Document:

Collateral Agreement and Intercreditor Agreement

 Exhibit 10.7 
 COLLATERAL AGENT AND INTERCREDITOR AGREEMENT 
 This Collateral Agent and Intercreditor Agreement (this
“Agreement”) dated as of May 5, 2006, is entered into by and among BANK OF AMERICA, N. A., as Collateral Agent hereunder (the “Collateral Agent”); STANDARD PACIFIC CORP., a Delaware corporation (the
“Company”); and those subsidiaries of the Company listed on the signature pages hereof or which may hereafter become a party hereto pursuant to Section 12 (each of which is a “Pledgor Subsidiary” as defined below); and each
of the following persons (each, in the capacities described below (together with the representatives of any future Additional Covered Obligations), a “Creditor Representative”): 
  

	 	(A)	Bank of America, N.A., in its capacity as Administrative Agent under the Revolving Credit Agreement, Term Loan A Credit Agreement and Term Loan B Credit Agreement referred to
below; and 

  

	 	(B)	J.P. Morgan Trust Company, National Association (as successor in interest to Bank One Trust Company, N.A. and The First National Bank of Chicago), in its capacity as trustee
under the Indenture referred to below, pursuant to which the Company’s 7% Senior Notes Due 2015, 6-1/4% Senior Notes Due 2014, 7-3/4% Senior Notes due 2013, 6-7/8% Senior Notes due 2011, 6-1/2% Senior Notes due 2010, 5-1/8% Senior Notes due
2009 and 6-1/2% Senior Notes due 2008 (collectively the “Existing Notes”) each were issued. 

 The parties hereto hereby agree with
reference to the following facts: 
 RECITALS 
  

	A.	Pursuant to the Credit Documents described herein, the Company and certain of its Pledgor Subsidiaries and other Subsidiaries have incurred indebtedness for borrowed money, or have
guaranteed such indebtedness incurred by the Company. 

  

	B.	The Term Loan B Credit Agreement referred to below requires that the Company and the Pledgor Subsidiaries grant liens in the stock (or other equity interests) of certain
Subsidiaries of the Company to secure the obligations of the Company and the respective Pledgor Subsidiaries under the Term Loan B Credit Agreement. 

  

	C.	The Revolving Credit Agreement, the Term Loan A Credit Agreement and the Indenture permit the liens securing Term Loan B Credit Agreement but only if such liens secure the
obligations under the Revolving Credit Agreement, the Term Loan A Credit Agreement and the Indenture on an equal and ratable basis. 

  

	D.	Substantially concurrently herewith, the Company and the Pledgor Subsidiaries shall enter into the Pledge Agreement to grant the liens in the Collateral to the Collateral Agent for
the mutual benefit of the Creditors. 

	E.	The Company and the Creditor Representatives party hereto as of the date hereof desire to provide that the liens granted under the Pledge Agreement and contemplated hereby shall, to
the extent of the Qualified Obligations, be equal, ratable and pari passu and to make provision for future Qualified Obligations incurred by the Company to have the benefit of such liens on the same equal, ratable and pari passu basis.

  

	F.	The Company and its Pledgor Subsidiaries may hereafter become entitled to the release of the Collateral subject to this Agreement, and further provision is made herein for the
effectuation of such a release. 

 NOW, THEREFORE, the parties hereto hereby agree as follows: 
 1. Definitions. As used herein, the following terms have the meanings set forth after each: 
 “Additional Covered Obligations” has the meaning set forth in Section 4 of this Agreement. 
 “Administrative Agent” means Bank of America, N.A., in its capacity as Administrative Agent and its successors, assigns and replacements
in such capacity, under the Revolving Credit Agreement, the Term Loan A Credit Agreement and the Term Loan B Credit Agreement, respectively. 
 “Bankruptcy Proceeding” means any bankruptcy or insolvency case or proceeding arising out of an occurrence described in clause (a) of the definition of Trigger Event. 
 “Cash Equivalent Investments” means (a) direct obligations of the United States Government or any agencies thereof and obligations
guaranteed by the United States Government, in each case having remaining terms to maturity of not more than 30 days; and (b) certificates of deposit, time deposits and acceptances, having remaining terms to maturity of not more than 60 days
issued by United States banks which have a combined capital and surplus of at least $1,000,000,000 and having an “A” rating or better assigned thereto by Standard & Poor’s Ratings Group, a Division of The McGraw Hill
Companies, Inc. or Moody’s Investors Service, Inc. 
 “Collateral” means the property of the Company and the Pledgor
Subsidiaries which is at any time subject to the Pledge Agreement. 
 “Collateral Agent” means Bank of America, N.A., in its
capacity as Collateral Agent and its successors, assigns and replacements in such capacity. 
 “Covered Obligations” means
any Obligations (including Obligations owed to the Creditors under the Existing Credit Documents and Additional Covered Obligations) that would be Qualified Obligations from and after delivery of a Trigger Notice. 
  

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 “Credit Documents” means, in respect of each Creditor Group, the instruments, documents
and agreements evidencing the obligations and indebtedness of the Company and the Pledgor Subsidiaries owed to such Creditor Group under the respective “Loan Documents” (as defined in the Revolving Credit Agreement, the Term Loan A Credit
Agreement or the Term Loan B Credit Agreement) or under the Indenture and the respective series of Notes, in each case together with any respective guarantees thereof, or evidencing Additional Covered Obligations, and in any event includes the
Existing Credit Documents. 
 “Creditor” means each Person which is the holder of, or Creditor Representative with respect
to, any indebtedness or other obligation represented by Credit Documents representing Obligations, including (a) Bank of America, N.A., as Administrative Agent under the Revolving Credit Agreement, together with the “Lenders,”
“Issuing Banks,” and “Swing Line Lender” referenced in such credit agreement or from time to time party thereto, and those Persons entitled to indemnification of any character under such credit agreement, (b) Bank of
America, N.A., as Administrative Agent under the Term Loan A Credit Agreement, together with the “Lenders” referenced in such loan agreement or from time to time party thereto, and those Persons entitled to indemnification of any character
under such credit agreement, (c) Bank of America, N.A., as Administrative Agent under the Term Loan B Credit Agreement, together with the “Lenders” referenced in such credit agreement or from time to time party thereto, and those
Persons entitled to indemnification of any character under such credit agreement, (d) J.P. Morgan Trust Company, National Association, as Trustee under the Indenture in respect of each series of Notes referred to in the definition of
“Creditor Groups” and the holders of such Notes, and (e) any Creditor Representative in respect of any Additional Covered Obligations and the holders of such obligations, in each case including their respective successors, assigns and
replacements. 
 “Creditor Group” means any of each of the following groups: 
  

	 	(a)	the Administrative Agent, the Lenders, the Issuing Banks and the Swing Line Lender under the Revolving Credit Agreement; 

  

	 	(b)	the Administrative Agent and the Lenders under the Term Loan A Credit Agreement; 

  

	 	(c)	the Administrative Agent and the Lenders under the Term Loan B Credit Agreement; 

  

	 	(d)	the Trustee for and the holders of the Company’s 7% Senior Notes Due 2015; 

  

	 	(e)	the Trustee for and the holders of the Company’s 6-1/4% Senior Notes Due 2014; 

  

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	 	(f)	the Trustee for and the holders of the Company’s 7-3/4% Senior Notes Due 2013; 

  

	 	(g)	the Trustee for and the holders of the Company’s 6-7/8% Senior Notes due 2011; 

  

	 	(h)	the Trustee for and the holders of the Company’s 6-1/2% Senior Notes due 2010; 

  

	 	(i)	the Trustee for and the holders of the Company’s , 5-1/8% Senior Notes due 2009; 

  

	 	(j)	the Trustee for and the holders of the Company’s 6-1/2% Senior Notes due 2008; and 

  

	 	(k)	the Creditor Representative for and the holders of each other class of senior indebtedness of the Company which is hereafter registered as Additional Covered Obligations pursuant to
Section 4 hereof; 

 in each case together with any trustee, administrative agent or other creditor representative thereof,
and any issuing banks, swap counterparties, indemnitees, or other Persons entitled to the benefit of the Collateral described in the relevant Credit Documents. 
 “Enforcement Order” has the meaning set forth in Section 8(a) of this Agreement. 
 “Event of Default” means the occurrence of any Event of Default or defined event of default under any Credit Document. 
 “Existing Credit Documents” means (a) the Revolving Credit Agreement and the “Loan Documents” (as such term is defined in the Revolving Credit Agreement), (b) the Term Loan A Credit Agreement and the
“Loan Documents” (as such term is defined in the Term Loan A Credit Agreement), (c) the Term Loan B Credit Agreement and the “Loan Documents” (as such term is defined in the Term Loan B Credit Agreement), (d) the
Indenture and the Existing Notes of the Company, and (e) all guarantees of such obligations issued by the Company or any of its Subsidiaries in respect of the foregoing, including the Existing Guarantees. 
 “Existing Guarantees” means guaranties or guarantees of the Obligations entered into by certain subsidiaries of the Company dated as of a
date on or prior to this Agreement, including the following guaranties or guarantees by the subsidiaries of the Company named therein, in each case as at any time amended, modified, supplemented, renewed or extended: 
  

	 	(a)	Continuing Guaranty dated as of August 31, 2005 (as supplemented as of the date hereof) with respect to the Revolving Credit Agreement; 

  

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	 	(b)	Continuing Guaranty of even date herewith with respect to the Term Loan A Credit Agreement; 

  

	 	(c)	Continuing Guaranty of even date herewith with respect to the Term Loan B Credit Agreement; and 

  

	 	(c)	the guarantee obligations contained in the Eleventh Supplemental Indenture dated as of February 22, 2006 included in the Indenture with respect to the Existing Notes.

 “Hedge Obligations” means all obligations and indebtedness of the Company or any of its Subsidiaries under
any Swap Contract (as defined in the Revolving Credit Agreement as in effect on the date hereof) entered into with any Person who is entitled to the benefits of this Agreement pursuant to Section 4. 
 “Indenture” means that certain Indenture dated as of April 1, 1999, as supplemented by that certain First Supplemental Indenture
dated as of April 13, 1999, Second Supplemental Indenture dated as of September 5, 2000, Third Supplemental Indenture dated as of December 28, 2001, Fourth Supplemental Indenture dated as of March 4, 2003, Fifth Supplemental
Indenture dated as of May 12, 2003, Sixth Supplemental Indenture dated as of September 23, 2003, Seventh and Eighth Supplemental Indentures, each dated as of March 11, 2004, Ninth and Tenth Supplemental Indentures, each dated as of
August 1, 2005 and Eleventh Supplemental Indenture dated as of February 22, 2006, as at any time amended, modified, supplemented, renewed or extended. 
 “Majority Representatives” means, as of each date of determination, those Creditor Representatives representing (a) prior to any Trigger Event, Creditors holding a majority of the principal
amount of the Covered Obligations (including for this purpose the amount of any unfunded credit commitments (including undrawn letters of credit) which are Covered Obligations and, with respect to any Hedge Obligations, the net close-out amount and
unpaid amounts owed to the respective Creditors, calculated by the Collateral Agent as of the date of determination), and (b) following any Trigger Event and subject to Section 8(a), Creditors holding a majority of the principal amount of
the outstanding Qualified Obligations (including without duplication the amount of any letters of credit and related reimbursement obligations or other liquidated or contingent obligations issued or arising under the related Credit Documents and,
with respect to any Hedge Obligations, the close-out amount (and, if applicable, any unpaid amount) calculated by the Collateral Agent as of the date of determination). 
 “New Guarantee” means a guaranty of any Obligations hereafter executed by any Subsidiary of the Company, in each case as at any time amended, modified, supplemented, renewed or extended. 

 

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 “Obligations” means, collectively, all obligations and indebtedness of the Company or
any of the Pledgor Subsidiaries which are owed to any Creditors under the Credit Documents. 
 “Pledge Agreement” means a
Pledge Agreement of even date herewith among the Company, the Pledgor Subsidiaries and the Collateral Agent, granting a lien to the Collateral Agent for the benefit of the holders of the Obligations, in each case as at any time amended, modified,
supplemented, renewed or extended. 
 “Pledgee Subsidiary” has the meaning set forth in the Pledge Agreement. 
 “Qualified Obligations” means: 
  

	 	(a)	in the case of each Creditor Group holding Term Credit Obligations, all principal Obligations owed to such Creditor Group which are outstanding immediately prior to the delivery of
a Trigger Notice, together with interest, fees, premiums, indemnification claims, and reasonable costs and expenses allocable to such principal, whether arising before or after a Trigger Event; 

  

	 	(b)	in the case of each Creditor Group holding Revolving Credit Obligations, all principal Obligations owed to such Creditor Group which are outstanding immediately prior to the
delivery of a Trigger Notice (including without duplication the amount of any letters of credit and related reimbursement obligations or other liquidated or contingent obligations issued or arising under the related Credit Documents (to the extent
entitled to the benefit of the relevant Credit Documents)) together with interest, fees, premiums, indemnification claims and reasonable costs and expenses allocable to such principal, whether arising before or after a Trigger Event; and

  

	 	(c)	in the case of each Creditor Group holding Hedge Obligations, the net close-out amount and unpaid amounts owed to such Creditor Group immediately prior to the delivery of a Trigger
Notice (as if such Hedge Obligations were then terminated), as calculated by the Collateral Agent, together with any interest, fees, premiums, indemnification claims and reasonable costs and expenses allocable to such close-out amount (or unpaid
amount) included in the Hedge Obligations, whether arising before or after a Trigger Event. 

 “Qualified
Obligations” shall exclude claims of a Creditor Group that have been finally determined to be invalid and unenforceable by a court, or arbitral body, of competent jurisdiction, but shall include claims that are reinstated, for example in
the event that a payment received by Creditor Group prior to the delivery of the Trigger Notice is later held to be voidable as a preferential transfer under applicable bankruptcy law, with the effect that the Credit Obligations of such Creditor
Group are correspondingly reinstated. 
  

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 “Register” means a register, in the form of Exhibit A hereto, maintained by the
Collateral Agent in which the Collateral Agent shall enter the name, address, telephone number, facsimile number, and representative capacity, if any of each Creditor Representative together with the original principal amount of the secured
Obligations owed to the related Creditor Group and, in the case of Revolving Credit Obligations, the commitment amount under the related Credit Documents. 
 “Revolving Credit Agreement” means the Revolving Credit Agreement dated as of August 31, 2005 among the Company, as Borrower, the Lenders referred to therein, and Bank of America, N.A., as
Administrative Agent, as amended on May 5, 2006 and as at any time amended, modified, supplemented, renewed or extended, and all restatements thereof and any agreement that refinances the indebtedness thereunder. 
 “Revolving Credit Obligations” means all obligations and indebtedness of the Company or any of its Subsidiaries under (a) the
Revolving Credit Agreement and the Loan Documents described therein, and (b) any other Credit Documents hereafter entitled to the benefits of this Agreement pursuant to Section 4 under (and to the extent) which revolving credit facilities
are provided to the Company or any of its Subsidiaries. 
 “Term Credit Obligations” means all obligations and indebtedness
of the Company and its Subsidiaries, the holders of which are entitled to the benefits of this Agreement pursuant to Section 4 and which are not Revolving Credit Obligations or Hedge Obligations. 
 “Term Loan A Credit Agreement” means the Term Loan A Credit Agreement dated as of May 5, 2006 among the Company, as Borrower, the
Lenders referred to therein, and Bank of America, N.A., as Administrative Agent, as at any time amended, modified, supplemented, renewed or extended, and all restatements thereof and any agreement that refinances the indebtedness thereunder.

 “Term Loan B Credit Agreement” means the Term Loan B Credit Agreement dated as of May 5, 2006 among the Company, as
Borrower, the Lenders referred to therein, and Bank of America, N.A., as Administrative Agent, as at any time amended, modified, supplemented, renewed or extended, and all restatements thereof and any agreement that refinances the indebtedness
thereunder. 
 “Trigger Event” means any of the following: 
  

	 	(a)	the occurrence of any default under any Credit Document consisting of a bankruptcy, insolvency or similar event with respect to the Company or any Subsidiary having assets in excess
of $100,000,000, provided that in the case of the commencement of any involuntary bankruptcy with respect to the Company or any such Subsidiary, no Trigger Event shall be deemed to have occurred unless and until the shortest period of grace,
applicable to an involuntary bankruptcy default and provided for in the then applicable Credit Documents, has expired; or 

  

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	 	(b)	the actual acceleration of any Obligations in a principal amount in excess of $100,000,000 by the holder or holders thereof or their representatives. 

 “Trigger Notice” means a written notice from any Creditor Representative to the Collateral Agent that a Trigger Event has occurred.

 “Trustee” means J.P. Morgan Trust Company, National Association, in its capacity as trustee under the Indenture and its
successors, assigns and replacements in such capacity. 
 Unless otherwise indicated, capitalized terms used but not defined in this Agreement
shall have the meanings given to them in the Revolving Credit Agreement, as in effect on the date of this Agreement. As used herein, “liens” includes any liens or security interests. 
 2. Granting of the Liens. Concurrently with the execution and delivery of this Agreement, the Company and each Pledgor Subsidiary shall execute and deliver to the
Collateral Agent the Pledge Agreement, in form and substance acceptable to the Creditor Representatives. The Collateral Agent is hereby authorized and directed to execute the Pledge Agreement, each instrument, document and agreement contemplated
thereby to which the Collateral Agent is a named party, and each other instrument, document or agreement with is incidental or reasonably related thereto. Upon execution and delivery of the Pledge Agreement, the Company and the Pledgor Subsidiaries
shall deliver to the Collateral Agent the certificates or instruments representing all of the issued and outstanding capital stock or other equity securities or partnership interests of each Pledgee Subsidiary. 
 3. Liens Equal, Ratable and Pari Passu. 
  

	 	(a)	Subject to Section 4 hereof, the Creditor Representatives hereby agree on behalf of their respective Creditor Groups that the liens granted to and held by the Collateral Agent,
to the extent such liens secure Obligations, shall be for the equal, ratable and pari passu benefit of the Creditor Groups to the extent of their respective Covered Obligations (and, from and after delivery of a Trigger Notice, Qualified
Obligations). 

  

	 	(b)	 In the event of any Enforcement Order or the payment of proceeds pursuant to Section 7(b)(ii), each Creditor Group shall be entitled to equal priority in
distribution through its Creditor Representative, ratably based upon the proportion that the Covered Obligations (and, from and after delivery of a Trigger Notice, Qualified Obligations) owed to each of the respective Creditor Groups bears to the
aggregate amount of the Covered Obligations (and, from and after delivery of a Trigger Notice, Qualified Obligations). In the event that Additional Covered Obligations become entitled to the benefits hereof in the manner contemplated by
Section 4, the related Creditors shall be entitled to equal priority, and ratable and pari 

  

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passu distributions, as if the Creditor Representatives of such Creditors had been original parties to this Agreement; provided, however, that Creditors
holding Additional Covered Obligations shall not be entitled to receive any proceeds of Collateral that were properly distributed to other Creditors, pursuant to this Agreement, prior to such Additional Covered Obligations becoming “Additional
Covered Obligations” in accordance with the terms of this Agreement. 

  

	 	(c)	The relative priority of such liens shall apply irrespective of the time, order or manner of attachment or perfection of such liens and shall not be affected by any bankruptcy,
insolvency or similar event with respect to the Company or any Subsidiary. 

  

	 	(d)	Because a credit bid by one or more Creditor Representatives or Creditors at a foreclosure sale with respect to any portion of the Collateral might be used to evade or otherwise
circumvent the requirements of equal, ratable and pari passu distributions contemplated by this Agreement, the parties hereto agree that no sale of any portion of the Collateral shall be subject to credit bidding unless all Creditor Representatives
consent in writing, such consent not to be unreasonably withheld. Each of the parties from time to time hereto agrees that this is a commercially reasonable restriction on sales of the Collateral. 

  

	 	(e)	For purposes of determining the amounts to be distributed pursuant to Section 3 and Section 8(c), the Collateral Agent shall be entitled to establish a “record
date,” as the effective date of the calculations upon which distributions are based, not more than ninety (90) days prior to the anticipated date of distribution hereunder. Upon request of the Collateral Agent, the Creditor Representatives
shall immediately furnish to the Collateral Agent all information regarding the Obligations of the Creditors represented by such Creditor Representatives, respectively, as Collateral Agent shall reasonably request. 

 4. Designation of Additional Covered Obligations. The aggregate principal amount of indebtedness which may become Covered Obligations (and which may become, from
and after delivery of a Trigger Notice, Qualified Obligations) is unlimited, but indebtedness shall become Covered Obligations (and thereafter Qualified Obligations) only upon its becoming subject to the terms and conditions set forth in this
Section 4. The Company may from time to time by resolution of its board of directors (or any duly authorized committee thereof) designate any senior indebtedness of Company or other senior obligations of Company as Covered Obligations hereunder
(“Additional Covered Obligations”). In order to designate any such senior indebtedness or other obligations as Additional Covered Obligations, the Company shall deliver to the Collateral Agent: 
  

	 	(a)	a certified copy of a resolution of its board of directors (or any duly authorized committee thereof) designating the additional indebtedness as Additional Covered Obligations;

  

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	 	(b)	a certificate of the chief financial officer, controller or treasurer of the Company (i) stating that, as of the date of such certificate, immediately after giving effect to
the incurrence of the proposed Additional Covered Obligations, no Trigger Event has occurred in respect of any then Covered Obligation and that the incurrence by the Company and its Subsidiaries of such Additional Covered Obligations does not result
in a default under the Credit Documents evidencing all outstanding Covered Obligations and (ii) setting forth sufficient details regarding the proposed Additional Covered Obligations to allow the Collateral Agent to record such Additional
Covered Obligations in the Register, including the nature of the Additional Covered Obligations and the name, address and contact information of the Creditor Representative with respect to such Additional Covered Obligations; and

  

	 	(c)	a joinder hereto, substantially in the form of Exhibit B hereto, executed by any Creditor Representative representing the interests of the proposed Additional Covered Obligations,
or by the holders of such Additional Covered Obligations and acknowledged by the Collateral Agent. 

 Upon the receipt by the Collateral Agent
of a certificate from the Company’s chief financial officer, controller or treasurer stating that the foregoing conditions precedent have been satisfied (the “Obligations Certificate”), and unless the Collateral Agent has then
received written notice from the Company, any Subsidiary, or any Creditor Representative that a Trigger Event has occurred, the Collateral Agent shall promptly record the particulars of the proposed Additional Covered Obligations in the Register
(upon which recordation they shall constitute Covered Obligations), and shall promptly inform in writing each of the Company and the Creditor Representatives of such recordation. The Company may, from time to time, examine the Register during normal
business hours of the Collateral Agent upon reasonable prior notice. 
 Each of the Obligations, Creditor Representatives and like information specifically
described in the Recitals hereto or elsewhere in this Agreement as of the date hereof shall be deemed to be Covered Obligations and set forth in the Register. The Collateral Agent shall also note in the Register changes, additions or deletions to
any of the information relating to the Covered Obligations (or from and after delivery of a Trigger Notice Qualified Obligations) promptly upon the Collateral Agent’s receiving written notice thereof from the related Creditor Representative.
The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Collateral Agent and each Creditor may conclusively presume that each Person whose name is recorded in the Register is qualified as the
Creditor Representative hereunder for the related Covered Obligations (or Qualified Obligations) for all purposes under this Agreement. The Register shall be kept as part of the Collateral Agent’s official records and shall be available for
inspection at the Collateral Agent’s office upon request by any Creditor Representative during the normal business hours and with reasonable prior notice. The Collateral Agent may conclusively rely upon the accuracy of the information certified
to it by each Creditor Representative and shall have no duty whatsoever to independently confirm its accuracy. 
  

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 5. Sharing of Proceeds; Turnover. Each of the Creditor Representatives agrees on behalf of its Creditor Group that
in the event that such Creditor Group receives, from any realization upon the liens granted under the Pledge Agreement, a greater amount than the amount to which that Creditor Group is entitled pursuant to Sections 3, 7(b) or 8(c), as applicable,
they shall turn over to the Collateral Agent, for distribution thereto in accordance with Sections 3, 7(b) or 8(c), as applicable, such excess amount. 
 6.
Amendments to Credit Documents. Each of the Creditor Groups shall be entitled to enter into any amendment, modification, supplement or extension of the Credit Documents to which they are a party with the Company and its Subsidiaries without
affecting the relative priority of their interests in the Collateral held by the Collateral Agent. Without limiting the generality of the foregoing sentence, each of the Obligations now existing or hereafter arising under the Existing Credit
Documents, including Obligations arising as a result of any amendment, modification, supplement or extension, shall constitute Covered Obligations without the necessity of any further action, notwithstanding any such amendment, modification,
supplement or extension. For avoidance of doubt, any Obligations arising out of any increases in the Total Aggregate Commitment under the Revolving Credit Agreement (whether arising under Section 3.10 of the Revolving Credit Agreement or
otherwise) shall constitute Covered Obligations without the necessity of any further action in respect of this Agreement. 
 7. Releases under and
Amendments to Collateral Documents. 
  

	 	(a)	The Company and the Pledgor Subsidiaries shall be entitled to releases of the Collateral as provided in the Pledge Agreement, without any further requirements for notice to or
consent from the Creditor Representatives or other action under this Agreement. 

  

	 	(b)	In addition to releases pursuant to Section 7(a), promptly following a written request of the Company, the Collateral Agent shall release from the lien of the Pledge Agreement
any Collateral described in such request, provided that, as of the date of such request, the Collateral Agent has received a certificate from the Company that the following conditions have been fulfilled (and the facts certified in such certificate
are true and correct): 

  

	 	(i)	the release of such Collateral has been authorized by the Creditor Representative in respect of the Term Loan B Credit Agreement; and 

  

	 	(ii)	 either (A) no proceeds from any sale or disposition of such Collateral are being applied (through the procedure provided in Section 3) to repay any
Covered Obligations as a condition to such release or (B) if any such proceeds are applied to repay any Covered Obligations as a condition to such release, such proceeds are being applied to repay the Covered Obligations (or in the case of
letters of credit, contingent Hedge Obligations and other contingent obligations included in the Covered Obligations, held to 

  

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secure repayment of such Obligations in a manner consistent with Section 8(e)) ratably based upon the proportion that the Covered Obligations owed to
each of the respective Creditor Groups bears to the aggregate amount of the Covered Obligations. 

  

	 	(c)	The Company and the Pledgor Subsidiaries shall be entitled to request that the Collateral Agent enter into amendments to the Pledge Agreement with the consent of the Majority
Representatives, other than with respect to releases of Collateral (which are governed by Sections 7(a), 7(b) and 13 of this Agreement). Any request made by the Company and the Pledgor Subsidiaries pursuant to this subsection shall be made to the
Collateral Agent in writing, with copies to each of the Creditor Representatives, and the Company shall provide the Collateral Agent with proof of notice to the Creditor Representatives. If the Collateral Agent receives written consent from the
Majority Representatives, the Collateral Agent shall execute the proposed documents (with any minor amendments or revisions required thereto). 

  

	 	(d)	In addition, without any requirement for notice to or consent from the Creditor Representatives, the Collateral Agent may execute amendments to the Pledge Agreement to include among
the obligations secured by the Collateral any Additional Covered Obligations designated under Section 4 (together with any other minor amendments relating to the addition of such obligations that are deemed necessary or desirable by the
Collateral Agent). If in connection with the designation of Additional Covered Obligations under Section 4, the Company and the Pledgor Subsidiaries are prepared to execute and deliver any amendments (other than those described in the
immediately preceding sentence) proposed by the Creditor Representative with respect to such Additional Covered Obligations, the Collateral Agent will execute and deliver such amendments, if, ten business days following the circulation of a draft
thereof to all of the Creditor Representatives (or a shorter time not less than three business days which is specified by the Collateral Agent to accommodate any exigent circumstances identified by the Company), no written objection to such
amendments by the Majority Representatives has been received by the Collateral Agent or, in the event of any such objection, the Collateral Agent will execute and deliver such amendments (with any minor amendments or revisions required thereto) as
are in accordance with the written directions of the Majority Representatives and satisfactory to the Collateral Agent, the Company and the Pledgor Subsidiaries. 

 8. Enforcement of the Liens. 
  

	 	(a)	 Upon the occurrence of a Trigger Event, the Creditor Representative of any Creditor Group which asserts the Trigger Event may unilaterally direct the Collateral
Agent in writing to proceed to enforce the liens 

  

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granted in its favor in accordance with this Section (such a written direction is referred to as an “Enforcement Order”), without the requirement
of the consent or approval of any other Creditor or Creditor Representative. Upon its receipt of any such Enforcement Order, the Collateral Agent shall promptly and in any event within ten business days notify each other Creditor Representative
thereof, and the Creditor Representatives shall form a committee of the Creditor Representatives (the “Enforcement Committee”) to determine the order and manner in which the remedies of the Collateral Agent shall be exercised. The Majority
Representatives shall notify the Collateral Agent in writing of the formation of the Enforcement Committee; which notice may designate a Creditor Representative as the chair of the Enforcement Committee. Any such chair of the Enforcement Committee
shall act or refrain from acting as directed by the Majority Representatives, however the Collateral Agent shall be entitled to follow the written directions of the chair of the Enforcement Committee until notified in writing by the Majority
Representatives to the contrary and, in the absence of written direction from the Enforcement Committee (or any such chair) the Collateral Agent shall take no action except as permitted by Section 10(h). Each Creditor Representative shall be
entitled to cast votes equal to the aggregate amount of the Qualified Obligations owed to its Creditor Group (including, in the case of letters of credit, contingent Hedge Obligations and other contingent obligations included in the Covered
Obligations, the amount of such contingent obligations as determined by the Collateral Agent). For purposes of this Section 8, if a Creditor Representative is unable or unwilling to participate actively in the selection of an Enforcement
Committee, then such Creditor Representative, and the Qualified Obligations represented by such Creditor Representative, shall be excluded in the determination of the “Majority Representatives.” 

  

	 	(b)	No Creditor or Creditor Representative shall have any right to institute any action or proceeding or to exercise any other remedy provided by the Pledge Agreement or by law or
equity for the purpose of realizing upon the liens in the Collateral unless (i) an Enforcement Order shall have been tendered to the Collateral Agent and the Collateral Agent shall have failed to act within 30 days thereafter (excluding any
days during which the Collateral Agent shall be prohibited from acting by injunction, automatic stay, or similar legal restriction); or (ii) all Creditor Representatives consent thereto in writing (such consent not to be unreasonably withheld).
In such case, but not otherwise, any Creditor Representative acting on behalf of itself and the other Creditor Representatives shall be entitled to initiate actions or proceedings in any court of competent jurisdiction such as the Collateral Agent
may have taken under this Agreement. 

  

	 	(c)	Except as otherwise provided herein or by applicable law, the money received from the enforcement of any lien under the Pledge Agreement shall be applied by the Collateral Agent
(or, if applicable under Section 8(b), a Creditor Representative initiating an action or proceeding) as follows: 

 First,
to the Collateral Agent in such capacity only (and not as a Creditor Representative) in an amount equal to its costs, fees, expenses, including fees and expenses of its attorneys, agents and advisors and indemnity claims arising under this Agreement
or other applicable agreements; 
  

 13 

 Second, to each Creditor or Creditor Representative which has advanced funds to the Collateral Agent in
accordance with Sections 10(a), 10(b) or 10(d)(ii) hereof, ratably in accordance with the amounts so advanced; 
 Third, to the payment
(through the Creditor Representatives) of the Qualified Obligations, ratably in accordance with Section 3, or, in the case of Qualified Obligations that are not then due and payable, to be held as Collateral in accordance with Section 8(e)
hereof; 
 Fourth, ratably to the Collateral Agent in such capacity only (and not as a Creditor Representative) in an amount equal to its
costs, fees, expenses, to the extent not reimbursed pursuant to clause First above, including fees and expenses of its attorneys, agents and advisors and indemnities in connection with its actions hereunder and under the Pledge Agreement and any
unpaid amounts owed to the Collateral Agent pursuant to Section 10; and 
 Finally, as required by law, to the Persons or Persons
legally entitled thereto. 
  

	 	(d)	The following provisions shall apply during any Bankruptcy Proceeding of the Company or any Pledgor Subsidiary 

 (i) The Collateral Agent shall represent all Creditors in connection with all matters directly relating solely to the Collateral, including, without
limitation, use, sale or lease of Collateral, use of cash collateral, relief from the automatic stay and adequate protection. The Collateral Agent shall act on the instructions of the Majority Representatives. 
 (ii) Each Creditor shall be free to act independently on any issue not directly relating solely to the Collateral. Each Creditor shall give prior notice
to the Collateral Agent of any action hereunder to the extent that such notice is possible. If such prior notice is not given, such Creditor shall give prompt notice following any action taken hereunder. 
  

 14 

 (iii) Any proceeds of the Collateral received by any Creditor as a result of, or during, any Bankruptcy
Proceeding will be delivered promptly to the Collateral Agent for distribution in accordance with Section 8(c). 
  

	 	(e)	Any amount available for distribution pursuant to the Third clause of Section 8(c) with respect to any Qualified Obligation not then due and payable (including any principal
amounts not then accelerated or otherwise due and payable, the outstanding amount of any undrawn letters of credit, Hedge Obligations not then due and payable and other contingent obligations included in the Qualified Obligations and not then due
and payable (collectively, the “Future Qualified Obligations”)) shall be held by the Collateral Agent and deposited in an account (the “Cash Collateral Account”) to be held as collateral for the Qualified Obligations and disposed
of as provided herein. On each date on which a Future Qualified Obligation becomes due and payable, the Collateral Agent shall distribute from the Cash Collateral Account to the respective Creditor Representative for application to the payment of
such Qualified Obligations due to the respective Creditors, an amount equal to the product of (1) the amount then on deposit in the Cash Collateral Account, and (2) a fraction, the numerator of which is the amount of such Future Qualified
Obligation that has become due and payable and the denominator of which is the outstanding amount of all Future Qualified Obligations immediately prior to the time such Future Qualified Obligation became due and payable. On each date on which a
reduction in the outstanding amount of Future Qualified Obligations occurs other than as a result of a repayment (whether as a result of the expiration of a letter of credit without a drawing, a decrease in the calculation of the amount payable in
respect of a Hedge Obligation or otherwise), the Collateral Agent shall distribute from the Cash Collateral Account an amount equal to the product of (1) the amount then on deposit in the Cash Collateral Account, and (2) a fraction, the
numerator of which is the amount of such reduction in the outstanding amount of Future Qualified Obligations and the denominator of which is the outstanding amount of all Future Qualified Obligations immediately prior to such reduction, which amount
shall be distributed as provided in the Third clause of Section 8(c). At such time as the outstanding amount of all Future Qualified Obligations is reduced to zero, any amount remaining in the Cash Collateral Account, after the distribution
therefrom as provided above, shall be distributed as provided in Section 8(c). For purposes of determining “Majority Representatives”, and the amount of Covered Obligations and Qualified Obligations in Section 3, Covered
Obligations and Qualified Obligations of a Creditor shall be deemed not to include an amount of such Covered Obligations and Qualified Obligations equal to the amount held in the Cash Collateral Account allocable to such Creditor’s Future
Qualified Obligations. 

  

 15 

	 	(f)	Any and all funds held by the Collateral Agent in its capacity as Collateral Agent, whether pursuant to any provision of any of the Pledge Agreement or otherwise, shall to the
extent feasible within a reasonable time be invested by the Collateral Agent in Cash Equivalent Investments. Any interest earned on such funds shall be disbursed to the Creditors or held as Collateral in accordance with Section 8(c), as
applicable. The Collateral Agent may hold any such funds in a common interest bearing account. To the extent that the interest rate payable with respect to any such account varies over time, the Collateral Agent may use an average interest rate in
making the interest allocations among the respective Creditors. The Collateral Agent shall have no duty to place funds held pursuant to this Section 8(f) in investments which provide a maximum return; provided, however, that the Collateral
Agent shall to the extent feasible invest funds in Cash Equivalent Investments with reasonable promptness. In the absence of gross negligence or willful misconduct (and except as to deposits maintained with the Collateral Agent), the Collateral
Agent shall not be responsible for any loss of any funds invested in Cash Equivalent Investments in accordance with this Section 8(f). 

 9. Marshaling of Assets; Election of Remedies; Amendments. 
  

	 	(a)	Each of the parties hereto waives any right it may now or hereafter have to require any other party to marshal assets, to exercise rights or remedies in a particular manner, or to
forbear exercising such rights and remedies in any particular manner or order. 

  

	 	(b)	Each of the parties hereto will be free to exercise in such manner and order as it elects in its discretion, fail to exercise, waive, suspend, terminate or suffer expiration of, any
of its rights and remedies with respect to the Obligations owed to its Creditor Group. Each of the parties hereto will have the unfettered right, at any time or from time to time, in compliance with their Credit Documents, to release, subordinate or
otherwise diminish any lien on any Collateral not required to be released hereunder, without affecting the liens of the other parties in such Collateral or the rights of the releasing or subordinating party hereunder with respect to other
Collateral. 

  

	 	(c)	This Agreement may not be amended, modified or supplemented without the prior written consent of all the parties hereto at the time of such proposed amendment, modification or
supplement. 

 10. Concerning the Collateral Agent. 
  

	 	(a)	The Collateral Agent’s Costs and Expenses. The Company will pay or reimburse the Collateral Agent upon its request for all reasonable out-of-pocket costs, expenses,
disbursements and advances incurred or made by the Collateral Agent (including the reasonable compensation and the disbursements of its counsel and all other professional advisors to the Collateral Agent) in connection with:

  

	 	(i)	the execution and administration of this Agreement and the Pledge Agreement; 

  

 16 

	 	(ii)	the discharge of all or any portion of the liens subject to this Agreement; 

  

	 	(iii)	the administration or execution, prior to receipt of an Enforcement Order by the Collateral Agent, of its duties hereunder or the liens contemplated hereby; and

  

	 	(iv)	the administration or execution, after receipt of an Enforcement Order by the Collateral Agent, of all duties of the Collateral Agent hereunder until finally and fully performed;

 except any such expense, disbursement or advance which results from its gross negligence or bad faith or in
connection with proceedings in respect of which a final judicial determination is made that the Collateral Agent was not entitled to enter into such proceedings. In the event that the Company fails to pay any amount due under this clause (a), the
Collateral Agent shall give notice to each of the Creditor Representatives of the Company’s failure to pay such amount due, in which case each Creditor Representative shall pay the proportional share of its Creditor Group (based on the amount
of the Covered Obligations (or Qualified Obligations) of its Creditor Group to the total amount of Covered Obligations (or Qualified Obligations)) of such amount and shall be subrogated to the right of the Collateral Agent to obtain such payment
from the Company. 
  

	 	(b)	 Indemnification of the Collateral Agent. The Company hereby indemnifies the Collateral Agent (in its capacity as Collateral Agent and in its individual or
corporate capacity) and each of its officers, directors, attorneys in fact and agents for, and holds it harmless against, any cost, claim, damages, loss or liability or expense (including reasonable attorneys’ fees and expenses) incurred by it
in connection with, or related to or arising from: (i) the execution, acceptance and administration of this Agreement and the performance of its duties hereunder or in connection with the Pledge Agreement or any Enforcement Order; (ii) the
execution of the Pledge Agreement, or the granting of any lien or security interest on any Collateral for the benefit of the Collateral Agent; or (iii) any action taken or not taken by Collateral Agent upon the request or instruction of the
Company, the Majority Representatives, the chair of the Enforcement Committee, or any Creditor including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or
duties hereunder, except for any loss, 

  

 17 

	 	 
liability or expense incurred by reason of the Collateral Agent’s gross negligence or willful misconduct. If the Collateral Agent incurs expenses in
connection with the occurrence of a bankruptcy or the appointment of a receiver relating to the Company or any of the Pledgor Subsidiaries, the expenses and compensation for those services are intended to constitute expenses of administration under
any bankruptcy or receivership law. In the event that the Company fails to pay any amount due under this clause (b), the Collateral Agent shall give notice to each of the Creditor Representatives of the Company’s failure to pay such amount due,
in which case each Creditor Representative shall pay the proportional share of its Creditor Group (based on the amount of the Covered Obligations (or Qualified Obligations) of its Creditor Group to the total amount of Covered Obligations (or
Qualified Obligations)) of such amount and shall be subrogated to the right of the Collateral Agent to obtain such payment from the Company. The obligations of the Company under this clause (b) shall survive any satisfaction and discharge or
termination of this Agreement. 

  

	 	(c)	Amount of Covered Obligations or Qualified Obligations Outstanding. The Company shall promptly provide the Collateral Agent with such information in writing relating to the
amount of the outstanding Obligations and any related commitments from time to time as the Collateral Agent may reasonably request for the purpose of enabling the Collateral Agent to fulfill its obligations hereunder. If the Company shall fail to
provide the Collateral Agent with the required information within the required period, the Collateral Agent shall be entitled to conclusively rely on a written statement signed by the related Creditor Representative. 

  

	 	(d)	Conditions Precedent to Collateral Agent’s Obligation to Act. 

  

	 	(i)	Unless and until it shall have been required so to do under the terms hereof, the Collateral Agent shall not be bound to give any notice or do or take any act, action or proceeding
by virtue of the powers conferred on it hereby; nor shall the Collateral Agent be required to take notice of any Trigger Event or Enforcement Order, other than in payment of any moneys required by any provision hereof to be paid to it, unless and
until the Collateral Agent receives notice in writing of such Trigger Event or Enforcement Order and prior to receipt of such written notice the Collateral Agent may assume that no Trigger Event or Enforcement Order has occurred.

  

	 	(ii)	 The obligation of the Collateral Agent to commence, continue, cease or refrain from any act, action or proceeding for the purpose of enforcing or ceasing to enforce
any rights of the Collateral Agent or the Creditors hereunder shall be conditional upon the Creditors (other than Creditors who act solely as a Creditor 

  

 18 

	 	 
Representative) furnishing, when required by notice in writing by the Collateral Agent to the Creditor Representative of such Creditors, sufficient funds to
commence or continue such act, action or proceeding and an indemnity reasonably satisfactory to the Collateral Agent to protect and hold harmless the Collateral Agent against the costs, charges, expenses and liabilities to be incurred thereby and
any loss and damage it may suffer by reason thereof except for costs, charges and liabilities incurred by reason of the Collateral Agent’s gross negligence or willful misconduct. Each Creditor providing such indemnity shall be entitled to
reimbursement of any and all amounts provided by such Creditor under such indemnity in accordance with Section 8(c). 

  

	 	(iii)	None of the provisions contained in this Agreement shall require the Collateral Agent to expend or risk its own funds or otherwise incur financial liability in the performance of
any of its duties or in the exercise of any of its rights or powers. 

  

	 	(e)	Collateral Agent’s Reliance. The Collateral Agent may conclusively rely and shall be protected in acting upon any such documents deposited with it in purported
compliance with any such provision or for any other purpose hereof, but may require further evidence before acting or relying thereon. The Collateral Agent may rely conclusively and shall be protected in acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, cablegram or other paper or document believed by it to be genuine and to have been signed, sent or presented by or on behalf of the proper party or parties.
However, the Collateral Agent may require reasonable evidence of the due execution thereof before acting or relying thereon. 

  

	 	(f)	Experts and Advisers. The Collateral Agent may at the expense of the Company appoint such agents and employ or retain such counsel, accountants, appraisers or other experts
or advisers as it may reasonably require for the purpose of discharging its duties hereunder and shall not be responsible for any misconduct (other than through its own gross negligence or willful misconduct) on the part of any of them. The
Collateral Agent may pay reasonable remuneration for all services performed for it in the discharge of its duties as Collateral Agent hereunder. The Collateral Agent may act (but shall not be bound to act) and shall be protected in acting in good
faith on the opinion or advice of or information obtained from any counsel, accountant, appraiser or other expert or adviser, whether retained or employed by the Company, any Subsidiary or by the Collateral Agent, in relation to any matter related
to or arising in the administration of this Agreement. 

  

	 	(g)	 Cash, Documents, Etc. Paid or Delivered to the Collateral Agent. Any cash, securities, documents of title or other instruments, and other assets 

  

 19 

	 	 
that may from time to time be paid or delivered to the Collateral Agent by the Company or any Pledgor Subsidiary to be held for the benefit of all Creditors
in accordance with the provisions hereunder shall be so held by the Collateral Agent as agent for the benefit of the Creditors in accordance with this Agreement. 

  

	 	(h)	Action by Collateral Agent to Protect Security. After the occurrence of a Trigger Event and prior to the first meeting of the Enforcement Committee, the Collateral Agent
shall have power (but not any duty) to institute and to maintain such actions and proceedings solely as directed in writing by a Creditor Representative, as deemed necessary or expedient by such Creditor Representative, and solely to the extent
indemnified by such Creditor Representative to its satisfaction and upon advice of counsel, upon which it may conclusively rely, to prevent any impairment of the liens of the Pledge Agreement or to preserve or protect its interests and the security
and interests of the Creditors in respect of the Collateral or in respect of the income, earnings, rents, issues and profits therefrom. 

  

	 	(i)	Collateral Agent Not Required to Give Security. The Collateral Agent shall not be required to give any bond or security in respect of the execution of its duties as
Collateral Agent under this Agreement. 

  

	 	(j)	Condition of the Collateral. Neither the Collateral Agent nor any Creditor shall be liable for (i) any failure or defect of title to the Collateral, (ii) any
failure to perfect the lien of the Pledge Agreement, (iii) any decline in the value of Collateral or (iv) any statements of fact in the recitals in this Agreement or in the Pledge Agreement. 

  

	 	(k)	Liens and Sufficiency of Pledge Agreement. The Collateral Agent shall have no duty to maintain any financing statements or maintain perfected liens granted to it hereunder.
The Collateral Agent is not responsible for the sufficiency, validity or enforceability of the Pledge Agreement or any other documents related thereto. 

  

	 	(l)	 Replacement of Collateral Agent. The Collateral Agent may resign and be discharged from the performance of all further duties hereunder by giving to the
Company and the Creditor Representatives sixty days’ notice in writing or such shorter notice as the Company and the Majority Representatives may approve, provided that such resigning Collateral Agent receives payment in full of all amounts due
and owing to it hereunder prior to or upon its removal taking effect; and provided, further, that such successor Collateral Agent shall be a bank or trust company having a combined and capital surplus of at least $1 billion, subject to supervision
or examination by federal or state lending authority, and authorized under the laws of the jurisdiction of its incorporation or organization to assume the functions of the Collateral Agent. The Majority Representatives may at any time remove the
Collateral Agent for 

  

 20 

	 	 
cause and appoint a new Collateral Agent. “Cause” shall include the failure of the Collateral Agent to take any action that the Collateral Agent is
required to take hereunder after request therefor by Majority Representatives, or the Collateral Agent has taken any action hereunder that the Collateral Agent is not authorized to take hereunder and that violates the terms hereof. If no Event of
Default has then occurred and is continuing and if the Collateral Agent is not a Creditor Representative, the Company may, with the written concurrence of the Majority Representatives, remove the Collateral Agent and appoint a new Collateral Agent
with the consent of the Majority Representatives (which shall not be unreasonably withheld or delayed). In the event of the Collateral Agent resigning or being removed as aforesaid, the Majority Representatives shall forthwith appoint a new
Collateral Agent. On any new appointment the new Collateral Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Collateral Agent, without any further assurance, conveyance, act
or deed; but the Company and the Pledgor Subsidiaries shall immediately execute, at the expense of the Company, all such conveyances or other instruments as may be necessary or advisable for the purpose of transferring the Pledge Agreement to the
new Collateral Agent and assuring the continued perfection and priority of the liens thereunder. 

  

	 	(m)	No Trust or Fiduciary Relationship. The Collateral Agent shall not be deemed to be in a relation of trust or confidence with any Creditor Representative or Creditor by reason
of this Agreement, and shall not owe any fiduciary, trust or other special duties to any Creditor or Creditor Representative by reason of this Agreement. To the extent the Collateral Agent is requested to exercise any discretion or to make any
determination with respect to any provision of the Pledge Agreement or with respect to any of the Collateral, including the sufficiency, adequacy or acceptability of any document or any other item furnished to the Collateral Agent, or compliance by
the Company or any Pledgor Subsidiary with any of the provisions of the Pledge Agreement, the Collateral Agent shall notify the Creditor Representatives in writing, together with a copy of the document, item or request, as applicable.

 The parties hereto acknowledge that Collateral Agent’s duties do not include any discretionary authority,
determination, control or responsibility with respect to the Pledge Agreement or any Collateral, notwithstanding any rights or discretion that may be granted to the Collateral Agent in the Pledge Agreement. The Collateral Agent shall have no
obligation, duty or responsibility to exercise any such discretion except as directed in writing by the Majority Representatives or the chair of the Enforcement Committee and solely to the extent the Collateral Agent is indemnified to its
satisfaction. The provisions of this Agreement, including, without limitation those provisions relating to the rights, duties, powers, privileges, protections and indemnification of the Collateral Agent shall apply with respect to any actions taken
or not taken by the Collateral Agent under the Pledge Agreement. 
  

 21 

 The Collateral Agent shall be responsible only for the performance of such duties as are expressly set
forth herein. The Collateral Agent shall not be responsible for any action taken or not taken by it under this Agreement or with respect to any Pledge Agreement at the request or direction of the Majority Representatives, the chair of the
Enforcement Committee or any Creditor. 
 11. Further Assurances, etc. Each party hereto shall execute and deliver such other documents and
instruments, in form and substance reasonably satisfactory to the other parties hereto, and shall take such other action, in each case as any other party hereto may reasonably have requested (at the cost and expense of the Company) to effectuate and
carry out the provisions of this Agreement, including by recording or filing this Agreement or such other documents or instruments in such places as the requesting party may reasonably request. 
 12. Additional Pledgor Subsidiaries. The Company and the Subsidiary Pledgors hereby agree that they shall, concurrently with the formation or acquisition of any
new Subsidiary required to pledge any equity interests under the Pledge Agreement (an “Additional Subsidiary Pledgor”), cause that Additional Subsidiary Pledgor to enter into a joinder hereto, substantially in the form of Exhibit B hereto,
concurrently with the execution and delivery of the Pledge Agreement which is then required to be delivered by that Additional Subsidiary Pledgor pursuant to the Pledge Agreement or any then applicable Credit Documents. To the extent that the equity
securities or instruments owned by that Additional Subsidiary Pledgor, or owned by any other Subsidiary Pledgor not theretofore pledged under the Pledge Agreement, are then required under the Pledge Agreement to be delivered in pledge to secure any
Obligations, the same shall be delivered to and held by Collateral Agent in accordance with the terms hereof. 
  

	13.	Full Release of Liens and Termination of the Agreement. In addition to releases provided under Section 7: 

  

	 	(a)	In the event that the Company and the Pledgor Subsidiaries are entitled to the release of the Collateral under the applicable Credit Documents, (i) upon request of the Company,
each Creditor Representative shall promptly confirm in writing to the Collateral Agent its authority to provide evidence of such release to the Company and the Pledgor Subsidiaries and (ii) the Collateral Agent shall execute appropriate
documentation of the same and of the termination of this Agreement provided or caused to be provided to it by the Company subject to the payment by the Company of its remaining costs and expenses. 

  

	 	(b)	Promptly following a written request of the Company, the Collateral Agent shall terminate the Pledge Agreement and release and reconvey the security interest created thereby (and
this Agreement shall thereupon terminate), provided that, as of the date of such request, the Collateral Agent has received a certificate from the Company that the following conditions have been fulfilled (and the facts certified in such certificate
are true and correct): 

  

 22 

	 	(i)	all Obligations under the Term Loan B Credit Agreement have been repaid; and 

  

	 	(ii)	no Event of Default under any Credit Document has occurred and is continuing. 

 14. Notices. All notices, requests, demands, directions and other communications provided for hereunder must be in writing and must be mailed (by registered or certified mail), telecopied, dispatched by commercial courier or
delivered to the appropriate party at the address set forth on the signature pages of this Agreement or to such other address as may be designated by a party in a written notice sent to all other parties in accordance with this Section. 

15. Integration. This Agreement, including exhibits hereto, sets forth the entire understanding of the parties with respect to the within matters and may not
be modified or amended except upon a writing signed by all parties. In the event of any conflict or inconsistency between this Agreement and the Pledge Agreement, the provisions of this Agreement shall govern 
 16. Counterparts. This Agreement may be executed in one or more counterparts, each one of which when so executed shall be deemed to be an original, and all of
which taken together shall constitute one and the same agreement. 
 17. No Third Parties Benefited. Except for the Creditors (including each future
Creditor in respect of Additional Covered Obligations), no Persons not a party to this Agreement are intended to be third party beneficiaries hereunder or to have any right, benefit, priority, or interest under, or because of the existence of, or to
have any right to enforce, this Agreement. 
 18. Construction. “Includes” and “including” are not limiting. “Or” is not
exclusive. “All” includes “any” and “any” includes “all”. 
 19. Governing Law. This Agreement shall be
governed by, and construed and enforced in accordance with, the internal laws of the State of California, without reference to the choice of law or conflicts of law provisions thereof. 
 [Remainder of this page intentionally left blank] 
  

 23 

 IN WITNESS WHEREOF, the parties hereto have executed this Collateral Agent and Intercreditor Agreement as of the date
first written above by their duly authorized representatives. 
  

			
	BANK OF AMERICA, N.A., as Collateral Agent
		
	By:	 	 /s/ Eyal Namordi

		 	Eyal Namordi, Vice President

			
	
	Address for notices:
	
	Bank of America, N.A.
	  

	  

	  

	Attn:	 	
	Telephone:	 	(    )         -        
	Telecopier:	 	(    )         -        

  

 [Collateral Agent and Intercreditor Agreement - Signature Page] 

			
	BANK OF AMERICA, N.A., as Administrative Agent under the Revolving Credit Agreement, the Term Loan A Credit Agreement and the Term Loan B Credit Agreement
		
	By:	 	 /s/ Eyal Namordi

		 	Eyal Namordi, Vice President

			
	
	Address for notices:
	
	Bank of America, N.A.
	  

	  

	  

	Attn:	 	
	Telephone:	 	(    )         -        
	Telecopier:	 	(    )         -        

  

 [Collateral Agent and Intercreditor Agreement - Signature Page] 

			
	J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, in its capacity as trustee for the holders of the Company’s 7% Senior Notes Due 2015, 6-1/4% Notes Due 2014, 6-7/8%
Senior Notes due 2011, 6-1/2% Senior Notes due 2010, 5-1/8% Senior Notes due 2009 and 6-1/2% Senior Notes due 2008
		
	By:	 	 /s/ Sharon McGrath

	Name:	 	Sharon McGrath
	Title:	 	Vice President

			
	
	Address for notices:
	
	 J.P. Morgan Trust Company, National Association
 227 West Monroe Street, Suite 2600
 Chicago, IL 60606

			
		
	Attn:	 	Worldwide Securities Services

			
	Telephone:	 	(800) 275-2048
	Telecopier:	 	(312) 267-5214

  

 [Collateral Agent and Intercreditor Agreement - Signature Page] 

 By executing this Agreement in the space provided below, the undersigned consent and agree to the terms of this
Agreement, agree not to take any action in contravention of this Agreement, and to pay the reasonable costs and expenses incurred by the Collateral Agent and each Creditor Representative in connection with the preparation, execution, delivery,
administration and enforcement of this Agreement and the instruments, documents and agreements referred to herein. The undersigned also agree that the execution of this Agreement is in furtherance of the transactions contemplated by the Credit
Documents, and that, as a consequence, the parties are entitled to all of the various indemnifications provided to them by the Credit Documents with respect to actions and omissions under this Agreement. The undersigned agree that, as between the
undersigned and the Trustee, the Trustee shall be entitled to all the immunities, powers, privileges and protections of the Trustee set forth in the Indenture in the execution, delivery and performance of this Agreement, which are herein
incorporated by reference as if set forth herein in their entirety. 
 STANDARD PACIFIC CORP., a Delaware corporation 
 SP TEXAS INVESTMENTS, INC., a Delaware corporation 
 STANDARD PACIFIC OF TEXAS
GP, INC., a Delaware corporation 
  

			
	By:	 	 /s/ Andrew H. Parnes

		 	 Andrew H. Parnes, Executive Vice President and Chief Financial Officer of Standard Pacific Corp.,
 Vice President and Treasurer of SP Texas Investments, Inc. and
 Treasurer of
Standard Pacific of Texas GP, Inc.

			
	
	Address for each of the foregoing:
	15326 Alton Parkway
	Irvine, California 92618

			
	Attn:	 	Clay A. Halvorsen, General Counsel

			
	Telephone:	 	(949) 789-1618
	Telephone:	 	(949) 789-1609

  

 [Collateral Agent and Intercreditor Agreement - Signature Page] 

 EXHIBIT A 
 TO 
 COLLATERAL AGENT AND INTERCREDITOR AGREEMENT 
 REGISTER 
  

			
	QUALIFIED OBLIGATIONS	    	CREDITOR REPRESENTATIVE
		
	 Obligations outstanding from time to time under the Revolving Credit Agreement (Commitment $1,100,000,000)
  
 Obligations outstanding from time to time under Term Loan A Credit Agreement (outstanding principal
amount $100,000,000)
  
 Obligations outstanding from time to time under Term Loan B
Credit Agreement (outstanding principal amount $250,000,000)
	    	 BANK OF AMERICA, N.A., as Administrative Agent under the Revolving Credit Agreement, the Term Loan A Credit Agreement and the Term Loan B
Credit Agreement
  
 Address:
  
 Bank of America, N.A.
 Agency Management Services
  
 Attn:
 Telecopier: (    )         -        

Telephone: (    )
        -        

		
	 $175,000,000 7% Senior Notes Due 2015, issued pursuant to an Indenture dated as of April 1, 1999, , including all supplemental indentures
thereto.
  
 $150,000,000 6-1/4% Notes Due 2014, issued pursuant to an Indenture dated as
of April 1, 1999, including all supplemental indentures thereto.
  
 $125,000,000
7-3/4% Notes Due 2013, issued pursuant to an Indenture dated as of April 1, 1999, including all supplemental indentures thereto.
  
 $175,000,000 6-7/8% Senior Notes due 2011, issued pursuant to an Indenture dated as of April 1, 1999, including all supplemental indentures thereto.
  
 $175,000,000 6-1/2% Senior Notes due 2010, issued pursuant to an Indenture dated as of April 1,
1999, including all supplemental indentures thereto.
  
 $150,000,000 5-1/8% Senior Notes
due 2009 issued pursuant to an Indenture dated as of April 1, 1999, including all supplemental indentures thereto.
  
 $150,000,000 6-1/2% Senior Notes due 2008 issued pursuant to an Indenture dated as of April 1, 1999, including all supplemental indentures thereto.
	    	 J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, in its capacity as trustee for the holders of the Company’s 7% Senior Notes Due 2015,
6-1/4% Notes Due 2014, 6-7/8% Senior Notes due 2011, 6-1/2% Senior Notes due 2010, 5-1/8% Senior Notes due 2009 and 6-1/2% Senior Notes due 2008
  
 Address:
  
 J.P. Morgan Trust Company, National Association
 227 West Monroe Street, Suite 2600
 Chicago, IL 60606
  
 Attn: Worldwide Securities Services

 Telecopier: (    )
        -        
 Telephone: (    )
        -        

  

 C-1Pledge Agreement dated as of May 5, 2006

 Exhibit 10.8 
 PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT (this “Agreement”) is dated as of
May 5, 2006, and entered into by and between STANDARD PACIFIC CORP., a Delaware corporation (the “Company”); and those subsidiaries of the Company listed on the signature pages hereof or which may hereafter become a
party hereto pursuant to Section 16 (each of which is a “Pledgor Subsidiary;” and the Company and each Pledgor Subsidiary are each a “Pledgor” and collectively,
“Pledgors”), and BANK OF AMERICA, N.A., a national banking association, as collateral agent for and representative of (in such capacity herein called “Collateral Agent”) the Creditors defined below.

 R E C I T A L S 
 1. Reference is hereby made to (a) that certain Revolving Credit Agreement dated as of August 31, 2005, among Company, the Lenders defined
therein, and Bank of America, N.A., as Administrative Agent, as amended on May 5, 2006, and as at any time amended, modified, supplemented, renewed or extended, and all restatements thereof and any agreement that refinances the indebtedness
thereunder (the “Revolving Credit Agreement”), (b) that certain Term Loan A Credit Agreement dated as of May 5, 2006, among Company, the Lenders defined therein, and Bank of America, N.A., as Administrative Agent,
as at any time amended, modified, supplemented, renewed or extended, and all restatements thereof and any agreement that refinances the indebtedness thereunder (the “Term Loan A Credit Agreement”), and (c) that certain
Term Loan B Credit Agreement dated as of May 5, 2006, among Company, the Lenders referred to therein, and Bank of America, N.A., as Administrative Agent, as at any time amended, modified, supplemented, renewed or extended, and all restatements
thereof and any agreement that refinances the indebtedness thereunder (the “Term Loan B Credit Agreement”), and (d) that certain Indenture dated as of April 1, 1999, between the Company and J.P. Morgan Trust
Company, National Association, as Trustee (and, in connection with the Eleventh Supplemental Indenture referenced below, the Pledgor Subsidiaries and certain other Subsidiaries of the Company, as guarantors), as supplemented by that certain First
Supplemental Indenture dated as of April 13, 1999, Second Supplemental Indenture dated as of September 5, 2000, Third Supplemental Indenture dated as of December 28, 2001, Fourth Supplemental Indenture dated as of March 4, 2003,
Fifth Supplemental Indenture dated as of May 12, 2003, Sixth Supplemental Indenture dated as of September 23, 2003, Seventh and Eighth Supplemental Indentures, each dated as of March 11, 2004, Ninth and Tenth Supplemental Indentures,
each dated as of August 1, 2005, and Eleventh Supplemental Indenture dated as of February 22, 2006, as at any time amended, modified, supplemented, renewed or extended (collectively, the “Indenture”). 
 2. Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Term Loan B Credit Agreement as in
effect on the date hereof. 
 3. Each Pledgor is the legal and beneficial owner of (a) the shares of stock (the “Pledged
Shares”) described as owned by such Pledgor in Part A of Schedule 1 attached hereto and issued by the corporations named therein, and (b) the partnership interests in limited partnerships or general
partnerships, as the case may be, and membership interests in limited liability companies, if any, described as owned by such Pledgor in Part B of Schedule 1 attached hereto (collectively, the “Pledged
Interests”). 
 4. The Credit Documents require that each Pledgor shall grant to Collateral Agent, for the equal and ratable
benefit of the Creditors holding Qualified Obligations, the Liens contemplated by this Agreement. 
  

					
	Pledge Agreement	  		  	

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Pledgor hereby agrees with Collateral Agent, for the equal and ratable benefit of the Creditors holding Qualified Obligations, as follows: 
 1. Definitions. As used herein, the following terms have the following meanings: 
 “Additional Covered Obligations” shall have the meaning set forth in the Collateral Agency Agreement as in effect on the date hereof. 
 “Certificate Delivery Date” means the date of delivery of each certificate delivered under Section 8.1(d) of the Term Loan B Credit Agreement. 
 “Collateral Agency Agreement” means that certain Collateral Agent and Intercreditor Agreement dated the date hereof, by and among
Bank of America, N.A., as Collateral Agent, Bank of America, N.A., as Administrative Agent under the Revolving Credit Agreement, the Term Loan A Credit Agreement and the Term Loan B Credit Agreement, J. P. Morgan Trust Company, National Association,
as Trustee under the Indenture, the Company, and each Pledgor Subsidiary, as amended, modified, supplemented, renewed or extended. 
 “Credit Documents” means, in respect of each Creditor Group, the instruments, documents and agreements evidencing the obligations and indebtedness of the Company and the Pledgor Subsidiaries owed to such Creditor
Group under the respective “Loan Documents” (as defined in the Revolving Credit Agreement, the Term Loan A Credit Agreement or the Term Loan B Credit Agreement) or under the Indenture and the respective series of Notes, in each case
together with any respective guarantees thereof, or evidencing Additional Covered Obligations, and in any event includes the Existing Credit Documents. 
 “Creditor” means each person which is the holder of any indebtedness or other obligation represented by Credit Documents representing Obligations, including (a) Bank of America, N.A., as
Administrative Agent under the Revolving Credit Agreement, together with the “Lenders,” “Issuing Banks,” and “Swing Line Lender” referenced in such agreement or from time to time party thereto, and
those persons entitled to indemnification of any character under such agreement, (b) Bank of America, N.A., as Administrative Agent under the Term Loan A Credit Agreement, together with the “Lenders” referenced in such
agreement or from time to time party thereto, and those persons entitled to indemnification of any character under such agreement, (c) Bank of America, N.A., as Administrative Agent under the Term Loan B Credit Agreement, together with the
“Lenders” referenced in such agreement or from time to time party thereto, and those persons entitled to indemnfication of any character under such agreement, (d) J.P. Morgan Trust Company, National Association, as Trustee
under the Indenture in respect of each series of Notes referred to in the definition of “Creditor Groups” and the holders of such Notes, and (e) any Creditor Representative in respect of any Additional Covered
Obligations and the holders of such obligations, in each case including their respective successors, assigns and replacements. 
 “Creditor Group” means any of each of the following groups: 
 (a) the Administrative Agent, the Lenders, the
Issuing Banks and the Swing Line Lender under and as defined in the Revolving Credit Agreement; 
  

					
	Pledge Agreement	  	Page 2	  	

 (b) the Administrative Agent and the Lenders under and as defined in the Term Loan A Credit Agreement;

 (c) the Administrative Agent and the Lenders under and as defined in the Term Loan B Credit Agreement; 
 (d) the Trustee for and the holders of the Company’s 7% Senior Notes Due 2015; 
 (e) the Trustee for and the holders of the Company’s 6 1/4% Senior Notes Due 2014; 
 (f) the Trustee for and the holders of the Company’s 7 3/4% Senior Notes due 2013; 
 (g) the Trustee for and the holders of the Company’s 6 7/8% Senior Notes due 2011; 
 (h) the Trustee for and the holders of the Company’s 6 1/2% Senior Notes due 2010; 
 (i) the Trustee for and the holders of the Company’s 5 1/8% Senior Notes due 2009; 
 (j) the Trustee for and the holders of the Company’s 6 1/2% Senior Notes due 2008; and 
 (k) the Creditor Representative for and the holders of each other class of senior indebtedness of the Company which is hereafter registered as Additional
Covered Obligations pursuant to the Collateral Agency Agreement; in each case together with any trustee, administrative agent or other creditor representative thereof, and any issuing banks, swap counterparties, indemnitees, or other persons
entitled to the benefit of the Collateral. 
 “Creditor Representative” means (a) the Administrative Agent under
and as defined in the Revolving Credit Agreement, (b) the Administrative Agent under and as defined in the Term Loan A Credit Agreement, (c) the Administrative Agent under and as defined in the Term Loan B Credit Agreement, (d) the
Trustee under the Indenture, and (e) the administrative agent, trustee or other representative of any Additional Covered Obligations. 
 “Event of Default” means the occurrence of any Event of Default or defined event of default under any Credit Document. 
 “Existing Credit Documents” means (a) the Revolving Credit Agreement and the “Loan Documents” (as such term is defined in the Revolving Credit Agreement), (b) the Term Loan
A Credit Agreement and the “Loan Documents” (as such term is defined in the Term Loan A Credit Agreement), (c) the Term Loan B Credit Agreement and the “Loan Documents” (as such term is defined in the Term Loan B Credit
Agreement), (d) the Indenture and the Existing Notes of the Company, and (e) all guarantees of such obligations issued by the Company or any of its Subsidiaries in respect of the foregoing, including the Existing Guarantees. 
 “Existing Guarantees” means guaranties or guarantees of the Obligations entered into by certain Subsidiaries of the Company dated
as of a date on or prior to this Agreement, including the following guaranties or guarantees by the subsidiaries of the Company named therein, in each case as at any time amended, modified, supplemented, renewed or extended: 
 (a) Continuing Guaranty dated as of August 31, 2005 (as supplemented as of the date hereof) with respect to the Revolving Credit Agreement;

  

					
	Pledge Agreement	  	Page 3	  	

 (b) Continuing Guaranty of even date herewith with respect to the Term Loan A Credit Agreement;

 (c) Continuing Guaranty of even date herewith with respect to the Term Loan B Credit Agreement; and 
 (d) the guarantee obligations contained in the Eleventh Supplemental Indenture dated as of February 22, 2006 included in the Indenture with respect
to the Existing Notes. 
 “Existing Notes” means each series of Notes referred to in clauses (d) through
(j) of the definition of “Creditor Groups.” 
 “Hedge Obligations” means all obligations and
indebtedness of the Company or any of its Subsidiaries under any Swap Contract (as defined in the Revolving Credit Agreement as in effect on the date hereof) entered into with any Person who is entitled to the benefits of this Agreement and the
Collateral Agency Agreement pursuant to Section 4 of the Collateral Agency Agreement. 
 “Indenture” has
the meaning set forth in the Recitals hereto. 
 “Lien” means any lien or security interest. 
 “New Guarantee” means a guaranty of any Obligations hereafter executed by any Subsidiary of the Company, in each case as at any
time amended, modified, supplemented, renewed or extended. 
 “Notes” means the Existing Notes and, from and after
the inclusion of any other series of notes registered as Additional Covered Obligations pursuant to the Collateral Agency Agreement, each such other series of notes. 
 “Obligations” means, collectively, all obligations and indebtedness of the Company or any of the Pledgor Subsidiaries which are owed to any Creditor under the Credit Documents. 
 “Pledgee Subsidiary” means each direct or indirect Subsidiary of the Company that (a) holds title to Real Estate Inventory
constituting ten percent (10%) or more of the GAAP Value of all Real Estate Inventory owned by all Subsidiaries of the Company (other than (i) Excluded Subsidiaries and (ii) any Subsidiary that is a direct or indirect Subsidiary of
another Subsidiary if all the shares of stock, other securities, partnership interests or membership interests, as applicable, of such other Subsidiary are pledged hereunder) or (b) is required to meet the Requisite Collateral Coverage;
provided however, for purposes of determining if any Person is required to be a Pledgee Subsidiary, such Person will be deemed to own all of the Real Estate Inventory of its direct and indirect Subsidiaries (other than Excluded Subsidiaries).

 “Qualified Obligations” means: 
 (a) in the case of each Creditor Group holding Term Credit Obligations, all principal Obligations owed to such Creditor Group which are outstanding immediately prior to the delivery of a Trigger Notice, together with
interest, fees, premiums, indemnification claims, and reasonable costs and expenses allocable to such principal, whether arising before or after a Trigger Event; 
  

					
	Pledge Agreement	  	Page 4	  	

 (b) in the case of each Creditor Group holding Revolving Credit Obligations, all principal Obligations
owed to such Creditor Group which are outstanding immediately prior to the delivery of a Trigger Notice (including, without duplication, the amount of any letters of credit and related reimbursement obligations or other liquidated or contingent
obligations issued under the related Credit Documents) (to the extent entitled to the benefit of the relevant Credit Documents) together with interest, fees, premiums, indemnification claims and reasonable costs and expenses allocable to such
principal, whether arising before or after a Trigger Event; and 
 (c) in the case of each Creditor Group holding Hedge Obligations, the net
close-out amount and unpaid amounts owed to such Creditor Group immediately prior to the delivery of a Trigger Notice (as if such Hedge Obligations were then terminated), as calculated by Collateral Agent, together with any interest, fees, premiums,
indemnification claims and reasonable costs and expenses allocable to such close-out amount (or unpaid amount) included in the Hedge Obligations, whether arising before or after a Trigger Event. 
 “Requisite Collateral Coverage” means Pledgee Subsidiaries owning, on an aggregate basis as of any date of determination, no less
than sixty-five percent (65%) of the GAAP Value of all Real Estate Inventory owned by all Subsidiaries of the Company. 
 “Revolving Credit Agreement” has the meaning set forth in the Recitals hereto. 
 “Revolving
Credit Obligations” means all obligations and indebtedness of the Company or any of its Subsidiaries under (a) the Revolving Credit Agreement and the Loan Documents described therein, and (b) any other Credit Documents
hereafter entitled to the benefits of this Agreement and the Collateral Agency Agreement pursuant to Section 4 of the Collateral Agency Agreement under (and to the extent) which revolving credit facilities are provided to the Company or
any of its Subsidiaries. 
 “Term Loan A Credit Agreement” has the meaning set forth in the Recitals hereto.

 “Term Loan B Credit Agreement” has the meaning set forth in the Recitals hereto. 
 “Term Credit Obligations” means all obligations and indebtedness of the Company and its Subsidiaries, the holders of which are
entitled to the benefits of this Agreement and the Collateral Agency Agreement pursuant to Section 4 of the Collateral Agency Agreement and which are not Revolving Credit Obligations or Hedge Obligations. 
 “Trigger Event” means any of the following: 
 (a) the occurrence of any default under any Credit Document consisting of a bankruptcy, insolvency or similar event with respect to the Company or any Subsidiary having assets in excess of $100,000,000, provided that
in the case of the commencement of any involuntary bankruptcy with respect to the Company or any such Subsidiary, no Trigger Event shall be deemed to have occurred unless and until the shortest period of grace, applicable to an involuntary
bankruptcy default and provided for in the then applicable Credit Documents, has expired; or 
  

					
	Pledge Agreement	  	Page 5	  	

 (b) the actual acceleration of any Obligations in a principal amount in excess of $100,000,000 by the
holder or holders thereof or their representatives. 
 “Trigger Notice” means a written notice from any Creditor to
the Collateral Agent that a Trigger Event has occurred. 
 “Trustee” means J.P. Morgan Trust Company, National
Association, in its capacity as trustee under the Indenture and its successors, assigns and replacements in such capacity. 
 2. Pledge
of Security. Each Pledgor hereby pledges and assigns to Collateral Agent, for the equal and ratable benefit of the Creditors, and hereby grants to Collateral Agent, for the equal and ratable benefit of the Creditors, a Lien in, all of such
Pledgor’s right, title, and interest in and to the following (the “Collateral”): 
 (a) the Pledged Shares and
the certificates representing the Pledged Shares and any interest or securities entitlement of such Pledgor in the entries on the books of any financial or securities intermediary pertaining to the Pledged Shares; 
 (b) the Pledged Interests, including without limitation all of such Pledgor’s right, title, and interest as a partner in the issuer of such Pledged
Interests (if it is a partnership) or as a member of the issuer of such Pledged Interests (if it is a limited liability company), whether such right, title, and interest arises under any partnership agreement or limited liability company agreement
(any such agreement being a “Formation Agreement”) or otherwise; 
 (c) all additional shares of, and all securities
convertible into and warrants, options, and other rights to purchase or otherwise acquire, stock of any issuer of the Pledged Shares from time to time acquired by such Pledgor in any manner (which shares shall be deemed to be part of the Pledged
Shares), the certificates or other instruments representing such additional shares, securities, warrants, options, or other rights and any interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such
additional shares; 
 (d) all dividends, cash, warrants, rights, instruments, and other property or proceeds from time to time received or
otherwise distributed in respect of or in exchange for any or all of the Collateral referenced in clauses (a), (b), and (c) above; 
 (e) all of such Pledgor’s right, title and interest in and to all stock or other ownership record books relating to any of the Collateral; and

 (f) to the extent not covered by clauses (a) through (e) above, all proceeds of any or all of the
foregoing Collateral. For purposes of this Agreement, the term “proceeds” includes whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such
disposition is voluntary or involuntary, and includes, without limitation, proceeds of any indemnity or guaranty payable to such Pledgor or Collateral Agent from time to time with respect to any of the Collateral. 
 3. Security for Obligations. This Agreement secures, and the Collateral is collateral security for, the prompt payment or performance in
full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand, or otherwise (including the payment of amounts that would become due but 

  

					
	Pledge Agreement	  	Page 6	  	

 
for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a)), of all of the Obligations and all
renewals or extensions thereof, whether for principal, interest (including without limitation interest that, but for the filing of a petition in bankruptcy with respect to any Pledgor, would accrue on such obligations), fees, expenses, indemnities,
or otherwise, whether voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased,
created, or incurred (but in each case (for purposes of determinations on and after the occurrence of a Trigger Event) subject to the limitations on the principal amount of Obligations set forth in the definition of “Qualified
Obligations”), and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from Collateral Agent or any Creditor as a preference,
fraudulent transfer, or otherwise (all such obligations and liabilities being the “Underlying Debt”), and all payment obligations of the Company or any other Pledgor now or hereafter existing under
Section 13 of this Agreement (all such obligations of Pledgors, together with the Underlying Debt, being the “Secured Obligations”). 
 4. Delivery of Collateral. All certificates or instruments representing or evidencing the Collateral shall be delivered to and held by or
on behalf of Collateral Agent pursuant hereto and shall be in suitable form for transfer by delivery or, as applicable, shall be accompanied by the applicable Pledgor’s endorsement, where necessary, or duly executed instruments of transfer or
assignment in blank, all in form and substance satisfactory to Collateral Agent. Collateral Agent shall have the right, at any time in its discretion and without notice to any Pledgor, to transfer to or to register in the name of Collateral Agent or
any of its nominees any or all of the Collateral, subject only to the revocable rights specified in Section 7(a). In addition, Collateral Agent shall have the right at any time to exchange certificates or instruments representing
or evidencing Collateral for certificates or instruments of smaller or larger denominations. 
 5. Representations and
Warranties. Each Pledgor represents and warrants, as of the date hereof, that: 
 (a) Due Authorization, etc. of Collateral.
All of the Pledged Shares and Pledged Interests have been duly authorized and validly issued and are fully paid and nonassessable. 
 (b)
Description of Collateral. The Pledged Shares and Pledged Interests (i) constitute all of the issued and outstanding shares of stock of each of the Pledgee Subsidiaries, (ii) there are no outstanding warrants, options or
other rights to purchase, or other agreements outstanding with respect to, or property that is now or hereafter convertible into, or that requires the issuance or sale of, any Pledged Shares, and (iii) together with the Pledged Interests are
sufficient to satisfy the Requisite Collateral Coverage. 
 (c) Ownership of Collateral. Each Pledgor is the legal, record, and
beneficial owner of the Collateral listed next to its name on Schedule 1, free and clear of any Lien except for the Lien created by this Agreement. 
 (d) Governmental Authorizations. No authorization, approval, or other action by, and no notice to or filing with, any Governmental Authority is required for either (i) the pledge by any Pledgor of
the Collateral pursuant to this Agreement and the grant by any Pledgor of the Lien granted hereby, (ii) the execution, delivery, or performance of this Agreement by any Pledgor, or (iii) the exercise by Collateral Agent of the voting or
other rights, or the remedies in respect of the Collateral, provided for in this Agreement (except as may be required in connection with a disposition of Collateral by laws affecting the offering and sale of securities generally). 
  

					
	Pledge Agreement	  	Page 7	  	

 (e) Perfection. The pledge of the Collateral pursuant to this Agreement creates a valid and
perfected first priority Lien in the Collateral, securing the payment of the Secured Obligations. 
 (f) Margin Regulations.
The pledge of the Collateral pursuant to this Agreement does not violate Regulation T, U, or X of the Board of Governors of the Federal Reserve System. 
 6. Assurances and Covenants of each Pledgor. 
 (a) Transfers and Other Liens. No
Pledgor shall: 
 (i) sell, assign (by operation of law or otherwise), pledge, or hypothecate or otherwise dispose of, or
grant any option with respect to, any of the Collateral except for the Lien created under this Agreement; provided that each Pledgor may sell or dispose of any Collateral so long as, (A) both before and after giving effect to such sale
or disposition, (x) no Default or Event of Default exists and (y) Pledgors have satisfied the Requisite Collateral Coverage or (B) such sale or disposition is authorized pursuant to Section 7(b) of the Collateral Agency
Agreement, and in either case upon such permitted sale or disposition any assets so sold or disposed as permitted by this Section 6(a) shall be released from the Lien of this Agreement as provided in Section 17;
or 
 (ii) create or suffer to exist any Lien upon or with respect to any of the Collateral, except for the Lien created under
this Agreement. 
 (b) Additional Collateral – Existing Pledgee Subsidiaries. Each Pledgor shall (i) cause each
issuer of Pledged Shares or Pledged Interests not to issue any stock or other securities in addition to or in substitution for the Pledged Shares or Pledged Interests issued by such issuer, except to such Pledgor and (ii) pledge hereunder
pursuant to Section 6(d), promptly upon its acquisition (directly or indirectly) thereof, any and all additional shares of stock or other securities or interests of each issuer of Pledged Shares or Pledged Interests. 

(c) Additional Collateral – New Pledgee Subsidiaries. The Company shall pledge, or cause a Pledgor Subsidiary to pledge, the shares
of stock, other securities partnership interests or membership interests, as the case may be, of any additional Subsidiary that is described as the issuer of Pledged Shares or Pledged Interests in a Pledge and Security Amendment executed and
delivered from time to time by the Company or such Pledgor Subsidiary, in order to maintain, at each Certificate Delivery Date (and determined as of the end of the latest fiscal quarter preceding such Certificate Delivery Date), the Requisite
Collateral Coverage. 
 (d) Pledge Amendments. Each Pledgor shall, upon obtaining any additional shares of stock or other
securities or interests required to be pledged hereunder as provided in Section 6(b), promptly (and in any event on or before five (5) Business Days after obtaining such securities) deliver to Collateral Agent a Pledge and
Security Amendment, duly executed by such Pledgor, in substantially the form of Exhibit A attached hereto (a “Pledge and Security Amendment”), in respect of the additional Pledged Shares or Pledged Interests to
be pledged pursuant to this Agreement. Each Pledgor shall, upon pledging any additional shares of stock, other securities partnership interests or membership interests, as the case may be, of any additional Subsidiary pursuant to
Section 6(b), deliver to the Collateral Agent a Pledge and Security Amendment, duly executed by such Pledgor, in respect of the additional Pledged Shares or Pledged Interests to be pledged pursuant to this Agreement. Each Pledgor
hereby authorizes Collateral Agent to attach each Pledge and Security Amendment 

  

					
	Pledge Agreement	  	Page 8	  	

 
to this Agreement and agrees that all Pledged Shares listed on any Pledge and Security Amendment delivered to Collateral Agent shall for all purposes
hereunder be considered Collateral; provided that the failure of any Pledgor to execute a Pledge and Security Amendment with respect to any additional Pledged Shares pledged pursuant to this Agreement shall not impair the Lien of Collateral
Agent therein or otherwise adversely affect the rights and remedies of Collateral Agent hereunder with respect thereto. 
 (e) Taxes
and Assessments. Each Pledgor shall pay promptly when due all taxes, assessments and governmental charges or levies imposed upon, and all claims against, the Collateral, except to the extent the validity thereof is being contested in good
faith and by appropriate proceedings and in which reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP, have been made or provided therefor; provided that each Pledgor shall in any event pay such
taxes, assessments, charges, levies, or claims not later than five (5) days prior to the date of any proposed sale under any judgement, writ, or warrant of attachment entered or filed against such Pledgor or any of the Collateral as a result of
the failure to make such payment. 
 (f) Further Assurances Perfection. Each Pledgor shall from time to time, at the expense of
Pledgors, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that Collateral Agent may reasonably request, in order to perfect and protect any Lien granted or
purported to be granted hereby or to enable Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, each Pledgor will: 
 (i) authenticate and file, or authorize Collateral Agent to file, such financing or continuation statements, or amendments thereto, and
such other instruments or notices, as may be necessary or desirable, or as Collateral Agent may reasonably request, in order to perfect and preserve the Liens granted or purported to be granted hereby 
 (ii) provide the Collateral Agent, on a timely basis, with any documents as may be required under the Trust Indenture Act of 1939, as
amended; 
 (iii) at Collateral Agent’s request, appear in and defend any action or proceeding that may affect any
Pledgor’s title to or Collateral Agent’s Lien in all or any part of the Collateral; and 
 (iv) take any and all
action that may be necessary or appropriate to cause any partnership or limited liability company to which any Pledgor is a partner or member, respectively, and which constitute Pledged Interests, to register the Lien of Collateral Agent in the
Pledged Interests, including, without limitation, to deliver to such partnership or limited liability company, as the case may be, instructions to register pledge substantially in the form of Exhibit B attached hereto and, to this
end, cause such partnership or limited liability company to register the Lien granted hereby upon the books of such partnership or limited liability company, as the case may be, in accordance with Article 8 of the Uniform Commercial
Code, as adopted in the State of California (the “Code”). 
 (g) Authorization to File Financing
Statements. 
 (i) Each Pledgor hereby authorizes Collateral Agent to file one or more financing or continuation
statements, and amendments thereto, relative to all or any part of the Collateral, in such filing offices as Collateral Agent shall deem appropriate, and each Pledgor shall authenticate and 

  

					
	Pledge Agreement	  	Page 9	  	

 
deliver to Collateral Agent such financing or continuation statements, and amendments thereto, promptly upon the request of Collateral Agent and, shall pay
Collateral Agent’s reasonable costs and expenses incurred in connection therewith. 
 (ii) Each Pledgor hereby further
authorizes Collateral Agent to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral without the signature of such Pledgor, and each Pledgor agrees that a carbon, photographic,
or other reproduction of this Agreement or of a financing statement authenticated by such Pledgor shall be sufficient as a financing statement and may be filed as a financing statement in any and all jurisdictions. 
 (h) Formation Agreements. Each Pledgor shall, at its expense, maintain each applicable Formation Agreement in full force and effect,
without any cancellation, termination, amendment, supplement, or other modification of such Formation Agreement, except as explicitly required by its terms (as in effect on the date hereof), except for amendments, supplements or other modifications
that do not adversely affect the interests of the Creditors in any material respect and except for Formation Agreements in respect of Pledged Interests of partnerships or limited liability companies that have been released from this Agreement under
Section 17. 
 7. Voting Rights; Dividends; Etc. 
 (a) So long as no Trigger Event shall have occurred and be continuing: 
 (i) each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral or any part
thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Documents; 
 (ii) each Pledgor shall
be entitled to receive and retain, and to utilize free and clear of the Lien of this Agreement, any and all dividends, cash, warrants, rights, instruments, and other property or proceeds from time to time received or otherwise distributed in respect
of or in exchange for any Collateral; provided, however, that any and all such dividends, distributions, property or proceeds paid or payable on the Collateral in the form of additional securities of a Pledgee Subsidiary shall be, and shall
forthwith be delivered to Collateral Agent to hold as Collateral and shall, if received by any Pledgor, be received in trust for the benefit of Collateral Agent, be segregated from the other property or funds of such Pledgor and be forthwith
delivered to Collateral Agent as Collateral in the same form as so received (with all necessary endorsements); and 
 (iii)
Collateral Agent shall promptly execute and deliver (or cause to be executed and delivered) to Pledgors all such proxies, dividend payment orders, and other instruments as any Pledgor may from time to time reasonably request for the purpose of
enabling such Pledgor to exercise the voting and other consensual rights which it is entitled to exercise pursuant to paragraph (i) above and to receive the dividend payments which it is authorized to receive and retain pursuant
to paragraph (ii) above. 
 (b) Upon the occurrence and during the continuation of a Trigger Event: 
 (i) upon written notice from Collateral Agent to Pledgors, all rights of any Pledgor to 

  

					
	Pledge Agreement	  	Page 10	  	

 
exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i) shall cease,
and all such rights shall thereupon become vested in Collateral Agent who shall thereupon have the sole right to exercise such voting and other consensual rights; 
 (ii) all rights of any Pledgor to receive the dividends, cash, warrants, rights, instruments, and other property or proceeds in respect of
or in exchange for any Collateral which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii) shall cease, and all such rights shall thereupon become vested in Collateral Agent who shall thereupon
have the sole right to receive and hold as Collateral such dividend payments; and 
 (iii) all dividends, cash, warrants,
rights, instruments, and other property or proceeds in respect of or in exchange for any Collateral which are received by any Pledgor contrary to the provisions of paragraph (ii) of this Section 7(b) shall be
received in trust for the benefit of Collateral Agent, shall be segregated from other funds of such Pledgor and shall forthwith be paid over to Collateral Agent as Collateral in the same form as so received (with any necessary endorsements).

 (c) In order to permit Collateral Agent to exercise the voting and other consensual rights which it may be entitled to exercise pursuant
to Section 7(b)(i) and to receive all dividends and other distributions which it may be entitled to receive under Section 7(a)(ii) or Section 7(b)(ii), (i) each Pledgor shall promptly
execute and deliver (or cause to be executed and delivered) to Collateral Agent all such proxies, dividend payment orders, and other instruments as Collateral Agent may from time to time reasonably request, and (ii) without limiting the effect
of the immediately preceding clause (i), each Pledgor hereby grants to Collateral Agent an irrevocable proxy to vote the Pledged Shares and to exercise all other rights, powers, privileges, and remedies to which a holder of the Pledged
Shares would be entitled (including, without limitation, giving or withholding written consents of shareholders, calling special meetings of shareholders, and voting at such meetings), which proxy shall be effective, automatically and without the
necessity of any action (including any transfer of any Pledged Shares on the record books of the issuer thereof) by any other Person (including the issuer of the Pledged Shares or any officer or agent thereof), upon the occurrence of a Trigger Event
and which proxy shall only terminate upon the payment in full of the Secured Obligations or waiver or cure of such Trigger Event. 
 (d)
Notwithstanding any of the foregoing, each Pledgor agrees that this Agreement shall not in any way be deemed to obligate Collateral Agent or any Creditor to assume any of such Pledgor’s obligations, duties, expenses, or liabilities arising out
of this Agreement (including, without limitation, such Pledgor’s obligations as the holder of the Pledged Shares and as holder of the Pledged Interests) or under any and all other agreements now existing or hereafter drafted or executed
(collectively, the “Pledgor Obligations”) unless Collateral Agent otherwise expressly agrees to assume any or all of said Pledgor Obligations in writing. Without limiting the generality of the foregoing, neither the grant of
the Lien in the Collateral in favor of Collateral Agent as provided herein nor the exercise by Collateral Agent of any of its rights hereunder nor any action by Collateral Agent in connection with a foreclosure on the Collateral shall be deemed to
constitute Collateral Agent as a partner of any partnership or a member of any limited liability company; provided, however, that in the event Collateral Agent elects to become a substituted partner of any partnership or a member of any
limited liability company in place of Pledgor while a Trigger Event has occurred and is continuing, Collateral Agent shall be entitled to and shall become such a substitute partner or member. 
 8. Collateral Agent Appointed Attorney-in-Fact. Each Pledgor hereby irrevocably appoints Collateral Agent as such Pledgor’s
attorney-in-fact, with full authority in the place and stead of such Pledgor and in the name of such Pledgor, Collateral Agent or otherwise, from time to time in Collateral Agent’s discretion: 
 (a) to file one or more financing or continuation statements, or amendments thereto, relative to all or any part of the Collateral without the signature
of Pledgor; 
  

					
	Pledge Agreement	  	Page 11	  	

 (b) subsequent to a Trigger Event, to ask, demand, collect, sue for, recover, compound, receive, and give
acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 
 (c) subsequent to a Trigger Event,
to receive, endorse, and collect any instruments made payable to any Pledgor representing any dividend payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same; and 
 (d) subsequent to a Trigger Event, to file any claims or take any action or institute any proceedings that Collateral Agent may deem necessary or
desirable for the collection of any of the Collateral or otherwise to enforce the rights of Collateral Agent with respect to any of the Collateral. 
 9. Collateral Agent May Perform. If any Pledgor fails to perform any agreement contained herein, then Collateral Agent may itself perform, or cause performance of, such agreement, and the expenses of Collateral Agent incurred
in connection therewith shall be payable by such Pledgor under Section 13(b). 
 10. Standard of Care. The
powers conferred on Collateral Agent hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the custody of any Collateral in its
possession or under its control and the accounting for moneys actually received by it hereunder, Collateral Agent shall have no duty as to any Collateral, it being understood that Collateral Agent shall have no responsibility for
(a) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders, or other matters relating to any Collateral, whether or not Collateral Agent has or is deemed to have knowledge of such matters,
(b) taking any necessary steps (other than steps taken in accordance with the standard of care set forth above to maintain possession or control of the Collateral) to preserve rights against any parties with respect to any Collateral,
(c) taking any necessary steps to collect or realize upon the Secured Obligations or any guarantee therefor, or any part thereof, or any of the Collateral, or (d) initiating any action to protect the Collateral against the possibility of a
decline in market value. Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession or control if such Collateral is accorded treatment substantially equal to that which
Collateral Agent accords its own property consisting of negotiable securities. 
  

					
	Pledge Agreement	  	Page 12	  	

 11. Remedies. 
 (a) If any Trigger Event shall have occurred and be continuing, then Collateral Agent may exercise in respect of the Collateral, and in accordance with
the terms and conditions of the Collateral Agency Agreement, in addition to all other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a Collateral Agent on default under the Code (whether or not
the Code applies to the affected Collateral), and Collateral Agent may also in its sole discretion, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange
or broker’s board or at any of Collateral Agent’s offices or elsewhere, for cash, on credit, or for future delivery, at such time or times and at such price or prices and upon such other terms as Collateral Agent may deem commercially
reasonable, irrespective of the impact of any such sales on the market price of the Collateral. Collateral Agent or any Creditor may be the purchaser of any or all of the Collateral at any such sale and Collateral Agent, as agent for and
representative of Creditors, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Secured Obligations
as a credit on account of the purchase price for any Collateral payable by Collateral Agent at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Pledgor, and each
Pledgor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay, and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Each
Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’ prior notice to the applicable Pledgor of the time and place of any public sale or the time after which any private sale is to be made
shall constitute reasonable notification. Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Collateral Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives any claims against Collateral Agent arising by reason of the fact
that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if Collateral Agent accepts the first offer received and does not offer such Collateral to
more than one offeree; provided however, that Pledgors do not waive the requirements of Section 9-610 of the Code with respect to any sale or other disposition of the Collateral that is conducted under such Section. 
 (b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act of 1933, as from time to time amended (the
“Securities Act”), and applicable state securities laws, Collateral Agent may be compelled, with respect to any sale of all or any part of the Collateral conducted without prior registration or qualification of such
Collateral under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale
thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including, without limitation, a public offering made pursuant to a
registration statement under the Securities Act) and, notwithstanding such circumstances, each Pledgor agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner and that Collateral Agent shall have no
obligation to engage in public sales and no obligation to delay the sale of any Collateral for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or
under applicable state securities laws, even if such issuer would, or should, agree to so register it. 
 (c) If Collateral Agent determines
to exercise its right to sell any or all of the Collateral, then upon 

  

					
	Pledge Agreement	  	Page 13	  	

 
Collateral Agent’s written request, each Pledgor shall and shall cause each issuer of any Pledged Shares to be sold hereunder from time to time to
furnish to Collateral Agent all such information as Collateral Agent may request in order to determine the number of shares and other instruments included in the Collateral which may be sold by Collateral Agent in exempt transactions under the
Securities Act and the rules and regulations of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 
 12. Application of Proceeds. All proceeds received by Collateral Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be held and applied in accordance with the
Collateral Agency Agreement. 
 13. Indemnity and Expenses. 
 (a) Each Pledgor agrees to indemnify Collateral Agent and each Creditor from and against any and all claims, losses, and liabilities in any way relating
to, growing out of, or resulting from this Agreement and the transactions contemplated hereby (including, without limitation, enforcement of this Agreement), except to the extent such claims, losses, or liabilities result from Collateral
Agent’s or such Creditor’s gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. 
 (b) Pledgors shall pay to Collateral Agent upon demand the amount of any and all costs and expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, that Collateral Agent may incur in connection with
(i) the administration of this Agreement, (ii) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, (iii) the exercise or enforcement of any of the rights of Collateral
Agent hereunder, or (iv) the failure by any Pledgor to perform or observe any of the provisions hereof. 
 14. Continuing Security
Interest; Transfer of Loans. This Agreement shall create a continuing Lien in the Collateral and shall (a) remain in full force and effect until the payment in full of all Term Loans (as defined in the Term Loan B Credit Agreement) and
payment of all other Obligations under and as defined in the Term B Credit Agreement then due and payable, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with the rights and remedies of Collateral
Agent hereunder, to the benefit of Collateral Agent and its successors, transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to the relevant provisions of the Credit Documents, any Creditor
may assign or otherwise transfer any Secured Obligations held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Creditor herein or otherwise. Upon (i) the
indefeasible payment in full of all Term Loans (as defined in the Term Loan B Credit Agreement) and (ii) payment of all other Obligations under and as defined in the Term Loan B Credit Agreement then due and payable, the Lien granted hereby
shall terminate and all rights to the Collateral shall revert to Pledgors (provided that, if an Event of Default then exists, such termination and reversion shall not occur until such time as no Event of Default is continuing). In addition, the Lien
granted hereby shall terminate and all rights to the Collateral shall revert to Pledgors under the circumstances provided in Section 7(b) of the Collateral Agency Agreement (if a release of all Collateral is authorized thereunder) or
Section 13 of the Collateral Agency Agreement. Upon any such termination Collateral Agent will, at Pledgors’ expense, execute and deliver to Pledgors such documents as Pledgors shall reasonably request to evidence such termination
and Pledgors shall be entitled to the return, upon their request and at their expense, against receipt and without recourse to Collateral Agent, of such Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof.

  

					
	Pledge Agreement	  	Page 14	  	

 15. Collateral Agent as Collateral Agent. Collateral Agent has been appointed to act as
Collateral Agent hereunder by Creditors, subject to the terms and conditions of the Collateral Agency Agreement. Collateral Agent shall be obligated, and shall have the right hereunder, to make demands, to give notices, to exercise or refrain from
exercising any rights, and to take or refrain from taking any action (including, without limitation, the release or substitution of Collateral), solely in accordance with this Agreement and the Collateral Agency Agreement. 
 16. Additional Pledgor Subsidiaries. The Company and the Pledgor Subsidiaries hereby agree that they shall, concurrently with the pledge of
Pledged Shares or Pledged Interests by any Subsidiary not theretofore a Pledgor Subsidiary (an “Additional Pledgor Subsidiary”), cause such Additional Pledgor Subsidiary to enter into a joinder hereto, substantially in the
form of Exhibit C, together with a Pledge Amendment in the form of Exhibit A, listing the Collateral to be pledged by such Additional Pledgor Subsidiary. Such Additional Pledgor Subsidiary hereby authorizes Collateral
Agent to attach each Pledge and Security Amendment to this Agreement and agrees that all Pledged Shares or Pledged Interests listed on any Pledge and Security Amendment delivered to Collateral Agent shall, for all purposes hereunder, be considered
Collateral. Such Additional Pledgor Subsidiary shall comply with the provisions of Section 4 with respect to delivery of the Pledged Shares. 
 17. Release of Collateral. Collateral shall be released from the Lien of this Agreement upon any of the following events: (i) any sale or disposition of such Collateral as permitted by
Section 6(a), such release to be confirmed by delivery to the Collateral Agent of a certificate of an officer of the Company stating that such Collateral is being sold or disposed of as permitted by
Section 6(a); (ii) delivery to the Collateral Agent of a certificate of an officer of the Company requesting the release of the shares of stock, other securities, partnership interests or membership interests, as the case may
be, issued by a Subsidiary identified in such certificate and stating that, on the date of certificate, (A) such Subsidiary owns less than 10% of the Real Estate Inventory owned by the Company’s Subsidiaries (or such Subsidiary is a direct
or indirect Subsidiary of another Subsidiary and all the shares of stock, other securities, partnership interests or membership interests, as applicable, of such other Subsidiary are pledged hereunder) and (B) the Pledgee Subsidiaries (not
including such Subsidiary) collectively own at least 65% of the Real Estate Inventory owned by the Company’s Subsidiaries (for purposes of the foregoing clauses (A) and (B), in determining the amount of Real
Estate Inventory owned by any Subsidiary, such Subsidiary will be deemed to own all of the Real Estate Inventory owned by its direct and indirect Subsidiaries), (iii) upon termination of Liens pursuant to Section 14,
(iv) as provided in Section 7(b) of the Collateral Agency Agreement, or (v) as provided in Section 7(a)(ii) of this Agreement. Upon any release of Collateral pursuant to the terms of this
Section 17, (i) the Collateral Agent shall thereupon return to the respective Pledgor or to its order any and all certificates and other instruments evidencing or relating to such released Collateral and (ii) the
Collateral Agent will, at Pledgors’ expense, file, or will authorize the respective Pledgor to file, an amendment to any financing statement releasing such Collateral. 
 18. Amendments; Etc. No amendment, modification, termination, or waiver of any provision of this Agreement, and no consent to any departure
by Pledgor from the terms and conditions hereof, shall in any event be effective unless the same shall be in writing and signed by Collateral Agent and, in the case of any such amendment or modification, by Pledgors. Any such waiver or consent shall
be effective only in the specific instance and for the specific purpose for which it was given. 
 19. Notices. Any notice or
other communication herein required or permitted to be given shall be in writing and (a) if to the Pledgors, shall be to the Company in accordance with the provisions of Section 11.11 of the Term Loan B Credit Agreement; or
(b) if to Collateral Agent or Creditors in accordance with the provisions of Section 14 of the Collateral Agency Agreement. 
  

					
	Pledge Agreement	  	Page 15	  	

 20. Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part
of Collateral Agent in the exercise of any power, right, or privilege hereunder shall impair such power, right, or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such
power, right, or privilege preclude any other or further exercise thereof or of any other power, right, or privilege. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise
available. 
 21. Severability. In case any provision in or obligation under this Agreement shall be invalid, illegal, or
unenforceable in any jurisdiction, the validity, legality, and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

22. Headings. Section and subsection headings in this Agreement are included herein for convenience of reference only and
shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 
 23. Governing Law;
Terms. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES, EXCEPT TO THE EXTENT THAT THE CODE PROVIDES THAT THE VALIDITY OR PERFECTION OF THE LIENS AND SECURITY INTERESTS HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER
THAN THE STATE OF CALIFORNIA. Unless otherwise defined herein, terms used in Articles 8 and 9 of the Code are used herein as therein defined. 
 24. Consent to Jurisdiction and Service of Process. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF
COMPETENT JURISDICTION IN THE STATE OF CALIFORNIA, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT EACH PLEDGOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS AND
WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. Each Pledgor hereby agrees that service of all process in any such proceeding in any such court may
be made by registered or certified mail, return receipt requested, to such Pledgor at its address provided on the signature page hereof, such service being hereby acknowledged by such Pledgor to be sufficient for personal jurisdiction in any action
against such Pledgor in any such court and to be otherwise effective and binding service in every respect. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of Collateral Agent to
bring proceedings against any Pledgor in the courts of any other jurisdiction. 
 25. Waiver of Jury Trial.
EACH PLEDGOR AND COLLATERAL AGENT HEREBY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR 

  

					
	Pledge Agreement	  	Page 16	  	

 
CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. The scope of this waiver is intended to be all-encompassing of any and all disputes that
may be filed in any court and that relate to the subject matter of this transaction, including without limitation contract claims, tort claims, breach of duty claims, and all other common law and statutory claims. Each Pledgor and Collateral Agent
each acknowledge that this waiver is a material inducement for each Pledgor and Collateral Agent to enter into a business relationship, that each Pledgor and Collateral Agent have already relied on this waiver in entering into this Agreement and
that each will continue to rely on this waiver in their related future dealings. Each Pledgor and Collateral Agent further warrant and represent that each has reviewed this waiver with its legal counsel, and that each knowingly and voluntarily
waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS RENEWALS, SUPPLEMENTS,
OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 
 26. Counterparts. This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same
document. 
 27. Limitation. It is the intention of each Pledgor Subsidiary, Collateral Agent, and each Creditor that the
amount of the Secured Obligations shall be in, but not in excess of, the maximum amount permitted by fraudulent conveyance, fraudulent transfer, or similar Laws applicable to each Pledgor Subsidiary. Accordingly, notwithstanding anything to the
contrary contained in this Agreement or any other agreement or instrument executed in connection with the payment of any of the Secured Obligations, the amount of the Secured Obligations shall be limited to that amount which after giving effect
thereto would not (a) render any Pledgor Subsidiary insolvent, (b) result in the fair saleable value of the assets of any Pledgor Subsidiary being less than the amount required to pay its debts and other liabilities (including contingent
liabilities) as they mature, or (c) leave any Pledgor Subsidiary with unreasonably small capital to carry out its business as now conducted and as proposed to be conducted, including its capital needs, as such concepts described in (a),
(b), and (c) herein are determined under applicable Laws, if the obligations of such Pledgor Subsidiary hereunder would otherwise be set aside, terminated, annulled, or avoided for such reason by a court of competent
jurisdiction in a proceeding actually pending before such court. 
 [Remainder of Page Intentionally Left Blank; 
 Signature Pages to Follow] 
  

					
	Pledge Agreement	  	Page 17	  	

 IN WITNESS WHEREOF, each Pledgor and Collateral Agent have caused this Agreement to be duly
executed and delivered by their respective officers thereunto duly authorized as of the date first written above. 
 COMPANY: 
 STANDARD PACIFIC CORP., a Delaware corporation 
  

			
	By:	 	 /s/ Andrew H. Parnes

		 	Andrew H. Parnes
		 	Executive Vice President-Finance and
		 	Chief Financial Officer
		
	By:	 	 /s/ John M. Stephens

		 	John M. Stephens
		 	Vice President and Corporate Controller

 Address for Notices: 
 Standard Pacific Corp. 
 15326 Alton Parkway 
 Irvine,
California 92618-2338 
 Attn: Mr. Andrew H. Parnes 
 Telephone: (949) 789-1616 
 Telecopier: (949) 789-1609 
  

 Signature Page to Pledge Agreement 

 PLEDGOR SUBSIDIARIES: 
 SP TEXAS INVESTMENTS, INC., a Delaware corporation 
 STANDARD PACIFIC OF TEXAS GP, INC., a Delaware corporation 
  

			
	By:	 	 /s/ John M. Stephens

		 	Assistant Treasurer of each of the foregoing Pledgor Subsidiaries

 Address for each of the foregoing Pledgor Subsidiaries: 
 15326 Alton Parkway 
 Irvine, California 92618 

	Attn:	Clay A. Halvorsen, General Counsel 

 John Babel, Assistant
General Counsel 
 Telephone: (949) 789-1618 
 Telecopier:
(949) 789-1609 
  

 Signature Page to Pledge Agreement 

 COLLATERAL AGENT: 
 BANK OF AMERICA, N.A., a national banking association 
  

			
	By:	 	 /s/ Eyal Namordi

	Name:	 	Eyal Namordi
	Title:	 	Vice President

 Notice Address: 
 Bank
of America, N.A. 
 Agency Management 
 100 North Tryon Street,
14th Floor 
 NC1-007-14-24 
 Charlotte, NC 28255 
 Attention: Cindy K. Fisher 
 Telephone: (704) 387-5452 
 Telecopy: (704) 409-0180 
  

 Signature Page to Pledge Agreement 

 SCHEDULE 1 
 PART A 
  

												
	 Pledgor
	  	 Stock Issuer
	  	 Class of
Stock
	  	Stock
Certificate
Nos.	  	Par
Value	  	Number of
Shares
	Standard Pacific Corp.	  	Standard Pacific of Arizona, Inc.	  	common	  	1	  	$	0.01	  	100
	Standard Pacific Corp	  	Standard Pacific of Las Vegas, Inc.	  	common	  	1	  	$	0.01	  	100
	Standard Pacific Corp	  	Standard Pacific of South Florida GP, Inc.	  	common	  	1	  	$	0.01	  	100
	Standard Pacific Corp	  	Westfield Homes USA, Inc.	  	common	  	1	  	$	0.01	  	100

 PART B 
 Limited Partnerships 
  

						
	 Pledgor
	  	 Limited Partnership
	  	Percentage Interest*	 
	Standard Pacific of Texas GP, Inc.	  	Standard Pacific of Texas, L.P.	  	0.5	%
	SP Texas Investments, Inc.	  	Standard Pacific of Texas, L.P.	  	99.5	%

	 *
	 100% of the partnership interests of Standard Pacific of Texas, L.P. is being
pledged, of which 0.5% is held by Standard Pacific of Texas GP, Inc. as the General Partner and 99.5% is held by SP Texas Investments, Inc. as the Limited Partner. 

 Limited Liability Companies 
  

					
	 Pledgor
	  	 Limited Liability Company
	  	Percent Interest
		  		  	

  

					
	Pledge Agreement

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