SECURITY INTEREST
	  

	
	 Article III
	  

	
	 REPRESENTATIONS AND WARRANTIES
	  

			
	 Section 3.1
	 	Title, Perfection and Priority	  	 	7	 
	 Section 3.2
	 	Type and Jurisdiction of Organization, Organizational and Identification Numbers	  	 	8	 
	 Section 3.3
	 	Principal Location	  	 	8	 
	 Section 3.4
	 	Intercompany Note	  	 	9	 
	 Section 3.5
	 	Exact Names	  	 	9	 
	 Section 3.6
	 	Chattel Paper	  	 	9	 
	 Section 3.7
	 	Intellectual Property	  	 	9	 
	 Section 3.8
	 	No Financing Statements or Security Agreements	  	 	9	 
	 Section 3.9
	 	Pledged Collateral	  	 	9	 
	 Section 3.10
	 	Commercial Tort Claims	  	 	10	 
	 Section 3.11
	 	Perfection Certificate	  	 	10	 
	
	 Article IV
	  

	
	 COVENANTS
	  

			
	 Section 4.1
	 	General	  	 	10	 
	 Section 4.2
	 	Delivery of Pledged Collateral	  	 	12	 
	 Section 4.3
	 	Uncertificated Pledged Collateral	  	 	12	 
	 Section 4.4
	 	Pledged Collateral	  	 	13	 
	 Section 4.5
	 	Intellectual Property	  	 	15	 
	 Section 4.6
	 	Commercial Tort Claims	  	 	16	 

							
	 Article V
	  

	
	 REMEDIES
	  

			
	 Section 5.1
	 	Remedies	  	 	16	 
	 Section 5.2
	 	Grantors’ Obligations Upon Default	  	 	18	 
	 Section 5.3
	 	Grant of Intellectual Property License	  	 	18	 
	
	 Article VI
	  

	
	 ACCOUNT VERIFICATION; ATTORNEY IN FACT;
PROXY
	  

			
	 Section 6.1
	 	Account Verification	  	 	18	 
	 Section 6.2
	 	Authorization for Secured Party to Take Certain Action	  	 	19	 
	 Section 6.3
	 	PROXY	  	 	19	 
	 Section 6.4
	 	NATURE OF APPOINTMENT; LIMITATION OF DUTY	  	 	20	 
	
	 Article VII
	  

	
	 GENERAL PROVISIONS
	  

			
	 Section 7.1
	 	Waivers	  	 	20	 
	 Section 7.2
	 	Limitation on Agent’s and Secured Party’s Duty with Respect to the Collateral	  	 	21	 
	 Section 7.3
	 	Compromises and Collection of Collateral	  	 	21	 
	 Section 7.4
	 	Secured Party Performance of Debtor Obligations	  	 	22	 
	 Section 7.5
	 	No Waiver; Amendments; Cumulative Remedies	  	 	22	 
	 Section 7.6
	 	Limitation by Law; Severability of Provisions	  	 	22	 
	 Section 7.7
	 	Reinstatement	  	 	22	 
	 Section 7.8
	 	Benefit of Agreement	  	 	23	 
	 Section 7.9
	 	Survival of Representations	  	 	23	 
	 Section 7.10
	 	Expenses	  	 	23	 
	 Section 7.11
	 	Additional Grantors	  	 	23	 
	 Section 7.12
	 	Termination or Release	  	 	23	 
	 Section 7.13
	 	Entire Agreement	  	 	24	 
	 Section 7.14
	 	GOVERNING LAW, ETC	  	 	24	 
	 Section 7.15
	 	WAIVER OF RIGHT TO TRIAL BY JURY	  	 	25	 
	 Section 7.16
	 	SERVICE OF PROCESS	  	 	25	 
	 Section 7.17
	 	Compensation and Indemnity	  	 	25	 
	 Section 7.18
	 	Counterparts	  	 	26	 
	 Section 7.19
	 	Mortgages	  	 	26	 
	 Section 7.20
	 	UK Security Agreement	  	 	26	 
	 Section 7.21
	 	Pari Passu Intercreditor Agreement	  	 	27	 
	 Section 7.22
	 	Concerning the Notes Collateral Agent	  	 	27	 

  
 -ii- 

							
	 Article VIII
	  

	
	 NOTICES
	  

			
	 Section 8.1
	 	 Sending Notices
	  	 	27	 
	 Section 8.2
	 	 Change in Address for Notices
	  	 	27	 

 SCHEDULES 
  

			
	 Schedule I
	  	 Initial Grantors

	 Schedule IA
	  	 UK Grantors

	 Schedule II
	  	 Pledged Collateral

	 Schedule III
	  	 UK Grantor Information

 EXHIBITS 
  

			
	 Exhibit A
	  	 Form of Perfection Certificate

	 Exhibit B
	  	 Form of Joinder Agreement

	 Exhibit C-1
	  	 Form of Trademark Security Agreement

	 Exhibit C-2
	  	 Form of Patent Security Agreement

	 Exhibit C-3
	  	 Form of Copyright Security Agreement

  
 -iii- 

 PLEDGE AND SECURITY AGREEMENT 

This PLEDGE AND SECURITY AGREEMENT (this “Security Agreement”) is entered into as of May 22, 2020, made by and among
CUSHMAN & WAKEFIELD U.S. BORROWER, LLC, a Delaware limited liability company (the “Issuer”), DTZ UK GUARANTOR LIMITED, a limited company incorporated under the laws of England and Wales with company number 09187412
(“Holdings”), and other Persons that become party hereto as Grantors (as defined herein) and Wilmington Trust, National Association, solely in its capacity as Notes Collateral Agent for the Secured Parties (in such capacity,
together with its successors and assigns, the “Notes Collateral Agent”). 
 PRELIMINARY STATEMENTS 

WHEREAS, pursuant to that certain Indenture, dated as of May 22, 2020 (as amended, modified, supplemented or restated and in
effect from time to time, the “Indenture”) by and among the Issuer, Holdings, the Guarantors, Wilmington Trust, National Association, as trustee (together with its successors in such capacity, the “Trustee”) and as
Notes Collateral Agent pursuant to which the Issuer is issuing $650 million aggregate principal amount of its 6.750% senior secured notes due 2028 (together with any additional notes issued under the Indenture, the “Notes”);

 WHEREAS, it is a condition precedent to the issuance of the Notes that each Grantor executes and delivers this Security Agreement
to the Notes Collateral Agent; and 
 WHEREAS, this Agreement is made by the Grantors in favor of the Notes Collateral Agent for the
benefit of the Secured Parties to secure the payment and performance in full when due of the Secured Obligations. 
 ACCORDINGLY, in
consideration of the above premises, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1    Terms Defined in Indenture. All capitalized terms used herein (including terms used in the
preamble and preliminary statements) and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture. 

Section 1.2    Terms Defined in UCC. Terms defined in the UCC that are not otherwise defined in this Security
Agreement or the Indenture are used herein as defined in the UCC (and if defined in more than one article of the UCC, the terms shall have the meaning specified in Article 9 thereof). 

Section 1.3    Terms Generally. The rules of construction and other interpretive provisions specified in
Section 1.04 of the Indenture shall apply to this Security Agreement, including with respect to terms defined in the preamble and preliminary statements hereto. 

Section 1.4    Definitions of Certain Terms Used Herein. As used in this Security Agreement, in addition to
the terms defined in the preamble and preliminary statements above, the following terms shall have the following meanings: 

“Account” shall have the meaning set forth in Article 9 of the UCC. 

 “Account Debtor” means any Person obligated on an Account. 

“Applicable Collateral Agent” shall have the meaning as defined in the Pari Passu Intercreditor Agreement. 

“Article” means a numbered article of this Security Agreement, unless another document is specifically referenced. 

“Cash Collateral Account” means an account held at, and subject to the sole dominion and control of, the Notes Collateral
Agent. 
 “Chattel Paper” shall have the meaning set forth in Article 9 of the UCC. 

“Collateral” shall have the meaning set forth in Article II. 

“Commercial Tort Claim” shall have the meaning set forth in Article 9 of the UCC. 

“Companies Act 2006” means the Companies Act 2006 of the United Kingdom. 

“Control” shall have the meaning set forth in Article 8 of the UCC or, if applicable, in
Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the UCC. 

“Copyright Office” means the United States Copyright Office of the Library of Congress. 

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

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of
creditors generally. 
 “Deposit Account” shall have the meaning set forth in Article 9 of the UCC. 

“Document” shall have the meaning set forth in Article 9 of the UCC. 

“Electronic Chattel Paper” shall have the meaning set forth in Article 9 of the UCC. 

“English Shares” means any Equity Interests of a Note Party organized or incorporated in a jurisdiction in England and Wales.

 “English-Share Holder” means any Grantor that directly holds English Shares. 

“Equipment” shall have the meaning set forth in Article 9 of the UCC. 

  
 -2- 

 “Excluded Accounts” means, collectively, any payroll accounts, any
withholding tax and fiduciary accounts, and any escrow accounts holding funds for the benefit of third parties (other than any Note Party), in each case, to the extent solely used for such purpose. 

“Exhibit” refers to a specific exhibit to this Security Agreement, unless another document is specifically referenced. 

“fair market value” shall have the meaning set forth in the Indenture. 

“Fixture” shall have the meaning set forth in Article 9 of the UCC. 

“General Intangible” shall have the meaning set forth in Article 9 of the UCC. 

“Goods” shall have the meaning set forth in Article 9 of the UCC. 

“Grantors” means the Initial Grantors and each additional Subsidiary Party, Parent Company, and other Person described in
Section 7.11 that becomes party to this Security Agreement after the Closing Date. 
 “Indemnified Liabilities” shall
have the meaning set forth in Section 7.17. 
 “Indemnitees” shall have the meaning set forth in
Section 7.17. 
 “Instrument” shall have the meaning set forth in Article 9 of the UCC. 

“Intellectual Property” means, with respect to any Grantor, all intellectual property and similar proprietary rights now
owned or hereafter acquired by such Grantor, including Patents, Copyrights and Trademarks. 
 “Intellectual Property
Licenses” means, with respect to any Grantor, all of such Grantor’s right, title, and interest in and to (a) any and all written licensing agreements or similar arrangements to which such Grantor grants or obtains any right with
respect to any (1) Patents, (2) Copyrights, (3) Trademarks or (4) any other Intellectual Property, (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. 

“Intellectual Property Security Agreements” means agreements substantially in the form of the Form of Trademark Security
Agreement, Form of Patent Security Agreement and Form of Copyright Security Agreement set forth in Exhibits C1–3 hereto. 

“Intercompany Note” means the Intercompany Note, dated as of the August 21, 2018, executed by Holdings, the Issuer and
each Restricted Subsidiary of Holdings party thereto. 
 “Inventory” shall have the meaning set forth in Article 9 of the
UCC. 
 “Investment Property” shall have the meaning set forth in Article 9 of the UCC. 

“Letter-of-Credit Right” shall have the
meaning set forth in Article 9 of the UCC. 
 “Material Adverse Effect” means any event, circumstance or condition
that has had a materially adverse effect on (a) the business, operations, assets or financial condition of Holdings and its 

  
 -3- 

 
Subsidiaries, taken as a whole, (b) the ability of the Grantors (taken as a whole) to perform their payment obligations under the Notes Documents or (c) the rights and remedies of the
Holders or the Notes Collateral Agent under the Notes Documents. 
 “Notes” shall have the meaning set forth in the
preamble hereto. 
 “Notes Parties” means the Issuer and the Guarantors. 

“Parent Company” means any Person that is a direct or indirect parent (which may be organized as, among other things, a
partnership) of Holdings, as applicable. 
 “Patents” means, with respect to any Grantor, all of such Grantor’s right,
title, and interest in and to: (a) any and all patents and patent applications; (b) all inventions or designs 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. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit A completed and
supplemented with the schedules and attachments contemplated thereby, and duly executed by a Responsible Officer of each of Holdings and the Issuer. 

“Pledged Collateral” means, collectively, (a) all of the Equity Interests of Restricted Subsidiaries that are Material
Subsidiaries directly held by the Issuer or any other Grantor (other than Equity Interests that are Excluded Assets) and all of the Equity Interests of the Issuer and of each Subsidiary Guarantor held by Holdings or any other Grantor, including in
each case such Equity Interests not constituting Excluded Assets and described in Schedule II issued by the entities named therein, (b) each promissory note, Tangible Chattel Paper and Instrument evidencing
Indebtedness for borrowed money (other than any intercompany Indebtedness) with a principal amount in excess of $35,000,000 (individually) owed to any Grantor (other than such promissory notes, Tangible Chattel Paper and Instruments that are
Excluded Assets), including those not constituting Excluded Assets and described in Schedule II and issued by the entities named therein, in each case with respect to clauses (a) and (b) above, as such
Schedule may be amended from time to time by any Grantor or the Issuer and (c) the Intercompany Note (other than obligations of payors evidenced thereby that constitute Excluded Assets). 

“Receivables” means the Accounts, Chattel Paper, Documents, Investment Property, Instruments and any other rights or claims
to receive money that are General Intangibles or that are otherwise included as Collateral. 
 “Registrar of Companies”
means the registrar of companies in the United Kingdom as such term is defined in the Companies Act 2006. 
 “Responsible
Officer” means, with respect to any Person, the chairman of the board of directors, the chief executive officer, the president, the chief financial officer, the chief operating officer, any vice president, the treasurer, any assistant
treasurer, any managing director, any executive vice president, any senior vice president, the secretary or any assistant secretary (a) of such Person or (b) if such Person is owned or managed by a single entity, of such entity, or
(2) any other individual designated as a “Responsible Officer” for the purposes of the Indenture by the board of directors of such Person. With respect to any document delivered by a Grantor on the Issue Date, Responsible Officer
includes any secretary or assistant secretary of such Grantor. Any document delivered hereunder that is signed by a 

  
 -4- 

 
Responsible Officer of a Grantor shall be conclusively presumed to have been authorized by all necessary corporate, partnership or other action on the part of such Grantor and such Responsible
Officer shall be conclusively presumed to have acted on behalf of such Grantor. Unless otherwise specified, all references herein to a “Responsible Officer” shall refer to a Responsible Officer of the Issuer. 

“Section” means a numbered section of this Security Agreement, unless another document is specifically referenced. 

“Secured Obligations” means “Notes Obligations” as such term is defined in the Indenture. 

“Secured Parties” means the “Noteholder Secured Parties” as such term is defined in the Indenture. 

“Security” shall have the meaning set forth in Article 8 of the UCC. 

“Stock Rights” means all dividends, instruments or other distributions and any other right or property which any Grantor
shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Equity Interest constituting Collateral, any right to receive an Equity Interest constituting Collateral and any
right to receive earnings on account of any Equity Interest constituting Collateral, in which such Grantor now has or hereafter acquires any right, issued by an issuer of such Equity Interest. 

“Subsidiary Guarantor” means any Guarantor other than Holdings. 

“Subsidiary Party” means each Subsidiary (other than the Issuer) that is party to this Security Agreement as of the Issue
Date and each Subsidiary that becomes a party to this Security Agreement as a Subsidiary Party after the Issue Date in accordance with Section 7.11. 

“Supporting Obligation” shall have the meaning set forth in Article 9 of the UCC. 

“Tangible Chattel Paper” shall have the meaning set forth in Article 9 of the UCC. 

“Termination Conditions” means the payment in full in cash of the Secured Obligations (other than contingent indemnification
obligations not then due and payable). 
 “Termination Date” means the date on which the Termination Conditions have been
satisfied. 
 “Trademarks” means, with respect to any Grantor, all of such Grantor’s right, title, and interest in and
to the following: (a) all trademarks (including service marks), trade names and trade dress, and the registrations and applications for registration thereof and the goodwill of the business symbolized by the foregoing; (b) all renewals of
the foregoing; (c) all income, royalties, damages, and payments now or hereafter due or payable with respect thereto, including, without limitation, damages, claims, and payments for past and future infringements thereof; (d) all rights to
sue for past, present, and future infringements of the foregoing; and (e) all rights corresponding to any of the foregoing throughout the world. 

“UK Grantor” means the Grantors identified on Schedule IA. 

“USPTO” means the United States Patent and Trademark Office. 

  
 -5- 

 ARTICLE II 

GRANT OF SECURITY INTEREST 

Each Grantor hereby pledges, assigns and grants to the Notes Collateral Agent, on behalf of and for the benefit of the Secured Parties, and to
secure the prompt and complete payment and performance of all Secured Obligations, a security interest in all of its right, title and interest in, to and under all of the following property and other assets, whether now owned by or owing to, or
hereafter acquired by or arising in favor of, such Grantor (including under any trade name or derivations thereof), and regardless of where located (all of which are collectively referred to as the “Collateral”): 

(a)    all Accounts; 

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

(c)    all Intellectual Property and Intellectual Property Licenses; 

(d)    all Documents; 

(e)    all Equipment; 

(f)    all Fixtures; 

(g)    all General Intangibles; 

(h)    all Goods; 

(i)    all Instruments; 

(j)    all Inventory; 

(k)    all Investment Property; 

(l)    all Pledged Collateral; 

(m)    all Letter-of-Credit
Rights and Supporting Obligations; 
 (n)    all Deposit Accounts (other than Excluded Accounts); 

(o)    all Commercial Tort Claims as specified from time to time in Schedule 6 of the Perfection
Certificate; 
 (p)    all cash or other property deposited with the Notes Collateral Agent or any other
Person, for the benefit of the Notes Collateral Agent and for the benefit of the other Secured Parties, as collateral pursuant to the provisions of this Security Agreement or any of the Notes Documents, including amounts on deposit in any Cash
Collateral Account; 
 (q)    all information contained in books, records, files, correspondence,
computer programs, tapes, disks and related data processing software identifying or pertaining to any of the foregoing or any Account Debtor or showing the amounts thereof or payments thereon or otherwise necessary or helpful in the realization
thereon or the collection thereof; and 

  
 -6- 

 (r)    any and all accessions to, substitutions for and
replacements, products and cash and non-cash proceeds (including Stock Rights) of the foregoing (including any claims to any items referred to in this definition and any claims against third parties for loss
of, damage to or destruction of any or all of the Collateral or for proceeds payable under or unearned premiums with respect to policies of insurance) in whatever form, including cash, negotiable instruments and other instruments for the payment of
money, Chattel Paper, security agreements and other documents. 
 Notwithstanding the foregoing or anything herein to the contrary, in no
event shall the “Collateral” include, or the security interest attach to any Excluded Asset. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

The Grantors, jointly and severally, represent and warrant (except, in the case of UK Grantors, with respect to Sections 3.6, 3,7, 3.10, and
3.11) to the Notes Collateral Agent, for the benefit of the Secured Parties, that: 
 Section 3.1    Title,
Perfection and Priority. 
 (a)    Each Grantor has good and valid rights in, or the power to transfer, the
Collateral which it has purported to grant a security interest hereunder, free and clear of all Liens except for Liens permitted under Section 4.1(e) and has full power and authority to grant to the Notes Collateral Agent
the security interest in such Collateral pursuant hereto. This Security Agreement creates in favor of the Notes Collateral Agent, for the benefit of the Secured Parties, a valid security interest in the Collateral granted by each Grantor. No
material consent or approval of, registration or filing with, or any other action by any Governmental Authority is required for the grant of the security interest pursuant to this Security Agreement, except (i) such as have been obtained,
taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given or made or in full force and effect pursuant to the Indenture or the other Notes Documents and if the Credit Agreement is in
effect, to the extent such consent, approval, registration, filing or other action is not required to be taken for the Secured Parties thereunder), (ii) for filings and registrations necessary to perfect Liens created pursuant to the Notes
Documents and (iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. 
 (b)    Subject to the limitations set forth in clause (c) of this
Section 3.1, the security interests granted pursuant to this Security Agreement will constitute valid perfected security interests in the Collateral in favor of the Notes Collateral Agent, on behalf of and for the benefit
of the Secured Parties, to secure the prompt and complete payment and performance of all Secured Obligations, upon (A) in the case of Collateral in which a security interest may be perfected by filing a financing statement under the Uniform
Commercial Code of any jurisdiction, the filing of financing statements naming each Grantor as “debtor” and the Notes Collateral Agent as “secured party” and describing the Collateral in the applicable filing offices as set forth
in the Perfection Certificate; (B) in the case of Instruments, Tangible Chattel Paper and certificated Securities, the delivery thereof to the Notes Collateral Agent (or its non-fiduciary agent or
designee) (or the Applicable Collateral Agent as bailee for perfection on behalf of the Notes Collateral Agent in accordance with the Pari Passu Intercreditor Agreement) and to the extent a security interest in such Collateral may be perfected by
filing a financing statement under the Uniform Commercial Code, the earlier of such date of delivery and the filing of the financing statements referred to in clause (A); (C) in the case of Collateral constituting United States federal
registered or applied-for 

  
 -7- 

 
Intellectual Property and Intellectual Property Licenses pursuant to which any Grantor is granted an exclusive license under one or more registered United States Copyrights that are identified in
such Intellectual Property Licenses, the filing of the financing statements referred to in clause (A) and the completion of the filing and recording of fully executed Intellectual Property Security Agreements (x) in the USPTO or
(y) in the Copyright Office, as applicable; and (D) in the case of Pledged Collateral and Stock Rights of a UK Grantor, upon the registration of this Security Agreement by the Registrar of Companies within the time period specified in the
Companies Act 2006, and in each case of the security interests in the Collateral described in (A) through (D), are prior to all other Liens on the Collateral other than Liens permitted under Section 4.1(e) having priority over the Notes
Collateral Agent’s Lien either by operation of law or otherwise. 
 (c)    Notwithstanding anything to the contrary
herein, no Grantor shall be required to perfect the security interests created hereby by any means other than (i) filings pursuant to the Uniform Commercial Code of any applicable jurisdiction, (ii) filing and recording fully executed
Intellectual Property Security Agreements (x) in the USPTO or (y) in the Copyright Office, as applicable (iii) in the case of Collateral that constitutes Tangible Chattel Paper, Instruments or certificated Securities, in each case, to
the extent included in the Collateral and required by Section 4.2 herein, delivery to the Notes Collateral Agent (or the Applicable Collateral Agent as bailee for perfection on behalf of the Notes Collateral Agent in
accordance with the Pari Passu Intercreditor Agreement) to be held in its possession in the United States, (iv) in the case of Collateral that consists of Commercial Tort Claims, taking the actions specified in
Section 4.6, and (v) in the case of Collateral of any UK Grantor, the delivery of a section 859D statement of particulars, a certified copy of this Security Agreement and the registration fee to the Registrar of
Companies. No Grantor shall be required to (x) grant the Notes Collateral Agent perfection through control agreements or perfection by Control with respect to any Collateral (other than in respect of Pledged Collateral) or (y) take any
actions under any laws outside of the United States (other than in the case of the UK Grantors, the laws of England and Wales) to grant, perfect or provide for the enforcement of any security interest (including with respect to any Intellectual
Property that is located in, governed by, registered, issued or applied for in any non-U.S. jurisdiction) (it being understood that there shall be no security agreements or pledge agreements governed under the
Laws of any jurisdiction other than the United States, other than, with respect to the UK Grantors, the UK Security Agreement.    Notwithstanding anything herein (including this Section 3.1), no Grantor
makes any representation or warranty as to (A) the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest in any Equity Interests of any Foreign
Subsidiary that is not a Specified Jurisdiction Subsidiary, or as to the rights and remedies of the Notes Collateral Agent or any Secured Party with respect thereto, under foreign Law or (B) the pledge or creation of any security interest, or
the effects of perfection or non-perfection, the priority or the enforceability of any pledge of or security interest to the extent such pledge, security interest, perfection or priority is not required
pursuant to the Indenture or the other Notes Documents. 
 Section 3.2    Type and Jurisdiction of Organization,
Organizational and Identification Numbers. The type of entity of each Grantor, its jurisdiction of organization, the organizational number issued to it by its jurisdiction of organization and its Federal Taxpayer Identification Number (or
federal employer identification number, as applicable) in each case as of the Issue Date and to the extent applicable, are set forth in the Perfection Certificate (or in the case of the UK Grantors, as set forth in Part A of Schedule
III). 
 Section 3.3    Principal Location. Each Grantor’s location of its place of business (if it
has only one) or its chief executive office (if it has more than one place of business), in each case as of the Issue Date, is disclosed in the Perfection Certificate (or in the case of the UK Grantors, as set forth in Part A of Schedule
III). 

  
 -8- 

 Section 3.4    Intercompany Note. For purposes of the
Intercompany Note, the Grantors confirm that the Indenture is a Future Senior Debt Facility (as defined in the Intercompany Note), the Secured Obligations constitute Senior Indebtedness (as defined in the Intercompany Note) and the Intercompany Note
is required to be pledged pursuant to this Security Agreement. 
 Section 3.5    Exact Names. As of the
Issue Date, the name of each Grantor set forth in Schedule 1 of the Perfection Certificate (or in the case of the UK Grantors, as set forth in Part A of Schedule III) is the exact name of such Grantor as it appears in such
Grantor’s certificate of organization or like document, as amended, as filed with such Grantor’s jurisdiction of organization. No Grantor has, during the five years immediately preceding the Issue Date, been known by or used any other
corporate, trade or fictitious name, or been a party to any merger or consolidation, except as disclosed in the Perfection Certificate (or in the case of the UK Grantors, as set forth in Part B of Schedule III). 

Section 3.6    Chattel Paper. Schedule II hereto lists all Tangible Chattel Paper
with a stated amount in excess of $35,000,000 of each Grantor as of the Issue Date. 

Section 3.7    Intellectual Property. As of the Issue Date, Schedule 4 of the Perfection Certificate sets
forth a true and accurate list of all Collateral consisting of United States Patents, federal United States Trademarks and United States Copyrights, in each case, that are owned by any Grantor (other than a UK Grantor) and are registered, issued or applied-for in the USPTO or United States Copyright Office. 

Section 3.8    No Financing Statements or Security Agreements. As of the Issue Date, no Grantor has filed or
consented to the filing of any financing statement or security agreement (or additionally, in the case of UK Grantors, filings with the Registrar of Companies), naming a Grantor as debtor and describing all or any portion of the Collateral that has
not lapsed or been terminated except (a) for financing statements or security agreements (or additionally, in the case of UK Grantors, other filings) naming the Notes Collateral Agent, on behalf of the Secured Parties, as the secured party and
(b) as permitted by Sections 4.1(e) and 4.1(f). 
 Section 3.9    Pledged
Collateral. 
 (a)    Schedule II hereto sets forth a complete and accurate list, as of the
Issue Date, of all of the Pledged Collateral (other than the Intercompany Note) and, with respect to any Pledged Collateral constituting any Equity Interest, the percentage of the total issued and outstanding Equity Interests of the issuer
represented thereby. As of the Issue Date, each Grantor is the legal and beneficial owner of the Pledged Collateral listed on Schedule II as being owned by it, free and clear of any Liens, except for the security
interest granted to the Notes Collateral Agent, for the benefit of the Secured Parties, hereunder and Liens permitted under Section 4.12 of the Indenture. Each Grantor further represents and warrants that, as of the Issue
Date, (i) all Pledged Collateral constituting an Equity Interest issued by a Grantor or a wholly owned Subsidiary of a Grantor has been (to the extent such concepts are relevant with respect to such Pledged Collateral) duly authorized and
validly issued by the issuer thereof and are fully paid and (if applicable) non-assessable, (ii) with respect to any certificates delivered to the Notes Collateral Agent (or its non-fiduciary agent or designee) (or the Applicable Collateral Agent as bailee for perfection on behalf of the Notes Collateral Agent in accordance with the Pari Passu Intercreditor Agreement) representing an Equity
Interest, either such certificates are Securities as defined in Article 8 of the UCC as a result of actions by the issuer or otherwise, or, if such certificates are not Securities, such Grantor has so informed the Notes Collateral Agent and has
taken steps to perfect the Notes Collateral Agent’s security interest therein as a General Intangible and (iii) to the best of its knowledge, any Pledged Collateral that represents Indebtedness owed to any Grantor has been duly authorized,
authenticated or issued and delivered by the issuer of such Indebtedness, is the legal, valid and binding obligation of such issuer, subject to applicable Debtor Relief Laws and general principles of equity, and such issuer is not in default
thereunder. 

  
 -9- 

 (b)    As of the Issue Date, (i) none of the Pledged Collateral has
been issued or transferred in violation of the securities registration, securities disclosure or similar laws of any jurisdiction to which such issuance or transfer may be subject and (ii) except for restrictions and limitations imposed or
permitted by the Notes Documents or securities laws generally, none of the Pledged Collateral is subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or
contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Notes Collateral Agent of rights and
remedies hereunder. 
 (c)    On the date of this Agreement, each English-Share Holder represents and warrants that it
has complied in all material respects with its obligations under Part 21A of the Companies Act 2006 in relation to any English Shares it directly holds. 

Section 3.10    Commercial Tort Claims. As of the Issue Date, no Grantor holds any Commercial Tort Claims
having a value in excess of $35,000,000 for which such Grantor has filed a complaint in a court of competent jurisdiction, except as indicated in Schedule 6 of the Perfection Certificate. 

Section 3.11    Perfection Certificate. The Perfection Certificate has been duly prepared, completed and
executed and the information set forth therein is correct and complete in all material respects as of the Issue Date. 
 ARTICLE IV

 COVENANTS 
 From
the Issue Date, and thereafter until the Termination Date, each Grantor agrees that: 

Section 4.1    General. 

(a)    Collateral Records. Each Grantor will maintain complete and accurate books and records. 

(b)    Authorization to File Financing Statements; Ratification. Each Grantor hereby authorizes the Notes
Collateral Agent to file, and shall deliver to the Notes Collateral Agent, all financing statements (including fixture filings, amendments and continuations) and other documents and take such other actions as are necessary under applicable law or
that the Notes Collateral Agent may request in order for the Notes Collateral Agent to maintain a perfected security interest in and, if applicable, Control of, the Collateral to the extent required by Section 4.1(c);
provided, however, that the right of the Notes Collateral Agent to file financing statements hereunder shall not be construed as a duty to do so and the Notes Collateral Agent shall not have any responsibility for the preparing, recording, filing,
rerecording, or refiling of any financing statements (amendments or continuations) or other instruments in any public office. Any financing statement filed by the Notes Collateral Agent may be filed in any filing office in any applicable Uniform
Commercial Code jurisdiction and may (i) describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner such as “all assets” or
“all personal property, whether now owned or hereafter acquired” of such Grantor or words of similar effect as being of an equal or lesser scope or with greater detail, and (ii) contain any other information required by part 5 of
Article 9 of the UCC for the 

  
 -10- 

 
sufficiency or filing office acceptance of any financing statement or amendment, including, if applicable, (A) whether such Grantor is an organization, the type of organization and any
organization identification number issued to such Grantor and (B) in the case of a financing statement filed as a Fixture filing, a sufficient description of real property to which the Collateral relates. Without limitation of the foregoing,
the UK Grantors agree to the filing of a section 859D statement of particulars, together with a certified copy of this Security Agreement and the registration fee with the Registrar of Companies. Each Grantor also agrees to furnish any such
information to the Notes Collateral Agent promptly upon reasonable request. Notwithstanding the grant of authority to the Notes Collateral Agent herein, each Grantor agrees to promptly execute and deliver, or otherwise authenticate, all further
instruments and documents, and take all further action that may be necessary or desirable, or that the Notes Collateral Agent may request, in order to perfect and protect any pledge or security interest granted or purported to be granted by such
Grantor hereunder or to enable the Notes Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral of such Grantor. 

(c)    Further Assurances. Each Grantor will: 

(i)    take or cause to be taken such further actions in accordance with the Indenture; 

(ii)    take all other actions under applicable Law to evidence and perfect the Notes Collateral
Agent’s Lien on any Collateral (and in the case of a UK Grantor with respect to actions under this Security Agreement, solely in connection with such Grantor’s Liens on Pledged Collateral and Stock Rights), or otherwise to give effect to
the intent of this Security Agreement; and 
 (iii)    defend the security interests created hereby and
priority thereof (and in the case of a UK Grantor, solely with respect to Pledged Collateral and Stock Rights) against the claims and demands not expressly permitted by the Notes Documents of all Persons whomsoever. 

(d)    Disposition of Collateral. No Grantor will sell, lease, transfer or otherwise dispose of the Collateral
except for sales, leases, transfers and other dispositions specifically permitted under Section 4.10 of the Indenture. 

(e)    Liens. No Grantor will create, incur, or suffer to exist any Lien on the Collateral except (i) the
Liens created by this Security Agreement, and (ii) Liens permitted by Section 4.12 of the Indenture. 

(f)    Other Financing Statements. No Grantor will authorize the filing of any financing statement naming it as
debtor covering all or any portion of the Collateral, except to cover security interests as permitted by Section 4.1(e). 

(g)    Change of Name, Etc. Each Grantor agrees to (a) promptly furnish to the Notes Collateral Agent (and in
any event within sixty (60) days of such change or so long as the Credit Agreement is in effect, if later, the date such notice is required to be delivered to the Credit Agreement Collateral Agent under the Credit Agreement) written notice of
any change in: (i) such Grantor’s legal name; (ii) the location of such Grantor’s chief executive office or its principal place of business; (iii) such Grantor’s organizational legal entity designation or jurisdiction
of incorporation or formation; or (iv) such Grantor’s or organizational identification number assigned to it by its jurisdiction of incorporation or formation and (b) shall make all filings under the UCC or equivalent statutes, or
otherwise that are required by applicable law in order for the Notes Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral. 

  
 -11- 

 (h)    Exercise of Duties. Anything herein to the contrary
notwithstanding, (a) the exercise by the Notes Collateral Agent of any of the rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral and (b) no
Secured Party shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Security Agreement or any other Notes Document, nor shall any Secured Party be obligated to perform any of the
obligations or duties of any Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 

(i)    Persons with Significant Control. Each English-Share Holder must (a) within the relevant timeframes,
comply on time with any notice it receives under Section 790D or 790E of the Companies Act 2006 from any Notes Party incorporated in the United Kingdom whose shares are the subject of a security interest granted pursuant to this Security
Agreement; and (b) promptly notify the Notes Collateral Agent (x) if it issues or intends to issue, or (y) receives, a warning notice or restrictions notice under Schedule 1B of the Companies Act 2006 (each a “Companies Act
Notice”), in each case of (a) and (b), in relation to any directly held English Shares. For the avoidance of doubt, each English-Share Holder must comply with its notification obligations in clause (a) above before the relevant
English-Share Holder issues a Companies Act Notice, or in the case of receipt of a notice, after the relevant English-Share Holder receives such Companies Act Notice. 

Section 4.2    Delivery of Pledged Collateral. 

(a)    Each Grantor will (in each case, subject to the limitations set forth in the Indenture or other Notes Documents) on
the Issue Date deliver to the Notes Collateral Agent (or its non-fiduciary agent or designee) (or the Applicable Collateral Agent as bailee for perfection on behalf of the Notes Collateral Agent in accordance
with the Pari Passu Intercreditor Agreement) upon execution of this Security Agreement all certificates or instruments, if any, representing or evidencing the Pledged Collateral (other than checks received in the ordinary course of business),
together with duly executed instruments of transfer or assignments in blank. 
 (b)    Each Grantor will (in each case,
subject to the limitations set forth in the Indenture) deliver to the Notes Collateral Agent (or its non-fiduciary agent or designee) (or the Applicable Collateral Agent as bailee for perfection on behalf of
the Notes Collateral Agent in accordance with the Pari Passu Intercreditor Agreement) within sixty (60) days after receipt thereof by such Grantor (or so long as the Credit Agreement is in effect, if later, the date such notice is required to
be delivered to the Credit Agreement Collateral Agent under the Credit Agreement), all certificates or instruments, if any, representing or evidencing Pledged Collateral acquired after the date hereof (other than checks received in the ordinary
course of business), together with duly executed instruments of transfer or assignments in blank. 

Section 4.3    Uncertificated Pledged Collateral. Unless otherwise consented to by the Credit Agreement
Collateral Agent under the Credit Agreement security documents (so long as the Credit Agreement is in effect), Equity Interests required to be pledged hereunder in any Domestic Subsidiary that is organized as a limited liability company or limited
partnership and pledged hereunder shall either (i) be represented by a certificate, and in the organizational documents of such entity, the applicable Grantor shall cause the issuer of such interests to elect to treat such interests as a
“security” within the meaning of Article 8 of the UCC of its jurisdiction of organization or formation, as applicable, by including in its organizational documents language substantially similar to the following and, accordingly, such
interests shall be governed by Article 8 of the UCC: 

  
 -12- 

 “The [partnership/limited liability company] hereby irrevocably elects that all
[partnership/membership] interests in the [partnership/limited liability company] shall be securities governed by Article 8 of the Uniform Commercial Code of [jurisdiction of organization or formation, as applicable]. Each certificate
evidencing [partnership/membership] interests in the [partnership/limited liability company] shall bear the following legend: ‘This certificate evidences an interest in [name of [partnership/limited liability company]] and shall be a security
for purposes of Article 8 of the Uniform Commercial Code.’ No change to this provision shall be effective until all outstanding certificates have been surrendered for cancellation and any new certificates thereafter issued shall not bear
the foregoing legend.” 
 or (ii) not be represented by a certificate and the applicable Grantor shall cause the issuer of such interests not to
have elected to treat such interests as a “security” within the meaning of Article 8 of the UCC. 

Section 4.4    Pledged Collateral. 

(a)    Registration in Nominee Name; Denominations. The Notes Collateral Agent (or its non-fiduciary agent or designee) (or the Applicable Collateral Agent as bailee for perfection on behalf of the Notes Collateral Agent in accordance with the Pari Passu Intercreditor Agreement), on behalf of the
Secured Parties, shall hold certificated Pledged Collateral in the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Notes Collateral Agent (or the Applicable Collateral Agent in accordance with the Pari Passu
Intercreditor Agreement). Following the occurrence and during the continuance of an Event of Default, each Grantor will promptly give to the Notes Collateral Agent (or its non-fiduciary agent or designee) (or
the Applicable Collateral Agent as bailee for perfection on behalf of the Notes Collateral Agent in accordance with the Pari Passu Intercreditor Agreement), concurrently with the delivery to the Credit Agreement Collateral Agent, or otherwise upon
reasonable request of the Notes Collateral Agent, copies of any notices or other communications received by it with respect to Pledged Collateral registered in the name of such Grantor. Following the occurrence and during the continuance of an Event
of Default and after prior written notice to the applicable Grantor, the Notes Collateral Agent (or its non-fiduciary agent or designee) (or Applicable Collateral Agent in accordance with the Pari Passu
Intercreditor Agreement) shall at all times have the right (but not the obligation) to exchange the certificates representing Pledged Collateral for certificates of smaller or larger denominations for any purpose consistent with this Security
Agreement. 
 (b)    Exercise of Rights in Pledged Collateral. 

(i)    Without in any way limiting the foregoing and subject to
clause (ii) below, each Grantor shall have the right to exercise all voting rights or other rights relating to the Pledged Collateral for all purposes not in conflict with this Security Agreement, the Indenture or any
other Notes Document; provided, however, that no vote or other right shall be exercised or action taken that would reasonably be expected to have the effect of materially and adversely impairing the rights of the Notes Collateral Agent
in respect of the Pledged Collateral (except as expressly permitted under the terms and conditions of the Indenture). The Notes Collateral Agent will at the sole cost and expense of the Grantors execute and deliver (or cause to be executed and
delivered to such Grantor) all such proxies, powers of attorney and other instruments as such Grantor may reasonably request in writing for the purpose of enabling such Grantor to exercise such voting or other rights that it is entitled to exercise
pursuant to this Section 4.4(b), in each case as specified in such request. 

  
 -13- 

 (ii)    Each Grantor will permit the Notes Collateral
Agent (but the Notes Collateral Agent shall not be obligated to) (or its non-fiduciary agent or designee) at any time after the occurrence and during the continuance of an Event of Default, after prior written
notice to the applicable Grantor, to exercise all voting rights or other rights relating to Pledged Collateral, including, without limitation, exchange, subscription or any other rights, privileges, or options pertaining to any Equity Interest or
Investment Property constituting Pledged Collateral as if it were the absolute owner thereof; provided, that, unless otherwise directed by the Holders of a majority in aggregate principal amount of the then outstanding Notes in accordance
with the Indenture, the Notes Collateral Agent shall have the right at any time after the occurrence and during the continuance of an Event of Default to permit the Grantors to exercise such rights. 

(iii)    Subject to the immediately succeeding sentence, each Grantor shall be entitled to receive and
retain any and all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted
by, and otherwise paid or distributed in accordance with, the terms and conditions of the Indenture, the other Notes Documents and applicable Law; provided, however, that any non-cash dividends,
interest, principal or other distributions that would constitute Pledged Collateral, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Collateral or received in
exchange for Pledged Collateral or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the
Pledged Collateral, and, if received by any Grantor, shall not be commingled by such Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Secured Parties and
shall, subject to the terms of the Pari Passu Intercreditor Agreement, be forthwith delivered to the Notes Collateral Agent (or its non-fiduciary agent or designee) in the same form as so received (with any
necessary endorsement or instrument of assignment). Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default and notice to the Grantors from the Notes Collateral Agent of its intent to exercise remedies,
all rights of each Grantor to receive dividends, interest, principal or other distributions which it would otherwise be authorized to receive and retain pursuant to preceding sentence shall immediately cease and all such rights shall, subject to the
terms of the Pari Passu Intercreditor Agreement, thereupon become vested in the Notes Collateral Agent, which shall thereupon have the sole right to receive and hold as Pledged Collateral and such dividends, interest, principal or other
distributions. All such dividends, interest, principal or other distributions which are received by any Grantor contrary to the provisions of this Section 4.4(b)(iii) shall be received for the benefit of the Notes
Collateral Agent, shall be segregated from other funds of such Grantor and shall immediately be paid over to the Notes Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement). So long as no Event of
Default has occurred and is continuing, the Notes Collateral Agent shall promptly deliver to each Grantor (at the expense of such Grantor) any Pledged Collateral in its possession if requested to be delivered to the issuer thereof for cancellation
in connection with any exchange, redemption or sale of such Pledged Collateral permitted pursuant to the terms of the Indenture. 

  
 -14- 

 (iv)    Each Grantor shall, at its sole cost and
expense, from time to time following the occurrence and during the continuance of an Event of Default execute and deliver to the Notes Collateral Agent appropriate instruments as may be reasonably necessary or as the Notes Collateral Agent may
request in order to permit the Notes Collateral Agent to exercise the voting and other rights which it may be entitled to exercise and to receive all dividends, interest, principal or other distributions which it may be entitled to receive. 

Section 4.5    Intellectual Property. 

(a)    Upon the occurrence and during the continuance of an Event of Default, each Grantor will use commercially reasonable
efforts to obtain all consents and approvals necessary or appropriate for the assignment to or for the benefit of the Notes Collateral Agent of any Intellectual Property License held by such Grantor in order to enforce the security interests granted
hereunder. 
 (b)    Except to the extent such actions are not required, pursuant to
Section 4.5(c) below, each Grantor shall in its reasonable business judgment notify the Notes Collateral Agent promptly if it knows or reasonably expects that any application or registration of any Patent, Trademark or
Copyright (now or hereafter existing) included in the Collateral and material to the conduct of such Grantor’s business may become abandoned or dedicated to the public, or of any material adverse determination regarding such Grantor’s
ownership of any such registered Patent, Trademark or Copyright, or to keep and maintain the same. 
 (c)    In the
event that any Grantor (other than a UK Grantor), either directly or through any agent or designee, files an application for the registration or issuance of (or otherwise becomes the owner of) any new material United States Patent, federal United
States Trademark or United States Copyright with the USPTO or the Copyright Office, as applicable, to the extent that any of the foregoing constitute Collateral, such Grantor will, concurrently with any delivery of financial statements pursuant to
Section 4.03 of the Indenture, provide the Notes Collateral Agent written notice thereof, and such Grantor shall promptly execute, file and deliver to the Notes Collateral Agent the appropriate supplemental
Intellectual Property Security Agreements to evidence the Notes Collateral Agent’s security interest in such material Patent, Trademark (other than any
“intent-to-use” trademark applications filed in the United States Patent and Trademark Office, pursuant to Section 1(b) of the Lanham Act, 15 U.S.C.
Section 1051, prior to the accepted filing of a “Statement of Use” and issuance of a “Certificate of Registration” pursuant to Section 1(d) of the Lanham Act or an accepted filing of an “Amendment to Allege
Use”) whereby such intent-to-use trademark application is converted to a “use in commerce” application pursuant to Section 1(c) of the Lanham Act or
Copyright of such Grantor relating thereto or represented thereby, or subject to the Indenture, such other registered or applied for Intellectual Property constituting Collateral as is required under applicable law to protect, preserve, perfect or
enforce the security interest of the Notes Collateral Agent and shall file such supplement with the USPTO or the US Copyright Office, as applicable. 

(d)    Except to the extent permitted by Section 4.5(e) below, each Grantor shall maintain each
of the registered or issued United States Patents, United States federal Trademarks and United States Copyrights (now or hereafter existing) included in the Collateral, except in cases where (i) the failure to do so would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect or (ii) in the ordinary course of business consistent with past practice, such Grantor reasonably decides to abandon, allow to lapse or expire, forfeit or dedicate to
the public any such Patents, Trademarks or Copyrights. 

  
 -15- 

 (e)    Nothing in this Security Agreement shall prevent any Grantor
from, discontinuing the use or maintenance of, abandoning, failing to pursue, selling, transferring allowing to lapse, expire or terminate putting into the public domain or otherwise disposing of, any of its Collateral constituting Intellectual
Property to the extent permitted by the Indenture if such Grantor determines in its reasonable business judgment that such disposition, discontinuance, abandonment or other action (or non-action) is desirable
in the conduct of its business or otherwise would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

Section 4.6    Commercial Tort Claims. Each Grantor (other than a UK Grantor) shall promptly notify the Notes
Collateral Agent of any Commercial Tort Claims for which such Grantor has filed complaint(s) in court(s) of competent jurisdiction and such Grantor shall update Schedule 6 of the Perfection Certificate, thereby granting to the Notes Collateral
Agent a security interest in such Commercial Tort Claim(s). The requirement in the preceding sentence shall not apply to the extent that the amount of such Commercial Tort Claim does not exceed $35,000,000 held by each Grantor (other than a UK
Grantor) or to the extent such Grantor shall have previously notified the Notes Collateral Agent with respect to any previously held or acquired Commercial Tort Claim. 

ARTICLE V 

REMEDIES 

Section 5.1    Remedies. Upon the occurrence and during the continuance of an Event of Default and after
written notice by the Notes Collateral Agent of its intent to do so (and subject to the Pari Passu Intercreditor Agreement): 

(a)    the Notes Collateral Agent may (but shall not be obligated to) exercise any or all of the following
rights and remedies: 
 (i)    those rights and remedies provided in this Security Agreement, the
Indenture or any other Notes Document provided that this Section 5.1(a) shall not be understood to limit any rights available to the Notes Collateral Agent and the Secured Parties under the Notes Documents prior to an Event of Default; 

(ii)    those rights and remedies available to a secured party under the UCC (whether or not the UCC
applies to the affected Collateral) or under any other applicable Law (including, without limitation, any Law governing the exercise of a bank’s right of setoff or bankers’ Lien) when a debtor is in default under a security agreement; 

(iii)    give notice of sole control or any other instruction under any control or similar agreement and
take any action provided therein with respect to the applicable Collateral; 
 (iv)    enter the premises
of any Grantor where any Collateral is located (through self-help, and without judicial process and without breaching the peace) to, subject to the mandatory requirements of applicable Law, collect, receive, assemble, process, appropriate, sell,
lease, assign, grant an option or options to purchase or otherwise dispose of, deliver, or realize upon, the Collateral or any part thereof in one or more parcels at public or private sale or sales (which sales may be adjourned or continued from
time to time with or without notice and may take place at such Grantor’s premises or elsewhere), for cash, on credit or for future delivery without assumption of any credit risk, and upon such other terms as the Notes Collateral Agent may deem
commercially reasonable; provided that the Notes Collateral Agent will provide the applicable Grantor with notice thereof prior to or promptly upon such occupancy; and 

  
 -16- 

 (v)    transfer and register in its name or in the name
of its nominee the whole or any part of the Pledged Collateral, to exchange certificates or instruments representing or evidencing Pledged Collateral for certificates or instruments of smaller or larger denominations, to exercise the voting and all
other rights as a holder with respect thereto, to collect and receive all cash dividends, interest, principal and other distributions made thereon and to otherwise act with respect to the Pledged Collateral as though the Notes Collateral Agent was
the outright owner thereof. 
 (b)    Each Grantor acknowledges and agrees that the compliance by the
Notes Collateral Agent, on behalf of the Secured Parties, with any applicable state or federal Law requirements in connection with a disposition of the Collateral will not be considered to adversely affect the commercial reasonableness of any sale
of the Collateral. 
 (c)    The Notes Collateral Agent shall have the right upon any public sale or
sales and, to the extent permitted by Law, upon any private sale or sales, to purchase for the benefit of the Notes Collateral Agent and the Secured Parties, the whole or any part of the Collateral so sold, free of any right of equity redemption,
which equity redemption each Grantor hereby expressly releases. 
 (d)    Until the Notes Collateral
Agent is able to effect a sale, lease, transfer or other disposition of Collateral, the Notes Collateral Agent shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the purpose of preserving
Collateral or the value of the Collateral, or for any other purpose deemed appropriate by the Notes Collateral Agent. The Notes Collateral Agent may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and
to enforce any of the Notes Collateral Agent’s remedies (for the benefit of the Notes Collateral Agent and Secured Parties) with respect to such appointment without prior notice or hearing as to such appointment. 

(e)    Notwithstanding the foregoing, neither the Notes Collateral Agent nor the Secured Parties shall be
required to (i) make any demand upon, or pursue or exhaust any of their rights or remedies against, the Grantors, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or
exhaust any of their rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral or any such
guarantee in any particular order, or (iii) effect a public sale of any Collateral. 
 (f)    Each
Grantor recognizes that the Notes Collateral Agent may be unable to effect a public sale of any or all the Pledged Collateral and may be compelled to resort to one or more private sales thereof. Each Grantor also acknowledges that any private sale
may result in prices and other terms less favorable to the seller than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable
manner solely by virtue of such sale being private. The Notes Collateral Agent shall be under no obligation to delay a sale of any of the Pledged Collateral for the period of time necessary to permit any Grantor or the issuer of the Pledged
Collateral to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities Laws, even if any Grantor and the issuer would agree to do so (it being acknowledged and agreed that no Grantor
shall have any obligation hereunder to do so). 

  
 -17- 

 Section 5.2    Grantors’ Obligations Upon
Default. Upon the written request of the Notes Collateral Agent after the occurrence and during the continuance of an Event of Default, each Grantor will: 

(a)    assemble and make available to the Notes Collateral Agent the Collateral and all books and records
relating thereto at any place or places reasonably specified by the Notes Collateral Agent, whether at such Grantor’s premises or elsewhere; and 

(b)    permit the Notes Collateral Agent, by the Notes Collateral Agent’s representatives and agents,
to enter, occupy and use any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral or the books and records relating thereto, or
both, to remove all or any part of the Collateral or the books and records relating thereto, or both, and to conduct sales of the Collateral, without any obligation to pay any Grantor for such use and occupancy. 

Section 5.3    Grant of Intellectual Property License. For the purpose of enabling the Notes Collateral Agent
to exercise the rights and remedies under this Article V upon the occurrence and during the continuance of an Event of Default, at such time as the Notes Collateral Agent shall be lawfully entitled to exercise such rights
and remedies, each Grantor hereby grants to the Notes Collateral Agent, for the benefit of the Notes Collateral Agent and the Secured Parties, subject to pre-existing rights and licenses, a nonexclusive,
exercisable without payment of royalty or other compensation to such Grantor, irrevocable (until termination of this Security Agreement) license to use or sublicense any Intellectual Property now owned or hereafter acquired by such Grantor and
included in the Collateral, wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or
printout thereof; provided, however, (i) that any such licenses and sublicenses granted hereunder with respect to Trademarks shall be subject to the maintenance of quality standards with respect to the goods and services on which
such Trademarks are used sufficient to preserve the validity of such Trademarks; (ii) that any such licenses and sublicenses granted hereunder with regard to trade secrets shall be subject to the requirement that the secret status of trade
secrets be maintained and reasonable steps are taken to ensure that they are maintained; (iii) that the Notes Collateral Agent shall have no greater rights than those of any such Grantor under any such license or sublicense granted hereunder;
and (iv) that to the extent the grant of such license or sublicense would violate the terms of any Intellectual Property License to which any Grantor is a party or otherwise bound, no such license or sublicense shall be deemed granted with
respect to the Collateral consisting of Intellectual Property that would violate such agreement. The use of the license granted pursuant to this Section 5.3 by the Notes Collateral Agent may be exercised, at the
option of the Notes Collateral Agent, only upon the occurrence and during the continuance of an Event of Default; provided, however, that any permitted license or other transaction entered into by the Notes Collateral Agent in
accordance herewith shall be binding upon each Grantor notwithstanding any subsequent cure of an Event of Default. 
 ARTICLE VI

 ACCOUNT VERIFICATION; ATTORNEY IN FACT; PROXY 

Section 6.1    Account Verification. The Grantors acknowledge that after the occurrence and during the
continuance of an Event of Default after prior written notice to the relevant Grantor of its intent to do so, the Notes Collateral Agent may (but shall not be obligated to) in its own name, or in the name of such Grantor, communicate with the
Account Debtors of such Grantor to verify with such Persons the existence, amount and terms of, and any other matter reasonably relating to, the Accounts owing by such Account Debtor to such Grantor (including any Instruments, Chattel Paper, payment
intangibles and/or other Receivables that are Collateral relating to such Accounts). 

  
 -18- 

 Section 6.2    Authorization for Secured Party to Take Certain
Action. 
 (a)    Each Grantor hereby (i) authorizes the Notes Collateral Agent, at any time and from time to
time, (1) to execute on behalf of such Grantor as debtor and to file financing statements necessary under applicable Law to perfect and to maintain the perfection and priority of the Notes Collateral Agent’s security interest in the
Collateral, including, without limitation, to file financing statements permitted under Section 4.1(b) and (2) to file amendments of a financing statement (which would not, without the Issuer’s prior written
consent, add new collateral or add a debtor) in such offices as is necessary under applicable law, under the Indenture or this Security Agreement to perfect and to maintain the perfection and priority of the Notes Collateral Agent’s security
interest in the Collateral, including, without limitation, to file financing statements permitted under Section 4.1(b) and (ii) appoints, effective solely upon the occurrence and during the continuance of an Event
of Default, the Notes Collateral Agent as its attorney in fact (1) to discharge past due taxes, assessments, charges, fees or Liens on the Collateral (except for such Liens as are specifically permitted by Section 4.12
of the Indenture), (2) to endorse and collect any cash proceeds of the Collateral and to apply the proceeds of any Collateral received by the Notes Collateral Agent to the Secured Obligations as provided herein or in the Indenture or any other
Notes Document, (3) to demand payment or enforce payment of the Receivables in the name of the Notes Collateral Agent or any Grantor and to endorse any and all checks, drafts, and other instruments for the payment of money relating to the
Receivables, (4) to sign any Grantor’s name on any invoice or bill of lading relating to the Receivables, drafts against any Account Debtor of such Grantor, assignments and verifications of Receivables, (5) to exercise all of any
Grantor’s rights and remedies with respect to the collection of the Receivables and any other Collateral, (6) to settle, adjust, compromise, extend or renew the Receivables, (7) to settle, adjust or compromise any legal proceedings
brought to collect Receivables, (8) to prepare, file and sign any Grantor’s name on a proof of claim in bankruptcy or similar document against any Account Debtor of such Grantor, (9) to prepare, file and sign any Grantor’s name
on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Receivables, and (10) to use information contained in any data processing, electronic or information systems relating to Collateral; and each
Grantor agrees to reimburse the Notes Collateral Agent for any payment made or any reasonable documented expense incurred by the Notes Collateral Agent in connection with any of the foregoing, in accordance with the provisions in Sections
7.07 and 13.09 of the Indenture; provided that, this authorization shall not relieve any Grantor of any of its obligations under this Security Agreement or under the Indenture. 

(b)    All acts of said attorney or designee are hereby ratified and approved by the Grantors. The powers conferred on the
Notes Collateral Agent, for the benefit of the Notes Collateral Agent and Secured Parties, under this Section 6.2 are solely to protect the Notes Collateral Agent’s interests in the Collateral and shall not impose any
duty upon the Notes Collateral Agent or any Secured Party to exercise any such powers. 

Section 6.3    PROXY. EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS, EFFECTIVE UPON THE OCCURRENCE
AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, THE NOTES COLLATERAL AGENT AS ITS PROXY AND ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 6.2
ABOVE) WITH RESPECT TO THE PLEDGED COLLATERAL, INCLUDING THE RIGHT TO VOTE SUCH PLEDGED COLLATERAL IN ACCORDANCE WITH SECTION 4.4(b)(i), WITH FULL POWER OF SUBSTITUTION TO DO SO. IN ADDITION TO THE RIGHT TO VOTE ANY SUCH PLEDGED COLLATERAL,
THE APPOINTMENT OF THE NOTES COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS,

  
 -19- 

 
POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF SUCH PLEDGED COLLATERAL WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF SHAREHOLDERS, CALLING SPECIAL MEETINGS OF
SHAREHOLDERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY SUCH PLEDGED COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON
(INCLUDING THE ISSUER OF SUCH PLEDGED COLLATERAL OR ANY OFFICER OR AGENT THEREOF), UPON WRITTEN NOTICE BY THE NOTES COLLATERAL AGENT TO THE APPLICABLE GRANTOR AT ANY TIME AFTER THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT. 

Section 6.4    NATURE OF APPOINTMENT; LIMITATION OF DUTY. THE APPOINTMENT OF THE NOTES COLLATERAL AGENT AS
PROXY AND ATTORNEY-IN-FACT IN THIS ARTICLE VI IS COUPLED WITH AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE DATE ON WHICH THIS SECURITY
AGREEMENT IS TERMINATED IN ACCORDANCE WITH SECTION 7.12. NOTWITHSTANDING ANYTHING CONTAINED HEREIN, NEITHER THE NOTES COLLATERAL AGENT, NOR ANY SECURED PARTY, NOR ANY OF THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS,
EMPLOYEES, AGENTS OR REPRESENTATIVES SHALL HAVE ANY DUTY TO EXERCISE ANY RIGHT OR POWER GRANTED HEREUNDER OR OTHERWISE OR TO PRESERVE THE SAME AND SHALL NOT BE LIABLE FOR ANY FAILURE TO DO SO OR FOR ANY DELAY IN DOING SO, EXCEPT TO THE EXTENT SUCH
DAMAGES ARE ATTRIBUTABLE TO THEIR OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION; PROVIDED THAT, IN NO EVENT SHALL THEY BE LIABLE FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES.

 ARTICLE VII 

GENERAL PROVISIONS 

Section 7.1    Waivers. Each Grantor hereby waives notice of the time and place of any public sale or the time
after which any private sale or other disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable Law, any notice made shall be deemed reasonable if sent to the Grantors, addressed as
set forth in Article VIII, at least ten days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. To the maximum extent permitted
by applicable Law, each Grantor waives all claims, damages, and demands against the Notes Collateral Agent or any Secured Party arising out of the repossession, retention or sale of the Collateral (after the occurrence of and during the continuance
of an Event of Default), except such as arise solely out of the gross negligence or willful misconduct of the Notes Collateral Agent or such Secured Party as finally determined by a court of competent jurisdiction. To the extent it may lawfully do
so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against the Notes Collateral Agent or any Secured Party, any valuation, stay, appraisal, extension, moratorium, redemption
or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral (after the occurrence of and during the continuance of an Event of
Default), made under the judgment, order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise. Except as otherwise specifically provided herein, each Grantor hereby waives presentment,
demand, protest or any notice (to the maximum extent permitted by applicable Law) of any kind in connection with this Security Agreement or any Collateral. 

  
 -20- 

 Section 7.2    Limitation on Agent’s and
Secured Party’s Duty with Respect to the Collateral. The Notes Collateral Agent shall have no obligation to clean-up or otherwise prepare the Collateral for sale. The Notes Collateral
Agent and each Secured Party shall use reasonable care with respect to the Collateral in its possession or under its control. Neither the Notes Collateral Agent, nor any Secured Party shall have any other duty as to any Collateral in its possession
or control or in the possession or control of any agent or nominee of the Notes Collateral Agent or such Secured Party, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. To the
extent that applicable Law imposes duties on the Notes Collateral Agent to exercise remedies, after the occurrence and during the continuance of an Event of Default, in a commercially reasonable manner, each Grantor acknowledges and agrees that it
would be commercially reasonable for the Notes Collateral Agent (i) to fail to incur expenses deemed significant by the Notes Collateral Agent to prepare Collateral for disposition or otherwise to transform raw material or work in process into
finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other Law, to fail to obtain governmental or third party
consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims
against Collateral, (iv) to exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other collection specialists, (v) to advertise dispositions
of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact other Persons, whether or not in the same business as a Grantor, for expressions of interest in
acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by
utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather
than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements at the Grantors’ cost to insure the Notes Collateral Agent against risks of
loss, collection or disposition of Collateral or to provide to the Notes Collateral Agent a guaranteed return from the collection or disposition of Collateral, or (xii) to obtain the services of other brokers, investment bankers, consultants
and other professionals to assist the Notes Collateral Agent in the collection or disposition of any of the Collateral. Each Grantor acknowledges that the purpose of this Section 7.2 is to provide non-exhaustive indications of what actions or omissions by the Notes Collateral Agent would be commercially reasonable in the Notes Collateral Agent’s exercise of remedies against the Collateral, after the
occurrence and during the continuance of an Event of Default, and that other actions or omissions by the Notes Collateral Agent shall not be deemed commercially unreasonable solely on account of not being indicated in this
Section 7.2. Without limitation upon the foregoing, nothing contained in this Section 7.2 shall be construed to grant any rights to any Grantor or to impose any duties on the Notes Collateral Agent
that would not have been granted or imposed by this Security Agreement or by applicable Law in the absence of this Section 7.2. 

Section 7.3    Compromises and Collection of Collateral. Each Grantor and the Notes Collateral Agent recognize
that setoffs, counterclaims, defenses and other claims may be asserted by obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense and
probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Notes Collateral Agent may (but
shall not be obligated to) at any time and from time to time, if an Event of Default has occurred and is continuing, compromise with the obligor on any Receivable, or accept in full payment of any Receivable such amount as the Notes Collateral Agent
in its sole discretion shall determine, and any such action by the Notes Collateral Agent shall be commercially reasonable so long as the Notes Collateral Agent acts in good faith based on information known to it at the time it takes any such
action. 

  
 -21- 

 Section 7.4    Secured Party Performance of Debtor
Obligations. Without having any obligation to do so, following the occurrence and during the continuance of an Event of Default, the Notes Collateral Agent may perform or pay any obligation which any Grantor has agreed to perform or pay under
this Security Agreement and such Grantor shall reimburse the Notes Collateral Agent for any amounts paid by the Notes Collateral Agent pursuant to this Section 7.4 in accordance with Sections 7.07 and 13.09 of
the Indenture. Each Grantor’s obligation to reimburse the Notes Collateral Agent pursuant to the preceding sentence shall be a Secured Obligation payable in accordance with Sections 7.07 and 13.09 of the Indenture. 

Section 7.5    No Waiver; Amendments; Cumulative Remedies. No failure or delay by the Notes Collateral Agent
or any Secured Party in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Notes Collateral Agent and the Secured Parties hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this Security Agreement or consent to any departure by any Secured Party therefrom shall in any event be effective unless in writing signed by the Notes Collateral Agent in accordance with
Article 9 of the Indenture (if any), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Neither this Security Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing entered into by the Notes Collateral Agent, Holdings, the Issuer and the other Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to
any consent required in accordance with Article 9 of the Indenture. 
 Section 7.6    Limitation by Law;
Severability of Provisions. All rights, remedies and powers provided in this Security Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of Law, and all the provisions of this
Security Agreement are intended to be subject to all applicable mandatory provisions of Law that may be controlling and to be limited to the extent necessary so that they shall not render this Security Agreement invalid, unenforceable or not
entitled to be recorded or registered, in whole or in part. Any provision in this Security Agreement that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or
invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of this Security Agreement are declared to be
severable. 
 Section 7.7    Reinstatement. This Security Agreement shall remain in full force and effect
and continue to be effective should any petition be filed by or against any Grantor for liquidation or reorganization, should any Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or
trustee be appointed for all or any significant part of such Grantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Secured Obligations, or any part thereof, is,
pursuant to applicable Law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as
though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so
rescinded, reduced, restored or returned. 

  
 -22- 

 Section 7.8    Benefit of Agreement. The terms and
provisions of this Security Agreement shall be binding upon and inure to the benefit of each Grantor, the Notes Collateral Agent and the Secured Parties and their respective successors and permitted assigns (including all Persons who become bound as
a debtor to this Security Agreement). Except as provided in the Indenture, no Grantor shall have the right to assign its rights or delegate its obligations under this Security Agreement or any interest herein. No sales of participations,
assignments, transfers, or other dispositions of any agreement governing the Secured Obligations or any portion thereof or interest therein shall in any manner impair the Lien granted to the Notes Collateral Agent, for the benefit of the Notes
Collateral Agent and the Secured Parties, hereunder. 
 Section 7.9    Survival of Representations. All
representations and warranties of each Grantor contained in this Security Agreement shall survive the execution and delivery of this Security Agreement. 

Section 7.10    Expenses. Pursuant to Section 7.07 of the Indenture, each Grantor
jointly and severally agrees to reimburse the Notes Collateral Agent for any and all fees and reasonable and documented expenses paid or incurred by the Notes Collateral Agent in connection with the preparation, execution, delivery, administration,
collection and enforcement of this Security Agreement and in the audit, analysis, administration, collection, preservation or sale of the Collateral. Any and all costs and expenses incurred by any Grantor in the performance of actions required
pursuant to the terms hereof shall be borne solely by such Grantor. 
 Section 7.11    Additional Grantors.
Each Grantor shall cause each Restricted Subsidiary that is required to become a Note Party after the date of this Security Agreement in accordance with Section 4.15 or 4.17 of the Indenture to enter into this Security
Agreement as a Subsidiary Party at the times required by the Indenture. Subject to the terms and provisions of the Indenture, Holdings may in its sole discretion cause any Parent Company or Restricted Subsidiary that is not required to join this
Security Agreement to become a party to this Security Agreement. Upon execution and delivery by the Notes Collateral Agent and a Parent Company or a Restricted Subsidiary of an instrument in substantially the form of Exhibit B hereto with
such modifications as may be needed to give effect to applicable foreign law, such Parent Company or Restricted Subsidiary shall be a Grantor (and a Subsidiary Party, in the case of any Restricted Subsidiary, and a UK Grantor, in the case of a UK
Holding Company) hereunder with the same force and effect as if originally named as a Grantor hereunder. In the event a Person becomes an assignee of Holdings or the Issuer pursuant to Article 5 of the Indenture, such Person shall become
party to this Agreement and shall execute an instrument substantially in the form of Exhibit B with such modifications as are required to give effect to such assignment, and such Person shall be a Grantor and shall succeed to, be substituted
for, and assume all of the obligations of the Issuer or Holdings, respectively. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder
shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Security Agreement. 

Section 7.12    Termination or Release. 

(a)    This Security Agreement shall continue in effect until, and shall terminate on, the Termination Date. 

(b)    A Grantor shall automatically be released from its obligations hereunder and the security interests created
hereunder in the Collateral of such Grantor shall be automatically released in the circumstances set forth in Sections 10.06 and 13.03(a)(2) of the Indenture, including, with respect to any Subsidiary Party, as a
result of any transaction permitted under the Indenture pursuant to which such Subsidiary Party ceases to be a Subsidiary of Holdings. 

  
 -23- 

 (c)    Upon any sale or other disposition by any Grantor of any
Collateral that is permitted under Section 4.10 of the Indenture to any Person that is not a Grantor, the security interest in such Collateral shall be automatically released. 

(d)    The security interests granted hereunder on any Collateral, to the extent such Collateral is comprised of property
leased to a Grantor, shall be automatically released upon termination or expiration of such lease, pursuant to Section 13.03(a)(3) of the Indenture. 

(e)    The security interest in any Collateral shall be released in any circumstance and in the manner set forth in
Section 13.03 of the Indenture. 
 (f)    In connection with any termination or release
pursuant to Section 7.12(a), (b), (c), (d), or (e), the Notes Collateral Agent shall promptly execute and deliver to any Grantor, at such Grantor’s expense, all UCC termination statements
and similar documents that such Grantor shall reasonably request under the Indenture to evidence such termination or release and shall perform such other actions reasonably requested by such Grantor to effect such release, including delivery of
certificates, securities and instruments. Any execution and delivery of documents pursuant to this Section 7.12 shall be without recourse to or representation or warranty by the Notes Collateral Agent or any Secured Party.
Without limiting the provisions of Section 7.10, the Issuer shall reimburse (or cause to be reimbursed) the Notes Collateral Agent in accordance with Sections 7.07 and 13.09(z) of the Indenture for all fees and all
reasonable and documented costs and expenses, including the fees, charges and expenses of counsel, incurred by it in connection with any action contemplated by this Section 7.12. 

Section 7.13    Entire Agreement. This Security Agreement, together with the other Notes Documents, embodies
the entire agreement and understanding between each Grantor and the Notes Collateral Agent relating to the Collateral and supersedes all prior agreements and understandings, oral or written, between any Grantor and the Notes Collateral Agent
relating to the Collateral. 
 Section 7.14    GOVERNING LAW, ETC. 

(a)    GOVERNING LAW. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK. 
 (b)    CONSENT TO JURISDICTION. EACH GRANTOR, THE NOTES COLLATERAL AGENT AND EACH OTHER
SECURED PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN 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 SECURITY AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
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 COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE
PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION 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. EACH PARTY HERETO AGREES THAT THE NOTES
COLLATERAL AGENT AND SECURED PARTIES RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING 

  
 -24- 

 
PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER THIS AGREEMENT OR THE ENFORCEMENT OF ANY JUDGMENT. 

(c)    VENUE. EACH GRANTOR, THE NOTES COLLATERAL AGENT AND EACH OTHER SECURED PARTY IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH
(b) OF THIS SECTION 7.14. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN
ANY SUCH COURT. 
 Section 7.15    WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS SECURITY AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 7.15. 
 Section 7.16    SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY
CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 8.1. NOTHING IN THIS SECURITY AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. WITHOUT LIMITING THE
OTHER PROVISIONS OF THIS SECTION 7.16 AND IN ADDITION TO THE SERVICE OF PROCESS PROVIDED FOR HEREIN, THE ISSUER AND EACH GRANTOR HERETO THAT IS NOT A UNITED STATES PERSON HEREBY IRREVOCABLY DESIGNATE, APPOINT AND EMPOWER CUSHMAN &
WAKEFIELD, INC. AS ITS AUTHORIZED DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON THEIR BEHALF, AND IN RESPECT OF THEIR PROPERTY, SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS WHICH MAY BE SERVED IN
ANY SUCH ACTION OR PROCEEDING. IF FOR ANY REASON THE ISSUER SHALL CEASE TO BE AVAILABLE TO ACT AS SUCH, HOLDINGS AGREES TO PROMPTLY DESIGNATE A NEW AUTHORIZED DESIGNEE, APPOINTEE AND AGENT IN NEW YORK CITY ON THE TERMS AND FOR THE PURPOSES OF THIS
PROVISION REASONABLY SATISFACTORY TO THE NOTES COLLATERAL AGENT UNDER THIS AGREEMENT. 

Section 7.17    Compensation and Indemnity. The Issuer shall pay to the Notes Collateral Agent from time to
time such compensation for its acceptance of this Security Agreement and services hereunder as the parties shall agree in writing from time to time. The Issuer shall reimburse the Notes Collateral Agent promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Note Collateral Agent’s agents and counsel.

  
 -25- 

 The Issuer and the Grantors, jointly and severally, shall indemnify the Notes Collateral
Agent, its officers, directors, employees and agents for, and hold the Notes Collateral Agent harmless against, any and all loss, damage, claim, liability or expense (including attorneys’ fees) incurred by it in connection with the acceptance
or administration of its role and the performance of its duties hereunder (including the costs and expenses of enforcing this Security Agreement against the Issuer or any of the Grantors (including this Section 7.17) or
defending itself against any claim whether asserted by any Holder, the Issuer or any Grantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder). The Notes Collateral Agent shall notify
the Issuer promptly of any claim for which it may seek indemnity. Failure by the Notes Collateral Agent to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Issuer shall defend the claim and the Notes Collateral
Agent may have separate counsel and the Issuer shall pay the fees and expenses of such counsel. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Notes Collateral Agent through the Notes
Collateral Agent’s own willful misconduct or negligence as determined by a final and non-appealable determination of a court of competent jurisdiction. 

The obligations of the Issuer and the Grantors under this Section 7.17 shall survive the satisfaction and discharge
of this Indenture or the earlier resignation or removal of the Notes Collateral Agent. 
 To secure the payment obligations of the Issuer
and the Grantors in this Section 7.17, the Notes Collateral Agent shall have a Lien prior to the Notes on all money or property held or collected by the Notes Collateral Agent. Such Lien shall survive the satisfaction and
discharge of this Security Agreement or the earlier resignation or removal of the Notes Collateral Agent. 
 When the Notes Collateral Agent
incurs expenses or renders services or exercises remedies after an Event of Default specified in Section 6.01(a)(6) or (7) of the Indenture, the expenses and the compensation for the services (including the fees
and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 7.18    Counterparts. This Security Agreement may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. The words “execution,” “signed,” “signature,” and words of
like import in this Security Agreement shall be deemed to include electronic signatures or the keeping of electronic records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

Section 7.19    Mortgages. In the case of a conflict between this Security Agreement and the Mortgages (if
any) with respect to Collateral that is real property (including Fixtures), the Mortgages shall govern. In all other conflicts between this Security Agreement and the Mortgages, this Security Agreement shall govern. 

Section 7.20    UK Security Agreement. In the case of the UK Grantors, in the event of a conflict between the
terms of this Security Agreement and the terms of the UK Security Agreement, solely with respect to any Collateral that is located in England and Wales or governed by the laws of England and Wales, and subject to a valid and perfected security
interest in favor of the Notes Collateral Agent pursuant to the UK Security Agreement, the terms of the UK Security Agreement shall control. 

  
 -26- 

 Section 7.21    Pari Passu Intercreditor Agreement. This
Security Agreement is subject to the terms of the Pari Passu Intercreditor Agreement. In the event of any conflict between the terms of the Pari Passu Intercreditor Agreement and the terms of this Security Agreement, the terms of the Pari Passu
Intercreditor Agreement shall govern. 
 Section 7.22    Concerning the Notes Collateral Agent. Wilmington
Trust, National Association is entering into this Security Agreement solely in its capacity as Notes Collateral Agent under the Indenture and not in its individual capacity. In acting hereunder, the Notes Collateral Agent shall be entitled to all of
the rights, privileges and immunities set forth in the Indenture as if such rights, privileges and immunities were set forth herein. 

ARTICLE VIII 

NOTICES 

Section 8.1    Sending Notices. All notices, requests and demands pursuant hereto shall be made in accordance
with Section 12.02 of the Indenture. All communications and notices hereunder to any Grantor shall be given to it in care of the Issuer at the Issuer’s address set forth on Section 12.02 to the Indenture. 

Section 8.2    Change in Address for Notices. Each of the Grantors and the Notes Collateral Agent may change
the address or facsimile number for service of notice upon it by a notice in writing to the other parties. 
 [THE REMAINDER OF THIS PAGE
IS INTENTIONALLY LEFT BLANK.] 

  
 -27- 

 IN WITNESS WHEREOF, each Grantor and the Notes Collateral Agent have executed this Security
Agreement as of the date first above written. 
  

			
	GRANTORS:
	
	CUSHMAN & WAKEFIELD U.S. BORROWER, LLC as the Issuer
		
	By:	 	 /s/ Sarah Winters

	Name:	 	Sarah Winters
	Title:	 	Treasurer
	
	 DTZ UK GUARANTOR LIMITED,
 as
Holdings

		
	By:	 	 /s/ Brett Soloway

	Name:	 	Brett Soloway
	Title:	 	Director
	
	 CUSHMAN & WAKEFIELD OF ARIZONA, INC.

	 CASSIDY TURLEY NORTHERN CALIFORNIA, INC.

	 CASSIDY TURLEY, L.P.

	 COMMERCE CONSOLIDATED, LLC

	 COMMERCE CRG OF NEVADA, LLC

	 COMMERCE CRG PROVO, LLC

	 COMMERCE CRG UTAH, LLC

	 COMMERCE CRMG, L.C.

	 COMMERCE REAL ESTATE SOLUTIONS, LLC

	 COMMERCE RENO, LLC

	 CUSHMAN & WAKEFIELD CAPITAL SERVICES, LLC

	 CUSHMAN & WAKEFIELD FIDUCIARY, INC.

	 CUSHMAN & WAKEFIELD GLOBAL, INC.

	 CUSHMAN & WAKEFIELD INTERNATIONAL FINANCE SUBSIDIARY,
LLC

	 CUSHMAN & WAKEFIELD INTERNATIONAL, LLC

		
	By:	 	 /s/ Sarah Winters

	Name:	 	Sarah Winters
	Title:	 	Treasurer

  
 [Signature Page to Pledge
and Security Agreement] 

 
			
	 CUSHMAN & WAKEFIELD JAPAN HOLDCO 2, LLC

	 CUSHMAN & WAKEFIELD JAPAN HOLDCO, LLC

	 CUSHMAN & WAKEFIELD LUXEMBOURG HOLDINGS, LLC

	 CUSHMAN & WAKEFIELD OF ASIA, INC.

	 CUSHMAN & WAKEFIELD OF CALIFORNIA, INC.

	 CUSHMAN & WAKEFIELD OF COLORADO, INC.

	 CUSHMAN & WAKEFIELD OF CONNECTICUT, INC.

	 CUSHMAN & WAKEFIELD OF DELAWARE, INC.

	 CUSHMAN & WAKEFIELD OF FLORIDA, LLC

	 CUSHMAN & WAKEFIELD OF GEORGIA, LLC

	 CUSHMAN & WAKEFIELD OF ILLINOIS, INC.

	 CUSHMAN & WAKEFIELD OF LONG ISLAND, INC.

	 CUSHMAN & WAKEFIELD OF MARYLAND, LLC

	 CUSHMAN & WAKEFIELD OF MASSACHUSETTS, INC.

	 CUSHMAN & WAKEFIELD OF MINNESOTA, INC.

	 CUSHMAN & WAKEFIELD OF NEVADA, INC.

	 CUSHMAN & WAKEFIELD OF NEW HAMPSHIRE, INC.

	 CUSHMAN & WAKEFIELD OF NEW JERSEY, LLC

	 CUSHMAN & WAKEFIELD OF NORTH AMERICA, INC.

	 CUSHMAN & WAKEFIELD OF NORTH CAROLINA, INC.

	 CUSHMAN & WAKEFIELD OF OHIO, INC.

	 CUSHMAN & WAKEFIELD OF OREGON, INC.

	 CUSHMAN & WAKEFIELD OF PENNSYLVANIA, LLC

	 CUSHMAN & WAKEFIELD OF SAN DIEGO, INC.

	 CUSHMAN & WAKEFIELD OF TEXAS, INC.

	 CUSHMAN & WAKEFIELD OF THE AMERICAS, INC.

	 CUSHMAN & WAKEFIELD OF VIRGINIA, LLC

	 CUSHMAN & WAKEFIELD OF WASHINGTON, D.C., INC.

		
	By:	 	 /s/ Sarah Winters

	Name:	 	Sarah Winters
	Title:	 	Treasurer

  
 [Signature Page to Pledge
and Security Agreement] 

 
			
	 CUSHMAN & WAKEFIELD OF WASHINGTON, INC.

	 CUSHMAN & WAKEFIELD REAL ESTATE SERVICES LLC

	 CUSHMAN & WAKEFIELD REALTY OF BROOKLYN, LLC

	 CUSHMAN & WAKEFIELD REALTY OF MANHATTAN, LLC

	 CUSHMAN & WAKEFIELD REALTY OF NEW JERSEY, LLC

	 CUSHMAN & WAKEFIELD REALTY OF QUEENS, LLC

	 CUSHMAN & WAKEFIELD REALTY OF THE BRONX, LLC

	 CUSHMAN & WAKEFIELD SOLUTIONS, LLC

	 CUSHMAN & WAKEFIELD U.S., INC.

	 CUSHMAN & WAKEFIELD VENTURES, LLC

	 CUSHMAN & WAKEFIELD, INC.

	 DTZ AMERICAS, INC.

	 DTZ PARENT, LLC

	 DTZ US HOLDCO, INC.

	 DTZ US HOLDINGS, LLC

	 NM HOLDINGS LLC

	 PINNACLE REAL ESTATE PARTNERS, LLC

	 PINNACLE PROPERTY MANAGEMENT SERVICES, LLC

		
	By:	 	 /s/ Sarah Winters

	Name:	 	Sarah Winters
	Title:	 	Treasurer
	
	C&W FACILITY SERVICES INC.
	C&W GOVERNMENT SERVICES INC.
		
	By:	 	 /s/ Sarah Winters

	Name:	 	Sarah Winters
	Title:	 	Senior Vice President and Chief Tax Officer

  
 [Signature Page to Pledge
and Security Agreement] 

 
			
	 CUSHMAN & WAKEFIELD GLOBAL SERVICES, INC.

	 CUSHMAN & WAKEFIELD REGIONAL, INC.

	 CUSHMAN & WAKEFIELD WESTERN, INC.

		
	By:	 	 /s/ Robert Skinner

	Name:	 	Robert Skinner
	Title:	 	Vice President and Secretary
	
	 C&W SECURE SERVICES INC.

		
	By:	 	 /s/ Roger Frischkorn

	Name:	 	Roger Frischkorn
	Title:	 	 President, Vice President, Treasurer and

Secretary

	
	 DTZ WORLDWIDE LIMITED

		
	By:	 	 /s/ Brett Soloway

	Name:	 	Brett Soloway
	Title:	 	Director

  
 [Signature Page to Pledge
and Security Agreement] 

 
			
	NOTES COLLATERAL AGENT:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, solely in its capacity as Notes Collateral Agent
		
	 By:
	 	 /s/ Hallie E. Field

	 Name:
	 	Hallie E. Field
	 Title:
	 	Vice President

  
 [Signature Page to Pledge
and Security Agreement]EX-4.3

 Exhibit 4.3 

ENGLISH SECURITY AGREEMENT 

DATED MAY 22, 2020 

BETWEEN 
 THE ENTITIES
LISTED IN SCHEDULE 1 
 as Chargors 

– AND – 

WILMINGTON TRUST, NATIONAL ASSOCIATION 

as Notes Collateral Agent 

  
 

 
 Allen & Overy LLP 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
			
	 1.
	 	 Interpretation
	  	 	3	 
	 2.
	 	 Creation of Security
	  	 	5	 
	 3.
	 	 Representations - General
	  	 	8	 
	 4.
	 	 Restrictions on Dealings
	  	 	9	 
	 5.
	 	 Land
	  	 	9	 
	 6.
	 	 Pledged Collateral
	  	 	10	 
	 7.
	 	 Intellectual Property
	  	 	13	 
	 8.
	 	 When Security becomes Enforceable
	  	 	13	 
	 9.
	 	 Enforcement of Security
	  	 	14	 
	 10.
	 	 Receiver
	  	 	15	 
	 11.
	 	 Powers of Receiver
	  	 	16	 
	 12.
	 	 Application of Proceeds
	  	 	18	 
	 13.
	 	 Delegation
	  	 	18	 
	 14.
	 	 Further Assurances
	  	 	18	 
	 15.
	 	 Power of Attorney
	  	 	19	 
	 16.
	 	 Preservation of Security
	  	 	19	 
	 17.
	 	 Miscellaneous
	  	 	22	 
	 18.
	 	 Release
	  	 	22	 
	 19.
	 	 Amendment
	  	 	23	 
	 20.
	 	 Partial Invalidity
	  	 	23	 
	 21.
	 	 Remedies, Waivers and Determinations
	  	 	23	 
	 22.
	 	 Counterparts
	  	 	23	 
	 23.
	 	 Governing Law
	  	 	23	 
	 24.
	 	 Enforcement
	  	 	24	 
	 25.
	 	Concerning the Notes Collateral Agent	  	 	24	 

 Schedules 
  

							
	 1.
	 	 Chargors
	  	 	25	 
	 2.
	 	 Collateral
	  	 	26	 

					
		
	 Signatories
	  	 	29	 

  
 2 

 THIS DEED is dated May 22, 2020 and made BETWEEN: 

 

	(1)	 THE ENTITIES listed in Schedule 1 (Chargors) as chargors (each a Chargor and
together the Chargors); and 

  

	(2)	 WILMINGTON TRUST, NATIONAL ASSOCIATION solely in its capacity as collateral agent for the Secured
Parties (as defined below) (in such capacity, together with its successors and assigns the Notes Collateral Agent). 

 BACKGROUND:

  

	(A)	 Each Chargor enters into this Deed in connection with the Indenture (as defined below). 

 

	(B)	 It is intended that this document takes effect as a deed notwithstanding the fact that a party may only execute
this document under hand. 

  

	(C)	 The Notes Collateral Agent will hold and administer the security created under this Deed for the benefit of the
Secured Parties subject to the terms of the Indenture. 

 IT IS AGREED as follows: 

 

	1.	 INTERPRETATION 

 

	1.1	 Definitions 

In this Deed: 
 Act means
the Law of Property Act 1925. 
 Collateral means all assets of each Chargor the subject of any security created by this Deed, except
that the Collateral shall not include any Excluded Assets. 
 Discharge of Credit Agreement Obligations has the meaning given to such
term in the Equal Priority Intercreditor Agreement. 
 Equal Priority Intercreditor Agreement means the intercreditor agreement dated
on or around the date of this Deed and to be entered into by, amongst others, the Issuer, DTZ UK Guarantor Limited, the Credit Agreement Collateral Agent and the Notes Collateral Agent. 

Existing Security Agreement means the English law security agreement dated 21 August 2018 between the Chargors and the Credit
Agreement Collateral Agent. 
 Indenture means an indenture dated on or around the date of this Deed and entered into between amongst
others the Issuer, DTZ UK Guarantor Limited, the other guarantors party thereto, Wilmington Trust, National Association, as Trustee (in such capacity, the Trustee) and the Notes Collateral Agent. 

Issuer means Cushman & Wakefield U.S. Borrower, LLC. 

Party means a party to this Deed. 

  
 3 

 Pledged Collateral means: 

 

	 	(a)	 the Shares; 

  

	 	(b)	 all other shares in directly wholly-owned Subsidiaries, stocks, debentures, bonds or other securities and
investments (other than any Excluded Assets) included in the definition of Collateral; 

  

	 	(c)	 any dividend or interest paid or payable in relation to any of the above; and 

 

	 	(d)	 any right, money or property accruing or offered at any time in relation to any of the above by way of
redemption, substitution, exchange, bonus or preference under option rights or otherwise 

 Receiver means an
administrative receiver, receiver and manager or a receiver, in each case, appointed under this Deed. 
 Secured Parties has the
meaning given to that the term “Noteholder Secured Parties” in the Indenture. 
 Secured Obligations has the meaning
given to the term “Notes Obligations” in the Indenture. 
 Security Period means the period beginning on the date of this
Deed and ending on the date that the Secured Obligations have been paid in full. 
 Shares means, in relation to a Chargor, the Equity
Interests of any directly wholly-owned Subsidiary owned legally or beneficially by it or held by the Notes Collateral Agent or other Collateral Agent (as defined in the Equal Priority Intercreditor Agreement) (including the shares identified in
respect of that Chargor in Part 1 of Schedule 2 (Collateral)) other than any Excluded Assets. 
  

	1.2	 Construction 

  

	(a)	 Capitalised terms defined in the Indenture or the Equal Priority Intercreditor Agreement (as applicable) have,
unless expressly defined in this Deed, the same meaning in this Deed. 

  

	(b)	 The provisions of section 1.04 (Rules of Construction) of the Indenture apply to this Deed as though they were
set out in full in this Deed. 

  

	(c)	 In this Deed: 

  

	 	(i)	 the term this Security means any security created by this Deed; 

 

	 	(ii)	 assets includes present and future properties, revenues and rights of every description;

  

	 	(iii)	 a Note Document or other agreement or instrument includes (without prejudice to any restriction on
amendments) any amendment, supplement, modification, amendment and restatement, replacement or extension to that Note Document or other agreement or instrument, including any change in the purpose of any extension of or any increase in the amount of
a facility or any additional facility; 

  

	 	(iv)	 any rights in respect of an asset includes all amounts and proceeds paid or payable, all rights to make
any demand or claim, and all powers, remedies, causes of action, security, guarantees and indemnities, in each case, in respect of or derived from the asset, as the case may be; and 

  
 4 

	 	(v)	 an agreement, instrument or other document to which it is party includes any agreement, instrument or other
document issued in the relevant person’s favour or of which it otherwise has the benefit (in whole or in part). 

  

	(d)	 Any covenant of a Chargor under this Deed (other than a payment obligation) remains in force during the
Security Period. 

  

	(e)	 The terms of the other Note Documents and of any side letters between any Parties in relation to any Note
Document are incorporated in this Deed to the extent required to ensure that any purported disposition of any freehold or leasehold property contained in this Deed is a valid disposition in accordance with Section 2(1) of the Law of Property
(Miscellaneous Provisions) Act 1989. 

  

	(f)	 If the Notes Collateral Agent (acting reasonably) considers that an amount paid to a Secured Party is capable
of being avoided or otherwise set aside on the liquidation or administration of the payer or otherwise, then that amount will not be considered to have been irrevocably paid for the purposes of this Deed. 

 

	(g)	 Unless the context otherwise requires, a reference to a Collateral includes the proceeds of sale of that
Collateral. 

  

	(h)	 The Security created by or under this Deed is subject to any prior ranking Permitted Lien and any reference in
this Deed to the ranking of any such Security shall, subject to the terms of the Equal Priority Intercreditor Agreement, be construed accordingly. 

  

	(i)	 This Deed is subject to the terms of the Equal Priority Intercreditor Agreement. In the event of any conflict
between the terms of the Equal Priority Intercreditor Agreement and the terms of this Deed, the terms of the Equal Priority Intercreditor Agreement shall govern. So long as the Equal Priority Intercreditor Agreement is in effect, any requirement
under this Deed to deliver Collateral to the Notes Collateral Agent (including each of the obligations to make deliveries set out in Clause 6.2) shall be deemed satisfied by delivery of such Collateral to the Applicable Collateral Agent on behalf of
and for the benefit of the Notes Collateral Agent in accordance with the Equal Priority Intercreditor Agreement. 

  

	1.3	 Third Party Rights 

 

	(a)	 Unless expressly provided to the contrary in a Note Document, a person who is not a party has no right under
the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Deed. 

  

	(b)	 Notwithstanding any term of any Note Document, the consent of any person who is not a Party is not required to
rescind or vary this Deed at any time. 

  

	2.	 CREATION OF SECURITY 

 

	2.1	 General 

  

	(a)	 All the security created under this Deed: 

 

	 	(i)	 is created in favour of the Notes Collateral Agent for the benefit of the Secured Parties;

  
 5 

	 	(ii)	 is created over present and future assets of each Chargor; 

 

	 	(iii)	 is security for the payment of all the Secured Obligations; and 

 

	 	(iv)	 is made, other than in respect of the security granted by way of the Existing Security Agreement, with full
title guarantee in accordance with the Law of Property (Miscellaneous Provisions) Act 1994. 

  

	(b)	 Notwithstanding the foregoing or anything herein to the contrary, in no event shall any security created under
this Deed be created or arise over or in respect of any Excluded Asset. 

  

	(c)	 No Chargor shall be required to take any actions under any laws other than the laws of England and Wales to
grant, preserve, perfect or provide better assurance for, or for the enforcement of, any security granted hereunder (including in any intellectual property registered, applied for, or existing in any non-U.K.
jurisdiction), other than actions by the Chargors that are party to the Notes Security Agreement (as defined in the Indenture and referred to herein as the “US Security Agreement”) solely in connection with the security in Equity
Interests of the Issuer and the Guarantors organized under the laws of the United States granted by such Chargors. 

  

	2.2	 Land 

  

	(a)	 Each Chargor charges: 

 

	 	(i)	 by way of a second legal mortgage all estates or interests in any freehold or leasehold property other than
Excluded Assets owned by it as at the date of this Deed; this includes the real property (if any) specified in Part 2 of Schedule 2 (Collateral) under its name under the heading Real Property; and 

 

	 	(ii)	 (to the extent that they are not the subject of a mortgage under
sub-paragraph (i) above) by way of second fixed charge all estates or interests in any freehold or leasehold property other than Excluded Assets owned by it. 

 

	(b)	 A reference in this Clause to a mortgage or charge of any freehold or leasehold property includes:

  

	 	(i)	 all buildings, fixtures, fittings and fixed plant and machinery on that property; and 

 

	 	(ii)	 the benefit of any covenants for title given or entered into by any predecessor in title of a Chargor in
respect of that property or any moneys paid or payable in respect of those covenants. 

  

	2.3	 Pledged Collateral 

 

	(a)	 Each Chargor charges: 

 

	 	(i)	 by way of a second legal mortgage all shares in any directly wholly-owned Subsidiary owned by it including,
without limitation, all Shares belonging to it on the date of this Deed; and 

  

	 	(ii)	 (to the extent that they are not the subject of a mortgage under
sub-paragraph (i) above) by way of a second fixed charge its interest in all shares in directly wholly-owned Subsidiaries, stocks, debentures, bonds or other securities and investments owned by it.

  
 6 

	(b)	 A reference in this Clause to a mortgage or charge of any stock, share, debenture, bond or other security
includes: 

  

	 	(i)	 any dividend or interest paid or payable in relation to it; and 

 

	 	(ii)	 any right, money or property accruing or offered at any time in relation to it by way of redemption,
substitution, exchange, bonus or preference, under option rights or otherwise. 

  

	2.4	 Plant and machinery 

Each Chargor charges by way of a second fixed charge all plant and machinery owned by it and its interest in any plant or machinery in its
possession. 
  

	2.5	 Bank Accounts 

Each Chargor charges by way of a second fixed charge all of its rights in respect of any amount standing to the credit of any bank account and
the debt represented by it. 
  

	2.6	 Insurances 

Each Chargor assigns absolutely, subject to a proviso for re-assignment on redemption, all of its
rights in respect of any contract or policy of insurance taken out by it or on its behalf or in which it has an interest. 
  

	2.7	 Intellectual property 

Each Chargor charges by way of a second fixed charge, all of its rights in respect of: 

 

	 	(a)	 any know-how, patent, trade mark, service mark, design, business name,
topographical or similar right; this includes the patents and trademarks (if any) specified in Part 3 of Schedule 2 (Collateral) under its name under the heading Specific Intellectual Property Rights; 

 

	 	(b)	 any copyright or other intellectual property monopoly right; or 

 

	 	(c)	 any interest (including by way of licence) in any of the above, 

in each case whether registered or not and including all applications for any of the rights referred to paragraphs (a), (b) and (c) above.

  

	2.8	 Miscellaneous 

Each Chargor charges by way of second fixed charge: 
  

	 	(a)	 any beneficial interest, claim or entitlement it has in any pension fund; 

 

	 	(b)	 its goodwill; 

  

	 	(c)	 the benefit of any authorisation (statutory or otherwise) held in connection with its use of any Collateral;

  

	 	(d)	 the right to recover and receive compensation which may be payable to it in respect of any authorisation
referred to in paragraph (c) above; and 

  
 7 

	 	(e)	 its uncalled capital. 

 

	2.9	 Floating charge 

 

	(a)	 Each Chargor charges by way of a second floating charge all its assets (other than any Excluded Assets owned by
it) not at any time otherwise effectively mortgaged, charged or assigned by way of fixed mortgage, charge or assignment under this Clause. 

  

	(b)	 Except as provided below, the Notes Collateral Agent may (but shall not be obligated to) by notice in writing
to a Chargor convert the floating charge created by that Chargor under this Clause into a fixed charge as regards any of that Chargor’s assets specified in that notice, if: 

 

	 	(i)	 an Event of Default is continuing; or 

 

	 	(ii)	 the Notes Collateral Agent (acting reasonably) considers those assets to be in danger of being seized or sold
under any form of distress, attachment, execution or other legal process or to be otherwise in jeopardy. 

  

	(c)	 The floating charge created by this Clause may not be converted into a fixed charge solely by reason of:

  

	 	(i)	 the obtaining of a moratorium; or 

 

	 	(ii)	 anything done with a view to obtaining a moratorium, 

under Section 1A of the Insolvency Act 1986. 
  

	(d)	 The floating charge created by this Clause will automatically convert into a fixed charge over all of a
Chargor’s assets if an administrator is appointed or the Notes Collateral Agent receives notice of an intention to appoint an administrator. 

  

	3.	 REPRESENTATIONS - GENERAL 

 

	3.1	 Nature of security 

Each Chargor represents and warrants to each Secured Party that this Deed creates those Liens it purports to create and is not liable to be
avoided or otherwise set aside on its liquidation or administration or otherwise. 
  

	3.2	 Times for making representations 

 

	(a)	 The representations and warranties set out in this Deed (including in this Clause) are made on the date of this
Deed. 

  

	(b)	 When a representation and warranty is repeated, it is applied to the circumstances existing at the time of
repetition. 

  

	3.3	 Persons with significant control 

 

	(a)	 On the date of this deed, each Chargor represents and warrants that it has complied in all respects with its
obligations under Part 21A of the Companies Act 2006 in relation to any Shares. 

  
 8 

	(b)	 Each Chargor must: 

  

	 	(i)	 within the relevant timeframes, comply on time with any notice it receives under section 790D or 790E of the
Companies Act 2006 from any company incorporated in the United Kingdom whose shares are the subject of a security interest granted pursuant to this Deed; and 

  

	 	(ii)	 promptly notify the Trustee and the Notes Collateral Agent: 

 

	 	(A)	 if it issues or intends to issue; or 

 

	 	(B)	 receives, 

a warning notice or restrictions notice under Schedule 1B of the Companies Act 2006 (the Notices), 

in each case, in relation to any Shares. For the avoidance of doubt, each Chargor must comply with its notification obligations in
(ii) above before the relevant Chargor issues a Notice, or in the case of receipt of a notice, after the relevant Chargor receives such Notice. 
  

	4.	 RESTRICTIONS ON DEALINGS 

No Chargor may: 
  

	 	(a)	 create or permit to subsist any Lien on any Collateral; or 

 

	 	(b)	 sell, transfer, licence, lease or otherwise dispose of any Collateral, 

except as allowed or not otherwise prohibited under the Indenture. 
  

	5.	 LAND 

  

	5.1	 General 

In this Clause: 
 Mortgaged
Property means all real property other than Excluded Assets. 
  

	5.2	 Title 

Each Chargor represents to each Secured Party that it is the legal and beneficial owner of its Mortgaged Property. 

 

	5.3	 H.M. Land Registry 

Each Chargor consents to a restriction in the following terms being entered into on the Register of Title relating to any Mortgaged Property
registered at H.M. Land Registry: 
 “No disposition of the registered estate by the proprietor of the registered estate is to be
registered without a written consent signed by the proprietor for the time being of the security agreement dated                  in favour of Wilmington Trust,
National Association, in its capacity as Notes Collateral Agent and its successors and assigns in such capacity, referred to in the charges register or their conveyancer.” 

  
 9 

	5.4	 Deposit of title deeds 

Each Chargor must deposit with the Notes Collateral Agent all deeds and documents of title relating to its Mortgaged Property and all local
land charges, land charges and Land Registry search certificates and similar documents received by it or on its behalf. 
  

	5.5	 Power to remedy 

Following the occurrence and during the continuation of an Event of Default, and after notice has been given by the Notes Collateral Agent, if
a Chargor fails to perform any term affecting its Mortgaged Property, that Chargor must allow the Notes Collateral Agent or its agents and contractors: 
  

	 	(a)	 to enter any part of its Mortgaged Property; 

 

	 	(b)	 to comply with or object to any notice served on that Chargor in respect of its Mortgaged Property; and

  

	 	(c)	 to take any action as the Notes Collateral Agent may reasonably consider necessary or desirable to prevent or
remedy any breach of any such term or to comply with or object to any such notice. 

 That Chargor must immediately on
request by the Notes Collateral Agent pay the reasonable costs and expenses of the Notes Collateral Agent or its agents and contractors incurred in connection with any action taken by it under this Clause. 

 

	6.	 PLEDGED COLLATERAL 

 

	6.1	 Pledged Collateral 

Each Chargor represents and warrants to each Secured Party that: 
  

	 	(a)	 Subject to any amendments or supplements to be provided, if necessary, under the Indenture, Part 1 of Schedule
2 (Collateral), is a true, complete and current list, in all material respects, of all Equity Interests in a Subsidiary (other than Domestic Subsidiaries set forth on the schedules to the US Security Agreement) held, beneficially or of record, by
each Chargor as of the date hereof that is required to be pledged hereunder specifying (i) the exact legal name of the issuer; (ii) number of shares, units or other Equity Interests owned by such Chargor, (iii) percentage of ownership
represented by such Equity Interests, and (iv) the class of such Equity Interests (if applicable). To the best of the knowledge of the Chargors, as of the date hereof, Part 1 of Schedule 2 (Collateral) sets forth the Equity Interests of
Material Subsidiaries (other than Domestic Subsidiaries set forth on the schedules to the US Security Agreement) required to be pledged by the Chargors. 

  

	 	(b)	 its Shares and, to the extent applicable, its other Pledged Collateral, are fully paid; 

 

	 	(c)	 its Shares represent the whole of the issued share capital of the relevant Subsidiary as identified in Part 1
of Schedule 2 (Collateral); and 

  

	 	(d)	 it is the sole legal and beneficial owner of the Pledged Collateral charged by it pursuant to this Deed.

  
 10 

	6.2	 Deposit 

Each Chargor must: 
  

	 	(a)	 deposit with the Notes Collateral Agent, or as the Notes Collateral Agent may direct, all certificates and
other documents of title or evidence of ownership in relation to any of its Pledged Collateral with respect to (i) any Pledged Collateral held on the date hereof, on the date hereof and (ii) within 60 days (or, prior to the Discharge of
Credit Agreement Obligations such later date as the Credit Agreement Collateral Agent may agree) with respect to any Pledged Collateral acquired after the date hereof; and 

 

	 	(b)	 execute and deliver to the Notes Collateral Agent all share transfers and other documents required by
applicable law, or which may be reasonably requested by the Notes Collateral Agent in order to enable the Notes Collateral Agent or its nominees to be registered as the owner or otherwise obtain a legal title to any of its Pledged Collateral with
respect to (i) any Pledged Collateral held on the date hereof, on the date hereof, and (ii) within 60 days (or prior to the Discharge of Credit Agreement Obligations such later date as the Credit Agreement Collateral Agent may agree) with
respect to any Pledged Collateral acquired after the date hereof. 

  

	6.3	 Calls 

  

	(a)	 Each Chargor must pay all calls or other payments due and payable in respect of any of its Shares.

  

	(b)	 If a Chargor fails to do so, the Notes Collateral Agent may (but shall not be obligated to) pay the calls or
other payments on behalf of that Chargor. That Chargor must immediately on request reimburse the Notes Collateral Agent for any payment made by the Notes Collateral Agent under this Clause. 

 

	6.4	 Notes Collateral Agent’s obligations in respect of Pledged Collateral 

The Notes Collateral Agent is not obliged to: 
  

	 	(a)	 perform any obligation of a Chargor; 

 

	 	(b)	 make any payment, or to make any enquiry as to the nature or sufficiency of any payment received by it or a
Chargor; or 

  

	 	(c)	 present or file any claim or take any other action to collect or enforce the payment of any amount to which it
may be entitled under this Deed, 

 in respect of any Pledged Collateral. 

 

	6.5	 Voting rights 

Before this Security becomes enforceable: 
  

	 	(a)	 the voting rights, powers and other rights in respect of the Pledged Collateral must (if exercisable by the
Notes Collateral Agent, which exercise shall be permissive and not mandatory) be exercised in any manner which the relevant Chargor may direct in writing; and 

  
 11 

	 	(b)	 all dividends or other income paid or payable in relation to any Pledged Collateral must be paid directly to
the relevant Chargor. 

 Without prejudice to any right of indemnification that the Notes Collateral Agent may have under
the Indenture or any other Note Document, each Chargor must and shall indemnify the Notes Collateral Agent against any loss or liability reasonably incurred by the Notes Collateral Agent as a consequence of the Notes Collateral Agent acting (or
refraining from acting) under the above provision before this Security becomes enforceable in respect of the Pledged Collateral on the direction of any Chargor. 

After this Security has become enforceable, the Notes Collateral Agent may exercise or refrain from exercising (in the name of the relevant
Chargor and without any further consent or authority on the part of the relevant Chargor) any voting rights and any powers or rights which may be exercised by the legal or beneficial owner of any Investment, any person who is the holder of any
Investment or otherwise. 
 After the Security has become enforceable, all rights of each Chargor to receive dividends, interest, principal
or other distributions which it would otherwise be authorized to receive and retain pursuant to subclause (b) of this Clause shall immediately cease and all such rights shall thereupon become vested in the Notes Collateral Agent, which shall
thereupon have the sole right to receive and hold the Pledged Collateral and such dividends, interest, principal or other distributions. All such dividends, interest, principal or other distributions which are received by any Chargor contrary to the
provisions of this Clause shall be received for the benefit of the Notes Collateral Agent, shall be segregated from other funds of such Chargor and shall immediately be paid over to the Notes Collateral Agent in the same form as so received (with
any necessary endorsement). 
  

	6.6	 Financial Collateral 

 

	(a)	 To the extent that the Collateral constitutes “financial collateral” and this Deed and the
obligations of a Chargor under this Deed constitute a “security financial collateral arrangement” (in each case, for the purpose of and as defined in the Financial Collateral Arrangements (No. 2) Regulations 2003), the Notes Collateral
Agent may (but shall not be obligated to) after this Security has become enforceable appropriate all or any part of that financial collateral in or towards the satisfaction of the Secured Obligations. 

 

	(b)	 Where the Notes Collateral Agent appropriates any financial collateral: 

 

	 	(i)	 if it is cash, its value will be the amount standing to the credit of the relevant account plus any accrued but
uncredited interest on the date of appropriation; 

  

	 	(ii)	 if it is listed or traded on a recognised exchange, its value will be taken as the value at which it could have
been sold on the exchange on the date of appropriation; and 

  

	 	(iii)	 in any other case, its value will be the amount that the Notes Collateral Agent reasonably determines having
taken into account advice obtained by it from an independent investment or accountancy firm of national standing selected by it, 

and each Secured Party will give credit for the proportion of the value of the financial collateral appropriated to its use. 

  
 12 

	7.	 INTELLECTUAL PROPERTY 

 

	7.1	 General 

In this Clause Intellectual Property Rights means: 
  

	 	(a)	 any know-how, patent, trade mark, service mark, design, business name,
topographical or similar right; 

  

	 	(b)	 any copyright or other intellectual property monopoly right; 

 

	 	(c)	 any interest (including by way of licence) in any of the above; or 

 

	 	(d)	 any application for any of the above, 

in each case, whether registered or not, and included in the definition of Collateral in Clause 1.1 (Definitions). 

 

	7.2	 Preservation 

Each Chargor must: 
  

	 	(a)	 make such registrations and pay such fees, registration taxes and similar amounts as are necessary to keep its
material Intellectual Property Rights in force; 

  

	 	(b)	 take all other steps which are reasonably practicable to maintain and preserve its interests in its material
Intellectual Property Rights; and 

  

	 	(c)	 take such steps as are necessary (including the institution of legal proceedings) to prevent third parties
infringing those material Intellectual Property Rights. 

  

	8.	 WHEN SECURITY BECOMES ENFORCEABLE 

 

	8.1	 Event of Default 

This Security will become enforceable upon the occurrence and during the continuance of an Event of Default, after written notice has been
given to the relevant Chargor by the Notes Collateral Agent. 
  

	8.2	 Discretion 

After this Security has become enforceable, and during the continuance of an Event of Default, the Notes Collateral Agent may (but shall not be
obligated to) in its absolute discretion enforce all or any part of this Security in any manner it sees fit in accordance with the terms of the Indenture and the Equal Priority Intercreditor Agreement. 

 

	8.3	 Power of sale 

The power of sale and other powers conferred by Section 101 of the Act, as amended by this Deed, will be immediately exercisable at any
time after this Security has become enforceable. 

  
 13 

	9.	 ENFORCEMENT OF SECURITY 

 

	9.1	 General 

  

	(a)	 For the purposes of all powers implied by statute, the Secured Obligations are deemed to have become due and
payable on the date of this Deed. 

  

	(b)	 Section 103 of the Act (restricting the power of sale) and Section 93 of the Act (restricting the
right of consolidation) do not apply to this Security. 

  

	(c)	 The statutory powers of leasing conferred on the Notes Collateral Agent are extended so as to authorise (but
not obligate) the Notes Collateral Agent to lease, make agreements for leases, accept surrenders of leases and grant options as the Notes Collateral Agent may think fit and without the need to comply with any provision of Section 99 or 100 of
the Act. 

  

	9.2	 No liability as mortgagee in possession 

Neither the Notes Collateral Agent nor any Receiver will be liable, by reason of entering into possession of a Collateral, to account as
mortgagee in possession or for any loss on realisation or for any default or omission for which a mortgagee in possession might be liable. 
  

	9.3	 Privileges 

Each Receiver and the Notes Collateral Agent is entitled to all the rights, powers, privileges and immunities conferred by the Act on
mortgagees and receivers duly appointed under the Act, except that Section 103 of the Act does not apply. 
  

	9.4	 Protection of third parties 

No person (including a purchaser) dealing with the Notes Collateral Agent or a Receiver or its or his agents will be concerned to enquire: 

 

	 	(a)	 whether the Secured Obligations have become payable; 

 

	 	(b)	 whether any power which the Notes Collateral Agent or a Receiver is purporting to exercise has become
exercisable or is being properly exercised; 

  

	 	(c)	 whether any money remains due under the Note Documents; or 

 

	 	(d)	 how any money paid to the Notes Collateral Agent or to that Receiver is to be applied. 

 

	9.5	 Redemption of prior mortgages 

 

	(a)	 At any time after this Security has become enforceable, the Notes Collateral Agent may (but shall not be
obligated to): 

  

	 	(i)	 redeem any prior Lien against any Collateral; and/or 

 

	 	(ii)	 procure the transfer of that Lien to itself; and/or 

 

	 	(iii)	 settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and
passed will be, in the absence of manifest error, conclusive and binding on each Chargor. 

  
 14 

	(b)	 Each Chargor must pay to the Notes Collateral Agent, immediately on demand, the costs and expenses incurred by
the Notes Collateral Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest. 

  

	9.6	 Contingencies 

If this Security is enforced at a time when no amount is due under the Note Documents but at a time when amounts may or will become due, the
Notes Collateral Agent (or the Receiver) may pay the proceeds of any recoveries effected by it into a suspense account. 
  

	10.	 RECEIVER 

  

	10.1	 Appointment of Receiver 

 

	(a)	 Except as provided below, the Notes Collateral Agent may appoint any one or more persons to be a Receiver of
all or any part of the Collateral if: 

  

	 	(i)	 this Security has become enforceable; or 

 

	 	(ii)	 a Chargor so requests the Notes Collateral Agent in writing at any time. 

 

	(b)	 Any appointment under paragraph (a) above may be by deed, under seal or in writing under its hand.

  

	(c)	 Except as provided below, any restriction imposed by law on the right of a mortgagee to appoint a Receiver
(including under Section 109(1) of the Act) does not apply to this Deed. 

  

	(d)	 The Notes Collateral Agent is not entitled to appoint a Receiver solely as a result of the obtaining of a
moratorium (or anything done with a view to obtaining a moratorium) under Section 1A of the Insolvency Act 1986. 

  

	(e)	 The Notes Collateral Agent may not appoint an administrative receiver (as defined in Section 29(2) of the
Insolvency Act 1986) over the Collateral if the Notes Collateral Agent is prohibited from so doing by Section 72A of the Insolvency Act 1986 and no exception to the prohibition on appointing an administrative receiver applies.

  

	10.2	 Removal 

The Notes Collateral Agent may by writing under its hand (subject to any requirement for an order of the court in the case of an administrative
receiver) remove any Receiver appointed by it and may, whenever it thinks fit, appoint a new Receiver in the place of any Receiver whose appointment may for any reason have terminated. 

 

	10.3	 Remuneration 

The Notes Collateral Agent may fix the remuneration of any Receiver appointed by it and the maximum rate specified in Section 109(6) of
the Act) will not apply. 
  

	10.4	 Agent of each Chargor 

 

	(a)	 A Receiver will be deemed to be the agent of each Chargor for all purposes and accordingly will be deemed to be
in the same position as a Receiver duly appointed by a mortgagee under the Act. Each Chargor alone is responsible for the contracts, engagements, acts, omissions, defaults and losses of a Receiver and for liabilities incurred by a Receiver.

  
 15 

	(b)	 No Secured Party will incur any liability (either to a Chargor or to any other person) by reason of the
appointment of a Receiver or for any other reason. 

  

	10.5	 Relationship with Collateral Agent 

To the fullest extent allowed by law, any right, power or discretion conferred by this Deed (either expressly or impliedly) or by law on a
Receiver may after this Security becomes enforceable be exercised by the Notes Collateral Agent in relation to any Collateral without first appointing a Receiver and notwithstanding the appointment of a Receiver. 

 

	11.	 POWERS OF RECEIVER 

 

	11.1	 General 

  

	(a)	 A Receiver has all of the rights, powers and discretions set out below in this Clause in addition to those
conferred on it by any law; this includes: 

  

	 	(i)	 in the case of an administrative receiver, all the rights, powers and discretions conferred on an
administrative receiver under the Insolvency Act 1986; and 

  

	 	(ii)	 otherwise, all the rights, powers and discretions conferred on a receiver (or a receiver and manager) under the
Act and the Insolvency Act 1986. 

  

	(b)	 If there is more than one Receiver holding office at the same time, each Receiver may (unless the document
appointing him states otherwise) exercise all of the powers conferred on a Receiver under this Deed individually and to the exclusion of any other Receiver. 

  

	11.2	 Possession 

A Receiver may take immediate possession of, get in and collect any Collateral. 

 

	11.3	 Carry on business 

A Receiver may carry on any business of any Chargor in any manner he thinks fit. 

 

	11.4	 Employees 

  

	(a)	 A Receiver may appoint and discharge managers, officers, agents, accountants, servants, workmen and others for
the purposes of this Deed upon such terms as to remuneration or otherwise as he thinks fit. 

  

	(b)	 A Receiver may discharge any person appointed by any Chargor. 

 

	11.5	 Borrow money 

A Receiver may raise and borrow money either unsecured or on the security of any Collateral either in priority to this Security or otherwise
and generally on any terms and for whatever purpose which he thinks fit. 
  

	11.6	 Sale of assets 

 

	(a)	 A Receiver may sell, exchange, convert into money and realise any Collateral by public auction or private
contract and generally in any manner and on any terms which he thinks fit. 

  
 16 

	(b)	 The consideration for any such transaction may consist of cash or
non-cash, debentures or other obligations, shares, stock or other valuable consideration and any such consideration may be payable in a lump sum or by instalments spread over any period which he thinks fit.

  

	(c)	 Fixtures, other than landlord’s fixtures, may be severed and sold separately from the property containing
them without the consent of the relevant Chargor. 

  

	11.7	 Leases 

A Receiver may let any Collateral for any term and at any rent (with or without a premium) which he thinks fit and may accept a surrender of
any lease or tenancy of any Collateral on any terms which he thinks fit (including the payment of money to a lessee or tenant on a surrender). 
  

	11.8	 Compromise 

A Receiver may settle, adjust, refer to arbitration, compromise and arrange any claim, account, dispute, question or demand with or by any
person who is or claims to be a creditor of any Chargor or relating in any way to any Collateral. 
  

	11.9	 Legal actions 

A Receiver may bring, prosecute, enforce, defend and abandon any action, suit or proceedings in relation to any Collateral which he thinks fit.

  

	11.10	 Receipts 

A Receiver may give a valid receipt for any moneys and execute any assurance or thing which may be proper or desirable for realising any
Collateral. 
  

	11.11	 Subsidiaries 

A Receiver may form a Subsidiary of any Chargor and transfer to that Subsidiary any Collateral. 

 

	11.12	 Delegation 

A Receiver may delegate his powers in accordance with this Deed. 
  

	11.13	 Lending 

A Receiver may lend money or advance credit to any customer of any Chargor. 

 

	11.14	 Protection of assets 

A Receiver may: 
  

	 	(a)	 effect any repair or insurance and do any other act which any Chargor might do in the ordinary conduct of its
business to protect or improve any Collateral; 

  

	 	(b)	 commence and/or complete any building operation; and 

 

	 	(c)	 apply for and maintain any planning permission, building regulation approval or any other authorisation,

 in each case as he thinks fit. 

  
 17 

	11.15	 Other powers 

A Receiver may: 
  

	 	(a)	 do all other acts and things which he may consider desirable or necessary for realising any Collateral or
incidental or conducive to any of the rights, powers or discretions conferred on a Receiver under or by virtue of this Deed or law; 

  

	 	(b)	 exercise in relation to any Collateral all the powers, authorities and things which he would be capable of
exercising if he were the absolute beneficial owner of that Collateral; and 

  

	 	(c)	 use the name of any Chargor for any of the above purposes. 

 

	12.	 APPLICATION OF PROCEEDS 

 

	(a)	 Any moneys received by the Notes Collateral Agent or any Receiver after this Security has become enforceable
shall, subject to the terms of the Equal Priority Intercreditor Agreement, be applied in the order provided in section 6.13 of the Indenture. 

  

	(b)	 This Clause is subject to the payment of any claims having priority over this Security. This Clause does not
prejudice the right of any Secured Party to recover any shortfall from any Chargor. 

  

	13.	 DELEGATION 

  

	13.1	 Power of Attorney 

The Notes Collateral Agent or any Receiver may delegate by power of attorney or in any other manner to any person any right, power or
discretion exercisable by it under this Deed. 
  

	13.2	 Terms 

Any such delegation may be made upon any terms (including power to sub-delegate) which the Notes
Collateral Agent or any Receiver may think fit. 
  

	13.3	 Liability 

Neither the Notes Collateral Agent nor any Receiver will be in any way liable or responsible to any Chargor for any loss or liability arising
from any act, default, omission or misconduct on the part of any delegate or sub-delegate. 
  

	14.	 FURTHER ASSURANCES 

 

	(a)	 Each Chargor must, at its own expense: 

 

	 	(i)	 take whatever action that is required by applicable law or that the Notes Collateral Agent or a Receiver may
reasonably require for: 

  

	 	(A)	 creating, perfecting or protecting any security intended to be created by this Deed; or 

  
 18 

	 	(B)	 facilitating the realisation of any Collateral, or the exercise of any right, power or discretion exercisable,
by the Notes Collateral Agent or any Receiver or any of its delegates or sub-delegates in respect of any Collateral, including (but not limited to): 

 

	 	I.	 the execution of any transfer, conveyance, assignment or assurance of any property, whether to the Notes
Collateral Agent or to its nominee; or 

  

	 	II.	 the giving of any notice, order or direction and the making of any registration. 

 

	(b)	 Each Chargor agrees that, if at any time after the Issue Date, it grants, perfects or otherwise establishes a
lien on and/or security interest in any of its assets or properties to secure Credit Agreement Obligations (subject to Permitted Liens), then subject to the Equal Priority Intercreditor Agreement, such Chargor shall, substantially concurrently
therewith, take such actions as are necessary to provide the Notes Collateral Agent with a corresponding lien or security interest for the benefit of the Notes Collateral Agent and the other Secured Parties. 

 

	15.	 POWER OF ATTORNEY 

Each Chargor, by way of security, irrevocably and severally appoints the Notes Collateral Agent, each Receiver and any of its delegates or sub-delegates to be its attorney to take any action which that Chargor is obliged to take under this Deed. Each Chargor ratifies and confirms whatever any attorney does or purports to do under its appointment under
this Clause. 
  

	16.	 PRESERVATION OF SECURITY 

 

	16.1	 Continuing security 

The security created under this Deed is a continuing security and will extend to the ultimate balance of the Secured Obligations, regardless of
any intermediate payment or discharge in whole or in part. 
  

	16.2	 Reinstatement 

If any payment by the Issuer or a Guarantor or any discharge given by a Secured Party (whether in respect of the obligations of the Issuer or a
Guarantor or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event: 
  

	 	(a)	 the liability of each Issuer and Guarantor will continue as if the payment, discharge, avoidance or reduction
had not occurred; and 

  

	 	(b)	 each Secured Party will be entitled to recover the value or amount of that security or payment from each Issuer
and Guarantor, as if the payment, discharge, avoidance or reduction had not occurred. 

  

	16.3	 Waiver of defences 

The obligations of each Chargor under this Deed will not be affected by any act, omission or thing which, but for this provision, would reduce,
release or prejudice any of its obligations under this Deed (whether or not known to it or any Secured Party). This includes: 
  

	 	(a)	 any time, waiver or consent granted to, or composition with, any person; 

 

	 	(b)	 any release of any person under the terms of any composition or arrangement; 

  
 19 

	 	(c)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up
or enforce, any rights against, or security over assets of, any person; 

  

	 	(d)	 any non-presentation or
non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

 

	 	(e)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of any person; 

  

	 	(f)	 any amendment of a Note Document or any other document or security, including, without limitation, any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Note Document; 

  

	 	(g)	 any unenforceability, illegality, invalidity or non-provability of any
obligation of any person under any Note Document or any other document or security or the failure by any other person to enter into or be bound by any Note Document; or 

 

	 	(h)	 any insolvency, resolution or similar proceedings. 

 

	16.4	 Immediate recourse 

 

	(a)	 Each Chargor waives any right it may have of first requiring any Secured Party (or any trustee or agent on its
behalf) to proceed against or enforce any other right or security or claim payment from any person or file any proof or claim in any insolvency, administration, winding-up or liquidation proceedings relative
to the Issuer or any other Guarantor or any other person before claiming from that Chargor under this Deed. 

  

	(b)	 This waiver applies irrespective of any law or any provision of a Note Document to the contrary.

  

	16.5	 Appropriations 

Until all amounts which may be or become payable by the Issuer or any Guarantor under or in connection with the Note Documents have been
irrevocably paid in full, each Secured Party (or any trustee or agent on its behalf) may at any time during the Security Period without affecting the liability of any Chargor under this Deed: 

 

					
	 (a)   
	  	    (i)	  	refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) against those amounts; or

  

	 	(ii)	 apply and enforce them in such manner and order as it sees fit (whether against those amounts or otherwise);
and 

  

	 	(b)	 hold in an interest-bearing suspense account any moneys received from any Chargor or on account of that
Chargor’s liability under this Deed. 

  

	16.6	 Non-competition 

Unless: 
  

	 	(a)	 all amounts which may be or become payable by the Issuer or a Guarantor under or in connection with the Note
Documents have been irrevocably paid in full; or 

  

	 	(b)	 the Notes Collateral Agent otherwise directs, 

  
 20 

 no Chargor will, after a claim has been made or by virtue of any payment or performance by
it under this Deed: 
  

	 	(i)	 be subrogated to any rights, security or moneys held, received or receivable by any Secured Party (or any
trustee or agent on its behalf); 

  

	 	(ii)	 be entitled to any right of contribution or indemnity in respect of any payment made or moneys received on
account of that Chargor’s liability under this Clause; 

  

	 	(iii)	 claim, rank, prove or vote as a creditor of the Issuer or any Guarantor or its estate in competition with any
Secured Party (or any trustee or agent on its behalf); or 

  

	 	(iv)	 receive, claim or have the benefit of any payment, distribution or security from or on account of the Issuer or
any Guarantor, or exercise any right of set-off as against the Issuer or any Guarantor. 

Each Chargor must hold in trust for and must immediately pay or transfer to the Notes Collateral Agent for the Secured Parties any payment or
distribution or benefit of security received by it contrary to this Clause or in accordance with any directions given by the Notes Collateral Agent under this Clause. 
  

	16.7	 Release of Chargors’ right of contribution 

If any Chargor ceases to be a Guarantor in accordance with the terms of the Indenture for the purpose of any sale or other disposal of that
Chargor: 
  

	 	(a)	 that Chargor will be released by each other Chargor from any liability whatsoever to make a contribution to the
Issuer or any other Guarantor arising by reason of the performance by any other Chargor of its obligations under the Note Documents; and 

  

	 	(b)	 each other Chargor will waive any rights it may have by reason of the performance of its obligations under the
Note Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any right of any Secured Party under any Note Document or of any other guarantee or security taken under, or in connection with, any Note
Document where the rights or security are granted by or in relation to the aspects of the retiring Chargor. 

  

	16.8	 Additional security 

 

	(a)	 This Deed is in addition to and is not in any way prejudiced by: 

 

	 	(i)	 any other security or guarantee now or subsequently held by any Secured Party; and 

 

	 	(ii)	 any security given by any Chargor to any settlement bank in connection with the Chargor’s membership of
CREST. 

  

	(b)	 No prior security held by any Secured Party (in its capacity as such or otherwise) over any Collateral will
merge into this Security. 

  

	(c)	 In this Deed, settlement bank has the meaning given to it in the Uncertificated Securities Regulations
2001. 

  
 21 

	16.9	 Security held by Chargor 

No Chargor may, without the prior consent of the Notes Collateral Agent, hold any security from the Issuer or any other Guarantor in respect of
that Chargor’s liability under this Deed. Each Chargor will hold any security held by it in breach of this provision on trust for the Notes Collateral Agent. 
  

	17.	 MISCELLANEOUS 

 

	17.1	 Covenant to pay 

Each Chargor must pay or discharge the Secured Obligations in the manner provided for in the Indenture or other Note Document. 

 

	17.2	 New Accounts 

  

	(a)	 If any subsequent charge or other interest affects any Collateral, which is prohibited by the Indenture, the
Notes Collateral Agent may open a new account with a Chargor. 

  

	(b)	 If the Notes Collateral Agent does not open a new account, it will nevertheless be treated as if it had done so
at the time when it received or was deemed to have received notice of that charge or other interest. 

  

	(c)	 As from that time all payments made to the Notes Collateral Agent will be credited or be treated as having been
credited to the new account and will not operate to reduce any Secured Obligation. 

  

	17.3	 Time deposits 

Without prejudice to any right of set-off any Secured Party may have under any other Note Document or
otherwise, if any time deposit matures on any account a Chargor has with the Issuer or any Guarantor within the Security Period when: 
  

	 	(a)	 this Security has become enforceable; and 

 

	 	(b)	 no Secured Obligation is due and payable, 

that time deposit will automatically be renewed for any further maturity which that Secured Party considers appropriate. 

 

	17.4	 Notice of assignment 

This Deed constitutes notice in writing to each Chargor of any charge or assignment of a debt owed by that Chargor to any other Chargor and
contained in any other Security Agreement. 
  

	18.	 RELEASE 

  

	(a)	 At the end of the Security Period, at the reasonable request and at the cost of the Issuer, the Notes
Collateral Agent will in accordance with Section 13.03 of the Indenture, take whatever action is requested to release its Collateral from this Security and procure the reassignment to the relevant Chargor of the Collateral assigned to the Notes
Collateral Agent pursuant to this Deed. 

  
 22 

	(b)	 Where a Chargor makes a sale or other disposition permitted by the terms of the Indenture, to a Person that is
not the Issuer or a Guarantor, at the reasonable request and at the cost of the Issuer, the Notes Collateral Agent will in accordance with the Indenture take all or any requested action to release from this Security the Collateral which is the
subject of such disposal or other transaction. 

  

	(c)	 Notwithstanding any other provision of this Deed, the Security shall be released and discharged upon the
occurrence of any event or circumstance and in the manner set out in section 13.03 of the Indenture. 

  

	19.	 AMENDMENT 

No amendment, modification, termination or waiver of any provision of this Deed will be effective without the written consent of the Notes
Collateral Agent and the Chargors in accordance with the Indenture. 
  

	20.	 PARTIAL INVALIDITY 

If, at any time, any term of this Deed is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction that
will not affect: 
  

	 	(a)	 the legality, validity or enforceability in that jurisdiction of any other term of this Deed; or

  

	 	(b)	 the legality, validity or enforceability in other jurisdictions of that or any other term of this Deed.

  

	21.	 REMEDIES, WAIVERS AND DETERMINATIONS 

 

	21.1	 Remedies and waivers 

No failure to exercise, nor any delay in exercising, on the part of the Notes Collateral Agent or any Secured Party any right or remedy under
this Deed shall operate as a waiver of any such right or remedy or constitute an election to affirm this Deed. No election to affirm this Deed on the part of the Notes Collateral Agent or any Secured Party shall be effective unless in writing. No
single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Deed are cumulative and not exclusive of any rights or remedies
provided by law. 
  

	21.2	 Certificates and Determinations 

Any certification or determination by the Notes Collateral Agent or any Secured Party of a rate or amount under this Deed is, in the absence of
manifest error, conclusive evidence of the matters to which it relates. 
  

	22.	 COUNTERPARTS 

This Deed may be executed in any number of counterparts and all those counterparts taken together shall be deemed to constitute one and the
same instrument. 
  

	23.	 GOVERNING LAW 

This Deed and any non-contractual obligations arising out of or in connection with it are governed by
English law. 

  
 23 

	24.	 ENFORCEMENT 

  

	(a)	 All parties agree that the courts of England are (subject to paragraphs (b) and (c) below) to have
exclusive jurisdiction to settle any dispute (including claims for set-off and counterclaims) which may arise in connection with the creation, validity, effect, interpretation or performance of, or the legal
relationships established by this Deed or otherwise arising in connection with this Deed and for such purposes irrevocably submit to the jurisdiction of the English courts. 

 

	(b)	 The agreement contained in paragraph (a) above is included for the benefit of the Notes Collateral Agent
who shall retain the right to take proceedings in any other courts with jurisdiction. To the extent permitted by law, the Notes Collateral Agent may take concurrent proceedings in any number of jurisdictions. 

 

	(c)	 Each Chargor agrees that a judgment or order of any court referred to in this Clause 24 is conclusive and
binding and may be enforced against it in the courts of any other jurisdiction. 

  

	25.	 CONCERNING THE NOTES COLLATERAL AGENT 

Wilmington Trust, National Association is entering into this Deed solely in its capacity as Notes Collateral Agent under the Indenture and not
in its individual capacity. In acting hereunder, the Notes Collateral Agent shall be entitled to all of the rights, privileges and immunities set forth in the Indenture as if such rights, privileges and immunities were set forth herein. 

THIS DEED has been entered into as a deed on the date stated at the beginning of this Deed. 

  
 24 

 SCHEDULE 1 

CHARGORS 
  

					
	 Chargor
	  	 Jurisdiction of Incorporation
	  	 Registered number

	 DTZ UK Guarantor Limited
	  	England and Wales	  	09187412
	 DTZ Worldwide Limited
	  	England and Wales	  	09073572

  
 25 

 SCHEDULE 2 

COLLATERAL 
 PART 1

 SHARES 
  

							
	 Chargor
	 	 Subsidiary
	 	 Registered

Number
	 	 Number and class of

shares

	 DTZ UK Guarantor Limited
	 	DTZ Worldwide Limited	 	09073572	 	 925,201,516 ordinary £1 shares

	 DTZ Worldwide Limited
	 	DTZ UK Holdco Limited	 	09178188	 	 683,787,125 ordinary 1 USD shares

  
 26 

 PART 2 

REAL PROPERTY 
 [None at
the date of this Deed.] 

  
 27 

 PART 3 

SPECIFIC INTELLECTUAL PROPERTY RIGHTS 

[None at the date of this Deed.] 

  
 28 

 SIGNATORIES 

Chargors 
  

					
	EXECUTED AS A DEED by	  	 )
	  	
	DTZ UK GUARANTOR LIMITED	  	 )
	  	
	acting by	  	 )
	  	

  

			
	 Director    /s/ Brett Soloway
  

Name: Brett Soloway
  

Title: Director
	  	 Director     /s/ Duncan Palmer
  

Name: Duncan Palmer
  

Title: Director

 Signature page to the English Security Agreement 

					
	EXECUTED AS A DEED by	  	 )
	  	
	DTZ WORLDWIDE LIMITED	  	 )
	  	
	acting by	  	 )
	  	

  

			
	 Director    /s/ Brett Soloway
  

Name: Brett Soloway
  

Title: Director
	  	 Director    /s/ Duncan Palmer
  

Name: Duncan Palmer
  

Title: Director

 Signature page to the English Security Agreement 

 Notes Collateral Agent 

WILMINGTON TRUST, NATIONAL ASSOCIATION 
 solely in its
capacity as Notes Collateral Agent 
  

			
		
	By:	 	/s/ Hallie E. Field
	Name:	 	Hallie E. Field
	Title:	 	Vice President

 Signature page to the English Security Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]