Document:

EX-10.22

 Exhibit 10.22 

EXECUTION VERSION 
  

 
 TERM LOAN / REVOLVING FACILITY 

LIEN SUBORDINATION AND INTERCREDITOR AGREEMENT 

dated as of 
 May 22, 2012,

 among 
 CITIBANK, N.A., 

as Revolving Facility Agent, 

CITIBANK, N.A., 
 as Term Facility
Agent, 
 HMH HOLDINGS (DELAWARE), INC., as Holdings 

HOUGHTON MIFFLIN HARCOURT PUBLISHERS INC., 

HMH PUBLISHERS LLC, and 
 HOUGHTON
MIFFLIN HARCOURT PUBLISHING COMPANY, as Borrowers, 
 THE SUBSIDIARY GUARANTORS NAMED HEREIN 

 
  

 TERM LOAN / REVOLVING FACILITY LIEN SUBORDINATION AND INTERCREDITOR AGREEMENT, dated as of
May 22, 2012 (as amended, supplemented or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), among CITIBANK, N.A., as agent for the Revolving Facility Secured Parties referred to
herein (in such capacity, and together with its successors in such capacity, the “Original Revolving Facility Agent”), CITIBANK, N.A., as agent for the Term Facility Secured Parties referred to herein (in such capacity, and
together with its successors in such capacity, the “Original Term Facility Agent”), HMH HOLDINGS (DELAWARE), INC. (the “Holdings”), HOUGHTON MIFFLIN HARCOURT PUBLISHERS INC.
(“HMHP”), HMH PUBLISHERS LLC (“Publishers”), HOUGHTON MIFFLIN HARCOURT PUBLISHING COMPANY (“HMCo” and, together with HMHP and Publishers, the
“Borrowers”) and the other Restricted Subsidiaries of Holdings party hereto (the “Subsidiary Guarantors” and together with Holdings and the Borrowers, the “Loan Parties” and each a
“Loan Party”). 
 Reference is made to (a) the Revolving Facility Credit Agreement, and (b) the Term
Facility Credit Agreement. 
 In consideration of the mutual agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Revolving Facility Agent (for itself and on behalf of the Revolving Facility Secured Parties), the Term Facility Agent (for itself and on behalf of the Term Facility Secured Parties), and
the Loan Parties party hereto agree as follows: 
 ARTICLE I 

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

  
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 (b) All terms used in this Agreement that are defined in Article 1, 8 or 9 of the New York UCC
(whether capitalized herein or not) and not otherwise defined herein have the meanings assigned to them in Article 1, 8 or 9 of the New York UCC. If a term is defined in Article 9 of the New York UCC and another Article of the UCC, such term shall
have the meaning assigned to it in Article 9 of the New York UCC. 
 (c) As used in this Agreement, the following terms have the meanings
specified below: 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” shall have correlative meanings. 

“Bankruptcy Code” means Title 11 of the United States Code. 

“Board of Directors” means (a) with respect to a corporation, the board of directors of the corporation;
(b) with respect to a partnership, the board of directors of the general partner of the partnership; and (c) with respect to any other Person, the board or committee of such Person serving a similar function. 

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

“Capital Stock” means (a) in the case of a corporation, corporate stock, (b) in the case of an association
or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (c) in the case of a partnership or limited liability company, partnership or membership interests (whether
general or limited), and (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, constituting the
Revolving Facility Collateral and the Term Facility Collateral. 
 “Discharge of Senior Secured Debt Obligations”
means, with respect to any particular Senior Secured Obligations, the occurrence of all of the following: 

(a) termination or expiration of all commitments to extend credit that would constitute such Senior Secured Obligations;

  
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 (b) payment in full in cash of the principal of and interest and premium (if
any) on all such Senior Secured Obligations (other than any undrawn letters of credit); 
 (c) termination, expiration
or cash collateralization (at the lower of (i) 105% of the aggregate undrawn amount, and (ii) the percentage of the aggregate undrawn amount required for release of liens under the terms of the applicable Senior Documents) of all
outstanding letters of credit constituting such Senior Secured Obligations; 
 (d) termination or expiration of all
Other Secured Obligations whether as defined in the Term Facility Credit Agreement or the Revolving Facility Credit Agreement, the Obligations under which would constitute such Senior Secured Obligations; and 

(e) payment in full in cash of all other such Senior Secured Obligations that are outstanding and unpaid at the time the
other events described in clauses (a through (d) above occur (other than contingent indemnification obligations which are not then due and payable; provided that in the case of any such obligations as to which the applicable
Representative or any applicable Secured Party has made a claim which has not been satisfied, such obligations have been cash collateralized in an amount sufficient in the reasonable judgment of such Representative or Secured Party to satisfy such
claim); provided that the Discharge of Senior Secured Debt Obligations shall not be deemed to have occurred in connection with a Replacement as contemplated by, and in compliance with, Section 2.10. 

“Event of Default” means an “Event of Default” under and as defined in the Revolving Facility Credit
Agreement or the Term Facility Credit Agreement, as the context may require. 
 “Excluded Assets” has the meaning
set forth in the Revolving Facility Secured Documents or the Term Facility Secured Documents, as the context may require. 

“Grantor” means each Loan Party that shall have granted any Lien in favor of the Revolving Facility Agent and the
Term Facility Agent on any of its assets or properties to secure any of the Revolving Facility Obligations or the Term Facility Obligations. 

“HMCo” has the meaning set forth in the preamble hereto. 

“HMHP” has the meaning set forth in the preamble hereto. 

“Holdings” has the meaning set forth in the preamble hereto. 

  
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 “Insolvency or Liquidation Proceeding” means: 

(a) any case commenced by or against Holdings or any other Grantor under the Bankruptcy Code or any similar federal or state law for the
relief of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of Holdings or any other Grantor, any receivership or assignment for the benefit of creditors relating to
Holdings or any other Grantor or any similar case or proceeding relative to Holdings or any other Grantor or its creditors, as such, in each case whether or not voluntary; 

(b) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to Holdings or any other Grantor,
in each case whether or not voluntary and whether or not involving bankruptcy or insolvency, in each case to the extent not permitted under the Senior Documents; 

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

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

“Junior Documents” means (a) in respect of the Term Facility First Lien Collateral, the Revolving Facility Debt
Documents and (b) in respect of the Revolving Facility First Lien Collateral, the Term Facility Debt Documents. 
 “Junior
Liens” means (a) in respect of the Revolving Facility First Lien Collateral, the Term Facility Liens on such Collateral, and (b) in respect of the Term Facility First Lien Collateral, the Revolving Facility Liens on such
Collateral. 
 “Junior Representative” means (a) with respect to the Term Facility First Lien Collateral, the
Revolving Facility Agent and (b) with respect to the Revolving Facility First Lien Collateral, the Term Facility Agent. 

“Junior Secured Obligations” means (a) with respect to the Term Facility Obligations (to the extent such
Obligations are secured, or intended to be secured, by the Term Facility First Lien Collateral), the Revolving Facility Obligations and (b) with respect to Revolving Facility Obligations (to the extent such Obligations are secured, or intended
to be secured, by the Revolving Facility First Lien Collateral), the Term Facility Obligations. 
 “Junior Secured Obligations
Collateral” means the Collateral in respect of which the Junior Representative (on behalf of itself and the Junior Secured Obligations Secured Parties) holds a Junior Lien. 

  
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 “Junior Secured Obligations Secured Parties” means (a) with respect
to the Term Facility First Lien Collateral, the Revolving Facility Secured Parties and (b) with respect to the Revolving Facility First Lien Collateral, the Term Facility Secured Parties. 

“Junior Secured Obligations Security Documents” means (a) with respect to the Revolving Facility First Lien
Collateral, the Term Facility Security Documents, and (b) with respect to the Term Facility First Lien Collateral, the Revolving Facility Security Documents. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any agreement to give a security interest
therein and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes of any jurisdiction). 

“Lien Sharing and Priority Confirmation Joinder” means an agreement substantially in the form of Exhibit B. 

“Loan Parties” has the meaning assigned to such term in the preamble hereto. 

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

“Obligations” means, with respect to any Person, any payment, performance or other obligation of such Person of any
kind, including, without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed,
undisputed, legal, equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any Insolvency or Liquidation Proceeding. Without limiting the generality of the foregoing, the Obligations of the
Grantors under the Secured Documents include (a) the obligation to pay principal, interest, (if applicable) letter of credit commissions, charges, expenses, fees, reasonable attorneys’ fees and disbursements, indemnities and other amounts
payable by any Grantor under any Secured Document and (b) the obligation of any Grantor to reimburse any amount in respect of any of the foregoing that any Secured Party, in its sole discretion, may elect to pay or advance on behalf of such
Grantor. 
 “Officer” means, with respect to any Person, the chief executive officer, president, any executive vice
president, chief financial officer, principal accounting officer, controller, chief restructuring officer or treasurer of such Person. 

“Officers’ Certificate” means a certificate signed on behalf of Holdings, and not in an individual capacity, by
at least two Officers of Holdings, one of whom must be the chief executive officer, the chief financial officer, the treasurer or the principal accounting officer of Holdings. 

  
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 “Original Revolving Facility Agent” has the meaning assigned to that
term in the preamble hereto. 
 “Original Term Facility Agent” has the meaning assigned to that term in the
preamble hereto. 
 “Other Secured Obligations” has the meaning set forth in the Term Facility Credit Agreement or
the Revolving Facility Credit Agreement, as the context may require. 
 “Person” means any individual, sole
proprietorship, partnership, limited liability company, joint venture, joint-stock company, trust, unincorporated organization, association, corporation, government or any agency or political subdivision thereof or any other entity. 

“Publishers” has the meaning assigned to such term in the preamble hereto. 

“Real Estate Asset” means, at any time of determination, any fee interest then owned by Holdings or any other Grantor
in any real property. 
 “Replaces” means, (a) in respect of any agreement with reference to the Revolving
Facility Credit Agreement or the Revolving Facility Obligations or any Revolving Substitute Facility, that such agreement refunds, refinances or replaces the Revolving Facility Credit Agreement or such Revolving Substitute Facility in whole (in a
transaction that is in compliance with Section 2.10) and that all commitments thereunder are terminated, or, to the extent permitted by the terms of the Revolving Facility Credit Agreement or such Revolving Substitute Facility, in part, and
(b) in respect of any agreement with reference to the Term Facility Credit Agreement or the Term Facility Obligations or any Term Substitute Facility, that such agreement refunds, refinances or replaces the Term Facility Credit Agreement or
such Term Substitute Facility in whole (in a transaction that is in compliance with Section 2.10) and that all commitments thereunder are terminated, or, to the extent permitted by the terms of the Term Facility Credit Agreement or such Term
Substitute Facility, in part. “Replace,” “Replaced” and “Replacement” shall have correlative meanings. 

“Representative” means (a) in the case of any Term Facility Obligations, the Term Facility Agent, and
(b) in the case of any Revolving Facility Obligations, the Revolving Facility Agent. 
 “Revolving Facility Administrative
Agent” means Citibank, N.A., in its capacity as Administrative Agent under the Revolving Facility Credit Agreement, and its successors in such capacity, and any agent, trustee or other representative representing holders or lenders
under any Revolving Substitute Facility. 

  
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 “Revolving Facility Agent” means the Original Revolving Facility Agent,
and, from and after the date of execution and delivery of a Revolving Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or holders of the indebtedness and other Obligations evidenced thereunder or
governed thereby, in each case, together with its successors in such capacity. 
 “Revolving Facility Collateral”
means all assets and properties subject to Liens created by the Revolving Facility Security Documents to secure the Revolving Facility Obligations. 

“Revolving Facility Credit Agreement” means the Superpriority Senior Secured Debtor-in-Possession and Exit Revolving
Credit Agreement dated as of May 22, 2012, among Holdings, the Borrowers, the Subsidiary Guarantors named therein, the Revolving Facility Administrative Agent, the Revolving Facility Agent, the lenders party thereto from time to time and the
other agents named therein, as amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified from time to time and any credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement
or instrument evidencing or governing the terms of any Revolving Substitute Facility. 
 “Revolving Facility Debt
Documents” means the Revolving Facility Credit Agreement, the Revolving Facility Security Documents, the other “Loan Documents” (as defined in the Revolving Facility Credit Agreement) and all other loan documents, notes,
guarantees, instruments and agreements governing or evidencing, or executed or delivered in connection with, any Revolving Substitute Facility. 

“Revolving Facility First Lien Collateral” means all present and future right, title and interest of Holdings and the
other Grantors in and to the following, whether now owned or hereafter acquired, existing or arising, and wherever located: 

(a) accounts and payment intangibles, including tax refunds, but excluding payment intangibles that constitute identifiable
proceeds of Term Facility First Lien Collateral; 
 (b) inventory and indebtedness owed to Holdings or any of its Restricted
Subsidiaries that arises from cash advances to enable the obligor thereof to acquire inventory; 
 (c) deposit accounts,
commodity accounts, securities accounts and lock-boxes, including all money and certificated securities, uncertificated securities (other than as each may relate to Capital Stock of Holdings or the other Grantors), securities entitlements and
investment property credited thereto or deposited therein (including all cash, marketable securities and other funds held in or on deposit in any deposit account, commodity account or securities account), instruments, including intercompany notes,
chattel paper and all cash and cash equivalents, including cash and cash equivalents securing reimbursement obligations in respect of letters of credit or other Revolving Facility Obligations, but excluding the Term Facility First Lien Account; 

  
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 (d) general intangibles pertaining to the other items of property included within
clauses (a), (b), (c), (e) and (f) of this definition; 
 (e) books and records, supporting obligations, documents
and related letters of credit, commercial tort claims or other claims and causes of action, in each case, to the extent related primarily to any of the foregoing; and 

(f) all substitutions, replacements, accessions, products and proceeds (including, without limitation, insurance proceeds,
licenses, royalties, income, payments, claims, damages and proceeds of suit) of all or any of the foregoing; 
 provided that
notwithstanding the above, the Revolving Facility First Lien Collateral shall not include any Excluded Assets. Nothing in this definition shall supersede or override, as against Holdings or the other Grantors, the description of such Revolving
Facility First Lien Collateral as granted under the Revolving Facility Security Documents. 
 “Revolving Facility
Liens” means Liens on the Revolving Facility Collateral created under the Revolving Facility Security Documents to secure the Revolving Facility Obligations (including Liens on such Collateral under the security documents associated
with any Revolving Substitute Facility). 
 “Revolving Facility Obligations” means the “Obligations” as
such term is defined in the Revolving Facility Credit Agreement. 
 “Revolving Facility Secured Parties” means, at
any time, the Revolving Facility Agent, the Revolving Facility Administrative Agent, each lender or issuing bank under the Revolving Facility Credit Agreement, the Other Secured Parties (as defined under the Revolving Facility Credit Agreement), the
beneficiaries of each indemnification obligation undertaken by any Grantor under any Revolving Facility Debt Document, each other Person that provides letters of credit, guarantees or other credit support related thereto under any Revolving Facility
Debt Document and each other holder of, or obligee in respect of, any Revolving Facility Obligations (including pursuant to a Revolving Substitute Facility), in each case to the extent designated as a secured party (or a party entitled to the
benefits of the security) under any Revolving Facility Debt Document outstanding at such time. 
 “Revolving Facility Security
Documents” means the “Security Documents” as referred to in the Revolving Facility Credit Agreement, each agreement listed in part A of Exhibit C hereto, and any other security agreements, pledge agreements, collateral
assignments, mortgages, deeds of trust, control agreements, guarantees, notes or any other documents or instruments now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any
Revolving Facility Obligations (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Revolving Substitute Facility). 

  
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 “Revolving Substitute Facility” means any facility with respect to which
the requirements contained in Section 2.10 of this Agreement have been satisfied and that Replaces the Revolving Facility Credit Agreement then in existence. For the avoidance of doubt, no Revolving Substitute Facility shall be required to be a
revolving or asset-based loan facility and may be a facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument; provided that any Revolving Facility
Lien securing such Revolving Substitute Facility shall be subject to the terms of this Agreement for all purposes (including the lien priorities as set forth herein as of the date hereof). 

“Secured Parties” means the Revolving Facility Secured Parties and the Term Facility Secured Parties. 

“Secured Documents” means the Revolving Facility Debt Documents and the Term Facility Debt Documents. 

“Security Documents” means the Revolving Facility Security Documents and the Term Facility Security Documents. 

“Senior Documents” means (a) in respect of the Term Facility First Lien Collateral, the Term Facility Debt
Documents, and (b) in respect of the Revolving Facility First Lien Collateral, the Revolving Facility Debt Documents. 

“Senior Liens” means (a) in respect of the Revolving Facility First Lien Collateral, the Revolving Facility
Liens on such Collateral, and (b) in respect of the Term Facility First Lien Collateral, the Term Facility Liens on such Collateral. 

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

“Senior Secured Obligations Collateral” means the Collateral in respect of which the Senior Representative (on behalf
of itself and the applicable Senior Secured Obligations Secured Parties) holds a Senior Lien. 
 “Senior Secured Obligations
Secured Parties” means (a) with respect to the Term Facility First Lien Collateral, the Term Facility Secured Parties, and (b) with respect to the Revolving Facility First Lien Collateral, the Revolving Facility Secured
Parties. 

  
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 “Senior Secured Obligations Security Documents” means (a) with
respect to the Revolving Facility First Lien Collateral, the Revolving Facility Security Documents, and (b) with respect to the Term Facility First Lien Collateral, the Term Facility Security Documents. 

“Subsidiary” shall mean, with respect to any person (herein referred to as the “parent”), any
corporation, partnership, limited liability company, 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, 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 otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries
of Holdings. 
 “Term Facility Administrative Agent” means Citibank, N.A., in its capacity as Administrative Agent
under the Term Facility Credit Agreement, and its successors in such capacity, and any agent, trustee or other representative representing holders or lenders under any Term Substitute Facility. 

“Term Facility Agent” means the Original Term Facility Agent, and, from and after the date of execution and delivery
of a Term Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or other holders of the indebtedness and other obligations evidence thereunder or governed thereby, in each case, together with its successors
in such capacity. 
 “Term Facility Collateral” means all assets and properties subject to Liens created by the
Term Facility Security Documents to secure the Term Facility Obligations. 
 “Term Facility Credit Agreement” means
the Superpriority Senior Secured Debtor-in-Possession and Exit Term Loan Credit Agreement dated as of May 22, 2012, among Holdings, the Borrowers, the Subsidiary Guarantors named therein, the Term Facility Administrative Agent, the Term
Facility Agent, the lenders party thereto from time to time and the other agents named therein, as amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified from time to time and any credit agreement, loan agreement,
note agreement, promissory note, indenture or any other agreement or instrument evidencing or governing the terms of any Term Substitute Facility. 

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

  
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 “Term Facility First Lien Account” shall mean that certain deposit or
securities account of the Loan Parties that (a) is subject to a blocked account agreement in favor of the Term Facility Agent (who shall have first priority rights with respect to exercising control over such account), and the Revolving
Facility Agent (who shall have second priority rights with respect to exercising control over such account) and (b) contains only identifiable proceeds of any Term Facility First Lien Collateral (including any proceeds arising from a sale or
disposition thereof) and the proceeds of any investment thereof, and other proceeds that may constitute Revolving Facility First Lien Collateral and be required hereunder to be turned over to the Revolving Facility Agent. 

“Term Facility First Lien Collateral” means all present and future right, title and interest of Holdings and the
other Grantors, whether now owned or hereafter acquired, existing or arising, and wherever located, in all of the assets and property of any Grantor, whether real, personal or mixed (other than in the Excluded Assets and the Revolving Facility First
Lien Collateral), including, without limitation, all: (a) equipment; (b) Real Estate Assets; (c) intellectual property; (d) all general intangibles that do not constitute Revolving Facility First Lien Collateral;
(e) documents of title related to equipment; (f) records, supporting obligations and related letters of credit, commercial tort claims or other claims and causes of action, in each case, to the extent related primarily to the foregoing;
(g) substitutions, replacements, accessions, products and proceeds (including, without limitation, insurance proceeds, licenses, royalties, income, payments, claims, damages and proceeds of suit) of any or all of the foregoing and (h) the
Term Facility First Lien Account, but excluding any identifiable proceeds of Revolving Facility First Lien Collateral deposited therein. Nothing in this definition shall supersede or override, as against Holdings or the other Grantors, the
description of such Term Facility First Lien Collateral as granted under the Term Facility Security Documents. 
 “Term Facility
Liens” means Liens on the Term Facility Collateral created under the Term Facility Security Documents to secure the Term Facility Obligations (including Liens on such Collateral under the security documents associated with any Term
Substitute Facility). 
 “Term Facility Obligations” means the “Obligations” as such term is defined in
the Term Facility Credit Agreement. 
 “Term Facility Secured Parties” means, at any time, the Term Facility Agent,
the Term Facility Administrative Agent, each lender or issuing bank under the Term Facility Credit Agreement, each Other Secured Party (as defined under the Term Facility Credit Agreement), the beneficiaries of each indemnification obligation
undertaken by any Grantor under any Term Facility Debt Document, each other Person that provides letters of credit, guarantees or other credit support related thereto under any Term Facility Debt Document and each other holder of, or obligee in
respect of, any Term Facility Obligations (including pursuant to an Term Substitute Facility), in each case to the extent designated as a secured party (or a party entitled to the benefits of the security) under any Term Facility Debt Document
outstanding at such time. 

  
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 “Term Facility Security Documents” means the “Security
Documents” as referred to in the Term Facility Security Documents , each agreement listed in part B of Exhibit C hereto, and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control
agreements, guarantees, notes or any other documents or instruments now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any Term Facility Obligations (including any such
agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Term Substitute Facility). 

“Term Substitute Facility” means any facility with respect to which the requirements contained in Section 2.10
of this Agreement have been satisfied and that is permitted to be incurred pursuant to the Revolving Facility Debt Documents, the proceeds of which are used to, among other things, Replace the Term Facility then in existence. For the avoidance of
doubt, no Term Substitute Facility shall be required to be a term loan facility and may be a facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument;
provided that any Term Facility Lien securing such Term Substitute Facility shall be subject to the terms of this Agreement for all purposes (including the lien priority as set forth herein as of the date hereof). 

ARTICLE II 
 Subordination of
Junior Liens; Certain Agreements 
 SECTION 2.01. Subordination of Junior Liens. (a) The grant of the
Revolving Facility Liens pursuant to the Revolving Facility Security Documents and the grant of the Term Facility Liens pursuant to the Term Facility Security Documents create two separate and distinct Liens on the Collateral. 

(b) All Junior Liens in respect of any Collateral are expressly subordinated and made junior in right, priority, operation and
effect to any and all Senior Liens in respect of such Collateral, notwithstanding anything contained in this Agreement, the Revolving Facility Debt Documents, the Term Facility Debt Documents or any other agreement or instrument or operation of law
to the contrary, and irrespective of the time, order or method of creation, attachment or perfection of such Junior Liens and Senior Liens or any failure, defect or deficiency or alleged failure, defect or deficiency in any of the foregoing. 

(c) It is acknowledged that (i) the aggregate amount of the Senior Secured Obligations may be increased from time to time
pursuant to the terms of the Senior Documents, (ii) a portion of the Senior Secured Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time
may be increased or reduced and subsequently reborrowed, and (iii) the Senior Secured Obligations may be increased, 

  
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extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, all without affecting the subordination of the
Junior Liens hereunder or the provisions of this Agreement defining the relative rights of the Revolving Facility Secured Parties and the Term Facility Secured Parties. 

(d) The lien priorities provided for herein shall not be altered or otherwise affected by any amendment, modification,
supplement, extension, increase, renewal, restatement or Replacement of either the Junior Secured Obligations (or any part thereof) or the Senior Secured Obligations (or any part thereof), by the release of any Collateral or of any guarantees for
any Senior Secured Obligations or by any action that any Representative or Secured Party may take or fail to take in respect of any Collateral. 

SECTION 2.02. No Action With Respect to Junior Secured Obligations Collateral Subject to Senior Liens. Subject to Sections 2.04 and
2.13, no Junior Representative or other Junior Secured Obligations Secured Party shall commence or instruct any Junior Representative to commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver,
liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power (including any right of setoff or rights under any account agreement, landlord waiver, bailee letter or collateral
access agreement) with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other action available to it in respect of, any Junior Secured Obligations Collateral under any Junior Secured Obligations
Security Document, applicable law or otherwise until the associated Discharge of Senior Secured Debt Obligations, it being agreed that only the Senior Representative, acting in accordance with the applicable Senior Secured Obligations Security
Documents, shall be entitled to take any such actions or exercise any such remedies prior to the associated Discharge of Senior Secured Debt Obligations. Notwithstanding the foregoing, any Junior Representative may, subject to Section 2.05,
(i) take all such actions as it shall deem necessary to perfect or continue the perfection of its Junior Liens, (ii) take all such actions as it shall deem necessary to create, preserve or protect (but not enforce) the Junior Liens on any
Collateral, (iii) in any Insolvency or Liquidation Proceeding commenced by or against the Borrower or any other Grantor, file a proof of claim or statement of interest with respect to the Junior Secured Obligations and vote on any plan of
reorganization (including a vote to accept or reject a plan of partial or complete liquidation) to the extent such vote is not in violation of the terms of this Agreement, (iv) file any necessary responsive or defensive pleadings in opposition
to any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of the Junior Secured Obligations Secured Parties, including any claims secured by the Collateral, if
any, in each case in accordance with the terms of this Agreement, (v) exercise the rights available to a holder of unsecured claims in accordance with Section 2.13, (vi) file any proof of claim, make other filings and make any
arguments and motions in order to preserve or protect its Liens on the Collateral that are, in each case, in accordance with the terms of this Agreement, with respect to the Junior Secured Obligations and the Collateral and/or (vii) present a
cash bid at any Section 363 hearing or with respect to any other Collateral disposition. 

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

  
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or any other agreement related thereto or to the collection of the Senior Secured Obligations or the valuation, use, protection or release of any security for the Senior Secured Obligations. 

SECTION 2.04. No Interference; Payment Over; Reinstatement. (a) Each Junior Secured Obligations Secured Party agrees that
(i) it will not take or cause to be taken any action the purpose or effect of which is, or could be, to make any Junior Lien pari passu with, or to give such Junior Secured Obligations Secured Party any preference or priority
relative to, any Senior Lien with respect to the Collateral subject to such Senior Lien and Junior Lien or any part thereof, (ii) it will not challenge or question in any proceeding the validity or enforceability of any Senior Secured
Obligations or Senior Secured Obligations Security Document, or the validity, attachment, perfection or priority of any Senior Lien, or the validity or enforceability of the priorities, rights or duties established by or other provisions of this
Agreement, (iii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other
disposition of the Collateral subject to any Junior Lien by any Senior Secured Obligations Secured Parties secured by Senior Liens on such Collateral or any Senior Representative acting on their behalf, (iv) it shall have no right to
(A) direct any Senior Representative or any holder of Senior Secured Obligations to exercise any right, remedy or power with respect to the Collateral subject to any Junior Lien or (B) consent to the exercise by any Senior Representative
or any other Senior Secured Obligations Secured Party of any right, remedy or power with respect to the Collateral subject to any Junior Lien, (v) it will not institute any suit or assert in any suit or Insolvency or Liquidation Proceeding any
claim against any Senior Representative or other Senior Secured Obligations Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to, and neither any Senior Representative nor any
other Senior Secured Obligations Secured Party shall be liable to any Junior Secured Obligations Secured Party for, any action taken or omitted to be taken by such Senior Representative or other Senior Secured Obligations Secured Party with respect
to any Collateral securing such Senior Secured Obligations that is subject to any Junior Lien, (vi) it will not seek, and hereby waives any right, to have any Senior Secured Obligations Collateral subject to any Junior Lien or any part thereof
marshaled upon any foreclosure or other disposition of such Collateral and (vii) it will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement. 

(b) The Junior Representative and each other Junior Secured Obligations Secured Party hereby agrees that until the associated Discharge of
Senior Secured Debt Obligations, if it shall obtain possession of any Senior Secured Obligations Collateral or shall realize any proceeds or payment in respect of any such Collateral, pursuant to remedies taken under any Junior Secured Obligations
Security Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies, at any time prior to the associated Discharge of Senior Secured Debt
Obligations secured, or intended to be secured, by such Collateral, then it shall hold such Collateral, proceeds or payment in trust for the applicable Senior Secured Obligations Secured Parties and transfer such

  
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Collateral, proceeds or payment, as the case may be, to the Senior Representative reasonably promptly after obtaining actual knowledge or notice from the Senior Secured Obligations Secured
Parties that it has possession of such Senior Secured Obligations Collateral or proceeds or payments in respect thereof. Each Junior Secured Obligations Secured Party agrees that if, at any time, it obtains actual knowledge or receives notice that
all or part of any payment with respect to any Senior Secured Obligations previously made shall be rescinded for any reason whatsoever, such Junior Secured Obligations Secured Party shall promptly pay over to the Senior Representative any payment
received by it and then in its possession or under its control in respect of any Collateral subject to any Senior Lien securing such Senior Secured Obligations and shall promptly turn any Collateral subject to any such Senior Lien then held by it
over to the Senior Representative, and the provisions set forth in this Agreement shall be reinstated as if such payment had not been made, until the payment and satisfaction in full of the Senior Secured Obligations. All Junior Liens will remain
attached to and enforceable against all proceeds so held or remitted. Anything contained herein to the contrary notwithstanding, this Section 2.04(b) shall not apply to any proceeds of Senior Secured Obligations Collateral realized in a
transaction not prohibited by the Senior Documents and as to which the possession or receipt thereof by the Junior Representative or other Junior Secured Obligations Secured Party is otherwise permitted by the Senior Documents. 

SECTION 2.05. Release of Liens; Automatic Release of Junior Liens. (a) The Junior Representative and each other Junior Secured
Obligations Secured Party agree that (i) in the event the Senior Secured Obligations Secured Parties release their Lien on any Senior Secured Obligations Collateral subject to any Junior Lien pursuant to the terms contained in this Agreement
(other than a release in connection with a sale, transfer or other disposition of Senior Secured Obligations Collateral, which shall be governed by clause (a)(ii) below), such Junior Lien on such Collateral shall terminate and be released
automatically and without further action unless, at the time of such release by the Senior Secured Obligations Secured Parties, an Event of Default shall then have occurred and be continuing under the Junior Documents (provided that any
Junior Lien that would have otherwise been released and terminated pursuant to this clause (a)(i) in the absence of such an Event of Default under the Junior Documents shall terminate and be released automatically and without further action when
such Event of Default (and all other Events of Default under the Junior Documents) cease to exist); and (ii) in the event of a sale, transfer or other disposition of Senior Secured Obligations Collateral subject to any Junior Lien (regardless
of whether or not an Event of Default has occurred and is continuing under the Junior Documents at the time of such sale, transfer or other disposition), such Junior Lien on such Collateral shall terminate and be released automatically and without
further action if the applicable Senior Liens on such Collateral are released and if such sale, transfer or other disposition either (A) is then not prohibited by the Junior Documents or (B) occurs in connection with the foreclosure upon
or other exercise of rights and remedies with respect to such Senior Secured Obligations Collateral; provided that such Junior Lien shall remain in place with respect to any proceeds of a sale, transfer or other disposition under this clause
(a)(ii) that remain after the associated Discharge of Senior Secured Debt Obligations. In addition, for the avoidance of doubt, the Junior Representative and each Junior Secured Obligations Secured Party agree that, with respect to any property or
assets that would otherwise 

  
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constitute Senior Secured Obligations Collateral, the requirement that a Junior Lien attach to, or be perfected with respect to, such property or assets shall be waived automatically and without
further action so long as the requirement that a Senior Lien attach to, or be perfected with respect to, such property or assets is waived by the Senior Secured Obligations Secured Parties (or the Senior Representative) in accordance with the Senior
Documents and so long as no Event of Default under the Junior Documents shall have occurred, be continuing or would result therefrom at such time. Notwithstanding the foregoing, in the event of release of Liens by the Senior Secured Obligations
Secured Parties on all or substantially all of the Senior Secured Obligations Collateral (other than when such release occurs in connection with the Senior Secured Obligations Secured Parties’ foreclosure upon or other exercise of rights and
remedies with respect to such Collateral), no release of the Junior Lien on such Senior Secured Obligations Collateral under this Section 2.05 shall be made (it being understood that this Section 2.05 shall not affect any other obligation
of the Junior Secured Obligations Secured Parties to any other Person, including a Loan Party, to release Liens pursuant to the Junior Documents or the Junior Secured Obligations Security Documents or otherwise) unless (A) consent to the
release of such Junior Liens has been given by the requisite percentage or number of the Junior Secured Obligations Secured Parties at the time outstanding as provided for in the applicable Junior Documents and (B) Holdings has delivered an
Officers’ Certificate to the Revolving Facility Agent and the Term Facility Agent certifying that all such consents have been obtained. 

(b) The Revolving Facility Agent and the Term Facility Agent agree for the benefit of Holdings and the other Grantors that, with respect to
the release of any Collateral, if the Revolving Facility Agent or Term Facility Agent, as applicable, at any time receives: 

(i) an Officers’ Certificate stating that (A) the signing officers have read Article 2 of this Agreement and
understand the provisions and the definitions relating hereto, (B) such officers have made such examination or investigation as is necessary to enable such Persons to express an informed opinion as to whether or not the conditions precedent in
this Agreement and all other Secured Documents, if any, relating to the release of such Collateral have been complied with and (C) in the opinion of such officers, such conditions precedent, if any, have been complied with; 

(ii) the proposed instrument or instruments releasing such Lien as to such property in recordable form, if applicable; and

 (iii) prior to the associated Discharge of Senior Secured Debt Obligations, the written confirmation of the applicable
Senior Representative (or, at any time after the associated Discharge of Senior Secured Debt Obligations, the Junior Representative) (such confirmation to be given following receipt of, and based solely on, the Officers’ Certificate described
in clause (i) above) that, in its view, such release is permitted by Section 2.05(a) and the respective Secured Documents governing the Revolving Facility Obligations or the Term Facility Obligations, as applicable, the holders of which
such Representative represents; 

  
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 then the Revolving Facility Agent or Term Facility Agent, as applicable, will execute (with such acknowledgements
and/or notarizations as are required) and deliver such release to Holdings or other applicable Grantor on or before the later of (x) the date specified in such request for such release and (y) the second business day after the date of
receipt of the items required by this Section 2.05(b) by the applicable Representative. 
 (c) The Junior Representative agrees to
execute and deliver (at the sole cost and expense of the Grantors) all such releases and other instruments as shall reasonably be requested by the Senior Representative to evidence and confirm any release of Junior Secured Obligations Collateral
provided for in this Section 2.05. 
 SECTION 2.06. Certain Agreements With Respect to Insolvency or Liquidation Proceedings.
(a) This Agreement shall continue in full force and effect, notwithstanding the commencement of any Insolvency or Liquidation Proceeding by or against Holdings or any Restricted Subsidiaries. 

(b) Other than with respect to the Chapter 11 Cases (as defined in the Revolving Facility Credit Agreement), if Holdings or any of its
Restricted Subsidiaries shall become subject to a case under the Bankruptcy Code and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the
“DIP Lenders”) under Section 364 of the Bankruptcy Code or the use of cash collateral under Section 363 of the Bankruptcy Code, each Junior Secured Obligations Secured Party agrees that it will raise no objection,
and will waive any claim such Person may now or hereafter have, to any such financing or to the Liens on the Senior Secured Obligations Collateral securing the same (“DIP Financing Liens”), or to any use of cash collateral
that constitutes Senior Secured Obligations Collateral or to any grant of administrative expense priority under Section 364 of the Bankruptcy Code, unless (i) the Senior Secured Obligations Secured Parties, or a representative authorized
by the Senior Secured Obligations Secured Parties, shall then oppose or object to such DIP Financing or such DIP Financing Liens or such use of cash collateral or (ii) such DIP Financing Liens are neither senior to, nor rank pari passu
with, the Senior Liens upon any property of the estate in such Insolvency or Liquidation Proceeding. To the extent such DIP Financing Liens are senior to, or rank pari passu with, the Senior Liens, the Junior Representative will, for itself
and on behalf of the other Junior Secured Obligations Secured Parties, subordinate the Junior Liens on the Senior Secured Obligations Collateral to the Senior Liens and the DIP Financing Liens, so long as the Junior Secured Obligations Secured
Parties retain Liens on all the Junior Secured Obligations Collateral, including proceeds thereof arising after the commencement of any Insolvency or Liquidation Proceeding, with the same priority relative to the Senior Secured Obligations
Collateral as existed prior to the commencement of the case under the Bankruptcy Code. 
 (c) Each Junior Secured Obligations Secured Party
agrees that it will not object to or oppose a sale or other disposition of any Senior Secured Obligations Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the Senior
Secured Obligations Secured Parties shall have consented to such sale or disposition of such Senior Secured Obligations Collateral and all Senior Liens and Junior Liens will attach to the proceeds of the sale. 

  
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 (d) The holders of Junior Secured Obligations and the Junior Representative will not file or
prosecute in any Insolvency or Liquidation Proceeding any motion for adequate protection (or any comparable request for relief) based upon their interest in the Collateral under the Junior Liens, and will not object to or contest (i) any
request by the Senior Representative or the holders of Senior Secured Obligations for adequate protection or (ii) any objection by the Senior Representative or the holders of Senior Secured Obligations to any motion, relief, action or
proceeding based on the Senior Representative or holders of the Senior Secured Obligations claiming a lack of adequate protection, except that the holders of Junior Secured Obligations and the Junior Representative may: 

(i) freely seek and obtain relief granting a Junior Lien co-extensive in all respects with, but subordinated (as set forth in
Section 2.01) to, all Liens granted in the Insolvency or Liquidation Proceeding to, or for the benefit of, the holders of Senior Secured Obligations; 

(ii) freely vote on any plan of reorganization or similar dispositive restructuring plan; and 

(iii) freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition
or restriction whatsoever, at any time after the associated Discharge of Senior Secured Debt Obligations. 
 (e) Each of the Junior Secured
Obligations Secured Parties waives any claim such Junior Secured Obligations Secured Party may now or hereafter have against the Senior Representative or any other Senior Secured Obligations Secured Party (or their representatives) arising out of
any election by the Senior Representative or any Senior Secured Obligations Secured Parties, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code. 

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

SECTION 2.08. Entry Upon Premises by the Revolving Facility Agent and the Revolving Facility Secured Parties. (a) If the
Revolving Facility Agent takes any enforcement action with respect to the Revolving Facility First Lien Collateral, the Term Facility Secured Parties (i) shall reasonably cooperate with the Revolving Facility Agent (at the sole cost and expense
of the Revolving Facility Agent (it being understood nothing in this Section 2.08 affects any Grantor’s reimbursement or indemnity obligations under 

  
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any Secured Document) and subject to the condition that the Term Facility Secured Parties shall have no obligation or duty to take any action or refrain from taking any action that could
reasonably be expected to result in the incurrence of any liability or damage to the Term Facility Secured Parties) in its efforts to enforce its security interest in the Revolving Facility First Lien Collateral and to finish any work-in-process and
assemble the Revolving Facility First Lien Collateral, (ii) shall not take any action designed or intended to hinder or restrict in any respect the Revolving Facility Agent from enforcing its security interest in the Revolving Facility First
Lien Collateral or from finishing any work-in-process or assembling the Revolving Facility First Lien Collateral, and (iii) subject to the rights of any landlords under real estate leases, shall permit the Revolving Facility Agent, its
employees, agents, advisers and representatives, at the sole cost and expense of the Revolving Facility Secured Parties (it being understood nothing in this Section 2.08 affects any Grantor’s reimbursement or indemnity obligations under
any Secured Document) and upon reasonable advance notice, to enter upon and use the Term Facility First Lien Collateral (including (A) equipment, processors, computers and other machinery related to the storage or processing of records,
documents or files and (B) intellectual property (in connection with which the Term Facility Agent and the Term Facility Secured Parties shall grant a nonexclusive right to use and license and sublicense Term Facility Collateral consisting of
intellectual property to enable the Revolving Facility Agent to assemble, prepare for sale, advertise, market and dispose of the Revolving Facility Collateral, it being understood that such right will not impose additional obligations on the
Grantors, and will be solely as between the relevant creditors)), for a period not to exceed 180 days after the taking of such enforcement action, for purposes of (1) assembling and storing the Revolving Facility First Lien Collateral and
completing the processing of and turning into finished goods of any Revolving Facility First Lien Collateral consisting of work-in-process, (2) selling any or all of the Revolving Facility First Lien Collateral located on such Term Facility
First Lien Collateral, whether in bulk, in lots or to customers in the ordinary course of business or otherwise, (3) removing any or all of the Revolving Facility First Lien Collateral located on such Term Facility First Lien Collateral, or
(4) taking reasonable actions to protect, secure and otherwise enforce the rights of the Revolving Facility Secured Parties in and to the Revolving Facility First Lien Collateral; provided, however, that nothing contained in this
Agreement shall restrict the rights of the Term Facility Agent from selling, assigning or otherwise transferring any Term Facility First Lien Collateral prior to the expiration of such 180-day period if the purchaser, assignee or transferee thereof
agrees to be bound by the provisions of this Section. If any stay or other order prohibiting the exercise of remedies with respect to the Revolving Facility First Lien Collateral has been entered by a court of competent jurisdiction, such 180-day
period shall be tolled during the pendency of any such stay or other order. If the Revolving Facility Agent conducts a public auction or private sale of the Revolving Facility First Lien Collateral at any of the real property included within the
Term Facility First Lien Collateral, the Revolving Facility Agent shall provide the Term Facility Agent with reasonable notice and use reasonable efforts to hold such auction or sale in a manner which would not unduly disrupt the Term Facility
Agent’s use of such real property. 
 (b) During the period of actual occupation, use or control by the Revolving Facility Secured
Parties or their agents or representatives of any Term Facility 

  
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First Lien Collateral, the Revolving Facility Secured Parties shall (i) be responsible for the ordinary course third-party expenses related thereto, including costs with respect to heat,
light, electricity, water and real property taxes with respect to that portion of any premises so used or occupied, and (ii) be obligated to repair at their expense any physical damage to such Term Facility First Lien Collateral or other assets
or property resulting from such occupancy, use or control, and to leave such Term Facility First Lien Collateral or other assets or property in substantially the same condition as it was at the commencement of such occupancy, use or control,
ordinary wear and tear excepted. The Revolving Facility Secured Parties jointly and severally agree to pay, indemnify and hold the Term Facility Agent and its officers, directors, employees and agents harmless from and against any liability, cost,
expense, loss or damages, including legal fees and expenses, resulting from the gross negligence or willful misconduct of the Revolving Facility Agent or any of its agents, representatives or invitees in its or their operation of such facilities. In
the event, and only in the event, that in connection with its use of some or all of the premises constituting Term Facility First Lien Collateral, the Revolving Facility Agent requires the services of any employees of Holdings or any of their
Subsidiaries, the Revolving Facility Agent shall pay directly to any such employees the appropriate, allocated wages of such employees, if any, during the time periods that the Revolving Facility Agent requires their services. Notwithstanding the
foregoing, in no event shall the Revolving Facility Secured Parties have any liability to the Term Facility Secured Parties pursuant to this Section as a result of any condition (including any environmental condition, claim or liability) on or with
respect to the Term Facility First Lien Collateral existing prior to the date of the exercise by the Revolving Facility Secured Parties of their rights under this Section and the Revolving Facility Secured Parties shall have no duty or liability to
maintain the Term Facility First Lien Collateral in a condition or manner better than that in which it was maintained prior to the use thereof by the Revolving Facility Secured Parties, or for any diminution in the value of the Term Facility First
Lien Collateral that results solely from ordinary wear and tear resulting from the use of the Term Facility First Lien Collateral by the Revolving Facility Secured Parties in the manner and for the time periods specified under this
Section 2.08. Without limiting the rights granted in this paragraph, the Revolving Facility Agent, to the extent that rights have been exercised under this Section 2.08 by the Revolving Facility Agent, shall cooperate with the Term
Facility Secured Parties in connection with any efforts made by the Term Facility Secured Parties to sell the Term Facility First Lien Collateral. 

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

  
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Obligations in respect of the Term Facility Obligations has occurred, as between the Revolving Facility Agent, on the one hand, and the Term Facility Agent, on the other hand, only the Term
Facility Agent will have the right (subject to the rights of the Grantors under the Revolving Facility Debt Documents and the Term Facility Debt Documents) to adjust or settle any insurance policy covering or constituting Term Facility First Lien
Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding solely affecting the Term Facility First Lien Collateral. To the extent that an insured loss covers or constitutes both
Revolving Facility First Lien Collateral and Term Facility First Lien Collateral, then the Revolving Facility Agent and the Term Facility Agent will work jointly and in good faith to collect, adjust or settle (subject to the rights of the Grantors
under the Revolving Facility Debt Documents and the Term Facility Debt Documents) under the relevant insurance policy. 
 SECTION 2.10.
Refinancings and Additional Secured Debt. The Revolving Facility Obligations and the Term Facility Obligations may be Replaced, by any Revolving Substitute Facility or Term Substitute Facility, as the case may be, in each case, without notice
to, or the consent of any Secured Party, all without affecting the Lien priorities provided for herein or the other provisions hereof; provided, however, that the Term Facility Agent and the Revolving Facility Agent shall receive on or
prior to incurrence of the Replacement of a Revolving Substitute Facility or Term Substitute Facility (i) an Officers’ Certificate from Holdings stating that (A) the Replacement is permitted by each other applicable Secured Document
to be incurred or to the extent a consent is otherwise required to permit the Replacement under any other Secured Document, Holdings and each other Grantor have obtained the requisite consent and (B) the requirements of Section 2.12 have
been satisfied, and (ii) a Lien Sharing and Priority Confirmation Joinder from the holders or lenders of any indebtedness that Replaces the Revolving Facility Obligations or the Term Facility Obligations (or an authorized agent, trustee or
other representative on their behalf). 
 Each of the then-exiting Revolving Facility Agent and the Term Facility Agent, as applicable,
shall be authorized to execute and deliver such documents and agreements (including amendments or supplements to this Agreement) as such holders, lenders, agent, trustee or other representative may reasonably request to give effect to such
Replacement, it being understood that the Revolving Facility Agent and the Term Facility Agent, without the consent of any other Secured Party, may amend, supplement, modify or restate this Agreement to the extent necessary or appropriate to
facilitate such amendments or supplements to effect such Replacement all at the expense of Holdings; provided that in the event that such amendments, supplements, modifications or restatements materially adversely affect the rights of the
Grantors under the Secured Documents or imposes material additional obligations or liability on any Grantor or any Subsidiary of Holdings, then the written consent of Holdings will be required prior thereto. Upon the consummation of such Replacement
and the execution and delivery of the documents and agreements contemplated in the preceding sentence, the holders or lenders of such indebtedness and any authorized agent, trustee or other representative thereof shall be entitled to the benefits of
this Agreement. 

  
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 Notwithstanding the foregoing, nothing in this Agreement will be construed to allow any Loan
Party to incur additional indebtedness unless otherwise permitted by the terms of each applicable Secured Document. 

SECTION 2.11. Amendments to Security Documents. (a) Without the prior written consent of the Senior Representative,
no Junior Secured Obligations Security Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Junior Secured Obligations Security Document, would
be prohibited by, or would require any Grantor to act or refrain from acting in a manner that would violate, any of the terms of this Agreement. 

(b) In the event that the Senior Secured Obligations Secured Parties or the Senior Representative and Holdings or any other
Grantors thereunder enters into any amendment, waiver or consent in respect of any of the Senior Secured Obligations Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions
of, any Senior Secured Obligations Security Document or changing in any manner the rights of the Senior Representative, the Senior Secured Obligations Secured Parties, Holdings or any other Grantor thereunder (including the release of any Liens in
Senior Secured Obligations Collateral to the extent permitted by Section 2.05), then such amendment, waiver or consent shall apply automatically to any comparable provision of the comparable Junior Secured Obligations Security Document without
the consent of the Junior Representative or any Junior Secured Obligations Secured Party and without any action by the Junior Representative; provided, however, that reasonable prior written notice of such amendment, waiver or consent
shall have been given to the Junior Representative. The Junior Representative and each Junior Secured Obligations Secured Party agree to take such action and execute such documents as reasonably requested by the Senior Representative or Holdings to
carry out the purpose and intent of this Section 2.11(b). 
 SECTION 2.12. Legends. The Revolving Facility Agent acknowledges
with respect to the Revolving Facility Credit Agreement and the Revolving Facility Security Documents, on the one hand, and the Term Facility Agent acknowledges with respect to the Term Facility Credit Agreement and the Term Facility Security
Documents, on the other hand, that the Revolving Facility Credit Agreement and the Term Facility Credit Agreement and each associated Security Document granting any security interest in the Collateral will contain the appropriate legend set forth on
Annex I. 
 SECTION 2.13. Junior Secured Obligations Secured Parties Rights as Unsecured Creditors. Notwithstanding the provisions
of Sections 2.02, 2.04(a) and 2.06(b), (c) and (d) or otherwise, both before and during an Insolvency or Liquidation Proceeding, any of the Junior Secured Obligations Secured Parties may take any actions and exercise any and all rights
that would be available to a holder of unsecured claims, including, without limitation, the commencement of an Insolvency or Liquidation Proceeding against Holdings or any other Grantor in accordance with applicable law; provided, that the
Junior Secured Obligations Secured Parties may not take any of the 

  
 23 

 
actions prohibited by Section 2.02, clauses (i) through (vii) of Section 2.04(a) or Section 2.06(b), (c) and (d); provided, further, that in the event that
any of the Junior Secured Obligations Secured Parties becomes a judgment lien creditor in respect of any Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Junior Secured Obligations, such judgment
lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Senior Secured Obligations) as the other Liens securing the Junior Secured Obligations are subject to this Agreement. 

ARTICLE III 
 Gratuitous
Bailment for Perfection of Certain Security Interests; Rights Under Permits and Licenses 
 SECTION 3.01. General. The Senior
Representative agrees that if it shall at any time hold a Senior Lien on any Junior Secured Obligations Collateral that can be perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such
Collateral or any such account is in fact in the possession or under the control of the Senior Representative, the Senior Representative will serve as gratuitous bailee for the Junior Representative for the sole purpose of perfecting the Junior Lien
of the Junior Representative on such Collateral. It is agreed that the obligations of the Senior Representative and the rights of the Junior Representative and the other Junior Secured Obligations Secured Parties in connection with any such bailment
arrangement will be in all respects subject to the provisions of Article II. Notwithstanding anything to the contrary herein, the Senior Representative will be deemed to make no representation as to the adequacy of the steps taken by it to perfect
the Junior Lien on any such Collateral and shall have no responsibility, duty, obligation or liability to the Junior Representative or other Junior Secured Obligations Secured Party or any other person for such perfection or failure to perfect, it
being understood that the sole purpose of this Article is to enable the Junior Secured Obligations Secured Parties to obtain a perfected Junior Lien in such Collateral to the extent, if any, that such perfection results from the possession or
control of such Collateral or any such account by the Senior Representative. Subject to Section 2.07, from and after the associated Discharge of Senior Secured Debt Obligations, the Senior Representative shall take all such actions in its power
as shall reasonably be requested by the Junior Representative (at the sole cost and expense of the Grantors) to transfer possession or control of such Collateral or any such account (in each case to the extent the Junior Representative has a Lien on
such Collateral or account after giving effect to any prior or concurrent releases of Liens) to the Junior Representative (and with respect to any Collateral constituting (i) Revolving Facility First Lien Collateral, to the Term Facility Agent
for the benefit of all applicable Junior Secured Obligations Secured Parties and (ii) Term Loan First Lien Collateral, to the Revolving Facility Agent for the benefit of all applicable Junior Secured Obligations Secured Parties). 

SECTION 3.02. Deposit Accounts. 

(a) The Grantors, to the extent required by the Revolving Facility Credit Agreement, may from time to time establish deposit
accounts (the “Deposit 

  
 24 

 
Accounts”) with certain depositary banks in which collections from Inventory and Accounts may be deposited. To the extent that any such Deposit Account is under the control of
the Revolving Facility Agent at any time, the Revolving Facility Agent will act as gratuitous bailee for the Term Facility Agent for the purpose of perfecting the Liens of the Term Facility Secured Parties in such Deposit Accounts and the cash and
other assets therein as provided in Section 3.01 (but will have no duty, responsibility or obligation to the Term Facility Secured Parties (including, without limitation, any duty, responsibility or obligation as to the maintenance of such
control, the effect of such arrangement or the establishment of such perfection) except as set forth in the last sentence of this Section 3.02(a)). Unless the Junior Liens on such Revolving Facility First Lien Collateral shall have been or
concurrently are released, after the occurrence of Discharge of Senior Secured Debt Obligations, the Revolving Facility Agent shall, at the request of the Term Facility Agent, cooperate with the Grantors and the Term Facility Agent (at the expense
of the Grantors) in permitting control of any other Deposit Accounts to be transferred to the Term Facility Agent (or for other arrangements with respect to each such Deposit Accounts reasonably satisfactory to the Term Facility Agent to be made).

 (b) To the extent that the Term Facility First Lien Account is under the control of the Term Facility Agent at any time,
the Term Facility Agent will act as gratuitous bailee for the Revolving Facility Agent for the purpose of perfecting the Liens of the Revolving Facility Secured Parties in such account and the cash and other assets therein as provided in
Section 3.01 (but will have no duty, responsibility or obligation to the Revolving Facility Secured Parties (including, without limitation, any duty, responsibility or obligation as to the maintenance of such control, the effect of such
arrangement or the establishment of such perfection) except as set forth in the last sentence of this Section 3.02(b)). Unless the Junior Liens on such Term Facility First Lien Collateral shall have been or concurrently are released, after the
occurrence of Discharge of Senior Secured Debt Obligations, the Term Facility Agent shall, at the request of the Revolving Facility Agent, cooperate with the Grantors and the Revolving Facility Agent (at the expense of the Grantors) in permitting
control of such account to be transferred to the Revolving Facility Agent (or for other arrangements with respect to each such account reasonably satisfactory to the Revolving Facility Agent to be made). 

SECTION 3.03. Rights under Permits and Licenses. The Term Facility Agent agrees that if the Revolving Facility Agent shall require
rights available under any permit or license controlled by the Term Facility Agent (as certified to the Term Facility Agent by the Revolving Facility Agent, upon which the Term Facility Agent may rely) in order to realize on any Revolving Facility
First Lien Collateral, the Term Facility Agent shall (subject to the terms of the Term Facility Credit Agreement, including the Term Facility Agent’s rights to indemnification thereunder) take all such actions as shall be available to it (at
the sole expense of the Grantors), consistent with applicable law and reasonably requested by the Revolving Facility Agent in writing, to make such rights available to the Revolving Facility Agent, subject to the Term Facility Liens. The Revolving
Facility Agent agrees that if the Term Facility Agent shall require rights available under any permit or license controlled by the Revolving Facility Agent (as 

  
 25 

 
certified to the Revolving Facility Agent by the Term Facility Agent, upon which the Revolving Facility Agent may rely) in order to realize on any Term Facility First Lien Collateral, the
Revolving Facility Agent shall take all such actions as shall be available to it (at the sole expense of the Grantors), consistent with applicable law and reasonably requested by the Term Facility Agent in writing, to make such rights available to
the Term Facility Agent, subject to the Revolving Facility Liens. 
 SECTION 3.04. Grantors’ Actions Regarding Collateral. To
the extent any Secured Document requires any Grantor to deliver any certificate, instrument, promissory note, chattel paper, control agreement or proceeds or to take any other action with respect to the perfection of (or the realization of benefits
on) the Revolving Facility Liens or the Term Facility Liens on any item of Collateral, and to the extent such delivery or other action is of such nature that it may not be made or taken with respect to both the Senior Liens and the Junior Liens
concurrently (for example, the granting of exclusive control (as defined in the New York UCC) to one but not both Representatives with respect to bank accounts), such Grantor shall make such delivery or take such other action so required under the
applicable Senior Document with respect to such item of Collateral and the Senior Representative shall comply with this Article III and other applicable provisions of this Agreement with respect to such item of Collateral (which delivery or other
action by such Grantor will be deemed to satisfy any such requirement under the applicable Junior Documents). 
 ARTICLE IV 

Existence and Amounts of Liens and Obligations 

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

  
 26 

 ARTICLE V 

Consent of Grantors 

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

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

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

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

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

(a) if to the Revolving Facility Agent, to it at Citibank, N.A., Citibank, N.A., 1615 Brett Road, New Castle, DE 19720, Attn:
ABTF Global Loans, Email: glabfunitloansops@citi.com; 

  
 27 

 (b) if to the Term Facility Agent, to it at Citibank, N.A., Citibank, N.A., 1615
Brett Road, New Castle, DE 19720, Attn: ABTF Global Loans, Email: glabfunitloansops@citi.com; 
 (c) if to Holdings, at: Eric
Shuman, Chief Financial Officer, Houghton Mifflin Company, 222 Berkeley Street, Boston, MA 02116, Tel: (617) 351-5200, Fax: (617) 351-3923; and 

(d) if to any other Grantor, to it in care of Holdings as provided in clause (d) above. 

Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto (and for this
purpose a notice to Holdings shall be deemed to be a notice to each Grantor). All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of
receipt (if a business day) and on the next business day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the date five business days after dispatch by certified or registered mail if
mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 7.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 7.01. As agreed
to in writing among Holdings, the Term Facility Agent and the Revolving Facility Agent from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable person provided
from time to time by such person. 
 SECTION 7.02. Waivers; Amendment. (a) No failure or delay on the part of any
party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude
any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any
provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

(b) Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified except pursuant to an
agreement or agreements in writing entered into by each Representative and, if such termination, 

  
 28 

 
waiver, amendment or modification materially adversely affects the rights of the Grantors under the Secured Documents or imposes material additional obligations or liability on any Grantor or any
Subsidiary of Holdings, then the written consent of Holdings will be required prior to such termination, waiver, amendment or modification; provided, however, that this Agreement may be amended from time to time (x) as provided in
Section 2.10 and (y) at the sole request and expense of Holdings, and without the consent of either Representative, to add, pursuant to the Intercreditor Agreement Joinder, additional Grantors whereupon such Person will be bound by the
terms hereof to the same extent as if it had executed and delivered this Agreement as of the date hereof. Any amendment of this Agreement that is proposed to be effected without the consent of a Representative as permitted by the proviso to the
preceding sentence shall be submitted to such Representative for its review at least 5 business days prior to the proposed effectiveness of such amendment. 

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

SECTION 7.04. Survival of Agreement. This is a continuing agreement of lien subordination and may not be revoked. All covenants,
agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement, including in any Insolvency or
Liquidation Proceeding. 
 SECTION 7.05. Counterparts. This Agreement may be executed in counterparts, each of which shall
constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of
this Agreement. 
 SECTION 7.06. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 7.07.
Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the laws of the State of New York (and to the extent applicable prior to the Exit Facility Conversion
Date (as defined in the Revolving Facility Credit Agreement) the Bankruptcy Code). 

  
 29 

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

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 7.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 7.08. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 SECTION 7.09. Headings. Article, Section and Annex headings used herein are
for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

  
 30 

 SECTION 7.10. Conflicts. In the event of any conflict or inconsistency between the
provisions of this Agreement and the provisions of any Secured Documents, the Other Secured Agreements, in each case whether as defined in the Term Facility Credit Agreement or the Revolving Facility Credit Agreement, the provisions of this
Agreement shall control. 
 SECTION 7.11. Provisions Solely to Define Relative Rights. Except as otherwise provided, the provisions
of this Agreement are and are intended solely for the purpose of defining the relative rights of the Revolving Facility Secured Parties, on the one hand, and the Term Facility Secured Parties, as the case may be, on the other hand. None of Holdings,
any other Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than Sections 2.05, 2.06, 2.10, 2.11 or Article
VII) is intended to or will amend, waive or otherwise modify the provisions of the Revolving Facility Credit Agreement or the Term Facility Credit Agreement), and neither Holdings nor any other Grantor may rely on the terms hereof (other than
Sections 2.05, 2.06, 2.10, 2.11, Article VI and Article VII). Nothing in this Agreement is intended to or shall impair the obligations of Holdings or any other Grantor, which are absolute and unconditional, to pay the Obligations under the Secured
Documents as and when the same shall become due and payable in accordance with their terms. Notwithstanding anything to the contrary herein or in any Secured Document, the Grantors shall not be required to act or refrain from acting
(a) pursuant to this Agreement or any Term Facility Debt Document, the Other Secured Agreements (as defined under the Term Facility Credit Agreement), in each case as defined in the Term Facility Credit Agreement, with respect to any Revolving
Facility First Lien Collateral in any manner that would cause a default under any Revolving Facility Debt Document, or (b) pursuant to this Agreement or any Revolving Facility Debt Document or any Other Secured Agreement (as defined in the
Revolving Facility Credit Agreement) with respect to any Term Facility First Lien Collateral in any manner that would cause a default under any Term Facility Debt Document. 

SECTION 7.12. Certain Terms Concerning Revolving Facility Agent and Term Facility Agent. Neither the Revolving Facility Agent nor the
Term Facility Agent shall have any liability or responsibility for the actions or omissions of any other Secured Party, or for any other Secured Party’s compliance with (or failure to comply with) the terms of this Agreement. Neither the
Revolving Facility Agent nor the Term Facility Agent shall have individual liability to any Person if it shall mistakenly pay over or distribute to any Secured Party (or Holdings) any amounts in violation of the terms of this Agreement, so long as
the Revolving Facility Agent or the Term Facility Agent, as the case may be, is acting in good faith. 
 SECTION 7.13. Subrogation.
Each Junior Representative, on behalf of itself and the Junior Secured Obligations Secured Parties, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Secured Debt Obligations
has occurred. 
 [Remainder of this page intentionally left blank] 

  
 31 

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

			
	CITIBANK, N.A., as Revolving Facility Agent
		
	By:	 	 /s/ THOMAS M. HALSCH

		 	Name: THOMAS M. HALSCH
		 	Title:   VICE PRESIDENT

  
 Signature Page to HMH DIP

 Intercreditor Agreement 

 
			
	CITIBANK, N.A., as Term Facility Agent
		
	By:	 	 /s/ THOMAS M. HALSCH

		 	Name: THOMAS M. HALSCH
		 	Title:   VICE PRESIDENT

  
 Signature Page to HMH DIP

 Intercreditor Agreement 

 
					
	HMH HOLDINGS (DELAWARE), INC.
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	Executive Vice President, Secretary and General Counsel

  

					
	HOUGHTON MIFFLIN HARCOURT PUBLISHERS INC.
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	Executive Vice President, Secretary and General Counsel

  

					
	HOUGHTON MIFFLIN HARCOURT PUBLISHING COMPANY
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	Executive Vice President, Secretary and General Counsel

  

							
	HMH PUBLISHERS LLC
		
	By:	 	 Houghton Mifflin Harcourt Publishers Inc.,

its sole member

			
		 	By:	 	 /s/ William F. Bayers

		 		 	Name:	 	William F. Bayers
		 		 	Title:	 	Executive Vice President, Secretary and General Counsel

  
 Signature Page to HMH DIP

 Intercreditor Agreement 

 
							
	ACHIEVE! DATA SOLUTIONS, LLC
		
	By:	 	 HMH Publishers LLC, 
 its
sole member

			
		 	By:	 	Houghton Mifflin Harcourt Publishers Inc., its sole member
			
		 	By:	 	 /s/ William F. Bayers

		 		 	Name:	 	William F. Bayers
		 		 	Title:	 	Executive Vice President, Secretary and General Counsel

  

							
	STECK-VAUGHN PUBLISHING LLC
		
	By:	 	 HMH Publishers LLC, 
 its
sole member

			
		 	By:	 	Houghton Mifflin Harcourt Publishers Inc., its sole member
			
		 	By:	 	 /s/ William F. Bayers

		 		 	Name:	 	William F. Bayers
		 		 	Title:	 	Executive Vice President, Secretary and General Counsel

  
 Signature Page to HMH DIP

 Intercreditor Agreement 

 
					
	EACH OF THE SUBSIDIARY GUARANTORS LISTED ON SCHEDULE 1 HERETO
		
	By:	 	 /s/ William F. Bayers

		 	Name:	 	William F. Bayers
		 	Title:	 	Executive Vice President, Secretary and General Counsel

  
 Signature Page to HMH DIP

 Intercreditor Agreement 

 SCHEDULE I 

Riverdeep Inc., A Limited Liability Company 
 RVDP, Inc. 

Broderbund LLC 
 Houghton Mifflin Holding Company, Inc. 

Houghton Mifflin, LLC 
 Houghton Mifflin Finance, Inc. 

Houghton Mifflin Holdings, Inc. 
 HM Publishing Corp. 

HRW Distributors, Inc. 
 Greenwood Publishing Group, Inc. 

Classroom Connect, Inc. 
 ACHIEVE! Data Solutions, LLC 

Steck-Vaughn Publishing LLC 
 HMH Supplemental Publishers Inc.

 Sentry Realty Corporation 
 Houghton Mifflin Company
International, Inc. 
 The Riverside Publishing Company 

Classwell Learning Group Inc. 
 Cognitive Concepts, Inc. 

Edusoft 
 Advanced Learning Centers, Inc. 

 ANNEX I 

Reference is made to the Term Loan / Revolving Facility Lien Subordination and Intercreditor Agreement dated as of May 22, 2012, among Citibank, N.A.,
as administrative agent for the [Revolving] [Term] Facility Secured Parties referred to therein, Citibank, N.A., as administrative agent for the [Revolving][Term] Facility Secured Parties referred to therein, Holdings, the Borrowers, the Subsidiary
Guarantors named therein (as amended, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”). Notwithstanding any other provision contained herein, this Agreement, the Liens created hereby
and the rights, remedies, duties and obligations provided for herein are subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided therein, the applicable Senior Secured Obligations Security Documents (as
defined in the Intercreditor Agreement). In the event of any conflict or inconsistency between the provisions of this Agreement and the Intercreditor Agreement, the provisions of the Intercreditor Agreement shall control. 

 EXHIBIT A 

to Intercreditor Agreement 

[FORM OF] 
 INTERCREDITOR
AGREEMENT JOINDER 
 The undersigned,
                                        , a
                                        , hereby
agrees to become party as a [Grantor] under the Term Loan / Revolving Facility Lien Subordination and Intercreditor Agreement dated as of May 22, 2012 (as amended, restated, supplemented or otherwise modified, the “Intercreditor
Agreement”) among HMH Holdings (Delaware), Inc., the Grantors from time to time party thereto, Citibank, N.A., as agent for the Revolving Facility Secured Parties (as defined therein) and Citibank, N.A., as agent for the Term Facility
Secured Parties (as defined therein), for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Intercreditor Agreement as fully as if the undersigned had executed and delivered the Intercreditor Agreement as of
the date thereof. 
 The provisions of Article 7 of the Intercreditor Agreement will apply with like effect to this Joinder. 

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

			
	[                                   
     ]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	[Notice Address]

 EXHIBIT B 

to Intercreditor Agreement 

[FORM OF] 
 LIEN SHARING
AND PRIORITY CONFIRMATION JOINDER 
 Reference is made to the Term Facility / Revolving Facility Lien Subordination and Intercreditor Agreement, dated
as of May 22, 2012 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Intercreditor Agreement”) among CITIBANK, N.A., as Agent for the Revolving Facility Secured
Parties (as defined therein), CITIBANK, N.A., as Agent for the Term Facility Secured Parties (as defined therein), HMH Holdings (Delaware), Inc. (“Holdings”) and the Subsidiaries of Holdings named therein. 

Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Intercreditor Agreement. This Lien Sharing and Priority
Confirmation Joinder is being executed and delivered pursuant to Section 2.10 of the Intercreditor Agreement as a condition precedent to the debt for which the undersigned is acting as representative being entitled to the rights and obligations
of being additional secured debt under the Intercreditor Agreement. 
 1. Joinder. The undersigned,
[                                        ], a
[                                        ], (the
“New Representative”) as [trustee] [collateral trustee] [administrative agent] [collateral agent] under that certain [described applicable indenture, credit agreement or other document governing the additional secured
debt] hereby: 
 (a) represents that the New Representative has been authorized to become a party to the Intercreditor Agreement on
behalf of the [Revolving Facility Secured Parties under a Revolving Substitute Facility][Term Facility Secured Parties under a Term Substitute Facility] as [a Revolving Facility Agent under a Revolving Substitute Facility] [a Term Facility Agent
under a Term Substitute Facility] under the Intercreditor Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Intercreditor Agreement as fully as if the undersigned had executed and delivered the
Intercreditor Agreement as of the date thereof; and 
 (b) agrees that its address for receiving notices pursuant to the Intercreditor
Agreement shall be as follows: 
 [Address]; 

2. Lien Sharing and Priority Confirmation. 

[Option A: to be used if Additional Debt constitutes Revolving Facility Obligations] The undersigned New Representative, on
behalf of itself and each holder of Revolving Facility Obligations for which the undersigned is acting as [Revolving Facility Administrative Agent] hereby agrees, for the benefit of all Secured Parties, and as a condition to having such
Obligations being treated as Revolving Facility Obligations under the Intercreditor Agreement, that the New Representative is bound by the provisions of the Intercreditor Agreement, including the provisions relating to the ranking of Revolving
Facility Liens. [or] 

 [Option B: to be used if Additional Debt constitutes Term Facility Obligations] The
undersigned New Representative, on behalf of itself and each holder of Term Facility Obligations for which the undersigned is acting as [Term Facility Administrative Agent] hereby agrees, for the benefit of all Secured Parties, and as a
condition to having such Obligations being treated as Term Facility Obligations under the Intercreditor Agreement, that the New Representative is bound by the provisions of the Intercreditor Agreement, including the provisions relating to the
ranking of Term Facility Liens. 
 3. Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Intercreditor
Agreement will apply with like effect to this Lien Sharing and Priority Confirmation Joinder. 

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

 

			
	[insert name of New Representative]
		
	By:	 	  

	Name:	 	
	Title:	 	

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

			
	                                    
    ,
	as Term Facility Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

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

			
	                                    
    ,
	as Revolving Facility Agent
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT C 

to Intercreditor Agreement 

SECURITY DOCUMENTS 
 PART A. 

List of Revolving Facility Security Documents 
  

	1.	Guaranty and Collateral Agreement dated as of May 22, 2012, among the Grantors party thereto and the Revolving Facility Agent, as amended, supplemented, restated, renewed, replaced, restructured or otherwise
modified from time to time. 

  

	2.	Intellectual Property Security Agreement to be entered into among the Grantors party thereto and the Revolving Facility Agent, as amended, supplemented, restated, renewed, replaced, restructured or otherwise modified
from time to time. 

  

	3.	One or more deposit account control agreements to be entered into among the Grantors party thereto, the Term Facility Agent, the Revolving Facility Agent and Citibank, N.A., as depository bank, as amended, supplemented,
restated, renewed, replaced, restructured or otherwise modified from time to time. 

  

	4.	And all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security in the Collateral
executed and delivered by any of the Grantors on the date hereof in favor of the Revolving Facility Agent. 

 PART B. 

List of Term Facility Security Documents 
  

	1.	Guaranty and Collateral Agreement, dated as of May 22, 2012, among the Grantors party thereto and the Term Facility Agent, as amended, supplemented, restated, renewed, replaced, restructured or otherwise modified
from time to time. 

  

	2.	Intellectual Property Security Agreement to be entered into among the Grantors party thereto and the Term Facility Agent, as amended, supplemented, restated, renewed, replaced, restructured or otherwise modified from
time to time in accordance with each applicable Secured Document. 

  

	3.	One or more deposit account control agreements (governing any Term Facility First Lien Account) to be entered into among the Grantors party thereto, the Term Facility Agent, the Revolving Facility Agent and Citibank,
N.A., as depository bank, as amended, supplemented, restated, renewed, replaced, restructured or otherwise modified from time to time. 

	4.	And all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security in the Collateral
executed and delivered by any of the Grantors on the date hereof in favor of the Term Facility Agent.EX-4.1

 EXHIBIT 4.1 

GLOBAL NOTE 
 THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO IN THIS SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR ITS NOMINEE. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY
PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE OR A SUCCESSOR OF SUCH DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND
DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY
FEDERAL OR OTHER GOVERNMENTAL AGENCY. 

  
 1 

 VALLEY NATIONAL BANCORP 

[            ]% Subordinated Notes due
[                        ] 
  

					
	ISIN:	  	CUSIP	  	
			
	No. [            ]	  		  	

 Valley National Bancorp, a New Jersey corporation (hereinafter called the “Company”, which
term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                     , or registered assigns the principal sum as set forth in the Schedule of Increases or Decreases in Note attached hereto on
[                    ] (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from
[                    ] or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears
on each [                    ] and
[                        ] of each year (each, an “Interest Payment Date”), commencing
[                        ] at the rate of [            ]% per annum,
on the basis of a 360-day year consisting of twelve 30-day months, until the principal of the Notes has been paid in full or a sum sufficient to pay the principal of the Notes has been made available for payment. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the Record Date for
such Interest Payment Date; provided that the interest due on the Maturity Date (whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal of such Note is payable. 

Payment of the principal of and interest on this Note will be made at the office or agency of the Company maintained for that purpose in The
City of New York, which shall initially be the principal office of the Trustee located therein, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security register or by wire transfer to an account appropriately designated by the
Person entitled to payment; provided, that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of the relevant Note in the case of
a payment of interest on the Maturity Date). 
 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or facsimile signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: [                    ],
[        ] 
 VALLEY NATIONAL BANCORP 

By:                         
                                         
         
 Name: 

Title: 

  
 3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: [                    ],
[        ] 
 THE BANK OF NEW YORK MELLON 

TRUST COMPANY, N.A., 
 as Trustee 

 

			
	By:	 	 
		 	Authorized Signatory

  
 4 

 REVERSE OF NOTE 

VALLEY NATIONAL BANCORP 
 This
Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under an Indenture (the “Base Indenture”), dated as of
[                    ] , between the Company and The Bank of New York Mellon Trust Company, N.A, as Trustee (herein called the
“Trustee,” which term includes any successor trustee), as supplemented and amended by the First Supplemental Indenture between the Company and the Trustee (the “Supplemental Indenture” and together with the Base
Indenture, the “Indenture”) dated as of [                    ] , to which Indenture reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series
designated on the face hereof, initially limited in aggregate principal amount to $[                    ]. 

All terms used in this Note that are defined in the Base Indenture or the Supplemental Indenture shall have the meaning assigned to them in
the Base Indenture or the Supplemental Indenture. 
 The Notes of this series shall not be redeemable at the option of the Company or the
holders prior to the Maturity Date. Notwithstanding the foregoing sentence, the Company may redeem the Notes before the Maturity Date upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is required to register as an
investment company pursuant to the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.). Any such redemption by the Company prior to the Maturity Date requires the prior approval of the Board of Governors of the Federal Reserve System. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Base Indenture provisions relating to defeasance in Sections 13.2 and 13.3 of the Base Indenture shall not be applicable to the Notes.

 If an Event of Default with respect to Notes of this series shall occur and be continuing, the principal and interest owed on the Notes
of this series shall only become due and payable in accordance with the terms and conditions set forth in Article V of the Base Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee with the consent of the holders of a majority in principal amount of the Notes of each series (each series voting as a class) affected thereby and
at the time Outstanding. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes of a series at the time Outstanding, on behalf of the holders of all Notes of such series, to waive
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only in registered
form without coupons in denominations of $[                    ] and any integral multiple of
$[                    ] in excess of
$[                    ]. 

  
 5 

 The Company and the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE. 

  
 6 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to: 
  

	
	 
	(Insert assignee’s social security or tax I.D. no.)
	
	
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                         as agent to transfer this Security on the books of the Company. The agent may substitute another
to act for him. 
  

			
	Your Signature:  	  	 
		  	(Sign exactly as your name appears on the other side of this Security)

  

			
	Your Name:  	  	 

  

			
	Date:  	  	 

  

			
	Signature Guarantee:  	  	*

  

	*	NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP);
(ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee. 

  
 7 

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 8 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Note is
$[                    ]. The following increases or decreases in the principal amount of this Note have been made: 

 

									
	Date	  	Amount of decrease in
principal amount of
this Note	  	Amount of decrease in
principal amount of
this Note	  	Principal amount of
this Note following
such decrease or
increase	  	Signature of authorized
signatory of Trustee

  
 9

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