Document:

Exhibit 4.2

 Exhibit 4.2 

FIRST LIEN INTERCREDITOR AGREEMENT 

dated as of 

April 9, 2010 

among 

ITC^DELTACOM, INC., 

the other GRANTORS party hereto, 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Collateral Agent, 

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

as Authorized Representative under the Credit Agreement, 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Authorized Representative under the Indenture 

and 
 each
additional Authorized Representative from time to time party hereto 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		
	ARTICLE I	  	
		
	Definitions	  	
			
	 SECTION 1.01.
	  	Definitions Generally	  	1
	 SECTION 1.02.
	  	Other Defined Terms	  	2
	 SECTION 1.03.
	  	Impairment	  	7
		
	ARTICLE II	  	
		
	Priorities and Agreements with Respect to Shared Collateral	  	
			
	 SECTION 2.01.
	  	Priority of Claims	  	7
	 SECTION 2.02.
	  	Actions With Respect to Shared Collateral; Prohibition on Contesting Liens	  	9
	 SECTION 2.03.
	  	No Interference; Payment Over; No New Liens	  	10
	 SECTION 2.04.
	  	Automatic Release of Liens; Amendments to First Lien Security Documents	  	11
	 SECTION 2.05.
	  	Certain Agreements With Respect to Bankruptcy or Insolvency Proceedings	  	12
	 SECTION 2.06.
	  	Reinstatement	  	13
	 SECTION 2.07.
	  	Insurance	  	13
	 SECTION 2.08.
	  	Refinancings	  	13
	 SECTION 2.09.
	  	Possessory Collateral Agent as Gratuitous Bailee for Perfection	  	13
	 SECTION 2.10.
	  	Enforcement by the Collateral Agent	  	14
	 SECTION 2.11.
	  	Competing Instructions to the Collateral Agent	  	15
		
	ARTICLE III	  	
		
	Existence and Amounts of Liens and First Lien Obligations	  	

  

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	ARTICLE IV	  	
		
	The Collateral Agent	  	
			
	 SECTION 4.01.
	  	Appointment and Authority	  	16
	 SECTION 4.02.
	  	Rights as a First Lien Secured Party	  	17
	 SECTION 4.03.
	  	Exculpatory Provisions	  	17
	 SECTION 4.04.
	  	Reliance by Collateral Agent	  	18
	 SECTION 4.05.
	  	Delegation of Duties	  	19
	 SECTION 4.06.
	  	Termination and Resignation of Collateral Agent	  	19
	 SECTION 4.07.
	  	Non-Reliance on Collateral Agent and other First Lien Secured Parties	  	20
	 SECTION 4.08.
	  	Collateral and Guaranty Matters	  	20
		
	ARTICLE V	  	
		
	Miscellaneous	  	
			
	 SECTION 5.01.
	  	Notices	  	21
	 SECTION 5.02.
	  	Waivers; Amendment	  	21
	 SECTION 5.03.
	  	Parties in Interest	  	22
	 SECTION 5.04.
	  	Survival of Agreement	  	22
	 SECTION 5.05.
	  	First Lien Obligations Absolute	  	23
	 SECTION 5.06.
	  	Counterparts	  	23
	 SECTION 5.07.
	  	Severability	  	23
	 SECTION 5.08.
	  	Governing Law; Jurisdiction; Consent to Service of Process	  	23
	 SECTION 5.09.
	  	Submission To Jurisdiction Waivers	  	24
	 SECTION 5.10.
	  	Waiver Of Jury Trial	  	24
	 SECTION 5.11.
	  	Headings	  	24
	 SECTION 5.12.
	  	Conflicts	  	24
	 SECTION 5.13.
	  	Provisions Solely to Define Relative Rights	  	25

  

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	 SECTION 5.14.
	  	Integration	  	25
	 SECTION 5.15.
	  	Confidentiality	  	25
	 SECTION 5.16.
	  	Incorporation by Reference	  	26

					
			
	 Annex A
	  	Form of Additional Authorized Representative Joinder Agreement	  	

  

 iii 

 FIRST LIEN INTERCREDITOR AGREEMENT (as amended or supplemented from time to time, this
“Agreement”) dated as of April 9, 2010, among ITC^DELTACOM INC., a Delaware corporation (the “Company”), the other GRANTORS (as defined below) party hereto, THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as collateral agent for the First Lien Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the “Collateral Agent”), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
as Authorized Representative for the Credit Agreement Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the “Administrative Agent”), THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as Authorized Representative for the Notes Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the “Trustee”), and each additional Authorized Representative
from time to time party hereto for the Additional First Lien Secured Parties of the Series with respect to which it is acting in such capacity. 

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Collateral Agent, the Administrative Agent (for itself and on behalf of the Credit Agreement Secured Parties), the Trustee (for itself and on behalf of the Notes Secured Parties) and each additional Authorized
Representative (for itself and on behalf of the Additional First Lien Secured Parties of the applicable Series) agree as follows: 

ARTICLE I 

Definitions 

SECTION 1.01.  Definitions Generally.  (a)  Capitalized terms used and not otherwise defined herein
shall have the meanings set forth in the Credit Agreement, the Indenture and any Additional Agreement, as applicable, with the Credit Agreement controlling, in the event of discrepancies. 

(b)  The rules of construction specified in Section 1.02 of the Credit Agreement also apply to this Agreement. 

(c)  Any references herein to provisions of the Bankruptcy Code, and the use of concepts or terms that find meaning in
connection therewith (e.g. “debtor-in-possession”) shall be deemed to refer as well to similar provisions, concepts or terms under any other Bankruptcy Law. 

 

 1 

 SECTION 1.02.  Other Defined Terms.  As used in this Agreement,
the following terms have the meanings specified below: 
 “Additional Agreement” shall mean any
indenture, credit agreement or other agreement, if any, pursuant to which any Grantor has or will incur Additional First Lien Obligations; provided that, in each case, the Indebtedness and other obligations thereunder have been designated as
Additional First Lien Obligations pursuant to and in accordance with Section 5.02(c). 
 “Additional First Lien
Obligations” shall mean all advances to, and debts, liabilities, obligations, covenants and duties of, any Grantor arising under any Additional Agreement, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Grantor or any Affiliate thereof of any Insolvency or Liquidation Proceeding, regardless of
whether such interest and fees are allowed claims in such Proceeding, in each case, that have been designated as Additional First Lien Obligations pursuant to and in accordance with Section 5.02(c). 

“Additional First Lien Secured Party” means the holder of any Additional First Lien Obligations and any
Authorized Representative with respect thereto. 
 “Administrative Agent” shall have the meaning
assigned to such term in the introductory paragraph of this Agreement. 
 “Agreement” shall have the
meaning assigned to such term in the introductory paragraph of this Agreement. 
 “Applicable Authorized
Representative(s)” means (a) the Authorized Representative of the Credit Agreement Obligations, so long as the Credit Agreement Obligations remain outstanding, (b) the Authorized Representative of the Notes Obligations, so
long as the Note Obligations remain outstanding, and (c) the Authorized Representative of any Series of Additional First Lien Obligations, so long as the outstanding principal amount of such Additional First Lien Obligations exceeds $200
million (the “Designated Representative”). 
 “Authorized Representative” means
(i) in the case of any Credit Agreement Obligations or the Credit Agreement Secured Parties, the Administrative Agent, (ii) in the case of any Notes Obligations or the Notes Secured Parties, the Trustee, and (iii) in the case of any
Series of Additional First Lien Obligations or Additional First Lien Secured Parties that become subject to this Agreement after the date hereof, the Authorized Representative named for such Series in the applicable Joinder. 

“Bankruptcy Case” shall have the meaning assigned to such term in Section 2.05(b). 

“Bankruptcy Code” shall mean Title 11 of the United States Code, as amended, or any successor statute.

  

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 “Bankruptcy Law” shall mean the Bankruptcy Code and any similar
Federal, state or foreign bankruptcy, insolvency, receivership or similar law, including laws for the relief of debtors. 

“Collateral” means all assets and properties subject to Liens created pursuant to any First Lien Security
Document to secure one or more Series of First Lien Obligations. 
 “Collateral Agent” shall have the
meaning assigned to such term in the introductory paragraph hereof. 
 “Company” shall have the meaning
assigned to such term in the introductory paragraph hereof. 
 “Credit Agreement” means that certain
Credit Agreement dated as of April 9, 2010, among the Company, the lenders from time to time parties thereto, and the Administrative Agent and any agreement Refinancing in full the Bank Obligations which has been designated by the Authorized
Representative therefor and the Company to the Collateral Agent and each other Authorized Representative as the “Credit Agreement” for purposes of this Agreement. 

“Credit Agreement Obligations” means the “Bank Obligations” as defined in the Credit Agreement.

 “Credit Agreement Secured Parties” means the “Bank Secured Parties” as defined in the
Credit Agreement. 
 “Designated Representative” shall have the meaning assigned to such term in the
definition of the term “Applicable Authorized Representative(s)”. 
 “DIP Financing” shall
have the meaning assigned to such term in Section 2.05(b). 
 “DIP Financing Liens” shall have the
meaning assigned to such term in Section 2.05(b). 
 “DIP Lenders” shall have the meaning assigned
to such term in Section 2.05(b). 
 “Discharge” means, with respect to any Series of First Lien
Obligations, (a) payment in full in cash of the principal of and interest (including interest accruing during the pendency of any Insolvency or Liquidation Proceeding, regardless of whether allowed or allowable in such Insolvency or Liquidation
Proceeding) and premium, if any, on all Indebtedness outstanding under such Series, (b) payment in full of all other First Lien Obligations under such Series that are due and payable or otherwise accrued and owing at or prior to the time such
principal and interest are paid in connection with such Series, (c) cancellation of or the entry into arrangements satisfactory to the Collateral Agent with respect to all letters of credit issued and outstanding under such Series, if any, and
(d) termination or expiration of all commitments to lend and all obligations to issue or extend letters of credit under such Series, if any. 
  

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 “Discharge of Credit Agreement Obligations” means Discharge of the
Bank Obligations; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of the Bank Obligations with Additional First Lien Obligations secured by the Shared
Collateral under an agreement relating to Additional First Lien Obligations which has been designated in writing by the Authorized Representative therefor and the Company to the Collateral Agent and each other Authorized Representative as the
“Credit Agreement” for purposes of this Agreement. 
 “Enforcement Actions” means the exercise
of any action, right or remedy specified in any First Lien Security Document or permitted by applicable law with respect to the Collateral or otherwise provided in any First Lien Security Document, including to collect and apply Collateral, to
exercise exclusive control over or rights with respect to Collateral, to dispose of Collateral upon foreclosure (judicially or, to the fullest extent permitted by applicable law, non-judicially), to exercise voting rights with respect to any Pledged
Stock, to incur expenses, including legal fees, in connection with any Enforcement Action (and to demand, sue for, collect, receive and give acquittance for the same) and to exercise all the rights and remedies of a secured lender under the Uniform
Commercial Code or similar law of any applicable jurisdiction and under other applicable law, and of a secured creditor under any Bankruptcy Law, to settle, compromise, compound, prosecute or defend any related action or proceeding, to initiate
action before any competent court of law and to sell, lease, license or otherwise dispose or cause disposition of, and to exercise all rights relating to, or to levy or execute upon, the Collateral or any part thereof. 

“First Lien Credit Documents” means the Loan Documents (as defined in the Credit Agreement), the Indenture and
each Additional Agreement. 
 “First Lien Event of Default” means any Event of Default under and as
defined in the Credit Agreement, any “Event of Default” under and as defined in the Indenture or any “Event of Default” (or similar defined term) under and as defined in any Additional Agreement. 

“First Lien Obligations” means, collectively, the Credit Agreement Obligations, the Notes Obligations and each
Series of Additional First Lien Obligations. 
 “First Lien Secured Parties” means the Credit Agreement
Secured Parties, the Notes Secured Parties and the Additional First Lien Secured Parties with respect to each Series of Additional First Lien Obligations. 

“First Lien Security Documents” means each agreement, instrument or other document entered into in favor of the
Collateral Agent for purposes of securing any Series of First Lien Obligations, including the Security Agreement. 
  

 4 

 “Grantors” means the Company and any other person that has granted a
security interest pursuant to any First Lien Security Document to secure any Series of First Lien Obligations or is a guarantor under the Credit Agreement, the Indenture or any Additional Agreement. 

“Guarantees” mean (i) the guarantee obligations of the Guarantors under the Guarantee Agreement dated as of
April 9, 2010, among the Company, the subsidiaries from time to time party thereto and the Administrative Agent, (ii) the guarantee obligations under the Indenture and (iii) any guarantee obligations with respect to any Additional
First Lien Obligations. 
 “Impairment” shall have the meaning assigned to such term in
Section 1.03. 
 “Indenture” means that certain Indenture dated as of April 9, 2010, among the
Company, the guarantors identified therein and The Bank of New York Mellon Trust Company, N.A., as trustee. 

“Insolvency or Liquidation Proceeding” means: 

(1) any case commenced by or against any Grantor under any Bankruptcy Law, any other proceeding for the reorganization,
recapitalization or adjustment or marshalling of the assets or liabilities of any Grantor, any receivership or assignment for the benefit of creditors relating to any Grantor or any similar case or proceeding relative to any Grantor or its
creditors, as such, in each case whether or not voluntary; 
 (2) any liquidation, dissolution or other winding
up of or relating to any 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 any Grantor are
determined and any payment or distribution is or may be made on account of such claims. 
 “Joinder”
means the document required to be delivered by an Authorized Representative to the Collateral Agent pursuant to Section 5.02(c) in order to create a Series of Additional First Lien Obligations. 

“Lien” means, with respect to any asset, any mortgage, lien (statutory or other), pledge, charge, hypothecation,
assignment, security interest or similar encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any agreement to give any of the foregoing, any conditional sale or
other title retention agreement or any lease in the nature thereof). 
 “New York UCC” means the Uniform
Commercial Code as from time to time in effect in the State of New York. 
  

 5 

 “Notes Obligations” shall have the meaning assigned to such term in
the Security Agreement. 
 “Notes Secured Parties” shall have the meaning assigned to such term in the
Security Agreement. 
 “Possessory Collateral” means any Shared Collateral in the possession of the
Collateral Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction or the law of any foreign jurisdiction. Possessory Collateral includes any Certificated
Securities, Promissory Notes, Instruments and Chattel Paper, in each case, delivered to or in the possession of the Collateral Agent under the terms of the First Lien Security Documents. All capitalized terms used in this definition and not defined
elsewhere in this Agreement have the meanings assigned to them in the New York UCC. 
 “Proceeds” shall
have the meaning assigned to such term in Section 2.01. 
 “Refinance” means, 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 (in whole or in part), 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 and including, in each case, through any credit agreement, indenture or other agreement. “Refinanced” and “Refinancing” have correlative meanings. 

“Security Agreement” means the security agreement dated as of April 9, 2010, among the Company, the
subsidiaries of the Company from time to time party thereto and the Collateral Agent. 
 “Series” means
(a) with respect to the First Lien Secured Parties, each of the Credit Agreement Secured Parties (in their capacities as such), the Notes Secured Parties (in their capacity as such) and the Additional First Lien Secured Parties (in their
capacities as such) that become subject to this Agreement that are represented by a common Authorized Representative, and (b) with respect to any First Lien Obligations, each of the Credit Agreement Obligations, the Notes Obligations and the
Additional First Lien Obligations which, pursuant to any Joinder, are to be represented by a common Authorized Representative. 

“Shared Collateral” means, at any time, Collateral in which the holders of two or more Series of First Lien
Obligations (or their respective Authorized Representatives or the Collateral Agent on behalf of such holders) hold a valid and perfected security interest at such time. If more than two Series of First Lien Obligations are outstanding at any time
and the holders of less than all Series of First Lien Obligations hold a valid and perfected security interest in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those Series of First Lien Obligations that
hold a valid and perfected security interest in such Collateral at such time and shall not constitute Shared Collateral for any Series that does not have a valid and perfected security interest in such Collateral at such time. 

 

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 “Trustee” shall have the meaning assigned to such term in the
introductory paragraph to this Agreement. 
 SECTION 1.03.  Impairment.  It is the intention of the
First Lien Secured Parties of each Series that the Additional First Lien Secured Parties with respect to any Series of Additional First Lien Obligations (and not the First Lien Secured Parties of any other Series) bear the risk of any determination
by a court of competent jurisdiction that (x) any of the Additional First Lien Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations (other than another Series of First Lien Obligations),
(y) the security interest of such Series of Additional First Lien Obligations in any of the Collateral securing any other Series is not enforceable or (z) any intervening security interest exists securing any other obligations (other than
another Series of First Lien Obligations) on a basis ranking prior to the security interest of such Series of Additional First Lien Obligations (any such condition, an “Impairment” of such Series). In the event of any
Impairment with respect to any Series of Additional First Lien Obligations, the results of such Impairment shall be borne solely by the holders of such Series of Additional First Lien Obligations, and the rights of the holders of such Series of
Additional First Lien Obligations (including the right to receive distributions in respect of such Series pursuant to Section 2.01) set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne
solely by the holders of the Series subject to such Impairment. For the avoidance of doubt, the foregoing shall not apply to Impairments with respect to the Credit Agreement Obligations and Notes Obligations, which shall be treated in accordance
with Section 2.01(d). Additionally, in the event the First Lien Obligations of any Series are modified pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code), then, subject to
Section 2.05(a), any reference to such First Lien Obligations or the documents governing such First Lien Obligations shall refer to such First Lien Obligations or such documents as so modified. 

ARTICLE II 

Priorities and Agreements with Respect to Shared Collateral 

SECTION 2.01.  Priority of Claims.  (a)  Anything contained herein or in any of the First Lien
Credit Documents to the contrary notwithstanding (but subject to Section 1.03), if a First Lien Event of Default has occurred and is continuing and the Collateral Agent or any First Lien Secured Party is taking action to enforce rights in
respect of any Shared Collateral, or any distribution is made in respect of any Shared Collateral in any Insolvency or Liquidation Proceeding of any Grantor or otherwise (whether pursuant to a plan of reorganization or otherwise), then the proceeds
of any sale, collection or other liquidation or disposition of any such Shared Collateral received by the Collateral Agent or any First Lien Secured Party and proceeds of any such distribution (all proceeds of any such sale, collection or other
liquidation or disposition of any Shared Collateral and all proceeds of any such distribution being collectively referred 
  

 7 

 
to as “Proceeds”), shall be applied (i) FIRST, to the payment of all costs and expenses incurred by the Collateral Agent in connection with such collection or sale or
otherwise in connection with this Agreement or any other First Lien Credit Document, including all court costs and the fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under
any First Lien Credit Document on behalf of any Grantor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any First Lien Credit Document; (ii) SECOND, to the payment in full of
all First Lien Obligations owed to the Authorized Representatives in their capacities as such, including expense reimbursement obligations and indemnification obligations; (iii) THIRD, to the payment in full of all of the Credit Agreement
Obligations, the amounts so applied to be distributed among the Credit Agreement Secured Parties in accordance with Section 9.18 of the Credit Agreement; (iv) FOURTH, subject to Section 1.03, to the payment in full of the First Lien
Obligations of each Series on a ratable basis in accordance with the amounts of such First Lien Obligations and the terms of the applicable First Lien Credit Documents; and (v) FIFTH, to the Grantors, their successors or assigns, or as a court
of competent jurisdiction may otherwise direct. 
 (b)  It is acknowledged that the First Lien Obligations of any
Series may, subject to any limitations set forth in the First Lien Credit Documents of the other Series, be Refinanced or otherwise amended or modified from time to time, all without affecting the priorities set forth in Section 2.01(a) or the
provisions of this Agreement defining the relative rights of the First Lien Secured Parties of each Series. 

(c)  Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any
Series of First Lien Obligations granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the First Lien Credit Documents or any defect or deficiencies in
the Liens securing the First Lien Obligations of any Series or any other circumstance whatsoever (but, in each case, subject to Sections 1.03 and 2.01(d)), each First Lien Secured Party hereby agrees that the Liens securing each Series of First Lien
Obligations on any Shared Collateral shall be of equal priority. 
 (d)  If either the Credit Agreement Obligations or
the Notes Obligations are subject to Impairment with respect to any Shared Collateral and the other such Series is not subject to the same Impairment, the Collateral Agent shall allocate the Proceeds of any such Shared Collateral to all Series of
First Lien Obligations in accordance with Section 2.01(a), disregarding the existence of such Impairment. 

(e)  Notwithstanding anything in this Agreement or any other First Lien Security Document to the contrary, Collateral
consisting of cash and cash equivalents pledged to secure Credit Agreement Obligations consisting of reimbursement obligations in respect of Letters of Credit or otherwise held by the Administrative Agent or the Collateral Agent pursuant to
Section 2.13(a), 2.23(a) or 2.23(j) of the Credit Agreement (or any equivalent successor provision) shall be applied as specified in such Section of the Credit Agreement and will not constitute Shared Collateral; provided that the
Grantors shall not be required to take any further action with respect to such Collateral pursuant to Section 3.04(b) of the Security Agreement. 
  

 8 

 SECTION 2.02.  Actions With Respect to Shared Collateral; Prohibition on
Contesting Liens.  (a)  With respect to any Shared Collateral, (i) only the Collateral Agent shall act or refrain from acting with respect to the Shared Collateral, and then only on the instructions of the Applicable
Authorized Representative pursuant to Sections 2.10 and 2.11, (ii) the Collateral Agent shall not follow any instructions with respect to such Shared Collateral from any First Lien Secured Party other than the Applicable Authorized
Representative and (iii) no First Lien Secured Party (other than the Applicable Authorized Representative) shall, or shall instruct the Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to
have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or
realize upon, or take any other action available to it in respect of, any Shared Collateral, whether under any First Lien Security Document, applicable law or otherwise, it being agreed that only the Collateral Agent, acting on the instructions of
the Applicable Authorized Representative and in accordance with the applicable First Lien Security Documents, shall be entitled to take any such actions or exercise any such remedies with respect to Shared Collateral; provided that,
notwithstanding the foregoing, (i) in any Insolvency or Liquidation Proceeding, the Collateral Agent or any other First Lien Secured Party may file a proof of claim or statement of interest with respect to the First Lien Obligations owed to
First Lien Secured Parties; (ii) the Collateral Agent or any other First Lien Secured Party may take any action to preserve or protect the validity and enforceability of the Liens granted in favor of First Lien Secured Parties, provided
that no such action is, or could reasonably be expected to be, (A) adverse to the Liens granted in favor of the other First Lien Secured Parties or the rights of the Collateral Agent or any other First Lien Secured Parties to exercise remedies
in respect thereof or (B) otherwise inconsistent with the terms of this Agreement, including the automatic release of the Liens provided in Section 2.04; and (iii) the Collateral Agent or any other First Lien Secured Party may file
any responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of such First Lien Secured Party, including any
claims secured by the Shared Collateral, in each case, to the extent not inconsistent with the terms of this Agreement. Notwithstanding the equal priority of the Liens, the Collateral Agent (acting on the instructions of the Applicable Authorized
Representative) may deal with the Shared Collateral as if such Applicable Authorized Representative had a senior Lien on such Collateral. No other First Lien Secured Party will contest, protest or object to any foreclosure proceeding or action
brought by the Collateral Agent or any other exercise by the Collateral Agent of any rights and remedies relating to the Shared Collateral. The foregoing shall not be construed to limit the rights and priorities of any First Lien Secured Party,
Collateral Agent or Authorized Representative with respect to any Collateral not constituting Shared Collateral. 
  

 9 

 (b)  Each of the Authorized Representatives agrees that it will not accept any
Lien on any Collateral for the benefit of any Series of First Lien Obligations (other than funds deposited for the discharge or defeasance of any Notes Obligations) other than pursuant to the First Lien Security Documents or as contemplated by
Section 2.01(e), and by executing this Agreement or a Joinder, each Authorized Representative and the Series of First Lien Secured Parties for which it is acting hereunder agree to be bound by the provisions of this Agreement and the other
First Lien Security Documents applicable to it. 
 (c)  Each of the First Lien Secured Parties agrees that it will not
(and hereby waives any right to) contest or support any other person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of any of
the First Lien Secured Parties in all or any part of the Collateral, or the provisions of this Agreement. 
 SECTION
2.03.  No Interference; Payment Over; No New Liens.  (a)  Each First Lien Secured Party agrees that (i) it will not challenge or question in any proceeding the validity or enforceability of any First Lien
Obligations of any Series or any First Lien Security Document or the validity, attachment, perfection or priority of any Lien under any First Lien Security Document or the validity or enforceability of the priorities, rights or duties established
by, or other provisions of, this Agreement; (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any
sale, transfer or other disposition of the Shared Collateral by the Collateral Agent, (iii) except as provided in Section 2.02, it shall have no right to (A) direct the Collateral Agent or any other First Lien Secured Party to
exercise any right, remedy or power with respect to any Shared Collateral or (B) consent to the exercise by the Collateral Agent or any other First Lien Secured Party of any right, remedy or power with respect to any Shared Collateral,
(iv) it will not institute any suit or assert in any Insolvency or Litigation Proceeding or other proceeding any claim against the Collateral Agent or any other First Lien Secured Party seeking damages from or other relief by way of specific
performance, instructions or otherwise with respect to any Shared Collateral, and none of the Collateral Agent, any Applicable Authorized Representative or any other First Lien Secured Party shall be liable for any action taken or omitted to be
taken by the Collateral Agent, such Applicable Authorized Representative or other First Lien Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement, (v) it will not seek, and hereby waives any
right, to have any Shared Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral and (vi) it will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the
enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Collateral Agent or any other First Lien Secured Party to enforce this Agreement.

 (b)  Each First Lien Secured Party hereby agrees that if it shall obtain possession of any Shared Collateral or
shall realize any proceeds or payment in respect of any such Shared Collateral, pursuant to any First Lien Security Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or
through any other exercise of remedies, at any time prior to the 
  

 10 

 
Discharge of each of the First Lien Obligations, then it shall hold such Shared Collateral, proceeds or payment in trust for the other First Lien Secured Parties and promptly transfer such Shared
Collateral, proceeds or payment, as the case may be, to the Collateral Agent, to be distributed in accordance with the provisions of Section 2.01 hereof. 

(c)  The parties hereto agree that, so long as the Discharge of all the First Lien Obligations has not occurred, none of the
Grantors shall, or shall permit any of its subsidiaries to, grant or permit any additional Liens on any asset to secure any Additional First Lien Obligation in favor of a particular Series after the date hereof unless it has granted, or
concurrently therewith grants, a Lien on such asset to secure the First Lien Obligations in favor of all other Series. To the extent that the provisions of the immediately preceding sentence are not complied with for any reason, without limiting any
other right or remedy available to the Collateral Agent or the other First Lien Secured Parties, the Collateral Agent agrees, for itself and on behalf of the other First Lien Secured Parties, that any amounts received by or distributed to any First
Lien Secured Party pursuant to or as a result of any Lien granted in contravention of this Section 2.03(c) shall be subject to Section 2.03(b). 

SECTION 2.04.  Automatic Release of Liens; Amendments to First Lien Security Documents.  (a)  If, at
any time the Collateral Agent forecloses upon or otherwise exercises remedies against any Shared Collateral, and in connection therewith determines to release any Liens over such Shared Collateral, then (whether or not any Insolvency or Liquidation
Proceeding is pending at the time) the Liens in favor of the Collateral Agent for the benefit of each Series of First Lien Secured Parties upon such Shared Collateral will automatically be released and discharged; provided that any proceeds
of any Shared Collateral realized therefrom shall be applied pursuant to Section 2.01 hereof. 
 (b)  Each First
Lien Secured Party agrees that the Collateral Agent may enter into any amendment (and, upon request by the Collateral Agent, each Authorized Representative shall sign a consent to such amendment) to any First Lien Security Document, so long as the
Collateral Agent receives a certificate of the Company stating that such amendment is permitted by the terms of each then extant First Lien Credit Document. Additionally, each First Lien Secured Party agrees that the Collateral Agent may enter into
any amendment (and, upon request by the Collateral Agent, each Authorized Representative shall sign a consent to such amendment) to any First Lien Security Document solely as such First Lien Security Document relates to a particular Series of First
Lien Obligations so long as (x) such amendment is in accordance with the First Lien Credit Document pursuant to which such Series of First Lien Obligations was incurred and (y) such amendment does not adversely affect the First Lien
Secured Parties of any other Series. 
 (c)  Each Authorized Representative agrees to execute and deliver (at the sole
cost and expense of the Grantors) all such authorizations and other instruments as shall reasonably be requested by the Collateral Agent to evidence and confirm any release of Shared Collateral or amendment to any First Lien Security Document
provided for in this Section. 
  

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 SECTION 2.05.  Certain Agreements With Respect to Bankruptcy or Insolvency
Proceedings.  (a)  This Agreement shall continue in full force and effect notwithstanding the commencement of any proceeding under any Bankruptcy Law by or against any Grantor or any of its subsidiaries. If, in any Insolvency
or Liquidation Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan, on account of each
Series of First Lien Obligations, then, to the extent the debt obligations distributed on account of each Series of First Lien Obligations are secured by Liens upon the same assets or property, the provisions of this Agreement will survive the
distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 

(b)  If, prior to the Discharge of the Credit Agreement Obligations, any Grantor shall become subject to a case (a
“Bankruptcy Case”) under the Bankruptcy Code or any other Bankruptcy Law and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders
(the “DIP Lenders”) under Section 364 of the Bankruptcy Code or any similar provision of foreign law or the use of cash collateral under Section 363 of the Bankruptcy Code or any similar provision of foreign law,
each First Lien Secured Party agrees that it will raise no objection to any such financing or to the Liens on the Shared Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral that constitutes
Shared Collateral, unless the Authorized Representative of the Credit Agreement Obligations shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to the extent that such DIP Financing
Liens are senior to the Liens on any such Shared Collateral for the benefit of First Lien Secured Parties that are DIP Lenders, each other First Lien Secured Party will subordinate its Liens with respect to such Shared Collateral on the same terms
as the Liens of the First Lien Secured Parties that are DIP Lenders (other than any Liens of any First Lien Secured Parties constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank
pari passu with the Liens on any such Shared Collateral granted to secure the First Lien Obligations of the First Lien Secured Parties that are DIP Lenders, each other First Lien Secured Party will confirm the priorities with respect to such
Shared Collateral as set forth herein), in each case so long as (A) the First Lien Secured Parties of each Series retain the benefit of their Liens on all such Shared Collateral pledged to the DIP Lenders, including proceeds thereof arising
after the commencement of such proceeding, with the same priority vis-a-vis all the other First Lien Secured Parties (other than any Liens of the First Lien Secured Parties constituting DIP Financing Liens) as existed prior to the commencement of
the Bankruptcy Case, (B) the First Lien Secured Parties of each Series are granted Liens on any additional collateral pledged to any First Lien Secured Parties as adequate protection or otherwise in connection with such DIP Financing or use of
cash collateral, with the same priority vis-a-vis the First Lien Secured Parties as set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to repay any of the First Lien Obligations, such amount is
applied pursuant to Section 2.01 of this Agreement and (D) if any First Lien Secured Parties are 
  

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granted adequate protection, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection are applied
pursuant to Section 2.01 of this Agreement; provided that the First Lien Secured Parties of each Series shall have a right to object to the grant of a Lien to secure the DIP Financing over any Collateral subject to Liens in favor of the
First Lien Secured Parties of such Series or its Authorized Representative that shall not constitute Shared Collateral; and provided, further, that the First Lien Secured Parties receiving adequate protection shall not object to any
other First Lien Secured Party receiving adequate protection comparable to any adequate protection granted to such First Lien Secured Parties in connection with a DIP Financing or use of cash collateral. 

SECTION 2.06.  Reinstatement.  In the event that any of the First Lien Obligations shall be paid in full and
such payment or any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference under Title 11 of the United Stated Code, or any similar law, or the settlement of any claim in respect
thereof), be required to be returned or repaid, the terms and conditions of this Article II shall be fully applicable thereto until all such First Lien Obligations shall again have been paid in full in cash. 

SECTION 2.07.  Insurance.  As between the First Lien Secured Parties, the Collateral Agent, acting at the
direction of the Applicable Authorized Representative, shall have the right to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any
condemnation or similar proceeding affecting the Shared Collateral and the Collateral Agent shall apply the proceeds received from any such adjustment, settlement or award in accordance with the provisions of Section 2.01. 

SECTION 2.08.  Refinancings.  The First Lien Obligations of any Series may be Refinanced, in whole or in part,
in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the refinancing transaction under any First Lien Credit Document) of any First Lien Secured Party of any other Series, all without
affecting the priorities provided for herein or the other provisions hereof; provided that the Authorized Representative of the holders of any such Refinancing indebtedness shall have executed a Joinder on behalf of the holders of such
Refinancing indebtedness. 
 SECTION 2.09.  Possessory Collateral Agent as Gratuitous Bailee for
Perfection.  (a)  The Collateral Agent agrees to hold any Shared Collateral constituting Possessory Collateral that is part of the Collateral in its possession or control (or in the possession or control of its agents or
bailees) as gratuitous bailee for the benefit of each other First Lien Secured Party and any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable First Lien
Security Documents, in each case, subject to the terms and conditions of this Section 2.09. Pending delivery to the Collateral Agent, each other Authorized Representative agrees to hold any Shared Collateral constituting Possessory Collateral,
from time to time in its possession, as gratuitous bailee for the benefit of each other First Lien Secured Party and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to
the applicable First Lien Security Documents, in each case, subject to the terms and conditions of this Section 2.09. 
  

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 (b)  The duties or responsibilities of the Collateral Agent and each other
Authorized Representative under this Section 2.09 shall be limited solely to holding any Shared Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other First Lien Secured Party for purposes of perfecting
the Lien held by such First Lien Secured Parties therein. 
 SECTION 2.10.  Enforcement by the Collateral
Agent.  (a)  If any Event of Default under any First Lien Document shall have occurred and be continuing, the Collateral Agent shall act in relation to the Collateral in accordance with the instructions of (i) on or
prior to the Discharge of Credit Agreement Obligations, the Administrative Agent (acting with the consent of the requisite number of Lenders specified in the Credit Agreement), the Trustee (acting with the consent required in accordance the terms of
the Indenture) and the Designated Representative (acting pursuant to the terms of the applicable Additional Agreement) and (ii) after the Discharge of Credit Agreement Obligations, the Trustee (acting, if applicable, with the consent required
in accordance with the terms of the Indenture) and the Designated Representative (acting pursuant to the terms of the applicable Additional Agreement). 

(b)  The Collateral Agent may disregard any instructions from any other person to exercise any right or remedy hereunder with
respect to the Collateral and if those instructions are inconsistent with this Agreement. 
 (c)  Any person entitled
to instruct the Collateral Agent to exercise any right or remedy hereunder with respect to the Collateral may give or refrain from giving instructions to the Collateral Agent to exercise or refrain from exercising the Collateral as it sees fit in
accordance with the other provisions of this Agreement; provided that the consent of the Trustee and the Designated Representative, and if such instruction is delivered to the Collateral Agent on or prior to the occurrence of the Discharge of
Credit Agreement Obligations, the Administrative Agent, shall be required before the Collateral Agent is entitled to rely on or follow such instruction. 

(d)  Subject to paragraph (e) below, before giving any instructions to the Collateral Agent to exercise any right or
remedy hereunder with respect to the Collateral, the Administrative Agent, the Trustee and the Designated Representative shall consult with one another and with the Collateral Agent in good faith, with a view to coordinating those instructions, for
a period of up to 45 days or such shorter period as the Administrative Agent, the Trustee and the Designated Representative may agree. 

(e)  The Administrative Agent, the Trustee and the Designated Representative shall not be obliged to consult in accordance with
paragraph (d) above if the Administrative Agent, the Trustee and the Designated Representative determine in good faith (and give the Collateral Agent prior notice in writing) that to enter into such consultations and thereby delay the
commencement of enforcement of the Collateral could reasonably be expected to have a material adverse effect on their ability to enforce any of the Collateral or the realization of any proceeds of any enforcement of the Collateral. 

 

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 (f)  The Collateral Agent shall inform each other Authorized Representative on
receiving any instructions under this Section 2.10 to enforce the Collateral. 
 SECTION 2.11.  Competing
Instructions to the Collateral Agent.  (a)  If the instructions given to the Collateral Agent by the Applicable Authorized Representatives are not consistent (or if any Applicable Authorized Representative shall have not
instructed the Collateral Agent): (i) the Collateral Agent shall promptly notify the Applicable Authorized Representatives; and (ii) following such notification, the Applicable Authorized Representatives shall consult with one another in
good faith for at least 15 days (the “Consultation Period”) with a view to resolving the conflict in, or coordinating the giving of, any such instructions, provided that the Consultation Period shall end immediately if
the Applicable Authorized Representatives determine in good faith (and give the Collateral Agent notice in writing) that such consultation and thereby the delay in the enforcement of the Collateral could reasonably be expected to have a material
adverse effect on (A) their ability to enforce any of the Collateral or (B) the realization of any proceeds of any enforcement of the Collateral. 

(b)  If, following the end of the Consultation Period, the Collateral Agent has not received instructions from all of the
Applicable Authorized Representatives, the Collateral Agent shall act in accordance with this Agreement and in accordance with the instructions so received. 

(c)  If, following the end of the Consultation Period, the Collateral Agent has received no instructions from the Applicable
Authorized Representatives, or has received inconsistent instructions from two or more such parties, the Collateral Agent shall be authorized to take, but shall not be required to take and shall in no event have any liability for failing to take,
such Enforcement Actions as the Collateral Agent, in good faith, believes to be reasonably required to promote and protect the interests of all the First Lien Secured Parties and to maximize both the value of the Collateral and the present value of
the recovery by the First Lien Secured Parties on the First Lien Obligations and shall give the First Lien Secured Parties prompt notice of such action. 

ARTICLE III 

Existence and Amounts of Liens and First Lien Obligations 

Whenever the Collateral Agent or any Authorized Representative shall be required, in connection with the exercise of its rights or the
performance of its obligations hereunder, to determine the existence or amount of any First Lien Obligations of any Series, or the Shared Collateral subject to any Lien securing the First Lien Obligations of any Series, it may request that such
information be furnished to it in writing by each other Authorized Representative and shall be entitled to make such determination on the basis 

 

 15 

 
of the information so furnished; provided, however, that if any Authorized Representative shall fail or refuse reasonably promptly to provide the requested information, the
requesting Collateral Agent or Authorized Representative shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Company. The
Collateral Agent and each Authorized Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court
of competent jurisdiction) and shall have no liability to any Grantor, any First Lien Secured Party or any other person as a result of such determination. 

ARTICLE IV 

The Collateral Agent 

SECTION 4.01.  Appointment and Authority.  (a)  Each of the First Lien Secured Parties hereby
irrevocably appoints The Bank of New York Mellon Trust Company, N.A. to act on its behalf, and the Bank of New York Mellon Trust Company, N.A. hereby acknowledges such appointment and agrees to act, as the Collateral Agent hereunder and under each
of the other First Lien Security Documents, and each of the First Lien Secured Parties authorizes the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or
thereof, including for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any Grantor to secure any of the First Lien Obligations, together with such powers and discretion as are reasonably incidental thereto. In
this connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to Section 4.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof)
granted under any of the First Lien Security Documents, or for exercising any rights and remedies thereunder at the direction of the Applicable Authorized Representative, shall be entitled to the benefits of all provisions of this Article IV (as
though such co-agents, sub-agents and attorneys-in-fact were the “Collateral Agent” under the First Lien Security Documents) as if set forth in full herein with respect thereto. 

(b)  Each First Lien Secured Party acknowledges and agrees that the Collateral Agent shall be entitled, for the benefit of the
First Lien Secured Parties, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein and in the First Lien Security Documents, without regard to any rights to which the holders of the First Lien Obligations
would otherwise be entitled as a result of such First Lien Obligations. Without limiting the foregoing, each First Lien Secured Party agrees that none of the Collateral Agent, the Applicable Authorized Representative or any other First Lien Secured
Party shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or any other Collateral securing any of the First Lien Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such
Shared Collateral (or any other Collateral securing any First Lien Obligations), in any manner that would maximize the return to such First Lien Secured Party or any Series of First Lien Secured Parties, notwithstanding that the order and timing of
any such realization, 
  

 16 

 
sale, disposition or liquidation may affect the amount of proceeds actually received by such First Lien Secured Party from such realization, sale, disposition or liquidation. Each of the First
Lien Secured Parties waives any claim it may now or hereafter have against the Collateral Agent or the Authorized Representative of any other Series of First Lien Obligations or any other First Lien Secured Party of any other Series arising out of
(i) any actions which the Collateral Agent, any Authorized Representative or any First Lien Secured Party takes or omits to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions
with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of the First Lien Obligations from any account
debtor, guarantor or any other party) in accordance with the First Lien Security Documents or any other agreement related thereto or in connection with the collection of the First Lien Obligations or the valuation, use, protection or release of any
security for the First Lien Obligations, (ii) any election by any Applicable Authorized Representative or any holders of First Lien Obligations, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b)
of the Bankruptcy Code or (iii) subject to Section 2.05, any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code by, any Grantor or any of its subsidiaries, as
debtor-in-possession. 
 SECTION 4.02.  Rights as a First Lien Secured Party.  (a)  The
person serving as the Collateral Agent hereunder shall have the same rights and powers in its capacity as a First Lien Secured Party under any Series of First Lien Obligations that it holds as any other First Lien Secured Party of such Series and
may exercise the same as though it were not the Collateral Agent and the term “First Lien Secured Party” or “First Lien Secured Parties” or (as applicable) “Credit Agreement Secured Party”, “Credit Agreement
Secured Parties”, “Notes Secured Party”, “Notes Secured Parties”, “Additional First Lien Secured Party” or “Additional First Lien Secured Parties” shall, unless otherwise expressly indicated or unless the
context otherwise requires, include the person serving as the Collateral Agent hereunder in its individual capacity. Such person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with the Grantors or any subsidiary or other Affiliate thereof as if such person were not the Collateral Agent hereunder and without any duty to account therefor to any other First Lien
Secured Party. 
 SECTION 4.03.  Exculpatory Provisions.  (a)  The Collateral Agent shall
not have any duties or obligations except those expressly set forth herein and in the other First Lien Security Documents. Without limiting the generality of the foregoing, the Collateral Agent: 

(i)  shall not be subject to any fiduciary or other implied duties, regardless of whether a First Lien Event of
Default has occurred and is continuing; 
 (ii)  shall not have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other First Lien Security Documents that the 

 

 17 

 
Collateral Agent is required to exercise as directed in writing by the Applicable Authorized Representative; provided that the Collateral Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Collateral Agent to liability or that is contrary to any First Lien Security Document or applicable law; 

(iii)  shall not, except as expressly set forth herein and in the other First Lien Security Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any information relating to a Grantor or any of its Affiliates that is communicated to or obtained by the person serving as the Collateral Agent or any of its Affiliates in any
capacity; 
 (iv)  shall not be liable for any action taken or not taken by it (A) with the
consent or at the request of the Applicable Authorized Representative or (B) in the absence of its own gross negligence or willful misconduct or (C) in reliance on a certificate of an authorized officer of the Company stating that such
action is permitted by the terms of this Agreement. The Collateral Agent shall be deemed not to have knowledge of any Event of Default under any Series of First Lien Obligations unless and until notice describing such Event of Default is given to
the Collateral Agent by the Authorized Representative of such First Lien Obligations or a Grantor; 

(v)  shall not be responsible for or have any duty to ascertain or inquire into (A) any statement, warranty
or representation made in or in connection with this Agreement (except for its representations and warranties set forth in Article V) or any other First Lien Security Document, (B) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (C) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event
of Default, (D) the validity, enforceability, effectiveness or genuineness of this Agreement, any other First Lien Security Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported
to be created by the First Lien Security Documents, (E) the value or the sufficiency of any Collateral for any Series of First Lien Obligations or (F) the satisfaction of any condition set forth in any First Lien Credit Document, other
than to confirm receipt of items expressly required to be delivered to the Collateral Agent; and 

(vi)  shall have no duty to act outside of the United States in respect of any Collateral located in a
jurisdiction outside the United States. 
 SECTION 4.04.  Reliance by Collateral Agent.  The
Collateral Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet
website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper person. The Collateral Agent also may rely upon any statement made to it orally or by

  

 18 

 
telephone and believed by it to have been made by the proper person, and shall not incur any liability for relying thereon. The Collateral Agent may consult with legal counsel (who may be counsel
for the Company), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

SECTION 4.05.  Delegation of Duties.  The Collateral Agent may perform any and all of its duties and exercise
its rights and powers hereunder or under any other First Lien Security Document by or through any one or more sub-agents appointed by the Collateral Agent. The Collateral Agent and any such sub-agent may perform any and all of its duties and
exercise its rights and powers by or through its respective Affiliates. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Affiliates of the Collateral Agent and any such sub-agent. 

SECTION 4.06.  Termination and Resignation of Collateral Agent.  The Collateral Agent may at any time give
notice of its resignation as Collateral Agent under this Agreement and the other First Lien Security Documents to each Authorized Representative and the Company. Upon receipt of any such notice of resignation, the Applicable Authorized
Representative shall have the right, in consultation with the Company, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor
shall have been so appointed by the Applicable Authorized Representative and shall have accepted such appointment within 30 days after the retiring Collateral Agent gives notice of its resignation, then the retiring Collateral Agent may, on behalf
of the First Lien Secured Parties, appoint a successor Collateral Agent meeting the qualifications set forth above; provided that if the Collateral Agent shall notify the Company and each Authorized Representative that no qualifying person
has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Collateral Agent shall be discharged from its duties and obligations hereunder and under the other First
Lien Security Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the First Lien Secured Parties under any of the First Lien Security Documents, the retiring Collateral Agent shall continue to hold
such collateral security solely for purposes of maintaining the perfection of the security interests of the First Lien Secured Parties therein until such time as a successor Collateral Agent is appointed but with no obligation to take any further
action at the request of the Applicable Authorized Representative or any other First Lien Secured Parties) and (b) all payments, communications and determinations provided to be made by, to or through the Collateral Agent shall instead be made
by or to each Authorized Representative directly, until such time as the Applicable Authorized Representative appoints a successor Collateral Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as
Collateral Agent hereunder and under the First Lien Security Documents, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Collateral Agent, and the retiring
Collateral Agent shall be discharged from all of its duties and obligations hereunder or under the other First Lien Security Documents (if not already discharged therefrom as provided above in this Section). After the retiring Collateral
Agent’s resignation hereunder and under the 
  

 19 

 
other Loan Documents, the provisions of this Article shall continue in effect for the benefit of such retiring Collateral Agent, its sub-agents and their respective Related Parties in respect of
any actions taken or omitted to be taken by any of them while the retiring Collateral Agent was acting as Collateral Agent. Upon any notice of resignation of the Collateral Agent hereunder and under the other First Lien Security Documents, the
Company agrees to use commercially reasonable efforts to transfer (and maintain the validity and priority of) the Liens in favor of the retiring Collateral Agent under the First Lien Security Documents to the successor Collateral Agent. 

SECTION 4.07.  Non-Reliance on Collateral Agent and other First Lien Secured Parties.  Each First Lien Secured
Party acknowledges that it has, independently and without reliance upon the Collateral Agent, any Authorized Representative or any other First Lien Secured Party or any of their Affiliates and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement and the other First Lien Credit Documents. Each First Lien Secured Party also acknowledges that it will, independently and without reliance upon the Collateral
Agent, any Authorized Representative or any other First Lien Secured Party or any of their Affiliates and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not
taking action under or based upon this Agreement, any other First Lien Credit Document or any related agreement or any document furnished hereunder or thereunder. 

SECTION 4.08.  Collateral and Guaranty Matters.  Each of the First Lien Secured Parties irrevocably authorizes
the Collateral Agent, and the Collateral Agent hereby agrees: 
 (a)  to release any Lien on any
property granted to or held by the Collateral Agent under any First Lien Security Document in accordance with Section 2.04 or upon receipt of a written request from the Company stating that the releases of such Lien is permitted by the terms of
each then extant First Lien Credit Documents; 
 (b)  to release the security interest in, and Liens
on, the Collateral at the times, and to the extent, provided in Article VIII of the Credit Agreement, Sections 12.04 and 12.07 of the Indenture and the applicable provision of the Additional Agreement (if any); and 

(c)  in connection with any release pursuant to this Section 4.08, to promptly (i) execute and deliver
to any Grantor, at such Grantor’s expense, all Uniform Commercial Code termination statements, all releases and other documents that such Grantor shall reasonably request to effectively evidence such release and (ii) deliver to the
Grantors any portion of such Collateral so released in possession of the Collateral Agent. 
  

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 ARTICLE V 

Miscellaneous 

SECTION 5.01.  Notices.  All notices and other communications provided for herein shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows: 

(a)  if to the Collateral Agent, to it at The Bank of New York Mellon Trust Company, N.A., 900 Ashwood Parkway, Suite 425,
Atlanta, GA 30338, Attention of BNY Mellon Corporate Trust (Telephone: (770) 698-5109, Fax No. (770) 698-5108); 

(b)  if to the Trustee, to it at The Bank of New York Mellon Trust Company, N.A., 900 Ashwood Parkway, Suite 425, Atlanta, GA
30338, Attention of BNY Mellon Corporate Trust (Telephone: (770) 698-5109, Fax No. (770) 698-5108); 

(c)  if to the Administrative Agent, to it at Credit Suisse AG, Agency Manager, Eleven Madison Avenue, New York, NY 10010 (Fax
No. 212-322-2291), Email: agency.loanops@credit-suisse.com; 
 (d)  if to any Additional Authorized
Representative, to it at the address set forth in the applicable Joinder; and 
 (e)  if to any Grantor, to it at 7037
Old Madison Pike, Huntsville, AL 35806, Attention of Richard E. Fish, Jr. (Fax No. (256) 382-3935). 
 Any party hereto may change its
address or fax number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have
been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service or sent by fax or on the date five Business Days after dispatch by certified or
registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 5.01 or in accordance with the latest unrevoked direction from such party given in accordance with this
Section 5.01. As agreed to in writing among the Collateral Agent and each Authorized Representative from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable
person provided from time to time by such person. 
 SECTION 5.02.  Waivers;
Amendment.  (a)  No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive
of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective unless

  

 21 

 
the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice
or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

(b)  Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified (other than pursuant to any
Joinder Agreement) except pursuant to an agreement or agreements in writing entered into by each Authorized Representative and the Collateral Agent (and with respect to any such termination, waiver, amendment or modification which by the terms of
this Agreement requires the Company’s consent or which increases the obligations or reduces the rights of the Company or any other Grantor, with the consent of the Company). 

(c)  So long as expressly permitted by the First Lien Credit Documents then outstanding, the Company may from time to time
designate Indebtedness and other obligations at the time of incurrence to be secured on a pari passu basis with the then outstanding First Lien Obligations as Additional First Lien Obligations hereunder by delivering to the Collateral Agent
and each Authorized Representative (a) a certificate signed by a Responsible Officer of the Company (i) identifying the Indebtedness and other obligations so designated and the aggregate principal amount or face amount thereof,
(ii) stating that such Indebtedness and other obligations are designated as Additional First Lien Obligations for purposes hereof, (iii) representing that such designation of such Indebtedness and other obligations as Additional First Lien
Obligations complies with the terms of the First Lien Credit Documents then outstanding and (iv) specifying the name and address of the Authorized Representative for such Indebtedness and other obligations and (b) a fully executed Joinder
(in the form attached as Annex A). Each Authorized Representative agrees that upon the satisfaction of all conditions set forth in the preceding sentence, the Collateral Agent shall act hereunder for the benefit of all First Lien Secured Parties,
including any First Lien Secured Parties that hold any Additional First Lien Obligations, and each Authorized Representative agrees to the appointment, and acceptance of the appointment, of the Collateral Agent as agent for the holders of such
Additional First Lien Obligations as set forth in each Joinder and agrees, on behalf of itself and each First Lien Secured Party it represents, to be bound by this Agreement. 

SECTION 5.03.  Parties in Interest.  This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns, as well as the other First Lien Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement. 

SECTION 5.04.  Survival of Agreement.  All covenants, agreements, representations and warranties made by any
party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 
  

 22 

 SECTION 5.05.  First Lien Obligations Absolute.  The Lien
priorities provided for herein and the respective rights, interests, agreements and obligations hereunder of the Collateral Agent and the other First Lien Secured Parties shall remain in full force and effect irrespective of: 

(a)  any lack of validity or enforceability of any First Lien Credit Document; 

(b)  any change in the time, place or manner of payment of, or in any other term of (including the Refinancing of), all or any
portion of the First Lien Obligations, it being specifically acknowledged that a portion of the First Lien Obligations consists or may consist of Indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or
from time to time may be increased or reduced and subsequently reborrowed; 
 (c)  any change in the time, place or
manner of payment of, or in any other term of, all or any portion of the First Lien Obligations; 
 (d)  any
amendment, waiver or other modification, whether by course of conduct or otherwise, of any First Lien Credit Document; 

(e)  the securing of any First Lien Obligations with any additional collateral or guarantees, or any exchange, release,
voiding, avoidance or non-perfection of any security interest in any Collateral or any other collateral or any release of any guarantee securing any First Lien Obligations; or 

(f)  any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Grantor in respect
of the First Lien Obligations or this Agreement. 
 SECTION 5.06.  Counterparts.  This Agreement may
be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission
shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION
5.07.  Severability.  In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any
other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions. 
 SECTION 5.08.  Governing Law; Jurisdiction; Consent to Service of
Process.  This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
  

 23 

 SECTION 5.09.  Submission To Jurisdiction
Waivers.  (a)  Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America
sitting in New York County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably
and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined only in such New York State court or, to the extent permitted by law, in such Federal court. Each party hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

(b)  Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New York State court or in any such Federal court. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c)  Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 5.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 5.10.  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO AUTHORIZED REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.10. 

SECTION 5.11.  Headings.  Article and Section headings used herein and the Table of Contents hereto are for
convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 5.12.  Conflicts.  In the event of any conflict or inconsistency between the provisions of this
Agreement and the provisions of any of the other First Lien Credit Documents or First Lien Security Documents, the provisions of this Agreement shall control. 
  

 24 

 SECTION 5.13.  Provisions Solely to Define Relative Rights.  The
provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the First Lien Secured Parties in relation to one another. None of the Company, any other Grantor or any other creditor thereof shall have
any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than Sections 2.04, 2.05, 2.08, 2.09, 2.10, 2.11 and 4.08 or Article V) is intended to or will amend, waive or
otherwise modify the provisions of the First Lien Credit Documents), and none of the Company or any other Grantor may rely on the terms hereof (other than Sections 2.04, 2.05, 2.08, 2.09, 2.10, 2.11 and 4.08 and Article V). Nothing in this Agreement
is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the First Lien Obligations as and when the same shall become due and payable in accordance with their terms. 

SECTION 5.14.  Integration.  This Agreement together with the other First Lien Credit Documents and the First
Lien Security Documents represents the agreement of each of the Grantors and the First Lien Secured Parties with respect to the subject matter hereof and there are no promises, undertakings, representations or warranties by any Grantor, the
Collateral Agent or any other First Lien Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in the other First Lien Credit Documents or the First Lien Security Documents. 

SECTION 5.15.  Confidentiality.  The Collateral Agent agrees to take customary precautions and exercise due
care to maintain the confidentiality of all information provided to the Collateral Agent by or on behalf of any Grantor under this Agreement or any other First Lien Credit Document, except to the extent that such information (i) was or becomes
generally available to the public other than as a result of disclosure by the Collateral Agent or (ii) was or becomes available on a non-confidential basis from a source other than any of the Grantors; provided that such source is not
bound by a confidentiality obligation with any of the Grantors known to the Collateral Agent. Notwithstanding the foregoing, the Collateral Agent may disclose any such information (A) at the request or pursuant to any requirement of any
Governmental Authority to which the Collateral Agent is subject or in connection with an examination of the Collateral Agent by any such Governmental Authority, (B) pursuant to subpoena or other court process, (C) when required to do so in
accordance with the provisions of any applicable requirement of law, (D) to the extent reasonably required in connection with any litigation or proceeding (including, but not limited to, any Bankruptcy Case) to which the Collateral Agent or its
respective Affiliates may be party, (E) to the extent required in connection with the exercise of any remedy or enforcement of any rights hereunder or under any other First Lien Credit Document, (F) to the Collateral Agent’s
independent auditors, accountants, attorneys, and other professional advisors who shall be advised of their obligation to keep such information confidential, (G) as expressly permitted under the terms of any other document or agreement
regarding confidentiality to which any of the Grantors is a party or is deemed a party with the Collateral Agent, and (H) to its Affiliates to be used in connection with this Agreement and the First Lien Credit Documents and the transactions
contemplated hereby and thereby so long as such Affiliates to keep such information confidential to the same extent required by the Collateral Agent hereunder. 
  

 25 

 SECTION 5.16.  Incorporation by Reference.  In connection with
its execution and acting hereunder, the Collateral Agent is entitled to all rights, privileges, protections, benefits, immunities and indemnities provided to it as Trustee under the Indenture. 

[Remainder of this page intentionally left blank] 
  

 26 

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

					
	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A.,
 as Collateral
Agent,

			
		 	by	 	/s/ Stefan Victory
		 		 	Name: Stefan Victory
		 		 	Title:   Vice President

					
	 CREDIT SUISSE AG, CAYMAN

ISLANDS BRANCH,
 as Administrative
Agent,

			
		 	by	 	/s/ Judith E. Smith
		 		 	Name: Judith E. Smith
		 		 	Title:   Managing Director
			
		 	by	 	/s/ Kevin Buddhdew
		 		 	Name: Kevin Buddhdew
		 		 	Title:   Associate

					
	 THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A.,
 as
Trustee,

			
		 	by	 	/s/ Stefan Victory
		 		 	Name: Stefan Victory
		 		 	Title:   Vice President

					
	ITC^DELTACOM, INC.,
			
		 	by	 	/s/ J. Thomas Mullis
		 		 	Name: J. Thomas Mullis
		 		 	 Title:   Senior Vice President-Legal and

            Regulatory, General Counsel and

            Secretary

	
	INTERSTATE FIBERNET, INC.,
			
		 	by	 	/s/ J. Thomas Mullis
		 		 	Name: J. Thomas Mullis
		 		 	 Title:   Senior Vice President, General

            Counsel and Secretary

	
	DELTACOM, INC.,
			
		 	by	 	/s/ J. Thomas Mullis
		 		 	Name: J. Thomas Mullis
		 		 	 Title:   Senior Vice President, General

            Counsel and Secretary

	
	DELTACOM INFORMATION SYSTEMS, INC.,
			
		 	by	 	/s/ J. Thomas Mullis
		 		 	Name: J. Thomas Mullis
		 		 	 Title:   Senior Vice President, General

            Counsel and Secretary

	
	BTI TELECOM CORP.,
			
		 	by	 	/s/ J. Thomas Mullis
		 		 	Name: J. Thomas Mullis
		 		 	 Title:   Senior Vice President, General

            Counsel and Secretary

	
	BUSINESS TELECOM, INC.,
			
		 	by	 	/s/ J. Thomas Mullis
		 		 	Name: J. Thomas Mullis
		 		 	 Title:   Senior Vice President, General

            Counsel and Secretary

					
	BUSINESS TELECOM OF VIRGINIA, INC.,
			
		 	by	 	/s/ J. Thomas Mullis
		 		 	Name: J. Thomas Mullis
		 		 	 Title:   Senior Vice President, General

            Counsel and Secretary

 Annex A 

[FORM OF] ADDITIONAL AUTHORIZED REPRESENTATIVE JOINDER AGREEMENT NO.
[            ] dated as of [                    ],
20[            ] (the “Additional Authorized Representative Joinder Agreement”), to the FIRST LIEN INTERCREDITOR AGREEMENT dated as of April 9, 2010 (the
“Intercreditor Agreement”), among ITC^DELTACOM, INC., a Delaware corporation (the “Company”), the GRANTORS party thereto, CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as the Administrative Agent, THE BANK
OF NEW YORK MELLON TRUST COMPANY, N.A., as the Trustee and the Collateral Agent, [                    ], as the Initial Additional Authorized
Representative, and each ADDITIONAL AUTHORIZED REPRESENTATIVE from time to time party thereto. 
 Capitalized terms used herein
but not otherwise defined herein shall have the meanings assigned to such terms in the Intercreditor Agreement. 
 The Company
and the other Grantors propose to issue or incur “Additional Obligations” designated by the Company as such in accordance with Section 5.02(c) of the Intercreditor Agreement in a certificate of a Responsible Officer of the Company
delivered concurrently herewith to the Collateral Agent and the Authorized Representatives (the “Additional Obligations”). The person identified in the signature pages hereto as the “Additional Authorized
Representative” (the “Additional Authorized Representative”) will serve as the administrative agent, trustee or a similar representative for the holders of the Additional Obligations (the “Additional Secured
Parties”). 
 The Additional Authorized Representative wishes, in accordance with the provisions of the
Intercreditor Agreement, to become a party to the Intercreditor Agreement and to acquire and undertake, for itself and on behalf of the Additional Secured Parties, the rights and obligations of an “Additional Authorized Representative” and
“Secured Parties” thereunder. 
 Accordingly, the Additional Authorized Representative, for itself and on behalf of
the Additional Secured Parties, and the Company agree as follows, for the benefit of the Collateral Agent, the existing Authorized Representatives and the existing Secured Parties: 

Accession to the Intercreditor Agreement.  The Additional Authorized Representative hereby (a) accedes and becomes a party
to the Intercreditor Agreement as an “Additional Authorized Representative”, (b) agrees, for itself and on behalf of the Additional Secured Parties, to all the terms and provisions of the Intercreditor Agreement and
(c) acknowledges and agrees that (i) the Additional Obligations and Liens on any Shared Collateral securing the same shall be subject to the provisions of the Intercreditor Agreement and (ii) the Additional Authorized Representative
and the Additional Secured Parties shall have the rights and obligations specified under the Intercreditor Agreement with respect to an “Authorized Representative” or a “Secured Party”, and shall be subject to and bound by the
provisions of the Intercreditor Agreement. The Intercreditor Agreement is hereby incorporated by reference. 
  

 A-1 

 Representations and Warranties of the Additional Authorized Representative.  The
Additional Authorized Representative represents and warrants to the Collateral Agent, the existing Authorized Representatives and the existing Secured Parties that (a) it has full power and authority to enter into this Additional Authorized
Representative Joinder Agreement, in its capacity as the Additional Authorized Representative, (b) this Additional Authorized Representative Joinder Agreement has been duly authorized, executed and delivered by it and constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its terms, and (c) the Additional Agreement relating to the Additional Obligations provides that, upon the Additional Authorized Representative’s execution and
delivery of this Additional Authorized Representative Joinder Agreement, (i) the Additional Obligations and Liens on any Shared Collateral securing the same shall be subject to the provisions of the Intercreditor Agreement and (ii) the
Additional Authorized Representative and the Additional Secured Parties shall have the rights and obligations specified therefor under, and shall be subject to and bound by the provisions of, the Intercreditor Agreement. 

Parties in Interest.  This Additional Authorized Representative Joinder Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns, as well as the other Secured Parties, all of whom are intended to be bound by (in the case of the Additional Secured Parties), and to be third party beneficiaries of (in the
case of all Secured Parties), this Additional Authorized Representative Joinder Agreement. 
 Counterparts.  This
Additional Authorized Representative Joinder Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to
this Agreement by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Additional Authorized Representative Joinder Agreement. 

Governing Law.  This Additional Authorized Representative Joinder Agreement shall be construed in accordance with and governed
by the law of the State of New York. 
 Notices.  All communications and notices hereunder shall be in writing and
given as provided in Section 5.01 of the Intercreditor Agreement. All communications and notices hereunder to the Additional Authorized Representative shall be given to it at the address set forth under its signature hereto, which information
supplements Section 5.01 to the Intercreditor Agreement. 
 Expenses.  The Company agrees to reimburse the
Collateral Agent and each of the Authorized Representatives for its actual reasonable and documented out-of-pocket expenses in connection with this Additional Authorized Representative Joinder Agreement, including the reasonable and documented fees,
other charges and disbursements of counsel for the Collateral Agent and any of the Authorized Representatives. 
  

 A-2 

 IN WITNESS WHEREOF, the Additional Authorized Representative and the Company have duly
executed this Additional Authorized Representative Joinder Agreement to the Intercreditor Agreement as of the day and year first above written. 
  

					
	[        ], as Additional Authorized Representative,
			
		 	by	 	 
		 		 	Name:
		 		 	Title:
	  
 Address for notices:

			
		 		 	 
			
		 		 	 
			
		 		 	attention of:
                                         
           
			
		 		 	
Facsimile:                      
                                  

 

					
	ITC^DELTACOM, INC.,
			
		 	by	 	 
		 		 	Name:
		 		 	Title:

  

 A-3 

 Acknowledged by: 
  

					
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee and Collateral Agent,
			
		 	by	 	 
		 		 	Name:
		 		 	Title:

  

					
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent,
			
		 	by	 	 
		 		 	Name:
		 		 	Title:
			
		 	by	 	 
		 		 	Name:
		 		 	Title:

  

 A-4Exhibit 4.3

 Exhibit 4.3 

 
  

 
 SECURITY AGREEMENT 

dated as of 

April 9, 2010 

among 

ITC^DELTACOM, INC., 

The Subsidiaries of ITC^DeltaCom, Inc. 

from time to time party hereto 

and 
 THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A. 
 as Collateral Agent 

for the First Lien Secured Parties 

referred to herein 
  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	ARTICLE I
	
	Definitions
			
	SECTION 1.01.	  	Definitions Generally	  	2
	SECTION 1.02.	  	Other Defined Terms	  	2
	
	ARTICLE II
	
	Pledge of Securities
			
	SECTION 2.01.	  	Pledge	  	8
	SECTION 2.02.	  	Delivery of the Pledged Collateral	  	9
	SECTION 2.03.	  	Representations, Warranties and Covenants	  	10
	SECTION 2.04.	  	Certification of Limited Liability Company Interests and Limited Partnership Interests	  	12
	SECTION 2.05.	  	Registration in Nominee Name; Denominations	  	12
	SECTION 2.06.	  	Voting Rights; Dividends and Interest, Etc.	  	12
	
	ARTICLE III
	
	Security Interests in Personal Property
			
	SECTION 3.01.	  	Security Interest	  	14
	SECTION 3.02.	  	Representations and Warranties	  	16
	SECTION 3.03.	  	Covenants	  	17
	SECTION 3.04.	  	Other Actions	  	19
	SECTION 3.05.	  	Covenants Regarding Patent, Trademark and Copyright Collateral	  	22
	
	ARTICLE IV
	
	Remedies
			
	SECTION 4.01.	  	Remedies Upon Default	  	24
	SECTION 4.02.	  	Application of Proceeds	  	26
	SECTION 4.03.	  	Grant of License to Use Intellectual Property	  	26
	SECTION 4.04.	  	Securities Act, Etc.	  	27
	
	ARTICLE V
	
	Miscellaneous
			
	SECTION 5.01.	  	Notices	  	27

					
	SECTION 5.02.	  	Security Interest Absolute	  	28
	SECTION 5.03.	  	Survival of Agreement	  	28
	SECTION 5.04.	  	Binding Effect; Several Agreement	  	29
	SECTION 5.05.	  	Successors and Assigns	  	29
	SECTION 5.06.	  	Indemnity and Expenses	  	29
	SECTION 5.07.	  	Collateral Agent Appointed Attorney-in-Fact	  	30
	SECTION 5.08.	  	Applicable Law	  	31
	SECTION 5.09.	  	Waivers; Amendment	  	31
	SECTION 5.10.	  	WAIVER OF JURY TRIAL	  	32
	SECTION 5.11.	  	Severability	  	32
	SECTION 5.12.	  	Counterparts	  	32
	SECTION 5.13.	  	Headings	  	32
	SECTION 5.14.	  	Jurisdiction; Consent to Service of Process	  	32
	SECTION 5.15.	  	Termination or Release	  	33
	SECTION 5.16.	  	Additional Grantors; Authorized Representative	  	35
	SECTION 5.17.	  	Right of Setoff	  	35
	SECTION 5.18.	  	Incorporation of Rights	  	36

  

 ii 

			
	Schedules	  	
		
	Schedule I	  	Subsidiary Grantors
	 Schedule II
	  	Equity Interests; Pledged Debt Securities
	 Schedule III
	  	Intellectual Property
		
	Exhibits	  	
		
	Exhibit A	  	Form of Supplement to the Security Agreement
	 Exhibit B
	  	Form of Perfection Certificate

  

 iii 

 SECURITY AGREEMENT dated as of April 9, 2010 (this
“Agreement”), among ITC^DELTACOM, INC., a Delaware corporation (the “Borrower”), the Subsidiaries of the Borrower from time to time party hereto (together with the Borrower, the
“Grantors”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as collateral agent for the First Lien Secured Parties (in such capacity, together with any successor collateral agent, the “Collateral
Agent”). 
 PRELIMINARY STATEMENT 

(1)   The Borrower has entered into (a) the Credit Agreement dated as of April 9, 2010 (as it may hereafter be
amended, refinanced, replaced, restated, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto and Credit Suisse AG, Cayman
Islands Branch, as administrative agent (in such capacity, together with any successor administrative agent, the “Administrative Agent”), (b) the Indenture dated April 9, 2010 (as it may hereafter be amended,
refinanced, replaced, restated, supplemented, waived or otherwise modified from time to time, the “Indenture”), among the Borrower, the subsidiaries of the Borrower identified therein and The Bank of New York Mellon Trust
Company, N.A., as the trustee (in such capacity, together with any successor trustee, the “Trustee”) and (c) the First Lien Intercreditor Agreement (the “First Lien Intercreditor Agreement”),
among the Borrower, the subsidiaries of the Borrower from time to time party thereto, the Administrative Agent, the Trustee and the Collateral Agent. 

(2)   Pursuant to the Credit Agreement, the Grantors are entering into this Agreement in order to grant to the Collateral Agent
(on behalf of the Administrative Agent, for the ratable benefit of the Bank Secured Parties (as defined in the Credit Agreement and herein after referred to as the “Bank Secured Parties”) a security interest in the Collateral
(as hereinafter defined) to secure their respective First Lien Obligations (as hereinafter defined). Pursuant to the Indenture, the Grantors are entering into this Agreement in order to grant to the Collateral Agent (on behalf of the Trustee, for
the ratable benefit of the Holders of Notes (as defined in the Indenture and hereinafter referred to as the “Notes Secured Parties”)) a security interest in the Collateral to secure their respective First Lien Obligations.
Pursuant to the Additional Agreements (if any), the Grantors are entering into this Agreement in order to grant to the Collateral Agent (on behalf of any Authorized Representative (if any), for the ratable benefit of the Additional First Lien
Secured Parties (as defined herein) (if any)) a security interest in the Collateral to secure their respective Additional First Lien Obligations (as defined herein). 

(3)   It is a condition precedent to the making of Loans and the issuance of Letters of Credit by the Lenders under the Credit
Agreement, the entry into Hedging Agreements by the Hedge Providers from time to time, the purchase of Notes by the Holders and the making of loans pursuant to the applicable Additional Agreement (if any) that the Grantors shall have granted the
assignment and security interest and made the pledge and assignment contemplated by this Agreement. 

 (4)   Each Grantor will derive substantial direct and indirect benefit from the
transactions contemplated by the Indenture Documents, the Loan Documents, the Hedging Agreements and the Additional Agreements (if any) (collectively, the “First Lien Credit Documents”). 

NOW, THEREFORE, in consideration of the premises and in order to induce the Lenders to make Loans and participate in Letters of Credit
and the Issuing Bank to issue Letters of Credit under the Credit Agreement, the Hedge Providers to enter into Hedging Agreements from time to time and the Holders to purchase Notes, each Grantor hereby agrees with the Collateral Agent (on behalf of
each of the Administrative Agent, for the ratable benefit of the Bank Secured Parties, the Trustee, for the ratable benefit of the Notes Secured Parties and the Authorized Representative (if any), for the ratable benefit of the Additional First Lien
Secured Parties (if any)), as follows: 
 ARTICLE I 

Definitions 

SECTION 1.01.  Definitions Generally.  (a)  Capitalized terms used in this Agreement and not
otherwise defined herein have the meanings set forth in the Credit Agreement or the Indenture, as applicable. All capitalized terms defined in the New York UCC (as such term is defined herein) and not defined in this Agreement, the Credit Agreement
or the Indenture have the meanings specified therein. All references to the Uniform Commercial Code shall mean the New York UCC. 

(b)  The rules of construction specified in Section 1.02 of the Credit Agreement also apply to this Agreement. 

SECTION 1.02.  Other Defined Terms.  As used in this Agreement, the following terms have the meanings
specified below: 
 “Accounts Receivable” shall mean all Accounts and all right, title and interest in
any returned goods, together with all rights, titles, securities and guarantees with respect thereto, including any rights to stoppage in transit, replevin, reclamation and resales, and all related security interests, liens and pledges, whether
voluntary or involuntary, in each case whether now existing or owned or hereafter arising or acquired. 
 “Additional
Agreements” shall have the meaning assigned to such term in the First Lien Intercreditor Agreement. 

“Additional First Lien Obligations” shall have the meaning assigned to such term in the First Lien Intercreditor
Agreement. 
  

 2 

 “Additional First Lien Secured Parties” shall mean the holders of
any Additional First Lien Obligations. 
 “Administrative Agent” shall have the meaning assigned to such
term in the preliminary statement. 
 “Article 9 Collateral” shall have the meaning assigned to
such term in Section 3.01. 
 “Authorized Representative” shall have the meaning assigned to such
term in the First Lien Intercreditor Agreement. 
 “Bank Obligations” shall mean (a) the Loan
Document Obligations and (b) the due and punctual payment and performance of all obligations of each Grantor under each Hedging Agreement that (i) is in effect on the Closing Date with a counterparty that is the Administrative Agent or a
Lender or an Affiliate of the Administrative Agent or a Lender as of the Closing Date or (ii) is entered into after the Closing Date with any counterparty that is the Administrative Agent or a Lender or an Affiliate of the Administrative Agent
or a Lender at the time such Hedging Agreement is entered into. 
 “Borrower” shall have the meaning
assigned to such term in the preamble. 
 “Collateral” shall mean the Article 9 Collateral and the
Pledged Collateral. 
 “Collateral Agent” shall have the meaning assigned to such term in the preamble.

 “Collateral Agent Obligations” shall mean any and all obligations of a Grantor now or hereafter
existing, whether direct or indirect, absolute or contingent, and whether for principal, reimbursement obligations, interest, fees, premiums, penalties, indemnifications, contract causes of action, costs, expenses or otherwise, owed to the
Collateral Agent in connection with this Agreement or any other Loan Document or Indenture Document. 
 “Copyright
License” shall mean any written agreement, now or hereafter in effect, granting any right to any third person under any copyright now or hereafter owned by any Grantor or that such Grantor otherwise has the right to license, or granting
any right to any Grantor under any copyright now or hereafter owned by any third person, and all rights of such Grantor under any such agreement. 

“Copyrights” shall mean all of the following now owned or hereafter acquired by any Grantor: (a) all
copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise and (b) all registrations and applications for registration of any such copyright in the
United States or any other country, including registrations, recordings, supplemental registrations and pending applications for registration in the United States Copyright Office (or any successor office or any similar office in any other country),
including those listed on Schedule III. 
  

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 “Credit Agreement” shall have the meaning assigned to such term in
the preliminary statement. 
 “Discharge of Credit Agreement Obligations” shall have the meaning
assigned to such term in the First Lien Intercreditor Agreement. 
 “Excluded Collateral” shall mean
(a) any lease, license, contract, Instrument, Security, permit, property rights, franchise or agreement to which any Grantor is a party or any of its rights or interests thereunder if and for so long as the grant of a security interest under
this Agreement shall constitute or result in (i) the abandonment, invalidation or unenforceability of any right, title or interest of any Grantor therein or (ii) in a breach or termination pursuant to the terms of, or a default under, any
such lease, license, contract, Instrument, Security, permit, property rights, franchise or agreement (other than to the extent that any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409 of the UCC (or any
successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); provided, however, that such security interest shall attach immediately at such time
as the condition causing such abandonment, invalidation or unenforceability shall be remedied and to the extent severable, shall attach immediately to any portion of such lease, license, contract, Instrument, Security, permit, property rights,
franchise or agreement that does not result in any of the consequences specified in (i) or (ii) above, (b) any Equipment owned by any Grantor that is subject to a purchase money security interest (as defined in Section 9-103 of
the UCC), (c) outstanding voting equity or other ownership interests of a Foreign Entity (as defined below) to the extent in excess of 65% of the voting power of all classes of equity or other ownership interests of such Foreign Entity entitled
to vote, (d) the Southern Assets, (e) any Trademark applications filed in the United States Patent and Trademark Office on the basis of any Grantor’s “intent-to-use” such Trademark, unless and until acceptable evidence of
use of the Trademark has been filed with the United States Patent and Trademark Office pursuant to Section 1(c) or Section 1(d) of the Lanham Act (15 U.S.C. 1051, et seq.), to the extent that granting a security interest in such Trademark
application prior to such filing would adversely affect the enforceability or validity of such Trademark application, (f) except to secure the Bank Obligations, any capital stock or other securities of the Subsidiaries to the extent that the
pledge of such securities results in the requirement to file separate financial statements of such Subsidiary with the SEC, but only to the extent necessary not to be subject to such requirement and only for so long as such requirement is in
existence; provided that neither Borrower nor any Subsidiary shall take any action in the form of a reorganization, merger or other restructuring a principal purpose of which is to provide for the release of the Lien on any securities
pursuant to this clause (f), and (g) any item of property or asset subject to any security interest granted in connection with any Federal Stimulus Grant Funds. 

“Federal Securities Laws” shall have the meaning assigned to such term in Section 4.04. 

 

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 “First Lien Credit Documents” shall have the meaning assigned to
such term in the preliminary statement. 
 “First Lien Event of Default” shall mean an “Event of
Default” (or similar defined term) under and as defined in the Credit Agreement, the Indenture or any other First Lien Credit Documents governing the First Lien Obligations. 

“First Lien Intercreditor Agreement” shall have the meaning assigned to such term in the preliminary statement.

 “First Lien Obligations” shall mean (a) the Bank Obligations, (b) the Notes Obligations,
(c) the Collateral Agent Obligations and (d) the Additional First Lien Obligations. 
 “First Lien Secured
Parties” shall mean the Collateral Agent, the Bank Secured Parties and the Notes Secured Parties. 

“Foreign Entity” shall mean, with respect to any Grantor, any corporation, partnership, limited liability company
or other business entity (i) which is organized under the laws of a jurisdiction other than a state of the United States or the District of Columbia and (ii) of which securities or other ownership interests representing more than 50% of
the equity, more than 50% of the ordinary voting power, more than 50% of the general partnership interests or more than 50% of the limited liability company membership interests are, at the time of any determination is being made, owned directly by
the Grantor. 
 “General Intangibles” shall mean all “general intangibles” (as such term is
defined in the New York UCC), including all choses in action and causes of action and all other intangible personal property of any Grantor of every kind and nature (other than Accounts) now owned or hereafter acquired by any Grantor, including all
rights and interests in partnerships, limited partnerships, limited liability companies and other unincorporated entities, corporate or other business records, indemnification claims, contract rights (including rights under leases, whether entered
into as lessor or lessee, Hedging Agreements and other agreements), Intellectual Property, goodwill, registrations, franchises, tax refund claims and any letter of credit, guarantee, claim, security interest or other security held by or granted to
any Grantor to secure payment by an Account Debtor of any of the Accounts. 
 “Grantors” shall mean the
Borrower and (a) each of the Subsidiaries identified on Schedule I hereto as Subsidiary Grantors and (b) each other Subsidiary that becomes a party to this Agreement as a Subsidiary Grantor after the Closing Date pursuant to
Section 5.16 and (c) any Parent that becomes a party to this Agreement as a Grantor after the Closing Date pursuant to Section 5.16. 

“Holders” shall mean the Holders of the Notes under the Indenture. 

“Indenture” shall have the meaning assigned to such term in the preliminary statement. 

 

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 “Indenture Documents” shall mean the Indenture and the Notes.

 “Intellectual Property” shall mean all intellectual and similar property of any Grantor of every kind
and nature now owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, confidential or proprietary technical and business information, know-how, show-how or other data or
information, software and databases and all embodiments or fixations thereof and related documentation, registrations and franchises, and all additions, improvements and accessions to, and books and records describing or used in connection with, any
of the foregoing. 
 “Joinder Agreement” shall mean the document required to be delivered by an
Authorized Representative pursuant to Section 5.02(c) of the First Lien Intercreditor Agreement. 

“License” shall mean any Patent License, Trademark License, Copyright License or other license or sublicense
agreement relating to Intellectual Property to which any Grantor is a party, including those listed on Schedule III. 

“Loan Document Obligations” shall mean (a) the due and punctual payment of (i) the principal of and
interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, when and as due, whether at maturity, by
acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including payments in respect of
reimbursement of disbursements, interest thereon and obligations to provide cash collateral, and (iii) all other monetary obligations of the Borrower to any of the Bank Secured Parties under the Credit Agreement and each of the other Loan
Documents, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance of all other obligations of the Borrower under or pursuant to the Credit Agreement and each of the other Loan Documents and
(c) the due and punctual payment and performance of all the obligations of each Grantor under or pursuant to this Agreement and each of the other Loan Documents. 

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

 “Notes 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 bankers’ acceptances), 

 

 6 

 
damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the
documentation in respect of the Notes, the Indenture or the Subsidiary Guarantees (as defined in the Indenture). 

“Notes” shall mean the Borrower’s senior secured 10.5% notes due 2016, issued pursuant to the Indenture.

 “Notes Secured Parties” shall mean the Holders and the Trustee. 

“Parent” shall have the meaning assigned to such term in the Credit Agreement. 

“Patent License” shall mean any written agreement, now or hereafter in effect, granting to any third person any
right to make, use or sell any invention on which a patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, is in existence, or granting to any Grantor any right to make, use or sell any invention on
which a patent, now or hereafter owned by any third person, is in existence, and all rights of any Grantor under any such agreement. 

“Patents” shall mean all of the following now owned or hereafter acquired by any Grantor: (a) all letters
patent of the United States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other country, including
registrations, recordings and pending applications in the United States Patent and Trademark Office (or any successor or any similar offices in any other country), including those listed on Schedule III and (b) all reissues, continuations,
divisions, continuations-in-part, renewals or extensions thereof, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 

“Perfection Certificate” shall mean a certificate substantially in the form of Exhibit B, completed and
supplemented with the schedules and attachments contemplated thereby, and duly executed by a Responsible Officer of the Borrower. 

“Pledged Collateral” shall have the meaning assigned to such term in Section 2.01. 

“Pledged Debt Securities” shall have the meaning assigned to such term in Section 2.01. 

“Pledged Securities” shall mean any promissory notes, stock certificates or other securities now or hereafter
included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 

“Pledged Stock” shall have the meaning assigned to such term in Section 2.01. 

 

 7 

 “Security Interest” shall have the meaning assigned to such term in
Section 3.01. 
 “Southern Assets” shall mean the assets identified on Schedule 1.01(d) to the
Credit Agreement. 
 “Subsidiary Grantor” shall mean (a) the Subsidiaries identified on Schedule I
hereto as a Subsidiary Grantor and (b) each other Subsidiary that becomes a party to this Agreement as a Subsidiary Grantor after the Closing Date pursuant to Section 5.16. 

“Trademark License” shall mean any written agreement, now or hereafter in effect, granting to any third person
any right to use any trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any trademark now or hereafter owned by any third person, and all rights of any
Grantor under any such agreement. 
 “Trademarks” shall mean all of the following now owned or hereafter
acquired by any Grantor: (a) all trademarks, service marks, trade names, corporate names, company names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and general
intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications
in the United States Patent and Trademark Office (or any successor office) or any similar offices in any State of the United States or any other country or any political subdivision thereof, and all extensions or renewals thereof, including those
listed on Schedule III, (b) all goodwill associated therewith or symbolized thereby and (c) all other assets, rights and interests that uniquely reflect or embody such goodwill. 

“Trustee” shall have the meaning assigned to such term in the preliminary statement. 

ARTICLE II 

Pledge of Securities 

SECTION 2.01.   Pledge.   As security for the payment or performance, as the case may be, in full of
the First Lien Obligations, each Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, and hereby grants to the Collateral Agent, its successors and assigns (in each case, on behalf of each of the Administrative
Agent, for the ratable benefit of the Bank Secured Parties, the Trustee, for the ratable benefit of the Notes Secured Parties, and the Authorized Representative (if any), for the ratable benefit of the Additional First Lien Secured Parties (if
any)), a security interest in, all of such Grantor’s right, title and interest in, to and under: 
  

 8 

 (a)   (i)   the Equity Interests owned by such
Grantor on the date hereof (including all such Equity Interests listed on Schedule II), (ii) any other Equity Interests obtained in the future by such Grantor and (iii) the certificates representing all such Equity Interests, if any
(all the foregoing collectively referred to herein as the “Pledged Stock”); 

(b)   (i)   the debt securities held by such Grantor on the date hereof (including all such debt
securities listed opposite the name of such Grantor on Schedule II), (ii) any debt securities in the future issued to such Grantor and (iii) the promissory notes and any other instruments evidencing such debt securities (all the
foregoing collectively referred to herein as the “Pledged Debt Securities”); 

(c)   subject to Section 2.06, all payments of principal or interest, dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in clauses (a) and
(b) above; 
 (d)   subject to Section 2.06, all rights and privileges of such Grantor with
respect to the securities and other property referred to in clauses (a), (b), and (c) above; and 

(e)   all Proceeds of any of the foregoing (the items referred to in clauses (a) through (e) above
being collectively referred to as the “Pledged Collateral”); 
 (f)  
provided, however, that notwithstanding any of the other provisions set forth in this Section 2, in no event shall the security interest granted under this Section 2 attach to any Excluded Collateral. 

TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or
incidental thereto, unto the Collateral Agent, its successors and assigns (on behalf of each of the Administrative Agent, for the ratable benefit of the Bank Secured Parties, the Trustee, for the ratable benefit of the Notes Secured Parties) and the
Authorized Representative (if any), for the ratable benefit of the Additional First Lien Secured Parties (if any); subject, however, to the terms, covenants and conditions hereinafter set forth. 

SECTION 2.02.   Delivery of the Pledged Collateral.   (a)   Each Grantor agrees promptly
to deliver or cause to be delivered to the Collateral Agent any and all certificates, instruments or other documents representing or evidencing Pledged Stock issued by a Subsidiary and Pledged Stock having an individual value in excess of $250,000.

 (b)   Each Grantor agrees promptly to deliver or cause to be delivered to the Collateral Agent any and all
certificates, instruments or other documents representing or evidencing Pledged Debt Securities issued by a Subsidiary and Pledged Debt Securities having an individual value in excess of $250,000. 

 

 9 

 (c)   Upon delivery to the Collateral Agent, (i) any certificate, instrument
or document representing or evidencing Pledged Securities shall be accompanied by undated stock powers duly executed in blank or other undated instruments of transfer duly executed in blank and by such other instruments and documents as the
Collateral Agent may reasonably request and (ii) all other property comprising part of the Pledged Collateral shall be accompanied by proper instruments of assignment duly executed by the applicable Grantor. Each delivery of any certificate,
instrument or document representing or evidencing Pledged Securities shall be accompanied by a schedule describing the applicable securities, which schedule shall be attached hereto as Schedule II and made a part hereof; provided that
failure to attach any such schedule hereto shall not affect the validity of the pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. 

(d)   At any time after the Discharge of Credit Agreement Obligations, the requirement to promptly deliver the certificates,
instruments and other documents referred to in the preceding paragraphs of this Section 2.02 may be satisfied by delivering any such certificates, instruments and other documents with respect to Pledged Securities issued or obtained during any
fiscal quarter of the Borrower at the time of the delivery of financial statements for such quarters pursuant to any First Lien Credit Document; provided that the Collateral Agent may request prompt delivery of the certificates, instruments
and other documents referred to in the preceding paragraphs of this Section 2.02 at its sole discretion. 
 SECTION
2.03.   Representations, Warranties and Covenants.   The Grantors jointly and severally represent, warrant and covenant to and with the Collateral Agent (on behalf of each of the Administrative Agent, for the
ratable benefit of the Bank Secured Parties, the Trustee, for the ratable benefit of the Notes Secured Parties and the Authorized Representative (if any), for the ratable benefit of the Additional First Lien Secured Parties (if any)), that:

 (a)   As of the Closing Date, Schedule II correctly sets forth the percentage of the issued and
outstanding shares of each class of the Equity Interests of the issuer thereof represented by such Pledged Stock and includes all Equity Interests, debt securities and promissory notes required to be delivered hereunder; 

(b)   the Pledged Stock and Pledged Debt Securities in each case issued by any Subsidiary have been duly and
validly authorized and issued by the issuers thereof and (i) in the case of Pledged Stock, are fully paid and nonassessable and (ii) in the case of Pledged Debt Securities, are legal, valid and binding obligations of the issuers thereof;

 (c)   except for the security interests granted hereunder, each Grantor (i) is and, subject to
any transfers or dispositions made in compliance with the First Lien Credit Documents, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule II as owned by such Grantor, (ii) holds the
same free and clear of all Liens except for Liens 
  

 10 

 
permitted pursuant to the First Lien Credit Documents, (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other
Lien on, the Pledged Collateral required to be delivered hereunder, other than transfers or dispositions made in compliance with First Lien Credit Documents, and (iv) subject to Section 2.06, will cause any and all Pledged Collateral
required to be delivered hereunder, whether for value paid by such Grantor or otherwise, to be forthwith deposited with the Collateral Agent and pledged or assigned hereunder; 

(d)   except for restrictions and limitations imposed by the First Lien Credit Documents or securities laws or
other applicable laws generally, the Pledged Collateral is and will continue to be freely transferable and assignable, and none of the Pledged Collateral required to be pledged hereunder is or will be subject to any option, right of first refusal,
shareholders agreement, charter or by-law provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral required to be pledged hereunder, the sale or disposition
thereof pursuant hereto or the exercise by the Collateral Agent of rights and remedies hereunder; 

(e)   each Grantor (i) has the power and authority to pledge the Pledged Collateral pledged by it hereunder
in the manner hereby done or contemplated and (ii) will defend its title or interest thereto or therein against any and all Liens (other than any Lien created or permitted by the First Lien Credit Documents, however arising, of all persons
whomsoever; 
 (f)   no consent or approval of any Governmental Authority, any securities exchange or
any other person was or is necessary to the validity of the pledge effected hereby (other than such as have been obtained and are in full force and effect); 

(g)   by virtue of the execution and delivery by each Grantor of this Agreement and the Lien priorities set
forth herein (but subject to the First Lien Intercreditor Agreement), when any Pledged Securities are delivered to the Collateral Agent in accordance with this Agreement, the Collateral Agent will obtain a legal, valid and perfected first priority
lien upon and security interest in such Pledged Securities as security for the payment and performance of the First Lien Obligations subject only to Liens permitted pursuant to the First Lien Credit Documents; and 

(h)   the pledge effected hereby is effective to vest in the Collateral Agent, for the ratable benefit of the
First Lien Secured Parties, the rights of the Collateral Agent in the Pledged Collateral as set forth herein and all action by any Grantor necessary to protect and perfect the Lien on the Pledged Collateral has been duly taken. 

 

 11 

 SECTION 2.04.   Certification of Limited Liability Company Interests and
Limited Partnership Interests.   Each interest in any limited liability company or limited partnership which is a Subsidiary and pledged hereunder shall be represented by a certificate, shall be a “security” within the
meaning of Article 8 of the New York UCC and shall be governed by Article 8 of the New York UCC. 
 SECTION 2.05.  
Registration in Nominee Name; Denominations.   Upon the occurrence and during the continuation of a First Lien Event of Default, the Collateral Agent (on behalf of each of the Administrative Agent, for the ratable benefit of
the Bank Secured Parties, the Trustee, for the ratable benefit of the Notes Secured Parties and the Authorized Representative (if any), for the ratable benefit of the Additional First Lien Secured Parties (if any)) shall have the right (in its sole
and absolute discretion) to hold the Pledged Securities in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Collateral Agent. Upon
the occurrence and during the continuation of a First Lien Event of Default, each Grantor will promptly give to the Collateral Agent copies of any notices or other communications received by it with respect to Pledged Securities in its capacity as
the registered owner thereof. Upon the occurrence and during the continuation of a First Lien Event of Default, the Collateral Agent shall have the right to exchange the certificates representing Pledged Securities for certificates of smaller or
larger denominations for any purpose consistent with this Agreement. 
 SECTION 2.06.   Voting Rights; Dividends
and Interest, Etc.   (a)  Unless and until a First Lien Event of Default shall have occurred and be continuing and the Collateral Agent shall have given the Grantors written notice of its intent to exercise its rights
under this Agreement (which notice shall be deemed to have been given immediately upon the occurrence of a First Lien Event of Default under paragraph (g) or (h) of Article VII of the Credit Agreement, paragraph (7) or
(8) of Section 6.01 of the Indenture or the applicable provision of any Additional Agreements (if any), as applicable): 

(i)   Each Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers
inuring to an owner of Pledged Securities or any part thereof for any purpose consistent with the terms of this Agreement and the other First Lien Credit Documents; provided, however, that such rights and powers shall not be exercised
in any manner that could reasonably be expected to have a Material Adverse Effect. 
 (ii)   The
Collateral Agent shall execute and deliver to each Grantor, or cause to be executed and delivered to each Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such
Grantor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (i) above. 
  

 12 

 (iii)   Each Grantor shall be entitled to receive and retain any
and all dividends, interest, principal and other distributions paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and
otherwise paid or distributed in accordance with, the terms and conditions of the First Lien Credit Documents and applicable law; provided, however, that any noncash dividends, interest, principal or other distributions that would
constitute Pledged Stock or Pledged Debt Securities, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or
any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, to the extent
required to be delivered hereunder, if received by any Grantor, shall not be commingled by such Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the ratable benefit of the
First Lien Secured Parties and shall be forthwith delivered to the Collateral Agent in the same form as so received (with any necessary endorsement or instrument of assignment). This paragraph (iii) shall not apply to dividends between or among
the Borrower and any Subsidiaries only of property subject to a perfected security interest under this Agreement. 

(b)   Upon the occurrence and during the continuance of a First Lien Event of Default, after the Collateral Agent shall have
notified (or shall be deemed to have notified pursuant to Section 2.06(a)) the Grantors in writing of the suspension of their rights under paragraph (a)(iii) of this Section 2.06, then all rights of any Grantor to dividends, interest,
principal or other distributions that such Grantor is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the
sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this
Section 2.06 shall be held in trust for the benefit of the Collateral Agent, shall be segregated from other property or funds of such Grantor and shall be forthwith delivered to the Collateral Agent upon demand in the same form as so received
(with any necessary endorsement or instrument of assignment). Any and all money and other property paid over to or received by the Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the Collateral Agent in an
account to be established by the Collateral Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of Section 4.02. The Collateral Agent shall, promptly after all such Events of Default have
been cured or waived, repay to each applicable Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this
Section 2.06 and that remain in such account. 
  

 13 

 (c)   Upon the occurrence and during the continuance of a First Lien Event of
Default, after the Collateral Agent shall have notified (or shall be deemed to have notified pursuant to Section 2.06(a)) the Grantors in writing of the suspension of their rights under paragraph (a)(i) of this Section 2.06, then all
rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06, and the obligations of the Collateral Agent under paragraph (a)(ii) of this
Section 2.06, shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that,
unless otherwise directed by the Applicable Authorized Representatives, (as defined in the First Lien Intercreditor Agreement), the Collateral Agent shall have the right from time to time following and during the continuance of a First Lien Event of
Default to permit the Grantors to exercise such rights. 
 (d)   Any notice given by the Collateral Agent to the
Grantors exercising its rights under paragraph (a) of this Section 2.06 (i) may be given by telephone if promptly confirmed in writing, (ii) may be given to one or more of the Grantors at the same or different times and
(iii) may suspend the rights of the Grantors under paragraph (a)(i) or paragraph (a)(iii) in part without suspending all such rights (as specified by the Collateral Agent in its sole and absolute discretion) and without waiving or otherwise
affecting the Collateral Agent’s rights to give additional notices from time to time suspending other rights so long as a First Lien Event of Default has occurred and is continuing. 

ARTICLE III 

Security Interests in Personal Property 

SECTION 3.01.   Security Interest.   (a)  As security for the payment or performance, as the
case may be, in full of the First Lien Obligations, each Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns (on behalf of each of the Administrative Agent, for the ratable benefit of the Bank Secured Parties, the
Trustee, for the ratable benefit of the Notes Secured Parties and the Authorized Representative (if any), for the ratable benefit of the Additional First Lien Secured Parties (if any)), and hereby grants to the Collateral Agent, its successors and
assigns (on behalf of each of the Administrative Agent, for the ratable benefit of the Bank Secured Parties, the Trustee, for the ratable benefit of the Notes Secured Parties and the Authorized Representative (if any), for the ratable benefit of the
Additional First Lien Secured Parties (if any)), a security interest (the “Security Interest”), in all right, title or interest in or to any and all of the following assets and properties now owned or at any time hereafter
acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Article 9 Collateral”): 

(i)    all Accounts; 

(ii)   all Chattel Paper; 

(iii)  all cash and Deposit Accounts; 

(iv)   all Documents; 
  

 14 

 (v)      all Equipment; 

(vi)     all General Intangibles; 

(vii)    all Instruments; 

(viii)   all Inventory; 

(ix)     all Investment Property; 

(x)      all Letter-of-Credit Rights; 

(xi)     all Commercial Tort Claims; 

(xii)    all books and records pertaining to the Article 9 Collateral; and 

(xiii)   to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all
collateral security and guarantees given by any person with respect to any of the foregoing; 
 (xiv)  
provided, however, that notwithstanding any of the other provisions set forth in this Article III, in no event shall the security interest granted under this Article III attach to any Excluded Collateral. 

(b)   Each Grantor hereby irrevocably authorizes the Collateral Agent at any time and from time to time to file in any relevant
jurisdiction any initial financing statements (including fixture filings) with respect to the Article 9 Collateral or any part thereof and amendments thereto that (i) indicate the Article 9 Collateral as “all assets” of such Grantor
or words of similar effect, and (ii) contain the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing statement or amendment, including (A) whether such Grantor is
an organization, the type of organization and any organizational identification number issued to such Grantor and (B) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such
Article 9 Collateral relates. Each Grantor agrees to provide such information to the Collateral Agent promptly upon request. 

The Collateral Agent is further authorized to file with the United States Patent and Trademark Office or United States Copyright Office
(or any successor office or any similar office in any other country) such documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by each Grantor,
without the signature of any Grantor, and naming any Grantor or the Grantors as debtors and the Collateral Agent (on behalf of each of the Administrative Agent, for the ratable benefit of the Bank Secured Parties, the Trustee, for the ratable
benefit of the Notes Secured Parties and the Authorized Representative (if any), for the ratable benefit of the Additional First Lien Secured Parties (if any)), as secured party. 

 

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 (c)   The Security Interest is granted as security only and shall not subject the
Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Article 9 Collateral. 

SECTION 3.02.   Representations and Warranties.   The Grantors jointly and severally represent and
warrant to the Collateral Agent and the First Lien Secured Parties that: 
 (a)   Except for the
security interests granted hereunder and the Liens permitted pursuant to the First Lien Credit Documents, each Grantor has good and valid rights in and title to the Article 9 Collateral with respect to which it has purported to grant a Security
Interest hereunder and has full power and authority to grant to the Collateral Agent, for the ratable benefit of the First Lien Secured Parties, the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and
perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other person other than any consent or approval that has been obtained. 

(b)   The Perfection Certificate has been duly prepared, completed and executed and the information set forth
therein (including (x) the exact legal name of each Grantor and (y) the jurisdiction of organization of each Grantor) is correct and complete in all material respects as of the Closing Date. Uniform Commercial Code financing statements
(including fixture filings, as applicable) or other appropriate filings, recordings or registrations containing a description of the Article 9 Collateral have been prepared by the Borrower based upon the information provided to the
Administrative Agent and the First Lien Secured Parties in the Perfection Certificate for filing in each governmental, municipal or other office specified in Section 2 of the Perfection Certificate (or specified by notice from the Borrower to
the Administrative Agent or the Trustee after the Closing Date in the case of filings, recordings or registrations required by the First Lien Credit Documents). 

(c)   The Article 9 Collateral is owned by the Grantors free and clear of any Lien, except for Liens
expressly permitted pursuant to the First Lien Credit Documents. No Grantor has filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial Code or any other applicable laws covering any
Article 9 Collateral, (ii) any assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument covering any Article 9 Collateral with the United States Patent and Trademark Office or the United
States Copyright Office, (iii) any notice under the Assignment of Claims Act, or (iv) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9
Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted
pursuant to the First Lien Credit Documents. As of the Closing Date, no Grantor holds any Commercial Tort Claims except as indicated on the Perfection Certificate. 

 

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 SECTION 3.03.   Covenants.   (a)  Except in
connection with a transaction permitted by the First Lien Credit Documents following which any Grantor shall cease to be a Grantor, each Grantor agrees promptly to notify the Collateral Agent in writing of any change in (i) its legal name,
(ii) its identity or type of organization or corporate structure, (iii) its Federal Taxpayer Identification Number or organizational identification number or (iv) its jurisdiction of organization. Each Grantor agrees promptly to
provide the Collateral Agent with certified organizational documents reflecting any of the changes described in the first sentence of this paragraph. Each Grantor agrees not to effect or permit any change referred to in the preceding sentence unless
all filings have been made under the Uniform Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected first priority security interest in all
the Article 9 Collateral contemplated hereunder. Each Grantor agrees promptly to notify the Collateral Agent if any material portion of the Article 9 Collateral owned or held by such Grantor is damaged or destroyed. 

(b)   Each Grantor agrees to maintain, at its own cost and expense, such complete and accurate records with respect to the
Article 9 Collateral owned by it as is consistent with its current practices and in accordance with such prudent and standard practices used in industries that are the same as or similar to those in which such Grantor is engaged. 

(c)   Each year, at the time of delivery of annual financial statements with respect to the preceding fiscal year pursuant to
Section 5.04(a) of the Credit Agreement, after the Discharge of Credit Agreement Obligations, Section 4.17 of the Indenture, or after the Discharge of Credit Agreement Obligations and termination of the Indenture in accordance with the
terms thereof, any applicable provision of the Additional Agreements (if any), the Borrower shall deliver to the Collateral Agent a certificate executed by a Responsible Officer of the Borrower and setting forth in the format of Schedule III a
list of all Intellectual Property of any Grantor in existence on the date thereof and not then listed on such Schedules or previously so identified to the Collateral Agent. 

(d)   Each Grantor shall, at its own expense, take any and all actions reasonably necessary to defend title to the
Article 9 Collateral against all persons and to defend the Security Interest of the Collateral Agent in the Article 9 Collateral and the priority thereof against any Lien not expressly permitted pursuant to the First Lien Credit Documents.

 (e)   Each Grantor agrees, at its own expense, promptly to execute, acknowledge, deliver and cause to be duly filed
all such further instruments and documents and take all such actions as the Collateral Agent (as instructed by the Applicable Authorized Representative, as defined in the First Lien Intercreditor Agreement) may from time to time reasonably request
to better assure, obtain, preserve, 
  

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protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and Taxes required in connection with the execution and delivery of this
Agreement, the granting of the Security Interest and the filing of any financing or continuation statements (including fixture filings) or other documents in connection herewith or therewith unless the validity or amount thereof is being contested
in good faith by appropriate proceedings. 
 Without limiting the generality of the foregoing, each Grantor hereby authorizes
the Collateral Agent, with reasonable prior notice thereof to the Grantors, to supplement this Agreement by supplementing Schedule III or adding additional schedules hereto to identify specifically any asset or item of a Grantor that
constitutes Copyrights, Licenses, Patents or Trademarks; provided that any Grantor shall have the right, exercisable within 10 days after it has been notified by the Collateral Agent of the specific identification of such Collateral, to
advise the Collateral Agent in writing of any inaccuracy of the representations and warranties made by such Grantor hereunder with respect to such Collateral. Each Grantor agrees that it will use its reasonable best efforts to take such action as
shall be reasonably necessary in order that all representations and warranties hereunder shall be true and correct with respect to such Collateral within 30 days after the date it has been notified by the Collateral Agent (as instructed by the
Applicable Authorized Representative) of the specific identification of such Collateral. 
 (f)   The Collateral Agent
and such persons as the Collateral Agent may designate shall have the right, at the applicable Grantor’s own cost and expense, but not more than once each fiscal year prior to a First Lien Event of Default at reasonable times and often as
reasonably requested during the continuance of a First Lien Event of Default, to inspect the Article 9 Collateral, all records related thereto (and to make extracts and copies from such records) and the premises upon which any of the
Article 9 Collateral is located, to discuss the applicable Grantor’s affairs with the officers of such Grantor and its independent accountants and to verify the existence, validity, amount, quality, quantity, value, condition and status
of, or any other matter relating to, the Article 9 Collateral, including, in the case of Accounts or other Article 9 Collateral in the possession of any third person, by contacting Account Debtors or the third person possessing such
Article 9 Collateral for the purpose of making such a verification. The Collateral Agent upon written notice to each Grantor shall have the absolute right to share any information it gains from such inspection or verification with any Secured
Party. 
 (g)   At its option, during the continuance of a First Lien Event of Default, the Collateral Agent may
discharge past due Taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not expressly permitted pursuant to the First Lien Credit Documents, and may pay
for the maintenance and preservation of the Article 9 Collateral to the extent any Grantor fails to do so as required by the First Lien Credit Documents or this Agreement, and each Grantor jointly and severally agrees to reimburse the
Collateral Agent promptly following demand for any payment made or any expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided, however, that nothing in this paragraph shall be interpreted as excusing
any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to Taxes, assessments, charges, fees, Liens, security
interests or other encumbrances and maintenance as set forth herein or in the other First Lien Credit Documents. 
  

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 (h)   If at any time any Grantor shall take a security interest in any material
property of an Account Debtor or any other person to secure payment and performance of a material Account, such Grantor shall promptly assign such security interest to the Collateral Agent for the ratable benefit of the First Lien Secured Parties.
Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other person granting the security interest. 

(i)   Each Grantor, at its own expense, shall maintain or cause to be maintained insurance covering physical loss or damage to
the Inventory and Equipment in accordance with the requirements set forth in the First Lien Credit Documents. Each Grantor irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the
Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) for the purpose, upon the occurrence and during the continuance of a First Lien Event of Default, of making, settling and adjusting claims in respect of
Article 9 Collateral under policies of insurance, endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making all determinations and decisions with
respect thereto. Upon the occurrence and during the continuance of a First Lien Event of Default, in the event that any Grantor at any time or times shall fail to obtain or maintain any of the policies of insurance required hereby or under the First
Lien Credit Documents or to pay any premium in whole or part relating thereto, the Collateral Agent or the Applicable Authorized Representative may, without waiving or releasing any obligation or liability of any Grantor hereunder or any Default or
Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other reasonable actions with respect thereto as the Collateral Agent or the Applicable Authorized Representative deems
advisable. All sums disbursed by the Collateral Agent in connection with this paragraph, including attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, by the Grantors to the Collateral Agent and shall be
additional Collateral Agent Obligations secured hereby. 
 (j)   Each Grantor shall maintain records of its Chattel
Paper and its books, records and documents evidencing or pertaining thereto. 
 SECTION 3.04.   Other
Actions.   In order to further insure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Security Interest in the Article 9 Collateral, each Grantor agrees, in each case at such
Grantor’s own expense, to take the following actions with respect to the following Article 9 Collateral: 

(a)   Instruments.   If any Grantor shall at any time hold or acquire any Instruments
having an individual value in excess of $250,000, such Grantor shall forthwith endorse, assign and deliver the same to the Collateral Agent, accompanied by such undated instruments of endorsement, transfer or assignment duly executed in blank as the
Collateral Agent (as instructed by the Applicable Authorized Representative) may from time to time specify. 
  

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 (b)   Deposit Accounts.   For each Deposit
Account that any Grantor at any time opens or maintains, such Grantor shall, upon the Collateral Agent’s written request (as instructed by the Applicable Authorized Representative), either (i) cause the depositary bank to agree to comply
at any time with instructions from the Collateral Agent to such depositary bank directing the disposition of funds from time to time credited to such Deposit Account, without further consent of such Grantor or any other person, pursuant to an
agreement in form and substance reasonably satisfactory to the Collateral Agent or (ii) arrange for the Collateral Agent to become the customer of the depositary bank with respect to the Deposit Account, with the Grantor being permitted, only
with the consent of the Collateral Agent, to exercise rights to withdraw funds from such Deposit Account. The Collateral Agent agrees with each Grantor that the Collateral Agent shall not give any such instructions or withhold any withdrawal rights
from any Grantor, unless a First Lien Event of Default has occurred and is continuing. The provisions of this paragraph shall not apply to (x) any Deposit Account for which any Grantor, the depositary bank and the Collateral Agent have entered
into a cash collateral agreement specially negotiated among such Grantor, the depositary bank and the Collateral Agent for the specific purpose set forth therein, (y) (A) any payroll, withholding tax or other fiduciary account,
(B) any Deposit Accounts holding customer deposits, which by their terms or applicable law may not be pledged and (C) any Deposit Accounts used in the ordinary course of business solely for daily accounts payable and that has an ending
daily balance of zero and/or (z) any such Deposit Accounts that, together with any Securities Accounts described in Section 3.04(c)(z) below, in the aggregate, have a principal balance of $1,000,000 or less. 

(c)   Investment Property.   Except to the extent otherwise provided in
Article III, if any Grantor shall at any time hold or acquire any certificated securities having an individual value in excess of $250,000 (or otherwise required to be delivered hereunder), such Grantor shall forthwith endorse, assign and
deliver the same to the Collateral Agent, accompanied by such undated instruments of transfer or assignment duly executed in blank as the Collateral Agent may from time to time specify. If any such securities now or hereafter acquired by any Grantor
are uncertificated and are issued to such Grantor or its nominee directly by the issuer thereof, such Grantor shall promptly notify the Collateral Agent thereof and, at the Collateral Agent’s written request (as instructed by the Applicable
Authorized Representative) and option, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) cause the issuer to agree to comply with instructions from the Collateral Agent as to such
securities, without further consent of any Grantor or such nominee, or (ii) arrange for the Collateral Agent to become the registered owner of the securities. If any securities, whether certificated or uncertificated, or other Investment
Property now or hereafter acquired by any Grantor are held by 
  

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such Grantor or its nominee through a Securities Intermediary or Commodity Intermediary, such Grantor shall promptly notify the Collateral Agent thereof and, at the Collateral Agent’s
request and option (as instructed by the Applicable Authorized Representative), pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) cause such Securities Intermediary or Commodity
Intermediary, as the case may be, to agree to comply with Entitlement Orders from the Collateral Agent to such Securities Intermediary as to such securities or other Investment Property, or (as the case may be) to apply any value distributed on
account of any commodity contract as directed by the Collateral Agent to such Commodity Intermediary, in each case without further consent of any Grantor or such nominee, or (ii) in the case of Financial Assets (as governed by Article 8 of
the New York UCC) or other Investment Property held through a Securities Intermediary, arrange for the Collateral Agent to become the Entitlement Holder with respect to such Investment Property, with the Grantor being permitted, only with the
consent of the Collateral Agent, to exercise rights to withdraw or otherwise deal with such Investment Property. The Collateral Agent agrees with each Grantor that the Collateral Agent shall not give any such Entitlement Orders or instructions or
directions to any such issuer, Securities Intermediary or Commodity Intermediary, and shall not withhold its consent to the exercise of any withdrawal or dealing rights by any Grantor, unless a First Lien Event of Default has occurred and is
continuing. The provisions of this paragraph shall not apply to (x) any Financial Assets credited to a Securities Account for which the Collateral Agent is the Securities Intermediary, (y) any payroll, withholding tax or other fiduciary
account and/ or (z) any Securities Accounts that, together with any Deposit Accounts described in Section 3.04(b)(z) above, in the aggregate, have a principal balance of $1,000,000 or less. 

(d)   Electronic Chattel Paper and Transferable Records.   If any Grantor at any time
holds or acquires an interest in 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, in each case having an individual value in excess of $250,000, such Grantor shall promptly notify the Collateral Agent thereof and, at the written request of the
Collateral Agent (as instructed by the Applicable Authorized Representative), shall take such action as the Collateral Agent may reasonably request (as instructed by the Applicable Authorized Representative) to vest in the Collateral Agent control
under New York UCC Section 9-105 of such Electronic Chattel Paper 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 Collateral Agent agrees with such Grantor that the Collateral Agent will arrange, pursuant to procedures reasonably satisfactory to the Collateral Agent and so
long as such procedures will not result in the Collateral Agent’s loss of control, for the Grantor to make alterations to such Electronic Chattel Paper or transferable record permitted under UCC Section 9-105 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 party in control to allow without loss of control, unless a First Lien Event of Default has
occurred and is continuing. 
  

 21 

 (e)   Letter-of-Credit Rights.   If any
Grantor is at any time a beneficiary under a letter of credit having an individual value in excess of $250,000 now or hereafter issued in favor of such Grantor, such Grantor shall promptly notify the Collateral Agent thereof and, at the request and
option of the Collateral Agent (as instructed by the Applicable Authorized Representative), such Grantor shall, pursuant to an agreement in form and substance reasonably satisfactory to the Collateral Agent, either (i) arrange for the issuer
and any confirmer of such letter of credit to consent to an assignment to the Collateral Agent of the proceeds of any drawing under the letter of credit or (ii) arrange for the Collateral Agent to become the transferee beneficiary of the letter
of credit, with the Collateral Agent agreeing, in each case, that the proceeds of any drawing under the letter of credit are to be paid to the applicable Grantor unless a First Lien Event of Default has occurred and is continuing. 

(f)   Commercial Tort Claims.   If any Grantor shall at any time hold or acquire a
Commercial Tort Claim in an amount reasonably estimated to exceed $500,000, the Grantor shall promptly notify the Collateral Agent thereof in a writing signed by such Grantor including a summary description of such claim and grant to the Collateral
Agent, for the ratable benefit of the First Lien Secured Parties, 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 satisfactory to the
Collateral Agent. 
 (g)   At any time after the Discharge of Credit Agreement Obligations, the
requirement to promptly take actions or delivering such certificates, instruments and other documents with respect to the Article 9 Collateral referred to in the preceding paragraphs of this Section 3.04 (except such Collateral referred to in
paragraphs (b) and (f)) may be satisfied by taking such actions or delivering any such certificates, instruments and other documents issued or obtained during any fiscal quarter of the Borrower at the time of the delivery of financial
statements for such quarters pursuant to any First Lien Credit Document; provided that the Collateral Agent may request prompt action with respect to the Article 9 Collateral or delivery of the certificates, instruments and other documents
referred to in the preceding paragraphs of this Section 3.04 at its sole discretion. 
 SECTION 3.05.  
Covenants Regarding Patent, Trademark and Copyright Collateral.   (a)  Each Grantor agrees that it will not, and will not permit any of its licensees to, do any act, or omit to do any act, whereby any Patent that is
material to the conduct of such Grantor’s business may become invalidated or dedicated to the public, and agrees that it shall continue to mark any products covered by any such Patent with the relevant patent number as necessary and sufficient
to establish and preserve its maximum rights under applicable patent laws. 
  

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 (b)   Each Grantor (either itself or through its licensees or its sublicensees)
will, for each Trademark material to the conduct of such Grantor’s business, (i) maintain such Trademark in full force free from any claim of abandonment or invalidity for non-use, (ii) maintain the quality of products and services
offered under such Trademark, (iii) display such Trademark with notice of Federal or foreign registration to the extent necessary and sufficient to establish and preserve its maximum rights under applicable law and (iv) not knowingly use
or knowingly permit the use of such Trademark in violation of any third party rights. 
 (c)   Each Grantor (either
itself or through its licensees or sublicensees) will, for each work covered by a material Copyright, continue to publish, reproduce, display, adopt and distribute the work with appropriate copyright notice as necessary and sufficient to establish
and preserve its maximum rights under applicable copyright laws. 
 (d)   Each Grantor shall notify the Collateral
Agent promptly if it knows or has reason to know that any Patent, Trademark or Copyright material to the conduct of its business may become abandoned, lost or dedicated to the public, or of any adverse determination or development (including the
institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, United States Copyright Office or any court or similar office of any country) regarding such Grantor’s ownership of
any Patent, Trademark or Copyright, its right to register the same, or its right to keep and maintain the same. 

(e)   In no event shall any Grantor, either itself or through any agent, employee, licensee or designee, file an application
for any Patent, Trademark or Copyright (or for the registration of any Trademark or Copyright) with the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the United
States or in any other country or any political subdivision thereof, unless it promptly notifies the Collateral Agent, and, upon request of the Collateral Agent, executes and delivers any and all agreements, instruments, documents and papers as the
Collateral Agent may reasonably request to evidence the Security Interest in such Patent, Trademark or Copyright, and each Grantor hereby appoints the Collateral Agent as its attorney-in-fact to execute and file such writings for the foregoing
purposes, all acts of such attorney being hereby ratified and confirmed; such power, being coupled with an interest, is irrevocable for the term of this Agreement. At any time after the Discharge of Credit Agreement Obligations, the requirement to
notify the Collateral Agent referred to in this paragraph may be satisfied by notifying the Collateral Agent at the time of the delivery of financial statements for such quarters pursuant to any First Lien Credit Document; provided that the
Collateral Agent may request prompt notification pursuant to this paragraph at its sole discretion. 
 (f)   Each
Grantor will take all necessary steps that are consistent with the practice in any proceeding before the United States Patent and Trademark Office, United States Copyright Office or any office or agency in any political subdivision of the United
States or in any other country or any political subdivision thereof, to maintain and pursue each material application relating to the Patents, Trademarks and/or Copyrights (and to obtain the relevant grant or registration) and to maintain each
issued Patent and each 
  

 23 

 
registration of the Trademarks and Copyrights that is material to the conduct of any Grantor’s business, including timely filings of applications for renewal, affidavits of use, affidavits
of incontestability and payment of maintenance fees, and, if consistent with good business judgment, to initiate opposition, interference and cancellation proceedings against third parties. 

(g)   In the event that any Grantor knows or has reason to believe that any Article 9 Collateral consisting of a Patent,
Trademark or Copyright material to the conduct of any Grantor’s business has been or is about to be materially infringed, misappropriated or diluted by a third person, such Grantor promptly shall notify the Collateral Agent and shall, if
consistent with good business judgment, promptly sue for infringement, misappropriation or dilution and to recover any and all damages for such infringement, misappropriation or dilution, and take such other actions as are appropriate under the
circumstances to protect such Article 9 Collateral. 
 (h)   Upon the occurrence and during the continuance of a
First Lien Event of Default, promptly following the request of the Collateral Agent (as instructed by the Applicable Authorized Representative) each Grantor shall use its best efforts to promptly obtain all requisite consents or approvals by the
licensor of each Copyright License, Patent License or Trademark License, and each other material License, to effect the assignment of all such Grantor’s right, title and interest thereunder to the Collateral Agent, for the ratable benefit of
the First Lien Secured Parties, or its designee. 
 ARTICLE IV 

Remedies 

SECTION 4.01.   Remedies Upon Default.   Upon the occurrence and during the continuance of a First Lien
Event of Default, each Grantor agrees to deliver each item of Collateral to the Collateral Agent on demand, and it is agreed that the Collateral Agent shall have the right to take any of or all the following actions at the same or different times:
(a) with respect to any Article 9 Collateral consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the applicable
Grantor to the Collateral Agent, or to license or sublicense, whether general, special or otherwise, and whether on an exclusive or nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such
manner as the Collateral Agent shall determine (other than in violation of any then-existing licensing arrangements to the extent that waivers cannot upon the use of commercially reasonable efforts be obtained), and (b) with or without legal
process and with or without prior notice or demand for performance, to take possession of the Article 9 Collateral and without liability for trespass to enter any premises where the Article 9 Collateral may be located for the purpose of taking
possession of or removing the Article 9 Collateral and, generally, to exercise any and all rights afforded to a secured party under the Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, each Grantor
agrees that the Collateral Agent shall have the right, subject to 
  

 24 

 
the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale or at any broker’s board or on any securities
exchange, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized at any such sale (if it deems it reasonable to do so) to restrict the prospective bidders or purchasers
to persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Collateral Agent shall have the
right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any such sale shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and each
Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 

The Collateral Agent shall give each applicable Grantor 10 days’ written notice (which each Grantor agrees is reasonable notice
within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and
place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered
for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice (if any) of such sale. At any such sale,
the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be obligated to make any sale of
any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to
be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral
is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur any liability in case any such
purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to
this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by applicable law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby waived and released
to the extent permitted by applicable law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party from any Grantor as a credit against the purchase
price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral

  

 25 

 
or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of
the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been remedied and the First Lien Obligations paid in full. As
an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or
decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as
provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 
 SECTION
4.02.   Application of Proceeds.   (a)  The Collateral Agent shall apply the proceeds of any collection, sale, foreclosure or other realization upon any Collateral, including any Collateral consisting of
cash, as provided for in the First Lien Intercreditor Agreement. 
 (b)   The Collateral Agent shall have absolute
discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement and the First Lien Intercreditor Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of
sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers
shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 

SECTION 4.03.   Grant of License to Use Intellectual Property.   For the purpose of enabling the
Collateral Agent to exercise rights and remedies under this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Collateral Agent an irrevocable,
nonexclusive license (exercisable without payment of royalty or other compensation to the Grantors), to use, license or sublicense any of the Article 9 Collateral consisting of Intellectual Property now owned or hereafter acquired by such
Grantor, and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. The
use of such license by the Collateral Agent may be exercised, at the option of the Collateral Agent, only upon the occurrence and during the continuation of a First Lien Event of Default; provided, however, that any license, sublicense
or other transaction entered into by the Collateral Agent in accordance herewith shall be binding upon each Grantor notwithstanding any subsequent cure of a First Lien Event of Default. 

 

 26 

 SECTION 4.04.   Securities Act, Etc.   In view of the
position of the Grantors in relation to the Pledged Collateral, or because of other current or future circumstances, a question may arise under the U.S. Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter enacted
analogous in purpose or effect (such Act and any such similar statute as from time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder.
Each Grantor understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of the Collateral Agent if the Collateral Agent were to attempt to dispose of all or any part of the Pledged Collateral, and
might also limit the extent to which or the manner in which any subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Collateral Agent in any attempt
to dispose of all or part of the Pledged Collateral under applicable “blue sky” or other state securities laws or similar laws analogous in purpose or effect. Each Grantor recognizes that in light of such restrictions and limitations the
Collateral Agent may, with respect to any sale of the Pledged Collateral, limit the purchasers to those who will agree, among other things, to acquire such Pledged Collateral for their own account, for investment, and not with a view to the
distribution or resale thereof. Each Grantor acknowledges and agrees that in light of such restrictions and limitations, the Collateral Agent, in its sole and absolute discretion (a) may proceed to make such a sale whether or not a registration
statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws and (b) may approach and negotiate with a limited number of potential purchasers (including a single
potential purchaser) to effect such sale. Each Grantor acknowledges and agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions. In the event of any
such sale, the Collateral Agent shall incur no responsibility or liability for selling all or any part of the Pledged Collateral at a price that the Collateral Agent, in its sole and absolute discretion, may in good faith deem reasonable under the
circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more than a limited number of purchasers (or a single purchaser) were
approached. The provisions of this Section 4.04 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed substantially the price at which the Collateral Agent sells. 

ARTICLE V 

Miscellaneous 

SECTION 5.01.   Notices.   All notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax, as follows: 

(a)   if to the Collateral Agent, to it at The Bank of New York Mellon Trust Company, N.A., 900 Ashwood Parkway, Suite 425,
Atlanta, GA 30338, Attention of BNY Mellon Corporate Trust (Telephone: (770) 698-5109 , Fax No. (770) 698-5108); 
  

 27 

 (b)   if to the Trustee, to it at The Bank of New York Mellon Trust Company, N.A.,
900 Ashwood Parkway, Suite 425, Atlanta, GA 30338, Attention of BNY Mellon Corporate Trust (Telephone: (770) 698-5109, Fax No. (770) 698-5108); 

(c)   if to the Administrative Agent, to it at Credit Suisse AG, Agency Manager, Eleven Madison Avenue, New York, NY 10010 (Fax
No. 212-322-2291), Email: agency.loanops@credit-suisse.com; 
 (d)   if to any Additional Authorized
Representative, to it at the address set forth in the applicable Joinder; and 
 (e)   if to any Grantor, to it at
7037 Old Madison Pike, Huntsville, AL 35806, Attention of Richard E. Fish, Jr. (Fax No. (256) 382-3935). 
 SECTION
5.02.   Security Interest Absolute.   In accordance with applicable laws, all rights of the Collateral Agent hereunder, the Security Interest, the grant of a security interest in the Pledged Collateral and all
obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of any First Lien Credit Document, any agreement with respect to any of the First Lien Obligations or any other
agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the First Lien Obligations, or any other amendment or waiver of or any consent to any
departure from any First Lien Credit Document or any other agreement or instrument relating to the foregoing, (c) any exchange, release or non-perfection of any Lien on other collateral (except for dispositions of Collateral permitted pursuant
to the terms of the First Lien Credit Documents), or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the First Lien Obligations, or (d) any other circumstance that
might otherwise constitute a defense available to, or a discharge of, any Grantor in respect of the First Lien Obligations or this Agreement. 

SECTION 5.03.   Survival of Agreement.   All covenants, agreements, representations and warranties made
by the Loan Parties in the First Lien Credit Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other First Lien Credit Document shall be considered to have been
relied upon by the First Lien Secured Parties and shall survive the execution and delivery of the First Lien Credit Documents and the Transactions, regardless of any investigation made by any First Lien Secured Parties or on their behalf and
notwithstanding that the Collateral Agent or any Secured Party may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the First Lien Credit Documents, and shall continue in
full force and effect (a) with respect to the Bank Obligations, as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable upon any Loan Document is outstanding and unpaid or the aggregate L/C
Exposure does not equal zero and so long as the Commitments have not expired or terminated, (b) with respect to the Notes Obligations, until the occurrence of (i) the payment in full of the Notes Obligations (other than contingent or
unliquidated obligations or liabilities), (ii) a legal 
  

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defeasance, covenant defeasance or a discharge under Article Eight of the Indenture, or (iii) the date when the Holders of all outstanding Notes issued under the Indenture consent to the
termination of this Agreement, (c) with respect to Liens securing Collateral Agent Obligations, until the occurrence of (i) the payment in full in cash of the Collateral Agent Obligations (other than contingent or unliquidated obligations
or liabilities) or (ii) the date when the Collateral Agent consents to the termination of this Agreement and (d) with respect to the Additional First Lien Obligations, until the occurrence of (i) the payment in full in cash of the
Additional First Lien Obligations (other than contingent or unliquidated obligations or liabilities) or (ii) the date when the Authorized Representative consents to the termination of this Agreement. 

SECTION 5.04.   Binding Effect; Several Agreement.   This Agreement shall become effective as to any
Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon such
Grantor and the Collateral Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Grantor, the Collateral Agent and the other First Lien Secured Parties and their respective successors and assigns, except
that no Grantor shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated or permitted by this
Agreement, or the First Lien Credit Documents. This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, modified, supplemented, waived or released with respect to any Grantor without the approval of
any other Grantor and without affecting the obligations of any other Grantor hereunder. 
 SECTION 5.05.  
Successors and Assigns.   Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and
agreements by or on behalf of any Grantor or the Collateral Agent that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. 

SECTION 5.06.   Indemnity and Expenses.   (a)  Each Grantor agrees to indemnify, defend and
save and hold harmless each Secured Party and each of their Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against, and shall pay on written demand,
any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable and documented fees and expenses of counsel that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising
out of or in connection with or resulting from this Agreement (including, without limitation, enforcement of this Agreement), except to the extent such claim, damage, loss, liability or expense has resulted from such Indemnified Party’s own
gross negligence or willful misconduct. 
  

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 (b)   Each Grantor will upon written demand pay to the Collateral Agent and the
Agents the amount of any and all actual reasonable and documented out-of- pocket expenses, including, without limitation, the reasonable and documented fees and expenses of their respective counsel, that they may incur in connection with
(i) the administration of this Agreement, or (ii) the custody of any of the Collateral of such Grantor. 

(c)   Each Grantor will upon written demand pay to the Collateral Agent and the Agents the amount of any and all actual
out-of-pocket and documented expenses, including, without limitation, the reasonable and documented fees, disbursements and other charges of counsel in connection with (i) the exercise or enforcement of any of the rights of the Collateral
Agent, the Agents or the other First Lien Secured Parties hereunder or (ii) the failure by such Grantor to perform or observe any of the provisions hereof; provided that such fees and expenses shall be limited to one external counsel
(and appropriate local counsel) for all such persons unless there are actual or potential conflicting interests between or among such persons arising out of the matters within the scope of this Section 5.06(c). 

(d)   Any such amounts payable as provided hereunder shall be additional First Lien Obligations secured hereby and by the other
Security Documents. The provisions of this Section 5.06 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other First Lien Credit Document, the consummation of the transactions
contemplated hereby, the repayment of any of the First Lien Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other First Lien Credit Document, or any investigation made by or on behalf of the
Collateral Agent or any other Secured Party. All amounts due under this Section 5.06 shall be payable promptly following written demand therefor and shall bear interest, on and from the date of demand, at the rate specified in
Section 2.07(b) of the Credit Agreement or after the Discharge of Credit Agreement Obligations, Section 2.14 of the Indenture. 

SECTION 5.07.   Collateral Agent Appointed Attorney-in-Fact.   Upon the occurrence and during the
continuation of a First Lien Event of Default, each Grantor hereby appoints the Collateral Agent as the attorney-in-fact of such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any
instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable for the term of this Agreement and coupled with an interest; provided, however, that notwithstanding the
preceding each Grantor hereby immediately appoints the Collateral Agent as the attorney-in-fact of such Grantor for the purpose of perfecting any security interest created hereunder. Without limiting the generality of the foregoing, the Collateral
Agent shall have the right, upon the occurrence and during the continuance of a First Lien Event of Default, with full power of substitution either in the Collateral Agent’s name or in the name of such Grantor (a) to receive, endorse,
assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof, (b) to demand, collect, receive payment of, give receipt for and give discharges
and releases of all or any of the Collateral, (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the Collateral, (d) to send verifications of Accounts Receivable to any account debtor, (e) to
commence and 
  

 30 

 
prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any
rights in respect of any Collateral, (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral, (g) to notify, or to require any Grantor to notify, account debtors to
make payment directly to the Collateral Agent, and (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out
the purposes of this Agreement in accordance with its terms, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes; provided, however, that nothing herein contained shall be
construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take any action
with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other First Lien Secured Parties shall be accountable only for amounts actually
received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross
negligence or willful misconduct. 
 SECTION 5.08.   Applicable Law.   THIS AGREEMENT SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 5.09.  
Waivers; Amendment.   (a)  No failure or delay by the Collateral Agent, any Agent or any other Secured Party in exercising any right or power hereunder or under any other First Lien Credit Document shall operate as
a waiver hereof or thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any
other right or power. The rights and remedies of the Collateral Agent, any Agent or any other Secured Party hereunder and under the other First Lien Credit Documents are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of any First Lien Credit Document or consent to any departure by any Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 5.09, and
then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 

(b)   Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Collateral Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with the First Lien Intercreditor
Agreement; provided that the Collateral Agent and the Grantors may amend this Agreement to correct administrative or manifest errors or omissions. No notice or demand on any Grantor in any case shall entitle any Grantor to any other or further
notice or demand in similar or other circumstances. 
  

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 SECTION 5.10.   WAIVER OF JURY TRIAL.   EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.10. 

SECTION 5.11.   Severability.   In the event any one or more of the provisions contained in this
Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood
that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 5.12.   Counterparts.   This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original but all of which when taken together shall constitute a single contract, and shall become effective as provided in Section 5.04. Delivery of an executed
signature page to this Agreement by facsimile or any other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 5.13.   Headings.   Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 5.14.   Jurisdiction; Consent to Service of Process.   (a)  Each of the Grantors
hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of any New York State court or Federal court of the United States of America, sitting in New York County, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the Loan Parties hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any 

 

 32 

 
other First Lien Credit Document shall affect any right that the Collateral Agent, the Agents, or any other Secured Party may otherwise have to bring any action or proceeding relating to this
Agreement or any other First Lien Credit Document against any Grantor or its properties in the courts of any jurisdiction. 

(b)   Each of the Loan Parties hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (a) of this Section 5.14. Each
of the parties hereto irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c)   Each of the parties hereto hereby irrevocably consents to service of process in the manner provided for notices in
Section 5.01. Nothing in this Agreement or any other First Lien Credit Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 5.15.   Termination or Release.   (a)  Upon the latest of (i) the payment in
full in cash of the First Lien Obligations that are Bank Obligations other than First Lien Obligations with respect to Hedging Agreements not yet due and payable and contingent indemnification obligations not yet accrued and payable, (ii) the
Revolving Credit Maturity Date and (iii) the cash collateralization or back-stop (on terms reasonably satisfactory to the Administrative Agent), termination or expiration of all Letters of Credit, the Lien on all Collateral created under this
Agreement that secures the Bank Obligations shall terminate and all rights of the Administrative Agent and the other Bank Secured Parties to the Collateral shall revert to the applicable Grantor. Upon any such termination, the Administrative Agent
will, at the applicable Grantor’s expense, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 

(b)   Upon the occurrence of (i) the payment in full in cash of the First Lien Obligations that are Note Obligations
(other than contingent or unliquidated obligations or liabilities), (ii) the date when the Holders of at least two-thirds of the aggregate principal amount of the Notes then outstanding under the Indenture consent to the termination of this
Agreement or (iii) at the election of the Borrower, during any Suspension Period (as defined in the Indenture), the Lien on all Collateral created under this Agreement that secures the Note Obligations shall terminate and all rights of the
Trustee and the other Notes Secured Parties to the Collateral shall revert to the applicable Grantor. Upon any such termination, the Trustee will, at the applicable Grantor’s expense, execute and deliver to such Grantor such documents as such
Grantor shall reasonably request to evidence such termination. 
 (c)   Upon the occurrence of (i) the payment in
full in cash of the First Lien Obligations that are Collateral Agent Obligations (other than contingent or unliquidated obligations or liabilities) or (ii) the date when the Collateral Agent consents to the termination of this Agreement, the
Lien on all Collateral created under this Agreement 
  

 33 

 
that secures the Collateral Agent Obligations shall terminate and all rights of the Collateral Agent to the Collateral shall revert to the applicable Grantor. Upon any such termination, the
Collateral Agent will, at the applicable Grantor’s expense, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 

(d)   Upon the payment in full in cash of the Additional First Lien Obligations (if any) as required by the Additional
Agreements (if any), the Lien on all Collateral created under this Agreement that secures the Additional First Lien Obligations shall terminate and all rights of the Authorized Representative to the Collateral shall revert to the applicable Grantor.
Upon any such termination, the Authorized Representative will, at the applicable Grantor’s expense, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 

(e)   A Subsidiary Grantor shall automatically be released from its obligations hereunder and the Security Interests created
hereunder in the Collateral of such Subsidiary Grantor shall be automatically released upon the consummation of any transaction permitted by the First Lien Credit Documents as a result of which such Subsidiary Grantor ceases to be a Subsidiary.

 (f)   Upon any sale or other transfer by any Grantor of any Collateral that is permitted under the First Lien
Credit Documents to any person that is not the Borrower or a Grantor, or upon the effectiveness of any written consent to the release of the Security Interest granted hereby in any Collateral pursuant to the First Lien Intercreditor Agreement, the
Security Interest in such Collateral shall be automatically released. 
 (g)   In addition to the foregoing clauses
(a) through (f), the security interest in, and Liens on, the Collateral shall also be released at the times, and to the extent, provided in Article VIII of the Credit Agreement, Sections 12.04 and 12.07 of the Indenture, the applicable
provisions of the Additional Agreement and as otherwise provided in the First Lien Intercreditor Agreement. 
 (h)  
In connection with any termination or release pursuant to this Section, the Collateral Agent shall (i) promptly execute and deliver to any Grantor, at such Grantor’s expense, all Uniform Commercial Code termination statements and similar
documents that such Grantor shall reasonably request to evidence such termination or release and (ii) promptly deliver to the Grantors any portion of such Collateral so released in possession of the Collateral Agent. Any execution and delivery
of documents pursuant to this Section 5.15 shall be without recourse to or representation or warranty by the Collateral Agent or any Secured Party. Without limiting the provisions of, but subject to, Section 5.06, the Borrower shall
reimburse the Collateral Agent upon demand for all costs and out of pocket expenses, including the fees, charges and expenses of counsel, incurred by it in connection with any action contemplated by this Section 5.15. 

 

 34 

 SECTION 5.16.   Additional Grantors; Authorized
Representative.   (a)  Any Subsidiary or Parent that is required to become a party hereto pursuant to any First Lien Credit Document shall enter into this Agreement as a Grantor upon becoming such a Subsidiary or Parent.
Upon execution and delivery by the Collateral Agent and such Subsidiary or Parent of a supplement in the form of Exhibit A hereto, such Subsidiary or Parent shall become a Subsidiary Grantor or Grantor hereunder with the same force and effect
as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect
notwithstanding the addition of any new Grantor as a party to this Agreement. 
 (b)   Upon the execution and
delivery, or authentication, by any Person of a Joinder Agreement pursuant to Section 5.02(c) of the First Lien Intercreditor Agreement, (i) such Person shall be referred to as an “Authorized Representative” and
shall be and become a Secured Party hereunder, (ii) each reference in this Agreement to “First Lien Secured Parties” shall also mean and be a reference to such Authorized Representative, (iii) each reference in this Agreement of
a grant of a security interest in a Grantor’s Collateral to a Secured Party shall also mean a grant of a security interest to the Authorized Representative, (iv) each reference to the Administrative Agent and/or the Trustee shall be a
reference to the Administrative Agent, the Trustee and/or the Authorized Representative, and (v) each reference to Agents shall be a reference to the Administrative Agent, the Trustee and the Authorized Representative. Among other things the
Joinder Agreement shall (x) for the avoidance of doubt, appoint the Collateral Agent as the Authorized Representative’s collateral agent pursuant to reasonable terms and conditions agreed to by the Authorized Representative and the
Collateral Agent, which terms shall not in any event be inconsistent with the provisions of this Agreement, and (y) among other terms define “First Lien Obligations”, “Additional Agreements” and “Additional First Lien
Secured Parties”. The execution and delivery of any such Joinder Agreement shall not require the consent of any other party to this Agreement providing the Indebtedness secured by such Joinder Agreement is permitted to be incurred and secured
on a pari passu basis with the other First Lien Obligations by the Credit Agreement and the Indenture. The rights and obligations of each party to this Agreement shall remain in full force and effect notwithstanding the addition of any new
Secured Party to this Agreement. 
 SECTION 5.17.   Right of Setoff.   If a First Lien Event
of Default shall have occurred and is continuing, each Secured Party is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all Collateral (including any deposits (general or
special, time or demand, provisional or final)) at any time held and other obligations at any time owing by such Secured Party to or for the credit or the account of any Grantor against any and all of the obligations of such Grantor now or hereafter
existing under this Agreement and the other First Lien Credit Documents held by such Secured Party, irrespective of whether or not such Secured Party shall have made any demand under this Agreement or any other First Lien Credit Document and
although such obligations may be unmatured. The rights of each Secured Party under this Section 5.17 are in addition to other rights and remedies (including other rights of setoff) which such Secured Party may have. 

 

 35 

 SECTION 5.18.   Incorporation of Rights.   The
rights, duties, privileges, protections and benefits of the Collateral Agent set forth or otherwise referred to in the First Lien Intercreditor Agreement are hereby incorporated herein by reference. 

[Remainder of page intentionally left blank] 
  

 36 

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

					
	ITC^DELTACOM, INC.,
		
	 by 
	 	/s/ J. Thomas Mullis
		 	Name:	 	J. Thomas Mullis
		 	Title:	 	Senior Vice President-Legal and Regulatory, General Counsel and Secretary
	
	EACH OF THE SUBSIDIARIES LISTED ON SCHEDULE I HERETO,
		
	by 	 	 /s/ J. Thomas Mullis

		 	Name:	 	J. Thomas Mullis
		 	Title:	 	Authorized Signatory

					
	THE BANK OF NEW YORK MELLON TRUST COMPANY N.A., as Collateral Agent,
			
		 	 by 
	 	/s/ Stefan Victory
		 		 	Name: Stefan Victory
		 		 	Title: Vice President

 Schedule I to the 

Security Agreement 

SUBSIDIARY GUARANTORS 

Interstate FiberNet, Inc. 

DeltaCom, Inc. 

DeltaCom Information Systems, Inc. 

BTI Telecom Corp. 

Business Telecom, Inc. 

Business Telecom of Virginia, Inc. 

 Exhibit A to the 

Security Agreement 

SUPPLEMENT
NO.                         (this “Supplement”) dated as of
                    , to the Security Agreement dated as of April 9, 2010 (the “Security Agreement”), among
ITC^DELTACOM, INC., a Delaware corporation (the “Borrower”), the Subsidiaries [and Parent] of the Borrower from time to time party thereto (together with the Borrower, the “Grantors”), CREDIT SUISSE
AG, CAYMAN ISLANDS BRANCH, as administrative agent (in such capacity, together with any successor administrative agent, the “Administrative Agent”) for the Bank Secured Parties (as defined in the Credit Agreement referred to
below and hereinafter referred to as the “Bank Secured Parties”), THE BANK OF NEW YORK MELLON TRUST COMPANY N.A., as trustee (in such capacity, together with any successor trustee, the “Trustee”; the
Trustee and the Administrative Agent being, collectively, the “Agents”) for the First Lien Secured Parties (as defined in the Indenture referred to below and hereinafter referred to as the “Notes Secured
Parties”; the Notes Secured Parties, the Bank Secured Parties and the Collateral Agent being, collectively, the “First Lien Secured Parties”) and THE BANK OF NEW YORK MELLON TRUST COMPANY N.A., as collateral
agent for the First Lien Secured Parties (in such capacity, the “Collateral Agent”). 

A.    Reference is made to (i) the Credit Agreement dated as of April 9, 2010 (as amended, restated,
refinanced, replaced, supplemented, waived or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto, and the Administrative Agent, (ii) the
Indenture dated as of April 9, 2010 (as amended, restated, refinanced, replaced, supplemented, waived or otherwise modified from time to time, the “Indenture”), among the Borrower, the subsidiaries of the Borrower
identified therein and the Trustee, (iii) the First Lien Intercreditor Agreement (the “First Lien Intercreditor Agreement”), among the Grantors from time to time party thereto, the Administrative Agent, the Trustee and
the Collateral Agent, and (iv) the Security Agreement dated as of April 9, 2010 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Security Agreement”), among the Grantors from
time to time party thereto, the Agents and the Collateral Agent for the ratable benefit of the First Lien Secured Parties. 

B.    Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms
in the Security Agreement. 
 C.    Section 5.16 of the Security Agreement provides that [additional
Subsidiaries] [or Parent] of the Borrower may become Grantors under the Security Agreement by execution and delivery of an instrument in the form of this Supplement. The undersigned [Subsidiary] [Parent] (the [“New
Subsidiary”] [“New Parent”]) is executing this Supplement in accordance with the requirements of the Security Agreement and the First Lien Credit Documents, as applicable, to become a Grantor under the Security
Agreement. 
 Accordingly, the Collateral Agent and the [New Subsidiary] [New Parent] agree as follows: 

 

 A-1 

 SECTION 1.    In accordance with Section 5.16 of the Security
Agreement, the [New Subsidiary] [New Parent] by its signature below becomes a Grantor under the Security Agreement with the same force and effect as if originally named therein as a Grantor and the [New Subsidiary] [New Parent] hereby
(a) agrees to all the terms and provisions of the Security Agreement applicable to it as a Grantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor thereunder are true and correct
in all material respects on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material
respects on and as of such earlier date. In furtherance of the foregoing, the New Subsidiary, as security for the payment and performance in full of the First Lien Obligations, does hereby create and grant to the Collateral Agent, its successors and
assigns, for the ratable benefit of the First Lien Secured Parties, their successors and assigns, a security interest in and lien on all of the New Subsidiary’s right, title and interest in and to the Collateral of the New Subsidiary. Each
reference to a “Grantor” or a “Subsidiary Grantor” in the Security Agreement shall be deemed to include the [New Subsidiary] [New Parent]. The Security Agreement is hereby incorporated herein by reference. 

SECTION 2.    The [New Subsidiary] [New Parent] represents and warrants to the Collateral Agent and the other First
Lien Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 

SECTION 3.    This Supplement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Collateral Agent shall have received counterparts of this Supplement
that, when taken together, bear the signatures of the [New Subsidiary] [New Parent] and the Collateral Agent. Delivery of an executed signature page to this Supplement by facsimile or any other electronic transmission shall be as effective as
delivery of a manually signed counterpart of this Supplement. 
 SECTION 4.    The [New Subsidiary]
[New Parent] hereby represents and warrants that (a) set forth on Schedule I attached hereto is a true and correct schedule as of the date hereof of (i) any and all Equity Interests and Pledged Debt Securities now owned by the [New
Subsidiary] [New Parent] and (ii) any and all Intellectual Property now owned by the [New Subsidiary] [New Parent] and (b) set forth under its signature hereto, is the true and correct legal name of the [New Subsidiary] [New Parent] and,
as of the date hereof, its jurisdiction of organization. 
 SECTION 5.    Except as expressly supplemented
hereby, the Security Agreement shall remain in full force and effect. 
 SECTION 6.    THIS SUPPLEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

 A-2 

 SECTION 7.    In case any one or more of the provisions contained in
this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Security Agreement shall not in any way be affected or impaired
thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 8.    All communications and notices hereunder shall be in writing and given as provided in the Security
Agreement. All communications and notices hereunder to the [New Subsidiary] [New Parent] shall be given to it in care of the Borrower as provided in the First Lien Credit Documents. 

SECTION 9.    The [New Subsidiary] [New Parent] agrees to reimburse the Collateral Agent for its out-of-pocket
expenses in connection with this Supplement, including the fees, other charges and disbursements of counsel for the Collateral Agent, as and to the extent provided in Section 5.06 of the Security Agreement and the other First Lien Credit
Documents. 
  

 A-3 

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

	
	[NAME OF NEW SUBSIDIARY] [NEW PARENT],

  

			
		
	by  	 	 
		 	 Name:

Title:

Address:

Legal Name:

Jurisdiction of Formation:

 
  

	
	THE BANK OF NEW YORK MELLON TRUST COMPANY N.A., as Collateral Agent,

  

 

			
		
	by  	 	 
		 	 Name:

Title:

  

 

			
		
	by  	 	 
		 	 Name:

Title:

 

 A-4 

 Collateral of the New Subsidiary [New Subsidiary] [New Parent] 

EQUITY INTERESTS 
  

									
	 Issuer
	 	
Number of
Certificate
	 	
Registered
Owner
	 	
Number and
Class of
Equity Interest
	 	
Percentage
of Equity

Interests

	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

PLEDGED DEBT SECURITIES 
  

							
	 Issuer
	 	
Principal
Amount
	 	
Date of Note
	 	
Maturity Date

	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 
	 	 	 	 	 	 	 

INTELLECTUAL PROPERTY 
  

[Follow format of Schedule III to the 

Security Agreement.] 
  

 A-5

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