Document:

Guarantee and Collateral Agreement - Credit Suisse

 Exhibit 10.7 
 Execution Copy 
 GUARANTEE AND COLLATERAL AGREEMENT 

Dated as of May 4, 2012, 
 among 
 VERSO PAPER FINANCE HOLDINGS LLC 

VERSO PAPER HOLDINGS LLC, 
 as Company, 
 each other PLEDGOR identified herein, 

and 
 CREDIT
SUISSE AG, CAYMAN ISLANDS BRANCH, 
 as Administrative Agent 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	1	  
		
	 Section 1.01.     Cash Flow Credit Agreement
	  	 	1	  
		
	 Section 1.02.     Other Defined Terms
	  	 	2	  
		
	 ARTICLE 2 GUARANTEE
	  	 	7	  
		
	 Section 2.01.     Guarantee
	  	 	7	  
		
	 Section 2.02.     Guarantee of Payment
	  	 	7	  
		
	 Section 2.03.     No Limitations, Etc.
	  	 	7	  
		
	 Section 2.04.     Reinstatement
	  	 	9	  
		
	 Section 2.05.     Agreement to Pay; Contribution; Subrogation
	  	 	9	  
		
	 Section 2.06.     Information
	  	 	9	  
		
	 Section 2.07.     Maximum Liability
	  	 	9	  
		
	 Section 2.08.     Payment Free and Clear of Taxes
	  	 	10	  
		
	 Section 2.09.     No Foreign Guarantee of U.S. Obligations
	  	 	10	  
		
	 ARTICLE 3 PLEDGE OF SECURITIES
	  	 	10	  
		
	 Section 3.01.     Pledge
	  	 	10	  
		
	 Section 3.02.     Delivery of the Pledged Collateral
	  	 	11	  
		
	 Section 3.03.     Representations, Warranties and Covenants
	  	 	12	  
		
	 Section 3.04.     Registration in Nominee Name; Denominations
	  	 	14	  
		
	 Section 3.05.     Voting Rights; Dividends and Interest, Etc.
	  	 	14	  
		
	 ARTICLE 4 SECURITY INTERESTS IN OTHER PERSONAL PROPERTY
	  	 	16	  
		
	 Section 4.01.     Security Interest
	  	 	16	  
		
	 Section 4.02.     Representations and Warranties
	  	 	19	  
		
	 Section 4.03.     Covenants
	  	 	22	  
		
	 Section 4.04.     Other Actions
	  	 	24	  
		
	 Section 4.05.     Covenants Regarding Patent, Trademark and Copyright Collateral
	  	 	26	  

  
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	 ARTICLE 5 REMEDIES
	  	 	27	  
		
	 Section 5.01.     Remedies Upon Default
	  	 	27	  
		
	 Section 5.02.     Application of Proceeds
	  	 	29	  
		
	 Section 5.03.     Securities Act, Etc.
	  	 	29	  
		
	 ARTICLE 6 INDEMNITY, SUBROGATION AND SUBORDINATION
	  	 	30	  
		
	 Section 6.01.     Indemnity
	  	 	30	  
		
	 Section 6.02.     Contribution and Subrogation
	  	 	30	  
		
	 Section 6.03.     Subordination
	  	 	31	  
		
	 ARTICLE 7 MISCELLANEOUS
	  	 	31	  
		
	 Section 7.01.     Notices
	  	 	31	  
		
	 Section 7.02.     Security Interest Absolute
	  	 	31	  
		
	 Section 7.03.     Limitation by Law
	  	 	32	  
		
	 Section 7.04.     Binding Effect; Several Agreement
	  	 	32	  
		
	 Section 7.05.     Successors and Assigns
	  	 	32	  
		
	 Section 7.06.     Administrative Agent’s Fees and Expenses; Indemnification
	  	 	32	  
		
	 Section 7.07.     Administrative Agent Appointed Attorney-in-Fact
	  	 	33	  
		
	 Section 7.08.     GOVERNING LAW
	  	 	34	  
		
	 Section 7.09.     Waivers; Amendment
	  	 	34	  
		
	 Section 7.10.     WAIVER OF JURY TRIAL
	  	 	35	  
		
	 Section 7.11.     Severability
	  	 	35	  
		
	 Section 7.12.     Counterparts
	  	 	35	  
		
	 Section 7.13.     Headings
	  	 	35	  
		
	 Section 7.14.     Jurisdiction; Consent to Service Of Process
	  	 	35	  
		
	 Section 7.15.     Termination or Release
	  	 	36	  
		
	 Section 7.16.     Additional Subsidiaries
	  	 	37	  
		
	 Section 7.17.     Right of Set-off
	  	 	37	  

  

			
	Schedules	  	
		
	Schedule I	  	Subsidiary Parties
	Schedule II	  	Pledged Stock; Debt Securities
	Schedule III	  	Intellectual Property
	Schedule IV	  	Filing Jurisdictions
	Schedule V	  	Commercial Tort Claims
	Schedule VI	  	Matters Relating to Accounts and Inventory

  
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	Exhibits	  	
		
	Exhibit I	  	Form of Supplement to the Guarantee and Collateral Agreement
	Exhibit II	  	Form of Acknowledgement and Consent

  
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 GUARANTEE AND COLLATERAL AGREEMENT dated as of May 4, 2012 (this
“Agreement”), among VERSO PAPER FINANCE HOLDINGS LLC, a Delaware limited liability company (“Holdings”), VERSO PAPER HOLDINGS LLC, a Delaware limited liability company (the “Company”) each
Subsidiary of Holdings and the Company identified on Schedule I or otherwise identified herein as a party (each, a “Subsidiary Party”), and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as administrative agent and collateral agent (in
such capacity, together with any successor administrative agent and collateral agent, the “Administrative Agent”) for the Secured Parties (as defined below). 
 Reference is made to the Credit Agreement, dated as of May 4, 2012 (as amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time, the “Cash Flow
Credit Agreement”), among Holdings, the Company, the Lenders party thereto from time to time, and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as administrative agent for the Lenders. 

The Lenders have agreed to extend credit to the Company subject to the terms and conditions set forth in the Cash Flow Credit Agreement.
The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. Holdings and the Subsidiary Parties are affiliates of the Borrower, will derive substantial benefits from
the extension of credit to the Borrower pursuant to the Cash Flow Credit Agreement from time to time and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. 

Pursuant to Section 7.18 below, this Agreement shall be subject to the terms and conditions of the Intercreditor Agreements (as
defined below) in all respects. 
 Accordingly, the parties hereto hereby agree as follows: 

ARTICLE 1 

DEFINITIONS 
 Section 1.01. Cash Flow Credit Agreement. (a) Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings assigned thereto in the Cash
Flow Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement have the meanings specified therein. The term “instrument” shall have the meaning specified in Article 9 of the New
York UCC. 
 (b) The definitions set forth or referred to in Section 1.02 shall apply equally to both the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to
be followed by the phrase “without limitation.” All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context
shall otherwise require. Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document shall mean such document as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 Section 1.02. Other Defined Terms. As used in this Agreement, the
following terms have the meanings specified below: 
 “Account Debtor” means any person who is or who may
become obligated to any Pledgor under, with respect to or on account of an Account, Chattel Paper, General Intangibles, Instruments or Investment Property. 
 “Administrative Agent” has the meaning specified in the preamble. 

“Article 9 Collateral” has the meaning assigned to such term in Section 4.01. 

“Bucksport Co-Gen Assets” means all right, title and interest of Verso Bucksport LLC in, to and under the Amended and
Restated Co-Owners Ownership, Operating & Mutual Sales Agreement dated as of July 27, 1999, by and between Champion International Corporation and Bucksport Energy LLC (as the same may be amended from time to time on terms, taken as a
whole, not materially adverse to the Lenders, in the good faith determination of the Company), including without limitation any ownership interests as tenants in common in the property rights established pursuant thereto. 

“Cash Flow Credit Agreement” has the meaning specified in the preamble. 

“Collateral” means Article 9 Collateral, Pledged Collateral and Real Property Collateral. 

“Company” has the meaning specified in the preamble. 

“Control Agreement” means a deposit account control agreement, a securities account control agreement or a commodity
account control agreement, as applicable, enabling the Administrative Agent to obtain “control” (within the meaning of the New York UCC) of any such accounts, in form and substance reasonably satisfactory to the Administrative Agent.

 “Copyright License” means any written agreement, now or hereafter in effect, granting any right to any
Pledgor under any Copyright now or hereafter owned by any third party, and all rights of any Pledgor under any such agreement (including, without limitation, any such rights that such Pledgor has the right to license). 

“Copyrights” means all of the following now owned or hereafter acquired by any Pledgor: (a) all copyright rights in
any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, (b) all registrations and applications for registration of any such Copyright in the United States or any
other country, including registrations, supplemental registrations and pending applications for registration in the United States Copyright Office and the right to obtain all renewals thereof, including those listed on Schedule III, (c) all
claims for, and rights to 

  
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sue for, past or future infringements of any of the foregoing and (d) all income, royalties, damages and payments now or hereafter due and payable with respect to any of the foregoing,
including damages and payments for past or future infringement thereof. 
 “Excluded Minority Interests” means
any Equity Interests owned by Verso Paper LLC in each of (a) Androscoggin Reservoir Company and (b) Gulf Island Pond Oxygenation Project, provided that such Equity Interests shall constitute Excluded Minority Interests only for so
long as they are subject to an enforceable contractual obligation (including, for this purpose, rights of first refusal) restricting the grant of a security interest therein. 
 “Federal Securities Laws” has the meaning assigned to such term in Section 5.03. 
 “General Intangibles” means all “General Intangibles” as defined in the New York UCC, including all choses in action and causes of action and all other intangible personal
property of any Pledgor of every kind and nature (other than Accounts) now owned or hereafter acquired by any Pledgor, including corporate or other business records, indemnification claims, contract rights (including rights under leases, whether
entered into as lessor or lessee, Swap Agreements and other agreements), Intellectual Property (but excluding “intent-to-use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham
Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of Lanham Act has been filed, to extent that, and solely during the period for which, any assignment of an
“intent-to-use” application prior to such filing would violate the Lanham Act), goodwill, registrations, franchises, tax refund claims and any guarantee, claim, security interest or other security held by or granted to any Pledgor to
secure payment by an Account Debtor of any of the Accounts. 
 “Guarantors” means Holdings and the Subsidiary
Parties. 
 “Holdings” has the meaning specified in the preamble. 

“Intellectual Property” means all intellectual property of every kind and nature now owned or hereafter acquired by any
Pledgor, including, inventions, designs, Patents, Copyrights, Trademarks, Patent Licenses, Copyright Licenses, Trademark Licenses, trade secrets, domain names, confidential or proprietary technical and business information, know-how, show-how or
other data or information and all related documentation. 
 “Intellectual Property Security Agreement” means a
security agreement in the form hereof or a short form hereof, in each case, which form shall be reasonably acceptable to the Administrative Agent. 
 “Intercreditor Agreements” means, collectively, the Senior Lien Intercreditor Agreement, the Notes Collateral Intercreditor Agreement, the Junior Lien Intercreditor Agreement and any
other successor or future intercreditor agreements to which the Administrative Agent becomes party. 

  
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 “IP Agreements” means all material Copyright Licenses, Patent Licenses,
Trademark Licenses, and all other agreements, permits, consents, orders and franchises relating to the license, development, use or disclosure of any material Intellectual Property to which a Pledgor, now or hereafter, is a party or a beneficiary,
including, without limitation, the agreements set forth on Schedule III hereto. 
 “Lender” means a lender
under the Cash Flow Credit Agreement. 
 “Loan Document Obligations” means (a) the due and punctual
payment by the Company of (i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such
proceeding) on the loans made to the Company under the Cash Flow Credit Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the
Company under the Cash Flow Credit Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and obligations to provide cash collateral and (iii) all other monetary obligations of the Company to any of the Secured
Parties under the Cash Flow Credit Agreement and each of the other Loan Documents, including obligations to pay fees, expense and reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or
otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance
of all other obligations of the Company under or pursuant to the Cash Flow Credit Agreement and each of the other Loan Documents and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or
pursuant to this Agreement and each of the other Loan Documents. 
 “New York UCC” means the Uniform Commercial
Code as from time to time in effect in the State of New York. 
 “Obligations” means (a) the Loan Document
Obligations, and (b) the Secured Swap Obligations. 
 “Patent License” means any written agreement, now or
hereafter in effect, granting to any Pledgor any right to make, use or sell any invention covered by a Patent, now or hereafter owned by any third party (including, without limitation, any such rights that such Pledgor has the right to license).

 “Patents” means all of the following now owned or hereafter acquired by any Pledgor: (a) all letters
patent of the United States or the equivalent thereof in any other country or jurisdiction, including those listed on Schedule III, and all applications for letters patent of the United States or the equivalent thereof in any other country or
jurisdiction, including those listed on Schedule III, (b) all provisionals, reissues, 

  
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extensions, continuations, divisions, continuations-in-part, reexaminations or revisions thereof, and the inventions disclosed or claimed therein, including the right to make, use, import and/or
sell the inventions disclosed or claimed therein, (c) all claims for, and rights to sue for, past or future infringements of any of the foregoing and (d) all income, royalties, damages and payments now or hereafter due and payable with
respect to any of the foregoing, including damages and payments for past or future infringement thereof. 

“person” shall mean any natural person, corporation, business trust, joint venture, association, company, partnership,
limited liability company or government, individual or family trusts, or any agency or political subdivision thereof. 

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

“Pledged Debt Securities” has the meaning assigned to such term in Section 3.01. 

“Pledged Securities” means any promissory notes, stock certificates or other certificated securities now or hereafter
included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 
 “Pledged Stock” has the meaning assigned to such term in Section 3.01. 
 “Pledgor” shall mean the Company and each Guarantor. 

“Possessory Collateral” means any Collateral in the possession of the Administrative Agent (or its agents or bailees),
to the extent that possession thereof perfects a security interest thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without limitation, any Certificated Securities, Promissory Notes, Instruments, and
Chattel Paper, in each case, delivered to or in the possession of the Administrative Agent under the terms of the Security Documents. 
 “Real Property Collateral” means the property subject to a Lien securing the Obligations pursuant to a Mortgage and includes, for the avoidance of doubt, any “Trust Property”
referred to in any Mortgage. 
 “Secured Swap Obligations” means the due and punctual payment and performance
of all obligations of each Loan Party under each Swap Agreement that (i) is in effect on the Closing Date with a counterparty that is the Administrative Agent, the Collateral Agent, a Lender or an Affiliate of any of the foregoing as of the
Closing Date or (ii) is entered into after the Closing Date with any counterparty that is the Administrative Agent, the Collateral Agent, a Lender or an Affiliate of any of the foregoing at the time such Swap Agreement is entered into and, in
case of each of the foregoing clauses (i) and (ii), has been disclosed to the Administrative Agent by written notice. 

“Secured Parties” means (a) the Lenders, (b) the Administrative Agent, (c) each Issuing Bank,
(d) each counterparty to any Swap Agreement entered into with a Loan Party the obligations under which constitute Secured Swap Obligations, (e) the beneficiaries of each indemnification obligation undertaken by any Loan Party under any
Loan Document and (f) the successors and permitted assigns of each of the foregoing. 

  
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 “Security Interest” has the meaning assigned to such term in
Section 4.01. 
 “Subsidiary” means, with respect to any person (herein referred to as the
“parent”), any corporation, partnership, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50%
of the general partnership interests are, at the time any determination is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more
subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Unless the context otherwise requires, “Subsidiary” means a Subsidiary of the Company. 

“Subsidiary Party” has the meaning assigned to such term in the preliminary statement of this Agreement, and any
Subsidiary that becomes a party hereto pursuant to Section 7.16. 
 “Trademark License” means any written
agreement, now or hereafter in effect, granting to any Pledgor any right to use any Trademark now or hereafter owned by any third party (including, without limitation, any such rights that such Pledgor has the right to license). 

“Trademarks” means all of the following now owned or hereafter acquired by any Pledgor: (a) all trademarks, service
marks, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired,
all registrations thereof (if any), and all registration and recording applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any
State of the United States or any other country or any political subdivision thereof (except for “intent-to-use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C.
§ 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of Lanham Act has been filed, to extent that, and solely during the period for which, any assignment of an
“intent-to-use” application prior to such filing would violate the Lanham Act), and all renewals thereof, including those listed on Schedule III, (b) all goodwill associated therewith or symbolized thereby, (c) all claims for,
and rights to sue for, past or future infringements of any of the foregoing and (d) all income, royalties, damages and payments now or hereafter due and payable with respect to any of the foregoing, including damages and payments for past or
future infringement thereof. 

  
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 ARTICLE 2 
 GUARANTEE 
 Section 2.01. Guarantee. Each
Guarantor unconditionally guarantees, jointly with the other Guarantors and severally, to the Administrative Agent, for the ratable benefit of the Secured Parties, as a primary obligor and not merely as a surety, the due and punctual payment and
performance of the Obligations. Each Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any
extension or renewal of any Obligation. Each Guarantor waives presentment to, demand of payment from and protest to the Company or any other Loan Party of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of
protest for nonpayment. 
 Section 2.02. Guarantee of Payment. Each Guarantor further agrees that its guarantee
hereunder constitutes a guarantee of payment when due (whether at the stated maturity, by acceleration or otherwise) and not of collection, and waives any right to require that any resort be had by the Administrative Agent or any other Secured Party
to any security held for the payment of the Obligations or to any balance of any deposit account or credit on the books of the Administrative Agent or any other Secured Party in favor of the Company or any other person. 

Section 2.03. No Limitations, Etc. (a) Except for termination of a Guarantor’s obligations hereunder as expressly
provided for in Section 7.15 and except as provided in Section 2.07, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver,
release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise (other
than defense of payment or performance). Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder, to the fullest extent permitted by applicable law, shall not be discharged or impaired or otherwise affected by,
and each Guarantor hereby waives any defense to the enforcement hereof by reason of: 
 (i) the failure of the
Administrative Agent or any other Secured Party to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of any Loan Document or otherwise; 

(ii) any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, any Loan
Document or any other agreement, including with respect to any other Guarantor under this Agreement; 
 (iii) the
failure to perfect any security interest in, or the exchange, substitution, release or any impairment of, any security held by the Administrative Agent or any other Secured Party for the Obligations; 

  
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 (iv) any default, failure or delay, willful or otherwise, in the performance
of the Obligations; 
 (v) any other act or omission that may or might in any manner or to any extent vary the
risk of any Guarantor or otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the payment in full in cash or immediately available funds of all the Obligations); 

(vi) any illegality, lack of validity or enforceability of any Obligation; 

(vii) any change in the corporate existence, structure or ownership of the Company, or any insolvency, bankruptcy,
reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any Obligation; 
 (viii) the existence of any claim, set-off or other rights that the Guarantors may have at any time against the Company, the Administrative Agent, or any other corporation or person, whether in connection
herewith or any unrelated transactions, provided that nothing herein will prevent the assertion of any such claim by separate suit or compulsory counterclaim; 

(ix) any action permitted or authorized hereunder; or 

(x) any other circumstance (including without limitation, any statute of limitations) or any existence of or reliance on
any representation by the Administrative Agent that might otherwise constitute a defense to, or a legal or equitable discharge of, the Company or the Guarantors or any other guarantor or surety. 

Each Guarantor expressly authorizes the Secured Parties to take and hold security for the payment and performance of the Obligations, to exchange, waive
or release any or all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof in their sole discretion or to release or substitute any one or more other guarantors or
obligors upon or in respect of the Obligations, all without affecting the obligations of any Guarantor hereunder. 
 (b) To the
fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any defense of any other Loan Party or the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any
cause of the liability of any other Loan Party, other than the payment in full in cash or immediately available funds of all the Obligations (other than contingent indemnity or expense reimbursement obligations as to which no claim has been made).
The Administrative Agent and the other Secured Parties may, at their election, foreclose on any security held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure,
compromise or adjust any part of the Obligations, make any other accommodation with any other Loan Party or exercise any other right or remedy available to them against any other Loan Party, without

  
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affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Obligations (other than contingent indemnity or expense reimbursement obligations as to which
no claim has been made) have been paid in full in cash or immediately available funds. To the fullest extent permitted by applicable law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant
to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against any other Loan Party, as the case may be, or any security. 

Section 2.04. Reinstatement. Each Guarantor agrees that its guarantee hereunder shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Administrative Agent or any other Secured Party upon the bankruptcy or reorganization of the Company or
any other Loan Party or otherwise. 
 Section 2.05. Agreement to Pay; Contribution; Subrogation. In
furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any other Secured Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Company to pay any Obligation when
and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent for distribution to the
applicable Secured Parties in cash the amount of such unpaid Obligation. Each Guarantor hereby unconditionally and irrevocably agrees that in the event any payment shall be required to be made to any Secured Party under this guarantee or any other
guarantee, such Guarantor will contribute, to the maximum extent permitted by law, such amounts to each other Guarantor and each other guarantor so as to maximize the aggregate amount paid to the Secured Parties under or in respect of the Loan
Documents. Upon payment by any Guarantor of any sums to the Administrative Agent as provided above, all rights of such Guarantor against the Company, or other Loan Party or any other Guarantor arising as a result thereof by way of right of
subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to Article 6. 

Section 2.06. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the
financial condition and assets of the Company and each other Loan Party, and of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs
hereunder, and agrees that none of the Administrative Agent or the other Secured Parties will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 

Section 2.07. Maximum Liability. Each Guarantor, and by its acceptance of this guarantee, the Administrative Agent and
each Lender hereby confirms that it is the intention of all such persons that this guarantee and the Obligations of each Guarantor hereunder not constitute a fraudulent transfer or conveyance for purposes of the U.S. Bankruptcy Code or any other
federal, state or foreign bankruptcy, insolvency, receivership or similar law, the Uniform Fraudulent Conveyance Act, the Uniform 

  
 9 

 
Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to thus guarantee and the Obligations of each Guarantor hereunder. To effectuate the foregoing
intention, the Administrative Agent, the Lenders and the Guarantors hereby irrevocably agree that the Obligations of each Subsidiary Party under this guarantee at any time shall be limited to the maximum amount as will result in the Obligations of
such Guarantor under this guarantee not constituting a fraudulent transfer or conveyance. 
 Section 2.08. Payment Free
and Clear of Taxes. Any and all payments by or on account of any obligation of any Guarantor hereunder or under any other Loan Document shall be made free and clear of, and without deduction for, any Indemnified Taxes or Other Taxes on
the same terms and to the same extent that payments by the Company and Holdings are required to be made pursuant to the terms of Section 2.17 of the Cash Flow Credit Agreement. The provisions of Section 2.17 of the Cash Flow Credit
Agreement shall apply to each Guarantor mutatis mutandis. 
 Section 2.09. No Foreign Guarantee of U.S. Obligations.
Notwithstanding anything to the contrary contained herein, no Foreign Subsidiary shall, or shall be deemed to, provide a guarantee of any Obligations of the Company or any Guarantor pursuant to the terms hereof. 

ARTICLE 3 

PLEDGE OF SECURITIES 
 Section 3.01. Pledge. As security for the payment or performance, as the case may be, in full of its Obligations, each Pledgor hereby assigns and pledges to the Administrative Agent,
its successors and permitted assigns, for the ratable benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and permitted assigns, for the ratable benefit of the Secured Parties, a security interest in all of
such Pledgor’s right, title and interest in, to and under (a) the Equity Interests directly owned by it (including those listed on Schedule II) and any other Equity Interests obtained in the future by such Pledgor and any certificates
representing all such Equity Interests (the “Pledged Stock”); provided that the Pledged Stock shall not include (i) (A) more than 65% of the issued and outstanding voting Equity Interests of any “first tier”
Foreign Subsidiary directly owned by such Pledgor, (B) more than 65% of the issued and outstanding voting Equity Interests of any “first tier” CFC Holding Company directly owned by such Pledgor, (C) any issued and outstanding
Equity Interest of any Foreign Subsidiary that is not a “first tier” Foreign Subsidiary, and (D) any issued and outstanding Equity Interests of any CFC Holding Company that is not a “first tier” CFC Holding Company,
(ii) to the extent applicable law requires that a Subsidiary of such Pledgor issue directors’ qualifying shares, such shares or nominee or other similar shares, (iii) any Equity Interests of a Subsidiary to the extent that, as of the
Closing Date, and for so long as, such a pledge of such Equity Interests would violate applicable law or an enforceable contractual obligation binding on or relating to such Equity Interests, or (iv) any Equity Interests of a person that is not
directly or indirectly a Subsidiary, as to which Article 4 shall apply; (b)(i) the debt obligations listed opposite the name of such Pledgor on Schedule II, (ii) any debt securities in the future issued to such Pledgor having, in the

  
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case of each instance of debt securities, an aggregate principal amount in excess of $5.0 million, and (iii) the certificates, promissory notes and any other instruments, if any, evidencing
such debt securities (the “Pledged Debt Securities”); (c) subject to Section 3.05 hereof, all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of, in exchange for or upon the conversion of, and all other proceeds received in respect of, the securities referred to in clauses (a) and (b) above; (d) subject to Section 3.05 hereof, all
rights and privileges of such Pledgor with respect to the securities and other property referred to in clauses (a), (b) and (c) above; and (e) all proceeds of any of the foregoing (the items referred to in clauses (a) through
(c) above being collectively referred to as the “Pledged Collateral”). 
 TO HAVE AND TO HOLD the Pledged
Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Administrative Agent, its successors and permitted assigns, for the ratable benefit of the Secured Parties, forever;
subject, however, to the terms, covenants and conditions hereinafter set forth. 
 Section 3.02. Delivery of the Pledged
Collateral. (a) Each Pledgor agrees promptly to deliver or cause to be delivered to the Administrative Agent, for the ratable benefit of the Secured Parties, any and all Pledged Securities to the extent such Pledged Securities, in
the case of promissory notes or other instruments evidencing Indebtedness, are required to be delivered pursuant to paragraph (b) of this Section 3.02. 
 (b) Each Pledgor will cause any Indebtedness for borrowed money having an aggregate principal amount in excess of $5.0 million (other than (i) intercompany current liabilities incurred in the
ordinary course of business in connection with the cash management operations and intercompany sales of Holdings, the Company and its Subsidiaries or (ii) to the extent that a pledge of such promissory note or instrument would violate
applicable law) owed to such Pledgor by any person to be evidenced by a duly executed promissory note that is pledged and delivered to the Administrative Agent, for the ratable benefit of the Secured Parties, pursuant to the terms hereof. To the
extent any such promissory note is a demand note, each Pledgor party thereto agrees, if requested by the Administrative Agent, to immediately demand payment thereunder upon an Event of Default specified under Section 8.01(b), (c), (f),
(h) or (i) of the Cash Flow Credit Agreement, unless such demand would not be commercially reasonable or would otherwise expose Pledgor to liability to the maker. 
 (c) Upon delivery to the Administrative Agent, (i) any Pledged Securities required to be delivered pursuant to the foregoing paragraphs (a) and (b) of this Section 3.02 shall be
accompanied by stock powers or note powers, as applicable, duly executed in blank or other instruments of transfer reasonably satisfactory to the Administrative Agent and by such other instruments and documents as the Administrative Agent may
reasonably request and (ii) all other property composing part of the Pledged Collateral delivered pursuant to the terms of this Agreement shall be accompanied to the extent necessary to perfect the security interest in or allow realization on
the Pledged Collateral by proper instruments of assignment duly executed by the applicable Pledgor 

  
 11 

 
and such other instruments or documents (including issuer acknowledgments in respect of uncertificated securities in the form of Exhibit II hereto) as the Administrative Agent may reasonably
request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be attached hereto as Schedule II (or a supplement to Schedule II, as applicable) and made a part hereof; provided
that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. 

Section 3.03. Representations, Warranties and Covenants. The Pledgors, jointly and severally, represent, warrant and
covenant to and with the Administrative Agent, for the ratable benefit of the Secured Parties, that: 
 (a) Schedule II
correctly sets forth the percentage of the issued and outstanding shares of each class of the Equity Interests of the issuer thereof represented by such Pledged Stock and includes all Equity Interests, debt securities and promissory notes or
instruments evidencing Indebtedness required to be (i) pledged in order to satisfy the requirements of the Loan Documents, or (ii) delivered pursuant to Section 3.02(b); 

(b) the Pledged Stock and Pledged Debt Securities (solely with respect to Pledged Debt Securities issued by a person that is not a
Subsidiary of Holdings or an Affiliate of any such Subsidiary, to the best of each Pledgor’s knowledge) have been duly and validly authorized and issued by the issuers thereof and (i) in the case of Pledged Stock, are fully paid and
nonassessable (other than with respect to Pledged Stock consisting of membership interests of limited liability companies to the extent provided in Sections 18-502 and 18-607 of the Delaware Limited Liability Company Act) and (ii) in the case
of Pledged Debt Securities (solely with respect to Pledged Debt Securities issued by a person that is not a Subsidiary of Holdings or an Affiliate of any such subsidiary, to the best of each Pledgor’s knowledge) are legal, valid and binding
obligations of the issuers thereof, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles
(whether considered in a proceeding at law or in equity) and an implied covenant of good faith and fair dealing; 
 (c) except
for the security interests granted hereunder, each Pledgor (i) is and, subject to any transfers made in compliance with the Loan Documents, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on
Schedule II as owned by such Pledgor, (ii) holds the same free and clear of all Liens, other than Permitted Liens, (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in
or other Lien on, the Pledged Collateral, other than pursuant to a transaction permitted by the Loan Documents and other than Permitted Liens and (iv) subject to the rights of such Pledgor under the Loan Documents to dispose of Pledged
Collateral, will use commercially reasonable efforts to defend its title or interest hereto or therein against any and all Liens (other than Permitted Liens), however arising, of all persons; 

  
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 (d) other than as set forth in the Cash Flow Credit Agreement or the schedules thereto, and
except for restrictions and limitations imposed by the Loan Documents or securities laws generally or otherwise permitted to exist pursuant to the terms of the Loan Documents, the Pledged Stock (other than partnership interests) is and will continue
to be freely transferable and assignable, and none of the Pledged Stock is or will be 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 Stock hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Administrative Agent of rights and remedies hereunder; 

(e) each Pledgor has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby done or
contemplated; 
 (f) no action, consent or approval of, registration or filing with or any other action by any Governmental
Authority is or will be required in connection with the perfection or maintenance of the Liens created hereunder or the exercise by the Trustee or any Secured Party of its rights hereunder or the remedies in respect of the Collateral, except for
(a) the filing of Uniform Commercial Code financing statements, (b) filings with the United States Patent and Trademark Office and the United States Copyright Office and comparable offices in foreign jurisdictions and equivalent filings in
foreign jurisdictions, (c) recordation of the Mortgages, (d) such actions, consents, approvals, registrations and filings as have been made or obtained and are in full force and effect and (e) such actions, consents, approvals,
registrations and filings the failure of which to be obtained or made would not reasonably be expected to have a Material Adverse Effect; 
 (g) by virtue of the execution and delivery by the Pledgors of this Agreement and the Foreign Pledge Agreements, when any Pledged Securities (including Pledged Stock of any Domestic Subsidiary or any
foreign stock covered by a Foreign Pledge Agreement) are delivered to the Administrative Agent, for the ratable benefit of the Secured Parties, in accordance with this Agreement and a financing statement covering such Pledge Securities is filed in
the appropriate filing office, the Administrative Agent will obtain, for the ratable benefit of the Secured Parties, a legal, valid and perfected lien upon and security interest in such Pledged Securities under the New York UCC, subject only to
Liens permitted under the Loan Documents, as security for the payment and performance of the Obligations; 
 (h) each Pledgor
that is an issuer of the Pledged Collateral confirms that it has received notice of the security interest granted hereunder; 

(i) as of the Closing Date, none of the Equity Interests in limited liability companies or partnerships that is pledged by the Pledgors
hereunder constitutes a security under Section 8-103 of the New York UCC or the corresponding code or statute of any other applicable jurisdiction; and 
 (j) the Pledgors shall not amend, or permit to be amended, the limited liability company agreement (or operating agreement or similar agreement) or partnership

  
 13 

 
agreement of any Subsidiary of any Loan Party whose Equity Interests are, or are required to be, Collateral in a manner to cause such Equity Interests to constitute a security under
Section 8-103 of the New York UCC or the corresponding code or statute of any other applicable jurisdiction unless such Loan Party shall have first delivered 10 days written notice to the Administrative Agent and shall have taken all actions
contemplated hereby and as otherwise reasonably required by the Administrative Agent to maintain the security interest of the Administrative Agent therein as a valid, perfected, first priority security interest. 

Section 3.04. Registration in Nominee Name; Denominations. The Administrative Agent, on behalf of the Secured Parties,
shall have the right (in its sole and absolute discretion) to hold the Pledged Securities in the name of the applicable Pledgor, endorsed or assigned in blank or in favor of the Administrative Agent or, if an Event of Default shall have occurred and
be continuing, in its own name as pledgee or the name of its nominee (as pledgee or as sub-agent). Each Pledgor will promptly give to the Administrative Agent copies of any notices or other communications received by it with respect to Pledged
Securities registered in the name of such Pledgor. If an Event of Default shall have occurred and be continuing, the Administrative Agent shall have the right to exchange the certificates representing Pledged Securities for certificates of smaller
or larger denominations for any purpose consistent with this Agreement. Each Pledgor shall use its commercially reasonable efforts to cause any Loan Party that is not a party to this Agreement to comply with a request by the Administrative Agent,
pursuant to this Section 3.04, to exchange certificates representing Pledged Securities of such Loan Party for certificates of smaller or larger denominations. 
 Section 3.05. Voting Rights; Dividends and Interest, Etc. (a) Unless and until an Event of Default shall have occurred and be continuing and the Administrative Agent shall have
given notice to the relevant Pledgors of the Administrative Agent’s intention to exercise its rights hereunder: 
 (i) Each Pledgor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Collateral or any part thereof for any purpose consistent with
the terms of this Agreement and the Loan Documents; provided, that, except as permitted under the Loan Documents, such rights and powers shall not be exercised in any manner that could materially and adversely affect the rights inuring to a
holder of any Pledged Collateral, the rights and remedies of any of the Administrative Agent or the other Secured Parties under any Loan Document or the ability of the Secured Parties to exercise the same. 

(ii) The Administrative Agent shall promptly execute and deliver to each Pledgor, or cause to be executed and delivered to
such Pledgor, all such proxies, powers of attorney and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant
to subparagraph (i) above. 

  
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 (iii) Each Pledgor shall be entitled to receive and retain any and all
dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise
paid or distributed in accordance with, the terms and conditions of the Loan Documents and applicable laws; provided, that (A) any noncash dividends, interest, principal or other distributions, payments or other consideration in respect
thereof, including any rights to receive the same to the extent not so distributed or paid, that would constitute Pledged Securities, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the
issuer of any Pledged Securities, received in exchange for Pledged Securities or any part thereof, or in redemption thereof, as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or
otherwise or (B) any non-cash dividends and other distributions paid or payable in respect of any Pledged Securities that would constitute Pledged Securities in connection with a partial or total liquidation or dissolution or in connection with
a reduction of capital, capital surplus or paid in surplus, shall be and become part of the Pledged Collateral, and, if received by any Pledgor, shall not be commingled by such Pledgor with any of its other funds or property but shall be held
separate and apart therefrom, shall be held in trust for the benefit of the Administrative Agent, for the ratable benefit of the Secured Parties, and shall be forthwith delivered to the Administrative Agent, for the ratable benefit of the Secured
Parties, in the same form as so received (endorsed in a manner reasonably satisfactory to the Administrative Agent). 
 (b) Upon
the occurrence and during the continuance of an Event of Default and after notice by the Administrative Agent to the Company of the Administrative Agent’s intention to exercise its rights hereunder, all rights of any Pledgor to dividends,
interest, principal or other distributions that such Pledgor is authorized to receive pursuant to paragraph (a)(iii) of this Section 3.05 shall cease, and all such rights shall thereupon become vested, for the ratable benefit of the
Secured Parties, in the Administrative Agent which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions; provided, however, that even after the occurrence of an
Event of Default, any Pledgor may continue to exercise dividend and distribution rights solely to the extent permitted under subclause (i), subclause (iii) and subclause (v) of Section 6.06(b) of the Cash Flow Credit Agreement, and
not otherwise prohibited by any Loan Documents. All dividends, interest, principal or other distributions received by any Pledgor contrary to the provisions of this Section 3.05 shall not be commingled by such Pledgor with any of its other
funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Administrative Agent, for the ratable benefit of the Secured Parties, and shall be forthwith delivered to the Administrative Agent, for
the ratable benefit of the Secured Parties, in the same form as so received (endorsed in a manner reasonably satisfactory to the Administrative Agent). Any and all money and other property paid over to or received by the Administrative Agent
pursuant to the provisions of this paragraph (b) shall be retained by the Administrative Agent in an account to be established by the Administrative Agent upon receipt of such money or other property and

  
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shall be applied in accordance with the provisions of Section 5.02 hereof. After all Events of Default have been cured or waived and the Company has delivered to the Administrative Agent a
certificate to that effect, the Administrative Agent shall promptly release to each Pledgor (without interest) all dividends, interest, principal or other distributions that such Pledgor would otherwise be permitted to retain pursuant to the terms
of paragraph (a)(iii) of this Section 3.05 and that remain in such account. 
 (c) Upon the occurrence and during the
continuance of an Event of Default and after notice by the Administrative Agent to the Company of the Administrative Agent’s intention to exercise its rights hereunder, all rights of any Pledgor to exercise the voting and/or consensual rights
and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 3.05, and the obligations of the Administrative Agent under paragraph (a)(ii) of this Section 3.05, shall cease, and all such rights shall
thereupon become vested in the Administrative Agent (subject to the Senior Lien Intercreditor Agreement and the Notes Collateral Intercreditor Agreement), for the ratable benefit of the Secured Parties, which shall have the sole and exclusive right
and authority to exercise such voting and consensual rights and powers; provided that the Administrative Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Pledgors to
exercise such rights. After all Events of Default have been cured or waived and the Company has delivered to the Administrative Agent a certificate to that effect, each Pledgor shall have the right to exercise the voting and/or consensual rights and
powers that such Pledgor would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above. 
 ARTICLE
4 
 SECURITY INTERESTS IN OTHER PERSONAL
PROPERTY 
 Section 4.01. Security Interest. (a) As security for the payment or
performance when due (whether at the stated maturity, by acceleration or otherwise), as the case may be, in full of its Obligations, each Pledgor hereby assigns and pledges to the Administrative Agent, its successors and permitted assigns, for the
ratable benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and permitted assigns, for the ratable benefit of the Secured Parties, a security interest (the “Security Interest”) in all right,
title and interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such Pledgor or in which such Pledgor now has or at any time in the future may acquire any right, title or interest
(collectively, the “Article 9 Collateral”): 
 (i) all Accounts; 

(ii) all Chattel Paper; 
 (iii) all cash and Deposit Accounts; 
 (iv) all Documents;

 (v) all Equipment; 

  
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 (vi) all General Intangibles; 

(vii) all Instruments; 
 (viii) all Inventory; 
 (ix) all Investment Property; 

(x) all Letter of Credit Rights; 
 (xi) all Commercial Tort Claims; 
 (xii) (1) Securities Accounts,
(2) Financial Assets credited to Securities Accounts or Deposit Accounts from time to time and all Security Entitlements in respect thereof, (3) all cash held any Securities Account or Deposit Account and all other money in the possession
of the Administrative Agent; 
 (xiii) all timber to be cut; 

(xiv) all other personal property not otherwise described above (except for property specifically excluded from any
defined term used in any of the foregoing clauses); 
 (xv) all books and records pertaining to the
Article 9 Collateral; and 
 (xvi) to the extent not otherwise included, all proceeds, Supporting
Obligations and products of any and all of the foregoing and all collateral security and guarantees given by any person with respect to any of the foregoing. 
 Notwithstanding anything to the contrary in this Agreement, the Cash Flow Credit Agreement or any other Loan Documents, this Agreement shall not constitute a grant of a security interest in (and the
following shall not constitute Collateral for the Obligations) (A) any vehicle covered by a certificate of title or ownership, whether now owned or hereafter acquired, (B) (i) the Bucksport Co-Gen Assets, (ii) the Excluded
Minority Interests, (iii) any Equity Interests acquired after the Closing Date in a person that is not a Subsidiary if, and to the extent that, and for so long as, a grant of a security interest in such Equity Interests would violate applicable
law or an enforceable contractual obligation binding on or relating to such Equity Interests (if such obligation existed at the time of acquisition of such Equity Interests and was not created or made binding on such Equity Interests in
contemplation of or in connection with the acquisition of such Equity Interests), (iv) any assets acquired after the Closing Date to the extent that, and for so long as, granting a security interest in such assets would violate an enforceable
contractual obligation binding on such assets that existed at the time of acquisition thereof and was not created or made binding on such assets in contemplation or in connection with the acquisition of such assets (except in the case of assets
acquired with Indebtedness pursuant to Section 6.01(i) of the Cash Flow Credit Agreement or any equivalent 

  
 17 

 
exception in any other Loan Document that is secured by a Permitted Lien), (v) any assets, whether now owned or hereinafter acquired, with respect to which the Administrative Agent has
notified the Company in writing that the Collateral and Guarantee Requirement or the other paragraphs of Section 5.10 of the Cash Flow Credit Agreement are not required to be satisfied by reason of Section 5.10(f)(vi) of the Cash Flow
Credit Agreement, and (vi) the assets or Equity Interests of any Special Purpose Receivables Subsidiary, (C) any property excluded from the definition of Pledged Collateral by virtue of the proviso to Section 3.01 hereof (other than
Section 3.01(a)(iv)), (D) any Letter of Credit Rights to the extent any Pledgor is required by applicable law to apply the proceeds of a drawing of such Letter of Credit for a specified purpose, or (E) any Pledgor’s right, title
or interest in any license, contract or agreement to which such Pledgor is a party or any of its right, title or interest thereunder to the extent, but only to the extent, that such a grant would, under the terms of such license, contract or
agreement, result in a breach of the terms of, or constitute a default under, or result in the abandonment, invalidation or unenforceability of, any license, contract or agreement to which such Pledgor is a party (other than to the extent that any
such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the New York UCC or any other applicable law (including, without limitation, Title 11 of the United States Code) or principles of equity);
provided, that immediately upon the ineffectiveness, lapse or termination of any such provision, the Collateral shall include, and such Pledgor shall be deemed to have granted a security interest in, all such rights and interests as if such
provision had never been in effect. 
 (b) Each Pledgor hereby irrevocably authorizes the Administrative Agent at any time and
from time to time to file in any relevant jurisdiction any financing statements (including fixture filings and filings with respect to timber to be cut) with respect to the Article 9 Collateral or any part thereof and amendments thereto that
contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment, including (i) whether such Pledgor is an organization, the type of
organization and any organizational identification number issued to such Pledgor, (ii) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such Article 9 Collateral relates
and (iii) a description of collateral that describes such property in any other manner as the Administrative Agent may reasonably determine is necessary or advisable to ensure the perfection of the security interest in the Article 9
Collateral granted under this Agreement, including describing such property as “all assets” or “all property.” Each Pledgor agrees to provide such information to the Administrative Agent promptly upon request, including providing
within 30 days of any reasonable request therefor legal descriptions of real property (other than real property subject to a Mortgage) on which timber to be cut of such Pledgor is located. 

The Administrative Agent is further authorized to file with the United States Patent and Trademark Office or United States Copyright
Office (or any successor office) such documents as may be reasonably necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by each Pledgor, without the signature of any
Pledgor, and naming any Pledgor or the Pledgors as debtors and the Administrative Agent as secured party. Notwithstanding 

  
 18 

 
anything to the contrary herein, no Pledgor shall be required to take any action under the laws of any jurisdiction other than the United States (or any political subdivision thereof) and its
territories and possessions for the purpose of perfecting the Security Interest in any Article 9 Collateral of such Pledgor constituting Patents, Trademarks or Copyrights. 

(c) The Security Interest is granted as security only and shall not subject the Administrative Agent or any other Secured Party to, or in
any way alter or modify, any obligation or liability of any Pledgor with respect to or arising out of the Article 9 Collateral. 
 (d) The Pledgors shall enter into Control Agreements as may be required by the Cash Flow Credit Agreement. 
 Section 4.02. Representations and Warranties. The Pledgors jointly and severally represent and warrant to the Administrative Agent and the Secured Parties that: 

(a) Each Pledgor has good and valid rights in and title to the Article 9 Collateral with respect to which it has purported to grant
a Security Interest hereunder and has full power and authority to grant to the Administrative Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the
terms of this Agreement, without the consent or approval of any other person other than any consent or approval that has been obtained and is in full force and effect or has otherwise been disclosed herein or in the Cash Flow Credit Agreement.

 (b) The information set forth in the Schedules attached hereto is correct and complete, in all material respects, as of the
Closing Date. The Uniform Commercial Code financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations containing a description of the Article 9 Collateral that have been prepared by
the Administrative Agent for filing in each governmental, municipal or other office specified in Schedule IV (or specified by notice from the Company to the Administrative Agent after the Closing Date in the case of filings, recordings or
registrations required by Section 5.10 of the Cash Flow Credit Agreement or corresponding provisions of any other Loan Documents) and in each relevant governmental, municipal or other office pertaining to real property for which a legal
description is provided pursuant to Section 4.01(b) constitute all the filings, recordings and registrations (except to the extent that filings are required to be made in the United States Patent and Trademark Office and the United States
Copyright Office, or any similar office in any other jurisdiction, in order to perfect the Security Interest in Article 9 Collateral consisting of United States Patents, United States registered Trademarks and United States registered
Copyrights) that are necessary to publish notice of and protect the validity of and to establish a legal, valid and perfected security interest in favor of the Administrative Agent (for the ratable benefit of the Secured Parties) in respect of all
Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing,
refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as 

  
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provided under applicable law with respect to the filing of continuation statements or amendments. Each Pledgor represents and warrants that a fully executed Intellectual Property Security
Agreement containing a description of all Article 9 Collateral consisting of Intellectual Property with respect to United States Patents (and Patents for which United States applications are pending), United States registered Trademarks (and
Trademarks for which United States registration applications are pending) and United States registered Copyrights (and Copyrights for which United States registration applications are pending) has been delivered to the Administrative Agent for
recording with the United States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, and
reasonably requested by the Administrative Agent, to protect the validity of and to establish a legal, valid and perfected security interest in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, in respect of all
Article 9 Collateral consisting of such Intellectual Property in which a security interest may be perfected by recording with the United States Patent and Trademark Office and the United States Copyright Office, and no further or subsequent
filing, refiling, recording, rerecording, registration or reregistration is necessary (other than the Uniform Commercial Code financing statements referred to above, and other than such actions as are necessary to perfect the Security Interest with
respect to any Article 9 Collateral consisting of United States Patents, Trademarks and Copyrights (or registration or application for registration thereof) acquired or developed after the date hereof). 

(c) The Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the
payment and performance of the Obligations, (ii) subject to the filings described in Section 4.02(b), a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording or
registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code or other applicable law in such jurisdictions and
(iii) a security interest that shall be perfected in all Article 9 Collateral in which a security interest may be perfected upon the receipt and recording of the Intellectual Property Security Agreement with the United States Patent and
Trademark Office and the United States Copyright Office, as applicable. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral other than Permitted Liens. 

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

  
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 (e) None of the Pledgors holds any Commercial Tort Claim individually in excess of $5.0
million as of the Closing Date except as indicated on Schedule V. 
 (f) Except as set forth in Schedule VI, as of the Closing
Date, all Accounts have been originated by the Pledgors and all Inventory has been produced or acquired by the Pledgors in the ordinary course of business. 
 (g) As to itself and its Article 9 Collateral consisting of Intellectual Property (the “Intellectual Property Collateral”), to the best of each Pledgor’s knowledge: 

(i) The Intellectual Property Collateral set forth on Schedule III includes all of the material Patents, Trademarks,
Copyrights and IP Agreements owned by such Pledgor as of the date hereof. 
 (ii) The Intellectual Property
Collateral is subsisting and, to the best of such Pledgor’s knowledge, has not been adjudged invalid or unenforceable in whole or part (except for office actions issued in the ordinary course by the United States Patent and Trademark Office or
any similar office in any foreign jurisdiction), and to the best of such Pledgor’s knowledge, is valid and enforceable, except as would not reasonably be expected to have a Material Adverse Effect. Such Pledgor is not aware of any uses of any
item of Intellectual Property Collateral that would be expected to lead to such item becoming invalid or unenforceable, except as would not reasonably be expected to have a Material Adverse Effect. 

(iii) Such Pledgor has made or performed all commercially reasonable acts, including without limitation filings,
recordings and payment of all required fees and taxes, required to maintain and protect its interest in each and every item of Intellectual Property Collateral in full force and effect in the United States and such Pledgor has used proper statutory
notice in connection with its use of each Patent, Trademark and Copyright in the Intellectual Property Collateral, in each case, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 (iv) With respect to each IP Agreement, the absence, termination or violation of which would reasonably be
expected to have a Material Adverse Effect: (A) such Pledgor has not received any notice of termination or cancellation under such IP Agreement; (B) such Pledgor has not received any notice of a breach or default under such IP Agreement,
which breach or default has not been cured or waived; and (C) to the knowledge of such Pledgor, neither such Pledgor nor any other party to such IP Agreement is in breach or default thereof in any material respect, and no event has occurred
that, with notice or lapse of time or both, would constitute such a breach or default or permit termination, modification or acceleration under such IP Agreement. 

  
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 (v) Except as to matters that would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect, no Pledgor or Intellectual Property Collateral is subject to any outstanding consent, settlement, decree, order, injunction, judgment or ruling restricting the use of any Intellectual
Property Collateral or that would impair the validity or enforceability of such Intellectual Property Collateral. 

Section 4.03. Covenants. (a) Each Pledgor agrees to provide at least 10 days’ prior written notice to
Administrative Agent of any change (i) in its corporate or organization name, (ii) in its identity or type of organization or corporate structure, (iii) in its Federal Taxpayer Identification Number or organizational identification
number or (iv) in its “location” (determined as provided in the Uniform Commercial Code Section 9-307). Each Pledgor agrees promptly to provide the Administrative Agent with certified organizational documents reflecting
any of the changes described in the immediately preceding sentence. Each Pledgor agrees not to effect or permit any change referred to in the first sentence of this paragraph (a) unless all filings have been made, or will have been made within
any applicable statutory period, under the Uniform Commercial Code or otherwise that are required in order for the Administrative Agent to continue at all times following such change to have a valid, legal and perfected first priority security
interest in all the Article 9 Collateral, for the ratable benefit of the Secured Parties. Each Pledgor agrees promptly to notify the Administrative Agent if any material portion of the Article 9 Collateral owned or held by such Pledgor is
damaged or destroyed. 
 (b) Subject to the rights of such Pledgor under the Loan Documents to dispose of Collateral, each
Pledgor shall, at its own expense, use commercially reasonable efforts to defend title to the Article 9 Collateral against all persons and to defend the Security Interest of the Administrative Agent, for the ratable benefit of the Secured
Parties, in the Article 9 Collateral and the priority thereof against any Lien that is not a Permitted Lien. 
 (c) Each
Pledgor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Administrative Agent may from time to time reasonably request to better
assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement and the granting of the
Security Interest and the filing of any financing statements (including fixture filings) or other documents in connection herewith or therewith. If any amount payable under or in connection with any of the Article 9 Collateral that is in excess
of $5.0 million shall be or become evidenced by any promissory note or other instrument, such note or instrument shall be promptly pledged and delivered to the Administrative Agent, for the ratable benefit of the Secured Parties, duly endorsed in a
manner reasonably satisfactory to the Administrative Agent. 

  
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 Without limiting the generality of the foregoing, each Pledgor hereby authorizes the
Administrative Agent, with prompt notice thereof to the Pledgors, to supplement this Agreement by supplementing Schedule III or adding additional schedules hereto to specifically identify any asset or item that may constitute material Copyrights,
Patents, Trademarks, Copyright Licenses, Patent Licenses or Trademark Licenses; provided that any Pledgor shall have the right, exercisable within 30 days after the Company has been notified by the Administrative Agent of the specific
identification of such Article 9 Collateral, to advise the Administrative Agent in writing of any inaccuracy of the representations and warranties made by such Pledgor hereunder with respect to such Article 9 Collateral. Each Pledgor
agrees that it will use its commercially reasonable efforts to take such action as shall be necessary in order that all representations and warranties hereunder shall be true and correct with respect to such Article 9 Collateral within 30 days
after the date it has been notified by the Administrative Agent of the specific identification of such Article 9 Collateral. 
 (d) After the occurrence of an Event of Default and during the continuance thereof, the Administrative Agent shall have the right to verify under reasonable procedures the validity, amount, quality,
quantity, value, condition and status of, or any other matter relating to, the Article 9 Collateral, including, in the case of Accounts or Article 9 Collateral in the possession of any third person, by contacting Account Debtors or the
third person possessing such Article 9 Collateral for the purpose of making such a verification. The Administrative Agent shall have the right to share any information it gains from such inspection or verification with any Secured Party.

 (e) At its option, the Administrative Agent may discharge past due taxes, assessments, charges, fees, Liens, security
interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not a Permitted Lien, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Pledgor fails to do so as
required by the Loan Documents or this Agreement, and each Pledgor jointly and severally agrees to reimburse the Administrative Agent on demand for any reasonable payment made or any reasonable expense incurred by the Administrative Agent pursuant
to the foregoing authorization; provided, however, that nothing in this Section 4.03(e) shall be interpreted as excusing any Pledgor from the performance of, or imposing any obligation on the Administrative Agent or any Secured
Party to cure or perform, any covenants or other promises of any Pledgor with respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents.

 (f) Each Pledgor (rather than the Administrative Agent or any Secured Party) shall remain liable for the observance and
performance of all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Article 9 Collateral and each Pledgor jointly and severally agrees to indemnify and hold harmless
the Administrative Agent and the Secured Parties from and against any and all liability for such performance. 
 (g) None of the
Pledgors shall make or permit to be made an assignment, pledge or hypothecation of the Article 9 Collateral or shall grant any other 

  
 23 

 
Lien in respect of the Article 9 Collateral, except as permitted by the Loan Documents and the other provisions hereof. None of the Pledgors shall make or permit to be made any transfer of
the Article 9 Collateral and each Pledgor shall remain at all times in possession of the Article 9 Collateral owned by it, except as permitted by the Loan Documents and the other provisions hereof. 

(h) None of the Pledgors will, without the Administrative Agent’s prior written consent (which consent shall not be unreasonably
withheld), grant any extension of the time of payment of any Accounts included in the Article 9 Collateral, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person liable for the
payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with prudent business practices or as
otherwise permitted under the Loan Documents. 
 (i) Each Pledgor irrevocably makes, constitutes and appoints the Administrative
Agent (and all officers, employees or agents designated by the Administrative Agent) as such Pledgor’s true and lawful agent (and attorney-in-fact) for the purpose, during the continuance of an Event of Default, of making, settling and
adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing the name of such Pledgor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all
determinations and decisions with respect thereto. In the event that any Pledgor at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby or to pay any premium in whole or part relating thereto, the
Administrative Agent may, without waiving or releasing any obligation or liability of the Pledgors hereunder or any Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other
actions with respect thereto as the Administrative Agent reasonably deems advisable. All sums disbursed by the Administrative Agent in connection with this Section 4.03(i), including reasonable attorneys’ fees, court costs, expenses and
other charges relating thereto, shall be payable, upon demand, by the Pledgors to the Administrative Agent and shall be additional Obligations secured hereby. 
 Section 4.04. Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Administrative Agent to enforce, for the ratable benefit of
the Secured Parties, the Administrative Agent’s security interest in the Article 9 Collateral, each Pledgor agrees, in each case at such Pledgor’s own expense, to take the following actions with respect to the following Article 9
Collateral: 
 (a) Instruments and Tangible Chattel Paper. If any Pledgor shall at any time hold or acquire any
Instrument (other than checks received and processed in the ordinary course of business) or Tangible Chattel Paper evidencing an amount in excess of $5.0 million, such Pledgor shall forthwith endorse, assign and deliver the same to the
Administrative Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Administrative Agent may from time to time reasonably request. 

  
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 (b) Investment Property. Except to the extent otherwise provided in Article 3,
if any Pledgor shall at any time hold or acquire any Certificated Security constituting Pledged Collateral or Article 9 Collateral, such Pledgor shall forthwith endorse, assign and deliver the same to the Administrative Agent, accompanied by
such instruments of transfer or assignment duly executed in blank as the Administrative Agent may from time to time reasonably specify. If any security of a domestic issuer now owned or hereafter acquired by any Pledgor is uncertificated and is
issued to such Pledgor or its nominee directly by the issuer thereof, such Pledgor shall promptly notify the Administrative Agent of such uncertificated securities and (i) upon the Administrative Agent’s reasonable request or
(ii) upon the occurrence and during the continuance of an Event of Default, such Pledgor shall either (x) cause the issuer thereof to execute and deliver to the Administrative Agent an issuer acknowledgement in respect of such
uncertificated securities in the form of Exhibit II hereto or (y) cause the issuer to register the Administrative Agent as the registered owner of such security. If any security or other Investment Property, whether certificated or
uncertificated, representing an Equity Interest in a third party and having a fair market value in excess of $5.0 million now or hereafter acquired by any Pledgor is held by such Pledgor or its nominee through a securities intermediary or commodity
intermediary, such Pledgor shall promptly notify the Administrative Agent thereof and, at the Administrative Agent’s request and option, pursuant to a Control Agreement in form and substance reasonably satisfactory to the Administrative Agent,
either (A) cause such securities intermediary or commodity intermediary, as applicable, to agree, in the case of a securities intermediary, to comply with entitlement orders or other instructions from the Administrative Agent to such securities
intermediary as to such securities or other Investment Property or, in the case of a commodity intermediary, to apply any value distributed on account of any commodity contract as directed by the Administrative Agent to such commodity intermediary,
in each case without further consent of any Pledgor or such nominee, or (B) in the case of Financial Assets or other Investment Property held through a securities intermediary, arrange for the Administrative Agent to become the entitlement
holder with respect to such Investment Property, for the ratable benefit of the Secured Parties, with such Pledgor being permitted, only with the consent of the Administrative Agent, to exercise rights to withdraw or otherwise deal with such
Investment Property. The Administrative Agent agrees with each of the Guarantors that the Administrative Agent shall not give any such entitlement orders or instructions or directions to any such issuer, securities intermediary or commodity
intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by any Pledgor, unless an Event of Default has occurred and is continuing or, after giving effect to any such withdrawal or dealing rights, would
occur. The provisions of this paragraph (b) shall not apply to any Financial Assets credited to a Securities Account for which the Administrative Agent is the securities intermediary. 

(c) Commercial Tort Claims. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim in an amount reasonably
estimated to exceed $5.0 million, such Pledgor shall promptly notify the Administrative Agent thereof in a writing signed by such Pledgor, including a summary description of such claim, and grant to the Administrative Agent in writing a security
interest therein and in the proceeds thereof, all under the terms and provisions of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Administrative Agent. 

  
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 Section 4.05. Covenants Regarding Patent, Trademark and Copyright
Collateral. Except as permitted by the Loan Documents: (a) Each Pledgor agrees that it will not knowingly do any act or omit to do any act (and will exercise commercially reasonable efforts to prevent its licensees from doing any act
or omitting to do any act) whereby any Patent that is material to the normal conduct of such Pledgor’s business may become prematurely invalidated, abandoned, lapsed or dedicated to the public, and agrees that it shall take commercially
reasonable steps with respect to any material products covered by any such Patent as necessary and sufficient to establish and preserve its rights under applicable patent laws. 

(b) Each Pledgor will, and will use its commercially reasonable efforts to cause its licensees or its sublicensees to, for each material
Trademark necessary to the normal conduct of such Pledgor’s business, (i) maintain such Trademark in full force free from any adjudication of abandonment or invalidity for non-use, (ii) maintain the quality of products and services
offered under such Trademark, (iii) display such Trademark with notice of federal or foreign registration or claim of trademark or service mark as required under applicable law and (iv) not knowingly use or knowingly permit its
licensees’ use of such Trademark in violation of any third-party rights. 
 (c) Each Pledgor will, and will use its
commercially reasonable efforts to cause its licensees or its sublicensees to, for each work covered by a material Copyright necessary to the normal conduct of such Pledgor’s business that it publishes, displays and distributes, use a copyright
notice as provided by applicable copyright laws. 
 (d) Each Pledgor shall notify the Administrative Agent promptly if it knows
that any Patent, Trademark or Copyright material to the normal conduct of such Pledgor’s business may imminently become abandoned, lapsed or dedicated to the public, or of any materially adverse determination or development, excluding office
actions and similar determinations or developments in the United States Patent and Trademark Office, United States Copyright Office, any court or any similar office of any country, regarding such Pledgor’s ownership of any such material Patent,
Trademark or Copyright or its right to register or to maintain the same. 
 (e) Each Pledgor, either itself or through any
agent, employee, licensee or designee, shall (i) inform the Administrative Agent on an annual basis of each application by itself, or through any agent, employee, licensee or designee, for any Patent with the United States Patent and Trademark
Office and each registration of any Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright Office or any comparable office or agency in any other country filed during the preceding twelve-month period,
and (ii) upon the reasonable request of the Administrative Agent, execute and deliver any and all agreements, instruments, documents and papers as the Administrative Agent may reasonably request to evidence the Administrative Agent’s
security interest in such Patent, Trademark or Copyright. 
 (f) Each Pledgor shall exercise its reasonable business judgment
consistent with the practice in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office or any comparable office or agency 

  
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in any other country with respect to maintaining and pursuing each application relating to any Patent, Trademark and/or Copyright (and obtaining the relevant grant or registration) material to
the normal conduct of such Pledgor’s business and to maintain each issued Patent and (ii) the registrations of each Trademark and each Copyright that is material to the normal conduct of such Pledgor’s business, including, when
applicable and necessary in such Pledgor’s reasonable business judgment, timely filings of applications for renewal, affidavits of use, affidavits of incontestability and payment of maintenance fees, and, if any Pledgor believes necessary in
its reasonable business judgment, to initiate opposition, interference and cancellation proceedings against third parties. 

(g) In the event that any Pledgor knows or has reason to know that any Article 9 Collateral consisting of a Patent, Trademark or
Copyright material to the normal conduct of its business has been or is about to be materially infringed, misappropriated or diluted by a third party, such Pledgor shall promptly notify the Administrative Agent and shall, if such Pledgor deems it
necessary in its reasonable business judgment, promptly sue and recover any and all damages, and take such other actions as are reasonably appropriate under the circumstances. 
 ARTICLE 5 
 REMEDIES 

Section 5.01. Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, each
Pledgor agrees to deliver each item of Collateral to the Administrative Agent on demand, and it is agreed that the Administrative Agent shall have the right to take any of or all the following actions at the same or different times: (a) with
respect to any Article 9 Collateral consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the applicable Pledgors to
the Administrative Agent or to license or sublicense, whether general, special or otherwise, and whether on an exclusive or a nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such manner
as the Administrative Agent shall determine (other than in violation of any then-existing licensing arrangements to the extent that waivers thereunder cannot be obtained with the use of commercially reasonable efforts, which each Pledgor hereby
agrees to use) and (b) with or without legal process and with or without prior notice or demand for performance, to take possession of the Article 9 Collateral and without liability for trespass to the applicable Pledgor to enter any
premises where the Article 9 Collateral may be located for the purpose of taking possession of or removing the Article 9 Collateral and, generally, to exercise any and all rights afforded to a secured party under the applicable Uniform
Commercial Code or other applicable law. Without limiting the generality of the foregoing, each Pledgor agrees that the Administrative Agent shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose
of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Administrative Agent shall deem appropriate. The Administrative Agent
shall be authorized in connection with any sale of a security (if it deems it advisable to do so) pursuant to the foregoing to restrict the prospective bidders or purchasers to persons who represent and agree that they are

  
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purchasing such security for their own account, for investment, and not with a view to the distribution or sale thereof. Upon consummation of any such sale of Collateral pursuant to this
Section 5.01 the Administrative Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any such sale shall hold the property sold absolutely, free from
any claim or right on the part of any Pledgor, and each Pledgor hereby waives and releases (to the extent permitted by law) all rights of redemption, stay, valuation and appraisal that such Pledgor now has or may at any time in the future have under
any rule of law or statute now existing or hereafter enacted. 
 The Administrative Agent shall, except in the case of
Collateral that is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, give the applicable Pledgors 10 Business Days’ written notice (which each Pledgor agrees is reasonable notice
within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Administrative Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and
place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered
for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Administrative Agent may fix and state in the notice (if any) of such sale. At any such
sale, the Collateral, or the portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Administrative Agent may (in its sole and absolute discretion) determine. The Administrative Agent shall not be obligated
to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Administrative Agent may, without notice or publication, adjourn any public or private
sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In the case of any sale of
all or any part of the Collateral made on credit or for future delivery, the Collateral so sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but the Administrative Agent shall not
incur any liability in the event that any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in the case of any such failure, such Collateral may be sold again upon notice given in accordance with provisions
above. At any public (or, to the extent permitted by law, private) sale made pursuant to this Section 5.01, any Secured Party may bid for or purchase for cash, free (to the extent permitted by law) from any right of redemption, stay, valuation
or appraisal on the part of any Pledgor (all such rights being also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and such Secured Party may, upon compliance with the terms of sale,
hold, retain and dispose of such property in accordance with Section 5.02 hereof without further accountability to any Pledgor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated
as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant to such agreement and no Pledgor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after
the Administrative Agent shall 

  
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have entered into such an agreement all Events of Default shall have been remedied and the Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it,
the Administrative Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant
to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other
jurisdictions. 
 For the avoidance of doubt, with respect to Real Property Collateral, the remedies set forth in the Mortgages
applicable to such Real Property Collateral shall control and the foregoing provisions of this Section shall apply to such Real Property Collateral only to the extent permitted by applicable law and the provisions of any applicable Mortgage or
other document. In addition, the foregoing provisions shall be subject in all respects to the Senior Lien Intercreditor Agreement and the Notes Collateral Intercreditor Agreement. 

Section 5.02. Application of Proceeds. 
 Subject to the Senior Lien Intercreditor Agreement and Notes Collateral Intercreditor Agreement, the Administrative Agent shall promptly apply the proceeds, moneys or balances of any collection or sale of
Collateral, as well as any Collateral consisting of cash, in the order of priority set forth in Section 2.18(b) of the Cash Flow Credit Agreement. 
 The Administrative Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the
Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Administrative Agent or of the officer making the sale shall be a sufficient discharge to the
purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Administrative Agent or such officer or be answerable in any way
for the misapplication thereof. 
 Section 5.03. Securities Act, Etc. In view of the position of the Pledgors
in relation to the Pledged Collateral, or because of other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar federal statute hereafter enacted analogous in purpose
or effect (such Act and any such similar statute as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. Each Pledgor understands that
compliance with the Federal Securities Laws might very strictly limit the course of conduct of the Administrative Agent if the Administrative Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the
extent to which or the manner in which any subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal 

  
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restrictions or limitations affecting the Administrative Agent in any attempt to dispose of all or part of the Pledged Collateral under applicable Blue Sky or other state securities laws or
similar laws analogous in purpose or effect. Each Pledgor acknowledges and agrees that in light of such restrictions and limitations, the Administrative Agent, in its sole and absolute discretion, (a) may proceed to make such a sale whether or
not a registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws or, to the extent applicable, Blue Sky or other state securities laws and (b) may
approach and negotiate with a single potential purchaser to effect such sale. Each Pledgor acknowledges and agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without
such restrictions. In the event of any such sale, the Administrative Agent shall incur no responsibility or liability for selling all or any part of the Pledged Collateral at a price that the Administrative Agent, in its sole and absolute
discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more than a
single purchaser were approached. The provisions of this Section 5.03 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed substantially the price at which the
Administrative Agent sells. 
 ARTICLE 6 
 INDEMNITY, SUBROGATION AND SUBORDINATION 
 Section 6.01. Indemnity. In addition to all such rights of indemnity and subrogation as the Guarantors may have under applicable law (but subject to Section 6.03 hereof), the
Company agrees that (a) in the event a payment shall be made by any Guarantor under this Agreement in respect of any Obligation of the Company, the Company shall indemnify such Guarantor for the full amount of such payment and such Guarantor
shall be subrogated to the rights of the person to whom such payment shall have been made to the extent of such payment and (b) in the event any assets of any Guarantor shall be sold pursuant to this Agreement or any other Security Document to
satisfy in whole or in part a Obligation of the Company, the Company shall indemnify such Guarantor in an amount equal to the greater of the book value or the fair market value of the assets so sold. 

Section 6.02. Contribution and Subrogation. Each Guarantor (other than Holdings and the Company) (a
“Contributing Guarantor”) agrees (subject to Section 6.03 hereof) that, in the event a payment shall be made by any other Guarantor (other than Holdings and the Company) hereunder in respect of any Obligation or assets of any
other Guarantor (other than Holdings and the Company) shall be sold pursuant to any Security Document to satisfy any Obligation owed to any Secured Party and such other Guarantor (the “Claiming Guarantor”) shall not have been fully
indemnified by the Company as provided in Section 6.01 hereof, the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such
assets, as applicable, in each case multiplied by a fraction of which the numerator shall be the net worth of such Contributing Guarantor on the date hereof and the denominator shall be the aggregate net

  
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worth of all the Guarantors on the date hereof (or, in the case of any Guarantor becoming a party hereto pursuant to Section 7.16 hereof, the date of the supplement hereto executed and
delivered by such Guarantor). Any Contributing Guarantor making any payment to a Claiming Guarantor pursuant to this Section 6.02 shall be subrogated to the rights of such Claiming Guarantor under Section 6.01 hereof to the extent of such
payment. 
 Section 6.03. Subordination. (a) Notwithstanding any provision of this Agreement to the
contrary, all rights of the Guarantors under Section 6.01 and 6.02 hereof and all other rights of indemnity, contribution or subrogation of the Guarantors under applicable law or otherwise shall be fully subordinated to the payment in full in
cash or immediately available funds of the Obligations (other than contingent indemnity or expense reimbursement obligations in respect of which no claim has been made). No failure on the part of the Company or any Guarantor to make the payments
required by Sections 6.01 and 6.02 hereof (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of the Company with respect to the Obligations or any Guarantor with respect to
its obligations hereunder, and the Company shall remain liable for the full amount of the Obligations and each Guarantor shall remain liable for the full amount of its obligations hereunder. 

(b) The Company and each Guarantor hereby agree that all Indebtedness and other monetary obligations owed by it to the Company, any other
Guarantor or any Subsidiary shall be fully subordinated to the payment in full in cash or immediately available funds of the Agreement Obligations (other than contingent indemnity or expense reimbursement obligations in respect of which no claim has
been made) to the extent subordination is required pursuant to the provisions of Section 6.01(e) of the Cash Flow Credit Agreement. 
 ARTICLE 7 
 MISCELLANEOUS 

Section 7.01. Notices. All communications and notices hereunder (including communications and notices to the Administrative
Agent) shall (except as otherwise permitted or provided herein) be in writing and given as provided in Section 10.01 of the Cash Flow Credit Agreement. All communications and notices hereunder to any Subsidiary Party shall be given to it in
care of the Company, with such notice to be given as provided in Section 10.01 of the Cash Flow Credit Agreement. Any such notice and other communication shall be deemed to be given or made at such time as set forth in the Cash Flow Credit
Agreement. Any party hereto may change its notice details by notice to the other parties hereto. 
 Section 7.02.
Security Interest Absolute. All rights of the Administrative Agent hereunder, the Security Interest in the Article 9 Collateral, the security interest in the Pledged Collateral and all obligations of each Pledgor hereunder shall be
absolute and unconditional irrespective of (a) any lack of validity or enforceability of any Loan Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any
change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other 

  
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amendment or waiver of or any consent to any departure from any Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other
collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations or (d) any other circumstance that might otherwise constitute a defense available to,
or a discharge of, any Pledgor in respect of the Obligations or this Agreement (other than a defense of payment or performance). 
 Section 7.03. Limitation by Law. All rights, remedies and powers provided in this Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable
provision of law, and all the provisions of this 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 Agreement
invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law. 
 Section 7.04. Binding Effect; Several Agreement. This Agreement shall become effective as to any party to this Agreement when a counterpart hereof executed on behalf of such party shall have
been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such party and the Administrative Agent and their respective permitted
successors and assigns, and shall inure to the benefit of such party, the Administrative Agent and the other Secured Parties and their respective permitted successors and assigns, except that no party shall have the right to assign or transfer its
rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Loan Documents. This Agreement shall be construed as a separate
agreement with respect to each party and may be amended, modified, supplemented, waived or released with respect to any party without the approval of any other party and without affecting the obligations of any other party hereunder. 

Section 7.05. Successors and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference
shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Pledgor or the Administrative Agent that are contained in this Agreement shall bind and inure to the
benefit of their respective permitted successors and assigns; provided that no Pledgor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent.

 Section 7.06. Administrative Agent’s Fees and Expenses; Indemnification. (a)The parties hereto agree that
the Administrative Agent shall be entitled to reimbursement of its expenses incurred hereunder as provided in the Loan Documents. 
 (b) Without limitation of its indemnification obligations under the other Loan Documents, each Pledgor jointly and severally agrees to indemnify the Administrative Agent and each other Secured Party and
their Affiliates and their 

  
 32 

 
respective directors, trustees, officers, employees, agents and advisors (each, an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses, including reasonable counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, (i) the execution, delivery or performance of
this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or the consummation of the transactions
contemplated hereby, (ii) the use of proceeds of Notes, the Loans or other Obligations or the use of any Letter of Credit or (iii) any claim, litigation, investigation or proceeding relating to any of the foregoing, or to the Collateral,
whether or not any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
 (c) Any such amounts payable as provided hereunder shall be additional Obligations secured hereby and by the other Loan Documents. The provisions of this Section 7.06 shall remain operative and in
full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or
provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent or any other Secured Party. All amounts due under this Section 7.06 shall be payable on written demand therefor.

 Section 7.07. Administrative Agent Appointed Attorney-in-Fact. Each Pledgor hereby appoints the Administrative
Agent the attorney-in-fact of such Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Administrative Agent may deem necessary or advisable to accomplish the purposes
hereof, which appointment is irrevocable and coupled with an interest. The Administrative Agent shall have the right, upon the occurrence and during the continuance of an Event of Default, with full power of substitution either in the Administrative
Agent’s name or in the name of such Pledgor, (a) to receive, endorse, assign or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof, (b) to
demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys due or to become due under and
by virtue of any Collateral; (d) to sign the name of any Pledgor on any invoice or bill of lading relating to any of the Collateral; (e) to send verifications of Accounts to any Account Debtor; (f) to commence and prosecute any and
all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (g) to settle, compromise,
compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (h) to notify, or to require any Pledgor to notify, Account Debtors to make payment directly to the Administrative Agent; and (i) to
use, sell, assign, transfer, pledge, make 

  
 33 

 
any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and
completely as though the Administrative Agent were the absolute owner of the Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the Administrative Agent to make any commitment or
to make any inquiry as to the nature or sufficiency of any payment received by the Administrative Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to
become due in respect thereof or any property covered thereby. The Administrative Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and
neither they nor their officers, directors, employees or agents shall be responsible to any Pledgor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 

Section 7.08. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 Section 7.09. Waivers;
Amendment. (a) No failure or delay by the Administrative Agent, or any Secured Party in exercising any right, power or remedy hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power or remedy, or any abandonment or discontinuance of steps to enforce such a right, power or remedy, preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights,
powers and remedies of the Administrative Agent and the Secured Parties hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights, powers or remedies that they would otherwise have. No waiver of any provision of
this Agreement or consent to any departure by any Secured Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 7.09, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or the issuance of a Letter of Credit or other extension of credit shall not be construed as a waiver of any Default or
Event of Default, regardless of whether the Administrative Agent, any Lender, any Issuing Bank or any other Secured Party may have had notice or knowledge of such Default or Event of Default at the time. No notice or demand on any Pledgor in any
case shall entitle any Loan Party to any other or further notice or demand in similar or other circumstances. 
 (b) Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Pledgor or Pledgors with respect to which such waiver, amendment or
modification is to apply. For the avoidance of doubt, the Administrative Agent shall have no obligation to execute and deliver any amendment, supplement, modification or waiver to this Agreement which affects its own rights, duties, immunities or
indemnities under this Agreement or under the other Loan Documents. In signing such amendment, supplement, modification or waiver, the 

  
 34 

 
Administrative Agent shall be entitled to receive indemnity satisfactory to it and in all cases shall be provided with, and shall be fully protected in relying in good faith upon, (i) a
certificate of an Officer of the Company and (ii) an opinion of counsel to the Company stating that the execution of such document is authorized or permitted hereunder. 
 Section 7.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER SECURITY DOCUMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.10. 
 Section 7.11. Severability. In the event any one
or more of the provisions contained in this Agreement or in any other Security Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and
therein shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions. 
 Section 7.12. Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 7.04 hereof. Delivery of an
executed counterpart to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed original. 
 Section 7.13. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect
the construction of, or to be taken into consideration in interpreting, this Agreement. 
 Section 7.14. Jurisdiction;
Consent to Service Of Process. (a) Each party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States
of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Security Documents, or for recognition or enforcement of any judgment, and each of
the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to 

  
 35 

 
the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, or any Secured Party may otherwise have to bring any action or proceeding relating to this
Agreement or any other Loan Documents or Security Documents against any Pledgor, or its properties, in the courts of any jurisdiction. 
 (b) Each party to this Agreement hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying
of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Security Documents in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by
law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

Section 7.15. Termination or Release. (a) This Agreement, the guarantees made herein, the pledges made herein, the
Security Interest and all other security interests granted hereby shall terminate when (i) all the Loan Document Obligations (other than contingent indemnity or expense reimbursement obligations in respect of which no claim has been made) have
been paid in full in cash in immediately available funds, (ii) the Secured Parties have no further commitment to lend under any Loan Document, (iii) the Revolving L/C Exposure has been reduced to zero or cash collateralized in accordance
with Section 2.05(k) of the Cash Flow Credit Agreement, each Issuing Bank has no further obligations to issue Letters of Credit under the Cash Flow Credit Agreement, (iv) all Swap Agreements relating to Secured Swap Obligations have been
terminated or the secured party under such Swap Agreement has authorized the termination of this Agreement, and (v) any other requirements set forth in the Loan Documents then effective are satisfied. 

(b) The Liens securing the Loan Document Obligations will be released in whole or in part, as provided in Section 10.18 of the Cash
Flow Credit Agreement. 
 (c) A Subsidiary Party shall automatically be released from its obligations hereunder and the security
interests in the Collateral of such Subsidiary Party shall be automatically released if such Subsidiary Party is released from its guarantee pursuant to Article 2 in accordance with the terms of the Cash Flow Credit Agreement. 

(d) Upon any sale or other transfer by any Pledgor of any Collateral that is permitted under the Loan Documents (to the extent the
release of such Collateral following such sale is permitted by the Loan Documents), or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to the Loan Documents, the
security interest in such Collateral shall be automatically released. 

  
 36 

 (e) In connection with any termination or release pursuant to paragraph (a), (b) or
(c) of this Section 7.15, the Administrative Agent shall execute and deliver to any Pledgor, at such Pledgor’s expense, all documents that such Pledgor shall reasonably request to evidence such termination or release (including,
without limitation, Uniform Commercial Code termination statements) and will duly assign and transfer to such Pledgor such of the Pledged Collateral that may be in the possession of the Administrative Agent and has not theretofore been sold or
otherwise applied or released pursuant to this Agreement; provided, that the Administrative Agent shall not be required to take any action under this Section 7.15(e) unless such Pledgor shall have delivered to the
Administrative Agent together with such request, which may be incorporated into such request, (i) a reasonably detailed description of the Collateral, which in any event shall be sufficient to effect the appropriate termination or release
without affecting any other Collateral, and (ii) a certificate of a Responsible Officer of the Company or such Pledgor certifying that the transaction giving rise to such termination or release is permitted by the Loan Documents and was
consummated in compliance with the Loan Documents. Any execution and delivery of documents pursuant to this Section 7.15 shall be without recourse to or warranty by the Administrative Agent. 

Section 7.16. Additional Subsidiaries. Upon execution and delivery by the Administrative Agent and any Subsidiary that is
required to become a party hereto by any Loan Document of an instrument in the form of Exhibit I hereto, such Subsidiary shall become a Subsidiary Party hereunder with the same force and effect as if originally named as a Subsidiary Party herein.
The execution and delivery of any such instrument shall not require the consent of any other party to this Agreement. The rights and obligations of each party to this Agreement shall remain in full force and effect notwithstanding the addition of
any new party to this Agreement. 
 Section 7.17. Right of Set-off. If an Event of Default shall have occurred and
be continuing, each Secured Party is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other indebtedness at any time owing by such Secured Party to or for the credit or the account of any party to this Agreement against any of and all the obligations of such party now or hereafter existing under this Agreement owed to such
Secured Party, irrespective of whether or not Secured Party shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Secured Party under this Section 7.17 are in addition to other rights
and remedies (including other rights of set-off) that such Secured Party may have. 
 Section 7.18. Intercreditor
Agreements. Notwithstanding anything herein to the contrary, the Liens and security interests granted to the Administrative Agent pursuant to this Agreement and the exercise of any right or remedy by the Administrative Agent hereunder, in each
case, with respect to the Collateral are subject to the limitations and provisions of the Intercreditor Agreements. In the event of any conflict between the terms of the Intercreditor Agreements and the terms of this Agreement with respect to the
Collateral, the terms of the applicable Intercreditor Agreement shall govern and control. Notwithstanding anything herein to the contrary, prior to the Discharge (as defined in the 

  
 37 

 
Senior Lien Intercreditor Agreement) of the ABL Obligations (as defined in the Senior Lien Intercreditor Agreement) and the First-Priority Lien Obligations (as defined in the Senior Lien
Intercreditor Agreement), as applicable, (i) no Pledgor shall be required to act or refrain from acting with respect to any ABL Priority Collateral (as defined in the Senior Lien Intercreditor Agreement) if compliance by such Pledgor with such
requirement would result in a breach of or constitute a default under the Senior Lien Intercreditor Agreement, (ii) no Pledgor shall be required to act or refrain from acting with respect to any Shared Perfected Collateral (as defined in the
Notes Collateral Intercreditor Agreement) if compliance by such Pledgor with such requirement would result in a breach of or constitute a default under the Notes Collateral Intercreditor Agreement), and (iii) the requirements of this
Agreement to deliver any Collateral and any certificates, instruments or documents in relation thereto to the Administrative Agent shall be deemed satisfied by delivery of such Collateral and such certificates, instruments or documents in relation
thereto to the Applicable Possessory Collateral Agent (as defined in the Senior Lien Intercreditor Agreement). 
 [Signature Page
Follows] 

  
 38 

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

			
	VERSO PAPER HOLDINGS LLC
	 VERSO PAPER FINANCE HOLDINGS LLC
 VERSO PAPER LLC
 VERSO PAPER INC.

	VERSO ANDROSCOGGIN LLC
	VERSO BUCKSPORT LLC
	 VERSO SARTELL LLC

VERSO QUINNESEC REP HOLDING INC.
 VERSO QUINNESEC
LLC

	VERSO MAINE ENERGY LLC
	VERSO FIBER FARM LLC
	NEXTIER SOLUTIONS CORPORATION
		
	By:	 	 /s/ Robert P. Mundy

	Name:	 	Robert P. Mundy
	Title:	 	Senior Vice President and Chief Financial Officer

  

[Signature Page – Cash Flow Collateral Agreement] 

 
			
	 CREDIT SUISSE AG, CAYMAN
 ISLANDS BRANCH, as Administrative Agent

		
	By:	 	 /s/ Robert Hetu

	Name:	 	Robert Hetu
	Title:	 	Managing Director
		
	By:	 	 /s/ Rahul Parmar

	Name:	 	Rahul Parmar
	Title:	 	Associate

  

[Signature Page – Cash Flow Collateral Agreement] 

 Exhibit I 
 to Guarantee and 
 Collateral Agreement 

SUPPLEMENT NO.                     
dated as of                      (this “Supplement”), to the Guarantee and Collateral Agreement dated as of May 4, 2012 (the
“Guarantee and Collateral Agreement”), among VERSO PAPER FINANCE HOLDINGS LLC, a Delaware limited liability company (“Holdings”), VERSO PAPER HOLDINGS LLC, a Delaware limited liability company (the
“Company”) each Subsidiary of the Company identified on Schedule I or otherwise identified therein as a party (each, a “Subsidiary Party”), and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent (in
such capacity, together with any successor administrative agent, the “Administrative Agent”) for the Secured Parties (as defined therein). 
 Section 7.16 of the Guarantee and Collateral Agreement provides that additional Subsidiaries may become Subsidiary Parties under the Guarantee and Collateral Agreement by execution and delivery of an
instrument in the form of this Supplement. The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement to become a Subsidiary Party under the Guarantee and Collateral Agreement in order to induce the Secured
Parties to make or continue extensions of credit. 
 Accordingly, the Administrative Agent and the New Subsidiary agree as
follows: 
 SECTION 1. In accordance with Section 7.16 of the Guarantee and Collateral Agreement, the New Subsidiary by its
signature below becomes a Subsidiary Party, a Guarantor and a Pledgor under the Guarantee and Collateral Agreement with the same force and effect as if originally named therein as a Subsidiary Party, a Guarantor and a Pledgor, and the New Subsidiary
hereby (a) agrees to all the terms and provisions of the Guarantee and Collateral Agreement applicable to it as a Subsidiary Party, a Guarantor and a Pledgor thereunder and (b) represents and warrants that the representations and
warranties made by it as a Guarantor and a Pledgor thereunder are true and correct, in all material respects, on and as of the date hereof. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of
the Obligations (as defined in the Guarantee and Collateral Agreement), does hereby create and grant to the Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in and Lien on all the New Subsidiary’s right,
title and interest in and to the Collateral (as defined in the Guarantee and Collateral Agreement) of the New Subsidiary. Each reference to a “Subsidiary Party”, a “Guarantor” or a “Pledgor” in the
Guarantee and Collateral Agreement shall be deemed to include the New Subsidiary. The Guarantee and Collateral Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Subsidiary represents and warrants to the Administrative Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes
its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other

  
 I-1

 
similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and
(iii) implied covenants of good faith and fair dealing. 
 SECTION 3. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one contract. This Supplement shall become effective when (a) the Administrative Agent shall have received a counterpart of this
Supplement that bears the signature of the New Subsidiary and (b) the Administrative Agent has executed a counterpart hereof. 
 SECTION 4. The New Subsidiary hereby represents and warrants that (a) set forth on Schedule I attached hereto is a true and correct schedule of all the Pledged Securities of the New Subsidiary as of
the date hereof, (b) set forth on Schedule II attached hereto is a true and correct schedule of all of the material Patents, Trademarks and Copyrights of the New Subsidiary as of the date hereof, (c) set forth on Schedule III attached
hereto is a true and correct schedule of all Commercial Tort Claims of the New Subsidiary individually in excess of $5.0 million as of the date hereof and (d) set forth under its signature hereto, is the true and correct legal name of the New
Subsidiary, its jurisdiction of formation and the location of its chief executive office. 
 SECTION 5. Except as expressly
supplemented hereby, the Guarantee and Collateral Agreement shall remain in full force and effect. 
 SECTION 6. THIS SUPPLEMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 7. In the event any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein and in the Guarantee and Collateral Agreement shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 8. All communications and notices hereunder shall be in writing and given as provided in Section 7.01 of the Guarantee and Collateral Agreement. 

SECTION 9. The New Subsidiary agrees to reimburse the Administrative Agent for its reasonable out-of-pocket expenses in connection with
this Supplement, including the reasonable fees, disbursements and other charges of counsel for the Administrative Agent. 

  
 I-2

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

			
	[Name of New Subsidiary]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Legal Name:
	
	Jurisdiction of Formation:
	
	Location of Chief Executive Office:
	
	 CREDIT SUISSE AG, CAYMAN
 ISLANDS BRANCH,
 as Administrative Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule I 
 to Supplement No.      to the 
 Guarantee and 

Collateral Agreement 
 Pledged Securities of the New Subsidiary 
 EQUITY INTERESTS 

 

							
	 Number of Issuer

Certificate
	 	 Registered Owner
	 	 Number and Class of

Equity Interest
	 	 Percentage of Equity

Interests

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

 DEBT SECURITIES 
  

							
	 Issuer
	 	 Principal Amount
	 	 Date of Note
	 	 Maturity Date

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
 I-2

 Schedule II 
 to Supplement No.      to the 
 Guarantee and 

Collateral Agreement 
 PATENTS, TRADEMARKS AND COPYRIGHTS 

  
 I-3

 Schedule III 
 to Supplement No.      to the 
 Guarantee and 

Collateral Agreement 
 COMMERCIAL TORT CLAIMS 

  
 I-4

 Exhibit II 
 to Guarantee and 
 Collateral Agreement 

ACKNOWLEDGEMENT AND CONSENT 
 [DATE] 
 The undersigned hereby acknowledges receipt of a copy of the Guarantee
and Collateral Agreement dated as of May 4, 2012 (the “Agreement”), made by the Pledgors parties thereto for the benefit of Credit Suisse AG, Cayman Islands Branch, as Administrative Agent. The undersigned agrees for the
benefit of the Administrative Agent and the Secured Parties as follows: 
 The undersigned acknowledges that its Equity
Interests (as defined in the Agreement) have been pledged pursuant to the terms of the Agreement and will comply with all actions that may be required of it pursuant to Section 3.05 and 4.04(b) of the Agreement. 

[Signature on the following page] 

  
 II-1

 Exhibit II 
 to Guarantee and 
 Collateral Agreement 

IN WITNESS WHEREOF, the undersigned has duly executed this acknowledgement and consent as of the date first written above. 

 

			
	[NAME OF ISSUER]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Address for Notices:
	
	  

	  

	  

	FaxJoinder and Supplement No. 4 to Intercreditor Agreement

 Exhibit 10.10 
 JOINDER AND SUPPLEMENT NO. 4 TO 
 INTERCREDITOR AGREEMENT 

Reference is made to that certain Intercreditor Agreement, dated as of August 1, 2006 (as supplemented prior to, and on the date
hereof through the execution and delivery of this Agreement and as the same may be further amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time, the “Intercreditor Agreement”), among
Credit Suisse AG, Cayman Islands Branch (formerly, Credit Suisse, Cayman Islands Branch), as Intercreditor Agent (the “Intercreditor Agent”), Wilmington Trust Company, as Trustee (in such capacity, the “Trustee”),
Verso Paper Finance Holdings LLC (“Holdings”), Verso Paper Holdings LLC (the “Company”), and the Subsidiaries of the Company party thereto, as supplemented by (i) that certain Supplement No. 1 to
Intercreditor Agreement, dated as of May 29, 2009, among Verso Paper Five Corp., Verso Fiber Farm LLC and Verso Maine Energy LLC, the Intercreditor Agent and the Trustee, (ii) that certain Supplement No. 2 to Intercreditor Agreement,
dated as of January 10, 2011, among Verso Quinnesec REP Holding Inc., the Intercreditor Agent and the Trustee and (iii) that certain Joinder and Supplement No. 3 to Intercreditor Agreement, dated as of January 26, 2011 by and
among, (A) Wilmington Trust Company, as trustee (the “Second Priority-Designated Agent”) pursuant to that certain Indenture dated as of January 26, 2011, among the Company, Verso Paper Inc. (together with the Company, the
“Issuers”), the guarantors party thereto and the Second Priority-Designated Agent, (B) Holdings, (C) the Issuers, (D) the Intercreditor Agent, (E) the Subsidiaries of the Company party thereto and (F) the
Trustee. Capitalized terms used but not defined herein shall have the meanings assigned in the Intercreditor Agreement. 
 This
Joinder and Supplement No. 4 to the Intercreditor Agreement (this “Agreement”), dated as of May 4, 2012 (the “Effective Date”), by and among (i) Citibank, N.A., as administrative agent (the
“New ABL Senior-Priority Agent”) pursuant to that certain Credit Agreement dated as of the date hereof (the “New ABL Credit Agreement”) among the Company, Holdings, the lenders party thereto, the Subsidiaries of
Holdings party thereto and the New ABL Senior-Priority Agent, (ii) Credit Suisse AG, Cayman Islands Branch, as administrative agent (the “New Cash Flow Senior-Priority Agent,” and together with the New ABL Senior-Priority
Agent, the “New Senior-Priority Agents”) pursuant to that certain Credit Agreement dated as of the date hereof (the “New Cash Flow Credit Agreement”) among the Company, Holdings, the lenders party thereto, the
Subsidiaries of Holdings party thereto and the New Cash Flow Senior-Priority Agent, (iii) Wilmington Trust, National Association, as trustee (the “11.75% Notes Senior-Priority Agent”) pursuant to that certain Indenture dated as
of March 21, 2012 with respect to the issuance of the Company’s 11.75% Secured Notes due 2019 (the “11.75% Notes Indenture”, and together with the New ABL Credit Agreement and the New Cash Flow Credit Agreement, the
“New Credit Agreements”), among the Issuers, the guarantors party thereto and the 11.75% Notes Senior-Priority Agent, (iv) the Intercreditor Agent, (v) the Second Priority-Designated Agent, (vi) Holdings,
(vii) the Company and (viii) each Subsidiary of Holdings listed on Schedule I hereto, has been entered into to (A) record the accession of the New ABL Senior-Priority Agent as (x) an additional Senior-Priority Agent in
respect of Future First-Lien Indebtedness under the Intercreditor Agreement on behalf of the lenders under the New ABL Credit Agreement (the “New ABL Lenders”), each of whom, pursuant to the terms of the New ABL Credit Agreement,
have agreed to make certain revolving loans (the “New ABL Loans”) and (y) the successor-in-interest to the Intercreditor Agent, (B) record the accession of the New Cash Flow Senior-Priority Agent as an additional
Senior-Priority Agent in respect of Future First-Lien Indebtedness under the Intercreditor Agreement on behalf of the lenders under the New Cash Flow Credit Agreement (the “New Cash Flow Lenders”, and together with the New ABL
Lenders, the “New Lenders”), each of whom, pursuant to the terms of the New Cash Flow Credit Agreement, have agreed to make certain revolving loans (the “New Cash Flow Loans”), (C) affirm the accession of the
11.75% Notes Senior-Priority Agent as a Senior-Priority Agent in respect of First-Lien Indebtedness under the Intercreditor Agreement on behalf of the holders (the “11.75% Noteholders”) of the notes issued under

 
the 11.75% Notes Indenture (the “11.75% Notes”), (D) with respect to the Liens securing certain Obligations as set forth below, to confirm and evidence that such Liens
shall, for purposes of the Intercreditor Agreement (subject to, with respect to each class of Senior Lender Claims, to the applicable provisions of the relevant Senior Lender Documents), be equal and ratable for purposes hereof and sharing pro rata
in any proceeds of the Collateral or amounts recovered in connection therewith with all Liens on the Common Collateral securing any other Senior Lender Claims and (E) for certain related purposes. 

The parties to this Agreement hereby agree as follows: 
 1. The New ABL Senior-Priority Agent, as administrative agent for the New ABL Lenders and the New Cash Flow Senior-Priority Agent, as administrative agent for the New Cash Flow Lenders, shall become, with
immediate effect, a party to and agrees to be bound by the terms of the Intercreditor Agreement as a Senior-Priority Agent, as if it had originally been party to the Intercreditor Agreement as a Senior-Priority Agent. The 11.75% Notes
Senior-Priority Agent, as trustee under the 11.75% Notes Indenture, affirms and acknowledges that it is a party to and bound by the terms of the Intercreditor Agreement as a Senior-Priority Agent. 

2. The New Credit Agreements, the Security Documents (as defined under each of the New Credit Agreements), and any related document or
instrument executed and delivered pursuant to any of the foregoing shall constitute Senior Lender Documents, and the Security Documents (as defined under each of the New Credit Agreements) are designated as and shall constitute Senior Collateral
Documents. 
 3. The Liens securing the Obligations under the New Credit Agreements and any other document or agreement entered
into pursuant thereto and granted pursuant to the Security Documents constitute Liens securing Senior Lender Claims. The New Senior-Priority Agents and the New Lenders shall be Senior Lenders for all purposes thereunder. The 11.75% Notes
Senior-Priority Agent and the 11.75% Noteholders are Senior Lenders for all purposes thereunder. The Obligations under each of the New Credit Agreements and any other document or agreement entered into pursuant thereto constitute Future First-Lien
Indebtedness or First-Lien Indebtedness, as applicable, and Senior Lender Claims, ranking in all cases pari passu in time and effect with the other Senior Lender Claims for purposes of the Intercreditor Agreement (subject to, with respect to each
class of Senior Lender Claims, to the applicable provisions of the relevant Senior Lender Documents). 
 4. The Liens on the
Common Collateral securing such Senior Lender Claims shall for purposes of the Intercreditor Agreement (subject to, with respect to each class of Senior Lender Claims, to the applicable provisions of the relevant Senior Lender Documents) have equal
and ratable priority in all respects to all Liens on the Common Collateral securing any other Senior Lender Claims on the terms set forth in the Intercreditor Agreement and shall be senior to all Liens on the Common Collateral securing any
Second-Priority Claims on the terms set forth in the Intercreditor Agreement. 
 5. The Company certifies to the New ABL
Senior-Priority Agent that, after giving effect to the transactions and appointments contemplated by the foregoing paragraphs, the New Lenders together with the 11.75% Noteholders hold a majority of the Senior Lender Claims outstanding on the date
hereof under all the Senior Lender Documents (which certification the New ABL Senior-Priority Agent may rely upon conclusively without further investigation). The New Senior-Priority Agents, each on behalf of its respective New Lenders, and the
11.75% Notes Senior-Priority Agent, on behalf of the 11.75% Noteholders, hereby designate the Intercreditor Agent (as defined under the Senior Lien Intercreditor Agreement (the “Senior Lien Intercreditor Agreement”) dated as of
May 4, 2012, by, among others, the New Senior-Priority Agents, the 11.75% Notes Senior-Priority Agent, the agents for the other Senior Lenders, Holdings and the Company) as the “Intercreditor Agent” under the Intercreditor Agreement
until such time as another such designated agent is appointed pursuant to the terms thereof, 

  
 2 

 
and the parties hereto therefore accept and agree to such designation. For the avoidance of doubt, (i) the provisions of Article 9 of the New ABL Credit Agreement applicable to the New ABL
Senior-Priority Agent thereunder shall also apply to the New ABL Senior-Priority Agent acting under or in connection with the Intercreditor Agreement, (ii) the provisions of Article 9 of the New Cash Flow Credit Agreement applicable to the New
Cash Flow Senior-Priority Agent thereunder shall also apply to the New Cash Flow Senior-Priority Agent acting under or in connection with the Intercreditor Agreement, and the provisions of Article 7 and Article 11 of the 11.75% Notes Indenture
applicable to the 11.75% Notes Senior-Priority Agent thereunder shall also apply to the 11.75% Notes Senior-Priority Agent acting under or in connection with the Intercreditor Agreement. 

6. So long as the Discharge of Senior Lender Claims has not occurred, the Common Collateral or proceeds (and any proceeds of any title
insurance policies with respect to any Common Collateral) thereof received in connection with the sale or other disposition of, or collection on, the Common Collateral upon the exercise of remedies shall be applied by the Intercreditor Agent ratably
to the Senior Lender Claims and, with respect to each class of Senior Lender Claims, in such order as is specified in the relevant Senior Lender Documents until the Discharge of Senior Lender Claims has occurred. Upon the Discharge of Senior Lender
Claims, the Intercreditor Agent shall deliver promptly to the Second-Priority Designated Agent any Common Collateral or proceeds thereof (and any proceeds of any title insurance policies in favor of any Second-Priority Agent with respect to any
Common Collateral) held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct, to be applied by the Second-Priority Designated Agent ratably to the Second-Priority Claims
and, pro rata with respect to each class of Second-Priority Claims, in such order as specified in the relevant Second-Priority Documents. 
 7. This Agreement shall constitute notice to the Second-Priority Designated Agent pursuant to Section 5.3(b) of the Intercreditor Agreement. 

8. The New ABL Senior-Priority Agent confirms that its address for notices pursuant to the Intercreditor Agreement is as follows:

 Citibank, N.A. 
 Attn: Brendan Mackay 
 390 Greenwich Street, 1st Floor 

New York, NY 10013 
 Facsimile: 646-291-3363 
 Copy to facsimile: 646-291-5106 

9. The New Cash Flow Senior-Priority Agent confirms that its address for notices pursuant to the Intercreditor Agreement is as follows:

 Credit Suisse AG, Cayman Islands Branch 
 Attn: Sean Portrait - Agency Manager 
 1 Madison Avenue 

New York, NY 10010 
 Facsimile: 212-322-2291 
 Email: agency.loanops@credit-suisse.com 

10. Each party to this Agreement (other than the New Senior-Priority Agents) confirms the acceptance of (i) each of the New
Senior-Priority Agents as a Senior-Priority Agent for purposes of the Intercreditor Agreement and (ii) the Intercreditor Agent (as defined in the Senior Lien Intercreditor Agreement) as the Intercreditor Agent for purposes of the Intercreditor
Agreement. 

  
 3 

 11. This Agreement shall be construed in accordance with and governed by the laws of the
State of New York. 
 12. This Agreement may be executed in counterparts, each of which shall constitute an original but all of
which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

[SIGNATURE PAGES FOLLOW] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective
Date. 
  

			
	CITIBANK, N.A.,
	as a Senior-Priority Agent for holders of the New ABL Loans and as new Intercreditor Agent
		
	By:	 	 /s/ Brendan Mackay

		 	Name: Brendan Mackay
		 	Title: Director

  

[Signature Page to Joinder and Supplement] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as a Senior-Priority Agent for holders of the 11.75% Notes
		
	By:	 	 /s/ Jane Schweiger

		 	Name: Jane Schweiger
		 	Title: Vice President

  

[Signature Page to Joinder and Supplement] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as a Senior-Priority Agent for holders of the New Cash Flow Loans
		
	By:	 	 /s/ Robert Hetu

		 	Name: Robert Hetu
		 	Title: Managing Director
		
	By:	 	 /s/ Rahul Parmar

		 	Name: Rahul Parmar
		 	Title: Associate
	
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
 as former Intercreditor Agent

		
	By:	 	 /s/ Robert Hetu

		 	Name: Robert Hetu
		 	Title: Managing Director
		
	By:	 	 /s/ Rahul Parmar

		 	Name: Rahul Parmar
		 	Title: Associate

  

[Signature Page to Joinder and Supplement] 

			
	WILMINGTON TRUST COMPANY,
	as Second Priority-Designated Agent
		
	By:	 	 /s/ Geoffrey J. Lewis

		 	Name: Geoffrey J. Lewis
		 	Title: Assistant Vice President

  

[Signature Page to Joinder and Supplement] 

 
					
	VERSO PAPER FINANCE HOLDINGS LLC
	VERSO PAPER HOLDINGS LLC
	VERSO PAPER INC.
	VERSO PAPER LLC
	VERSO ANDROSCOGGIN LLC
	VERSO BUCKSPORT LLC
	VERSO FIBER FARM LLC
	VERSO MAINE ENERGY LLC
	VERSO QUINNESEC LLC
	VERSO SARTELL LLC
	VERSO QUINNESEC REP HOLDING INC.
	NEXTIER SOLUTIONS CORPORATION
		
	By:	 	 /s/ Robert P. Mundy

		 	Name:	 	Robert P. Mundy
		 	Title:	 	Senior Vice President and Chief Financial Officer

  

[Signature Page to Joinder and Supplement] 

 Schedule I 

 

	1.	Verso Paper LLC, a Delaware limited liability company 

  

	2.	Verso Paper Inc., a Delaware corporation 

  

	3.	Verso Androscoggin LLC, a Delaware limited liability company 

  

	4.	Verso Bucksport LLC, a Delaware limited liability company 

  

	5.	Verso Fiber Farm LLC, a Delaware limited liability company 

  

	6.	Verso Maine Energy LLC, a Delaware limited liability company 

  

	7.	Verso Quinnesec LLC, a Delaware limited liability company 

  

	8.	Verso Sartell LLC, a Delaware limited liability company 

  

	9.	Verso Quinnesec REP Holding Inc., a Delaware corporation 

  

	10.	nexTier Solutions Corporation, a California corporation

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