Document:

Blueprint

EXHIBIT
10.4

 

EXECUTION
VERSION

SUPER
SENIOR PLEDGE AND SECURITY AGREEMENT

 

dated
as of

 

May 9,
2019,

 

among

 

FUSION
CONNECT, INC.,

 

 

 

THE
OTHER GRANTORS PARTY HERETO

 

and

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

 

as
Collateral Agent

 

 

Table of Contents

 

Page

 

 

 

	

ARTICLE I

 

DEFINITIONS

	
 

	
 

	
 

	

DEFINITIONS

	
 

	
 

	

Section 1.01.

	

Credit Agreement and UCC

	

1

	

Section 1.02.

	

Other Defined Terms

	

1

	

Article II

	
 

	
 

	
 

	
 

	
 

	

ARTICLE II

 

PLEDGE OF SECURITIES

	

Section 2.01.

	

Pledge

	

5

	

Section 2.02.

	

Delivery of the Pledged Collateral

	

6

	

Section 2.03.

	

Representations and Warranties

	

6

	

Section 2.04.

	

Certification of Limited Liability Company and Limited Partnership
Interests

	

7

	

Section 2.05.

	

Registration in Nominee Name; Denominations

	

8

	

Section 2.06.

	

Voting Rights; Dividends and Interest

	

8

	

Section 2.07.

	

Collateral Agent Not a Partner or Limited Liability Company
Member

	

8

	

Article III

	
 

	
 

	
 

	
 

	
 

	

ARTICLE III

 

SECURITY INTERESTS IN PERSONAL PROPERTY

	

Section 3.01.

	

Security Interest

	

10

	

Section 3.02.

	

Representations and Warranties

	

11

	

Section 3.03.

	

Covenants

	

13

	

Section 3.04.

	

Other Actions

	

14

	

Section 3.05.

	

Covenants Regarding Deposit Accounts

	

16

	

Article IV

	
 

	
 

	
 

	
 

	
 

	

ARTICLE IV

 

SPECIAL PROVISIONS CONCERNING INTELLECTUAL PROPERTY
COLLATERAL

	

Section 4.01.

	

Grant of License to Use Intellectual Property

	

17

	

Section 4.02.

	

Protection of Collateral

	

18

	

Article V

	
 

	
 

	
 

	
 

	
 

	

REMEDIES

	

Section 5.01.

	

Remedies Upon Default

	

19

	

Section 5.02.

	

Application of Proceeds

	

20

 

 

 

Table of Contents

 

Page

 

 

 

	

ARTICLE
VI

 

MISCELLANEOUS

	

Section 6.01.

	

Notices

	

22

	

Section 6.02.

	

Waivers; Amendment

	

23

	

Section 6.03.

	

Collateral Agent’s Fees and Expenses;
Indemnification

	

23

	

Section 6.04.

	

Independence of Covenants

	

24

	

Section 6.05.

	

Survival of Agreement

	

24

	

Section 6.06.

	

Counterparts; Effectiveness; Several Agreement

	

24

	

Section 6.07.

	

Severability

	

25

	

Section 6.08.

	

Set-Off

	

25

	

Section 6.09.

	

APPLICABLE LAW

	

25

	

Section 6.10.

	

CONSENT TO JURISDICTION

	

25

	

Section 6.11.

	

WAIVER OF JURY TRIAL

	

26

	

Section 6.12.

	

Headings

	

26

	

Section 6.13.

	

Marshalling; Payments Set Aside

	

26

	

Section 6.14.

	

Security Interest Absolute

	

27

	

Section 6.15.

	

Termination or Release

	

27

	

Section 6.16.

	

Additional Grantors

	

27

	

Section 6.17.

	

Collateral Agent Appointed Attorney-in-Fact

	

27

	

Section 6.18.

	

General Authority of the Collateral Agent

	

28

	

Section 6.19.

	

Recourse

	

28

	

Section 6.20.

	

Mortgages

	

29

	

Section 6.21.

	

Permitted Intercreditor Agreements

	

29

	

Section 6.22.

	

Regulatory Matters

	

30

 

 

 

 

 

 

	

SCHEDULES

	

Schedule
I -

	

Pledged
Equity; Pledged Debt

	

Schedule
II -

	

Commercial
Tort Claims

	

Schedule
III -

	

Intellectual
Property

	

Schedule
IV -

	

Deposit
Accounts

	
 

	

EXHIBITS

	

Exhibit
I -

	

Form of
Super Senior Pledge and Security Agreement Supplement

	

Exhibit
II -

	

Form of
Super Senior Copyright Security Agreement

	

Exhibit
III -

	

Form of
Super Senior Patent Security Agreement

	

Exhibit
IV -

	

Form of
Super Senior Trademark Security Agreement

 

 

 

SUPER SENIOR PLEDGE AND SECURITY
AGREEMENT, dated as of May 9, 2019, among FUSION CONNECT, INC., a Delaware
corporation (the “
Borrower”), the other GRANTORS party hereto from time to time
and WILMINGTON TRUST, NATIONAL
ASSOCIATION (“Wilmington Trust”), as Collateral
Agent for the Secured Parties (as defined below).

 

Reference is made
to the Super Senior Secured Credit Agreement dated as of May 9,
2019 (as it may be amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among the
Borrower, certain Subsidiaries of the Borrower party thereto, as
Guarantor Subsidiaries, the Lenders party thereto and Wilmington
Trust, as Administrative Agent and Collateral Agent.

 

The
Lenders have agreed to extend credit to the Borrower subject to the
terms and conditions set forth in the Credit Agreement. The
obligations of the Lenders to extend such credit are conditioned
upon, among other things, the execution and delivery of this
Agreement by each Grantor. The Grantors are Affiliates of one
another, will derive substantial direct and indirect benefits from
the extensions of credit to the Borrower pursuant to the Credit
Agreement, and are willing to execute and deliver this Agreement in
order to induce the Lenders to extend such credit. This Agreement
is subject to (i) the Intercreditor Agreement, which governs the
relative rights and priorities of the Super Senior Secured Parties
(as defined in the Intercreditor Agreement) and the First Lien
Secured Parties (as defined in the Intercreditor Agreement) and
(ii) the 1L/2L Intercreditor Agreement, which governs the relative
rights and priorities of the Super Senior Secured Parties, the
First Lien Secured Parties (as defined in the 1L/2L Intercreditor
Agreement) and the Second Lien Secured Parties (as defined in the
1L/2L Intercreditor Agreement) and certain other matters as
described therein. Accordingly, the parties hereto agree as
follows:

 

ARTICLE
I

DEFINITIONS

 

SECTION
1.01.                                           Credit
Agreement and UCC. (a) Capitalized terms used in this
Agreement, including the preamble and the introductory paragraphs
hereto, and not otherwise defined herein have the meanings
specified in the Credit Agreement.

 

(b)           As
used herein, each of the following terms has the meaning specified
in the UCC (as defined herein):

 

	

Term

	

UCC
Section

	

Certificated
Security

	

8-102

	

Chattel
Paper

	

9-102

	

Commercial
Tort Claim

	

9-102

	

Commodities
Account

	

9-102

	

Deposit
Account

	

9-102

	

Document

	

9-102

	

Fixtures

	

9-102

	

Goods

	

9-102

	

Instrument

	

9-102

	

Inventory

	

9-102

	

Investment
Property

	

9-102

	

Letter-of-Credit
Right

	

9-102

	

Money

	

1-201

	

Payment
Intangible

	

9-102

	

Proceeds

	

9-102

	

Promissory
Note

	

9-102

	

Securities
Account

	

8-501

	

Security
Entitlement

	

8-102

	

Supporting
Obligations

	

9-102

	

Uncertificated
Security

	

8-102

 

(c)           The
rules of construction specified in Section 1.3 of the Credit
Agreement also apply to this Agreement, mutatis mutandis.

 

SECTION 1.02.  Other Defined Terms. As used in this
Agreement, the following terms have the meanings specified
below:

 

“Account(s)” means
“accounts” as defined in Section 9-102 of the UCC, and
also means a right to payment of a monetary obligation, whether or
not earned by performance, (a) for property that has been or
is to be sold, leased, licensed, assigned, or otherwise disposed
of, (b) for services rendered or to be rendered, or (c) arising out
of the use of a credit or charge card or information contained on
or for use with the card.

 

“Account Debtor” means any Person
that is or that may become obligated to any Grantor under, with
respect to or on account of an Account or a Payment
Intangible.

 

“After-Acquired Intellectual
Property” has the meaning assigned to such term in
Section 4.02(d).

 

“Agreement” means this Super Senior
Pledge and Security Agreement.

 

“Article 9 Collateral” has the
meaning assigned to such term in Section 3.01(a).

 

“Bankruptcy Event of Default” means
any Event of Default under Section 8.1(f) or 8.1(g) of the
Credit Agreement.

 

“Blue Sky Laws” has the meaning
assigned to such term in Section 5.01.

 

“Borrower” has the meaning assigned
to such term in the preamble.

 

“Collateral” means the Article 9
Collateral and the Pledged Collateral; provided that all references to
“Collateral” in Section 5.02 shall, unless the context
requires otherwise, also refer to Real Estate Assets subject to a
Mortgage.

 

 

 

1

 

 

“Collateral Agent” means Wilmington
Trust, in its capacity as collateral agent for the Secured Parties
under the Credit Documents, and its successors in such capacity as
provided in the Credit Agreement.

 

“Commercial Software License(s)”
means any non-exclusive license of commercially available (on
non-discriminatory pricing terms) computer software to a Grantor
from a commercial software provider (e.g.,
“shrink-wrap”, “browse-wrap” or
“click-wrap” software licenses) or a license of freely
available computer software from a licensor of free or open source
software.

 

“Copyright License” means any
written agreement, now or hereafter in effect, granting any right
to any third party under any Copyright now or hereafter owned by
any Grantor or that such Grantor otherwise has the right to
license, or granting any right to any Grantor under any Copyright
now or hereafter owned by any third party, and all rights of such
Grantor under any such agreement.

 

“Copyrights” means all of the
following now owned or hereafter acquired by or assigned to any
Grantor (a) all copyright rights in any work subject to the
copyright laws of the United States or any other country, whether
as author, assignee, transferee or otherwise, whether registered or
unregistered and whether published or unpublished, (b) all
registrations and applications for registration of any such
copyright in the United States or any other country, including
registrations, recordings, supplemental registrations, pending
applications for registration and renewals in the United States
Copyright Office, including those listed on Schedule III, (c) all
rights and privileges arising under applicable law with respect to
such Grantor’s use of such copyrights, (d) all reissues,
renewals, continuations and extensions thereof and amendments
thereto, (e) all income, fees, royalties, damages, claims and
payments now or hereafter due and/or payable with respect to the
foregoing, including damages and payments for past, present or
future infringements thereof, (f) all rights corresponding
thereto throughout the world and (g) all rights to sue for
past, present or future infringements thereof.

 

“Credit Agreement” has the meaning
assigned to such term in the preliminary statement of this
Agreement.

 

“Domain Names” means all Internet
domain names and associated URL addresses in or to which any
Grantor now or hereafter has any right, title or
interest.

 

“Equipment” means (a) any
“equipment” as such term is defined in Article 9 of the
UCC and shall also include, but shall not be limited to, all
machinery, equipment, furnishings, appliances, furniture, fixtures,
tools, and vehicles now or hereafter owned by any Grantor in each
case, regardless of whether characterized as equipment under the
UCC and (b) and any and all additions, substitutions and
replacements of any of the foregoing and all accessions thereto,
wherever located, whether or not at any time of determination
incorporated or installed therein or attached thereto, and all
replacements therefore, together with all attachments, components,
parts, equipment and accessories installed thereon or affixed
thereto.

 

“Excluded Deposit Accounts” means
(a) any deposit account the funds in which are used solely for the
payment of salaries and wages, workers’ compensation and
similar expenses

 

 

2

 

 

(including payroll
taxes) in the ordinary course of business, (b) any deposit account
that is a zero-balance disbursement account, (c) any deposit
account the funds in which consist solely of (i) funds held by the
Borrower or any Subsidiary in trust for any director, officer or
employee of the Borrower or any Subsidiary or any employee benefit
plan maintained by the Borrower or any Subsidiary or (ii) funds
representing deferred compensation for the directors and employees
of the Borrower and its Subsidiaries, and (d) deposit accounts the
aggregate daily balance in which does not at any time exceed
$1,500,000 for all such accounts.

 

“General Intangibles” has the
meaning provided in Article 9 of the UCC and shall in any event
include all choses in action and causes of action and all other
intangible personal property of every kind and nature (other than
Accounts) now owned or hereafter acquired by any Grantor, as the
case may be, including corporate or other business records,
indemnification claims, contract rights (including rights under
customer contracts, leases, whether entered into as lessor or
lessee, Hedge Agreements and other agreements), goodwill,
registrations, franchises, tax refund claims, licenses (including
Licenses), permits, concessions and authorizations and any letter
of credit, guarantee, claim, security interest or other security
held by or granted to any Grantor.

 

“Grantor” means each of the
Borrower and each Guarantor Subsidiary.

 

“Guarantor Subsidiaries” means,
collectively, (a) the Restricted Subsidiaries party to this
Agreement on the Closing Date and (b) each Restricted
Subsidiary that becomes a party to this Agreement after the Closing
Date pursuant to Section 6.16, provided that any Restricted
Subsidiary that is designated as an Unrestricted Subsidiary in
accordance with the Credit Agreement shall cease to be a Guarantor
Subsidiary subject to and in accordance with the provisions of
Section 9.8(d)(ii) of the Credit Agreement.

 

“Intellectual Property” means all
intellectual and similar property of every kind and nature now
owned or hereafter acquired by any Grantor, including rights in
inventions, rights in designs, utility models, Patents, Copyrights,
Intellectual Property Licenses, Trademarks, trade secrets,
confidential or proprietary technical and business information,
rights in know how, rights in show how or other data or
information, rights in software, rights in databases, all other
proprietary information, including but not limited to Domain
Names.

 

“Intellectual Property Collateral”
means Collateral consisting of Intellectual Property.

 

“Intellectual Property Security
Agreements” has the meaning assigned to such term in
Section 3.02(d).

 

“Intellectual Property License”
means any Patent License, Trademark License, Copyright License,
Commercial Software License or other license or sublicense
agreement granting rights under Intellectual Property to which any
Grantor is a party, including those listed on Schedule
III.

 

 “Patent
License” means any written agreement, now or hereafter
in effect, granting to any third party any right to develop,
commercialize, import, make, have made, offer for sale, use or sell
any invention on which a Patent, now or hereafter owned by any
Grantor or that any Grantor otherwise has the right to license, is
in existence, or granting to any Grantor any

 

 

 

3

 

 

such
right with respect to any invention on which a Patent, now or
hereafter owned by any third party, is in existence, and all rights
of any Grantor under any such agreement.

 

“Patents” means all of the
following now owned or hereafter acquired by any Grantor (a) all
letters patent of the United States or the equivalent thereof in
any other country, all registrations and recordings thereof, and
all applications for letters patent of the United States or the
equivalent thereof in any other country, including registrations,
recordings and pending applications in the United States Patent and
Trademark Office or any similar offices in any other country,
including those listed on Schedule III, (b) all rights and
privileges arising under applicable law with respect to such
Grantor’s use of any patents, (c) all inventions and
improvements described and claimed therein, (d) all reissues,
divisions, continuations, renewals, extensions, reexaminations,
supplemental examinations, inter partes reviews, adjustments and
continuations-in-part thereof and amendments thereto, (e) all
income, fees, royalties, damages, claims and payments now or
hereafter due and/or payable with respect to any of the foregoing
including damages and payments for past, present or future
infringements thereof, (f) all rights corresponding thereto
throughout the world, including the right to prevent others from
making, having made, using, selling, offering to sell, importing or
exporting the inventions claimed therein and (g) rights to sue
for past, present or future infringements thereof.

 

“Pledge and Security Agreement
Supplement” means an instrument substantially in the
form of Exhibit I hereto.

 

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

 

“Pledged Debt” has the meaning
assigned to such term in Section 2.01.

 

“Pledged Equity” has the meaning
assigned to such term in Section 2.01.

 

“Pledged Securities” means any Promissory Notes, stock certificates,
limited liability membership interests or other Securities,
certificates or Instruments now or hereafter included in the
Pledged Collateral, including all Pledged Equity, Pledged Debt and
all other certificates, instruments or other documents representing
or evidencing any Pledged Collateral.

 

“Secured Obligations” means the
“Obligations” as defined in the Credit Agreement, it
being acknowledged and agreed that the term “Secured
Obligations” as used herein shall include each extension of
credit under the Credit Agreement, whether outstanding on the date
of this Agreement or extended or arising from time to time after
the date of this Agreement.

 

“Secured Parties” means (a) the
Administrative Agent, (b) the Collateral Agent, (c) the Lenders,
(d) the beneficiaries of each indemnification obligation undertaken
by any Credit Party under any Credit Document, (e) the other
holders from time to time of the Secured Obligations and (f) the
successors and permitted assigns of each of the
foregoing.

 

“Security” means a “security” as such term is defined
in Article 8 of the UCC and, in any event, shall include any stock,
shares, partnership interests, voting trust certificates,
certificates of interest or participation in any profit sharing
agreement or arrangement, options, warrants, bonds, debentures,
notes, or other evidences of indebtedness, secured or unsecured,
convertible, subordinated or otherwise, or in general any
instruments commonly known as

 

 

 

4

 

 

“securities”
or any certificates of interest, shares or participations in
temporary or interim certificates for the purchase or acquisition
of, or any right to subscribe to, purchase or acquire, any of the
foregoing.

 

“Security Interest” has the meaning
assigned to such term in Section 3.01(a).

 

“Trademark License” means any
written agreement, now or hereafter in effect, granting to any
third party any right to use any Trademark now or hereafter owned
by any Grantor or that any Grantor otherwise has the right to
license, or granting to any Grantor any right to use any Trademark
now or hereafter owned by any third party, and all rights of any
Grantor under any such agreement.

 

“Trademarks” means all of the
following now owned or hereafter acquired by any Grantor (a) all
trademarks, service marks, trade names, corporate names, company
names, business names, fictitious business names, trade styles,
trade dress, logos, other source or business identifiers, designs
and general intangibles of like nature, the goodwill of the
business symbolized thereby or associated therewith, all
registrations and recordings thereof, and all registration and
recording applications filed in connection therewith, including
registrations and registration applications in the United States
Patent and Trademark Office or any similar offices in any State of
the United States or any other country or any political subdivision
thereof, and all extensions or renewals thereof, including those
listed on Schedule III, (b) all rights and privileges arising under
applicable law with respect to such Grantor’s use of any
trademarks, (c) all reissues, continuations, extensions and
renewals thereof and amendments thereto, (d) all income, fees,
royalties, damages and payments now and hereafter due and/or
payable with respect to any of the foregoing, including damages,
claims and payments for past, present or future infringements
thereof, (e) all rights corresponding thereto throughout the
world and (f) rights to sue for past, present and future
infringements or dilutions thereof or other injuries
thereto.

 

“UCC” means the Uniform Commercial
Code as the same may from time to time be in effect in the State of
New York; provided
that, if by reason of mandatory provisions of law, perfection, or
the effect of perfection or non-perfection, of a security interest
in any Collateral or the availability of any remedy hereunder is
governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, “UCC”
means the Uniform Commercial Code as in effect in such other
jurisdiction for purposes of the provisions hereof relating to such
perfection or effect of perfection or non-perfection or
availability of such remedy, as the case may be.

 

“Wilmington Trust” has the meaning
assigned to such term in the preamble.

 

ARTICLE
II

 

PLEDGE OF
SECURITIES

 

SECTION
2.01.                                           Pledge.
As security for the payment and performance in full of the Secured
Obligations, each Grantor hereby assigns and pledges to the
Collateral Agent, its successors and permitted assigns, for the
benefit of the Secured Parties, and hereby grants to the Collateral
Agent, its successors and permitted assigns, for the benefit of the
Secured Parties, a

 

 

 

5

 

 

SECTION
2.02.                                           continuing
security interest in, all of such Grantor’s right, title and
interest in, to and under: (a) all Equity Interests now owned or at
any time hereafter acquired by it (including those Equity Interests
listed opposite the name of such Grantor on Schedule I) and all
certificates and other instruments representing all such Equity
Interests (collectively, the “Pledged Equity”); (b) all
Promissory Notes and all Instruments evidencing Indebtedness now
owned or at any time hereafter acquired by it (including those
listed opposite the name of such Grantor on Schedule I) (the
“Pledged Debt”); (c) all other
property that may be delivered to and held by the Collateral Agent
pursuant to the terms of this Section 2.01 or Section 2.02;
(d) subject to Section 2.06, all payments of principal or interest,
dividends, cash, instruments and other property from time to time
received, receivable or otherwise distributed in respect of, in
exchange for or upon the conversion of, and all other Proceeds
received in respect of, the Pledged Equity and the Pledged Debt;
(e) subject to Section 2.06, all rights and privileges of such
Grantor with respect to the securities and other property referred
to in clauses (a), (b), (c) and (d) above; and (f) all Proceeds of,
and Security Entitlements in respect of, any of the foregoing (the
items referred to in clauses (a) through (f) above being
collectively referred to as the “Pledged Collateral”); provided that the Pledged
Collateral shall not include any item referred to in clauses (a)
through (f) above if, for so long as and to the extent such item
constitutes Excluded Property.

 

SECTION
2.03.                                           Delivery
of the Pledged Collateral. (a) On the Closing Date (in the
case of any Grantor that grants a Lien on any of its assets
hereunder on the Closing Date) or on the date on which it signs and
delivers a Pledge and Security Agreement Supplement (in the case of
any other Grantor), each Grantor shall deliver or cause to be
delivered to the Collateral Agent, for the benefit of the Secured
Parties, any and all Pledged Securities (other than (i) any
Uncertificated Securities, but only for so long as such Securities
remain uncertificated, and (ii) certificates or instruments
representing Equity Interests in any Subsidiary that is not a
Material Subsidiary) to the extent such Pledged Securities, in the
case of Promissory Notes and other Instruments evidencing
Indebtedness, are required to be delivered pursuant to
Section 2.02(b). Thereafter, whenever such Grantor acquires
any other Pledged Security (other than (A) any Uncertificated
Securities, but only for so long as such Uncertificated Securities
remain uncertificated, and (B) certificates or instruments
representing Equity Interests in any Subsidiary that is not a
Material Subsidiary), such Grantor shall promptly, and in any event
within 30 days (or such longer period as the Collateral Agent
may agree to in writing), deliver or cause to be delivered to the
Collateral Agent such Pledged Security as Collateral hereunder to
the extent such Pledged Securities, in the case of Promissory Notes
and Instruments evidencing Indebtedness, are required to be
delivered pursuant to Section 2.02(b).

 

(b)           Each
Grantor will cause (i) the Borrower and each Restricted Subsidiary
to execute and deliver a counterpart of each of the Intercompany
Note and the Intercompany Indebtedness Subordination Agreement and
(ii) all Indebtedness for borrowed money in an aggregate principal
amount of $250,000 or more owed to such Grantor by any other Person
(other than the Borrower or a Restricted Subsidiary) to be
evidenced by a duly executed Promissory Note, and shall cause each
such Promissory Note, the Intercompany Note and each other
Promissory Note (if any) evidencing any Indebtedness of the
Borrower or any Restricted Subsidiary that is owing to such
Grantor, to be pledged and delivered to the Collateral Agent, for
the benefit of the Secured Parties, (A) on the date hereof, in
the case of any such Indebtedness existing on the date hereof (or,
in the case of any Grantor that becomes a party hereto after the
date hereof, on the date such Grantor becomes a party hereto, in
the case of any such Indebtedness existing on such
date)

 

 

 

6

 

 

(c)           or
(B) promptly following the incurrence thereof, in the case of
any such Indebtedness incurred after the date hereof (or such other
date), in each case pursuant to the terms hereof.

 

(d)           Upon
delivery to the Collateral Agent, (i) any Pledged Securities
required to be delivered pursuant to Section 2.02(a) or
2.02(b) shall be accompanied by undated stock or note powers duly
executed by the applicable Grantor in blank or other instruments of
transfer reasonably satisfactory to the Requisite Lenders and by
such other instruments and documents as the Collateral Agent may
reasonably request and (ii) all other property comprising part of
the Pledged Collateral required to be delivered pursuant to
Section 2.02(a) or 2.02(b) shall be accompanied by undated
proper instruments of assignment duly executed by the applicable
Grantor and such other instruments or documents as the Collateral
Agent may reasonably request. Each delivery of Pledged Securities
shall be accompanied by a schedule describing such Pledged
Securities, which schedule shall be deemed to supplement Schedule I
and be made a part hereof; provided that failure to attach
any such schedule hereto shall not affect the validity of such
pledge of such Pledged Securities. Each schedule so delivered shall
supplement any prior schedules so delivered.

 

(e)           The
assignment, pledge and security interest granted in Section 2.01
are granted as security only and shall not subject the Collateral
Agent or any other Secured Party to, or in any way alter or modify,
any obligation or liability of any Grantor with respect to or
arising out of the Pledged Collateral.

 

SECTION
2.04.                                           Representations
and Warranties. Each Grantor, jointly and severally,
represents and warrants, as to itself and the other Grantors, to
and with the Collateral Agent, for the benefit of the Secured
Parties, that:

 

(a)           Schedule
I correctly sets forth, as of the Closing Date and as of each date
on which a supplement to Schedule I is delivered pursuant to
Section 2.02(c) or 6.15, (i) all the Equity Interests owned by each
Grantor, specifying the issuer and certificate number of (if
applicable), and the number and percentage ownership represented
by, such Equity Interests, and (ii) all the Pledged Debt of
each Grantor, specifying the debtor thereof and the outstanding
principal amount thereof as of the Closing Date, and includes all
Equity Interests, Promissory Notes and Instruments required to be
pledged by each Grantor hereunder in order to satisfy the
Collateral and Guarantee Requirement;

 

(b)           the
Pledged Equity issued by any Subsidiary and the Pledged Debt
(solely with respect to Pledged Debt issued by a Person other than
the Borrower or any Subsidiary, to the best of the Grantors’
knowledge) have been duly and validly authorized and issued by the
issuers thereof and (i) in the case of Pledged Equity (other than
Pledged Equity consisting of limited liability company interests or
partnership interests which, pursuant to the relevant
organizational or formation documents, cannot be fully paid and
non-assessable), are fully paid and non-assessable and (ii) in the
case of Pledged Debt (solely with respect to Pledged Debt issued by
a Person other than the Borrower or any Subsidiary, to the best of
the Grantors’ knowledge), are legal, valid and binding
obligations of the issuers thereof, subject to applicable Debtor
Relief Laws and general principles of equity;

 

 

7

 

 

(c)           each
Grantor holds the Pledged Securities indicated on Schedule I as
owned by such Grantor free and clear of all Liens, other than (i)
Liens created by the Collateral Documents and (ii) other Permitted
Liens; and

 

(d)           as
of the Closing Date, Schedule IV hereto sets forth a true and
complete list and description, of all Deposit Accounts, Securities
Accounts, Commodities Accounts and all other depositary accounts
maintained by each Grantor.

 

SECTION
2.05.                                           Certification
of Limited Liability Company and Limited Partnership
Interests. Each Grantor acknowledges and agrees that, to the
extent any interest in any limited liability company or limited
partnership controlled by any Grantor and pledged under
Section 2.01 is a “security” within the meaning of
Article 8 of the UCC and is governed by Article 8 of the UCC, such
interest shall be represented by a certificate that is promptly
delivered to the Collateral Agent pursuant to the terms hereof.
Each Grantor further acknowledges and agrees that with respect to
any interest in any limited liability company or limited
partnership controlled on or after the date hereof by such Grantor
and pledged hereunder that is not a “security” within
the meaning of Article 8 of the UCC, such Grantor shall at no time
elect to treat any such interest as a “security” within
the meaning of Article 8 of the UCC, nor shall any such interest in
any limited liability company or limited partnership controlled on
or after the date hereof by such Grantor be represented by a
certificate, unless such election and such interest is thereafter
represented by a certificate that is promptly delivered to the
Collateral Agent pursuant to the terms hereof.

 

SECTION
2.06.                                           Registration
in Nominee Name; Denominations. If an Event of Default shall
occur and be continuing and, other than in the case of a Bankruptcy
Event of Default, the Collateral Agent shall have notified the
Borrower of its intent to exercise such rights, (a) the
Collateral Agent, on behalf of the Secured Parties, shall have the
right (in its sole and absolute discretion) to cause each of the
Pledged Securities to be transferred of record into the name of the
Collateral Agent or into the name of its nominee (as pledgee or as
sub-agent) or the name of the applicable Grantor, endorsed or
assigned in blank or in favor of the Collateral Agent and
(b) to the extent permitted by the documentation governing
such Pledged Securities and applicable law, the Collateral Agent
shall have the right to exchange the certificates representing
Pledged Securities for certificates of smaller or larger
denominations for any purpose consistent with this Agreement. Each
Grantor will promptly give to the Collateral Agent copies of any
material notices received by it with respect to Pledged Securities
registered in the name of such Grantor. Each Grantor will take any
and all actions reasonably requested by the Collateral Agent to
facilitate compliance with this Section 2.05.

 

SECTION
2.07.                                           Voting
Rights; Dividends and Interest. (a) Unless and until an
Event of Default shall have occurred and be continuing and, other
than in the case of a Bankruptcy Event of Default, the Collateral
Agent shall have notified the Borrower that the rights of the
Grantors under this Section 2.06 are being
suspended:

 

(i)           Each
Grantor shall be entitled to exercise any and all voting and/or
other consensual rights and powers inuring to an owner of Pledged
Collateral or any part thereof for any purpose consistent with the
terms of this Agreement, the Credit Agreement and the other Credit
Documents.

 

 

 

8

 

 

(ii)           The
Collateral Agent shall promptly execute and deliver to each
Grantor, or cause to be executed and delivered to such Grantor, all
such proxies, powers of attorney and other instruments as such
Grantor may reasonably request in writing for the purpose of
enabling such Grantor to exercise the voting and/or consensual
rights and powers it is entitled to exercise pursuant to Section
2.06(a)(i), in each case as shall be specified in such
request.

 

(iii)           Each
Grantor shall be entitled to receive and retain any and all
dividends, interest, principal and other distributions paid on or
distributed in respect of the Pledged Collateral, to the extent
(and only to the extent) that such dividends, interest, principal
and other distributions are permitted by, and otherwise paid or
distributed in accordance with, the terms and conditions of the
Credit Agreement, the other Credit Documents and applicable laws;
provided that any
noncash dividends, interest, principal or other distributions that
would constitute Pledged Equity or Pledged Debt, whether resulting
from a subdivision, combination or reclassification of the
outstanding Equity Interests of the issuer of any Pledged
Securities or received in exchange for Pledged Securities or any
part thereof, or in redemption thereof, or as a result of any
merger, consolidation, acquisition or other exchange of assets to
which such issuer may be a party or otherwise, shall be and become
part of the Pledged Collateral, and, if received by any Grantor,
shall be held in trust for the benefit of the Collateral Agent and
the applicable Secured Parties and shall, if certificated and to
the extent required by Section 2.02, be forthwith delivered to the
Collateral Agent in the same form as so received (with any
necessary endorsement reasonably requested by the Collateral
Agent). So long as no Event of Default has occurred and is
continuing, the Collateral Agent shall promptly deliver to each
Grantor any Pledged Securities in its possession if requested to be
delivered to the issuer thereof in connection with any exchange or
redemption of such Pledged Securities.

 

(b)           Upon
the occurrence and during the continuance of an Event of Default
and, other than in the case of a Bankruptcy Event of Default, after
the Collateral Agent shall have notified the Borrower of the
suspension of the rights of the Grantors under
Section 2.06(a)(iii), all rights of any Grantor to dividends,
interest, principal or other distributions that such Grantor is
authorized to receive pursuant to Section 2.06(a)(iii) shall
cease, and all such rights shall thereupon become vested in the
Collateral Agent, which shall have the sole and exclusive right and
authority to receive and retain such dividends, interest, principal
or other distributions as part of the Pledged Collateral, subject
to Section 2.07 and the last sentence of this Section 2.06(b).
All dividends, interest, principal or other distributions received
by any Grantor contrary to the provisions of this Section 2.06
shall be held in trust for the benefit of the Collateral Agent and
the other Secured Parties and shall be forthwith delivered to the
Collateral Agent upon demand in the same form as so received (with
any necessary endorsement reasonably requested by the Collateral
Agent). Any and all money and other property paid over to or
received by the Collateral Agent pursuant to the provisions of this
Section 2.06(b) shall be retained by the Collateral Agent in
an account to be established by the Collateral Agent upon receipt
of such money or other property, shall be held as security for the
payment and performance of the Secured Obligations and shall be
applied in accordance with the provisions of Section 5.02.
After all Events of Default have been cured or waived, and the
Borrower has delivered to the Collateral Agent a certificate of an
Authorized Officer to such effect, the Collateral Agent shall
promptly repay to each Grantor (without interest) all dividends,
interest, principal or other distributions that such Grantor would
otherwise be

 

 

9

 

 

(c)           permitted
to retain pursuant to the terms of Section 2.06(a)(iii) in the
absence of an Event of Default and that remain in such
account.

 

(d)           Upon
the occurrence and during the continuance of an Event of Default
and, other than in the case of a Bankruptcy Event of Default, after
the Collateral Agent shall have notified the Borrower of the
suspension of the rights of the Grantors under
Section 2.06(a)(i), all rights of any Grantor to exercise the
voting and consensual rights and powers it is entitled to exercise
pursuant to Section 2.06(a)(i), and the obligations of the
Collateral Agent under Section 2.06(a)(ii), shall cease, and
all such rights shall thereupon become vested in the Collateral
Agent, which shall have the sole and exclusive right and authority
to exercise such voting and consensual rights and powers subject to
Section 2.07 and the last sentence of this Section 2.06(c);
provided that,
unless otherwise directed by the Requisite Lenders in writing, the
Collateral Agent shall have the right from time to time following
and during the continuance of an Event of Default to permit the
Grantors to exercise such rights. After all Events of Default have
been cured or waived, and the Borrower has delivered to the
Collateral Agent a certificate of an Authorized Officer to such
effect, each Grantor shall have the exclusive right to exercise the
voting and/or consensual rights and powers that such Grantor would
otherwise be entitled to exercise pursuant to the terms of
Section 2.06(a)(i), and the obligations of the Collateral
Agent under Section 2.06(a)(ii) shall be
reinstated.

 

(e)           Any
notice given by the Collateral Agent to the Borrower under Section
2.05 or Section 2.06(a) (i) may be given by telephone if
promptly confirmed in writing, (ii) may be given with respect to
one or more of the Grantors at the same or different times and
(iii) may suspend the rights of the Grantors under Section
2.06(a)(i) or 2.06(a)(iii) in part without suspending all such
rights (as specified by the Collateral Agent in its sole and
absolute discretion) and without waiving or otherwise affecting the
Collateral Agent’s rights to give additional notices from
time to time suspending other rights so long as an Event of Default
has occurred and is continuing.

 

SECTION
2.08.                                           Collateral
Agent Not a Partner or Limited Liability Company Member.
Nothing contained in this Agreement shall be construed to make the
Collateral Agent or any other Secured Party liable as a member of
any limited liability company or as a partner of any partnership,
and neither the Collateral Agent nor any other Secured Party by
virtue of this Agreement or otherwise (except as referred to in the
following sentence) shall have any of the duties, obligations or
liabilities of a member of any limited liability company or as a
partner in any partnership. The parties hereto expressly agree
that, unless the Collateral Agent shall become the absolute owner
of Pledged Equity consisting of a limited liability company
interest or a partnership interest pursuant hereto, this Agreement
shall not be construed as creating a partnership or joint venture
among the Collateral Agent, any other Secured Party, any Grantor
and/or any other Person.

 

ARTICLE
III

 

SECURITY INTERESTS
IN PERSONAL PROPERTY

 

SECTION
3.01.                                           Security
Interest. (a) As security for the payment and performance in
full of the Secured Obligations, each Grantor hereby assigns and
pledges to the

 

 

 

 

 

10

 

 

SECTION
3.02.                                           Collateral
Agent, its successors and permitted assigns, for the benefit of the
Secured Parties, and hereby grants to the Collateral Agent, its
successors and permitted assigns, for the benefit of the Secured
Parties, a security interest (the “Security Interest”) in, all right,
title and interest in, to and under any and all of the following
assets and properties now owned or at any time hereafter acquired
by such Grantor or in which such Grantor now has or at any time in
the future may acquire any right, title or interest (collectively,
the “Article 9
Collateral”):

 

(i)           all
Accounts;

 

(ii)           all
Chattel Paper;

 

(iii)           all
Documents;

 

(iv)           all
Equipment;

 

(v)           all
General Intangibles, including all Intellectual Property, all
Licenses and all Payment Intangibles;

 

(vi)           all
Instruments;

 

(vii)           all
Inventory;

 

(viii)                      all
Goods and Fixtures;

 

(ix)           all
Investment Property;

 

(x)           all
Money, cash and cash equivalents;

 

(xi)           all
Letter-of-Credit Rights;

 

(xii)           all
Commercial Tort Claims described on Schedule II from time to time,
as such Schedule may be supplemented from time to time pursuant to
Section 3.04(c);

 

(xiii)                      all
Supporting Obligations;

 

(xiv)                      all
Security Entitlements in any or all of the foregoing;

 

(xv)           all
Deposit Accounts, securities accounts and commodities accounts
(other than Excluded Deposit Accounts);

 

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

 

(xvii)                      to
the extent not otherwise included above, all Proceeds and products
of any and all of the foregoing (including proceeds of all
insurance policies) and all collateral security and guarantees
given by any Person with respect to any of the
foregoing.

 

 

 

11

 

 

(b)           Notwithstanding
anything herein to the contrary, if, for so long and to the extent
as any asset constitutes Excluded Property, the Security Interest
granted under this Section 3.01 shall not attach to, and
Article 9 Collateral shall not include, such asset; provided, however, that the Security
Interest shall immediately attach to, and Article 9 Collateral
shall immediately include, any such asset (or portion thereof) upon
such asset (or such portion) ceasing to be Excluded
Property.

 

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

 

(d)           Each
Grantor hereby irrevocably authorizes the Collateral Agent (or its
designee) to file with the United States Patent and Trademark
Office or United States Copyright Office (or any successor office)
such documents as may be necessary or advisable for the purpose of
perfecting, confirming, continuing, enforcing or protecting the
Security Interest granted by such Grantor hereunder, without the
signature of such Grantor, and naming such Grantor, as debtor, and
the Collateral Agent, as secured party.

 

(e)           The
Security Interest and the security interest granted pursuant to
Article II are granted as security only and, except as
expressly set forth herein, shall not subject the Collateral Agent
or any other Secured Party to, or in any way alter or modify, any
obligation or liability of any Grantor with respect to or arising
out of the Article 9 Collateral.

 

(f)           Notwithstanding
anything to the contrary herein, to the extent this Agreement or
any other Credit Document purports to grant or to require any
Grantor to grant to the Collateral Agent a security interest in any
License, the Collateral Agent shall only have a security interest
in such License at such times and to the extent that a security
interest in such License is permitted under applicable law,
including the applicable Communications Law. The Security Interest
granted in Proceeds of such License is intended to include, and
hereby includes, the economic value of the Licenses, all rights
incident or appurtenant to the Licenses and the right to receive
all monies and consideration derived from or in connection with the
sale, assignment or lease of or the transfer of control over the
Licenses. If at any time in the future the Communications Law
permits any Grantor to grant a security interest in any License,
this Agreement shall be deemed to grant a security interest in such
License immediately thereupon without any further action by or
notice to any Grantor, the Collateral Agent or any Lender or other
Secured Party. In

 

 

 

12

 

 

 

 

(g)           furtherance
of the foregoing, each Grantor agrees to cooperate fully and take
all steps necessary to perfect such security interest as may be
required by the Collateral Agent.

 

SECTION
3.03.                                           Representations
and Warranties. (a) Each Grantor, jointly and severally,
represents and warrants, as to itself and the other Grantors, to
the Collateral Agent for the benefit of the Secured Parties
that:

 

(b)           Each
Grantor has good and valid rights in (not subject to any Liens
other than Permitted Liens) and/or good and marketable title in the
Article 9 Collateral with respect to which it has purported to
grant a Security Interest hereunder, and has full power and
authority to grant to the Collateral Agent the Security Interest in
such Article 9 Collateral pursuant hereto and to execute, deliver
and perform its obligations in accordance with the terms of this
Agreement, without the consent or approval of any other Person
other than any consent or approval that has been
obtained.

 

(c)           The
information set forth in the Collateral Questionnaire, including
the exact legal name of each Grantor and its jurisdiction of
organization, is correct and complete in all material respects as
of the Closing Date. The UCC financing statements prepared by or on
behalf of the Grantors based upon the information provided in the
Collateral Questionnaire (or specified by notice from the
applicable Grantor to the Collateral Agent after the Closing Date
in the case of filings, recordings or registrations required by
Section 5.10 or 5.11 of the Credit Agreement) are all the
filings, recordings and registrations (other than any filings
required to be made in the United States Patent and Trademark
Office and the United States Copyright Office in order to perfect
the Security Interest in Article 9 Collateral consisting of United
States registered Patents (and Patents for which United States
applications for registration are pending), United States
registered Trademarks (and Trademarks for which United States
applications for registration are pending), United States
registered Copyrights (and Copyrights for which United States
applications for registration are pending) and United States
exclusive registered Copyright Licenses) that are necessary to
establish a legal, valid and perfected security interest in favor
of the Collateral Agent (for the benefit of the Secured Parties) in
respect of all Article 9 Collateral in which the Security Interest
may be perfected by filing, recording or registration in the United
States (or any political subdivision thereof) and its territories
and possessions pursuant to the UCC. Each Grantor represents and
warrants that, as of the Closing Date, fully executed copies of the
Patent Security Agreement and the Trademark Security Agreement, in
each case containing a description of all Article 9 Collateral
consisting of United States registered Patents (and Patents for
which registration applications are pending) and United States
registered Trademarks (and Trademarks for which registration
applications are pending), respectively, have been provided for
recording by the United States Patent and Trademark Office pursuant
to 35 U.S.C. § 261 or 15 U.S.C. § 1060 and the
regulations thereunder.

 

(d)           The
Security Interest constitutes (i) a legal and valid security
interest in all the Article 9 Collateral securing the payment and
performance of the Secured Obligations, (ii) subject to the filings
described in Section 3.02(c), a perfected security interest in
all Article 9 Collateral in which a security interest may be
perfected by filing, recording or registering a financing statement
in the United States (or any political subdivision thereof) and its
territories and possessions pursuant to the UCC and (iii) a
security interest that shall be perfected in all Intellectual
Property Collateral in which a security interest may be perfected
upon the receipt and

 

 

 

 

 

13

 

 

(e)           recording
of the UCC financing statements in the relevant filing offices and
the relevant Copyright Security Agreement, Patent Security
Agreement and/or Trademark Security Agreement, as applicable (the
“Intellectual Property
Security Agreements”), with the United States Patent
and Trademark Office and the United States Copyright Office, as
applicable. The Security Interest is and shall be prior to any
other Lien on any of the Article 9 Collateral in existence on the
date hereof, other than Permitted Liens (excluding Permitted Liens
that are required to be junior to the Security Interest) that are
contemplated by Section 6.2 of the Credit
Agreement.

 

(f)           The
Article 9 Collateral is owned by the Grantors free and clear of any
Lien, except for Permitted Liens. None of the Grantors has filed or
consented to the filing of (i) any financing statement or
analogous document under the UCC or any other applicable laws
covering any Article 9 Collateral, (ii) any assignment in which any
Grantor assigns any Article 9 Collateral or any security agreement
or similar instrument covering any Article 9 Collateral with the
United States Patent and Trademark Office or the United States
Copyright Office, (iii) any notice under the Assignment of Claims
Act or (iv) any assignment in which any Grantor assigns any Article
9 Collateral or any security agreement or similar instrument
covering any Article 9 Collateral with any foreign
governmental, municipal or other office, which financing statement
or analogous document, assignment, security agreement or similar
instrument is still in effect, except, in each case, for Permitted
Liens.

 

SECTION
3.04.                                           Covenants.
(a) Each Grantor shall, at its own expense, take any and all
commercially reasonable actions necessary to defend title to the
Article 9 Collateral against all Persons and to defend the Security
Interest of the Collateral Agent in the Article 9 Collateral and
the priority thereof against any Lien other than a Permitted
Lien.

 

(b)           Each
Grantor agrees, at its own expense, to execute, acknowledge,
deliver and cause to be duly filed all such further instruments and
documents and take all such actions as the Collateral Agent may
from time to time reasonably request to better assure, preserve,
protect and perfect the Security Interest and the rights and
remedies created hereby, including the payment of any reasonable
and documented or invoiced out-of-pocket fees and Taxes required in
connection with the execution and delivery of this Agreement, the
granting of the Security Interest and the filing of any financing
statements (including fixture filings and transmitting utility
filings) or other documents in connection herewith or therewith.
Each Grantor will provide to the Collateral Agent, from time to
time upon request, evidence reasonably satisfactory to the
Requisite Lenders as to the perfection and priority of the Liens
created or intended to be created pursuant to this
Agreement.

 

(c)           Each
Grantor agrees to maintain, at its own cost and expense, such
complete and accurate records with respect to the Article 9
Collateral owned by it as is consistent with its current practices
and in accordance with such prudent and standard practices used in
industries that are the same as or similar to those in which such
Grantor is engaged, and, at such time or times as the Collateral
Agent may reasonably request, promptly to prepare and deliver to
the Collateral Agent a duly certified schedule or schedules in form
and detail reasonably satisfactory to the Requisite Lenders showing
the identity, amount and location of any and all Article 9
Collateral. In addition, subject to Section 5.6 of the Credit
Agreement, the Collateral Agent and such Persons as the Collateral
Agent may reasonably designate shall have the right, at the
Grantors’ own cost and expense, to inspect the Article 9
Collateral, all records (including its records in respect
of

 

 

 

 

 

14

 

 

(d)           accounts
receivables) related thereto (and to make extracts and copies from
such records) and the premises upon which any of the Article 9
Collateral is located, to discuss the Grantors’ affairs with
the officers of the Grantors and their independent registered
public accounting firm and to verify, in the manner and under the
procedures determined by the Requisite Lenders in good faith to be
reasonable, the identity, validity, amount, quality, quantity,
value, condition, location and status of, or any other matter
relating to, the Article 9 Collateral, including Accounts and
Payment Intangibles, provided that unless an Event of Default has
occurred and is continuing, the Collateral Agent may not contact
Account Debtors or other third parties without the prior written
consent of the relevant Grantor.

 

(e)           At
its option, the Collateral Agent may, but shall not be obligated
to, discharge past due Taxes, assessments, charges, fees and Liens
at any time levied or placed on the Article 9 Collateral and not
permitted by the Credit Agreement, and may pay for the maintenance
and preservation of the Article 9 Collateral to the extent any
Grantor fails to do so as required by the Credit Agreement or this
Agreement, and each Grantor jointly and severally agrees to
reimburse the Collateral Agent within 10 Business Days after demand
for any payment made or any reasonable expense incurred by the
Collateral Agent pursuant to the foregoing authorization (and any
such payment made or expense incurred shall be additional Secured
Obligations secured hereby). Nothing in this paragraph shall be
interpreted as excusing any Grantor from the performance of, or
imposing any obligation on the Collateral Agent or any Secured
Party to cure or perform, any covenants or other promises of any
Grantor with respect to taxes, assessments, charges, fees and Liens
and maintenance as set forth herein or in the other Credit
Documents.

 

(f)           Each
Grantor (rather than the Collateral Agent or any other Secured
Party) shall remain liable (as between itself and any relevant
counterparty) to observe and perform all the conditions and
obligations to be observed and performed by it under each contract,
agreement or instrument relating to the Article 9 Collateral, all
in accordance with the terms and conditions thereof, and each
Grantor jointly and severally agrees to indemnify and hold harmless
the Collateral Agent and the other Secured Parties from and against
any and all liability for such performance.

 

(g)           None
of the Grantors shall make or permit to be made any transfer of the
Article 9 Collateral and each Grantor shall remain at all
times in possession or control of the Article 9 Collateral owned by
it, in each case, except that unless and until the Collateral Agent
shall notify the Grantors that an Event of Default shall have
occurred and be continuing and that during the continuance thereof
the Grantors shall not sell, convey, lease, assign, transfer or
otherwise dispose of any Article 9 Collateral (which notice may be
given by telephone if promptly confirmed in writing), the Grantors
may use, transfer and dispose of the Article 9 Collateral in any
lawful manner not inconsistent with the provisions of this
Agreement, the Credit Agreement or any other Credit
Document.

 

(h)           None
of the Grantors will, without the Collateral Agent’s prior
written consent, grant any extension of the time of payment of any
Accounts or Payment Intangibles included in the Article 9
Collateral, compromise, compound or settle the same for less than
the full amount thereof, release, wholly or partly, any Person
liable for the payment thereof or allow any credit or discount
whatsoever thereon, other than extensions, compromises,
settlements, releases,

 

 

 

 

 

15

 

 

(i)           credits
or discounts granted or made in the ordinary course of business and
in accordance with past practice or in connection with any
proceeding under any Debtor Relief Laws.

 

(j)           The
Grantors, at their own expense, shall maintain or cause to be
maintained insurance in accordance with the requirements set forth
in Section 5.5 of the Credit Agreement. Each Grantor irrevocably
makes, constitutes and appoints the Collateral Agent (and its
designees) as such Grantor’s true and lawful agent (and
attorney-in-fact) for the purpose, upon the occurrence and during
the continuance of an Event of Default, of making, settling and
adjusting claims in respect of Article 9 Collateral under policies
of insurance, endorsing the name of such Grantor on any check,
draft, instrument or other item of payment for the proceeds of such
policies of insurance and for making all determinations and
decisions with respect thereto. In the event that any Grantor at
any time or times shall fail to obtain or maintain any of the
policies of insurance required pursuant to Section 5.5 of the
Credit Agreement, or to pay any premium in whole or part relating
thereto, the Collateral Agent may, but shall not be obligated to,
without waiving or releasing any obligation or liability of the
Grantors hereunder or any Event of Default, in its sole discretion,
obtain and maintain such policies of insurance and pay such premium
and take any other actions with respect thereto as the Collateral
Agent deems advisable. All sums disbursed by the Collateral Agent
in connection with this paragraph, including reasonable
attorneys’ fees, court costs, expenses and other charges
relating thereto, shall be payable by the Grantors to the
Collateral Agent within 10 Business Days after demand and shall be
additional Secured Obligations secured hereby.

 

SECTION
3.05.                                           Other
Actions. In order to further insure the attachment,
perfection and priority of, and the ability of the Collateral Agent
to enforce, the Security Interest, each Grantor agrees, in each
case at such Grantor’s own expense, to take the following
actions with respect to the following Article 9
Collateral:

 

(a)           Instruments.
Subject to Article II, if any Grantor shall at any time hold
or acquire any Instrument constituting Collateral and evidencing an
amount equal to or in excess of $250,000 such Grantor shall
forthwith endorse, assign and deliver the same to the Collateral
Agent for the benefit of the Secured Parties, accompanied by such
instruments of transfer or assignment duly executed in blank as the
Collateral Agent may from time to time reasonably
request.

 

(b)           Investment
Property. Except to the extent otherwise provided in
Article II, if any Grantor shall at any time hold or acquire
any Pledged Equity that consists of Certificated Securities, such
Grantor shall forthwith endorse, assign and deliver the same to the
Collateral Agent for the benefit of the applicable Secured Parties,
accompanied by such instruments of transfer or assignment duly
executed in blank as the Collateral Agent may from time to time
reasonably request.

 

(c)           Commercial
Tort Claims. If any Grantor shall at any time after the date
of this Agreement acquire a Commercial Tort Claim as to which the
claim thereunder is $250,000 or more, such Grantor shall promptly
notify the Collateral Agent thereof in a writing signed by such
Grantor and provide supplements to Schedule II describing the
details thereof and shall grant to the Collateral Agent a security
interest therein and in the proceeds thereof, all upon the terms of
this Agreement. In the event any Supplemental Collateral
Questionnaire or Pledge and Security

 

 

 

 

 

16

 

 

(d)           Agreement
Supplement shall set forth any Commercial Tort Claim,
Schedule II shall be deemed to be supplemented to include the
reference to such Commercial Tort Claim (and the description
thereof), in the same form as such reference and description are
set forth on such Supplemental Collateral Questionnaire or Pledge
and Security Agreement Supplement.

 

Notwithstanding
anything to the contrary in this Section 3.04, if the actions
described in Section 3.04(a) or (b) have been taken in favor of the
collateral agent under the First Lien Credit Agreement and,
pursuant to the Intercreditor Agreement, such agent acts as agent
and gratuitous bailee for the Collateral Agent for the purpose of
perfecting the Collateral Agent’s Liens hereunder, for the
benefit of the Secured Parties, the requirement to take any such
action shall be deemed to be satisfied unless the Requisite Lenders
have requested the taking of such action in favor of the Collateral
Agent.

 

SECTION
3.06.                                           Covenants
Regarding Deposit Accounts. The Grantors shall promptly, and
in any event within the time periods specified in Schedule 5.15 of
the Credit Agreement and, with respect to any Deposit Account,
Securities Account or Commodities Account (other than Excluded
Deposit Accounts) established after the Closing Date,
simultaneously with the establishment thereof, deliver deposit
account control agreements or other similar agreement from each
financial institution at which such Grantor maintains any Deposit
Account, Securities Account or Commodities Account (other than
Excluded Deposit Accounts) executed by and among such financial
institution, the Collateral Agent and such Grantor sufficient to
give the Collateral Agent “control” (within the meaning
set forth in Sections 9-104 and 9-106 of the Uniform Commercial
Code) of such account and otherwise to be in form and substance
acceptable to the Requisite Lenders and the Collateral
Agent.

 

ARTICLE
IV

 

 

 

SPECIAL
PROVISIONS CONCERNING INTELLECTUAL PROPERTY COLLATERAL

 

SECTION
4.01.                                           Grant
of License to Use Intellectual Property. Without limiting
the provisions of Section 3.01 or any other rights of the
Collateral Agent as the holder of a Security Interest in any
Intellectual Property Collateral, for the purpose of enabling the
Collateral Agent to exercise rights and remedies under this
Agreement at such time as the Collateral Agent shall be lawfully
entitled to exercise such rights and remedies, each Grantor hereby
grants to the Collateral Agent an irrevocable, nonexclusive license
(exercisable without payment of rent, royalty or other compensation
to the Grantors) to use, license or sublicense any of the
Intellectual Property Collateral now owned or hereafter acquired by
such Grantor, and wherever the same may be located (whether or not
any license agreement by and between any Grantor and any other
Person relating to the use of such Intellectual Property Collateral
may be terminated hereafter), and including in such license
reasonable access to all media in which any of the licensed items
may be recorded or stored and to all computer software and programs
used for the compilation or printout thereof and, to the extent
permitted by applicable law, the right to prosecute and maintain
all Intellectual Property Collateral and the right to sue for
infringement of the Intellectual Property Collateral. The use of
such license by the Collateral Agent may only be exercised, at the
option of the Collateral Agent, during the continuation of an Event
of Default; provided that any
license,

 

 

 

 

 

17

 

 

SECTION
4.02.                                           sublicense
or other transaction entered into by the Collateral Agent in
accordance herewith shall be binding upon the Grantors
notwithstanding any subsequent cure of an Event of Default. Each
Grantor further agrees to cooperate with the Collateral Agent in
any attempt to prosecute or maintain the Intellectual Property
Collateral or sue for infringement of the Intellectual Property
Collateral.

 

SECTION
4.03.                                           Protection
of Collateral. (a) Except to the extent permitted by Section
4.02(e), or to the extent that failure to act could not reasonably
be expected to have a Material Adverse Effect, with respect to
registration or pending application of each item of its
Intellectual Property Collateral for which such Grantor has
standing to do so, each Grantor agrees to take, at its expense, all
steps, including in the U.S. Patent and Trademark Office, the U.S.
Copyright Office and any other Governmental Authority located in
the United States, (i) to maintain the validity and
enforceability of any registered Intellectual Property Collateral
and maintain such Intellectual Property Collateral in full force
and effect, and (ii) to pursue the registration and
maintenance of each Patent, Trademark, or Copyright registration or
application, now or hereafter included in such Intellectual
Property Collateral of such Grantor, including 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.

 

(b)           Except
to the extent permitted by Section 4.02(e), or to the extent that
failure to act could not reasonably be expected to have a Material
Adverse Effect, no Grantor shall do or permit any act or knowingly
omit to do any act whereby any of its Intellectual Property
Collateral may lapse, be terminated, or become invalid or
unenforceable or placed in the public domain (or, in case of a
trade secret, lose its competitive value).

 

(c)           Except
to the extent permitted by Section 4.02(e), or to the extent that
failure to act could not reasonably be expected to have a Material
Adverse Effect, each Grantor shall take all steps to preserve and
protect each item of its Intellectual Property Collateral,
including maintaining the quality of any and all products or
services used or provided in connection with 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 abide by the applicable
license’s terms with respect to the standards of
quality.

 

(d)           Each
Grantor agrees that, should it obtain an ownership or other
interest in any Intellectual Property Collateral after the Closing
Date (the “After-Acquired
Intellectual Property”) (i) the provisions of this
Agreement shall automatically apply thereto, and (ii) any such
After-Acquired Intellectual Property and, in the case of
Trademarks, the goodwill symbolized thereby, shall automatically
become part of the Intellectual Property Collateral subject to the
terms and conditions of this Agreement with respect
thereto.

 

(e)           Notwithstanding
the foregoing provisions of this Section 4.02 or elsewhere in this
Agreement, nothing in this Agreement shall prevent any Grantor from
discontinuing the use

 

 

 

18

 

 

 

 

(f)           or
maintenance of any of its Intellectual Property Collateral, the
enforcement of license agreements or the pursuit of actions against
infringers, to the extent permitted by the Credit Agreement if such
Grantor determines in its reasonable business judgment that such
discontinuance is desirable in the conduct of its
business.

 

(g)           Upon
and during the continuance of an Event of Default, each Grantor
shall, if requested by the Collateral Agent, use its commercially
reasonable efforts to obtain all requisite consents or approvals by
the licensor of each Intellectual Property License to effect the
assignment of all such Grantor’s right, title and interest
thereunder to the Collateral Agent or its designee.

 

ARTICLE
V

 

 

 

REMEDIES

 

SECTION
5.01.                                           Remedies
Upon Default. Subject to the terms of the Super Senior
Intercreditor Agreement, upon the occurrence and during the
continuance of an Event of Default, it is agreed that the
Collateral Agent shall have the right to exercise any and all
rights afforded to a secured party with respect to the Secured
Obligations under this Agreement, the UCC or other applicable law,
and also may (i) require each Grantor to, and each Grantor agrees
that it will 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) occupy any
premises owned or, to the extent lawful and permitted, leased (it
being acknowledged and agreed that the Grantors are not required to
obtain any waiver or consent from any owner of such leased premises
in connection with such occupancy or attempted occupancy) 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; provided that the Collateral
Agent shall provide the applicable Grantor with notice thereof
prior to or promptly after such occupancy; (iii) exercise any and
all rights and remedies of any of the Grantors under or in
connection with the Collateral, or otherwise in respect of the
Collateral; provided that the Collateral
Agent shall provide the applicable Grantor with notice thereof
prior to or promptly after such exercise; (iv) withdraw any and all
cash or other Collateral from any Deposit Account or Securities
Account and apply such cash and other Collateral to the payment of
any and all Secured Obligations in the manner provided in
Section 5.02; (v) subject to the mandatory requirements of
applicable law and the notice requirements described below, sell or
otherwise dispose of all or any part of the Collateral securing the
Secured Obligations at a public or private sale or at any
broker’s board or on any securities exchange, for cash, upon
credit or for future delivery as the Collateral Agent shall deem
appropriate; and (vi) with respect to any Intellectual Property
Collateral, on demand, cause the Security Interest to become an
assignment, transfer and conveyance of any of or all such
Intellectual Property Collateral by the applicable Grantors to the
Collateral Agent, or license or sublicense, whether general,
special or otherwise, and whether on an exclusive or nonexclusive
basis, any such Intellectual Property Collateral throughout the
world on such terms and conditions and in such manner as the
Requisite Lenders shall determine, provided, however, that such terms shall
include all terms and restrictions that are customarily required to
ensure the continuing validity and effectiveness of the
Intellectual Property Collateral at issue, such as, without
limitation, notice, quality control and inurement provisions with
regard to trademarks, patent

 

 

 

 

 

19

 

 

SECTION
5.02.                                           designation
provisions with regard to patents, and copyright notices and
restrictions or decompilation and reverse engineering of
copyrighted software, and confidentiality protections for trade
secrets. Each Grantor acknowledges and recognizes that (a) the
Collateral Agent may be unable to effect a public sale of all or a
part of the Collateral consisting of securities by reason of
certain prohibitions contained in the Securities Act or the
securities laws of various states (the “Blue Sky Laws”), but may be
compelled to resort to one or more private sales to a restricted
group of purchasers who will be obliged to agree, among other
things, to acquire such securities for their own account, for
investment and not with a view to the distribution or resale
thereof, (b) private sales so made may be at prices and upon other
terms less favorable to the seller than if such securities were
sold at public sales, (c) neither the Collateral Agent nor any
other Secured Party has any obligation to delay sale of any of the
Collateral for the period of time necessary to permit such
securities to be registered for public sale under the Securities
Act or the Blue Sky Laws and (d) private sales made under the
foregoing circumstances shall be deemed to have been made in a
commercially reasonable manner. To the maximum extent permitted by
applicable law, each Grantor hereby waives any claim against any
Secured Party arising because the price at which any Collateral may
have been sold at a private sale was less than the price that might
have been obtained at a public sale, even if the Collateral Agent
accepts the first offer received and does not offer such Collateral
to more than one offeree. Upon consummation of any such sale the
Collateral Agent shall have the right to assign, transfer and
deliver to the purchaser or purchasers thereof the Collateral so
sold. Each such purchaser at any sale of Collateral shall hold the
property sold absolutely, free from any claim or right on the part
of any Grantor, and each Grantor hereby waives (to the extent
permitted by applicable law) all rights of redemption, stay and
appraisal which such Grantor now has or may at any time in the
future have under any rule of law or statute now existing or
hereafter enacted.

 

The
Collateral Agent shall give the applicable Grantors 10 days’
written notice (which each Grantor agrees is reasonable notice
within the meaning of Section 9-611 of the UCC or its
equivalent in other jurisdictions) of the Collateral Agent’s
intention to make any sale of Collateral. Such notice, in the case
of a public sale, shall state the time and place for such sale and,
in the case of a sale at a broker’s board or on a securities
exchange, shall state the board or exchange at which such sale is
to be made and the day on which the Collateral, or portion thereof,
will first be offered for sale at such board or exchange. Any such
public sale shall be held at such time or times within ordinary
business hours and at such place or places as the Collateral Agent
may fix and state in the notice (if any) of such sale. The
Collateral Agent may conduct one or more going out of business
sales, in the Collateral Agent’s own right or by one or more
agents and contractors. Such sale(s) may be conducted upon any
premises owned, leased, or occupied by any Grantor. The Collateral
Agent and any such agent or contractor, in conjunction with any
such sale, may augment the Inventory with other goods (all of which
other goods shall remain the sole property of the Collateral Agent
or such agent or contractor). Any amounts realized from the sale of
such goods which constitute augmentations to the Inventory (net of
an allocable share of the costs and expenses incurred in their
disposition) shall be the sole property of the Collateral Agent or
such agent or contractor and neither any Grantor nor any Person
claiming under or in right of any Grantor shall have any interest
therein. At any such sale, the Collateral, or portion thereof, to
be sold may be sold in one lot as an entirety or in separate
parcels, as the Collateral Agent may (acting at the written
direction of the Requisite Lenders, in its and their sole and
absolute discretion) determine. The Collateral Agent shall not be
obligated to make any sale of any Collateral if it shall determine
not to do so, regardless of the fact that notice of sale of such
Collateral shall have been

 

 

 

 

 

20

 

 

given.
The Collateral Agent may, without notice or publication, adjourn
any public or private sale or cause the same to be adjourned from
time to time by announcement at the time and place fixed for sale,
and such sale may, without further notice, be made at the time and
place to which the same was so adjourned. In case any sale of all
or any part of the Collateral is made on credit or for future
delivery, the Collateral so sold may be retained by the Collateral
Agent until the sale price is paid by the purchaser or purchasers
thereof, but the Collateral Agent shall not incur any liability in
case any such purchaser or purchasers shall fail to take up and pay
for the Collateral so sold and, in case of any such failure, such
Collateral may be sold again upon like notice. In the event of a
foreclosure, exercise of a power of sale or a similar enforcement
action by the Collateral Agent on any of the Collateral pursuant to
a public or private sale or other disposition (including pursuant
to Section 363(k), Section 1129(b)(2)(a)(ii) or any other
applicable section of the Bankruptcy Code, any analogous Debtor
Relief Laws or any law relating to the granting or perfection of
security interests), the Collateral Agent (or any Lender, except
with respect to a “credit bid” pursuant to
Section 363(k), Section 1129(b)(2)(a)(ii) or any other
applicable section of the Bankruptcy Code, any analogous Debtor
Relief Laws or any law relating to the granting or perfection of
security interests) may be the purchaser or licensor of any or all
of such Collateral at any such sale or other disposition and the
Collateral Agent, as agent for and representative of the Secured
Parties (but not any Lender or Lenders in its or their respective
individual capacities) shall be entitled, upon instructions from
the Requisite Lenders and in accordance with Section 9.8(b) of
the Credit Agreement, for the purpose of bidding and making
settlement or payment of the purchase price for all or any portion
of the Collateral sold or licensed at any such sale or other
disposition, to use and apply any of the Secured Obligations as a
credit on account of the purchase price for any Collateral payable
by the Collateral Agent at such sale or other disposition. For
purposes of determining the Grantors’ rights in the
Collateral, a written agreement to purchase the Collateral or any
portion thereof shall be treated as a sale thereof, the Collateral
Agent shall be free to carry out such sale pursuant to such
agreement and no Grantor shall be entitled to the return of the
Collateral or any portion thereof subject thereto, notwithstanding
the fact that after the Collateral Agent shall have entered into
such an agreement all Events of Default shall have been remedied
and the Secured Obligations paid in full, provided, however, that such terms shall
include terms and restrictions that are customarily required to
ensure the continuing validity and effectiveness of the
Intellectual Property Collateral at issue, such as, without
limitation, quality control and inurement provisions with regard to
Trademarks, patent designation provisions with regard to patents,
and copyright notices and restrictions or decompilation and reverse
engineering of copyrighted software, and protecting the
confidentiality of trade secrets. As an alternative to exercising
the power of sale herein conferred upon it, the Collateral Agent
may proceed by a suit or suits at law or in equity to foreclose
this Agreement and to sell the Collateral or any portion thereof
pursuant to a judgment or decree of a court or courts having
competent jurisdiction or pursuant to a proceeding by a court
appointed receiver. Any sale pursuant to the provisions of this
Section 5.01 shall be deemed to conform to the commercially
reasonable standards as provided in Section 9-610(b) of the
UCC or its equivalent in other jurisdictions.

 

SECTION
5.03.                                           Application
of Proceeds. Subject to any Permitted Intercreditor
Agreement then in effect, the Collateral Agent shall apply the
proceeds of any collection or sale of Collateral, including any
Collateral consisting of cash, in accordance with Section 8.1 of
the Credit Agreement.

 

 

 

 

 

21

 

 

The
Collateral Agent shall have absolute discretion as to the time of
application of any such proceeds, moneys or balances in accordance
with this Agreement, the Permitted Intercreditor Agreements and the
Credit Agreement. Upon any sale of Collateral by the Collateral
Agent (including pursuant to a power of sale granted by statute or
under a judicial proceeding), the receipt of the Collateral Agent
or of the officer making the sale shall be a sufficient discharge
to the purchaser or purchasers of the Collateral so sold and such
purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the
Collateral Agent or such officer or be answerable in any way for
the misapplication thereof. It is understood and agreed that the
Grantors shall remain jointly and severally liable to the extent of
any deficiency between the amount of the proceeds of the Collateral
and the aggregate amount of the Secured Obligations, including any
attorney’s fees and other expenses incurred by the Collateral
Agent or any other Secured Party to collect such
deficiencies.

 

Notwithstanding
anything to the contrary contained herein or in any other Credit
Document, any value received by the Collateral Agent or any other
Secured Party in respect of any Vector Subordinated Note
Collateral, including any prepayment, repayment or other amount or
value received in respect of the Vector Subordinate Note and any
amounts on deposit in the Vector Subordinated Note Cash Collateral
Account (as each such term is defined in the First Lien Credit
Documents), whether resulting from the exercise of remedies under
any Credit Document or otherwise and whether constituting
Collateral consisting of Cash or Cash Equivalents or the proceeds
of any collection or sale of any Vector Subordinated Note
Collateral or otherwise, shall be applied (a) FIRST, to the payment
in full of all Secured Obligations in the form of accrued and
unpaid interest and fees in respect of all Revolving Commitments,
Revolving Loans and Letters of Credit (as each such term is defined
in the First Lien Credit Documents), (b) SECOND, to the payment in
full of all outstanding Revolving Loans (under and as defined in
the First Lien Credit Agreement), (c) THIRD, to the Cash
Collateralization of Letters of Credit in an amount equal to 103%
of the Letter of Credit Usage (as each such term is defined in the
First Lien Credit Documents) as of such time and (d) FOURTH, to the
payment in full of any and all other the Secured Obligations owed
to the Revolving Lenders in their capacities as such (all such
amounts so applied to be distributed among the Revolving Lenders in
accordance with their Pro Rata Shares of the Revolving Exposure (as
each such term is defined in the First Lien Credit Documents) on
the date of any such distribution), in each case, prior to any
application in accordance with the first paragraph of this Section
5.02 or any other application required by any other provisions of
the Credit Documents; provided that any Cash or Cash Equivalents
released to the Borrower from the Vector Subordinated Note Cash
Collateral Account in accordance with Section 9.8(d)(ii)(D) of the
First Lien Credit Agreement shall, upon such release, no longer be
subject to the provisions of this paragraph.

 

ARTICLE VI

 

 

 

MISCELLANEOUS

 

SECTION
6.01.                                           Notices.
All communications and notices hereunder shall (except as otherwise
expressly permitted herein) be in writing and given as provided in
Section 10.1 of the Credit Agreement. All communications and
notices hereunder to a Grantor other than the Borrower shall be
given to it in care of the Borrower.

 

 

 

 

 

22

 

 

SECTION
6.02.                                           Waivers;
Amendment. (a) No failure or delay on the part of any Agent
or any Lender in exercising any power, right or privilege hereunder
or under any other Credit Document shall impair such power, right
or privilege or be construed to be a waiver thereof or of any
Default or Event of Default or acquiescence therein, nor shall any
single or partial exercise of any such power, right or privilege,
or any abandonment or discontinuance of steps to enforce such
power, right or privilege, preclude any other or further exercise
thereof or the exercise of any other power, right or privilege. The
powers, rights, privileges and remedies of the Agents and the
Lenders hereunder and under the other Credit Documents are
cumulative and shall be in addition to and independent of all
powers, rights, privileges and remedies they would otherwise have.
Without limiting the generality of the foregoing, the execution and
delivery of this Agreement or any other Credit Document or the
making of any Loan shall not be construed as a waiver of any
Default or Event of Default, regardless of whether any Agent or any
Lender may have had notice or knowledge of such Default or Event of
Default at the time. No waiver of any provision of this Agreement
or consent to any departure by any Grantor therefrom shall in any
event be effective unless the same shall be permitted by Section
6.02(b), and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which
given

 

(b)           Neither
this Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing
entered into by the Collateral Agent and the Grantor or Grantors
with respect to which such waiver, amendment or modification is to
apply, subject to any consent required in accordance with
Section 10.5 of the Credit Agreement.

 

SECTION
6.03.                                           Collateral
Agent’s Fees and Expenses; Indemnification.
(a) The parties hereto agree that the Collateral Agent shall
be entitled to reimbursement of its reasonable and documented
out-of-pocket expenses incurred hereunder as provided in
Section 10.2 of the Credit Agreement.

 

(b)           Without
limitation of its indemnification obligations under the other
Credit Documents, each Grantor, jointly and severally, agrees to
indemnify the Collateral Agent and the other Indemnitees against,
and hold each Indemnitee harmless from any and all Indemnified
Liabilities incurred by or asserted against any such Indemnitee to
the extent such Grantor would be required to do so pursuant to
Section 10.3 of the Credit Agreement.

 

(c)           Any
such amounts payable as provided hereunder shall be additional
Secured Obligations secured hereby and by the other Collateral
Documents. The provisions of this Section 6.03 shall remain
operative and in full force and effect regardless of the
termination of this Agreement or any other Credit Document, the
consummation of the transactions contemplated hereby, the repayment
of any of the Secured Obligations, the invalidity or
unenforceability of any term or provision of this Agreement or any
other Credit Document, or any investigation made by or on behalf of
the Collateral Agent or any other Secured Party. All amounts due
under this Section 6.03 shall be payable promptly after
written demand therefor.

 

(d)           To
the extent permitted by applicable law, no Grantor shall assert,
and each Grantor hereby waives, any claim against any Agent, any
Lender or any Related Party of any of the foregoing, on any theory
of liability, for indirect, consequential, special or punitive
damages (as opposed to direct or actual damages) (whether or not
the claim therefor is based on contract,

 

 

 

 

 

23

 

 

(e)           tort
or any duty imposed by any applicable legal requirement) arising
out of, in connection with, as a result of, or in any way related
to this Agreement or any other Credit Document or any agreement or
instrument contemplated hereby or thereby or referred to herein or
therein, the transactions contemplated hereby or thereby, the
syndication of the credit facilities provided for in the Credit
Agreement, any Loan or the use of the proceeds thereof or any act
or omission or event occurring in connection therewith, and each
Grantor hereby waives, releases and agrees not to sue upon any such
claim for indirect, consequential, special or punitive damages,
whether or not accrued and whether or not known or suspected to
exist in its favor.

 

(f)           Each
Grantor agrees that none of any Agent, any Lender or any Related
Party of any of the foregoing will have any liability to any
Grantor or any Person asserting claims on behalf of or in right of
any Grantor or any other Person in connection with or as a result
of this Agreement or any other Credit Document or any agreement or
instrument contemplated hereby or thereby or referred to herein or
therein, the transactions contemplated hereby or thereby, any Loan
or the use of the proceeds thereof or any act or omission or event
occurring in connection therewith except (but subject to
Section 6.03(d)), in the case of any Grantor, to the extent
that any losses, claims, damages, liabilities or expenses have been
found by a final, non-appealable judgment of a court of competent
jurisdiction to have resulted from (i) the gross negligence or
willful misconduct of such Agent, such Lender or its Related
Parties in performing its express obligations under this Agreement
or any other Credit Document or (ii) other than in the case of any
Agent or its Related Parties, a material breach in bad faith
by such Lender or its Related Parties of its express obligations
under the Credit Agreement.

 

SECTION
6.04.                                           Independence
of Covenants. All covenants hereunder shall be given
independent effect so that if a particular action or condition is
not permitted by any of such covenants, the fact that it would be
permitted by an exception to, or would otherwise be within the
limitations of, another covenant shall not avoid the occurrence of
a Default or an Event of Default if such action is taken or
condition exists.

 

SECTION
6.05.                                           Survival
of Agreement. All covenants, agreements, representations and
warranties made by the Credit Parties in this Agreement and in the
certificates or other documents delivered in connection with or
pursuant to this Agreement shall be considered to have been relied
upon by the Agents and the Lenders and shall survive the execution
and delivery of this Agreement and the making of any Loans,
regardless of any investigation made by any Agent and any Lender or
on its behalf and notwithstanding that any Agent or any Lender may
have had notice or knowledge of any Default or Event of Default or
incorrect representation or warranty at the time this Agreement is
executed and delivered or any credit is extended under the Credit
Agreement. Such covenants and agreements made by the Credit Parties
shall continue in full force and effect as long as the principal of
or any accrued interest on any Loan or any fee or any other amount
payable under the Credit Agreement or any other Credit Document is
outstanding and unpaid and so long as the Commitments have not
expired or terminated.

 

SECTION
6.06.                                           Counterparts;
Effectiveness; Several Agreement. This Agreement may be
executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same
instrument. Delivery of an executed counterpart of a signature page
of this Agreement by facsimile or in electronic format (i.e.,
“pdf” or “tif”) shall be effective as
delivery of a manually

 

 

 

24

 

 

 

 

SECTION
6.07.                                           executed
counterpart of this Agreement. This Agreement shall become
effective as to any Grantor when a counterpart hereof executed on
behalf of such Grantor shall have been delivered to the Collateral
Agent and a counterpart hereof shall have been executed on behalf
of the Collateral Agent, and thereafter shall be binding upon such
Grantor and the Collateral Agent and their respective permitted
successors and assigns, and shall inure to the benefit of such
Grantor, the Collateral Agent and the other Secured Parties and
their respective permitted successors and assigns, except that no
Grantor shall have the right to assign or transfer its rights or
obligations hereunder or any interest herein or in the Collateral
(and any such assignment or transfer shall be void) except as
expressly contemplated by this Agreement or the Credit Agreement.
This Agreement shall be construed as a separate agreement with
respect to each Grantor and may be amended, modified, supplemented,
waived or released with respect to any Grantor without the approval
of any other Grantor and without affecting the obligations of any
other Grantor hereunder.

 

SECTION
6.08.                                           Severability.
In case any provision in or obligation under this Agreement shall
be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions
or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired
thereby.

 

SECTION
6.09.                                           Set-Off.
In addition to any rights now or hereafter granted under applicable
law and not by way of limitation of any such rights, upon the
occurrence and during the continuance of any Event of Default each
Lender is hereby authorized by each Grantor at any time or from
time to time, without notice to any Grantor, any such notice being
hereby expressly waived, to set off and to appropriate and to apply
any and all deposits (general or special, including Indebtedness
evidenced by certificates of deposit, whether matured or unmatured,
but not including trust accounts) and any other Indebtedness at any
time held or owing by such Lender to or for the credit or the
account of any Grantor against and on account of the obligations
and liabilities of any Grantor to such Lender hereunder and under
the other Credit Documents, including all claims of any nature or
description arising out of or connected hereto or thereto,
irrespective of whether or not (a) such Lender shall have made any
demand hereunder or under the other Credit Documents or
(b) the principal of or the interest on the Loans or any other
amounts due hereunder or under any other Credit Document shall have
become due and payable and although such obligations and
liabilities, or any of them, may be contingent or unmatured;
provided that in
the event that any Defaulting Lender shall exercise any such right
of set-off, all amounts so set off shall be paid over immediately
to the Administrative Agent for further application in accordance
with the provisions of Section 2.21 of the Credit Agreement
and, pending such payment, shall be segregated by such Defaulting
Lender from its other funds and deemed held in trust for the
benefit of the Administrative Agent, the Collateral Agent and the
Lenders.

 

SECTION
6.10.                                           APPLICABLE
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR
TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY
DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES THEREOF THAT WOULD

 

 

 

 

 

25

 

 

SECTION
6.11.                                           RESULT
IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF
NEW YORK.

 

SECTION
6.12.                                           CONSENT
TO JURISDICTION. SUBJECT TO CLAUSE (E) BELOW, ALL JUDICIAL
PROCEEDINGS BROUGHT AGAINST ANY PARTY HERETO ARISING OUT OF OR
RELATING HERETO OR ANY OTHER COLLATERAL DOCUMENT, OR ANY OF THE
SECURED OBLIGATIONS, SHALL BE BROUGHT EXCLUSIVELY IN ANY FEDERAL
COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF
MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER
JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF
NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY
HERETO, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES,
IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE
JURISDICTION AND VENUE OF SUCH COURTS (SUBJECT TO CLAUSE (E)
BELOW); (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES
THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH
COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN
ACCORDANCE WITH SECTION 6.01; (D) AGREES THAT SERVICE AS
PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL
JURISDICTION OVER THE APPLICABLE GRANTOR IN ANY SUCH PROCEEDING IN
ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING
SERVICE IN EVERY RESPECT; AND (E) AGREES THAT THE AGENTS AND THE
LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE
COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF
ANY RIGHTS HEREUNDER OR UNDER ANY OTHER COLLATERAL DOCUMENT OR ANY
EXERCISE OF REMEDIES IN RESPECT OF COLLATERAL OR THE ENFORCEMENT OF
ANY JUDGMENT, AND HEREBY SUBMITS TO THE JURISDICTION OF, AND
CONSENTS TO VENUE IN, ANY SUCH COURT.

 

SECTION
6.13.                                           WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY AGREES TO
WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER CREDIT
DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT
MATTER OF THIS TRANSACTION OR THE RELATIONSHIP THAT IS BEING
ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND
ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER
INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS
WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER CREDIT
DOCUMENTS, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN
ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND
REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL

 

 

 

 

 

26

 

 

SECTION
6.14.                                           AND
THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR
IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 6.11 AND EXECUTED BY EACH OF THE PARTIES
HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER
CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING
TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

 

SECTION
6.15.                                           Headings.
Article and Section headings herein are included herein for
convenience of reference only and shall not constitute a part
hereof for any other purpose or be given any substantive
effect.

 

SECTION
6.16.                                           Marshalling;
Payments Set Aside. None of the Agents or the Lenders shall
be under any obligation to marshal any assets in favor of any
Grantor or any other Person or against or in payment of any or all
of the Secured Obligations. To the extent that any Grantor makes a
payment or payments to any Agent or any Lender (or to the
Administrative Agent or the Collateral Agent, on behalf of any
Agent or any Lender), or any Agent or any Lender enforces any
security interests or exercises any right of set-off, and such
payment or payments or the proceeds of such enforcement or set-off
or any part thereof are subsequently invalidated, declared to be
fraudulent, preferential or at undervalue, set aside and/or
required to be repaid to a trustee, receiver or any other party
under any Debtor Relief Laws, any other state or federal law,
common law or any equitable cause, then, to the extent of such
recovery, the obligation or part thereof originally intended to be
satisfied, and all Liens, rights and remedies therefor or related
thereto, shall be revived and continued in full force and effect as
if such payment or payments had not been made or such enforcement
or set-off had not occurred.

 

SECTION
6.17.                                           Security
Interest Absolute. All rights of the Collateral Agent
hereunder, the Security Interest, the grant of a security interest
in the Pledged Collateral and all obligations of each Grantor
hereunder shall be absolute and unconditional irrespective of (a)
any lack of validity or enforceability of the Credit Agreement, any
other Credit Document, any agreement with respect to any of the
Secured Obligations or any other agreement or instrument relating
to any of the foregoing, (b) any change in the time, manner or
place of payment of, or in any other term of, all or any of the
Secured Obligations, or any other amendment or waiver of or any
consent to any departure from the Credit Agreement, any other
Credit Document or any other agreement or instrument, (c) any
exchange, release or non-perfection of any Lien on other
collateral, or any release or amendment or waiver of or consent
under or departure from any guarantee, securing or guaranteeing all
or any of the Secured Obligations or (d) subject only to
termination of a Grantor’s obligations hereunder in
accordance with the terms of Section 9.8 of the Credit Agreement,
but without prejudice to reinstatement rights under Section 7.9 of
the Credit Agreement, any other circumstance that might otherwise
constitute a defense available to, or a discharge of, any Grantor
in respect of the Secured Obligations or this
Agreement.

 

 

 

27

 

 

SECTION
6.18.                                           Termination
or Release. (a) This Agreement, the Security Interest and
all other security interests granted hereby shall terminate with
respect to all Secured Obligations when all Secured Obligations
have been paid in full and all Commitments have
terminated.

 

(b)           A
Guarantor Subsidiary shall automatically be released from its
obligations hereunder and the Security Interest in the Collateral
of such Guarantor Subsidiary shall be automatically released in the
circumstances set forth in Section 9.8(d) of the Credit
Agreement.

 

(c)           The
Security Interest in any Collateral shall be automatically released
in the circumstances set forth in Section 9.8(d) of the Credit
Agreement.

 

(d)           In
connection with any termination or release pursuant to
Section 6.15(a), 6.15(b) or 6.15(c), the Collateral Agent
shall promptly (i) execute and deliver to any Grantor, at such
Grantor’s expense, all documents that such Grantor shall
reasonably request to evidence such termination or release and (ii)
subject to the provisions of any Permitted Intercreditor Agreement,
return or cause to be returned to such Grantor all Collateral that
is subject to such release and is held or controlled by the
Collateral Agent. Any execution and delivery of documents, or
performing of other actions, pursuant to this Section 6.15
shall be without recourse to or warranty by the Collateral
Agent.

 

(e)           At
any time that any Grantor desires that the Collateral Agent take
any action described in Section 6.15(d), such Grantor shall,
upon request of the Collateral Agent, deliver to the Collateral
Agent a certificate of an Authorized Officer of the Borrower
certifying that the release of the applicable Collateral is
permitted pursuant to Section 6.15(a), 6.15(b) or 6.15(c). The
Collateral Agent shall have no liability whatsoever to any Secured
Party as the result of any release of any Collateral by it as
permitted (or which the Collateral Agent in good faith believes to
be permitted) by this Section 6.15.

 

SECTION
6.19.                                           Additional
Grantors. Pursuant to Section 5.10 of the Credit
Agreement, certain Restricted Subsidiaries of the Borrower may or
are required to enter in this Agreement from time to time as
Grantors. Upon execution and delivery by the Collateral Agent and a
Restricted Subsidiary of a Pledge and Security Agreement
Supplement, such Restricted Subsidiary shall become a Grantor
hereunder with the same force and effect as if originally named as
a Grantor herein. The execution and delivery of any Pledge and
Security Agreement Supplement shall not require the consent of any
other Grantor hereunder. The rights and obligations of each Grantor
hereunder shall remain in full force and effect notwithstanding the
addition of any new Grantor as a party to this
Agreement.

 

 

 

28

 

 

SECTION
6.20.                                           Collateral
Agent Appointed Attorney-in-Fact. Each Grantor hereby
appoints the Collateral Agent the true and lawful attorney-in-fact
of such Grantor for the purpose of carrying out the provisions of
this Agreement and taking any action and executing any instrument
that the Collateral Agent may deem necessary or advisable to
accomplish the purposes hereof at any time after the occurrence and
during the continuance of an Event of Default, which appointment is
irrevocable and coupled with an interest. Without limiting the
generality of the foregoing, the Collateral Agent shall have the
right, upon the occurrence and during the continuance of an Event
of Default, with full power of substitution either in the
Collateral Agent’s name or in the name of such Grantor: (a)
to receive, endorse, assign and/or deliver any and all notes,
acceptances, checks, drafts, money orders or other evidences of
payment relating to the Collateral or any part thereof; (b) to
demand, collect, receive payment of, give receipt for and give
discharges and releases of all or any of the Collateral; (c) to
sign the name of any Grantor on any invoice or bill of lading
relating to any of the Collateral; (d) to send verifications of
Accounts or Payment Intangibles to any Account Debtor; (e) to
commence and prosecute any and all suits, actions or proceedings at
law or in equity in any court of competent jurisdiction to collect
or otherwise realize on all or any of the Collateral or to enforce
any rights in respect of any Collateral; (f) to settle, compromise,
compound, adjust or defend any actions, suits or proceedings
relating to all or any of the Collateral; (g) to notify, or to
require any Grantor to notify, Account Debtors to make payment
directly to the Collateral Agent or to a Collateral Account and
adjust, settle or compromise the amount of payment of any Account
or Payment Intangible; (h) to make, settle and adjust claims in
respect of Collateral under policies of insurance and to endorse
the name of such Grantor on any check, draft, instrument or any
other item of payment with respect to the proceeds of such policies
of insurance and for making all determinations and decisions with
respect thereto; and (i) to use, sell, assign, transfer, pledge,
make any agreement with respect to or otherwise deal with all or
any of the Collateral, and to do all other acts and things
necessary to carry out the purposes of this Agreement, as fully and
completely as though the Collateral Agent were the absolute owner
of the Collateral for all purposes; provided that nothing herein
contained shall be construed as requiring or obligating the
Collateral Agent to make any commitment or to make any inquiry as
to the nature or sufficiency of any payment received by the
Collateral Agent, or to present or file any claim or notice, or to
take any action with respect to the Collateral or any part thereof
or the moneys due or to become due in respect thereof or any
property covered thereby. The Collateral Agent and the other
Secured Parties shall be accountable only for amounts actually
received as a result of the exercise of the powers granted to them
herein, and none of the Collateral Agent, any other Secured Party
or any Related Party of any of the foregoing shall be responsible
to any Grantor for any act or failure to act hereunder, except for
its own gross negligence or willful misconduct or, other than in
the case of any Agent or its Related Parties, a material breach in
bad faith by it of its express obligations under this Agreement, in
each case, as determined by the final non-appealable judgment of a
court of competent jurisdiction. Notwithstanding anything to the
contrary contained herein or in any other Credit Document, neither
the Administrative Agent nor the Collateral Agent shall have any
responsibility for the preparing, recording, filing, re-recording
or re-filing of any financing statements (amendments or
continuations) or other instruments in any public
office.

 

SECTION
6.21.                                           General
Authority of the Collateral Agent. By acceptance of the
benefits of this Agreement and any other Collateral Documents, each
Secured Party (whether or not a signatory hereto) shall be deemed
irrevocably (a) to consent to the appointment of the Collateral
Agent as its agent hereunder and under such other Collateral
Documents, (b) to confirm that the Collateral Agent shall have the
authority to act as the exclusive agent of such Secured Party for
the enforcement of any provisions of this Agreement and such other
Collateral Documents against any Grantor, the exercise of remedies
hereunder or thereunder and the giving or withholding of any
consent or approval hereunder or thereunder relating to any
Collateral or any Grantor’s obligations with respect thereto,
(c) to agree that it shall not take any action to enforce any
provisions of this Agreement or any other Collateral Document
against any Grantor, to exercise any remedy hereunder or thereunder
or to give any consents or approvals hereunder or thereunder except
as expressly provided in this Agreement or any other Collateral
Document and(d) to agree to be bound by the terms of this
Agreement, any other Collateral Documents and any Permitted
Intercreditor Agreement then in effect. BY ACCEPTING THE BENEFITS
OF THIS AGREEMENT AND THE SECURITY INTERESTS CREATED HEREBY, EACH
SECURED PARTY ACKNOWLEDGES THE PROVISIONS OF SECTION 9 OF THE
CREDIT AGREEMENT, INCLUDING THE RIGHTS, POWERS, PRIVILEGES,
PROTECTIONS, INDEMNITIES AND IMMUNITIES OF THE AGENTS, AND AGREES
TO BE BOUND BY SUCH PROVISIONS AS FULLY AS IF THEY WERE SET FORTH
HEREIN.

 

 

 

29

 

 

SECTION
6.22.

 

SECTION
6.23.                                           Recourse.
This Agreement is made with full recourse to each Grantor and
pursuant to and upon all the warranties, representations, covenants
and agreements on the part of such Grantor contained herein, in the
Credit Agreement and the other Credit Documents and otherwise in
writing in connection herewith or therewith, with respect to the
Secured Obligations of each applicable Secured Party. It is the
desire and intent of each Grantor and each Secured Party that this
Agreement shall be enforced against each Grantor to the fullest
extent permissible under the laws applied in each jurisdiction in
which enforcement is sought.

 

SECTION
6.24.                                           Mortgages.
In the event that any of the Collateral hereunder is also subject
to a valid and enforceable Lien under the terms of a Mortgage and
the terms thereof are inconsistent with the terms of this
Agreement, then with respect to such Collateral, the terms of such
Mortgage shall control in the case of Fixtures and Real Estate
Asset leases, letting and licenses of, and contracts, and
agreements relating to the lease of, Real Estate Assets, and the
terms of this Agreement shall control in the case of all other
Collateral.

 

SECTION
6.25.                                           Permitted
Intercreditor Agreements. (a) Notwithstanding anything to
the contrary herein, the Collateral Agent acknowledges and agrees
that no Grantor shall be required to take or refrain from taking
any action at the request of the Collateral Agent with respect to
the Collateral if such action or inaction would be inconsistent
with the terms of any Permitted Intercreditor Agreement then in
effect.

 

(b)           Notwithstanding
anything to the contrary herein but subject to any Permitted
Intercreditor Agreement then in effect, in the event that any
Permitted Second Lien Indebtedness Document or any other credit
agreement, indenture or other agreement or instrument evidencing or
governing the rights of the holders of any Permitted Credit
Agreement Refinancing Indebtedness or any Permitted Incremental
Equivalent Indebtedness provides for the grant of a security
interest or pledge over the assets of any Grantor and such assets
do not otherwise constitute Collateral under this Agreement or any
other Credit Document, such Grantor shall (i) promptly grant a
security interest in or pledge such assets to secure the Secured
Obligations, (ii) promptly take any actions necessary to perfect
such security interest or pledge to the extent set forth in such
Permitted Second Lien Indebtedness Document or such other credit
agreement, indenture or other agreement or instrument evidencing or
governing the rights of the holders of any Permitted Credit
Agreement Refinancing Indebtedness or any Permitted Incremental
Equivalent Indebtedness and (iii) take all other steps reasonably
requested by the Collateral Agent in connection with the
foregoing.

 

 

 

30

 

 

(c)           Nothing
contained in any Permitted Intercreditor Agreement shall be deemed
to modify any of the provisions of this Agreement, which, as among
the Grantors and the Collateral Agent, shall remain in full force
and effect in accordance with its terms.

 

SECTION
6.26.                                           Regulatory
Matters. (a) Notwithstanding anything in any Credit Document
to the contrary, the Collateral Agent, on behalf of the Secured
Parties, agrees that to the extent prior FCC or State PUC approval
is required pursuant to Communications Laws for (i) the operation
and effectiveness of any right or remedy hereunder or under any
other Collateral Document or (ii) taking any action that may be
taken by the Collateral Agent hereunder or under the other
Collateral Documents, such right, remedy or actions will be subject
to any such prior FCC or State PUC, as applicable, approval having
been obtained by or in favor of the Collateral Agent, on behalf of
the Secured Parties. Notwithstanding anything herein to the
contrary, the Collateral Agent, on behalf of the Secured Parties,
acknowledges that, to the extent required by the FCC or any
applicable State PUC, the voting rights in the Pledged Securities,
as well as de jure, de facto and negative control over all FCC or
State PUC authorizations, shall remain with the Grantors even if an
Event of Default has occurred and is continuing until the FCC
and/or State PUC(s), as applicable, shall have given its prior
consent to the exercise of securityholder rights by a purchaser at
a public or private sale of the Pledged Securities or to the
exercise of such rights by a receiver, trustee, conservator or
other agent duly appointed in accordance with the applicable law.
The Grantors shall, upon the occurrence and during the continuance
of an Event of Default, at the Collateral Agent’s request,
file or cause to be filed such applications for approval and shall
take such other actions reasonably required by the Collateral Agent
to obtain each such FCC or State PUC approval or consent as is
necessary to transfer ownership and control to the Collateral
Agent, on behalf of the Secured Parties, or their successors,
assigns or designees, of the Licenses held by the Grantors. To
enforce the provisions of this Section 6.22, the Collateral Agent
is empowered to request the appointment of a receiver from any
court of competent jurisdiction. Such receiver shall be instructed
to seek from the FCC and every applicable State PUC an involuntary
transfer of control of any such License for the purpose of seeking
a bona fide purchaser to whom control will ultimately be
transferred. Upon the occurrence and during the continuance of an
Event of Default, at the Collateral Agent’s request, the
Grantors shall further use their reasonable best efforts to assist
in obtaining approval of the FCC and/or applicable State PUC(s), if
required, for any action or transactions contemplated hereby,
including the preparation, execution and filing with the FCC and/or
applicable State PUC(s) of the assignor’s or
transferor’s portion of any application for consent to the
assignment of any License or transfer of control, or notice of such
assignment or transfer, as applicable, necessary or appropriate
under the FCC’s and/or any applicable State PUC(s)’
rules and regulations for approval of the transfer or assignment of
any portion of the Collateral, together with any License or other
authorization.

 

(b)           The
Grantors acknowledge that the assignment or transfer of Licenses is
integral to the Secured Parties’ realization of the value of
the Collateral, that there is no adequate remedy at law for failure
by the Grantors to comply with the provisions of this Section 6.22
and that such failure would not be adequately compensable in
damages, and therefore agree that this Section 6.22 may be
specifically enforced.

 

(c)           Notwithstanding
anything in this Agreement or in any other Credit Document to the
contrary, neither the Collateral Agent nor any other Secured Party
shall, without first obtaining the approval of the FCC and/or any
applicable State PUC (where required), take any action hereunder or
under any other Collateral Document that would constitute or result
in any assignment of a License, change of material control or
ownership of any Grantor, or any assignment or transfer of the
material operating assets of any Grantor if such assignment, change
of material control or ownership or assignment or transfer of
material operating assets would require the approval of the FCC or
any such applicable State PUC under applicable law (including the
FCC’s and any such applicable State PUC’s rules and
regulations).

 

 

[Remainder
of page intentionally left blank]

 

31

 

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

 

FUSION
CONNECT, INC.

 

FUSION
NBS ACQUISITION CORP.

 

FUSION
LLC

 

FUSION
BCHI ACQUISITION LLC

 

FUSION
CLOUD SERVICES, LLC

 

FUSION
CB HOLDINGS, INC.

 

FUSION
COMMUNICATIONS, LLC

 

FUSION
MANAGEMENT SERVICES LLC

 

FUSION
TELECOM, LLC

 

FUSION
TEXAS HOLDINGS, INC.

 

FUSION
TELECOM OF KANSAS, LLC

 

FUSION
TELECOM OF OKLAHOMA, LLC

 

FUSION
TELECOM OF MISSOURI, LLC

 

BIRCAN
HOLDINGS, LLC

 

FUSION
PM HOLDINGS, INC.

 

FUSION
CLOUD COMPANY LLC

 

FUSION
MPHC GROUP, INC.

 

FUSION
MPHC HOLDING CORPORATION, as Grantors

	
 

	
 

By:  /s/ James P. Prenetta, Jr.

 

Name:
James P. Prenetta, Jr.

 

Title:
Executive Vice President and General Counsel

 

 FUSION
TELECOM OF TEXAS, LTD., L.L.P., as Grantor

 

By:
Fusion Texas Holdings, Inc., its general partner

 

By:  /s/ James P. Prenetta, Jr.

 

Name:
James P. Prenetta, Jr.

 

Title:
Executive Vice President and General Counsel

 

 

 

 

 

 

[Signature
Page to Fusion Super Senior Pledge and Security
Agreement]

 

 

32

 

 

	
 

	
 

WILMINGTON TRUST,
NATIONAL ASSOCIATION, as Collateral Agent

 

By:
/s/ Jeffery
Rose

 

Name:
Jeffery Rose

 

Title:
Vice President

 

 

[Signature
Page to Fusion Super Senior Pledge and Security
Agreement]

 

 

33

SCHEDULE II

TO SUPER SENIOR PLEDGE AND SECURITY AGREEMENT

 

 

 

[omitted]

 

 

 

 

34

EXHIBIT I

TO SUPER SENIOR PLEDGE AND SECURITY AGREEMENT

 

[FORM
OF] SUPPLEMENT NO. __, dated as of [   ] (this
“Supplement”),
to the Super Senior Pledge and Security Agreement dated as of May
9, 2019 (as it may be amended, restated, supplemented or otherwise
modified from time to time, the “Pledge and Security Agreement”),
among Fusion Connect, Inc., a Delaware corporation (the
“Borrower”), the
other Grantors party thereto from time to time and Wilmington
Trust, National Association (“Wilmington Trust”), as Collateral
Agent for the Secured Parties.

 

Reference is made
to the Super Senior Secured Credit Agreement, dated as of May 9,
2019 (as it may be amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among the
Borrower, certain Subsidiaries of the Borrower party thereto, the
Lenders party thereto and Wilmington Trust, as Administrative Agent
and Collateral Agent. Capitalized terms used in this Supplement and
not otherwise defined herein shall have the meanings assigned to
such terms in the Credit Agreement or the Pledge and Security
Agreement, as applicable.

 

The
Grantors have entered into the Pledge and Security Agreement in
order to induce the Lenders to make Loans and other extensions of
credit. Section 6.16 of the Pledge and Security Agreement
provides that additional Restricted Subsidiaries of the Borrower
may become Grantors under the Pledge and Security Agreement by
execution and delivery of an instrument substantially in the form
of this Supplement. The undersigned Restricted Subsidiary (the
“New Subsidiary”) is executing
this Supplement in accordance with the requirements of the Credit
Agreement to become a Grantor under the Pledge and Security
Agreement in order to induce the Lenders to make additional Loans
and other extensions of credit and as consideration for permitting
to remain outstanding Loans and other extensions of credit
previously made.

 

Accordingly, the
Collateral Agent and the New Subsidiary agree as
follows:

 

SECTION
1.                                In
accordance with Section 6.16 of the Pledge and Security
Agreement, the New Subsidiary by its signature below becomes a
Grantor under the Pledge and Security Agreement with the same force
and effect as if originally named therein as a Grantor, and the New
Subsidiary hereby (a) agrees to all the terms and provisions of the
Pledge and Security Agreement applicable to it as a Grantor
thereunder and (b) represents and warrants that the representations
and warranties made by it as a Grantor thereunder are true and
correct on and as of the date hereof (or, to the extent that such
representations and warranties specifically refer to an earlier
date, as of such earlier date). In furtherance of the foregoing,
the New Subsidiary, as security for the payment and performance in
full of the Secured Obligations hereby assigns and pledges to the
Collateral Agent, its successors and permitted assigns, for the
benefit of the Secured Parties, and hereby grants to the Collateral
Agent, its successors and permitted assigns, for the benefit of the
Secured Parties, a security interest in, all of the New
Subsidiary’s right, title and interest in, to and under the
Collateral (as defined in the Pledge and Security Agreement) of the
New Subsidiary, whether now owned or at any time hereafter acquired
by the New Subsidiary or in which the New Subsidiary now has or at
any time in the future may acquire any right, title or interest.
Each reference to a “Grantor” in the Pledge and
Security Agreement shall be deemed to include the New Subsidiary.
The Pledge and Security Agreement is hereby incorporated herein by
reference.

 

 

 

WEIL:\97018343\2\47019.0003

35

 

 

 

 

SECTION
2.                                The
New Subsidiary represents and warrants to the Collateral Agent and
the other Secured Parties that (a) the execution and delivery of
this Supplement by it have been duly authorized by all necessary
corporate or other organizational and, if required, stockholder or
other equityholder action on the part of the New Subsidiary and (b)
this Supplement has been duly executed and delivered by the New
Subsidiary and is the legally valid and binding obligation of the
New Subsidiary, enforceable against the New Subsidiary in
accordance with its terms, except as enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar
laws relating to or limiting creditors’ rights generally or
by equitable principles relating to enforceability.

 

SECTION
3.                                This
Supplement may be executed in any number of counterparts, each of
which when so executed and delivered shall be deemed an original,
but all such counterparts together shall constitute but one and the
same instrument. Delivery of an executed counterpart of a signature
page of this Supplement by facsimile or in electronic format (i.e.,
“pdf” or “tif”) shall be effective as
delivery of a manually executed counterpart of this Supplement.
This Supplement shall become effective when the Collateral Agent
shall have received a counterpart of this Supplement that bears the
signature of the New Subsidiary and the Collateral Agent has
executed a counterpart hereof.

 

SECTION
4.                                The
New Subsidiary hereby represents and warrants that
(a) Schedule A hereto sets forth, as of the date hereof,
the true and correct legal name of the New Subsidiary, its
jurisdiction of organization and the location of its chief
executive office, and whether the New Subsidiary is a transmitting
utility (as defined in the UCC) and, if applicable, the location
where its transmitting utility equipment is held,
(b) Schedule B hereto sets forth (and such Schedule
hereby supplements Schedule I set forth in the Pledge and Security
Agreement), as of the date hereof, a true and complete list of (i)
all the Pledged Equity of the New Subsidiary, specifying the
percentage of the issued and outstanding units of each class of the
Equity Interests of the issuer thereof represented by such Pledged
Equity, and (ii) all the Pledged Debt of the New Subsidiary,
specifying the issuer thereof and the principal amount thereof as
of the date hereof, and includes all Equity Interests, Promissory
Notes and Instruments owned by the New Subsidiary required to be
pledged hereunder in order to satisfy the Collateral and Guarantee
Requirement, (c) Schedule C hereto sets forth, as of the date
hereof, a true and complete list of (i) all Copyrights that have
been registered and Copyrights for which registration applications
are pending, (ii) all exclusive Copyright Licenses under which the
New Subsidiary is a licensee, (iii) all Patents that have been
granted and Patents for which applications are pending and (iv) all
Trademarks that have been registered and Trademarks for which
registration applications are pending and that, in each case, are
owned by the New Subsidiary, in each case truly and completely
specifying the name of the registered owner, title, type or mark,
registration or application number, expiration date (if already
registered) or filing date, a brief description thereof and, if
applicable, the licensee and licensor and (d) Schedule D
hereto sets forth, as of the date hereof, each Commercial Tort
Claim of the New Subsidiary as to which the claim thereunder is
$2,000,000 or more in existence on the date hereof.

 

SECTION
5.                                Except
as expressly supplemented hereby, the Pledge and Security Agreement
shall remain in full force and effect. This Supplement constitutes
a Credit Document for all purpose of the Credit Agreement and the
other Credit Documents.

 

 

 

36

 

 

 

 

SECTION
6.                                THIS
SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
(INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING
OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH
RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW
OF THE STATE OF NEW YORK.

 

SECTION
7.                                In
case any provision in or obligation hereunder or under any other
Credit Document shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the
remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be
affected or impaired thereby.

 

SECTION
8.                                All
communications and notices hereunder shall be in writing and given
as provided in Section 6.01 of the Pledge and Security
Agreement.

 

SECTION
9.                                The
New Subsidiary agrees to reimburse the Collateral Agent for its
actual reasonable and documented out-of-pocket expenses in
connection with this Supplement, including all reasonable and
documented fees and expenses of counsel for the Collateral
Agent.

 

 

 

37

 

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

 

[NAME
OF NEW SUBSIDIARY],

 

By           

 

Name:

 

Title:

 

WILMINGTON TRUST,
NATIONAL ASSOCIATION, as Collateral Agent,

 

By           

 

Name:

 

Title:

 

 

 

38

 

Schedule A

 

[omitted]

 

Schedule B

 

[omitted]

 

 

39

 

 

Schedule C

 

[omitted]

 

 

40

 

 

Schedule D

 

COMMERCIAL TORT CLAIMS

 

 

 

 

[omitted]

 

 

41

EXHIBIT II

TO SUPER SENIOR PLEDGE AND SECURITY AGREEMENT

[FORM
OF] SUPER SENIOR COPYRIGHT SECURITY
AGREEMENT, dated as of [__________], 20[__] (as it may be
amended, restated, supplemented or otherwise modified from time to
time, this “Agreement”), among the
ENTITIES IDENTIFIED AS GRANTORS ON
THE SIGNATURE PAGES HERETO (collectively, the
“Grantors”) and
WILMINGTON TRUST, NATIONAL
ASSOCIATION (“Wilmington Trust”), as Collateral
Agent for the Secured Parties.

 

WHEREAS, the Grantors are party to the
Super Senior Pledge and Security Agreement, dated as of May 9, 2019
(the “Pledge and Security
Agreement”), among Fusion Connect, Inc., a Delaware
corporation, the other Grantors party thereto from time to time and
Wilmington Trust, as Collateral Agent, pursuant to which the
Grantors granted a security interest to the Collateral Agent in the
Copyright Collateral (as defined below) and are required to execute
and deliver this Agreement.

 

NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
Grantors hereby agree with the Collateral Agent as
follows:

 

SECTION
1.                                Defined
Terms. Unless
otherwise defined herein, terms defined in the Pledge and Security
Agreement and used herein have the meaning given to them in the
Pledge and Security Agreement.

 

SECTION
2.                                Grant
of Security Interest. As security for the payment and
performance in full of the Secured Obligations, each Grantor hereby
assigns and pledges to the Collateral Agent, its successors and
permitted assigns, for the benefit of the Secured Parties, and
hereby grants to the Collateral Agent, its successors and permitted
assigns, for the benefit of the Secured Parties, a continuing
security interest in, all of such Grantor’s right, title and
interest in, to and under any and all of the following assets now
owned or at any time hereafter acquired by such Grantor or in which
such Grantor now has or at any time in the future may acquire any
right, title or interest (collectively, the “Copyright
Collateral”):

 

(a)           (i)
all copyright rights in any work subject to the copyright laws of
the United States or any other country, whether as author,
assignee, transferee or otherwise, whether registered or
unregistered and whether published or unpublished, (ii) all
registrations and applications for registration of any such
copyright in the United States or any other country, including
registrations, recordings, supplemental registrations, pending
applications for registration and renewals in the United States
Copyright Office, including those listed on Schedule A under the
heading “Copyright Registrations and Applications”,
(iii) all rights and privileges arising under applicable law with
respect to such Grantor’s use of such copyrights, (iv) all
reissues, renewals, continuations and extensions thereof and
amendments thereto, (v) all income, fees, royalties, damages,
claims and payments now or hereafter due and/or payable with
respect to the foregoing, including damages and payments for past,
present or future infringements thereof, (vi) all rights
corresponding thereto throughout the world and (vii) all rights to
sue for past, present or future infringements thereof;
and

 

 

 

42

 

 

 

 

(b)           any
and all written agreement, now or hereafter in effect, granting any
right to any third party under any Copyright now or hereafter owned
by any Grantor or that such Grantor otherwise has the right to
license, or granting any right to any Grantor under any Copyright
now or hereafter owned by any third party, and all rights of such
Grantor under any such agreement, including each such agreement set
forth on Schedule A under the heading “Exclusive Copyright
Licenses”.

 

Notwithstanding
anything herein to the contrary, if, for so long and to the extent
as any such asset constitutes Excluded Property, the security
interest granted under this Section 2 shall not attach to, and
the Copyright Collateral shall not include, such asset;
provided,
however, that the
security interest granted under this Section 2 shall immediately
attach to, and the Copyright Collateral shall immediately include,
any such asset (or portion thereof) upon such asset (or such
portion) ceasing to be Excluded Property.

 

SECTION
3.                                Security
Agreement. The security interest granted pursuant to this
Agreement is granted in conjunction with the security interest
granted to the Collateral Agent, for the benefit of the Secured
Parties, pursuant to the Pledge and Security Agreement, and the
Grantors hereby acknowledge and affirm that the rights and remedies
of the Collateral Agent with respect to the security interest in
the Copyright Collateral made and granted hereby are more fully set
forth in the Pledge and Security Agreement, the terms and
provisions of which are incorporated by reference herein as if
fully set forth herein. In the event that any provision of this
Agreement is deemed to conflict with the Pledge and Security
Agreement, the provisions of the Pledge and Security Agreement
shall control.

 

SECTION
4.                                GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR
TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY
DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF
ANY OTHER LAW OTHER THAN THE LAW OF THE STATE OF NEW
YORK.

 

SECTION
5.                                Counterparts.
This Agreement may be executed in one or more counterparts and by
different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same
instrument.

 

[Remainder
of page intentionally left blank]

 

 

43

 

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

 

[NAME
OF GRANTOR]

 

By:           

 

Name:

 

Title:

 

[ADD
SIGNATURE BLOCKS FOR ANY OTHER GRANTORS]

 

[Signature
Page to Super Senior Copyright Security Agreement]

44

 

Accepted and
Agreed:

 

WILMINGTON TRUST,
NATIONAL ASSOCIATION, as Collateral Agent,

 

By           

 

Name:

 

Title:

 

 

[Signature
Page to Super Senior Copyright Security Agreement]

45

 

SCHEDULE A

 

to

 

SUPER
SENIOR COPYRIGHT SECURITY AGREEMENT

 

Copyright Registrations and Applications

 

 

 

[omitted]

 

 

 

 

Exclusive Copyright Licenses (where a Grantor is a
licensee)

 

 

[omitted]

 

 

 

46

EXHIBIT III

TO SUPER SENIOR PLEDGE AND SECURITY AGREEMENT

SUPER SENIOR PATENT SECURITY AGREEMENT,
dated as of [__________], 20[__] (as it may be amended, restated,
supplemented or otherwise modified from time to time, this
“Agreement”), is
made among THE ENTITIES IDENTIFIED
AS GRANTORS ON THE SIGNATURE PAGES HERETO (collectively, the
“Grantors”) and
WILMINGTON TRUST, NATIONAL ASSOCIATION (“Wilmington Trust”), as Collateral
Agent for the Secured Parties.

 

WHEREAS, the Grantors are party to the
Super Senior Pledge and Security Agreement, dated as of May 9, 2019
(the “Pledge and Security
Agreement”), among Fusion Connect, Inc., a Delaware
corporation, the other Grantors party thereto from time to time and
Wilmington Trust, as Collateral Agent, pursuant to which the
Grantors granted a security interest to the Collateral Agent in the
Patent Collateral (as defined below) and are required to execute
and deliver this Agreement.

 

NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
Grantors hereby agree with the Collateral Agent as
follows:

 

SECTION
1.                                Defined
Terms. Unless otherwise defined herein, terms defined in the
Pledge and Security Agreement and used herein have the meaning
given to them in the Pledge and Security Agreement.

 

SECTION
2.                                Grant
of Security Interest. As security for the payment and
performance in full of the Secured Obligations, each Grantor hereby
assigns and pledges to the Collateral Agent, its successors and
permitted assigns, for the benefit of the Secured Parties, and
hereby grants to the Collateral Agent, its successors and permitted
assigns, for the benefit of the Secured Parties, a continuing
security interest in, all of such Grantor’s right, title and
interest in, to and under any and all of the following assets now
owned or at any time hereafter acquired by such Grantor or in which
such Grantor now has or at any time in the future may acquire any
right, title or interest (collectively, the “Patent Collateral”): (a) all
letters patent of the United States or the equivalent thereof in
any other country, all registrations and recordings thereof, and
all applications for letters patent of the United States or the
equivalent thereof in any other country, including registrations,
recordings and pending applications in the United States Patent and
Trademark Office or any similar offices in any other country,
including those listed on Schedule A under the heading
“Patents and Patent Applications”, (b) all rights and
privileges arising under applicable law with respect to such
Grantor’s use of any patents, (c) all inventions and
improvements described and claimed therein, (d) all reissues,
divisions, continuations, renewals, extensions, reexaminations,
supplemental examinations, inter
partes reviews, adjustments and continuations-in-part
thereof and amendments thereto, (e) all income, fees, royalties,
damages, claims and payments now or hereafter due and/or payable
with respect to any of the foregoing including damages and payments
for past, present or future infringements thereof, (f) all rights
corresponding thereto throughout the world, including the right to
prevent others from making, having made, using, selling, offering
to sell, importing or exporting the inventions claimed therein and
(g) rights to sue for past, present or future infringements
thereof.

 

 

 

47

 

 

 

 

Notwithstanding
anything herein to the contrary, if, for so long and to the extent
as any such asset constitutes Excluded Property, the security
interest granted under this Section 2 shall not attach to, and
the Patent Collateral shall not include, such asset, provided, however, that the security
interest granted under this Section 2 shall immediately attach to,
and the Patent Collateral shall immediately include, any such asset
(or portion thereof) upon such asset (or such portion) ceasing to
be Excluded Property.

 

SECTION
3.                                Security
Agreement. The security interest granted pursuant to this
Agreement is granted in conjunction with the security interest
granted to the Collateral Agent, for the benefit of the Secured
Parties, pursuant to the Pledge and Security Agreement, and the
Grantors hereby acknowledge and affirm that the rights and remedies
of the Collateral Agent with respect to the security interest in
the Patent Collateral made and granted hereby are more fully set
forth in the Pledge and Security Agreement, the terms and
provisions of which are incorporated by reference herein as if
fully set forth herein. In the event that any provision of this
Agreement is deemed to conflict with the Pledge and Security
Agreement, the provisions of the Pledge and Security Agreement
shall control.

 

SECTION
4.                                GOVERNING
LAW. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
(INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING
OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH
RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY OTHER LAW OTHER THAN
THE LAW OF THE STATE OF NEW YORK.

 

SECTION
5.                                Counterparts. This
Agreement may be executed in one or more counterparts and by
different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same
instrument.

 

[Remainder
of page intentionally left blank]

 

 

48

 

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

 

[NAME
OF GRANTOR]

 

By:           

 

Name:

 

Title:

 

[ADD
SIGNATURE BLOCKS FOR ANY OTHER GRANTORS]

 

[Signature
Page to Super Senior Patent Security Agreement]

49

 

Accepted and
Agreed:

 

WILMINGTON TRUST,
NATIONAL ASSOCIATION, as Collateral Agent,

 

By           

 

Name:

 

Title:

 

 

[Signature
Page to Super Senior Patent Security Agreement]

50

 

SCHEDULE A

 

to

 

SUPER
SENIOR PATENT SECURITY AGREEMENT

 

Patent and Patent Applications

 

Patents

 

 

[omitted]

 

 

 

Patent Applications

 

 

[omitted]

 

 

 

 

51

EXHIBIT IV

TO SUPER SENIOR PLEDGE AND SECURITY AGREEMENT

 

SUPER SENIOR TRADEMARK SECURITY
AGREEMENT, dated as of [__________], 20[__] (as it may be
amended, restated, supplemented or otherwise modified from time to
time, this “Agreement”), is made among
THE ENTITIES IDENTIFIED AS GRANTORS
ON THE SIGNATURE PAGES HERETO (collectively, the
“Grantors”) and
WILMINGTON TRUST, NATIONAL
ASSOCIATION (“Wilmington Trust”), as Collateral
Agent for the Secured Parties.

 

WHEREAS, the Grantors are party to the
Super Senior Pledge and Security Agreement, dated as of May 9, 2019
(the “Pledge and Security
Agreement”), among Fusion Connect, Inc., a Delaware
corporation, the other Grantors party thereto from time to time and
Wilmington Trust, as Collateral Agent, pursuant to which the
Grantors granted a security interest to the Collateral Agent in the
Trademark Collateral (as defined below) and are required to execute
and deliver this Agreement.

 

NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
Grantors hereby agree with the Collateral Agent as
follows:

 

SECTION
1.                                Defined
Terms. Unless otherwise defined herein, terms defined in the
Pledge and Security Agreement and used herein have the meaning
given to them in the Pledge and Security Agreement.

 

SECTION
2.                                Grant
of Security. As security for the payment and performance in
full of the Secured Obligations, each Grantor hereby assigns and
pledges to the Collateral Agent, its successors and permitted
assigns, for the benefit of the Secured Parties, and hereby grants
to the Collateral Agent, its successors and permitted assigns, for
the benefit of the Secured Parties, a continuing security interest
in, all of such Grantor’s right, title and interest in, to
and under any and all of the following assets now owned or at any
time hereafter acquired by such Grantor or in which such Grantor
now has or at any time in the future may acquire any right, title
or interest (collectively, the “Trademark Collateral”): (a) all
trademarks, service marks, trade names, corporate names, company
names, business names, fictitious business names, trade styles,
trade dress, logos, other source or business identifiers, designs
and general intangibles of like nature, the goodwill of the
business symbolized thereby or associated therewith, all
registrations and recordings thereof, and all registration and
recording applications filed in connection therewith, including
registrations and registration applications in the United States
Patent and Trademark Office or any similar offices in any State of
the United States or any other country or any political subdivision
thereof, and all extensions or renewals thereof, including those
listed on Schedule A under the heading “Trademark
Registrations and Applications”, (b) all rights and
privileges arising under applicable law with respect to such
Grantor’s use of any trademarks, (c) all reissues,
continuations, extensions and renewals thereof and amendments
thereto, (d) all income, fees, royalties, damages and payments now
and hereafter due and/or payable with respect to any of the
foregoing, including damages, claims and payments for past, present
or future infringements thereof, (e) all rights corresponding
thereto throughout the world and (f) rights to sue for past,
present and future infringements or dilutions thereof or other
injuries thereto.

 

 

52

 

 

 

 

Notwithstanding
anything herein to the contrary, (a) in no event shall the
Trademark Collateral include or the security interest granted under
this Section 2 attach to any “intent to use”
application for registration of a Trademark filed pursuant to
Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to
filing of a “Statement of Use” pursuant to Section 1(d)
of the Lanham Act or an “Amendment to Allege Use”
pursuant to Section 1(c) of the Lanham Act with respect thereto,
solely to the extent, if any, that, and solely during the period,
if any, in which, the grant of a security interest therein would
impair the validity or enforceability of any registration that
issues from such intent to use application under applicable federal
law and (b) if, for so long and to the extent as any such asset
constitutes Excluded Property, the security interest granted under
this Section 2 shall not attach to, and the Trademark
Collateral shall not include, such asset, provided, however, that the security
interest granted under this Section 2 shall immediately attach to,
and the Trademark Collateral shall immediately include, any such
asset (or portion thereof) upon such asset (or such portion)
ceasing to be Excluded Property.

 

SECTION
3.                                Security
Agreement. The security interest granted pursuant to this
Agreement is granted in conjunction with the security interest
granted to the Collateral Agent, for the benefit of the Secured
Parties, pursuant to the Pledge and Security Agreement, and the
Grantors hereby acknowledge and affirm that the rights and remedies
of the Collateral Agent with respect to the security interest in
the Trademark Collateral made and granted hereby are more fully set
forth in the Pledge and Security Agreement, the terms and
provisions of which are incorporated by reference herein as if
fully set forth herein. In the event that any provision of this
Agreement is deemed to conflict with the Pledge and Security
Agreement, the provisions of the Pledge and Security Agreement
shall control.

 

SECTION
4.                                GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR
TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY
DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF
ANY OTHER LAW OTHER THAN THE LAW OF THE STATE OF NEW
YORK.

 

SECTION
5.                                Counterparts.
This Agreement may be executed in one or more counterparts and by
different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same
instrument.

 

 

 

53

 

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

 

[NAME
OF GRANTOR]

 

By:           

 

Name:

 

Title:

 

[ADD
SIGNATURE BLOCKS FOR ANY OTHER GRANTORS]

 

[Signature
Page to Super Senior Trademark Security Agreement]

54

 

Accepted and
Agreed:

 

WILMINGTON TRUST,
NATIONAL ASSOCIATION, as Collateral Agent,

 

By           

 

Name:

 

Title:

 

 

[Signature
Page to Super Senior Trademark Security Agreement]

55

 

SCHEDULE A

 

to

 

SUPER
SENIOR TRADEMARK SECURITY AGREEMENT

 

Trademark Registrations and Applications

 

Trademarks

 

 

 

[omitted]

 

 

Trademark Applications

 

 

[omitted]

 

 

56Blueprint

EXHIBIT
10.5

 

Execution
Version

 

 

 

 

 

 

 

 

SUPER
SENIOR INTERCREDITOR AGREEMENT

 

dated
as of

 

May 9,
2019,

 

among

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as
Super Senior Representative,

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as
First Lien Representative,

 

EACH
ADDITIONAL SUPER SENIOR OBLIGATIONS REPRESENTATIVE

 

and

 

EACH
ADDITIONAL FIRST LIEN OBLIGATIONS REPRESENTATIVE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                        

TABLE OF
CONTENTS

Page

 

 

ARTICLE I

 

 

DEFINITIONS

 

SECTION 1.01. Defined Terms  2

SECTION 1.02. Terms Generally  21

 

ARTICLE II

 

 

LIEN PRIORITIES

 

SECTION 2.01. Relative Priorities  23

SECTION 2.02. Prohibition on Contesting
Liens  25

SECTION 2.03. Similar Liens and Agreements  25

SECTION 2.04. No Separate Liens  25

SECTION 2.05. Perfection of Liens  27

SECTION 2.06. Certain Cash Collateral  27

 

ARTICLE III

 

 

ENFORCEMENT OF RIGHTS; MATTERS RELATING TO
COLLATERAL

 

SECTION 3.01. Exercise of Rights and
Remedies  28

SECTION 3.02. No Interference  32

SECTION 3.03. Rights as Unsecured Creditors  34

SECTION 3.04. Automatic Release of First Priority
Liens  36

SECTION 3.05. Insurance and Condemnation
Awards  38

SECTION 3.06. Vector Subordinated Note
Collateral  40

 

ARTICLE IV

 

 

PAYMENTS

 

SECTION 4.01. Application of Proceeds  40

SECTION 4.02. Payment Over  42

SECTION 4.03. Certain Agreements with Respect to Invalid or
Unenforceable Liens  44

SECTION 4.04. Agreements with respect to Vector Subordinated Note
Collateral  44

 

ARTICLE V

 

 

BAILMENT FOR PERFECTION OF CERTAIN SECURITY
INTERESTS

 

 

ARTICLE VI

 

 

INSOLVENCY OR LIQUIDATION PROCEEDINGS

 

SECTION 6.01. Finance and Sale Matters  50

SECTION 6.02. Relief from the Automatic
Stay  52

SECTION 6.03. Reorganization Securities  52

SECTION 6.04. Post-Petition Interest  52

 

 

 

 

SECTION
6.05. Certain Waivers by the First Lien Secured
Parties  52

SECTION 6.06. Certain Voting Matters  53

SECTION 6.07. Subordination Agreement  53

 

ARTICLE VII

 

 

OTHER AGREEMENTS

 

SECTION 7.01. Matters Relating to Loan
Documents  53

SECTION 7.02. Effect of Refinancing of Indebtedness under Loan
Documents  54

SECTION 7.03. No Waiver by Super Senior Secured
Parties  55

SECTION 7.04. Reinstatement  55

SECTION 7.05. Further Assurances  55

 

ARTICLE VIII

 

 

REPRESENTATIONS AND WARRANTIES

 

 

ARTICLE IX

 

 

NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE

 

SECTION 9.01. No Reliance; Information  56

SECTION 9.02. No Warranties or Liability  57

SECTION 9.03. Obligations Absolute  58

 

ARTICLE X

 

 

MISCELLANEOUS

 

SECTION 10.01. Notices  58

SECTION 10.02. Conflicts  59

SECTION 10.03. Effectiveness; Survival  59

SECTION 10.04. Severability  59

SECTION 10.05. Amendments; Waivers  59

SECTION 10.06. Subrogation  62

SECTION 10.07. APPLICABLE LAW; JURISDICTION; CONSENT TO SERVICE OF
PROCESS; WAIVERS  63

SECTION 10.08. WAIVER OF JURY TRIAL  64

SECTION 10.09. Parties in Interest  64

SECTION 10.10. Specific Performance  65

SECTION 10.11. Headings  65

SECTION 10.12. Counterparts  65

SECTION 10.13. Provisions Solely to Define Relative
Rights65

SECTION 10.14. Intercreditor Agreement Acknowledgement65

SECTION 10.15. Dealings with Borrower, Grantors and
Guarantors  65

SECTION 10.16. Agents and Representatives  65

 

 

 

 

 

 

 

ANNEXES

 

Annex
I   

-            

Form of
Intercreditor Agreement Acknowledgement

Annex
II     

-            

First Lien Security
Documents Legends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTERCREDITOR
AGREEMENT dated as of May 9, 2019 (this “Agreement”), among WILMINGTON
TRUST, NATIONAL ASSOCIATION (“Wilmington Trust”), as collateral
agent for the Super Senior Lenders (as defined below) (in such
capacity, the “Super Senior
Representative”)
, WILMINGTON TRUST, as collateral agent for the
First Lien Lenders (as defined below) (in such capacity, the
“First Lien
Representative”), and each ADDITIONAL SUPER SENIOR
OBLIGATIONS REPRESENTATIVE and each ADDITIONAL FIRST LIEN
OBLIGATIONS REPRESENTATIVE that, in each case, shall have become a
party hereto pursuant to Section 10.05(b).

 

Reference is made
to (a) the Super Senior Secured Credit Agreement dated as of
May 9, 2019 (as amended, supplemented or otherwise modified from
time to time in accordance with the terms hereof, the
“Super Senior Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower from time to time party thereto, the lenders from
time to time party thereto (the “Super Senior Lenders”) and
Wilmington Trust, as administrative agent and collateral agent,
(b) the First Lien Credit and Guaranty Agreement dated as of
May 4, 2018 (as amended, supplemented or otherwise modified from
time to time in accordance with the terms hereof, the
“First Lien Credit
Agreement” and, together with the Super Senior Credit
Agreement, the “Credit
Agreements”), among the Borrower, certain Subsidiaries
of the Borrower from time to time party thereto, the lenders from
time to time party thereto (the “First Lien Lenders”) and
Wilmington Trust, as administrative agent and collateral agent,
(c) the Super Senior Pledge and Security Agreement dated as of
May 9, 2019 (as amended, supplemented or otherwise modified from
time to time in accordance with the terms hereof, the
“Super Senior Pledge and
Security Agreement”), among the Borrower, certain
Subsidiaries of the Borrower from time to time party thereto and
the Super Senior Representative, (d) the First Lien Pledge and
Security Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time in accordance
with the terms hereof, the “First Lien Pledge and Security
Agreement”), among the Borrower, certain Subsidiaries
of the Borrower from time to time party thereto and the First Lien
Representative, and (e) the other Security Documents referred
to in the Credit Agreements.

 

WHEREAS, the Super
Senior Lenders have agreed to make loans and other extensions of
credit to the Borrower pursuant to the Super Senior Credit
Agreement on the condition, among others, that the Super Senior
Secured Obligations shall be secured by super priority Liens on,
and security interests in, the Collateral, other than with respect
to the rights of the First Lien Revolving Lenders and Issuing Bank
with respect to the Vector Subordinated Note Collateral (as defined
below).

 

WHEREAS, the First
Lien Lenders have made loans to the Borrower pursuant to the First
Lien Credit Agreement on the condition, among others, that the
First Lien Secured Obligations shall be secured by first priority
Liens on, and security interests in, the Collateral, other than
with respect to the rights of the First Lien Revolving Lenders and
Issuing Bank with respect to the Vector Subordinated Note
Collateral.

 

 

2

 

 

WHEREAS, the Credit
Agreements require, among other things, that the parties thereto
set forth in this Agreement, among other things, their respective
rights, obligations and remedies with respect to the
Collateral.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

 

 
ARTICLE
I.

 

DEFINITIONS

 

SECTION1.1. Defined
Terms.  As used
in the Agreement (including the preliminary statements hereto), the
following terms shall have the meanings specified
below:

 

“Account(s)” means
“accounts” as defined in Article 9 of the Uniform
Commercial Code and also means a right to payment of a monetary
obligation, whether or not earned by performance, (a) for property
that has been or is to be sold, leased, licensed, assigned, or
otherwise disposed of, (b) for services rendered or to be rendered,
or (c) arising out of the use of a credit or charge card or
information contained on or for use with the card.

 

“Account Debtor” means any Person
that is or that may become obligated to any Grantor under, with
respect to or on account of an Account or a “payment
intangible” as defined in Article 9 of the Uniform Commercial
Code.

 

“Additional First Lien Obligations”
means Indebtedness of the Grantors incurred following the date of
this Agreement (together with all obligations in respect of such
Indebtedness, including all principal, premium, interest, fees,
attorney’s fees, costs, charges, expenses, reimbursement
obligations, indemnities, guarantees, and all other amounts payable
under or secured by any Additional First Lien Obligations Agreement
(including, in each case, any such Additional First Lien
Obligations arising or accruing during the pendency of any
Insolvency or Liquidation Proceeding), notwithstanding that any
such Additional First Lien Obligations or claims therefor shall be
disallowed, voided or subordinated in any Insolvency or Liquidation
Proceeding or under any Bankruptcy Law or other applicable law) to
the extent (a) such Indebtedness and such obligations in respect of
such Indebtedness are permitted by the terms of the Super Senior
Credit Agreement, the First Lien Credit Agreement, each Additional
Super Senior Obligations Agreement then in effect and each other
Additional First Lien Obligations Agreement then in effect to be
secured by Liens on the Collateral ranking junior in priority to
the Super Priority Liens and to the Liens on the Collateral
securing Additional Super Senior Obligations and pari passu in
priority to the First Priority Liens and to the Liens on the
Collateral securing any Additional First Lien Obligations (without
regard to the control of remedies), (b) the Grantors have granted
Liens on the Collateral to secure such Indebtedness and such
obligations in respect of such Indebtedness (it being agreed that
First Lien Secured Obligations incurred or issued after the date
hereof (i) under the First Lien Loan Documents, (ii) in respect of
“Specified Hedge Obligations” (as defined in the First
Lien Credit Agreement) and (iii) in respect of “Specified
Cash Management Services Obligations” (as defined in the
First Lien Credit Agreement) shall not constitute Additional First
Lien Obligations, but shall constitute First Lien Secured
Obligations) and (c) neither any Grantor nor any Affiliate thereof
has granted any Lien on any property, asset, right or interest
other than the Collateral to secure such Indebtedness unless the
First Lien Secured Obligations incurred or issued (i) under the
First Lien Loan Documents, (ii) in respect of “Specified
Hedge Obligations” (as defined in the First Lien Loan
Documents) and (iii) in respect of “Specified Cash Management
Services Obligations” (as defined in the First Lien Credit
Agreement) have been secured by a pari passu Lien granted by such
Grantor or Affiliate on such other property, asset, right or
interest).

 

 

 

 

#91965132v16

3

 

 

“Additional First Lien Obligations
Agreement” means the indenture, credit agreement or
other definitive agreement under which any Additional First Lien
Obligations are incurred.

 

“Additional First Lien Obligations
Representative” means any Person appointed to act as
trustee, collateral agent or a similar representative for the
holders of Additional First Lien Obligations pursuant to any
Additional First Lien Obligations Agreement.

 

“Additional Super Senior
Obligations” means Indebtedness of the Grantors
incurred following the date of this Agreement (together with all
obligations in respect of such Indebtedness, including all
principal, premium, interest, fees, attorney’s fees, costs,
charges, expenses, reimbursement obligations, indemnities,
guarantees, and all other amounts payable under or secured by any
Additional Super Senior Obligations Agreement (including, in each
case, any such Additional Super Senior Obligations arising or
accruing during the pendency of any Insolvency or Liquidation
Proceeding), notwithstanding that any such Additional Super Senior
Obligations or claims therefor shall be disallowed, voided or
subordinated in any Insolvency or Liquidation Proceeding or under
any Bankruptcy Law or other applicable law) to the extent (a) such
Indebtedness and such obligations in respect of such Indebtedness
are permitted by the terms of the Super Senior Credit Agreement,
the First Lien Credit Agreement, each Additional First Lien
Obligations Agreementthen in effect and each other Additional Super
Senior Obligations Agreement then in effect to be secured by Liens
on the Collateral ranking pari passu in priority with the Super
Priority Liens and the Liens on the Collateral securing other
Additional Super Senior Obligations (without regard to the control
of remedies) and senior in priority to the First Priority Liens and
to the Liens on the Collateral securing any Additional First Lien
Obligations, (b) the Grantors have granted Liens on the Collateral
to secure such Indebtedness and such obligations in respect of such
Indebtedness (it being agreed that Super Senior Secured Obligations
incurred or issued after the date hereof under the Super Senior
Loan Documents shall not constitute Additional Super
SeniorObligations, but shall constitute Super Senior Secured
Obligations) and (c) neither any Grantor nor any Affiliate thereof
has granted any Lien on any property, asset, right or interest
other than the Collateral to secure such Indebtedness unless the
Super Senior Secured Obligations incurred or issued under the Super
Senior Loan Documents have been secured by a pari passu Lien
granted by such Grantor or Affiliate on such other property, asset,
right or interest.

 

“Additional Super Senior Obligations
Agreement” means the indenture, credit agreement or
other definitive agreement under which any Additional Super Senior
Obligations are incurred.

 

“Additional Super Senior Obligations
Representative” means any Person appointed to act as
trustee, collateral agent or a similar representative for the
holders of Additional Super Senior Obligations pursuant to any
Additional Super Senior Obligations Agreement.

 

 

 

4

 

 

“Affiliate” means, with respect to
a specified Person, another Person that directly or indirectly
Controls or is Controlled by or is under common Control with the
Person specified.

 

“Agreement” has the meaning
assigned to such term in the preamble hereto.

 

“Bankruptcy Code” means
Title 11 of the United States Code entitled
“Bankruptcy,” as now and hereinafter in effect, or any
successor statute.

 

“Bankruptcy Law” means the
Bankruptcy Code and any other Federal, state or foreign bankruptcy,
insolvency, receivership or similar law.

 

“Borrower” has the meaning assigned
to such term in the preliminary statement of this
Agreement.

 

“Business Day” means any day other
than a Saturday or Sunday, a day that is a legal holiday under the
laws of the State of New York or a day on which banking
institutions located in such State are authorized or required by
law to remain closed.

 

“Capped Super Senior Loan Documents
Obligations” means Super Senior Loan Documents
Obligations (or any Refinancing thereof constituting New Super
Senior Obligations in accordance with the provisions of
Section 7.02(a)) in the form of loans outstanding under the
Super Senior Credit Agreement (or under any Refinancing thereof
constituting New Super Senior Obligations in accordance with the
provisions of Section 7.02(a)).

 

“Collateral” means the Super Senior
Collateral and the First Lien Collateral.

 

“Control” means the possession,
directly or indirectly, of the power to direct or cause the
direction of the management or policies, or the dismissal or
appointment of the management, of a Person, whether through the
ability to exercise voting power, by contract or otherwise.
“Controlling”
and “Controlled”
have meanings correlative thereto.

 

“Credit Agreements” has the meaning
assigned to such term in the preliminary statement of this
Agreement.

 

“DIP Financing” has the meaning
assigned to such term in Section 6.01(a).

 

“DIP Financing Liens” has the
meaning assigned to such term in Section 6.01(a).

 

“Discharge of Excess Super Senior
Obligations” means, subject to Sections 7.02(a)
and 7.04, (a) payment in full in cash or immediately
available funds of the principal of and interest (including
interest accruing during the pendency of any Insolvency or
Liquidation Proceeding, regardless of whether allowed or allowable
in such Insolvency or Liquidation Proceeding) and premium, if any,
on the Excess Super Senior Obligations and (b) payment in full
in cash or immediately available funds of all other Excess Super
Senior Obligations that are due and payable or otherwise accrued
and owing at or prior to the time such principal and interest are
paid (excluding, for the avoidance of doubt, contingent expense
reimbursement and indemnification obligations that are not yet due
and payable).

 

 

 

5

 

 

“Discharge of First Lien Secured
Obligations” means, subject to Section 7.02(b),
(a) payment in full in cash or immediately available funds of
the principal of and interest (including interest accruing during
the pendency of any Insolvency or Liquidation Proceeding,
regardless of whether allowed or allowable in such Insolvency or
Liquidation Proceeding) and premium, if any, on the First Lien
Secured Obligations, (b) payment in full in cash or immediately
available funds of all other First Lien Secured Obligations that
are due and payable or otherwise accrued and owing at or prior to
the time such principal and interest arepaid (excluding, for the
avoidance of doubt, contingent expense reimbursement and
indemnification obligations that are not yet due and payable), (c)
adequate provision reasonably satisfactory to the applicable First
Lien Secured Parties having been made for any contingent or
unliquidated First Lien Secured Obligations related to claims,
causes of action or liabilities that have theretofore been asserted
in writing by the First Lien Secured Parties and for which
reimbursement or indemnification is required under the First Lien
Loan Documents, (d) payment in full in cash or immediately
available funds of all First Lien Secured Cash Management
Obligations that constitute First Lien Secured Obligations and
(e) cancellation of or the entry into arrangements
satisfactory to the First Lien Representative and the applicable
Issuing Bank (as defined in the First Lien Credit Agreement) with
respect to all letters of credit issued and outstanding under the
First Lien Credit Agreement and (f) termination or expiration
of all commitments to lend and all obligations to issue or extend
letters of credit under the First Lien Credit
Agreement.

 

“Discharge of Super Senior Loan Documents
Obligations” means, subject to Sections 7.02(a)
and 7.04, (a) payment in full in cash or immediately
available funds of the principal of and interest (including
interest accruing during the pendency of any Insolvency or
Liquidation Proceeding, regardless of whether allowed or allowable
in such Insolvency or Liquidation Proceeding) and premium, if any,
on the Super Senior Loan Documents Obligations and (b) payment
in full in cash or immediately available funds of all other Super
Senior Loan Documents Obligations that are due and payable or
otherwise accrued and owing at or prior to the time such principal
and interest are paid (excluding, for the avoidance of doubt,
contingent expense reimbursement and indemnification obligations
that are not yet due and payable).

 

“Discharge of Super Senior Secured
Obligations” means, subject to Sections 7.02(a)
and 7.04, the occurrence of (a) the Discharge of Super Senior
Loan Documents Obligations, (b) [reserved], (c)  [reserved],
(d) payment in full in cash or immediately available funds of all
other Super Senior Secured Obligations that are due and payable or
otherwise accrued and owing at or prior to the time the foregoing
payments are made (excluding, in the case of this clause (d),
contingent expense reimbursement and indemnification obligations
that are not yet due and payable) and (e) adequate provision
reasonably satisfactory to the applicable Super Senior Secured
Parties having been made for any contingent or unliquidated Super
Senior Secured Obligations related to claims, causes of action or
liabilities that have theretofore been asserted in writing by the
Super Senior Secured Parties and for which reimbursement or
indemnification is required under the Super Senior Loan
Documents.

 

“Disposition” means any sale,
lease, exchange, transfer or other disposition. “Dispose” has a correlative
meaning.

 

 

 

6

 

 

“Enforcement Action” means any
action under applicable law to: (a) foreclose, execute, levy
or collect on, take possession or control of, sell or otherwise
realize upon (judicially or non-judicially), or lease, license or
otherwise exercise or enforce remedial rights with respect to
Collateral (including by way of set-off, notification of a public
or private sale or other disposition under the Uniform Commercial
Code or other applicable law, notification to Account Debtors,
notification to third parties under control agreements, or exercise
of rights under landlord or bailee consents or similar
arrangements, if applicable), (b) solicit bids from third parties
to conduct the liquidation or Disposition of any Collateral, or,
solely to the extent such action is not a First Lien Permitted
Action, to engage or retain sales brokers, marketing agents,
investment bankers, accountants, appraisers, auctioneers or other
third parties for the purposes of marketing, promoting and selling
any Collateral, (c) to credit bid in respect of any Collateral in
satisfaction of Indebtedness or other Super Senior Secured
Obligations or First Lien Secured Obligations secured thereby or
(d) to otherwise enforce a security interest or exercise
another right or remedy as a secured creditor pertaining to any
Collateral (other than, to the extent the Grantors fail to perform
any action required under any protective covenant relating to the
Collateral under any Security Document, the performance thereof by
the Super Senior Representative or the First Lien Representative,
in each case to the extent permitted by the applicable Security
Documents) at law, in equity or pursuant to the Super Senior Loan
Documents or First Lien Loan Documents (including the commencement
of applicable legal proceedings or other actions with respect to
all or any portion of the Collateral, including seeking relief from
or modification of an automatic stay or any other stay in an
Insolvency or Liquidation Proceeding, to facilitate the actions
described in the preceding clause (a), (b) or (c), and exercising
voting rights in respect of Equity Interests comprising
Collateral).

 

“Equity Interests” means any and
all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all
equivalent ownership interests in a Person (other than a
corporation), including partnership interests and membership
interests, and any and all warrants, rights or options to purchase
or acquire any of the foregoing (other than, prior to the date of
such conversion, Indebtedness that is convertible into any such
Equity Interests).

 

“Excess Super Senior Obligations”
means the sum of (a) the portion of the Capped Super Senior Loan
Documents Obligations that is in excess of the Maximum Super Senior
Principal Amount, plus (b) without duplication, unpaid interest and
fees solely to the extent accrued with respect to such portion of
the Capped Super Senior Loan Documents Obligations.

 

“First Lien Collateral” means all
“Collateral”, as defined in the First Lien Credit
Agreement, and any other assets of any Grantor now or at any time
hereafter subject, or purported under the terms of any First Lien
Security Document to be made subject, to any Lien securing any
First Lien Secured Obligations.

 

“First Lien Credit Agreement” has
the meaning assigned to such term in the preliminary statement of
this Agreement.

 

 

 

7

 

 

“First Lien Lenders” has the
meaning assigned to such term in the preliminary statement of this
Agreement.

 

“First Lien Loan Documents” means
the “Credit Documents”, as defined in the First Lien
Credit Agreement.

 

“First Lien Mortgages” means,
collectively, each mortgage, deed of trust, leasehold mortgage,
assignment of leases and rents, modifications and any other
agreement, document or instrument pursuant to which any Lien on
real property is granted to secure any First Lien Secured
Obligations or under which rights or remedies with respect to any
such Lien are governed.

 

“First Lien Permitted Actions” has
the meaning assigned to such term in
Section 3.01(a).

 

“First Lien Pledge and Security
Agreement” has the meaning assigned to such term in
the preliminary statement of this Agreement.

 

“First Lien Refinancing Notice” has
the meaning assigned to such term in Section 7.02(b).

 

“First Lien Representative” has the
meaning assigned to such term in the preamble to this
Agreement.

 

“First Lien Revolving Lenders and Issuing
Bank” means the Revolving Lenders and the Issuing
Bank, each as defined in the First Lien Credit Agreement, in their
respective capacities as such.

 

“First Lien Secured Cash Management
Obligations” means the “Specified Cash
Management Services Obligations”, as defined in the First
Lien Credit Agreement (including any such “Specified Cash
Management Services Obligations” arising or accruing during
the pendency of any Insolvency or Liquidation Proceeding),
notwithstanding that any such “Specified Cash Management
Services Obligations” or claims therefor shall be disallowed,
voided or subordinated in any Insolvency or Liquidation Proceeding
or under any Bankruptcy Law or other applicable law.

 

“First Lien Secured Obligations”
means the “Secured Obligations”, as defined in the
First Lien Pledge and Security Agreement (including any such
“Secured Obligations” arising or accruing under
Section 2.1, 2.2, 2.3, 2.23, 2.24 or 2.25 of the First Lien
Credit Agreement or during the pendency of any Insolvency or
Liquidation Proceeding) (or any Refinancing thereof constituting
New First Lien Obligations in accordance with the provisions of
Section 7.02(b)) notwithstanding that any such “Secured
Obligations” or claims therefor shall be disallowed, voided
or subordinated in any Insolvency or Liquidation Proceeding or
under any Bankruptcy Law or other applicable law.

 

“First Lien Secured Parties” means
the “Secured Parties”, as defined in the First Lien
Pledge and Security Agreement.

 

 

 

8

 

 

“First Lien Security Documents”
means the “Collateral Documents”, as defined in the
First Lien Credit Agreement, and any other agreement, document or
instrument pursuant to which a Lien is granted or purported to be
granted to secure any First Lien Secured Obligations or under which
rights or remedies with respect to any such Lien are
governed.

 

“First Priority Liens” means all
Liens on the First Lien Collateral securing the First Lien Secured
Obligations, whether created under the First Lien Security
Documents or acquired by possession, statute (including any
judgment lien), operation of law, subrogation or
otherwise.

 

“Governmental Authority” means any
federal, state, municipal, national, supranational or other
government, governmental department, commission, board, bureau,
court, agency or instrumentality or political subdivision thereof
or any entity, officer or examiner exercising executive,
legislative, judicial, regulatory or administrative functions of or
pertaining to any government or any court, in each case whether
associated with the United States of America, any State thereof or
the District of Columbia or a foreign entity or government
(including any supra-national body exercising such powers or
functions, such as the European Union or the European Central
Bank).

 

“Grantors” means the Borrower, each
other Guarantor and each other Person that shall have created or
purported to create any Super Priority Lien or any First Priority
Lien on all or any part of its assets to secure any Super Senior
Secured Obligations or any First Lien Secured
Obligations.

 

“Guarantors” means the Borrower and
each Subsidiary that has guaranteed, or that may from time to time
hereafter guarantee, the Super Senior Secured Obligations or the
First Lien Secured Obligations, whether by executing and delivering
the Super Senior Credit Agreement or the First Lien Credit
Agreement, as applicable, a counterpart agreement thereto or
otherwise.

 

“Indebtedness” means and includes
all obligations that constitute “Indebtedness”, as
defined in the Super Senior Credit Agreement or the First Lien
Credit Agreement, as applicable.

 

“Insolvency or Liquidation
Proceeding” means (a) any voluntary or
involuntary proceeding under the Bankruptcy Code or any other
Bankruptcy Law with respect to any Grantor, (b) any voluntary
or involuntary appointment of a trustee, examiner, custodian,
receiver, liquidator or similar official for any Grantor or for all
or a substantial part of the property or assets of any Grantor,
(c) any voluntary or involuntary winding-up or liquidation of
any Grantor, or (d) a general assignment for the benefit of
creditors by any Grantor.

 

“Lien” means any lien, mortgage,
pledge, assignment, security interest, hypothecation, charge or
encumbrance of any kind (including any conditional sale or other
title retention agreement, and any lease or license in the nature
thereof) and any option, trust or other preferential arrangement
having the practical effect of any of the foregoing.

 

 

 

9

 

 

“Loan Documents” means the Super
Senior Loan Documents and the First Lien Loan
Documents.

 

“Majority First Lien Revolving
Lenders” means a “Majority in Interest” of
the Revolving Lenders (as each such term is defined in the First
Lien Credit Agreement).

 

“Maximum Super Senior Principal
Amount” means the sum of (a) the excess of (i)
$20,000,000, over (ii) the sum of (A) the aggregate principal
amount of all repayments and prepayments of term loans outstanding
under the Super Senior Credit Agreement or under any Refinancing
thereof that are Super Senior Loan Documents Obligations actually
made from and after the date hereof and excluding repayments,
prepayments and reductions in connection with a Refinancing thereof
or a “roll-up” of such Super Senior Loan Documents
Obligations (or such Refinancing thereof) or such revolving credit
commitments in connection with a DIP Financing, plus (b) the
sum, without duplication, of (i) the aggregate amount of all
interest, fees and premiums, in each case, accrued in respect of or
attributable to any Super Senior Loan Documents Obligations that
has been paid in-kind or capitalized and (ii) the aggregate amount
of all interest, fees and premium (if any) in respect of or
attributable to any Super Senior Loan Documents Obligations that
are included in the principal amount of any Refinancing thereof,
any original issue discount applicable to any such Refinancing and
any fees (including upfront fees), costs and expenses relating to
such Refinancing.

 

“New First Lien Loan Documents” has
the meaning assigned to such term in Section 7.02(b).

 

“New First Lien Obligations” has
the meaning assigned to such term in Section 7.02(b).

 

“New First Lien Representative” has
the meaning assigned to such term in Section 7.02(b).

 

“New Super Senior Loan Documents”
has the meaning assigned to such term in
Section 7.02(a).

 

“New Super Senior Obligations” has
the meaning assigned to such term in
Section 7.02(a).

 

“New Super Senior Representative”
has the meaning assigned to such term in
Section 7.02(a).

 

“Officer’s Certificate” has
the meaning assigned to such term in
Section 10.15.

 

“Person” means any natural person,
corporation, limited partnership, general partnership, limited
liability company, limited liability partnership, joint stock
company, joint venture, association, company, trust, bank, trust
company, land trust, business trust or other organization, whether
or not a legal entity, and any Governmental Authority.

 

 

 

10

 

 

“Pledged or Controlled Collateral”
means Collateral as to which perfection can be accomplished by the
possession or control (as such term is defined in the Uniform
Commercial Code) of such Collateral or of any account in which such
Collateral is held.

 

“Proceeds” means (a) all
“proceeds” as defined in Article 9 of the Uniform
Commercial Code and (b) whatever is recovered when Collateral is
sold, exchanged, collected, or Disposed of, whether voluntarily or
involuntarily, including any additional or replacement collateral
provided during any Insolvency or Liquidation Proceeding and any
payment or property received in any Insolvency or Liquidation
Proceeding under Section 1129 of the Bankruptcy Code on
account of any “secured claim” (within the meaning of
Section 506(b) of the Bankruptcy Code or similar Bankruptcy
Law).

 

“Recovery” has the meaning assigned
to such term in Section 7.04.

 

“Refinance” means, in respect of
any Indebtedness or commitment, to refinance, extend, renew,
restructure or replace or to issue other Indebtedness or commitment
in exchange or replacement for, such Indebtedness or commitment, in
whole or in part;provided that any
“roll-up”, refinancing or similar treatment of any
Super Senior Secured Obligations pursuant to the terms of any DIP
Financing in accordance with Section 7.01 shall not be deemed
to be a Refinancing of such Super Senior Secured Obligations.
“Refinanced” and
“Refinancing”
have correlative meanings.

 

“Release” has the meaning assigned
to such term in Section 3.04.

 

“Reorganization Securities” has the
meaning assigned to such term in Section 6.03.

 

“Representatives” means the Super
Senior Representative and the First Lien
Representative.

 

“Secured Parties” means the Super
Senior Secured Parties and the First Lien Secured Parties, or any
one of them.

 

“Security Documents” means the
Super Senior Security Documents and the First Lien Security
Documents.

 

“Standstill Period” has the meaning
assigned to such term in Section 3.02(a).

 

“Subsidiary” means, with respect to
any Person (the “parent”) at any date, (a) any
Person the accounts of which would be consolidated with those of
the parent in the parent’s consolidated financial statements
if such financial statements were prepared in conformity with
United States generally accepted accounting principles as of such
date and (b) any other Person of which Equity Interests
representing more than 50% of the equity value or more than 50% of
the ordinary voting power or, in the case of a partnership, more
than 50% of the general partnership interests are, as of such date,
owned, controlled or held, by the parent or one or more
Subsidiaries of the parent or by the parent and one or more
Subsidiaries of the parent. Unless otherwise specified, all
references herein to Subsidiaries shall be deemed to refer to
Subsidiaries of the Borrower.

 

 

 

11

 

 

“Super Priority Liens” means all
Liens on the Super Senior Collateral securing the Super Senior
Secured Obligations, whether created under the Super Senior
Security Documents or acquired by possession, statute (including
any judgment lien), operation of law, subrogation or
otherwise.

 

“Super Senior Collateral” means all
“Collateral”, as defined in the Super Senior Credit
Agreement, and any other assets of any Grantor now or at any time
hereafter subject, or purported under the terms of any Super Senior
Security Document to be made subject, to any Lien securing any
Super Senior Secured Obligations.

 

“Super Senior Credit Agreement” has
the meaning assigned to such term in the preliminary statement of
this Agreement.

 

“Super Senior Lenders” has the
meaning assigned to such term in the preliminary statement of this
Agreement.

 

“Super Senior Loan Documents” means
the “Credit Documents”, as defined in the Super Senior
Credit Agreement.

 

“Super Senior Loan Documents
Obligations” means the “Obligations”, as
defined in the Super Senior Credit Agreement (including any such
“Obligations” arising or accruing during the pendency
of any Insolvency or Liquidation Proceeding), notwithstanding that
any such “Obligations” or claims therefor shall be
disallowed, voided or subordinated in any Insolvency or Liquidation
Proceeding or under any Bankruptcy Law or other applicable law.
Notwithstanding the foregoing, for all purposes under this
Agreement (other than the definition of “Capped Super Senior
Loan Documents Obligations”), Excess Super Senior Obligations
shall not be included in the Super Senior Loan Documents
Obligations.

 

“Super Senior Pledge and Security
Agreement” has the meaning assigned to such term in
the preliminary statement of this Agreement.

 

 

“Super Senior Refinancing Notice”
has the meaning assigned to such term in Section
7.02(a).

 

 

“Super Senior Representative” has
the meaning assigned to such term in the preamble to this
Agreement.

 

“Super Senior Secured Obligations”
means the “Secured Obligations”, as defined in the
Super Senior Pledge and Security Agreement (including any such
“Secured Obligations” arising or accruing or during the
pendency of any Insolvency or Liquidation Proceeding),
notwithstanding that any such “Secured Obligations” or
claims therefor shall be disallowed, voided or subordinated in any
Insolvency or Liquidation Proceeding or under any Bankruptcy Law or
other applicable law. Notwithstanding the foregoing, for all
purposes under this Agreement (other than the definition of
“Super Priority Liens” and Sections 3.02(a)(vii), 6.03,
9.01 and 10.13), Excess Super Senior Obligations shall not be
included in the Super Senior Secured Obligations.

 

 

 

12

 

 

“Super Senior Secured Parties”
means the “Secured Parties”, as defined in the Super
Senior Pledge and Security Agreement.

 

“Super Senior Security Documents”
means the “Collateral Documents”, as defined in the
Super Senior Credit Agreement, and any other agreement, document or
instrument pursuant to which a Lien is granted or purported to be
granted to secure any Super Senior Secured Obligations or under
which rights or remedies with respect to any such Lien are
governed.

 

“Uniform Commercial Code” or
“UCC” means the
Uniform Commercial Code (or any similar or equivalent legislation)
as in effect from time to time in any applicable
jurisdiction.

 

“Vector Subordinated Note
Collateral” has the meaning assigned to such term in
the First Lien Credit Agreement.

 

“Wilmington Trust” has the meaning
assigned to such term in the preamble to this
Agreement.

 

SECTION1.2. Terms
Generally. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and
“including” shall be deemed to be followed by the
phrase “without limitation”. The word
“will” shall be construed to have the same meaning and
effect as the word “shall”. The words
“asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all
real and personal, tangible and intangible assets and properties,
including cash, securities, accounts and contract rights. The word
“law” shall be construed as referring to all statutes,
rules, regulations, codes and other laws (including official
rulings and interpretations thereunder having the force of law or
with which affected Persons customarily comply), and all judgments,
orders, writs and decrees, of all Governmental Authorities. Unless
the context requires otherwise, (a) any definition of or reference
to any agreement, instrument or other document (including this
Agreement and the Loan Documents) shall be construed as referring
to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set
forth herein), (b) any definition of or reference to any
statute, rule or regulation shall be construed as referring thereto
as from time to time amended, supplemented or otherwise modified
(including by succession of comparable successor laws), (c) any
reference herein to (i) any Person shall be construed to
include such Person’s successors and assigns (subject to any
restrictions on assignment set forth herein), (ii) the Borrower or
any other Grantor shall be construed to include the Borrower or
such Grantor as debtor and debtor-in-possession and any receiver or
trustee for the Borrower or any other Grantor, as the case may be,
in any Insolvency or Liquidation Proceeding, and (iii) in the case
of any Governmental Authority, any other Governmental Authority
that shall have succeeded to any or all functions thereof, (d) the
words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any
particular provision hereof and (e) all references herein to
Articles or Sections shall be construed to refer to Articles or
Sections of this Agreement.

 

 

 

13

 

 

ARTICLE II.

 

LIEN PRIORITIES

 

SECTION
2.01. Relative Priorities. Notwithstanding the
date, manner or order of grant, attachment or perfection of any
First Priority Lien or any Super Priority Lien, and notwithstanding
any provision of the UCC or any other applicable law or the
provisions of any Security Document or any other Loan Document or
any other circumstance whatsoever, the First Lien Representative,
for itself and on behalf of the other First Lien Secured Parties,
and the Super Senior Representative, for itself and on behalf of
the other Super Senior Secured Parties, hereby agrees that so long
as the Discharge of Super Senior Secured Obligations has not
occurred, (a) any Super Priority Lien now or hereafter held by
or for the benefit of any Super Senior Secured Party shall be
senior in right, priority, operation, effect and all other respects
to any and all First Priority Liens, and the Super Priority Liens
shall be and remain senior in right, priority, operation, effect
and all other respects to any First Priority Liens for all
purposes, whether or not any Super Priority Liens are subordinated
in any respect to any other Lien securing any other obligation of
the Borrower, any other Grantor or any other Person and
(b) any First Priority Lien now or hereafter held by or for
the benefit of any First Lien Secured Party shall be junior and
subordinate in right, priority, operation, effect and all other
respects to any and all Super Priority Liens;provided that, so long as the
Discharge of First Lien Secured Obligations has not occurred, any
Lien on the Collateral securing any Excess Super Senior Obligations
now or hereafter held by or on behalf of any Super Senior Secured
Party shall be junior and subordinate in right, priority,
operation, effect and all other respects to any and all Liens on
the Collateral securing any of the First Lien Secured Obligations
and provided,
further, that,
notwithstanding anything to the contrary herein, any Lien on the
Vector Subordinated Note Collateral for the benefit of the First
Lien Revolving Lenders and Issuing Bank shall not be subject to the
subordination provisions of this Agreement.

 

 

SECTION
2.02. Prohibition on Contesting Liens. Each of
the Super Senior Representative, for itself and on behalf of the
other Super Senior Secured Parties, and the First Lien
Representative, for itself and on behalf of the other First Lien
Secured Parties, agrees that it will not, and hereby waives any
right to, contest or join or otherwise support any other Person in
contesting, in any proceeding (including any Insolvency or
Liquidation Proceeding), the existence, validity, enforceability,
perfection or priority of any First Priority Lien or any Super
Priority Lien, as the case may be;provided that (a) nothing
in this Agreement shall be construed to prevent or impair the
rights of the Super Senior Representative or any other Super Senior
Secured Party to enforce this Agreement, including the priority of
the Liens securing the Super Senior Secured Obligations or the
provisions for exercise of remedies, (b) nothing in this
Agreement shall be construed to prevent or impair the rights of the
First Lien Representative or any other First Lien Secured Party to
enforce this Agreement and (c) nothing in this Agreement shall be
construed to prevent or impair the rights of the First Lien
Revolving Lenders and Issuing Bank in respect of the Vector
Subordinated Note Collateral.

 

 

 

14

 

 

 

SECTION
2.03. Similar Liens and Agreements. The
parties hereto acknowledge and agree that it is their intention
that the Super Senior Collateral and the First Lien Collateral be
identical. In furtherance of the foregoing, the parties hereto
agree:

 

(a) to cooperate in
good faith in order to determine, upon any reasonable request in
writing by the Super Senior Representative or the First Lien
Representative, the specific assets included in the Super Senior
Collateral and the First Lien Collateral, the steps taken to
perfect the Super Priority Liens and the First Priority Liens
thereon and the identity of the respective parties obligated under
the Super Senior Loan Documents and the First Lien Loan Documents;
and

 

(b) that the documents,
agreements and instruments creating or evidencing the First Lien
Collateral and the First Priority Liens shall be in all material
respects in the same form as the documents, agreements and
instruments creating or evidencing the Super Senior Collateral and
the Super Priority Liens, other than with respect to the super
priority and first priority nature of the Liens created or
evidenced thereunder, the identity of the Secured Parties that are
parties thereto or secured thereby and other matters contemplated
by this Agreement.

 

 

SECTION
2.04. No Separate Liens. The parties hereto
agree that, so long as the Discharge of Super Senior Secured
Obligations has not occurred, (a) neither the First Lien
Representative nor any other First Lien Secured Party shall acquire
or hold, or accept from any Grantor or any of its Subsidiaries, any
Lien on any asset or property of any Grantor or any of
itsSubsidiaries (and none of the Grantors shall, or shall permit
any of its Subsidiaries to, grant any such Lien) securing any First
Lien Secured Obligations unless such asset or property is also
subject to a Lien securing the Super Senior Secured Obligations and
(b) neither the Super Senior Representative nor any other
Super Senior Secured Party shall acquire or hold, or accept from
any Grantor or any of its Subsidiaries, any Lien on any asset or
property of any Grantor or any of its Subsidiaries (and none of the
Grantors shall, or shall permit any of its Subsidiaries to, grant
any such Lien) securing any Super Senior Secured Obligations unless
such asset or property is also subject to a Lien securing the First
Lien Secured Obligations (including on account of the agreements of
the Super Senior Representative pursuant to Article V hereof), with
each such Lien to be subject to the provisions of this Agreement.
To the extent that the provisions of the immediately preceding
sentence are not complied with for anyreason, without limiting any
other right or remedy available to any Secured Party hereunder, the
First Lien Representative agrees, for itself and on behalf of the
other First Lien Secured Parties, that any amounts received by or
distributed to any First Lien Secured Party pursuant to or as a
result of any Lien acquired, held, accepted or granted in
contravention of this Section 2.04 shall be subject to
Section 4.02.

 

 

 

15

 

 

 

SECTION
2.05. Perfection of Liens. Except for the
agreements of the Super Senior Representative and the First Lien
Representative pursuant to Article V hereof, (a) none of the Super
Senior Representative and the other Super Senior Secured Parties
shall be responsible for perfecting and maintaining the perfection
of Liens with respect to the Collateral for the benefit of the
First Lien Representative or the other First Lien Secured Parties
and (b) none of the First Lien Representative and the other First
Lien Secured Parties shall be responsible for perfecting and
maintaining the perfection of Liens with respect to the Collateral
for the benefit of the Super Senior Representative or the other
Super Senior Secured Parties. The provisions of this Agreement are
intended solely to govern the respective Lien priorities as among
the Super Senior Secured Parties and the First Lien Secured Parties
and shall not impose on either Representative or the other Secured
Parties represented by such Representative any obligations in
respect of the disposition of Proceeds of any Collateral which
would conflict with any prior perfected claims in such Proceeds in
favor of any other Person or any order or decree of any court or
governmental authority or any applicable law.

 

SECTION
2.06. Certain Cash Collateral. Notwithstanding
anything in this Agreement or any other Super Senior Loan Documents
or First Lien Loan Document to the contrary, collateral consisting
of cash and cash equivalents pledged to secure First Lien Loan Document
Obligations under any First Lien Loan Document consisting of
reimbursement obligations in respect of letters of credit issued
thereunder shall be applied as specified in the relevant First Lien
Loan Document and will not constitute Collateral (or Super Senior
Collateral or First Lien Collateral) hereunder.

 

 

ARTICLE
III.

 

ENFORCEMENT OF RIGHTS; MATTERS RELATING TO COLLATERAL

 

SECTION
3.01. Exercise of Rights and Remedies. (a) So
long as the Discharge of Super Senior Secured Obligations has not
occurred, whether or not any Insolvency or Liquidation Proceeding
has been commenced, the Super Senior Representative and the other
Super Senior Secured Parties shall have the exclusive right to
enforce rights and exercise remedies (including any right of
setoff) with respect to the Collateral (including making
determinations regarding the release, Disposition or restrictions
with respect to the Collateral), or to commence or seek to commence
and maintain or seek to maintain any Enforcement Action, in each
case, without any consultation with or the consent of the First
Lien Representative or any other First Lien Secured
Party;provided
that, notwithstanding the foregoing, (i) in any Insolvency or
Liquidation Proceeding, any First Lien Secured Party may file a
proof of claim or statement of interest with respect to the First
Lien Secured Obligations and vote on a plan of reorganization
(including a vote to accept or reject a plan of partial or complete
liquidation, reorganization, arrangement, composition or
extension), in each case, to the extent not in contravention of the
terms of this Agreement;provided that no First Lien
Secured Party shall be a petitioning creditor or otherwise make any
filing or take any action (or join any other Person in making any
filing or taking any action) to commence any Insolvency or
Liquidation Proceeding; (ii) the First Lien Representative may
take any action to preserve or protect the validity, enforceability
and perfection of the First Priority Liens (but not to enforce such
Liens), provided
that no such action is, or could reasonably be expected to be,
(A) adverse to the Super Priority Liens or the rights of the
Super Senior Representative or any other Super Senior Secured Party
to exercise remedies in respect thereof or (B) otherwise in
contravention of the terms of this Agreement, including the
automatic release of the First Priority Liens provided in
Section 3.04; (iii) the First Lien Secured Parties may
file any responsive or defensive pleadings in opposition to any
motion, claim, adversary proceeding or other pleading made by any
Person objecting to or otherwise seeking the disallowance,
subordination or recharacterization of the claims of any of the
First Lien Secured Parties, including any claims secured by the
Collateral, or the avoidance or subordination of any First Priority
Lien (other than pursuant to the terms of this Agreement) or
otherwise make any agreements or file any motions pertaining to the
First Lien Secured Obligations or the First Priority Liens, in each
case, to the extent not in contravention of the terms of this
Agreement; (iv) the First Lien Secured Parties may exercise
rights and remedies available to unsecured creditors to the extent
(and only to the extent) provided in Section 3.03;
(v) the First Lien Secured Parties may join (but not exercise
any control over) a judicial foreclosure or Lien enforcement
proceeding with respect to the Collateral initiated by the Super
Senior Representative, to the extent that such action does not, and
could not reasonably be expected to, materially interfere with any
Enforcement Action by the Super Senior Secured Parties and
otherwise is not in contravention of the terms of this Agreement,
it being further agreed that no First Lien Secured Party may
receive any Proceeds thereof unless expressly permitted herein;
(vi) the First Lien Secured Parties may bid for or purchase any
Collateral at any public, private or judicial foreclosure upon such
Collateral initiated by the Super Senior Representative, or any
sale of any Collateral during an Insolvency or Liquidation
Proceeding;provided
that such bid may not include a “credit bid” in respect
of any First Lien Secured Obligations unless the proceeds of such
bid are otherwise sufficient to cause the Discharge of Super Senior
Secured Obligations; (vii) subject to Section 3.02(a),
the First Lien Representative and the other First Lien Secured
Parties may commence or seek to commence, and maintain or seek to
maintain, any Enforcement Action after the termination of the
Standstill Period; (viii) the First Lien Representative may
inspect or appraise the
Collateral so long as such actions do not interfere with, hinder or
delay, in any manner, any enforcement or exercise of any rights or
remedies of the Super Senior Secured Parties under the Super
Senior Loan Documents or this Agreement and otherwise are not in
contravention of the terms of this Agreement;(ix) the First Lien
Secured Parties may seek or commence an action to obtain specific
performance or injunctive relief to compel a Grantor to comply with
the delivery of financial information, the further assurances
regarding perfection of Liens and the maintenance of insurance
covenants under the First Lien Loan Documents, to the extent such
action is not an Enforcement Action, does not seek to enjoin a
Disposition of Collateral consented to or approved by the Super
Senior Representative and otherwise is not in contravention of the
terms of this Agreement; (x) the First Lien Secured Parties may
accelerate the Indebtedness under the First Lien Loan Documents in
accordance with the terms thereof; and (xi) the First Lien
Secured Parties may take any action or exercise any right to the
extent (and only to the extent) provided in Article VI (the
permitted actions described in clauses (i) through (xi) are
collectively referred to herein as the “First Lien Permitted Actions”).
Except for the First Lien Permitted Actions and as set forth in
Section 3.06, unless and until the Discharge of Super Senior
Secured Obligations has occurred, the sole right of the First Lien
Representative and the other First Lien Secured Parties with
respect to the Collateral shall be to receive the Proceeds of the
Collateral, if any, remaining after the Discharge of Super Senior
Secured Obligations has occurred and in accordance with the First
Lien Loan Documents and applicable law.

 

 

 

16

 

 

(a) In exercising
rights and remedies with respect to the Collateral, the Super
Senior Representative and the other Super Senior Secured Parties
may enforce the provisions of the Super Senior Loan Documents,
exercise remedies thereunder and under applicable law and take
other Enforcement Actions, all in such order and in such manner as
they may determine in their sole discretion. Such exercise and
enforcement shall include the rights of an agent appointed by them
to Dispose of Collateral upon foreclosure, to incur expenses in
connection with any such Disposition and to exercise all the rights
and remedies of a secured creditor under the Uniform Commercial
Code, the Bankruptcy Code or any other Bankruptcy Law or any other
applicable law.

 

(b) The First Lien
Representative, for itself and on behalf of the other First Lien
Secured Parties, hereby acknowledges and agrees that no covenant,
agreement or restriction contained in any First Lien Security
Document or any other First Lien Loan Document shall be deemed to
restrict in any way the rights and remedies of the Super Senior
Representative or the other Super Senior Secured Parties with
respect to the Collateral as set forth in this Agreement and the
other Super Senior Loan Documents.

 

(c) [Reserved].

 

(d) The Super Senior
Representative shall provide to the First Lien Representative, and
the First Lien Representative shall provide to the Super Senior
Representative, reasonable prior notice of its initial material
Enforcement Action.

 

SECTION
3.02. No Interference. The First Lien
Representative, for itself and on behalf of the other First Lien
Secured Parties, agrees that, so long as the Discharge of Super
Senior Secured Obligations has not occurred, and whether or not any
Insolvency or Liquidation Proceeding has been commenced, the First
Lien Secured Parties:

 

(i) except for First
Lien Permitted Actions, will not (A) commence (or file with any
court documents that seek to commence) or maintain or seek to
maintain any Enforcement Action, (B) commence (or file with any
court documents that seek to commence) or join with any Person
(other than the Super Senior Representative) in commencing, or
petition for or vote in favor of any resolution for, any action or
proceeding with respect to any Enforcement Action or (C) commence
(or file with any court documents that seek to commence) or join
with any Person (other than the Super Senior Representative) in
commencing any involuntary case or proceeding under any Insolvency
or Liquidation Proceeding with respect to any Grantor;provided, however, that the First Lien
Representative may commence or seek to commence, and maintain or
seek to maintain, any Enforcement Action, or join with any Person
in commencing, or petition for or vote in favor of any resolution
for, any such action or proceeding, after a period of 150 days
has elapsed (which period shall be tolled during any period in
which the Super Senior Representative is not entitled, on behalf of
the Super Senior Secured Parties, to take any Enforcement Action
with respect to any Collateral as a result of (x) any injunction
issued by a court of competent jurisdiction (which the Super Senior
Representative is diligently seeking to vacate) or (y) the
automatic stay or any other stay or prohibition in any Insolvency
or Liquidation Proceeding) since the date on which the First Lien
Representative has delivered to the Super Senior Representative
written notice (with a copy to the Borrower) of the occurrence of
an event of default under the First Lien Loan Documents (the
“Standstill
Period”);provided that all other
provisions of this Agreement (including the turnover provisions of
Article IV or Article VI) are complied with;provided further, however, that notwithstanding
the expiration of the Standstill Period or anything herein to the
contrary, in no event shall the First Lien Representative or any
other First Lien Secured Party commence (or file with any court
documents that seek to commence) or maintain or seek to maintain
any Enforcement Action, or commence (or file with any court
documents that seek to commence), join with any Person in
commencing, or petition for or vote in favor of any resolution for,
any action or proceeding with respect to any Enforcement Action, if
the Super Senior Representative or any other Super Senior Secured
Party shall have commenced, and shall be diligently pursuing any
Enforcement Action with respect to any Collateral or any such
action or proceeding;

 

 

 

17

 

 

(ii) will
not contest, protest or object to any Enforcement Action sought or
maintained by the Super Senior Representative or any other Super
Senior Secured Party relating to the Collateral under the Super
Senior Loan Documents or otherwise, so long as the First Priority
Liens attach to the Proceeds thereof subject to the relative
priorities set forth in Section 2.01 and such Enforcement
Action is not in contravention of the terms of this Agreement and
applicable law;

 

(iii) subject
to the rights of the First Lien Secured Parties under
clause (i) above, will not contest, protest or object to
the forbearance by the Super Senior Representative or any other
Super Senior Secured Party from commencing or pursuing any
Enforcement Action or to the terms or conditions applicable to any
such forbearance;

 

(iv) will
not, except for the First Lien Permitted Actions, take or receive
any Collateral, or any Proceeds thereof or payment with respect
thereto (other than, subject to Sections 6.01 and 6.03,
Reorganization Securities), in connection with any Enforcement
Action with respect to any Collateral or in connection with any
insurance policy award under a policy of insurance relating to any
Collateral or any condemnation award (or deed in lieu of
condemnation) relating to any Collateral;

 

(v) will not, except
for the First Lien Permitted Actions, take any action that would,
or could reasonably be expected to, hinder, in any material
respect, any enforcement or exercise of any rights or remedies
under the Super Senior Loan Documents, including any Disposition of
any Collateral, whether by foreclosure or otherwise;

 

(vi) will
not, except for the First Lien Permitted Actions, contest, protest
or object to the manner in which the Super Senior Representative or
any other Super Senior Secured Party may seek to enforce or collect
the Super Senior Secured Obligations or the Super Priority Liens,
regardless of whether any action or failure to act by or on behalf
of the Super Senior Representative or any other Super Senior
Secured Party is, or could be, adverse to the interests of the
First Lien Secured Parties, provided that any such action
or failure to act is not in contravention of this Agreement and
applicable law, and will not assert, and hereby waive, to the
fullest extent permitted by law, any right to demand, request,
plead or otherwise assert or claim the benefit of any marshalling,
appraisal, valuation or other similar statutory right that may be
available under applicable law with respect to the Collateral or
any similar rights a junior secured creditor may have under
applicable law; and

 

(vii) will
not attempt, directly or indirectly, whether by judicial proceeding
or otherwise, and hereby waive any right, to contest, challenge or
question the validity or enforceability of any First Lien Secured
Obligation or any First Lien Security Document, including this
Agreement, or the validity or enforceability of the priorities,
rights or obligations established by this Agreement.

 

 

 

18

 

 

 

SECTION
3.03. Rights as Unsecured Creditors. The First
Lien Representative and the other First Lien Secured Parties may,
in accordance with the terms of the First Lien Loan Documents and
applicable law, enforce rights and exercise remedies against the
Borrower and any Guarantor that are available to unsecured
creditors (other than initiating or joining in an involuntary case
or proceeding under any Insolvency or Liquidation Proceeding with
respect to any Grantor or taking any other Enforcement
Action);provided
that no such action is in contravention of the terms of this
Agreement (including Article VI hereof). Nothing in this Agreement
shall prohibit the receipt by the First Lien Representative or any
other First Lien Secured Party of the required payments of
principal, premium, interest, fees and other amounts due under the
First Lien Loan Documents so long as such receipt is not the direct
or indirect result of a distribution or recovery in any Insolvency
or Liquidation Proceeding in contravention of this Agreement (but
subject to Section 4.02), any Enforcement Action by the First Lien
Representative or any other First Lien Secured Party in
contravention of this Agreement or any other enforcement or
exercise by the First Lien Representative or any other First Lien
Secured Party of rights or remedies as a secured creditor
(including any right of setoff) in contravention of this Agreement
or enforcement in contravention of this Agreement of any First
Priority Lien (including any judgment lien resulting from the
exercise of remedies available to an unsecured creditor, to the
extent such judgment lien applies to Collateral), with the First
Lien Representative, on behalf of itself and the other First Lien
Secured Parties, hereby agreeing that any amounts received by or
distributed to any First Lien Secured Party in contravention of the
foregoing shall be subject to Section 4.02.

 

SECTION
3.04. Automatic Release of First Priority
Liens. (a) If, in connection with (i) any Disposition
of any Collateral permitted under the terms of the Super Senior
Loan Documents or (ii) the enforcement or exercise of any
rights or remedies with respect to the Collateral, including any
Disposition of Collateral, the Super Senior Representative, for
itself and on behalf of the other Super Senior Secured Parties,
(A) releases the Super Priority Liens on any Collateral or (B)
releases any Guarantor the Equity Interests in which are subject to
such Disposition or such enforcement or exercise from its
obligations under its guarantee of the Super Senior Secured
Obligations (in each case, a “Release”), other than any such
Release granted (except as a result of the enforcement or exercise
of any rights or remedies pursuant to clause (ii) above) in
connection with the Discharge of Super Senior Loan Documents
Obligations, then the First Priority Liens on such Collateral, and
the obligations of such Guarantor under its guarantee of the First
Lien Secured Obligations, shall be immediately, automatically,
unconditionally and simultaneously released, and upon delivery to
the First Lien Representative of an Officer’s Certificate
stating that any such Release in respect of the Super Senior
Secured Obligations has become effective (or shall become effective
concurrently with such release of the First Priority Liens on such
Collateral granted to the First Lien Secured Parties and the First
Lien Representative or the release of the obligations of such
Guarantor under its guarantee of the First Lien Secured
Obligations, as the case may be) and any necessary or proper
instruments of termination or release prepared by the Borrower or
any other Grantor or Guarantor, the First Lien Representative
shall, for itself and on behalf of the other First Lien Secured
Parties, promptly execute and deliver to the Super Senior
Representative, the relevant Grantor or such Guarantor, at the
Borrower’s or the other Grantor’s or Guarantor’s
sole cost and expense and without any representation or warranty,
such termination statements, releases and other documents as the
Super Senior Representative or the relevant Grantor or Guarantor
may reasonably request to effectively confirm such
Release;provided that, in the case of any
Disposition of Collateral, notwithstanding the release of the First
Priority Liens thereon, the First Priority Liens shall attach to
the Proceeds thereof subject to the relative priorities set forth
in Section 2.01 (and, for the avoidance of doubt, nothing in the
foregoing shall be deemed to be a release of the First Priority
Liens on any such Proceeds, it being the express intent of the
First Lien Secured Parties that the First Priority Liens attach to
such Proceeds);provided further that (x) in the
case of any Disposition of any Collateral (other than any such
Disposition in connection with the enforcement or exercise of any
rights or remedies with respect to such Collateral or pursuant to
an Insolvency or Liquidation Proceeding), the First Priority Liens
on such Collateral shall not be so released if such Disposition is
not permitted under the terms of the First Lien Credit Agreement or
such Disposition is to the Borrower or any of its Affiliates and
(y) in the case of any Disposition of any Collateral, the First
Priority Liens shall not be so released without the consent of the
First Lien Representative unless the net cash Proceeds of such
Disposition will be applied (if applicable, upon judicial approval
of such application) to permanently repay or prepay (or otherwise
reduce, in the case of a “credit bid”) (1) the Super
Senior Secured Obligations, it being understood that any such
repayment or prepayment of principal of Capped Super Senior Loan
Documents Obligations shall reduce the Maximum Super Senior
Principal Amount by an equal amount, or (2) any DIP Financing.
In the case of any
Disposition of any Collateral by the Super Senior Representative
(other than pursuant to any Insolvency or Liquidation Proceeding),
the Super Senior Representative (I) shall provide the First Lien
Representative with at least 10 Business Days’ prior written
notice of such Disposition and (II) shall take reasonable care (as
determined in the reasonable credit judgment of the Super Senior
Representative) to conduct such Disposition in a commercially
reasonable manner (it being understood that the Super Senior
Representative shall have no obligation to postpone any such
Disposition in order to achieve a higher
price).

 

 

(a) Until the Discharge
of Super Senior Loan Documents Obligations occurs, the First Lien
Representative, for itself and on behalf of each other First Lien
Secured Party, hereby appoints the Super Senior Representative, and
any officer or agent of the Super Senior Representative, with full
power of substitution, as the attorney-in-fact of each First Lien
Secured Party for the purpose of carrying out the express
provisions of this Section 3.04 and taking any action and
executing any instrument that the Super Senior Representative
reasonably deems necessary to accomplish the purposes of this
Section 3.04 (including any endorsements or other instruments
of transfer or release), which appointment is irrevocable and
coupled with an interest.

 

 

 

19

 

 

SECTION
3.05. Insurance and Condemnation Awards. So
long as the Discharge of Super Senior Secured Obligations has not
occurred, the Super Senior Representative and the other Super
Senior Secured Parties shall have the exclusive right, subject to
the rights of the Grantors under the Super Senior Loan Documents,
to settle and adjust claims in respect of Collateral under policies
of insurance covering Collateral and to approve any award granted
in any condemnation or similar proceeding, or any deed in lieu of
condemnation, in respect of the Collateral. All Proceeds of any
such policy and any such award, or any payments with respect to a
deed in lieu of condemnation, shall (a) first, prior to the
Discharge of Super Senior Secured Obligations and subject to the
rights of the Grantors under the Super Senior Loan Documents, be
paid to the Super Senior Representative for the benefit of Super
Senior Secured Parties pursuant to the terms of the Super Senior
Loan Documents, (b) second, after the Discharge of Super
Senior Secured Obligations and subject to the rights of the
Grantors under the First Lien Loan Documents, be paid to the First
Lien Representative for the benefit of the First Lien Secured
Parties pursuant to the terms of the First Lien Loan Documents
until the Discharge of First Lien Secured Obligations, (c)
third, after the
Discharge of First Lien Secured Obligations, be paid to the Super
Senior Representative for the benefit of the Super Senior Secured
Parties pursuant to the terms of the Super Senior Loan Documents on
account of the Excess Super Senior Obligations, and (d) fourth, be
paid to the owner of the subject property, such other Person as may
be entitled thereto or as a court of competent jurisdiction may
otherwise direct. Until the Discharge of Super Senior
SecuredObligations has occurred, if the First Lien Representative
or any other First Lien Secured Party shall, at any time, receive
any proceeds of any such insurance policy or any such award or
payment, it shall transfer and pay over such proceeds to the Super
Senior Representative in accordance with Section
4.02.

 

SECTION
3.06. Vector Subordinated Note Collateral.
Notwithstanding anything to the contrary in this Agreement (other
than as provided in the second and third sentence of this
Section 3.06), this Article III shall not apply to the rights
and remedies of the First Lien Representative, the First Lien
Revolving Lenders and Issuing Bank, any other First Lien Lender or
any other First Lien Secured Party with respect to the Vector
Subordinated Note or the Vector Subordinated Note Collateral under
the First Lien Loan Documents. The First Lien Representative, the
First Lien Revolving Lenders and Issuing Bank, any other First Lien
Lender or any other First Lien Secured Party may take any action
(or may instruct the First Lien Representative to take any action)
(and none of the Super Senior Representative, the Super Senior
Lenders or any other Super Senior Secured Party, in their
respective capacities as such, may take such action or may instruct
the First Lien Representative or the Super Senior Representative to
take such action) with respect to the Vector Subordinated Note or
the Vector Subordinated Note Collateral pursuant to and in
accordance with the terms of the First Lien Loan Documents, in each
case, without the consent of the Super Senior Representative or any
other Super Senior Secured Party. The rights of the First Lien
Representative, the First Lien Revolving Lenders and Issuing Bank,
any other First Lien Lender and any other First Lien Secured Party
described in this Section 3.06 shall be a First Lien Permitted
Action for all purposes under this Agreement and such rights shall
be permitted to be exercised in respect of the Vector Subordinated
Note and the Vector Subordinated Note Collateral in the same manner
as if it were the Super Senior Representative in this
Article III.

 

 

 

20

 

 

ARTICLE IV.

 

PAYMENTS

 

SECTION
4.01. Application of Proceeds. So long as the
Discharge of Super Senior Secured Obligations has not occurred, any
Collateral or Proceeds thereof (other than, in each case,
in respect of the Vector
Subordinated Note Collateral which shall be subject to
Section 4.04) received by the Super Senior
Representative in connection with any Enforcement Action or in
connection with any Insolvency or Liquidation Proceeding shall be
applied by the Super Senior Representative to the Super Senior
Secured Obligations in accordance with the terms of the Super
Senior Loan Documents. Upon the Discharge of Super Senior Secured
Obligations, (a) if the Discharge of First Lien Secured Obligation
has not occurred, subject to Section 2.05, the Super Senior
Representative shall deliver (without any representation, warranty
or recourse) to the First Lien Representative any remaining
Collateral and any Proceeds thereof then held by it in the same
form as received, together with any necessary endorsements, or as a
court of competent jurisdiction may otherwise direct, to be applied
by the First Lien Representative to the First Lien Secured
Obligations and (b) so long as the Discharge of First Lien Secured
Obligations has not occurred, any Collateral or Proceeds thereof
received by the First Lien Representative pursuant to clause (a) of
this sentence or in connection with any Enforcement Action or in
connection with any Insolvency or Liquidation Proceeding shall be
applied by the First Lien Representative to the First Lien Secured
Obligations in accordance with the terms of the First Lien Loan
Documents. Upon the Discharge of First Lien Secured Obligations,
(i) if the Discharge of Excess Super Senior Obligations has not
occurred, subject to Section 2.05, the First Lien
Representative shall deliver (without any representation, warranty
or recourse) to the Super Senior Representative any remaining
Collateral and any Proceeds thereof then held by it in the same
form as received, together with any necessary endorsements, or as a
court of competent jurisdiction may otherwise direct, to be applied
by the Super Senior Representative to the Excess Super Senior
Obligations and (ii) so long as the Discharge of Excess Super
Senior Obligations has not occurred, any Collateral or Proceeds
thereof received by the Super Senior Representative pursuant to
clause (i) of this sentence or in connection with any Enforcement
Action or in connection with any Insolvency or Liquidation
Proceeding shall be applied by the Super Senior Representative to
the Excess Super Senior Obligations in accordance with the terms of
the Super Senior Loan Documents.

 

 

SECTION
4.02. Payment Over. So long as the Discharge
of Super Senior Secured Obligations has not occurred, any
Collateral, or any Proceeds thereof or payment in connection
therewith or on account thereof (together with assets or Proceeds
subject to Liens referred to in the final sentence of
Section 2.04 or in the final proviso of Section 6.01(b)
or amounts referred to in the parenthetical at the end of Section
3.03 or Collateral, Proceeds or distributions referred to in the
last two sentences of Section 7.04), received by the First Lien
Representative or any other First Lien Secured Party as a
distribution or recovery in any Insolvency or Liquidation
Proceeding (other than any post-petition amounts received by the
First Lien Secured Parties as contemplated by Section 6.04(b), or
Reorganization Securities), or in connection with any Enforcement
Action, or in connection with any insurance policy claim or any
condemnation award (or deed in lieu of condemnation) (in each case
other than in respect of
the Vector Subordinated Note Collateral which shall be subject to
Section 4.04), shall be segregated and held in trust
and promptly transferred or paid over to the Super Senior
Representative for the benefit of the Super Senior Secured Parties
in the same form as received, together with any necessary
endorsements, or as a court of competent jurisdiction may otherwise
direct. Until the Discharge of Super Senior Secured Obligations
occurs, the First Lien Representative, for itself and on behalf of
each other First Lien Secured Party, hereby appoints the Super
Senior Representative, and any officer or agent of the Super Senior
Representative, with full power of substitution, the
attorney-in-fact of each First Lien Secured Party for the purpose
of carrying out the express provisions of this Section 4.02
and taking any action and executing any instrument that the Super
Senior Representative reasonably deems necessary to accomplish the
purposes of this Section 4.02, which appointment is
irrevocable and coupled with an interest.

 

 

 

21

 

 

 

SECTION
4.03. Certain Agreements with Respect to Invalid or
Unenforceable Liens. Notwithstanding anything to the
contrary contained herein, if in any Insolvency or Liquidation
Proceeding a determination is made that any Lien encumbering any
Collateral is not valid, perfected or enforceable for any reason,
or is subordinated in any respect to any other Liens, then the
First Lien Representative and the other First Lien Secured Parties
agree that any distribution or recovery they may receive with
respect to, or on account of, the value of the assets intended to
constitute such Collateral or any Proceeds thereof (in each case
other than in respect of the Vector Subordinated Note Collateral
which shall be subject to Section 4.04) shall (for so long as
the Discharge of Super Senior Secured Obligations has not occurred)
be segregated and held in trust and promptly paid over to the Super
Senior Representative for the benefit of the Super Senior Secured
Parties in the same form as received without recourse,
representation or warranty (other than a representation of the
First Lien Representative that it has not otherwise sold, assigned,
transferred or pledged any right, title or interest in and to such
distribution or recovery) but with any necessary endorsements or as
a court of competent jurisdiction may otherwise direct until such
time as the Discharge of Super Senior Secured Obligations has
occurred. Until the Discharge of Super Senior Secured Obligations
occurs, the First Lien Representative, for itself and on behalf of
each other First Lien Secured Party, hereby appoints the Super
Senior Representative, and any officer or agent of the Super Senior
Representative, with full power of substitution, the
attorney-in-fact of each First Lien Secured Party for the limited
purpose of carrying out the express provisions of this
Section 4.03 and taking any action and executing any
instrument that the Super Senior Representative reasonably deems
necessary to accomplish the purposes of this Section 4.03,
which appointment is irrevocable and coupled with an
interest.

 

SECTION
4.04. Agreements with respect to Vector Subordinated
Note Collateral. Notwithstanding anything to the contrary
contained in this Agreement or in any other Super Senior Loan
Document or any other First Lien Loan Document, the Super Senior
Representative, for itself and on behalf of the Super Senior
Secured Parties, and the First LienRepresentative, for itself and
on behalf of the First Lien Secured Parties, hereby acknowledge and
agree that any value received by any Super Senior Secured Party or
any First Lien Secured Party in respect of any Vector Subordinated
Note Collateral, including any prepayment, repayment or other
amount or value received in respect of the Vector Subordinated Note
and any amounts on deposit in the Vector Subordinated Note Cash
Collateral Account (as defined in the First Lien Credit Agreement),
whether resulting from the exercise of remedies under any Super
Senior Loan Document or any First Lien Loan Document, any
Enforcement Action or otherwise and whether constituting Collateral
consisting of cash or cash equivalents or the proceeds of any
collection or sale of any Vector Subordinated Note Collateral or
otherwise, shall be applied (a) FIRST, to the payment in full of
all Secured Obligations in the form of accrued and unpaid interest
and fees in respect of all Revolving Commitments, Revolving Loans
and Letters of Credit (each capitalized term in this sub-clause (a)
as defined in the First Lien Loan Documents), (b) SECOND, to the
payment in full of all outstanding Revolving Loans (as defined in
the First Lien Loan Documents), (c) THIRD, to the Cash
Collateralization of Letters of Credit in an amount equal to 103%
of the Letter of Credit Usage as of such time (each capitalized
term in this sub-clause (b) as defined in the First Lien Loan
Documents) and (d) FOURTH, to the payment in full of any and all
other the Secured Obligations owed to the Revolving Lenders in
their capacities as such (all such amounts so applied to be
distributed among the Revolving Lenders in accordance with their
Pro Rata Shares of the Revolving Exposure on the date of any such
distribution) (each capitalized term in this sub-clause (d) as
defined in the First Lien Loan Documents), in each case, prior to
any application to the Super Senior Secured Obligations or to any
other First Lien Secured Obligations in accordance with this
Article IV. In furtherance of the foregoing, at any time prior to
the Discharge of First Lien Secured Obligations with respect to the
First Lien Secured Obligations of the First Lien Revolving Lenders
and Issuing Bank, notwithstanding anything to the contrary herein,
any value received by any Representative or any Secured Party in
respect of the Vector Subordinated Note Collateral, whether
resulting from the exercise of remedies, including any Enforcement
Action, or otherwise shall be turned over to the First Lien
Representative for application in accordance with the First Lien
Loan Documents (or other compensation shall be provided to the
First Lien Revolving Lenders and Issuing Bank by such
Representative or Secured Party in an amount equivalent to such
value to give effect to the priorities set forth in this Section
4.04) until and to the extent required to effectuate the Discharge
of First Lien Secured Obligations with respect to the First Lien
Secured Obligations of the First Lien Revolving Lenders and Issuing
Bank.

 

 

ARTICLE
V. 

 

BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS

 

(a) The Super Senior
Representative agrees that if it shall at any time hold a Super
Priority Lien on any Pledged or Controlled Collateral and if such
Pledged or Controlled Collateral is in fact in the possession or
under the control of the Super Senior Representative, or of agents
or bailees of the Super Senior Representative, the Super Senior
Representative shall, solely for the purpose of perfecting by
possession or control, as applicable, the First Priority Liens
granted under the First Lien Loan Documents and subject to the
terms and conditions of this Article V, also hold and control such
Pledged or Controlled Collateral as gratuitous bailee and
gratuitous agent for the First Lien Representative and hereby
acknowledges that it has control of any Pledged or Controlled
Collateral in its control on behalf of and for the benefit of the
First Lien Representative.

 

(b) So long as the
Discharge of Super Senior Secured Obligations has not occurred, the
Super Senior Representative shall be entitled to deal with the
Pledged or Controlled Collateral in accordance with the terms of
this Agreement and the other Super Senior Loan Documents and
applicable law as if the First Priority Liens did not exist. The
obligations and responsibilities of the Super Senior Representative
to the First Lien Representative and the other First Lien Secured
Parties under this Article V shall be limited solely to holding or
controlling the Pledged or Controlled Collateral as gratuitous
bailee or gratuitous agent for the First Lien Representative, and
transferring the Pledged or Controlled Collateral, in each case,
subject to the terms and conditions of this Article V. Without
limiting the foregoing, the Super Senior Representative shall have
no obligation or responsibility to ensure that any Pledged or
Controlled Collateral is genuine or owned by any of the Grantors or
to preserve the rights or benefits of any Person. The Super Senior
Representative acting pursuant to this Article V shall not, by
reason of this Agreement, any other Security Document or any other
document, have a fiduciary relationship in respect of any other
Super Senior Secured Party, the First Lien Representative or any
other First Lien Secured Party. The parties recognize that the
interest of the Super Senior Representative, on the one hand, and
the First Lien Representative and the other First Lien Secured
Parties, on the other hand, may differ, and the Super Senior
Representative may act in its own interest without taking into
account the interest of the First Lien Representative or any other
First Lien Secured Party.

 

 

 

22

 

 

(c) Upon the Discharge
of Super Senior Secured Obligations, the Super Senior
Representative shall transfer the possession and control of the
Pledged or Controlled Collateral (other than with respect to any
deposit account as to which control is maintained pursuant to
Section 9-104(a)(1) of the Uniform Commercial Code), together with
any necessary endorsements but without recourse, representation or
warranty, (i) if the First Lien Secured Obligations are
outstanding at such time, to the First Lien Representative, and
(ii) if no First Lien Secured Obligations are outstanding at
such time, to the applicable Grantor, in each case so as to allow
such Person to obtain possession and control of such Pledged or
Controlled Collateral. In connection with any transfer under
clause (i) of the immediately preceding sentence, the Super
Senior Representative agrees to take all commercially reasonable
actions as shall be reasonably requested by the First Lien
Representative to permit the First Lien Representative to obtain,
for the benefit of the First Lien Secured Parties, a first priority
security interest in the Pledged or Controlled
Collateral.

 

(d) The First Lien
Representative agrees that if it shall at any time prior to the
Discharge of Super Senior Secured Obligations hold a First Priority
Lien on any Pledged or Controlled Collateral and if,
notwithstanding the provisions of this Agreement (and disregarding
any control the First Lien Representative might have solely as a
result of the foregoing provisions of this Article V), such Pledged
or Controlled Collateral (other than, in each case, in respect of
the Vector Subordinated Noted Collateral) is in fact in the
possession or under the control of the First Lien Representative,
or of agents or bailees of the First Lien Representative, the First
Lien Representative shall (i) solely for the purpose of perfecting
by possession or control, as applicable, the Super Priority Liens
granted under the Super Senior Loan Documents, also hold and
control such Pledged or Controlled Collateral as gratuitous bailee
and gratuitous agent for the Super Senior Representative (and
hereby acknowledges that it has control of any Pledged or
Controlled Collateral in its control on behalf of and for the
benefit of the Super Senior Representative), (ii) promptly
inform the Super Senior Representative thereof and (iii) other
than with respect to any deposit account as to which control is
maintained pursuant to Section 9-104(a)(1) of the Uniform
Commercial Code, transfer the possession and control of such
Pledged or Controlled Collateral, together with any necessary
endorsements but without recourse, representation or warranty, to
the Super Senior Representative and, in connection therewith, take
all commercially reasonable actions as shall be reasonably
requested by the Super Senior Representative to permit the Super
Senior Representative to obtain, for the benefit of the Super
Senior Secured Parties, a super priority security interest in such
Pledged or Controlled Collateral.

 

ARTICLE
VI. 

 

INSOLVENCY OR LIQUIDATION PROCEEDINGS

 

SECTION
6.01. Finance and Sale
Matters. (a) If
in any Insolvency and Liquidation Proceeding, any post-petition
financing is provided by one or more of the Super Senior Secured
Parties or any of their Affiliates under Section 364 of the
Bankruptcy Code, or any other comparable provision of any other
Bankruptcy Law (a “DIP
Financing”
and the liens thereunder, the “DIP Financing
Liens”),
the Super Senior Secured Parties will use commercially reasonable
efforts to afford all First Lien Lenders in a commercially
reasonable manner the opportunity to participate in such DIP
Financing in a manner that results in an allocation of all loans
and commitments under, and interest and fees received on account
of, such DIP Financing (including any roll-up component thereof)
that is consistent with the ratable holdings of the First Lien
Lenders of the outstanding loans under the First Lien Credit
Agreement that choose to participate in such DIP Financing
(determined as of the date on which such Insolvency and Liquidation
Proceeding is initiated or any other “record date” that
has been determined in good faith), and each of the provisions that
affects the Vector Subordinated Note Collateral in any documents in
respect of such DIP Financing shall be in form and substance
reasonably satisfactory to the Majority First Lien Revolving
Lenders.

 

 

 

23

 

 

(a) Until the Discharge
of Super Senior Loan Documents Obligations has occurred, the First
Lien Representative, for itself and on behalf of the other First
Lien Secured Parties, agrees that, in the event of any Insolvency
or Liquidation Proceeding, the First Lien Secured
Parties:

 

(i) will be deemed to
have consented to, and will not oppose or object to (or support any
other Person in opposing or objecting to), the use of any
Collateral (other than, in the case of the First Lien Revolving
Lenders and Issuing Bank, the Vector Subordinated Note Collateral)
constituting cash collateral under Section 363 of the
Bankruptcy Code, or any comparable provision of any other
Bankruptcy Law, that is consented to, or not opposed or objected
to, by the Super Senior Representative or any other representative
authorized by the Super Senior Secured Parties (and neither the
First Lien Representative nor any First Lien Secured Party shall
seek any relief in connection therewith that is in conflict with
the relief being sought by the Super Senior Secured Parties (it
being understood that the foregoing shall not affect the rights of
the First Lien Secured Parties to seek adequate protection as
provided in Section 6.01(c)));

 

(ii) will
be deemed to have consented to, and will not oppose or object to
(or support any other Person in opposing or objecting to), any DIP
Financing, or the DIP Financing Liens securing such DIP Financing,
that is consented to, or not opposed or objected to, by the Super
Senior Representative or any other representative authorized by the
Super Senior Secured Parties, to the extent that (A) such DIP
Financing Liens are senior to, or rank pari passu with, the Super
Priority Liens securing the Super Senior Secured Obligations, (B)
the First Lien Secured Parties are not required to release their
Liens on the Collateral as a condition to such DIP Financing and
(C) (1) such DIP Financing Liens do not rank senior to the Liens
of, and the claims of such DIP Financing rank junior to the claims
and priority of, theFirst Lien Revolving Lenders and Issuing Bank
with respect to the Vector Subordinated Note Collateral and (2) the
documents in respect of the DIP Financing include a provision
substantially similar to Section 4.04 of this Agreement (replacing
terms in respect of the Super Senior Secured Obligations with
corresponding terms in respect of obligations under such DIP
Financing).

 

(iii) except
to the extent permitted by Section 6.01(c) and except with
respect to the Vector Subordinated Note Collateral in the case of
the First Lien Revolving Lenders and Issuing Bank, in connection
with the use of cash collateral as described in clause (i)
above or a DIP Financing, will not request adequate protection or
any other relief in connection with such use of cash collateral,
DIP Financing or DIP Financing Liens; and

 

 

 

24

 

 

(iv) will
be deemed to have consented to, and will not oppose or object to
(or support any other Person in opposing or objecting to) any
Disposition of any Collateral free and clear of the First Priority
Liens or other claims under Section 363 of the Bankruptcy Code
(provided that the
First Lien Representative may object to the Disposition on any
grounds that may be asserted by an unsecured creditor), or any
comparable provision of any other Bankruptcy Law, if the Super
Senior Secured Parties, or a representative authorized by the Super
Senior Secured Parties, shall consent to, or not oppose or object
to, such Disposition;provided that, (A) in the case of any such
Disposition, notwithstanding the release of the First Priority
Liens thereon, the First Priority Liens shall attach to the
Proceeds thereof subject to the relative priorities set forth in
Section 2.01 (and, for the avoidance of doubt, nothing in the
foregoing shall be deemed to be a release of the First Priority
Liens on any such Proceeds, it being the express intent of the
First Lien Secured Parties that the First Priority Liens attach to
such Proceeds) and (B)(1) any Disposition of the Vector
Subordinated Note Collateral shall not be permitted without the
prior written consent of the Majority First Lien Revolving Lenders
and (2) the First Lien Revolving Lenders and Issuing Bank may
oppose or object to (or support any other Person in opposing or
objecting to) any Disposition of the Vector Subordinated Note
Collateral to the extent required to protect their rights, priority
and Liens with respect thereto.

 

Notwithstanding
anything to the contrary contained herein, nothing in this
Section 6.01(b) shall prohibit any First Lien Secured Party
from proposing a DIP Financing so long as such DIP Financing would,
on the closing date thereof, result in a Discharge of the Super
Senior Secured Obligations.

 

(b) The First Lien
Representative, for itself and on behalf of the other First Lien
Secured Parties, agrees that, until the Discharge of Super Senior
Loan Documents Obligations has occurred, no First Lien Secured
Party shall contest, or join or otherwise support any other Person
in contesting, (i) any request by the Super Senior
Representative or any other Super Senior Secured Party for adequate
protection or, subject to clause (B) of the proviso to Section
6.01(b)(iv), for the roll-up of the loans under the Super Senior
Credit Agreement into loans under any DIP Financing, or
(ii) any objection, based on a claim of a lack of adequate
protection, by the Super Senior Representative or any other Super
Senior Secured Party to any motion, relief, action or proceeding.
Notwithstanding the immediately preceding sentence, (A) if any
Super Senior Secured Party is granted adequate protection in the
form of a replacement Lien or a Lien on additional collateral, the
First Lien Representative may, for itself and on behalf of the
other First Lien Secured Parties, seek or request adequate
protection in the form of a replacement Lien or a Lien on such
additional collateral, which Liens will be subordinated to the
Super Priority Liens and DIP Financing Liens on the same basis as
the other First Priority Liens are subordinated to the Super
Priority Liens under this Agreement, and (B) the First Lien
Representative and other First Lien Secured Parties may seek
adequate protection with respect to their rights in the Collateral
in any Insolvency or Liquidation Proceeding in the form of (1)
solely with respect to the First Lien Revolving Lenders and Issuing
Bank, adequate protection to the extent required to protect their
rights, Liens and priority with respect to the Vector Subordinated
Note Collateral and (2)(x) Liens on additional collateral or
replacement Liens on the Collateral, provided that, in either such
case, as adequate protection for the Super Senior Secured
Obligations, the Super Senior Representative, on behalf of the
Super Senior Secured Parties, is also granted (or has previously
been granted) a senior Lien on such additional collateral or senior
replacement Liens on the Collateral, as applicable, (y) an
administrative expense claim (including a superpriority
administrative claim), provided that, as adequate
protection for the Super Senior Secured Obligations, the Super
Senior Representative, on behalf of the Super Senior Secured
Parties, is also granted (or has previously been granted) an
administrative expense claim that is senior and prior to the
administrative expense claim (including any superpriority
administrative claim) of the First Lien Representative and the
First Lien Secured Parties, or (z)(1) the current payment of
out-of-pocket fees and expenses of counsel and advisors incurred by
the First Lien Representative and (ii) solely with respect the
Vector Subordinated Note Collateral, the current payment of
out-of-pocket fees and expenses of counsel and advisors incurred by
the First Lien Revolving Lenders and Issuing Bank;provided further that, in the case of
each of clauses (2)(x) and (2)(y), (I) to the extent the
Super Senior Secured Parties are not granted such adequate
protection in the applicable form, any amounts recovered by or
distributed to any First Lien Secured Party pursuant to or as a
result of any such Lien on additional collateral, any such
replacement Lien or any such administrative expense claim granted
to or for the benefit of the First Lien Secured Parties shall be
subject to Section 4.02 and (II) the First Lien Secured
Parties shall have agreed (and by virtue of accepting any such
adequate protection shall be deemed to have agreed) pursuant to
Section 1129(a)(9) of the Bankruptcy Code that any Section
507(b) claims arising in respect of any adequate protection granted
to the First Lien Secured Parties may be paid under a plan of
reorganization in any form having a value on the effective date of
such plan equal to the allowed amount of such claims (i.e., are not
required to be paid solely in cash). It is understood and agreed
that nothing in clause (B) above shall modify or otherwise affect
the other agreements by or on behalf of the First Lien
Representative or the First Lien Secured Parties set forth in this
Agreement (including the agreements to consent to or not to oppose
or object that are set forth in Section 6.01(a)). Until the
Discharge of Super Senior Loan Documents Obligations has occurred,
the First Lien Representative, for itself and on behalf of the
other First Lien Secured Parties, agrees that, in the event of any
Insolvency or Liquidation Proceeding, except to the extent
permitted by the foregoing provisions of this Section 6.01(b),
the First Lien Secured Parties (other than the First Lien Revolving
Lenders and Issuing Bank in respect of the Vector Subordinated Note
Collateral) will not assert any claim (or support any other Person
in asserting any claim) under Section 507(b) of the Bankruptcy
Code.

 

 

 

25

 

 

 

SECTION
6.02. Relief from the Automatic Stay. The
First Lien Representative, for itself and on behalf of the other
First Lien Secured Parties, agrees that, so long as the Discharge
of Super Senior Loan Documents Obligations has not occurred, no
First Lien Secured Party shall, without the prior written consent
of the Super Senior Representative, seek or request relief from or
modification of the automatic stay or any other stay in any
Insolvency or Liquidation Proceeding in respect of any part of the
Collateral, any Proceeds thereof or any First Priority Lien
(other than the First
Lien Revolving Lenders and Issuing Bank in respect of the Vector
Subordinated Note Collateral).

 

 

SECTION
6.03. Reorganization Securities. Nothing in
this Agreement prohibits or limits the right of the First Lien
Representative or any other First Lien Secured Party to receive and
retain any debt or equity obligations or securities that are issued
by a reorganized debtor pursuant to a plan of reorganization or
similar dispositive restructuring plan in connection with any
Insolvency or Liquidation Proceeding (any such debt or equity
obligations or securities, “Reorganization Securities”). If,
in any Insolvency or Liquidation Proceeding, Reorganization
Securities are so permitted to be distributed on account of both
the Super Senior Secured Obligations and the First Lien Secured
Obligations, then, to the extent the Reorganization Securities
distributed on account of the Super Senior Secured Obligations and
on account of the First Lien Secured Obligations are secured by
Liens upon the same assets or property, the provisions of this
Agreement will survive the distribution of such Reorganization
Securities pursuant to such plan and will apply with like effect to
the Liens securing such Reorganization Securities, including without limitation, the
provisions herein in respect of the Vector Subordinated Note
Collateral.

 

SECTION
6.04. Post-Petition Interest. (a) The First
Lien Representative, for itself and on behalf of the other First
Lien Secured Parties, agrees that no First Lien Secured Party shall
oppose or seek to challenge (or support any other Person in
opposing or challenging) any claim by the Super Senior
Representative or any other Super Senior Secured Party for
allowance in any Insolvency or Liquidation Proceeding of Super
Senior Secured Obligations consisting of post-petition interest,
fees, expenses or indemnities to the extent of the value of the
Super Priority Liens (it being understood and agreed that such
value shall be determined without regard to the existence of the
First Priority Liens on the Collateral).

 

(a) The Super Senior
Representative, for itself and on behalf of the other Super Senior
Secured Parties, agrees that no Super Senior Secured Party shall
oppose or seek to challenge (or support any other Person in
opposing or challenging) any claim by the First Lien Representative
or any other First Lien Secured Party for allowance in any
Insolvency or Liquidation Proceeding of First Lien Secured
Obligations consisting of post-petition interest, fees, expenses or
indemnities to the extent of the value of the First Priority Liens
(it being understood and agreed that such value shall be determined
taking into account the Super Priority Liens on the Collateral and
the amount of the Super Senior Secured Obligations secured
thereby).

 

 

 

26

 

 

 

SECTION
6.05. Certain Waivers by the First Lien Secured
Parties. The First Lien Representative, for itself and on
behalf of the other First Lien Secured Parties, waives any claim
any First Lien Secured Party may hereafter have against any Super
Senior Secured Party arising out of (a) the election by any
Super Senior Secured Party of the application of
Section 1111(b)(2) of the Bankruptcy Code, or any comparable
provision of any other Bankruptcy Law, or (b) any use of cash
collateral or financing arrangement, or any grant of a security
interest in the Collateral, in any Insolvency or Liquidation
Proceeding to the extent that the same is not in contravention of
this Agreement.

 

 

SECTION
6.06. Certain Voting Matters. Each of the
Super Senior Representative, for itself and on behalf of the other
Super Senior Secured Parties, and the First Lien Representative,
for itself and on behalf of the other First Lien Secured Parties,
agrees that, without the written consent of the other, it will not
seek to vote with the other as a single class in connection with
any plan of reorganization in any Insolvency or Liquidation
Proceeding.

 

 

SECTION
6.07. Subordination Agreement. The parties
hereto expressly acknowledge that this Agreement is intended to
constitute a “subordination agreement” within the scope
of Section 510(a) of the Bankruptcy Code, which will be effective
before, during and after the commencement of an Insolvency or
Liquidation Proceeding. All references in this Agreement to any
Grantor will include such Person as a debtor-in-possession and any
receiver or trustee for such Person in an Insolvency or Liquidation
Proceeding.

 

 

ARTICLE
VII. 

 

OTHER AGREEMENTS

 

SECTION 7.01. Matters Relating to Loan Documents. (a)
[Reserved].

 

 

(a) [Reserved].

 

 

(b) The First Lien
Representative agrees that the First Lien Credit Agreement shall
contain provisions substantially similar to those set forth in
Section 10.24 of the First Lien Credit Agreement as in effect
on the date hereof, or similar provisions approved by the Super
Senior Representative, which approval shall not be unreasonably
withheld or delayed, and each First Lien Security Document entered
into or amended on or after the date hereof shall contain the
provisions set forth on Annex II hereto, or similar provisions
approved by the Super Senior Representative, which approval shall
not be unreasonably withheld or delayed.

 

 

(c) [Reserved].

 

 

 

27

 

 

 

(d) The First Lien Representative, for itself and on
behalf of the other First Lien Secured Parties, and the Super
Senior Representative, for itself and on behalf of the other Super
Senior Secured Parties, acknowledge and agree that (i) the grants
of Liens pursuant to the Super Senior Security Documents and the
First Lien Security Documents constitute two separate and distinct
grants of Liens, and (ii) because of, among other things,
their differing rights in the Collateral, the First Lien Secured
Obligations are fundamentally different from the Super Senior
Secured Obligations (as defined without reference to the final
sentence of the definition of such term) and must be separately
classified in any plan of reorganization proposed or adopted in an
Insolvency or Liquidation Proceeding. To further effectuate the
intent of the parties as provided in the immediately preceding
sentence, if it is held that the claims of the Super Senior Secured
Parties and the First Lien Secured Parties in respect of the
Collateral constitute only one secured claim (rather than separate
classes of senior and junior secured claims), then each of the
parties hereto hereby acknowledges and agrees that, subject to the
provisions hereof (including Sections 2.01 and 4.01), all
distributions shall be made as if there were separate classes of
senior and junior secured claims against the Grantors in respect of
the Collateral (with the effect being that, to the extent that the
aggregate value of the Collateral is sufficient (for this purpose
ignoring all First Lien Secured Obligations held by the First Lien
Secured Parties) to satisfy the Super Senior Secured Obligations,
the Super Senior Secured Parties shall be entitled to receive, in
addition to amounts otherwise distributed to them in respect of
principal, pre-petition interest and other claims constituting
Super Senior Secured Obligations, all amounts owing in respect of
post-petition interest, including any additional interest payable
pursuant to the Super Senior Credit Agreement, arising from or
related to a default, which is included in the Super Senior Secured
Obligations but which is disallowed as a claim in any Insolvency or
Liquidation Proceeding) before any distribution is made in respect
of the claims held by the First Lien Secured Parties with respect
to the Collateral, and the First Lien Representative, for itself
and on behalf of the other First Lien Secured Parties, hereby
acknowledges and agrees to turn over to the Super Senior
Representative, for itself and on behalf of the other Super Senior
Secured Parties, amounts otherwise received or receivable by the
First Lien Secured Parties to the extent necessary to effectuate
the intent of this sentence (with respect to the payment of
post-petition interest), even if such turnover has the effect of
reducing the claim or recovery of the First Lien Secured
Parties. The provisions of this Section 7.01(e) shall be
subject to Article IV, including without limitation, Section 4.04,
in all respects.

 

 

SECTION
7.02. Effect of Refinancing of Indebtedness under
Loan Documents. (a) If, substantially
contemporaneously with the Discharge of Super Senior Loan Documents
Obligations, the Borrower Refinances the Indebtedness outstanding
under the Super Senior Loan Documents and provided that (i) such
Refinancing is permitted hereby, (ii) the Borrower gives to
the First Lien Representative advance written notice (the
“Super Senior Refinancing
Notice”) electing the application of the provisions of
this Section 7.02(a) to such Refinancing Indebtedness,
provided that no
Super Senior Refinancing Notice shall be required to be given in
respect of, and the provisions of this Section 7.02(a) shall
apply automatically to, any Refinancing Indebtedness incurred under
the Super Senior Credit Agreement, and (iii) the holders of
such Refinancing Indebtedness, and the trustee, collateral agent or
similar representative of such holders (to the extent such holders
and the trustee, collateral agent or similar representative of such
holders, in such capacity, are not already bound by the terms of
this Agreement), agree in writing to be bound by the terms of this
Agreement pursuant to an amendment effected in accordance with
Section 10.05, then (A) such Discharge of Super Senior Loan
Documents Obligations shall automatically be deemed not to have
occurred for all purposes of this Agreement, (B) such
Refinancing Indebtedness and all other obligations under the
indenture, credit agreement or other definitive agreement
evidencing such Refinancing Indebtedness (the “New Super Senior Obligations”)
shall automatically be treated as Super Senior Secured Obligations
for all purposes of this Agreement (but, for the avoidance of
doubt, shall be subject to the cap limitations in the definitions
of the terms “Super Senior Loan Documents Obligations”
and “Super Senior Secured Obligations”), including for
purposes of the Lien priorities and rights in respect of Collateral
set forth herein, (C) the indenture, credit agreement or other
definitive agreement evidencing such Refinancing Indebtedness and
the security and other documents relating thereto (the
“New Super Senior Loan
Documents”) shall automatically be treated as the
Super Senior Credit Agreement and the Super Senior Loan Documents
and, in the case of New Super Senior Loan Documents that are
security documents, as the Super Senior Security Documents for all
purposes of this Agreement, (D) the trustee, collateral agent
or similar representative for the holders of the New Super Senior
Obligations under the New Super Senior Loan Documents (the
“New Super Senior
Representative”) shall be deemed to be the Super
Senior Representative for all purposes of this Agreement and (E)
the holders of the Indebtedness under the New Super Senior Loan
Documents shall be deemed to be the Super Senior Lenders for all
purposes of this Agreement.

 

 

 

28

 

 

(a) If, substantially
contemporaneously with the Discharge of First Lien Secured
Obligations, the Borrower Refinances the Indebtedness outstanding
under the First Lien Loan Documents and provided that (i) such
Refinancing is permitted hereby, (ii) the Borrower gives to the
Super Senior Representative advance written notice (the
“First Lien Refinancing
Notice”) electing the application of the provisions of
this Section 7.02(b) to such Refinancing Indebtedness, provided that no First Lien
Refinancing Notice shall be required to be given in respect of, and
the provisions of this Section 7.02(b) shall apply automatically
to, any Refinancing Indebtedness incurred under the First Lien
Credit Agreement (including pursuant to Section 2.25 thereof), and
(iii) the holders of such Refinancing Indebtedness, and the
trustee, collateral agent or similar representative of such holders
(to the extent such holders and the trustee, collateral agent or
similar representative of such holders, in such capacity, are not
already bound by the terms of this Agreement), agree in writing to
be bound by the terms of this Agreement pursuant to an amendment
effected in accordance with Section 10.05, then (A) such Discharge
of First Lien Secured Obligations shall automatically be deemed not
to have occurred for all purposes of this Agreement, (B) such
Refinancing Indebtedness and all other obligations under the
indenture, credit agreement or other definitive agreement
evidencing such Refinancing Indebtedness (the “New First Lien Obligations”) shall
automatically be treated as First Lien Secured Obligations for all
purposes of this Agreement, including for purposes of the Lien
priorities and rights in respect of Collateral set forth herein,
(C) the indenture, credit agreement or other definitive agreement
evidencing such Refinancing Indebtedness and the security and other
documents relating thereto (the “New First Lien Loan Documents”)
shall automatically be treated as the First Lien Credit Agreement
and the First Lien Loan Documents and, in the case of New First
Lien Loan Documents that are security documents, as the First Lien
Security Documents for all purposes of this Agreement, (D) the
trustee, collateral agent or similar representative for the holders
of the New First Lien Obligations under the New First Lien Loan
Documents (the “New First
Lien Representative”) shall be deemed to be the First
Lien Representative for all purposes of this Agreement and (E) the
holders of the Indebtedness under the New First Lien Loan Documents
shall be deemed to be the First Lien Lenders for all purposes of
this Agreement.

 

 

SECTION
7.03. No Waiver by
Super Senior Secured Parties. Other than with respect to the
First Lien Permitted Actions, including in respect of the
Vector Subordinated Note Collateral in the case of the First Lien
Revolving Lenders and the Issuing Banks, nothing contained herein
shall prohibit or in any way limit the Super Senior Representative
or any other Super Senior Secured Party from opposing, challenging
or objecting to, in any Insolvency or Liquidation Proceeding or
otherwise, any action taken, or any claim made, by the First Lien
Representative or any other First Lien Secured Party, including any
request by the First Lien Representative or any other First Lien
Secured Party for adequate protection or anyexercise by the First
Lien Representative or any other First Lien Secured Party of any of
its rights and remedies under the First Lien Loan Documents or
otherwise, or any proposal by the First Lien Representative or any
other First Lien Secured Party to provide any DIP
Financing.

 

 

 

29

 

 

SECTION
7.04. Reinstatement. If, in any Insolvency or
Liquidation Proceeding or otherwise, all or part of any payment
with respect to the Super Senior Secured Obligations previously
made shall be rescinded, invalidated, avoided, declared to be
fraudulent or preferential, set aside, or otherwise required to be
transferred to a debtor-in-possession, trustee, receiver or similar
Person or the estate of any Grantor (a “Recovery”) for any reason
whatsoever, then the Super Senior Secured Obligations shall be
reinstated to the extent of the amount so subject to Recovery as if
such payment had not occurred (and the Discharge of Super Senior
Secured Obligations shall be deemed not to have occurred) and, if
theretofore terminated, this Agreement shall be reinstated in full
force and effect and such prior termination shall not diminish,
release, discharge, impair or otherwise affect the Lien priorities
and the relative rights and obligations of the Super Senior Secured
Parties and the First Lien Secured Parties provided for herein.
Upon any such reinstatement of Super Senior Secured Obligations,
each First Lien Secured Party will deliver to the Super Senior
Representative, in accordance with Section 4.02, any Collateral or
Proceeds thereof received between the Discharge of Super Senior
Secured Obligations and such reinstatement.

 

SECTION
7.05. Further Assurances. Each of the Super
Senior Representative, for itself and on behalf of the other Super
Senior Secured Parties, and the First Lien Representative, for
itself and on behalf of the other First Lien Secured Parties,
agrees that it will execute, or will cause to be executed, any and
all further documents, agreements and instruments, and take all
such further actions, as may be required under any applicable law,
or which the Super Senior Representative or the First Lien
Representative may reasonably request, to effectuate the terms of
this Agreement, including the relative Lien priorities provided for
herein.

 

ARTICLEV
III.  

 

REPRESENTATIONS AND WARRANTIES

 

Each
Representative party hereto represents and warrants to the other
Representative as follows:

 

(a) Such Representative
is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization and has all requisite
power and authority to execute and deliver this Agreement and
perform its obligations hereunder.

 

(b) This Agreement has
been duly executed and delivered by such Representative and
constitutes a legal, valid and binding obligation of such
Representative, enforceable in accordance with its
terms.

 

(c) Such Representative
has been authorized by the Super Senior Lenders (in the case of
Super Senior Representative) and the First Lien Lenders (in the
case of the First Lien Representative) to enter into this
Agreement.

 

 

 

30

 

 

ARTICLEIX.

 

 

 

NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE

 

SECTION
9.01. No Reliance; Information. Each
Representative, for itself and on behalf of the applicable other
Secured Parties, acknowledges that (a) it and such Secured
Parties have, independently and without reliance upon, in the case
of the Super Senior Secured Parties, any First Lien Secured Party
and, in the case of the First Lien Secured Parties, any Super
Senior Secured Party, and based on such documents and information
as they have deemed appropriate, made their own credit analysis and
decision to enter into the Loan Documents to which they are party
and (b) it and such Secured Parties will, independently and
without reliance upon, in the case of the Super Senior Secured
Parties, any First Lien Secured Party and, in the case of the First
Lien Secured Parties, any Super Senior Secured Party, and based on
such documents and information as they shall from time to time deem
appropriate, continue to make their own credit decision in taking
or not taking any action under this Agreement orany other Loan
Document to which they are party. The Super Senior Secured Parties
and the First Lien Secured Parties shall have no duty to disclose
to any First Lien Secured Party or to any Super Senior Secured
Party, respectively, any information relating to the Borrower or
any of the Subsidiaries, or any other circumstance bearing upon the
risk of nonpayment of any of the Super Senior Secured Obligations
or the First Lien Secured Obligations, as the case may be, that is
known or becomes known to any of them or any of their Affiliates.
In the event any Super Senior Secured Party or any First Lien
Secured Party, in its sole discretion, undertakes at any time or
from time to time to provide any such information to, respectively,
any First Lien Secured Party or any Super Senior Secured Party, it
shall be under no obligation (i) to make, and shall not make
or be deemed to have made, any express or implied representation or
warranty, including with respect to the accuracy, completeness,
truthfulness or validity of the information so provided,
(ii) to provide any additional information or to provide any
such information on any subsequent occasion or (iii) to
undertake any investigation.

 

 

SECTION
9.02. No Warranties or Liability. (a) The
Super Senior Representative, for itself and on behalf of the other
Super Senior Secured Parties, acknowledges and agrees that, except
for the representations and warranties set forth in
Article VIII, neither the First Lien Representative nor any
other First Lien Secured Party has made any express or implied
representation or warranty, including with respect to the
execution, validity, legality, completeness, collectability or
enforceability of any of the First Lien Loan Documents, the
ownership of any Collateral or the perfection or priority of any
Liens thereon. The First Lien Representative, for itself and on
behalf of the other First Lien Secured Parties, acknowledges and
agrees that, except for the representations and warranties set
forth in Article VIII, neither the Super Senior Representative
nor any other Super Senior Secured Party has made any express or
implied representation or warranty, including with respect to the
execution, validity, legality, completeness, collectability or
enforceability of any of the Super Senior Loan Documents, the
ownership of any Collateral or the perfection or priority of any
Liens thereon.

 

 

 

31

 

 

(a) The First Lien
Representative and the other First Lien Secured Parties shall have
no express or implied duty to the Super Senior Representative or
any other Super Senior Secured Party, and the Super Senior
Representative and the other Super Senior Secured Parties shall
have no express or implied duty to the First Lien Representative or
any other First Lien Secured Party, to act or refrain from acting
in a manner which allows, or results in, the occurrence or
continuance of a default or an event of default under any Super
Senior Loan Documents and any First Lien Loan Document (other than,
in each case, this Agreement), regardless of any knowledge thereof
which they may have or be charged with.

 

(b) The First Lien
Representative, for itself and on behalf of the other First Lien
Secured Parties, agrees no Super Senior Secured Party shall have
any liability to the First Lien Representative or any other First
Lien Secured Party, and hereby waives any claim against any Super
Senior Secured Party, arising out of any and all actions which the
Super Senior Representative or the other Super Senior Secured
Parties may take or permit or omit to take with respect to
(i) the Super Senior Loan Documents (other than this
Agreement), (ii) the collection of the Super Senior Secured
Obligations or (iii) the maintenance of, the preservation of,
the foreclosure upon or the Disposition of any Collateral, other
than, in each case, any such action in respect of the Vector
Subordinated Note Collateral, which shall be subject to Section
4.04 of this Agreement.

 

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

 

(a) any lack of
validity or enforceability of any Loan Document;

 

(b) any change in the
time, place or manner of payment of, or in any other term of
(including, subject to the limitations set forth in Section
7.01(a), the Refinancing of), all or any portion of the Super
Senior Secured Obligations, it being specifically acknowledged that
a portion of the Super Senior Secured Obligations consists or may
consist of Indebtedness that is revolving in nature, and the amount
thereof that may be outstanding at any time or from time to time
may be increased or reduced and subsequently
reborrowed;

 

(c) any amendment,
waiver or other modification, whether by course of conduct or
otherwise, of any Loan Document;

 

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

 

 

 

32

 

 

(e) the commencement of
an Insolvency or Liquidation Proceeding or any other circumstances
that otherwise might constitute a defense available to, or a
discharge of, the Borrower, any other Grantor or any other Person
in respect of the Super Senior Secured Obligations or this
Agreement, or any of the First Lien Secured Parties in respect of
this Agreement.

 

                               

 

 

 

ARTICLE
X. 

 

MISCELLANEOUS

 

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

 

(a) if to the Super
Senior Representative, to Wilmington Trust, National Association,
as Collateral Agent, 50 South Sixth Street, Suite 1290,
Minneapolis, MN 55402, Attention: Fusion Super Senior Loan
Administrator, Email: jrose@wilmingtontrust.com, and

 

(b) if to the First
Lien Representative, to Wilmington Trust, National Association, as
Collateral Agent, 50 South Sixth Street, Suite 1290, Minneapolis,
MN 55402, Attention: Fusion First Lien Loan Administrator, Email:
jrose@wilmingtontrust.com.

 

All
notices and other communications given to any party hereto in
accordance with the provisions of this Agreement sent by hand or
overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices and
other communications sent by fax shall be deemed to have been given
when sent; and notices and other communications sent to an email
address shall be deemed received upon the sender’s receipt of
an acknowledgement from the intended recipient (such as by the
“return receipt requested” function, as available,
return email or other written acknowledgement), except that, if not
given during normal business hours for the recipient, shall be
deemed to have been given at the opening of business on the next
business day for the recipient.

 

SECTION
10.02. Conflicts. In the event of any conflict
or inconsistency between the provisions of this Agreement and the
provisions of the other Loan Documents, the provisions of this
Agreement shall control.

 

SECTION
10.03. Effectiveness; Survival. This Agreement
shall become effective when executed and delivered by the parties
hereto. All covenants, agreements, representations and warranties
made by any party in this Agreement shall be considered to have
been relied upon by the other parties hereto and shall survive the
execution and delivery of this Agreement. The terms of this
Agreement shall survive, and shall continue in full force and
effect, in any Insolvency or LiquidationProceeding. The First Lien
Representative, for itself and on behalf of the other First Lien
Secured Parties, hereby waives any and all rights the First Lien
Secured Parties may now or hereafter have under applicable law to
revoke this Agreement or any of the provisions of this
Agreement.

 

 

 

33

 

 

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

 

SECTION
10.05. Amendments; Waivers. (a) No failure or
delay on the part of any party hereto in exercising any power or
right hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of
the parties hereto are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any
provision of this Agreement or consent to any departure by any
party therefrom shall in any event be effective unless the same
shall be permitted by Section 10.05(b), and then such waiver
or consent shall be effective only in the specific instance and for
the purpose for which given.

 

(a) Neither this
Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing
entered into by the Super Senior Representative and the First Lien
Representative;provided that:

 

(i)  no such
agreement shall amend, modify or otherwise affect the rights or
obligations of any Grantor without the Borrower’s prior
written consent;

 

(ii) in
connection with any Refinancing contemplated by
Section 7.01(a) or 7.01(b), the Super Senior Representative
and the First Lien Representative shall enter (and are hereby
authorized to enter without the consent of any other Secured
Party), at the written request and expense of the Borrower, into
such amendments or other modifications or supplements of this
Agreement as are reasonably necessary or appropriate to add the new
trustee, collateral agent or similar representative in respect of
such Refinancing Indebtedness as a party hereto and to provide such
new trustee, collateral agent or similar representative, and the
other holders of such Refinancing Indebtedness, the rights and
obligations hereunder of the Representative in respect of, or the
holders of, the Indebtedness or other Super Senior Secured
Obligations or First Lien Secured Obligations being Refinanced and
to otherwise reflect such Refinancing (and in connection therewith
to provide for technical modifications to this Agreement to
facilitate the foregoing), it being the intent that such amendments
or other modifications (A) establish that the Liens on any
Collateral securing any Refinancing Indebtedness in respect of
Super Senior Secured Obligations will have the same priorities
relative to the Liens on such Collateral securing First Lien
Secured Obligations as the Liens that secured the Indebtedness
being Refinanced had immediately prior to such Refinancing,
(B) establish that the Liens on any Collateral securing any
Refinancing Indebtedness in respect of First Lien Secured
Obligations will have the same priorities relative to the Liens on
such Collateral securing Super Senior Secured Obligations as the
Liens that secured the Indebtedness being Refinanced had
immediately prior to such Refinancing, (C) provide to the
parties benefited by the Liens on any Collateral securing such
Refinancing Indebtedness in respect of Super Senior Secured
Obligations the same rights and obligations relative to the parties
holding Liens on such Collateral securing First Lien Secured
Obligations as the parties that were benefited by the Liens that
secured such Indebtedness or other Super Senior Secured Obligations
being Refinanced had immediately prior to such Refinancing and
(D) provide to the parties benefited by the Liens on any
Collateral securing such Refinancing Indebtedness in respect of
First Lien Secured Obligations the same rights and obligations
relative to the parties holding Liens on such Collateral securing
Super Senior Secured Obligations as the parties that were benefited
by the Liens that secured such Indebtedness or other First Lien
Secured Obligations being Refinanced had immediately prior to such
Refinancing;

 

 

 

34

 

 

(iii) in
connection with the incurrence of any Additional Super Senior
Obligations, the Super Senior Representative and the First Lien
Representative shall enter (and are hereby authorized to enter
without the consent of any other Secured Party), at the written
request and expense of the Borrower, into such amendments or other
modifications or supplements of this Agreement as are reasonably
necessary or appropriate to add an Additional Super Senior
Obligations Representative as a party hereto, to provide such
Additional Super Senior Obligations Representative and the other
holders of such Additional Super Senior Obligations rights and
obligations hereunder substantially identical to those of the Super
Senior Representative and the other Super Senior Secured Parties
(subject, with respect to the exercise of remedies and certain
other rights set forth herein, to the allocation of control between
the Super Senior Secured Parties and the holders of such Additional
Super Senior Obligations in the manner agreed by them) and
otherwise to treat such Additional Super Senior Obligations and any
Liens on any assets of the Borrower or any Subsidiary securingsuch
Additional Super Senior Obligations in a manner that is
substantially identical to the treatment hereunder of the Super
Senior Secured Obligations and the Super Priority Liens (and in
connection therewith to provide for technical modifications to this
Agreement to facilitate the foregoing, including, for the avoidance
of doubt, modifications to the cap limitations (but not any
increase in the aggregate amount of such cap limitations, except to
the extent otherwise permitted by the First Lien Loan Documents
then extant) in the definition of the term “Maximum Super
Senior Principal Amount” and in Section 6.01(a)(ii) (and
modifications to related definitions) to include such Additional
Super Senior Obligations in such cap limitations in a manner that
is substantially identical to the treatment hereunder of the Super
Senior Loan Documents Obligations and the Super Senior Secured
Obligations);

 

(iv) in
connection with the incurrence of any Additional First Lien
Obligations, the Super Senior Representative and the First Lien
Representative shall enter (and are hereby authorized to enter
without the consent of any other Secured Party), at the written
request and expense of the Borrower, into such amendments or other
modifications or supplements of this Agreement as are reasonably
necessary or appropriate to add an Additional First Lien
Obligations Representative as a party hereto, to provide such
Additional First Lien Obligations Representative and the other
holders of such Additional First Lien Obligations rights
andobligations substantially similar to those of the First Lien
Representative and the other First Lien Secured Parties (subject,
with respect to the exercise of remedies and certain other rights
set forth herein, to the allocation of control between the First
Lien Secured Parties and the holders of such Additional First Lien
Obligations in the manner agreed by them) and otherwise to treat
such Additional First Lien Obligations and any Liens on any assets
of the Borrower or any Subsidiary securing such Additional First
Lien Obligations in a manner that reflects the status thereof as
Additional First Lien Obligations secured on a basis, and Liens
that are, junior to the Super Priority Liens and the Liens securing
any Additional Super Senior Obligations (and in connection
therewith to provide for technical modifications to this Agreement
to facilitate the foregoing); and

 

 

 

35

 

 

(v) the First Lien
Representative shall not waive, amend or modify (1) any
provision of this Agreement in respect of the Vector Subordinated
Note Collateral or (2) the priorities set forth in Section
4.01, in each case, unless directed by the Majority First Lien
Revolving Lenders.

 

(b) Notwithstanding the
terms of Section 10.05(b), in the event that the First Lien
Representative has not commenced the actions contemplated by
Section 10.05(b)(ii) or 10.05(b)(iii) in connection with any
permitted Refinancing of the Super Senior Secured Obligations or
the incurrence of any Additional Super Senior Obligations, as
applicable, within 10 Business Days after the delivery by the
Borrower to the First Lien Representative of a written request to
do so, then, unless the First Lien Representative has provided
written notice to the Borrower and the Super Senior Representative
within such 10 Business Day period setting forth in reasonable
detail the basis for its determination that it is not required to
take such action in accordance with Section 10.05(b)(ii) or
10.05(b)(iii), as applicable, the Super Senior Representative,
without the consent of the First Lien Representative, is authorized
to amend or otherwise modify this Agreement in the manner set forth
in Section 10.05(b)(ii) or 10.05(b)(iii), as
applicable;provided
that such Refinancing or Additional Super Senior Obligations, as
applicable (and any Liens relating thereto), are permitted under
the First Lien Loan Documents then extant.

 

(c) Notwithstanding the
terms of Section 10.05(b), in the event that the Super Senior
Representative does not take the actions contemplated by Section
10.05(b)(ii) or 10.05(b)(iv) in connection with any permitted
Refinancing of the First Lien Secured Obligations or the incurrence
of any Additional First Lien Obligations, as applicable, within 10
Business Days after the delivery by the Borrower to the Super
Senior Representative of a written request to do so, then, unless
the Super Senior Representative has provided written notice to the
Borrower and the First Lien Representative within such 10 Business
Day period setting forth in reasonable detail the basis for its
determination that it is not required to take such action in
accordance with Section 10.05(b)(ii) or 10.05(b)(iv), as
applicable, the First Lien Representative, without the consent of
the Super Senior Representative, is authorized to amend or
otherwise modify this Agreement in the manner set forth in Section
10.05(b)(ii) or 10.05(b)(iv), as applicable;provided that such Refinancing
or Additional First Lien Obligations, as applicable (and any Liens
relating thereto), are permitted under the Super Senior Loan
Documents then extant.

 

SECTION
10.06. Subrogation. The First Lien
Representative, for itself and on behalf of the other First Lien
Secured Parties, hereby waives any rights of subrogation it or they
may acquire as a result of any payment hereunder until the
Discharge of Super Senior Secured Obligations has
occurred;provided, however, that, as between the
Borrower and the other Grantors, on the one hand, and the First
Lien Secured Parties, on the other hand, any such payment that is
paid over to the Super Senior Representative pursuant to this
Agreement shall be deemed not to reduce any of the First Lien
Secured Obligations unless and until the Discharge of Super Senior
Secured Obligations shall have occurred and the Super Senior
Representative delivers any such payment to the First Lien
Representative.

 

 

 

36

 

 

SECTION
10.07. APPLICABLE LAW;
JURISDICTION; CONSENT TO SERVICE OF PROCESS; WAIVERS. (a)
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT
LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS
WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN
THE LAW OF THE STATE OF NEW YORK.

 

(a) ALL JUDICIAL
PROCEEDINGS BROUGHT AGAINST ANY PARTY HERETO OR ANY OTHER SECURED
PARTY OR GRANTOR ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL
BE BROUGHT EXCLUSIVELY IN ANY FEDERAL COURT OF THE UNITED STATES OF
AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES
NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN
THE CITY AND COUNTY OF NEW YORK. BY EXECUTING AND DELIVERING THIS
AGREEMENT, EACH REPRESENTATIVE, FOR ITSELF AND ITS RELATED SECURED
PARTIES AND ITS AND THEIR PROPERTIES, IRREVOCABLY (I) ACCEPTS
GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE
OF SUCH COURTS, (II) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS,
(III) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN
ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED
IN ACCORDANCE WITH SECTION 10.01, (IV) AGREES THAT SERVICE AS
PROVIDED IN CLAUSE (III) ABOVE IS SUFFICIENT TO CONFER
PERSONAL JURISDICTION OVER IT AND ITS PROPERTY IN ANY SUCH
PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE
AND BINDING SERVICE IN EVERY RESPECT AND (V) AGREES THAT A
FINAL JUDGMENT IN ANY SUCH PROCEEDING MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW.

 

(b) BY EXECUTING AND
DELIVERING THIS AGREEMENT, EACH REPRESENTATIVE, FOR ITSELF AND ITS
RELATED SECURED PARTIES AND ITS AND THEIR PROPERTIES, IRREVOCABLY
AGREES THAT THE ONLY NECESSARY PARTIES TO ANY AND ALL JUDICIAL
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE
THE PARTIES HERETO, EXCEPT WHERE IN ANY SUCH JUDICIAL PROCEEDING
RELIEF (INCLUDING INJUNCTIVE RELIEF OR THE RECOVERY OF MONEY) IS
BEING SOUGHT DIRECTLY AGAINST OR FROM A PERSON THAT IS NOT A PARTY.
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, AND CONSISTENT
WITH THE PROVISIONS OF SECTIONS 10.13, NONE OF THE SUPER SENIOR
SECURED PARTIES (OTHER THAN THE SUPER SENIOR REPRESENTATIVE) OR THE
FIRST LIEN SECURED PARTIES (OTHER THAN THE FIRST LIEN
REPRESENTATIVE) SHALL BE NECESSARY OR OTHERWISE APPROPRIATE PARTIES
TO ANY SUCH JUDICIAL PROCEEDINGS, UNLESS IN SUCH JUDICIAL
PROCEEDING SUMS ARE BEING SOUGHT TO BE RECOVERED DIRECTLY FROM SUCH
PERSONS, INCLUDING PURSUANT TO SECTION 4.02, OR THE PROVISIONS OF
THIS AGREEMENT ARE SOUGHT TO BE ENFORCED DIRECTLY AGAINST SUCH
PERSONS.

 

 

 

37

 

 

SECTION
10.08. WAIVER OF JURY TRIAL. EACH
REPRESENTATIVE, FOR ITSELF AND ON BEHALF OF ITS RELATED SECURED
PARTIES, HEREBY WAIVES ITS AND THEIR RESPECTIVE RIGHTS TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING UNDER
THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURTAND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW AND STATUTORY CLAIMS. EACH REPRESENTATIVE, FOR ITSELF
AND ON BEHALF OF ITS RELATED SECURED PARTIES, ACKNOWLEDGES THAT
THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT
AND THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO
THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER
IN ITS RELATED FUTURE DEALINGS. EACH REPRESENTATIVE, FOR ITSELF AND
ON BEHALF OF ITS RELATED SECURED PARTIES, FURTHER WARRANTS AND
REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL
AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR
IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 10.08 AND EXECUTED BY EACH OF THE PARTIES
HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS, OR MODIFICATIONS HERETO. IN THE EVENT OF
LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A
TRIAL BY THE COURT.

 

SECTION
10.09. Parties in Interest. (a) The provisions
of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns, as
well as the other Super Senior Secured Parties and First Lien
Secured Parties, all of whom are intended to be bound by, and to be
third party beneficiaries of, this Agreement. Other than with
respect to Sections 7.02, 10.05(b), 10.05(c), and 10.05(d), which
shall also inure to the benefit of the Borrower, no other Person,
including any trustee, debtor-in-possession, creditor trust or
other representative of an estate or creditor of any Grantor
(including where such estate or creditor representative is the
beneficiary of a Lien securing Collateral by virtue of the
avoidance of such Lien in an Insolvency or Liquidation Proceeding),
shall have or be entitled to assert rights or benefits
hereunder.

 

(a) If either the Super
Senior Representative or the First Lien Representative resigns or
is replaced pursuant to the Super Senior Loan Documents or the
First Lien Loan Documents, as applicable, its successor will be
party to this Agreement with all the rights, and subject to all the
obligations of the predecessor Super Senior Representative or the
First Lien Representative, as applicable, of this
Agreement.

 

 

 

38

 

 

SECTION
10.10. Specific Performance. Each
Representative may demand specific performance of this Agreement
and, on behalf of itself and the respective other Secured Parties,
hereby irrevocably waives any defense based on the adequacy of a
remedy at law and any other defense that might be asserted to bar
the remedy of specific performance in any action which may be
brought by the respective Secured Parties. No bond shall be
required as a condition to the specific performance by any Secured
Parties.

 

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

 

SECTION
10.12. Counterparts. This Agreement may be
executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original
but all of which when taken together shall constitute a single
contract, and shall become effective as provided in
Section 10.03. Delivery of an executed signature page to this
Agreement by facsimile or in electronic format (i.e.,
“pdf” or “tif”) shall be as effective as
delivery of a manually signed counterpart of this
Agreement.

 

SECTION
10.13. Provisions Solely to Define Relative
Rights. The provisions of this Agreement are and are
intended solely for the purpose of defining the relative rights of
the Super Senior Secured Parties, on the one hand, and the First
Lien Secured Parties, on the other hand. Except as expressly
provided in Section 10.09(a), none of the Borrower or any other
Grantor or any other creditor thereof shall have any rights or
obligations, and none of the Borrower, any other Grantor or any
Guarantor may rely on the terms hereof. Nothing in this Agreement
is intended to or shall impair the obligations of the Borrower or
any other Grantor or any Guarantor, which are absolute and
unconditional, to pay the Super Senior Secured Obligations and the
First Lien Secured Obligations as and when the same shall become
due and payable in accordance with their terms.

 

SECTION
10.14. Intercreditor Agreement
Acknowledgement. Reference is made to the
Intercreditor Agreement Acknowledgement, substantially in the form
of Annex I hereto, executed and delivered in respect of this
Agreement (a) on the date hereof by the Borrower and each other
Grantor that is a Grantor on the date hereof and (b) after the date
hereof, pursuant to the terms of the Credit Agreements, by each
Subsidiary that becomes a Grantor after the date
hereof.

 

SECTION
10.15. Dealings with Borrower, Grantors and
Guarantors. Upon any application, demand or request by the
Borrower or any other Grantors or Guarantors to any Representative
to take or permit any action under any of the provisions of this
Agreement or under any Security Document (if such action is subject
to the provisions hereof), the Borrower or such other Grantor or
Guarantor, as appropriate, shall furnish to such Representative a
certificate of an authorized officer (an “Officer’s Certificate”)
stating that all conditions precedent, if any provided for in this
Agreement or such Security Document, as the case may be, relating
to the proposed action have been complied with, except that in the
case of any such application, demand or request as to which the
furnishing of such document is specifically required by any
provisions of this Agreement or any Security Document relating to
such particular application, demand or request, no additional
certificate or opinion need be furnished.

 

 

 

39

 

 

SECTION
10.16. Agents and Representatives. It is
understood and agree that (a) the Super Senior Representative is
entering into this Agreement in its capacity as administrative
agent and collateral agent under the Super Senior Credit Agreement
and the provisions of Section 9 of the Super Senior Credit
Agreement applicable to the Agents (as defined therein) thereunder
shall also apply to the Super Senior Representative hereunder and
(b) the First Lien Representative is entering into this Agreement
in its capacity as administrative agent and collateral agent under
the First Lien Credit Agreement and the provisions of Section 9 of
the First Lien Credit Agreement applicable to the Agents (as
defined therein) thereunder shall also apply to the First Lien
Representative hereunder.

 

[Signature
pages follow.]

 

 

 

 

40

 

 

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

 

 

	

WILMINGTON
TRUST, NATIONAL ASSOCIATION, as Bridge Representative,

 

	

By

	

/s/
Jeffery Rose

	
 

	

Name:
Jefferuy Rose

Title:
Vice President

	
 

	
 

 

 

	

WILMINGTON
TRUST, NATIONAL ASSOCIATION, as First Lien
Representative,

 

	

By

	

/s/
Jeffery Rose

	
 

	

Name:
Jeffery Rose

Title:
Vice President

	
 

	
 

 

 

[Signature
Page to Super Senior Intercreditor Agreement]

 

 

41

ANNEX
I

 

 

INTERCREDITOR AGREEMENT ACKNOWLEDGEMENT

 

Reference is made
to the Super Senior Intercreditor Agreement dated as of May 9, 2019
(as amended, supplemented or otherwise modified from time to time,
the “Intercreditor
Agreement”), among Wilmington Trust, National
Association, as Super Senior Representative, Wilmington Trust,
National Association, as First Lien Representative, each Additional
Super Senior Obligations Representative that may become a party
thereto and each Additional First Lien Obligations Representative
that may become a party thereto. Capitalized terms used but not
defined herein have the meanings assigned thereto in the
Intercreditor Agreement.

 

1.           Acknowledgements
and Agreements. (a) Each of Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), and each of the
undersigned Subsidiaries of the Borrower (together with the
Borrower, collectively, the “Grantors”) acknowledges that it
has received a copy of the Intercreditor Agreement and consents
thereto, agrees to recognize all rights granted thereby to the
Super Senior Representative, the other Super Senior Secured
Parties, the First Lien Representative and the other First Lien
Secured Parties, and agrees that it will not do any act or perform
any obligation that is not in accordance with the agreements set
forth in the Intercreditor Agreement. Each Grantor further
acknowledges and agrees that (i) as between the Grantors and
the Super Senior Representative and the other Super Senior Secured
Parties, the Super Senior Loan Documents remain in full force and
effect as written and are in no way modified by the Intercreditor
Agreement and nothing in the Intercreditor Agreement shall impair
the obligations of the Grantors to pay principal, interest, fees
and other amounts as provided in the Super Senior Loan Documents,
(ii) as between the Grantors and the First Lien Representative and
the other First Lien Secured Parties, the First Lien Loan Documents
remain in full force and effect as written and are in no way
modified by the Intercreditor Agreement and nothing in the
Intercreditor Agreement shall impair the obligations of the
Grantors to pay principal, interest, fees and other amounts as
provided in the First Lien Loan Documents, (iii) except as
expressly provided in Section 10.09(a) of the Intercreditor
Agreement, no Grantor is a beneficiary or third party beneficiary
of the Intercreditor Agreement and (iv) except as expressly
provided in Section 10.09(a) of the Intercreditor Agreement, no
Grantor has any rights under the Intercreditor Agreement, no
Grantor may assert or enforce any rights or benefits under the
Intercreditor Agreement, and no Grantor may rely on the terms of
the Intercreditor Agreement.

 

(b)           The
Borrower hereby confirms, represents and warrants, as of the date
hereof, that with respect to the Vector Subordinated Note (as
defined in the First Lien Credit Agreement), (A) the aggregate
principal amount outstanding thereunder is $25,000,000, and (B) to
the Borrower’s knowledge, there are no Events of Default
thereunder. The Borrower further agrees that it shall not
compromise, compound or settle the Vector Subordinated Note for
less than the full amount thereof, release, wholly or partly, any
Person liable for payment thereof or allow any credit or discount
whatsoever thereof, except with the prior written consent of the
Majority First Lien Revolving Lenders.

 

 

 

42

 

 

2.           Notices.
Notices and other communications to the Borrower or any other
Grantor hereunder and under the Intercreditor Agreement shall be in
writing and shall be delivered by hand or overnight courier
service, or mailed by certified or registered mail to it at (or to
it in c/o) Fusion Connect, Inc., 420 Lexington Avenue,
Suite 1718, New York, New York 10170, Attention: James P.
Prenetta, Jr., Executive Vice President and General
Counsel.

 

All
notices and other communications given to the Borrower or any other
Grantor in accordance with the provisions hereof sent by hand or
overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; except
that, if not given during normal business hours for the recipient,
shall be deemed to have been given at the opening of business on
the next business day for the recipient.

 

3.           Counterparts.
This Acknowledgement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which
shall constitute an original but all of which when taken together
shall constitute a single contract. Delivery of an executed
signature page to this Acknowledgement by facsimile transmission or
in electronic format (i.e., “pdf” or “tif”)
shall be as effective as delivery of a manually signed counterpart
of this Acknowledgement.

 

4.           Additional
Subsidiaries. Pursuant to the Credit Agreements, certain
Subsidiaries not party hereto on the date hereof may be required to
enter into this Acknowledgement. Upon execution and delivery to the
Representatives after the date hereof by any Subsidiary of a
counterpart signature page hereto, such Subsidiary shall become a
party hereto with the same force and effect as if originally named
as such herein. The execution and delivery of such a counterpart
signature page shall not require the consent of any party hereto.
The rights and obligations under this Acknowledgement of each other
party hereto shall remain in full force and effect notwithstanding
the addition of any new Subsidiary as a party to this
Acknowledgement.

 

5.           APPLICABLE
LAW. THIS ACKNOWLEDGEMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING
ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE
SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO
POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW
OF THE STATE OF NEW YORK.

 

6.           Credit
Document. This Acknowledgement shall constitute a Super
Senior Loan Documents and a First Lien Loan Document.

 

7.           Miscellaneous.
The provisions of Sections 10.07(b), 10.07(c) and 10.08 of the
Intercreditor Agreement will apply with like effect to this
Acknowledgement, mutatis mutandis, as though the
references therein to each party thereto or each Representative
refer instead to each Grantor. The Super Senior Representative, the
other Super Senior Secured Parties, the First Lien Representative
and the other First Lien Secured Parties are the intended
beneficiaries of this Acknowledgement.

 

[Signature
pages follow.]

 

 

 

ACKNOWLEDGED AS OF THE DATE FIRST WRITTEN ABOVE:

 

	

FUSION
CONNECT, INC.,

FUSION
NBS ACQUISITION CORP.,

FUSION,
LLC,

FUSION
BCHI ACQUISITION LLC,

FUSION
CLOUD SERVICES, LLC,

FUSION
CB HOLDINGS, INC.,

FUSION
COMMUNICATIONS, LLC,

FUSION
MANAGEMENT SERVICES LLC

FUSION
TELECOM LLC,

FUSION
TEXAS HOLDINGS, INC.,

FUSION
TELECOM OF KANSAS, LLC,

FUSION
TELECOM OF OKLAHOMA, LLC,

FUSION
TELECOM OF MISSOURI, LLC,

BIRCAN
HOLDINGS, LLCFUSION PM HOLDINGS, INC.,

FUSION
CLOUD COMPANY LLC

FUSION
MPHC GROUP, INC.

FUSION
MPHC HOLDING CORPORATION

	
 

	

by

	
 

	

/s/
James P. Prenetta, Jr.

	
 

	
 

	

Name: James
P. Prenetta, Jr.

Title: Executive
Vice President and General Counsel

	
 

	
 

	
 

	
 

	

FUSION
TELECOM OF TEXAS, LTD., L.L.P.,

as
Grantor

 

 

 

By:
Fusion Texas Holdings, Inc. its general partner

 

	

By:

	

/s/
James P. Prenetta, Jr.

	
 

	
 

	

Name: James
P. Prenetta, Jr.

Title: Executive
Vice President and General Counsel

	
 

 

 

 

[Signature
Page to Acknowledgment to Super Senior Intercreditor
Agreement]

 

ANNEX
II

 

Provision for the First Lien Security Documents

 

“Reference is made to the Super Senior Intercreditor
Agreement dated as of May 9, 2019 (as amended, restated,
supplemented or otherwise modified from time to time, the
“Super Senior
Intercreditor Agreement”), among Wilmington Trust,
National Association, as Super Senior Representative (as defined
therein), Wilmington Trust, National Association, as First Lien
Representative (as defined therein), each Additional Super Senior
Obligations Representative (as defined therein) that may become a
party thereto and each Additional First Lien Obligations
Representative (as defined therein) that may become a party
thereto. Notwithstanding anything herein to the contrary, the lien
and security interest granted to the [Collateral Agent], for the
benefit of the [Secured Parties], pursuant to this Agreement and
the exercise of any right or remedy by the [Collateral Agent] and
the other [Secured Parties] hereunder are subject to the provisions
of the Super Senior Intercreditor Agreement. In the event of any
conflict or inconsistency between the provisions of the Super
Senior Intercreditor Agreement and this Agreement, the provisions
of the Super Senior Intercreditor Agreement shall
control.”

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