Document:

Guarantee and Security Agreement

 EXHIBIT 10.2 
 Execution Version 
  
  
  
 GUARANTEE AND SECURITY AGREEMENT 
 By 
 RHOMBUS MERGER CORPORATION 
 (to be merged with and into Ryerson Inc.) 
 and

 THE PLEDGORS AND GUARANTORS PARTY HERETO 
 and 
 BANK OF AMERICA, N.A., 
 as Administrative Agent 
  
  
 Dated as of October 19, 2007

  
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	 PREAMBLE
	  		  	1
			
	 RECITALS
	  		  	1
			
	 AGREEMENT
	  		  	2
	
	ARTICLE I
	
	DEFINITIONS AND INTERPRETATION
			
	 SECTION 1.1.
	  	Definitions	  	2
	 SECTION 1.2.
	  	Interpretation	  	6
	 SECTION 1.3.
	  	Resolution of Drafting Ambiguities	  	6
	 SECTION 1.4.
	  	Perfection Certificate	  	7
	
	ARTICLE II
	
	GRANT OF SECURITY AND SECURED OBLIGATIONS
			
	 SECTION 2.1.
	  	Grant of Security Interest	  	7
	 SECTION 2.2.
	  	Filings	  	8
	
	ARTICLE III
	
	 PERFECTION; SUPPLEMENTS; FURTHER
 ASSURANCES; USE OF PLEDGED COLLATERAL

			
	 SECTION 3.1
	  	 [Reserved]
	  	8
	 SECTION 3.2.
	  	 [Reserved]
	  	8
	 SECTION 3.3.
	  	 Financing Statements and Other Filings; Maintenance of Perfected Security Interest
	  	8
	 SECTION 3.4.
	  	 Other Actions
	  	9
	 SECTION 3 5.
	  	 Joinder of Additional Guarantors
	  	11
	 SECTION 3.6.
	  	 Supplements; Further Assurances
	  	12
	
	ARTICLE IV
	
	REPRESENTATIONS, WARRANTIES AND COVENANTS
			
	 SECTION 4.1.
	  	Title	  	12
	 SECTION 4.2.
	  	Validity of Security Interest	  	13

  

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	 	  	 	  	Page
			
	 SECTION 4.3.
	  	Defense of Claims; Transferability of Pledged Collateral	  	13
	 SECTION 4.4.
	  	Other Financing Statements	  	13
	 SECTION 4.5.
	  	Location of Inventory and Equipment	  	14
	 SECTION 4.6.
	  	[Reserved]	  	14
	 SECTION 4.7.
	  	Consents, etc.	  	14
	 SECTION 4.8.
	  	Pledged Collateral	  	14
	 SECTION 4.9.
	  	Insurance	  	14
	 SECTION 4.10.
	  	Chief Executive Office; Change of Name; Jurisdiction of Organization	  	14
	
	ARTICLE V
	
	GUARANTEE
			
	 SECTION 5.1.
	  	Guarantee	  	15
	 SECTION 5.2.
	  	Guarantee of Payment	  	15
	 SECTION 5.3.
	  	No Limitations	  	15
	 SECTION 5.4.
	  	Reinstatement	  	16
	 SECTION 5.5.
	  	Agreement To Pay; Subrogation	  	16
	 SECTION 5.6.
	  	Information	  	16
	 SECTION 5.7.
	  	Right of Contribution	  	17
	 SECTION 5.8.
	  	General Limitation on Guarantee Obligations	  	17
	
	ARTICLE VI
	
	[RESERVED]
	
	ARTICLE VII
	
	CERTAIN PROVISIONS CONCERNING RECEIVABLES
			
	 SECTION 7.1.
	  	Maintenance of Records	  	17
	 SECTION 7.2.
	  	Legend	  	18
	 SECTION 7.3.
	  	Modification of Terms, etc.	  	18
	 SECTION 7.4.
	  	Collection	  	18
			
		  	ARTICLE VIII	  	
			
		  	TRANSFERS	  	
			
	 SECTION 8.1.
	  	Transfers of Pledged Collateral	  	18

  

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	 	  	 	  	Page
	
	ARTICLE IX
	
	[RESERVED]
	
	ARTICLE X
	
	REMEDIES
			
	 SECTION 10.1.
	  	Remedies	  	19
	 SECTION 10.2.
	  	Notice of Sale	  	21
	 SECTION 10.3.
	  	Waiver of Notice and Claims	  	21
	 SECTION 10.4.
	  	[Reserved]	  	21
	 SECTION 10.5.
	  	No Waiver; Cumulative Remedies	  	21
	
	ARTICLE XI
	
	APPLICATION OF PROCEEDS
			
	 SECTION 11.1.
	  	Application of Proceeds	  	22
	
	ARTICLE XII
	
	MISCELLANEOUS
			
	 SECTION 12.1.
	  	Concerning Administrative Agent	  	22
	 SECTION 12.2.
	  	Administrative Agent May Perform; Administrative Agent Appointed Attorney-in-Fact	  	26
	 SECTION 12.3.
	  	Continuing Security Interest; Assignment	  	26
	 SECTION 12.4.
	  	Termination; Release	  	27
	 SECTION 12.5.
	  	Modification in Writing	  	27
	 SECTION 12.6.
	  	Notices	  	28
	 SECTION 12.7.
	  	Governing Law, Consent to Jurisdiction and Service of Process; Waiver of Jury Trial	  	28
	 SECTION 12.8.
	  	Severability of Provisions	  	28
	 SECTION 12.9.
	  	Execution in Counterparts	  	28
	 SECTION 12.10.
	  	Business Days	  	28
	 SECTION 12.11.
	  	No Credit for Payment of Taxes or Imposition	  	28
	 SECTION 12.12.
	  	No Claims Against Administrative Agent	  	28
	 SECTION 12.13.
	  	No Release	  	29
	 SECTION 12.14.
	  	Obligations Absolute	  	29
	 SECTION 12.15.
	  	Jury Trial Waiver	  	30
			
	 SIGNATURES
	  		  	S-l

  

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	 	  	 	  	Page
	 EXHIBIT 1
	  	Form of Joinder Agreement	  	
			
	 Schedule 1
	  	Commercial Tort Claims	  	

  

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 GUARANTEE AND SECURITY AGREEMENT 
 This GUARANTEE AND SECURITY AGREEMENT dated as of October 19, 2007 (as amended, amended and restated, supplemented or otherwise modified from time
to time in accordance with the provisions hereof, this “Agreement”) made by RHOMBUS HOLDING CORPORATION, a Delaware corporation (“Holdings”), RHOMBUS MERGER CORPORATION, a Delaware corporation (“Merger
Sub”) (to be merged with and into RYERSON INC., a Delaware corporation (“Ryerson”)), and the U.S. Subsidiaries of Ryerson from to time to time party hereto in their capacities as pledgors, assignors and debtors hereunder
(together with any successors in such capacities, (such U.S. Subsidiaries, the “Subsidiary Guarantors”) in favor of BANK OF AMERICA, N.A., in its capacity as Administrative Agent, as pledgee, assignee and secured party (in such
capacities and together with any successors in such capacities, the “Administrative Agent”) for the benefit of the Secured Parties (as hereinafter defined). The Subsidiary Guarantors, together with Holdings, are referred to herein
as the “Guarantors”, and the Subsidiary Guarantors, together with Merger Sub and Ryerson, are referred to herein as the “Pledgors.” 
 RECITALS: 
 A. Reference is made to the Credit
Agreement dated as of October 19, 2007 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among Merger Sub, Ryerson, the other Subsidiaries of Ryerson party thereto
as Borrowers (the “Borrowers”), and each lender from time to time party thereto. The Lenders have agreed to extend credit to the Borrowers subject to the terms and conditions set forth in the Credit Agreement. 
 B. Each of the Pledgors and Guarantors will receive substantial benefits from the execution, delivery and performance of the obligations under the Credit
Agreement and each is, therefore, willing to enter into this Agreement. 
 C. This Agreement is given by each Pledgor in favor of the
Administrative Agent for the benefit of the Secured Parties to guaranty and to secure, and by Holdings to guaranty, the payment and performance of all of the Secured Obligations (as defined). 
 D. It is a condition to the initial extensions under the Credit Agreement that each Pledgor execute and deliver the applicable Security Documents,
including this Agreement. 

 AGREEMENT: 
 NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Holdings, each Pledgor and the Administrative Agent hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 
 SECTION 1.1.
Definitions. 
 (a) Unless otherwise defined herein or in the Credit Agreement, capitalized terms used herein that are defined in the
UCC shall have the meanings assigned to them in the UCC; provided that in any event, the following terms shall have the meanings assigned to them in the UCC: 
 “Bank”; “Chattel Paper”; “Documents”; “Electronic Chattel Paper”; “Inventory”; “Letter-of-Credit Rights”;
“Money”; “Payment Intangibles”; “Proceeds”; “Records”; “Supporting Obligations”; and “Tangible Chattel Paper.” 
 (b) Terms used but not otherwise defined herein that are defined in the Credit Agreement shall have the meanings given to them in the Credit Agreement.

 (c) The following terms shall have the following meanings: 
 “Account Debtor” shall mean each person who is obligated on a Receivable or Supporting Obligation related thereto. 
 “Accounts” shall mean all accounts (as defined in the UCC), other than any such Accounts resulting from the sale or disposition of Notes Collateral. 
 “Administrative Agent” shall have the meaning assigned to such term in the Preamble hereof. 
 “Collateral Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Pledged Collateral and
shall include any security agreement or other agreement granting a lien or security interest in such real or personal property. 
 “Commercial Tort Claim” shall mean any Commercial Tort Claim, as defined in the UCC that has been asserted in judicial proceedings. 
 “Control” shall mean in the case of each Deposit Account, “control,” as such term is defined in Section 9-104 of the UCC. 
 “Credit Agreement” shall have the meaning assigned to such term in Recital A hereof. 
 “Deposit Account Control Agreement” shall mean a control agreement in a form that is reasonably satisfactory to the Administrative Agent
establishing the Administrative Agent’s Control with respect to any Deposit Account. 
  

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 “Deposit Accounts” shall mean, collectively, with respect to each Pledgor, all
“deposit accounts” as such term is defined in the UCC and in any event shall include all cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or subaccounts thereof. 
 “Event of Default” shall mean any Event of Default under the Credit Agreement. 
 “Excluded Assets” shall mean 
 (a) any permit, license, contract or other asset issued by a Governmental Authority to any Pledgor or any contract or other agreement to which any Pledgor is a party, in each case, only to the extent and for so long
as the terms of such permit, license, contract or other asset issued by a Governmental Authority to any Pledgor of such contract or other agreement or any Requirement of Law applicable thereto, validly prohibit the creation by such Pledgor of a
security interest in such permit, license or agreement in favor of the Administrative Agent (after giving effect to Sections 9-406(d), 9-407(a), 9-408(a) or 9-409 of the UCC (or any successor provision or provisions) or any other applicable law
(including the Bankruptcy Code) or principles of equity); 
 (b) assets of the Pledgors located outside of the United States
to the extent a lien in such assets cannot be created and perfected under United States federal or state law; 
 (c) any
collateral as to which the Administrative Agent has determined in its sole discretion that the collateral value thereof is insufficient to justify the difficulty, time and/or expense of obtaining a perfected security interest therein; 
 (d) the Collateral Account (as such term is defined in the Senior Secured Notes Indenture); and 
 (e) any Receivables resulting from the sale or disposition of Notes Collateral; 
 provided, however, that Excluded Assets shall not include any Proceeds, substitutions or replacements of any Excluded Assets referred to in clauses
(a) through (e) (unless such Proceeds, substitutions or replacements would constitute an Excluded Asset referred to in clauses (a) through (e)). 
 “General Intangibles” shall mean, collectively, with respect to each Pledgor, all “general intangibles,” as such term is defined in the UCC, of such Pledgor and, in any event, shall include
(i) all of such Pledgor’s rights, title and interest in, to and under all Contracts and insurance policies (including all rights and remedies relating to monetary damages, including indemnification rights and remedies, and claims for
damages or other relief pursuant to or in respect of any Contract), (ii) all know-how and warranties relating to any of the Pledged Collateral, (iii) any and all other rights, claims, choses-in-action and causes of action of such Pledgor
against any other person and the benefits of any and all collateral or other security given by any 

  

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other person in connection therewith, (iv) all guarantees, endorsements and indemnifications on, or of, any of the Pledged Collateral, (v) all
lists, books, records, correspondence, ledgers, printouts, files (whether in printed form or stored electronically), tapes and other papers or materials containing information relating to any of the Pledged Collateral, including all customer or
tenant lists, identification of suppliers, data, plans, blueprints, specifications, designs, drawings, appraisals, recorded knowledge, surveys, studies, engineering reports, test reports, manuals, standards, processing standards, performance
standards, catalogs, research data, computer and automatic machinery software and programs and the like, field repair data, accounting information pertaining to such Pledgor’s operations or any of the Pledged Collateral and all media in which
or on which any of the information or knowledge or data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records or data, (vi) all licenses, consents, permits,
variances, certifications, authorizations and approvals, however characterized, now or hereafter acquired or held by such Pledgor, including building permits, certificates of occupancy, environmental certificates, industrial permits or licenses and
certificates of operation and (vii) all rights to reserves, deferred payments, deposits, refunds, indemnification of claims and claims for tax or other refunds against any Governmental Authority. 
 “Guarantors” shall have the meaning assigned to such term in the Preamble hereof. 
 “Holdings” shall have the meaning assigned to such term in the Preamble hereof. 
 “Instruments” shall mean, collectively, with respect to each Pledgor, all “instruments,” as such term is defined in Article 9,
rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 
 “Intercreditor Agreement” shall mean the Intercreditor Agreement dated as of October 19, 2007 by and between Bank of America, N.A. and Wells Fargo Bank, National Association, as amended, supplemented, restated or
otherwise modified from time to time. 
 “Joinder Agreement” shall mean an agreement substantially in the form of Exhibit
1 hereto. 
 “Notes Collateral Agent” shall have the meaning assigned to such term in the Intercreditor Agreement.

 “Notes Collateral” shall have the meaning assigned to the term “Non-Intercreditor Collateral” in the
Intercreditor Agreement. 
 “paid in full” shall mean with respect to (i) any non-Contingent Obligations, the
indefeasible payment in full, in cash, of such Obligations, including all interest, fees and other charges payable in connection therewith, whether such interest, fees or other charges accrue or are incurred prior to or during the pendency of an
Insolvency Proceeding and whether or not any of the same are allowed or recoverable in any bankruptcy case pursuant to Section 506 of the 

  

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Bankruptcy Code or any other Debtor Relief Laws or otherwise; (ii) any L/C Obligations represented by undrawn Letters of Credit and Bank Product Debt
(including Debt arising under Hedging Agreements), the Cash Collateralization with respect thereto; and (iii) any Obligations that are contingent in nature, such as a right of Administrative Agent or a Lender to reimbursement or indemnification
by any Obligor, the depositing of cash with the Administrative Agent in an amount equal to 100% of any such Obligations that have been liquidated or, if such Obligations are unliquidated in amount and represent a claim which has been asserted
against the Administrative Agent or a Lender and for which an indemnity has been provided hereunder, in an amount that is equal to such claim or the Administrative Agent’s good faith estimate of such claim. 
 “Perfection Certificate” shall mean that certain perfection certificate dated October 19, 2007 executed and delivered by each
Pledgor in favor of the Administrative Agent for the benefit of the Secured Parties, and each other Perfection Certificate (which shall be in form and substance reasonably acceptable to the Administrative Agent) executed and delivered by the
applicable Guarantor in favor of the Administrative Agent for the benefit of the Secured Parties contemporaneously with the execution and delivery of each Joinder Agreement executed in accordance with Section 3.5 hereof. 
 “Pledged Collateral” shall have the meaning assigned to such term in Section 2.1 hereof. 
 “Pledgor” shall have the meaning assigned to such term in the Preamble hereof. 
 “Quarterly Update Date” shall mean the date of delivery of quarterly financial statements pursuant to Section 10.1.3(iii) of the
Credit Agreement. 
 “Receivables” shall mean all (i) Accounts, (ii) Chattel Paper, (iii) Payment
Intangibles, (iv) General Intangibles, (v) Instruments and (vi) all other rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services
rendered or to be rendered, together with all of Pledgors’ rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and all Records relating
thereto. 
 “Requirements of Law” shall mean, collectively, any and all requirements of any Governmental Authority including
any and all laws, judgments, orders, decrees, ordinances, rules, regulations, statutes or case law. 
 “Secured Agreements”
shall mean (i) this Agreement and the Credit Agreement and (ii) any agreements governing Bank Products that are designated in writing by Borrower Agent to the Administrative Agent as “Secured Agreements” within the meaning hereof
and, in each case of clause (i) and (ii) above, all other documents, certificates and instruments relating to, arising out of, or in any way connected therewith. 
  

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 “Secured Obligations” shall mean all (a) principal of and premium, if any, on the
U.S. Revolver Loans, Canadian Revolver Loans, U.S. Swingline Loans, Canadian Swingline Loans and Agent Advances, (b) L/C Obligations and other obligations of Obligors with respect to Letters of Credit, (c) interest, expenses, fees and
other sums payable by Obligors under Credit Documents, (d) obligations of Obligors under any indemnity for Claims, (e) Extraordinary Expenses, (f) Bank Product Debt (other than any Hedging Agreement); provided that such Bank
Product Debt has been designated in writing by Borrower Agent to the Administrative Agent as “Secured Obligations” within the meaning hereof, (g) Hedging Agreements that constitute “Bank Product Debt” and (h) other
Debts, obligations and liabilities of any kind owing by Obligors pursuant to the Credit Documents, whether now existing or hereafter arising, whether evidenced by a note or other writing, whether allowed in any Insolvency Proceeding, whether arising
from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, or joint or several.

 “Secured Parties” shall mean, collectively, (i) the Administrative Agent, (ii) the Lenders, (iii) any
Lender or any other Person who at the date of entering into any agreement governing Bank Products (other than any Hedging Agreement) was an Affiliate of the Administrative Agent or a Lender; provided that such Lender or Person has been
designated in writing by Borrower Agent to the Administrative Agent as a “Secured Party” within the meaning hereof with respect to such Bank Product Debt and (iv) any Lender or any other Person who at the date of entering into any
agreement governing Hedging Agreement was an Affiliate of the Administrative Agent or a Lender; provided further that the counterparties to each Hedging Agreements on Schedule 6 to the Credit Agreement shall be deemed to be “Secured
Parties” within the meaning hereof. 
 “Senior Secured Notes Indenture” shall have the meaning assigned to such term in
the Credit Agreement. 
 “UCC” shall mean the Uniform Commercial Code 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 Administrative Agent’s and the Secured Parties’ security interest in any item or portion
of the Pledged Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than 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. 
 SECTION 1.2. Interpretation. The rules of interpretation specified in the Credit Agreement (including Sections 1.2 through 1.4 thereof) shall be applicable to this Agreement. 
 SECTION 1.3. Resolution of Drafting Ambiguities. Each Pledgor acknowledges and agrees that it was represented by counsel in connection with the
execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the
Administrative Agent) shall not be employed in the interpretation hereof. 
  

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 SECTION 1.4. Perfection Certificate. The Administrative Agent and each Secured Party agree that
the Perfection Certificate and all descriptions of Pledged Collateral, schedules, amendments and supplements thereto are and shall at all times remain apart of this Agreement. 
 ARTICLE II 
 GRANT OF SECURITY AND SECURED OBLIGATIONS 
 SECTION 2.1. Grant of Security Interest. As collateral security for the payment and performance in full of all the Secured Obligations, each
Pledgor hereby pledges and grants to the Administrative Agent for the benefit of the Secured Parties, a lien on and security interest in all of the right, title and interest of such Pledgor in, to and under the following property, wherever located,
and whether now existing or hereafter arising or acquired from time to time (collectively, the “Pledged Collateral”): 
  

	 	(i)	(a) all Accounts and (b) other rights to payment for Inventory or related services to the extent evidenced by Chattel Paper or Instruments, and Payment Intangibles (other
than Payment Intangibles which constitute identifiable proceeds of the Notes Collateral); 

  

	 	(ii)	all Inventory or Documents for any Inventory; 

  

	 	(iii)	all Money and all Deposit Accounts; provided that to the extent that Instruments or Chattel Paper constitute identifiable proceeds of the Notes Collateral or other
identifiable proceeds of the Notes Collateral are deposited or held in any such Deposit Accounts, then such Instruments, Chattel Paper or other identifiable proceeds shall not constitute “Pledged Collateral”; 

  

	 	(iv)	all General Intangibles pertaining to the items referred to in clauses (i) through (iii) above, including, without limitation, all contingent rights with respect to warranties
on Inventory or Accounts which are not yet Payment Intangibles; 

  

	 	(v)	all Records, Supporting Obligations and related Letters of Credit and Letter of Credit Rights, pertaining to the items referred to in clauses (i) through (iii) above,
Commercial Tort Claims (including Commercial Tort Claims described on Schedule 1 hereto) or other claims and causes of action, in each case, pertaining to the items referred to in clauses (i) through (iii) above;

  

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	 	(vi)	all books and records relating to the items referred to in clauses (i) through (v) above; and 

  

	 	(vii)	substitutions, replacements, accessions, products and proceeds (including, without limitation, insurance proceeds, licenses, royalties, income, payments, claims, damages and
proceeds of suit) of any or all of the foregoing, only to the extent any of the foregoing would constitute property of the type described in clauses (i) through (vi) above. 

 Notwithstanding anything to the contrary contained in clauses (i) through (vii) above, the security interest created by this shall not extend to, and the term
“Pledged Collateral” shall not include, any Excluded Assets. 
 SECTION 2.2. Filings. 
 (a) Each Pledgor hereby irrevocably authorizes the Administrative Agent (i) at any time and from time to time to file in any relevant jurisdiction
any financing statements (including fixture filings) and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment
relating to the Pledged Collateral, including (A) whether such Pledgor is an organization, the type of organization and any organizational identification number issued to such Pledgor and (B) any financing or continuation statements or
other documents without the signature of such Pledgor where permitted by law and (ii) to file termination statements relating to existing liens that are being terminated on the Closing Date. Each Pledgor agrees to provide all information
described in the immediately preceding sentence to the Administrative Agent promptly upon request by the Administrative Agent 
 (b) Each
Pledgor hereby ratifies its authorization for the Administrative Agent to file in any relevant jurisdiction any financing statements relating to the Pledged Collateral if filed prior to the date hereof. 
 ARTICLE III 
 PERFECTION; SUPPLEMENTS; FURTHER

 ASSURANCES; USE OF PLEDGED COLLATERAL 
 SECTION 3.1. [Reserved]. 
 SECTION 3.2. [Reserved]. 
 SECTION 3.3. Financing Statements and Other Filings; Maintenance of Perfected Security Interest. Each Pledgor represents and warrants that all
financing statements, agreements, instruments and other documents necessary to perfect the security interest granted by it to the Administrative Agent in respect of the Pledged Collateral have been delivered to the 

  

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Administrative Agent in completed and, to the extent necessary or appropriate, duly executed form for filing in each governmental, municipal or other office
specified in Schedule 6 to the Perfection Certificate. Each Pledgor agrees that at the sole cost and expense of the Pledgors, such Pledgor will maintain the security interest created by this Agreement in the Pledged Collateral as a perfected
first priority security interest subject only to Permitted Liens. Notwithstanding anything contained herein to the contrary, perfection of the Administrative Agent’s security interest in Money shall not be required other than to the extent it
is (i) perfected as proceeds of collateral or (ii) deposited in a Deposit Account subject to a Control of the Administrative Agent. 
 SECTION 3.4. Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Administrative Agent to enforce, the Administrative Agent’s security interest in the Pledged Collateral,
each Pledgor represents and warrants (as to itself) as follows and agrees, in each case at such Pledgor’s own expense, to take the following actions with respect to the following Pledged Collateral: 
 (a) Instruments and Tangible Chattel Paper. As of the date hereof, no amounts payable under or in connection with any of the
Pledged Collateral are evidenced by any Instrument or Tangible Chattel Paper other man such Instruments and Tangible Chattel Paper listed in Schedule 10 to the Perfection Certificate. Each Instrument and each item of Tangible Chattel Paper
evidencing any of the Pledged Collateral listed in Schedule 10 to the Perfection Certificate has been properly endorsed, assigned and delivered to the Administrative Agent, accompanied by instruments of transfer or assignment duly executed in
blank. If any amount then payable under or in connection with any of the Pledged Collateral shall be evidenced by any Instrument or Tangible Chattel Paper, and such amount, together with all amounts payable evidenced by any Instrument or Tangible
Chattel Paper evidencing any of the Pledged Collateral not previously delivered to the Administrative Agent exceeds $5,000,000 individually or $10,000,000 in the aggregate for all Pledgors, the Pledgor acquiring such Instrument or Tangible Chattel
Paper shall on or before the first Quarterly Update Date following the receipt thereof by such Pledgor endorse, assign and deliver the same to the Administrative Agent, accompanied by such instruments of transfer or assignment duly executed in blank
as the Administrative Agent may from time to time specify. 
 (b) Deposit Accounts. As of the date hereof, no Pledgor
has any Deposit Accounts other than the accounts listed in Schedule 13 to the Perfection Certificate. The Administrative Agent has a first priority security interest in each such Deposit Account other than the Collateral Account (as such term
is defined in the Senior Secured Notes Indenture), subject as to priority only to Permitted Liens. No Pledgor shall hereafter establish and maintain any Deposit Account unless (1) it shall give the Administrative Agent prompt written notice
that such new Deposit Account has been established with a Bank and (2) such Bank, such Pledgor and the Administrative Agent shall within thirty (30) days of the date of acquisition of such Deposit Account have duly executed and delivered
to the Administrative Agent a Deposit Account Control Agreement with respect to such Deposit Account, such time to be extended in the Administrative Agent’s reasonable sole discretion. The Administrative Agent agrees with each Pledgor that the
Administrative 

  

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Agent shall not give any instructions directing the disposition of funds from time to time credited to any Deposit Account or withhold any withdrawal rights
from such Pledgor with respect to funds from time to time credited to any Deposit Account unless a Cash Dominion Event or an Event of Default has occurred and is continuing. The provisions of this Section 3.4(b) shall not apply to
Deposit Accounts (i) for which the Administrative Agent is the Bank, (ii) for which all of the funds on deposit are used for funding (w) payroll, (x) 401(K) and other retirement plans and employee benefits, including rabbi trusts
for deferred compensation, (y) health care benefits and (z) escrow arrangements (e.g., environmental indemnity accounts), (iii) (not already subject to the provisions of this paragraph) with an aggregate average daily balance
of all funds in all such other deposit accounts for all U.S. Borrowers and U.S. Subsidiary Guarantors not in excess of $10,000,000 at any time and (iv) located outside of the United States. No Pledgor shall grant Control of any Deposit Account
to any person other than the Administrative Agent and the Notes Collateral Agent. 
 (c) [Reserved] 
 (d) Electronic Chattel Paper and Transferable Records. As of the date hereof, no amount under or in connection with any of the
Pledged Collateral is evidenced by any Electronic Chattel Paper or any “transferable record” (as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act, or in Section 16 of
the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction) other than such Electronic Chattel Paper and transferable records listed in Schedule 10 to the Perfection Certificate. If any amount payable under or in
connection with any of the Pledged Collateral shall be evidenced by any Electronic Chattel Paper or any transferable record, the Pledgor acquiring such Electronic Chattel Paper or transferable record shall on or before the first Quarterly Update
Date following the receipt thereof by such Pledgor notify the Administrative Agent thereof and shall take such action as the Administrative Agent may reasonably request to vest in the Administrative Agent control of such Electronic Chattel Paper
under Section 9-105 of the UCC or control under Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act, as so in effect in such
jurisdiction, of such transferable record. The requirement in the preceding sentence shall not apply to the extent that such amount, together with all amounts payable evidenced by Electronic Chattel Paper or any transferable record in which the
Administrative Agent has not been vested control within the meaning of the statutes described in the immediately preceding sentence, does not exceed $5,000,000 individually and $10,000,000 in the aggregate for all Pledgors. The Administrative Agent
agrees with such Pledgor that the Administrative Agent will arrange, pursuant to procedures satisfactory to the Administrative Agent and so long as such procedures will not result in the Administrative Agent’s loss of control, for the Pledgor
to make alterations to the Electronic Chattel Paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or
Section 16 of the Uniform Electronic Transactions Act for a 

  

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party in control to allow without loss of control, unless an Event of Default has occurred and is continuing or would occur after taking into account any
action by such Pledgor with respect to such Electronic Chattel Paper or transferable record. 
 (e) Letter-of-Credit
Rights. If any Pledgor is at any time a beneficiary under a Letter of Credit relating to the Pledged Collateral now or hereafter issued, such Pledgor shall on or before the first Quarterly Update Date following the receipt thereof by such
Pledgor notify the Administrative Agent thereof and such Pledgor shall, at the request of the Administrative Agent, pursuant to an agreement in form and substance reasonably satisfactory to the Administrative Agent, either (i) arrange for the
issuer and any confirmer of such Letter of Credit to consent to an assignment to the Administrative Agent of the proceeds of any drawing under the Letter of Credit relating to the Pledged Collateral or (ii) arrange for the Administrative Agent
to become the transferee beneficiary of such Letter of Credit, with the Administrative Agent agreeing, in each case, that the proceeds of any drawing under the Letter of Credit are to be applied as provided in the Credit Agreement. The actions in
the preceding sentence shall not be required to the extent that the amount of any such Letter of Credit, together with the aggregate amount of all other Letters of Credit relating to the Pledged Collateral for which the actions described above in
clause (i) and (ii) have not been taken, does not exceed $5,000,000 individually and $10,000,000 in the aggregate for all Pledgors. 
 (f) Commercial Tort Claims. As of the date hereof, each Pledgor hereby represents and warrants that it holds no Commercial Tort Claims other than those listed in Schedule 12 to the Perfection
Certificate. If any Pledgor shall at any tune hold or acquire a Commercial Tort Claim relating to the Pledged Collateral, such Pledgor shall immediately notify the Administrative Agent in writing signed by such Pledgor of the brief details thereof
and grant to the Administrative Agent in such writing a security interest therein and in the Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Administrative Agent.
The requirement in the preceding sentence shall not apply to the extent that the amount of such Commercial Tort Claim, together with the amount of all other Commercial Tort Claims relating to the Pledged Collateral held by any Pledgor in which the
Administrative Agent does not have a security interest, does not exceed $10,000,000 in the aggregate for all Pledgors. 
 SECTION 3.5.
Joinder of Additional Guarantors. The Pledgors shall cause each U.S. Subsidiary of Ryerson which, from time to time, after the date hereof shall be required to pledge any assets to the Administrative Agent for the benefit of the Secured
Parties pursuant to the provisions of the Credit Agreement, to execute and deliver to the Administrative Agent (a) a Joinder Agreement substantially in the form of Exhibit 2 hereto and (b) a Perfection Certificate, in each case,
within thirty (30) days of the date, such time to be extended in the Administrative Agent’s sole discretion, not to be unreasonably withheld, on which it was acquired or created, and upon such execution and delivery, such U.S. Subsidiary
shall constitute a “Guarantor” and a “Pledgor” for all purposes hereunder with the same force and effect as if originally named as a Guarantor and Pledgor herein. The execution and delivery of such Joinder Agreement shall 

  

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not require the consent of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding
the addition of any new Guarantor and Pledgor as a party to this Agreement 
 SECTION 3.6. Supplements; Further Assurances. Each
Pledgor shall take such further actions, and execute and/or deliver to the Administrative Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as the Administrative Agent may in its
reasonable judgment deem necessary or appropriate in order to create, perfect, preserve and protect the security interest in the Pledged Collateral as provided herein and the rights and interests granted to the Administrative Agent hereunder, to
carry into effect the purposes hereof or better to assure and confirm the validity, enforceability and priority of the Administrative Agent’s security interest in the Pledged Collateral or permit the Administrative Agent to exercise and enforce
its rights, powers and remedies hereunder with respect to any Pledged Collateral, including the filing of financing statements, continuation statements and other documents (including this Agreement) under the Uniform Commercial Code (or other
similar laws) in effect in any jurisdiction with respect to the security interest created hereby and the execution and delivery of Deposit Account Control Agreements, all in form reasonably satisfactory to the Administrative Agent and in such
offices wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the security interest in the Pledged Collateral as provided herein and to preserve the other rights and interests granted to the
Administrative Agent hereunder, as against third parties, with respect to the Pledged Collateral. Without limiting the generality of the foregoing, each Pledgor shall make, execute, endorse, acknowledge, file or refile and/or deliver to the
Administrative Agent from time to time upon reasonable request by the Administrative Agent such lists, schedules, descriptions and designations of the Pledged Collateral, copies of warehouse receipts, receipts in the nature of warehouse receipts,
bills of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, supplements, additional security agreements, conveyances, financing statements, transfer endorsements, powers of attorney, certificates, reports and other
assurances or instruments as the Administrative Agent shall reasonably request. If an Event of Default has occurred and is continuing, the Administrative Agent may institute and maintain, in its own name or in the name of any Pledgor, such suits and
proceedings as the Administrative Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of the security interest in or the perfection thereof in the Pledged Collateral. All of the foregoing shall be at the sole
cost and expense of the Pledgors. 
 ARTICLE IV 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Each Pledgor represents, warrants and covenants as follows:

 SECTION 4.1. Title. Except for the security interest granted to the Administrative Agent for the benefit of the Secured Parties
pursuant to this Agreement and Permitted Liens, 

  

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such Pledgor owns and has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own and have rights in each item
of Pledged Collateral pledged by it hereunder, free and clear of any and all Liens or claims of others. 
 SECTION 4.2. Validity of
Security Interest. The security interest in and Lien on the Pledged Collateral granted to the Administrative Agent for the benefit of the Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged
Collateral securing the payment and performance of the Secured Obligations, and (b) subject to the filings and other actions described in Schedule 6 to the Perfection Certificate (to the extent required to be listed on the schedules to
the Perfection Certificate as of the date this representation is made or deemed made) being duly made, a perfected security interest in all the Pledged Collateral, except as otherwise provided herein. The security interest and Lien granted to the
Administrative Agent for the benefit of the Secured Parties pursuant to this Agreement in and on the Pledged Collateral will at all times constitute a perfected, continuing security interest therein, prior to all other Liens on the Pledged
Collateral except for Permitted Liens. 
 SECTION 4.3. Defense of Claims; Transferability of Pledged Collateral. Each Pledgor shall,
at its own cost and expense, defend title to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Administrative Agent and the priority thereof against all material claims and demands of
all persons, at its own cost and expense, at any time claiming any interest therein adverse to the Administrative Agent or any other Secured Party other than Permitted Liens. There is no agreement, order, judgment or decree, and no Pledgor shall
enter into any agreement or take any other action, that would restrict the transferability of any of the Pledged Collateral or otherwise impair or conflict with such Pledgor’s obligations or the rights of the Administrative Agent hereunder to
the extent reasonably likely to have a Material Adverse Effect (as defined in the Credit Agreement) and after giving effect to Sections 9-406(d), 9-407(a), 9-408(a) or 9-409 of the UCC (or any successor provision or provisions) or any other
applicable law (including the Bankruptcy Code) or principles of equity. 
 SECTION 4.4. Other Financing Statements. It has not filed,
nor authorized any third party to file (nor will there be), any valid or effective financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest
of any kind in the Pledged Collateral, except such as have been filed in favor of the Administrative Agent pursuant to this Agreement or in favor of any holder of a Permitted Lien with respect to such Permitted Lien or financing statements or public
notices relating to the termination statements listed on Schedule 8 to the Perfection Certificate. No Pledgor shall execute, authorize or permit to be filed in any public office any financing statement (or similar statement, instrument of
registration or public notice under the law of any jurisdiction) relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and covering the security interests granted by
such Pledgor to the Administrative Agent and the holders of the Permitted Liens. 
  

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 SECTION 4.5. Location of Inventory and Equipment. Except as in accordance with the Credit
Agreement, in no event shall any Inventory of a Pledgor be moved to any location outside of the United States. 
 SECTION 4.6.
[Reserved]. 
 SECTION 4.7. Consents, etc. In the event that the Administrative Agent desires to exercise any remedies, voting
or consensual rights or attorney-in-fact powers set forth in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then, upon the reasonable request of the
Administrative Agent, such Pledgor agrees to use its best efforts to assist and aid the Administrative Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers. 

SECTION 4.8. Pledged Collateral. All information set forth herein, including the schedules hereto, and all information contained in any
documents, schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement, in each case, relating to the Pledged Collateral, is accurate and complete
in all material respects. 
 SECTION 4.9. Insurance. In the event that the proceeds of any insurance claim with respect to any of the
Pledged Collateral are paid to any Pledgor after the Administrative Agent has exercised its right to foreclose after an Event of Default, such net cash Proceeds shall be held in trust for the benefit of the Administrative Agent and immediately after
receipt thereof shall be paid to the Administrative Agent in the amount and for application in accordance with the Credit Agreement. 
 SECTION 4.10. Chief Executive Office; Change of Name; Jurisdiction of Organization. 
 (a) It will not effect any change
(i) to its legal name, (ii) in its identity or organizational structure, (iii) in its organizational identification number, if any, or (iv) in its jurisdiction of organization (in each case, including by merging with or into any
other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), unless (A) it shall have given the Administrative Agent promptly but in any event within 30 days after such change, written notice
clearly describing such change and providing such other information in connection therewith as the Administrative Agent may reasonably request and (B) it shall have taken or will promptly take all action necessary to maintain the perfection and
priority of the security interest of the Administrative Agent for the benefit of the Secured Parties in the Pledged Collateral. 
 (b) The
Administrative Agent shall have no duty to inquire about any of the changes described in clause (a) above, the parties acknowledging and agreeing that each Pledgor is solely responsible to take all action described in
Section 4.10(a)(B) above. 
  

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 ARTICLE V 
 GUARANTEE 
 SECTION 5.1. Guarantee. Each Guarantor unconditionally guarantees, jointly with the other
Guarantors and severally, as a primary obligor and not merely as a surety, the due and punctual payment and performance in full of the Secured Obligations. Each Guarantor further agrees that the Secured Obligations may be extended or renewed, in
whole or in part, or amended or modified, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension, renewal, amendment or modification of the Secured Obligations. Each Guarantor
waives presentment to, demand of payment from and protest to Borrower Agent or any other Obligor of the Secured Obligations and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. 
 SECTION 5.2. Guarantee of Payment. Each Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment when due and not
of collection, and waives any right to require that any resort be had by the Administrative Agent or any other Secured Party to any security held for the payment of the Secured Obligations or to any balance of any Deposit Account or credit on the
books of the Administrative Agent or any other Secured Party in favor of Borrower Agent or any other Person. 
 SECTION 5.3. No
Limitations. (i) Except for termination of a Guarantor’s Secured Obligations hereunder as expressly provided in Section 12.4, the Secured Obligations of each Guarantor hereunder shall not be subject to any reduction,
limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever by reason of
the invalidity, illegality or unenforceability of the Secured Obligations or otherwise. Without limiting the generality of the foregoing, the Secured Obligations of each Guarantor hereunder shall not be discharged or impaired or otherwise affected
by (i) the failure of the Administrative Agent or any other Secured Party to assert any claim or demand or to enforce any right or remedy under the provisions of any Credit Document or otherwise; (ii) any rescission, waiver, amendment or
modification of, or any release from any of the terms or provisions of, any Loan Document or any other agreement, including with respect to any other Guarantor under this Agreement; (iii) the release of, impairment of or failure to perfect any
Lien held by the Administrative Agent or any other Secured Party for the payment and performance of the Secured Obligations or any of them; (iv) any default, failure or delay, wilful or otherwise, in the performance of the Secured Obligations;
or (v) any other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the indefeasible payment in full in
cash of the Secured Obligations). Each Guarantor expressly authorizes the Administrative Agent (i) to take and hold security for the payment and performance of the Secured Obligations, (ii) to exchange, waive or release any or all such
security (with or without consideration), (iii) to enforce or apply such security and direct the order and manner of any sale thereof in its sole discretion or 

  

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(iv) to release or substitute any one or more other guarantors or obligors upon or in respect of the Secured Obligations, all without affecting the Secured
Obligations of any Guarantor hereunder. 
 (ii) To the fullest extent permitted by applicable law, each Guarantor waives any defense based on
or arising out of any defense of Borrower Agent or any other Obligor or the unenforceability of the Secured Obligations or any part thereof from any cause, or the cessation from any cause of the liability of Borrower Agent or any other Obligor,
other than the indefeasible payment in full in cash of all the Secured Obligations. The Administrative Agent and the other Secured Parties may, at their election, foreclose on any security held by one or more of them by one or more judicial or
nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part of the Secured Obligations, make any other accommodation with Borrower Agent or any other Obligor or exercise any other right or
remedy available to them against Borrower Agent or any other Obligor, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Secured Obligations have been fully and indefeasibly paid in full. To
the fullest extent permitted by applicable law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation
or other right or remedy of such Guarantor against Borrower Agent or any other Obligor, as applicable, or any security. 
 SECTION 5.4.
Reinstatement. Each of the Guarantors agrees that its guarantee hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be
restored by the Administrative Agent or any other Secured Party upon the bankruptcy or reorganization of Borrower Agent, any other Obligor or otherwise. 
 SECTION 5.5. Agreement To Pay; Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Administrative Agent or any other Secured Party has at law or in equity against any
Guarantor by virtue hereof, upon the failure of Borrower Agent or any other Obligor to pay any non-contingent Secured Obligation when and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise,
each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent for distribution to the applicable Secured Parties in cash the amount of such unpaid non-contingent Secured Obligation. 
 SECTION 5.6. Information. Each Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s and each other
Obligor’s financial condition and assets and of all other circumstances bearing upon the risk of nonpayment of the Secured Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder and agrees
that none of the Administrative Agent or the other Secured Parties will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks. 
 SECTION 5.7. Right of Contribution. Each U.S. Subsidiary Guarantor hereby agrees that to the extent that a U.S. Subsidiary Guarantor shall have
paid more than its proportionate 

  

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share of any payment made hereunder, such U.S. Subsidiary Guarantor shall be entitled to seek and receive contribution from and against any other U.S.
Subsidiary Guarantor hereunder which has not paid its proportionate share of such payment Each U.S. Subsidiary Guarantor’s right of contribution shall be subject to the terms and conditions of Section 5.3. The provisions of this
Section 5.7 shall in no respect limit the obligations and liabilities of any U.S. Subsidiary Guarantor to the Administrative Agent, the U.S Issuing Bank, the U.S. Swingline Lender and the U.S. Lenders, and each U.S. Subsidiary Guarantor shall
remain liable to the Administrative Agent, the U.S. Issuing Bank, the U.S. Swingline Lender and the U.S. Lenders for the full amount guaranteed by such U.S. Subsidiary Guarantor hereunder. 
 SECTION 5.8. General Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate limited partnership or limited
liability company law, or any applicable state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under Section 5.1 would otherwise be held or
determined to be void, voidable, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 5.1, then, notwithstanding any other provision to the contrary, the amount
of such liability shall, without any further action by such Guarantor, any Obligor or any other person, be automatically limited and reduced to the highest amount (after giving effect to the right of contribution established in Section 5.7)
that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 
 [RESERVED]

 ARTICLE VII 
 CERTAIN
PROVISIONS CONCERNING RECEIVABLES 
 SECTION 7.1. Maintenance of Records. Each Pledgor shall keep and maintain at its own cost and
expense complete records of each Receivable, in a manner consistent with prudent business practice. Each Pledgor shall, at such Pledgor’s sole cost and expense, upon the Administrative Agent’s demand made at any time after the occurrence
and during the continuance of any Event of Default, deliver all tangible evidence of Receivables, including all documents evidencing Receivables and any books and records relating thereto to the Administrative Agent or to its representatives (copies
of which evidence and books and records may be retained by such Pledgor). Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent may transfer a full and complete copy of any Pledgor’s books, records,
credit information, reports, memoranda and all other writings relating to the Receivables to and for the use by any person that has acquired or is contemplating acquisition of an interest in the Receivables or the Administrative Agent’s
security interest therein without the consent of any Pledgor. 
 SECTION 7.2. Legend. After the occurrence and during the continuance
of an Event of Default and upon the request of the Administrative Agent, each Pledgor shall legend, at 

  

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the request of the Administrative Agent and in form and manner satisfactory to the Administrative Agent, the Receivables and the other books, records and
documents of such Pledgor evidencing or pertaining to the Receivables with an appropriate reference to the fact that the Receivables have been assigned to the Administrative Agent for the benefit of the Secured Parties and that the Administrative
Agent has a security interest therein. 
 SECTION 7.3. Modification of Terms, etc. No Pledgor shall rescind or cancel any obligations
evidenced by any Receivable or modify any term thereof or make any adjustment with respect thereto except consistent with such Pledgor’s commercial judgment in the Ordinary Course of Business, or extend or renew any such obligations except
consistent with such Pledgor’s commercial judgment in the Ordinary Course of Business or compromise or settle any dispute, claim, suit or legal proceeding relating thereto or sell any Receivable or interest therein except consistent with such
Pledgor’s commercial judgment. Each Pledgor shall in all material respects timely fulfill all obligations on its part to be fulfilled under or in connection with the Receivables consistent with such Pledgor’s commercial judgment in the
Ordinary Course of Business. 
 SECTION 7.4. Collection. Each Pledgor shall cause to be collected from the Account Debtor of each of
the Receivables, as and when due and consistent with prudent business practice (including Receivables that are delinquent to the extent deemed appropriate in the commercial judgment of such Pledgor exercised in the Ordinary Course of Business, any
and all amounts owing under or on account of such Receivable, and apply forthwith upon receipt thereof all such amounts as are so collected to the outstanding balance of such Receivable, except that any Pledgor may, with respect to a Receivable,
allow in the Ordinary Course of Business (i) a refund or credit due as a result of returned or damaged or defective merchandise or otherwise in such Pledgor’s commercial judgment and (ii) such extensions of time to pay amounts due in
respect of Receivables and such other modifications of payment terms or settlements in respect of Receivables as shall be commercially reasonable in the circumstances, all in the Ordinary Course of Business as in effect from time to time. The costs
and expenses (including attorneys’ fees) of collection, in any case, whether incurred by any Pledgor, the Administrative Agent or any Secured Party, shall be paid by the Pledgors. 
 ARTICLE VIII 
 TRANSFERS 
 SECTION 8.1. Transfers of Pledged Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option with respect to,
any of the Pledged Collateral pledged by it hereunder except as permitted by the Credit Agreement. 
  

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 ARTICLE IX 
 [RESERVED] 
 ARTICLE X 
 REMEDIES 
 SECTION 10.1. Remedies. Upon the occurrence and during the continuance of any Event of
Default, the Administrative Agent may from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to it, the following remedies: 
 (i) Personally, or by agents or attorneys, immediately take possession of the Pledged Collateral or any part thereof, from any Pledgor or
any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any Pledgor’s premises where any of the Pledged Collateral is located, remove such Pledged Collateral,
remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection with such removal and possession any and all services, supplies, aids and other facilities of any
Pledgor; 
 (ii) Demand, sue for, collect or receive any money or property at any time payable or receivable in respect of the
Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to make any payment required by the terms of such agreement, instrument or other obligation
directly to the Administrative Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided, however, that in the event that any such
payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall hold all amounts received pursuant thereto in trust for the benefit of the Administrative Agent and shall promptly (but in no
event later than one (1) Business Day after receipt thereof) pay such amounts to the Administrative Agent; 
 (iii) Sell,
assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign, grant a license to use or otherwise liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take
possession of the proceeds of any such sale, assignment, license or liquidation; 
 (iv) Take possession of the Pledged
Collateral or any part thereof, by directing any Pledgor in writing to deliver the same to the Administrative Agent at any place or places so designated by the Administrative Agent, in which event such Pledgor shall at its own expense:
(A) forthwith cause the same to be moved to the place or places designated by the Administrative Agent and therewith delivered to the Administrative Agent, 

  

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(B) store and keep any Pledged Collateral so delivered to the Administrative Agent at such place or places pending further action by the Administrative Agent
and (C) while the Pledged Collateral shall be so stored and kept, provide such security and maintenance services as shall be necessary to protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to
deliver the Pledged Collateral as contemplated in this Section 10.1(iv) is of the essence hereof. Upon application to a court of equity having jurisdiction, the Administrative Agent shall be entitled to a decree requiring specific
performance by any Pledgor of such obligation; 
 (v) Withdraw all moneys, instruments, securities and other property in any
bank, financial securities, deposit or other account of any Pledgor constituting Pledged Collateral for application to the Secured Obligations as provided in Article XI hereof; 
 (vi) [Reserved]; 
 (vii) Exercise any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of and exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral;
and 
 (viii) Exercise all the rights and remedies of a secured party on default under the UCC, and the Administrative Agent
may also in its sole discretion, without notice except as specified in Section 10.2 hereof, sell, assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any
exchange, broker’s board or at any of the Administrative Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as the Administrative Agent may deem commercially
reasonable. To the extent permitted by law, the Administrative Agent or any other Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral or any part thereof at any such
sale and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations
owed to such person as a credit on account of the purchase price of the Pledged Collateral or any part thereof payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold,
assigned or licensed absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may at any time in
the future have under any rule of law or statute now existing or hereafter enacted. The Administrative Agent shall not be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of sale having been given. The
Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor
hereby waives, to the fullest extent permitted by law, any claims against the Administrative Agent arising by reason of the fact that the price at which the Pledged Collateral or any part thereof may have been sold, assigned or 

  

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licensed at such a private sale was less than the price which might have been obtained at a public sale, even if the Administrative Agent accepts the first
offer received and does not offer such Pledged Collateral to more than one offeree. 
 SECTION 10.2. Notice of Sale. Each Pledgor
acknowledges and agrees that, to the extent notice of sale or other disposition of the Pledged Collateral or any part thereof shall be required by law, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or
of the time after which any private sale or other intended disposition is to take place shall be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of
Default, a statement renouncing or modifying any right to notification of sale or other intended disposition. 
 SECTION 10.3. Waiver of
Notice and Claims. Each Pledgor hereby waives, to the fullest extent permitted by applicable law, notice or judicial hearing in connection with the Administrative Agent’s taking possession or the Administrative Agent’s disposition of
the Pledged Collateral or any part thereof, including any and all prior notice and hearing for any pre-judgment remedy or remedies and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the
fullest extent permitted by applicable law: (i) all damages occasioned by such taking of possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the
Administrative Agent’s rights hereunder and (iii) all rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any applicable law. The Administrative Agent shall not be liable for any
incorrect or improper payment made pursuant to this Article X in the absence of gross negligence or willful misconduct on the part of the Administrative Agent Any sale of, or the grant of options to purchase, or any other realization upon,
any Pledged Collateral shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and
against any and all persons claiming or attempting to claim the Pledged Collateral so sold, optioned or realized upon, or any part thereof, from, through or under such Pledgor. 
 SECTION 10.4. [Reserved]. 
 SECTION 10.5.
No Waiver; Cumulative Remedies. 
 (a) No failure on the part of the Administrative Agent to exercise, no course of dealing with
respect to, and no delay on the part of the Administrative Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder
preclude any other or further exercise thereof or the exercise of any other right, power, privilege or remedy; nor shall the Administrative Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All
rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law or otherwise available. 
  

 -21- 

 (b) In the event that the Administrative Agent shall have instituted any proceeding to enforce any right,
power, privilege or remedy under this Agreement or any other U.S. Security Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the
Administrative Agent, then and in every such case, the Pledgors, the Administrative Agent and each other Secured Party shall be restored to their respective former positions and rights hereunder with respect to the Pledged Collateral, and all
rights, remedies, privileges and powers of the Administrative Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 
 ARTICLE XI 
 APPLICATION OF PROCEEDS 
 SECTION 11.1. Application of Proceeds. The proceeds received by the Administrative Agent in respect of any sale of, collection from or other
realization upon all or any part of the Pledged Collateral pursuant to the exercise by the Administrative Agent of its remedies shall be applied, together with any other sums then held by the Administrative Agent pursuant to this Agreement, in
accordance with the Credit Agreement. 
 ARTICLE XII 
 MISCELLANEOUS 
 SECTION 12.1. Concerning Administrative Agent. 
 (a) Each Secured Party hereby appoints Bank of America, N.A., to serve as Administrative Agent and representative of the Secured Parties under each of
the U.S. Security Documents and the Intercreditor Agreement and authorizes the Administrative Agent to act as agent for the Secured Parties for the purpose of executing and delivering, on behalf of all the Secured Parties, the U.S. Security
Documents and the Intercreditor Agreement and any other documents or instruments related thereto or necessary or, as determined by the Administrative Agent, desirable to perfect the Liens granted to the Administrative Agent thereunder and, subject
to the provisions of this Agreement, for the purpose of enforcing the Secured Parties’ rights in respect of the Pledged Collateral and the obligations of the Pledgors under the U.S. Security Documents, and for the purpose of, or in connection
with, releasing the obligations of the Pledgors under the U.S. Security Documents. Without limiting the generality of the foregoing, the Administrative Agent is further hereby appointed as agent for each of the Secured Parties to hold the Liens on
the Pledged Collateral granted pursuant to the U.S. Security Documents with sole authority to exercise remedies under the U.S. Security Documents. The Administrative Agent shall have the right hereunder to make demands, to give notices, to exercise
or refrain from exercising any rights, and to take or refrain from taking action (including the release or 

  

 -22- 

 
substitution of the Pledged Collateral), in accordance with the Secured Agreements and the Intercreditor Agreement. The Administrative Agent may employ
agents and attorneys-in-fact in connection herewith and shall not be liable for the gross negligence or willful misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Administrative Agent may resign and a successor
Administrative Agent may be appointed in the manner provided in Section 12.3. Upon the acceptance of any appointment as the Administrative Agent by a successor Administrative Agent, that successor Administrative Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent under the Secured Agreements, and the retiring Administrative Agent shall thereupon be discharged from its duties and obligations
under the Secured Agreements. After any retiring Administrative Agent’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under the Secured Agreements while it was the
Administrative Agent. 
 (b) The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of
the Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Administrative Agent, in its individual capacity, accords its own property consisting of similar instruments or
interests, it being understood that neither the Administrative Agent nor any of the Secured Parties shall have responsibility for (i) taking any necessary steps to preserve rights against any person with respect to any Pledged Collateral.

 (c) The Administrative Agent shall be entitled to rely upon any written notice, statement, certificate, order or other document or any
telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to the Secured Agreements and its duties thereunder, upon advice of counsel selected
by it (who may be counsel to one or more Pledgors). The Administrative Agent shall not be deemed to have actual, constructive, direct or indirect knowledge or notice of the occurrence of any Default or Event of Default unless and until the
Administrative Agent has received written notice from a Secured Party or the Company referring to the applicable Secured Agreement, describing such Default or Event of Default and stating that it is a “notice of default” or a “notice
of event of default”, setting forth in reasonable detail the facts and circumstances thereof and stating that the Administrative Agent may rely on such notice without further inquiry. The Administrative Agent shall have no obligation or duty
prior to or after receiving any such notice to inquire whether a Default or Event of Default has in fact occurred and shall be entitled to conclusively rely, and shall be fully protected in so relying, on any such notice furnished to it, 

(d) If any item of Pledged Collateral also constitutes collateral granted to the Administrative Agent under any other deed of trust, mortgage,
security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement, pledge or instrument of any type in respect of such
collateral, the terms of this Agreement shall apply. 
  

 -23- 

 (e) Notwithstanding anything to the contrary contained herein, the Administrative Agent may rely on
advice of counsel as to whether any or all UCC financing statements of the Pledgors need to be amended as a result of any of the changes described in Section 10.1.2 or 10.2.16 of the Credit Agreement. If any Pledgor fails to provide
information to the Administrative Agent about such changes on a timely basis, the Administrative Agent shall not be liable or responsible to any party for any failure to maintain a perfected security interest in such Pledgor’s property
constituting Pledged Collateral for which the Administrative Agent needed to have information relating to such changes. The Administrative Agent shall have no duty to inquire about such changes if any Pledgor does not inform the Administrative Agent
of such changes, the parties acknowledging and agreeing that it would not be feasible or practical for the Administrative Agent to search for information on such changes if such information is not provided by any Pledgor. 
 (f) Notwithstanding anything to the contrary contained herein, the Administrative Agent shall not be required to take or refrain from taking, and shall
have no liability to any Secured Party for taking or refraining from taking, any action that exposes or, in the good faith judgment of the Administrative Agent may expose, the Administrative Agent or its officers, directors, agents or employees to
personal liability, unless the Administrative Agent shall be adequately indemnified, or that is, or in the good faith judgment of the Administrative Agent may be, contrary to any U.S. Security Document, any other Secured Agreement or applicable law.
Upon receipt of such indemnity, however, the Administrative Agent shall act upon the specific instructions of the Authorized Representatives provided in accordance with the provisions of this Agreement, except for any instructions that in the good
faith judgment of the Administrative Agent may be contrary to any Secured Agreement or applicable law. 
 (g) [Reserved]. 
 (h) Each Pledgor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by
the Administrative Agent or the exercise or nonexercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the
Administrative Agent and the other Secured Parties, be governed by the provisions of this Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the
Pledgors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Administrative Agent and the other Secured Parties with full and valid authority so to act or refrain from acting, and no Pledgor shall be under any
obligation, or entitlement, to make any inquiry respecting such authority. 
 (i) Subject to clause (f) of this Section 12.1,
neither the Administrative Agent nor any of its officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Pledged Collateral or for any delay in doing so or shall be under any obligation to
sell or otherwise dispose of any Pledged Collateral upon the request of any Pledgor or any other person or to take any other action whatsoever with regard to the Pledged Collateral or any part thereof. The powers conferred on the Administrative
Agent hereunder are solely to 

  

 -24- 

 
protect the interests of the Administrative Agent in the Pledged Collateral and, subject to clause (f) of this Section 12.1 shall not
impose any duty upon the Administrative Agent to exercise any such powers. The Administrative 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 have any duty or liability or be responsible to any Pledgor for any act or failure to act hereunder, except for its own gross negligence or willful misconduct. The Administrative Agent shall have no duty or
liability as to the taking of any necessary steps to preserve or protect the Pledged Collateral or to preserve rights against prior parties. Nothing contained in this Agreement shall be construed as requiring or obligating the Administrative Agent,
and the Administrative Agent shall not be required or obligated, to (i) present or file any claim or notice or take any action with respect to any Pledged Collateral or in connection therewith or (ii) notify any Pledgor of any decline in
the value of any Pledged Collateral. The Administrative Agent shall have no duty as to the collection of any Pledged Collateral in its possession or control or in the possession or control of any agent or nominee of the Administrative Agent, or any
income thereon or any other rights pertaining thereto. 
 (j) The Administrative Agent shall not be responsible for perfecting or maintaining
the perfection of any security interest granted to it under the Secured Agreements or for filing, refiling, recording, re-recording or continuing any document, financing statement, notice or instrument in any public office at any time or times and
shall not be responsible for seeing to the provision of insurance on or the payment of any taxes with respect to any property subject to the Secured Agreements. 
 (k) No provision of the Secured Agreements shall be deemed to impose any duty or obligation on the Administrative Agent to perform any act or acts, receive or obtain any interest in property or exercise any interest
in property, or exercise any right, power, duty or obligation conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the Administrative Agent shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, to receive or obtain any such interest in property or to exercise any such right, power, duty or obligation; and no permissive or discretionary power or authority available to the Administrative Agent shall be construed
to be a duty. 
 (l) The Administrative Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from
exercising any rights, and to take or refrain from taking action (including without limitation, the release or substitution of Pledged Collateral), in each case in accordance with the Secured Agreements and the Credit Agreement. 
 (m) Upon resignation of the Administrative Agent, the Administrative Agent shall thereupon be discharged from its duties and obligations under the
Secured Agreements. Following the resignation of the Administrative Agent, the provisions of the Secured Agreements shall inure to its benefit as to any actions taken or omitted to be taken by it under the Secured Agreements while it was the
Administrative Agent. 
  

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 (n) The Administrative Agent shall not have any liability hereunder except for its own gross
negligence or willful misconduct and under no circumstances shall the Administrative Agent be liable for any special, punitive, exemplary or consequential damages. 
 (o) The Administrative Agent shall be vested with all of the rights, powers, benefits, privileges and protections of the Administrative Agent set forth in the Credit Agreement, all of which are incorporated herein and
shall apply to all of the Secured Documents. 
 SECTION 12.2. Administrative Agent May Perform; Administrative Agent Appointed
Attorney-in-Fact. Upon the occurrence and during the continuance of an Event of Default, if any Pledgor shall fail to perform any covenants contained in this Agreement (including such Pledgor’s covenants to (i) pay the premiums in
respect of all required insurance policies hereunder, (ii) pay and discharge any taxes, assessments and special assessments, levies, fees and governmental charges imposed upon or assessed against, and landlords’, carriers’,
mechanics’, workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising by operation of law against, all or any portion of the Pledged Collateral, (iii) make
repairs, (iv) discharge Liens or (v) pay or perform any obligations of such Pledgor under any Pledged Collateral) or if any representation or warranty on the part of any Pledgor contained herein shall be breached, the Administrative Agent
may (but shall not be obligated to) do the same or cause it to be done or remedy any such breach, and may expend funds for such purpose; provided, however, that the Administrative Agent shall in no event be bound to inquire into the
validity of any tax, Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with the provisions of the Credit Agreement. Any and all amounts
so expended by the Administrative Agent shall be paid by the Pledgors in accordance with the provisions of Section 5.4 of the Credit Agreement. Neither the provisions of this Section 12.2 nor any action taken by the
Administrative Agent pursuant to the provisions of this Section 12.2 shall prevent any such failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting an Event of Default.
Each Pledgor hereby appoints the Administrative Agent its attorney-in-fact, with full power and authority in the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time in the Administrative Agent’s
discretion to, after the occurrence and during the continuance of an Event of Default, take any action and to execute any instrument consistent with the terms of the Credit Agreement and this Agreement which the Administrative Agent may deem
necessary or advisable to accomplish the purposes hereof (but the Administrative Agent shall not be obligated to and shall have no liability to such Pledgor or any third party for failure to so do or take action). The foregoing grant of authority is
a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. 
 SECTION 12.3. Continuing Security Interest: Assignment. This Agreement shall create a continuing security interest in the Pledged Collateral and
shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of the Administrative Agent and the other Secured
Parties and each of their respective successors, transferees and assigns. No 

  

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other persons (including any other creditor of any Pledgor) shall have any interest herein or any right or benefit with respect hereto (other than Permitted
Liens). Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such other person shall thereupon become vested
with all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Credit Agreement. Each of the Pledgors agrees that its obligations hereunder and the security interest created
hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or must otherwise be restored by the Secured Party upon the bankruptcy
or reorganization of any Pledgor or otherwise. 
 SECTION 12.4. Termination: Release. When all the Secured Obligations have been paid
in full and no commitments remain under the Credit Agreement, this Agreement shall terminate. Upon termination of this Agreement the Pledged Collateral shall be released from the Lien of this Agreement. In addition, the Pledged Collateral or any
portion thereof shall be released from the Lien of this Agreement pursuant to the Credit Agreement. Upon such release, the Administrative Agent shall, upon the request and at the sole cost and expense of the Pledgors, assign, transfer and deliver to
Pledgor, against receipt and without recourse to or warranty by the Administrative Agent except as to the fact that the Administrative Agent has not encumbered the released assets, such of the Pledged Collateral or any part thereof to be released
(in the case of a release) as may be in possession of the Administrative Agent and as shall not have been sold or otherwise applied pursuant to the terms hereof, and, with respect to any other Pledged Collateral proper documents and instruments
(including UCC-3 termination financing statements or releases, terminations of Deposit Account Control Agreements acknowledging the termination hereof or the release of such Pledged Collateral as the case may be. 
 If, in compliance with the terms and provisions of the Credit Documents, all or substantially all of the Equity Interests or property of any Guarantor
are sold or otherwise transferred (a “Transferred Guarantor”) to a person or persons, none of which is a U.S. Borrower or a Subsidiary, such Transferred Guarantor shall, upon the consummation of such sale or transfer, be
automatically released from its obligations under this Agreement and its obligations to pledge and grant any Pledged Collateral owned by it and, so long as Borrower shall have provided the Administrative Agent such certifications or documents as the
Administrative Agent shall reasonably request, the Administrative Agent shall take such actions as are necessary to effect each release described in this Section 12.4 in accordance with the relevant provisions of the Credit Documents, so
long as Pledgors shall have provided the Administrative Agent such certifications or documents as Administrative Agent shall reasonably request in order to demonstrate compliance with this Agreement. 
 SECTION 12.5. Modification in Writing. Except as permitted by Section 13.9.1 of the Credit Agreement, no amendment, modification,
supplement, termination or waiver of or to any provision hereof, nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with the terms of the Credit Agreement and unless in writing and
signed by the Administrative Agent. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to 

  

 -27- 

 
any departure by any Pledgor from the terms of any provision hereof in each case shall be effective only in the specific instance and for the specific
purpose for which made or given. Except where notice is specifically required by this Agreement or any other document evidencing the Secured Obligations, no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any other or
further notice or demand in similar or other circumstances. 
 SECTION 12.6. Notices. Unless otherwise provided herein or in the
Credit Agreement, any notice or other communication herein required or permitted to be given shall be given in the manner and become effective as set forth in the Credit Agreement, as to any Pledgor, addressed to it at the address of the Issuer set
forth in the Credit Agreement, and as to the Administrative Agent, addressed to it at the address set forth in the Credit Agreement, or in each case at such other address as shall be designated by such party in a written notice to the other party
complying as to delivery with the terms of this Section 11.6. 
 SECTION 12.7. Governing Law, Consent to Jurisdiction and
Service of Process; Waiver of Jury Trial. Sections 15.19 and 15.20 of the Credit Agreement are incorporated herein, mutatis mutandis, as if a part hereof. 
 SECTION 12.8. Severability of Provisions. Any provision hereof which is invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without invalidating the remaining provisions hereof or affecting the validity, legality or enforceability of such provision in any other jurisdiction. 
 SECTION 12.9. Execution in Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 
 SECTION 12.10. Business Days. In the event any time period or any date provided in this Agreement ends or falls on a day other than a Business
Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such Business Day, with the same force and effect as if made on such other day.

 SECTION 12.11. No Credit for Payment of Taxes or Imposition. No Pledgor or Guarantor shall be entitled to any credit against the
principal, premium, if any, or interest payable under the Credit Agreement, and such Pledgor shall not be entitled to any credit against any other sums which may become payable under the terms thereof or hereof, by reason of the payment of any Tax
on the Pledged Collateral or any part thereof. 
 SECTION 12.12. No Claims Against Administrative Agent. Nothing contained in this
Agreement shall constitute any consent or request by the Administrative Agent, express or implied, for the performance of any labor or services or the furnishing of any materials or other 

  

 -28- 

 
property in respect of the Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority to contract for or permit the
performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Administrative Agent in respect thereof or any claim that any Lien based on the performance
of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 
 SECTION 12.13. No
Release. Nothing set forth in this Agreement or any other U.S. Security Document, nor the exercise by the Administrative Agent of any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant,
condition or agreement on such Pledgor’s part to be performed or observed under or in respect of any of the Pledged Collateral or from any liability to any person under or in respect of any of the Pledged Collateral or shall impose any
obligation on the Administrative Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such Pledgor’s part to be so performed or observed or shall impose any liability on the Administrative
Agent or any other Secured Party for any act or omission on the part of such Pledgor relating thereto or for any breach of any representation or warranty on the part of such Pledgor contained in this Agreement, the Credit Agreement or the other U.S.
Security Documents, or under or in respect of the Pledged Collateral or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, neither the Administrative Agent nor any other Secured Party shall have any obligation
or liability under any contracts, agreements and other documents included in the Pledged Collateral by reason of this Agreement, nor shall the Administrative Agent or any other Secured Party be obligated to perform any of the obligations or duties
of any Pledgor thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Pledged Collateral hereunder. The obligations of each Pledgor contained in this Section 12.13 shall
survive the termination hereof and the discharge of such Pledgor’s other obligations under this Agreement and the Credit Agreement. 
 SECTION 12.14. Obligations Absolute. All obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of: 
 (i) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of any other Pledgor; 
 (ii) any lack of validity or enforceability of the Credit Agreement, the Notes or any other U.S. Security Document, or any other agreement
or instrument relating thereto; 
 (iii) any change in the time, manner or place of payment of, or in any other term of, all
or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement or any other U.S. Security Document or any other agreement or instrument relating thereto; 
  

 -29- 

 (iv) any pledge, exchange, release or non-perfection of any other collateral, or any
release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations; 
 (v) any exercise, non-exercise or waiver of any right, remedy, power or privilege under or in respect hereof or the Credit. Agreement except as specifically set forth in a waiver granted pursuant to the provisions of
Section 12.5 hereof; or 
 (vi) any other circumstances which might otherwise constitute a defense available to,
or a discharge of, any Pledgor. 
 SECTION 12.15. Jury Trial Waiver. Each of the Pledgors and the Secured Parties hereby irrevocably
and unconditionally waives any right it may have to a trial by jury in respect of any litigation based on, arising out of, under or in connection with this Agreement. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.] 
  

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 IN WITNESS WHEREOF, Holdings, each Pledgor and the Administrative Agent have caused this Agreement to be
duly executed and delivered by their duly authorized officers as of the date first above written. 
  

					
	PLEDGORS:
	
	RYERSON INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	RHOMBUS MERGER CORPORATION
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	GUARANTOR:
	
	RHOMBUS HOLDING CORPORATION
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary

 Signature Page to Ryerson U.S. Guarantee & Security Agreement 

					
	PLEDGORS AND GUARANTORS:
	
	JOSEPH T. RYERSON & SON, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	J.M. TULL METALS COMPANY, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	RCJV HOLDINGS, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	RDM HOLDINGS, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	RYERSON (CHINA) LIMITED
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	RYERSON AMERICAS, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary

 Signature Page to Ryerson U.S. Guarantee & Security Agreement 

					
	PLEDGORS AND GUARANTORS: (continued)
	
	 RYERSON INTERNATIONAL MATERIAL MANAGEMENT SERVICES, INC.

		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	RYERSON INTERNATIONAL TRADING, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	RYERSON INTERNATIONAL, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	RYERSON PAN-PACIFIC LLC
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary
	
	RYERSON PROCUREMENT CORPORATION
		
	By:	 	/s/ Eva M. Kalawski
		 	Name:	 	Eva M. Kalawski
		 	Title:	 	Vice President and Secretary

 Signature Page to Ryerson U.S. Guarantee & Security Agreement 

			
	 BANK OF AMERICA, N.A.,
 as Administrative
Agent

		
	By:	 	/s/ Stephen King
	Name:	 	Stephen King
	Title:	 	Vice President

 Ryerson U. S. Security Agreement 

 Schedule 1 
 Commercial Tort Claims 
  

											
	 Case Name
	  	 Type/Description
	  	 Jurisdiction
	  	 Amount
	  	 Ryerson’s
Counsel
	  	 Status

	 ACEMCO v. RCP (RT North)
 RT File
#400-6300-11849 Filed 3/1/02
	  	Breach of Contract ACEMCO claims RTCP did not supply pursuant to Supply Agreement. RTCP claims ACEMCO owes $1.5 million for unpaid shipments.	  	Circuit Court of Mus-kegon, MI	  	ACMCO claims damages of $2.9 million. RTCP counterclaim is for $1.5 million.	  	Bill Rohn	  	RCP motion for summary judgment denied. ACEMCO offered to settle for $200,000. JTR rejected offer and has appealed ruling. JTR’s motion for leave to appeal was granted. Appellate court
ruling not expected until September 2007.
						
	 Ryerson v. Raytheon Engineers & Constructors, Inc. (RT)
 RT File#250-l250-11392 Accident date: 7-3-98 File date: 6/30/00
	  	Subrogation claim/RT claims Raytheon disregarded Inland’s electrical specs NOT to ground a temporary construction transformer it had connected to Inland’s electrical system while
performing work for SunCoal. This caused Inland’s backup transformer to fail during a severe storm that disrupted electrical power to Inland on 7/3/98. RT is attempting to recover loss of production.	  	Lake County Circuit Court, Indiana	  	$29, 894,998 in Damages + atty. fees + costs	  	Alan Martin MBR&M	  	Raytheon’s parent filed Chapter 11. Sept.’02 Raytheon brought in electrical subcontractor as co-defendant. In February 2003, Raytheon advised Ryerson that they intend to substitute new
counsel. Fact discovery cutoff date set at 2/27/04 and status conference set for 3/10/04. Court set fact discovery cutoff at 2/27/04. A. Mediation meeting in July 04 failed to generate a solution. Started depositions with 20 to 25 more to come as of
6/3/05. On 9/14/05, comprehensive briefs on Substantive Issues filed. Depositions taken 8/06. As of 9-26-07, no movement since 11-06.

											
	 Ryerson vs. Wausau Employers Insurance & Illinois National
 RT File#250-6300-11559 Date filed
	  	Breach of Contract/RT is seeking monetary relief for settlement and attorney costs for Wausau’s and Illinois National’s failure to defend RT in the Blacklad matter.	  	Circuit Court of Cook County, Illinois	  	Approximately $18,000,000	  	Alan Martin MBR&M	  	Settled with Wausau for $6,550,000 on 11/12/2004. Litigation against Illinois National continuing. Ryerson filed motion for Partial Judgment & Illinois National filed Memo of Law in
Opposition 6/20/05. Clerks status set for 7/11/05. Illinois National introduced Little affidavit 7/15/05. On 2/16/06 Court granted IL National’s motion for summary judgment on counts II and II of the complaint. 3/16/06, Ryerson filed a motion
to reconsider the Court’s 2/16/06 order. Illinois National filed motion for extension of time 6-12-07.
						
	 JTR vs. Kasgro
 RT File 321-1100-11991 Date
filed: 07/06/2006
	  	Breach of Contract/Failure to pay.	  	US District Court for Western District of PA	  	Approximately $800,000	  	Stuart Gaul	  	JTR filed suit 7/6/06. Discovery proceeding. Mediation scheduled for 1/10/07. No resolution reached. Discovery ongoing

  

 -2- 

 EXHIBIT 1 
 [Form of] 
 JOINDER AGREEMENT 
 [Name of New Pledgor] 
 [Address of New Pledgor] 
 [Date] 
 _____________________ 
 _____________________ 
 _____________________ 
 _____________________ 
 Ladies and Gentlemen: 
 Reference is made to the Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”; capitalized terms used but not otherwise defined herein shall
have the meanings assigned to such terms in the Security Agreement), dated as of October 19, 2007, made by RHOMBUS MERGER CORPORATION, a Delaware corporation (the “Company”), the Guarantors party thereto and BANK OF AMERICA,
N.A., as Administrative Agent (in such capacity and together with any successors in such capacity, the “Administrative Agent”). 
 This Joinder Agreement supplements the Security Agreement and is delivered by the undersigned, [                     ] (the “New
Pledgor”). pursuant to Section 3.5 of the Security Agreement. The New Pledgor hereby agrees to be bound as a Guarantor and as a Pledgor party to the Security Agreement by all of the terms, covenants and conditions set forth in
the Security Agreement to the same extent that it would have been bound if it had been a signatory to the Security Agreement on the date of the Security Agreement. The New Pledgor also hereby agrees to be bound as a party by all of the terms,
covenants and conditions applicable to it set forth in Articles V, VI and VII of the Credit Agreement to the same extent that it would have been bound if it had been a signatory to the Credit Agreement on the execution date of
the Credit Agreement. Without limiting the generality of the foregoing, the New Pledgor hereby grants and pledges to the Administrative Agent, as collateral security for the full, prompt and complete payment and performance when due (whether at
stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and security interest in, all of its right, title and interest in, to and under the Pledged Collateral (other than Excluded Assets) and expressly assumes all
obligations and 

 
liabilities of a Guarantor and Pledgor thereunder. The New Pledgor hereby makes each of the representations and warranties and agrees to each of the
covenants applicable to the Pledgors contained in the Security Agreement and Section 9 of the Credit Agreement. 
 Annexed hereto are
supplements to each of the schedules to the Security Agreement and the Credit Agreement, as applicable, with respect to the New Pledgor. Such supplements shall be deemed to be part of the Security Agreement or the Credit Agreement, as applicable.

 This Joinder Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 
 THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  

 -2- 

 IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and delivered by its
duly authorized officer as of the date first above written. 
  

			
	[NEW PLEDGOR]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	AGREED TO AND ACCEPTED:
	
	 BANK OF AMERICA, N.A.,
 as Administrative
Agent

		
	By:	 	 
		 	Name:
		 	Title:

 [Schedules to be attached] 
  

 -3-Intercreditor Agreement

 EXHIBIT 10.3 
 INTERCREDITOR AGREEMENT 
 by and between 
 BANK OF AMERICA, N.A., 
 as ABL Collateral Agent 
 and 
 WELLS FARGO BANK, NATIONAL ASSOCIATION,

 as Notes Collateral Agent 
 Dated as of October 19, 2007 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page No.
	
	 ARTICLE 1
 DEFINITIONS

			
	 Section 1.1
	  	 Definitions
	  	1
	 Section 1.2
	  	 Rules of Construction
	  	7
	
	 ARTICLE 2
 LIEN PRIORITY

			
	 Section 2.1
	  	 Priority of Liens
	  	8
	 Section 2.2
	  	 Waiver of Right to Contest Liens
	  	9
	 Section 2.3
	  	 Remedies Standstill
	  	9
	 Section 2.4
	  	 Exercise of Rights
	  	11
	 Section 2.5
	  	 No New Liens
	  	12
	 Section 2.6
	  	 Waiver of Marshalling
	  	12
	
	 ARTICLE 3
 ACTIONS OF THE PARTIES

			
	 Section 3.1
	  	 Certain Actions Permitted
	  	12
	 Section 3.2
	  	 Agent for Perfection
	  	13
	 Section 3.3
	  	 Inspection and Access Rights
	  	13
	 Section 3.4
	  	 Exercise of Remedies – Set-Off and Tracing of and Priorities in Proceeds
	  	14
	
	 ARTICLE 4
 APPLICATION OF PROCEEDS

			
	 Section 4.1
	  	 Application of Proceeds
	  	14
	 Section 4.2
	  	 Specific Performance
	  	16
	
	 ARTICLE 5
 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS

			
	 Section 5.1
	  	 Notice of Acceptance and Other Waivers
	  	16
	 Section 5.2
	  	 Modifications to ABL Documents and Notes Documents
	  	17
	 Section 5.3
	  	 Reinstatement and Continuation of Agreement
	  	18
	
	 ARTICLE 6
 INSOLVENCY PROCEEDINGS

			
	 Section 6.1
	  	 DIP Financing
	  	19
	 Section 6.2
	  	 Relief from Stay
	  	20

  

 -i- 

					
	 	  	 	  	Page No.
			
	 Section 6.3
	  	 No Contest; Adequate Protection
	  	20
	 Section 6.4
	  	 Asset Sales
	  	21
	 Section 6.5
	  	 Separate Grants of Security and Separate Classification
	  	21
	 Section 6.6
	  	 Enforceability
	  	21
	 Section 6.7
	  	 ABL Obligations and Notes Obligations Unconditional
	  	21
	
	 ARTICLE 7
 MISCELLANEOUS

			
	 Section 7.1
	  	 Rights of Subrogation
	  	22
	 Section 7.2
	  	 Further Assurances
	  	22
	 Section 7.3
	  	 Representations
	  	23
	 Section 7.4
	  	 Amendments
	  	23
	 Section 7.5
	  	 Addresses for Notices
	  	23
	 Section 7.6
	  	 No Waiver, Remedies
	  	24
	 Section 7.7
	  	 Continuing Agreement, Transfer of Secured Obligations
	  	24
	 Section 7.8
	  	 Governing Law; Entire Agreement
	  	24
	 Section 7.9
	  	 Counterparts
	  	24
	 Section 7.10
	  	 No Third Party Beneficiaries
	  	24
	 Section 7.11
	  	 Headings
	  	25
	 Section 7.12
	  	 Severability
	  	25
	 Section 7.13
	  	 Attorneys’ Fees
	  	25
	 Section 7.14
	  	 VENUE; JURY TRIAL WAIVER
	  	25
	 Section 7.15
	  	 Intercreditor Agreement
	  	25
	 Section 7.16
	  	 Effectiveness
	  	25
	 Section 7.17
	  	 Collateral Agents
	  	26
	 Section 7.18
	  	 No Warranties or Liability
	  	27
	 Section 7.19
	  	 Conflicts
	  	27
	 Section 7.20
	  	 Information Concerning Financial Condition of the Credit Parties
	  	27
	 Section 7.21
	  	 Acknowledgement
	  	27

  

 -ii- 

 INTERCREDITOR AGREEMENT 
 THIS INTERCREDITOR AGREEMENT (as amended, supplemented, restated or otherwise modified from time to time pursuant to the terms hereof, this “Agreement”) is entered into as of October 19,
2007 between BANK OF AMERICA, N.A. (“Bank of America”), in its capacity as collateral agent for the ABL Secured Parties (as defined below), and WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as collateral
agent for the Notes Secured Parties (as defined below). 
 RECITALS 
 A. RYERSON, INC., a Delaware corporation (the “Company”), is party to the Credit Agreement dated as of October 19, 2007 (as
amended, restated, supplemented, waived, Refinanced or otherwise modified from time to time (including without limitation to add new loans thereunder or increase the amount of loans thereunder), the “ABL Credit Agreement”),
among the Company, the several Subsidiary Borrowers party thereto, the Lenders party thereto from time to time, BANK OF AMERICA, N.A., as Administrative Agent, and the other parties named therein. 
 B. The Company is party to an indenture dated as of October 19, 2007 (as amended, restated, supplemented, waived, Refinanced or otherwise modified
from time to time, the “Indenture”), among the Company, the Subsidiaries identified therein as guarantors and Wells Fargo Bank, National Association, as Trustee. 
 Accordingly, 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 1  
 DEFINITIONS 
 Section 1.1 Definitions. Unless the context otherwise requires, all capitalized terms used but not defined herein shall have the meanings set forth in the ABL Credit Agreement or the Indenture, as
applicable, in each case as in effect on the Closing Date. In addition, as used in this Agreement, the following terms shall have the meanings set forth below: 
 “ABL Collateral Agent” shall mean Bank of America, in its capacity as collateral agent for the ABL Secured Parties under the ABL Credit Agreement and the other ABL Documents entered into
pursuant to the ABL Credit Agreement, together with its successors and permitted assigns under the ABL Credit Agreement exercising substantially the same rights and powers; and in each case provided that if such ABL Collateral Agent is not
Bank of America, such ABL Collateral Agent shall have become a party to this Agreement and the other applicable ABL Security Documents. 
 “ABL Controlled Accounts” shall mean (i) all Deposit Accounts and all accounts and sub-accounts relating to any of the foregoing accounts and (ii) all cash, funds, checks, notes, “securities
entitlements” (as such terms are defined in the UCC) and instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition, in each case, of any Grantor and which are subject to a
control agreement in favor of the ABL Collateral Agent. 

 “ABL Credit Agreement” shall have the meaning assigned to that term in the
recitals to this Agreement. 
 “ABL Documents” shall mean the credit, guaranty and security documents governing the
ABL Obligations, including, without limitation, the ABL Credit Agreement and the ABL Security Documents and documentation entered into by any Grantor relating to Bank Products (as defined in the ABL Credit Agreement as in effect on the date hereof).

 “ABL Obligations” shall mean all “Obligations” as defined in the ABL Credit Agreement. For the avoidance
of doubt, Notes Obligations shall not constitute ABL Obligations. 
 “ABL Recovery” shall have the meaning set
forth in Section 5.3. 
 “ABL Secured Parties” shall mean the “Secured Parties” as defined in the ABL
Credit Agreement. 
 “ABL Security Agreement” shall mean the U. S. Security Agreement (as defined in the ABL Credit
Agreement). 
 “ABL Security Documents” shall mean the ABL Security Agreement and the other U.S. Security Documents
(as defined in the ABL Credit Agreement) and any other agreement, document or instrument pursuant to which a Lien is granted or purported to be granted securing ABL Obligations or under which rights or remedies with respect to such Liens are
governed. 
 “Agreement” shall have the meaning assigned to that term in the introduction to this Agreement.

 “Bank of America” shall have the meaning assigned to that term in the introduction to this Agreement. 

“Bankruptcy Code” shall mean Title 11 of the United States Code. 
 “Bankruptcy Law” shall mean the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect affecting the rights of creditors generally. 

“Collateral Agent(s)” shall mean individually the ABL Collateral Agent or the Notes Collateral Agent and collectively means
the ABL Collateral Agent and the Notes Collateral Agent. 
 “Company” has the meaning set forth in the recitals to
this Agreement. 
  

 -2- 

 “Comparable Notes Security Document” shall mean, in relation to any Intercreditor
Collateral subject to any Lien created under any ABL Document, those Notes Security Documents that create a Lien on the same Intercreditor Collateral (but only to the extent relating to such Intercreditor Collateral), granted by the same Grantor or
Grantors. 
 “Credit Documents” shall mean the ABL Documents and the Notes Documents. 
 “Deposit Account” shall have the meaning set forth in the UCC.  
 “DIP Financing” shall have the meaning set forth in Section 6.1 (a). 
 “Discharge of ABL Obligations” shall mean, except to the extent otherwise provided in Section 5.3, with respect to
(i) any ABL Obligations that are non-Contingent Obligations, payment in full in cash of all ABL Obligations and, with respect to letters of credit or letter of credit guaranties outstanding under the ABL Documents, delivery of cash collateral
or backstop letters of credit in respect thereof in a manner consistent with the ABL Credit Agreement, in each case after or concurrently with the termination of all commitments to extend credit thereunder, and the termination of all commitments of
ABL Secured Parties under ABL Documents; and (ii) any ABL Obligations that are contingent in nature (other than ABL Obligations consisting of L/C Obligations or Bank Product Debt of a Borrower or Guarantor), the depositing of cash with ABL
Collateral Agent in an amount equal to 100% of any such ABL Obligations that have been liquidated or, if such ABL Obligations are unliquidated in amount and represent a claim which has been asserted against Administrative Agent or a U.S. Lender and
for which an indemnity has been provided by U.S. Borrowers in any of the Credit Documents, in an amount that is equal to such claim or Administrative Agent’s good faith estimate of such claim; provided that the Discharge of ABL
Obligations shall not be deemed to have occurred if such payments are made with the proceeds of other ABL Obligations that constitute an exchange or replacement for or a Refinancing of such ABL Obligations. In the event the ABL Obligations are
modified and the ABL Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the ABL Obligations shall be deemed to be discharged when the final payment is made, in cash, in respect of such
indebtedness and any obligations pursuant to such new indebtedness shall have been satisfied. 
 “Disposition” shall
have the meaning set forth in Section 2.4(b). 
 “Event of Default” shall mean an Event of Default under the ABL
Credit Agreement or the Indenture as the context requires. 
 “Exercise Any Secured Creditor Remedies” or
“Exercise of Secured Creditor Remedies” shall mean, except as otherwise provided in the final sentence of this definition: 
 (a) the taking by any Secured Party of any action to enforce or realize upon any Lien on Intercreditor Collateral, including the institution of any foreclosure proceedings or the noticing of any public or private sale
pursuant to Article 9 of the Uniform Commercial Code; 
  

 -3- 

 (b) the exercise by any Secured Party of any right or remedy provided to a secured
creditor on account of a Lien on Intercreditor Collateral under any of the Credit Documents, under applicable law, in an Insolvency Proceeding or otherwise, including the election to retain any of the Intercreditor Collateral in satisfaction of a
Lien; 
 (c) the taking of any action by any Secured Party or the exercise of any right or remedy by any Secured Party in
respect of the collection on, set-off against, marshalling of, injunction respecting or foreclosure on the Intercreditor Collateral or the Proceeds thereof; 
 (d) the appointment on the application of a Secured Party, of a receiver, receiver and manager or interim receiver of all or part of the
Intercreditor Collateral; 
 (e) the sale, lease, license, or other disposition of all or any portion of the Intercreditor
Collateral by private or public sale conducted by a Secured Party or any other means at the direction of a Secured Party permissible under applicable law; or 
 (f) the exercise of any other right of a secured creditor under Part 6 of Article 9 of the Uniform Commercial Code in respect of
Intercreditor Collateral. 
 For the avoidance of doubt, none of the following shall be deemed to constitute an Exercise of Secured Creditor Remedies:
(i) the filing of a proof of claim in bankruptcy court or seeking adequate protection, (ii) the exercise of rights by the ABL Collateral Agent upon the occurrence of a Cash Dominion Event (as defined in the ABL Credit Agreement),
including, without limitation, the notification of account debtors, depository institutions or any other Person to deliver proceeds of Intercreditor Collateral to the ABL Collateral Agent (unless and until the Lenders under the ABL Credit Agreement
cease to extend credit to the Borrowers thereunder, in which event an Exercise of Secured Creditor Remedies shall be deemed to have occurred), (iii) the consent by a Secured Party to a sale or other disposition by any Grantor of any of its
assets or properties, (iv) the acceleration of all or a portion of the ABL Obligations or the Notes Obligations, (v) the reduction of the borrowing base, advance rates or sub-limits by the Administrative Agent under the ABL Credit
Agreement, the ABL Collateral Agent and the Lenders under the ABL Credit Agreement, (vi) the imposition of reserves by the ABL Collateral Agent, (vii) an account or item of inventory ceasing to be an “eligible account” or
“eligible inventory” under the ABL Credit Agreement, (viii) any action taken by any Notes Secured Party in respect of Non-Intercreditor Collateral or (ix) any of the actions permitted by Sections 2.3(b), 2.4(a) and 3.1.

 “Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof and
any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Grantors” shall mean the Company and each Subsidiary that is party to an ABL Security Document or a Notes Security Document. 
 “Indebtedness” shall have the meaning provided in the ABL Credit Agreement and the Indenture as in effect on the date hereof. 
  

 -4- 

 “Indenture” shall have the meaning assigned to that term in the recitals to this
Agreement. 
 “Insolvency Proceeding” shall mean: 
 (1) any case commenced by or against the Company or any other Grantor under any Bankruptcy Law, any other proceeding for the
reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any other Grantor, any receivership or assignment for the benefit of creditors relating to the Company or any other Grantor or any similar
case or proceeding relative to the Company or any other Grantor or its creditors, as such, in each case whether or not voluntary; 
 (2) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Company or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

 (3) any other proceeding of any type or nature in which substantially all claims of creditors of the Company or any other
Grantor are determined and any payment or distribution is or may be made on account of such claims. 
 “Intercreditor
Collateral” shall mean all “Pledged Collateral” (or equivalent term) as defined in the ABL Security Agreement as in effect on the date hereof. 
 “Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether such interest is based on common law, statute or
contract. The term “Lien” shall also include security interests, hypothecations, security assignments, pledges, statutory trusts, deemed trusts, reservations, exceptions, encroachments, easements, rights-of-way, servitudes, covenants,
conditions, restrictions, leases pursuant to which the owner of the Property is the lessor, and other title exceptions and encumbrances affecting Property. For the purpose of this Agreement, a Borrower shall be deemed to be the owner of any Property
which it has acquired or holds subject to a conditional sale agreement or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person for security purposes. 
 “Lien Priority” shall mean with respect to any Lien of the ABL Collateral Agent, the ABL Secured Parties, the Notes Collateral
Agent or the Notes Secured Parties on the Intercreditor Collateral, the order of priority of such Lien as specified in Section 2.1. 
 “Non-Intercreditor Collateral” shall mean all “Collateral” (or equivalent term) as defined in any Notes Security Document or the Indenture but excluding all Intercreditor Collateral. 
 “Notes” shall mean (a) (i) the initial $425,000,000 in aggregate principal amount of 12% Senior Secured Notes due 2015
and (ii) the initial $150,000,000 in aggregate principal amount of Floating Rate Senior Secured Notes due 2014, each issued by the Company pursuant to the Indenture, (b) the exchange notes issued in exchange therefor as contemplated by the
Registration Rights Agreement dated as of October 19, 2007, among the Company, the Guarantors identified therein and the initial purchasers party thereto and (c) any additional notes issued under the Indenture by the Company, to the extent
permitted by the Indenture and the ABL Credit Agreement. 
  

 -5- 

 “Notes Collateral Agent” shall mean (i) so long as the obligations are
outstanding under the Indenture, the Trustee in its capacity as collateral agent for the Notes Secured Parties, and (ii) at any time thereafter, such agent or trustee as is designated “Notes Collateral Agent” by Notes Secured Parties
holding a majority in principal amount of the Notes Obligations then outstanding or pursuant to such other arrangements as agreed to among the holders of the Notes Obligations; it being understood that as of the date of this Agreement, the Trustee
shall be the Notes Collateral Agent. 
 “Notes Documents” shall mean the indenture, Notes and security documents
governing the Notes Obligations, including, without limitation, the Indenture and the related Notes Security Documents. 
 “Notes
Obligations” shall mean “Secured Obligations” (as defined in the Security Agreement (as such term is defined in the Indenture)). 
 “Notes Secured Parties” shall mean (i) so long as the Notes are outstanding, the Trustee and the holders of the Notes (including any additional Notes subsequently issued under and in
compliance with the terms of the Indenture), (ii) the Notes Collateral Agent and (iii) the holders from time to time of any other Notes Obligations. 
 “Notes Security Documents” shall mean (a) so long as the Notes are outstanding, the Security Documents (as defined in the Indenture) and (b) thereafter any agreement, document or
instrument pursuant to which a Lien is granted or purported to be granted securing Notes Obligations or under which rights or remedies with respect to such Liens are governed, which in each case may include intercreditor and/or subordination
agreements or arrangements among various Notes Secured Parties. 
 “Obligations” shall mean any principal, interest
(including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under
applicable state, federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and
guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 
 “Party” shall mean the ABL Collateral Agent or the Notes Collateral Agent, and “Parties” shall mean
collectively the ABL Collateral Agent and the Notes Collateral Agent. 
 “Proceeds” shall mean (a) all
“proceeds,” as defined in Article 9 of the UCC, with respect to the Intercreditor Collateral, and (b) whatever is recoverable or recovered when any Intercreditor Collateral is sold, exchanged, collected or disposed of, whether
voluntarily or involuntarily. 
  

 -6- 

 “Property” shall mean any interest in any kind of property or asset, whether
real, personal or mixed, or tangible or intangible. 
 “Refinance” shall mean, in respect of any indebtedness, to
refinance, extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such indebtedness, including by
adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated. “Refinanced” and
“Refinancing” have correlative meanings. 
 “Secured Parties” shall mean the ABL Secured
Parties and the Notes Secured Parties. 
 “Subsidiary” shall have the meaning given such term by the ABL Credit
Agreement and the Indenture, each as in effect on the date hereof. 
 “Trustee” shall mean Wells Fargo Bank, National
Association, in its capacity as trustee under the Indenture and as collateral agent on behalf of the Notes Secured Parties, and its permitted successors. 
 “Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided that
to the extent that the Uniform Commercial Code is used to define any term in any security document and such term is defined differently in differing Articles of the Uniform Commercial Code, the definition of such term contained in Article 9 shall
govern; provided, further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, publication or priority of, or remedies with respect to, Liens of any Party are governed by the
Uniform Commercial Code or foreign personal property security laws as enacted and in effect in a jurisdiction other than the State of New York, the term “Uniform Commercial Code” or “UCC” will mean the Uniform Commercial Code or
such foreign personal property security laws as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, publication, priority or remedies and for purposes of definitions
related to such provisions. 
 Section 1.2 Rules of Construction. Unless the context of this Agreement clearly requires
otherwise, references to the plural include the singular, references to the singular include the plural, the term “including” is not limiting and shall be deemed to be followed by the phrase “without limitation,” and the term
“or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this
Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Article, section, subsection, clause, schedule and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this
Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements thereto and thereof, as applicable
(subject to any restrictions on such alterations, amendments, changes, restatements, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). Any reference herein to any Person 

  

 -7- 

 
shall be construed to include such Person’s successors and assigns. Any reference herein to the repayment in full of an obligation shall mean the
payment in full in cash of such obligation, or in such other manner as may be approved in writing by the requisite holders or representatives in respect of such obligation, or in such other manner as may be approved by the requisite holders or
representatives in respect of such obligation. 
 ARTICLE 2  
 LIEN PRIORITY 
 Section 2.1 Priority of Liens.

 (a) Notwithstanding (i) the date, time, method, manner, or order of grant, attachment, or perfection of any Liens granted to the ABL
Collateral Agent or the ABL Secured Parties in respect of all or any portion of the Intercreditor Collateral or of any Liens granted to the Notes Collateral Agent or any Notes Secured Parties in respect of all or any portion of the Intercreditor
Collateral, and regardless of how any such Lien was acquired (whether by grant, statute, operation of law, subrogation or otherwise), (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in
favor of the ABL Collateral Agent or the Notes Collateral Agent (or the ABL Secured Parties or the Notes Secured Parties) on any Intercreditor Collateral, (iii) any provision of the Uniform Commercial Code, the Bankruptcy Code or any other
applicable law, or of any of the ABL Documents or any of the Notes Documents, or (iv) whether the ABL Collateral Agent or the Notes Collateral Agent, in each case, either directly or through agents, holds possession of, or has control over, all
or any part of the Intercreditor Collateral, the ABL Collateral Agent, on behalf of itself and the ABL Secured Parties, and the Notes Collateral Agent, on behalf of itself the Notes Secured Parties, hereby agree that: 
 (1) any Lien in respect of all or any portion of the Intercreditor Collateral now or hereafter held by or on behalf of the Notes
Collateral Agent or any Notes Secured Party that secures all or any portion of the Notes Obligations shall in all respects be junior and subordinate to all Liens granted to the ABL Collateral Agent and the ABL Secured Parties on the Intercreditor
Collateral; and 
 (2) any Lien in respect of all or any portion of the Intercreditor Collateral now or hereafter held by or
on behalf of the ABL Collateral Agent or any ABL Secured Party that secures all or any portion of the ABL Obligations shall in all respects be senior and prior to all Liens granted to the Notes Collateral Agent or any Notes Secured Party on the
Intercreditor Collateral. 
 The Notes Collateral Agent, for and on behalf of itself and each applicable Notes Secured Party, expressly agrees that any Lien
purported to be granted on any Intercreditor Collateral as security for the ABL Obligations shall be deemed to be and shall be deemed to remain senior in all respects and prior to all Liens on the Intercreditor Collateral securing any Notes
Obligations for all purposes regardless of whether the Lien purported to be granted is found to be improperly granted, improperly perfected, preferential, a fraudulent conveyance or legally or otherwise deficient in any manner. 
  

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 (b) The ABL Collateral Agent, for and on behalf of itself and the ABL Secured Parties, acknowledges and
agrees that, concurrently herewith, the Notes Collateral Agent, for the benefit of itself and the Notes Secured Parties, has been granted Liens upon all of the Intercreditor Collateral in which the ABL Collateral Agent has been granted Liens and the
ABL Collateral Agent hereby consents thereto. The subordination of Liens by the Notes Collateral Agent in favor of the ABL Collateral Agent as set forth herein shall not be deemed to subordinate the Liens of the Notes Collateral Agent or the Notes
Secured Parties to Liens securing any other Obligations other than the ABL Obligations. 
 Section 2.2 Waiver of Right to Contest
Liens. 
 (a) The Notes Collateral Agent, for and on behalf of itself and the Notes Se cured Parties, agrees that it shall not (and
hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the
validity, priority, enforceability, or perfection of the Liens of the ABL Collateral Agent and the ABL Secured Parties in respect of Intercreditor Collateral or the provisions of this Agreement. Except to the extent expressly set forth in this
Agreement, the Notes Collateral Agent, for itself and on behalf of the Notes Secured Parties, agrees that it will not take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Collateral Agent or any
ABL Secured Party under the ABL Documents with respect to the Intercreditor Collateral. Except to the extent expressly set forth in this Agreement, the Notes Collateral Agent, for itself and on behalf of the Notes Secured Parties, hereby waives any
and all rights it may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the ABL Collateral Agent or any ABL Secured Party seeks to enforce its Liens in any Intercreditor Collateral.

 (b) The ABL Collateral Agent, for and on behalf of itself and the ABL Secured Parties, agrees that it and they shall not (and hereby
waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity,
priority, enforceability, or perfection of the respective Liens of the Notes Collateral Agent or the Notes Secured Parties in respect of the Intercreditor Collateral or the provisions of this Agreement. 
 Section 2.3 Remedies Standstill. 
 (a) The Notes Collateral Agent, on behalf of itself and the Notes Secured Parties, agrees that, from the date hereof until the date upon which the Discharge of ABL Obligations shall have occurred, neither the Notes Collateral Agent nor any
Notes Secured Party will Exercise Any Secured Creditor Remedies with respect to any Intercreditor Collateral without the prior written consent of the ABL Collateral Agent, and (i) will not take, receive or accept any Proceeds of Intercreditor
Collateral or (ii) in the event such Proceeds were received by the Notes Collateral Agent, it will apply them in accordance with Section 4.1(c). From and after the date upon which the Discharge of ABL Obligations shall have occurred, the
Notes Collateral Agent or any Notes Secured Party may Exercise Any Secured Creditor Remedies under the Notes Documents or applicable law as to any Intercreditor Collateral. 
  

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 (b) Notwithstanding the provisions of Section 2.3(a) or any other provision of this Agreement,
nothing contained herein shall be construed to prevent any Collateral Agent or any Secured Party from (i) filing a claim or statement of interest with respect to the ABL Obligations or Notes Obligations owed to it in any Insolvency Proceeding
commenced by or against any Grantor, (ii) taking any action (not adverse to the priority status of the Liens of the other Collateral Agent or other Secured Parties on the Intercreditor Collateral in which such other Collateral Agent or other
Secured Parties have a priority Lien or the rights of the other Collateral Agent or any of the other Secured Parties to exercise remedies in respect thereof) in order to create, perfect, preserve or protect (but not enforce) its Lien on any
Intercreditor Collateral, (iii) filing any necessary or responsive pleadings in opposition to any motion, adversary proceeding or other pleading filed by any Person objecting to or otherwise seeking disallowance of the claim or Lien of such
Collateral Agent or Secured Party, (iv) filing any pleadings, objections, motions, or agreements which assert rights available to unsecured creditors of the Grantors arising under any Insolvency Proceeding or applicable non-bankruptcy law,
(v) voting on any plan of reorganization or filing any proof of claim in any Insolvency Proceeding of any Grantor, or (vi) objecting to the proposed retention of collateral by the other Collateral Agent or any other Secured Party in full
or partial satisfaction of any ABL Obligations or Notes Obligations due to the other Collateral Agent or such other Secured Party, in each case (i) through (vi) above to the extent not in consistent with, or could not result in a
resolution inconsistent with, the terms of this Agreement. 
 (c) Subject to Section 2.3(b), (i) the Notes Collateral Agent, for
itself and on behalf of the Notes Secured Parties, agrees that neither it nor any Notes Secured Party will take any action that would hinder any exercise of remedies undertaken by the ABL Collateral Agent or the ABL Secured Parties with respect to
the Intercreditor Collateral, including any sale, lease, exchange, transfer or other disposition of Intercreditor Collateral, whether by foreclosure or otherwise, and (ii) the Notes Collateral Agent, for itself and on behalf of the Notes
Secured Parties, hereby waives any and all rights it or any such Notes Secured Party may have as a junior lien creditor or otherwise to object to the manner in which the ABL Collateral Agent or the ABL Secured Parties seek to enforce or collect the
ABL Obligations or the Liens granted in any of the Intercreditor Collateral, regardless of whether any action or failure to act by or on behalf of the ABL Collateral Agent or ABL Secured Parties is adverse to the interests of the Notes Secured
Parties. 
 (d) The Notes Collateral Agent, for itself and on behalf of the Notes Secured Parties, hereby acknowledges and agrees that no
covenant, agreement or restriction contained in any Notes Document shall be deemed to restrict in any way the rights and remedies of the ABL Collateral Agent or the ABL Secured Parties with respect to the Intercreditor Collateral as set forth in
this Agreement and the ABL Documents. 
 (e) Subject to Section 2.3(b), the Notes Collateral Agent, for itself and on behalf of the
Notes Secured Parties, agrees that, unless and until the Discharge of ABL Obligations has occurred, it will not commence, or join with any Person (other than the ABL Secured Parties and the ABL Collateral Agent upon the request thereof) in
commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Intercreditor Collateral. 
  

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 Section 2.4 Exercise of Rights. 
 (a) No Other Restrictions, Except as otherwise expressly set forth in Section 2.1 (a), Section 2.2(a), Section 2.3, Section 3.5 and
Article 6 of this Agreement, the Notes Collateral Agent and each Notes Secured Party may exercise rights and remedies as an unsecured creditor and as a secured creditor with respect to the Non-Intercreditor Collateral against the Company or any
Subsidiary that has guaranteed the Notes Obligations in accordance with the terms of the applicable Notes Documents and applicable laws. Nothing in this Agreement shall prohibit the receipt by the Notes Collateral Agent or any Notes Secured Party of
the required payments of interest and principal so long as such receipt is not the direct or indirect result of the exercise by the Notes Collateral Agent or any Notes Secured Party of rights or remedies as a secured creditor in respect of
Intercreditor Collateral or enforcement in contravention of this Agreement of any Lien on the Intercreditor Collateral in respect of Notes Obligations held by any of them or in any Insolvency Proceeding. In the event the Notes Collateral Agent or
Notes Secured Party becomes a judgment lien creditor or other secured creditor in respect of Intercreditor Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Notes Obligations or otherwise, such judgment
or other Lien shall be subordinated to the Liens securing ABL Obligations on the same basis as the other Liens securing the Notes Obligations are so subordinated to such Liens securing ABL Obligations under this Agreement. Nothing in this Agreement
impairs or otherwise adversely affects any rights or remedies the ABL Collateral Agent or the ABL Secured Parties may have with respect to the Intercreditor Collateral. Furthermore, subject to Section 3.3 hereof, for the avoidance of doubt,
nothing in this Agreement shall restrict any right any Notes Secured Party may have (secured or otherwise) in any property or asset of any Grantor that does not constitute Intercreditor Collateral. 
 (b) Release of Liens. If, at any time any Grantor or any ABL Secured Party delivers notice to the Notes Collateral Agent with respect to any
specified Intercreditor Collateral that: 
 (A) such specified Intercreditor Collateral is sold, transferred or otherwise
disposed of (a “Disposition”) by the owner of such Intercreditor Collateral in a transaction permitted under the ABL Credit Agreement and the Indenture; or 
 (B) the ABL Secured Parties are releasing or have released their Liens on such Intercreditor Collateral in connection with a Disposition
in connection with an Exercise of Secured Creditor Remedies with respect to such Intercreditor Collateral, 
 then the Liens upon such Intercreditor
Collateral securing Notes Obligations will automatically be released and discharged as and when, but only to the extent, such Liens on such Intercreditor Collateral securing ABL Obligations are released and discharged (provided that in the
case of clause (B) of this Section 2.4(b), the Liens on any Intercreditor Collateral disposed of in connection with an Exercise of Secured Creditor Remedies shall be automatically released but any proceeds thereof not applied to repay ABL
Obligations shall be subject to the respective Liens securing Notes Obligations and shall be applied pursuant to Section 4.1). Upon delivery to the Notes Collateral Agent of a notice from the ABL Collateral Agent stating that any such release
of Liens securing or supporting the ABL Obligations has become effective (or shall become effective upon the Notes Collateral Agent releasing its Liens on such collateral), together with the 

  

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instruments, releases, termination statements or other documents effecting or evidencing such release (which instruments, releases and termination statements
shall be substantially identical to the comparable instruments, releases and termination statements executed by the ABL Collateral Agent in connection with such release), the Notes Collateral Agent shall, at the Company’s expense, promptly
execute and deliver such instruments, releases, termination statements or other documents. 
 Section 2.5 No New Liens.
Until the date upon which the Discharge of ABL Obligations shall have occurred, the parties hereto agree that no Notes Secured Party shall acquire or hold any Lien on any accounts receivable or inventory of any Grantor, the proceeds thereof or
any deposit or other accounts of any Grantor in which accounts receivable or proceeds of inventory or accounts receivable are held or deposited, in each case of the type that would constitute Intercreditor Collateral as described in the definition
thereof, whether in the form of accounts receivable, inventory or otherwise, securing any Notes Obligation, if such accounts receivable, inventory or proceeds are not also subject to the Lien of the ABL Collateral Agent under the ABL Documents (and
subject to the Lien Priorities contemplated herein). If any Notes Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any such accounts receivable, inventory or proceeds securing any Notes Obligation, which accounts
receivable, inventory or proceeds are not also subject to the Lien of the ABL Collateral Agent under the ABL Documents, subject to the Lien Priority set forth herein, then the Notes Collateral Agent (or the applicable Notes Secured Party) shall,
without the need for any further consent of any other Notes Secured Party and notwithstanding anything to the contrary in any other Notes Document, be deemed to also hold and have held such Lien as agent or bailee for the benefit of the ABL
Collateral Agent as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall use its best efforts to promptly notify the ABL Collateral Agent in writing of the existence of such Lien. 
 Section 2.6 Waiver of Marshalling. Until the Discharge of the ABL Obligations, the Notes Collateral Agent, on behalf of itself and the
Notes Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of any marshalling, appraisal, valuation or other similar
right that may otherwise be available under applicable law with respect to the Intercreditor Collateral or any other similar rights a junior secured creditor may have under applicable law. 
 ARTICLE 3  
 ACTIONS OF THE PARTIES 
 Section 3.1 Certain Actions Permitted. The Notes Collateral Agent and the ABL Collateral Agent may make such demands or file such
claims in respect of the Notes Obligations or the ABL Obligations, as applicable, as are necessary to prevent the waiver or bar of such claims under applicable statutes of limitations or other statutes, court orders, or rules of procedure at any
time. Except as provided in Section 5.2, nothing in this Agreement shall prohibit the receipt by the Notes Collateral Agent or any Notes Secured Party of the required payments of interest, principal and other amounts owed in respect of the
Notes Obligations so long as such receipt is not the direct or indirect result of the exercise by the Notes Collateral Agent or 

  

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any Notes Secured Party of rights or remedies as a secured creditor with respect to the Intercreditor Collateral (including set-off with respect to the
Intercreditor Collateral) or enforcement in contravention of this Agreement of any Lien held by any of them on the Intercreditor Collateral. 
 Section 3.2 Agent for Perfection. The Notes Collateral Agent appoints the ABL Collateral Agent, and the ABL Collateral Agent expressly accepts such appointment, to act as agent of the Notes Collateral Agent and each Notes
Secured Party under each control agreement with respect to all ABL Controlled Accounts for the purpose of perfecting the respective security interests granted under the Notes Security Documents. None of the ABL Collateral Agent, any ABL Secured
Party, the Notes Collateral Agent or any Notes Secured Party, as applicable, shall have any obligation whatsoever to the others to assure that the Intercreditor Collateral is genuine or owned by the Company, any Grantor or any other Person or to
preserve rights or benefits of any Person. The duties or responsibilities of the ABL Collateral Agent under this Section 3.2 are and shall be limited solely to holding or maintaining control of the Intercreditor Collateral as agent for the
Notes Secured Parties for purposes of perfecting the respective Liens held by the Notes Secured Parties. The ABL Collateral Agent is not and shall not be deemed to be a fiduciary of any kind for the Notes Collateral Agent or any Notes Secured Party,
or any other Person. The Notes Collateral Agent is not and shall not be deemed to be a fiduciary of any kind for any other Notes Secured Party, or any other Person. Prior to the Discharge of ABL Obligations, in the event that the Notes Collateral
Agent or any Notes Secured Party receives any Intercreditor Collateral or Proceeds of Intercreditor Collateral in violation of the terms of this Agreement, then the Notes Collateral Agent or such Notes Secured Party, as the case may be, shall
promptly pay over such Proceeds or Intercreditor Collateral to the ABL Collateral Agent in the same form as received with any necessary endorsements, for application in accordance with the provisions of Section 4.1 of this Agreement.

 Section 3.3 Inspection and Access Rights. Without limiting any rights the ABL Collateral Agent or any other ABL Secured
Party may otherwise have under applicable law or by agreement, in the event of any liquidation of any Intercreditor Collateral (or any other Exercise of Secured Creditor Remedies by the ABL Collateral Agent) and whether or not the Notes Collateral
Agent or any Notes Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies of any Notes Secured Party, the ABL Collateral Agent shall have the right (a) during normal business hours on any business day, to access
Intercreditor Collateral that is stored or located in or on Non-Intercreditor Collateral, and (b) to reasonably use the Non-Intercreditor Collateral (including, without limitation, equipment, computers, software, intellectual property, real
property and books and records) in order to inspect, copy or download information stored on, take actions to perfect its Lien on, or otherwise deal with the Intercreditor Collateral, in each case with a prior written notice to, but without the
involvement of or interference by, the Notes Collateral Agent or any Notes Secured Party and without liability to any Notes Secured Party; provided, however, if the Notes Collateral Agent takes actual possession of any
Non-Intercreditor Collateral in contemplation of a sale of such Non-Intercreditor Collateral or is otherwise exercising a remedy with respect to Non-Intercreditor Collateral, the Notes Collateral Agent shall (i) either give the ABL Collateral
Agent an opportunity during the 120 day period immediately following a notice from the Notes Collateral Agent prior to the Notes Collateral Agent’s sale of any such Non-Intercreditor Collateral to access Intercreditor Collateral as contemplated
in (a) and (b) above or (ii) have the purchaser of such Non-Intercreditor Collateral 

  

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agree in writing to be bound by the provisions of clause (i) of this sentence. For the avoidance of doubt, this Section 3.3 governs the rights of
access, use and inspection as between the ABL Secured Parties on the one hand and the Notes Secured Parties on the other (and not as between the Secured Parties and the Grantors, which rights are set forth in and governed by the applicable Credit
Documents and are not affected by this Section 3.3). 
 Section 3.4 Insurance. Proceeds of Intercreditor Collateral
include insurance proceeds and, therefore, the Lien Priority shall govern the ultimate disposition of insurance proceeds to the extent such insurance insures Intercreditor Collateral. Prior to the Discharge of ABL Obligations, the ABL Collateral
Agent shall have the sole and exclusive right, as against the Notes Collateral Agent, to the extent permitted by the ABL Documents and subject to the rights of the Grantors thereunder, to adjust settlement of insurance claims to the extent such
insurance insures Intercreditor Collateral in the event of any covered loss, theft or destruction of Intercreditor Collateral. Prior to the Discharge of ABL Obligations, all proceeds of such insurance with respect to Intercreditor Collateral shall
be remitted for application in accordance with Section 4.1 hereof. 
 Section 3.5 Exercise of Remedies – Set-Off and
Tracing of and Priorities in Proceeds. The Notes Collateral Agent, for itself and on behalf of the Notes Secured Parties, acknowledges and agrees that, to the extent the Notes Collateral Agent or any Notes Secured Party exercises its rights
of set-off against any Grantor’s Deposit Accounts to the extent constituting or containing Intercreditor Collateral or proceeds thereof, the amount of such set-off shall be deemed to be Intercreditor Collateral to be held and distributed
pursuant to Section 4.1. In addition, unless and until the Discharge of ABL Obligations occurs, the Notes Collateral Agent and each Notes Secured Party hereby consents to the application of cash or other proceeds of Intercreditor Collateral
deposited under control agreements to the repayment of ABL Obligations pursuant to the ABL Documents. 
 ARTICLE 4 
 APPLICATION OF PROCEEDS 
 Section 4.1 Application of Proceeds. 
 (a) Revolving Nature of ABL Obligations. The Notes Collateral
Agent, for and on behalf of itself and the Notes Secured Parties, expressly acknowledges and agrees that (i) the ABL Credit Agreement includes a revolving commitment, that in the ordinary course of business the ABL Collateral Agent and the ABL
Secured Parties will apply payments and make advances thereunder, and that no application of any Intercreditor Collateral or the release of any Lien by the ABL Collateral Agent upon any portion of the Intercreditor Collateral in connection with a
permitted disposition by the Grantors under the ABL Credit Agreement shall constitute an Exercise of Secured Creditor Remedies under this Agreement; (ii) subject to the limitations set forth in clause (i) of the definition of
“Permitted Debt” in the Indenture (as in effect on the date hereof) or such additional amounts as consented to by the holders of the Notes Obligations (in accordance with the provisions thereof), 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, and that the terms of the ABL Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the ABL
Obligations may be increased, replaced 

  

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or Refinanced, in each event, without notice to or consent by the Notes Secured Parties and without affecting the provisions hereof; and (iii) all
Intercreditor Collateral received by the ABL Collateral Agent may be applied, reversed, reapplied, credited, or reborrowed, in whole or in part, to the ABL Obligations at any time. The Lien Priority shall not be altered or otherwise affected by any
such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or Refinancing of either the ABL Obligations or any Notes Obligations, or any portion thereof. 
 (b) Application of Proceeds of Intercreditor Collateral. The ABL Collateral Agent and the Notes Collateral Agent hereby agree that all
Intercreditor Collateral and all Proceeds thereof received by any of them in connection with any Exercise of Secured Creditor Remedies with respect to the Intercreditor Collateral shall be applied, first to the payment of costs and expenses
of the ABL Collateral Agent in connection with such Exercise of Secured Creditor Remedies, and second, to the payment of the ABL Obligations in accordance with the ABL Documents until the Discharge of ABL Obligations shall have occurred.

 (c) Payments Over. Any Intercreditor Collateral or Proceeds thereof received by the Notes Collateral Agent or any Notes Secured
Party in connection with the exercise of any right or remedy (including set-off or credit bid) or in any Insolvency Proceeding relating to the Intercreditor Collateral prior to the Discharge of ABL Obligations and not expressly permitted by this
Agreement shall be segregated and held in trust for the benefit of and forthwith paid over to the ABL Collateral Agent (and/or its designees) for the benefit of the ABL Secured Parties in the same form as received, with any necessary endorsements or
as a court of competent jurisdiction may otherwise direct. The ABL Collateral Agent is hereby authorized to make any such endorsements as agent for the Notes Collateral Agent and each Notes Secured Party. This authorization is coupled with an
interest and is irrevocable. 
 (d) Limited Obligation or Liability. In exercising remedies, whether as a secured creditor or
otherwise, the ABL Collateral Agent shall have no obligation or liability to the Notes Collateral Agent or any Notes Secured Party regarding the adequacy of any proceeds realized on any collateral or for any action or omission, save and except
solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement. Notwithstanding anything to the contrary herein contained, none of the Parties hereto waives any claim that it may
have against a Secured Party on the grounds that any sale, transfer or other disposition by the Secured Party was not commercially reasonable in every respect as required by the UCC. 
 (e) Turnover of Collateral After Discharge. Upon the Discharge of ABL Obligations, the ABL Collateral Agent shall (a) notify the Notes
Collateral Agent in writing of the occurrence of such Discharge of ABL Obligations and (b) at the Company’s expense, deliver to the Notes Collateral Agent or execute such documents as the Notes Collateral Agent may reasonably request
(including assignment of control agreements with respect to ABL Controlled Accounts) in order to effect a transfer of control to the Notes Collateral Agent over any and all ABL Controlled Accounts in the same form as received with any necessary
endorsements, or as a court of competent jurisdiction may otherwise direct. 
  

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 Section 4.2 Specific Performance. Each of the ABL Collateral Agent and the Notes
Collateral Agent is hereby authorized to demand specific performance of this Agreement, whether or not the Company or any Grantor shall have complied with any of the provisions of any of the Credit Documents, at any time when the other Party shall
have failed to comply with any of the provisions of this Agreement applicable to it. Each of the ABL Collateral Agent, for and on behalf of itself and the ABL Secured Parties, and the Notes Collateral Agent, for and on behalf of itself and the Notes
Secured Parties, hereby irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance. 
 ARTICLE 5 
 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS 
 Section 5.1 Notice of Acceptance and Other Waivers. 
 (a) All ABL Obligations at any time made or incurred by the Company or any Grantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the Notes Collateral Agent, on behalf of itself and
the Notes Secured Parties, hereby waives notice of acceptance, or proof of reliance by the ABL Collateral Agent or any ABL Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment
of all or any part of the ABL Obligations. All Notes Obligations at any time made or incurred by the Company or any Grantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the ABL Collateral Agent, on behalf of
itself and the ABL Secured Parties, hereby waives notice of acceptance, or proof of reliance, by the Notes Collateral Agent or any such Notes Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual,
creation, or non-payment of all or any part of the Notes Obligations. 
 (b) None of the ABL Collateral Agent, any ABL Secured Party or any
of their respective Affiliates, directors, officers, employees, or agents shall be liable for failure to demand, collect or realize upon any of the Intercreditor Collateral or any Proceeds thereof, or for any delay in doing so, or shall be under any
obligation to sell or otherwise dispose of any Intercreditor Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Intercreditor Collateral or any part or Proceeds thereof, except as specifically provided in this
Agreement. If the ABL Collateral Agent or any ABL Secured Party honors (or fails to honor) a request by any Borrower under the ABL Credit Agreement for an extension of credit pursuant to any ABL Credit Agreement or any of the other ABL Documents,
whether the ABL Collateral Agent or any ABL Secured Party has knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of any Notes Document (but not a default under this Agreement) or an act,
condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the ABL Collateral Agent or any ABL Secured Party otherwise should exercise any of its contractual rights or remedies under
any ABL Documents (subject to the express terms and conditions hereof), neither the ABL Collateral Agent nor any ABL Secured Party shall have any liability whatsoever to the Notes Collateral Agent or any Notes Secured Party as a result of such
action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement). The ABL Collateral Agent and the ABL Secured Parties shall be entitled to manage and supervise their 

  

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loans and extensions of credit under any ABL Credit Agreement and any of the other ABL Documents as they may, in their sole discretion, deem appropriate, and
may manage their loans and extensions of credit without regard to any rights or interests that the Notes Collateral Agent or any Notes Secured Party have in the Intercreditor Collateral, except as otherwise expressly set forth in this Agreement. The
Notes Collateral Agent, on behalf of itself and the Notes Secured Parties, agrees that neither the ABL Collateral Agent nor any ABL Secured Party shall incur any liability as a result of a sale, lease, license, application, or other disposition of
all or any portion of the Intercreditor Collateral or Proceeds thereof, pursuant to the ABL Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this
Agreement. The Notes Collateral Agent and the Notes Secured Parties shall be entitled to manage and supervise the Non-Intercreditor Collateral, hold their second lien on the Intercreditor Collateral in accordance with the terms hereof and manage and
supervise the extensions of credit under the Notes Documents as provided in the Indenture and the Notes Security Documents, in each case without regard to any rights or interests of the ABL Collateral Agent or any ABL Secured Parties, except as
otherwise expressly set forth in this Agreement. 
 Section 5.2 Modifications to ABL Documents and Notes Documents.

 (a) In the event that the ABL Collateral Agent or the ABL Secured Parties enter into any amendment, waiver or consent in respect of, or
replace any of the ABL Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any ABL Security Document or changing in any manner the rights of the ABL Collateral Agent,
the ABL Secured Parties, the Company or any other Grantor there under (excluding the release of any Liens in Intercreditor Collateral except in accordance with Section 2.4(b)), then such amendment, waiver or consent, to the extent related to
Intercreditor Collateral, shall upon delivery of written notice of such amendment, waiver or consent to the Notes Collateral Agent together with a conforming amendment of the Comparable Notes Security Document, apply automatically to any comparable
provision (but only to the extent as such provision relates to Intercreditor Collateral) of each Comparable Notes Security Document without the consent of the Notes Collateral Agent or any Notes Secured Party and without any action by the Notes
Collateral Agent, any Notes Secured Party, the Company or any other Grantor; provided, however, that such amendment, waiver or consent does not materially adversely affect the rights of the Notes Secured Parties or the interests of the
Notes Secured Parties in the Intercreditor Collateral in a manner materially different from that affecting the rights of the ABL Secured Parties thereunder or therein. For the avoidance of doubt, no such amendment, modification or waiver shall apply
to or otherwise affect (a) any Non-Intercreditor Collateral or (b) any document, agreement or instrument which neither grants nor purports to grant a Lien on, nor governs nor purports to govern any rights or remedies in respect of,
Intercreditor Collateral. The Notes Collateral Agent shall execute and deliver any conforming amendment, waiver or consent complying with this Section 5.2(a) with respect to the Notes Security Documents promptly after receipt thereof.

 (b) So long as the Discharge of ABL Obligations has not occurred, without the prior written consent of the ABL Collateral Agent, the Notes
Collateral Agent shall not consent to amend, supplement or otherwise modify any, or enter into any new, Notes Security 

  

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Document relating to Intercreditor Collateral to the extent such amendment, supplement or modification, or the terms of such new Notes Security Document,
would be prohibited by or inconsistent with any of the terms of this Agreement. The Notes Collateral Agent agrees that each Notes Security Document relating to Intercreditor Collateral shall include the following language (or language to similar
effect approved by the ABL Collateral Agent): 
 “Notwithstanding anything herein to the contrary, the liens and security interests
granted to Wells Fargo Bank, National Association pursuant to this Agreement and the exercise of any right or remedy by Wells Fargo Bank, National Association hereunder are subject to the limitations and provisions of the Intercreditor Agreement,
dated as of October 19, 2007 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Bank of America, N.A., as ABL Collateral Agent, and Wells Fargo Bank,
National Association, as Notes Collateral Agent, and certain other persons party or that may become party thereto from time to time, and consented to by the Grantors identified therein. 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.” 
 (c) No
consent furnished by the ABL Collateral Agent or the Notes Collateral Agent pursuant to Section 5.2(a) or 5.2(b) hereof shall be deemed to constitute the modification or waiver of any provisions of the ABL Documents or any of the Notes
Documents, each of which remain in full force and effect as written. 
 (d) The ABL Obligations and the several Notes Obligations may be
Refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is required to permit the refinancing transaction under any ABL Document or any Notes Document) of, the ABL Collateral Agent, the ABL
Secured Parties, the Notes Collateral Agent or any Notes Secured Parties, as the case may be, provided such Refinancing does not affect the relative Lien Priorities provided for herein or directly alter the other provisions hereof to the
extent relating to the relative rights, obligations and priorities of the ABL Secured Parties on the one hand and the Notes Secured Parties on the other. 
 Section 5.3 Reinstatement and Continuation of Agreement. 
 If the ABL Collateral Agent or
any ABL Secured Party is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of the Company, any Grantor, or any other Person any payment made in satisfaction of all or any portion of the ABL Obligations
(an “ABL Recovery”), then the ABL Obligations shall be reinstated to the extent of such ABL Recovery. If this Agreement shall have been terminated prior to such ABL Recovery, this Agreement shall be reinstated in full
force and effect in the event of such ABL Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement. The ABL Collateral Agent shall use
commercially reasonable efforts to give written notice to the Notes Collateral Agent of the occurrence of any such ABL Recovery (provided that the failure to give such notice shall not affect the ABL Collateral Agent’s rights hereunder,
except it being understood that the Notes Collateral Agent shall not be charged with knowledge of such ABL Recovery or required to take any actions based on such ABL Recovery until it has received such written notice of the occurrence of such ABL
Recovery). 
  

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 All rights, interests, agreements, and obligations of the ABL Collateral Agent, the Notes Collateral
Agent, the ABL Secured Parties and the Notes Secured Parties under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any
Insolvency Proceeding by or against the Company or any Grantor or any other circumstance which otherwise might constitute a defense (other than a defense that such obligations have in-fact been repaid) available to, or a discharge of the Company or
any Grantor in respect of the ABL Obligations or the Notes Obligations. No priority or right of the ABL Collateral Agent or any ABL Secured Party shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of the
Company or any Grantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the ABL Documents, regardless of any knowledge thereof which the ABL Collateral Agent or any ABL Secured Party may have. 
 ARTICLE 6  
 INSOLVENCY
PROCEEDINGS 
 Section 6.1 DIP Financing. 
 (a) If the Company or any Grantor shall be subject to any Insolvency Proceeding at any time prior to the Discharge of ABL Obligations, and the ABL
Collateral Agent or the ABL Secured Parties shall seek to provide the Company or any Grantor with, or consent to a third party providing, any financing under Section 364 of the Bankruptcy Code or consent to any order for the use of cash
collateral constituting Intercreditor Collateral under Section 363 of the Bankruptcy Code (each, a “DIP Financing”), with such DIP Financing to be secured by all or any portion of the Intercreditor Collateral (including
assets that, but for the application of Section 552 of the Bankruptcy Code, would be Intercreditor Collateral) but not any other asset or any Non-Intercreditor Collateral, then the Notes Collateral Agent, on behalf of itself and the Notes
Secured Parties, agrees that it will raise no objection and will not support any objection to such DIP Financing or use of cash collateral or to the Liens securing the same on the grounds of a failure to provide “adequate protection” for
the Liens of the Notes Collateral Agent securing the Notes Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP Financing or use of cash collateral that is Intercreditor Collateral, except
as permitted by Section 6.3(b)), so long as (i) the Notes Collateral Agent retains its Lien on the Intercreditor Collateral to secure the Notes Obligations (in each case, including Proceeds thereof arising after the commencement of the
case under the Bankruptcy Code); (ii) the terms of the DIP Financing do not compel the applicable Grantor to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms of such plan are set
forth in the DIP Financing documentation or related document; (iii) all Liens on Intercreditor Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the ABL Collateral Agent and the ABL Secured Parties
securing the ABL Obligations on Intercreditor Collateral and (iv) no Notes Secured Party is required (without its consent) to lend or incur any monetary obligation in connection with such DIP Financing; provided, however, that
nothing contained in this Agreement shall prohibit or restrict the Notes Collateral Agent or any Notes 

  

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Secured Party from raising any objection or supporting any objection to such DIP Financing or use of cash collateral or to the Liens securing the same on the
grounds of a failure to provide “adequate protection” for the Liens of the Notes Collateral Agent on Non-Intercreditor Collateral securing the Notes Obligations. 
 (b) All Liens granted to the ABL Collateral Agent or the Notes Collateral Agent in any Insolvency Proceeding, whether as adequate protection or
otherwise, are intended by the Parties to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement. 
 Section 6.2 Relief from Stay. The Notes Collateral Agent, on behalf of itself and the Notes Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency
Proceeding in respect of any portion of the Intercreditor Collateral without the ABL Collateral Agent’s express written consent. 
 Section 6.3 No Contest; Adequate Protection. 
 (a) The Notes Collateral Agent, on behalf of itself and the Notes
Secured Parties, agrees that it shall not contest (or support any other Person contesting) (x) any request by the ABL Collateral Agent or any ABL Secured Party for adequate protection of its interest in the Intercreditor Collateral,
(y) any objection by the ABL Collateral Agent or any ABL Secured Party to any motion, relief, action, or proceeding based on a claim by the ABL Collateral Agent or any ABL Secured Party that its interests in the Intercreditor Collateral are not
adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the ABL Collateral Agent as adequate protection of its interests are subject to this Agreement or (z) any
lawful exercise by the ABL Collateral Agent or any ABL Secured Party of the right to credit bid ABL Obligations at any sale of Intercreditor Collateral or Intercreditor Collateral; provided, however, that nothing contained in this
Agreement shall prohibit or restrict the Notes Collateral Agent or any Notes Secured Party from contesting or challenging (or support any other Person contesting or challenging) any request by the ABL Collateral Agent or any ABL Secured Party for
“adequate protection” (or the grant of any such “adequate protection”) to the extent such “adequate protection” is in the form of a Lien on any Non-Intercreditor Collateral. 
 (b) Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency Proceeding, if the ABL Secured Parties (or any subset thereof)
are granted adequate protection with respect to Intercreditor Collateral in the form of additional collateral (even if such collateral is not of a type which would otherwise have constituted Intercreditor Collateral), then the ABL Collateral Agent,
on behalf of itself and the ABL Secured Parties, agrees that the Notes Collateral Agent, on behalf of itself and/or any of the Notes Secured Parties, may seek or request (and the ABL Secured Parties will not oppose such request) adequate protection
with respect to its interests in such Intercreditor Collateral in the form of a Lien on the same additional collateral, which Lien will be subordinated to the Liens securing the ABL Obligations on the same basis as the other Liens of the Notes
Collateral Agent on the Intercreditor Collateral (it being understood that to the extent that any such additional collateral constituted Non-Intercreditor Collateral at the time it was granted to the ABL Secured Parties, the Lien thereon in favor of
the ABL Secured Parties shall be subordinate in all respects to the Liens thereon in favor of the Notes Secured Parties). 
  

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 Section 6.4 Asset Sales. The Notes Collateral Agent agrees, on behalf of
itself and the Notes Secured Parties, that it will not oppose any sale consented to by the ABL Collateral Agent of any Intercreditor Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law applicable
to any Insolvency Proceeding) so long as the proceeds of such sale are applied in accordance with this Agreement. 
 Section 6.5
Separate Grants of Security and Separate Classification. The Notes Collateral Agent, each Notes Secured Party, each ABL Secured Party and the ABL Collateral Agent each acknowledge and agree that (i) the grants of Liens pursuant to
the ABL Security Documents on the one hand and the Notes Security Documents on the other hand constitute separate and distinct grants of Liens and the Notes Secured Parties’ claims against the Company and/or any Grantor in respect of
Intercreditor Collateral constitute junior claims separate and apart (and of a different class) from the senior claims of the ABL Secured Parties against the Company and the Grantors in respect of Intercreditor Collateral and (ii) because of,
among other things, their differing rights in the Intercreditor Collateral, the Notes Obligations are fundamentally different from the ABL Obligations and must be separately classified in any plan of reorganization proposed or adopted in an
Insolvency 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 Secured Parties and any Notes Secured Parties in respect of the Intercreditor
Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the ABL Secured Parties and the Notes Secured Parties hereby acknowledge and agree that all distributions in respect of or from the
Proceeds of Intercreditor Collateral shall be made as if there were separate classes of ABL Obligation claims and Notes Obligation claims against the Grantors (with the effect being that, to the extent that the aggregate value of the Intercreditor
Collateral is sufficient (for this purpose ignoring all claims held by the Notes Secured Parties), the ABL Secured Parties 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 at the relevant contract rate, before any distribution is made in respect of the claims held by the Notes Secured Parties from such Intercreditor Collateral), with the Notes
Secured Parties hereby acknowledging and agreeing to turn over to the ABL Secured Parties amounts otherwise received or receivable by them in respect of or from the Proceeds of Intercreditor Collateral to the extent necessary to effectuate the
intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries. 
 Section 6.6
Enforceability. The provisions of this Agreement are intended to be and shall be enforceable under Section 510(a) of the Bankruptcy Code. 
 Section 6.7 ABL Obligations and Notes Obligations Unconditional. All rights, interests, agreements and obligations of the ABL Collateral Agent and the ABL Secured Parties, and the Notes Collateral
Agent and the Notes Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of: 
 (a) any
lack of validity or enforceability of any ABL Documents or any Notes Documents; 
  

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 (b) 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 Notes 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 the ABL Credit Agreement or any other ABL
Document or of the terms of the Indenture or any other Notes Document; 
 (c) any exchange of any security interest in any
Intercreditor 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 Notes Obligations or any guarantee thereof;

 (d) the commencement of any Insolvency Proceeding in respect of the Company or any other Grantor; or 
 (e) any other circumstances that otherwise might constitute a defense (other than a defense that such obligations have in fact been
repaid) available to, or a discharge of, the Company or any other Grantor in respect of ABL Obligations or Notes Obligations in respect of this Agreement. 
 ARTICLE 7 
 MISCELLANEOUS 
 Section 7.1 Rights of Subrogation. The Notes Collateral Agent, for and on behalf of itself and the Notes Secured Parties, agrees that
no payment to the ABL Collateral Agent or any ABL Secured Party pursuant to the provisions of this Agreement shall entitle the Notes Collateral Agent or any Notes Secured Party to exercise any rights of subrogation in respect thereof until the
Discharge of ABL Obligations shall have occurred. Following the Discharge of ABL Obligations, the ABL Collateral Agent agrees to execute such documents, agreements, and instruments as the Notes Collateral Agent or any Notes Secured Party may
reasonably request, at the Company’s expense, to evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations resulting from payments to the ABL Collateral Agent by such Person. 
 Section 7.2 Further Assurances. The Parties will, at their own expense and at any time and from time to time, promptly execute and
deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that any Party may reasonably request, in order to protect any right or interest granted or purported to be granted hereby or to
enable the ABL Collateral Agent or the Notes Collateral Agent to exercise and enforce its rights and remedies hereunder; provided, however, that no Party shall be required to pay over any payment or distribution, execute any
instruments or documents, or take any other action referred to in this Section 7.2, to the extent that such action would contravene any law, order or other legal requirement or any of the terms or provisions of this Agreement, and in the event
of a controversy or dispute, such Party may interplead any payment or distribution in any court of competent jurisdiction, without further responsibility in respect of such payment or distribution under this Section 7.2. 
  

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 Section 7.3 Representations. The Notes Collateral Agent represents and warrants (for
itself and solely in its capacity as Notes Collateral Agent) to the ABL Collateral Agent that it has the requisite power and authority under the Notes Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of
itself and the Notes Secured Parties and that this Agreement shall be binding obligations of the Notes Collateral Agent and the Notes Secured Parties, enforceable against the Notes Collateral Agent and Notes Secured Parties in accordance with its
terms. The ABL Collateral Agent represents and warrants to the Notes Collateral Agent that it has the requisite power and authority under the ABL Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of
itself and the ABL Secured Parties and that this Agreement shall be binding obligations of the ABL Collateral Agent and the ABL Secured Parties, enforceable against the ABL Collateral Agent and the ABL Secured Parties in accordance with its terms.

 Section 7.4 Amendments. No amendment or waiver of any provision of this Agreement nor consent to any departure by any
Party hereto shall be effective unless it is in a written agreement executed by the Notes Collateral Agent and the ABL Collateral Agent, and consented to in writing by the Company, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given. Notwithstanding anything in this Section 7.4 to the contrary, this Agreement may be amended from time to time at the request of the Company, at the Company’s expense, and
without the consent of the ABL Collateral Agent, any ABL Secured Party, the Notes Collateral Agent or any Notes Secured Party to (i) provide for a replacement ABL Collateral Agent in accordance with the ABL Documents, provide for a replacement
Notes Collateral Agent in accordance with the applicable Notes Documents (including for the avoidance of doubt to provide for a replacement Notes Collateral Agent assuming such role in connection with any Refinancing of the Notes Documents permitted
here-under) and/or secure additional extensions of credit or add other parties holding ABL Obligations or Notes Obligations to the extent such Indebtedness does not expressly violate the ABL Credit Agreement or the Indenture and (ii) in the
case of such additional Notes Obligations, (a) establish that the Lien on the Intercreditor Collateral securing such Notes Obligations shall be junior and subordinate in all respects to all Liens on the Intercreditor Collateral securing any ABL
Obligations (at least to the same extent as (taken together as a whole) the Liens on Intercreditor Collateral in favor of the Notes Obligations are junior and subordinate to the Liens on Intercreditor Collateral in favor of the ABL Obligations
pursuant to this Agreement immediately prior to the incurrence of such additional Notes Obligations) and (b) provide to the holders of such Notes Obligations (or any agent or trustee thereof) the comparable rights and benefits (including any
improved rights and benefits that have been consented to by the ABL Collateral Agent) as are provided to the Notes Secured Parties under this Agreement. 
 Section 7.5 Addresses for Notices. All notices to the ABL Secured Parties and the Notes Secured Parties permitted or required under this Agreement may be sent to the applicable Collateral Agent for
such Secured Party, respectively, as provided in the applicable Credit Document. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally
served, telecopied, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail
(registered or certified, with postage prepaid and properly addressed). 
  

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 Section 7.6 No Waiver, Remedies. No failure on the part of any Party to exercise, and
no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. 
 Section 7.7 Continuing Agreement, Transfer of
Secured Obligations. This Agreement is a continuing agreement and shall (a) subject to Section 5.3, remain in full force and effect until the Discharge of ABL Obligations shall have occurred, (b) be binding upon the Parties
and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns. Nothing herein is intended, or shall be construed to give, any other Person any right,
remedy or claim under, to or in respect of this Agreement or any Intercreditor Collateral. All references to any Grantor shall include any Grantor as debtor-in-possession and any receiver or trustee for such Grantor in any Insolvency Proceeding.
Without limiting the generality of the foregoing clause (c), the ABL Collateral Agent, any ABL Secured Party, the Notes Collateral Agent and any Notes Secured Party may assign or otherwise transfer all or any portion of the ABL Obligations or the
Notes Obligations, as applicable, to any other Person (other than the Company, any Grantor or any Affiliate of the Company or any Grantor and any Subsidiary of the Company or any Grantor), and such other Person shall thereupon become vested with all
the rights and obligations in respect thereof granted to the ABL Collateral Agent, the Notes Collateral Agent, any ABL Secured Party, or any applicable Notes Secured Party, as the case may be, herein or otherwise. The ABL Secured Parties and the
Notes Secured Parties may continue, at any time and without notice to the other parties hereto, to extend credit and other financial accommodations, lend monies and provide Indebtedness to, or for the benefit of, any Grantor on the faith hereof.

 Section 7.8 Governing Law; Entire Agreement. The validity, performance, and enforcement of this Agreement shall be
governed by, and construed in accordance with, the laws of the State of New York. This Agreement constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof and supersedes any prior agreements,
written or oral, with respect thereto. 
 Section 7.9 Counterparts. This Agreement may be executed in any number of
counterparts, including by means of facsimile or “pdf” file thereof, and it is not necessary that the signatures of all Parties be contained on any one counterpart hereof, each counterpart will be deemed to be an original, and all together
shall constitute one and the same document. 
 Section 7.10 No Third Party Beneficiaries. Except for the Company to the
extent provided in Section 7.4, this Agreement is solely for the benefit of the ABL Collateral Agent, the ABL Secured Parties, the Notes Collateral Agent and the Notes Secured Parties. No other Person (including except to the extent provided in
Section 7.4, the Company, any Grantor or any Affiliate or Subsidiary of the Company or any Grantor) shall be deemed to be a third party beneficiary of this Agreement. 
  

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 Section 7.11 Headings. The headings of the articles and sections of this Agreement are
inserted for purposes of convenience only and shall not be construed to affect the meaning or construction of any of the provisions hereof. 
 Section 7.12 Severability. If any of the provisions in this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any
other provision of this Agreement and shall not invalidate the Lien Priority or the application of Proceeds and other priorities set forth in this Agreement. 
 Section 7.13 Attorneys’ Fees. The Parties agree that if any dispute, arbitration, litigation, or other proceeding is brought with respect to the enforcement of this Agreement or any provision
hereof, the prevailing party in such dispute, arbitration, litigation, or other proceeding shall be entitled to recover its reasonable attorneys’ fees and all other costs and expenses incurred in the enforcement of this Agreement, irrespective
of whether suit is brought. 
 Section 7.14 VENUE; JURY TRIAL WAIVER. The parties hereto consent to the jurisdiction of
any state or federal court located in New York, New York, and consent that all service of process may be made by registered mail directed to such party as provided in Section 7.5 for such party. Service so made shall be deemed to be completed
three days after the same shall be posted as aforesaid. The parties hereto waive any objection to any action instituted hereunder in any such court based on forum non conveniens, and any objection to the venue of any action instituted hereunder in
any such court. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR
WRITTEN STATEMENT OR ACTION OF ANY PARTY HERETO IN CONNECTION WITH THE SUBJECT MATTER HEREOF. 
 (a) EACH PARTY TO THIS AGREEMENT IRREVOCABLY
CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 7.5. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 
 Section 7.15 Intercreditor Agreement. This Agreement is the Intercreditor Agreement referred to in the ABL Documents and the Notes
Documents. Nothing in this Agreement shall be deemed to subordinate the obligations due to (i) any ABL Secured Party to the obligations due to any Notes Secured Party or (ii) any Notes Secured Party to the obligations due to any ABL
Secured Party (in each case, whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the Parties that this Agreement shall effectuate a subordination of Liens but not a subordination of Indebtedness. 

Section 7.16 Effectiveness. This Agreement shall become effective when executed and delivered by the parties hereto. This Agreement
shall be effective both before and after the commencement of any Insolvency Proceeding. 
  

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 Section 7.17 Collateral Agents. It is understood and agreed that (a) Bank of
America is entering into this Agreement in its capacity as collateral agent under the ABL Credit Agreement, and the provisions of Section 13 of the ABL Credit Agreement applicable to the administrative agent and collateral agent thereunder
shall also apply to the ABL Collateral Agent hereunder, and (b) Wells Fargo Bank, National Association is entering into this Agreement in its capacity as collateral agent under the Indenture, and the provisions of Article VII of the Indenture
applicable to the Trustee and collateral agent thereunder shall also apply to the Notes Collateral Agent hereunder. 
 The Notes Collateral
Agent shall not be responsible for and makes no representation as to the validity or adequacy of, or the existence, genuineness, value or protection of any Intercreditor Collateral or Non-Intercreditor Collateral, for the legality, effectiveness or
sufficiency of any Notes Security Document or ABL Security Document, or for the creation, perfection, priority, sufficiency or protection of any Lien (except, without degradation, as otherwise expressly provided herein), and it shall not be
responsible for any statement with respect to any other party or recital herein or any statement in the Indenture or the Notes, any statement or recital in any document in connection with this Agreement. Anything to the contrary herein
notwithstanding, the Notes Collateral Agent shall have no liability to any other Secured Party as a consequence of its performance or non-performance hereunder, except for gross negligence, willful misconduct and willful breach hereof. The Notes
Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein or therein or any fiduciary relationship with any party hereto, and no implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into the Indenture or any Security Document or otherwise exist against the Notes Collateral Agent. The Notes Collateral Agent may consult with counsel of its selection and the advice or opinion of such counsel as to matters
of law (including the Trust Indenture Act of 1939, as amended) shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder or under the Security Documents in good faith
and in accordance with the advice or opinion of such counsel. The Notes Collateral Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or
indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of
utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. The Notes Collateral Agent may conclusively rely and shall be fully protected in acting or
refraining from acting on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Notes Collateral Agent need not investigate any fact or matter stated in any such document. The provisions of this
Section shall survive satisfaction and discharge or the termination for any reason of this Agreement and the resignation or removal of the Notes Collateral Agent. Without limiting the generality of the foregoing, Section 7.14 of the Indenture
is hereby incorporated herein as if full set forth herein. 
 In no event shall any party hereto be liable under or in connection with this
Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if such party has been advised of the possibility thereof
and regardless of the form of action in which such damages are sought. 
  

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 Section 7.18 No Warranties or Liability. Each of the ABL Collateral Agent and the
Notes Collateral Agent acknowledges and agrees that none of the other has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any other ABL Document or Notes
Document, as the case may be. 
 Section 7.19 Conflicts. In the event of any conflict between the provisions of this
Agreement and the provisions of any Credit Document, the provisions of this Agreement shall govern. 
 Section 7.20 Information
Concerning Financial Condition of the Credit Parties. Each of the Notes Collateral Agent and the ABL Collateral Agent hereby assumes responsibility for keeping itself informed of the financial condition of the Grantors and all other
circumstances bearing upon the risk of nonpayment of the ABL Obligations or the Notes Obligations. The ABL Collateral Agent and the Notes Collateral Agent each hereby agree that no party shall have any duty to advise any other party of information
known to it regarding such condition or any such circumstances. In the event either the ABL Collateral Agent or the Notes Collateral Agent, in its sole discretion, undertakes at any time or from time to time to provide any information to any other
party to this Agreement, (a) it shall be under no obligation (i) to provide any such information to any other party or any other party on any subsequent occasion, (ii) to undertake any investigation not a part of its regular business
routine, or (iii) to disclose any other information, and (b) it makes no representation as to the accuracy or completeness of any such information and shall not be liable for any information contained therein, and (c) the Party
receiving such information hereby agrees to hold the other Party harmless from any action the receiving Party may take or conclusion the receiving Party may reach or draw from any such information, as well as from and against any and all losses,
claims, damages, liabilities, and expenses to which such receiving Party may become subject arising out of or in connection with the use of such information. 
 Section 7.21 Acknowledgement. The ABL Collateral Agent hereby acknowledges for itself and on behalf of each ABL Secured Party that there are assets of the Company and its Subsidiaries (including
Grantors) which are subject to Liens in favor of the Notes Collateral Agent or other creditors but which do not constitute Intercreditor Collateral and nothing in this Agreement shall grant or imply the grant of any Lien or other security interest
in such assets in favor of the ABL Collateral Agent to secure any ABL Obligations and nothing in this Agreement shall affect or limit the rights of the Notes Collateral Agent or any Notes Secured Party in any Non-Intercreditor Collateral or any
other assets of the Company or any of its Subsidiaries (other than Intercreditor Collateral) securing any Notes Obligations. 
 [Signature
pages follow] 
  

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

  

					
	BANK OF AMERICA, N.A.,
	as ABL Collateral Agent
		
	By:	 	/s/ Stephen King
		 	Name:	 	Stephen King
		 	Title:	 	Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Notes Collateral Agent
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 Ryerson Intercreditor Agreement 

			
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION,
	as Notes Collateral Agent
		
	By:	 	/s/ Lynn M. Steiner
		 	Name: Lynn M. Steiner
		 	Title: Vice President

 [Intercreditor Agreement] 

 CONSENT OF COMPANY AND GRANTORS 
 Dated: October 19, 2007 
 Reference is made to the Intercreditor Agreement dated
as of the date hereof between Bank of America, N.A., as ABL Collateral Agent, and Wells Fargo Bank, National Association, as Notes Collateral Agent, as the same may be amended, restated, supplemented, waived, or otherwise modified from time to time
(the “Intercreditor Agreement”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Intercreditor Agreement. 
 Each of the undersigned Grantors has read the foregoing Intercreditor Agreement and consents thereto. Each of the undersigned Grantors agrees not to take
any action that would be contrary to the express provisions of the foregoing Intercreditor Agreement applicable to it, agrees to abide by the requirements expressly applicable to it under the foregoing Intercreditor Agreement and agrees that, except
as otherwise provided therein, no ABL Secured Party or Notes Secured Party shall have any liability to any Grantor for acting in accordance with the provisions of the foregoing Intercreditor Agreement provided that such party has not acted in
violation of the ABL Security Documents, Notes Security Documents or applicable Credit Documents. Each Grantor understands that the foregoing Intercreditor Agreement is for the sole benefit of the ABL Secured Parties and the Notes Secured Parties
and their respective successors and assigns, and that such Grantor is not an intended beneficiary or third party beneficiary thereof except to the extent otherwise expressly provided therein. 
 Without limitation to the foregoing, each Grantor agrees to take such further action and shall execute and deliver such additional documents and
instruments (in recordable form, if requested) as the ABL Collateral Agent or the Notes Collateral Agent (or any of their respective agents or representatives) may reasonably request to effectuate the terms of and the lien priorities contemplated by
the Intercreditor Agreement. 
 This Consent shall be governed and construed in accordance with the laws of the State of New York. Notices
delivered to any Grantor pursuant to this Consent shall be delivered in accordance with the notice provisions set forth in the ABL Credit Agreement. 

 IN WITNESS WHEREOF, this Consent is hereby executed by each of the Grantors as of the date first written
above. 
  

			
	RHOMBUS MERGER CORPORATION
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	Ryerson Inc., as successor by merger to Rhombus Merger Corporation hereby confirms that it has assumed all of the obligations of Rhombus Merger Corporation under this Security
Agreement
	
	RYERSON INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	JOSEPH T. RYERSON & SON, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	J.M. TULL METALS COMPANY, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	RYERSON PROCUREMENT CORPORATION
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary

 [intercreditor consent] 

			
	RYERSON AMERICAS, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	RDM HOLDINGS, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	RCJV HOLDINGS, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	RYERSON INTERNATIONAL, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	RYERSON (CHINA) LIMITED
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	RYERSON INTERNATIONAL MATERIAL
	MANAGEMENT SERVICES, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary

 [intercreditor consent] 

			
	RYERSON INTERNATIONAL TRADING, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	RYERSON PAN-PACIFIC LLC
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary
	
	RYERSON CANADA, INC.
		
	By:	 	/s/ Eva M. Kalawski
		 	Name: Eva Kalawski
		 	Title: Vice President & Secretary

 [intercreditor consent]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}]]