Document:

Exhibit 10.11.4

 EXHIBIT 10.11.4 
  
 SECURITY AGREEMENT 
  
 Dated as of October 6, 2003 
  
 from 
  
 The Grantors referred to herein 
  
 as Grantors 
  
 to

  
 General Electric Capital Corporation 
  
 as Collateral Agent 
  
  

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 TABLE OF CONTENTS 
  

					
			
	 SECTION 1.
	  	Grant of Security	  	3
			
	 SECTION 2.
	  	Security for Obligations	  	8
			
	 SECTION 3.
	  	Grantors Remain Liable	  	8
			
	 SECTION 4.
	  	Delivery and Control of Security Collateral	  	9
			
	 SECTION 5.
	  	Delivery and Control of the Account Collateral; Maintaining the Collateral Account.	  	10
			
	 SECTION 6.
	  	Investing of Amounts in the Collateral Account	  	11
			
	 SECTION 7.
	  	Release of Amounts	  	11
			
	 SECTION 8.
	  	Representations and Warranties	  	11
			
	 SECTION 9.
	  	Further Assurances.	  	15
			
	 SECTION 10.
	  	As to Equipment and Inventory.	  	16
			
	 SECTION 11.
	  	Insurance.	  	17
			
	 SECTION 12.
	  	Place of Perfection; Records; Collection of Receivables.	  	18
			
	 SECTION 13.
	  	As to Intellectual Property Collateral.	  	18
			
	 SECTION 14.
	  	Voting Rights; Dividends; Etc.	  	20
			
	 SECTION 15.
	  	As to the Assigned Agreements.	  	22
			
	 SECTION 16.
	  	Payments Under the Assigned Agreements.	  	23
			
	 SECTION 17.
	  	Transfers and Other Liens; Additional Shares.	  	23
			
	 SECTION 18.
	  	Collateral Agent Appointed Attorney-in-Fact	  	23
			
	 SECTION 19.
	  	Collateral Agent May Perform	  	24
			
	 SECTION 20.
	  	The Collateral Agent’s Duties.	  	24
			
	 SECTION 21.
	  	Remedies	  	25
			
	 SECTION 22.
	  	Indemnity and Expenses.	  	27
			
	 SECTION 23.
	  	Amendments; Waivers; Additional Grantors; Etc.	  	28

  

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	 SECTION 24.
	  	Notices, Etc.	  	28
			
	 SECTION 25.
	  	Continuing Security Interest; Assignments under the Credit Agreement	  	29
			
	 SECTION 26.
	  	Release; Termination.	  	29
			
	 SECTION 27.
	  	Security Interest Absolute	  	30
			
	 SECTION 28.
	  	Execution in Counterparts	  	31
			
	 SECTION 29.
	  	The Mortgage	  	31
			
	 SECTION 30.
	  	Governing Law	  	31
			
	 SECTION 31.
	  	Intercreditor and Subordination Agreement.	  	31

  

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	 Schedules
	  	 	  	 
	 Schedule I
	  	-	  	Pledged Shares and Pledged Debt
	 Schedule II
	  	-	  	Assigned Agreements
	 Schedule III
	  	-	  	Locations of Equipment and Inventory
	 Schedule IV
	  	-	  	Jurisdiction of Organization and Federal Tax Identification Number
	 Schedule V
	  	-	  	Patents, Trademarks and Trade Names, Copyrights and Licenses
	 Schedule VI
	  	-	  	Securities Accounts
			
	 Exhibits
	  	 	  	 
			
	 Exhibit A
	  	-	  	Form of Security Agreement Supplement
	 Exhibit B
	  	-	  	Form of Consent and Agreement
	 Exhibit C
	  	-	  	Form of Intellectual Property Security Agreement
	 Exhibit D
	  	-	  	Form of Intellectual Property Security Agreement Supplement
	 Exhibit E
	  	-	  	Form of Securities Account Control Agreement

  
  

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 Execution Copy 
  
 SECURITY AGREEMENT 
  
 This SECURITY AGREEMENT is dated as of October 6, 2003, among Interstate FiberNet, Inc., a Delaware corporation (the “Borrower”),
ITC^ DeltaCom, Inc. (the “Parent”), the other Persons listed on the signature pages hereto and the Additional Grantors (as defined in Section 23(b)) (the Borrower, the Parent, the Persons so listed and the Additional Grantors
being, collectively, the “Grantors”) to General Electric Capital Corporation, as collateral agent (together with any successor collateral agent appointed pursuant to Article VIII of the Credit Agreement (as hereinafter
defined), the “Collateral Agent”) for the Secured Parties. Any capitalized term used herein and not otherwise defined has the meaning set forth in the Credit Agreement. 
  
 PRELIMINARY STATEMENTS: 
  
 1. Pursuant to the Credit Agreement, dated as of March 30, 2001, as amended
(the “Original BTI Credit Agreement”), among Business Telecom, Inc. (“BTI, Inc.”), as Borrower, BTI Telecom Corp. (“BTI”), Business Telecom of Virginia, Inc. and FS Multimedia,
Inc., as guarantors, General Electric Capital Corporation, as agent and lender, and the other lenders named therein, such lenders made available to BTI, Inc. a term loan in the maximum principal amount of $89,000,000 secured by all of the assets of
BTI, Inc. and guarantied by the Credit Parties (as defined in the Original BTI Credit Agreement), which guaranty is secured, in part, by a pledge of the stock of BTI, Inc. 
  
 2. Pursuant to the Credit Agreement, dated as of April 5, 2000, (the “Original ITCD Credit
Agreement”), among the Borrower, the Parent, the subsidiary guarantors listed on the signature pages thereof, and the banks, financial institutions and other institutional lenders from time to time parties thereto as lenders or agents,
such lenders made available to the Borrower $160,000,000, consisting of $100,000,000 under the Tranche 1 Term B Facility, as defined in the Original ITCD Agreement, and $60,000,000 under the Tranche 2 Term B Facility, as defined in the Original ITCD
Agreement in order to finance (a) working capital and certain capital expenditures (including the build-out of the collocation and data services businesses) and other general corporate purposes and (b) the purchase of certain equipment,
respectively. 
  
 3. The Parent, the Borrower, the subsidiary
guarantors listed on the signature pages thereof, and the banks, financial institutions and other institutional lenders from time to time parties thereto as lenders or agents, entered into an amendment and restatement of the Original ITCD Credit
Agreement, dated as of October 29, 2002 (the “First Amended ITCD Credit Agreement”). 
  
 4. The Board of Directors of the Parent has determined that it is advisable and in the best interests of the Parent’s stockholders, and consistent
with and in furtherance of the Parent’s business strategies and goals, for the Parent to acquire indirectly all of the 
  

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 outstanding shares of BTI through the merger of 8DBC1 Corp., a North Carolina corporation and wholly owned direct
subsidiary of the Parent (“Merger Co.”), with and into BTI (the “Merger”) upon the terms and subject to the conditions set forth in the Agreement and Plan of Merger, dated as of July 2, 2003, among
BTI, the parties identified on the signature pages thereto as the “WCAS Securityholders,” the Parent and Merger Co. (as amended, the “Merger Agreement”). 
  
 5. The Board of Directors of BTI and the Board of Directors of Merger Co. have each determined that it is advisable and in
the best interests of their shareholders, and consistent with and in furtherance of their business strategies and goals, for the Parent to acquire indirectly all of the outstanding shares of BTI through the Merger upon the terms and subject to the
conditions set forth in the Merger Agreement. 
  
 6. Immediately
following the consummation of the Merger, the Borrower and BTI will each be direct wholly owned subsidiaries of the Parent and will each be parent companies of wholly owned subsidiaries. 
  
 7. In connection with the closing of the transactions contemplated by the Merger Agreement, the aggregate principal amount
of the loans advanced to the Borrower by the lenders pursuant to the First Amended ITCD Credit Agreement and $30,000,000 of the aggregate principal amount of the loans advanced to BTI, Inc. pursuant to the Original BTI Credit Agreement shall be
restructured, continued, converted and consolidated by means of an amendment and restatement of the First Amended ITCD Credit Agreement, pursuant to the First Lien Credit Agreement. 
  
 8. In connection with the closing of the transactions contemplated by the Merger Agreement, $55,715,294 aggregate principal
amount of the loans advanced to BTI, Inc. under the Original BTI Credit Agreement are being restructured, continued, converted and consolidated, pursuant to the Credit Agreement, dated as of even date herewith, among the Parent, the Borrower, the
Guarantors, the Lender Parties, the Administrative Agent and the Collateral Agent (the “Credit Agreement”). 
  
 9. In order to, among other things, confirm the relative priorities of the Liens on the Collateral, the parties to the Credit Agreement and the parties to
the First Lien Credit Agreement are entering into the Intercreditor and Subordination Agreement. 
  
 10. Pursuant to the Credit Agreement, each Grantor is entering into this Agreement in order to grant to the Collateral Agent for the ratable benefit of
the Secured Parties a security interest in substantially all of its personal property and fixtures now owned or hereafter acquired. 
  
 11. Each Grantor is the owner of the shares (the “Initial Pledged Shares”) of capital stock set forth opposite such Grantor’s
name on and as otherwise described in Part I of Schedule I hereto and issued by the corporations named therein and of the indebtedness (the “Initial Pledged Debt”) set forth opposite such Grantor’s name on and as
otherwise described in Part II of Schedule I hereto and issued by the obligors named therein. 
  

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 12. The Borrower has opened a collateral securities account, Account No. 0001038377 (the
“Collateral Account”), with Wells Fargo Bank Minnesota, National Association (ABA #121000248), at its office in Minneapolis, MN 55479, acting in its capacity as the Collateral Agent as defined in the First Lien Credit
Agreement (the “First Lien Collateral Agent”) in the name of the First Lien Collateral Agent, Corporate Trust Clearing, and under the sole control and dominion of the First Lien Collateral Agent and subject to the terms of
the First Lien Credit Agreement and the Intercreditor and Subordination Agreement. 
  
 13. The Parent has security entitlements (the “Pledged Security Entitlements”) with respect to all the financial assets (the “Pledged Financial Assets”) credited from
time to time to the Parent’s accounts as otherwise described in Schedule VI (each a “Securities Account” and collectively the “Securities Accounts”). 
  
 14. It is a condition precedent to the execution and delivery of the Credit
Agreement that the Grantors shall have granted the security interest and made the pledge contemplated by this Agreement. 
  
 15. Each Grantor shall derive substantial direct and indirect benefit from the transactions contemplated by the Loan Documents. 
  
 16. Unless otherwise defined in this Agreement or in the Credit Agreement,
terms defined in Article 8 or 9 of the Uniform Commercial Code in effect in the State of New York (“N.Y. Uniform Commercial Code”) and/or in the Federal Book Entry Regulations (as defined below) are used in this Agreement as
such terms are defined in such Article 8 or 9 and/or the Federal Book Entry Regulations. The term “Federal Book Entry Regulations” means (a) the federal regulations contained in Subpart B (“Treasury/Reserve
Automated Debt Entry System (TRADES)”) governing book-entry securities consisting of U.S. Treasury bonds, notes and bills and Subpart D (“Additional Provisions”) of 31 C.F.R. Part 357, 31 C.F.R. § 357.2,
§ 357.10 through § 357.14 and § 357.41 through § 357.44 and (b) to the extent substantially identical to the federal regulations referred to in clause (a) above (as in effect from time to time), the federal regulations governing
other book-entry securities. 
  
 NOW, THEREFORE, in consideration
of the premises and in order to induce the Lender Parties to enter into the Credit Agreement, each Grantor hereby agrees with the Collateral Agent for the ratable benefit of the Secured Parties as follows: 
  
 SECTION 1. Grant of Security. Subject to the terms and conditions of
the Intercreditor and Subordination Agreement, each Grantor hereby pledges to the Collateral Agent for the ratable benefit of the Secured Parties (subject to the terms of this Agreement), and hereby grants to the Collateral Agent for the ratable
benefit of the Secured Parties a security interest in, such Grantor’s right, title and interest in and to the following, in each case as to each type of property described below, whether now owned or hereafter acquired by such Grantor, wherever
located, and whether now or hereafter existing or arising (collectively, the “Collateral”): 
  

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 (a) all equipment in all of its forms, all fixtures and all parts thereof and all
accessions thereto (any and all such equipment, fixtures, parts and accessions being the “Equipment”); 
  
 (b) all inventory in all of its forms including, without limitation, (i) all raw materials and work in process therefor, finished goods
thereof and materials used or consumed in the manufacture, production, preparation or shipping thereof, (ii) goods in which such Grantor has an interest in mass or a joint or other interest or right of any kind (including, without limitation, goods
in which such Grantor has an interest or right as consignee) and (iii) goods that are returned to or repossessed or stopped in transit by such Grantor) and all accessions thereto and products thereof and documents therefor (any and all such
inventory, accessions, products and documents being the “Inventory”); 
  
 (c) all accounts, chattel paper, instruments, deposit accounts, general intangibles and other obligations of any kind, whether or not
arising out of or in connection with the sale or lease of goods or the rendering of services and whether or not earned by performance, and all rights now or hereafter existing in and to all security agreements, leases and other contracts securing or
otherwise relating to any such accounts, chattel paper, instruments, deposit accounts, general intangibles or obligations (any and all such accounts, chattel paper, instruments, deposit accounts, general intangibles and obligations, to the extent
not referred to in clause (d), (e) or (f) below, being the “Receivables”); 
  
 (d) the following (the “Security Collateral”): 
  
 (i) the Initial Pledged Shares and the certificates, if any, representing the Initial Pledged Shares, and
all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged Shares; 
  
 (ii) the Initial Pledged Debt and the instruments, if any,
evidencing the Initial Pledged Debt, and all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged Debt; 
  
 (iii) all additional shares of capital stock in other
corporations from time to time acquired by such Grantor in any manner (such shares, together with the Initial Pledged Shares, being the “Pledged Shares”) and the certificates, if any, representing such additional shares, and
all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares; 
  
 (iv) all additional indebtedness from time to time owed to such Grantor (such indebtedness, together with
the Initial Pledged Debt, being the “Pledged Debt”) and the instruments, if any, evidencing such indebtedness, and all interest, cash, instruments and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such indebtedness; 
  

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 (v) the Securities Accounts, all Pledged Security Entitlements with respect to all
Pledged Financial Assets from time to time credited to the Securities Accounts, and all Pledged Financial Assets, and all dividends, interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such Pledged Security Entitlements or such Pledged Financial Assets; and 
  
 (vi) all other investment property (including, without limitation, all (A) securities, whether certificated or uncertificated, (B)
security entitlements, (C) securities accounts, (D) commodity contracts and (E) commodity accounts) in which such Grantor has now, or acquires from time to time hereafter, any right, title or interest in any manner and the certificates or
instruments, if any, representing or evidencing such investment property, and all dividends, interest, distributions, value, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all of such investment property; 
  
 (e) each of the agreements listed on Schedule II hereto, each of the agreements set forth on the supplemental list of Material Contracts delivered by the Parent pursuant to Section 5.01(n)(iii) of the Credit Agreement (the
“Supplemental List”), and each Hedge Agreement to which such Grantor is now or may hereafter become a party, in each case as such agreements may be amended, amended and restated, supplemented or otherwise modified from time
to time (collectively, the “Assigned Agreements”), including, without limitation, (i) all rights of such Grantor to receive moneys due and to become due under or pursuant to the Assigned Agreements, (ii) all rights of such
Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Assigned Agreements, (iii) claims of such Grantor for damages arising out of or for breach of or default under the Assigned Agreements and (iv) the
right of such Grantor to terminate the Assigned Agreements, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder (all such Collateral being the “Agreement Collateral”); 
  
 (f) the following (collectively, the “Account
Collateral”): 
  
 (i) the Collateral
Account, all financial assets from time to time credited to the Collateral Account (including, without limitation, all Cash Equivalents from time to time credited to the Collateral Account) and all dividends interest, cash, instruments and other
property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such financial assets; 
  
 (ii) all deposit accounts of such Grantor from time to time, all funds held therein and all certificates and instruments, if any, from
time to time representing or evidencing such deposit accounts, other than any deposit account 
  

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 (including funds held therein and all certificates or instruments representing or evidencing such deposit
accounts) that is used solely for the purpose of holding or making payment of payroll or employee incentive plans (“Payroll Accounts”); 
  

(iii) all notes, certificates of deposit, deposit accounts, checks and other instruments from time to time delivered to or otherwise
possessed by the Collateral Agent for or on behalf of such Grantor, including, without limitation, those delivered or possessed in substitution for or in addition to any or all of the then existing Account Collateral; and 
  
 (iv) all interest, dividends, cash, instruments and other
property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the then existing Account Collateral; and 
  
 (g) the following (collectively, the “Intellectual Property Collateral”):

  
 (i) all United States, international and
foreign patents, patent applications and statutory invention registrations, including, without limitation, the patents and patent applications set forth in Schedule V hereto (as such Schedule V may be supplemented from time to time by supplements to
this Agreement, each such supplement being in substantially the form of Exhibit D hereto (an “IP Security Agreement Supplement”), executed and delivered by such Grantor to the Collateral Agent from time to time), together
with all reissues, divisions, continuations, continuations-in-part, extensions and reexaminations thereof, all inventions therein, all rights therein provided by international treaties or conventions and all improvements thereto, and all other
rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto (the “Patents”); 
  
 (ii) all trademarks (including, without limitation, service marks), certification marks, collective marks, trade dress, logos, domain
names, product configurations, trade names, business names, corporate names and other source identifiers, whether or not registered, whether currently in use or not, including, without limitation, all common law rights and registrations and
applications for registration thereof, including, without limitation, the trademark registrations and trademark applications set forth in Schedule V hereto (as such Schedule V may be supplemented from time to time by IP Security Agreement
Supplements executed and delivered by such Grantor to the Collateral Agent from time to time), and all other marks registered in the U.S. Patent and Trademark Office or in any office or agency of any State or Territory of the United States or any
foreign country (but excluding any United States intent-to-use trademark application prior to the filing and acceptance of a Statement of Use or an Amendment to allege use in connection therewith to the extent that a valid security interest may not
be taken in such an intent-to-use trademark application under applicable law), and all rights therein provided by international treaties or conventions, all reissues, extensions and renewals of any of the foregoing, together in each case with the
goodwill of 
  

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 the business connected therewith and symbolized thereby, and all rights corresponding thereto throughout
the world and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto (the “Trademarks”); 
  
 (iii) all copyrights, copyright applications, copyright registrations and like protections in each work of authorship, whether statutory
or common law, whether published or unpublished, any renewals or extensions thereof, all copyrights of works based on, incorporated in, derived from, or relating to works covered by such copyrights, including, without limitation, the copyright
registrations and copyright applications set forth in Schedule V hereto (as such Schedule V may be supplemented from time to time by IP Security Agreement Supplements executed and delivered by such Grantor to the Collateral Agent from time to time),
together with all rights corresponding thereto throughout the world and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto (the “Copyrights”); 
  
 (iv) all confidential and proprietary information,
including, without limitation, know-how, trade secrets, manufacturing and production processes and techniques, inventions, research and development information, technical data, financial, marketing and business data, pricing and cost information,
business and marketing plans and customer and supplier lists and information (the “Trade Secrets”); 
  
 (v) all computer software programs and databases (including, without limitation, source code, object code and all related applications and
data files), firmware and documentation and materials relating thereto, and all rights with respect to the foregoing, together with any and all options, warranties, service contracts, program services, test rights, maintenance rights, improvement
rights, renewal rights and indemnifications and any substitutions, replacements, additions or model conversions of any of the foregoing (the “Computer Software”); 
  
 (vi) all license agreements, permits, authorizations and franchises, whether with respect to the Patents,
Trademarks, Copyrights, Trade Secrets or Computer Software or with respect to the patents, trademarks, copyrights, trade secrets, computer software or other proprietary right of any other Person, including, without limitation, the license agreements
set forth in Schedule V hereto (as such Schedule V may be supplemented from time to time by IP Security Agreement Supplements executed and delivered by such Grantor to the Collateral Agent from time to time), and all income, royalties and other
payments now or hereafter due and/or payable with respect thereto, subject, in each case, to the terms of such license agreements, permits, authorizations and franchises (the “Licenses”); and 
  
 (vii) any and all claims for damages for past, present and
future infringement, misappropriation or breach with respect to the Patents, Trademarks, 
  

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 Copyrights, Trade Secrets, Computer Software or Licenses together with the right, but not the obligation,
to sue for and collect, or otherwise recover, such damages; and 
  
 (h) all proceeds of any and all of the Collateral (including, without limitation, proceeds that constitute property of the types described in clauses (a) through (g) of this Section 1 and this clause (h)) and, to the
extent not otherwise included, all (i) payments under insurance (whether or not the Collateral Agent is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the
foregoing Collateral and (ii) cash. 
  
 Notwithstanding anything
in this Section 1 or any other provision of this Agreement to the contrary, the Collateral shall not include: (i) any general intangibles or other rights or property arising under or subject to any contracts, instruments, licenses, permits or other
documents (including, without limitation, the Assigned Agreements referred to in the third sentence of Section 8(g)) as to which the grant of a security interest would constitute a violation of a valid and enforceable restriction (whether arising by
contract or under law or governmental regulation) in favor of a third party (including a governmental authority) on such grant or a violation of law or governmental regulation, unless and until any required consents shall have been obtained or, (ii)
any equipment and related computer programs, documentation, licenses and sublicenses, and any other property, and any additions, attachments and accessions to, and replacements of, any of the foregoing, any agreements with the lessor or supplier of
any or all of the foregoing and purchase orders submitted to such supplier, and any products and proceeds of any of the foregoing, pledged as collateral to secure, or otherwise subject to (A) the GECC Capital Lease, the NTFC Capital Lease or any
other Capitalized Lease constituting Surviving Debt as of the Amendment Effective Date or (B) any Capitalized Lease permitted under Section 5.02(b) of the Credit Agreement and entered into by any Loan Party after the Amendment Effective Date.

  
 SECTION 2. Security for Obligations. This Agreement
secures, in the case of each Grantor, the payment of all Obligations of such Grantor now or hereafter existing under the Loan Documents, 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 (all such Obligations being the “Secured Obligations”). 
  
 Without limiting the generality of the foregoing, this Agreement secures, as
to each Grantor, the payment of all amounts that constitute part of the Secured Obligations and would be owed by such Grantor to any Secured Party under the Loan Documents but for the fact that they are unenforceable or not allowable due to the
existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party. 
  
 SECTION 3. Grantors Remain Liable. Anything herein to the contrary notwithstanding, (a) each Grantor shall remain liable under the contracts and agreements included in such Grantor’s Collateral to the
extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Collateral Agent of any of the rights hereunder shall not release any Grantor
from 
  

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 any of its duties or obligations under the contracts and agreements included in the Collateral and (c) no Secured Party
shall have any obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Loan Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of any
Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 
  
 SECTION 4. Delivery and Control of Security Collateral 
  
 (a) All certificates or instruments representing or evidencing Security Collateral shall be delivered to and held by or on behalf of the
First Lien Collateral Agent pursuant hereto and the Intercreditor and Subordination Agreement and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in
form and substance satisfactory to the First Lien Collateral Agent. The First Lien Collateral Agent shall have the right, at any time in its discretion and without notice to any Grantor, to transfer to or to register in the name of the First Lien
Collateral Agent or any of its nominees any or all of the Security Collateral, subject only to the revocable rights specified in Section 14(a). In addition, the First Lien Collateral Agent shall have the right at any time to exchange certificates or
instruments representing or evidencing Security Collateral for certificates or instruments of smaller or larger denominations. Also, the First Lien Collateral Agent shall have the right at any time to convert Security Collateral consisting of
financial assets credited to the securities account to Security Collateral consisting of financial assets held directly by the First Lien Collateral Agent, and to convert Security Collateral consisting of financial assets held directly by the First
Lien Collateral Agent to Security Collateral consisting of financial assets credited to the securities account. 
  
 (b) With respect to any Security Collateral in which any Grantor has any right, title or interest and that constitutes an uncertificated
security, such Grantor shall cause the issuer thereof either (i) to register the First Lien Collateral Agent as the registered owner of such security or (ii) to agree in writing with such Grantor and the First Lien Collateral Agent that such issuer
shall comply with instructions with respect to such security originated by the First Lien Collateral Agent without further consent of such Grantor, such agreement to be in form and substance satisfactory to the First Lien Collateral Agent.

  
 (c) With respect to any Security Collateral
in which any Grantor has any right, title or interest and that constitutes a security entitlement, such Grantor shall cause the securities intermediary with respect to such security entitlement either (i) to identify in its records the First Lien
Collateral Agent as the entitlement holder of such security entitlement against such securities intermediary or (ii) to agree in writing with such Grantor and the First Lien Collateral Agent that such securities intermediary shall comply with
entitlement orders (that is, notifications communicated to such securities intermediary directing transfer or redemption of the financial asset to which such Grantor has a security entitlement) originated by the First Lien Collateral Agent without
further consent of such Grantor, such agreement to be substantially in the form of Exhibit E attached hereto or otherwise in form and substance satisfactory to the Collateral Agent (such agreement being a “Securities Account Control
Agreement”). 
  

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 (d) With respect to any Security Collateral in which any Grantor has any right, title or
interest and that constitutes a commodity contract, such Grantor shall cause the commodity intermediary with respect to such commodity contract to agree in writing with such Grantor and the First Lien Collateral Agent that such commodity
intermediary shall apply any value distributed on account of such commodity contract as directed by the First Lien Collateral Agent without further consent of such Grantor, such agreement to be in form and substance satisfactory to the First Lien
Collateral Agent (such agreement being a “Commodity Account Control Agreement,” and all such agreements together with all Securities Account Control Agreements, being collectively, the “Control
Agreements”). 
  
 (e) No Grantor
shall change or add any securities intermediary or commodity intermediary that maintains any securities account or commodity account in which any of the Collateral is credited or carried, or change or add any such securities account or commodity
account, in each case without first complying with the above provisions of this Section 4 in order to perfect the security interest granted hereunder in such Collateral. 
  
 SECTION 5. Delivery and Control of the Account Collateral; Maintaining the Collateral Account. 
  
 (a) Promptly after opening an account (other than a Payroll
Account) with a bank or other financial institution not subject to an account control agreement, each Grantor shall cause the execution and delivery of an account control agreement or cash management agreement, as applicable, with such bank or
financial institution in favor of the First Lien Collateral Agent, in form and substance reasonably satisfactory to the First Lien Collateral Agent, and subject to the Intercreditor and Subordination Agreement. 
  
 (b) So long as any Advance or any other Obligation of any
Loan Party under any Loan Document shall remain unpaid, any Secured Hedge Agreement shall be in effect or any Lender shall have any Commitment under the Credit Agreement: 
  
 (i) The Borrower shall maintain the Collateral Account with the First Lien Collateral Agent or another
commercial bank acceptable to the First Lien Collateral Agent and that has entered into a Securities Account Control Agreement (the First Lien Collateral Agent or any bank with which the Collateral Account is maintained being a
“Collateral Bank”). 
  
 (ii) It shall be a term and condition of the Collateral Account, notwithstanding any term or condition to the contrary in any other agreement relating to the Collateral Account, as the case may be, and except as otherwise provided by the
provisions of Sections 7 and 21, the First Lien Credit Agreement and the Intercreditor and Subordination Agreement, that no amount (including 
  

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 interest on Cash Equivalents credited thereto) shall be paid or released to or for the account of, or
withdrawn by or for the account of, the Borrower or any other Person from the Collateral Account. 
  
 (iii) Each Grantor shall deposit in the Collateral Account or pay to the First Lien Collateral Agent for deposit in the Collateral Account
all funds contemplated by Section 2.05(b)(ii) of the First Lien Credit Agreement in accordance with the terms thereof. 
  
 SECTION 6. Investing of Amounts in the Collateral Account. The First Lien Collateral Agent shall, subject to the provisions of Sections 7 and 21,
the First Lien Credit Agreement and the Intercreditor and Subordination Agreement, from time to time direct the Collateral Bank to (a) invest amounts received with respect to the Collateral Account in such Cash Equivalents credited to the Collateral
Account as the Borrower may select and the First Lien Collateral Agent may approve and (b) invest interest paid on the Cash Equivalents referred to in clause (a) above, and reinvest other proceeds of any such Cash Equivalents that may mature or be
sold, in each case in such Cash Equivalents credited to the Collateral Account as the Borrower may select and the First Lien Collateral Agent may approve. Interest and proceeds that are not invested or reinvested in Cash Equivalents as provided
above shall be deposited and held in a deposit account with the Collateral Bank in the name of the First Lien Collateral Agent and under the sole control and dominion of the First Lien Collateral Agent, such deposit account to be deemed to
constitute part of the Collateral Account. In addition, the First Lien Collateral Agent shall have the right at any time to direct the Collateral Bank to exchange such Cash Equivalents for similar Cash Equivalents of smaller or larger
determinations, or for other Cash Equivalents, credited to the Collateral Account. 
  
 SECTION 7. Release of Amounts. So long as no Default shall have occurred and be continuing, the First Lien Collateral Agent shall direct the applicable Collateral Bank to pay and release to the Borrower or at
its order or, at the request of the Borrower, to the Administrative Agent under the First Lien Credit Agreement to be applied to the Obligations of the Borrower under the First Lien Loan Documents, such amount, if any, as is then on deposit in the
Collateral Account, as the case may be, to the extent permitted to be released under the terms of the First Lien Credit Agreement and the Intercreditor and Subordination Agreement. 
  
 SECTION 8. Representations and Warranties. Each Grantor represents and warrants as follows: 
  
 (a) All of the Equipment and Inventory of such Grantor are
located at the places specified therefor in Schedule III hereto or at such other places as such Grantor shall have specified in writing to the Collateral Agent (and upon notification to the Collateral Agent of such additional places, Schedule III
shall be automatically amended to include such other places). The jurisdiction of organization of such Grantor is specified in Schedule IV hereto, as such Schedule IV may be amended from time to time pursuant to Section 12(a). Such Grantor’s
federal tax identification number is set forth opposite such Grantor’s name in Schedule IV hereto. All Security Collateral consisting of certificated securities and instruments has been delivered to the First Lien Collateral Agent. None of the
Receivables or Agreement Collateral is evidenced by a promissory note or other instrument that has not been delivered to the First Lien Collateral Agent. 
  

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 (b) Such Grantor is the legal and beneficial owner of the Collateral of such Grantor free
and clear of any Lien, claim, option or right of others, except for the security interest created under this Agreement or permitted under the Credit Agreement or the First Lien Credit Agreement and except for rights of others under any License. No
effective financing statement or other instrument similar in effect covering all or any part of such Collateral or listing such Grantor or any trade name of such Grantor as debtor is on file in any recording office, except such as may have been
filed in favor of the Collateral Agent relating to the Loan Documents or as otherwise permitted under the Credit Agreement or the First Lien Credit Agreement. Such Grantor has the trade names listed on Schedule V hereto. 
  
 (c) Such Grantor has exclusive possession and control of the
Equipment and Inventory other than Inventory stored at any leased premises or warehouse for which a landlord’s or warehouseman’s agreement, in form and substance reasonably satisfactory to the Collateral Agent, is in effect and which
leased premises or warehouse is so indicated by an asterisk on Schedule III hereto, or otherwise specified by such Grantor in writing to the Collateral Agent (and upon notification to the Collateral Agent of such additional leased premises or
warehouse, Schedule III shall be automatically amended to include such other leased premises or warehouse with an asterix designation). 
  
 (d) The Pledged Shares pledged by such Grantor hereunder have been duly authorized and validly issued and are fully paid and
non-assessable. The Pledged Debt pledged by such Grantor hereunder has been duly authorized, authenticated or issued and delivered, is the legal, valid and binding obligation of the issuers thereof, is evidenced by one or more promissory notes
(which notes have been delivered to the First Lien Collateral Agent) and is not in default. 
  
 (e) The Initial Pledged Shares constitute the percentage of the issued and outstanding shares of stock of the issuers thereof indicated on
Schedule I hereto as of the date hereof. The Initial Pledged Debt constitutes all of the outstanding indebtedness owed to such Grantor by the issuers thereof and is outstanding, as of the date hereof, in the principal amount indicated on Schedule I
hereto as of the date hereof. 
  
 (f) All of the
investment property owned by such Grantor as of the date hereof is listed on Schedule I hereto. 
  
 (g) The Assigned Agreements to which such Grantor is a party, true and complete copies of which (other than the Hedge Agreements) have
been furnished to each Secured Party, have been duly authorized, executed and delivered by all parties thereto, are in full force and effect and are binding upon and enforceable against all parties thereto in accordance with their terms. There
exists no default under any Assigned Agreement to which such Grantor is a party by any party thereto. Each Grantor shall use its reasonable best efforts to obtain, (x) on or prior to 120 days from the date hereof, a consent from each party to the
Assigned Agreements listed on Part A to Schedule II hereto to which such Grantor is a party and (y) within 120 days of delivery of the Supplemental List, a consent from 
  

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 each party to the Assigned Agreements listed therein to which such Grantor is a party (provided,
that the Collateral Agent may, in its sole discretion, waive the requirements of this provision with respect to any such Assigned Agreement), all in substantially the form of Exhibit B hereto or otherwise in form and substance reasonably
satisfactory to the Collateral Agent, to the assignment of the Agreement Collateral to the Collateral Agent pursuant to this Agreement. Nothing herein shall be construed to require any Grantor to give additional consideration of any kind under any
Assigned Agreement in connection with obtaining of any consents under this Section 8(g). 
  
 (h) All filings and other actions necessary or desirable to perfect and protect the security interest in the Collateral of such Grantor
created under this Agreement have been duly made or taken and are in full force and effect or have been delivered to the Collateral Agent for filing or other appropriate action, and this Agreement creates in favor of the Collateral Agent for the
benefit of the Secured Parties a valid and, when such filings and other actions have been completed, perfected second priority security interest in the Collateral of such Grantor, securing the payment of the Secured Obligations, subject to the Loan
Documents as defined in the First Lien Credit Agreement and subject to the Intercreditor and Subordination Agreement. 
  
 (i) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any
other third party is required for (i) the grant by such Grantor of the pledge and security interest granted hereunder or for the execution, delivery or performance of this Agreement by such Grantor, (ii) the perfection or maintenance of the pledge
and security interest created hereunder (including the priority of such pledge or security interest), except for the filing of financing statements and amendments to financing statements under the Uniform Commercial Code, which financing statements
and amendments to financing statements have been or will be duly filed and are or will be in full force and effect, the recordation of the Intellectual Property Security Agreements referred to in Section 13(f) with the U.S. Patent and Trademark
Office and the U.S. Copyright Office, which agreements and any amendments thereto have been or will be duly recorded and are or will be in full force and effect, the actions described in Section 4 with respect to Security Collateral, which
actions have been or will be taken and are or will be in full force and effect, and the actions contemplated by the Credit Agreement or (iii) the exercise by the Collateral Agent of its voting or other rights provided for in this Agreement or the
remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with the disposition of any portion of the Security Collateral by laws affecting the offering and sale of securities generally. 
  
 (j) The Inventory that has been produced or distributed by
such Grantor has been produced in compliance with all requirements of applicable law, including, without limitation, the Fair Labor Standards Act. 
  
 (k) As to itself and its Intellectual Property Collateral: 
  

 13 

 (i) The rights of such Grantor in or to the Intellectual Property Collateral do not
conflict with, misappropriate or infringe upon the intellectual property rights of any third party, and no claim has been asserted that the use of such Intellectual Property Collateral does or may infringe upon the intellectual property rights of
any third party. 
  
 (ii) Such Grantor is the
exclusive owner of the entire and unencumbered right, title and interest in and to the Intellectual Property Collateral and is entitled to use all such Intellectual Property Collateral without limitation, subject only to the license terms of the
Licenses. 
  
 (iii) The Intellectual Property
Collateral set forth on Schedule V hereto includes all of the patents, patent applications, trademark registrations and applications, copyright registrations and applications and Licenses, other than commercial off-the-shelf software licenses, owned
by such Grantor, except as permitted under the Credit Agreement or the First Lien Credit Agreement. 
  
 (iv) The Intellectual Property Collateral is subsisting and has not been adjudged invalid or unenforceable in whole or part and, to the
best of such Grantor’s knowledge, is valid and enforceable. Such Grantor is not aware of any uses of any item of Intellectual Property Collateral that could be expected to lead to such item becoming invalid or unenforceable. 
  
 (v) Such Grantor has made or performed all commercially
reasonable filings, recordings and other acts and has paid all required fees and taxes to maintain and protect its interest in each and every material item of Intellectual Property Collateral in full force and effect throughout the world, and to
protect and maintain its interest therein, including without limitation, any recordation of any of its interests in the Patents and Trademarks with the U.S. Patent and Trademark Office and in corresponding national and international patent offices,
and any recordation of any of its interests in the Copyrights with the U.S. Copyright Office and in corresponding national and international copyright offices. Such Grantor has used commercially reasonable statutory notice in connection with its use
of each material patent, trademark and copyright of the Intellectual Property Collateral. 
  
 (vi) No action, suit, investigation, litigation or proceeding has been asserted or is pending or, to the best of such Grantor’s
knowledge, threatened against such Grantor (i) based upon or challenging or seeking to deny or restrict the use of any of the Intellectual Property Collateral or (ii) alleging that any services provided by, processes used by, or products
manufactured or sold by, such Grantor infringe upon or misappropriate any patent, trademark, copyright or any other proprietary right of any third party. To the best of such Grantor’s knowledge, no Person is engaging in any activity that
infringes upon or misappropriates the Intellectual Property Collateral or upon the rights of such Grantor therein. Except as set forth on Schedule V hereto, such Grantor has not 
  

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 granted any license, release, covenant not to sue, non-assertion assurance or other right to any Person
with respect to any part of the Intellectual Property Collateral. The consummation of the transactions contemplated by the Loan Documents shall not result in the termination or impairment of any of the Intellectual Property Collateral. 

 
 (vii) With respect to each License: (A) such License is
valid and binding and in full force and effect and represents the entire agreement between the respective licensor and licensee with respect to the subject matter of such License; (B) such License shall not cease to be valid and binding and in full
force and effect on terms identical to those currently in effect as a result of the rights and interest granted herein, nor shall the grant of such rights and interest constitute a breach or default under such License or otherwise give the licensor
or licensee a right to terminate such License; (C) such Grantor has not received any notice of termination or cancellation under such License; (D) such Grantor has not received any notice of a breach or default under such License, which breach or
default has not been cured; (E) such Grantor has not granted to any other third party any rights, adverse or otherwise, under such License (except to the extent that sublicensing is permitted); and (F) neither such Grantor nor any other party to
such License is in breach or default in any material respect, and no event has occurred that, with notice or lapse of time or both, would constitute such a breach or default or permit termination, modification or acceleration under such License.

  
 (viii) To the best of such Grantor’s
knowledge, (A) none of the Trade Secrets of such Grantor has been used, divulged, disclosed or appropriated to the detriment of such Grantor for the benefit of any other Person other than such Grantor; (B) no employee, independent contractor or
agent of such Grantor has misappropriated any trade secrets of any other Person in the course of the performance of his or her duties as an employee, independent contractor or agent of such Grantor; and (C) no employee, independent contractor or
agent of such Grantor is in default or breach of any term of any employment agreement, non-disclosure agreement, assignment of inventions agreement or similar agreement or contract relating in any way to the protection, ownership, development, use
or transfer of such Grantor’s Intellectual Property Collateral. 
  
 SECTION 9. Further Assurances. 
  
 (a) Each Grantor agrees that from time to time, at the expense of such Grantor, such Grantor shall promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that
the Collateral Agent may request, in order to perfect and protect any pledge or security interest granted or purported to be granted by such Grantor hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies
hereunder with respect to any Collateral of such Grantor. Without limiting the generality of the foregoing, each Grantor shall promptly, with respect to Collateral of such Grantor: (i) mark conspicuously each chattel paper included in Receivables
and, at the request of the Collateral Agent, each of its 
  

 15 

 records pertaining to such Collateral with a legend, in form and substance reasonably satisfactory to the
Collateral Agent, indicating that such chattel paper or Collateral is subject to the security interest granted hereby; (ii) if any such Collateral shall be evidenced by a promissory note or other instrument or chattel paper, deliver and pledge to
the Collateral Agent hereunder such note or instrument or chattel paper duly indorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to the Collateral Agent; (iii) file such
financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Collateral Agent may request, in order to perfect and preserve the security interest granted or purported
to be granted by such Grantor hereunder; (iv) deliver and pledge to the Collateral Agent for the benefit of the Secured Parties certificates representing Security Collateral that constitutes certificated securities, accompanied by undated stock or
bond powers executed in blank; and (v) deliver to the Collateral Agent evidence that all other action that the Collateral Agent may deem reasonably necessary or desirable in order to perfect and protect the security interest created by such Grantor
under this Agreement has been taken. 
  
 (b) Each
Grantor hereby authorizes the Collateral Agent to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral of such Grantor. A photocopy or other reproduction of this Agreement or
any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law. 
  
 (c) Each Grantor shall furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the
Collateral of such Grantor and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 
  

SECTION 10. As to Equipment and Inventory. 
  
 (a) Intentionally omitted. 
  
 (b) Each Grantor shall cause the Equipment of such Grantor to be maintained and preserved in good working order and condition, ordinary
wear and tear excepted, and shall forthwith, or in the case of any loss or damage to any of such Equipment as soon as practicable after the occurrence thereof, make or cause to be made all repairs, replacements and other improvements in connection
therewith that are necessary or desirable to such end. Each Grantor shall promptly furnish to the Collateral Agent a statement respecting any loss or damage exceeding $500,000 to any of the Equipment or Inventory of such Grantor. 
  
 (c) Each Grantor shall pay promptly when due all property
and other taxes, assessments and governmental charges or levies imposed upon, and all claims (including, without limitation, claims for labor, materials and supplies) against, the Equipment and Inventory of such Grantor provided, however, that such
Grantor shall not be required to pay or discharge any such tax, assessment, charge or claim that is being contested in good 
  

 16 

 faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and
until any Lien resulting therefrom attaches to its property and becomes enforceable against its other creditors. 
  
 SECTION 11. Insurance. 
  
 (a) Each Grantor shall, at its own expense, maintain insurance with respect to the Equipment and Inventory (it being understood that
Equipment and Inventory shall not include fiber optic cables) of such Grantor with responsible and reputable insurance companies or associations in such amounts, and against such risks as is usually carried by companies engaged in similar business
and owning similar properties in the same general area in which such Grantor operates. Each policy of each Grantor for liability insurance shall (i) name such Grantor and the Collateral Agent as insured parties thereunder (without any representation
or warranty by or obligation upon the Collateral Agent) as their interests may appear, (ii) contain the agreement by the insurer that any loss thereunder shall be payable to the Collateral Agent notwithstanding any action, inaction or breach of
representation or warranty by such Grantor, (iii) provide that there shall be no recourse against the Collateral Agent for payment of premiums or other amounts with respect thereto and (iv) provide that at least 10 days’ prior written notice of
cancellation or of lapse shall be given to the Collateral Agent by the insurer. Each Grantor shall, if so requested by the Collateral Agent, deliver to the Collateral Agent original or duplicate policies of such insurance and, as often as the
Collateral Agent may reasonably request, a report of a reputable insurance broker with respect to such insurance. Further, each Grantor shall, at the request of the Collateral Agent, duly execute and deliver instruments of assignment of such
insurance policies to comply with the requirements of Section 10 and cause the insurers to acknowledge notice of such assignment. 
  
 (b) Reimbursement under any liability insurance maintained by any Grantor pursuant to this Section 11 may be paid directly to the Person
who shall have incurred liability covered by such insurance. In case of any loss involving damage to Equipment or Inventory when no Event of Default shall have occurred and be continuing, the applicable Grantor shall make or cause to be made the
necessary repairs to or replacements of such Equipment or Inventory, and any proceeds of insurance properly received by or released to such Grantor shall be used by such Grantor, except as otherwise required by the First Lien Credit Agreement, to
pay or to reimburse for the costs of such repairs or replacements. 
  
 (c) So long as no Event of Default shall have occurred and be continuing, all insurance payments received by the Collateral Agent in connection with any loss, damage or destruction of any Inventory or Equipment shall
be released, subject to the provisions of Section 2.05(b)(ii) of the Credit Agreement, by the Collateral Agent to the applicable Grantor for the repair, replacement or restoration thereof. 
  

 17 

 SECTION 12. Place of Perfection; Records; Collection of Receivables. 
  
 (a) Each Grantor shall keep its jurisdiction of
organization, and originals of the Assigned Agreements to which such Grantor is a party and all originals of all chattel paper that evidence Receivables of such Grantor, at the location therefor specified in Section 8(a) or, upon 30 days’ prior
written notice to the Collateral Agent, at such other location in a jurisdiction where all actions required by Section 9 shall have been taken with respect to the Collateral of such Grantor (and, upon the taking of such action in such jurisdiction,
Schedule IV hereto shall be automatically amended to include such other location). Each Grantor shall hold and preserve its records relating to the Collateral, the Assigned Agreements and chattel paper and shall permit representatives of the
Collateral Agent at any time during normal business hours to inspect and make abstracts from such records and other documents. 
  
 (b) Except as otherwise provided in this subsection (b), each Grantor shall continue to collect, at its own expense, all amounts due or to
become due to such Grantor under the Receivables. In connection with such collections, such Grantor may take such action as such Grantor may deem necessary or advisable to enforce collection of the Receivables; provided, however, that
the Collateral Agent shall have the right at any time, upon the occurrence and during the continuance of an Event of Default and upon written notice to such Grantor of its intention to do so, to notify the Obligors under any Receivables of the
assignment of such Receivables to the Collateral Agent and to direct such Obligors to make payment of all amounts due or to become due to such Grantor thereunder directly to the Collateral Agent and, upon such notification and at the expense of such
Grantor, to enforce collection of any such Receivables, and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done. After receipt by any Grantor of the notice from the
Collateral Agent referred to in the proviso to the preceding sentence, (i) all amounts and proceeds (including instruments) received by such Grantor in respect of the Receivables of such Grantor shall be received in trust for the benefit of the
Collateral Agent hereunder, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement) to be deposited in the Collateral Account and
either (A) released to such Grantor on the terms set forth in Section 7 so long as no Event of Default shall have occurred and be continuing or (B) if any Event of Default shall have occurred and be continuing, applied as provided in Section 21(b)
and (ii) such Grantor shall not adjust, settle or compromise the amount or payment of any Receivable, release wholly or partly any Obligor thereof, or allow any credit or discount thereon. No Grantor shall permit or consent to the subordination of
its right to payment under any of the Receivables to any other indebtedness or obligations of the Obligor thereof. 
  
 SECTION 13. As to Intellectual Property Collateral. 
  
 (a) Each Grantor agrees to take, at its expense, all necessary steps that such Grantor shall have determined are commercially reasonable
in the conduct of such Grantor’s business with respect to each item of its Intellectual Property Collateral, 
  

 18 

 including, without limitation, in the U.S. Patent and Trademark Office, the U.S. Copyright Office and any
other governmental authority, to (i) maintain the validity and enforceability of such Intellectual Property Collateral and maintain such Intellectual Property Collateral in full force and effect and (ii) pursue the registration and maintenance of
patent, trademark or copyright registration or application now or hereafter included in the Intellectual Property Collateral of such Grantor, including, without limitation, the payment of required fees and taxes, the filing of responses to office
actions issued by the U.S. Patent and Trademark Office, the U.S. Copyright Office or other governmental authorities, the filing of applications for renewal or extension, the filing of affidavits under Sections 8 and 15 of the U.S. Trademark Act, the
filing of divisional, continuation, continuation-in-part, reissue and renewal applications or extensions, the payment of maintenance fees and the participation in interference, reexamination, opposition, cancellation, infringement and
misappropriation proceedings. No Grantor shall discontinue use of or otherwise abandon any Intellectual Property Collateral, or abandon any right to file an application for letters patent, trademark or copyright, unless such Grantor shall have
previously determined that such use or the pursuit or maintenance of such Intellectual Property Collateral is no longer desirable in the conduct of such Grantor’s business and that the loss thereof would not be reasonably likely to have a
Material Adverse Effect, in which case, with respect to any material item of Intellectual Property Collateral so abandoned, such Grantor shall give reasonable notice of any such abandonment to the Collateral Agent. 
  
 (b) Each Grantor agrees promptly to notify the Collateral
Agent if such Grantor learns (i) that any material item of the Intellectual Property Collateral may have become abandoned, placed in the public domain, invalid or unenforceable, or of any adverse determination or development regarding such
Grantor’s ownership of any material item of the Intellectual Property Collateral or its right to register the same or to keep and maintain and enforce the same, or (ii) of any adverse determination or the institution of any proceeding
(including, without limitation, the institution of any proceeding in the U.S. Patent and Trademark Office or any court) regarding any material item of the Intellectual Property Collateral. 
  
 (c) In the event that any Grantor becomes aware that any
material item of the Intellectual Property Collateral is being infringed or misappropriated by a third party and communicates such awareness to such third party, such Grantor shall reasonably notify the Collateral Agent and shall take such actions,
at its expense, as such Grantor deems reasonable and appropriate under the circumstances to protect such Intellectual Property Collateral, including, without limitation, suing for infringement or misappropriation and for an injunction against such
infringement or misappropriation. 
  
 (d) Each
Grantor shall use commercially reasonable statutory notice in connection with its use of each material item of its Intellectual Property Collateral. Except as set forth in Section 13(a), no Grantor shall do or permit any act or knowingly omit to do
any act whereby any of its Intellectual Property Collateral may lapse or become invalid or unenforceable or placed in the public domain. 
  

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 (e) Each Grantor shall take all steps which it deems reasonable and appropriate under the
circumstances to preserve and protect each item of its Intellectual Property Collateral, including, without limitation, maintaining the quality of any and all products or services offered or provided under any of the Trademarks, consistent with the
quality of the products and services as of the date hereof, and taking all steps necessary to ensure that all licensed users of any of the Trademarks use such consistent standards of quality. 
  
 (f) With respect to its Intellectual Property Collateral,
each Grantor agrees to execute an agreement, in substantially the form set forth in Exhibit C hereto (an “Intellectual Property Security Agreement”), for recording the security interest granted hereunder to the Collateral
Agent in such Intellectual Property Collateral with the U.S. Patent and Trademark Office, the U.S. Copyright Office and any other governmental authorities necessary to perfect the security interest hereunder in such Intellectual Property Collateral.

  
 (g) Each Grantor agrees that, should it
obtain an ownership interest in any item of the type set forth in Section 1(g) which is not on the date hereof a part of the Intellectual Property Collateral (the “After-Acquired Intellectual Property”), (i) the provisions of
Section 1 shall automatically apply thereto, (ii) any such After-Acquired Intellectual Property and, in the case of trademarks, the goodwill of the business connected therewith or symbolized thereby, shall automatically become part of the
Intellectual Property Collateral subject to the terms and conditions of this Agreement with respect thereto, (iii) with respect to only material items of After-Acquired Intellectual Property, such Grantor shall give written notice thereof to the
Collateral Agent in accordance herewith every calendar quarter and (iv) with respect to registrations and applications for registration of such After-Acquired Intellectual Property which are registered or filed with the U.S. Patent and Trademark
Office, U.S. Copyrights Office or order governmental authorities, such Grantor shall execute and deliver to the Collateral Agent an IP Security Agreement Supplement covering such After-Acquired Intellectual Property as “Additional
Collateral” thereunder and as defined therein, and shall record such IP Security Agreement Supplement with the U.S. Patent and Trademark Office, the U.S. Copyright Office and any other governmental authorities necessary to perfect the
security interest hereunder in such After-Acquired Intellectual Property. 
  
 SECTION 14. Voting Rights; Dividends; Etc. 
  
 (a) So long as no Event of Default shall have occurred and be continuing: 
  
 (i) Each Grantor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Security Collateral of
such Grantor or any part thereof for any purpose; provided, however, that such Grantor shall not exercise or refrain from exercising any such right if such action would have a material adverse effect on the value of the Security Collateral or any
part thereof. 
  
 (ii) Each Grantor shall be
entitled to receive and retain any and all dividends, interest and other distributions paid in respect of the Security Collateral 
  

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 of such Grantor if and to the extent that the payment thereof is not otherwise prohibited by the terms of
the Loan Documents; provided, however, that any and all: 
  
 (A) dividends, interest and other distributions paid or payable other than in cash in respect of, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, any
Security Collateral, 
  
 (B) dividends and other
distributions paid or payable in cash in respect of any Security Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in-surplus, and 
  
 (C) cash paid, payable or otherwise distributed in respect
of principal of, or in redemption of, or in exchange for, any Security Collateral, 
  
 shall be, and shall be forthwith delivered to the Collateral Agent to hold as Security Collateral and shall, if received by such Grantor, be received in trust for the benefit of the First Lien Collateral Agent, be
segregated from the other property or funds of such Grantor and be forthwith delivered to the First Lien Collateral Agent as Security Collateral in the same form as so received (with any necessary indorsement). 
  
 (iii) The First Lien Collateral Agent shall execute and
deliver (or cause to be executed and delivered) to each Grantor all such proxies and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the voting and other rights that it is entitled to
exercise pursuant to paragraph (i) above and to receive the dividends or interest payments that it is authorized to receive and retain pursuant to paragraph (ii) above. 
  
 (b) Upon the occurrence and during the continuance of an Event of Default: 
  
 (i) All rights of each Grantor (x) to exercise or refrain
from exercising the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 14(a)(i) shall, upon notice to such Grantor by the First Lien Collateral Agent, cease and (y) to receive the dividends,
interest and other distributions that it would otherwise be authorized to receive and retain pursuant to Section 14(a)(ii) shall automatically cease, and all such rights shall thereupon become vested in the First Lien Collateral Agent, which shall
thereupon have the sole right to exercise or refrain from exercising such voting and other consensual rights and to receive and hold as Security Collateral such dividends, interest and other distributions. 
  

 21 

 (ii) All dividends, interest and other distributions that are received by any Grantor
contrary to the provisions of paragraph (i) of this Section 14(b) shall be received in trust for the benefit of the First Lien Collateral Agent, shall be segregated from other funds of such Grantor and shall be forthwith paid over to the First Lien
Collateral Agent as Security Collateral in the same form as so received (with any necessary indorsement). 
  
 (iii) The First Lien Collateral Agent shall be authorized to send to each Securities Intermediary or Commodity Intermediary as defined in
and under any Control Agreement a notice of exclusive control under such Control Agreement. 
  
 SECTION 15. As to the Assigned Agreements. 
  
 (a) Each Grantor shall at its expense: 
  
 (i) perform and observe all terms and provisions of the Assigned Agreements to be performed or observed by it, maintain the Assigned
Agreements to which it is a party in full force and effect, enforce the Assigned Agreements to which it is a party in accordance with the terms thereof and take all such action to such end as may be reasonably requested from time to time by the
Collateral Agent except where the failure to do so would not have a Material Adverse Effect; and 
  
 (ii) and from time to time (A) furnish to the Collateral Agent such information and reports regarding the Assigned Agreements and such
other Collateral of such Grantor as the Collateral Agent may reasonably request and (B) upon request of the Collateral Agent, make to each other party to any Assigned Agreement to which it is a party such demands and requests for information and
reports or for action as such Grantor is entitled to make thereunder. 
  
 (b) Each Grantor agrees that it shall not, except to the extent otherwise permitted under the Credit Agreement: 
  
 (i) cancel or terminate any Assigned Agreement to which it is a party or consent to or accept any cancellation or termination thereof;

  
 (ii) amend, amend and restate, supplement or
otherwise modify any such Assigned Agreement or give any consent, waiver or approval thereunder; 
  
 (iii) waive any default under or breach of any such Assigned Agreement; or 
  
 (iv) take any other action in connection with any such Assigned Agreement that would impair the value of the
interests or rights of such Grantor thereunder or that would impair the interests or rights of any Secured Party. 
  

 22 

 (c) Each Grantor hereby consents on its own behalf and on behalf of its Subsidiaries to
the assignment and pledge to the Collateral Agent for benefit of the Secured Parties of each Assigned Agreement to which it is a party by any other Grantor hereunder. 
  
 SECTION 16. Payments Under the Assigned Agreements. 
  
 (a) Each Grantor agrees, and as part of the consents such Grantor has agreed to request pursuant to Section
8(g) will request each other party to each Assigned Agreement which is the subject of such consent to agree, that, upon the occurrence and during the continuance of an Event of Default, all payments due or to become due under or in connection with
such Assigned Agreement shall be made directly to the Collateral Account. 
  
 (b) All moneys received or collected pursuant to subsection (a) above shall be (i) released to the applicable Grantor so long as no Event of Default shall have occurred and be continuing or (ii) if any Event of
Default shall have occurred and be continuing, applied as provided in Section 21(b). 
  
 SECTION 17. Transfers and Other Liens; Additional Shares. 
  
 (a) Each Grantor agrees that it shall not (i) sell, assign or otherwise dispose of, or grant any option with respect to, any of the
Collateral, other than sales, assignments and other dispositions of Collateral, non-exclusive licenses granted in the ordinary course of business and options relating to Collateral, permitted under the terms of the Credit Agreement, or (ii) create
or suffer to exist any Lien upon or with respect to any of the Collateral of such Grantor except for the pledge, assignment and security interest created under this Agreement and Liens permitted under the Credit Agreement or the First Lien Credit
Agreement. 
  
 (b) Each Grantor agrees that it
shall (i) cause each issuer of the Pledged Shares pledged by such Grantor not to issue any stock or other securities in addition to or in substitution for the Pledged Shares issued by such issuer, except to such Grantor, and (ii) pledge hereunder,
immediately upon its acquisition (directly or indirectly) thereof, any and all additional shares of stock or other securities. 
  
 SECTION 18. Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints the Collateral Agent such Grantor’s
attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, from time to time, upon the occurrence and during the continuance of an Event of Default, in the Collateral Agent’s
discretion, to take any action and to execute any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation: 
  
 (a) to obtain and adjust insurance required to be paid to
the Collateral Agent pursuant to Section 11, 
  

 23 

 (b) to ask for, demand, collect, sue for, recover, compromise, receive and give
acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral, 
  
 (c) to receive, indorse and collect any drafts or other instruments, documents and chattel paper, in connection with clause (a) or (b)
above, and 
  
 (d) to file any claims or take any
action or institute any proceedings that the Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce compliance with the terms and conditions of any Assigned Agreement or the rights of the
Collateral Agent with respect to any of the Collateral. 
  
 SECTION 19. Collateral Agent May Perform. If any Grantor fails to perform any agreement contained herein, the Collateral Agent may, as the Collateral Agent deems necessary to protect the security interest granted hereunder in the
Collateral or to protect the value thereof, but without any obligation to do so and without notice, itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable
by such Grantor under Section 22(b). 
  
 SECTION 20. The
Collateral Agent’s Duties. 
  
 (a) The
powers conferred on the Collateral Agent hereunder are solely to protect the Secured Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its
possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other
matters relative to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any
Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which it accords its own
property. 
  
 (b) Anything contained herein to
the contrary notwithstanding, the Collateral Agent may from time to time, when the Collateral Agent deems it to be necessary, appoint one or more subagents (each a “Subagent”) for the Collateral Agent hereunder with respect
to all or any part of the Collateral. In the event that the Collateral Agent so appoints any Subagent with respect to any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by each
Grantor hereunder shall be deemed for purposes of this Agreement to have been made to such Subagent, in addition to the Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations of such Grantor, (ii)
such Subagent shall automatically be vested, in addition to the Collateral Agent, with all rights, powers, privileges, interests and remedies of the Collateral Agent hereunder with respect to such 
  

 24 

 Collateral, and (iii) the term “Collateral Agent,” when used herein in relation
to any rights, powers, privileges, interests and remedies of the Collateral Agent with respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be authorized to take any action with respect to
any such Collateral unless and except to the extent expressly authorized in writing by the Collateral Agent. 
  
 SECTION 21. Remedies. If any Event of Default shall have occurred and be continuing, and subject to the Intercreditor and Subordination Agreement:

  
 (a) The Collateral Agent may exercise in
respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the N.Y. Uniform Commercial Code (whether or not the N.Y. Uniform
Commercial Code applies to the affected Collateral) and also may: (i) require each Grantor to, and each Grantor hereby agrees that it shall at its expense and upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as
directed by the Collateral Agent and make it available to the Collateral Agent at a place and time to be designated by the Collateral Agent that is reasonably convenient to both parties; (ii) without notice except as specified below, sell the
Collateral or any part thereof in one or more parcels, at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem
commercially reasonable; (iii) occupy any premises owned or leased by any of the Grantors where the Collateral or any part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under law,
without obligation to such Grantor in respect of such occupation; and (iv) exercise any and all rights and remedies of any of the Grantors under or in connection with the Assigned Agreements or the Receivables or otherwise in respect of the
Collateral, including, without limitation, any and all rights of such Grantor to demand or otherwise require payment of any amount under, or performance of, any provision of the Assigned Agreements, the Receivables. Each Grantor agrees that, to the
extent notice of sale shall be required by law, at least ten days’ notice to such Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral
Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such
sale may, without further notice, be made at the time and place to which it was so adjourned. 
  
 (b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on behalf of the Collateral Agent in
respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or at any time thereafter applied
(after payment of any amounts payable to the Collateral Agent pursuant to Section 22), in whole or in part, by the Collateral Agent for the ratable benefit of the Secured Parties against, all or any part of the Secured Obligations, in the following
manner: 
  

 25 

 (i) first, to the Agents for any amounts owing to the Agents pursuant to Section
9.04 of the Credit Agreement or otherwise under the Loan Documents, ratably in accordance with such respective amounts then owing to the Agents; and 
  
 (ii) second, to the Lender Parties and the Hedge Banks, respectively, for any amount then owing to them, in their capacities as
such, under the Loan Documents ratably in accordance with such respective amounts then owing to the Lender Parties and the Hedge Banks, provided that, for purposes of this Section 21, the amount owing to any such Hedge Bank pursuant to any
Secured Hedge Agreement to which it is a party (other than any amount theretofore accrued and unpaid) shall be deemed to be equal to the Agreement Value therefor. 
  
 Any surplus of such cash or cash proceeds held by or on the behalf of the Collateral Agent and remaining after payment in
full of all the Secured Obligations shall be paid to the Borrower. 
  
 (c) All payments received by any Grantor under or in connection with any Assigned Agreement or otherwise in respect of the Collateral shall be (i) received in trust for the benefit of the Collateral Agent, (ii)
segregated from other funds of such Grantor and (iii) forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement). 
  
 (d) The Collateral Agent may, without notice to any Grantor except as required by law and at any time or
from time to time, charge, set-off and otherwise apply all or any part of the Secured Obligations against any funds held in the Collateral Account or in any deposit account related thereto. 
  
 (e) In the event of any sale or other disposition of any of
the Intellectual Property Collateral of any Grantor, the goodwill of the business connected with and symbolized by any Trademarks subject to such sale or other disposition shall be included therein, and such Grantor shall supply to the Collateral
Agent or its designee such Grantor’s know-how and expertise, and documents and things relating to any Intellectual Property Collateral subject to such sale or other disposition, and such Grantor’s customer lists and other records and
documents relating to such Intellectual Property Collateral and to the manufacture, distribution, advertising and sale of products and services of such Grantor. 
  
 (f) If the Collateral Agent shall determine to exercise its right to sell all or any of the Security
Collateral of any Grantor pursuant to this Section 21, each Grantor agrees that, upon request of the Collateral Agent, such Grantor shall, at its own expense: 
  

(i) execute and deliver, and cause each issuer of such Security Collateral contemplated to be sold and the directors and officers
thereof to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts and things, as may be necessary or, in the opinion of the Collateral Agent, advisable to register such Security Collateral under the
provisions of the Securities Act of 1933 (as amended from time to time, the 
  

 26 

 “Securities Act”), to cause the registration statement relating thereto to become
effective and to remain effective for such period as prospectuses are required by law to be furnished and to make all amendments and supplements thereto and to the related prospectus that, in the opinion of the Collateral Agent, are necessary or
advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto; 
  
 (ii) use its best efforts to qualify the Security Collateral under the state securities or “Blue
Sky” laws and to obtain all necessary governmental approvals for the sale of such Security Collateral, as requested by the Collateral Agent; 
  
 (iii) cause each such issuer of such Security Collateral to make available to its security holders, as soon as practicable, an earnings
statement that shall satisfy the provisions of Section 11(a) of the Securities Act; 
  
 (iv) provide the Collateral Agent with such other information and projections as may be necessary or, in the opinion of the Collateral
Agent, advisable to enable the Collateral Agent to effect the sale of such Security Collateral; and 
  
 (v) do or cause to be done all such other acts and things as may be necessary to make such sale of such Security Collateral or any part
thereof valid and binding and in compliance with applicable law. 
  
 (g) The Collateral Agent is authorized, in connection with any sale of the Security Collateral pursuant to this Section 21, to deliver or otherwise disclose to any prospective purchaser of the Security Collateral: (i)
any registration statement or prospectus, and all supplements and amendments thereto, prepared pursuant to subsection (f)(i) above; (ii) any information and projections provided to it pursuant to subsection (f)(iv) above; and (iii) any other
information in its possession relating to such Security Collateral. 
  
 (h) Each Grantor acknowledges the impossibility of ascertaining the amount of damages that would be suffered by the Secured Parties by reason of the failure by such Grantor to perform any of the covenants contained in
subsection (f) above and, consequently, agrees that, if such Grantor shall fail to perform any of such covenants, it shall pay, as liquidated damages and not as a penalty, an amount equal to the value of the Security Collateral on the date the
Collateral Agent shall demand compliance with subsection (f) above. 
  
 SECTION 22. Indemnity and Expenses. 
  
 (a) Each Grantor agrees to indemnify, defend, 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 demand, any and all claims, damages, losses, liabilities and expenses 
  

 27 

 (including, without limitation, reasonable 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 any claims by third parties involving this Agreement (including, without limitation, enforcement of this Agreement), except to the
extent such claim, damage, loss, liability or expense resulted from such Indemnified Party’s gross negligence or willful misconduct. 
  
 (b) Each Grantor shall upon demand pay to the Collateral Agent the amount of any and all reasonable expenses, including, without
limitation, the reasonable fees and expenses of its counsel and of any experts and agents, that the Collateral Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or the
sale of, collection from or other realization upon, any of the Collateral of such Grantor, (iii) the exercise or enforcement of any of the rights of the Collateral Agent or the other Secured Parties hereunder or (iv) the failure by such Grantor to
perform or observe any of the provisions hereof. 
  
 SECTION 23.
Amendments; Waivers; Additional Grantors; Etc. 
  
 (a) No amendment or waiver of any provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent, and then such
waiver or consent shall be effective only in the specific instance and for the specific purpose for which such waiver or consent is given. No failure on the part of the Collateral Agent or any other Secured Party to exercise, and no delay in
exercising any right hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 
  
 (b) Upon the execution and delivery by any Person of a
security agreement supplement in substantially the form of Exhibit A hereto (each a “Security Agreement Supplement”), (i) such Person shall be referred to as an “Additional Grantor” and shall be and
become a Grantor hereunder and each reference in this Agreement and the other Loan Documents to “Grantor” shall also mean and be a reference to such Additional Grantor, and (ii) the supplemental Schedules I, II, III, IV and V
attached to each Security Agreement Supplement shall be incorporated into and become a part of and supplement Schedules I, II, III, IV and V, respectively, hereto, and the Collateral Agent may attach such supplemental schedules to such Schedules,
and each reference to such Schedules shall mean and be a reference to such Schedules as supplemented pursuant to each Security Agreement Supplement. 
  
 SECTION 24. Notices, Etc. All notices and other communications provided for hereunder shall be in writing (including telegraphic, telecopier or
telex communication) and mailed, telegraphed, telecopied, telexed or delivered to, in the case of the Borrower or the Collateral Agent, addressed to it at its address specified in the Credit Agreement and, in the case of each Grantor other than the
Borrower, addressed to it at its address set forth opposite such Grantor’s name on the signature pages hereto or on the signature page to the Security Agreement Supplement pursuant to which it became a party hereto; or, as to any party, at such
other address 
  

 28 

 as shall be designated by such party in a written notice to the other parties. All such notices and other communications
shall, when mailed, telegraphed, telecopied or telexed, be effective when deposited in the mail, delivered to the telegraph company, telecopied or confirmed by telex answerback, respectively, addressed as aforesaid; except that notices and other
communications to the Collateral Agent shall not be effective until received by the Collateral Agent. Delivery by telecopier of an executed counterpart of any amendment or waiver of any provision of this Agreement or of any Security Agreement
Supplement or Schedule hereto shall be effective as delivery of an original executed counterpart thereof. 
  
 SECTION 25. Continuing Security Interest; Assignments under the Credit Agreement. This Agreement shall create a continuing security interest in the
Collateral and shall (a) remain in full force and effect until the latest of (i) the payment in full in cash of the Secured Obligations, (ii) the Termination Date and (iii) the termination or expiration of all Secured Hedge Agreements, (b) be
binding upon each Grantor, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without
limiting the generality of the foregoing clause (c), any Lender Party may assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitment,
the Advances owing to it and the Note or Notes, if any, held by it) to any Eligible Assignee, and such Eligible Assignee shall thereupon become vested with all the benefits in respect thereof granted to such Lender Party herein or otherwise, in each
case as provided in Section 9.07 of the Credit Agreement. 
  
 SECTION 26. Release; Termination. 
  
 (a) Upon any sale, lease, transfer or other disposition of any item of Collateral of any Grantor in accordance with the terms of the Loan Documents (other than sales of Inventory in the ordinary course of business), the Collateral Agent
shall, at such Grantor’s expense, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted hereby;
provided, however, that (i) at the time of such request and such release no Event of Default shall have occurred and be continuing, (ii) such Grantor shall have delivered to the Collateral Agent, at least 10 Business Days prior to the date of
the proposed release, a written request for release describing the item of Collateral and the terms of the sale, lease, transfer or other disposition in reasonable detail, including, without limitation, the price thereof and any expenses in
connection therewith, together with a form of release for execution by the Collateral Agent and a certificate of such Grantor to the effect that the transaction is in compliance with the Loan Documents and as to such other matters as the Collateral
Agent may request and (iii) the proceeds of any such sale, lease, transferor other disposition required to be applied, or any payment to be made in connection therewith, in accordance with Section 2.05 of the Credit Agreement shall, to the extent so
required, be paid or made to the Collateral Agent when and as required under Section 2.05 of the Credit Agreement. 
  
 (b) Upon the latest of (i) the payment in full in cash of the Secured Obligations, (ii) the Termination Date and (iii) the termination or
expiration of all Secured Hedge 
  

 29 

 Agreements, the pledge, assignment and security interest granted hereby shall terminate and all rights to
the Collateral shall revert to the applicable Grantor. Upon any such termination, the Collateral Agent shall, at the applicable Grantor’s expense, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to
evidence such termination. 
  
 SECTION 27. Security Interest
Absolute. The obligations of each Grantor under this Agreement are independent of the Secured Obligations or any other Obligations of any other Loan Party under or in respect of the Loan Documents, and a separate action or actions may be brought
and prosecuted against each Grantor to enforce this Agreement, irrespective of whether any action is brought against such Grantor or any other Loan Party or whether such Grantor or any other Loan Party is joined in any such action or actions. All
rights of the Collateral Agent and the other Secured Parties and the pledge, assignment and security interest hereunder, and all obligations of each Grantor hereunder, shall be irrevocable, absolute and unconditional irrespective of, and each
Grantor hereby irrevocably waives (to the maximum extent permitted by applicable law) any defenses it may now have or may hereafter acquire in any way relating to, any or all of the following: 
  
 (a) any lack of validity or enforceability of any Loan
Document or any other agreement or instrument relating thereto; 
  
 (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations or any other Obligations of any other Loan Party under or in respect of the Loan Documents or
any other amendment or waiver of or any consent to any departure from any Loan Document, including, without limitation, any increase in the Secured Obligations resulting from the extension of additional credit to any Loan Party or any of its
Subsidiaries or otherwise; 
  
 (c) any taking,
exchange, release or non-perfection of any Collateral or any other collateral, or any taking, release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Secured Obligations; 
  
 (d) any manner of application of any Collateral or any other
collateral, or proceeds thereof, to all or any of the Secured Obligations, or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Secured Obligations or any other Obligations of any other Loan
Party under or in respect of the Loan Documents or any other assets of any Loan Party or any of its Subsidiaries; 
  
 (e) any change, restructuring or termination of the corporate structure or existence of any Loan Party or any of its Subsidiaries;

  
 (f) any failure of any Secured Party to
disclose to any Loan Party any information relating to the business, condition (financial or otherwise), operations, performance, assets, nature of assets, liabilities or prospects of any other Loan Party now or hereafter known to such Secured Party
(each Grantor waiving any duty on the part of the Secured Parties to disclose such information); 
  

 30 

 (g) the failure of any other Person to execute this Agreement or any other Collateral
Document, guaranty or agreement or the release or reduction of liability of any Grantor or other grantor or surety with respect to the Secured Obligations; or 
  

(h) any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any
representation by any Secured Party that might otherwise constitute a defense available to, or a discharge of, such Grantor or any other Grantor or a third party grantor of a security interest. 
  
 This Agreement shall continue to be effective or be reinstated, as the case may be, if at any
time any payment of any of the Secured Obligations is rescinded or must otherwise be returned by any Secured Party or by any other Person upon the insolvency, bankruptcy or reorganization of any Loan Party or otherwise, all as though such payment
had not been made. 
  
 SECTION 28. Execution in
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Agreement by telecopier shall be effective as delivery of an original executed counterpart of this Agreement. 
  
 SECTION 29. The Mortgage. In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms of any
Mortgage and the terms of such Mortgage are inconsistent with the terms of this Agreement, then with respect to such Collateral, the terms of such Mortgage shall be controlling, in the case of fixtures and real estate leases, letting and licenses
of, and contracts and agreements relating to the lease of, real property, and the terms of this Agreement shall be controlling in the case of all other Collateral. 
  
 SECTION 30. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York. 
  
 SECTION 31. Intercreditor and
Subordination Agreement. Notwithstanding anything contained herein to the contrary, this Agreement and the rights and obligations of the parties hereunder are subject to the terms and conditions of the Intercreditor and Subordination Agreement.

  

 31 

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

							
	 Address for Notices:
	  	INTERSTATE FIBERNET, INC.
	 1791 O.G. Skinner Drive
	  	 	  	 	  	 
	 West Point, GA 31833
	  	 	  	 	  	 
	 Attention: Douglas Shumate
	  	By:	  	    /s/ Douglas A. Shumate

	 	  	 	  	    Name:	  	 Douglas A. Shumate

	 	  	 	  	    Title:	  	 Senior Vice President/Chief
 Financial Officer

		
	 Address for Notices:
	  	ITC ^DELTACOM, INC.
	 1791 O.G. Skinner Drive
	  	 	  	 	  	 
	 West Point, GA 31833
	  	 	  	 	  	 
	 Attention: Douglas Shumate
	  	By:	  	    /s/ Douglas A. Shumate

	 	  	 	  	    Name:	  	 Douglas A. Shumate

	 	  	 	  	    Title:	  	 Senior Vice President/Chief
 Financial Officer

		
	 Address for Notices:
	  	ITC ^DELTACOM COMMUNICATIONS, INC.
	 1791 O.G. Skinner Drive
	  	 	  	 	  	 
	 West Point, GA 31833
	  	 	  	 	  	 
	 Attention: Douglas Shumate
	  	By:	  	    /s/ Douglas A. Shumate

	 	  	 	  	    Name:	  	 Douglas A. Shumate

	 	  	 	  	    Title:	  	 Senior Vice President/Chief
 Financial Officer

		
	 Address for Notices:
	  	DELTACOM INFORMATION SYSTEMS, INC.
	 1791 O.G. Skinner Drive
	  	 	  	 	  	 
	 West Point, GA 31833
	  	 	  	 	  	 
	 Attention: Douglas Shumate
	  	By:	  	    /s/ Douglas A. Shumate

	 	  	 	  	    Name:	  	 Douglas A. Shumate

	 	  	 	  	    Title:	  	 Senior Vice President/Chief
 Financial Officer

  

 32 

							
	 Address for Notices:
	 	 BUSINESS TELECOM, INC.

	 1791 O.G. Skinner Drive
	 	 	 	 	 	 
	 West Point, GA 31833
	 	 	 	 	 	 
	 Attention: Douglas Shumate
	 	 By:
	 	     /s/ Douglas A. Shumate

	 	 	 	 	     Name:
	 	 Douglas A. Shumate

	 	 	 	 	     Title:
	 	 Senior Vice President/Chief
 Financial Officer

		
	 Address for Notices:
	 	 BTI TELECOM CORP.

	 1791 O.G. Skinner Drive
	 	 	 	 	 	 
	 West Point, GA 31833
	 	 	 	 	 	 
	 Attention: Douglas Shumate
	 	 By:
	 	     /s/ Douglas A. Shumate

	 	 	 	 	     Name:
	 	 Douglas A. Shumate

	 	 	 	 	     Title:
	 	 Senior Vice President/Chief
 Financial Officer

		
	 Address for Notices:
	 	 BUSINESS TELECOM OF VIRGINIA, INC.

	 1791 O.G. Skinner Drive
	 	 	 	 	 	 
	 West Point, GA 31833
	 	 	 	 	 	 
	 Attention: Douglas Shumate
	 	 By:
	 	     /s/ Douglas A. Shumate

	 	 	 	 	     Name:
	 	 Douglas A. Shumate

	 	 	 	 	     Title:
	 	 Senior Vice President/Chief
 Financial Officer

  

 33Exhibit 10.11.5

 EXHIBIT 10.11.5 
  
 INTERCREDITOR AND SUBORDINATION AGREEMENT 
  
 THIS INTERCREDITOR AND SUBORDINATION AGREEMENT (this “Agreement”) is entered into as of October 6, 2003, by and among the First
Lien Agent, the First Lien Lenders, the Second Lien Agent, the Second Lien Lenders and the Loan Parties (each as defined below). 
  
 R E C I T A L S 
  
 A. The Board of Directors of ITC^DeltaCom, Inc., a Delaware corporation (the “Parent”), has determined that it is advisable and in the
best interests of the Parent’s stockholders, and consistent with and in furtherance of the Parent’s business strategies and goals, for the Parent to acquire indirectly all of the outstanding shares of BTI Telecom Corp., a North Carolina
corporation (“BTI”), through the merger of 8DBC1 Corp., a North Carolina corporation and wholly owned direct subsidiary of the Parent (“Merger Co.”), with and into BTI (the “Merger”) upon the terms
and subject to the conditions set forth in the Agreement and Plan of Merger, dated as of July 2, 2003, among BTI, the parties identified on the signature pages thereto as the “WCAS Securityholders,” the Parent and Merger Co. (as amended,
the “Merger Agreement”). 
  
 B. The Board of
Directors of BTI and the Board of Directors of Merger Co. have each determined that it is advisable and in the best interests of their shareholders, and consistent with and in furtherance of their business strategies and goals, for the Parent to
acquire indirectly all of the outstanding shares of BTI through the Merger upon the terms and subject to the conditions set forth in the Merger Agreement. 
  
 C. Interstate FiberNet, Inc., a Delaware corporation (the “Borrower”), the Parent, the subsidiary guarantors listed on the signature
pages thereof (together with the Parent, the “Guarantors”), Wells Fargo Bank Minnesota, N.A., a National Association, as Administrative Agent and Collateral Agent, and each of the banks, financial institutions and other
institutional lenders listed on the signature pages thereof, are entering into the First Lien Loan Agreement (as defined below) contemporaneously with the execution and delivery of this Agreement. 
  
 D. The Borrower, the Guarantors, the Second Lien Lenders, General Electric
Capital Corporation, as Administrative Agent and Collateral Agent and the lenders specified therein are entering into the Second Lien Loan Agreement (as defined below) contemporaneously with the execution and delivery of this Agreement. 

 
 E. All First Lien Debt (as defined below) is secured by (i) a
continuing Lien on substantially all of the Borrower Collateral (as defined below) and (ii) a continuing Lien on substantially all of the Guarantor Collateral (as defined below). All Second Lien Debt (as defined below) is secured by
(i) a junior and subordinated continuing Lien on substantially all of the Borrower Collateral and (ii) a junior and subordinated continuing Lien on substantially all of the Guarantor Collateral. 

 F. The First Lien Lender Parties, the Second Lien Lender Parties and the Loan Parties desire to enter
into this Agreement to, among other things, confirm the relative priorities of the Liens on the Collateral held by the First Lien Agent, for the benefit of the First Lien Lenders, on the one hand, and the Second Lien Agent, for the benefit of the
Second Lien Lenders, on the other hand. 
  
 NOW, THEREFORE,
in order to induce the First Lien Lender Parties and the Second Lien Lender Parties to consummate the transactions contemplated by, respectively, the First Lien Debt Documents and the Second Lien Debt Documents, and for other good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto hereby agree as follows: 
  
 1. Definitions and Other Definitional Provisions. 
  
 1.1 Definitions. The following terms shall have the following meanings in this Agreement (including the premises and the recitals hereto):

  
 “Acceptable Refinancing
Debt” shall mean a replacement, substitution, refunding or refinancing of all (but not less than all) of the then outstanding First Lien Debt by a financing transaction that constitutes a Permitted Refinancing, a Receivables Financing
or a Replacement Financing. 
  
 “Bankruptcy Code” shall mean Title 11 of the United States Code, as amended from time to time, and any successor statute and all rules and regulations promulgated thereunder. 
  
 “Borrower” shall mean Interstate
FiberNet, Inc. and its respective successors and assigns, including, without limitation, any receiver, trustee or debtor-in-possession on behalf of any such Person or on behalf of any such successor or assign, as well as any other Person that
becomes a Borrower under the First Lien Loan Agreement and the Second Lien Loan Agreement after the date hereof, whether by acquisition or otherwise. 
  
 “Borrower Collateral” shall mean all Property of the Borrower. 
  
 “Business Day” shall mean a day of
the year on which banks are not required or authorized by law to close in New York City and, if the applicable Business Day relates to any Eurodollar Rate Advances (as defined in the First Lien Loan Agreement and the Second Lien Loan Agreement), on
which dealings are carried on in the London interbank market. 
  
 “Collateral” shall mean the Borrower Collateral and the Guarantor Collateral. 
  
 “Distribution” shall mean, with respect to any indebtedness or obligation, (a) any payment or distribution
by any Loan Party of cash, securities or other Property, by 
  

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 set-off or otherwise, on account of such indebtedness or obligation, (b) any redemption, purchase
or other acquisition of such indebtedness or obligation by any Person or (c) the granting of any Lien to or for the benefit of the holders of such indebtedness or obligation in or upon any Property of any Loan Party. 
  
 “Enforcement Action” shall mean any
action in the nature of an exercise of remedies, including, without limitation, any action pursuant to which a Lender (a) takes from or for the account of any Loan Party, by set off or in any other manner, the whole or any part of any funds
which may now or hereafter be owing by such Loan Party to such Lender, (b) notifies account debtors, or directly collects accounts receivable or other payment rights, of any Loan Party, (c) takes any action under the provisions of any
state or federal law, including, without limitation, the UCC, to enforce its Liens on the Collateral, (d) under any contract or agreement, enforces, forecloses upon, takes possession of or sells any Property of any Loan Party, including,
without limitation, any Collateral or (e) accelerates, demands payment of, or sues for payment of, any indebtedness. 
  
 “Existing First Lien Loan Agreement” shall mean the Second Amended and Restated Credit Agreement, dated as of the
date hereof, by and among the Loan Parties and the First Lien Lender Parties, as the same may be amended in accordance with the terms hereof. 
  
 “First Lien Agent” shall mean (a) initially, Wells Fargo Bank Minnesota, N.A., a National Association, acting in
its capacity as administrative and collateral agent for the First Lien Lenders, under the respective First Lien Debt Documents and its successors and assigns in such capacity (including any similar agent or any representative for any lender or group
of lenders that at any time is a party to any First Lien Debt Document) and (b) to the extent any Permitted Refinancing or Receivables Financing is outstanding, the Person acting in the capacity of collateral agent for the lenders thereunder and its
successors and assigns in such capacity, which Person shall become a party to this Agreement as a condition to the consummation of any such Permitted Refinancing or Receivables Financing (and any similar agent or any representative for any lender or
group of lenders that at any time is a party to any First Lien Debt Document), and (c) to the extent any Replacement Financing is outstanding, the Person acting in the capacity as collateral agent for the lenders thereunder and the Person acting in
the capacity as collateral agent for any other lenders secured by a Lien of the same priority as the Lien which secures the Replacement Financing lenders, and its successors and assigns in such capacity, which Persons shall become a party to an
agreement pursuant to which all of the lenders secured by the same priority Liens shall acknowledge such fact as a condition to the consummation of any such Replacement Financing (and any similar agent or any representative for any lender or group
of lenders that at any time is a party to any First Lien Debt Document). 
  
 “First Lien Debt” shall mean any and all obligations, liabilities and indebtedness of every kind, nature and description owing by any Loan Party to any of the First Lien Lender Parties
evidenced by, or arising under, the First Lien Debt Documents, whether 
  

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 direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary,
liquidated or unliquidated, including principal, interest, charges, fees, costs, indemnities, expenses and any amounts previously paid and avoided and recovered by the Loan Parties in connection with any Proceeding, however evidenced, whether as
principal, surety, endorser, guarantor or otherwise, whether now existing or hereafter arising, whether arising during or after the initial or any renewal term of the First Lien Loan Agreement or after the commencement of any Proceeding with respect
to such Loan Party. First Lien Debt shall be considered to be outstanding whenever any loan commitment under the First Lien Debt Documents is outstanding; provided, however, the principal indebtedness under the First Lien Loan Agreement shall not
constitute First Lien Debt to the extent it exceeds (a) $184,400,000 minus (b) the sum of (i) scheduled principal payments and (ii) prepayments (whether optional or mandatory), in each case, actually made on the First Lien Debt after the date
hereof. 
  
 “First Lien Debt
Documents” shall mean the First Lien Loan Agreement, all notes issued thereunder, the First Lien Security Agreement, the First Lien Guaranties and all security agreements, guaranties, pledge agreements, mortgages, leasehold mortgages,
deeds of trust, leasehold deeds of trust and other agreements, documents and instruments now or at any time hereafter entered into or delivered by any Loan Party or other Person pursuant thereto and to the extent otherwise permitted pursuant to the
terms hereof, evidencing (a) any amendment, amendment and restatement, or renewal of all or any part of, the First Lien Debt or (b) any Acceptable Refinancing Debt, in each case as the same may be amended, modified, supplemented,
extended, renewed or restated, to the extent permitted pursuant to the terms hereof. 
  
 “First Lien Default” shall mean any “Default” or “Event of Default” under the First Lien Debt
Documents, and any other event or occurrence permitting the First Lien Lender Parties to accelerate the maturity of the First Lien Debt. 
  
 “First Lien Default Notice” shall mean a written notice from the First Lien Agent to the Second Lien Agent
pursuant to which the Second Lien Agent is notified of the occurrence of a First Lien Default, which notice shall identify such First Lien Default. 
  
 “First Lien Guaranties” shall mean those certain guaranty agreements of each of the Guarantors in favor of the
First Lien Loan Parties as set forth in the First Lien Loan Agreement, and any guaranty or similar agreement executed and delivered in connection with (a) any, amendment, amendment and restatement or renewal of all or any part of the First
Lien Debt or (b) any Acceptable Refinancing, in each case as the same may be amended, modified, supplemented, extended, renewed or restated, to the extent permitted pursuant to the terms hereof. 
  
 “First Lien Lender Parties” shall
mean the First Lien Agent and First Lien Lenders. 
  
 “First Lien Lenders” shall mean each of the banks, financial institutions and other institutional lenders listed on the signature pages of the First Lien Loan Agreement 
  

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 and their respective successors and assigns (including any other lender or group of lenders that at any
time provides Acceptable Refinancing Debt at any time and from time to time), in their capacity as lenders thereunder. 
  
 “First Lien Loan Agreement” shall mean (a) the Existing First Lien Loan Agreement and (b) any loan
or credit agreement evidencing any Acceptable Refinancing Debt with the same or other lenders, as more fully described therein and permitted thereby, in each case as the same may be amended, modified, supplemented, extended, renewed or restated, to
the extent permitted pursuant to the terms hereof. 
  
 “First Lien Security Agreement” shall mean the Amended and Restated Security Agreement, dated as of the date hereof, by and among the Loan Parties and the First Lien Agent, and any security agreement or similar
agreement executed and delivered in connection with any Acceptable Refinancing Debt, as the same may be amended, modified, supplemented, extended, renewed or restated, to the extent permitted pursuant to the terms hereof. 
  
 “First Lien Term Loans” shall mean
the Tranche 1 Term B Advance, the Tranche 2 Term B Advance and the Tranche 3 Term B Advance, as such terms are defined in the First Lien Loan Agreement. 
  
 “Guarantor Collateral” shall mean substantially all Property of the respective Guarantors. 
  
 “Guarantors” shall mean the Parent,
BTI, the subsidiaries of the Borrower and the subsidiaries of BTI, as well as any other Person that becomes a Guarantor under the First Lien Loan Agreement and the Second Lien Loan Agreement after the date hereof, whether by acquisition or otherwise
and any other Person (other than the Borrower) liable on or in respect of any First Lien Debt or the Second Lien Debt and their respective successors and assigns, including, without limitation, any receiver, trustee or debtor-in-possession on behalf
of any such Person or on behalf of any such successor or assign. 
  
 “Lenders” shall mean the First Lien Lender Parties and the Second Lien Lender Parties. 
  
 “Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, security
interest, encumbrance (including, without limitation, easements, rights of way and the like), lien (statutory or other), security agreement or transfer intended as security, including, without limitation, any conditional sale or other title
retention agreement, the interest of a lessor under a capital lease or any financing lease having substantially the same economic effect as any of the foregoing. 
  
 “Loan Parties” shall mean the Borrower and the Guarantors. 
  
 “Permitted Refinancing” has the
meaning specified in the Second Lien Loan Agreement. 
  

 -5- 

 “Person” shall mean any natural person, corporation, general or
limited partnership, limited liability company, firm, trust, association, government, governmental agency or other entity, whether acting in an individual, fiduciary or other capacity. 
  
 “Proceeding” shall mean any voluntary or involuntary insolvency, bankruptcy,
receivership, custodianship, liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for the liquidation,
dissolution or other winding up of a Person. 
  
 “Property” shall mean, with respect to any Person, all assets and properties of any kind whatsoever, real or personal, tangible or intangible, or mixed, in each case of such Person, whether now owned or existing or
hereafter acquired or arising and wheresoever located. 
  
 “Purchasing Second Lien Lenders” has the meaning ascribed to such term in Section 2.3(a). 
  
 “Receivables Financing” has the meaning specified in the Second Lien Loan Agreement. 
  
 “Replacement Financing” has the
meaning specified in the Second Lien Loan Agreement. 
  
 “Second Lien Agent” shall mean General Electric Capital Corporation, acting in its capacity as administrative and collateral agent for the Second Lien Lenders under the respective Second Lien Debt Documents and its
successors and assigns in such capacity (including any similar agent or any representative for any lender or group of lenders that at any time is a party to any Second Lien Debt Document). 
  
 “Second Lien Debt” shall mean any
and all obligations, liabilities and indebtedness of every kind, nature and description owing by any Loan Party to any of the Second Lien Lender Parties evidenced by or arising under the Second Lien Debt Documents, whether direct or indirect,
absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, including principal, interest, charges, fees, costs, indemnities and expenses, however evidenced, whether as principal, surety, endorser,
guarantor or otherwise, whether now existing or hereafter arising, whether arising during or after the initial or any renewal term of the Second Lien Loan Agreement or after the commencement of any Proceeding with respect to such Loan Party.

  
 “Second Lien Debt
Documents” shall mean the Second Lien Loan Agreement, all notes issued thereunder, the Second Lien Guaranties and all security agreements, guaranties, pledge agreements, mortgages, deeds of trust and other agreements, documents and
instruments now or at any time hereafter entered into or delivered by any Loan Party or other Person pursuant thereto, or evidencing any replacement, increase, amendment, amendment and restatement, substitution, refunding, renewal or refinancing

  

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 of or for all or any part of, the Second Lien Debt, in each case as the same may be amended, modified,
supplemented, extended, renewed or restated and otherwise in effect from time to time, to the extent permitted pursuant to the terms hereof. 
  
 “Second Lien Financial Covenant Default” shall mean any “Event of Default” under the Second Lien Loan
Agreement resulting from the failure of the Loan Parties to comply with any provision of Section 5.02(q) thereof. 
  
 “Second Lien Guaranties” shall mean those certain guaranty agreements of each of the Guarantors in favor of the
Second Lien Lender Parties as set forth in the Second Lien Loan Agreement, and any guaranty or similar agreement executed and delivered in connection with any replacement, increase, amendment, amendment and restatement, substitution, refunding,
renewal or refinancing of or for all or any part of the Second Lien Debt, in each case as the same may be amended, modified, supplemented, extended, renewed or restated and otherwise in effect from time to time, to the extent permitted pursuant to
the terms hereof. 
  
 “Second
Lien Lender Parties” shall mean the Second Lien Agent and the Second Lien Lenders. 
  
 “Second Lien Lenders” shall mean each of the banks, financial institutions and other institutional lenders listed
on the signature pages of the Second Lien Loan Agreement and their respective successors and assigns (including any other lender or group of lenders that at any time succeeds to or replaces, substitutes, refunds, renews or refinances all or any part
of the Second Lien Debt at any time and from time to time), in their capacity as lenders thereunder. 
  
 “Second Lien Loan Agreement” shall mean the Credit Agreement, dated as of the date hereof, by and among the Loan
Parties, and the Second Lien Lender Parties and any loan or credit agreement evidencing any replacement, increase, amendment, amendment and restatement, substitution, refunding, renewal or refinancing of or for all or any part of the Second Lien
Debt, with the same or other lenders, as more fully described therein and permitted thereby in each case as the same may be amended, modified, supplemented, extended, renewed or restated and otherwise in effect from time to time, to the extent
permitted pursuant to the terms hereof. 
  
 “Second Lien Negative Covenant Default” shall mean any “Event of Default” under the Second Lien Loan Agreement resulting from the failure of the Loan Parties to comply with any provision of Section 5.02
thereof, excluding Sections 5.02 (e), (g) and (k) thereof. 
  
 “Second Lien Other Payment Default” shall mean any “Event of Default” under the Second Lien Debt Documents resulting from the failure of any Loan Party to pay, on a timely basis, any
interest, fees or other payment obligations under the Second Lien Loan Documents, other than (a) any default in payment of Second Lien Debt due on account of acceleration thereof, and (b) any Second Lien Payment Default. 
  

 -7- 

 “Second Lien Payment Default” shall mean any “Event of
Default” under the Second Lien Debt Documents resulting from the failure of any Loan Party to pay, on a timely basis, any scheduled amortization payment or payment of principal upon maturity under the Second Lien Loan Documents, other than any
default in payment of Second Lien Debt due on account of acceleration thereof. 
  
 “Second Lien Restricted Covenant Default” shall mean any “Event of Default” under the Second Lien Loan
Agreement resulting from the failure of the Loan Parties to comply with any provision of Section 5.02(e), (g) or (k) thereof. 
  
 “Second Lien Security Agreement” shall mean that certain Security Agreement, dated as of the date hereof, by and
among the Loan Parties and the Second Lien Agent, and any security agreement or similar agreement executed and delivered in connection with any replacement, increase, amendment, amendment and restatement, substitution, refunding, renewal or
refinancing of or for all or any part of the Second Lien Debt, as the same may be amended, modified, supplemented, extended, renewed or restated and otherwise in effect from time to time, to the extent permitted pursuant to the terms hereof.

  
 “UCC” shall mean the
Uniform Commercial Code, as in effect from time to time in any applicable jurisdiction. 
  
 1.2 Computation of Time Periods; Other Definitional Provisions. In this Agreement in the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including” and the words “to” and “until” each mean “to but excluding”. References in the this Agreement to any agreement or contract
“as amended” shall mean and be a reference to such agreement or contract as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof. All references
to any term in the plural shall include the singular and all references to any term in the singular shall include the plural. 
  
 2. Priorities; Remedies. 
  
 2.1 Liquidation, Dissolution, Bankruptcy. In the event of any Proceeding involving any Loan Party: 
  
 (a) This Agreement shall be applicable both before and after the
institution of any Proceeding involving the Borrower or any other Loan Party, including, without limitation, the filing of any petition by or against the Borrower or any other Loan Party under the Bankruptcy Code and all converted or succeeding
cases in respect thereof, and all references herein to the Borrower or any Loan Party shall be deemed to apply to the trustee for the Borrower or such Loan Party and the Borrower or such Loan Party as debtor-in-possession. The relative rights of the
First Lien Lender Parties and Second Lien Lender Parties in or to any distributions from or in respect of any Collateral or proceeds of any Collateral shall continue after the institution of any Proceeding involving the Borrower or any other Loan
Party, including, without limitation, the filing of any petition by or against the Borrower or any other Loan Party under the Bankruptcy Code and all converted or succeeding cases in respect thereof, on the same basis as prior to the date of such
institution, subject to any court order approving the financing of, or use of cash collateral by, the Borrower or any Loan Party as debtor-in-possession. 
  

 -8- 

 (b) Each Second Lien Lender Party agrees not to seek to challenge, to avoid, to subordinate or to
contest or directly or indirectly to support any other Person in challenging, avoiding or contesting in any judicial or other proceeding, including, without limitation, any Proceeding, the priority, validity, extent, perfection or enforceability of
any Lien held by any First Lien Lender Party in all or any part of the Collateral. Each First Lien Lender Party agrees not to seek to challenge, to avoid, to subordinate to any indebtedness (other than the First Lien Debt), or to contest or directly
or indirectly to support any other Person in challenging, avoiding or contesting in any judicial or other proceeding, including, without limitation, any Proceeding, the priority relative to any indebtedness other than First Lien Debt, validity,
extent, perfection or enforceability of any Lien held by any Second Lien Lender Party in all or any part of the Collateral. 
  
 (c) Each Second Lien Lender Party agrees that any First Lien Lender Party may consent to the use of cash collateral under Section 363 of the
Bankruptcy Code or provide financing to the Loan Parties under Section 364 of the Bankruptcy Code on such terms and conditions and in such amounts as such First Lien Lender Party may decide, and that the Second Lien Lender Parties shall not raise
any objections to such financing or use of cash collateral. Each Second Lien Lender Party agrees that all such financing shall constitute First Lien Debt hereunder, and, in connection therewith, each Loan Party may grant to any such First Lien
Lender Party Liens upon all of the Property of such Loan Party, which Liens (i) shall secure payment of all or any portion of the First Lien Debt (whether such First Lien Debt arose prior to the commencement of any Proceeding or at any time
thereafter) and all other financing provided by any First Lien Lender Party during the Proceeding and (ii) shall be superior in priority to the Liens, if any, in favor of the Second Lien Lender Parties on the Property of the Loan Parties. Each
Second Lien Lender Party agrees that it shall not object to or oppose a sale or other disposition of any Property securing all of any part of the First Lien Debt free and clear of Liens or other claims of each Second Lien Lender Party under Section
363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the First Lien Lender Parties have consented to such sale or disposition; provided, that, subject to the other terms and provisions of this Agreement, the Lien of each
Second Lien Lender Party on the proceeds thereof shall continue to attach to such proceeds pursuant to the Second Lien Debt Documents and the Second Lien Lender Parties shall have the right to purchase the First Lien Debt pursuant to Section
2.3. Notwithstanding anything contained in this Agreement to the contrary, the Second Lien Lender Parties may file a proof of claim in any such Proceeding. 
  

(d) The First Lien Debt shall continue to be treated as First Lien Debt and the provisions of this Agreement shall continue to govern the
relative rights and priorities of the First Lien Lender Parties and the Second Lien Lender Parties even if all or part of the First Lien Debt or the Liens securing the First Lien Debt are subordinated, set aside, avoided, invalidated or disallowed
in connection with any such Proceeding, and this Agreement shall be reinstated if at any time any payment of any of the First Lien Debt is rescinded or must otherwise be returned by any holder of First Lien Debt or any representative of such holder.

  

 -9- 

 2.2 Second Lien Debt Standstill Provisions. 
  
 (a) Notwithstanding any rights or remedies available to the Second
Lien Lender Parties under any of the Second Lien Debt Documents, applicable law or otherwise, prior to the time when the First Lien Lender Parties shall have received payment in full of all First Lien Debt, none of the Second Lien Lender Parties
shall directly or indirectly take any Enforcement Action with respect to the Second Lien Debt; provided, however, upon the occurrence of (i) an Event of Default (as such term is defined in the Second Lien Loan Agreement) constituting a Second Lien
Other Payment Default, a Second Lien Financial Covenant Default or a Second Lien Negative Covenant Default, and for so long as such Event of Default is continuing, subject at all times to the provisions of this Agreement, commencing two hundred and
seventy (270) days after the receipt by the First Lien Agent of a copy of the declaration from the Second Lien Agent of such Second Lien Other Payment Default, Second Lien Financial Covenant Default or Second Lien Negative Covenant Default, as the
case may be, or (ii) an Event of Default constituting a Second Lien Restricted Covenant Default, and for so long as such Event of Default is continuing, subject at all times to the provisions of this Agreement, commencing ninety (90) days after the
receipt by the First Lien Agent of a copy of the declaration from the Second Lien Agent of such Second Lien Restricted Covenant Default or (iii) an Event of Default constituting a Second Lien Payment Default, and for so long as such Event of Default
is continuing, immediately (unless the Existing First Lien Loan Documents are still in effect, in which case, commencing two hundred and seventy (270) days after the receipt by the First Lien Agent of a copy of the declaration from the Second Lien
Agent of such Second Lien Payment Default) (in the case of each of clauses (i), (ii) and (iii), unless the Loan Party which is the subject of such Enforcement Action is subject to a Proceeding by reason of which the making of such declaration is
stayed, in which case, commencing on the date of the commencement of such Proceeding), the Second Lien Agent may take Enforcement Action, but only (x) so long as the First Lien Agent is not pursuing in good faith any Enforcement Action, or
attempting to vacate any stay of enforcement of its Liens on all or a material portion of the Collateral, and (y) if the Second Lien Agent shall have given the First Lien Agent five (5) Business Days’ prior written notice of the Second Lien
Agent’s intention to take any such Enforcement Action, which notice shall include a description in reasonable detail of the Enforcement Actions that the Second Lien Agent proposes to take. Such notice period of five (5) Business Days may run
concurrently with any of the declarations referred to in clauses (i), (ii) or (iii) of the immediately preceding sentence to the extent that the Second Lien Agent has delivered such declarations in accordance with Section 9. This Section
2.2(a) shall not be construed to limit or impair in any way the right of (A) The Second Lien Agent or Second Lien Lenders to accelerate the Second Lien Debt or demand payment thereof upon the acceleration of the First Lien Debt or upon the
commencement of a Proceeding by or against any Loan Party, (B) the Second Lien Agent to join (but not control in any way) any Enforcement Action initiated by the First Lien Agent, so long as such action by the Second Lien Agent does not unreasonably
delay or interfere with the exercise by the First Lien Agent and the other First Lien Lender Parties of their respective rights as provided in this Agreement, or (C) the Second Lien Agent to receive any remaining proceeds of the Collateral after
payment in full of all First Lien Debt. 
  
 (b) Except as
provided in clause (A) of the last sentence of Section 2.2(a), (i) the Second Lien Agent shall not actively pursue any Enforcement Action commenced by it in 
  

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 accordance with Section 2.2(a) if and when the First Lien Agent thereafter commences any Enforcement Action, and
(ii) in such event, the Second Lien Agent shall take only such reasonable action required, if any, to preserve the pendency of its Enforcement Action in a manner consistent with, and in reasonable cooperation with, the Enforcement Action commenced
by the First Lien Agent. 
  
 (c) If the Borrower fails to
deliver to the Second Lien Agent title insurance commitments in respect of the seven real properties of the Loan Parties that are encumbered in favor of the First Lien Agent within 60 days after the date hereof, such failure shall constitute an
Event of Default under the Second Lien Loan Documents. If such an Event of Default shall occur, the Second Lien Lender shall have the right, notwithstanding the foregoing provisions of this Section 2.2, to exercise Enforcement Actions in respect of
such Event of Default under the Second Lien Loan Documents; provided that (1) the Second Lien Agent has provided notice in writing to the First Lien Agent and the Borrower of the Borrower’s failure to provide or deliver such title insurance
commitments not later than the 45th day (or the next succeeding Business Day) after the date hereof and (2) the
First Lien Agent has not exercised any rights or remedies, or commenced any Enforcement Action in respect of the First Lien Debt (in which case Sections 2.2(a) and (b) will remain applicable). Upon the occurrence of such Event of Default
under the Second Lien Loan Documents, the First Lien Agent shall have the right to declare an Event of Default under the First Lien Loan Agreement and Sections 2.2(a) and (b) above shall become applicable. This Section 2.2(c) shall be
of no further force and effect once the Second Lien Agent has received delivery of commitments evidencing the applicable title insurance policies. 
  
 2.3 Second Lien Lenders’ Purchase Option. 
  
 (a) In the event that (i) the Second Lien Agent receives a Release Notice under Section 2.5, or (ii) a Proceeding is commenced by or against
any Loan Party and the First Lien Lender Parties consent to use of cash collateral or agree to provide post-petition financing to the Loan Parties, for a period of ten (10) Business Days following the Second Lien Agent’s receipt of such Release
Notice or the Second Lien Agent’s receipt of written notice from the First Lien Agent of the filing of a motion to approve such use of cash collateral or provision of such financing, any or all of the Second Lien Lenders shall have the option
upon written notice from the Second Lien Agent to the First Lien Agent to purchase (and the First Lien Lenders hereby agree to sell) at par value as more fully set forth in Section 2.3(c) all (but not less than all) of the First Lien Debt
from the First Lien Lenders. Such written notice from the Second Lien Agent to the First Lien Agent shall indicate which Second Lien Lender or Second Lien Lenders will purchase the First Lien Debt (the “Purchasing Second Lien
Lenders”) and shall be irrevocable. In the event that the Second Lien Agent shall deliver to the First Lien Agent such irrevocable notice of the intention of one or more Second Lien Lenders to exercise such option, the First Lien Agent
shall not commence any foreclosure or other action to sell or otherwise realize upon the Collateral, or the First Lien Agent shall postpone the hearing on any motion to approve such use of cash collateral or provision of financing, as applicable,
for a period of up to ten (10) Business Days, as specified in Section 2.3(b). 
  
 (b) On the date specified by the Second Lien Agent in the notice delivered to 
  

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 the First Lien Agent pursuant to Section 2.3(a) (which date shall not be less than five (5) Business Days, nor
more than ten (10) Business Days, after the receipt by the First Lien Agent of such notice), the First Lien Lender Parties shall sell to the Purchasing Second Lien Lenders, and the Purchasing Second Lien Lenders shall purchase from the First Lien
Lender Parties, all First Lien Debt. 
  
 (c) Upon the date
of a purchase and sale subject to this Section 2.3, (1) the Purchasing Second Lien Lenders shall (i) pay to the First Lien Agent as the purchase price therefor the full amount of all the First Lien Debt then outstanding and unpaid (including
principal, interest, fees and expenses, including reasonable attorneys’ fees and expenses, all of which shall be deemed Obligations of the Loan Parties with respect to the First Lien Debt) and (ii) furnish cash collateral to the First Lien
Agent in an amount equal to 105% of the aggregate undrawn face amount of any issued and outstanding letters of credit issued by any First Lien Lender Party (or letters of credit that the First Lien Agent has arranged to be issued by third parties)
for the account of the Borrower or any other Loan Party and, in any event, use reasonable efforts to replace all such letters of credit with letters of credit issued by or for the account of the Purchasing Second Lien Lenders within thirty (30) days
after the date specified by the Second Lien Collateral Agent in the notice referred to in Section 2.3(b), provided, that as each such letter of credit issued by a First Lien Lender Party or such third party for the account of the Borrower or
any other Loan Party is so replaced, all cash collateral held by the First Lien Agent with respect to such letter of credit shall be refunded to the Purchasing Second Lien Lender Parties on the date of such replacement; and (2) the Borrower shall
reimburse the First Lien Lender Parties by paying to the First Lien Agent for the account of the First Lien Lender Parties on demand after the date of such purchase and sale an amount equal to any actual cost or expense (including reasonable
attorneys’ fees and expenses) incurred through the date of such purchase and sale, in accordance with the terms of the First Lien Debt Documents in connection with any commissions, fees, costs or expenses related to any issued and outstanding
letters of credit as described above and any checks or other payments provisionally credited to the First Lien Debt, and/or as to which the First Lien Lender Parties have not yet received final payment. To the extent that such amounts under clause
(2) of this Section 2.3(c) remain unpaid after 10 Business Days following the closing of such purchase and sale, the Purchasing Second Lien Lenders agree to reimburse the First Lien Agent, on behalf of the First Lien Lender Parties, for such unpaid
amounts in cash pursuant to the direction of the First Lien Agent. Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of the First Lien Agent as the First Lien Agent may designate in
writing to the Second Lien Agent for such purpose. Interest on First Lien Debt shall be calculated to, but shall exclude, the Business Day on which such purchase and sale shall occur if the amounts so paid by the Purchasing Second Lien Lenders to
the bank account designated by the First Lien Agent are received in such bank account prior to 1:00 p.m., New York City time. 
  
 (d) Any purchase and sale subject to this Section 2.3 shall be expressly made without representation or warranty of any kind by any of the
First Lien Lender Parties as to the First Lien Debt or otherwise and without recourse to any of the First Lien Lender Parties, except that each First Lien Lender Party shall represent and warrant: (i) the amount of the First Lien Debt being
purchased from such First Lien Lender Party; (ii) that such First Lien Lender Party owns such First Lien Debt free and clear of any Liens; and (iii) that such First Lien Lender Party has the right to assign such First Lien Debt to the Purchasing
Second Lien Lenders and that such assignment is duly authorized. 
  

 -12- 

 (e) Nothing in this Agreement shall limit any rights that the Second Lien Loan Parties may have to
purchase any of the Collateral under Section 363(k) of the Bankruptcy Code or to file a proof of claim in any Proceeding. 
  
 2.4 Incorrect Payments. If any proceeds of the Collateral are received by the Second Lien Agent or any Second Lien Lender that would
properly be payable to the First Lien Agent or the First Lien Lenders under this Agreement, such proceeds shall not be commingled with any of the assets of the Second Lien Agent or such Second Lien Lender, shall be held in trust by the Second Lien
Agent or such Second Lien Lender for the benefit of the First Lien Lender Parties and shall be promptly paid over to the First Lien Agent for application (in accordance with this Agreement and the First Lien Debt Documents) to the payment of the
First Lien Debt then remaining unpaid. 
  
 2.5 Subordination
of Liens and Security Interests; Agreement to Release Liens. 
  
 (a) Until the First Lien Debt has been paid in full in cash and all lending commitments under the First Lien Debt Documents have terminated, notwithstanding the date, manner or order of grant, attachment or perfection of the Liens on
all or any part of the Collateral granted to the First Lien Agent, the Second Lien Agent or the Second Lien Lenders, and notwithstanding the provisions of the UCC or any other applicable law or decision, or the terms or provisions of the First Lien
Debt Documents or Second Lien Debt Documents, or any other circumstance whatsoever, regardless of when or how acquired, whether by grant, statute, operation of law, subrogation or otherwise, all Liens of the Second Lien Lender Parties on the
Collateral shall be and hereby are subordinated for all purposes and in all respects to the Liens of the First Lien Agent and the First Lien Lenders on the Collateral. In the event the First Lien Agent releases or agrees to release any of its Liens
on all or any part of the Collateral in connection with (i) any sale of assets permitted or consented to by the First Lien Agent and the First Lien Lenders under and in accordance with the First Lien Loan Agreement and subject to the receipt of any
consent by the Second Lien Lenders to the extent required by this Agreement, or (ii) any disposition to a third party pursuant to any Enforcement Action or otherwise following the occurrence of a First Lien Default, the First Lien Agent agrees to
notify the Second Lien Agent in writing thereof with such notice describing the portion of the Collateral to be released and sold or disposed of in reasonable detail (including, if available, the anticipated sale price) and further stating which
Collateral, if any, will be sold free and clear of the Liens of the First Lien Agent, the Second Lien Agent and the Second Lien Lenders (the “Release Notice”). Subject to Section 2.3, the Second Lien Agent and each Second
Lien Lender, jointly and severally, acknowledge, confirm and agree that upon the First Lien Agent giving such a Release Notice to the Second Lien Agent, the Second Lien Agent shall promptly release or otherwise terminate its Liens on the applicable
Collateral to the extent such Collateral is to be released, sold or otherwise disposed of either by (x) the First Lien Agent or its agents, or (y) the Borrower or other Loan Party in accordance with the terms of the First Lien Debt Documents and the
Second Lien Debt Documents; provided, that the proceeds of such release, sale or other disposition are used to repay the First Lien Debt or so much thereof that remains outstanding and 
  

 -13- 

 the balance, if any, are used to prepay the Second Lien Debt (except to the extent the Loan Parties may retain such
proceeds pursuant to the First Lien Debt Documents or the Second Lien Loan Documents). The Second Lien Agent shall deliver such release documents as the First Lien Agent may reasonably require in connection with any release of the Collateral
pursuant to this Section 2.5(a). After the First Lien Agent has applied the proceeds of such release, sale or other disposition to the First Lien Debt, to the extent that the First Lien Lenders shall have received payment in full of all First
Lien Debt and to the extent not otherwise prohibited by applicable law, the First Lien Agent shall promptly deliver any excess proceeds from such release, sale or other disposition to the Second Lien Agent for application to the Second Lien Debt;
provided, further, that if the closing of such release, sale or other disposition is not consummated, the First Lien Agent promptly shall return all release documents to the Second Lien Agent. The effectiveness of any such release by the Second Lien
Agent shall be subject to the release, sale or other disposition of the Collateral described in the Release Notice on the terms set forth therein or on substantially similar terms and shall lapse in the event such release, sale or other disposition
does not occur within twenty (20) days after the closing date specified in the Release Notice. In the event that the First Lien Agent requests the Second Lien Agent to execute and deliver any formal release or termination of the Lien of the Second
Lien Agent upon such Collateral, each Second Lien Lender agrees to execute forthwith such formal release or termination as may be reasonably required. In any sale or other disposition of the Collateral by the First Lien Agent following the
occurrence of a First Lien Default, the First Lien Agent shall conduct such sale or other disposition in a commercially reasonable manner. 
  
 (b) In the event that the Second Lien Agent receives a Release Notice, and the Second Lien Agent or any of the Second Lien Lenders so wish, any of
the Second Lien Lender Parties may, in lieu of releasing their Liens as set forth in Section 2.5(a), exercise their purchase option pursuant to Section 2.3. 
  
 2.6 Application of Proceeds from Sale or other Disposition of the Collateral. In the event of any sale,
transfer or other disposition (including a casualty loss or taking through eminent domain) of the Collateral, or any prepayment of all or any portion of the Obligations of the Loan Parties under the First Lien Debt Documents or the Second Lien Debt
Documents, the proceeds resulting therefrom (including, without limitation, insurance proceeds) shall be applied, first, in accordance with the terms of the First Lien Debt Documents until such time as the First Lien Debt is paid in full in cash and
the First Lien Debt Documents have been terminated and, thereafter, shall be applied in accordance with the terms of the Second Lien Debt Documents. Until the First Lien Debt has been paid in full in cash and the First Lien Debt Documents have been
terminated, each Second Lien Lender Party agrees that the First Lien Agent, acting in a commercially reasonable manner, shall have the sole and exclusive right, subject to the First Lien Debt Documents, to adjust settlement with respect to any
insurance coverage for any Collateral, the proceeds of which will be applied solely in accordance with the terms of the First Lien Debt Documents. To the extent any such settlement will be applied to satisfy Second Lien Debt as required by this
Agreement, the First Lien Agent will consult with the Second Lien Agent with respect to such settlement. 
  

 -14- 

 2.7 Sale, Transfer or other Disposition of Second Lien Debt. 
  
 (a) The Second Lien Lenders shall not sell, assign, pledge, dispose
of or otherwise transfer all or any portion of the Second Lien Debt or any Second Lien Debt Document unless, prior to the consummation of any such sale, assignment, pledge, disposition or transfer, the purchaser, assignee, pledgee, recipient or
transferee thereof (other than an existing Second Lien Lender) shall execute and deliver to the Second Lien Agent the form of Assignment and Acceptance (as defined in the Second Lien Loan Agreement) evidencing the joinder to this Agreement.

  
 (b) Notwithstanding the failure of any such purchaser,
assignee, pledgee, recipient or transferee to execute or deliver such joinder agreement, the subordination effected this Agreement shall survive any sale, assignment, pledge, disposition or other transfer of all or any portion of the Second Lien
Debt, and the terms of this Agreement shall be binding upon the successors and assigns of the Second Lien Lender Parties, as provided in Section 10. 
  
 (c) The First Lien Lenders shall not sell, assign, pledge, dispose of or otherwise transfer all or any portion of the First Lien Debt or any First
Lien Debt Document unless, prior to the consummation of any such sale assignment, pledge, disposition or transfer, the purchaser, assignee, pledgee, recipient or transferee thereof (other than an existing First Lien Lender) shall execute and deliver
to the First Lien Agent the form of Assignment and Acceptance (as defined in the First Lien Loan Agreement) evidencing the joinder to this Agreement. 
  
 (d) Notwithstanding the failure of any such purchaser, assignee, pledgee, recipient or transferee to execute or deliver such joinder agreement, the
intercreditor arrangements effected by this Agreement shall survive any sale, assignment, pledge, disposition or other transfer of all or any portion of the First Lien Debt, and the terms of this Agreement shall be binding upon the successors and
assigns of the First Lien Lender Parties, as provided in Section 10. 
  
 2.8 Waiver of Compliance with Certain Covenants. Subject to the other terms and conditions in this Agreement, the Second Lien Lender Parties agree to waive compliance with, modify or amend any covenant
or other term or provision under the Second Lien Loan Documents to the same extent and in the same manner as the First Lien Lenders may agree from time to time to waive compliance with, modify or amend the comparable covenant, term, or provision
under the First Lien Loan Documents; provided, that the covenants, terms and provisions of Sections 2.05(b)(ii), 5.02(a), 5.02(e), 5.02(g), 5.02(k), 5.02(q)(iii) and 5.02(q)(iv), and the rights protected under Section 9.01, of the Second Lien Loan
Agreement shall be excluded from the operation of this Section 2.8. Any waiver, modification or amendment of a covenant, term or provision under the Second Lien Loan Documents contemplated by this Section 2.8 shall be effective as of
the time and date of the waiver, modification or amendment of the comparable, covenant, term or provision under the First Lien Documents without the necessity of any action on the part of the Second Lien Lender Parties; provided, that the Second
Lien Lender Parties agree to execute and deliver any documentation in confirmation of any such waiver, modification or amendment as the Loan Parties on the First Lien Agent may reasonably request from time to time. Notwithstanding anything to the
contrary set forth herein, any waiver, modification or amendment of a covenant, term or provision under the Second Lien Loan 
  

 -15- 

 Documents contemplated by this Section 2.8 shall terminate upon the payment in full in cash of the First Lien Debt
and the termination of all lending commitments under the First Lien Debt Documents, unless the continued effectiveness thereof is otherwise confirmed in writing by the Second Lien Lenders prior to such date. 
  
 2.9. Agreement to Give Notices. The First Lien Agent and the
Second Lien Agent each agree to send to the other, concurrently with each such notice being sent by it to a Loan Party, a copy of each written notice of an “Event of Default” under the First Lien Loan Documents and the Second Lien Loan
Documents, respectively, and a copy of each written notice of intention by the First Lien Lenders or the Second Lien Lenders, as the case may be, to exercise enforcement rights and remedies; provided, that any failure by the First Lien Agent or the
Second Lien Agent to give notice in accordance with this Section 2.9 shall not affect the relative priorities of the Lenders’ respective Liens as provided herein, or the validity or effectiveness of any such notice as against any Loan
Party, or result in any liability to, or create a basis for any cause of action against, any Lender. 
  
 3. Agent for Purposes of Perfection. The First Lien Agent and the Second Lien Agent each hereby appoints the other as agent for the purpose
of perfecting the appointing agent’s Liens on any of the Collateral in the possession of such other agent, and, with respect to any deposit, securities or other accounts of BTI (or its subsidiaries) pursuant to which the Second Lien Agent has
entered into dominion and control agreements with the financial institutions in which such accounts are located and which have not consented to the assignment of such dominion and control agreement to the First Lien Agent in which case,
notwithstanding anything else herein to the contrary, the Second Lien Agent shall serve as the Subagent (as defined in the Existing First Lien Loan Agreement) of the first Lien Agent in accordance with, and subject to, the rights and obligations set
forth in Section 8.07 of the Existing First Lien Loan Agreement; provided, that the possessing agent shall not have any duty or liability to protect or preserve any rights pertaining to any of such Collateral and, except for gross negligence or
willful misconduct as determined pursuant to a final non-appealable order of a court of competent jurisdiction, the non-possessing agent hereby waives and releases the possessing agent from all claims and liabilities arising pursuant to the
possessing agent’s role as possessing agent with respect to such Collateral, so long as the possessing agent shall use the same degree of care with respect thereto as the possessing agent uses for similar property pledged to the possessing
agent as collateral for indebtedness of others to the possessing agent. Upon, and in connection with, the First Lien Lender Parties receiving indefeasible payment in full of all First Lien Debt, the First Lien Agent shall assign and deliver to the
Second Lien Agent (a) the remainder of such Collateral, if any, in its possession and (b) each agreement respecting any Collateral to which First Lien Agent is a party, including, without limitation, all rights under account control
agreements, landlord’s, bailee’s or similar waivers and consents. 
  
 4. Modifications. 
  
 4.1
Modifications to First Lien Debt Documents. The First Lien Lender Parties may at any time and from time to time without the consent of or notice to the Second Lien Lenders, without incurring liability to the Second Lien Lenders and
without impairing or releasing the obligations of the Second Lien Lenders under this Agreement, change the manner 
  

 16 

 or place of payment or extend the time of payment of or renew or alter any of the terms of the First Lien Debt, or amend
in any manner any First Lien Debt Document; provided, that without the consent of the Second Lien Lenders, the First Lien Lender Parties shall not amend the First Lien Debt Documents to (a) increase the principal amount thereof above the
maximum principal amount described in the definition of First Lien Debt, (b) increase the interest rate margins or calculations of the interest rates (including default interest rates specified thereunder on the date hereof) relating to the
First Lien Debt in an amount greater than 2% over such interest rates in effect on the date hereof (provided, however, the comparable interest rate margins or calculations of the interest rates (excluding default interest rates specified thereunder)
applicable with respect to the Second Lien Debt shall, without further action on the part of any party, be increased at the same time in a like amount), (c) change the dates on which scheduled payments of principal are due, or change the
amount of such payments, such that the maturity of the First Lien Debt is after June 30, 2006, or (d) amend, modify or waive the limitations in Section 5.02(a) of the First Lien Loan Agreement. 
  
 4.2 Modifications to Second Lien Debt Documents. Until the
First Lien Debt has been paid in full in cash and all lending commitments under the First Lien Debt Documents have terminated, and notwithstanding anything to the contrary contained in the Second Lien Debt Documents, the Second Lien Lender Parties
shall not, without the prior written consent of the Required Lenders under the First Lien Loan Agreement, agree to any amendment, modification or supplement to the Second Lien Debt Documents that would (a) directly or indirectly result in an
increase in the interest rates or fees in respect of the Second Lien Debt, (b) shorten the maturity or weighted average life to maturity of the Second Lien Debt, (c) increase the amount of the Second Lien Debt, or (d) add to, or
make more restrictive, the covenants, events of default or other material provisions of the Second Lien Loan Documents; provided, that, if, after the date hereof, the First Lien Agent or the First Lien Lender Parties are granted Liens on additional
items of Property of any Loan Party, or obtain additional guarantees of the First Lien Debt from any other Person, or if new borrowers become parties to the First Lien Debt Documents, the Loan Parties shall provide written notice of such occurrence
to the Second Lien Agent and the similar grant of Liens in favor of the Second Lien Lenders in such additional items of Property, the execution and delivery by such other Person of a similar guaranty of the Second Lien Debt, or the execution and
delivery by such new borrowers of the Second Lien Debt Documents, as applicable, shall be effected; provided, further, that, (i) the form and substance of all agreements, documents and instruments executed and/or delivered by such Loan Party, other
Person, or new borrowers, as the case may be, in connection therewith are in each case reasonably acceptable to the First Lien Agent (which, if such agreements, documents and instruments are in substantially similar form to (x) correlative documents
executed and delivered on the date hereof or (y) correlative documents executed and/or delivered by such Loan Party, Person or new borrowers in favor of the First Lien Agent following the date hereof, shall be deemed to be reasonably acceptable) and
(ii) each of such agreements, documents and instruments contains an express acknowledgment that it constitutes a Second Lien Debt Document for all purposes of this Agreement. 
  

 -17- 

 5. Waiver of Certain Rights by Second Lien Lenders. 
  
 5.1 Marshaling. Each Second Lien Lender hereby waives any
rights it may have under applicable law to assert the doctrine of marshaling or otherwise to require the First Lien Agent or the other First Lien Lender Party to marshal any Property of any Loan Party for the benefit of the Second Lien Lenders.

  
 5.2 Rights Relating to the First Lien Agent’s
Actions with respect to the Collateral. Each Second Lien Lender hereby waives, to the extent permitted by applicable law, any rights which it may have to enjoin or otherwise obtain a judicial or administrative order preventing the First Lien
Agent or the other First Lien Lender Party from taking, or refraining from taking, any action with respect to all or any part of the Collateral, except for any such action that is subject to the consent of the Second Lien Lenders pursuant to this
Agreement or would otherwise constitute a breach of this Agreement. Without limiting the foregoing, each Second Lien Lender Party hereby agrees (a) that it has no right to direct or object to the manner in which the First Lien Lender Parties
apply the proceeds of the Collateral resulting from the exercise by the First Lien Lender Parties of rights and remedies under the First Lien Debt Documents with respect to the First Lien Debt, provided, that such application is consistent with the
First Lien Debt Documents and Section 2.6 and such proceeds are in fact applied in accordance therewith, and (b) that other than as set forth in Section 3 and any other written agreements pursuant to which the First Lien Agent has an
obligation to so act, the First Lien Agent has not assumed any obligation to act as the agent for the Second Lien Lenders with respect to the Collateral. Notwithstanding the foregoing, nothing in this Agreement is intended or shall be deemed (i) to
prohibit the Second Lien Lender Parties from seeking contractual remedies against any First Lien Lender Party if such First Lien Lender Party breaches its obligations under this Agreement or any other written agreement between such parties or (ii)
to restrict the rights of the Second Lien Lender Parties to seek judicial relief if a foreclosure of the Collateral by the First Lien Agent does not comply with the requirements of Section 9-610 of the UCC regarding commercial reasonableness.

  
 6. Representations and Warranties. 
  
 6.1 Representations and Warranties of Each First Lien Lender
Party. Each First Lien Lender Party hereby represents and warrants to each Second Lien Lender Party that as of the date hereof: (a) such First Lien Lender Party is a Person duly formed and validly existing under the laws of the
jurisdiction of its organization; (b) such First Lien Lender Party has the power and authority to enter into, execute, deliver and carry out the terms of this Agreement, all of which have been duly authorized by all proper and necessary
action by or on behalf of such First Lien Lender Party; (c) the execution of this Agreement by such First Lien Lender Party will not violate or conflict with the organizational documents of such First Lien Lender Party, any material agreement
binding upon such First Lien Lender Party or any law, regulation or order, or require any consent or approval which has not been obtained; (d) this Agreement is the legal, valid and binding obligation of such First Lien Lender Party,
enforceable against such First Lien Lender Party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by equitable principles; and (e) such First Lien 
  

 -18- 

 Lender Party is the sole owner, beneficially and of record, of the principal amount of the First Lien Debt that is equal
to the Commitment (as such term is defined in the First Lien Loan Agreement) of such First Lien Lender Party. 
  
 6.2 Representations and Warranties of Each Second Lien Lender Party. Each Second Lien Lender Party hereby represents and warrants to each
First Lien Lender Party that as of the date hereof: (a) such Second Lien Lender Party is a Person duly formed and validly existing under the laws of the jurisdiction of its organization; (b) such Second Lien Lender Party has the power
and authority to enter into, execute, deliver and carry out the terms of this Agreement, all of which have been duly authorized by all proper and necessary action by or on behalf of such Second Lien Lender Party; (c) the execution of this
Agreement by such Second Lien Lender Party will not violate or conflict with the organizational documents of such Second Lien Lender Party, any material agreement binding upon such Second Lien Lender Party or any law, regulation or order, or require
any consent or approval which has not been obtained; (d) this Agreement is the legal, valid and binding obligation of such Second Lien Lender Party, enforceable against such Second Lien Lender Party in accordance with its terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by equitable principles; and (e) such Second Lien Lender
Party is the sole owner, beneficially and of record, of the principal amount of the Second Lien Debt that is equal to the Commitment (as such term is defined in the Second Lien Loan Agreement) of such Second Lien Lender Party. 
  
 7. Modification. Any modification or waiver of any provision of
this Agreement, or any consent to any departure by any party from the terms hereof, shall not be effective in any event unless the same is in writing and signed by the Required Lenders under the First Lien Credit Agreement and the Required Lenders
under the Second Lien Credit Agreement, and then such modification, waiver or consent shall be effective only in the specific instance and for the specific purpose given. Any notice to or demand on any party hereto in any event not specifically
required hereunder shall not entitle the party receiving such notice or demand to any other or further notice or demand in the same, similar or other circumstances unless specifically required hereunder. 
  
 8. Further Assurances. Each party to this Agreement promptly
will execute and deliver such further instruments and agreements and do such further acts and things as may be reasonably requested in writing by any other party hereto that may be necessary or desirable in order to effect fully the purposes of this
Agreement. The First Lien Agent and the Second Lien Agent each agree to use reasonable efforts to give the other notice of any additional UCC filing, mortgage, deed of trust, security agreement, intellectual property security agreement, or any
similar document or instrument executed and/or delivered by a Loan Party to it, to give the other reasonable opportunity to take a similar action. 
  
 9. Notices. Unless otherwise specifically provided herein, any notice delivered under this Agreement shall be in writing addressed to the
respective party as set forth below and may be personally served, telecopied or sent by overnight courier service or certified or registered United States mail and shall be effective upon actual delivery, as follows: (a) if delivered in
person, when delivered; (b) if delivered by telecopy, on the date of transmission if 
  

 -19- 

 transmitted on a Business Day before 4:00 p.m. (New York time) or, if not, on the next succeeding Business Day;
(c) if delivered by overnight courier, when delivered; or (d) if by certified or registered United States mail, upon delivery as evidenced by a receipt indicating the same. Notices shall be addressed as follows: 
  

					
	 If to the First Lien Agent
	 	 
	 or any First Lien Lender
	 	 WELLS FARGO BANK MINNESOTA, N.A.

	 	 	 Corporate Trust Services

	 	 	 N9303-120

	 	 	 Sixth Street & Marquette Avenue

	 	 	 Minneapolis, MN 55479

	 	 	 Attn:
	 	 Nicholas D. Tally/Jeffery T. Rose

	 	 	 Fax:
	 	 (612) 667-9825

		
	 With copies (which shall
	 	 
	 not constitute notice) to:
	 	 TORYS LLP

	 	 	 237 Park Avenue

	 	 	 New York, New York 10017

	 	 	 Attn:
	 	 Emanuel C. Grillo, Esq.

	 	 	 Fax:
	 	 212-682-0200

		
	 If to any
	 	 
	 Second Lien Lender Party
	 	 c/o GENERAL ELECTRIC

	 	 	 CAPITAL CORPORATION

	 	 	 2325 Lakeview Parkway, Suite 700

	 	 	 Alpharetta, Georgia 30004

	 	 	 Attention: ITC^DELTACOM Account Manager

	 	 	 Fax:
	 	 (678) 624-7903

		
	 With copies (which shall
	 	 
	 not constitute notice) to:
	 	 SMITH, GAMBRELL & RUSSELL, LLP

	 	 	 1230 Peachtree Street, N.E.

	 	 	 Atlanta, Georgia 30309-3592

	 	 	 Attn:
	 	 John R. Schneider

	 	 	 Fax:
	 	 (404) 815-3509

		
	 If to any Loan Party
	 	 ITC^DELTACOM, INC.

	 	 	 1791 OG Skinner Drive

	 	 	 West Point, Georgia 81833

	 	 	 Attn:
	 	 Doug Shumate, Chief Financial Officer

	 	 	 Fax:
	 	 (706) 385-8801

  

 -20- 

					
	 With copies (which shall
	 	 
	 not constitute notice) to:
	 	 HOGAN & HARTSON L.L.P.

	 	 	 8300 Greensboro Drive

	 	 	 McLean, Virginia 22102

	 	 	 Attn:
	 	 Richard J. Parrino, Esq.

	 	 	 Fax:
	 	 703-610-6200

  
 or in any case, to such other address
as the party addressed shall have previously designated by written notice to the serving party, given in accordance with this Section 9.  
  
 10. Successors and Assigns. This Agreement shall inure to the benefit of, and shall be binding upon, the respective permitted successors and
assigns of the First Lien Lender Parties, the Second Lien Lender Parties and the Loan Parties. To the extent permitted under the First Lien Debt Documents, the First Lien Lender Parties may, from time to time, without notice to the Second Lien
Lender Parties, assign or transfer any or all of the First Lien Debt or any interest therein to any Person (provided that, any such assignment or transfer is conditioned upon receipt by the First Lien Agent of the prior written acknowledgment of
such Person agreeing to be bound by the terms and provisions of this Agreement to the same extent as if a signatory hereto) and, notwithstanding any such assignment or transfer, or any subsequent assignment or transfer, the First Lien Debt shall,
subject to the terms hereof, be and remain First Lien Debt for purposes of this Agreement, and every assignee or transferee of any of the First Lien Debt or of any interest therein shall, to the extent of the interest of such assignee or transferee
in the First Lien Debt, be entitled to rely upon the lien subordination provided under this Agreement and shall be entitled to enforce all of the terms and provisions hereof to the same extent as if such assignee or transferee were initially a party
hereto. 
  
 11. Relative Rights. This Agreement
shall define the relative rights to the Collateral of the First Lien Lender Parties (which shall be paid first from proceeds of the Collateral) and the Second Lien Lender Parties (which shall be paid after the First Lien Debt from proceeds of the
Collateral) but shall not be deemed to subordinate the right of the Second Lien Lenders to receive payment to the right of the First Lien Lenders to receive payment. Nothing in this Agreement shall (a) impair, as among the Loan Parties and
the First Lien Lender Parties and as among the Loan Parties and the Second Lien Lender Parties, the obligations of the respective Loan Parties with respect to the payment of the First Lien Debt and the Second Lien Debt in accordance with their
respective terms or (b) affect the relative rights of the First Lien Lender Parties or the Second Lien Lender Parties with respect to any other creditors of the Loan Parties. 
  
 12. Conflict. In the event of any conflict between any term, covenant or condition of this Agreement and any
term, covenant or condition of any of the First Lien Debt Documents or the Second Lien Debt Documents, the provisions of this Agreement shall control and govern. 
  
 13. Headings. The paragraph headings used in this Agreement are for convenience only and shall not affect the
interpretation of any of the provisions hereof. 
  

 -21- 

 14. Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 15. Severability. In the event that any provision of this Agreement is deemed to be invalid, illegal or unenforceable by reason of the
operation of any law or by reason of the interpretation placed thereon by any court or governmental authority, the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired
thereby, and the affected provision shall be modified to the minimum extent permitted by law so as most fully to achieve the intention of this Agreement. 
  
 16. Continuation of Lien Subordination; Termination of Agreement. This Agreement shall remain in full force and effect until the
indefeasible payment in full in cash of the First Lien Debt and the termination of all lending commitments under the First Lien Debt Documents, after which this Agreement shall terminate without further action on the part of the parties hereto.

  
 17. Applicable Law. This Agreement shall be
governed by and shall be construed and enforced in accordance with the laws of the State of New York (excluding the laws applicable to conflicts or choice of law). 
  
 18. CONSENT TO JURISDICTION. EACH PARTY HERETO HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED WITHIN THE COUNTY OF NEW YORK, STATE OF NEW YORK AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE LITIGATED IN SUCH COURTS. EACH PARTY TO THIS AGREEMENT EXPRESSLY SUBMITS AND CONSENTS
TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON IT IN THE
MANNER PROVIDED IN SECTION 9. 
  
 19. WAIVER OF JURY
TRIAL. EACH PARTY TO THIS AGREEMENT WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY OF THE FIRST LIEN DEBT DOCUMENTS OR ANY OF THE SECOND LIEN DEBT DOCUMENTS. EACH PARTY TO THIS
AGREEMENT ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT IT HAS RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, THE FIRST LIEN DEBT DOCUMENTS AND THE SECOND LIEN DEBT DOCUMENTS, AND THAT IT
WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY TO THIS AGREEMENT WARRANTS AND REPRESENTS THAT IT HAS HAD THE OPPORTUNITY TO REVIEW THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES
ITS JURY TRIAL RIGHTS AS PROVIDED HEREIN. 
  

 -22- 

 20. Obligations Unconditional. 
  
 (a) All rights, interests, agreements and obligations of each party
hereunder shall remain in full force and effect irrespective of: (i) any lack of validity or enforceability of any First Lien Debt Document or any Second Lien Debt Document; (ii) any change in the time, manner, order or place of payment of, or in
any other term in respect of, all or any of the First Lien Debt or the Second Lien Debt, or any other amendment or waiver of or any consent to departure from any First Lien Debt Document or any Second Lien Debt Document in accordance with the terms
hereof; or (iii) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any party to this Agreement, any First Lien Debt Document or any Second Lien Debt Document other than the payment in full of the
First Lien Debt. 
  
 (b) This Agreement shall continue to
be effective or shall be reinstated, as the case may be, if at any time any payment of any of the First Lien Debt is rescinded or must otherwise be returned by the First Lien Agent upon the insolvency, bankruptcy or reorganization of a Loan Party or
otherwise, all as though such payment had not been made. 
  
 21. Waiver. Except to the extent expressly provided herein, each of the Second Lien Lender Parties and each of the Loan Parties hereby waives (a) promptness and diligence, (b) notice of any actions taken by the
First Lien Agent, a First Lien Lender Party or any other Person under any First Lien Debt Document or any other agreement, document or instrument relating thereto, (c) all other notices, demands and protests, and all other formalities of
every kind in connection with the enforcement of all or any part of the First Lien Debt or of the obligations of the Second Lien Lender Parties hereunder and (d) any requirement that the First Lien Agent protect, secure, perfect or insure any
Lien on any property subject thereto or exhaust any right to take any action against any Loan Party or any other Person or any Collateral. 
  
 22. Specific Performance. Each of the First Lien Lender Parties and the Second Lien Lender Parties is hereby authorized to demand specific
performance of this Agreement at any time when any Second Lien Lender Party or any First Lien Lender Party, respectively, shall have failed to comply with any of the provisions of this Agreement, and each Lender hereby irrevocably waives any defense
based on the adequacy of a remedy at law which might be asserted as a bar to such remedy of specific performance. 
  
 23. Intended Scope of Agreements. Notwithstanding anything to the contrary set forth herein, the provisions of this Agreement applicable to
the Second Lien Agent or any Second Lien Lender are intended to, and shall be applicable by or against, such Person solely in their respective capacities as a Second Lien Agent or Second Lien Lender, as the case may be, and only with respect to the
Second Lien Debt held by such Person and the rights and obligations of such Person under the Second Lien Debt Documents. In furtherance of the foregoing, the parties to this Agreement acknowledge and agree that neither (i) General Electric Capital
Corporation, Banc of America Strategic Solutions, Inc. or Export Development Canada, in their capacities as First Lien Lenders and holders of First Lien Debt, nor (ii) General Electric Capital Corporation, in its capacity as a lessor under the GECC
Capital Lease (as defined in the Existing First Lien Loan Agreement) or any obligations owing to General Electric Capital Corporation thereunder, are subject to treatment as Second Lien Lenders or Second Lien Debt hereunder. 
  

 -23- 

 [remainder of page intentionally left blank; signature pages follow] 
  
  

 -24- 

 IN WITNESS WHEREOF, each of the First Lien Lender Parties, the First Lien Lenders, the Loan
Parties and the Second Lien Lender Parties have caused this Agreement to be executed as of the date first above written. 
  

					
	WELLS FARGO BANK MINNESOTA, N.A.,
	 as the First Lien Agent

		
	 By:
	 	     /s/ Jeffery Rose

	 	 	Duly Authorized Signatory
	 	 	Name:	 	Jeffery Rose
	 	 	Title:	 	Corporate Trust Officer

  

 -25- 

					
	PW WILLOW FUND, L.L.C., as First Lien Lender
	 By Bond Street Capital LLC

		
	 By:
	 	   /s/ Sam S. Kim

	 	 	 Name:
	 	 Sam S. Kim

	 	 	 Title:
	 	 Managing Member
 Bond Street Capital, L.L.C.

  

 -26- 

					
	ELC (CAYMAN) LTD. 2000-1, as First Lien Lender
	 By David L. Babson & Company Inc.,

	 as Collateral Manager

		
	 By:
	 	 /s/ Clifford M. Noreen

	 	 	 Name:
	 	 Clifford M. Noreen

	 	 	 Title:
	 	 Managing Director

	
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, as First Lien Lender
	 By David L. Babson & Company Inc.,

	 as Investment Advisor

		
	 By:
	 	 /s/ Clifford M. Noreen

	 	 	 Name:
	 	 Clifford M. Noreen

	 	 	 Title:
	 	 Managing Director

	
	 SUFFIELD CLO, LIMITED, as First Lien Lender

	 By David L. Babson & Company Inc.,

	 as Collateral Manager

		
	 By:
	 	 /s/ Clifford M. Noreen

	 	 	 Name:
	 	 Clifford M. Noreen

	 	 	 Title:
	 	 Managing Director

	
	 TRYON CLO LTD. 2000-1, as First Lien Lender

	 By David L. Babson & Company Inc.,

	 as Collateral Manager

		
	 By:
	 	 /s/ Clifford M. Noreen

	 	 	 Name:
	 	 Clifford M. Noreen

	 	 	 Title:
	 	 Managing Director

  

 -27- 

					
	GOLDENTREE HIGH YIELD MASTER FUND, LTD., as First Lien Lender
	By Goldentree Asset Management, L.P.
		
	By:	 	   /s/ Steven Shapiro

	 	 	Name:	 	Steven Shapiro
	 	 	Title:	 	Portfolio Manager
	
	GOLDENTREE HIGH YIELD MASTER FUND II, LTD., as First Lien Lender
	By Goldentree Asset Management, L.P.
		
	By:	 	   /s/ Steven Shapiro

	 	 	Name:	 	Steven Shapiro
	 	 	Title:	 	Portfolio Manager
	
	GOLDENTREE HIGH YIELD OPPORTUNITIES I, L.P., as First Lien Lender
	By Goldentree Asset Management, L.P.
		
	By:	 	   /s/ Steven Shapiro

	 	 	Name:	 	Steven Shapiro
	 	 	Title:	 	Portfolio Manager
	
	GOLDENTREE HIGH YIELD OPPORTUNITIES II, L.P., as First Lien Lender
	By Goldentree Asset Management, L.P.
		
	By:	 	   /s/ Steven Shapiro

	 	 	Name:	 	Steven Shapiro
	 	 	Title:	 	Portfolio Manager
	
	DB STRUCTURED PRODUCTS INC., as First Lien Lender
	By Goldentree Asset Management, L.P.
		
	By:	 	   /s/ Steven Shapiro

	 	 	Name:	 	Steven Shapiro
	 	 	Title:	 	Portfolio Manager

  

 -28- 

					
	GOLDENTREE LOAN OPPORTUNITIES I, LIMITED, as First Lien Lender
	By Goldentree Asset Management, L.P.
		
	By:	 	   /s/ Steven Shapiro

	 	 	Name:	 	Steven Shapiro
	 	 	Title:	 	Portfolio Manager
	
	SAFETY NATIONAL CASUALTY CORPORATION, as First Lien Lender
	By Goldentree Asset Management, L.P.
		
	By:	 	   /s/ Steven Shapiro

	 	 	Name:	 	Steven Shapiro
	 	 	Title:	 	Portfolio Manager
	
	ALPHA U.S. SUBFUND II, LLC, as First Lien Lender
	By Goldentree Asset Management, L.P.
		
	By:	 	   /s/ Steven Shapiro

	 	 	Name:	 	Steven Shapiro
	 	 	Title:	 	Portfolio Manager

  

 -29- 

					
	SANKATY ADVISORS, LLC, as Collateral Manager for Brant Point II CBO 2000-1 LTD., as First Lien Lender
		
	By:	 	   /s/ Diane J. Exter

	 	 	Name:	 	Diane J. Exter
	 	 	Title:	 	 Managing Director
 Portfolio Manager

	
	SANKATY ADVISORS, LLC, as Collateral Manager for Great Point CLO 1999-1 LTD, as First Lien Lender
		
	By:	 	   /s/ Diane J. Exter

	 	 	Name:	 	Diane J. Exter
	 	 	Title:	 	 Managing Director
 Portfolio Manager

	
	SANKATY HIGH YIELD PARTNERS III, L.P., as First Lien Lender
		
	By:	 	   /s/ Diane J. Exter

	 	 	Name:	 	Diane J. Exter
	 	 	Title:	 	 Managing Director
 Portfolio Manager

	
	SANKATY HIGH YIELD PARTNERS II, L.P., as First Lien Lender
		
	By:	 	   /s/ Diane J. Exter

	 	 	Name:	 	Diane J. Exter
	 	 	Title:	 	 Managing Director
 Portfolio Manager

	
	SANKATY HIGH YIELD ASSET PARTNERS, L.P., as First Lien Lender
		
	By:	 	   /s/ Diane J. Exter

	 	 	Name:	 	Diane J. Exter
	 	 	Title:	 	 Managing Director
 Portfolio Manager

  

 -30- 

					
	SANKATY CREDIT OPPORTUNITIES, L.P., as First Lien Lender
		
	By:	 	   /s/ Diane J. Exter

	 	 	Name:	 	Diane J. Exter
	 	 	Title:	 	 Managing Director
 Portfolio Manager

	Sankaty Advisors, LLC as Collateral Manager for Race Point II CLO, Limited, as First Lien Lender
		
	By:	 	   /s/ Diane J. Exter

	 	 	Name:	 	Diane J. Exter
	 	 	Title:	 	 Managing Director
 Portfolio Manager

  

 -31- 

					
	PACIFICA PARTNERS I, LP, as First Lien Lender
		
	 By:
	 	   /s/ Sean Walker

	 	 	 Name:
	 	 Sean Walker

	 	 	 Title:
	 	 Senior Vice President

  

 -32- 

					
	ALLIANCE CAPITAL FUNDING, as First Lien Lender
		
	By:	 	   /s/ Robert Bayer

	 	 	Name:	 	Robert Bayer
	 	 	Title:	 	Vice President

  

 -33- 

					
	WEBSTER BANK, as First Lien Lender
		
	By:	 	   /s/ Elisabeth V. Piker

	 	 	Name:	 	Elisabeth V. Piker
	 	 	Title:	 	Vice President

  

 -34- 

					
	WESTPAC BANKING CORPORATION, as First Lien Lender
		
	 By:
	 	   /s/ Mark John

	 	 	 Name:
	 	 Mark John

	 	 	 Title:
	 	 Head of Credit
 Europe & Americas

  

 -35- 

					
	BANK OF AMERICA, N.A., as First Lien Lender
		
	By:	 	   /s/ Laura T. Sweet

	 	 	Name:	 	Laura T. Sweet
	 	 	Title:	 	Assistant Vice President

  

 -36- 

					
	EXCEL BANK MINNESOTA, as First Lien Lender
		
	By:	 	   /s/ Natalie [Last Name Illegible]

	 	 	Name:	 	Natalie [Last Name Illegible]
	 	 	Title:	 	Vice President

  

 -37- 

					
	LONG LANE MASTER TRUST IV,
	By Fleet National Bank
	As Trust Administrator
	as First Lien Lender
		
	By:	 	   /s/ Michael J. Sullivan

	 	 	Name:	 	Michael J. Sullivan
	 	 	Title:	 	Director

  

 -38- 

					
	R2 TOP HAT, LTD., as First Lien Lender
	By Amalgamated Gadget, L.P., its Investment Manager
	By Scepter Holdings, Inc., its General Partner
		
	By:	 	   /s/ Geoffrey Raynor

	 	 	Name:	 	Geoffrey Raynor
	 	 	Title:	 	President

  

 -39- 

					
	MUZINICH CASHFLOW CBO II LTD., as First Lien Lender
		
	By:	 	   /s/ Michael Ludwig

	 	 	Name:	 	Michael Ludwig
	 	 	Title:	 	CFO, Muzinich & Co., Inc.
	
	MUZINICH CASHFLOW CBO, LTD., as First Lien Lender
		
	By:	 	   /s/ Michael Ludwig

	 	 	Name:	 	Michael Ludwig
	 	 	Title:	 	CFO, Muzinich & Co., Inc.

  

 -40- 

					
	SANDLER ASSOCIATES, as First Lien Lender
		
	By:	 	   /s/ Douglas E. Schimmel

	 	 	Name:	 	Douglas E. Schimmel
	 	 	Title:	 	Managing Director
	
	SANDLER ASSOCIATES II, as First Lien Lender
		
	By:	 	   /s/ Douglas E. Schimmel

	 	 	Name:	 	Douglas E. Schimmel
	 	 	Title:	 	Managing Director
	
	SANDLER COMMUNICATION OFFSHORE, as First Lien Lender
		
	By:	 	   /s/ Steven [Last Name Illegible]

	 	 	Name:	 	Steven [Last Name Illegible]
	 	 	Title:	 	Director

  

 -41- 

					
	 GENERAL ELECTRIC CAPITAL CORPORATION,
 as First Lien Lender

		
	By:	 	   /s/ Todd B. Foust

	 	 	Name:	 	Todd B. Foust
	 	 	Title:	 	Duly Authorized Signatory

  

 -42- 

			
	BANC OF AMERICA STRATEGIC SOLUTIONS, INC., as First Lien Lender
		
	By:	 	   /s/ John W. [Last Name Illigible] III

	 	 	Name:
	 	 	Title:

  

 -43- 

					
	EXPORT DEVELOPMENT CANADA (f/k/a/ Export Development Corporation), as First Lien Lender
		
	By:	 	   /s/ Kevin Skilliter

	 	 	Name:	 	Kevin Skilliter
	 	 	Title:	 	Loan Asset Manager
		
	By:	 	   /s/ Lynda Bernst

	 	 	Name:	 	Lynda Bernst
	 	 	Title:	 	IT Portfolio Manager

  

 -44- 

					
	 GENERAL ELECTRIC CAPITAL CORPORATION,
 as Second Lien Agent and Second Lien Lender

		
	By:	 	   /s/ Todd B. Foust

	 	 	Name:	 	Todd B. Foust
	 	 	Title:	 	Duly Authorized Signatory
	
	BANC OF AMERICA STRATEGIC SOLUTIONS, INC., as Second Lien Lender
		
	By:	 	   /s/ John W. [Last Name Illigible] III

	 	 	Name:	 	 
	 	 	Title:	 	 
	
	EXPORT DEVELOPMENT CANADA (f/k/a/ Export Development Corporation), as Second Lien Lender
		
	By:	 	   /s/ Kevin Skilliter

	 	 	Name:	 	Kevin Skilliter
	 	 	Title:	 	Loan Asset Manager
		
	By:	 	   /s/ Lynda Bernst

	 	 	Name:	 	Lynda Bernst
	 	 	Title:	 	IT Portfolio Manager

  

 -45- 

					
	INTERSTATE FIBERNET, INC., as Borrower
		
	By:	 	   /s/ Douglas A. Shumate

	 	 	Name:	 	Douglas A. Shumate
	 	 	Title:	 	Senior Vice President/Chief Financial Officer
	
	ITC^DELTACOM, INC., as Guarantor
		
	By:	 	   /s/ Douglas A. Shumate

	 	 	Name:	 	Douglas A. Shumate
	 	 	Title:	 	Senior Vice President/Chief Financial Officer
	
	ITC^DELTACOM COMMUNICATIONS, INC., as Guarantor
		
	By:	 	   /s/ Douglas A. Shumate

	 	 	Name:	 	Douglas A. Shumate
	 	 	Title:	 	Senior Vice President/Chief Financial Officer
	
	DELTACOM INFORMATION SYSTEMS, INC., as Guarantor
		
	By:	 	   /s/ Douglas A. Shumate

	 	 	Name:	 	Douglas A. Shumate
	 	 	Title:	 	Senior Vice President/Chief Financial Officer

  

 -46- 

					
	BTI TELECOM CORP., as Guarantor
		
	By:	 	   /s/ Douglas A. Shumate

	 	 	Name:	 	Douglas A. Shumate
	 	 	Title:	 	Senior Vice President/Chief Financial Officer
	
	BUSINESS TELECOM, INC., as Guarantor
		
	By:	 	   /s/ Douglas A. Shumate

	 	 	Name:	 	Douglas A. Shumate
	 	 	Title:	 	Senior Vice President/Chief Financial Officer
	
	BUSINESS TELECOM OF VIRGINIA, INC., as Guarantor
		
	By:	 	   /s/ Douglas A. Shumate

	 	 	Name:	 	Douglas A. Shumate
	 	 	Title:	 	Senior Vice President/Chief Financial Officer

  

 -47-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]