Document:

EX-4.9

 Exhibit 4.9 
 EXECUTION VERSION 
 INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT (this “Agreement”) is dated as of December 21, 2012, and entered into by and
between PNC Bank, National Association, in its capacity as agent under the ABL Credit Agreement, including its successors and assigns from time to time (the “Initial ABL Agent”), and Wells Fargo Bank, National Association, as
Trustee (the “Trustee”), not in its individual capacity, but solely in its capacity as trustee and collateral agent under the Indenture including its successors and assigns from time to time (in such capacities, and in any other
capacity under the Note Documents, the “Notes Agent”) and is acknowledged by Armstrong Energy, Inc., a Delaware corporation (the “Company” or the “Issuer”) and the subsidiaries of the Company listed
on the signature pages hereof (together with any subsidiary that becomes a party hereto after the date hereof, each a “Company Subsidiary”, and, collectively, the “Company Subsidiaries”). Capitalized terms used in
this Agreement have the meanings assigned to them in Article 1. 
 RECITALS 

The Issuer, the Company Subsidiaries, the ABL Lenders, and the Initial ABL Agent have entered into that certain senior secured asset
based revolving credit facility, dated as of December 21, 2012 (as amended, restated, supplemented, modified, replaced, or refinanced from time to time, the “Initial ABL Credit Agreement”); 

The Issuer has issued, or will issue, 11.75% senior secured notes due 2019 in a principal amount of $200,000,000 (the “Initial
Notes”) under an indenture, dated as of December 21, 2012 (as amended, restated, supplemented, modified, replaced, or refinanced from time to time, the “Indenture”) among the Issuer, each Company Subsidiary, the
Trustee and the Notes Agent; 
 In order to induce the ABL Agent and the ABL Lenders to consent to the Grantors incurring the
Note Obligations and granting the Liens to the Notes Agent and in order to induce the Notes Agent and the Noteholders to consent to the Grantors incurring the ABL Obligations and granting the Liens to the ABL Agent, the ABL Agent, on behalf of the
ABL Lenders, and the Notes Agent, pursuant to the terms of the Indenture and at the direction and on behalf of the Noteholders, have agreed to the relative priority of their respective Liens on the Collateral and certain other rights, priorities and
interests as set forth in this Agreement. 
 AGREEMENT 

In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration,
the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS. 

Section 1.1 Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“ABL Agent” means the Initial ABL Agent and any successor or other agent under any ABL Credit Agreement. 

 “ABL Claimholders” means, at any relevant time, the holders of ABL
Obligations at that time, including, without limitation, the ABL Lenders and the ABL Agent under the ABL Credit Agreement and the Bank Product Providers. 
 “ABL Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any ABL Obligations.

 “ABL Credit Agreement” means collectively, (a) the Initial ABL Credit Agreement and (b) any other
credit agreement or credit agreements, one or more debt facilities, and/or commercial paper facilities, in each case, with banks or other lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow from (or sell such receivables to) such lenders), letters of credit, bankers’ acceptances, or other borrowings, that have been incurred to increase, replace (whether
upon or after termination or otherwise), refinance or refund in whole or in part from time to time the Obligations outstanding under the Initial ABL Credit Agreement or any other agreement or instrument referred to in this clause, whether or not
such increase, replacement, refinancing or refunding occurs (i) with the original parties thereto, (ii) on one or more separate occasions or (iii) simultaneously or not with the termination or repayment of the Initial ABL Credit
Agreement or any other agreement or instrument referred to in this clause, unless such agreement or instrument expressly provides that it is not intended to be and is not an ABL Credit Agreement, or such agreement or instrument is not a Permitted
Refinancing Agreement. Any reference to the ABL Credit Agreement hereunder shall be deemed a reference to any ABL Credit Agreement then in existence. 
 “ABL Default” means an “Event of Default” (as defined in the ABL Credit Agreement). 
 “ABL Lenders” means the “Lenders” under and as defined in the ABL Credit Agreement or any other Person which extends credit under the ABL Credit Agreement. 

“ABL Loan Documents” means the ABL Credit Agreement and the “Loan Documents” (as defined in the ABL Credit
Agreement), including Bank Products, and each of the other agreements, documents and instruments executed pursuant thereto, and any other document or instrument executed or delivered at any time in connection with the ABL Credit Agreement or any
Bank Products, including any intercreditor or joinder agreement among holders of ABL Obligations, to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed, extended or Refinanced from
time to time in accordance with the provisions of this Agreement. 
 “ABL Mortgages” means a collective
reference to each mortgage, deed of trust and other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any ABL Obligations or under which rights or remedies with respect to any such Liens
are governed. 

  
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 “ABL Obligations” means all Obligations outstanding under the ABL Credit
Agreement and the other ABL Loan Documents, including any Bank Products. “ABL Obligations” shall include all interest, fees and expenses accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding,
accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant ABL Loan Document, whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation
Proceeding. 
 “ABL Priority Collateral” shall mean the following property of the Issuer and the Company
Subsidiaries that is now or hereafter owned or leased (other than Excluded Property (as defined in the ABL Credit Agreement)) in which Liens are granted in favor of the ABL Agent for the benefit of the ABL Lenders pursuant to the ABL Loan Documents
whether now known or hereafter acquired: 
 (1) all Accounts, other than Accounts which constitute identifiable
Proceeds which arise from the sale, license, assignment or other disposition of Notes Priority Collateral; 
 (2)
all Chattel Paper, other than Chattel Paper which constitutes identifiable Proceeds of Notes Priority Collateral; 
 (3) all (x) Deposit Accounts and Money and all cash, checks, other negotiable instruments, funds and other evidences of payments held therein, and (y) Securities Accounts and Security
Entitlements and securities credited thereto, and, in each case, all cash, checks and other property held therein or credited thereto; 
 (4) all Inventory; 
 (5) As-Extracted Collateral (including
As-Extracted Collateral from present and future operations regardless of whether such interests are presently owned or hereafter acquired); 
 (6) all Trademarks and Copyrights; 
 (7) to the extent relating to,
evidencing or governing any of the items referred to in the preceding clauses (1) through (6), all Documents, General Intangibles (including coal sales agreements), Instruments (including promissory notes) and Commercial Tort Claims;

 (8) to the extent relating to any of the items referred to in the preceding clauses (1) through (7), all
Supporting Obligations and Letter of Credit Rights; 
 (9) all books and records relating to the items referred
to in the preceding clauses (1) through (8) (including all books, databases, customer lists, and records, whether tangible or electronic), which contain any information relating to any of the items referred to in the preceding clauses
(1) through (8); and 
 (10) all Proceeds of any of the foregoing, including collateral security and
guarantees with respect to any of the foregoing and all cash, Money, insurance proceeds, Instruments, Securities, Financial Assets and Deposit Accounts. 

  
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 “ABL Security Documents” means any agreement, document or instrument
pursuant to which a Lien is granted securing any ABL Obligations or under which rights or remedies with respect to such Liens are governed. 
 “ABL Standstill Period” has the meaning set forth in Section 3.2(a)(i). 
 “Access Period” means for each parcel of Mortgaged Premises, the period, after the commencement of an Enforcement Period by the ABL Agent, which begins on the earlier of
(a) the day on which the ABL Agent provides the Notes Agent with the written notice of its election to request access pursuant to Section 3.3(b) and (b) the fifth Business Day after the Notes Agent provides the ABL Agent
with notice that the Notes Agent (or its agent) has obtained possession or control of such parcel and ends on the earliest of (i) the 270th day after the date (the “Initial Access Date”) on which the ABL Agent, or its
designee, initially obtains the ability to take physical possession of, remove, or otherwise control physical access to, or actually uses, the ABL Collateral located on such Mortgaged Premises plus such number of days, if any, after the Initial
Access Date that it is stayed or otherwise prohibited by law or court order from exercising remedies with respect to Collateral located on such Mortgaged Premises, and (ii) the termination of such Enforcement Period. 

“Account Agreements” means any lockbox account agreement, pledged account agreement, blocked account agreement, deposit
account control agreement, securities account control agreement, or any similar deposit or securities account agreements among the Notes Agent and/or the ABL Agent, one or more Grantors and the relevant financial institution depository or securities
intermediary. 
 “Accounts” means all present and future “accounts” (as defined in Article 9 of
the UCC). 
 “Additional Notes” has the meaning assigned to that term in the definition of the term
“Notes.” 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Person specified. For purposes of this definition, a Person shall be deemed to “control” or be “controlled
by” a Person if such Person possesses, directly or indirectly, power to direct or cause the direction of the management or policies of such Person whether through ownership of equity interests, by contract or otherwise. 

“Agents” means the ABL Agent and the Notes Agent. 

“Agreement” means this Intercreditor Agreement, as amended, restated, renewed, extended, supplemented or otherwise
modified from time to time. 
 “As-Extracted Collateral” means as to each Grantor, all of such Grantor’s
now owned or hereafter existing or acquired “as-extracted collateral”, as defined in Article 9 of the UCC. 

“Bank Product Debt” means Indebtedness and other Obligations relating to Bank Products. 

  
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 “Bank Product Provider” shall mean any ABL Lender or Affiliate of an ABL
Lender that provides any Bank Products to any Grantor. 
 “Bank Products” means “Lender Provided Interest
Rate Hedge” and “Other Lender Provided Financial Services Product” as each such term is defined in the ABL Credit Agreement. 
 “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute. 

“Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors.

 “Business Day” means a day that is a “Business Day” under both the Indenture and the ABL
Credit Agreement. 
 “Capital Stock” means (a) in the case of a corporation, capital stock, (b) in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general or
limited), (d) in the case of a limited liability company, membership interests and (e) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of,
the issuing Person and all rights, warrants or options exchangeable for or convertible into any of the items described in clauses (a) through (e) above; provided that with respect to the foregoing, Capital Stock shall exclude any
debt securities convertible into Capital Stock, whether or not such debt securities include any right of vote or participation with Capital Stock. 
 “Cash Collateral” has the meaning assigned to that term in Section 6.1. 
 “Chattel Paper” means all present and future “chattel paper” (as defined in Article 9 of the UCC). 
 “Claimholder” means any Note Claimholder or ABL Claimholder, as applicable. 
 “Collateral” means any and all of the assets and property of any Grantor, whether real, personal or mixed, which constitute ABL Collateral or Note Collateral. 

“Commercial Tort Claims” means all present and future “commercial tort claims” (as defined in Article 9
of the UCC). 
 “Company” has the meaning assigned to that term in the Preamble to this Agreement. 

“Company Subsidiary” has the meaning assigned to that term in the Preamble to this Agreement. 

  
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 “Conforming Plan of Reorganization” means any Plan of Reorganization whose
provisions are consistent with the provisions of this Agreement. 
 “Copyrights” has the meaning assigned to
that term in the definition of the term “Intellectual Property.” 
 “Deposit Accounts” means all
present and future “deposit accounts” (as defined in Article 9 of the UCC). 
 “DIP Financing”
has the meaning assigned to that term in Section 6.2. 
 “Discharge of ABL Obligations” means:

 (a) payment in full in cash of all ABL Obligations (other than contingent obligations or contingent
indemnification obligations except as provided in clause (e) below and other than ABL Obligations constituting Bank Product Debt except as provided in clause (d) below); 

(b) termination or expiration of all commitments, if any, to extend credit under the ABL Loan Documents; 

(c) termination, cash collateralization (in an amount and manner reasonably satisfactory to the ABL Agent, but in no event
greater than 105% of the aggregate undrawn face amount, plus commissions, fees, and expenses) or backstop of all letters of credit issued under the ABL Credit Agreement in compliance with the terms of the ABL Credit Agreement; 

(d) the provision of credit support (which may include cash collateralization or support by a letter of credit therefor)
for any ABL Obligations constituting Bank Product Debt (in an amount and manner and, if other than pursuant to cash collateralization, of a kind reasonably satisfactory to the providers of such Bank Product Debt); and 

(e) the provision of credit support (which may include cash collateralization or support by a letter of credit) for any
costs, expenses and contingent indemnification obligations consisting of ABL Obligations not yet due and payable but with respect to which a claim has been threatened or asserted under any ABL Loan Documents (in an amount and manner and, if other
than pursuant to cash collateralization, of a kind reasonably satisfactory to the ABL Agent). 
 “Discharge of Note
Obligations” means payment in full in cash of all Note Obligations, satisfaction and discharge of the Indenture or legal or covenant defeasance of the Indenture (other than obligations that expressly survive such satisfaction and discharge
or legal or covenant defeasance). 
 “Dispose” or “Disposition” means any sale, lease,
exchange, transfer or other disposition of any Collateral. 

  
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 “Documents” means all present and future “documents” (as defined
in Article 9 of the UCC. 
 “Enforcement” means, collectively or individually for one or both of the ABL
Agent and the Notes Agent, when an ABL Default or Note Default, as applicable, has occurred and is continuing, to enforce or attempt to enforce any right or power to repossess, replevy, attach, garnish, levy upon, collect the Proceeds of, foreclose
or realize in any manner whatsoever its Lien upon, sell, liquidate or otherwise dispose of, or otherwise restrict or interfere with the use of, or exercise any remedies with respect to, or conduct any Liquidation Sale with respect to, any material
amount of Collateral, whether by judicial enforcement of any of the rights and remedies under the ABL Loan Documents, the Note Documents and/or under any applicable law, by self-help repossession, by non-judicial foreclosure sale, lease, or other
disposition, by set-off, by notification to account obligors of any Grantor, by any sale, lease, or other disposition implemented by any Grantor following an ABL Default or a Note Default, as applicable, in connection with which the ABL Agent or the
Notes Agent, as applicable, has agreed to release its Liens on the subject property, or otherwise, but in all cases excluding (i) the establishment of borrowing base reserves, collateral ineligibles, or other conditions for advances,
(ii) the changing of advance rates or advance sublimits, (iii) the imposition of a default rate or late fee, (iv) the collection and application of Accounts or other monies deposited from time to time in Deposit Accounts or Securities
Accounts, in each case, to the extent constituting ABL Priority Collateral, against the ABL Obligations pursuant to the provisions of the ABL Loan Documents (including, without limitation, the notification of account debtors, depositary institutions
or any other Person to deliver proceeds of Collateral to the ABL Agent or any “cash dominion event”, imposition of a “lockbox”, blocked account or mandatory prepayment event under the ABL Loan Documents) irrespective of whether
the ABL Agent and the ABL Lenders continue to make advances to the Borrower following any such collection or imposition, (v) the cessation of lending pursuant to the provisions of the ABL Loan Documents, including upon the occurrence of a
default on the existence of an over-advance, (vi) the filing of a proof of claim in any Insolvency or Liquidation Proceeding, (vii) the consent by the ABL Agent to disposition by any Grantor of any of the ABL Priority Collateral, and
(viii) the acceleration of the Note Obligations or the ABL Obligations. 
 “Enforcement Notice” means a
written notice delivered, at a time when an ABL Default or Note Default has occurred and is continuing, by either the ABL Agent or the Notes Agent to the other announcing that an Enforcement Period has commenced, specifying the relevant event of
default, stating the current balance of the ABL Obligations or the Note Obligations, as applicable, and requesting the current balance of the ABL Obligations or Note Obligations, as applicable, owing to the noticed party. 

  
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 “Enforcement Period” means the period of time following the receipt by
either the ABL Agent or the Notes Agent of an Enforcement Notice from the other until the earliest of (a) in the case of an Enforcement Period commenced by the Notes Agent, the Discharge of Note Obligations, (b) in the case of an
Enforcement Period commenced by the ABL Agent, the Discharge of ABL Obligations, (c) the ABL Agent or the Notes Agent (as applicable) agreeing in writing to terminate the Enforcement Period, or (d) the date on which the ABL Default or the
Note Default that was the subject of the Enforcement Notice relating to such Enforcement Period has been cured to the satisfaction of the ABL Agent or the Notes Agent, as applicable, or waived in writing. 

“Equipment” means, as to each Grantor, all of such Grantor’s now owned and hereafter acquired equipment, as defined
in Article 9 of the UCC. 
 “Financial Assets” means all present and future “financial assets”
(as defined in Article 9 of the UCC). 
 “General Intangibles” means all present and future “general
intangibles” (as defined in Article 9 of the UCC). 
 “Governmental Authority” means any federal,
state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government. 

“Grantors” means the Issuer, each Company Subsidiary and each other Person that has or may from time to time hereafter
execute and deliver an ABL Security Document or a Note Security Document as a grantor of a security interest (or the equivalent thereof). 
 “Indebtedness” means and includes all Obligations that constitute “Debt,” “Indebtedness,” “Obligations,” “Liabilities” or any similar term within
the meaning of the ABL Credit Agreement or the Indenture, as applicable. 
 “Indenture” has the meaning
assigned to that term in the Recitals to this Agreement. 
 “Initial ABL Credit Agreement” has the meaning
assigned to that term in the Recitals. 
 “Initial Access Date” has the meaning assigned to that term in the
definition of the term “Access Period.” 
 “Initial Notes” has the meaning assigned to that term in
the Recitals. 
 “Initial Use Date” has the meaning assigned to that term in the definition of the term
“Use Period.” 

  
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 “Insolvency or Liquidation Proceeding” means: 

(a) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Grantor; 

(b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership,
liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of their respective assets, in each case, except as permitted under the ABL Credit Agreement and the Indenture;

 (c) any composition of liabilities or similar arrangement relating to any Grantor, whether or not under a
court’s jurisdiction or supervision; 
 (d) any liquidation, dissolution, reorganization or winding up of
any Grantor, whether voluntary or involuntary, whether or not under a court’s jurisdiction or supervision, and whether or not involving insolvency or bankruptcy; or 

(e) any general assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor.

 “Instruments” means all present and future “instruments” (as defined in Article 9 of the
UCC). 
 “Intellectual Property” means, all of the following in any jurisdiction throughout the world:
(a) patents, patent applications and inventions, including all renewals, extensions, combinations, divisions, or reissues thereof (“Patents”); (b) trademarks, service marks, trade names, trade dress, logos, internet domain
names and other business identifiers, together with the goodwill symbolized by any of the foregoing, and all applications, registrations, renewals and extensions thereof (“Trademarks”); (c) copyrights and all works of
authorship including all registrations, applications, renewals, extensions and reversions thereof (“Copyrights”); (d) all computer software, source code, executable code, data, databases and documentation thereof; (e) all
trade secret rights in information, including trade secret rights in any formula, pattern, compilation, program, device, method, technique, or process, that (1) derives independent economic value, actual or potential, from not being generally
known to, and not being readily ascertainable by proper means by, other Persons who can obtain economic value from its disclosure or use, and (2) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy;
(f) all other intellectual property or proprietary rights in any discoveries, concepts, ideas, research and development, know-how, formulae, patterns, inventions, compilations, compositions, manufacturing and production processes and
techniques, program, device, method, technique, technical data, procedures, designs, recordings, graphs, drawings, reports, analyses, specifications, databases, and other proprietary or confidential information, including customer lists, supplier
lists, pricing and cost information, business and marketing plans and proposals and advertising and promotional materials; and (g) all rights to sue at law or in equity for any infringement or other impairment or violation thereof and all
products and proceeds of the foregoing. 
 “Inventory” means as to each Grantor, all of such Grantor’s now
owned and hereafter existing or acquired inventory, as defined in Article 9 of the UCC. 

  
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 “Investment Property” means all present and future “investment
property” (as defined in Article 9 of the UCC), including, without limitation, all Capital Stock held by the Issuer and the Company Subsidiaries. 
 “Issuer” has the meaning assigned to that term in the Preamble to this Agreement. 
 “Letter of Credit Rights” means all present and future “letter of credit rights” (as defined in Article 9 of the UCC). 

“Lien” means any mortgage, pledge, hypothec, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), charge or other security interest or any other security agreement (including, without limitation, any conditional sale or other title retention agreement and any Capital Lease (as defined in the ABL Credit Agreement) having
substantially the same economic effect as any of the foregoing). 
 “Liquidation Sale” means, following the
occurrence and during the continuance of any ABL Default, any sale or liquidation of the ABL Priority Collateral consented to by the ABL Agent for purposes of permitting the Grantors to obtain funds to permanently repay the ABL Obligations in whole
or in part. 
 “Money” means all present and future “money” (as defined in Article 9 of the
UCC). 
 “Mortgaged Premises” means any real property which shall now or hereafter be subject to a Note
Mortgage and/or an ABL Mortgage. 
 “Non-Conforming Plan of Reorganization” means any Plan of Reorganization
whose provisions are inconsistent with the provisions of this Agreement, including any plan of reorganization that purports to re-order (whether by subordination, invalidation, or otherwise) or otherwise disregard, in whole or part, the provisions
of Article II (including the Lien priorities of Section 2.1), the provisions of Article IV, or the provisions of Article VI, unless such Plan of Reorganization has been accepted by the voluntary
required vote of each class of ABL Claimholders and Note Claimholders. 
 “Note Claimholders” means, at any
relevant time, the holders of Note Obligations at that time, including the Noteholders and the Notes Agent. 
 “Note
Collateral” means any and all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Note Obligations. 

“Note Default” means an “Event of Default” as defined in the Indenture. 

“Note Documents” means the Indenture, the Notes, the Note Security Documents and each of the other agreements, documents
and instruments executed pursuant thereto, and any other document or instrument executed or delivered at any time in connection with any Note 

  
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Obligations, including any intercreditor or joinder agreement among holders of Note Obligations to the extent such are effective at the relevant time, as each may be amended, restated,
supplemented, modified, renewed, extended or Refinanced from time to time in accordance with the provisions of this Agreement. 

“Note Mortgages” means a collective reference to each mortgage, deed of trust and any other document or instrument under
which any Lien on real property owned or leased by any Grantor is granted to secure any Note Obligations or under which rights or remedies with respect to any such Liens are governed. 

“Note Obligations” means all Obligations outstanding under the Notes and the other Note Documents. “Note
Obligations” shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation Proceeding in accordance with the rate
specified in the relevant Note Document, whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding. 
 “Note Security Documents” means any agreement, document or instrument pursuant to which a Lien is granted securing any Note Obligations or under which rights or remedies with respect to
such Liens are governed. 
 “Note Standstill Period” has the meaning set forth in
Section 3.1(a)(i). 
 “Noteholders” means the “Holders” as defined in the Indenture.

 “Notes” means, collectively, (a) the Initial Notes, (b) additional notes issued pursuant to the
Indenture (the “Additional Notes”) and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other
financial accommodation that has been incurred to increase, replace, refinance or refund in whole or in part the Obligations outstanding under the Initial Notes, the Additional Notes or any other agreement or instrument referred to in this clause,
unless such agreement or instrument expressly provides that it is not intended to be and is not a Note, or such agreement or instrument is not a Permitted Refinancing Agreement. Any reference to the Notes hereunder shall be deemed a reference to any
Notes (including Additional Notes) then in existence. 
 “Notes Agent” has the meaning assigned to that term in
the Preamble of this Agreement. 
 “Notes Priority Collateral” means substantially all of the assets (other
than ABL Priority Collateral) that are owned or hereafter acquired by the Issuer and by each of the Company Subsidiaries to the extent pledged or required to be pledged to secure the notes. 

“Obligations” means all present and future loans, advances, liabilities, obligations, covenants, duties, and debts from
time to time owing by any Grantor to any agent or trustee (including either Agent), the ABL Claimholders, the Note Claimholders or any of them or their respective Affiliates, arising from or in connection with the ABL Loan Documents, the Note
Documents or Bank Products, whether for principal, interest or payments for early 

  
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termination, whether or not evidenced by any note, or other instrument or document, whether arising from an extension of credit, opening of a letter of credit, acceptance, loan, guaranty,
indemnification or otherwise, whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, as principal or guarantor, and including all principal, interest, charges, compensation, expenses, fees, attorneys’
fees, filing fees and any other sums chargeable to the Grantors, including, without limitation, the “Obligations”, as defined in the ABL Credit Agreement, and the “Obligations”, as defined in the Indenture and under the Notes.

 “Permitted Refinancing” means any Refinancing the governing documentation of which constitutes Permitted
Refinancing Agreements. 
 “Permitted Refinancing Agreements” means, with respect to either the ABL Credit
Agreement or the Notes, as applicable, any credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has
been incurred to increase, replace (whether upon or after termination or otherwise), refinance or refund in whole or in part the Obligations outstanding under the ABL Credit Agreement or the Notes, whether or not such increase, replacement,
refinancing or refunding occurs (i) with the original parties thereto, (ii) on one or more separate occasions or (iii) simultaneously or not with the termination or repayment of the ABL Credit Agreement, the Notes or any other
agreement or instrument referred to in this clause, unless such agreement or instrument expressly provides that it is not intended to be and is not a Permitted Refinancing Agreement, as such financing documentation may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Person” means any natural person, corporation,
limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 

“Plan of Reorganization” means any plan of reorganization, plan of liquidation, agreement for composition, or other type
of plan of arrangement proposed in or in connection with any Insolvency or Liquidation Proceeding. 
 “Pledged
Collateral” has the meaning set forth in Section 5.4(a). 
 “Proceeds” means all
“proceeds” (as defined in Article 9 of the UCC), including any payment or property received on account of any claim secured by Collateral in any Insolvency or Liquidation Proceeding. 

“Records” means all present and future “records” (as defined in Article 9 of the UCC). 

“Recovery” has the meaning set forth in Section 6.6. 

“Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement,
restructure, replace, refund or repay, or to issue other indebtedness, in exchange or replacement for, such Indebtedness, in any case in whole or in part. “Refinanced” and “Refinancing” shall have correlative
meanings. 
 “Secured Parties” means the ABL Claimholders and the Note Claimholders. 

  
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 “Securities Accounts” means all present and future “securities
accounts” (as defined in Article 8 of the UCC), including all monies, “uncertificated securities,” and “securities entitlements” (as defined in Article 8 of the UCC) contained therein. 

“Security” means all present and future “Securities” (as defined in Article 9 of the UCC). 

“Security Entitlements” means all present and future “security entitlements” (as defined in Article 9 of
the UCC). 
 “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability
company, association, joint venture or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of
the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof. 

“Supporting Obligations” means all present and future “supporting obligations” (as defined in Article 9
of the UCC). 
 “Trademarks” has the meaning assigned to that term in the definition of the term
“Intellectual Property.” 
 “UCC” means the Uniform Commercial Code (or any similar equivalent
legislation) as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Agents’ security interest in
any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other that the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such
other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 
 “Use Period” means, with respect to the Notes Priority Collateral, the period, after the commencement of an Enforcement Period by the ABL Agent, which begins on the earlier of
(a) the day on which the ABL Agent provides the Notes Agent with an Enforcement Notice and (b) the fifth Business Day after the Notes Agent provides the ABL Agent with notice that the Notes Agent (or its agent) has obtained possession
or control of such Collateral and ends on the earliest of (i) the 270th day after the date (the “Initial Use Date”) on which the ABL Agent, or its designee, initially obtains the ability to take physical possession of,
remove, or otherwise control physical access to, or actually uses, such Notes Priority Collateral plus such number of days, if any, after the Initial Use Date that it is stayed or otherwise prohibited by law or court order from exercising
remedies with respect to such Notes Priority Collateral and (ii) the termination of such Enforcement Period. 

  
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 Section 1.2 Terms Generally. The definitions of terms in this Agreement shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise:

 (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as
referring to such agreement, instrument or other document as from time to time amended, restated, supplemented, modified, renewed or extended; 
 (b) any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns; 

(c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof; 
 (d) all
references herein to Sections or Articles shall be construed to refer to Sections or Articles of this Agreement; 
 (e) all uncapitalized terms have the meanings, if any, given to them in the UCC, as now or hereafter enacted in the State of New York (unless otherwise specifically defined herein); 

(f) the words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights; 
 (g) any reference herein to a Person in a particular capacity or capacities excludes such Person in any other capacity or individually; 

(h) any reference herein to any law shall be construed to refer to such law as amended, modified, codified, replaced, or
re-enacted, in whole or in part, and in effect on the pertinent date; and 
 (i) in the compilation of periods of
time hereunder from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to, but not through or including.” 

ARTICLE II 

LIEN PRIORITIES. 
 Section 2.1 Relative Priorities. Irrespective of the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Note Obligations granted on the Collateral
or of any Liens securing the ABL Obligations granted on the Collateral (including, in each case, irrespective of whether any such Lien is granted (or secures Obligations relating to the period) before or after the commencement of any Insolvency or
Liquidation Proceeding) and notwithstanding any provision of any UCC, or any other applicable law, or the ABL Loan 

  
 14 

 
Documents or the Note Documents, the ABL Agent, on behalf of the ABL Claimholders, and the Notes Agent, on behalf of the Note Claimholders, hereby agree that: 

(a) any Lien of the ABL Agent on the ABL Priority Collateral securing the ABL Obligations, whether such Lien is now or
hereafter held by or on behalf of the ABL Agent or any other ABL Claimholder or any other agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be
senior in all respects and prior to any Lien on the ABL Priority Collateral securing any Note Obligations; and 

(b) any Lien of the Notes Agent on the Notes Priority Collateral securing the Note Obligations, whether such Lien is now
or hereafter held by or on behalf of the Notes Agent, any other Note Claimholder or any other agent or trustee therefor, regardless of how or when acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be
senior in all respects to all Liens on the Notes Priority Collateral securing any ABL Obligations. 
 Section 2.2
Prohibition on Contesting Liens. Each of the Notes Agent, on behalf of each Note Claimholder, and the ABL Agent, on behalf of each ABL Claimholder, consents to the granting of Liens in favor of the other to secure the ABL Obligations and the
Note Obligations, as applicable, and agrees that no Claimholder will be entitled to, and it will not (and shall be deemed to have irrevocably, absolutely, and unconditionally waived any right to), contest (directly or indirectly) or support
(directly or indirectly) any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding): (a) the attachment, perfection, priority, validity or enforceability of any Lien in the Collateral held by or on
behalf of any of the ABL Claimholders to secure the payment of the ABL Obligations or any of the Note Claimholders to secure the payment of the Note Obligations, (b) the priority, validity or enforceability of the ABL Obligations or the Note
Obligations, including the allowability or priority of the Note Obligations or the ABL Obligations, as applicable, in any Insolvency or Liquidation Proceeding, or (c) the validity or enforceability of the provisions of this Agreement; provided
that nothing in this Agreement shall be construed to prevent or impair the rights of the ABL Agent, on behalf of the ABL Claimholders, or the Notes Agent, on behalf of the Note Claimholders, to enforce this Agreement, including the provisions of
this Agreement relating to the priority of the Liens securing the Obligations as provided in Sections 2.1, 3.1, 3.2 and 6.1. 
 Section 2.3 No New Liens. So long as neither the Discharge of ABL Obligations nor the Discharge of Note Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has
been commenced by or against the Issuer or any other Grantor, the parties hereto agree, subject to Article VI, that the Issuer shall not, and shall not permit any other Grantor to: 

(a) grant or permit any additional Liens on any asset or property to secure any Note Obligations unless it has granted or
concurrently grants a Lien on such asset or property to secure the ABL Obligations; or 

  
 15 

 (b) grant or permit any additional Liens on any asset or property to secure
any ABL Obligations unless it has granted or concurrently grants a Lien on such asset or property to secure the Note Obligations. 
 To the
extent any additional Liens are granted on any asset or property (except as contemplated by Section 2.4) pursuant to this Section 2.3, the priority of such additional Liens shall be determined in accordance with
Section 2.1. In addition, to the extent that the foregoing provisions are not complied with for any reason, without limiting any other rights or remedies available hereunder, the ABL Agent, on behalf of the ABL Claimholders, and the
Notes Agent, on behalf of Note Claimholders, agree that any amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2.

 Section 2.4 Similar Liens and Agreements. The parties hereto agree that it is their intention that the ABL
Collateral and the Note Collateral be identical except (a) the Note Collateral shall not include a Lien on securities of the Company Subsidiaries included in the ABL Collateral to the extent a Lien in favor of the Notes Agent thereon would
require the filing of financial statements with the Securities and Exchange Commission pursuant to Rule 3-16 of Regulation S-X under the Securities Act of 1933, as amended, and (b) as provided in Article VI and as otherwise provided
herein. In furtherance of the foregoing and of Section 8.8, the parties hereto agree, subject to the other provisions of this Agreement, upon request by the ABL Agent or the Notes Agent, to cooperate in good faith (and to direct their
counsel to cooperate in good faith) from time to time in order to determine the specific items included in the ABL Collateral and the Note Collateral and the steps taken to perfect their respective Liens thereon and the identity of the respective
parties obligated under the ABL Loan Documents and the Note Documents. 
 ARTICLE III 

EXERCISE OF REMEDIES; ENFORCEMENT. 
 Section 3.1 Restrictions on the Notes Agent and the Note Claimholders. 
 (a) Until the Discharge of ABL Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, subject to the limited extent provided in
Article VI, the Notes Agent and the other Note Claimholders: 
 (i) will not exercise or seek to exercise (but
instead shall be deemed to have hereby irrevocably, absolutely and unconditionally waived for the duration of the Note Standstill Period), any rights, powers, or remedies with respect to any ABL Priority Collateral (including (A) any right of
set-off or any right under any Account Agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which the Notes Agent or any Note Claimholder is a party, (B) any right to undertake self-help repossession or
non-judicial disposition of any ABL Priority Collateral (including any partial or complete strict foreclosure), and/or (C) any right to institute, prosecute, or otherwise maintain any action or proceeding with respect to such rights, powers or
remedies (including any action of foreclosure)) provided, however, that the Notes Agent may exercise any or all of such rights, powers, or remedies after a period of at least 

  
 16 

 
270 days has elapsed since the later of: (i) the date on which the Notes Agent declared the existence of a Note Default, accelerated (to the extent such amount was not already due and
owing) the payment of the principal amount of all Note Obligations, and demanded payment thereof and (ii) the date on which the ABL Agent received the Enforcement Notice from the Notes Agent; provided, further, however,
that neither the Notes Agent nor any other Note Claimholder shall exercise any rights or remedies with respect to the ABL Priority Collateral if, notwithstanding the expiration of such 270-day period, the ABL Agent or the other ABL Claimholders
(A) shall have commenced, whether before or after the expiration of such 270-day period, and be diligently pursuing the exercise of their rights, powers, or remedies with respect to all or any material portion of such Collateral (prompt written
notice of such exercise to be given to the Notes Agent), or (B) shall have been stayed by operation of law or any court order from pursuing any such exercise of remedies (the period during which the Notes Agent and the other Note Claimholders
may not pursuant to this Section 3.1(a)(i) exercise any rights, powers, or remedies with respect to the ABL Priority Collateral, the “Note Standstill Period”); 

(ii) will not, directly or indirectly, contest, protest or object to or hinder any judicial or non-judicial foreclosure
proceeding or action (including any partial or complete strict foreclosure) brought by the ABL Agent or any other ABL Claimholder relating to the ABL Priority Collateral or any other exercise by the ABL Agent or any other ABL Claimholder of any
rights, powers and remedies relating to the ABL Priority Collateral, including any sale, lease, exchange, transfer, or other disposition of the ABL Priority Collateral, whether under the ABL Loan Documents, applicable law, or otherwise; 

(iii) subject to their rights under clause (a)(i) above (and under clause (vi) of Section 3.1(c)),
will not object to the forbearance by the ABL Agent or the ABL Claimholders from bringing or pursuing any Enforcement with respect to the ABL Priority Collateral; 

(iv) except as may be permitted in Section 3.1(c), irrevocably, absolutely, and unconditionally waive any and
all rights the Notes Agent or the Note Claimholders may have as a junior lien creditor or otherwise to object (and seek or be awarded any relief of any nature whatsoever based on any such objection) to the manner in which the ABL Agent or the ABL
Claimholders (A) enforce or collect (or attempt to collect) the ABL Obligations or (B) realize or seek to realize upon or otherwise enforce the Liens in and to the ABL Priority Collateral securing the ABL Obligations, regardless of whether
any action or failure to act by or on behalf of the ABL Agent or ABL Claimholders is adverse to the interest of the Notes Agent or the Note Claimholders. Without limiting the generality of the foregoing, the Note Claimholders shall be deemed to have
hereby irrevocably, absolutely, and unconditionally waived any right to object (and seek or be awarded any relief of any nature whatsoever based on any such objection), at any time prior or subsequent to any disposition of any of the ABL Priority
Collateral, on the ground(s) that any such disposition of ABL Priority Collateral (x) would not be or was not “commercially reasonable” within the meaning of any applicable UCC and/or (y) would not or did not comply with any
other requirement under any applicable UCC or under any other applicable law governing the manner in which a secured creditor (including one with a Lien on real property) is to realize on its collateral; and 

  
 17 

 (v) subject to Section 3.1(a) and (c), acknowledge and
agree that no covenant, agreement or restriction contained in the Note Security Documents or any other Note Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the ABL Agent or the ABL Claimholders
with respect to the ABL Priority Collateral as set forth in this Agreement and the ABL Loan Documents; 
 provided, however, that,
in the case of (i), (ii) and (iii) above, the Liens granted to secure the Note Obligations of the Note Claimholders shall attach to any Proceeds resulting from actions taken by the ABL Agent or any ABL Claimholder with respect to the ABL
Priority Collateral in accordance with this Agreement after application of such Proceeds to the extent necessary to meet the requirements of a Discharge of ABL Obligations. 

(b) Until the Discharge of ABL Obligations, whether or not any Insolvency or Liquidation Proceeding has been commenced by
or against any Grantor, the ABL Agent and the other ABL Claimholders shall have the right to enforce rights, exercise remedies (including set-off and the right to credit bid their debt) and, in connection therewith (including voluntary Dispositions
of ABL Priority Collateral by the respective Grantors after an ABL Default) make determinations regarding the release, disposition, or restrictions with respect to the ABL Priority Collateral without any consultation with or the consent of the Notes
Agent or any Note Claimholder including, for the avoidance of doubt, any Grantor’s use of cash withdrawn from Deposit Accounts (including any blocked accounts or lockbox accounts) for purposes not otherwise prohibited by the ABL Loan Documents;
provided, however, that the Lien securing the Note Obligations shall remain on the Proceeds (other than those properly applied to the ABL Obligations in accordance with Section 4.1) of such Collateral released or disposed
of subject to the relative priorities described in Section 2.1. In exercising rights, powers, and remedies with respect to the ABL Priority Collateral, the ABL Agent and the ABL Claimholders may enforce the provisions of the ABL Loan
Documents and exercise rights, powers, and/or remedies thereunder and/or under applicable law or otherwise, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall
include the rights of an agent appointed by them to sell or otherwise dispose of the ABL Priority Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured
creditor under the UCC and of a secured creditor under the Bankruptcy Laws of any applicable jurisdiction. 
 (c)
Notwithstanding anything to the contrary contained herein, the Notes Agent and any Note Claimholder may: 
 (i)
file a claim or statement of interest with respect to the Note Obligations; provided that an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor; 

(ii) take any action (not adverse to the priority status of the Liens on the ABL Priority Collateral, or the rights of the
ABL Agent or any of the ABL Claimholders to exercise rights, powers, and/or remedies in respect thereof, including those under Article VI) in order to create, perfect, preserve or protect (but not enforce) its Lien on any of the ABL
Priority Collateral; 

  
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 (iii) file any necessary responsive or defensive pleadings in opposition to
any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of the Note Claimholders, including any claims secured by the ABL Priority Collateral, if any, in each case
in accordance with the terms of this Agreement; 
 (iv) subject to the limitations set forth in Article VI
herein, file any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law, in each
case not inconsistent with the terms of this Agreement or applicable law (including the Bankruptcy Laws of any applicable jurisdiction) and any pleadings, objections, motions or agreements which assert rights or interests available to secured
creditors solely with respect to the Notes Priority Collateral; 
 (v) vote on any Plan of Reorganization, file
any proof of claim, serve on a creditors committee, make other filings and make any arguments and motions (including in support of or opposition to, as applicable, the confirmation or approval of any Plan of Reorganization) that are, in each case,
in accordance with the terms of this Agreement. Without limiting the generality of the foregoing or of the other provisions of this Agreement, any vote to accept, and any other act to support the confirmation or approval of, any Non-Conforming Plan
of Reorganization shall be inconsistent with and accordingly, a violation of the terms of this Agreement, and the ABL Agent shall be entitled to have any such vote to accept a Non-Conforming Plan of Reorganization changed and any such support of any
Non-Conforming Plan of Reorganization withdrawn; 
 (vi) exercise any of the rights, powers and/or remedies with
respect to any of the ABL Priority Collateral after the termination of the Note Standstill Period to the extent permitted by Section 3.1(a)(i); and 
 (vii) take any action described in clauses (iii), (vi) and (viii) of the definition of “Enforcement.” 
 The Notes Agent, on behalf of the Note Claimholders, agrees that no Note Claimholder will take or receive any ABL Priority Collateral (including Proceeds) in connection with the exercise of any right or
remedy (including set-off) with respect to ABL Priority Collateral in its capacity as a creditor in violation of this Agreement. Without limiting the generality of the foregoing, unless and until the Discharge of ABL Obligations has occurred, except
as expressly provided in Sections 3.1(a)(i) and 6.7, the sole right of the Notes Agent and the Note Claimholders with respect to the ABL Priority Collateral is to hold a Lien on such Collateral pursuant to the Note Security
Documents for the period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, in accordance with Section 4.1. 

  
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 (d) Except as otherwise specifically set forth in
Sections 3.1(a), 3.4 and 3.5 and Article VI, the Notes Agent and the Note Claimholders may exercise rights and remedies as unsecured creditors against any Grantor and may exercise rights and remedies with
respect to the Notes Priority Collateral, in each case, in accordance with the terms of the Note Documents and applicable law; provided, however, that in the event that the Notes Agent or any Note Claimholder becomes a judgment Lien
creditor in respect of ABL Priority Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Note Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including
in relation to the ABL Obligations) as the other Liens securing the Note Obligations are subject to this Agreement. 
 (e) Nothing in this Agreement shall prohibit the receipt by the Notes Agent or any other Note Claimholders of the required payments of interest, principal and other amounts owed in respect of the Note
Obligations so long as such receipt is not the direct or indirect result of the exercise by the Notes Agent or any Note Claimholders of rights or remedies as a secured creditor (including set-off) with respect to ABL Priority Collateral or
enforcement in contravention of this Agreement of any Lien held by any of them. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the ABL Agent or the ABL Claimholders may have against the Grantors under the ABL
Loan Documents. 
 (f) Notwithstanding anything to the contrary set forth in this Agreement, the Notes Agent
shall not foreclose upon, or sell or grant the right to use, pursuant to the exercise of rights, powers or remedies or in connection with any Enforcement, any part of any General Intangibles which related to payments owing to any Grantor arising
from the sale of Inventory or As-Extracted Collateral under any contract, agreement or other general intangible (including all coal supply contracts) which had come into existence prior to such foreclosure or other Enforcement or which thereafter
come in to existing arising from Inventory or As-Extracted Collateral in existence prior to such foreclosure or other Enforcement. 
 Section 3.2 Restrictions on the ABL Agent and ABL Claimholders. 
 (a) Until the Discharge of Note Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, subject to the limited extent provided in
Article VI, the ABL Agent and the other ABL Claimholders: 
 (i) will not exercise or seek to
exercise (but instead shall be deemed to have hereby irrevocably, absolutely and unconditionally waived for the duration of the ABL Standstill Period) any rights, powers, or remedies with respect to any Notes Priority Collateral (including
(A) any right of set-off or any right under any Account Agreement (but only to the extent of any Notes Priority Collateral contained therein), landlord waiver or bailee’s letter or similar agreement or arrangement to which the ABL Agent or
any ABL Claimholder is a party, (B) any right to undertake self-help repossession or nonjudicial disposition of any Notes Priority Collateral (including any partial or complete strict foreclosure), or (C) any right to institute, prosecute
or otherwise maintain any action or proceeding with respect to such rights, powers, or remedies (including any action of foreclosure)); provided, however, that the ABL Agent may exercise any or all of such rights, powers, or remedies
after a period of at least 270 days has elapsed since the 

  
 20 

 
later of: (i) the date on which the ABL Agent declared the existence of an ABL Default, accelerated (to the extent such amount was not already due and owing) the payment of the principal
amount of all ABL Obligations, and demanded payment thereof and (ii) the date on which the Notes Agent received the Enforcement Notice from the ABL Agent; provided, further, however, that neither the ABL Agent nor the other
ABL Claimholders shall exercise any rights or remedies with respect to the Notes Priority Collateral if, notwithstanding the expiration of such 270-day period, the Notes Agent or the Note Claimholders (A) shall have commenced, whether before or
after the expiration of such 270-day period, and be diligently pursuing the exercise of their rights, powers or remedies with respect to all or any material portion of such Collateral (prompt written notice of such exercise to be given to the ABL
Agent) or (B) shall have been stayed by operation of law or by any court order from pursuing any such exercise of remedies (the period during which the ABL Agent and the other ABL Claimholders may not pursuant to this
Section 3.2(a)(i) exercise any rights, powers or remedies with respect to the Notes Priority Collateral, the “ABL Standstill Period”); provided, finally, however, that the ABL Agent, independent in
all respects of the preceding provisos, may (x) exercise the rights provided for in Section 3.3 (with respect to any Access Period) and Section 3.4 (with respect to any Access Period or Use Period) and (y) seek the
appointment of a receiver over any Grantor of the Collateral for the purpose of liquidating the ABL Priority Collateral; 
 (ii) will not, directly or indirectly, contest, protest or object to or hinder any judicial or non-judicial foreclosure proceeding or action (including any partial or complete strict foreclosure) brought
by the Notes Agent or any other Note Claimholder relating to the Notes Priority Collateral or any other exercise by the Notes Agent or any other Note Claimholder of any rights, powers and remedies relating to the Notes Priority Collateral, including
any sale, lease, exchange, transfer, or other disposition of the Notes Priority Collateral, whether under the Note Documents, applicable law, or otherwise subject to the Notes Agent’s and the other Note Claimholders’ obligations under
Sections 3.3 and 3.4; 
 (iii) subject to their rights under clause (a)(1) above (and under
clause (vi) of Section 3.2(c), will not object to the forbearance by the Notes Agent or the Note Claimholders from bringing or pursuing any Enforcement with respect to the Notes Priority Collateral; 

(iv) subject to Sections 3.2(c), 3.3, 3.4, and 3.5, irrevocably, absolutely and
unconditionally waive any and all rights the ABL Agent and ABL Claimholders may have as a junior lien creditor or otherwise to object (and seek or be awarded any relief of any nature whatsoever based on any such objection) to the manner in which the
Notes Agent or the Note Claimholders (a) enforce or collect (or attempt to collect) the Note Obligations or (b) realize or seek to realize upon or otherwise enforce the Liens in and to the Notes Priority Collateral securing the Note
Obligations, regardless of whether any action or failure to act by or on behalf of the Notes Agent or Note Claimholders is adverse to the interest of the ABL Claimholders. Without limiting the generality of the foregoing, the ABL Claimholders shall
be deemed to have hereby irrevocably, absolutely and unconditionally waived any right to object (and seek or be awarded any relief of any 

  
 21 

 
nature whatsoever based on any such objection), at any time prior to or subsequent to any disposition of any Notes Priority Collateral, on the ground(s) that any such disposition of Notes
Priority Collateral (a) would not be or was not “commercially reasonable” within the meaning of any applicable UCC and/or (b) would not or did not comply with any other requirement under any applicable UCC or under any other
applicable law governing the manner in which a secured creditor (including one with a Lien on real property) is to realize on its collateral; and 
 (v) subject to Sections 3.2(a) and (c) and Sections 3.3, 3.4, and 3.5, acknowledge and agree that no covenant, agreement or restriction contained in the
ABL Security Documents or any other ABL Loan Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the Notes Agent or the Note Claimholders with respect to the Notes Priority Collateral as set forth
in this Agreement and the Note Documents; 
 provided, however, that in the case of (i), (ii) and (iii) above, the Liens
granted to secure the ABL Obligations of the ABL Claimholders shall attach to any Proceeds resulting from actions taken by the Notes Agent or any Note Claimholder with respect to the Notes Priority Collateral in accordance with this Agreement after
application of such Proceeds to the extent necessary to meet the requirements of a Discharge of Note Obligations. 
 (b) Until the Discharge of Note Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the Notes Agent and the Note Claimholders
shall have the right to enforce rights, exercise remedies (including set-off and the right to credit bid their debt) and make, in connection therewith (including voluntary Dispositions of Notes Priority Collateral by the respective Grantors after a
Note Default), determinations regarding the release, disposition, or restrictions with respect to the Notes Priority Collateral without any consultation with or the consent of the ABL Agent or any ABL Claimholder subject to the Notes Agent’s
and the Note Claimholders’ obligations under Sections 3.3 and 3.4; provided, however, that the Lien securing the ABL Obligations shall remain on the Proceeds (other than those properly applied to the Note
Obligations in accordance with the Note Documents) of such Collateral released or disposed of subject to the relative priorities described in Section 2.1. In exercising rights and remedies with respect to the Notes Priority Collateral,
the Notes Agent and the Note Claimholders may enforce the provisions of the Note Documents and exercise rights, powers and/or remedies thereunder and/or under applicable law or otherwise, all in such order and in such manner as they may determine in
the exercise of their sole discretion subject to the Notes Agent’s and the Note Claimholders’ obligations under Sections 3.3 and 3.4. Such exercise and enforcement shall include the rights of an agent appointed by them
to sell or otherwise dispose of the Notes Priority Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC and of a secured creditor
under the Bankruptcy Laws of any applicable jurisdiction. 

  
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 (c) Notwithstanding anything to the contrary contained herein, the ABL Agent
and any ABL Claimholder may: 
 (i) file a claim or statement of interest with respect to the ABL Obligations;
provided that an Insolvency or Liquidation Proceeding has been commenced by or against any Grantor; 

(ii) take any action (not adverse to the priority status of the Liens on the Notes Priority Collateral, or the rights of
the Notes Agent or any of the Note Claimholders to exercise rights, powers and/or remedies in respect thereof, including those under Article VI) in order to create, perfect, preserve or protect (but, subject to the provisions of
Sections 3.3 and 3.4, not enforce) its Lien on any of the Notes Priority Collateral; 
 (iii)
file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of the ABL Claimholders, including
any claims secured by the Notes Priority Collateral, if any, in each case in accordance with the terms of this Agreement; 
 (iv) file any pleadings, objections, motions or agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either any Insolvency or Liquidation Proceeding
or applicable non-bankruptcy law, in each case not inconsistent with the terms of this Agreement or applicable law (including the Bankruptcy Laws of any applicable jurisdiction) and any pleadings, objections, motions or agreements which assert
rights or interests available to secured creditors solely with respect to the ABL Priority Collateral; 
 (v)
vote on any Plan of Reorganization, file any proof of claim, make other filings and make any arguments and motions (including in support of or opposition to, as applicable, the confirmation or approval of any Plan of Reorganization) that are, in
each case, in accordance with the terms of this Agreement. Without limiting the generality of the foregoing or of the other provisions of this Agreement, any vote to accept, and any other act to support the confirmation or approval of, any
Non-Conforming Plan of Reorganization shall be inconsistent with and, accordingly, a violation of the terms of this Agreement, and the Notes Agent shall be entitled to have any such vote to accept a Non-Conforming Plan of Reorganization changed and
any such support of any Non-Conforming Plan of Reorganization withdrawn; 
 (vi) exercise any of its rights,
powers, and/or remedies with respect to any of the Notes Priority Collateral to the extent permitted by Sections 3.2(a)(i), 3.3, and 3.4; and 

(vii) take any action described in clauses (i) through (viii) of the definition of “Enforcement.”

  
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 The ABL Agent, on behalf of the ABL Claimholders, agrees that no ABL Claimholder will take or receive any
Notes Priority Collateral (including Proceeds) in connection with the exercise of any right or remedy (including set-off) with respect to any Notes Priority Collateral in its capacity as a creditor in violation of this Agreement. Without limiting
the generality of the foregoing, unless and until the Discharge of Note Obligations has occurred, except as expressly provided in Sections 3.2(a)(i), 3.3, 3.4 and 3.5 and clause (vi) of this
Section 3.2(c), the sole right of the ABL Agent and the ABL Claimholders with respect to the Notes Priority Collateral is to hold a Lien on such Collateral pursuant to the ABL Security Documents for the period and to the extent granted
therein and to receive a share of the Proceeds thereof, if any, in accordance with Section 4.1. 

(d) Except as otherwise specifically set forth in Sections 3.2(a) and 3.5 and Article VI,
the ABL Agent and the ABL Claimholders may exercise rights and remedies as unsecured creditors against any Grantor and may exercise rights and remedies with respect to the ABL Priority Collateral, in each case, in accordance with the terms of the
ABL Loan Documents and applicable law; provided, however, that in the event that any the ABL Agent or ABL Claimholder becomes a judgment Lien creditor in respect of Notes Priority Collateral as a result of its enforcement of its rights
as an unsecured creditor with respect to the ABL Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Note Obligations) as the other Liens securing the ABL Obligations are
subject to this Agreement. 
 (e) Nothing in this Agreement shall prohibit the receipt by the ABL Agent or any
ABL Claimholders of the required payments of interest, principal and other amounts owed in respect of the ABL Obligations so long as such receipt is not the direct or indirect result of the exercise by the ABL Agent or any ABL Claimholders of rights
or remedies as a secured creditor (including set-off) with respect to Notes Priority Collateral or enforcement in contravention of this Agreement of any Lien held by any of them. Nothing in this Agreement impairs or otherwise adversely affects any
rights or remedies the Notes Agent or the Note Claimholders may have against the Grantors under the Note Documents. 

Section 3.3 Collateral Access Rights. 

(a) The ABL Agent and the Notes Agent agree not to commence Enforcement or Liquidation Sale until an Enforcement Notice
has been given to the other Agent; provided, however, that the ABL Agent shall not be required to provide the Notes Agent with an Enforcement Notice prior to (i) the exercise of any lockbox or cash dominion event or any set-off or other control
rights with respect to any Deposit Accounts of a Grantor or (ii) notifying and directing any account debtors of any Grantor to remit payments to the ABL Agent. Subject to the provisions of Sections 3.1 and 3.2, either Agent
may join in any judicial proceedings commenced by the other Agent to enforce Liens on the Collateral, provided that neither Agent, nor the other ABL Claimholders or the other Note Claimholders, as applicable, shall interfere with the
Enforcement actions of the other with respect to Collateral in which such party has the priority Lien in accordance with Section 2.1 and Section 2.2. 

  
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 (b) If the Notes Agent, or any agent or representative of the Notes Agent,
or any receiver, shall, after any Note Default, obtain possession or physical control of any of the Mortgaged Premises, the Notes Agent shall promptly notify the ABL Agent in writing of that fact, and the ABL Agent shall, within ten
(10) Business Days thereafter, notify the Notes Agent in writing as to whether the ABL Agent desires to exercise access rights under this Agreement. In addition, if the ABL Agent, or any agent or representative or the ABL Agent, or any
receiver, shall obtain possession or physical control of any of the Mortgaged Premises or any of the tangible Notes Priority Collateral located on any premises other than a Mortgaged Premises or control over any intangible Notes Priority Collateral,
following the delivery to the Notes Agent of an Enforcement Notice, then the ABL Agent shall promptly notify the Notes Agent in writing that the ABL Agent is exercising its access rights under this Agreement and its rights under
Section 3.4 under either circumstance. Upon delivery of such notice by the ABL Agent to the Notes Agent, the parties shall confer in good faith to coordinate with respect to the ABL Agent’s exercise of such access rights. Consistent
with the definition of “Access Period,” access rights will apply to differing parcels of Mortgaged Premises at differing times, in which case, a differing Access Period will apply to each such property. 

(c) During any pertinent Access Period, the ABL Agent and the Issuer and its Subsidiaries, with the consent of the ABL
Agent in connection with a Liquidation Sale, and their agents, representatives and designees shall have an irrevocable, non-exclusive right to have access to, and a rent-free right to use, the Notes Priority Collateral for the purpose of
(i) arranging for and effecting the sale or disposition of ABL Priority Collateral located on such parcel, including the production, completion, packaging, shipping and other preparation of such ABL Priority Collateral for sale or disposition,
(ii) selling (by public auction, private sale, Liquidation Sale or similar sale, whether in bulk, in lots or to customers in the ordinary course of business or otherwise and which sale may include augmented Inventory of the same type sold in
any Grantor’s business), (iii) storing or otherwise dealing with the ABL Priority Collateral, in each case without notice to, the involvement of or interference by the Notes Agent or any Note Claimholder or liability to the Notes Agent or
any Note Claimholder. During any such Access Period, the ABL Agent and its representatives (and persons employed on their behalf), may continue to operate, service, maintain, process and sell the ABL Priority Collateral, as well as to engage in bulk
sales of ABL Priority Collateral. The ABL Agent shall take proper and reasonable care under the circumstances of any Notes Priority Collateral that is used by the ABL Agent during the Access Period and repair and replace any damage (ordinary
wear-and-tear excepted) caused by the ABL Agent or its agents, representatives or designees and the ABL Agent shall comply with all applicable laws in all material respects in connection with its use or occupancy of the Notes Priority Collateral.
The ABL Agent and the ABL Claimholders shall reimburse the Notes Agent and the Note Claimholders for any injury or damage to Persons or property (ordinary wear-and-tear excepted) caused by the acts or omissions of Persons under its control;
provided, however, that the ABL Agent and the ABL Claimholders will not be liable for any diminution in the value of the Mortgaged Premises caused by the absence of the ABL Priority Collateral therefrom. In no event shall the ABL
Claimholders or the ABL Agent have any liability to the Note Claimholders and/or to the Notes Agent hereunder as a result of any condition (including any environmental condition, claim or liability) on or with respect to the Notes Priority
Collateral existing prior to the date of the exercise by the ABL Agent) of its rights under this Agreement. The ABL Agent and the Notes Agent shall cooperate and use reasonable efforts to ensure that their activities during the Access Period as
described above do not interfere materially with the activities of the other as described above, including the right of Notes Agent to show the Notes Priority Collateral to prospective purchasers and to ready the Notes Priority Collateral for sale.

  
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 (d) Consistent with the definition of the term “Access Period,” if
any order or injunction is issued or stay is granted or is otherwise effective by operation of law that prohibits the ABL Agent from exercising any of its rights hereunder, then the Access Period granted to the ABL Agent under this
Section 3.3 shall be stayed during the period of such prohibition and shall continue thereafter for the number of days remaining in the applicable Access Period or Use Period, as the case may be. The Notes Agent shall not foreclose
or otherwise sell or dispose of any of the Notes Priority Collateral during the Access Period or Use Period, as applicable, unless the buyer agrees in writing to acquire the Notes Priority Collateral subject to the terms of Section 3.3
and Section 3.4 of this Agreement and agrees therein to comply with the terms of this Section 3.3. The rights of ABL Agent and the ABL Claimholders under this Section 3.3 and Section 3.4 during the
Access Period or Use Period shall continue notwithstanding such foreclosure, sale or other disposition by the Notes Agent. 
 (e) The ABL Agent and the ABL Claimholders shall have the right to bring an action to enforce their rights under this Section 3.3 and Section 3.4, including, without limitation, an
action seeking possession of the applicable Collateral and/or specific performance of this Section 3.3 and Section 3.4. 
 Section 3.4 Notes Priority Collateral Rights/Access to Information. For the purposes of enabling the ABL Agent to exercise rights and remedies under this Agreement during the Enforcement
Period, the Notes Agent and each Grantor hereby grants (to the full extent of their respective rights and interests) the ABL Agent and its agents, representatives and designees an irrevocable, non-exclusive, royalty-free, rent-free license and lease
(which will be binding on any successor or assignee of any Notes Priority Collateral) to use all of the Notes Priority Collateral to collect all Accounts included in ABL Priority Collateral, to copy, use, or preserve any and all information relating
to any of the ABL Priority Collateral, and to complete the manufacture, packaging, advertising for sale and sale of (i) work-in-process, (ii) raw materials and (iii) complete inventory; provided, however, the
royalty-free, rent-free license and lease with respect to the applicable Notes Priority Collateral, shall immediately expire upon the end of (1) the Access Period applicable to such Notes Priority Collateral located on any Mortgaged Premises
and (2) the applicable Use Period with respect to any Notes Priority Collateral not located on any Mortgaged Premises; provided, further, that such expiration shall be without prejudice to the sale or other disposition of the ABL Priority
Collateral in accordance with applicable law. 
 Section 3.5 Set-Off and Tracing of and Priorities in Proceeds. The
Notes Agent, on behalf of the Note Claimholders, acknowledges and agrees that, to the extent the Notes Agent or any Note Claimholder exercises its rights of set-off against any ABL Priority Collateral, the amount of such set-off shall be held and
distributed pursuant to Section 4.1. The ABL Agent, on behalf of the ABL Claimholders, acknowledges and agrees that, to the extent the ABL Agent or any ABL Claimholder exercises its rights of set-off against any Notes Priority
Collateral, the amount of such set-off shall be held and distributed pursuant to Section 4.1. The ABL Agent, for itself and on behalf of the ABL Claimholders, and the Notes Agent, for itself and on behalf of the Note Claimholders,
further agree that prior to an issuance of an Enforcement 

  
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Notice or the commencement of any Insolvency or Liquidation Proceeding, any Proceeds of Collateral, whether or not deposited under Account Agreements, which are used by any Grantor to acquire
other property which is Collateral shall not (solely as between the Agents, the ABL Claimholders and the Note Claimholders) be treated as Proceeds of Collateral for purposes of determining the relative priorities in the Collateral which was so
acquired. 
 ARTICLE IV 
 PAYMENTS. 
 Section 4.1 Application of Proceeds. 

(a) So long as the Discharge of ABL Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding
has been commenced by or against any Grantor, all ABL Priority Collateral or Proceeds thereof received in connection with the sale or other disposition of, or collection on, such ABL Priority Collateral as a result of the exercise of remedies or
other Enforcement or Liquidation Sale by either Agent or any ABL Claimholders or Note Claimholders, shall be delivered to the ABL Agent and shall be applied or further distributed by the ABL Agent to or on account of the ABL Obligations in such
order, if any, as specified in the relevant ABL Loan Documents or as a court of competent jurisdiction may otherwise direct. Upon the Discharge of ABL Obligations, the ABL Agent shall deliver to the Notes Agent any Collateral and Proceeds of
Collateral received or delivered to it pursuant to the preceding sentence, in the same form as received, with any necessary endorsements, to be applied by the Notes Agent to the Note Obligations in such order as specified in the Note Security
Documents or as a court of competent jurisdiction may otherwise direct. 
 (b) So long as the Discharge of Note
Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, all Notes Priority Collateral or Proceeds thereof received in connection with the sale or other disposition of, or
collection on, such Notes Priority Collateral as a result of the exercise of remedies or other Enforcement by either Agent or any Note Claimholders or ABL Claimholders, shall be delivered to the Notes Agent and shall be applied by the Notes Agent to
the Note Obligations in such order as specified in the relevant Note Documents or as a court of competent jurisdiction may otherwise direct. Upon the Discharge of Note Obligations, the Notes Agent shall deliver to the ABL Agent any Collateral and
Proceeds of Collateral received or delivered to it pursuant to the preceding sentence, in the same form as received, with any necessary endorsements to be applied by the ABL Agent to the ABL Obligations in such order as specified in the ABL Security
Documents or as a court of competent jurisdiction may otherwise direct. 
 Section 4.2 Payments Over in Violation of
Agreement. So long as neither the Discharge of ABL Obligations nor the Discharge of Note Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, any Collateral (including
assets or Proceeds subject to Liens referred to in the final sentence of Section 2.3) received by either Agent or any Note Claimholders or ABL Claimholders in connection with the exercise of any right, power, or remedy (including set-off)
relating to the Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to the appropriate Agent for the benefit of the Note Claimholders or the ABL Claimholders, as applicable, in the same form as
received, with any necessary endorsements or 

  
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as a court of competent jurisdiction may otherwise direct. Each Agent is hereby authorized by the other Agent to make any such endorsements as agent for the other Agent or any Note Claimholders
or ABL Claimholders, as applicable. This authorization is coupled with an interest and is irrevocable until the Discharge of ABL Obligations and Discharge of Note Obligations. 
 Section 4.3 Application of Payments. Subject to the other terms of this Agreement, all payments received by (a) the ABL Agent or the ABL Claimholders may be applied, reversed and
reapplied, in whole or in part, to the ABL Obligations to the extent provided for in the ABL Loan Documents and (b) the Notes Agent or the Note Claimholders may be applied, reversed and reapplied, in whole or in part, to the Note Obligations to
the extent provided for in the Note Documents. 
 Section 4.4 Revolving Nature of ABL Obligations. The Notes Agent,
on behalf of the Note Claimholders, acknowledges and agrees that the ABL Credit Agreement includes a revolving commitment and that the amount of the ABL Obligations that may be outstanding at any time or from time to time may be increased or reduced
and subsequently reborrowed. 
 ARTICLE V 
 OTHER AGREEMENTS. 
 Section 5.1 Releases. 

(a) (i) If, in connection with (A) any exercise of remedies or Enforcement (including as provided for in
Section 3.1(b) or Section 6.3(a)) or any Liquidation Sale, or (B) any sale, transfer or other disposition of all or any portion of the ABL Priority Collateral, so long as such sale, transfer or other disposition is then
not prohibited by the ABL Documents (or consented to by the requisite ABL Lenders) or by the Note Documents (or consented to by the requisite Noteholders), irrespective of whether an ABL Default has occurred and is continuing, the ABL Agent, on
behalf of any of the ABL Claimholders, releases any of its Liens on any part of the ABL Priority Collateral, then the Liens, if any, of the Notes Agent, for the benefit of the Note Claimholders, on the Collateral sold or disposed of in connection
therewith, shall be automatically, unconditionally and simultaneously released; provided that, to the extent the Proceeds of such ABL Priority Collateral are not applied to reduce ABL Obligations, the Notes Agent shall retain a Lien on such
Proceeds in accordance with the terms of this Agreement. The Notes Agent, on behalf of the Note Claimholders, promptly shall execute and deliver to the ABL Agent or such Grantor such termination statements, releases and other documents as the ABL
Agent or such Grantor may request in writing to effectively confirm such release. 
 (ii) If, in connection with
(A) any exercise of remedies or Enforcement (including as provided for in Sections 3.2(b) or Section 6.3(b)), or (B) any sale, transfer or other disposition of all or any portion of the Notes Priority Collateral
(other than in connection with a refinancing as described in Section 5.5), so long as such sale, transfer or other disposition is then not prohibited by the Note Documents (or consented to by the requisite Noteholders) or by the ABL Documents
(or consented to by the requisite ABL Lenders), irrespective of whether a Note Default has occurred and is continuing, the Notes Agent, on behalf of any of the Note Claimholders, releases any of its Liens on any

  
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part of the Notes Priority Collateral, then the Liens, if any, of the ABL Agent, for the benefit of the ABL Claimholders, on the Collateral sold or disposed of in connection therewith, shall be
automatically, unconditionally and simultaneously released; provided that the provisions of Section 3.3 and 3.4 shall continue, to the extent such Sections are applicable at the time of such sale, transfer or other
disposition; provided, further that, to the extent the Proceeds of such Notes Priority Collateral are not applied to reduce Note Obligations, the ABL Agent shall retain a Lien on such Proceeds in accordance with the terms of this Agreement. The ABL
Agent, on behalf of the ABL Claimholders, promptly shall execute and deliver to the Notes Agent or such Grantor such termination statements, releases and other documents as the Notes Agent or such Grantor may request to effectively confirm such
release. 
 (b) Until the Discharge of ABL Obligations and Discharge of Note Obligations shall occur, the ABL
Agent, on behalf of the ABL Claimholders, and the Notes Agent, on behalf of the Note Claimholders, as applicable, hereby irrevocably constitutes and appoints the other Agent and any officer or agent of the other Agent, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the other Agent or such holder or in the Agent’s own name, from time to time in such Agent’s discretion exercised in
good faith, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the purposes of this
Section 5.1, including any endorsements or other instruments of transfer or release. 
 (c) Until the
Discharge of ABL Obligations and Discharge of Note Obligations shall occur, to the extent that the Agents or the ABL Claimholders or the Note Claimholders (i) have released any Lien on Collateral and such Lien is later reinstated or
(ii) obtain any new Liens from any Grantor, then, in accordance with Section 2.3, the Grantors shall grant a Lien on any such Collateral, subject to the Lien priority provisions of this Agreement, to the other Agent, for the benefit
of the ABL Claimholders or Note Claimholders, as applicable. 
 Section 5.2 Insurance. 

(a) Unless and until the Discharge of ABL Obligations and subject to the terms of, and the rights of the Grantors under,
the ABL Loan Documents, the ABL Agent, on behalf of the ABL Claimholders, shall have the sole and exclusive right to adjust settlement for any insurance policy covering the ABL Priority Collateral in the event of any loss thereunder and to approve
any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting such Collateral. Until the Discharge of ABL Obligations has occurred, (i) all Proceeds of any such policy and any such award (or any
payments with respect to a deed in lieu of condemnation) if in respect of the ABL Priority Collateral and to the extent required by the ABL Loan Documents shall be paid to the ABL Agent for the benefit of the ABL Claimholders pursuant to the terms
of the ABL Loan Documents (including, without limitation, for purposes of cash collateralization of letters of credit) and thereafter, if the Discharge of ABL Obligations has occurred, and subject to the rights of the Grantors under the Note
Security Documents, to the Notes Agent for the benefit of the Note Claimholders to the extent required under the Note Security Documents and then, to the extent no Note Obligations are outstanding,

  
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to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct, and (ii) if the Notes Agent or any Note
Claimholders shall, at any time, receive any Proceeds of any such insurance policy or any such award or payment with respect to ABL Priority Collateral in contravention of this Agreement, it shall segregate and hold in trust and forthwith pay such
Proceeds over to the ABL Agent in accordance with the terms of Section 4.2. 
 (b) Unless and until
the Discharge of Note Obligations has occurred, subject to the terms of, and the rights of the Grantors under, the Note Documents, (i) the Notes Agent, on behalf of the Note Claimholders, shall have the sole and exclusive right to adjust
settlement for any insurance policy covering the Notes Priority Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting such
Collateral; (ii) all Proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect of the Notes Priority Collateral and to the extent required by the Note Documents shall be paid
to the Notes Agent for the benefit of the Note Claimholders pursuant to the terms of the Note Documents and thereafter, if the Discharge of Note Obligations has occurred, and subject to the rights of the Grantors under the ABL Loan Documents, to the
ABL Agent for the benefit of the ABL Claimholders to the extent required under the ABL Security Documents and then, to the extent no ABL Obligations are outstanding, to the owner of the subject property, such other Person as may be entitled thereto
or as a court of competent jurisdiction may otherwise direct, and (iii) if the ABL Agent or any ABL Claimholders shall, at any time, receive any Proceeds of any such insurance policy or any such award or payment with respect to Notes Priority
Collateral in contravention of this Agreement, it shall segregate and hold in trust and forthwith pay such Proceeds over to the Notes Agent in accordance with the terms of Section 4.2. 

(c) To effectuate the foregoing, and to the extent that the pertinent insurance company agrees to issue such endorsements,
the Agents shall each receive separate lender’s loss payable endorsements naming themselves as loss payee and additional insured, as their interests may appear, with respect to any policies which insure Collateral hereunder. 

Section 5.3 Amendments to ABL Loan Documents and Note Documents; Refinancing. 

(a) The ABL Loan Documents and Note Documents may be amended, supplemented or otherwise modified in accordance with their
terms, all without affecting the Lien priority or other provisions of this Agreement, including, without limitation, (i) establishing additional reserves, releasing reserves, determining eligibility, reducing/modifying advance rates or making
overadvances and (ii) increasing the amount of the reserves so that the amount of borrowing availability may be reduced, and/or releasing or eliminating such additional reserves to restore or increase the amount of borrowing availability that
previously existed. The ABL Obligations may be Refinanced without notice to, or the consent of, the Notes Agent or the Note Claimholders and without affecting the Lien priority or other provisions of this Agreement, and the Note Obligations may be
Refinanced without notice to, or consent of, the ABL Agent or the ABL Claimholders and without affecting the Lien priority and other provisions of this Agreement so long as such Refinancing is on terms and conditions that would not violate the Note
Documents or the ABL Loan Documents, each as in effect on the date hereof (or, if less 

  
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restrictive to the Issuer, as in effect on the date of such amendment or Refinancing); provided, however, that, in each case, the lenders or holders of such Refinancing debt bind
themselves in a writing addressed to the Notes Agent and the Note Claimholders or the ABL Agent and the ABL Claimholders, as applicable, to the terms of this Agreement; provided further, however, that, if such Refinancing debt is
secured by a Lien on any Collateral the holders of such Refinancing debt shall be deemed bound by the terms hereof regardless of whether or not such writing is provided. For the avoidance of doubt, the sale or other transfer of Indebtedness is not
restricted by this Agreement but the provisions of this Agreement shall be binding on all holders of ABL Obligations and Note Obligations. 
 (b) The ABL Agent and the Notes Agent shall each use good faith efforts to notify the other party of any written amendment or modification to the ABL Documents and Note Documents, but the failure to do so
shall not create a cause of action against the party failing to give such notice or create any claim or right on behalf of any third party. 
 (c) [Intentionally Omitted]. 
 (d) [Intentionally Omitted].

 (e) So long as the Discharge of ABL Obligations has not occurred, the Notes Agent agrees that each applicable
Note Security Document that grants a Lien on any material Collateral shall include the following language (or similar language acceptable to the ABL Agent): “Notwithstanding anything herein to the contrary, the liens and security interests
granted to Wells Fargo Bank, National Association, as Trustee, pursuant to this Agreement and the exercise of any right or remedy by Wells Fargo Bank, National Association, as Trustee hereunder, are subject to the provisions of the Intercreditor
Agreement dated as of December 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among PNC Bank, National Association , as the ABL Agent, Wells Fargo Bank,
National Association, as Trustee and as Notes Agent and the Grantors (as defined in the Intercreditor Agreement) from time to time party thereto. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this
Agreement, the terms of the Intercreditor Agreement shall govern and control.” 
 (f) So long as the
Discharge of Note Obligations has not occurred, the ABL Agent agrees that each applicable ABL Security Document executed on or after the date hereof that grants a Lien on any material Collateral shall include the following language (or similar
language acceptable to the Notes Agent): “Notwithstanding anything herein to the contrary, the liens and security interests granted to the Agent pursuant to this Agreement and the exercise of any right or remedy by the Agent hereunder, are
subject to the provisions of the Intercreditor Agreement dated as of December 21, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among the Administrative Agent,
as ABL Agent, Wells Fargo Bank, National Association, as Trustee and as Notes Agent and the Grantors (as defined in the Intercreditor Agreement) from time to time party thereto. In the event of any conflict between the terms of the Intercreditor
Agreement and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern and control.” 

  
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 Section 5.4 Bailees for Perfection. 

(a) Each Agent agrees to hold that part of the Collateral that is in its possession or control (or in the possession or
control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon (such Collateral, which shall include, without limitation, Deposit Accounts, Securities Accounts and Capital Stock, being the
“Pledged Collateral”) as (i) in the case of the ABL Agent, the collateral agent for the ABL Claimholders under the ABL Loan Documents or, in the case of the Notes Agent, the collateral agent for the Note Claimholders under the
Note Documents and (ii) gratuitous bailee for the benefit of the other Agent (such bailment being intended, among other things, to satisfy the requirements of Sections 8-301(a)(2) and 9-313(c) of the UCC) and any assignee solely for the
purpose of perfecting the security interest granted under the ABL Loan Documents and the Note Documents, respectively, subject to the terms and conditions of this Section 5.4. The Notes Agent and the Note Claimholders hereby appoint the
ABL Agent as their agent for the purposes of perfecting their security interest in all Deposit Accounts and Securities Accounts of the Issuer and the Company Subsidiaries. The ABL Agent hereby accepts such appointment and acknowledges and agrees
that it shall act for the benefit of the Notes Agent and the other Note Claimholders under each Account Agreement and that any Proceeds received by the ABL Agent under any Account Agreement shall be applied in accordance with Article IV.
In furtherance of the foregoing, each Grantor hereby grants (x) a security interest in the Pledged Collateral to the Notes Agent for the benefit of the ABL Claimholders and (y) a security interest in the Pledged Collateral (other than
securities of the Company Subsidiaries to the extent such security interest would require the filing of financial statements with the Securities and Exchange Commission pursuant to Rule 3-16 of Regulation S-X under the Securities Act of 1933, as
amended) to the ABL Agent for the benefit of the Note Claimholders. 
 (b) Neither Agent shall have any
obligation whatsoever to the other Agent, to any other ABL Claimholder, or to any other Note Claimholder to ensure that the Pledged Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person except as
expressly set forth in this Section 5.4. The duties or responsibilities of the respective Agents under this Section 5.4 shall be limited solely to holding the Pledged Collateral as bailee in accordance with this
Section 5.4 and delivering the Pledged Collateral or Proceeds thereof upon a Discharge of ABL Obligations or Discharge of Note Obligations, as applicable, as provided in paragraph (d) below. 

(c) Neither Agent acting pursuant to this Section 5.4 shall have by reason of the ABL Loan Documents, the Note
Documents, this Agreement or any other document a fiduciary relationship in respect of the other Agent, any other ABL Claimholder or any other Note Claimholder. Neither the ABL Collateral Agent nor any holder of any ABL Obligations will have any
duties or other obligations to any holder of Note Obligations with respect to the ABL Priority Collateral, other than to transfer to the Notes Agent any Proceeds of any such ABL Priority Collateral after any sale, transfer or other disposition of
such ABL Priority Collateral (in each case, unless the Noteholders’ Lien on all such ABL Priority Collateral is terminated and released prior to or concurrently with such sale, transfer, disposition, payment or satisfaction in accordance with
this Agreement), the Discharge of the ABL Obligations, or, if the ABL Collateral Agent is in possession of all or any part of such ABL Priority Collateral after such discharge, such ABL Priority Collateral or any part thereof remaining, in each case
without representation or warranty on the part of, or recourse to, the ABL Collateral Agent or any holder of ABL Obligations as provided in Section 5.4(d) below. 

  
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 (d) Upon the Discharge of ABL Obligations or the Discharge of Note
Obligations, as applicable, the Agent under the ABL Credit Agreement or Note Agreement, as applicable, that has been discharged shall deliver the remaining Pledged Collateral (if any) together with any necessary endorsements, first, to the
other Agent to the extent the other Obligations remain outstanding, and second, to the applicable Grantor to the extent the Discharge of ABL Obligations and the Discharge of Note Obligations have occurred (in each case, so as to allow such
Person to obtain possession or control of such Pledged Collateral) or as otherwise required by law. Each Agent further agrees to take all other action reasonably requested by the other Agent in connection with the other Agent obtaining a
first-priority interest in the Collateral or as a court of competent jurisdiction may otherwise direct. Notwithstanding anything to the contrary contained in this Agreement, any obligation of the Agent, which has been discharged, to make any
delivery to the other Agent under this Section 5.4(d) is subject to (i) the order of any court of competent jurisdiction, or (ii) any automatic stay imposed in connection with any Insolvency or Liquidation Proceeding.

 (e) Subject to the terms of this Agreement, (i) so long as the Discharge of ABL Obligations has not
occurred, the ABL Agent shall be entitled to deal with the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement and other ABL Loan Documents, but only to the extent that such Collateral
constitutes ABL Priority Collateral (including, for the avoidance of doubt, the Company’s use of cash and monies held in Deposit Accounts, including, without limitation, blocked accounts or lockbox accounts, for purposes not otherwise
prohibited by the ABL Loan Documents), as if the Liens of the Notes Agent on behalf of the Note Claimholders did not exist, and (ii) so long as the Discharge of Note Obligations has not occurred, the Notes Agent shall be entitled to deal with
the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement and other Note Documents, but only to the extent that such Collateral constitutes Notes Priority Collateral, as if the Liens of the
ABL Agent on behalf of the ABL Claimholders did not exist. 
 Section 5.5. When Discharge of ABL Obligations and
Discharge of Notes Obligations to Not have Occurred. If at any time after the Discharge of ABL Obligations or a Discharge of Notes Obligations, the Company shall enter into any Permitted Refinancing of any ABL Obligation or Notes Obligation, as
applicable, then such Discharge of ABL Obligations or Discharge of Notes Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken as a result of the occurrence of
such first Discharge of ABL Obligations or the Discharge of Note Obligations in order to effectuate such discharge among (i) the agent(s) and other claimholders under the facility to be discharged, (ii) the agents and other claimholders
under the new facility, and (iii) the Company and the Company Subsidiaries), and from and after date on which the New Debt Notice is delivered to the appropriate Agent in accordance with the next sentence, the obligations under such Permitted
Refinancing shall automatically be treated as ABL Obligations or Notes Obligations for all purposes under this Agreement, as applicable, including for all purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the
ABL Agent or the Notes Agent, as applicable, under such new ABL Loan Documents or Notes Documents, as applicable, shall be the ABL Agent or the Notes Agent, as applicable, for all purposes of this Agreement. Upon receipt of a notice (the
“New Debt Notice”) stating that the Company has entered into new ABL Loan Documents or new Notes Documents (which notice shall include a complete copy of the relevant new documents and provide the identity of the new documents and

  
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agreements (including amendments or supplements to this Agreement) as the Company or such New Agent shall reasonably request in order to provide to the New Agent the rights contemplated hereby,
in each case consistent in all material respects with the then terms of this Agreement and (b) deliver to the New Agent any Pledged Collateral held by it together with any necessary endorsements (or otherwise allow the New Agent to obtained
control of such Pledged Collateral). In accordance with Section 5.3(a), the New Agent shall agree in a writing addressed to the other Agent and the ABL Claimholders or the Notes Claimholders, as applicable, to be bound by the terms of this
Agreement. 
 ARTICLE VI 
 INSOLVENCY OR LIQUIDATION PROCEEDINGS. 
 Section 6.1 Enforceability
and Continuing Priority. This Agreement shall be applicable both before and after the commencement of any Insolvency or Liquidation Proceeding and all converted or succeeding cases in respect thereof. The relative rights of Claimholders in or to
any distributions from or in respect of any Collateral or proceeds of Collateral, shall continue after the commencement of any Insolvency or Liquidation Proceeding. Accordingly, the provisions of this Agreement are intended to be and shall be
enforceable as a subordination agreement within the meaning of Section 510 of the Bankruptcy Code. 
 Section 6.2
Financing. If any Grantor shall be subject to any Insolvency or Liquidation Proceeding and the ABL Agent consents to the use of cash collateral (as such term is defined in Section 363(a) of the Bankruptcy Code; herein, “Cash
Collateral”), which is ABL Priority Collateral or to permit or provide any Grantor to obtain financing under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law or any other person with the consent of the ABL Agent (such
financing, a “DIP Financing”), then the Notes Agent agrees that it will (i) consent to such Cash Collateral use, (ii) raise no objection to such DIP Financing (including objecting on the basis that the Notes Agent or Note
Claimholder lack adequate protection), (iii) will not seek adequate protection in connection with such DIP Financing and (iv) will subordinate its Liens in the ABL Priority Collateral to the Liens securing such DIP Financing; provided that
(a) with respect to any DIP Financing extended by the ABL Lenders, the principal amount of any such DIP Financing plus the outstanding principal amount of other ABL Obligations does not exceed the $60.0 million (the “ABL Cap”)
(provided any such objection shall be limited to such provision), (b) any such Cash Collateral use or DIP Financing does not compel any Grantor to seek confirmation of a specific Plan of Reorganization for which all or substantially all of the
material terms are set forth in the Cash Collateral order or DIP Financing documentation (provided that any such objection shall be limited to such provision), (c) any Cash Collateral order or DIP Financing documentation does not expressly
require any liquidation of the Notes Priority Collateral prior to a default under the Cash Collateral order or DIP Financing documentation (provided any such objection shall be limited to such provision), and (d) any such DIP Financing is
otherwise subject to the terms of this Agreement. The Notes Agent agrees that neither it nor any Note Claimholder shall, directly or indirectly, provide, offer to provide, or support any DIP Financing secured by a Lien senior to or pari passu with
the Liens securing the ABL Obligations on the ABL Priority Collateral. If, in connection with any Cash Collateral use or DIP Financing, any Liens on the ABL Priority Collateral held by ABL Claimholders are subject to a surcharge or are subordinated
to an administrative priority claim, a professional fee “carve out,” or fees owed to the Trustee, then the Liens on the ABL Priority Collateral of Note Claimholders shall also be subordinated to such interest or claim and shall remain
subordinated to the Liens on the ABL Priority Collateral of ABL Claimholders consistent with this Agreement. 

  
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 Section 6.3 Sales. 

(a) The Notes Agent agrees that it will consent, and will not object or oppose a motion (including a motion for sale
procedures) to Dispose of any ABL Priority Collateral free and clear of the Liens or other claims in favor of the Notes Agent under Section 363 of the Bankruptcy Code if the requisite ABL Claimholders under the ABL Credit Agreement have
consented to such Disposition of such assets, the ABL Agent agrees not to object to the rights of the Note Claimholders under Section 363(k) of the Bankruptcy Code (so long as the right of the Note Claimholders to offset their claim against the
purchase price allocable to ABL Collateral is only after the ABL Priority Obligations have been paid in full in cash). 
 (b) The ABL Agent agrees that it will consent, and will not object or oppose a motion (including a motion for sale procedures) to Dispose of any Notes Priority Collateral free and clear of the Liens or
other claims in favor of Notes Agent under Section 363 of the Bankruptcy Code if the requisite Note Claimholders under the Note Documents have consented to such Disposition of such assets, the Notes Agent agrees not to object to the rights of
ABL Claimholders under Section 363(k) of the Bankruptcy Code (so long as the right of the ABL Claimholders to offset their claim against the purchase price is only after the Note Obligations have been paid in full in cash). 

Section 6.4 Relief from the Automatic Stay. 

(a) Until the Discharge of ABL Obligations, the Notes Agent agrees not to (a) seek (or support any other person
seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the ABL Priority Collateral, without the prior written consent of ABL Agent, unless and to the extent the ABL Agent obtains relief
from the automatic stay in respect of ABL Priority Collateral, or (b) oppose any request by the ABL Agent or any ABL Claimholder to seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of
the ABL Priority Collateral. 
 (b) Until the Discharge of Note Obligations, the ABL Agent agrees not to
(a) seek (or support any other person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Notes Priority Collateral, without the prior written consent of the Notes Agent,
unless and to the extent the Notes Agent obtains relief from the automatic stay in respect of Notes Priority Collateral, or (b) oppose any request by the Notes Agent or any Note Claimholder to seek relief from the automatic stay or any other
stay in any Insolvency or Liquidation Proceeding in respect of the Notes Priority Collateral. 

  
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 Section 6.5 Adequate Protection. 

(a) In any Insolvency or Liquidation Proceeding involving a Grantor: 

(i) the Notes Agent agrees that no Note Claimholder will, except as expressly described herein, seek adequate protection
on account of its Lien on the ABL Priority Collateral other than in the form of junior priority Liens; and 

(ii) the ABL Agent agrees that no ABL Claimholder will, except as expressly described herein, seek adequate protection on
account of its Lien on the Notes Priority Collateral other than in the form of junior priority Liens. 
 (b) In
any Insolvency or Liquidation Proceeding involving a Grantor: 
 (i) if any one or more ABL Claimholders are
granted adequate protection in the form of a replacement Lien (on existing or future assets of Grantors), then the ABL Agent agrees that the Notes Agent shall also be entitled to seek, without objection from ABL Claimholders, adequate protection in
the form of a replacement Lien (on such existing or future assets of Grantors), which replacement Lien, if obtained, shall (x) if such assets consist of ABL Priority Collateral, be subordinate to the Liens on such ABL Priority Collateral
securing the ABL Obligations (including those under a DIP Financing) on the same basis as other Liens on ABL Priority Collateral securing Note Obligations are subordinate to Liens on ABL Priority Collateral securing ABL Obligations under this
Agreement and (y) if such assets consist of Notes Priority Collateral, be senior to the Liens on such Notes Priority Collateral securing the ABL Obligations on the same basis as other Liens on Notes Priority Collateral securing the Note
Obligations are senior to the Liens on Notes Priority Collateral securing ABL Priority Obligations under this Agreement; 
 (ii) if any one or more Note Claimholders are granted adequate protection in the form of a replacement Lien (on existing or future assets of Grantors), then the Notes Agent agrees that the ABL Agent shall
also be entitled to seek, without objection from the Note Claimholders, adequate protection in the form of a replacement Lien (on such existing or future assets of Grantors), which replacement Lien, if obtained, will (x) if such assets consist
of Notes Priority Collateral, be subordinate to Liens on such Notes Priority Collateral securing Note Obligations on the same basis as other Liens on Notes Priority Collateral securing ABL Obligations are subordinate to Liens on Notes Priority
Collateral securing the Note Obligations under this Agreement and (y) if such assets consist of ABL Priority Collateral, be senior to the Liens on such ABL Priority Collateral securing the Note Obligations on the same basis as the other Liens
on ABL Priority Collateral securing ABL Obligations are senior to Liens on ABL Priority Collateral securing Note Obligations under this Agreement; 
 (iii) if and to the extent additional or replacement Liens are insufficient to provide adequate protection of the interests of the Note Claimholders in the ABL Priority Collateral, then the Note
Claimholders may assert a claim under Section 507(b) of the U.S. Bankruptcy Code in the amount of any such insufficiency; provided, however, that, any such claim under Section 507(b) shall be subordinate in right of payment of any claim
under Section 507(b) of the ABL Claimholders, if the Discharge of ABL Priority Obligations does not occur upon the effective date of the plan of reorganization for, or conclusion of, the Insolvency or Liquidation Proceeding, then the Note
Claimholders 

  
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agree that any such claim they hold under Section 507(b) arising from any lack of adequate protection of their interests in ABL Priority Collateral may be satisfied under a Plan of
Reorganization in any combination of payment or property having a value as of the effective date of such plan equal to the allowed amount of such claim under Section 507(b) arising from any lack of adequate protection of their interests in ABL
Priority Collateral; 
 (iv) if and to the extent such additional or replacement Liens are insufficient to
provide adequate protection of the interests of the ABL Claimholders in the Notes Priority Collateral, then the ABL Claimholders may assert a claim under Section 507(b) of the U.S. Bankruptcy Code in the amount of any such insufficiency;
provided, however, that, any such claim under Section 507(b) shall be subordinate in right of payment of any claim under Section 507(b) of Note Claimholders arising from any lack of adequate protection of their interests in Notes Priority
Collateral and, if the Discharge of Note Obligations does not occur upon the effective date of the Plan of Reorganization for, or conclusion of, the Insolvency or Liquidation Proceeding, then the ABL Claimholders agree that any such claim they hold
under Section 507(b) may be satisfied under a plan of reorganization in any combination of payment or property having a value as of the effective date of such plan equal to the allowed amount of such claim under Section 507(b) arising from
any lack of adequate protection of their interests in Notes Priority Collateral; 
 (v) if any one or more ABL
Claimholders are granted adequate protection in the form of an expense of administration claim in connection with any DIP Financing or use of Cash Collateral with respect to their interest in the ABL Priority Collateral, then the ABL Agent agrees
that the Notes Agent shall also be entitled to seek, without objection from the ABL Claimholders, adequate protection in the form of an expense of administration claim, which administration claim, if obtained, shall be subordinate in right of
payment to such administration claim of the ABL Claimholders; and 
 (vi) if any one or more Note Claimholders
are granted adequate protection in the form of an expense of administration claim in connection with any DIP Financing or use of Cash Collateral with respect to their interest in the Notes Priority Collateral, then the Notes Agent agrees that ABL
Agent shall also be entitled to seek, without objection from Note Claimholders, adequate protection in the form of an expense of administration claim, which administration claim, if obtained, shall be senior in right of payment to such
administration claim of the Note Claimholders. 
 (c) Neither the Notes Agent nor any other Note Claimholder
shall object to, oppose, or challenge any claim by the ABL Agent or any ABL Claimholder for allowance in any Insolvency or Liquidation Proceeding of ABL Obligations consisting of post-petition interest, fees, or expenses. 

(d) Neither the ABL Agent nor any other ABL Claimholder shall object to, oppose, or challenge any claim by the Notes Agent
or any Note Claimholder for allowance in any Insolvency or Liquidation Proceeding of Note Obligations consisting of post-petition interest, fees, or expenses. 

  
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 Section 6.6 Avoidance Issues. If any ABL Claimholder or Note Claimholder is
required in any Insolvency or Liquidation Proceeding or otherwise to turn over, disgorge or otherwise pay to the estate of any Grantor any amount paid in respect of ABL Obligations or Note Obligations, respectively (a “Recovery”), then
such ABL Claimholders or Note Claimholders shall be entitled to a reinstatement of ABL Obligations or Note Obligations, as the case may be, with respect to all such recovered amounts, and all rights, interests, priorities and privileges recognized
in this Agreement shall apply with respect to any such Recovery. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish,
release, discharge, impair, or otherwise affect the obligations of the parties hereto from such date of reinstatement. 

Section 6.7 Plan of Reorganization. 
 (a) If, in any Insolvency or Liquidation Proceeding involving a Grantor, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed pursuant to
a plan of reorganization or similar dispositive restructuring plan, both on account of ABL Obligations and on account of Note Obligations, then, to the extent the debt obligations distributed on account of the ABL Obligations and on account of the
Note Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations.

 (b) Neither the ABL Claimholders nor the Note Claimholders shall not vote to accept, propose or support any
plan of reorganization (including without limitation the right to vote to accept or reject any plan of partial or complete liquidation, reorganization, arrangement, composition or extension) that is in contravention of the Lien priorities and other
rights expressly set forth in other provisions of this Agreement. 
 Section 6.7 Separate Grants of Security and
Separate Classification. The Notes Agent, on behalf of the Note Claimholders, and the ABL Agent on behalf of the ABL Claimholders, acknowledge and intend that: the grants of Liens pursuant to the ABL Security Documents and the Note Security
Documents constitute two separate and distinct grants of Liens, and because of, among other things, their differing rights in the Collateral, the Note Obligations are fundamentally different from the ABL Obligations and must be separately classified
in any Plan of Reorganization proposed or confirmed (or approved) in an Insolvency or Liquidation Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the ABL
Claimholders and the Note Claimholders in respect of the Collateral constitute claims in the same class (rather than separate classes of senior and junior secured claims), then the ABL Claimholders and the Note Claimholders hereby acknowledge and
agree that all distributions shall be made as if there were separate classes of ABL Obligations and Note Obligations against the Grantors (with the effect being that, to the extent that the aggregate value of the ABL Priority Collateral or Notes
Priority Collateral is sufficient (for this purpose ignoring all claims held by the other Secured Parties for whom such Collateral is non-priority in accordance with Section 2.1 and Section 2.2), the ABL

  
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Claimholders or the Note Claimholders, respectively, shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all
amounts owing in respect of post-petition interest, fees or expenses that is available from each pool of priority Collateral for each of the ABL Claimholders and the Note Claimholders, respectively, before any distribution is made in respect of the
claims held by the other Secured Parties for whom such Collateral is non-priority, with such other Secured Parties hereby acknowledging and agreeing to turn over to the respective other Secured Parties amounts otherwise received or receivable by
them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries. 
 Section 6.8 Reorganization Securities. Subject to the ability of the ABL Claimholders and the Note Claimholders, as applicable, to support or oppose confirmation or approval of any Conforming
Plan of Reorganization or to oppose confirmation or approval of any Non-Conforming Plan of Reorganization, as provided herein, if, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any
property of the reorganized debtor are distributed pursuant to a Plan of Reorganization, both on account of ABL Obligations and on account of Note Obligations, then, to the extent the debt obligations distributed on account of the ABL Obligations
and on account of the Note Obligations are secured by Liens on the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the debt obligations
so distributed, to the Liens securing such debt obligations and the distribution of Proceeds thereof. 
 ARTICLE VII

 RELIANCE; WAIVERS; ETC. 
 Section 7.1 Reliance. Other than any reliance on the terms of this Agreement, the ABL Agent, on behalf of the ABL Claimholders, acknowledges that it and the other ABL Claimholders have,
independently and without reliance on the Notes Agent or any Note Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into ABL Loan Documents and be bound by the terms
of this Agreement, and they will continue to make their own credit decision in taking or not taking any action under the ABL Loan Documents or this Agreement. The Notes Agent, on behalf of the Note Claimholders, acknowledges that it and the other
Note Claimholders have, independently and without reliance on the ABL Agent or any other ABL Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into each of the other
Note Documents and be bound by the terms of this Agreement, and they will continue to make their own credit decision in taking or not taking any action under the Note Documents or this Agreement. 

Section 7.2 No Warranties or Liability. The ABL Agent, on behalf of the ABL Claimholders, acknowledges and agrees that each
of the Notes Agent and the Note Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the other Note Documents,
the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided in this Agreement, the Notes Agent and the Note Claimholders will be entitled to manage and supervise their respective loans and
extensions of 

  
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credit under the Note Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Notes Agent, on behalf the Note Claimholders, acknowledges and
agrees that the ABL Agent and the other ABL Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the other ABL
Loan Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided herein, the ABL Agent and the other ABL Claimholders will be entitled to manage and supervise their respective loans and
extensions of credit under their respective ABL Loan Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, including, without limitation, matters relating to cash, cash management, reserves, blocked
accounts, lockbox accounts and management of the borrowing base. The Notes Agent and the Note Claimholders shall have no duty to the ABL Agent or any of the ABL Claimholders, and the ABL Agent and the other ABL Claimholders shall have no duty to the
Notes Agent or any of the other Note Claimholders, to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of an event of default or default under any agreements with any Grantor (including the ABL Loan
Documents and the Note Documents), regardless of any knowledge thereof which they may have or be charged with. 

Section 7.3 No Waiver of Lien Priorities. 

(a) No right of the Agents, the other ABL Claimholders or the other Note Claimholders to enforce any provision of this
Agreement or any ABL Loan Document or Note Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or failure to act by such Agents, ABL Claimholders or Note Claimholders
or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the ABL Loan Documents or any of the Note Documents, regardless of any knowledge thereof which the Agents or the ABL Claimholders or Note
Claimholders, or any of them, may have or be otherwise charged with. 
 (b) Without in any way limiting the
generality of the foregoing paragraph (but subject to the rights of the Grantors under the ABL Loan Documents and Note Documents and subject to the provisions of Sections 5.3(a), the Agents, the other ABL Claimholders and the other Note
Claimholders may, at any time and from time to time in accordance with the ABL Loan Documents and Note Documents and/or applicable law, without the consent of, or notice to, the other Agent or the ABL Claimholder or the Note Claimholders (as
applicable), without incurring any liabilities to such Persons and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy is affected, impaired or
extinguished thereby) do any one or more of the following: 
 (i) change the manner, place or terms of payment or
change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the Obligations or any Lien or guaranty thereof or any liability of any Grantor, or any liability incurred directly or indirectly in respect
thereof (including any increase in or extension of the Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by
the Agents or any rights or remedies under any of the ABL Loan Documents or the Note Documents; 

  
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 (ii) sell, exchange, release (subject to the terms of this Agreement),
surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Collateral (except to the extent provided in this Agreement) or any liability of any Grantor or any liability incurred directly or indirectly in
respect thereof; 
 (iii) settle or compromise any Obligation or any other liability of any Grantor or any
security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability in any manner or order that is not inconsistent with the terms of this Agreement; and

 (iv) exercise or delay in or refrain from exercising any right or remedy against any security or any Grantor
or any other Person, elect any remedy and otherwise deal freely with any Grantor. 
 Section 7.4 Obligations
Unconditional. All rights, interests, agreements and obligations of the ABL Claimholders and the Note Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any ABL Loan Documents or any Note Documents; 

(b) except, in each case, as otherwise expressly set forth in this Agreement, any change in the time, manner or place of
payment of, or in any other terms of, all or any of the ABL Obligations or Note Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of
any ABL Loan Document or any Note Document; 
 (c) except as otherwise expressly set forth in this Agreement, any
exchange, release, voiding, avoidance or non-perfection of any security interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the
ABL Obligations or Note Obligations or any guaranty thereof; 
 (d) the commencement of any Insolvency or
Liquidation Proceeding in respect of any Grantor; or 
 (e) any other circumstances which otherwise might
constitute a defense available to, or a discharge of, any Grantor in respect of the ABL Agent, the ABL Obligations, any ABL Claimholder, the Notes Agent, the Note Obligations or any Note Claimholder in respect of this Agreement. 

ARTICLE VIII 
 MISCELLANEOUS. 
 Section 8.1 Conflicts. In the event of any
conflict between the provisions of this Agreement and the provisions of any ABL Loan Document or any Note Document, the provisions of this Agreement shall govern and control. 

  
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 Section 8.2 Effectiveness; Continuing Nature of this Agreement; Severability.
This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement of Lien subordination (as opposed to an agreement of debt or claim subordination), and the ABL Claimholders and Note Claimholders
may continue, at any time and without notice to the other Agent, to extend credit and other financial accommodations and lend monies to or for the benefit of any Grantor in reliance hereon. Each of the Agents, on behalf the ABL Claimholders or the
Note Claimholders, as applicable, hereby irrevocably, absolutely, and unconditionally waives any right any Claimholder may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement
shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Consistent with, but not in limitation of, the preceding sentence, each of the Agents, on behalf of the ABL Claimholders and the Note
Claimholders, as applicable, irrevocably acknowledges that this Agreement constitutes a “subordination agreement” within the meaning of both New York law and Section 510(a) of the Bankruptcy Code. Any provision of this Agreement that
is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. All references to any Grantor shall include such Grantor as debtor and debtor-in-possession and any receiver or trustee for any Grantor (as applicable) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be
of no further force and effect: 
 (a) with respect to the ABL Agent, the ABL Claimholders and the ABL
Obligations, the date of the Discharge of ABL Obligations, subject to the rights of the ABL Claimholders under Section 6.6; and 
 (b) with respect to the Notes Agent, the Note Claimholders and the Note Obligations, the date of the Discharge of Note Obligations, subject to the rights of the Note Claimholders under
Section 6.6. 
 Section 8.3 Amendments; Waivers. No amendment, modification or waiver of any of the
provisions of this Agreement by the Notes Agent or the ABL Agent shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with
respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, no
Grantor shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent its rights are directly affected. 

Section 8.4 Information Concerning Financial Condition of the Issuer and Its Subsidiaries. The ABL Agent and the ABL
Claimholders, on the one hand, and the Notes Agent and the Note Claimholders, on the other hand, shall each be responsible for keeping themselves informed of (a) the financial condition of the Issuer and the Company Subsidiaries and all
endorsers and/or guarantors and other Grantors of the ABL Obligations or the Note Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the ABL Obligations or the Note Obligations. Neither the ABL Claimholders, on
the one hand, nor the Note Claimholders, on the other hand, shall have any duty to advise the other of information known to 

  
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it or them regarding such condition or any such circumstances or otherwise. In the event that either the ABL Agent or any of the other ABL Claimholders, on the one hand, or the Notes Agent or any
of the other Note Claimholders, on the other hand, undertakes at any time or from time to time to provide any such information to any of the others, it or they shall be under no obligation, (i) to make, and shall not make, any express or
implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (ii) to provide any additional information or to provide any such information on any
subsequent occasion, (iii) to undertake any investigation, or (iv) to disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to
maintain confidential. 
 Section 8.5 Subrogation. 

(a) With respect to the value of any payments or distributions in cash, property or other assets that any of the Note
Claimholders actually pays over to the ABL Agent or the ABL Claimholders under the terms of this Agreement, the Note Claimholders shall be subrogated to the rights of the ABL Claimholders; provided, however, that the Notes Agent, on
behalf of the Note Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of ABL Obligations has occurred. The Grantors acknowledge and agree that,
to the extent permitted by applicable law, the value of any payments or distributions in cash, property or other assets received by the Note Claimholders that are paid over to the ABL Claimholders pursuant to this Agreement shall not reduce any of
the Note Obligations. Notwithstanding the foregoing provisions of this Section 8.5(a), none of the Note Claimholders shall have any claim against any of the ABL Claimholders for any impairment of any subrogation rights herein granted to
the Note Claimholders. 
 (b) With respect to the value of any payments or distributions in cash, property or
other assets that any of the ABL Claimholders actually pays over to the Note Claimholders under the terms of this Agreement, the ABL Claimholders shall be subrogated to the rights of the Note Claimholders; provided, however, that the
ABL Agent, on behalf of the ABL Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Note Obligations has occurred. The Grantors acknowledge
and agree that, to the extent permitted by applicable law, the value of any payments or distributions in cash, property or other assets received by the ABL Claimholders that are paid over to the Note Claimholders pursuant to this Agreement shall not
reduce any of the ABL Obligations. Notwithstanding the foregoing provisions of this Section 8.5(b), none of the ABL Claimholders shall have any claim against any of the Note Claimholders for any impairment of any subrogation rights
herein granted to the ABL Claimholders. 
 Section 8.6 SUBMISSION TO JURISDICTION; WAIVERS. 

(a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PERSON ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR
FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS 

  
 43 

 
AGREEMENT, EACH PARTY, FOR ITSELF AND ON BEHALF OF THE NOTE CLAIMHOLDERS (IN THE CASE OF THE NOTES AGENT) AND THE ABL CLAIMHOLDERS (IN THE CASE OF THE ABL AGENT), IRREVOCABLY: 

(1) AGREES THAT THE ONLY NECESSARY PARTIES TO ANY AND ALL JUDICIAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT SHALL BE THE PARTIES HERETO, EXCEPT WHERE IN ANY SUCH JUDICIAL PROCEEDING RELIEF (INCLUDING INJUNCTIVE RELIEF OR THE RECOVERY OF MONEY) IS BEING SOUGHT DIRECTLY AGAINST OR FROM A PERSON THAT IS NOT A PARTY AND EXCEPT THAT, IN ANY SUCH
JUDICIAL PROCEEDINGS BETWEEN THE NOTES AGENT AND THE ABL AGENT THAT DOES NOT SEEK ANY RELIEF AGAINST OR FROM THE ISSUER OR ANY OF THE COMPANY SUBSIDIARIES, THE ISSUER AND THE COMPANY SUBSIDIARIES SHALL NOT BE NECESSARY PARTIES. WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, AND CONSISTENT WITH THE PROVISIONS OF SECTIONS 8.14 AND 8.17, NONE OF THE ABL CLAIMHOLDERS (OTHER THAN THE ABL AGENT) OR THE NOTE CLAIMHOLDERS (OTHER THAN THE NOTES AGENT) SHALL BE NECESSARY OR OTHERWISE
APPROPRIATE PARTIES TO ANY SUCH JUDICIAL PROCEEDINGS, UNLESS IN SUCH JUDICIAL PROCEEDING SUMS ARE BEING SOUGHT TO BE RECOVERED DIRECTLY FROM SUCH PERSONS, INCLUDING PURSUANT TO SECTION 4.2. 

(2) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; 

(3) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; 

(4) 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 THE APPLICABLE PERSON (AND IN THE CASE OF A PARTY, AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.7); AND 
 (5) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (3) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PERSON IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. 
 (b) WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY OF THE ABL LOAN DOCUMENTS OR ANY OF THE NOTE DOCUMENTS. EACH OF THE PARTIES HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS 

  
 44 

 
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, THE ABL LOAN DOCUMENTS AND THE NOTE DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.6. 

Section 8.7 Notices. All notices permitted or required under this Agreement need be sent only to the Notes Agent and the ABL
Agent, as applicable, in order to be effective and otherwise binding on any applicable Claimholder. If any notice is sent for whatever reason to the other Note Claimholders or the ABL Claimholders, such notice shall also be sent to the applicable
Agent. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served, telexed or sent by telefacsimile or United States mail or courier service and shall be deemed to have been given when
delivered in person or by overnight courier service and signed for against receipt thereof, upon receipt of telefacsimile or telex during normal business hours, or three Business Days after depositing it in the United States certified mails (return
receipt requested) with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each party, at such other
address as may be designated by such party in a written notice to all of the other parties. 
 Section 8.8 Further
Assurances. The ABL Agent, on behalf of the ABL Claimholders, and the Notes Agent, on behalf of the Note Claimholders, and the Grantors, agree that each of them shall take such further action and shall execute and deliver such additional
documents and instruments (in recordable form, if requested) as the ABL Agent or the Notes Agent may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement. 

Section 8.9 APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
 Section 8.10 Specific Performance. Each of the ABL Agent and the Notes Agent may
demand specific performance of this Agreement. The ABL Agent, on behalf of itself and the ABL Claimholders, and the Notes Agent, on behalf of itself and the Note Claimholders, hereby irrevocably waive any defense based on the adequacy of a remedy at
law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the ABL Agent or the other ABL Claimholders or the Notes Agent or the other Note Claimholders, as applicable. Without
limiting the generality of the foregoing or of the other provisions of this Agreement, in seeking specific performance in any Insolvency or Liquidation Proceeding, an Agent may seek such relief as if it were the “holder” of the claims of
the other Agent’s Claimholders under Section 1126(a) of the Bankruptcy Code or otherwise had been granted an irrevocable power of attorney by the other Agent’s Claimholders. 

Section 8.11 Headings. Section 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. 

  
 45 

 Section 8.12 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such separate counterparts shall together constitute but one and the same instrument. In proving this Agreement in any judicial proceedings, it shall not be necessary to produce
or account for more than one such counterpart signed by the party against whom such enforcement is sought. Any signatures delivered by a party by facsimile transmission or by e-mail transmission shall be deemed an original signature hereto.

 Section 8.13 Authorization. By its signature, each party hereto represents and warrants to the other parties
hereto that the individual signing this Agreement on its behalf is duly authorized to execute this Agreement. The Notes Agent hereby represents that, pursuant to the terms and the requirements of the Indenture, it is authorized to, and by its
signature hereon does, bind the other Note Claimholders to the terms of this Agreement as provided in the Indenture. The ABL Agent hereby represents that it is authorized to, and by its signature hereon does, bind the other ABL Claimholders to the
terms of this Agreement. 
 Section 8.14 No Third Party Beneficiaries. This Agreement and the rights and benefits
hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of (and shall be binding upon) each of the Agents, the other ABL Claimholders and the other Note Claimholders
and their respective successors and assigns. Without limiting the generality of the foregoing, each of the Indenture, and the other Note Documents, and ABL Credit Agreement and the ABL Loan Documents shall expressly refer to this Agreement and
acknowledge that its provisions shall be binding on the Notes Agent, and the other Note Claimholders (and their respective successors and assigns) and on the ABL Agent and the other ABL Claimholders (and their respective successors and assigns), as
applicable, and, in any event, this Agreement shall be binding on the Agents, the other ABL Claimholders, and the other Note Claimholders and their respective successors and assigns as if its provisions were set forth in their entirety in the ABL
Credit Agreement and the Indenture. 
 Section 8.15 Provisions Solely to Define Relative Rights. The provisions of
this Agreement are and are intended solely for the purpose of defining the relative rights of the ABL Claimholders on the one hand and the Note Claimholders on the other hand. No Grantor or any other creditor thereof shall have any rights hereunder,
and no Grantor may rely on the terms hereof. Nothing in this Agreement is intended to or shall impair as between the Grantors and the ABL Agent and the other ABL Claimholders, or as between the Grantors and the Notes Agent and the other Note
Claimholders, the obligations of any Grantor, which are absolute and unconditional, to pay principal, interest, fees and other amounts as provided in the other ABL Loan Documents and the other Note Documents, respectively, including as and when the
same shall become due and payable in accordance with their terms. 
 Section 8.16 Marshalling of Assets. The Notes
Agent, on behalf of the Note Claimholders, hereby irrevocably, absolutely, and unconditionally waives any and all rights or powers any Note Claimholder may have at any time under applicable law or otherwise to have the ABL Priority Collateral, or
any part thereof, marshaled upon any foreclosure or other enforcement of the ABL Agent’s Liens. The ABL Agent, on behalf of the ABL Claimholders, hereby waives irrevocably, absolutely, and unconditionally any and all rights any ABL Claimholder
may have at any time under applicable law or otherwise to have the Notes Priority Collateral, or any part thereof, marshaled upon any foreclosure or other enforcement of the Notes Agent’s Liens. 

  
 46 

 Section 8.17 Exclusive Means of Exercising Rights under this Agreement. The Note
Claimholders shall be deemed to have irrevocably appointed the Notes Agent, and the ABL Claimholders shall be deemed to have irrevocably appointed the ABL Agent, as their respective and exclusive agents hereunder. Consistent with such appointment,
the Note Claimholders and the ABL Claimholders further shall be deemed to have agreed that only their respective Agent (and not any individual Claimholder or group of Claimholders) shall have the exclusive right to exercise any rights, powers,
and/or remedies under or in connection with this Agreement (including bringing any action to interpret or otherwise enforce the provisions of this Agreement) or the Collateral; provided, that (i) ABL Claimholders holding obligations in
respect to Bank Products or Obligations in respect of Hedging Agreements may exercise customary netting rights with respect thereto, (ii) cash collateral may be held pursuant to the terms of the ABL Loan Documents (including any relating to
Bank Products or Hedging Agreements) and any such individual ABL Claimholder may act against such Collateral, and (iii) ABL Claimholders may exercise customary rights of setoff against depository or other accounts maintained with them.
Specifically, but without limiting the generality of the foregoing, each Noteholder or group of Noteholders, and each ABL Lender or group of ABL Lenders, shall not be entitled to take or file, but instead shall be precluded from taking or filing
(whether in any Insolvency or Liquidation Proceeding or otherwise), any action, judicial or otherwise, to enforce any right or power or pursue any remedy under this Agreement (including any declaratory judgment or other action to interpret or
otherwise enforce the provisions of this Agreement) or otherwise in relation to the Collateral, except solely as provided in the proviso in the preceding sentence. 
 Section 8.18 Interpretation. This Agreement is a product of negotiations among representatives of, and has been reviewed by counsel to, the Notes Agent, the ABL Agent, the Issuer, and the
Company Subsidiaries and is the product of those Persons on behalf of themselves and the Note Claimholders (in the case of the Notes Agent) and the ABL Claimholders (in the case of the ABL Claimholders). Accordingly, this Agreement’s provisions
shall not be construed against, or in favor of, any party or other Person merely by virtue of that party or other Person’s involvement, or lack of involvement, in the preparation of this Agreement and of any of its specific provisions.

 Section 8.19 Capacity of Notes Agent. Wells Fargo Bank, National Association is entering into this Agreement
solely in its capacity as Trustee and Collateral Agent under the Indenture and the rights, powers, privileges and protections afforded to the Trustee and Collateral Agent under the Indenture shall also apply Wells Fargo Bank, National Association as
the Notes Agent hereunder. The Note Claimholders have expressly authorized and instructed the Notes Agent to execute and deliver this Agreement. 
 Section 8.20 Termination. This Agreement shall terminate and be of no further force and effect upon the Discharge of the ABL Obligations or upon the Discharge of the Note Obligations, subject
to the rights of the ABL Lenders and the Noteholders, as applicable, under Section 6.6. 

  
 47 

 [Signature Pages Follow] 

  
 48 

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

			
	ABL Agent:
	
	PNC BANK, National Association, as ABL Agent
		
	By:	 	/s/ Richard C. Munsick
		 	Name: Richard C. Munsick
		 	Title:   Senior Vice President
	
	Notice Address:
	
	 249 Fifth Avenue, 3rd Floor

Pittsburgh, PA 1522-2707
 Attn: Richard C.
Munsick

 INTERCREDITOR AGREEMENT 

 
			
	Notes Agent:
	
	 WELLS FARGO BANK, National Association,
 not in its individual capacity, but solely in its
 capacity as Trustee and Collateral Agent under
the
 Indenture and Collateral Agent under the Note
 Documents, as Notes Agent

		
	By:	 	/s/ Gregory S. Clarke
		 	Name: Gregory S. Clarke
		 	Title:   Vice President
	
	Notice Address:
	
	 Wells Fargo Bank, National Association
 230 West Monroe Street, Suite 2900
 Chicago, IL 60606

Attn: Corporate Trust Services, Mr. Clarke

 INTERCREDITOR AGREEMENT 

			
	Acknowledged and Agreed to by:
	
	Issuer:
	
	ARMSTRONG ENERGY, INC.
		
	By: 	 	/s/ Martin D. Wilson
		 	Name: Martin D. Wilson
		 	Title:   President

 Notice Address: 
 [Armstrong Energy, Inc.] 
 [7733 Forsyth Blvd.] 

[Suite 1625] 
 [St. Louis, MO 63105] 

Attn: [J. Richard Gist] 

INTERCREDITOR AGREEMENT 

			
	Company Subsidiaries:
	
	ARMSTRONG AIR LLC
		
	By: 	 	/s/ Martin D. Wilson
		 	Name:
		 	Title:   Manager
	
	ARMSTRONG COAL COMPANY, INC.
		
	By: 	 	/s/ Martin D. Wilson
		 	Name:
		 	Title:   President
	
	ARMSTRONG ENERGY HOLDINGS, INC.
		
	By: 	 	/s/ Martin D. Wilson
		 	Name:
		 	Title:   President
	
	WESTERN DIAMOND LLC
		
	By: 	 	/s/ Martin D. Wilson
		 	Name:
		 	Title:   Manager
	
	WESTERN LAND COMPANY LLC
		
	By: 	 	/s/ Martin D. Wilson
		 	Name:
		 	Title:   Manager

 INTERCREDITOR AGREEMENTEX-4.10

 Exhibit 4.10 
 EXECUTION VERSION 
 SECURITY AGREEMENT 

THIS SECURITY AGREEMENT, dated as of December 21, 2012 (as amended, restated, supplemented or modified from time to time, the
“Agreement”), is entered into by and among EACH OF THE PERSONS LISTED ON THE SIGNATURE PAGES HERETO AS A GRANTOR AND EACH OF THE OTHER PERSONS WHICH BECOME GRANTORS HEREUNDER FROM TIME TO TIME (each a
“Grantor” and collectively, the “Grantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Collateral Agent for itself and the other Holders under the Indenture described
below (together with its successors and assigns in such capacity, the “Collateral Agent”); 
 WITNESSETH THAT:

 WHEREAS, the Grantors are (or will be with respect to after-acquired property) the legal and beneficial owner and the holder
of the Collateral (as defined in Section 1 hereof); 
 WHEREAS, Armstrong Energy, Inc. (the
“Issuer”), the other Grantors party from time to time thereto (the “Guarantors”), Wells Fargo Bank, National Association, as the trustee (together with its successors and assigns in such capacity, the
“Trustee”) and Wells Fargo Bank, National Association as the Collateral Agent are parties to that certain Indenture, dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to
time, the “Indenture”), pursuant to which the Issuer has issued $200,000,000 of its 11.75% senior secured notes due 2019 (the “Initial Notes”) and may issue additional notes from time to time in accordance with the
Indenture (the “Additional Notes” and, together with the Initial Notes, the “Notes”); 

WHEREAS, it is a condition precedent to the agreement of the Trustee and the Collateral Agent to enter into the Indenture and the Holders
(the Collateral Agent, the Trustee and such Holders are referred to herein collectively as the “Secured Parties”) to acquire the Notes that the Grantors secure the Obligations to the Trustee and the Secured Parties as more fully
described herein in the manner set forth herein. Pursuant to the Indenture, the Issuer and the Guarantors, and the Holders of the Notes by their acquisition of such Notes, have authorized and directed the Collateral Agent to execute, deliver and
perform this Agreement in accordance with its terms. 
 NOW, THEREFORE, intending to be legally bound hereby, the parties hereto
hereby agree as follows: 
 1. Defined Terms. 

(a) Except as otherwise expressly provided herein, capitalized terms used in this Agreement shall have the respective
meanings assigned to them in the Indenture. Where applicable and except as otherwise expressly provided herein, terms used herein (whether or not capitalized) shall have the respective meanings assigned to them in the Uniform Commercial Code as
enacted in New York as amended from time to time (the “Code”). 

 (b) “Collateral” means all of each Grantor’s right,
title and interest in, to and under the following described property of such Grantor (each capitalized term used in this Section 1(b) shall have in this Agreement the meaning given to it by the Code): 

(i) all now existing and hereafter acquired or arising Accounts, Goods, Health Care Insurance Receivables, General
Intangibles, Payment Intangibles, Deposit Accounts, Chattel Paper (including, without limitation, Electronic Chattel Paper), Documents, Instruments, Software, Investment Property, Letters of Credit, Letter of Credit Rights, advices of credit, money,
Commercial Tort Claims as listed on Schedule B hereto (as such Schedule is amended or supplemented from time to time), Equipment, As-Extracted Collateral (including As-Extracted Collateral from the Grantor’s present and future operations
regardless of whether such interests are presently owned or hereafter acquired by the Grantor), Inventory, Fixtures, and Supporting Obligations, together with all products of and Accessions to any of the foregoing and all Proceeds of any of the
foregoing (including, without limitation, all insurance policies and proceeds thereof); 
 (ii) to the extent, if
any, not included in clause (i) above, the Grantor’s present and future contracts, agreements, arrangements, or understandings (A) for the sale, supply, transportation, provision or disposition of any coal or other minerals by the
Grantor, or any one or more of its agents, representatives, successors, or assigns, to any purchaser or acquirer thereof, and all products, replacements, and proceeds thereof (including without limitation all coal sales contracts) and
(B) relating to the mining, drilling or recovery of any mineral reserves for the benefit of or on behalf of the Grantor or any of its agents, representatives, successors, or assigns (including without limitation all contract mining, drilling or
recovery agreements and arrangements), and all products and Proceeds thereof and payments thereunder, together with all products and Proceeds (including all insurance proceeds) of and any Accessions to any of the foregoing; 

(iii) to the extent, if any, not included in clauses (i) and (ii) above, all coal and other minerals severed or
extracted from the ground (specifically including all As-Extracted Collateral of the Grantor and all severed or extracted coal purchased, acquired or obtained from other parties), and all Accounts, General Intangibles and products and Proceeds
thereof or related thereto, regardless of whether any such coal or other minerals are in raw form or processed for sale and regardless whether or not the Grantor had an interest in the coal or other minerals before extraction or severance;

 (iv) to the extent, if any, not included in clause (i) above, each and every other item of personal
property and fixtures, whether now existing or hereafter arising or acquired, including, without limitation, all licenses, contracts and agreements, and all collateral for the payment or performance of any contract or agreement, together with all
products and Proceeds (including all insurance policies and proceeds) of any Accessions to any of the foregoing; and 
 (v) all present and future business records and information, including computer tapes and other storage media containing the same and computer programs and software (including, without limitation, source
code, object code and related manuals and documentation and all licenses to use such software) for accessing and manipulating such information; provided that the “Collateral” shall not include any Excluded Assets, as that term is defined
in the Indenture. 

  
 2 

 (c) “Receivables” means all of the Collateral, except
Equipment, Inventory and Fixtures. 
 (d) “Secured Obligations” shall mean and include the
following: (i) all Indenture Obligations now existing or hereafter incurred (and including obligations, liabilities, and indebtedness arising or accruing after the commencement of any bankruptcy, insolvency, reorganization, or similar
proceeding with respect to the Issuer or any Guarantor or which would have arisen or accrued but for the commencement of such proceeding, even if the claim for such obligation, liability or indebtedness is not enforceable or allowable in such
proceeding, and including all obligations, liabilities and indebtedness arising in connection with the Senior Secured Note Documents from time to time, regardless whether any such extensions of credit are in excess of the amount contemplated by the
Senior Secured Note Documents or are made in circumstances in which any condition to extension of credit is not satisfied); and (ii) any sums which may otherwise become due pursuant to the provisions of the Senior Secured Note Documents or
pursuant to any other document or instrument at any time delivered to the Collateral Agent in connection therewith, including any fees, charges and indemnification obligations under any such document or instrument, together with all interest payable
on any of the foregoing, whether such sums are advanced or otherwise become due before or after the entry of any judgment for foreclosure or any judgment on any Senior Secured Note Document or with respect to any default under any of the Secured
Obligations. 
 2. As security for the due and punctual payment and performance of the Secured Obligations in full: 

(a) Each Grantor hereby agrees that each of the Secured Parties shall have, and each Grantor hereby grants to and creates
in favor of the Collateral Agent, for the benefit of itself and the other Secured Parties, a continuing prior lien on and security interest under the Code in and to the Collateral subject only to Permitted Liens. Without limiting the generality of
Section 4 below, each Grantor further agrees that with respect to each item of the Collateral as to which (i) the creation of a valid and enforceable security interest is not governed exclusively by the Code, or (ii) the perfection of
a valid and enforceable first priority security interest therein under the Code cannot be accomplished either by the Collateral Agent taking possession thereof or by the filing in appropriate locations of appropriate Code financing statements
executed by such Grantor, such Grantor will at its expense execute and file such documents, agreements, notices, assignments and instruments and take such further actions as may be required from time to time for the purpose of creating a valid and
perfected first priority Lien on such item, subject only to Permitted Liens, enforceable against such Grantor and all third parties to secure the Secured Obligations. 
 3. Each Grantor represents and warrants to the Collateral Agent and the Holders that (a) the Grantors have good and marketable title to the Collateral, except where the failure to do so would not
have a material adverse effect on the Grantors, (b) except for the security interest granted to and created in favor of the Collateral Agent for the benefit of itself and the other Secured Parties hereunder and Permitted Liens, all the
Collateral is free and clear of any Lien, 

  
 3 

 
(c) the Grantors will defend the Collateral against all claims and demands of all persons at any time claiming the same or any interest therein, (d) the exact legal name of each Grantor
is as set forth on the signature page hereto, (e) the state of incorporation, formation or organization as applicable, of each Grantor is as set forth on Schedule A hereto, and (f) the address (including county and state) of each
mining operation of such Grantor is set forth on Schedule A hereto. Each Grantor also represents and warrants that it has provided the Collateral Agent with a real estate description sufficient to enable the Collateral Agent to record a
financing statement in the county records sufficient to perfect a security interest in all As-Extracted Collateral arising from such Grantor’s mining activities. Further, such Grantor represents and warrants that (i) this Agreement creates
a valid security interest in favor of the Collateral Agent, for the benefit of the Secured Parties, in the Collateral, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of
creditors generally and by general principles of equity and (ii) the security interests granted hereunder in favor of the Collateral Agent, for the benefit of the Secured Parties, will constitute a prior security interest (subject only to
Permitted Liens) as to the Collateral and will be perfected, to the extent such liens and security interests can be perfected under the Code by filing financing statements, (A) with respect to the Collateral (other than As-Extracted
Collateral) of such Grantor, upon the proper filing of the financing statements in the jurisdiction of the state of formation of such Grantor as indicated on Schedule A hereto, and (B) with respect to the As-Extracted Collateral of such
Grantor, upon the proper filing of the financing statements in the county’s real estate records in the county identified on Schedule A hereto as the location of “Locations of Real Property” with respect to such Grantor.

 4. Each Grantor (i) will faithfully preserve and protect the Collateral Agent’s security interest in the Collateral
as a prior perfected security interest under the Code, superior and prior to the rights of all third Persons, except for holders of Permitted Liens and (ii) will do all such other acts and things and will execute, deliver, file and record, and
each Grantor hereby authorizes the Collateral Agent to so file, all such other documents and instruments, including, without limitation, financing statements, security agreements, assignments and documents and powers of attorney with respect to the
Collateral, and pay all filing fees and taxes related thereto, as may be necessary or advisable from time to time in order to attach, continue, preserve, perfect, and protect said security interest (including the filing at any time or times after
the date hereof of financing statements under, and in the locations advisable pursuant to, the Code); and, upon the occurrence of an Event of Default that has not been cured or waived, each Grantor hereby irrevocably appoints the Collateral Agent,
its officers, employees and agents, or any of them, as attorneys in fact for each Grantor to execute, deliver, file and record such items for such Grantor and in the Grantor’s name, place and stead to preserve, continue, perfect and protect
said security interest. This power of attorney, being coupled with an interest, shall be irrevocable for the life of this Agreement. 
 5. Except as each Grantor may be permitted under the Indenture, each Grantor covenants and agrees that: 
 (a) it will defend the Collateral Agent’s and the Holders’ right, title and lien on and security interest in and to the Collateral and the Proceeds thereof against the claims and demands of all
Persons whomsoever, other than any Person claiming a right in the Collateral pursuant to an agreement between such Person and the Collateral Agent, or pursuant to a Permitted Lien; 

  
 4 

 (b) it will not suffer or permit to exist on any Collateral any Lien except
for Permitted Liens; 
 (c) [Reserved] 

(d) it will not sell, assign or otherwise dispose of any portion of the Collateral except as permitted by the Indenture;

 (e) it will (i) except for such Collateral delivered to the Collateral Agent pursuant to this Section or
otherwise now or hereafter under the control of the Collateral Agent, obtain and maintain sole and exclusive possession of the Collateral, except Collateral in transit or that is temporarily stored or located off-site in the ordinary course of
business, (ii) maintain its chief executive office and keep the Collateral and all records pertaining thereto at the locations specified on the Security Interest Data Summary attached as Schedule A hereto, unless it shall have given the
Collateral Agent prior notice and taken any action necessary to maintain its security interest therein, (iii) notify the Collateral Agent if an Account becomes evidenced or secured by an Instrument or Chattel Paper with a principal amount in
excess of $100,000 and deliver to the Collateral Agent all Collateral consisting of Instruments and Chattel Paper immediately upon the Grantor’s receipt of a request therefor, (iv) deliver to the Collateral Agent possession of all
Collateral the possession of which is required to perfect the Collateral Agent’s Lien thereon or security interest therein or the possession of which grants priority over a Person filing a financing statement with respect thereto,
(v) execute control agreements and cause other Persons to execute acknowledgments evidencing the Collateral Agent’s control with respect to all Collateral the control or acknowledgment of which perfects the Collateral Agent’s security
interest therein, including Letters of Credit, Letter of Credit Rights, Electronic Chattel Paper, Deposit Accounts and Investment Property, and (vi) keep materially accurate and complete books and records concerning the Collateral; 

(f) it will promptly furnish to the Collateral Agent such information and documents relating to the Collateral as the
Collateral Agent may reasonably request, including, without limitation, all invoices, Documents, contracts, Chattel Paper, Instruments and other writings pertaining to such Grantor’s contracts or the performance thereof, all of the foregoing to
be certified by an authorized officer of such Grantor; 
 (g) it will not change its state of incorporation,
formation or organization, as applicable without providing thirty (30) days prior written notice to the Collateral Agent and complying with Section 4.22 of the Indenture; 

(h) it will not change its name without providing thirty (30) days prior written notice to the Collateral Agent and
complying with Section 4.22 of the Indenture; 
 (i) it shall, except as permitted by the Indenture,
preserve its current existence as a corporation, partnership or a limited liability company, as applicable, and shall not (i) in one, or a series of related transactions, merge into or consolidate with any other entity, the survivor of which is
not a Grantor, or (ii) sell all or substantially all of its assets; 

  
 5 

 (j) if such Grantor shall at any time acquire a commercial tort claim with a
value in excess of $250,000, as defined in the Code, the Grantor shall immediately notify the Collateral Agent in a writing signed by such Grantor of the details thereof and grant to the Collateral Agent for the benefit of itself and the Holders in
such writing a security interest therein and in the Proceeds thereof, which such writing shall constitute a supplement to Schedule B hereto; 
 (k) [Reserved]; and 
 (l) it shall at any time and from time to
time take such steps as are necessary to ensure the continued perfection of the Collateral Agent’s and the Holders’ security interest in the Collateral with the same priority required hereby and the preservation of its rights therein.

 6. Each Grantor assumes full responsibility for taking any and all necessary steps to preserve the Collateral Agent’s
and the Holders’ rights with respect to the Collateral against all Persons other than anyone asserting rights in respect of a Permitted Lien. 
 7. (a) In acting under or by virtue of this Agreement, the Collateral Agent shall be entitled to all the rights, authority, privileges and immunities provided to the Trustee or the Collateral Agent in the
Indenture, all of which provisions of said Indenture are incorporated by reference herein with the same force and effect as if set forth herein in their entirety except any reference to negligence when used with reference to the Trustee shall be
deemed to be a reference to gross negligence when used in reference to the Collateral Agent. The Collateral Agent hereby disclaims any representation or warranty to the other Secured Parties concerning the perfection of the liens and security
interests granted hereunder or in the value of any of the Collateral. 
 (b) The Collateral Agent shall have no
duty to act, consent or request any action of the Grantors or any other Person in connection with this Agreement (including all schedules and exhibits attached hereto) unless the Collateral Agent shall have received written direction from the
Trustee. 
 (c) The Collateral Agent shall apply the net proceeds of any action taken by it, after deducting all
reasonable fees, costs and expenses of every kind incurred in connection with or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Secured Parties hereunder, including,
without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Secured Obligations, in the order set forth in the Indenture, and only after such application and after the payment by the Collateral
Agent of any other amount required by any provision of law, including, without limitation, Section 9-615(a)(3) of the New York UCC, need the Collateral Agent account for the surplus, if any, to any Grantor. 

8. The Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its
possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account. Neither any Secured Party nor any of its officers, directors,
employees or agents shall be liable for failure to demand, collect or realize upon any of the 

  
 6 

 
Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other
action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Collateral Agent hereunder are solely to protect its interests in the Collateral and shall not impose any duty upon it to exercise any such powers. The
Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to any Grantor for any act or
failure to act hereunder, except for their own gross negligence or willful misconduct nor shall it be liable or responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, except for their own gross negligence
or willful misconduct. 
 9. Notwithstanding anything to the contrary herein, the following provisions shall govern the
Collateral Agent’s rights, powers, obligations and duties under this Agreement: 
 (a) Notwithstanding any
provision to the contrary elsewhere in this Agreement or any other Senior Secured Note Documents, the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth in this Agreement or such other Senior Secured
Note Documents, and no implied covenants, functions or responsibilities shall be read into this Agreement or otherwise exist against Collateral Agent. 
 (b) Notwithstanding anything herein to the contrary, in no event shall the Collateral Agent have any obligation to inquire or investigate as to the correctness, veracity, or content of any instruction
received from any other Senior Secured Note Documents. In no event shall the Collateral Agent have any liability in respect of any such instruction received by it and relied on with respect to any action or omission taken pursuant thereto.

 (c) With respect to the Collateral Agent’s duties under this Agreement or any of the Senior Secured Note
Documents, the Collateral Agent may act through its attorneys, accountants, experts and such other professionals as the Collateral Agent deems necessary, advisable or appropriate and shall not be responsible for the misconduct or negligence of any
attorney, accountant, expert or other such professional appointed with due care. 
 (d) Neither the Collateral
Agent nor any of its experts, officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it under or in connection with this Agreement or any of the Senior
Secured Note Documents (except for its gross negligence or willful misconduct), or (ii) responsible in any manner for any recitals, statements, representations or warranties (other than its own recitals, statements, representations or
warranties) made in this Agreement or any of the other Senior Secured Note Documents or in any certificate, report, statement or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, this
Agreement or any of the Senior Secured Note Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any of the Senior Secured Note Documents or for any failure of the Grantors or any other
Person to perform their obligations hereunder and thereunder. The Collateral Agent shall not be under any obligation to any Person to ascertain or to inquire as to (i) the observance or performance of any of the agreements contained in, or
conditions of, this Agreement or any of the Senior Secured Note Documents or to inspect the properties, books or records of the Grantors, (ii) whether or not any 

  
 7 

 
representation or warranty made by any Person in connection with this Agreement or any Senior Secured Note Documents is true, (iii) the performance by any Person of its obligations under
this Agreement or any of the Senior Secured Note Documents or (iv) the breach of or default by any Person of its obligations under this Agreement or any of the Senior Secured Note Documents. 

(e) The Collateral Agent shall not be bound to (i) account to any Person for any sum or the profit element of any sum
received for its own account; (ii) disclose to any other Person any information relating to the Person if such disclosure would, or might, constitute a breach of any law or regulation or be otherwise actionable at the suit of any Person;
(iii) be under any fiduciary duties or obligations other than those for which express provision is made in this Agreement or in any of the other Senior Secured Note Documents to which it is a party; or (iv) be required to take any action
that it believes, based on advice of counsel, is in conflict with any applicable law, this Agreement or any of the other Senior Secured Note Documents, or any order of any court or administrative agency; 

(f) [Reserved] 
 (g) [Reserved] 
 (h) The Collateral Agent may resign as Collateral
Agent at any time upon written notice to the Holders, Trustee and the Grantors and may be removed at any time with or without cause by the Secured Parties, with any such resignation or removal to become effective only upon the appointment of a
successor Collateral Agent under this Section. If the Collateral Agent shall provide notice of its resignation or be removed as Collateral Agent, then the Secured Parties shall (and if no such successor shall have been appointed within 45 days of
the Collateral Agent’s resignation or removal, the Collateral Agent may) appoint a successor Collateral Agent which successor agent shall, in the case of any appointment by the Collateral Agent, be reasonably acceptable to the Secured Parties,
and the former Collateral Agent’s rights, powers and duties as Collateral Agent shall be terminated, without any other or further act or deed on the part of such former Collateral Agent (except that the resigning Collateral Agent shall deliver
all Collateral then in its possession to the successor Collateral Agent and shall execute and deliver to the successor Collateral Agent such instruments of assignment and transfer and other similar documents as such successor Collateral Agent shall
deem necessary or advisable (at the joint and several expense of the Grantors. After any retiring Collateral Agent’s resignation or removal hereunder as Collateral Agent, the provisions of this Agreement shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was a second Collateral Agent. In the event that a successor Collateral Agent is not appointed within the time period specified in this Section following the provision of a notice of resignation or
removal of the Collateral Agent, the Collateral Agent or any other Holder may petition a court of competent jurisdiction for the appointment of a successor Collateral Agent (at the joint and several expense of the Grantors). 

10. The pledge, security interests and other Liens and the Obligation of each Grantor hereunder shall not be discharged until payment in
full of the Secured Obligations, or as otherwise occurring upon the sale of inventory in the ordinary course of business. The security interests, and other Liens and the Obligations of each Grantor hereunder shall not be discharged or impaired or
otherwise diminished by any failure, default, omission, or delay, willful or otherwise, by Collateral Agent, or any other obligor on any of the Secured Obligations, or by any 

  
 8 

 
other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Grantor or which would otherwise operate as a
discharge of the Grantor as a matter of law or equity. Without limiting the generality of the foregoing, each Grantor hereby consents to, and the security interests, and other Liens given by such Grantor hereunder shall not be diminished,
terminated, or otherwise similarly affected by any of the following at any time and from time to time: 
 (a) Any
lack of genuineness, legality, validity, enforceability, or allowability (in a bankruptcy, insolvency, reorganization or similar proceeding, or otherwise), or any avoidance or subordination, in whole or in part, of any Senior Secured Note Document
or any of the Secured Obligations and regardless of any law, regulation, or order now or hereafter in effect in any jurisdiction affecting any of the Secured Obligations, any of the terms of the Senior Secured Note Documents, or any rights of the
Collateral Agent or any other Person with respect thereto; 
 (b) Any increase, decrease, or change in the
amount, nature, type or purpose of any of the Secured Obligations (whether or not contemplated by the Senior Secured Note Documents as presently constituted); any change in the time, manner, method, or place of payment or performance of, or in any
other term of, any of the Secured Obligations; any execution or delivery of any additional Senior Secured Note Documents; or any amendment, modification or supplement to, or refinancing or refunding of, any Senior Secured Note Document or any of the
Secured Obligations; 
 (c) Any failure to assert any breach of or default under any Senior Secured Note Document
or any of the Secured Obligations; any other exercise or non-exercise, or any other failure, omission, breach, default, delay, or wrongful action in connection with any exercise or non-exercise, of any right or remedy against any Grantor or any
other Person under or in connection with any Senior Secured Note Document or any of the Secured Obligations; any refusal of payment or performance of any of the Secured Obligations, whether or not with any reservation of rights against any Grantor;
or any application of collections (including collections resulting from realization upon any direct or indirect security for the Secured Obligations) to other Obligations, if any, not entitled to the benefits of this Agreement, in preference to
Secured Obligations or, if any collections are applied to Secured Obligations, any application to particular Secured Obligations; 
 (d) Any taking, exchange, amendment, modification, supplement, termination, subordination, release, loss, or impairment of, or any failure to protect, perfect, or preserve the value of, or any enforcement
of, realization upon, or exercise of rights or remedies under or in connection with, or any failure, omission, breach, default, delay, or wrongful action by the Collateral Agent or any other Person in connection with the enforcement of, realization
upon, or exercise of rights or remedies under or in connection with, or, any other action or inaction by Collateral Agent or any other Person in respect of, any direct or indirect security for any of the Secured Obligations (including the
Collateral). As used in this Agreement, “direct or indirect security” for the Secured Obligations, and similar phrases, includes any collateral security, guaranty, suretyship, letter of credit, capital maintenance agreement, put option,
subordination agreement, or other right or arrangement of any nature providing direct or indirect assurance of payment or performance of any of the Secured Obligations, made by or on behalf of any Person; 

  
 9 

 (e) Any merger, consolidation, liquidation, dissolution, winding-up, charter
revocation, or forfeiture, or other change in, restructuring or termination of the existing structure or existence of, any Grantor or any other Person; any bankruptcy, insolvency, reorganization or similar proceeding with respect to any Grantor or
any other Person; or any action taken or election (including any election under Section 1111(b)(2) of the United States Bankruptcy Code or any comparable law of any jurisdiction) made by Collateral Agent or the Grantor or by any other Person in
connection with any such proceeding; 
 (f) Any defense, setoff, or counterclaim which may at any time be
available to or be asserted by any Grantor or any other Person with respect to any Senior Secured Note Document or any of the Secured Obligations; or any discharge by operation of law or release of any Grantor or any other Person from the
performance or observance of any Senior Secured Note Document or any of the Secured Obligations; or 
 (g) Any
other event or circumstance, whether similar or dissimilar to the foregoing, and whether known or unknown, which might otherwise constitute a defense available to, or limit the liability of a guarantor or a surety, including each Grantor, excepting
only full, strict, and indefeasible payment and performance of the Secured Obligations in full. 
 11. Each Grantor hereby
waives any and all defenses which such Grantor may now or hereafter have based on principles of suretyship, impairment of collateral, or the like and each Grantor hereby waives any defense to or limitation on its Obligations under this Agreement
arising out of or based on any event or circumstance referred to in the immediately preceding section hereof. Without limiting the generality of the foregoing and to the fullest extent permitted by applicable law, each Grantor hereby further waives
each of the following: 
 (a) All notices, disclosures and demands of any nature which otherwise might be
required from time to time to preserve intact any rights against such Grantor, including the following: any notice of any event or circumstance described in the immediately preceding section hereof; any notice required by any law, regulation or
order now or hereafter in effect in any jurisdiction; any notice of nonpayment, nonperformance, dishonor, or protest under any Senior Secured Note Document or any of the Secured Obligations; any notice of the incurrence of any Secured Obligations;
any notice of any default or any failure on the part of the Grantors or any other Person to comply with any Senior Secured Note Document or any of the Secured Obligations or any requirement pertaining to any direct or indirect security for any of
the Secured Obligations; and any notice or other information pertaining to the business, operations, condition (financial or otherwise), or prospects of the Grantors or any other Person; 

(b) Any right to any marshalling of assets, to the filing of any claim against such Grantor or any other Person in the
event of any bankruptcy, insolvency, reorganization, or similar proceeding, or to the exercise against such Grantor or any other Person of any other right or remedy under or in connection with any Senior Secured Note Document or any of the Secured
Obligations or any direct or indirect security for any of the Secured Obligations; any requirement of promptness or diligence on the part of the Collateral Agent or any other Person; any requirement to exhaust any remedies under or in connection
with, or to mitigate the damages resulting from default under, any Senior Secured Note Document or any of the Secured Obligations or any direct or indirect security for any of the Secured Obligations; any benefit of any statute of limitations; and
any requirement of acceptance of this Agreement or any other Senior Secured Note Document, and any requirement that such Grantor receive notice of any such acceptance; and 

  
 10 

 (c) Any defense or other right arising by reason of any Law now or hereafter
in effect in any jurisdiction pertaining to election of remedies (including anti-deficiency laws, “one action” laws or the like), or by reason of any election of remedies or other action or inaction by the Collateral Agent (including
commencement or completion of any judicial proceeding or nonjudicial sale or other action in respect of the Collateral for any of the Secured Obligations), which results in denial or impairment of the right of the Collateral Agent to seek a
deficiency against such Grantor or any other Person or which otherwise discharges or impairs any of the Secured Obligations. 

12. [Reserved] 

13. If any Event of Default under the Indenture has occurred and is continuing: 

(a) The Collateral Agent shall have and may exercise all the rights and remedies available to a secured party under the
Code in effect at the time, and such other rights and remedies as may be provided at Law and as set forth below, including, without limitation, to take over and collect all of any Grantor’s Receivables and all other Collateral, and to this end
each Grantors hereby appoints the Collateral Agent, its officers, employees and agents, as its irrevocable, true and lawful attorneys-in-fact with all necessary power and authority to (i) take possession immediately, with or without notice,
demand, or legal process, of any of or all of the Collateral wherever found, and for such purposes, enter upon any premises upon which the Collateral may be found and remove the Collateral therefrom, (ii) require any Grantor to assemble the
Collateral and deliver it to the Collateral Agent or to any place designated by the Collateral Agent at the Grantors’ expense, (iii) receive, open and dispose of all mail addressed to any Grantor and notify postal authorities to change the
address for delivery thereof to such address as the Collateral Agent may designate, (iv) demand payment of the Receivables, (v) enforce payment of the Receivables by legal proceedings or otherwise, (vi) exercise all of any
Grantor’s rights and remedies with respect to the collection of the Receivables, (vii) settle, adjust, compromise, extend or renew the Receivables, (viii) settle, adjust or compromise any legal proceedings brought to collect the
Receivables, (ix) to the extent permitted by applicable Law, sell or assign the Receivables upon such terms, for such amounts and at such time or times as the Collateral Agent deems advisable, (x) discharge and release the Receivables,
(xi) take control, in any manner, of any item of payment or Proceeds from any account Grantor, (xii) prepare, file and sign any Grantor’s name on any proof of claim in Relief Proceeding or similar document against any account Grantor,
(xiii) prepare, file and sign any Grantor’s name on any notice of Lien, assignment or satisfaction of Lien or similar document in connection with the Receivables, (xiv) do all acts and things necessary, in the Collateral Agent’s
sole discretion, to fulfill each Grantor’s obligations to the Collateral Agent or the Holders under the Indenture, Senior Secured Note Documents or otherwise, (xv) endorse the name of any Grantor upon any check, Chattel Paper, Document,
Instrument, invoice, freight bill, bill of lading or similar document or agreement relating to the Receivables or Inventory, (xvi) use any Grantor’s stationery and sign such Grantor’s name to verifications of the Receivables and
notices thereof to account Grantors, (xvii) access and use the information recorded on or contained in any data processing equipment 

  
 11 

 
or computer hardware or software relating to the Receivables, Inventory, or other Collateral or proceeds thereof to which any Grantor has access, (xviii) demand, sue for, collect, compromise
and give acquittances for any and all Collateral, (xix) prosecute, defend or compromise any action, claim or proceeding with respect to any of the Collateral, and (xx) take such other action as the Collateral Agent may deem appropriate,
including extending or modifying the terms of payment of any Grantor’s debtors. This power of attorney, being coupled with an interest, shall be irrevocable for the life of this Agreement. To the extent permitted by Law, each Grantor hereby
waives all claims of damages due to or arising from or connected with any of the rights or remedies exercised by the Collateral Agent pursuant to this Agreement, except claims for physical damage to the Collateral arising from gross negligence or
willful misconduct by the Collateral Agent. 
 (b) The Collateral Agent shall have the right to lease, sell or
otherwise dispose of all or any of the Collateral at public or private sale or sales for cash, credit or any combination thereof, with such notice as may be required by Law (it being agreed by the Grantors that, in the absence of any contrary
requirement of Law, ten (10) days’ prior notice of a public or private sale of Collateral shall be deemed reasonable notice), in lots or in bulk, for cash or on credit, all as the Collateral Agent, in its sole discretion, may deem
advisable. Such sales may be adjourned from time to time with or without notice. The Collateral Agent shall have the right to conduct such sales on any Grantor’s premises or elsewhere and shall have the right to use any Grantor’s premises
without charge for such sales for such time or times as the Collateral Agent may see fit. The Collateral Agent may purchase all or any part of the Collateral at public or, if permitted by Law, private sale and, in lieu of actual payment of such
purchase price, may set off the amount of such price against the Secured Obligations. 
 (c) Each Grantor, at its
cost and expense (including the cost and expense of any of the following referenced consents, approvals, etc.), will promptly execute and deliver or cause the execution and delivery of all applications, certificates, instruments, registration
statements, and all other documents and papers the Collateral Agent may request in connection with the obtaining of any consent, approval, registration, qualification, permit, license, accreditation, or authorization of any other Official Body or
other Person necessary or appropriate for the effective exercise of any rights hereunder or under the other Senior Secured Note Documents. Without limiting the generality of the foregoing, each Grantor agrees that in the event the Collateral Agent
on behalf of itself and/or the Holders shall exercise its rights hereunder or pursuant to the other Senior Secured Note Documents, to sell, transfer, or otherwise dispose of, or vote, consent, operate, or take any other action in connection with any
of the Collateral, each Grantor shall execute and deliver (or cause to be executed and delivered) all applications, certificates, assignments and other documents required to facilitate such actions and shall otherwise promptly, fully, and diligently
cooperate with the Collateral Agent and any other Persons in making any application for the prior consent or approval of any Official Body or any other Person to the exercise by the Collateral Agent on behalf of itself and/or the Holders or any such
rights relating to all or any of the Collateral. Furthermore, because each Grantor agrees that the remedies at law, of the Collateral Agent on behalf of itself and/or the Holders, for failure of such Grantor to comply with this subsection
(c) would be inadequate, and that any such failure would not be adequately compensable in damages, each Grantor agrees that this Subsection (c) may be specifically enforced. 

  
 12 

 (d) The Collateral Agent may request, without limiting the rights and
remedies of the Collateral Agent on behalf of itself and the Holders otherwise provided hereunder and under the other Senior Secured Note Documents, that each Grantor do any of the following: (i) give the Collateral Agent on behalf of itself
and the Holders specific assignments of the accounts receivable of the Grantors after such accounts receivable come into existence, and schedules of such accounts receivable, the form and content of such assignment and schedules to be reasonably
satisfactory to Collateral Agent, and (ii) in order to better secure the Collateral Agent on behalf of itself and the Holders, to the extent permitted by Law, enter into such lockbox agreements and establish such lockbox accounts as the
Collateral Agent may require, all at the sole expense of the Grantors and shall direct all payments from all payors due to each Grantor, to such lockbox accounts. 
 14. The Lien on and security interest in the Collateral granted to and created in favor of the Collateral Agent by this Agreement shall be for the benefit of Secured Parties. Each of the rights,
privileges, and remedies provided to the Collateral Agent hereunder or otherwise by Law with respect to the Collateral shall be exercised by the Collateral Agent only for its own benefit and the benefit of the Secured Parties, and any of the
Collateral or Proceeds thereof held or realized upon at any time by the Collateral Agent shall be applied as set forth in Section 6.10 of the Indenture. Each Grantor shall remain liable to the Collateral Agent and the Secured Parties for and
shall pay to the Collateral Agent for the benefit of itself and the Secured Parties any deficiency which may remain after such sale or collection. 
 15. If the Collateral Agent repossesses or seeks to repossess any of the Collateral pursuant to the terms hereof because of the occurrence of an Event of Default, then to the extent it is commercially
reasonable for the Collateral Agent to store any Collateral on any premises of any Grantor, such Grantor hereby agrees to lease to the Collateral Agent on a month-to-month tenancy for a period not to exceed ninety (90) days at the Collateral
Agent’s election, at a rental rate equal to One Dollar ($1.00) per month (if such Grantor owns the premises), and at the current rental rate per month (if such Grantor leases the premises), the premises on which the Collateral is located;
provided it is located on premises owned or leased by such Grantor. 
 16. Upon payment in full of the Secured
Obligations and termination of the Indenture, this Agreement shall terminate and be of no further force and effect (except as to those rights and obligations that survive by the express terms of the Indenture), and the Collateral Agent shall
thereupon promptly return to such Grantor such of the Collateral and such other documents delivered by the Grantor or obtained by the Collateral Agent hereunder as may then be in the Collateral Agent’s possession, subject to the rights of third
parties. Until such time, however, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 17. No failure or delay on the part of the Collateral Agent in exercising any right, remedy, power or privilege hereunder shall operate as a waiver thereof or of any other right, remedy, power or
privilege of the Collateral Agent hereunder; nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. No
waiver of a single Event of Default shall be deemed a waiver of a subsequent Event of Default. All waivers under this Agreement must be in writing. The rights and remedies of the Collateral Agent under this Agreement are cumulative and in addition
to any rights or remedies which it may otherwise have, and the Collateral Agent may enforce any one or more remedies hereunder successively or concurrently at its option. 

  
 13 

 18. All notices, statements, requests and demands given to or made upon either party hereto
in accordance with the provisions of this Agreement shall be given or made as provided in Section 14.02 of the Indenture. 

19. Each Grantor agrees that as of the date hereof, all information contained on the Security Interest Data Summary attached hereto as
Schedule A is accurate and complete and contains no material omission or misrepresentation. Each Grantor shall promptly notify the Collateral Agent of any changes in the information set forth thereon. 

20. This Agreement shall be binding upon, and inure to the benefit of, the Collateral Agent, the Holders and their respective successors
and assigns, and the Grantors and each of their respective successors and assigns, except that the Grantors may not assign or transfer their obligations hereunder or any interest herein. 

21. This Agreement shall be deemed to be a contract under the laws of the State of New York and for all purposes shall be governed by,
and construed in accordance with, the laws of said State excluding its rules relating to conflicts of law. 
 22. Any provision
of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. 
 23. Each Grantor hereby irrevocably submits to the nonexclusive jurisdiction of any New
York state or federal court sitting in New York County, in any action or proceeding arising out of or relating to this Agreement, and each Grantor hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and
determined in such New York state or federal court. Each Grantor hereby waives to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of any such action or proceeding. 

24. EXCEPT AS PROHIBITED BY LAW, EACH GRANTOR HEREBY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY A JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENTS OR TRANSACTIONS RELATING THERETO. 
 25. This Agreement may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which, when so executed, shall be deemed an original, but all such
counterparts shall constitute one and the same instrument. Each Grantor acknowledges and agrees that a telecopy transmission to the Collateral Agent of the signature pages hereof purporting to be signed on behalf of the Grantor shall constitute
effective and binding execution and delivery hereof by such Grantor. 

  
 14 

 26. Pursuant to Section 4.12(b) and Section 12.04 of the Indenture, certain
Subsidiaries (whether by acquisition or creation) of any Grantor are required to enter into this Agreement by executing and delivering in favor of the Collateral Agent a joinder to this Agreement in substantially the form of Annex 1. Upon the
execution and delivery of Annex 1 by any such new Subsidiary, such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any instrument adding an
additional Grantor as a party to this Agreement shall not require the consent of any Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor
hereunder. 
 27. Intercreditor Agreement. 

(a) Notwithstanding anything herein to the contrary, the representations, warranties and covenants made or given by each
Grantor pursuant to this Agreement, the liens and security interests granted to the Collateral Agent pursuant to this Agreement and the exercise of any right or remedy by the Collateral Agent hereunder, are subject to the provisions of the
Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern and control. 

(b) Without limiting the generality of the foregoing, and notwithstanding anything herein to the contrary, prior to the
Discharge of ABL Priority Obligations (as defined in the Intercreditor Agreement), any obligation of Grantor hereunder with respect to the legending, delivery or control of any Collateral that constitutes ABL Priority Collateral (as defined in the
Intercreditor Agreement), assignments or arranging for transferees of any Collateral that constitutes ABL Priority Collateral required or requested in connection with the perfection of Collateral Agent’s Liens, and with respect to any
requirements to hold amounts paid with respect to ABL Priority Collateral in trust shall be deemed to be satisfied if Grantor legends, assigns, arranges for transferees, delivers, or provides control of such ABL Priority Collateral to the ABL
Facility Collateral Agent (who shall possess or control such Collateral for the benefit of the Collateral Agent in accordance with the Intercreditor Agreement), or pays such amounts to the ABL Facility Collateral Agent to be held in trust, in each
case, in accordance with the requirements of the corresponding provision of the applicable documents governing the ABL Obligations. Each Grantor shall not be required to take any action that conflicts with or is prohibited by any provision of
the Intercreditor Agreement. 
 [SIGNATURE PAGES FOLLOW] 

  
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 [SIGNATURE PAGE 1 OF 3 TO SECURITY AGREEMENT] 

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed and delivered this Agreement as of the
day and year first above set forth with the intention that this Agreement constitutes a sealed instrument. 
  

			
	WELLS FARGO BANK, NATIONAL
ASSOCIATION, as Collateral Agent
		
	By: 	 	/s/ Gregory S. Clarke
	Name: Gregory S. Clarke
	Title: Vice President

  
  

 

 [SIGNATURE PAGE 2 OF 3 TO SECURITY AGREEMENT] 

 

			
	 GRANTORS:
  

ARMSTRONG AIR, LLC

		
	By: 	 	/s/ J. Richard Gist
	Name: J. Richard Gist
	Title: Authorized Person

  

			
	ARMSTRONG COAL COMPANY, INC.
		
	By: 	 	/s/ J. Richard Gist
	Name: J. Richard Gist
	Title: Authorized Person

  

			
	ARMSTRONG ENERGY, INC.
		
	By: 	 	/s/ J. Richard Gist
	Name: J. Richard Gist
	Title: Authorized Person

  

			
	ARMSTRONG ENERGY HOLDINGS, INC.
		
	By: 	 	/s/ J. Richard Gist
	Name: J. Richard Gist
	Title: Authorized Person

  

			
	WESTERN DIAMOND, LLC
		
	By: 	 	/s/ J. Richard Gist
	Name: J. Richard Gist
	Title: Authorized Person

 [SIGNATURE PAGE 3 OF 3 TO SECURITY AGREEMENT] 

 

			
	WESTERN LAND COMPANY, LLC
		
	By: 	 	/s/ J. Richard Gist
	Name: J. Richard Gist
	Title: Authorized Person

 ANNEX 1 
 TO 
 SECURITY AGREEMENT 

Form of Joinder 

Joinder No.              (this “Joinder”), dated as of
            , to the Security Agreement, dated as of December 21, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Security
Agreement”), by and among each of the parties listed on the signature pages thereto and those additional entities that thereafter become parties thereto (collectively, jointly and severally, “Grantors” and each,
individually, a “Grantor”) and Wells Fargo Bank, National Association, as trustee (in such capacity, together with its successors and assigns, the “Trustee”) and as collateral agent (in such capacity, together with
its successors and assigns, the “Collateral Agent”). 
 WITNESSETH: 

Armstrong Energy, Inc. (the “Issuer”), the other Grantors party from time to time thereto (the “Guarantors”), Wells
Fargo Bank, National Association, as Trustee and Wells Fargo Bank, National Association as the Collateral Agent are parties to that certain Indenture, dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified
from time to time, the “Indenture”), pursuant to which the Issuer has issued $200,000,000 of its 11.75% senior secured notes due 2019 (the “Initial Notes”) and may issue additional notes from time to time in
accordance with the Indenture (the “Additional Notes” and, together with the Initial Notes, the “Notes”); and 

Initially capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement or, if
not defined therein, in the Indenture; and 
 Grantors have entered into the Security Agreement in order to induce the Holders of the Notes to
make certain financial accommodations to Issuer; and 
 Pursuant to the Indenture and Section 21 of the Security Agreement, certain
Subsidiaries of the Issuer, must execute and deliver certain Note Collateral Documents (as defined in the Intercreditor Agreement), including the Security Agreement, and the Joinder to the Security Agreement by the undersigned new Grantor or
Grantors (collectively, the “New Grantors”) may be accomplished by the execution of this Joinder in favor of Collateral Agent, for the benefit of the Secured Creditors; and 
 Each New Grantor (a) is [an Affiliate] [a Subsidiary] of Issuer and, as such, will benefit by virtue of the financial accommodations extended to Issuer by the Secured Creditors and (b) by
becoming a Grantor will benefit from certain rights granted to the Grantors pursuant to the terms of the Note Documents; 

 NOW, THEREFORE, for and in consideration of the foregoing and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, each New Grantor hereby agrees as follows: 
 1. In accordance with
Section 21 of the Security Agreement, each New Grantor, by its signature below, becomes a “Grantor” under the Security Agreement with the same force and effect as if originally named therein as a “Grantor” and each
New Grantor hereby (a) agrees to all of the terms and provisions of the Security Agreement applicable to it as a “Grantor” thereunder and (b) represents and warrants that the representations and warranties made by it as a
“Grantor” thereunder are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that are already qualified or modified by materiality in the text
thereof) on and as of the date hereof. In furtherance of the foregoing, each New Grantor does hereby unconditionally grant, assign, and pledge to Collateral Agent, for the benefit of the Secured Creditors, to secure the Secured Obligations, a
continuing security interest in and to all of such New Grantor’s right, title and interest in and to the Collateral. Schedule A, “Location”, Schedule B, “Other Names”, Schedule C, “Intellectual Property
Rights”, Schedule D, “Real Estate Legal Descriptions”, Schedule E, “Investment Property and Deposits”, Schedule F, “Commercial Tort Claims” and Schedule G, “Leased Equipment”, attached
hereto supplement Schedule A, Schedule B, Schedule C, Schedule D, Schedule E, Schedule F, and Schedule G, respectively, to the Security Agreement and shall be deemed a part thereof for all purposes of the Security
Agreement. Each reference to a “Grantor” in the Security Agreement shall be deemed to include each New Grantor. The Security Agreement is incorporated herein by reference. Each New Grantor authorizes Collateral Agent at any time and from
time to time to file, transmit, or communicate, as applicable, financing statements and amendments thereto (i) describing the Collateral as “all personal property of debtor” or “all assets of debtor” or words of similar
effect, (ii) describing the Collateral as being of equal or lesser scope or with greater detail, or (iii) that contain any information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance. Each New
Grantor also hereby ratifies any and all financing statements or amendments previously filed by the Collateral Agent in any jurisdiction in connection with the Note Documents. 
 2. Each New Grantor represents and warrants to Collateral Agent and the Secured Creditors that this Joinder has been duly executed and delivered by such New Grantor and constitutes its legal, valid, and
binding obligation, enforceable against it in accordance with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium, or other similar laws affecting creditors’
rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 
 3. This Joinder is a Note Document. This Joinder may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be
deemed to be an original, and all of which, when taken together, shall constitute but one and the same Joinder. Delivery of an executed counterpart of this Joinder by telefacsimile or other electronic method of transmission shall be equally as
effective as delivery of an original executed counterpart of this Joinder. Any party delivering an executed counterpart of this Joinder by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart
of this Joinder but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Joinder. 
 4. The Security Agreement, as supplemented hereby, shall remain in full force and effect. 

 5. This Agreement, and the rights and duties of the parties hereto, shall be construed and determined in
accordance with the internal laws of the State of New York. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning of any provision hereof. 

6. Each Guarantor hereby submits to the nonexclusive jurisdiction of any U.S. Federal or New York State court sitting in New York, New York for purposes
of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. Each Grantor irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of
the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. EACH GRANTOR AND THE COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the parties hereto have caused this Joinder to the Security Agreement to
be executed and delivered as of the day and year first above written. 
  

									
	NEW GRANTORS:	 		 	[NAME OF NEW GRANTOR]
				
		 		 	By: 	 	 
		 		 	 Name:

Title:

  

									
		 		 	[NAME OF NEW GRANTOR]
				
		 		 	By: 	 	 
		 		 	 Name:

Title:

  

									
	COLLATERAL AGENT:	 		 	WELLS FARGO BANK, NATIONAL
ASSOCIATION as Collateral Agent
				
		 		 	By: 	 	 
		 		 	 Name:

Title:

  

									
	TRUSTEE:	 		 	WELLS FARGO BANK, NATIONAL
ASSOCIATION as Trustee
				
		 		 	By: 	 	 
		 		 	 Name:

Title:

 SCHEDULE A 
 TO 
 SECURITY AGREEMENT 

Security Interest Data Summary 
 1. The chief executive office of Armstrong Air, LLC (the “Grantor”) is located at: 
 7733 Forsyth Boulevard 
 Suite 1625 

St. Louis, MO 63105 
 2. The Grantor’s true and full name is as follows: Armstrong Air, LLC. The Grantor uses no trade names or fictitious names. 
 3. The Grantor’s form of organization is as follows: Limited Liability Company 
 4. The Grantor’s state of organization is as follows: Delaware 
 5. The
Grantor’s EIN # is as follows: 45-3022017 
 6. The Grantor’s organization ID # (if any exists) is as follows: 5017358

 7. All of the Grantor’s personal property which has not been delivered to the Collateral Agent pursuant to the terms of
this Agreement or the Indenture is now, and will be at all future times, located at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Property that is known as the 2005 Cessna Citation XLS, serial number 560-5596, to be located at a designated hanger within the Spirit of
St. Louis Airport, Chesterfield, Missouri. 
 8. All of the Grantor’s books and records, including those relating to
accounts payable and accounts receivable, are kept at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: N/A 
 9. All of the Grantor’s real property is located in the following counties: N/A 

 Security Interest Data Summary 

1. The chief executive office of Armstrong Coal Company, Inc. (the “Grantor”) is located at: 

7733 Forsyth Boulevard 
 Suite 1625 
 St. Louis, MO 63105 

2. The Grantor’s true and full name is as follows: Armstrong Coal Company, Inc.. The Grantor uses the trade name: Armstrong Coal,
ACC. 
 3. The Grantor’s form of organization is as follows: Corporation 

4. The Grantor’s state of organization is as follows: Delaware 

5. The Grantor’s EIN # is as follows: 20-5940349 
 6. The Grantor’s organization ID # (if any exists) is as follows: 4254343 

7. All of the Grantor’s personal property which has not been delivered to the Collateral Agent pursuant to the terms of this
Agreement or the Indenture is now, and will be at all future times, located at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Property that is located at the mining operations in Muhlenberg County, Ohio County, Union County and/or Webster County, Kentucky, or at
the mine office located at 407 Brown Road, Madisonville, Kentucky 42431. 
 8. All of the Grantor’s books and records,
including those relating to accounts payable and accounts receivable, are kept at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Books and records that are located at the mine office located at 407 Brown Road, Madisonville, Kentucky 42431. 

9. All of the Grantor’s real property is located in the following counties: 

Muhlenberg County, Kentucky 
 Ohio County, Kentucky 
 Union County, Kentucky 

Webster County, Kentucky 

 Security Interest Data Summary 

1. The chief executive office of Armstrong Energy, Inc. (the “Grantor”) is located at: 

7733 Forsyth Boulevard 
 Suite 1625 
 St. Louis, MO 63105 

2. The Grantor’s true and full name is as follows: Armstrong Energy, Inc.. The Grantor uses the trade name: Armstrong Energy, AE.

 3. The Grantor’s form of organization is as follows: Corporation 

4. The Grantor’s state of organization is as follows: Delaware 

5. The Grantor’s EIN # is as follows: 35-2424058 
 6. The Grantor’s organization ID # (if any exists) is as follows: 4222070 

7. All of the Grantor’s personal property which has not been delivered to the Collateral Agent pursuant to the terms of this
Agreement or the Indenture is now, and will be at all future times, located at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Property that is located at the mining operations in Muhlenberg County, Ohio County, Union County and/or Webster County, Kentucky, or at
the mine office located at 407 Brown Road, Madisonville, Kentucky 42431. 
 8. All of the Grantor’s books and records,
including those relating to accounts payable and accounts receivable, are kept at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Books and records that are located at the mine office located at 407 Brown Road, Madisonville, Kentucky 42431. 

9. All of the Grantor’s real property is located in the following counties: N/A 

 Security Interest Data Summary 

1. The chief executive office of Armstrong Energy Holdings, Inc. (the “Grantor”) is located at: 

7733 Forsyth Boulevard 
 Suite 1625 
 St. Louis, MO 63105 

2. The Grantor’s true and full name is as follows: Armstrong Energy Holdings, Inc.. The Grantor uses no trade names or fictitious
names. 
 3. The Grantor’s form of organization is as follows: Corporation 

4. The Grantor’s state of organization is as follows: Delaware 

5. The Grantor’s EIN # is as follows: 20-8015664 
 6. The Grantor’s organization ID # (if any exists) is as follows: 4259165 

7. All of the Grantor’s personal property which has not been delivered to the Collateral Agent pursuant to the terms of this
Agreement or the Indenture is now, and will be at all future times, located at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Property that is located at the mining operations in Muhlenberg County, Ohio County, Union County and/or Webster County, Kentucky, or at
the mine office located at 407 Brown Road, Madisonville, Kentucky 42431. 
 8. All of the Grantor’s books and records,
including those relating to accounts payable and accounts receivable, are kept at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Books and records that are located at the mine office located at 407 Brown Road, Madisonville, Kentucky 42431. 

9. All of the Grantor’s real property is located in the following counties: N/A 

 Security Interest Data Summary 

1. The chief executive office of Western Diamond LLC (the “Grantor”) is located at: 

7733 Forsyth Boulevard 
 Suite 1625 
 St. Louis, MO 63105 

2. The Grantor’s true and full name is as follows: Western Diamond LLC. The Grantor uses no trade names or fictitious names.

 3. The Grantor’s form of organization is as follows: Limited Liability Company 

4. The Grantor’s state of organization is as follows: Nevada 

5. The Grantor’s EIN # is as follows: 20-8029821 
 6. The Grantor’s organization ID # (if any exists) is as follows: E05802920064 
 7. All of the Grantor’s personal property which has not been delivered to the Collateral Agent pursuant to the terms of this Agreement or the Indenture is now, and will be at all future times,
located at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Property that is located at the mining operations in Muhlenberg County, Ohio County, Union County and/or Webster County, Kentucky, or at
the mine office located at 407 Brown Road, Madisonville, Kentucky 42431. 
 8. All of the Grantor’s books and records,
including those relating to accounts payable and accounts receivable, are kept at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Books and records that are located at the mine office located at 407 Brown Road, Madisonville, Kentucky 42431. 

9. All of the Grantor’s real property is located in the following counties: 

Muhlenberg County, Kentucky 
 Ohio County, Kentucky 

 Security Interest Data Summary 

1. The chief executive office of Western Land Company, LLC (the “Grantor”) is located at: 

7733 Forsyth Boulevard 
 Suite 1625 
 St. Louis, MO 63105 

2. The Grantor’s true and full name is as follows: Western Land Company, LLC. The Grantor uses no trade names or fictitious names.

 3. The Grantor’s form of organization is as follows: Limited Liability Company 

4. The Grantor’s state of organization is as follows: Kentucky 

5. The Grantor’s EIN # is as follows: 20-5579356 
 6. The Grantor’s organization ID # (if any exists) is as follows: 0648177 

7. All of the Grantor’s personal property which has not been delivered to the Collateral Agent pursuant to the terms of this
Agreement or the Indenture is now, and will be at all future times, located at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Property that is located at the mining operations in Muhlenberg County, Ohio County, Union County and/or Webster County, Kentucky, or at
the mine office located at 407 Brown Road, Madisonville, Kentucky 42431. 
 8. All of the Grantor’s books and records,
including those relating to accounts payable and accounts receivable, are kept at the Grantor’s chief executive office as described in Paragraph 1 above, except as specified below: 

Books and records that are located at the mine office located at 407 Brown Road, Madisonville, Kentucky 42431. 

9. All of the Grantor’s real property is located in the following counties: 

Muhlenberg County, Kentucky 
 Ohio County, Kentucky 

 SCHEDULE B 
 TO 
 SECURITY AGREEMENT 

Commercial Tort Claims 
 Armstrong Coal Co., Inc. & Armstrong Fabricators, Inc. v. Reuben Shemwell (Case No. 12-CI-00397). Claim for wrongful use of civil proceedings against Reuben Shemwell for filing
false claims with MSHA.

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