Document:

Canadian Guarantee and Collateral Agreement, dated as of November 16, 2006

 Exhibit 4.6.3 
 CANADIAN GUARANTEE AND COLLATERAL AGREEMENT 
 made by 
 SALLY BEAUTY (CANADA) CORPORATION 
 and

 BEAUTY SYSTEMS GROUP (CANADA), INC. 
 and 
 SALLY BEAUTY CANADA HOLDINGS INC. 
 and 
 certain of their respective Subsidiaries 
 in favour of 
 MERRILL LYNCH CAPITAL CANADA INC., 
 as Canadian Agent and Canadian Collateral Agent 
 Dated as of November 16, 2006 
  

			
		  	CANADIAN GUARANTEE AND COLLATERAL AGREEMENT

 Table of Contents 
  

					
	 SECTION 1
	  	DEFINED TERMS	  	2
			
	 1.1
	  	Definitions.	  	2
	 1.2
	  	Other Definitional Provisions.	  	8
			
	 SECTION 2
	  	GUARANTEE	  	9
			
	 2.1
	  	Guarantee.	  	9
	 2.2
	  	No Subrogation.	  	10
	 2.3
	  	Amendments, etc. with respect to the Obligations.	  	10
	 2.4
	  	Guarantee Absolute and Unconditional.	  	11
	 2.5
	  	Reinstatement.	  	12
	 2.6
	  	Payments.	  	13
			
	 SECTION 3
	  	GRANT OF SECURITY INTEREST	  	13
			
	 3.1
	  	Grant.	  	13
	 3.2
	  	Pledged Collateral.	  	14
	 3.3
	  	Certain Limited Exceptions.	  	14
			
	 SECTION 4
	  	REPRESENTATIONS AND WARRANTIES	  	16
			
	 4.1
	  	Representations and Warranties of Each Guarantor.	  	16
	 4.2
	  	Representations and Warranties of Each Grantor.	  	16
	 4.3
	  	Representations and Warranties of Each Pledgor.	  	19
			
	 SECTION 5
	  	COVENANTS	  	20
			
	 5.1
	  	Covenants of Each Guarantor.	  	20
	 5.2
	  	Covenants of Each Grantor.	  	20
	 5.3
	  	Covenants of Each Pledgor.	  	24
			
	 SECTION 6
	  	REMEDIAL PROVISIONS	  	26
			
	 6.1
	  	Certain Matters Relating to Accounts.	  	26
	 6.2
	  	Communications with Obligors; Grantors Remain Liable.	  	27
	 6.3
	  	Pledged Stock.	  	28
	 6.4
	  	Proceeds to be Turned Over to the Canadian Collateral Agent.	  	29
	 6.5
	  	Application of Proceeds.	  	29
	 6.6
	  	PPSA and Other Remedies.	  	29
	 6.7
	  	Registration Rights.	  	31
	 6.8
	  	Waiver; Deficiency.	  	32
			
	 SECTION 7
	  	THE CANADIAN COLLATERAL AGENT	  	32
			
	 7.1
	  	Canadian Collateral Agent’s Appointment as Attorney-in-Fact, etc.	  	32

  

			
		  	CANADIAN GUARANTEE AND COLLATERAL AGREEMENT

					
	 7.2
	  	Duty of Canadian Collateral Agent.	  	34
	 7.3
	  	Financing Statements.	  	34
	 7.4
	  	Authority of Canadian Collateral Agent.	  	35
	 7.5
	  	Right of Inspection.	  	35
			
	 SECTION 8
	  	NON-LENDER SECURED PARTIES	  	35
			
	 8.1
	  	Rights to Collateral.	  	35
	 8.2
	  	Appointment of Agent.	  	36
	 8.3
	  	Waiver of Claims.	  	37
			
	 SECTION 9
	  	MISCELLANEOUS	  	37
			
	 9.1
	  	Amendments in Writing.	  	37
	 9.2
	  	Notices.	  	37
	 9.3
	  	No Waiver by Course of Conduct; Cumulative Remedies.	  	38
	 9.4
	  	Enforcement Expenses; Indemnification.	  	38
	 9.5
	  	Successors and Assigns.	  	39
	 9.6
	  	Set-Off.	  	39
	 9.7
	  	Counterparts.	  	39
	 9.8
	  	Severability.	  	39
	 9.9
	  	Section Headings.	  	40
	   9.10
	  	Integration.	  	40
	   9.11
	  	GOVERNING LAW.	  	40
	   9.12
	  	Submission to Jurisdiction; Waivers.	  	40
	   9.13
	  	Acknowledgments.	  	41
	   9.14
	  	WAIVER OF JURY TRIAL.	  	41
	   9.15
	  	Additional Granting Parties.	  	41
	   9.16
	  	Releases.	  	41
	   9.17
	  	Judgment Currency.	  	42
	   9.18
	  	Attachment of Security Interest.	  	43
	   9.19
	  	Copy of Agreement; Verification Statement.	  	43
	   9.20
	  	Amalgamation.	  	43
	   9.21
	  	Joint and Several Liability.	  	44
	   9.22
	  	Language.	  	44
	   9.23
	  	No Implicit Subordination.	  	44

  

			
		  	CANADIAN GUARANTEE AND COLLATERAL AGREEMENT

 CANADIAN GUARANTEE AND COLLATERAL AGREEMENT 
 CANADIAN GUARANTEE AND COLLATERAL AGREEMENT, dated as of November 16, 2006, made by Sally Beauty (Canada) Corporation (“Sally
Canada”), a Nova Scotia unlimited liability company, Beauty Systems Group (Canada), Inc. (“Beauty Canada”), a New Brunswick corporation, Sally Beauty Canada Holdings Inc. (the “Canadian Parent”), a Delaware
corporation, and certain Subsidiaries of the Canadian Borrowers in favour of Merrill Lynch Capital Canada Inc., as Canadian collateral agent (in such capacity, the “Canadian Collateral Agent”) and Canadian administrative agent (in
such capacity, the “Canadian Agent”) for the banks and other financial institutions (collectively, the “Lenders”; individually, a “Lender”) from time to time parties to the Credit Agreement
described below. 
 W I T N E S S E T H: 
 WHEREAS, pursuant to that certain Credit Agreement, dated as of the date hereof (as amended, amended and restated, waived, supplemented or otherwise modified from time to time, together with any agreement extending the maturity of, or
restructuring, refunding, refinancing or increasing the Indebtedness under such agreement or successor agreements, the “Credit Agreement”), among Sally Holdings LLC (in its specific capacity as Parent Borrower, together with its
successors and assigns, the “Parent Borrower”), Beauty Systems Group LLC, Sally Beauty Company LLC and any Canadian Borrower party thereto from time to time (collectively, together with their respective successors and assigns, the
“Borrowers”), Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc., as Administrative Agent (in such capacity, the “Administrative Agent”) and as Collateral Agent (the
“Collateral Agent”), the Canadian Agent, the Canadian Collateral Agent, the Lenders and the other parties thereto, the Lenders have severally agreed to make extensions of credit to the Borrowers upon the terms and subject to the
conditions set forth therein; 
 WHEREAS, the Borrowers are members of an affiliated group of companies that includes Holdings, the
Borrowers, the Parent Borrower’s other Domestic Subsidiaries that are party to the Credit Agreement and any other Subsidiary of the Parent Borrower that becomes a party hereto from time to time after the date hereof; 
 WHEREAS, it is a condition to the obligation of the Lenders to make their respective extensions of credit under the Credit Agreement that Sally Canada,
Beauty Canada and the Canadian Parent (collectively, the “Granting Parties”) shall execute and deliver this Agreement to the Canadian Collateral Agent for the benefit of the Secured Parties (as defined below); 
 NOW, THEREFORE, in consideration of the premises and to induce the Canadian Agent and the Lenders to enter into the Credit Agreement and to induce the
Lenders to make their respective extensions of credit to the Borrowers thereunder, each Granting Party hereby agrees with the Canadian Collateral Agent, for the rateable benefit of the Secured Parties (as defined below), as follows: 
  

			
		  	CANADIAN GUARANTEE AND COLLATERAL AGREEMENT

 SECTION 1 DEFINED TERMS 
 1.1 Definitions. 
 (a) Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following terms that are defined in the PPSA (as in effect on the date hereof) are used herein as
so defined: Accounts, Chattel Paper, Documents of Title, Equipment, Fixtures, Goods, Intangibles, Inventory, Money and Securities; 
 (b) The
following terms shall have the following meanings: 
 “Accounts”: all accounts (as defined in the PPSA) of each Grantor,
including, without limitation, all Accounts (as defined in the Credit Agreement) and Accounts Receivable of such Grantor. 
 “Accounts Receivable”: any right to payment for goods sold or leased or for services rendered, which is not evidenced by an Instrument or Chattel Paper. 
 “Agreement”: this Canadian Guarantee and Collateral Agreement, as the same may be amended, restated, supplemented, waived or otherwise
modified from time to time. 
 “Applicable Law”: as defined in Section 9.8 hereto. 
 “Bank Products Agreement”: any agreement pursuant to which a bank or other financial institution agrees to provide treasury or cash
management services (including, without limitation, controlled disbursements, automated clearinghouse transactions, return items, netting, overdrafts and interstate depository network services). 
 “Bankruptcy Case”: (i) Holdings or any of its Subsidiaries commencing any case, proceeding or other action (A) under any
existing or future law of any jurisdiction, Canadian or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a
bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, receiver-manager, interim
receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Holdings or any of its Subsidiaries making a general assignment for the benefit of its creditors; or (ii) there
being commenced against Holdings or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or
(B) remains undismissed, undischarged or unbonded for a period of 60 days. 
 “Beauty Canada”: as defined in the
preamble hereto. 
 “Borrower Obligations”: with respect to any Canadian Borrower, the collective reference to: all
obligations and liabilities of such Canadian Borrower in respect of the unpaid principal of and interest on (including, without limitation, interest accruing after the maturity of the Canadian Facility 
  

			
		  	CANADIAN GUARANTEE AND COLLATERAL AGREEMENT

  

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 Revolving Credit Loans and Reimbursement Obligations with respect to Canadian Facility Letters of Credit and interest
accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to such Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding) the Canadian Facility Revolving Credit Loans, the Reimbursement Obligations with respect to Canadian Facility Letters of Credit, and all other obligations and liabilities of such Canadian Borrower to the Secured Parties, whether direct
or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, the Canadian Facility Revolving Credit Loans, the Canadian Facility Letters
of Credit, the other Loan Documents, any Interest Rate Protection Agreement, Permitted Hedging Arrangement or Bank Products Agreement entered into with any Person who was at the time of entry into such agreement a Lender or an affiliate of any
Lender, any Guarantee Obligation of any Canadian Borrowers or any of their Subsidiaries as to which any Secured Party is a beneficiary, the provision of cash management services by any Lender or an Affiliate thereof to a Canadian Borrower or any
Subsidiary thereof, or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, amounts payable in connection with the provision of such cash management
services or a termination of any transaction entered into pursuant to any such Interest Rate Protection Agreement or Permitted Hedging Arrangement, fees, indemnities, costs, expenses or otherwise (including, without limitation, all reasonable fees,
expenses and disbursements of counsel to the Canadian Agent or any other Secured Party that are required to be paid by such Borrower pursuant to the terms of the Credit Agreement or any other Loan Document). 
 “Borrowers”: as defined in the recitals hereto. 
 “Canadian Agent”: as defined in the preamble hereto. 
 “Canadian Collateral
Agent”: as defined in the preamble hereto. 
 “Canadian Borrowers”: Sally Canada and Beauty Canada. 
 “Canadian Parent”: as defined in the preamble hereto. 
 “Collateral”: as defined in Section 3; provided that, for purposes of subsection 6.5, Section 8 and subsection 9.16(b), “Collateral” shall have the meaning assigned to such term in
the Credit Agreement. 
 “Collateral Account Bank”: [•], an Affiliate thereof or another bank which at all times
is a Lender as selected by the relevant Grantor and consented to in writing by the Canadian Collateral Agent (such consent not to be unreasonably withheld or delayed). 
 “Collateral Proceeds Account”: shall mean a non-interest bearing cash collateral account established and maintained by the relevant Grantor at an office of the Collateral Account Bank in the name, and
in the sole dominion and control of, the Canadian Collateral Agent for the benefit of the Secured Parties. 
  

			
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 “Commitments”: the collective reference to (i) each Canadian Facility Lender’s
obligation to make Canadian Facility Revolving Credit Loans pursuant to the Credit Agreement and (ii) the obligation of the Canadian Facility Issuing Lender to issue Canadian Facility Letters of Credit to the Canadian Borrowers pursuant to
subsection 3.1 of the Credit Agreement. 
 “Contracts”: with respect to any Grantor, all contracts, agreements, instruments
and indentures in any form and portions thereof (except for contracts listed on Schedule 6 hereto), to which such Grantor is a party or under which such Grantor or any property of such Grantor is subject, as the same may from time to time be
amended, supplemented, waived or otherwise modified, including, without limitation, (i) all rights of such Grantor to receive moneys due and to become due to it thereunder or in connection therewith, (ii) all rights of such Grantor to
damages arising thereunder and (iii) all rights of such Grantor to perform and to exercise all remedies thereunder. 
 “Copyright Licenses”: with respect to any Grantor, all written license agreements of such Grantor providing for the grant by or to such Grantor of any right under any Canadian copyright of such Grantor, other than
agreements with any Person who is an Affiliate or a Subsidiary of the Parent Borrower or such Grantor, including, without limitation, any material license agreements listed on Schedule 5 hereto, subject, in each case, to the terms of such license
agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses. 
 “Copyrights”: with respect to any Grantor, all of such Grantor’s right, title and interest in and to all Canadian and foreign copyrights, whether or not the underlying works of authorship have been published or
registered, all Canadian and foreign copyright registrations and copyright applications, including, without limitation, any copyright registrations and copyright applications listed on Schedule 5 hereto, and (i) all renewals thereof,
(ii) all income, royalties, damages and payments now and hereafter due and/or payable with respect thereto, including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past or
future infringements thereof and (iii) the right to sue or otherwise recover for past, present and future infringements and misappropriations thereof. 
 “Credit Agreement”: as defined in the recitals hereto. 
 “Excluded
Assets”: as defined in Section 3.3. 
 “General Fund Account”: the general fund account of the relevant
Grantor established at the same office of the Collateral Account Bank as the Collateral Proceeds Account. 
 “Granting
Parties”: as defined in the recitals hereto. 
 “Grantor”: the Canadian Borrowers and any Subsidiary of any
Canadian Borrower that becomes a party hereto from time to time after the date hereof. 
 “Guarantor Obligations”: with
respect to any Guarantor, the collective reference to (i) the Obligations guaranteed by such Guarantor pursuant to Section 2 and (ii) all obligations and liabilities of such Guarantor that may arise under or in connection with this
Agreement or any other Loan 
  

			
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 Document to which such Guarantor is a party, any Interest Rate Protection Agreement, Permitted Hedging Arrangement or
Bank Products Agreement entered into with any Person who was at the time of entry into such agreement a Lender or an affiliate of any Lender, any Guarantee Obligation of a Canadian Borrower or any of its Subsidiaries as to which any Secured Party is
a beneficiary, the provision of cash management services by any Lender or an Affiliate thereof to a Canadian Borrower or any Subsidiary thereof, or any other document made, delivered or given in connection therewith of such Guarantor, in each case
whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Canadian Agent, to the Other Representatives or to
the Lenders that are required to be paid by such Guarantor pursuant to the terms of this Agreement or any other Loan Document). 
 “Guarantors”: the collective reference to each Granting Party. 
 “Holdings”: Sally Investment
Holdings LLC. 
 “Industrial Design License”: with respect to any Grantor, all written agreements, now or hereafter in
effect, granting to any third party that is not an Affiliate or a Subsidiary of the Parent Borrower any right to make, use or sell any Industrial Design, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license,
is in existence, or granting to any Grantor any right to make, use or sell any Industrial Design, now or hereafter owned by any third party, is in existence, and all rights of any Grantor under any such agreement including, without limitation, the
license agreements listed on Schedule 5 hereto, subject, in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses. 
 “Industrial Designs”: all of the following, now owned or hereafter acquired by any Grantor: (a) all industrial designs, design
patents and other designs that the Grantor now or hereafter owns or uses, including but not limited to all industrial designs, design patents and other designs listed on Schedule 5 hereto and all renewals and extensions thereof, (b) all
registrations and recordings thereof and all applications that have been or shall be made or filed Canada or any other country or political subdivision thereof and all records thereof and all reissues, extensions or renewals thereof, and
(c) all common law and other rights in the above. 
 “Instruments”: has the meaning specified in the PPSA, but
excluding the Pledged Securities. 
 “Intellectual Property”: with respect to any Grantor, the collective reference to such
Grantor’s Copyrights, Copyright Licenses, Patents, Patent Licenses, Trade Secrets, Trade-marks, Trade-mark Licenses, Industrial Designs and Industrial Design Licences. 
 “Intercompany Note”: with respect to any Grantor, any promissory note in a principal amount in excess of $3,000,000 evidencing loans
made by such Grantor to Holdings or any of its Subsidiaries. 
 “Inventory”: with respect to any Grantor, all inventory (as
defined in the PPSA) of such Grantor, including, without limitation, all Inventory (as defined in the Credit Agreement) of such Grantor. 
  

			
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 “Issuers”: the collective reference to the Persons identified on Schedule 2 as the
issuers of Pledged Stock, together with any successors to such companies (including, without limitation, any successors contemplated by subsection 8.2 of the Credit Agreement). 
 “Lender”: as defined in the preamble hereto. 
 “Non-Lender Secured Parties”: the collective reference to any person who, at the time of entering into any Interest Rate Protection Agreement or Permitted Hedging Arrangement or Bank Products
Agreement secured hereby, was a Lender or an affiliate of any Lender and their respective successors and assigns. 
 “Obligations”: (i) in the case of each Canadian Borrower, its Borrower Obligations and (ii) in the case of each other Guarantor, its Guarantor Obligations. 
 “Parent Borrower”: as defined in the recitals hereto. 
 “Patent Licenses”: with respect to any Grantor, all written license agreements of such Grantor providing for the grant by or to such Grantor of any right under any patent, patent application or
patentable invention other than agreements with any Person who is an Affiliate or a Subsidiary of the Parent Borrower or such Grantor, including, without limitation, the material license agreements listed on Schedule 5 hereto, subject, in each case,
to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses. 
 “Patents”: with respect to any Grantor, all of such Grantor’s right, title and interest in and to all Canadian and foreign patents, patent applications and patentable inventions and all reissues
and extensions thereof, including, without limitation, all patents and patent applications identified in Schedule 5 hereto, and including, without limitation, (i) all inventions and improvements described and claimed therein, (ii) the
right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto
(including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights corresponding thereto and all reissues,
divisions, continuations, continuations-in-part, substitutes, renewals, and extensions thereof, all improvements thereon, and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto. 
 “Pledged Collateral”: as to any Pledgor, the Pledged Securities now owned or at any time hereafter acquired by such Pledgor, and any
Proceeds thereof. 
 “Pledged Notes”: with respect to any Pledgor, all Intercompany Notes at any time issued to, or held or
owned by, such Pledgor. 
 “Pledged Securities”: the collective reference to the Pledged Notes and the Pledged Stock.

 “Pledged Stock”: with respect to any Pledgor, the shares of Capital Stock listed on Schedule 2 as held by such Pledgor,
together with any other shares of Capital Stock required to be pledged by 
  

			
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 such Pledgor pursuant to subsection 7.9 of the Credit Agreement, as well as any other shares, stock certificates, options
or rights of any nature whatsoever in respect of the Capital Stock of any Issuer that may be issued or granted to, or held by, such Pledgor while this Agreement is in effect. 
 “Pledgor”: the Canadian Parent (with respect to the Pledged Stock of the Canadian Borrowers) and each other Granting Party (with respect
to Pledged Securities held by such Granting Party and all other Pledged Collateral of such Granting Party). 
 “PPSA” means
the Personal Property Security Act (Ontario), including the regulations thereto, provided that, if perfection or the effect of perfection or non-perfection or the priority of any Lien created hereunder on the Collateral is governed by the
personal property security legislation or other applicable legislation with respect to personal property security as in effect in a jurisdiction other than Ontario, “PPSA” means the Personal Property Security Act or such other applicable
legislation as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 
 “Proceeds”: all “proceeds” as such term is defined in the PPSA and, in any event, Proceeds of Pledged Securities shall
include, without limitation, all dividends or other income from the Pledged Securities, collections thereon or distributions or payments with respect thereto. 
 “Restrictive Agreements”: as defined in subsection 3.3(a). 
 “Sally
Canada”: as defined in the preamble hereto. 
 “Secured Parties”: the collective reference to (i) the Canadian
Agent, the Canadian Collateral Agent and each Other Representative, (ii) the Canadian Facility Lenders (including, without limitation, the Canadian Facility Issuing Lender), (iii) with respect to any Interest Rate Protection Agreement,
Permitted Hedging Arrangement or Bank Products Agreement with a Canadian Borrower or any of its Subsidiaries, any counterparty thereto that, at the time such agreement or arrangement was entered into, was a Lender or an Affiliate of any Lender, and
(iv) their respective successors and assigns and their permitted transferees and endorsees. 
 “Security Collateral”:
with respect to any Granting Party, means, collectively, the Collateral (if any) and the Pledged Collateral (if any) of such Granting Party. 
 “Specified Asset”: as defined in subsection 4.2.2 hereof. 
 “Trade Secret Licenses”: with respect
to any Grantor, all written license agreements of such Grantor providing for the grant by or to such Grantor of any right under any trade secrets, including, without limitation, know how, processes, formulae, compositions, designs, and confidential
business and technical information, and all rights of any kind whatsoever accruing thereunder or pertaining thereto, other than agreements with any Person who is an Affiliate or a Subsidiary of the Parent Borrower or such Grantor, subject, in each
case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses. 
  

			
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 “Trade Secrets”: with respect to any Grantor, all of such Grantor’s right, title
and interest in and to all Canadian trade secrets, including, without limitation, know how, processes, formulae, compositions, designs, and confidential business and technical information, and all rights of any kind whatsoever accruing thereunder or
pertaining thereto, including, without limitation, (i) all income, royalties, damages and payments now and hereafter due and/or payable with respect thereto, including, without limitation, payments under all licenses, non disclosure agreements
and memoranda of understanding entered into in connection therewith, and damages and payments for past or future misappropriations thereof, and (ii) the right to sue or otherwise recover for past, present or future misappropriations thereof.

 “Trade-mark Licenses”: with respect to any Grantor, all written license agreements of such Grantor providing for the
grant by or to such Grantor of any right under any trade-marks, service marks, trade names, trade dress or other indicia of trade origin or business identifiers, and all rights of any kind whatsoever accruing thereunder or pertaining thereto, other
than agreements with any Person who is an Affiliate or a Subsidiary of the Parent Borrower or such Grantor, including, without limitation, the material license agreements listed on Schedule 5 hereto, subject, in each case, to the terms of such
license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses. 
 “Trade-marks”: with respect to any Grantor, all of such Grantor’s right, title and interest in and to all Canadian and foreign Trade-marks, service marks, trade names, trade dress or other indicia of trade origin or
business identifiers, Trade-mark and service mark registrations, and applications for Trade-mark or service mark registrations (except for “intent to use” applications for Trade-mark or service mark registrations filed and any renewals
thereof, including, without limitation, each registration and application identified in Schedule 5 hereto, and including, without limitation, (i) the right to sue or otherwise recover for any and all past, present and future infringements or
dilutions thereof, (ii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages
and payments for past or future infringements thereof), and (iii) all other rights corresponding thereto and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto in the Canada, together in each case
with the goodwill of the business connected with the use of, and symbolized by, each such Trade-mark, service mark, trade name, trade dress or other indicia of trade origin or business identifiers. 
 1.2 Other Definitional Provisions. 
 (a) The words “hereof”, “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement, and Section, Schedule and Annex references are to this Agreement unless otherwise specified. 
 (b) The meanings given to terms
defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 (c) Where the context requires, terms
relating to the Collateral, Pledged Collateral or Security Collateral, or any part thereof, when used in relation to a Granting Party shall refer to such Granting Party’s Collateral, Pledged Collateral or Security Collateral or the relevant
part thereof. 
  

			
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 (d) All references in this Agreement to any of the property described in the definition of the term
“Collateral” or “Pledged Collateral”, or to any Proceeds thereof, shall be deemed to be references thereto only to the extent the same constitute Collateral or Pledged Collateral, respectively. 
 SECTION 2 GUARANTEE 
 2.1
Guarantee. 
 (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the Canadian
Agent for the rateable benefit of the applicable Secured Parties, the prompt and complete payment and performance by each Canadian Borrower when due and payable (whether at the stated maturity, by acceleration or otherwise) of the Borrower
Obligations of such Canadian Borrower owed to the applicable Secured Parties. 
 (b) The guarantee contained in this Section 2 shall
remain in full force and effect until the earlier to occur of (i) the first date on which all the Canadian Facility Revolving Credit Loans, any Reimbursement Obligations with respect to Canadian Facility Letters of Credit, all other Borrower
Obligations then due and owing, and the obligations of each Guarantor under the guarantee contained in this Section 2 then due and owing shall have been satisfied by payment in full in cash, no Canadian Facility Letter of Credit shall be
outstanding (except for Canadian Facility Letters of Credit that have been cash collateralized in a manner satisfactory to the Canadian Facility Issuing Lender) and the Commitments shall be terminated, notwithstanding that from time to time during
the term of the Credit Agreement any of the Canadian Borrowers may be free from any Borrower Obligations, or (ii) as to any Guarantor, the sale or other disposition of all of the Capital Stock of such Guarantor (to a Person other than Holdings,
the Parent Borrower or a Subsidiary of either) as permitted under the Credit Agreement. 
 (c) No payment made by any Canadian Borrower, any
of the Guarantors, any other guarantor or any other Person or received or collected by the Canadian Agent or any other Secured Party from any of the Canadian Borrowers, any of the Guarantors, any other guarantor or any other Person by virtue of any
action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of any of the Borrower Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any
Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Borrower Obligations or any payment received or collected from such Guarantor in respect of any of the Borrower
Obligations), remain liable for the Borrower Obligations of each Canadian Borrower guaranteed by it hereunder until the earlier to occur of (i) the first date on which all the Canadian Facility Revolving Credit Loans, any Reimbursement
Obligations with respect to Canadian Facility Letters of Credit, all other Borrower Obligations then due and owing, are paid in full in cash, no Canadian Facility Letter of Credit shall be outstanding (except for Canadian Facility Letters of Credit
that have been cash collateralized in a manner satisfactory to the Canadian Facility Issuing Lender) and the Commitments are terminated or (ii) the sale or other disposition of all of the Capital Stock of such Guarantor (to a Person other than
Holdings, the Parent Borrower or a Subsidiary of either) as permitted under the Credit Agreement. 
  

			
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 2.2 No Subrogation. 
 Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by the Canadian Agent or any other Secured Party, no Guarantor shall be entitled to be subrogated to
any of the rights of the Canadian Agent or any other Secured Party against any Canadian Borrower or any other Guarantor or any collateral security or guarantee or right of offset held by the Canadian Agent or any other Secured Party for the payment
of the Borrower Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from any Canadian Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to
the Canadian Agent and the other Secured Parties by the Canadian Borrowers on account of the Borrower Obligations are paid in full in cash, no Canadian Facility Letter of Credit shall be outstanding (except for Canadian Facility Letters of Credit
that have been cash collateralized in a manner satisfactory to the Canadian Facility Issuing Lender) and the Commitments are terminated. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the
Borrower Obligations shall not have been paid in full in cash or any Canadian Facility Letter of Credit shall remain outstanding (and shall not have been cash collateralized in a manner satisfactory to the Canadian Facility Issuing Lender) or any of
the Commitments shall remain in effect, such amount shall be held by such Guarantor in trust for the Canadian Agent and the other Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be
turned over to the Canadian Agent in the exact form received by such Guarantor (duly endorsed by such Guarantor to the Canadian Agent, if required), to be held as collateral security for all of the Borrower Obligations (whether matured or unmatured)
guaranteed by such Guarantor and/or then or at any time thereafter may be applied against any Borrower Obligations, whether matured or unmatured, in such order as the Canadian Agent may determine. 
 2.3 Amendments, etc. with respect to the Obligations. 
 To the maximum extent permitted by law, each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any
Guarantor, any demand for payment of any of the Borrower Obligations made by the Canadian Collateral Agent, the Canadian Agent or any other Secured Party may be rescinded by the Canadian Collateral Agent, the Canadian Agent or such other Secured
Party and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from
time to time, in whole or in part, be renewed, extended, amended, waived, modified, accelerated, compromised, subordinated, waived, surrendered or released by the Canadian Collateral Agent, the Canadian Agent or any other Secured Party, and the
Credit Agreement and the other Loan Documents and any other documents executed and delivered in connection therewith may be amended, waived, modified, supplemented or terminated, in whole or in part, as the Canadian Collateral Agent or the Canadian
Agent (or the Required Lenders or the applicable Lenders(s), as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Canadian Collateral Agent, the 
  

			
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 Canadian Agent or any other Secured Party for the payment of any of the Borrower Obligations may be sold, exchanged,
waived, surrendered or released. None of the Canadian Collateral Agent, the Canadian Agent and each other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for any of the
Borrower Obligations or for the guarantee contained in this Section 2 or any property subject thereto, except to the extent required by applicable law. 
 2.4 Guarantee Absolute and Unconditional. 
 Each Guarantor waives, to the maximum extent permitted by
applicable law, any and all notice of the creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of reliance by the Canadian Collateral Agent, the Canadian Agent or any other Secured Party upon the
guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; each of the Borrower Obligations, and any obligation contained therein, shall conclusively be deemed to have been created, contracted or
incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between any of the Canadian Borrowers and any of the Guarantors, on the one hand, and Canadian Collateral Agent, the
Canadian Agent and the other Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives, to the maximum extent
permitted by applicable law, diligence, presentment, protest, demand for payment and notice of default or non-payment to or upon any Canadian Borrower or any of the other Guarantors with respect to any of the Borrower Obligations. Each Guarantor
understands and agrees, to the extent permitted by law, that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment and not of collection. Each Guarantor hereby waives, to
the maximum extent permitted by applicable law, any and all defenses (other than any suit for breach of a contractual provision of any of the Loan Documents) that it may have arising out of or in connection with any and all of the following:
(a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to
time held by the Canadian Collateral Agent, the Canadian Agent or any other Secured Party, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) that may at any time be available to or be asserted by any of
the Canadian Borrowers against the Canadian Collateral Agent or any other Secured Party, (c) any change in the time, place, manner or place of payment, amendment, or waiver or increase in any of the Obligations, (d) any exchange, taking,
or release of Security Collateral, (e) any change in the structure or existence of any of the Canadian Borrowers, (f) any application of Security Collateral to any of the Obligations, (g) any law, regulation or order of any
jurisdiction, or any other event, affecting any term of any Obligation or the rights of the Canadian Collateral Agent, the Canadian Agent or any other Secured Party with respect thereto, including, without limitation: (i) the application of any
such law, regulation, decree or order, including any prior approval, which would prevent the exchange of any currency (other than Dollars) for Dollars or the remittance of funds outside of such jurisdiction or the unavailability of Dollars in any
legal exchange market in such jurisdiction in accordance with normal commercial practice, (ii) a declaration of banking moratorium or any suspension of payments by banks in such jurisdiction or the imposition by such jurisdiction or any
Governmental Authority thereof of any moratorium on, the required rescheduling or restructuring of, or required approval of payments on, any indebtedness in such jurisdiction, (iii) any 
  

			
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 expropriation, confiscation, nationalization or requisition by such country or any Governmental Authority that directly
or indirectly deprives any Canadian Borrower of any assets or their use, or of the ability to operate its business or a material part thereof, or (iv) any war (whether or not declared), insurrection, revolution, hostile act, civil strife or
similar events occurring in such jurisdiction which has the same effect as the events described in clause (i), (ii) or (iii) above (in each of the cases contemplated in clauses (i) through (iv) above, to the extent occurring or
existing on or at any time after the date of this Agreement), or (h) any other circumstance whatsoever (other than payment in full in cash of the Borrower Obligations guaranteed by it hereunder) (with or without notice to or knowledge of any of
the Borrowers or such Guarantor) that constitutes, or might be construed to constitute, an equitable or legal discharge of any of the Canadian Borrowers for the Borrower Obligations, or of such Guarantor under the guarantee contained in this
Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, the Canadian Collateral Agent, the Canadian Agent and any other Secured Party
may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against any of the Canadian Borrowers, any other Guarantor or any other Person or against any collateral security or
guarantee for the Borrower Obligations guaranteed by such Guarantor hereunder or any right of offset with respect thereto, and any failure by the Canadian Collateral Agent, Canadian Agent or any other Secured Party to make any such demand, to pursue
such other rights or remedies or to collect any payments from any Canadian Borrower, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of any
of the Canadian Borrowers, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and
remedies, whether express, implied or available as a matter of law, of the Canadian Collateral Agent, Canadian Agent or any other Secured Party against any Guarantor. For the purposes hereof “demand” shall include the commencement and
continuance of any legal proceedings. 
 2.5 Reinstatement. 
 This Guarantee shall remain in full force and effect and continue to be effective should any petition or other proceeding be filed by or against any
Canadian Borrower for liquidation or reorganization, should any Canadian Borrower become insolvent or make an assignment for the benefit of any creditor or creditors or should an interim receiver, receiver, receiver and manager or trustee be
appointed for all or any significant part of any Canadian Borrower’s assets, and shall continue to be effective or to be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a fraudulent preference, reviewable transaction or otherwise, all as though such payment or
performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored
or returned. 
  

			
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 2.6 Payments. 
 Each Guarantor hereby guarantees that payments hereunder will be paid to the Canadian Agent without set-off or counterclaim, in Canadian Dollars (or in the case of any amount required to be paid in any other currency
pursuant to the requirements of the Credit Agreement or other agreement relating to the respective Obligations, such other currency), at the Canadian Agent’s office specified in subsection 11.2 of the Credit Agreement or such other address as
may be designated in writing by the Canadian Agent to such Guarantor from time to time in accordance with subsection 11.2 of the Credit Agreement. 
 SECTION 3 GRANT OF SECURITY INTEREST 
 3.1 Grant. 
 Each Grantor hereby assigns, grants, hypothecates and pledges, subject to existing licenses to use the Copyrights, Patents, Trade-marks, Industrial
Designs and Trade Secrets granted by such Grantor in the ordinary course of business, to the Canadian Collateral Agent, for the rateable benefit of the Secured Parties, a security interest in all of the Collateral of such Grantor, as collateral
security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations of such Grantor, except as provided in subsection 3.3. The term “Collateral”, as to any
Grantor, means the following property (wherever located) 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, except as provided in
subsection 3.3: 
 (a) all Accounts; 
 (b) all Money (including all cash); 
 (c) all Cash Equivalents; 
 (d) all Chattel Paper; 
 (e) all Contracts;

 (f) all demand, time, savings, passbook or similar account maintained with a bank (collectively, the “Deposit Accounts”)
(including DDAs); 
 (g) all Documents of Title; 
 (h) all Equipment; 
 (i) all Intangibles; 
 (j) all Instruments; 
 (k) all Intellectual
Property; 
  

			
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 (l) all Inventory; 
 (m) all Securities; 
 (n) all Fixtures; 
 (o) all books and records pertaining to any of the foregoing; 
 (p) the Collateral Proceeds Account; and 
 (q) to the extent not otherwise included, all Proceeds and
products of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing; 
 provided that, in the case of each Grantor, Collateral shall not include any Pledged Collateral, or any property or assets specifically excluded from Pledged Collateral. 
 3.2 Pledged Collateral. 
 Each
Granting Party that is a Pledgor, hereby grants to the Canadian Collateral Agent, for the rateable benefit of the Secured Parties, a security interest in all of the Pledged Collateral of such Pledgor now owned or at any time hereafter acquired by
such Pledgor, and any Proceeds thereof, as collateral security for the prompt and complete performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations of such Pledgor, except as provided in subsection 3.3.

 3.3 Certain Limited Exceptions. 
 No security interest is or will be granted pursuant hereto in any right, title or interest of any Granting Party under or in (collectively, the “Excluded Assets”): 
 (a) any Instruments, Contracts, Chattel Paper, Intangibles, Copyright Licenses, Patent Licenses, Trade-mark Licenses, Trade Secrets Licenses, Industrial
Design Licenses or other contracts or agreements with or issued by Persons other than Holdings, a Subsidiary of Holdings or an Affiliate thereof, (collectively, “Restrictive Agreements”) that would otherwise be included in the
Security Collateral (and such Restrictive Agreements shall not be deemed to constitute a part of the Security Collateral) for so long as, and to the extent that, the granting of such a security interest pursuant hereto would result in a breach,
default or termination of such Restrictive Agreements (in each case, except to the extent that, pursuant to the PPSA or other applicable law, the granting of security interests therein can be made without resulting in a breach, default or
termination of such Restrictive Agreements); 
 (b) any Equipment or other property that would otherwise be included in the Security
Collateral (and such Equipment or other property shall not be deemed to constitute a part of the Security Collateral) if such Equipment or other property is subject to a Lien (x) described in clause (h) of the definition of “Permitted
Liens” in the Credit Agreement or (y) subsection 7.3(h) or 7.3(o) (with respect to a Lien described in subsection 7.3(h) of the Term Loan Agreement (only for so long as such Liens are in place)); 
  

			
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 (c) any property that would otherwise be included in the Security Collateral (and such property shall not
be deemed to constitute a part of the Security Collateral) if such property has been sold or otherwise transferred in connection with (x) a Sale and Leaseback Transaction the proceeds of which are applied as, if and to the extent required in
accordance with Section 4.4(b) of the Credit Agreement or (y) an Exempt Sale and Leaseback Transaction provided that, notwithstanding the foregoing, the security interest of the Canadian Collateral Agent shall attach to any money,
securities or other consideration received by any Grantor as consideration for the sale or other disposition of such property as and to the extent such consideration would otherwise constitute Collateral; 
 (d) any Money, cash, cheques, other negotiable instrument, funds and other evidence of payment held in any Deposit Account of the Parent Borrower or any
of its Subsidiaries in the nature of security deposit with respect to obligations for the benefit of such Parent Borrower or any of its Subsidiaries, which must be held for or returned to the applicable counterparty under applicable law or pursuant
to Contractual Obligations; 
 (e) notwithstanding the grant of security interest made by the Grantors in favour of the Canadian Collateral
Agent, for the rateable benefit of the Secured Parties, of all of its Pledged Stock, any Grantor that controls any interest (for the purposes of this Section 3.3(e), “ULC Interests”) in any unlimited liability company (for the
purposes of this Section 3.3(e), a “ULC”) pledged hereunder shall remain registered as the sole registered and beneficial owner of such ULC Interests and will remain as registered and beneficial owner until such time as such ULC
Interests are effectively transferred into the name of the Canadian Collateral Agent or any other person on the books and records of such ULC. Nothing in this Agreement is intended to or shall constitute the Canadian Collateral Agent or any person
as a shareholder or member of any ULC until such time as notice is given to such ULC and further steps are taken thereunder so as to register the Canadian Collateral Agent or any other person as the holder of the ULC Interests of such ULC. To the
extent any provision hereof would have the effect of constituting the Canadian Collateral Agent or any other person as a shareholder or member of a ULC prior to such time, such provision shall be severed therefrom and ineffective with respect to the
ULC Interests of such ULC without otherwise invalidating or rendering unenforceable this Agreement or invalidating or rendering unenforceable such provision insofar as it relates to Pledged Stock which are not ULC Interests. Except upon the exercise
of rights to sell or otherwise dispose of ULC Interests following the occurrence and during the continuance of an Event of Default hereunder, no Grantor shall cause or permit, or enable any ULC in which it holds ULC Interests to cause or permit, the
Canadian Collateral Agent to: (a) be registered as shareholders or members of such ULC; (b) have any notation entered in its favour in the share register of such ULC; (c) be held out as a shareholder or member of such ULC;
(d) receive, directly or indirectly, any dividends, property or other distributions from such ULC by reason of the Canadian Collateral Agent holding a security interest in such ULC; or (e) act as a shareholder or member of such ULC, or
exercise any rights of a shareholder or member of such ULC including the right to attend a meeting of, or to vote the shares of, such ULC; 
  

			
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 (f) the Collateral shall not include the last day of the term of any lease or agreement therefor but upon
the enforcement of the security interest granted hereby in the Collateral, the Grantors or any of them shall stand possessed of such last day in trust to assign the same to any person acquiring such term; 
 (g) the term “Goods” when used in this Agreement shall not include “consumer goods” of any Grantor as that term is defined in the
PPSA; 
 (h) notwithstanding Section 3.1, any Grantor’s grant of security in Trade-marks (as defined in the Trade-marks Act
(Canada)) under this Agreement shall be limited to a grant by such Grantor of a security interest in all of such Grantor’s right, title and interest in such Trade-marks; 
 (i) each Grantor and the Canadian Collateral Agent hereby acknowledge that (a) value has been given in respect of the security interests granted
herein; (b) such Grantor has rights in the Collateral in which it has granted a security interest; and (c) this Agreement constitutes a security agreement as that term is defined in the PPSA; or 
 (j) if the Collateral is realized upon and the security interest in the Collateral is not sufficient to satisfy all of the Borrower Obligations or
Guarantor Obligations, each Grantor acknowledges and agrees that, subject to the provisions of the PPSA, such Grantor shall continue to be liable for any Borrower Obligations or Guarantor Obligations, as applicable, remaining outstanding and the
Canadian Collateral Agent shall be entitled to pursue full payment thereof. 
 SECTION 4 REPRESENTATIONS AND WARRANTIES

 4.1 Representations and Warranties of Each Guarantor. 
 To induce the Canadian Collateral Agent and the Lenders to enter into the Credit Agreement and to induce the Canadian Facility Lenders to make their
respective extensions of credit to the Canadian Borrowers thereunder, each Guarantor hereby represents and warrants to the Canadian Collateral Agent and each other Secured Party that the representations and warranties set forth in Section 5 of
the Credit Agreement as they relate to such Guarantor or to the Loan Documents to which such Guarantor is a party, each of which representations and warranties is hereby incorporated herein by reference, are true and correct in all material
respects, and the Canadian Collateral Agent and each other Secured Party shall be entitled to rely on each of such representations and warranties as if fully set forth herein; provided that each reference in each such representation and
warranty to the Parent Borrower knowledge shall, for the purposes of this subsection 4.1, be deemed to be a reference to such Guarantor’s knowledge. 
 4.2 Representations and Warranties of Each Grantor. 
 To induce the Canadian Collateral Agent and the
Lenders to enter into the Credit Agreement and to induce the Canadian Facility Lenders to make their respective extensions of credit to the Canadian Borrowers thereunder, each Grantor hereby represents and warrants to the Canadian Collateral Agent
and each other Secured Party that, in each case after giving effect to the Transactions: 
  

			
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 4.2.1 Title; No Other Liens. Except for the security interests granted to the Canadian Collateral
Agent for the rateable benefit of the Secured Parties pursuant to this Agreement and the other Liens permitted to exist on such Grantor’s Collateral by the Credit Agreement (including, without limitation, Liens described in the definition of
“Permitted Liens” in the Credit Agreement), such Grantor owns each item of such Grantor’s Collateral free and clear of any and all Liens. Except as set forth on Schedule 3, no currently effective financing statement or other similar
public notice with respect to all or any part of such Grantor’s Collateral is on file or of record in any public office, except such as have been filed in favour of the Canadian Collateral Agent for the rateable benefit of the Secured Parties
pursuant to this Agreement as are permitted by the Credit Agreement (including, without limitation, in respect of Liens described in the definition of “Permitted Liens” in the Credit Agreement) or any other Loan Document or for which
financing change statements or discharges will be delivered on the Closing Date. 
 4.2.2 Perfected First Priority Liens. (a) This
Agreement is effective to create, as collateral security for the Obligations of such Grantor, valid and enforceable Liens on such Grantor’s Security Collateral in favour of the Canadian Collateral Agent for the benefit of the Secured Parties,
except as enforceability may be affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditor’s rights generally, general equitable principles (whether considered
in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
 (b) Except with regard to (i) Liens (if
any) on Specified Assets and (ii) any rights in favour of the Canadian federal, provincial or territorial government as required by law (if any), upon the completion of the Filings and, with respect to Instruments, Chattel Paper and Documents
of Title upon the earlier of such Filing or the delivery to and continuing possession by the Canadian Collateral Agent of all Instruments, Chattel Paper and Documents of Title, a security interest in which is perfected by possession, the Liens
created pursuant to this Agreement will constitute valid Liens on and (to the extent provided herein) perfected security interests in such Grantor’s Security Collateral in favour of the Canadian Collateral Agent for the benefit of the Secured
Parties, and will be prior to all other Liens of all other Persons other than Permitted Liens, and enforceable as such as against all other Persons other than Ordinary Course Transferees, except to the extent that the recording of an assignment or
other transfer of title to the Canadian Collateral Agent or the recording of other applicable documents in the Canadian Intellectual Property Office may be necessary for perfection or enforceability, and except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) or by
an implied covenant of good faith and fair dealing. As used in this subsection 4.2.2(b), the following terms shall have the following meanings: 
 “Filings”: the filing or recording of (i) the Financing Statements as set forth in Schedule 3, (ii) this Agreement or a notice thereof with respect to Intellectual Property as set forth in
Schedule 3 and (iii) any filings after the Closing Date in any other jurisdiction as may be necessary under any Requirement of Law. 
  

			
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 “Financing Statements”: the financing statements delivered to the Canadian Collateral
Agent by such Grantor on the Closing Date for filing in the jurisdictions listed in Schedule 3. 
 “Ordinary Course
Transferees”: (i) with respect to goods only, buyers in the ordinary course of business and lessees in the ordinary course of business, (ii) with respect to intangibles only, licensees in the ordinary course of business, and
(iii) any other Person who is entitled to take free of the Lien. 
 “Permitted Liens”: Liens permitted pursuant to the
Credit Documents, including, without limitation, Liens described in the definition of “Permitted Liens” in the Credit Agreement. 
 “Specified Assets”: the following property and assets of such Grantor: 
  

	1.	Patents, Patent Licenses, Trade-marks, Trade-mark Licenses, Industrial Designs and Industrial Design Licenses to the extent that (a) Liens thereon cannot be perfected by the
filing of financing statements under the PPSA or by the filing and acceptance thereof in the Canadian Intellectual Property Office (b) non-Canadian Patents, Patent Licenses, Trade-marks, Trade-mark Licenses, Industrial Designs or Industrial
Design Licenses) or (c) such Patents, Patent Licenses, Trade-marks, Trade-mark Licenses, Industrial Designs and Industrial Design Licenses are not, individually or in the aggregate, material to the business of any Canadian Borrower and its
Subsidiaries taken as a whole; 

  

	2.	Copyrights and Copyright Licenses with respect thereto and Accounts or receivables arising therefrom to the extent that the PPSA is not applicable to the creation or perfection of
Liens thereon; 

  

	3.	Collateral for which the perfection of Liens thereon requires filings in or other actions under the laws of jurisdictions outside of Canada, any province or territory;

  

	4.	goods included in Collateral received by any Person from any Grantor for “sale or return” to the extent of claims of creditors of such Person; 

  

	5.	Fixtures; 

  

	6.	Proceeds of Accounts or Inventory which do not themselves constitute Collateral or which have not yet been transferred to or deposited in the Collateral Proceeds Account (if any) or
to a Blocked Account; and 

  

	7.	uncertificated securities to the extent a security interest is not perfected by the filing of a financing statement. 

  

			
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 4.2.3 Jurisdiction of Organization and Locations of Collateral. On the date hereof, such
Grantor’s jurisdiction of incorporation or amalgamation, location of its chief executive office, and the locations of its Collateral, are as specified on Schedule 4. 
 4.2.4 Accounts Receivable. The amounts represented by such Grantor to the Canadian Agent or the other Secured Parties from time to time as owing by each account debtor or by all account debtors in respect of
such Grantor’s Accounts Receivable constituting Security Collateral will at such time be the correct amount, in all material respects, actually owing by such account debtor or debtors thereunder, except to the extent that appropriate reserves
therefor have been established on the books of such Grantor in accordance with GAAP. Unless otherwise indicated in writing to the Canadian Agent, each Account Receivable of such Grantor arises out of a bona fide sale and delivery of goods or
rendition of services by such Grantor. Such Grantor has not given any account debtor any deduction in respect of the amount due under any such Account, except in the ordinary course of business or as such Grantor may otherwise advise the Canadian
Agent in writing. 
 4.2.5 Patents, Trade-marks, Copyrights and Industrial Designs. Schedule 5 lists all material Trade-marks,
material Copyrights, material Patents and material Industrial Designs, in each case registered in the Canadian Intellectual Property Office and owned by such Grantor in its own name as of the date hereof, and all material Trade-mark Licenses, all
material Copyright Licenses, all material Patent Licenses and material Industrial Designs (including, without limitation, material Trade-mark Licenses for registered Trade-marks, all material Copyright Licenses for registered Copyrights, material
Patent Licenses for registered Patents and material Industrial Design Licenses for registered Industrial Designs) owned by such Grantor in its own name as of the date hereof. 
 4.3 Representations and Warranties of Each Pledgor. 
 To induce the Canadian Collateral Agent, the Canadian Agent and the Lenders to enter into the Credit Agreement and to induce the Canadian Facility Lenders to make their respective extensions of credit to the Canadian
Borrowers thereunder, each Pledgor hereby represents and warrants to the Canadian Collateral Agent and each other Secured Party that: 
 4.3.1
The shares of Pledged Stock pledged by such Pledgor hereunder constitute in the case of shares of a Subsidiary, all the issued and outstanding shares of all classes of the Capital Stock of such Subsidiary owned by such Pledgor. 
 4.3.2 All the shares of the Pledged Stock pledged by such Pledgor hereunder have been duly and validly issued and are fully paid and non-assessable (or
the equivalent, if any, under applicable foreign law). 
 4.3.3 Such Pledgor is the record and beneficial owner of, and has good title to,
the Pledged Securities pledged by it hereunder, free of any and all Liens or options in favour of, or claims of, any other Person, except the security interest created by this Agreement and Liens arising by operation of law or permitted by the
Credit Agreement. 
 4.3.4 Upon the delivery to the Canadian Collateral Agent of the certificates evidencing the Pledged Securities held by
such Pledgor together with executed undated stock powers 
  

			
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 or other instruments of transfer, the security interest created in such Pledged Securities constituting certificated
securities by this Agreement, assuming the continuing possession of such Pledged Securities by the Canadian Collateral Agent will constitute a valid, perfected first priority security interest in such Pledged Securities to the extent provided in and
governed by the PPSA, enforceable in accordance with its terms against all creditors of such Pledgor and any Persons purporting to purchase such Pledged Securities from such Pledgor, except as enforceability may be affected by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied
covenant of good faith and fair dealing. 
 4.3.5 Upon filing of the financing statements listed on Schedule 3 hereto, the security interest
created by this Agreement in such Pledged Securities that constitute uncertificated securities, will constitute a valid, perfected first priority security interest in such Pledged Securities constituting uncertificated securities, enforceable in
accordance with its terms against all creditors of such Pledgor and any persons purporting to purchase such Pledged Securities from such Pledgor, except as enforceability may be affected by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing. 
 SECTION 5 COVENANTS 
 5.1 Covenants of Each Guarantor. 
 Each Guarantor covenants and agrees with the Canadian Collateral
Agent and the other Secured Parties that, from and after the date of this Agreement until the earlier to occur of (i) the date upon which the Canadian Facility Revolving Credit Loans, any Reimbursement Obligations with respect to Canadian
Facility Letters of Credit, and all other Obligations then due and owing, shall have been paid in full in cash, no Canadian Facility Letter of Credit shall be outstanding (except for Canadian Facility Letters of Credit that have been cash
collateralized in a manner satisfactory to the Canadian Facility Issuing Lender) and the Commitments shall have terminated or (ii) as to any Guarantor, the date upon which all the Capital Stock of such Guarantor shall have been sold or
otherwise disposed of (to a Person other than Holdings, the Parent Borrower or a Subsidiary of either) in accordance with the terms of the Credit Agreement, such Guarantor shall take, or shall refrain from taking, as the case may be, each action
that is necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action or to refrain from taking such action by such Guarantor or any of its Subsidiaries. 
 5.2 Covenants of Each Grantor. 
 Each
Grantor covenants and agrees with the Canadian Collateral Agent and the other Secured Parties that, from and after the date of this Agreement until the earlier to occur of (i) the date upon which the Canadian Facility Revolving Credit Loans,
any Reimbursement Obligations with respect to Canadian Facility Letters of Credit, and all other Obligations then due and owing, shall have been paid in full in cash, no Canadian Facility Letter of Credit shall be outstanding (except for Canadian
Facility Letters of Credit that have been cash collateralized in a manner satisfactory to the Canadian Facility Issuing Lender) and the Commitments shall have terminated or 
  

			
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 (ii) as to any Grantor, the date upon which all the Capital Stock of such Grantor shall have been sold or otherwise
disposed of (to a Person other than Holdings, the Parent Borrower or a Subsidiary of either) in accordance with the terms of the Credit Agreement: 
 5.2.1 Delivery of Instruments and Chattel Paper. If any amount payable under or in connection with any of such Grantor’s Collateral shall be or become evidenced by any Instrument or Chattel Paper, such Grantor shall (except as
provided in the following sentence) be entitled to retain possession of all Collateral of such Grantor evidenced by any Instrument or Chattel Paper, and shall hold all such Collateral in trust for the Canadian Collateral Agent, for the rateable
benefit of the Secured Parties. In the event that an Event of Default shall have occurred and be continuing, upon the request of the Canadian Collateral Agent, such Instrument or Chattel Paper shall be promptly delivered to the Canadian Collateral
Agent duly endorsed in a manner satisfactory to the Canadian Collateral Agent to be held as Collateral pursuant to this Agreement. Such Grantor shall not permit any other Person to possess any such Collateral at any time other than in connection
with any sale or other disposition of such Collateral in a transaction permitted by the Credit Agreement. 
 5.2.2 Maintenance of
Insurance. Such Grantor will maintain with financially sound and reputable insurance companies insurance on, or self insure, all property material to the business of the Parent Borrower and its Subsidiaries, taken as a whole, in at least such
amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as are consistent with the past practices of the Parent Borrower and its Subsidiaries and otherwise as are usually
insured against in the same general area by companies engaged in the same or a similar business; furnish to the Canadian Collateral Agent, upon written request, information in reasonable detail as to the insurance carried; and ensure that at all
times the Canadian Collateral Agent for the benefit of the Secured Parties, shall be named as additional insured with respect to liability policies and the Canadian Collateral Agent shall be named as loss payee with respect to the property insurance
maintained by such Grantor with respect to such Grantor’s Collateral. 
 5.2.3 Payment of Obligations. Such Grantor will pay and
discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all material taxes, assessments and governmental charges or levies imposed upon such Grantor’s Collateral or in respect of income or
profits therefrom, as well as all material claims of any kind (including, without limitation, material claims for labour, materials and supplies) against or with respect to such Grantor’s Collateral, except that no such tax, assessment, charge
or levy need be paid or satisfied if the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of such Grantor.

 5.2.4 Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the security interest
created by this Agreement in such Grantor’s Collateral as a perfected security interest having at least the priority described in subsection 4.2.2 and shall defend such security interest against the claims and demands of all Persons whomsoever.

 (b) Such Grantor will furnish to the Canadian Collateral Agent from time to time statements and schedules further identifying and
describing such Grantor’s Collateral and such other reports in connection with such Grantor’s Collateral as the Canadian Collateral Agent may reasonably request in writing, all in reasonable detail. 
  

			
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 (c) At any time and from time to time, upon the written request of the Canadian Collateral Agent, and at
the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver such further instruments and documents and take such further actions as the Canadian Collateral Agent may reasonably request for the purpose of obtaining or
preserving the full benefits of this Agreement and of the rights and powers herein granted by such Grantor, including, without limitation, the filing of any financing or financing change statements under the PPSA with respect to the security
interests created hereby. 
 5.2.5 Changes in Name, Jurisdiction of Organization, etc. Such Grantor will not, except upon not less
than 30 days’ prior written notice to the Canadian Collateral Agent, change its name or jurisdiction of organization (whether by amalgamation or otherwise) or move any of its Collateral to a new jurisdiction other than disclosed in Schedule 4;
provided that, promptly after receiving a written request therefore from the Canadian Collateral Agent, such Grantor shall deliver to the Canadian Collateral Agent all additional financing statements or financing change statement and other documents
reasonably requested by the Canadian Collateral Agent to maintain the validity, perfection and priority of the security interests as and to the extent provided for herein. 
 5.2.6 Notices. Such Grantor will advise the Canadian Agent promptly, in reasonable detail, of: 
 (a) any Lien (other than security interests created hereby or Liens permitted under the Credit Agreement) on any of such Grantor’s Collateral which
would materially adversely affect the ability of the Canadian Collateral Agent to exercise any of its remedies hereunder; and 
 (b) the
occurrence of any other event which would reasonably be expected to have a material adverse effect on the security interests created hereby. 
 5.2.7 Pledged Stock. In the case of each Grantor that is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this Agreement relating to the Pledged Stock issued by it and will comply with such terms insofar
as such terms are applicable to it, (ii) it will notify the Canadian Collateral Agent promptly in writing of the occurrence of any of the events described in subsection 5.3.1 with respect to the Pledged Stock issued by it and (iii) the
terms of subsections 6.3(c) and 6.7 shall apply to it, mutatis mutandis, with respect to all actions that may be required of it pursuant to subsection 6.3(c) or 6.7 with respect to the Pledged Stock issued by it. 
 5.2.8 Accounts Receivable. (a) With respect to the Accounts Receivable constituting Collateral, other than in the ordinary course of business or
as permitted by the Loan Documents, such Grantor will not (i) grant any extension of the time of payment of any of such Grantor’s Accounts Receivable, (ii) compromise or settle any such Account Receivable for less than the full amount
thereof, (iii) release, wholly or partially, any Person liable for the payment of any Account Receivable, (iv) allow any credit or discount whatsoever on any such Account Receivable or (v) amend, supplement or modify any Account
Receivable unless such extensions, compromises, settlements, releases, credits or discounts would not reasonably be expected to materially adversely affect the value of the Accounts Receivable constituting Collateral taken as a whole. 
  

			
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 (b) Such Grantor will deliver to the Canadian Collateral Agent a copy of each material demand, notice or
document received by it that questions or calls into doubt the validity or enforceability of more than 10% of the aggregate amount of the then outstanding Accounts Receivable. 
 5.2.9 Maintenance of Records. Such Grantor will keep and maintain at its own cost and expense reasonably satisfactory and complete records of its
Collateral, including, without limitation, a record of all payments received and all credits granted with respect to such Collateral, and shall mark such records to evidence this Agreement and the Liens and the security interests created hereby.

 5.2.10 Acquisition of Intellectual Property. Within 90 days after the end of each calendar year, such Grantor will notify the
Canadian Collateral Agent of any acquisition by such Grantor of (i) any registration of any material Copyright, Patent, Trade-mark or Industrial Design or (ii) any exclusive rights under a material Copyright License, Patent License,
Trade-mark License or Industrial Design License constituting Collateral, and shall take such actions as may be reasonably requested by the Canadian Collateral Agent (but only to the extent such actions are within such Grantor’s control) to
perfect the security interest granted to the Canadian Collateral Agent and the other Secured Parties therein, to the extent provided herein in respect of any Copyright, Patent, Trade-mark or Industrial Design constituting Collateral on the date
hereof, by (x) the execution and delivery of an amendment or supplement to this Agreement (or amendments to any such agreement previously executed or delivered by such Grantor) and/or (y) the making of appropriate registrations (I) of
financing statements under the PPSA and/or (II) in the Canadian Intellectual Property Office. 
 5.2.11 Protection of Trade Secrets.
Such Grantor shall take all steps which it deems commercially reasonable to preserve and protect the secrecy of all material Trade Secrets of such Grantor. 
 5.2.12 Grant of License to Use Intellectual Property. For the purpose of enabling the Canadian Collateral Agent to exercise rights and remedies under this Agreement at such time as the Canadian Collateral Agent
shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Canadian Collateral Agent an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to the Grantors) to use,
license or sublicense any of the Collateral consisting of Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license 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. The use of such license by the Canadian Collateral Agent may be exercised, at the option of the Canadian Collateral
Agent, upon the occurrence and during the continuation of an Event of Default, provided that any license, sublicense or other transaction entered into by the Canadian Collateral Agent in accordance herewith shall be binding upon the Grantors
notwithstanding any subsequent cure of an Event of Default. 
 5.2.13 Deposit Accounts; Etc. Such Grantor shall take, or refrain from
taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no breach of subsection 4.16 of the Credit Agreement is caused by the failure to take such action or to refrain from taking such action
by such Grantor or any of its Subsidiaries. 
  

			
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 5.2.14 Protection of Trade-marks. Such Grantor shall not, with respect to any Trade-marks that are
material to the business of any Grantor, cease the use of any of such Trade-marks or fail to maintain the level of the quality of products sold and services rendered under any of such Trade-mark at a level at least substantially consistent with the
quality of such products and services as of the date hereof, and each Grantor shall take all steps reasonably necessary to insure that licensees of such Trade-marks use such consistent standards of quality. 
 5.2.15 Protection of Intellectual Property. Subject to the Credit Agreement, such Grantor shall not do any act or omit to do any act whereby any
of the Intellectual Property which is material to the business of Grantor may lapse, expire, or become abandoned, or unenforceable. 
 5.2.16
Assignment of Letter of Credit Rights. In the case of any Letter-of-Credit Rights of any Grantor in any letter of credit exceeding $3,000,000 in value acquired following the Closing Date, such Grantor shall use its commercially reasonable
efforts to promptly obtain the consent of the issuer thereof and any nominated person thereon to the assignment of the proceeds of the related letter of credit, pursuant to an agreement in form and substance reasonably satisfactory to the Canadian
Agent. 
 5.3 Covenants of Each Pledgor. 
 Each Pledgor covenants and agrees with the Canadian Collateral Agent and the other Secured Parties that, from and after the date of this Agreement until the earlier to occur of (i) the Canadian Facility Revolving
Credit Loans, any Reimbursement Obligations with respect to Canadian Facility Letters of Credit, and all other Obligations then due and owing, shall have been paid in full in cash, no Canadian Facility Letter of Credit shall be outstanding (except
for Canadian Facility Letters of Credit that have been cash collateralized in a manner satisfactory to the Canadian Facility Issuing Lender) and the Commitments shall have terminated or (ii) as to any Pledgor, all the Capital Stock of such
Pledgor shall have been sold or otherwise disposed of (to a Person other than Holdings, the Parent Borrower or a Subsidiary of either) as permitted under the terms of the Credit Agreement: 
 5.3.1 Additional Shares. If such Pledgor shall, as a result of its ownership of its Pledged Stock, become entitled to receive or shall receive any
stock certificate (including, without limitation, any stock certificate representing a stock or share dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with
any reorganization), stock option or similar rights in respect of the Capital Stock of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof,
such Pledgor shall accept the same as the agent of the Canadian Collateral Agent and the other Secured Parties, hold the same in trust for the Canadian Collateral Agent and the other Secured Parties and deliver the same forthwith to the Canadian
Collateral Agent (who will hold the same on behalf of the Secured Parties) in the exact form received, duly endorsed by such Pledgor to the Canadian Collateral Agent, if required, together with an undated stock power covering such certificate duly
executed in blank by such Grantor, to be held by the Canadian Collateral Agent, subject to the terms hereof, as additional collateral security for the Obligations (subject to subsection 3.3). Any sums paid upon or in respect of the Pledged Stock
upon the liquidation or dissolution of any Issuer (except any liquidation or dissolution of any Subsidiary 
  

			
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 of the Parent Borrower in accordance with the Credit Agreement) shall be paid over to the Canadian Collateral Agent to be
held by it hereunder as additional collateral security for the Obligations, and in case any distribution of capital shall be made on or in respect of the Pledged Stock or any property shall be distributed upon or with respect to the Pledged Stock
pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favour of the Canadian
Collateral Agent, be delivered to the Canadian Collateral Agent to be held by it hereunder as additional collateral security for the Obligations. If any sums of money or property so paid or distributed in respect of the Pledged Stock shall be
received by such Pledgor, such Pledgor shall, until such money or property is paid or delivered to the Canadian Collateral Agent, hold such money or property in trust for the Secured Parties, segregated from other funds of such Pledgor, as
additional collateral security for the Obligations. 
 5.3.2 Maintenance of Pledged Stock. Without the prior written consent of the
Canadian Collateral Agent, such Pledgor will not (except as permitted by the Credit Agreement) (i) vote to enable, or take any other action to permit, any Issuer to issue any stock or other equity securities of any nature or to issue any other
securities convertible into, or granting the right to purchase or exchange for, any stock or other equity securities of any nature of any Issuer, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect
to, the Pledged Securities or Proceeds thereof, (iii) create, incur or permit to exist any Lien or option in favour of, or any material adverse claim of any Person with respect to, any of the Pledged Securities or Proceeds thereof, or any
interest therein, except for the security interests created by this Agreement or Liens arising by operation of law or (iv) enter into any agreement or undertaking restricting the right or ability of such Pledgor, the Canadian Collateral Agent
to sell, assign or transfer any of the Pledged Securities or Proceeds thereof. 
 5.3.3 Pledged Notes. Such Pledgor shall, on the date
of this Agreement (or on such later date upon which it becomes a party hereto pursuant to subsection 9.15), deliver to the Canadian Collateral Agent all Pledged Notes then held by such Pledgor (excluding any Pledged Note the principal amount of
which does not exceed $3,000,000), endorsed in blank or, at the request of the Canadian Collateral Agent, endorsed to the Canadian Collateral Agent. Furthermore, within ten Business Days after any Pledgor obtains a Pledged Note with a principal
amount in excess of $3,000,000, such Pledgor shall cause such Pledged Note to be delivered to the Canadian Collateral Agent, endorsed in blank or, at the request of the Canadian Collateral Agent, endorsed to the Canadian Collateral Agent.

 5.3.4 Maintenance of Security Interest. Such Pledgor shall maintain the security interest created by this Agreement in such
Pledgor’s Pledged Collateral as a perfected security interest having at least the priority described in subsection 4.3.4 or 4.3.5, as applicable, and shall defend such security interest against the claims and demands of all Persons whomsoever.
At any time and from time to time, upon the written request of the Canadian Collateral Agent and at the sole expense of such Pledgor, such Pledgor will promptly and duly execute and deliver such further instruments and documents and take such
further actions as the Canadian Collateral Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted by such Pledgor. 
  

			
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 SECTION 6 REMEDIAL PROVISIONS 
 6.1 Certain Matters Relating to Accounts. 
 (a) At any time and from time to time after the occurrence and during the continuance of an Event of Default, the Canadian Collateral Agent shall have the right to make test verifications of the Accounts Receivable constituting Collateral
in any reasonable manner and through any reasonable medium that it reasonably considers advisable, and the relevant Grantor shall furnish all such assistance and information as the Canadian Collateral Agent may reasonably require in connection with
such test verifications. At any time and from time to time after the occurrence and during the continuance of an Event of Default, upon the Canadian Collateral Agent’s reasonable request and at the expense of the relevant Grantor, such Grantor
shall cause independent public or chartered accountants or others reasonably satisfactory to the Canadian Collateral Agent to furnish to the Canadian Collateral Agent reports showing reconciliations, aging and test verifications of, and trial
balances for, the Accounts Receivable constituting Collateral. 
 (b) The Canadian Collateral Agent hereby authorizes each Grantor to collect
such Grantor’s Accounts Receivable constituting Collateral and the Canadian Collateral Agent may curtail or terminate said authority at any time, without limiting the Canadian Collateral Agent’s rights under subsection 4.16 of the Credit
Agreement, after the occurrence and during the continuance of an Event of Default specified in subsection 9(a) of the Credit Agreement. If required by the Canadian Collateral Agent at any time without limiting the Canadian Collateral Agent’s
rights under subsection 4.16 of the Credit Agreement, after the occurrence and during the continuance of an Event of Default specified in subsection 9(a) of the Credit Agreement, any Proceeds constituting payments or other cash proceeds of Accounts
Receivables constituting Collateral, when collected by such Grantor, (i) shall be forthwith (and, in any event, within two Business Days of receipt by such Grantor) deposited in, or otherwise transferred by such Grantor to, the Collateral
Proceeds Account, subject to withdrawal by the Canadian Collateral Agent for the account of the Secured Parties only as provided in subsection 6.5, and (ii) until so turned over, shall be held by such Grantor in trust for the Canadian
Collateral Agent and the other Secured Parties, segregated from other funds of such Grantor. All Proceeds constituting collections or other cash proceeds of Accounts Receivable constituting Collateral while held by the Collateral Account Bank (or by
any Grantor in trust for the benefit of the Canadian Collateral Agent and the other Secured Parties) shall continue to be collateral security for all of the Obligations and shall not constitute payment thereof until applied as hereinafter provided.
At any time when an Event of Default specified in subsection 9(a) of the Credit Agreement has occurred and is continuing, at the Canadian Collateral Agent’s election, each of the Canadian Agent and the Canadian Collateral Agent may apply all or
any part of the funds on deposit in the Collateral Proceeds Account established by the relevant Grantor to the payment of the Obligations of such Grantor then due and owing, such application to be made as set forth in subsection 6.5 hereof. So long
as no Event of Default has occurred and is continuing, the funds on deposit in the Collateral Proceeds Account shall be remitted as provided in subsection 6.1(d) hereof. 
 (c) At any time and from time to time after the occurrence and during the continuance of an Event of Default specified in subsection 9(a) of the Credit Agreement, at the Canadian Collateral Agent’s request, each
Grantor shall deliver to the Canadian Collateral Agent 
  

			
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 copies or, if required by the Canadian Collateral Agent for the enforcement thereof or foreclosure thereon, originals of
all documents held by such Grantor evidencing, and relating to, the agreements and transactions which gave rise to such Grantor’s Accounts Receivable constituting Collateral, including, without limitation, all statements relating to such
Grantor’s Accounts Receivable constituting Collateral and all orders, invoices and shipping receipts. 
 (d) So long as no Event of
Default has occurred and is continuing, the Canadian Collateral Agent shall instruct the Collateral Account Bank to promptly remit any funds on deposit in each Grantor’s Collateral Proceeds Account to such Grantor’s General Fund Account or
such other Account designated by such Grantor maintained in compliance with the provisions of subsection 4.16 of the Credit Agreement. In the event that an Event of Default has occurred and is continuing, the Canadian Collateral Agent and the
Grantors agree that the Canadian Collateral Agent, at its option, may require that each Collateral Proceeds Account and the General Fund Account of each Grantor be established at the Canadian Collateral Agent. Each Grantor shall have the right, at
any time and from time to time, to withdraw such of its own funds from its own General Fund Account, and to maintain such balances in its General Fund Account, as it shall deem to be necessary or desirable. 
 6.2 Communications with Obligors; Grantors Remain Liable. 
 (a) The Canadian Collateral Agent, in its own name or in the name of others, may at any time and from time to time after the occurrence and during the continuance of an Event of Default specified in subsection 9(a) of
the Credit Agreement, communicate with obligors under the Accounts Receivable constituting Collateral and parties to the Contracts (in each case, to the extent constituting Collateral) to verify with them to the Canadian Collateral Agent’s
satisfaction the existence, amount and terms of any Accounts Receivable or Contracts. 
 (b) Upon the request of the Canadian Collateral
Agent at any time after the occurrence and during the continuance of an Event of Default specified in subsection 9(a) of the Credit Agreement, each Grantor shall notify obligors on such Grantor’s Accounts Receivable and parties to such
Grantor’s Contracts (in each case, to the extent constituting Collateral) that such Accounts Receivable and such Contracts have been assigned to the Canadian Collateral Agent, for the rateable benefit of the Secured Parties, and that payments
in respect thereof shall be made directly to the Canadian Collateral Agent. 
 (c) Anything herein to the contrary notwithstanding, each
Grantor shall remain liable under each of such Grantor’s Accounts Receivable to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise
thereto. None of the Canadian Collateral Agent, the Canadian Agent or any other Secured Party shall have any obligation or liability under any Account Receivable (or any agreement giving rise thereto) by reason of or arising out of this Agreement or
the receipt by the Canadian Collateral Agent or any other Secured Party of any payment relating thereto, nor shall the Canadian Collateral Agent or any other Secured Party be obligated in any manner to perform any of the obligations of any Grantor
under or pursuant to any Account Receivable (or any agreement giving rise thereto) to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party
thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts that may have been assigned to it or to which it may be entitled at any time or times. 
  

			
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 6.3 Pledged Stock. 
 (a) Unless an Event of Default shall have occurred and be continuing and the Canadian Collateral Agent shall have given notice to the relevant Pledgor of the Canadian Collateral Agent’s intent to exercise its
corresponding rights pursuant to subsection 6.3(b), each Pledgor shall be permitted to receive all cash dividends and distributions paid in respect of the Pledged Stock (subject to the last two sentences of subsection 5.3.1 of this Agreement) and
all payments made in respect of the Pledged Notes, to the extent permitted in the Credit Agreement, and to exercise all voting and corporate rights with respect to the Pledged Stock; provided, however, that no vote shall be cast or corporate right
exercised or such other action taken (other than in connection with a transaction expressly permitted by the Credit Agreement) which, in the Canadian Collateral Agent’s reasonable judgment, would materially impair the Pledged Stock or the
related rights or remedies of the Secured Parties or which would be inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document. 
 (b) If an Event of Default shall occur and be continuing and the Canadian Collateral Agent shall give notice of its intent to exercise such rights to the
relevant Pledgor or Pledgors, (i) the Canadian Collateral Agent shall have the right to receive any and all cash dividends, payments or other Proceeds paid in respect of the Pledged Stock and make application thereof to the Obligations of the
relevant Pledgor in such order as is provided in subsection 6.5, and (ii) any or all of the Pledged Stock shall be registered in the name of the Canadian Collateral Agent or its nominee, and the Canadian Collateral Agent or its nominee may
thereafter exercise (x) all voting, corporate and other rights pertaining to such Pledged Stock at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange, subscription
and any other rights, privileges or options pertaining to such Pledged Stock as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Stock upon the merger,
consolidation, reorganization, recapitalization or other fundamental change in the corporate structure of any Issuer, or upon the exercise by the relevant Pledgor or the Canadian Collateral Agent of any right, privilege or option pertaining to such
Pledged Stock, and in connection therewith, the right to deposit and deliver any and all of the Pledged Stock with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Canadian
Collateral Agent may reasonably determine), all without liability (other than for its gross negligence or wilful misconduct) except to account for property actually received by it, but the Canadian Collateral Agent shall have no duty to any Pledgor
to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing, provided that the Canadian Collateral Agent shall not exercise any voting or other consensual rights pertaining to the
Pledged Stock in any way that would constitute an exercise of the remedies described in subsection 6.6 other than in accordance with subsection 6.6. 
 (c) Each Pledgor hereby authorizes and instructs each Issuer or maker of any Pledged Securities pledged by such Pledgor hereunder to (i) comply with any instruction received by it from the Canadian Collateral
Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any 
  

			
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 other or further instructions from such Pledgor, and each Pledgor agrees that each Issuer or maker shall be fully
protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends or other payments with respect to the Pledged Securities directly to the Canadian Collateral Agent. 
 6.4 Proceeds to be Turned Over to the Canadian Collateral Agent. 
 In addition to the rights of the Canadian Collateral Agent and the other Secured Parties specified in subsection 6.1 with respect to payments of Accounts Receivable constituting Collateral, if an Event of Default
shall occur and be continuing, and the Canadian Collateral Agent shall have instructed any Grantor to do so, all Proceeds received by such Grantor consisting of cash, cheques and other Cash Equivalent items shall be held by such Grantor in trust for
the Canadian Collateral Agent and the other Secured Parties hereto, or as applicable, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Canadian Collateral Agent (or its agents
appointed for purposes of perfection) in the exact form received by such Grantor (duly endorsed by such Grantor to the Canadian Collateral Agent if required). All Proceeds received by the Canadian Collateral Agent hereunder shall be held by the
Canadian Collateral Agent in the relevant Collateral Proceeds Account maintained under its sole dominion and control. All Proceeds while held by the Canadian Collateral Agent in such Collateral Proceeds Account (or by the relevant Grantor in trust
for the Canadian Collateral Agent and the other Secured Parties) shall continue to be held as collateral security for all the Obligations of such Grantor and shall not constitute payment thereof until applied as provided in subsection 6.5.

 6.5 Application of Proceeds. 
 It is agreed that if an Event of Default shall occur and be continuing, any and all Proceeds of the relevant Granting Party’s Collateral (as defined in the Credit Agreement) received by the Canadian Collateral Agent (whether from the
relevant Granting Party or otherwise) shall be held by the Canadian Collateral Agent for the benefit of the Secured Parties as collateral security for the Obligations of the relevant Granting Party (whether matured or unmatured), and/or then or at
any time thereafter may, in the sole discretion of the Canadian Collateral Agent, be applied by the Canadian Collateral Agent against the Obligations of the relevant Granting Party then due and owing in the order of priority set forth in the Credit
Agreement. 
 6.6 PPSA and Other Remedies. 
 (a) If an Event of Default shall occur and be continuing, the Canadian Collateral Agent, on behalf of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement,
the Credit Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations to the extent permitted by applicable law, all rights and remedies of a secured party under the Bankruptcy and Insolvency Act
(Canada), the Companies Creditors Arrangement Act (Canada), the Winding-Up and Restructuring Act (Canada) and the PPSA and under any other applicable law and in equity. Without limiting the generality of the foregoing, to the extent
permitted by applicable law, the Canadian Collateral Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Granting Party
or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), 
  

			
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 may in such circumstances, forthwith collect, receive, appropriate and realize upon the Security Collateral, or any part
thereof, and/or may forthwith, subject to any existing reserved rights or licenses, sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Security Collateral or any part thereof (or contract to do any of
the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Canadian Collateral Agent or any other Secured Party or elsewhere upon such terms and conditions as it may deem
advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Canadian Collateral Agent or any other Secured Party shall have the right, to the extent permitted by law, upon
any such sale or sales, to purchase the whole or any part of the Security Collateral so sold, free of any right or equity of redemption in such Granting Party, which right or equity is hereby waived and released. Each Granting Party further agrees,
at the Canadian Collateral Agent’s request, to assemble the Security Collateral and make it available to the Canadian Collateral Agent at places which the Canadian Collateral Agent shall reasonably select, whether at such Granting Party’s
premises or elsewhere. The Canadian Collateral Agent shall apply the net proceeds of any action taken by it pursuant to this subsection 6.6, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or
incidental to the care or safekeeping of any of the Security Collateral or in any way relating to the Security Collateral or the rights of the Canadian Collateral Agent and the other Secured Parties hereunder, including, without limitation,
reasonable legal fees and disbursements, to the payment in whole or in part of the Obligations of the relevant Granting Party then due and owing, in the order of priority specified in subsection 6.5 above, and only after such application and after
the payment by the Canadian Collateral Agent of any other amount required by any provision of law, need the Canadian Collateral Agent account for the surplus, if any, to such Granting Party. To the extent permitted by applicable law, (i) such
Granting Party waives all claims, damages and demands it may acquire against the Canadian Collateral Agent or any other Secured Party arising out of the repossession, retention or sale of the Security Collateral, other than any such claims, damages
and demands that may arise from the gross negligence or wilful misconduct of any of the Canadian Collateral Agent or such other Secured Party, and (ii) if any notice of a proposed sale or other disposition of Security Collateral shall be
required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. 
 (b)
The Canadian Collateral Agent may appoint, remove or reappoint by instrument in writing, any Person or Persons, whether an officer or officers or an employee or employees of any Grantor or not, to be an interim receiver, receiver or receivers
(hereinafter called a “Receiver”, which term when used herein shall include a receiver and manager) of such Collateral (including any interest, income or profits therefrom). Any such Receiver shall, to the extent permitted by
applicable law, be deemed the agent of such Grantor and not of the Canadian Collateral Agent, and the Canadian Collateral Agent shall not be in any way responsible for any misconduct, negligence or non-feasance on the part of any such Receiver or
its servants, agents or employees. Subject to the provisions of the instrument appointing it, any such Receiver shall (i) have such powers as have been granted to the Canadian Collateral Agent under this Section 6 and (ii) shall be
entitled to exercise such powers at any time that such powers would otherwise be exercisable by the Canadian Collateral Agent under this Section 6, which powers shall include, but are not limited to, the power to take possession of the
Collateral, to preserve the Collateral or its value, to carry on or concur in carrying on all or any part of the business of such Grantor and to sell, lease, license or otherwise dispose of or concur in selling, leasing, licensing or otherwise
disposing of the Collateral. 
  

			
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 To facilitate the foregoing powers, any such Receiver may, to the exclusion of all others, including any Grantor, enter
upon, use and occupy all premises owned or occupied by such Grantor wherein the Collateral may be situate, maintain the Collateral upon such premises, borrow money on a secured or unsecured basis and use the Collateral directly in carrying on such
Grantor’s business or as security for loans or advances to enable the Receiver to carry on such Grantor’s business or otherwise, as such Receiver shall, in its reasonable discretion, determine. Except as may be otherwise directed by the
Canadian Collateral Agent, all money received from time to time by such Receiver in carrying out his/her/its appointment shall be received in trust for and be paid over to the Canadian Collateral Agent and any surplus shall be applied in accordance
with applicable law. Every such Receiver may, in the discretion of the Canadian Collateral Agent, be vested with, in addition to the rights set out herein, all or any of the rights and powers of the Canadian Agent, the Canadian Collateral Agent
described in the Credit Agreement, the PPSA, the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada) or the Winding-Up and Restructuring Act (Canada). 
 6.7 Registration Rights. 
 (a) If the
Canadian Collateral Agent shall determine to exercise its right to sell any or all of the Pledged Stock pursuant to subsection 6.6, and if in the reasonable opinion of the Canadian Collateral Agent it is necessary or reasonably advisable to have the
Pledged Stock, or that portion thereof to be sold, registered under the provisions of applicable securities legislation, the relevant Pledgor will use its reasonable best efforts to cause the Issuer thereof to (i) execute and deliver, and use
its best efforts to cause the directors and officers of such Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the reasonable opinion of the Canadian Collateral Agent
necessary or advisable to register such Pledged Stock, or that portion thereof to be sold, under the provisions of the applicable securities legislation, (ii) use its reasonable best efforts to cause the registration statement relating thereto
to become effective and to remain effective for a period of not more than one year from the date of the first public offering of such Pledged Stock, or that portion thereof to be sold, and (iii) make all amendments thereto and/or to the related
prospectus which, in the reasonable opinion of the Canadian Collateral Agent are necessary or advisable, all in conformity with the requirements of applicable securities legislation and the rules and regulations of any applicable securities
commission or regulation applicable thereto. Such Pledgor agrees to use its reasonable best efforts to cause such Issuer to comply with the provisions of the securities laws of any and all provinces and territories that the Canadian Collateral Agent
shall reasonably designate and to make available to its security holders, as soon as practicable, any statements (which need not be audited) that will satisfy the provisions of applicable securities legislation. 
 (b) Such Pledgor recognizes that the Canadian Collateral Agent may be unable to effect a public sale of any or all such Pledged Stock, by reason of
certain prohibitions contained in applicable securities legislation or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which 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. Such Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favourable than if such sale
were a public sale and, notwithstanding such circumstances, to the extent permitted by applicable law, agrees that any such private sale shall be 
  

			
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 deemed to have been made in a commercially reasonable manner. The Canadian Collateral Agent shall not be under any
obligation to delay a sale of any of the Pledged Stock for the period of time necessary to permit the Issuer thereof to register such securities for public sale under applicable securities legislation, even if such Issuer would agree to do so.

 (c) Such Pledgor agrees to use its reasonable best efforts to do or cause to be done all such other acts as may be necessary to make such
sale or sales of all or any portion of such Pledged Stock pursuant to this subsection 6.7 valid and binding and in compliance with any and all other applicable Requirements of Law. Such Pledgor further agrees that a breach of any of the covenants
contained in this subsection 6.7 will cause irreparable injury to the Canadian Collateral Agent and the Lenders, that the Canadian Collateral Agent and the Lenders have no adequate remedy at law in respect of such breach and, as a consequence, that
each and every covenant contained in this subsection 6.7 shall be specifically enforceable against such Pledgor, and to the extent permitted by applicable law, such Pledgor hereby waives and agrees not to assert any defenses against an action for
specific performance of such covenants except for a defense that no Event of Default has occurred or is continuing under the Credit Agreement. 
 6.8 Waiver; Deficiency. 
 Each Granting Party shall remain liable for any deficiency if the proceeds of any sale or other
disposition of the Security Collateral are insufficient to pay in full, the Canadian Facility Revolving Credit Loans, Reimbursement Obligations constituting Obligations of such Granting Party and, to the extent then due and owing, all other
Obligations of such Granting Party and the reasonable fees and disbursements of any legal counsel employed by the Canadian Collateral Agent or any other Secured Party to collect such deficiency. 
 SECTION 7 THE CANADIAN COLLATERAL AGENT 
 7.1 Canadian Collateral Agent’s Appointment as Attorney-in-Fact, etc. 
 (a) Each Granting Party hereby irrevocably
constitutes and appoints the Canadian Collateral Agent or any authorized officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such
Granting Party and in the name of such Granting Party or in its own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments that may be reasonably
necessary or desirable to accomplish the purposes of this Agreement to the extent permitted by applicable law, provided that the Canadian Collateral Agent agrees not to exercise such power except upon the occurrence and during the continuance of any
Event of Default. Without limiting the generality of the foregoing, at any time when an Event of Default has occurred and is continuing (in each case to the extent permitted by applicable law), (x) each Pledgor hereby gives the Canadian
Collateral Agent the power and right, on behalf of such Pledgor, without notice or assent by such Pledgor, to execute, in connection with any sale provided for in subsection 6.6(a) or 6.7, any endorsements, assessments or other instruments of
conveyance or transfer with respect to such Pledgor’s Pledged Collateral, and (y) each Grantor hereby gives the Canadian Collateral Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do
any or all of the following: 
  

			
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 (i) in the name of such Grantor or its own name, or otherwise, take possession of and endorse and collect
any cheques, drafts, notes, acceptances or other instruments for the payment of moneys due under any Account Receivable of such Grantor that constitutes Collateral or with respect to any other Collateral of such Grantor and file any claim or take
any other action or institute any proceeding in any court of law or equity or otherwise deemed appropriate by the Canadian Collateral Agent for the purpose of collecting any and all such moneys due under any Account Receivable of such Grantor that
constitutes Collateral or with respect to any other Collateral of such Grantor whenever payable; 
 (ii) in the case of any Copyright,
Patent, Trade-mark, or Industrial Design constituting Collateral of such Grantor, execute and deliver any and all agreements, instruments, documents and papers as the Canadian Collateral Agent may reasonably request to such Grantor to evidence the
Canadian Collateral Agent’s and the Lenders’ security interest in such Copyright, Patent, Trade-mark or Industrial Design and the goodwill and intangibles of such Grantor relating thereto or represented thereby; 
 (iii) pay or discharge taxes and Liens, other than Liens permitted under this Agreement or the other Loan Documents, levied or placed on the Collateral
of such Grantor, effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; and 
 (iv) (A) direct any party liable for any payment under any of the Collateral of such Grantor to make payment of any and all moneys due or to become due thereunder directly to the Canadian Collateral Agent or as
the Canadian Collateral Agent shall direct; (B) ask or demand for, collect, receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral of such
Grantor; (C) sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral of
such Grantor; (D) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral of such Grantor or any portion thereof and to enforce any other right in respect of
any Collateral of such Grantor; (E) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral of such Grantor; (F) settle, compromise or adjust any such suit, action or proceeding described in clause
(E) above and, in connection therewith, to give such discharges or releases as the Canadian Collateral Agent may deem appropriate; (G) subject to any existing reserved rights or licenses, assign any Copyright, Patent, Trade-mark or
Industrial Design constituting Collateral of such Grantor (along with the goodwill of the business to which any such Copyright, Patent, Trade-mark or Industrial Design pertains), for such term or terms, on such conditions, and in such manner, as the
Canadian Agent shall in its sole discretion determine; and (H) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral of such Grantor as fully and completely as though the Canadian
Collateral Agent were the absolute owner thereof for all purposes, and do, at the Canadian Collateral Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Canadian Collateral Agent
deems necessary to protect, preserve or realize upon the Collateral of such Grantor and the Canadian Collateral Agent’s and the other Secured Parties’ security interests therein and to effect the intent of this Agreement, all as fully and
effectively as such Grantor might do. 
  

			
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 (b) The reasonable expenses of the Canadian Collateral Agent incurred in connection with actions
undertaken as provided in this subsection 7.1, together with interest thereon at a rate per annum equal to the rate per annum at which interest would then be payable on past due Loans that are Revolving Credit Loans under the Credit Agreement, from
the date of payment by the Canadian Collateral Agent to the date reimbursed by the relevant Granting Party, shall be payable by such Granting Party to the Canadian Collateral Agent on demand. 
 (c) Each Granting Party hereby ratifies all that said attorney shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and
agencies contained in this Agreement are coupled with an interest and are irrevocable as to the relevant Granting Party until this Agreement is terminated as to such Granting Party, and the security interests in the Security Collateral of such
Granting Party created hereby are released. 
 7.2 Duty of Canadian Collateral Agent. 
 The Canadian Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Security Collateral in its
possession, shall be to deal with it in the same manner as the Canadian Collateral Agent deals with similar property for its own account. None of the Canadian Collateral Agent or any other Secured Party nor any of their respective officers,
directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Security Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Security Collateral upon
the request of any Granting Party or any other Person or, except as otherwise provided herein, to take any other action whatsoever with regard to the Security Collateral or any part thereof. The powers conferred on the Canadian Collateral Agent and
the other Secured Parties hereunder are solely to protect the Canadian Collateral Agent’s and the other Secured Parties’ interests in the Security Collateral and shall not impose any duty upon the Canadian Collateral Agent or any other
Secured Party to exercise any such powers. The Canadian Collateral Agent and the other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their
officers, directors, employees or agents shall be responsible to any Granting Party for any act or failure to act hereunder, except as otherwise provided herein or for their own gross negligence or wilful misconduct. 
 7.3 Financing Statements. 
 Pursuant
to any applicable law, each Granting Party authorizes the Canadian Collateral Agent to file or record financing statements, financing change statements and other filing or recording documents or instruments with respect to such Granting Party’s
Security Collateral without the signature of such Granting Party in such form and in such offices as the Canadian Collateral Agent reasonably determines appropriate to perfect the security interests of the Canadian Collateral Agent under this
Agreement. Each Granting Party authorizes the Canadian Collateral Agent to use any collateral description reasonably determined by the Canadian Collateral Agent, including, without limitation, the collateral description “all personal
property” or “all assets” in any such financing statements or financing change statements. The Collateral Agent agrees to use its commercially reasonable efforts to notify the relevant Granting Party of any financing or continuation
statement filed by it, provided that any failure to give such notice shall not affect the validity or effectiveness of any such filing. 
  

			
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 7.4 Authority of Canadian Collateral Agent. 
 Each Granting Party acknowledges that the rights and responsibilities of the Canadian Collateral Agent under this Agreement with respect to any action
taken by the Canadian Collateral Agent or the exercise or non-exercise by the Canadian Collateral Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement or any
amendment, supplement or other modification of this Agreement shall, as between the Canadian Collateral Agent and the Secured Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to
time among them, but, as between the Canadian Collateral Agent and the Granting Parties, the Canadian Collateral Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain
from acting, and no Granting Party shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 
 7.5
Right of Inspection. 
 Upon reasonable written advance notice to any Grantor and as often as may reasonably be desired, or at any time
and from time to time after the occurrence and during the continuation of an Event of Default, the Canadian Collateral Agent shall have reasonable access during normal business hours to all the books, correspondence and records of such Grantor, and
the Canadian Collateral Agent and its representatives may examine the same, and to the extent reasonable take extracts therefrom and make photocopies thereof, and such Grantor agrees to render to the Canadian Collateral Agent at such Grantor’s
reasonable cost and expense, such clerical and other assistance as may be reasonably requested with regard thereto. The Canadian Collateral Agent and its representatives shall also have the right, upon reasonable advance written notice to such
Grantor subject to any lease restrictions, to enter during normal business hours into and upon any premises owned, leased or operated by such Grantor where any of such Grantor’s Inventory or Equipment is located for the purpose of inspecting
the same, observing its use or otherwise protecting its interests therein. 
 SECTION 8 NON-LENDER SECURED PARTIES 
 8.1 Rights to Collateral. 
 (a) The
Non-Lender Secured Parties shall not have any right whatsoever to do any of the following: (i) exercise any rights or remedies with respect to the Collateral (such term, as used in this Section 8, having the meaning assigned to it in the
Credit Agreement), including, without limitation, the right to (A) enforce any Liens or sell or otherwise foreclose on any portion of the Collateral, (B) request any action, institute any proceedings, exercise any voting rights, give any
instructions, make any election, notice account debtors or make collections with respect to all or any portion of the Collateral or (C) release any Guarantor under this Agreement or release any Collateral from the Liens of any Security Document
or consent to or otherwise approve any such release; (ii) demand, accept or obtain any Lien on any Collateral (except for Liens arising under, and subject to the terms of, this Agreement); (iii) vote in any Bankruptcy Case or similar
proceeding in respect of 
  

			
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 Holdings or any of its Subsidiaries (any such proceeding, for purposes of this clause (a), a
“Bankruptcy”) with respect to, or take any other actions concerning the Collateral; (iv) receive any proceeds from any sale, transfer or other disposition of any of the Collateral (except in accordance with this Agreement);
(v) oppose any sale, transfer or other disposition of the Collateral; (vi) object to any debtor-in-possession financing in any Bankruptcy Case which is provided by one or more Lenders among others; (vii) object to the use of cash
collateral in respect of the Collateral in any Bankruptcy; or (viii) seek, or object to the Lenders seeking on an equal and rateable basis, any adequate protection or relief from the automatic stay with respect to the Collateral in any
Bankruptcy. 
 (b) Each Non-Lender Secured Party, by its acceptance of the benefits of this Agreement and the other Security Documents,
agrees that in exercising rights and remedies with respect to the Collateral, the Canadian Collateral Agent and the Canadian Facility Lenders, with the consent of the Canadian Collateral Agent, may enforce the provisions of the Security Documents
and exercise remedies thereunder and under any other Loan Documents (or refrain from enforcing rights and exercising remedies), all in such order and in such manner as they may determine in the exercise of their sole business judgment. Such exercise
and enforcement shall include, without limitation, the rights to collect, sell, dispose of or otherwise realize upon all or any part of the Collateral, to incur expenses in connection with such collection, sale, disposition or other realization and
to exercise all the rights and remedies of a secured lender under the PPSA of any applicable jurisdiction. The Non-Lender Secured Parties hereby agree by their acceptance of the benefits of this Agreement and the other Security Documents not to
contest or otherwise challenge any such collection, sale, disposition or other realization of or upon all or any of the Collateral. Whether or not a Bankruptcy Case has been commenced, the Non-Lender Secured Parties shall be deemed to have consented
to any sale or other disposition of any property, business or assets of Holdings or any of its Subsidiaries and the release of any or all of the Collateral from the Liens of any Security Document in connection therewith. 
 (c) Notwithstanding any provision of this subsection 8.1, the Non-Lender Secured Parties shall be entitled to file any necessary responsive or defensive
pleadings in opposition to any motion, claim, adversary proceeding or other pleadings (A) in order to prevent any Person from seeking to foreclose on the Collateral or supersede the Non-Lender Secured Parties’ claim thereto or (B) in
opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Non-Lender Secured Parties. 
 (d) Each Non-Lender Secured Party, by its acceptance of the benefit of this Agreement, agrees that the Canadian Collateral Agent and the Canadian
Facility Lenders may deal with the Collateral, including any exchange, taking or release of Collateral, may change or increase the amount of the Borrower Obligations and/or the Guarantor Obligations, and may release any Guarantor from its
Obligations hereunder, all without any liability or obligation (except as may be otherwise expressly provided herein) to the Non-Lender Secured Parties. 
 8.2 Appointment of Agent. 
 Each Non-Lender Secured Party, by its acceptance of the benefits of this
Agreement and the other Security Documents, shall be deemed irrevocably to make, constitute and appoint the 
  

			
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 Canadian Collateral Agent as agent under the Credit Agreement (and all officers, employees or agents designated by the
Canadian Collateral Agent) as such Person’s true and lawful agent and attorney-in-fact, and in such capacity, the Canadian Collateral Agent shall have the right, with power of substitution for the Non-Lender Secured Parties and in each such
Person’s name or otherwise, to effectuate any sale, transfer or other disposition of the Collateral. It is understood and agreed that the appointment of the Canadian Collateral Agent as the agent and attorney-in-fact of the Non-Lender Secured
Parties for the purposes set forth herein is coupled with an interest and is irrevocable. It is understood and agreed that the Canadian Collateral Agent has appointed the Canadian Agent as its agent for purposes of perfecting certain of the security
interests created hereunder and for otherwise carrying out certain of its obligations hereunder. 
 8.3 Waiver of Claims. 

To the maximum extent permitted by law, each Non-Lender Secured Party waives any claim it might have against the Canadian Collateral Agent or the
Lenders with respect to, or arising out of, any action or failure to act or any error of judgment, negligence, or mistake or oversight whatsoever on the part of the Canadian Collateral Agent or the Lenders or their respective directors, officers,
employees or agents with respect to any exercise of rights or remedies under the Loan Documents or any transaction relating to the Collateral (including, without limitation, any such exercise described in subsection 8.1(b) above), except for any
such action or failure to act which constitutes wilful misconduct or gross negligence of such Person. None of the Canadian Collateral Agent or any Lender or any of their respective directors, officers, employees or agents shall be liable for failure
to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of Holdings, any Subsidiary of Holdings, any Non-Lender Secured
Party or any other Person or to take any other action or forbear from doing so whatsoever with regard to the Collateral or any part thereof, except for any such action or failure to act which constitutes wilful misconduct or gross negligence of such
Person. 
 SECTION 9 MISCELLANEOUS 
 9.1 Amendments in Writing. 
 None of the terms or provisions of this Agreement may be waived, amended,
supplemented or otherwise modified except by a written instrument executed by each affected Granting Party and the Canadian Collateral Agent, provided that (a) any provision of this Agreement imposing obligations on any Granting Party
may be waived by the Canadian Collateral Agent in a written instrument executed by the Canadian Collateral Agent and (b) notwithstanding anything to the contrary in subsection 11.1 of the Credit Agreement, no such waiver and no such amendment
or modification shall amend, modify or waive the definition of “Secured Party” or subsection 6.5 if such waiver, amendment, or modification would adversely affect a Secured Party without the written consent of each such affected Secured
Party. 
 9.2 Notices. 
 All notices, requests and demands to or upon the Canadian Collateral Agent or any Granting Party hereunder shall be effected in the manner provided for in subsection 11.2 of the 
  

			
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 Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to
such Guarantor at its notice address set forth on Schedule 1, unless and until such Guarantor shall change such address by notice to the Canadian Collateral Agent and the Canadian Agent given in accordance with subsection 11.2 of the Credit
Agreement. 
 9.3 No Waiver by Course of Conduct; Cumulative Remedies. 
 None of the Canadian Collateral Agent or any other Secured Party shall by any act (except by a written instrument pursuant to subsection 9.1), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Canadian Collateral Agent or
any other Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. A waiver by the Canadian Collateral Agent or any other Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the Canadian Collateral Agent or
such other Secured Party would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

9.4 Enforcement Expenses; Indemnification. 
 (a) Each Guarantor jointly and severally agrees to pay or reimburse each Secured Party and the Canadian Collateral Agent for all their respective reasonable costs and expenses incurred in collecting against any Guarantor under the guarantee
contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement against such Guarantor and the other Loan Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and
disbursements of counsel to the Secured Parties, the Canadian Collateral Agent and the Canadian Agent. 
 (b) Each Grantor jointly and
severally agrees to pay, and to save the Canadian Collateral Agent, the Canadian Agent and the other Secured Parties harmless from, (x) any and all liabilities, costs, losses and expenses of whatever kind with respect to, or resulting from any
delay in paying, any and all stamp, excise, sales or other similar taxes which may be payable or determined to be payable with respect to any of the Security Collateral or in connection with any of the transactions contemplated by this Agreement and
(y) any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and
administration of this Agreement (collectively, the “indemnified liabilities”), in each case to the extent the Parent Borrower would be required to do so pursuant to subsection 11.5 of the Credit Agreement, and in any event
excluding any taxes or other indemnified liabilities arising from gross negligence or wilful misconduct of the Canadian Collateral Agent or any other Secured Party. 
 (c) The agreements in this subsection 9.4 shall survive repayment of the Obligations and all other amounts payable under the Credit Agreement and the other Loan Documents. 
  

			
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 9.5 Successors and Assigns. 
 This Agreement shall be binding upon and shall enure to the benefit of the Granting Parties, the Canadian Collateral Agent and the Secured Parties and
their respective successors and assigns; provided that no Granting Party may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Canadian Collateral Agent. 
 9.6 Set-Off. 
 Each Guarantor hereby
irrevocably authorizes each of the Canadian Agent and the Canadian Collateral Agent and each other Secured Party at any time and from time to time without notice to such Guarantor, any other Guarantor or any of the Borrowers, any such notice being
expressly waived by each Guarantor and by each Borrower, to the extent permitted by applicable law, upon the occurrence and during the continuance of an Event of Default under subsection 9(a) of the Credit Agreement so long as any amount remains
unpaid after it becomes due and payable by such Guarantor hereunder, to set-off and appropriate and apply against any such amount any and all deposits (general or special, time or demand, provisional or final) (other than the Collateral Proceeds
Account), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Canadian Collateral Agent , the
Canadian Agent or such other Secured Party to or for the credit or the account of such Guarantor, or any part thereof in such amounts as the Canadian Collateral Agent, the Canadian Agent or such other Secured Party may elect. The Canadian Collateral
Agent, the Canadian Agent and each other Secured Party shall notify such Guarantor promptly of any such set-off and the application made by the Canadian Collateral Agent, the Canadian Agent or such other Secured Party of the proceeds thereof;
provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Canadian Collateral Agent, the Canadian Agent and each other Secured Party under this subsection 9.6 are in
addition to other rights and remedies (including, without limitation, other rights of set-off) which the Canadian Collateral Agent, the Canadian Agent or such other Secured Party may have. 
 9.7 Counterparts. 
 This Agreement may
be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 9.8 Severability. 
 Any provision of
this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction; provided that, with respect to any Pledged Stock issued by a Subsidiary, all rights, powers and
remedies provided in this Agreement may be exercised only to the extent that they do not violate any provision of any law, rule or regulation of any Governmental Authority applicable to any such Pledged Stock or affecting the legality, validity or
enforceability of any of the provisions of this Agreement against the Pledgor (such laws, rules or regulations, “Applicable Law”) 
  

			
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 and are intended to be limited to the extent necessary so that they will not render this Agreement invalid, unenforceable
or not entitled to be recorded, registered or filed under the provisions of any Applicable Law. 
 9.9 Section Headings. 

The Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into
consideration in the interpretation hereof. 
 9.10 Integration. 
 This Agreement and the other Loan Documents represent the entire agreement of the Granting Parties, the Canadian Collateral Agent and the other Secured
Parties with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Granting Parties, the Canadian Collateral Agent or any other Secured Party relative to subject matter hereof not
expressly set forth or referred to herein or in the other Loan Documents. 
 9.11 GOVERNING LAW. 
 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ANY CLAIM OR CONTROVERSY RELATING HERETO SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE PROVINCE OF ONTARIO AND THE FEDERAL LAWS OF CANADA APPLICABLE THEREIN. 
 9.12
Submission to Jurisdiction; Waivers. 
 Each party hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party,
or for recognition and enforcement of any judgment in respect thereof, to the non exclusive general jurisdiction of the courts of the Province of Ontario; 
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such
action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in
any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such party at its address referred to in subsection 9.2 or at such other address
of which the Canadian Collateral Agent and the Canadian Agent (in the case of any other party hereto) or the Parent Borrower (in the case of the Canadian Collateral Agent and the Canadian Agent) shall have been notified pursuant thereto; 

 

			
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 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner
permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by law,
any right it may have to claim or recover in any legal action or proceeding referred to in this Section any punitive damages. 
 9.13
Acknowledgments. 
 Each Guarantor hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party;

 (b) none of the Canadian Collateral Agent, the Canadian Agent or any other Secured Party has any fiduciary relationship with or duty to
any Guarantor arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Guarantors, on the one hand, and the Canadian Collateral Agent, the Canadian Agent and the other Secured Parties,
on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby
or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or among the Guarantors and the Secured Parties. 
 9.14 WAIVER OF JURY TRIAL. 
 EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 9.15 Additional Granting Parties. 
 Each new Subsidiary of the Parent Borrower that is required to become a party to this Agreement pursuant to subsection 7.9(c) of the Credit Agreement shall become a Granting Party for all purposes of this Agreement upon execution and
delivery by such Subsidiary of an Assumption Agreement in the form of Annex 2 hereto. Each existing Granting Party that is required to become a Pledgor with respect to Capital Stock of any new Subsidiary of the Parent Borrower pursuant to subsection
7.9(b) or (c) of the Credit Agreement shall become a Pledgor with respect thereto upon execution and delivery by such Granting Party of a Supplemental Agreement substantially in the form of Annex 2 hereto. 
 9.16 Releases. 
 (a) At such time as
the Canadian Facility Revolving Credit Loans, the Reimbursement Obligations with respect to Canadian Facility Letters of Credit and the other Obligations (other than any Obligations owing to a Non-Lender Secured Party in respect of the 

 

			
		  	CANADIAN GUARANTEE AND COLLATERAL AGREEMENT

  

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 provision of cash management services) then due and owing shall have been paid in full, the Commitments have been
terminated and no Canadian Facility Letters of Credit shall be outstanding (except for Canadian Facility Letters of Credit that have been cash collateralized in a manner satisfactory to the Canadian Facility Issuing Lender), all Security Collateral
shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Canadian Collateral Agent and each Granting Party hereunder shall terminate, all without
delivery of any instrument or performance of any act by any party, and all rights to the Security Collateral shall revert to the Granting Parties. At the request and sole expense of any Granting Party following any such termination, the Canadian
Collateral Agent shall deliver to such Granting Party any Security Collateral held by the Canadian Collateral Agent hereunder, and execute and deliver to such Granting Party such documents (including without limitation, PPSA financing change
statements and discharges) as such Granting Party shall reasonably request to evidence such termination. 
 (b) In connection with any sale
or other disposition of Security Collateral permitted by the Credit Agreement (other than any sale or disposition to another Grantor), the Lien pursuant to this Agreement on such sold or disposed of Security Collateral shall be automatically
released. In connection with the sale or other disposition of all of the Capital Stock of any Guarantor (other than to Holdings, the Parent Borrower or a Subsidiary of either) or the sale or other disposition of Security Collateral (other than a
sale or disposition to another Grantor) permitted under the Credit Agreement, the Canadian Collateral Agent shall, upon receipt from the Parent Borrower of a written request for the release of such Guarantor from its Guarantee or the release of the
Security Collateral subject to such sale or other disposition, identifying such Guarantor or the relevant Security Collateral and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in
connection therewith, together with a certification by the Parent Borrower stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents, execute and deliver to the relevant Granting Party (at the sole cost
and expense of such Granting Party) all releases or other documents (including without limitation, PPSA financing change statements or discharges) necessary or reasonably desirable for the release of such Guarantee or the Liens created hereby on
such Security Collateral, as applicable, as such Granting Party may reasonably request. 
 9.17 Judgment Currency. 
 (a) The obligations of any Grantor hereunder and under the other Loan Documents to make payments in Dollars or in Canadian Dollars, as the case may be
(for the purposes of this Section 9.17, the “Obligation Currency”), shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the Obligation
Currency, except to the extent that such tender or recovery results in the effective receipt by the Canadian Collateral Agent or a Lender of the full amount of the Obligation Currency expressed to be payable to the Canadian Collateral Agent or a
Lender under this Agreement or the other Loan Documents. If, for the purpose of obtaining or enforcing judgment against any Grantor or any other Loan Party in any court or in any jurisdiction, it becomes necessary to convert into or from any
currency other than the Obligation Currency (for the purposes of this Section 9.17, such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made,
at the rate of exchange prevailing, in each case, 
  

			
		  	CANADIAN GUARANTEE AND COLLATERAL AGREEMENT

  

 - 42 - 

 as of the date immediately preceding the day on which the judgment is given (for the purposes of this Section 9.17,
such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”). 
 (b) If there is a change in the
rate of exchange prevailing between the Judgment Currency Conversion Date and the date of actual payment of the amount due, each Grantor covenants and agrees to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser
amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with
the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of exchange prevailing on the Judgment Currency Conversion Date. 
 (c) For purposes of determining the prevailing rate of exchange, such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency. 
 9.18 Attachment of Security Interest. 
 The security interest created hereby is intended to attach, in respect of Collateral or Pledged Collateral, as applicable, in which any Granting Party has rights at the time this Agreement is signed by such Granting Party and delivered to
the Canadian Collateral Agent and, in respect of Collateral or Pledged Collateral, as applicable, in which any Granting Party subsequently acquires rights, at the time such Granting Party subsequently acquires such rights. The Granting Parties
acknowledge and confirm that the Canadian Collateral Agent and the Lenders have given value to the Granting Parties. 
 9.19 Copy of
Agreement; Verification Statement. 
 The Grantors hereby acknowledge receipt of a signed copy of this Agreement and hereby waive the
requirement to be provided with a copy of any verification statement issued in respect of a financing statement or financing change statement filed under the PPSA in connection with this Agreement to perfect the security interest created herein.

 9.20 Amalgamation. 
 Each Granting Party acknowledges and agrees that, in the event it amalgamates with any other company or companies, it is the intention of the parties hereto that the term “Grantor” or “Pledgor”, as the case may be, when
used herein, shall apply to each of the amalgamating corporations and to the amalgamated corporation, such that the lien granted hereby: 
 (a) shall extend to Collateral (or in the case of a Pledgor, Pledged Collateral) owned by each of the amalgamating corporations and the amalgamated corporations at the time of amalgamation and to any Collateral (or in the case of a Pledgor,
Pledged Collateral) thereafter owned or acquired by the amalgamated corporation, and 
  

			
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 - 43 - 

 (b) shall secure all Obligations of each of the amalgamating corporations and the amalgamated
corporations to the Canadian Collateral Agent and the Secured Parties at the time of amalgamation and all Obligations of the amalgamated corporation to the Canadian Collateral Agent and the Secured Parties thereafter arising. The Lien shall attach
to all Collateral (or in the case of a Pledgor, Pledged Collateral) owned by each corporation amalgamating with Granting Party, and by the amalgamated corporation, at the time of the amalgamation, and shall attach to all Collateral (or in the case
of a Pledgor, Pledged Collateral) thereafter owned or acquired by the amalgamated corporation when such becomes owned or is acquired. 
 9.21
Joint and Several Liability. 
 The obligations of the Guarantors hereunder shall be joint and several and, as such, each Guarantor
shall be liable for all of the Obligations of the other Guarantor under this Agreement. Subject to the immediately preceding sentence, the liability of each Guarantors for the obligations of the other applicable Guarantor under this Agreement shall
be absolute, unconditional and irrevocable, without regard to (i) the validity or enforceability of this Agreement, any of the obligations hereunder or thereunder or any other collateral security therefor or guarantee or right of offset with
respect thereto at any time or from time to time held by any applicable Secured Party, (ii) any defense, set-off or counterclaim (other than a defense of payment or performance hereunder) which may at any time be available to or be asserted by
such other applicable Guarantor or any other Person against any Secured Party or (iii) any other circumstance whatsoever (with or without notice to or knowledge of such other applicable Guarantor or such Guarantor) which constitutes, or might
be construed to constitute, an equitable or legal discharge of such other applicable Guarantor for the obligations hereunder, or of such Guarantor under this Section, in bankruptcy or in any other instance. 
 9.22 Language. 
 The parties hereto
confirm that it is their wish that this Agreement, as well as any other documents relating to this Agreement, including notices, schedules and authorizations, have been and shall be drawn up in the English language only. Les signataires
conferment leur volonté que la présente convention, de même que tous les documents s’y rattachant, y compris tout avis, annexe et autorisation, soient rédigés en anglais seulement. 
 9.23 No Implicit Subordination. 
 The
inclusion of reference to Permitted Liens in this Agreement or any other Loan Document is not intended to subordinate and shall not subordinate, and shall not be interpreted as subordinating, any Lien created by this Agreement or any of the other
Loan Documents to any Permitted Lien. 
 9.24 Taxes 
 Each Granting Party hereby agrees that all payments made by it under this Agreement shall be made in accordance with Section 4.11 of the Credit Agreement, which is hereby incorporated herein by reference, read as
to apply to each Granting Party and payments made under this Agreement. 
 [Remainder of page left blank intentionally; Signature page to
follow.] 
  

			
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 - 44 - 

 IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee and Collateral Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	 SALLY BEAUTY (CANADA)
 CORPORATION

		
	By:	 	 /s/ Raal Roos

	Name:	 	Raal Roos
	Title:	 	Secretary
	
	 BEAUTY SYSTEMS GROUP
 (CANADA),
INC.

		
	By:	 	 /s/ Raal Roos

	Name:	 	Raal Roos
	Title:	 	Vice President and Secretary
	
	 SALLY BEAUTY CANADA
 HOLDINGS
INC.

		
	By:	 	 /s/ Raal Roos

	Name:	 	Raal Roos
	Title:	 	Secretary

  

			
	Acknowledged and Agreed to as of the date hereof by:
	
	 MERRILL LYNCH CAPITAL CANADA INC.,
 as
Canadian Agent and Canadian Collateral Agent

		
	By:	 	 /s/ Jacquie Alexander

	Name:	 	Jacquie Alexander
	Title:	 	Authorized Signatory

  

			
		  	CANADIAN GUARANTEE AND COLLATERAL AGREEMENTIntercreditor Agreement, dated as of November 16, 2006 by and between ML

 EXECUTION VERSION 
 Exhibit 4.7 
 INTERCREDITOR AGREEMENT 
 by and between 
 MERRILL LYNCH CAPITAL, a division of Merrill Lynch Business Financial
Services Inc., 
 as ABL Agent, 
 and 
 MERRILL LYNCH CAPITAL CORPORATION, 
 as Term Agent 
 Dated as of November 16, 2006 

 TABLE OF CONTENTS 
  

					
	 Page No.
	  	 	  	 
	ARTICLE 1 DEFINITIONS	  	3
	Section 1.1	  	UCC Definitions	  	3
	Section 1.2	  	Other Definitions	  	3
	Section 1.3	  	Rules of Construction	  	16
		
	ARTICLE 2 LIEN PRIORITY	  	17
	Section 2.1	  	Agreement to Subordinate.	  	17
	Section 2.2	  	Waiver of Right to Contest Liens.	  	19
	Section 2.3	  	Remedies Standstill.	  	21
	Section 2.4	  	Exercise of Rights.	  	22
	Section 2.5	  	No New Liens	  	28
	Section 2.6	  	Waiver of Marshalling	  	30
		
	ARTICLE 3 ACTIONS OF THE PARTIES	  	31
	Section 3.1	  	Certain Actions Permitted	  	31
	Section 3.2	  	Agent for Perfection	  	31
	Section 3.3	  	Sharing of Information and Access	  	31
	Section 3.4	  	Insurance	  	32
	Section 3.5	  	No Additional Rights For the Credit Parties Hereunder	  	32
	Section 3.6	  	Actions Upon Breach	  	32
	Section 3.7	  	Inspection Rights and Insurance	  	33
		
	ARTICLE 4 APPLICATION OF PROCEEDS	  	34
	Section 4.1	  	Application of Proceeds.	  	34
	Section 4.2	  	Specific Performance	  	36
		
	ARTICLE 5 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS	  	36
	Section 5.1	  	Notice of Acceptance and Other Waivers.	  	36
	Section 5.2	  	Modifications to ABL Documents and Term Documents.	  	39
	Section 5.3	  	Reinstatement and Continuation of Agreement.	  	42
		
	ARTICLE 6 INSOLVENCY PROCEEDINGS	  	44
	Section 6.1	  	DIP Financing.	  	44
	Section 6.2	  	Relief From Stay	  	45
	Section 6.3	  	No Contest	  	45
	Section 6.4	  	Asset Sales	  	46
	Section 6.5	  	Separate Grants of Security and Separate Classification	  	46
	Section 6.6	  	Enforceability	  	47
	Section 6.7	  	ABL Obligations Unconditional	  	47
	Section 6.8	  	Term Obligations Unconditional	  	48
	Section 6.9	  	Additional Obligations Unconditional	  	48
	Section 6.10	  	Adequate Protection	  	49

  

 i 

					
	ARTICLE 7 MISCELLANEOUS	  	49
	Section 7.1	  	Rights of Subrogation	  	49
	Section 7.2	  	Further Assurances	  	50
	Section 7.3	  	Representations	  	51
	Section 7.4	  	Amendments	  	51
	Section 7.5	  	Addresses for Notices	  	51
	Section 7.6	  	No Waiver, Remedies	  	52
	Section 7.7	  	Continuing Agreement, Transfer of Secured Obligations	  	52
	Section 7.8	  	Governing Law: Entire Agreement	  	52
	Section 7.9	  	Counterparts	  	53
	Section 7.10	  	No Third Party Beneficiaries	  	53
	Section 7.11	  	Joinder of Additional Agents	  	53
	Section 7.12	  	Headings	  	54
	Section 7.13	  	Severability	  	54
	Section 7.14	  	Attorneys Fees	  	54
	Section 7.15	  	VENUE; JURY TRIAL WAIVER.	  	55
	Section 7.16	  	Intercreditor Agreement	  	55
	Section 7.17	  	No Warranties or Liability	  	56
	Section 7.18	  	Conflicts	  	56
	Section 7.19	  	Information Concerning Financial Condition of the Credit Parties	  	56

 EXHIBITS: 
  

			
	Exhibit A	 	Additional Indebtedness Designation
	Exhibit B	 	Additional Indebtedness Joinder

  

 ii 

 INTERCREDITOR AGREEMENT 
 THIS INTERCREDITOR AGREEMENT (as amended, supplemented, waived or otherwise modified from time to time pursuant to the terms hereof, this
“Agreement”) is entered into as of November 16, 2006 between MERRILL LYNCH CAPITAL, a division of Merrill Lynch Business Financial Services Inc., in its capacities as administrative agent and collateral agent (together with its
successors and assigns in such capacities, the “ABL Agent”) for the financial institutions party from time to time to the ABL Credit Agreement referred to below (such financial institutions, together with their successors, assigns
and transferees, the “ABL Credit Agreement Lenders” and, together with affiliates thereof in their capacity as ABL Bank Products Affiliates or ABL Hedging Affiliates (in each case, as hereinafter defined), the “ABL
Lenders”) and MERRILL LYNCH CAPITAL CORPORATION, in its capacities as administrative agent and collateral agent (together with its successors and assigns in such capacities, the “Term Agent”) for the financial institutions
party from time to time to the Term Credit Agreement referred to below (such financial institutions, together with their successors, assigns and transferees, the “Term Credit Agreement Lenders” and, together with affiliates thereof
and certain other specified hedging parties, in their capacity as Term Bank Products Affiliates or Term Hedging Affiliates (in each case, as hereinafter defined), the “Term Lenders”). 
 RECITALS 
 A. Pursuant to that certain
Credit Agreement dated as of the date hereof by and among SALLY HOLDINGS LLC, a Delaware limited liability company (together with its successors and assigns, the “Parent Borrower”), BEAUTY SYSTEMS GROUP LLC, a Delaware limited
liability company (“Beauty Systems”), SALLY BEAUTY SUPPLY LLC, a Delaware limited liability company (together with the Parent Borrower, Beauty Systems and its and their respective successors and assigns, the “U.S.
Borrowers”), the Canadian Borrowers (as hereinafter defined) (the Canadian Borrowers together with U.S. Borrowers, the “ABL Borrowers”), the ABL Credit Agreement Lenders, the ABL Agent, and MERRILL LYNCH CAPITAL CANADA, INC.,
as Canadian agent and Canadian collateral agent for the Lenders thereunder (as such agreement may be amended, supplemented, restated or otherwise modified from time to time, the “ABL Credit Agreement”), the ABL Lenders have agreed
to make certain loans and other financial accommodations to or for the benefit of the ABL Borrowers. 
 B. Pursuant to certain guaranty
agreements and security agreements dated as of the date hereof (the “ABL Guaranties”) by the ABL Guarantors (as hereinafter defined) in favor of the ABL Agent, the ABL Guarantors have agreed to guarantee the payment and performance
of the ABL Borrowers’ obligations under the ABL Documents. 
 C. As a condition to the effectiveness of the ABL Credit Agreement and to
secure the obligations of the ABL Borrowers and the ABL Guarantors (the ABL Borrowers, the ABL Guarantors and each other direct or indirect subsidiary of the Parent Borrower or any of its affiliates that is now or hereafter becomes a party to any
ABL Document (as hereinafter defined), collectively, the “ABL Credit Parties”) under and in connection with the ABL Documents, the ABL Credit Parties have granted to the ABL Agent (for the benefit of the ABL Lenders, including the
ABL Bank Products Affiliates and ABL Hedging Affiliates) Liens on the Collateral (as hereinafter defined). 

 D. Pursuant to that certain Credit Agreement dated as of the date hereof by and among the Parent Borrower
(in such capacity under this Agreement, the “Term Borrower”), the Term Credit Agreement Lenders, and the Term Agent (as such agreement may be amended, supplemented, restated or otherwise modified from time to time, the “Term
Credit Agreement”), the Term Credit Agreement Lenders have agreed to make certain loans and other financial accommodations to or for the benefit of the Term Borrower. 
 E. Pursuant to certain guaranty agreements and security agreements dated as of the date hereof (the “Term Guaranties”) by the Term
Guarantors (as hereinafter defined) in favor of the Term Agent, the Term Guarantors have agreed to guarantee the payment and performance of the Term Borrower’s obligations under the Term Documents (as hereinafter defined). 
 F. As a condition to the effectiveness of the Term Credit Agreement and to secure the obligations of the Term Borrower and the Term Guarantors (the Term
Borrower, the Term Guarantors and each other direct or indirect subsidiary of the Parent Borrower or any of its affiliates that is now or hereafter becomes a party to any Term Document (as hereinafter defined), collectively, the “Term Credit
Parties”) under and in connection with the Term Documents, the Term Credit Parties have granted to the Term Agent (for the benefit of the Term Lenders including the Term Bank Products Affiliates and Term Hedging Affiliates) Liens on the
Collateral. 
 G. Pursuant to this Agreement, the Parent Borrower may, from time to time, designate certain additional Indebtedness as
“Additional Indebtedness” by executing and delivering the Additional Indebtedness Designation and by complying with the procedures set forth in Section 7.11 hereof, and the holders of such Additional Indebtedness and any other
applicable Additional Creditor shall thereupon be treated as Additional Creditors, and any Additional Agent (as hereinafter defined) for any such Additional Creditors shall thereupon be treated as an Additional Agent, for all purposes under this
Agreement. 
 H. Each of the ABL Agent (on behalf of the ABL Lenders) and the Term Agent (on behalf of the Term Lenders) and, by their
acknowledgment hereof, the ABL Credit Parties and the Term Credit Parties, desire to agree to the relative priority of Liens on the Collateral and certain other rights, priorities and interests as provided herein. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, receipt of which is hereby acknowledged, the
parties hereto agree as follows: 
  

 2 

 ARTICLE 1 
 DEFINITIONS 
 Section 1.1 UCC Definitions. The following terms which are defined in the
Uniform Commercial Code are used herein as so defined: Accounts, Chattel Paper, Deposit Accounts, Documents, Electronic Chattel Paper, Equipment, Financial Assets, Instruments, Inventory, Investment Property, Letter-of-Credit Rights, Money, Payment
Intangibles, Promissory Notes, Records, Security, Securities Accounts, Security Entitlements, Supporting Obligations, and Tangible Chattel Paper. 
 Section 1.2 Other Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 
 “ABL Agent” shall have the meaning assigned thereto in the Preamble hereto and shall include any successor thereto as well as any Person designated as the “Agent” or “Administrative Agent” under any ABL
Credit Agreement. 
 “ABL Bank Products Affiliate” shall mean any ABL Credit Agreement Lender or any Affiliate of any ABL
Credit Agreement Lender (in each case that is not also a Term Credit Agreement Lender) that has entered into a Bank Products Agreement with a Credit Party with the obligations of such Credit Party thereunder being secured by one or more ABL
Collateral Documents. 
 “ABL Borrowers” shall have the meaning assigned thereto in the Recitals hereto. 
 “ABL Canadian Collateral” shall mean Collateral owned by any Canadian subsidiary of the Parent Borrower and pledged to any ABL Secured
Party under any ABL Credit Document. 
 “ABL Collateral Documents” shall mean all “Security Documents” as defined
in the ABL Credit Agreement, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any ABL Credit Agreement, in each case as the same may be amended, modified or
supplemented from time to time. 
 “ABL Credit Agreement” shall have the meaning assigned thereto in the Recitals hereto,
together with any other agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the ABL Obligations, whether by the same or any other agent, lender or group of lenders and whether
or not increasing the amount of any Indebtedness that may be incurred thereunder. 
 “ABL Credit Agreement Lenders” shall
have the meaning assigned thereto in the Preamble hereto. 
 “ABL Credit Parties” shall have the meaning assigned thereto in
the Recitals hereto. 
 “ABL Documents” shall mean the ABL Credit Agreement, the ABL Guaranties, the ABL Collateral
Documents, any Bank Product Agreements between any ABL Credit Party and any ABL Bank Products Affiliate, any Hedging Agreements between any ABL Credit Party and any ABL Lender, those other ancillary agreements as to which the ABL Agent or any ABL
Lender is 
  

 3 

 a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by
or on behalf of any ABL Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the ABL Agent, in connection with any of the foregoing or any ABL Credit Agreement, in each case as the same may be amended, modified or
supplemented from time to time. 
 “ABL Guaranties” shall have the meaning assigned thereto in the Recitals hereto.

 “ABL Guarantors” shall mean the collective reference to Holdings, the U.S. Borrowers (including with respect to the
obligations of the Canadian Borrowers under each Loan Document as such term is defined in the ABL Credit Agreement) and each Subsidiary of the Parent Borrower (other than (a) any Foreign Subsidiary (excluding any Canadian Subsidiary Guarantor
as such term is defined in the ABL Credit Agreement) and (b) any Subsidiary of a Foreign Subsidiary (excluding any Canadian Subsidiary Guarantor as such term is defined in the ABL Credit Agreement) and any other Person who becomes a guarantor
under any of the ABL Guaranties. 
 “ABL Hedging Affiliate” shall mean any ABL Credit Agreement Lender or any Affiliate of
any ABL Credit Agreement Lender (in each case that is not also a Term Credit Agreement Lender) that has entered into a Hedging Agreement with a Credit Party with the obligations of such Credit Party thereunder being secured by one or more ABL
Collateral Documents. 
 “ABL Joint Collateral” shall have the meaning set forth in Section 3.7(a) hereof. 

“ABL Lenders” shall have the meaning assigned thereto in the Preamble hereto and shall include all ABL Bank Product Affiliates and
ABL Hedging Affiliates and all successors, assigns, transferees and replacements thereof, as well as any Person designated as a “Lender” under any ABL Credit Agreement. 
 “ABL Obligations” shall mean all obligations of every nature of each ABL Credit Party from time to time owed to the ABL Agent, the ABL
Credit Agreement Lenders or any of them, any ABL Bank Products Affiliates or any ABL Hedging Affiliates, under any ABL Document, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect
to such ABL Credit Party, would have accrued on any ABL Obligation, whether or not a claim is allowed against such ABL Credit Party for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn under letters of credit,
payments for early termination of Hedging Agreements, fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the ABL Documents, as amended, restated, modified, renewed, refunded, replaced or refinanced in
whole or in part from time to time. 
 “ABL Permitted Access Right” shall have the meaning set forth in Section 3.7(a).

 “ABL Priority Collateral” shall mean all Collateral consisting of the following: 
 (1) all Accounts; 
 (2) all Chattel Paper
(including Tangible Chattel Paper and Electronic Chattel Paper); 
  

 4 

 (3)(x) all Deposit Accounts and Money and all cash, checks, other negotiable instruments, funds and other
evidences of payments held therein and (y) all Securities, Security Entitlements, and Securities Accounts, in each case, to the extent constituting cash or Cash Equivalents or representing a claim to Cash Equivalents, other than the Asset Sales
Proceeds Account and all cash, checks and other property held therein or credited thereto, but in any event and regardless of the foregoing clauses, but excluding the Asset Sales Proceeds Account; 
 (4) all Inventory; 
 (5) to the extent
involving or governing any of the items referred to in the preceding clauses (1) through (4), all Documents, General Intangibles (other than any Intellectual Property), Instruments (including, without limitation, Promissory Notes), and Letter
of Credit Rights, provided that to the extent any of the foregoing also relates to Term Priority Collateral, only that portion related to the items referred to in the preceding clauses (1) through (4) shall be included in the ABL Priority
Collateral; 
 (6) to the extent evidencing or governing any of the items referred to in the preceding clauses (1) through (5), all
Supporting Obligations; provided that to the extent any of the foregoing also relates to Term Priority Collateral only that portion related to the items referred to in the preceding clauses (1) through (5) shall be included in the
ABL Priority Collateral; 
 (7) all books and Records relating to the foregoing (including without limitation all books, databases, customer
lists, engineer drawings, and Records, whether tangible or electronic, which contain any information relating to any of the foregoing); 
 (8) all collateral security and guarantees with respect to any of the foregoing and all cash, Money, Instruments, Securities, Financial Assets and Deposit Accounts directly received as proceeds of any ABL Priority Collateral (such proceeds,
“ABL Priority Proceeds”); provided, however, that no proceeds of ABL Priority Proceeds will constitute ABL Priority Collateral unless such proceeds of ABL Priority Proceeds would otherwise constitute ABL Priority
Collateral. 
 For the avoidance of doubt, under no circumstances shall Excluded Assets be ABL Priority Collateral. 
 “ABL Recovery” shall have the meaning set forth in Section 5.3(a). 
 “ABL Secured Parties” shall mean the ABL Agent and the ABL Lenders. 
 “Additional Agent” shall mean any one or more agents, trustees or other representatives for or of any one or more Additional Credit
Facility Creditors, and shall include any successor thereto, as well as any Person designated as an “Agent” under any Additional Credit Facility. 
 “Additional Bank Products Affiliate” shall mean any Additional Credit Facility Creditor or any Affiliate of any Additional Credit Facility Creditor (in each case that is not also an ABL Credit
Agreement Lender or a Term Credit Agreement Lender) that has entered into a Bank Products Agreement with a Credit Party with the obligations of such Credit Party thereunder being secured by one or more Additional Collateral Documents. 
  

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 “Additional Borrower” shall mean any Additional Credit Party that incurs or issues
Additional Indebtedness. 
 “Additional Collateral Documents” shall mean all “Security Documents” as defined in
any Additional Credit Facility, and in any event shall include all security agreements, mortgages, deeds of trust, pledges and other collateral documents executed and delivered in connection with any Additional Credit Facility, in each case as the
same may be amended, modified or supplemented from time to time. 
 “Additional Credit Facilities” shall mean any one or
more agreements, instruments and documents under which any Additional Indebtedness is or may be incurred, including without limitation any credit agreements, loan agreements, indentures or other financing agreements, in each case as the same may be
amended, modified or supplemented from time to time, together with any other agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the Additional Obligations, whether by the same
or any other lender, debtholder or group of lenders or debtholders, or the same or any other agent, trustee or representative therefor, and whether or not increasing the amount of any Indebtedness that may be incurred thereunder. 
 “Additional Credit Facility Creditors” shall mean one or more holders of Additional Indebtedness (or commitments therefore) that is or
may be incurred under one or more Additional Credit Facilities. 
 “Additional Credit Party” shall mean each of Holdings and
each subsidiary of the Parent Borrower or any of its affiliates that is or becomes a party to any Additional Document. 
 “Additional
Creditors” shall mean one or more Additional Credit Facility Creditors and shall include all Additional Bank Product Affiliates and Additional Hedging Affiliates and all successors, assigns, transferees and replacements thereof, as well as
any Person designated as an “Additional Creditor” under any Additional Credit Facility; and with respect to any Additional Agent, means the Additional Creditors represented by such Additional Agent. 
 “Additional Documents” shall mean any Additional Credit Facilities, any Additional Guaranties, any Additional Collateral Documents, any
Bank Product Agreements between any Credit Party and any Additional Bank Products Affiliate, any Hedging Agreements between any Credit Party and any Additional Hedging Affiliate, those other ancillary agreements as to which any Additional Secured
Party is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to any Additional
Agent, in connection with any of the foregoing or any Additional Credit Facility, in each case as the same may be amended, modified or supplemented from time to time. 
 “Additional Effective Date” shall have the meaning set forth in Section 7.11(b). 
 “Additional Guaranties” shall mean any one or more guarantees of any Additional Obligations of any Additional Credit Party by any other Additional Credit Party in favor of any Additional Secured Party. 
  

 6 

 “Additional Guarantor” shall mean any Additional Credit Party that at any time has
provided an Additional Guaranty. 
 “Additional Hedging Affiliate” shall mean any Additional Credit Facility Creditor or any
Affiliate of any Additional Credit Facility Creditor (in each case that is not also an ABL Credit Agreement Lender or a Term Credit Agreement Lender) that has entered into a Hedging Agreement with any Credit Party with the obligations of such Credit
Party thereunder being secured by one or more Additional Collateral Documents. 
 “Additional Indebtedness” shall mean any
Additional Specified Indebtedness that (x) is permitted to be secured by a Lien on any Collateral by subsection 7.3 of the Term Credit Agreement and (y) is designated as “Additional Indebtedness” by the Parent Borrower pursuant
to an Additional Indebtedness Designation and in compliance with the procedures set forth in Section 7.11. 
 “Additional
Indebtedness Designation” shall mean a certificate of the Parent Borrower with respect to Additional Indebtedness substantially in the form of Exhibit A attached hereto 
 “Additional Indebtedness Joinder” shall mean a joinder agreement executed by one or more Additional Agents in respect of the Additional
Indebtedness subject to an Additional Indebtedness Designation, on behalf of one or more Additional Creditors in respect of such Additional Indebtedness, substantially in the form of Exhibit B attached hereto 
 “Additional Obligations” shall mean all obligations of every nature of each Credit Party from time to time owed to any Additional Agent,
any Additional Creditors or any of them, including any Additional Bank Products Affiliates or Additional Hedging Affiliates, under any Additional Document, whether for principal, interest (including interest which, but for the filing of a petition
in bankruptcy with respect to such Credit Party, would have accrued on any Additional Obligation, whether or not a claim is allowed against such Credit Party for such interest in the related bankruptcy proceeding), reimbursement of amounts drawn
under letters of credit, payments for early termination of Hedging Agreements, fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the Additional Documents, as amended, restated, modified, renewed,
refunded, replaced or refinanced in whole or in part from time to time. 
 “Additional Recovery” shall have the meaning set
forth in Section 5.3(a). 
 “Additional Secured Parties” shall mean any Additional Agents and any Additional Creditors.

 “Additional Specified Indebtedness” shall mean any Indebtedness (as defined in the Term Credit Agreement) that is or may
from time to time be incurred by any Credit Party in compliance with subsection 7.2 of the Term Credit Agreement, other than any such Indebtedness so incurred pursuant to clause (b)(ii), (b)(iii) (but only any such Indebtedness consisting of Senior
Subordinated Notes or Refinancing Indebtedness in respect thereof), (b)(vii) or (b)(ix) (other than Indebtedness consisting of Special Purpose Financing Undertakings, as defined in the Term Credit Agreement) of such subsection 7.2. 
  

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 “Affiliate” shall mean with respect to any Person, any other Person which, directly or
indirectly, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 20% or more of the
securities having ordinary voting power for the election of directors of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. 
 “Agreement” shall mean this Intercreditor Agreement. 
 “Asset Sales Proceeds Account” shall mean one or more Deposit Accounts or Securities Accounts holding only the proceeds of any sale or disposition of any Term Priority Collateral and the proceeds or
investment thereof. 
 “Bank Products Agreement” shall mean any agreement pursuant to which a bank or other financial
institution agrees to provide treasury or cash management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, netting, overdrafts and interstate depository network services).

 “Bankruptcy Code” shall mean title 11 of the United States Code. 
 “Board of Directors”: for any Person, the board of directors or other governing body of such Person or, if such Person does not have
such a board of directors or other governing body and is owned or managed by a single entity, the Board of Directors of such entity, or, in either case, any committee thereof duly authorized to act on behalf of such Board of Directors. 

“Borrower” shall mean any of the ABL Borrowers, the Term Borrower and any Additional Borrower. 
 “Canadian Borrowers” shall have the meaning assigned thereto in the ABL Credit Agreement. 
 “Capital Stock” shall mean 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) and any and all warrants or options to purchase any of the foregoing. 
 “Cash Collateral” shall mean any Collateral consisting of Money or Cash Equivalents, any Security Entitlement and any Financial Assets. 
 “Cash Equivalents” shall mean (a) securities issued or fully guaranteed or insured by the United States government or Canadian
government or any agency or instrumentality thereof, (b) time deposits, certificates of deposit or bankers’ acceptances of (i) any ABL Lender or Term Lender or any affiliate thereof or (ii) any commercial bank having capital and
surplus in excess of $500,000,000 and the commercial paper of the holding company of which is rated at least A-2 or the equivalent thereof by Standard & Poor’s Ratings Group (a division of The McGraw Hill Companies Inc.) or any
successor rating agency (“S&P”) or at least P-2 or the equivalent thereof by Moody’s Investors Service, Inc. or any successor rating agency (“Moody’s”) (or if at such time neither is issuing ratings,
then a comparable rating of such other nationally recognized 
  

 8 

 rating agency as shall be approved by the ABL Agent or the Term Agent, in each case, in its reasonable judgment),
(c) commercial paper rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s (or if at such time neither is issuing ratings, then a comparable rating of such other nationally recognized
rating agency as shall be approved by the ABL Agent or Term Agent, in each case, in its reasonable judgment), (d) investments in money market funds complying with the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities
and Exchange Commission under the Investment Company Act of 1940, and (e) investments similar to any of the foregoing denominated in foreign currencies approved by the Board of Directors of the Parent Borrower, in each case provided in clauses
(a), (b), (c) and (e) above only, maturing within twelve months after the date of acquisition. 
 “Collateral”
shall mean all Property now owned or hereafter acquired by any Borrower or any Guarantor in or upon which a Lien is granted or purported to be granted to the ABL Agent, the Term Agent or any Additional Agent under any of the ABL Collateral
Documents, the Term Collateral Documents or the Additional Collateral Documents, together with all rents, issues, profits, products, and Proceeds thereof. 
 “Common Mortgaged Collateral” shall mean any Collateral consisting of real estate in which a security interest is created pursuant to a mortgage in favor of (x) the Term Agent for the benefit of
the Term Secured Parties and the ABL Secured Parties, or for the benefit of the Term Secured Parties, any Additional Secured Parties and the ABL Secured Parties, or (y) any Additional Agent for the benefit of the Term Secured Parties, any
Additional Secured Parties and the ABL Secured Parties, or for the benefit of any Additional Secured Parties and the ABL Secured Parties, in each case as such mortgage may be amended, supplemented or replaced from time to time in connection with the
grant of any Lien in such Collateral for the benefit of any Additional Secured Parties. 
 “Control Collateral” shall mean
any Collateral consisting of any certificated Security, Investment Property, Deposit Account, Instruments and any other Collateral as to which a Lien may be perfected through possession or control by the secured party, or any agent therefor.

 “Copyright Licenses” shall mean with respect to any Credit Party, all written license agreements of such Credit Party
providing for the grant by or to such Credit Party of any right to use any Copyright of such Credit Party, other than agreements with any Person who is an Affiliate or a Subsidiary of such Credit Party, subject, in each case, to the terms of such
license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses. 
 “Copyrights” shall mean with respect to any Credit Party, all of such Credit Party’s right, title and interest in and to all United States and foreign copyrights, whether or not the underlying works of authorship have
been published or registered, United States and foreign copyright registrations and copyright applications, and (i) all renewals thereof, (ii) all income, royalties, damages and payments now and hereafter due and/or payable with respect
thereto, including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past or future infringements thereof and (iii) the right to sue or otherwise recover for past, present and
future infringements and misappropriations thereof. 
  

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 “Credit Documents” shall mean the ABL Documents, the Term Documents and any Additional
Documents. 
 “Credit Parties” shall mean the ABL Credit Parties, the Term Credit Parties and any Additional Credit Parties.

 “DIP Financing” shall have the meaning set forth in Section 6.1(a). 
 “Discharge of ABL Obligations” shall mean (a) the payment in full in cash of the applicable ABL Obligations that are outstanding
and unpaid at the time all Indebtedness under the applicable ABL Credit Agreement is paid in full in cash including, with respect to amounts available to be draw under outstanding letters of credit issued thereunder (or indemnities or other
undertakings issued pursuant thereto in respect of outstanding letters of credit) delivery or provision of Money or backstop letters of credit in respect thereof in compliance with the terms of any ABL Credit Agreement (which shall not exceed an
amount equal to 105% of the aggregate undrawn amount of such letters of credit) and (b) the termination of all commitments to extend credit under the ABL Documents. 
 “Discharge of Additional Obligations” shall mean, if any Indebtedness shall at any time have been incurred under any Additional Credit Facility, the payment in full in cash of the applicable
Additional Obligations that are outstanding and unpaid at the time all Additional Indebtedness under such Additional Credit Facility is paid in full in cash. 
 “Discharge of Term Obligations” shall mean the payment in full in cash of the applicable Term Obligations that are outstanding and unpaid at the time all Indebtedness under the applicable Term Credit
Agreement is paid in full in cash. 
 “Event of Default” shall mean an Event of Default under any ABL Credit Agreement, any
Term Credit Agreement or any Additional Credit Facility. 
 “Excluded Assets” shall have the meaning set forth (i) in
the case of the ABL Priority Collateral, in the applicable ABL Collateral Documents, and (ii) in the case of the Term Priority Collateral, (x) prior to the Discharge of Term Obligations, in the applicable Term Collateral Documents, and
(y) from and after the Discharge of Term Obligations, in any applicable Additional Collateral Documents. 
 “Exercise Any
Secured Creditor Remedies” or “Exercise of Secured Creditor Remedies” shall mean: 
 (a) the taking of any action to
enforce or realize upon any Lien, including the institution of any foreclosure proceedings or the noticing of any public or private sale pursuant to Article 9 of the Uniform Commercial Code; 
 (b) the exercise of any right or remedy provided to a secured creditor on account of a Lien under any of the Credit Documents, under applicable law, in
an Insolvency Proceeding or otherwise, including the election to retain any of the Collateral in satisfaction of a Lien; 
  

 10 

 (c) the taking of any action or the exercise of any right or remedy in respect of the collection on, set
off against, marshaling of, injunction respecting or foreclosure on the Collateral or the Proceeds thereof; 
 (d) the appointment of a
receiver, receiver and manager or interim receiver of all or part of the Collateral; 
 (e) the sale, lease, license, or other disposition of
all or any portion of the Collateral by private or public sale or any other means permissible under applicable law; 
 (f) the exercise of
any other right of a secured creditor under Part 6 of Article 9 of the Uniform Commercial Code; 
 (g) the exercise of any voting rights
relating to any Capital Stock included in the Collateral; and 
 (h) the delivery of any notice, claim or demand relating to the Collateral
to any Person (including any securities intermediary, depository bank or landlord) in possession or control of any Collateral. 
 For the avoidance of doubt,
filing a proof of claim in bankruptcy court or seeking adequate protection shall not be deemed to be an Exercise of Secured Creditor Remedies. 
 “Financing Lease” shall mean any lease of property, real or personal, the obligations of the lessee in respect of which are required in accordance with GAAP to be capitalized on a balance sheet of the lessee. 
 “Foreign Subsidiary” shall have the meaning provided in the ABL Credit Agreement or the Term Credit Agreement, respectively, as in
effect on the date hereof. 
 “General Intangibles” shall mean all “general intangibles” as such term is defined
in the Uniform Commercial Code including, without limitation, with respect to any Credit Party, all contracts, agreements, instruments and indentures in any form, and portions thereof, to which such Credit Party is a party or under which such Credit
Party has any right, title or interest or to which such Credit Party or any property of such Credit Party is subject, as the same may from time to time be amended, supplemented or otherwise modified. 
 “Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including the European Union. 
 “Guarantor” shall mean any of the ABL Guarantors, Term Guarantors and any Additional Guarantors. 
 “Hedging Agreement” shall mean any interest rate, foreign currency, commodity or equity swap, collar, cap, floor or forward rate agreement, or other agreement or arrangement designed to protect against fluctuations in
interest rates or currency, commodity or equity values (including, without limitation, any option with respect to any of the foregoing and any combination of the foregoing agreements or arrangements), and any confirmation executed in connection with
any such agreement or arrangement. 
  

 11 

 “Holdings” shall mean Sally Investment Holdings LLC, a Delaware limited liability
company, and its successors and assigns. 
 “Indebtedness” shall have the meaning assigned thereto in the ABL Credit
Agreement or the Term Credit Agreement or any Additional Credit Facility respectively, as applicable. 
 “Insolvency
Proceeding” shall mean (a) any case, action or proceeding before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or
(b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors or other similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case covered by
clauses (a) and (b) undertaken under United States Federal, State or foreign law, including the Bankruptcy Code, the Bankruptcy and Insolvency Act (Canada) and the Companies’ Creditors Arrangement Act (Canada). 
 “Intellectual Property” shall mean, with respect to any grantor, the collective reference to such grantor’s Copyrights, Copyright
Licenses, Patents, Patent Licenses, Trade Secrets, Trademarks and Trademark Licenses. 
 “Inventory” shall mean inventory
(as defined in Article 9 of the Uniform Commercial Code as of the date hereof). 
 “Lien” shall mean any mortgage, pledge,
hypothecation, assignment, security deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever
(including, without limitation, any conditional sale or other title retention agreement and any Financing Lease having substantially the same economic effect as any of the foregoing). 
 “Lien Priority” shall mean with respect to any Lien of the ABL Agent, the ABL Lenders, the Term Agent, the Term Lenders, any Additional
Agent or any Additional Creditors in the Collateral, the order of priority of such Lien as specified in Section 2.1. 
 “Party” shall mean the ABL Agent, the Term Agent or any Additional Agent, and “Parties” shall mean all of the ABL Agent, the Term Agent and any Additional Agent. 
 “Patent License” shall mean with respect to any Credit Party, all written license agreements of such Credit Party with any other Person
that is not an Affiliate or a Subsidiary of such Credit Party, in connection with any of the Patents of such Credit Party or such other Person’s patents, whether such Credit Party is a licensor or a licensee under any such agreement, subject,
in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses. 
 “Patents” shall mean with respect to any Credit Party, all of such Credit Party’s right, title and interest in and to all United
States and foreign patents, patent applications and patentable inventions and all reissues and extensions thereof, including, without limitation, (i) all inventions 
  

 12 

 and improvements described and claimed therein, (ii) the right to sue or otherwise recover for any and all past,
present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses
entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights corresponding thereto in the United States and all reissues, divisions, continuations,
continuations-in-part, substitutes, renewals, and extensions thereof, all improvements thereon, and all other rights of any kind whatsoever of such Credit Party accruing thereunder or pertaining thereto. 
 “Payment Collateral” shall mean all Accounts, Instruments, Chattel Paper, Letter-Of-Credit Rights, Deposit Accounts (other than the
Asset Sales Proceeds Account), Securities Accounts, and Payment Intangibles, together with all Supporting Obligations, in each case composing a portion of the Collateral. 
 “Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or
other entity of whatever nature. 
 “Priority Collateral” shall mean the ABL Priority Collateral or the Term Priority
Collateral. 
 “Proceeds” shall mean (a) all “proceeds,” as defined in Article 9 of the Uniform Commercial
Code, with respect to the Collateral, and (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily. 
 “Property” shall mean any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 “Secured Parties” shall mean the ABL Secured Parties, the Term Secured Parties and the Additional Secured Parties.

 “Subsidiary” of any Person shall mean a corporation, limited liability company, partnership or other entity of which a
majority of the outstanding shares of stock of each class having ordinary voting power or other equity interests is owned by such Person, by one or more Subsidiaries of such Person, or by such Person and one or more of its Subsidiaries. 

“Term Agent” shall have the meaning assigned thereto in the Preamble hereto and shall include any successor thereto as well as any
Person designated as the “Agent” or “Administrative Agent” under any Term Credit Agreement. 
 “Term Bank
Products Affiliate” shall mean any Term Credit Agreement Lender or any Affiliate of any Term Credit Agreement Lender that has entered into a Bank Products Agreement with a Credit Party with the obligations of such Credit Party thereunder
being secured by one or more Term Collateral Documents. 
 “Term Borrower” shall have the meaning assigned thereto in the
Recitals hereto. 
  

 13 

 “Term Collateral Documents” shall mean all “Security Documents” as defined in
the Term Credit Agreement, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any Term Credit Agreement, in each case as the same may be amended, modified or
supplemented from time to time. 
 “Term Credit Agreement” shall have the meaning assigned thereto in the Recitals hereto,
together with the any other agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the Term Obligations, whether by the same or any other agent, lender or group of lenders and
whether or not increasing the amount of any Indebtedness that may be incurred thereunder. 
 “Term Credit Agreement Lenders”
shall have the meaning assigned thereto in the Preamble hereto. 
 “Term Credit Parties” shall have the meaning assigned
thereto in the Recitals hereto. 
 “Term Documents” shall mean the Term Credit Agreement, the Term Guaranties, the Term
Collateral Documents, any Bank Product Agreements between any Term Credit Party and any Term Lender, any Hedging Agreements between any Term Credit Party and any Term Lender, those other ancillary agreements as to which the Term Agent or any Term
Lender is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any Term Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the Term
Agent, in connection with any of the foregoing or any Term Credit Agreement, in each case as the same may be amended, modified or supplemented from time to time. 
 “Term Guaranties” shall have the meaning assigned thereto in the Recitals hereto. 
 “Term Guarantors” shall mean each of the Parent Borrower’s U.S. subsidiaries (other than (i) any Foreign Subsidiary and (ii) any Subsidiary of a Foreign Subsidiary), and any other Person who becomes a
guarantor under any of the Term Guaranties. 
 “Term Hedging Affiliate” shall mean any Term Credit Agreement Lender or any
Affiliate of any Term Credit Agreement Lender that has entered into a Hedging Agreement with a Credit Party, with the obligations of such Credit Party thereunder being secured by one or more Term Collateral Documents. 
 “Term Lenders” shall have the meaning assigned thereto in the Preamble hereto and shall include all Term Bank Product Affiliates and
Term Hedging Affiliates and all successors, assigns, transferees and replacements thereof, as well as any Person designated as a “Lender” under any Term Credit Agreement. 
 “Term Obligations” shall mean all obligations of every nature of each Term Credit Party from time to time owed to the Term Agent, the
Term Credit Agreement Lenders or any of them, any Term Bank Products Affiliates or any Term Hedging Affiliates, under any Term Document, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with
respect to such Term Credit Party, would have accrued on any Term Obligation, whether or not a claim is allowed against such Term Credit Party for such interest in the related 
  

 14 

 bankruptcy proceeding), reimbursement of amounts drawn under letters of credit, payments for early termination of Hedging
Agreements, fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the Term Documents, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.

 “Term Priority Collateral” shall mean all Collateral, other than the ABL Priority Collateral, and all collateral security
and guarantees with respect to any Term Priority Collateral and all cash, Money, Instruments, Securities, Financial Assets and Deposit Accounts directly received as proceeds of any Term Priority Collateral; provided, however, no
proceeds of proceeds will constitute Term Priority Collateral unless such proceeds of proceeds would otherwise constitute Term Priority Collateral or are credited to the Asset Sales Proceeds Account. For the avoidance of doubt, (x) ABL Canadian
Collateral shall not, in any way, constitute Collateral with respect to the Term Obligations or Additional Obligations, and the Term Secured Parties and any Additional Secured Parties shall have no security interest therein and (y) under no
circumstance shall Excluded Assets be Term Priority Collateral. 
 “Term Recovery” shall have the meaning set forth in
Section 5.3(b). 
 “Term Secured Parties” shall mean the Term Agent and the Term Lenders. 
 “Trade Secrets” shall mean with respect to any Credit Party, all of such Credit Party’s right, title and interest in and to all
United States and foreign trade secrets, including, without limitation, know how, processes, formulae, compositions, designs, and confidential business and technical information, and all rights of any kind whatsoever accruing thereunder or
pertaining thereto, including, without limitation, (i) all income, royalties, damages and payments now and hereafter due and/or payable with respect thereto, including, without limitation, payments under all licenses, non disclosure agreements
and memoranda of understanding entered into in connection therewith, and damages and payments for past or future misappropriations thereof, and (ii) the right to sue or otherwise recover for past, present or future misappropriations thereof.

 “Trademark License” shall mean, with respect to any Credit Party, all written license agreements of such Credit Party
with any other Person who is not an Affiliate or a Subsidiary of such Credit Party in connection with any of the Trademarks of such Credit Party or such other Person’s names or trademarks, whether such Credit Party is a licensor or a licensee
under any such agreement, subject, in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses. 
 “Trademarks” shall mean with respect to any Credit Party, all of such Credit Party’s right, title and interest in and to all United
States and foreign trademarks, service marks, trade names, trade dress or other indicia of trade origin or business identifiers, trademark and service mark registrations, and applications for trademark or service mark registrations (except for
“intent to use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c)
and 1(d) of said Act has been filed, it being understood and agreed that the carve out in this parenthetical shall be applicable only if and for so long as a grant of a security interest in such intent to use application would invalidate or
otherwise jeopardize 
  

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 grantor’s rights therein), and any renewals thereof, including, without limitation, (i) the right to sue or
otherwise recover for any and all past, present and future infringements or dilutions thereof, (ii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation,
payments under all licenses entered into in connection therewith, and damages and payments for past or future infringements thereof), and (iii) all other rights corresponding thereto and all other rights of any kind whatsoever of such Credit
Party accruing thereunder or pertaining thereto in the United States, together in each case with the goodwill of the business connected with the use of, and symbolized by, each such trademark, service mark, trade name, trade dress or other indicia
of trade origin or business identifiers. 
 “Uniform Commercial Code” shall mean the Uniform Commercial Code as the same
may, from time to time, be in effect in the State of New York; provided that to the extent that the Uniform Commercial Code is used to define any term in any security document and such term is defined differently in differing Articles of the
Uniform Commercial Code, the definition of such term contained in Article 9 shall govern; provided, further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, publication or
priority of, or remedies with respect to, Liens of any Party is governed by the Uniform Commercial Code or foreign personal property security laws as enacted and in effect in a jurisdiction other than the State of New York, the term “Uniform
Commercial Code” will mean the Uniform Commercial Code or such foreign personal property security laws as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection,
priority or remedies and for purposes of definitions related to such provisions. 
 Section 1.3 Rules of Construction
Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the term “including” is not limiting, and the term “or” has, except
where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement
as a whole and not to any particular provision of this Agreement. Article, section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified. Any reference in this Agreement to any agreement,
instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements thereto and thereof, as applicable (subject to any restrictions on such
alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein). Any reference herein to any Person shall be construed to include such Person’s successors and
assigns. Any reference herein to the repayment in full of an obligation shall mean the payment in full in cash of such obligation, or in such other manner as may be approved in writing by the requisite holders or representatives in respect of such
obligation, or in such other manner as may be approved by the requisite holders or representatives in respect of such obligation. 
  

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 ARTICLE 2 
 LIEN PRIORITY 
 Section 2.1 Agreement to Subordinate. 
 (a) Notwithstanding (i) the date, time, method, manner, or order of grant, attachment, or perfection (including any defect or deficiency or alleged
defect or deficiency in any of the foregoing) of any Liens granted to the ABL Agent or the ABL Lenders in respect of all or any portion of the Collateral, or of any Liens granted to the Term Agent or the Term Lenders in respect of all or any portion
of the Collateral, or of any Liens granted to any Additional Agent or any Additional Creditors in respect of all or any portion of the Collateral, and regardless of how any such Lien was acquired (whether by grant, statute, operation of law,
subrogation or otherwise), (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favor of the ABL Agent, the Term Agent or any Additional Agent (or the ABL Lenders, the Term Lenders or any
Additional Creditors) in any Collateral, (iii) any provision of the Uniform Commercial Code, the Bankruptcy Code or any other applicable law, or of the ABL Documents, the Term Documents or any Additional Documents, (iv) whether the ABL
Agent, the Term Agent or any Additional Agent, in each case, either directly or through agents, holds possession of, or has control over, all or any part of the Collateral, (v) the fact that any such Liens in favor of the ABL Agent or the ABL
Lenders, the Term Agent or the Term Lenders or any Additional Agent or any Additional Creditors securing any of the ABL Obligations, the Term Obligations or any Additional Obligations, respectively, are (x) subordinated to any Lien securing any
obligation of any Credit Party other than the Term Obligations or any Additional Obligations (in the case of the ABL Obligations) or the ABL Obligations (in the case of the Term Obligations or any Additional Obligations), respectively, or
(y) otherwise subordinated, voided, avoided, invalidated or lapsed or (vi) any other circumstance of any kind or nature whatsoever, the ABL Agent, on behalf of itself and the ABL Lenders, the Term Agent, on behalf of itself and the Term
Lenders, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby agree that: 
 (1) any Lien in respect of all or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of the Term Agent or any Term Lender that secures all or any portion of the Term Obligations, and any Lien in respect of all
or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of any Additional Agent or any Additional Creditor that secures all or any portion of the Additional Obligations, shall in all respects be junior and subordinate to
all Liens granted to the ABL Agent and the ABL Lenders in the ABL Priority Collateral to secure all or any portion of the ABL Obligations; 
 (2) any Lien in respect of all or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Lender that secures all or any portion of the ABL Obligations shall in all
respects be senior and prior to all Liens granted to the Term Agent or any Term Lender in the ABL Priority Collateral to secure all or any portion of the Term Obligations, and all Liens granted to any Additional Agent or any Additional Creditors in
the ABL Priority Collateral to secure all or any portion of the Additional Obligations; 
 (3) any Lien in respect of all or
any portion of the Term Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Lender that secures all or any portion of the ABL Obligations shall in all 
  

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 respects be junior and subordinate to all Liens granted to the Term Agent and the Term Lenders in the
Term Priority Collateral to secure all or any portion of the Term Obligations, and all Liens granted to any Additional Agent or any Additional Creditors in the Term Priority Collateral to secure all or any portion of any Additional Obligations;

 (4) any Lien in respect of all or any portion of the Term Priority Collateral now or hereafter held by or on behalf of the
Term Agent or any Term Lender that secures all or any portion of the Term Obligations, and any Lien in respect of all or any portion of the Term Priority Collateral now or hereafter held by or on behalf of any Additional Agent or any Additional
Creditor that secures all or any portion of the Additional Obligations, shall in all respects be senior and prior to all Liens granted to the ABL Agent or any ABL Lender in the Term Priority Collateral to secure all or any portion of the ABL
Obligations; 
 (5) any Lien in respect of all or any portion of the Term Priority Collateral now or hereafter held by or on
behalf of any Additional Agent or any Additional Creditor that secures all or any portion of the Additional Obligations shall in all respects be pari passu and equal in priority with (x) any Lien in respect of all or any portion of the Term
Priority Collateral now or hereafter held by or on behalf of the Term Agent or any Term Lender that secures all or any portion of the Term Obligations and (y) except as may be separately otherwise agreed by and between or among any applicable
Additional Agents, any Lien in respect of all or any portion of the Term Priority Collateral now or hereafter held by or on behalf of any other Additional Agent or any Additional Creditor represented by such other Additional Agent that secures all
or any portion of the Additional Obligations. 
 (b) Notwithstanding any failure by any ABL Secured Party, Term Secured Party or Additional
Secured Party to perfect its security interests in the Collateral or any avoidance, invalidation, priming or subordination by any third party or court of competent jurisdiction of the security interests in the Collateral granted to the ABL Secured
Parties, the Term Secured Parties or any Additional Secured Parties, (x) the priority and rights as between the ABL Secured Parties, on the one hand, and each of the Term Secured Parties and any Additional Secured Parties, on the other hand,
with respect to the Collateral shall be as set forth herein and (y) the priority and rights as between the Term Secured Parties, on the one hand, and any Additional Secured Parties, on the other hand, with respect to the Collateral shall be as
set forth herein. 
 (c) The Term Agent, for and on behalf of itself and the Term Lenders, acknowledges and agrees that
(x) concurrently herewith, the ABL Agent, for the benefit of itself and the ABL Lenders, has been granted Liens upon all of the Collateral in which the Term Agent has been granted Liens and the Term Agent hereby consents thereto and
(y) any Additional Agent, on behalf of itself and any Additional Creditors, may be granted Liens upon all of the Collateral in which the Term Agent has been granted Liens and the Term Agent hereby consents thereto. The ABL Agent, for and on
behalf of itself and the ABL Lenders, acknowledges and agrees that (x) concurrently herewith, the Term Agent, for the benefit of itself and the Term 
  

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 Lenders, has been granted Liens upon all of the Collateral in which the ABL Agent has been granted Liens (other than the
ABL Canadian Collateral) and the ABL Agent hereby consents thereto and (y) any Additional Agent, on behalf of itself and any Additional Creditors, may be granted Liens upon all of the Collateral in which the ABL Agent has been granted Liens
(other than the ABL Canadian Collateral) and the ABL Agent hereby consents thereto. Any Additional Agent, for and on behalf of itself and any Additional Creditors represented thereby, acknowledges and agrees that, concurrently herewith, (x) the
ABL Agent, for the benefit of itself and the ABL Lenders, has been granted Liens upon all of the Collateral in which such Additional Agent is being granted Liens and such Additional Agent hereby consents thereto and (y) the Term Agent, for the
benefit of itself and the Term Lenders, has been granted Liens upon all of the Collateral in which such Additional Agent is being granted Liens and such Additional Agent hereby consents thereto. The subordination of Liens by the Term Agent in favor
of the ABL Agent, by the ABL Agent in favor of the Term Agent and any Additional Agent, and by any Additional Agent in favor of the ABL Agent, in each case as set forth herein, shall not be deemed to subordinate the Liens of the Term Agent, the ABL
Agent or any Additional Agent to the Liens of any other Person. The provision of pari passu and equal priority as between Liens of the Term Agent and Liens of any Additional Agent, or as between Liens of any Additional Agent and Liens of any other
Additional Agent, in each case as set forth herein, shall not be deemed to subordinate the Liens of the Term Agent or any Additional Agent to the Liens of any Person other than the ABL Agent as and to the extent set forth herein, or to provide that
the Liens of the Term Agent or any Additional Agent will be pari passu or of equal priority with the Liens of any other Person. 
 Section 2.2 Waiver of Right to Contest Liens. 
 (a) The Term Agent, for and on behalf of itself and the Term
Lenders, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding
(including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the ABL Agent and the ABL Lenders in respect of the Collateral (including the ABL Canadian Collateral), the Liens of any Additional Agent
and any Additional Creditors in respect of the Collateral, or the provisions of this Agreement. Except to the extent expressly set forth in this Agreement, the Term Agent, for itself and on behalf of the Term Lenders, agrees that none of the Term
Agent or the Term Lenders will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Agent or any ABL Lender under the ABL Documents with respect to the ABL Priority Collateral (including the ABL
Canadian Collateral), or any Exercise of Secured Creditor Remedies undertaken by any Additional Agent or any Additional Creditor under any Additional Documents with respect to the Term Priority Collateral. Except to the extent expressly set forth in
this Agreement, the Term Agent, for itself and on behalf of the Term Lenders, hereby waives any and all rights it or the Term Lenders may have (x) as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the
manner in which the ABL Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority Collateral (including the ABL Canadian Collateral) or (y) as a pari passu lien creditor or otherwise to contest, protest, object to, or interfere
with the manner in which any Additional Agent or any Additional Creditor seeks to enforce its Liens in any Term Priority Collateral. 
  

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 (b) The ABL Agent, for and on behalf of itself and the ABL Lenders, agrees that it and they shall not
(and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the
validity, priority, enforceability, or perfection of the Liens of the Term Agent or the Term Lenders in respect of the Collateral, the Liens of any Additional Agent and any Additional Creditors in respect of the Collateral, or the provisions of this
Agreement. Except to the extent expressly set forth in this Agreement, the ABL Agent, for itself and on behalf of the ABL Lenders, agrees that none of the ABL Agent or the ABL Lenders will take any action that would interfere with any Exercise of
Secured Creditor Remedies undertaken by the Term Agent or any Term Lender under the Term Documents, or by any Additional Agent or any Additional Creditor under any Additional Documents, with respect to the Term Priority Collateral. Except to the
extent expressly set forth in this Agreement, the ABL Agent, for itself and on behalf of the ABL Lenders, hereby waives any and all rights it or the ABL Lenders may have as a junior lien creditor or otherwise to contest, protest, object to, or
interfere with the manner in which the Term Agent or any Term Lender, or any Additional Agent or any Additional Creditor, seeks to enforce its Liens in any Term Priority Collateral. 
 (c) Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that it and they shall not (and hereby waives any
right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority,
enforceability, or perfection of the Liens of the ABL Agent and the ABL Lenders in respect of the Collateral (including the ABL Canadian Collateral), the Liens of the Term Agent or the Term Lenders in respect of the Collateral, or the provisions of
this Agreement. Except to the extent expressly set forth in this Agreement, any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that none of such Additional Agent and Additional Creditors will take any
action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Agent or any ABL Lender under the ABL Documents with respect to the ABL Priority Collateral (including the ABL Canadian Collateral), or any Exercise of
Secured Creditor Remedies undertaken by the Term Agent or any Term Lender under the Term Documents with respect to the Term Priority Collateral. Except to the extent expressly set forth in this Agreement, any Additional Agent, on behalf of itself
and any Additional Creditors represented thereby, hereby waives any and all rights it or such Additional Creditors may have (x) as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the ABL
Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority Collateral (including the ABL Canadian Collateral) or (y) as a pari passu lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which
the Term Agent or any Term Lender seeks to enforce its Liens in any Term Priority Collateral. 
 (d) Except as may be separately otherwise
agreed by and between or among any applicable Additional Agents, any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that it and they shall not (and hereby waives any right to) take any action to
contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of
the Liens of 
  

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 any other Additional Agent or any Additional Creditors represented by such other Additional Agent or the provisions of
this Agreement. Except to the extent expressly set forth in this Agreement, or as may be separately otherwise agreed by and between or among any applicable Additional Agents, any Additional Agent, on behalf of itself and any Additional Creditors
represented thereby, agrees that none of such Additional Agent and Additional Creditors will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by any other Additional Agent or any Additional Creditor
represented by such other Additional Agent under any applicable Additional Documents with respect to the Term Priority Collateral. Except to the extent expressly set forth in this Agreement, or as may be separately otherwise agreed by and between or
among any applicable Additional Agents, any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby waives any and all rights it or such Additional Creditors may have as a pari passu lien creditor or otherwise
to contest, protest, object to, or interfere with the manner in which any other Additional Agent or any Additional Creditor represented by such other Additional Agent seeks to enforce its Liens in any Term Priority Collateral. 
 Section 2.3 Remedies Standstill. 
 (a) The Term Agent, on behalf of itself and the Term Lenders, agrees that, until the date upon which the Discharge of ABL Obligations shall have occurred, neither the Term Agent nor any Term Lender will Exercise Any Secured Creditor
Remedies with respect to any of the ABL Priority Collateral without the written consent of the ABL Agent, and will not take, receive or accept any Proceeds of ABL Priority Collateral, it being understood and agreed that the temporary deposit of
Proceeds of ABL Priority Collateral in a Deposit Account controlled by the Term Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly remitted to the ABL Agent. From and after the date upon which the Discharge
of ABL Obligations shall have occurred (or prior thereto upon obtaining the written consent of the ABL Agent), the Term Agent or any Term Lender may Exercise Any Secured Creditor Remedies under the Term Documents or applicable law as to any ABL
Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by the Term Agent or any Term Lender is at all times subject to the provisions of this Agreement, including
Section 4.1 hereof. 
 (b) The ABL Agent, on behalf of itself and the ABL Lenders, agrees that, until the date upon which the Discharge
of Term Obligations and the Discharge of Additional Obligations shall have occurred, neither the ABL Agent nor any ABL Lender will Exercise Any Secured Creditor Remedies with respect to the Term Priority Collateral without the written consent of the
Term Agent and any Additional Agent, and will not take, receive or accept any Proceeds of the Term Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of Term Priority Collateral in a Deposit Account controlled
by the ABL Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly remitted to the Term Agent or any Additional Agent. From and after the date upon which the Discharge of Term Obligations shall have occurred (or
prior thereto upon obtaining the written consent of the Term Agent) and the Discharge of Additional Obligations shall have occurred (or prior thereto upon obtaining the written consent of each Additional Agent), the ABL Agent or any ABL Lender may
Exercise Any Secured Creditor Remedies under the ABL Documents or applicable law as to any Term Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by the ABL Agent or
any ABL Lender is at all times subject to the provisions of this Agreement, including Section 4.1 hereof. 
  

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 (c) Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees
that, until the date upon which the Discharge of ABL Obligations shall have occurred, neither such Additional Agent nor any such Additional Creditor will Exercise Any Secured Creditor Remedies with respect to any of the ABL Priority Collateral
without the written consent of the ABL Agent, and will not take, receive or accept any Proceeds of ABL Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of ABL Priority Collateral in a Deposit Account
controlled by such Additional Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly remitted to the ABL Agent. From and after the date upon which the Discharge of ABL Obligations shall have occurred (or prior
thereto upon obtaining the written consent of the ABL Agent), any Additional Agent or any Additional Creditor may Exercise Any Secured Creditor Remedies under any Additional Documents or applicable law as to any ABL Priority Collateral;
provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by any Additional Agent or Additional Creditor is at all times subject to the provisions of this Agreement, including Section 4.1
hereof. 
 (d) Notwithstanding any other provision of this Agreement, nothing contained herein shall be construed to prevent (i) the
ABL Agent or any ABL Lender, or any Additional Agent or any Additional Creditor, from objecting to any proposed retention of collateral by the Term Agent or any Term Lender in full or partial satisfaction of any Term Obligations, (ii) the Term
Agent or any Term Lender, or any Additional Agent or any Additional Creditor, from objecting to any proposed retention of collateral by the ABL Agent or any ABL Lender in full or partial satisfaction of any ABL Obligations, (iii) the ABL Agent
or any ABL Lender, or the Term Agent or any Term Lender, from objecting to any proposed retention of collateral by any Additional Agent or any Additional Creditor in full or partial satisfaction of any Additional Obligations, or (iv) any
Additional Agent or any Additional Creditor represented thereby from objecting to any proposed retention of collateral by any other Additional Agent or any Additional Creditor represented by such other Additional Agent in full or partial
satisfaction of any Additional Obligations. 
 Section 2.4 Exercise of Rights. 
 (a) Notice of ABL Agent’s Lien. 
 (i) Without limiting Section 2.3 hereof, the Term Agent, for and on behalf of itself and the Term Lenders, hereby agrees that, until the date upon which the Discharge of ABL Obligations shall have occurred, in
connection with any Exercise of Secured Creditor Remedies by the Term Agent or any Term Lender with respect to any ABL Priority Collateral, the Term Agent or such Term Lender, as applicable, shall advise any purchaser or transferee of any ABL
Priority Collateral in writing that the sale (whether public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of the ABL Agent and the ABL Lenders. In addition, the Term Agent agrees, for and on behalf of itself and
the Term Lenders, that, until the date upon which the Discharge of ABL Obligations shall have occurred, any notice of any proposed 
  

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 foreclosure or sale of any ABL Priority Collateral and any other notice in connection with the Exercise
of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject to the ABL Agent’s and the ABL Lenders’ prior Liens and that such Liens shall continue as against the ABL Priority Collateral to
be sold. 
 (ii) Without limiting Section 2.3 hereof, any Additional Agent, for and on behalf of itself and any
Additional Creditors represented thereby, hereby agrees that, until the date upon which the Discharge of ABL Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by such Additional Agent or any such
Additional Creditor with respect to any ABL Priority Collateral, such Additional Agent or Additional Creditor, as applicable, shall advise any purchaser or transferee of any ABL Priority Collateral in writing that the sale (whether public, private,
by foreclosure, or otherwise) or other transfer is subject to the Liens of the ABL Agent and the ABL Lenders. In addition, any Additional Agent agrees, for and on behalf of itself and any Additional Creditors represented thereby, that, until the
date upon which the Discharge of ABL Obligations shall have occurred, any notice of any proposed foreclosure or sale of any ABL Priority Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect
thereto shall state prominently and clearly that the sale is subject to the ABL Agent’s and the ABL Lenders’ prior Liens and that such Liens shall continue as against the ABL Priority Collateral to be sold. 
 (b) Notice of Term Agent’s Lien. 
 (i) Without limiting Section 2.3 hereof, the ABL Agent, for and on behalf of itself and the ABL Lenders, hereby agrees that, until the date upon which the Discharge of Term Obligations shall have occurred, in
connection with any Exercise of Secured Creditor Remedies by the ABL Agent or any ABL Lender with respect to the Term Priority Collateral, the ABL Agent or such ABL Lender, as applicable, shall advise any purchaser or transferee of any Term Priority
Collateral in writing that the sale (whether public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of the Term Agent and the Term Lenders. In addition, the ABL Agent agrees, for and on behalf of itself and the ABL
Lenders, that, until the date upon which the Discharge of Term Obligations shall have occurred, any notice of any proposed foreclosure or sale of any Term Priority Collateral and any other notice in connection with the Exercise of Secured Creditor
Remedies with respect thereto shall state prominently and clearly that the sale is subject to the Term Agent’s and the Term Lenders’ prior Liens and that such Liens shall continue as against the Term Priority Collateral to be sold.

 (ii) Without limiting Section 2.3 hereof, any Additional Agent, for and on behalf of itself and any Additional
Creditors represented thereby, hereby agrees that, until the date upon which the Discharge of Term Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by such Additional Agent or any such Additional Creditor
with respect to any Term Priority Collateral, such Additional Agent or Additional Creditor, as applicable, shall advise any purchaser or transferee of any Term Priority Collateral in writing that the sale (whether 
  

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 public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of the Term
Agent and the Term Lenders. In addition, any Additional Agent agrees, for and on behalf of itself and any Additional Creditors represented thereby, that, until the date upon which the Discharge of Term Obligations shall have occurred, any notice of
any proposed foreclosure or sale of any Term Priority Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject to the Term
Agent’s and the Term Lenders’ prior Liens and that such Liens shall continue as against the Term Priority Collateral to be sold. 
 (c) Notice of Additional Agent’s Lien. 
 (i) Without limiting Section 2.3 hereof, the Term Agent,
for and on behalf of itself and the Term Lenders, hereby agrees that, until the date upon which the Discharge of Additional Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by the Term Agent or any Term
Lender with respect to any Term Priority Collateral, the Term Agent or such Term Lender, as applicable, shall advise any purchaser or transferee of any Term Priority Collateral in writing that the sale (whether public, private, by foreclosure, or
otherwise) or other transfer is subject to the Liens of any Additional Agent and any Additional Creditors. In addition, the Term Agent agrees, for and on behalf of itself and the Term Lenders, that, until the date upon which the Discharge of
Additional Obligations shall have occurred, any notice of any proposed foreclosure or sale of any Term Priority Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently
and clearly that the sale is subject to any Additional Agent’s and any Additional Creditors’ prior Liens and that such Liens shall continue as against the Term Priority Collateral to be sold. 
 (ii) Without limiting Section 2.3 hereof, the ABL Agent, for and on behalf of itself and the ABL Lenders, hereby agrees that, until
the date upon which the Discharge of Additional Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by the ABL Agent or any ABL Lender with respect to any Term Priority Collateral, the ABL Agent or such ABL
Lender, as applicable, shall advise any purchaser or transferee of any Term Priority Collateral in writing that the sale (whether public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of any Additional Agent and
any Additional Creditors. In addition, the ABL Agent agrees, for and on behalf of itself and the ABL Lenders, that, until the date upon which the Discharge of Additional Obligations shall have occurred, any notice of any proposed foreclosure or sale
of any Term Priority Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject to any Additional Agent’s and any Additional
Creditors’ prior Liens and that such Liens shall continue as against the Term Priority Collateral to be sold. 
 (iii)
Without limiting Section 2.3 hereof, except as may be separately otherwise agreed by and between or among any applicable Additional Agents, any Additional Agent, for and on behalf of itself and any Additional Creditors 
  

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 represented thereby, hereby agrees that, until the date upon which the applicable Discharge of Additional
Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by such Additional Agent or Additional Creditor with respect to any Term Priority Collateral, such Additional Agent or Additional Creditor, as applicable,
shall advise any purchaser or transferee of any Term Priority Collateral in writing that the sale (whether public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of any other Additional Agent and any Additional
Creditors represented by such other Additional Agent. In addition, except as may be separately otherwise agreed by and between or among any applicable Additional Agents, any Additional Agent agrees, for and on behalf of itself and any Additional
Creditors represented thereby, that, until the date upon which the applicable Discharge of Additional Obligations shall have occurred, any notice of any proposed foreclosure or sale of any Term Priority Collateral and any other notice in connection
with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject to any prior Liens of any other Additional Agent and any Additional Creditors represented by such other Additional Agent
and that such Liens shall continue as against the Term Priority Collateral to be sold. 
 (d) No Other Restrictions. Except as
expressly set forth in this Agreement, each of the Term Agent, the Term Lenders, the ABL Agent, the ABL Lenders, any Additional Agent and any Additional Creditors shall have any and all rights and remedies it may have as a creditor under applicable
law, including the right to the Exercise of Secured Creditor Remedies; provided, however, that the Exercise of Secured Creditor Remedies with respect to the Collateral shall be subject to the Lien Priority and to the provisions of this
Agreement, including Section 4.1 hereof. The ABL Agent may enforce the provisions of the ABL Documents, the Term Agent may enforce the provisions of the Term Documents, any Additional Agent may enforce the provisions of the Additional
Documents, and each may Exercise Any Secured Creditor Remedies, all in such order and in such manner as each may determine in the exercise of its sole discretion, consistent with the terms of this Agreement and mandatory provisions of applicable
law; provided, however, that each of the ABL Agent, the Term Agent and any Additional Agent agrees to provide to each other such Party copies of any notices that it is required under applicable law to deliver to any Borrower or any
Guarantor; provided, further, however, that the ABL Agent’s failure to provide any such copies to any other such Party shall not impair any of the ABL Agent’s rights hereunder or under any of the ABL Documents, the
Term Agent’s failure to provide any such copies to any other such Party shall not impair any of the Term Agent’s rights hereunder or under any of the Term Documents, and any failure by any Additional Agent to provide any such copies to any
other such Party shall not impair any of such Additional Agent’s rights hereunder or under any of the Additional Documents. Each of the Term Agent, the Term Lenders, the ABL Agent, the ABL Lenders, any Additional Agent and any Additional
Creditors agrees that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim, (x) in the case of the Term Agent and each Term Lender, against the ABL Agent or any other ABL
Secured Party, or any Additional Agent or any other Additional Secured Party, (y) in the case of the ABL Agent and each other ABL Secured Party, against the Term Agent or any other Term Secured Party, or any Additional Agent or any other
Additional Secured Party, and (z) in the case of any Additional Agent and each Additional Creditor, against the ABL Agent or any other ABL Secured Party, or the Term Agent or any other Term Secured Party, seeking damages from or other relief by
way 
  

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 of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such
Person with respect to the Collateral that is consistent with the terms of this Agreement, and none of such Persons shall be liable for any such action taken or omitted to be taken. Except as may be separately otherwise agreed by and between or
among any applicable Additional Agents, each of any Additional Agent and any Additional Creditors represented thereby agrees that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any
claim against any other Additional Agent or any Additional Creditor represented by such other Additional Agent, seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or
omitted to be taken by such Person with respect to the Collateral that is consistent with the terms of this Agreement, and none of such Persons shall be liable for any such action taken or omitted to be taken. 
 (e) Release of Liens. 
 (i) In the event of (A) any private or public sale of all or any portion of the ABL Priority Collateral in connection with any Exercise of Secured Creditor Remedies by or with the consent of the ABL Agent, (B) any sale, transfer
or other disposition of all or any portion of the ABL Priority Collateral, so long as such sale, transfer or other disposition is then permitted by the ABL Documents or (C) the release of the ABL Secured Parties’ Lien on all or any portion
of the ABL Priority Collateral, so long as such release shall have been approved by the requisite ABL Lenders, in the case of clauses (B) and (C) only to the extent prior to the date upon which the Discharge of ABL Obligations shall have
occurred and not in connection with a Discharge of ABL Obligations (and irrespective of whether an Event of Default has occurred), (x) the Term Agent agrees, on behalf of itself and the Term Lenders, that so long as the net cash proceeds of any
such sale, if any, described in clause (A) above are applied as provided in Section 4.1 hereof, such sale will be free and clear of the Liens on such ABL Priority Collateral securing the Term Obligations, and the Term Agent’s and the
Term Secured Parties’ Liens with respect to the ABL Priority Collateral so sold, transferred, disposed or released shall terminate and be automatically released without further action and (y) any Additional Agent agrees, on behalf of
itself and any Additional Creditors represented thereby, that so long as the net cash proceeds of any such sale, if any, described in clause (A) above are applied as provided in Section 4.1 hereof, such sale will be free and clear of the
Liens on such ABL Priority Collateral securing the Additional Obligations, and such Additional Agent’s and the applicable Additional Secured Parties’ Liens with respect to the ABL Priority Collateral so sold, transferred, disposed or
released shall terminate and be automatically released without further action. In furtherance of, and subject to, the foregoing, each of the Term Agent and any Additional Agent agrees that it will execute any and all Lien releases or other documents
reasonably requested by the ABL Agent in connection therewith, so long as the net cash proceeds, if any, from such sale or other disposition of such ABL Priority Collateral described in clause (A) above are applied in accordance with the terms
of this Agreement. Each of the Term Agent and any Additional Agent hereby appoints the ABL Agent and any officer or duly authorized person of the ABL Agent, with full power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power of attorney in the place and stead of such Party and in the name of such Party or in the ABL Agent’s own name, from time to time, in the ABL 
  

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 Agent’s sole discretion, for the purposes of carrying out the terms of this paragraph, to take any
and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this paragraph, including, without limitation, any financing statements, endorsements,
assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 
 (ii) In the event of (A) any private or public sale of all or any portion of the Term Priority Collateral in connection with any Exercise of Secured Creditor Remedies by or with the consent of the Term Agent,
(B) any sale, transfer or other disposition of all or any portion of the Term Priority Collateral, so long as such sale, transfer or other disposition is then permitted by the Term Documents or (C) the release of the Term Secured
Parties’ Lien on all or any portion of the Term Priority Collateral, so long as such release shall have been approved by the requisite Term Lenders, in the case of clauses (B) and (C) only to the extent prior to the date upon which
the Discharge of Term Obligations shall have occurred and not in connection with a Discharge of ABL Obligations (and irrespective of whether an Event of Default has occurred), the ABL Agent agrees, on behalf of itself and the ABL Lenders, that so
long as the net cash proceeds of any such sale, if any, described in clause (A) above are applied as provided in Section 4.1 hereof, such sale will be free and clear of the Liens on such Term Priority Collateral securing the ABL
Obligations and the ABL Agent’s and the ABL Secured Parties’ Liens with respect to the Term Priority Collateral so sold, transferred, disposed or released shall terminate and be automatically released without further action. In furtherance
of, and subject to, the foregoing, the ABL Agent agrees that it will execute any and all Lien releases or other documents reasonably requested by the Term Agent in connection therewith, so long as the net cash proceeds, if any, from such sale or
other disposition described in clause (A) above of such Term Priority Collateral are applied in accordance with the terms of this Agreement. The ABL Agent hereby appoints the Term Agent and any officer or duly authorized person of the Term
Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the ABL Agent and in the name of the ABL Agent or in the Term Agent’s own name, from time to time,
in the Term Agent’s sole discretion, for the purposes of carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to
accomplish the purposes of this paragraph, including, without limitation, any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is
irrevocable). 
 (iii) In the event of (A) any private or public sale of all or any portion of the Term Priority
Collateral in connection with any Exercise of Secured Creditor Remedies by or with the consent of any Additional Agent, (B) any sale, transfer or other disposition of all or any portion of the Term Priority Collateral, so long as such sale,
transfer or other disposition is then permitted by the Additional Documents or (C) the release of the Additional Secured Parties’ Lien on all or any portion of the Term Priority Collateral, so long as such release shall have been approved
by the requisite Additional Creditors, in the case of clauses (B) and (C) only to the extent prior to the date 
  

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 upon which the Discharge of Additional Obligations shall have occurred and not in connection with a
Discharge of ABL Obligations (and irrespective of whether an Event of Default has occurred), the ABL Agent agrees, on behalf of itself and the ABL Lenders, that so long as the net cash proceeds of any such sale, if any, described in clause
(A) above are applied as provided in Section 4.1 hereof, such sale will be free and clear of the Liens on such Term Priority Collateral securing the ABL Obligations and the ABL Agent’s and the ABL Secured Parties’ Liens with
respect to the Term Priority Collateral so sold, transferred, disposed or released shall terminate and be automatically released without further action. In furtherance of, and subject to, the foregoing, the ABL Agent agrees that it will execute any
and all Lien releases or other documents reasonably requested by any Additional Agent in connection therewith, so long as the net cash proceeds, if any, from such sale or other disposition described in clause (A) above of such Term Priority
Collateral are applied in accordance with the terms of this Agreement. The ABL Agent hereby appoints any Additional Agent and any officer or duly authorized person of such Additional Agent, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power of attorney in the place and stead of the ABL Agent and in the name of the ABL Agent or in such Additional Agent’s own name, from time to time, in such Additional Agent’s sole discretion, for
the purposes of carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this paragraph,
including, without limitation, any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 
 Section 2.5 No New Liens. (a) Until the date upon which the Discharge of ABL Obligations shall have occurred, the parties hereto
agree that: 
 (i) no Term Secured Party shall acquire or hold any Lien on any assets of any Credit Party securing any Term
Obligation (other than Excluded Assets) which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, subject to the Lien Priority set forth herein. If any Term Secured Party shall (nonetheless and in breach hereof) acquire
or hold any Lien on any assets of any Credit Party securing any Term Obligation (other than Excluded Assets) which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, subject to the Lien Priority set forth herein, then
the Term Agent (or the relevant Term Secured Party) shall, without the need for any further consent of any other Term Secured Party and notwithstanding anything to the contrary in any other Term Document, be deemed to also hold and have held such
lien for the benefit of the ABL Agent as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the ABL Agent in writing of the existence of such Lien; and 
 (ii) no Additional Secured Party shall acquire or hold any Lien on any assets of any Credit Party securing any Additional Obligation
(other than Excluded Assets) which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, subject to the Lien Priority set forth herein. If any Additional Secured Party shall (nonetheless and in breach hereof) acquire or
hold any Lien on any assets of any Credit Party securing any Additional Obligation (other than Excluded 
  

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 Assets) which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, subject
to the Lien Priority set forth herein, then the relevant Additional Agent (or the relevant Additional Secured Party) shall, without the need for any further consent of any other Additional Secured Party and notwithstanding anything to the contrary
in any other Additional Document, be deemed to also hold and have held such lien for the benefit of the ABL Agent as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the ABL Agent in
writing of the existence of such Lien. 
 (b) Until the date upon which the Discharge of Term Obligations shall have occurred, the parties
hereto agree that: 
 (i) no ABL Secured Party shall acquire or hold any Lien on any assets of any Credit Party (other than
the ABL Canadian Collateral or Excluded Assets) securing any ABL Obligation which assets are not also subject to the Lien of the Term Agent under the Term Documents, subject to the Lien Priority set forth herein. If any ABL Secured Party shall
(nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any ABL Obligation (other than the ABL Canadian Collateral or Excluded Assets) which assets are not also subject to the Lien of the Term Agent
under the Term Documents, subject to the Lien Priority set forth herein, then the ABL Agent (or the relevant ABL Secured Party) shall, without the need for any further consent of any other ABL Secured Party and notwithstanding anything to the
contrary in any other ABL Document be deemed to also hold and have held such lien for the benefit of the Term Agent as security for the Term Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the Term Agent
in writing of the existence of such Lien; and 
 (ii) no Additional Secured Party shall acquire or hold any Lien on any
assets of any Credit Party securing any Additional Obligation (other than Excluded Assets) which assets are not also subject to the Lien of the Term Agent under the Term Documents, subject to the Lien Priority set forth herein. If any Additional
Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any Additional Obligation (other than Excluded Assets) which assets are not also subject to the Lien of the Term Agent under
the Term Documents, subject to the Lien Priority set forth herein, then the relevant Additional Agent (or the relevant Additional Secured Party) shall, without the need for any further consent of any other Additional Secured Party and
notwithstanding anything to the contrary in any other Additional Document, be deemed to also hold and have held such lien for the benefit of the Term Agent as security for the Term Obligations (subject to the Lien Priority and other terms hereof)
and shall promptly notify the Term Agent in writing of the existence of such Lien. 
 (c) Until the date upon which the Discharge of
Additional Obligations shall have occurred, the parties hereto agree that: 
 (i) no ABL Secured Party shall acquire or hold
any Lien on any assets of any Credit Party (other than the ABL Canadian Collateral or Excluded Assets) 
  

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 securing any ABL Obligation which assets are not also subject to the Lien of each Additional Agent under
the Additional Documents, subject to the Lien Priority set forth herein. If any ABL Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any ABL Obligation (other than the ABL
Canadian Collateral or Excluded Assets) which assets are not also subject to the Lien of each Additional Agent under the Additional Documents, subject to the Lien Priority set forth herein, then the ABL Agent (or the relevant ABL Secured Party)
shall, without the need for any further consent of any other ABL Secured Party and notwithstanding anything to the contrary in any other ABL Document be deemed to also hold and have held such lien for the benefit of each Additional Agent as security
for the Additional Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify each Additional Agent in writing of the existence of such Lien; and 
 (ii) no Term Secured Party shall acquire or hold any Lien on any assets of any Credit Party (other than Excluded Assets) securing any
Term Obligation which assets are not also subject to the Lien of each Additional Agent under the Additional Documents, subject to the Lien Priority set forth herein. If any Term Secured Party shall (nonetheless and in breach hereof) acquire or hold
any Lien on any assets of any Credit Party securing any Term Obligation (other than Excluded Assets) which assets are not also subject to the Lien of each Additional Agent under the Additional Documents, subject to the Lien Priority set forth
herein, then the Term Agent (or the relevant Term Secured Party) shall, without the need for any further consent of any other Term Secured Party and notwithstanding anything to the contrary in any other Term Document be deemed to also hold and have
held such lien for the benefit of each Additional Agent as security for the Additional Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify each Additional Agent in writing of the existence of such Lien.

 Section 2.6 Waiver of Marshalling. Until the Discharge of ABL Obligations, the Term Agent, on behalf of itself and the Term
Secured Parties, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert
or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the ABL Priority Collateral or any other similar rights a junior secured creditor
may have under applicable law. 
 Until the Discharge of Term Obligations and the Discharge of Additional Obligations, the ABL Agent, on
behalf of itself and the ABL Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal,
valuation or other similar right that may otherwise be available under applicable law with respect to the Term Priority Collateral or any other similar rights a junior secured creditor may have under applicable law. 
  

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 ARTICLE 3 
 ACTIONS OF THE PARTIES 
 Section 3.1 Certain Actions Permitted. The Term
Agent, the ABL Agent and any Additional Agent may make such demands or file such claims in respect of the Term Obligations, the ABL Obligations or the Additional Obligations, as applicable, as are necessary to prevent the waiver or bar of such
claims under applicable statutes of limitations or other statutes, court orders, or rules of procedure at any time. 
 Section 3.2
Agent for Perfection. The ABL Agent, for and on behalf of itself and each ABL Lender, the Term Agent, for and on behalf of itself and each Term Lender, and any Additional Agent, for and on behalf of itself and each Additional Creditor
represented thereby, as applicable, each agree to hold all Control Collateral, Cash Collateral and Common Mortgaged Collateral that is part of the Collateral (other than, in the case of the ABL Agent, the ABL Canadian Collateral) in their respective
possession, custody, or control (or in the possession, custody, or control of agents or bailees for either) as agent for each other solely for the purpose of perfecting the security interest granted to each in such Control Collateral, Cash
Collateral or Common Mortgaged Collateral, subject to the terms and conditions of this Section 3.2. None of the ABL Agent, the ABL Lenders, the Term Agent, the Term Lenders, any Additional Agent, or any Additional Creditors, as applicable,
shall have any obligation whatsoever to the others to assure that the Control Collateral or the Common Mortgaged Collateral is genuine or owned by any Borrower, any Guarantor, or any other Person or to preserve rights or benefits of any Person. The
duties or responsibilities of the ABL Agent, the Term Agent and any Additional Agent under this Section 3.2 are and shall be limited solely to holding or maintaining control of the Control Collateral, the Cash Collateral and the Common
Mortgaged Collateral as agent for the other Parties for purposes of perfecting the Lien held by the Term Agent, the ABL Agent or any Additional Agent, as applicable. The ABL Agent is not and shall not be deemed to be a fiduciary of any kind for the
Term Agent, the Term Lenders, any Additional Agent, any Additional Creditors, or any other Person. The Term Agent is not and shall not be deemed to be a fiduciary of any kind for the ABL Agent, the ABL Lenders, any Additional Agent, any Additional
Creditors, or any other Person. Any Additional Agent is not and shall not be deemed to be a fiduciary of any kind for the ABL Agent, the ABL Lenders, the Term Agent, the Term Lenders, any other Additional Agent or any Additional Creditors
represented by any other Additional Agent, or any other Person. In the event that (a) the Term Agent or any Term Lender receives any Collateral or Proceeds of the Collateral in violation of the terms of this Agreement, (b) the ABL Agent or
any ABL Lender receives any Collateral or Proceeds of the Collateral in violation of the terms of this Agreement, or (c) any Additional Agent or any Additional Creditor receives any Collateral or Proceeds of the Collateral in violation of the
terms of this Agreement, then the Term Agent, such Term Lender, the ABL Agent, such ABL Lender, such Additional Agent, or such Additional Creditor, as applicable, shall promptly pay over such Proceeds or Collateral to (i) in the case of clause
(a) or (c), the ABL Agent, or (ii) in the case of clause (b), the Term Agent or any Additional Agent, in each case, in the same form as received with any necessary endorsements, for application in accordance with the provisions of
Section 4.1 of this Agreement. 
 Section 3.3 Sharing of Information and Access. In the event that the ABL Agent
shall, in the exercise of its rights under the ABL Collateral Documents or otherwise, 
  

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 receive possession or control of any books and Records of any Term Credit Party that contain information identifying or
pertaining to the Term Priority Collateral, the ABL Agent shall, upon request from the Term Agent or any Additional Agent and as promptly as practicable thereafter, either make available to such Party such books and Records for inspection and
duplication or provide to such Party copies thereof. In the event that the Term Agent or any Additional Agent shall, in the exercise of its rights under the Term Collateral Documents, the Additional Collateral Documents or otherwise, receive
possession or control of any books and records of any ABL Credit Party that contain information identifying or pertaining to any of the ABL Priority Collateral, such Party shall, upon request from the ABL Agent and as promptly as practicable
thereafter, either make available to the ABL Agent such books and records for inspection and duplication or provide the ABL Agent copies thereof. In the event that the Term Agent or any Additional Agent shall, in the exercise of its rights under the
Term Collateral Documents or otherwise, obtain title to any Intellectual Property previously owned by any of the ABL Credit Parties, such Party hereby irrevocably grants the ABL Agent a non-exclusive license or other right to use, without charge,
such Intellectual Property as it pertains to the ABL Priority Collateral in advertising for sale and selling any ABL Priority Collateral. 
 Section 3.4 Insurance. Proceeds of Collateral include insurance proceeds and, therefore, the Lien Priority shall govern the ultimate disposition of casualty insurance proceeds. The ABL Agent shall be named as additional
insured or loss payee, as applicable, with respect to all insurance policies relating to ABL Priority Collateral and the Term Agent and (if required by the applicable Additional Documents) any Additional Agent shall be named as additional insured or
loss payee, as applicable, with respect to all insurance policies relating to Term Priority Collateral. The ABL Agent shall have the sole and exclusive right, as against the Term Agent and any Additional Agent, to adjust settlement of insurance
claims in the event of any covered loss, theft or destruction of ABL Priority Collateral. The Term Agent and any Additional Agent acting jointly shall have the sole and exclusive right, as against the ABL Agent, to adjust settlement of insurance
claims in the event of any covered loss, theft or destruction of Term Priority Collateral. All proceeds of such insurance shall be remitted to the ABL Agent or to the Term Agent or any Additional Agent, as the case may be, and each of the Term
Agent, the ABL Agent and any Additional Agent shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds (other than insurance proceeds relating to ABL Canadian Collateral) in accordance with
Section 4.1 hereof. 
 Section 3.5 No Additional Rights For the Credit Parties Hereunder. Except as provided in
Section 3.6, if any ABL Secured Party, Term Secured Party or Additional Secured Party shall enforce its rights or remedies in violation of the terms of this Agreement, the Credit Parties shall not be entitled to use such violation as a defense
to any action by any ABL Secured Party, Term Secured Party or Additional Secured Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any ABL Secured Party, Term Secured Party or Additional Secured Party.

 Section 3.6 Actions Upon Breach. If any Term Secured Party, any ABL Secured Party or any Additional Secured Party,
contrary to this Agreement, commences or participates in any action or proceeding against the Credit Parties or the Collateral, the Credit Parties, with the prior written consent of the ABL Agent, the Term Agent or any Additional Agent, as
applicable, may interpose as a defense or dilatory plea the making of this Agreement, 
  

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 and any ABL Secured Party, Term Secured Party or Additional Secured Party, as applicable, may intervene and interpose
such defense or plea in its or their name or in the name of the Credit Parties. 
 Section 3.7 Inspection Rights and
Insurance. (a) Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent and the ABL Secured Parties may, at any time and whether or not the Term
Agent or any other Term Secured Party or any Additional Agent or any other Additional Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), during normal business
hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been
commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Term Priority Collateral (collectively, the “ABL Joint Collateral”), for the limited purposes of assembling, inspecting,
copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, selling, storing or otherwise dealing with, or to Exercise Any Secured Creditor
Remedies with respect to, the ABL Joint Collateral, in each case without notice to, the involvement of or interference by any Term Secured Party or Additional Secured Party or liability to any Term Secured Party or Additional Secured Party. In
addition, subject to the terms hereof, the ABL Agent may advertise and conduct public auctions or private sales of the ABL Priority Collateral without notice to, the involvement of or interference by any Term Secured Party or Additional Secured
Party or liability to any Term Secured Party or Additional Secured Party. In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Joint Collateral, the Term Agent and
any Additional Agent may not sell, assign or otherwise transfer the related Term Priority Collateral prior to the expiration of the 180-day period commencing on the date such Secured Party begins to Exercise Any Secured Creditor Remedies, unless the
purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.7. If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured
Creditor Remedies with respect to ABL Joint Collateral has been entered by a court of competent jurisdiction, such 180-day period shall be tolled during the pendency of any such stay or other order. 
 (b) The Term Agent and the other Term Secured Parties and any Additional Agent and any other Additional Secured Parties shall use commercially
reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right. 
 (c) Subject to the terms hereof, the Term Agent and any Additional Agent may advertise and conduct public auctions or private sales of the Term Priority Collateral without notice to, the involvement of or interference by any ABL Secured
Party or liability to any ABL Secured Party. 
  

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 ARTICLE 4 
 APPLICATION OF PROCEEDS 
 Section 4.1 Application of Proceeds. 

(a) Revolving Nature of ABL Obligations. The Term Agent, for and on behalf of itself and the Term Lenders, and any Additional Agent, for and on
behalf of itself and any Additional Creditors represented thereby, expressly acknowledges and agrees that (i) any ABL Credit Agreement includes a revolving commitment, that in the ordinary course of business the ABL Agent and the ABL Lenders
will apply payments and make advances thereunder, and that no application of any Payment Collateral or Cash Collateral or the release of any Lien by the ABL Agent upon any portion of the Collateral in connection with a permitted disposition under
any ABL Credit Agreement shall constitute the Exercise of Secured Creditor Remedies under this Agreement; (ii) the amount of the ABL Obligations that may be outstanding at any time or from time to time may be increased or reduced and
subsequently reborrowed, and that the terms of the ABL Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the ABL Obligations may be increased, replaced or refinanced, in each event, without notice
to or consent by the Term Secured Parties (in the case of the Term Agent) or the applicable Additional Secured Parties (in the case of such Additional Agent) and without affecting the provisions hereof; and (iii) all Payment Collateral or Cash
Collateral received by the ABL Agent may be applied, reversed, reapplied, credited, or reborrowed, in whole or in part, to the ABL Obligations at any time; provided, however, that from and after the date on which the ABL Agent (or any
ABL Lender) commences the Exercise of Any Secured Creditor Remedies (other than, prior to the acceleration of any of the Term Obligations or any Additional Obligations, the exercise of its rights in accordance with Section 4.16 of the ABL
Credit Agreement or any similar provision of any other ABL Credit Agreement), all amounts received by the ABL Agent or any ABL Lender (other than amounts received in respect of any ABL Canadian Collateral) shall be applied as specified in this
Section 4.1. The Lien Priority shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of the ABL Obligations, the
Term Obligations, or any Additional Obligations, or any portion thereof. 
 (b) Application of Proceeds of ABL Priority Collateral.
The ABL Agent, the Term Agent and any Additional Agent hereby agree that all ABL Priority Collateral (other than ABL Canadian Collateral), and all Proceeds thereof, received by any of them in connection with any Exercise of Secured Creditor Remedies
shall be applied, 
 first, to the payment of costs and expenses of the ABL Agent, the Term Agent or any Additional Agent, as
applicable, in connection with such Exercise of Secured Creditor Remedies, 
 second, to the payment of the ABL Obligations in
accordance with the ABL Documents until the Discharge of ABL Obligations shall have occurred, 
 third, to the payment, on a pro rata
basis, of (x) the Term Obligations and in accordance with the Term Documents until the Discharge of Term Obligations shall have occurred and (y) any Additional Obligations in accordance with the applicable Additional Documents until the
Discharge of Additional Obligations shall have occurred, and 
  

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 fourth, the balance, if any, to the Credit Parties or to whosoever may be lawfully entitled to
receive the same or as a court of competent jurisdiction may direct. 
 (c) Application of ABL Canadian Collateral. The ABL Canadian
Collateral shall be applied to the payment of the ABL Obligations secured thereby in accordance with the ABL Documents until the Discharge of ABL Obligations (to the extent secured thereby) shall have occurred. 
 (d) Application of Proceeds of Term Priority Collateral. The ABL Agent, the Term Agent and any Additional Agent hereby agree that
all Term Priority Collateral, and all Proceeds thereof, received by any of them in connection with any Exercise of Secured Creditor Remedies shall be applied, 
 first, to the payment of costs and expenses of the ABL Agent, the Term Agent or any Additional Agent, as applicable, in connection with such Exercise of Secured Creditor Remedies, 
 second, to the payment, on a pro rata basis, of (x) the Term Obligations in accordance with the Term Documents until the Discharge of Term
Obligations shall have occurred and (y) any Additional Obligations in accordance with the applicable Additional Documents until the Discharge of Additional Obligations shall have occurred, 
 third, to the payment of the ABL Obligations in accordance with the ABL Documents until the Discharge of ABL Obligations shall have occurred; and

 fourth, the balance, if any, to the Credit Parties or to whosoever may be lawfully entitled to receive the same or as a court of
competent jurisdiction may direct. 
 (e) Limited Obligation or Liability. In exercising remedies, whether as a secured creditor or
otherwise, the ABL Agent shall have no obligation or liability to the Term Agent, any Term Lender, any Additional Agent or any Additional Creditor, the Term Agent shall have no obligation or liability to the ABL Agent, any ABL Lender, any Additional
Agent or any Additional Creditor, and any Additional Agent shall have no obligation or liability to the Term Agent, any Term Lender, the ABL Agent or any ABL Lender, regarding the adequacy of any Proceeds or for any action or omission, save and
except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement. In addition, except as may be separately otherwise agreed by and between or among any applicable Additional
Agents, in exercising remedies, whether as a secured creditor or otherwise, any Additional Agent shall have no obligation or liability to any other Additional Agent or any Additional Creditors represented by such other Additional Agent regarding the
adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement. 
 (f) Turnover of Cash Collateral After Discharge. Upon the Discharge of ABL Obligations, the ABL Agent shall deliver to the Term Agent or any
Additional Agent or 
  

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 shall execute such documents as such Party may reasonably request to enable such Party to have control over any Cash
Collateral or Control Collateral (other than such Collateral relating to the ABL Canadian Collateral) still in the ABL Agent’s possession, custody, or control in the same form as received with any necessary endorsements, or as a court of
competent jurisdiction may otherwise direct. Upon the Discharge of Term Obligations, the Term Agent shall deliver to any Additional Agent or (if there is no Additional Agent) the ABL Agent or shall execute such documents as such Party may reasonably
request to enable such Party to have control over any Cash Collateral or Control Collateral still in the Term Agent’s possession, custody or control in the same form as received with any necessary endorsements, or as a court of competent
jurisdiction may otherwise direct. Upon the Discharge of Additional Obligations, the applicable Additional Agent shall deliver to the Term Agent or any other Additional Agent or (if there is no Term Agent or Additional Agent) the ABL Agent or shall
execute such documents as such Party may reasonably request to enable such Party to have control over any Cash Collateral or Control Collateral still in such Additional Agent’s possession, custody or control in the same form as received with
any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. As between any of the Term Agent and any Additional Agent, any such Cash Collateral or Control Collateral held by any such Party shall be held by it subject to
the terms and conditions of Section 3.2. 
 Section 4.2 Specific Performance. Each of the ABL Agent, the Term Agent
and any Additional Agent is hereby authorized to demand specific performance of this Agreement, whether or not any Borrower or any Guarantor shall have complied with any of the provisions of any of the Credit Documents, at any time when any other
Party shall have failed to comply with any of the provisions of this Agreement applicable to it. Each of the ABL Agent, for and on behalf of itself and the ABL Lenders, the Term Agent, for and on behalf of itself and the Term Lenders, and any
Additional Agent, for and on behalf of itself and any Additional Creditors represented thereby, hereby irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance.

 ARTICLE 5 
 INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS 
 Section 5.1 Notice of Acceptance and Other Waivers.

 (a) All ABL Obligations at any time made or incurred by any Borrower or any Guarantor shall be deemed to have been made or incurred in
reliance upon this Agreement, and the Term Agent, on behalf of itself and the Term Lenders, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby waives notice of acceptance, or proof of reliance by
the ABL Agent or any ABL Lender of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the ABL Obligations. All Term Obligations at any time made or incurred by any
Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the ABL Agent, on behalf of itself and the ABL Lenders, and any Additional Agent, on behalf of itself and any Additional Creditors
represented thereby, hereby waives notice of acceptance, or proof of reliance, by the Term Agent or any Term Lender of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of
the Term Obligations. All Additional Obligations at any time made or incurred by 
  

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 any Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the Term
Agent, on behalf of itself and the Term Lenders, and the ABL Agent, on behalf of itself and any ABL Lenders, hereby waives notice of acceptance, or proof of reliance by any Additional Agent or any Additional Creditors of this Agreement, and notice
of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the Additional Obligations. 
 (b)
None of the ABL Agent, any ABL Lender, or any of their respective Affiliates, directors, officers, employees, or agents shall be liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing
so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this
Agreement. If the ABL Agent or any ABL Lender honors (or fails to honor) a request by any Borrower for an extension of credit pursuant to any ABL Credit Agreement or any of the other ABL Documents, whether the ABL Agent or any ABL Lender has
knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of any Term Credit Agreement or any other Term Document or any Additional Credit Facility or any other Additional Document (but not a
default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the ABL Agent or any ABL Lender otherwise should exercise any of its contractual
rights or remedies under any ABL Documents (subject to the express terms and conditions hereof), neither the ABL Agent nor any ABL Lender shall have any liability whatsoever to the Term Agent or any Term Lender or any Additional Agent or any
Additional Creditor as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement). The ABL Agent and the ABL Lenders shall be entitled to manage and supervise
their loans and extensions of credit under any ABL Credit Agreement and any of the other ABL Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or
interests that the Term Agent, any Term Lender, any Additional Agent or any Additional Creditor has in the Collateral, except as otherwise expressly set forth in this Agreement. Each of the Term Agent, on behalf of itself and the Term Lenders, and
any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that neither the ABL Agent nor any ABL Lender shall incur any liability as a result of a sale, lease, license, application, or other disposition of
all or any portion of the Collateral or Proceeds thereof, pursuant to the ABL Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement.

 (c) None of the Term Agent, the Term Lenders or any of their respective Affiliates, directors, officers, employees, or agents shall be
liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other
action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If the Term Agent or any Term Lender honors (or fails to honor) a request by any Borrower for an extension of credit
pursuant to any Term Credit Agreement or any of the other Term Documents, whether the Term Agent or any Term Lender has knowledge that the honoring of (or failure to honor) any such request would constitute a 
  

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 default under the terms of any ABL Credit Agreement or any other ABL Document or any Additional Credit Facility or any
other Additional Document (but not a default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the Term Agent or any Term Lender otherwise
should exercise any of its contractual rights or remedies under the Term Documents (subject to the express terms and conditions hereof), neither the Term Agent nor any Term Lender shall have any liability whatsoever to the ABL Agent or any ABL
Lender or any Additional Agent or any Additional Creditor as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement). The Term Agent and the Term Lenders shall
be entitled to manage and supervise their loans and extensions of credit under the Term Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests
that the ABL Agent, any ABL Lender, any Additional Agent or any Additional Creditor has in the Collateral, except as otherwise expressly set forth in this Agreement. Each of the ABL Agent, on behalf of itself and the ABL Lenders, and any Additional
Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that none of the Term Agent or the Term Lenders shall incur any liability as a result of a sale, lease, license, application, or other disposition of the Collateral
or any part or Proceeds thereof, pursuant to the Term Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement. 
 (d) None of any Additional Agent, any Additional Creditors or any of their respective Affiliates, directors, officers, employees, or agents shall be
liable for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other
action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement. If any Additional Agent or any Additional Creditor honors (or fails to honor) a request by any Borrower for an
extension of credit pursuant to any Additional Credit Facility or any of the other Additional Documents, whether such Additional Agent or any Additional Creditor has knowledge that the honoring of (or failure to honor) any such request would
constitute a default under the terms of any ABL Credit Agreement or any other ABL Document, or the Term Credit Agreement or any other Term Document, or any Additional Credit Facility or any other Additional Document to which any other Additional
Agent or any Additional Creditor represented by such other Additional Agent is party or beneficiary (but not a default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would
constitute such a default, or if any Additional Agent or any Additional Creditor otherwise should exercise any of its contractual rights or remedies under the Additional Documents (subject to the express terms and conditions hereof), neither such
Additional Agent nor any Additional Creditor shall have any liability whatsoever to the ABL Agent or any ABL Lender, or the Term Agent or any Term Lender, or any other Additional Agent or any Additional Creditor represented by such other Additional
Agent, as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement). Any Additional Agent and any Additional Creditors shall be entitled to manage and supervise
their loans and extensions of credit under the Additional Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the ABL Agent, any ABL
Lender, the Term Agent, any Term Lender, or any other Additional 
  

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 Agent or any Additional Creditor represented by such other Additional Agent, has in the Collateral, except as otherwise
expressly set forth in this Agreement. Each of the ABL Agent, on behalf of itself and the ABL Lenders, and the Term Agent, on behalf of itself and the Term Lenders, agrees that none of any Additional Agent or any Additional Creditors shall incur any
liability as a result of a sale, lease, license, application, or other disposition of the Collateral or any part or Proceeds thereof, pursuant to the Additional Documents, so long as such disposition is conducted in accordance with mandatory
provisions of applicable law and does not breach the provisions of this Agreement. 
 Section 5.2 Modifications to ABL Documents
and Term Documents. 
 (a) The Term Agent, on behalf of itself and the Term Lenders, hereby agrees that, without affecting the
obligations of the Term Agent and the Term Lenders hereunder, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby agrees that, without affecting the obligations of such Additional Agent and such
Additional Creditors hereunder, the ABL Agent and the ABL Lenders may, at any time and from time to time, in their sole discretion without the consent of or notice to the Term Agent or any Term Lender or such Additional Agent or any such Additional
Creditor (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the Term Agent or any Term Lender or such Additional Agent or any such Additional
Creditor or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the ABL Documents in any manner whatsoever, including, to:

 (i) change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the ABL Obligations or
otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the ABL Obligations or any of the ABL Documents; 
 (ii) retain or obtain a Lien on any Property of any Person to secure any of the ABL Obligations, and in connection therewith to enter
into any additional ABL Documents; 
 (iii) amend, or grant any waiver, compromise, or release with respect to, or consent to
any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the ABL Obligations; 
 (iv) release its Lien on any Collateral or other Property; 
 (v) exercise or refrain from
exercising any rights against any Borrower, any Guarantor, or any other Person; 
 (vi) retain or obtain the primary or
secondary obligation of any other Person with respect to any of the ABL Obligations; and 
 (vii) otherwise manage and
supervise the ABL Obligations as the ABL Agent shall deem appropriate. 
  

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 (b) The ABL Agent, on behalf of itself and the ABL Lenders, hereby agrees that, without affecting the
obligations of the ABL Agent and the ABL Lenders hereunder, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby agrees that, without affecting the obligations of such Additional Agent and such
Additional Creditors hereunder, the Term Agent and the Term Lenders may, at any time and from time to time, in their sole discretion without the consent of or notice to the ABL Agent or any ABL Lender or such Additional Agent or any such Additional
Creditor (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the ABL Agent or any ABL Lender or such Additional Agent or any such Additional Creditor
or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the Term Documents in any manner whatsoever, including, to: 
 (i) change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the Term Obligations or otherwise
amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Term Obligations or any of the Term Documents; 
 (ii) retain or obtain a Lien on any Property of any Person to secure any of the Term Obligations, and in connection therewith to enter
into any additional Term Documents; 
 (iii) amend, or grant any waiver, compromise, or release with respect to, or consent
to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the Term Obligations; 
 (iv) release its Lien on any Collateral or other Property; 
 (v) exercise or refrain from
exercising any rights against any Borrower, any Guarantor, or any other Person; 
 (vi) retain or obtain the primary or
secondary obligation of any other Person with respect to any of the Term Obligations; and 
 (vii) otherwise manage and
supervise the Term Obligations as the Term Agent shall deem appropriate. 
 (c) The Term Agent, on behalf of itself and the Term Lenders,
hereby agrees that, without affecting the obligations of the Term Agent and the Term Lenders hereunder, and the ABL Agent, on behalf of itself and the ABL Lenders, hereby agrees that, without affecting the obligations of the ABL Agent and the ABL
Lenders hereunder, any Additional Agent and any Additional Creditors may, at any time and from time to time, in their sole discretion without the consent of or notice to the Term Agent or any Term Lender or the ABL Agent or any ABL Lender (except to
the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the Term Agent or any Term Lender or the ABL Agent or any ABL Lender or impairing or releasing the
subordination provided for herein, amend, restate, supplement, replace, refinance, extend, 
  

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 consolidate, restructure, or otherwise modify any of the Additional Documents in any manner whatsoever, including, to:

 (i) change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the Additional
Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Additional Obligations or any of the Additional Documents; 
 (ii) retain or obtain a Lien on any Property of any Person to secure any of the Additional Obligations, and in connection therewith to
enter into any additional Additional Documents; 
 (iii) amend, or grant any waiver, compromise, or release with respect to,
or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the Additional Obligations; 
 (iv) release its Lien on any Collateral or other Property; 
 (v) exercise or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person; 
 (vi) retain or obtain the primary or secondary obligation of any other Person with respect to any of the Additional Obligations; and

 (vii) otherwise manage and supervise the Additional Obligations as such Additional Agent shall deem appropriate.

 (d) Except as may be separately otherwise agreed by and between or among any applicable Additional Agents, any Additional Agent, on
behalf of itself and any Additional Creditors represented thereby, hereby agrees that, without affecting the obligations of such Additional Agent and such Additional Creditors hereunder, any other Additional Agent and any Additional Creditors
represented by such other Additional Agent may, at any time and from time to time, in their sole discretion without the consent of or notice to such Additional Agent or any such Additional Creditor (except to the extent such notice or consent is
required pursuant to the express provisions of this Agreement), and without incurring any liability to such Additional Agent or any such Additional Creditor or impairing or releasing the subordination provided for herein, amend, restate, supplement,
replace, refinance, extend, consolidate, restructure, or otherwise modify any of the Additional Documents to which such other Additional Agent or any Additional Creditor represented by such other Additional Agent is party or beneficiary in any
manner whatsoever, including, to: 
 (i) change the manner, place, time, or terms of payment or renew, alter or increase, all
or any of the Additional Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Additional Obligations or any of the Additional Documents;

  

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 (ii) retain or obtain a Lien on any Property of any Person to secure any of the
Additional Obligations, and in connection therewith to enter into any additional Additional Documents; 
 (iii) amend, or
grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the Additional Obligations; 
 (iv) release its Lien on any Collateral or other Property; 
 (v) exercise or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person; 
 (vi) retain or obtain the primary or secondary obligation of any other Person with respect to any of the Additional Obligations; and

 (vii) otherwise manage and supervise the Additional Obligations as such other Additional Agent shall deem appropriate.

 (e) The ABL Obligations, the Term Obligations and any Additional Obligations may be refinanced, in whole or in part, in each case, without
notice to, or the consent (except to the extent a consent is required to permit the refinancing transaction under any ABL Document, any Term Document or any Additional Document) of the ABL Agent, the ABL Lenders, the Term Agent or the Term Lenders,
any Additional Agent or any Additional Creditors, as the case may be, all without affecting the Lien Priorities provided for herein or the other provisions hereof; provided, however, that the holders of such refinancing indebtedness
(or an authorized agent or trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to such documents or agreements (including amendments or supplements to this Agreement) as the ABL Agent, the Term Agent or any
Additional Agent, as the case may be, shall reasonably request and in form and substance reasonably acceptable to the ABL Agent, the Term Agent or any Additional Agent, as the case may be, and any such refinancing transaction shall be in accordance
with any applicable provisions of the ABL Documents, the Term Documents and any Additional Documents. 
 Section 5.3 Reinstatement
and Continuation of Agreement. 
 (a) If the ABL Agent or any ABL Lender is required in any Insolvency Proceeding or otherwise to
turn over or otherwise pay to the estate of any Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the ABL Obligations (an “ABL Recovery”), then the ABL Obligations shall be
reinstated to the extent of such ABL Recovery. If this Agreement shall have been terminated prior to such ABL Recovery, this Agreement shall be reinstated in full force and effect in the event of such ABL Recovery, and such prior termination shall
not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement. All rights, interests, agreements, and obligations of the ABL Agent, the Term Agent, any Additional Agent, the ABL Lenders,
the Term Lenders and any Additional Creditors under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding
by or against any Borrower 
  

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 or any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of any
Borrower or any Guarantor in respect of the ABL Obligations, the Term Obligations or any Additional Obligations. No priority or right of the ABL Agent or any ABL Lender shall at any time be prejudiced or impaired in any way by any act or failure to
act on the part of any Borrower or any Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the ABL Documents, regardless of any knowledge thereof which the ABL Agent or any ABL Lender may have.

 (b) If the Term Agent or any Term Lender is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the
estate of any Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the Term Obligations (a “Term Recovery”), then the Term Obligations shall be reinstated to the extent of such Term
Recovery. If this Agreement shall have been terminated prior to such Term Recovery, this Agreement shall be reinstated in full force and effect in the event of such Term Recovery, and such prior termination shall not diminish, release, discharge,
impair, or otherwise affect the obligations of the Parties from such date of reinstatement. All rights, interests, agreements, and obligations of the ABL Agent, the Term Agent, any Additional Agent, the ABL Lenders, the Term Lenders and any
Additional Creditors under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against any Borrower
or any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of any Borrower or any Guarantor in respect of the ABL Obligations, the Term Obligations or any Additional Obligations. No priority or
right of the Term Agent or any Term Lender shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of any Borrower or any Guarantor or by the noncompliance by any Person with the terms, provisions, or
covenants of any of the Term Documents, regardless of any knowledge thereof which the Term Agent or any Term Lender may have. 
 (c) If any
Additional Agent or any Additional Creditor is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion
of the Additional Obligations (an “Additional Recovery”), then the Additional Obligations shall be reinstated to the extent of such Additional Recovery. If this Agreement shall have been terminated prior to such Additional Recovery,
this Agreement shall be reinstated in full force and effect in the event of such Additional Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of
reinstatement. All rights, interests, agreements, and obligations of the ABL Agent, the Term Agent, any Additional Agent, the ABL Lenders, the Term Lenders and any Additional Creditors under this Agreement shall remain in full force and effect and
shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against any Borrower or any Guarantor or any other circumstance which otherwise might constitute a
defense available to, or a discharge of any Borrower or any Guarantor in respect of the ABL Obligations, the Term Obligations or any Additional Obligations. No priority or right of any Additional Agent or any Additional Creditor shall at any time be
prejudiced or impaired in any way by any act or failure to act on the part of any Borrower or any Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the Additional Documents, regardless of any
knowledge thereof which any Additional Agent or any Additional Creditor may have. 
  

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 ARTICLE 6 
 INSOLVENCY PROCEEDINGS 
 Section 6.1 DIP Financing. 
 (a) If any Borrower or any Guarantor shall be subject to any Insolvency Proceeding in the United States at any time prior to the Discharge of ABL
Obligations, and the ABL Agent or the ABL Lenders shall seek to provide any Borrower or any Guarantor with, or consent to a third party providing, any financing under Section 364 of the Bankruptcy Code or consent to any order for the use of
cash collateral under Section 363 of the Bankruptcy Code (“DIP Financing”), with such DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of Section 552 of
the Bankruptcy Code would be Collateral), then the Term Agent, on behalf of itself and the Term Lenders, agrees that it will raise no objection and will not support any objection to such DIP Financing or to the Liens securing the same on the grounds
of a failure to provide “adequate protection” for the Liens of the Term Agent securing the Term Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP Financing), so long as
(i) the Term Agent retains its Lien on the Collateral to secure the Term Obligations (in each case, including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code) and, as to the Term Priority Collateral only,
such Lien has the same priority as existed prior to the commencement of the case under the Bankruptcy Code and any Lien securing such DIP Financing is junior and subordinate to the Lien of the Term Agent on the Term Priority Collateral,
(ii) all Liens on ABL Priority Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the ABL Agent and the ABL Lenders securing the ABL Obligations on ABL Priority Collateral and (iii) if the ABL
Agent receives an adequate protection Lien on post-petition assets of the debtor to secure the ABL Obligations, the Term Agent also receives an adequate protection Lien on such post-petition assets of the debtor to secure the Term Obligations,
provided that (x) such Liens in favor of the ABL Agent and the Term Agent shall be subject to the provisions of Section 6.1(b) hereof and (y) the foregoing provisions of this Section 6.1(a) shall not prevent the Term Agent
and the Term Lenders from objecting to any provision in any DIP Financing relating to any provision or content of a plan of reorganization. 
 (b) If any Borrower or any Guarantor shall be subject to any Insolvency Proceeding in the United States at any time prior to the Discharge of ABL Obligations, and the ABL Agent or the ABL Lenders shall seek to provide any Borrower or any
Guarantor with, or consent to a third party providing, any DIP Financing, with such DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code would
be Collateral), then any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that it will raise no objection and will not support any objection to such DIP Financing or to the Liens securing the same on the
grounds of a failure to provide “adequate protection” for the Liens of such Additional Agent securing the Additional Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP
Financing), so long as (i) such Additional Agent retains its Lien on 
  

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 the Collateral to secure the Additional Obligations (in each case, including Proceeds thereof arising after the
commencement of the case under the Bankruptcy Code) and, as to the Term Priority Collateral only, such Lien has the same priority as existed prior to the commencement of the case under the Bankruptcy Code and any Lien securing such DIP Financing is
junior and subordinate to the Lien of such Additional Agent on the Term Priority Collateral, (ii) all Liens on ABL Priority Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the ABL Agent and the ABL
Lenders securing the ABL Obligations on ABL Priority Collateral and (iii) if the ABL Agent receives an adequate protection Lien on post-petition assets of the debtor to secure the ABL Obligations, such Additional Agent also receives an adequate
protection Lien on such post-petition assets of the debtor to secure the Additional Obligations, provided that (x) such Liens in favor of the ABL Agent and such Additional Agent shall be subject to the provisions of Section 6.1(b)
hereof and (y) the foregoing provisions of this Section 6.1(a) shall not prevent any Additional Agent and any Additional Creditors from objecting to any provision in any DIP Financing relating to any provision or content of a plan of
reorganization. 
 (c) All Liens granted to the ABL Agent, the Term Agent or any Additional Agent in any Insolvency Proceeding, whether as
adequate protection or otherwise, are intended by the Parties to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement. 
 Section 6.2 Relief From Stay. Until the Discharge of ABL Obligations has occurred, the Term Agent, on behalf of itself and the Term
Lenders, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the ABL Priority
Collateral without the ABL Agent’s express written consent. Until the Discharge of Term Obligations and the Discharge of Additional Obligations has occurred, the ABL Agent, on behalf of itself and the ABL Lenders, agrees not to seek relief from
the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Term Priority Collateral without the Term Agent’s and any Additional Agent’s express written consent. In addition, neither the Term Agent
nor the ABL Agent nor any Additional Agent shall seek any relief from the automatic stay with respect to any Collateral without providing 30 days’ prior written notice to each other Party, unless such period is agreed by the ABL Agent, the Term
Agent and any Additional Agent to be modified. 
 Section 6.3 No Contest. The Term Agent, on behalf of itself and the Term
Lenders, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that, prior to the Discharge of ABL Obligations, none of them shall contest (or support any other Person contesting) (a) any request
by the ABL Agent or any ABL Lender for adequate protection of its interest in the Collateral, or (b) any objection by the ABL Agent or any ABL Lender to any motion, relief, action, or proceeding based on a claim by the ABL Agent or any ABL
Lender that its interests in the Collateral are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the ABL Agent as adequate protection of its interests are
subject to this Agreement. The ABL Agent, on behalf of itself and the ABL Lenders, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that, prior to the Discharge of Term Obligations, none of them
shall contest (or support any other Person contesting) (i) any 
  

 45 

 request by the Term Agent or any Term Lender for adequate protection of its interest in the Collateral (unless in
contravention of Section 6.1(a) above), or (ii) any objection by the Term Agent or any Term Lender to any motion, relief, action or proceeding based on a claim by the Term Agent or any Term Lender that its interests in the Collateral
(unless in contravention of Section 6.1(a) above) are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the Term Agent as adequate protection of its
interests are subject to this Agreement. The Term Agent, on behalf of itself and the Term Lenders, and the ABL Agent, on behalf of itself and the ABL Lenders, agrees that, prior to the Discharge of Additional Obligations, none of them shall contest
(or support any other Person contesting) (a) any request by any Additional Agent or any Additional Creditor for adequate protection of its interest in the Collateral, or (b) any objection by any Additional Agent or any Additional Creditor
to any motion, relief, action, or proceeding based on a claim by any Additional Agent or any Additional Creditor that its interests in the Collateral are not adequately protected (or any other similar request under any law applicable to an
Insolvency Proceeding), so long as any Liens granted to such Additional Agent as adequate protection of its interests are subject to this Agreement. Except as may be separately otherwise agreed by and between or among any applicable Additional
Agents, any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that, prior to the applicable Discharge of Additional Obligations, none of them shall contest (or support any other Person contesting)
(a) any request by any other Additional Agent or any Additional Creditor represented by such other Additional Agent for adequate protection of its interest in the Collateral, or (b) any objection by such other Additional Agent or any
Additional Creditor to any motion, relief, action, or proceeding based on a claim by any Additional Agent or any Additional Creditor represented by such other Additional Agent that its interests in the Collateral are not adequately protected (or any
other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to such other Additional Agent as adequate protection of its interests are subject to this Agreement. 
 Section 6.4 Asset Sales. The Term Agent agrees, on behalf of itself and the Term Lenders, and any Additional Agent agrees, on behalf
of itself and any Additional Creditors represented thereby, that it will not oppose any sale consented to by the ABL Agent of any ABL Priority Collateral (including the ABL Canadian Collateral) pursuant to Section 363(f) of the Bankruptcy Code
(or any similar provision under the law applicable to any Insolvency Proceeding) so long as the proceeds of such sale (other than any sale of ABL Canadian Collateral) are applied in accordance with this Agreement. The ABL Agent agrees, on behalf of
itself and the ABL Lenders, that it will not oppose any sale consented to by the Term Agent and any Additional Agent of any Term Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law
applicable to any Insolvency Proceeding) so long as the proceeds of such sale are applied in accordance with this Agreement. If such sale of Collateral includes both ABL Priority Collateral and Term Priority Collateral and the Parties are unable to
agree on the allocation of the purchase price between the ABL Priority Collateral and Term Priority Collateral, any Party may apply to the court in such Insolvency Proceeding to make a determination of such allocation, and the court’s
determination shall be binding upon the Parties. 
 Section 6.5 Separate Grants of Security and Separate Classification.
Each Term Lender, the Term Agent, each ABL Lender, the ABL Agent, each Additional 
  

 46 

 Creditor and each Additional Agent acknowledges and agrees that (i) the grants of Liens pursuant to the ABL Security
Documents, the Term Security Documents and the Additional Security Documents constitute separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the Term Obligations and Additional
Obligations are fundamentally different from the ABL Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the
immediately preceding sentence, if it is held that the claims of the ABL Secured Parties, on the one hand, and the Term Secured Parties and Additional Secured Parties, on the other hand, in respect of the Collateral constitute only one secured claim
(rather than separate classes of senior and junior secured claims), then the ABL Secured Parties, the Term Secured Parties and any Additional Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate
classes of ABL Obligation claims, Term Obligation claims and Additional Obligation claims against the Credit Parties (with the effect being that, to the extent that the aggregate value of the ABL Priority Collateral or the Term Priority Collateral
is sufficient (for this purpose ignoring all claims held by the other Secured Parties), the ABL Secured Parties or the Term Secured Parties and Additional Secured Parties, respectively, shall be entitled to receive, in addition to amounts
distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest that is available from each pool of Priority Collateral for each of the ABL Secured Parties, on the one hand,
and the Term Secured Parties and Additional Secured Parties, on the other hand, before any distribution is made in respect of the claims held by the other Secured Parties, with the other Secured Parties hereby acknowledging and agreeing to turn over
to the respective other Secured Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries. 
 Section 6.6 Enforceability. The provisions of this Agreement are intended to be and shall be enforceable under Section 510(a) of
the Bankruptcy Code. 
 Section 6.7 ABL Obligations Unconditional. All rights of the ABL Agent hereunder, and all
agreements and obligations of the Term Agent, any Additional Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of: 
 (i) any lack of validity or enforceability of any ABL Document; 
 (ii) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the ABL Obligations, or any
amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any ABL Document; 
 (iii) any exchange, release, voiding, avoidance or non perfection of any security interest in any Collateral or any other collateral, or
any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the ABL Obligations or any guarantee or guaranty thereof;
or 
  

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 (iv) any other circumstances that otherwise might constitute a defense available to, or
a discharge of, any Credit Party in respect of the ABL Obligations, or of any of the Term Agent, any Additional Agent or any Credit Party, to the extent applicable, in respect of this Agreement. 
 Section 6.8 Term Obligations Unconditional. All rights of the Term Agent hereunder, and all agreements and obligations of the ABL
Agent, any Additional Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of: 
 (i) any lack of validity or enforceability of any Term Document; 
 (ii) any change in the
time, place or manner of payment of, or in any other term of, all or any portion of the Term Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or
restatement of any Term Document; 
 (iii) any exchange, release, voiding, avoidance or non perfection of any security
interest in any Collateral, or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the
Term Obligations or any guarantee or guaranty thereof; or 
 (iv) any other circumstances that otherwise might constitute a
defense available to, or a discharge of, any Credit Party in respect of the Term Obligations, or of any of the ABL Agent, any Additional Agent or any Credit Party, to the extent applicable, in respect of this Agreement. 
 Section 6.9 Additional Obligations Unconditional. All rights of any Additional Agent hereunder, and all agreements and obligations of
the ABL Agent, the Term Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of: 
 (i) any lack of validity or enforceability of any Additional Document; 
 (ii) any change in
the time, place or manner of payment of, or in any other term of, all or any portion of the Additional Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding
or restatement of any Additional Document; 
 (iii) any exchange, release, voiding, avoidance or non perfection of any
security interest in any Collateral, or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any
portion of the Additional Obligations or any guarantee or guaranty thereof; or 
  

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 (iv) any other circumstances that otherwise might constitute a defense available to, or
a discharge of, any Credit Party in respect of the Additional Obligations, or of any of the ABL Agent, the Term Agent or any Credit Party, to the extent applicable, in respect of this Agreement. 
 Section 6.10 Adequate Protection. Except to the extent expressly provided in Section 6.1, nothing in this Agreement shall limit
the rights of (a) the ABL Agent and the ABL Lenders, (b) the Term Agent and the Term Lenders, or (c) any Additional Agent and any Additional Creditors, respectively, from seeking or requesting adequate protection with respect to their
interests in the applicable Collateral in any Insolvency Proceeding, including adequate protection in the form of a cash payment, periodic cash payments, cash payments of interest, additional collateral or otherwise; provided that (a) in
the event that the ABL Agent, on behalf of itself or any of the ABL Lenders, seeks or requests adequate protection in respect of the ABL Obligations and such adequate protection is granted in the form of additional collateral comprising assets of
the type of assets that constitute Term Priority Collateral, then the ABL Agent, on behalf of itself and each of the ABL Lenders, agrees that the Term Agent shall also be granted a senior Lien on such collateral as security for the Term Obligations
and any Additional Agent shall also be granted a senior Lien on such collateral as security for the Additional Obligations and that any Lien on such collateral securing the ABL Obligations shall be subordinate to any Lien on such collateral securing
the Term Obligations or Additional Obligations, (b) in the event that the Term Agent, on behalf of itself or any of the Term Lenders, seeks or requests adequate protection in respect of the Term Obligations and such adequate protection is
granted in the form of additional collateral comprising assets of the type of assets that constitute ABL Priority Collateral, then the Term Agent, on behalf of itself and each of the Term Lenders, agrees that the ABL Agent shall also be granted a
senior Lien on such collateral as security for the ABL Obligations and that any Lien on such collateral securing the Term Obligations shall be subordinate to the Lien on such collateral securing the ABL Obligations, and (c) in the event that
any Additional Agent, on behalf of itself or any Additional Creditor, seeks or requests adequate protection in respect of the Additional Obligations and such adequate protection is granted in the form of additional collateral comprising assets of
the type of assets that constitute ABL Priority Collateral, then such Additional Agent, on behalf of itself and any Additional Creditor represented thereby, agrees that the ABL Agent shall also be granted a senior Lien on such collateral as security
for the ABL Obligations and that any Lien on such collateral securing the Additional Obligations shall be subordinate to the Lien on such collateral securing the ABL Obligations. 
 ARTICLE 7 
 MISCELLANEOUS 
 Section 7.1 Rights of Subrogation. The Term Agent, for and on behalf of itself and the Term Lenders, agrees that no payment by the
Term Agent or any Term Lender to the ABL Agent or any ABL Lender pursuant to the provisions of this Agreement shall entitle the Term Agent or any Term Lender to exercise any rights of subrogation in respect thereof until the Discharge of ABL
Obligations shall have occurred. Following the Discharge of ABL Obligations, the ABL Agent agrees to execute such documents, agreements, and instruments as the Term Agent or any Term Lender may reasonably request to evidence the transfer by
subrogation to any such Person of an interest in the ABL Obligations resulting from payments to 
  

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 the ABL Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements)
incurred in connection therewith by the ABL Agent are paid by such Person upon request for payment thereof. 
 The ABL Agent, for and on
behalf of itself and the ABL Lenders, agrees that no payment by the ABL Agent or any ABL Lender to the Term Agent or any Term Lender pursuant to the provisions of this Agreement shall entitle the ABL Agent or any ABL Lender to exercise any rights of
subrogation in respect thereof until the Discharge of Term Obligations shall have occurred. Following the Discharge of Term Obligations, the Term Agent agrees to execute such documents, agreements, and instruments as the ABL Agent or any ABL Lender
may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the Term Obligations resulting from payments to the Term Agent by such Person, so long as all costs and expenses (including all reasonable legal fees
and disbursements) incurred in connection therewith by the Term Agent are paid by such Person upon request for payment thereof. 
 Any
Additional Agent, for and on behalf of itself and any Additional Creditors represented thereby, agrees that no payment by such Additional Agent or any such Additional Creditor to the ABL Agent or any ABL Lender pursuant to the provisions of this
Agreement shall entitle such Additional Agent or any such Additional Creditor to exercise any rights of subrogation in respect thereof until the Discharge of ABL Obligations shall have occurred. Following the Discharge of ABL Obligations, the ABL
Agent agrees to execute such documents, agreements, and instruments as such Additional Agent or any such Additional Creditor may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations
resulting from payments to the ABL Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the ABL Agent are paid by such Person upon request for payment
thereof. 
 The ABL Agent, for and on behalf of itself and the ABL Lenders, agrees that no payment by the ABL Agent or any ABL Lender to any
Additional Agent or any Additional Creditor represented thereby pursuant to the provisions of this Agreement shall entitle the ABL Agent or any ABL Lender to exercise any rights of subrogation in respect thereof until the Discharge of Additional
Obligations shall have occurred. Following the Discharge of Additional Obligations, such Additional Agent agrees to execute such documents, agreements, and instruments as the ABL Agent or any ABL Lender may reasonably request to evidence the
transfer by subrogation to any such Person of an interest in the applicable Additional Obligations resulting from payments to such Additional Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and
disbursements) incurred in connection therewith by such Additional Agent are paid by such Person upon request for payment thereof. 
 Section 7.2 Further Assurances. The Parties will, at their own expense and at any time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be
necessary or desirable, or that any Party may reasonably request, in order to protect any right or interest granted or purported to be granted hereby or to enable such Party to exercise and enforce its rights and remedies hereunder; provided,
however, that no Party shall be required to pay over any payment or distribution, execute any instruments or documents, or take any other action referred to in this Section 7.2, to the extent that such action would contravene any law,
order or other legal requirement or any of 
  

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 the terms or provisions of this Agreement, and in the event of a controversy or dispute, such Party may interplead any
payment or distribution in any court of competent jurisdiction, without further responsibility in respect of such payment or distribution under this Section 7.2. 
 Section 7.3 Representations. The Term Agent represents and warrants to the ABL Agent and any Additional Agent that it has the requisite power and authority under the Term Documents to enter into,
execute, deliver, and carry out the terms of this Agreement on behalf of itself and the Term Lenders. The ABL Agent represents and warrants to the Term Agent and any Additional Agent that it has the requisite power and authority under the ABL
Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the ABL Lenders. Any Additional Agent represents and warrants to the Term Agent, the ABL Agent and any other Additional Agent that it has
the requisite power and authority under the applicable Additional Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and any Additional Creditors represented thereby. 
 Section 7.4 Amendments. No amendment or waiver of any provision of this Agreement, and no consent to any departure by any Party
hereto, shall be effective unless it is in a written agreement executed by the Term Agent, the ABL Agent and any Additional Agent (except as provided in Section 7.11 hereof with respect to any Additional Indebtedness Joinder). No amendment or
waiver of any provision of this Agreement, and no consent to any departure by any Party hereto, that changes, alters, modifies or otherwise adversely affects any power, privilege, right, remedy, liability or obligation of, or otherwise adversely
affects in any manner, any Additional Agent that is not then a Party, or any Additional Creditor not then represented by an Additional Agent that is then a Party (including but not limited to any change, alteration, modification or other adverse
effect upon any power, privilege, right, remedy, liability or obligation of or other adverse effect upon any such Additional Agent or Additional Creditor that may at any subsequent time become a Party or beneficiary hereof) shall be effective unless
it is consented to in writing by the Parent Borrower (regardless of whether any such Additional Agent or Additional Creditor ever becomes a Party or beneficiary hereof). 
 Section 7.5 Addresses for Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally
served, telecopied, or sent by overnight express courier service or United States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or five (5) days after deposit in the
United States mail (certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section) shall be as set forth below or, as
to each party, at such other address as may be designated by such party in a written notice to all of the other parties. 
  

			
	ABL Agent:	  	 Merrill Lynch Capital, a division of Merrill Lynch Business
 Financial Services Inc.

		  	222 N. LaSalle Street, 16th Floor
		  	Chicago, IL 60601
		  	Attention:
		  	Facsimile:
		  	Telephone:

  

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	Term Agent:	  	Merrill Lynch Capital Corporation
		  	4 World Financial Center
		  	250 Vesey Street
		  	New York, NY 10080
		  	Attention:
		  	Facsimile:
		  	Telephone:
		
	Any Additional Agent:	  	As set forth in the Additional Indebtedness Joinder executed and delivered by such Additional Agent pursuant to Section 7.11.

 Section 7.6 No Waiver, Remedies. No failure on the part of any Party to
exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 Section 7.7 Continuing Agreement,
Transfer of Secured Obligations. This Agreement is a continuing agreement and shall (a) remain in full force and effect until the Discharge of ABL Obligations, the Discharge of Term Obligations and the Discharge of Additional
Obligations shall have occurred, (b) be binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns. Nothing herein
is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Collateral, subject to Section 7.10 hereof. All references to any Credit Party shall include any Credit
Party as debtor-in-possession and any receiver or trustee for such Credit Party in any Insolvency Proceeding. Without limiting the generality of the foregoing clause (c), the ABL Agent, any ABL Lender, the Term Agent, any Term Lender, any Additional
Agent or any Additional Creditor may assign or otherwise transfer all or any portion of the ABL Obligations, the Term Obligations or any Additional Obligations, as applicable, to any other Person (other than any Borrower, any Guarantor or any
Affiliate of any Borrower or any Guarantor and any Subsidiary of any Borrower or any Guarantor), and such other Person shall thereupon become vested with all the rights and obligations in respect thereof granted to the ABL Agent, the Term Agent,
such ABL Lender, such Term Lender, such Additional Agent or such Additional Creditor, as the case may be, herein or otherwise. The ABL Secured Parties, the Term Secured Parties and any Additional Secured Parties may continue, at any time and without
notice to the other Parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, any Credit Party on the faith hereof. 
 Section 7.8 Governing Law: Entire Agreement. The validity, performance, and enforcement of this Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York. This Agreement constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with
respect thereto. 
  

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 Section 7.9 Counterparts. This Agreement may be executed in any number of
counterparts, and it is not necessary that the signatures of all Parties be contained on any one counterpart hereof, each counterpart will be deemed to be an original, and all together shall constitute one and the same document. 
 Section 7.10 No Third Party Beneficiaries. This Agreement is solely for the benefit of the ABL Agent, the ABL Lenders, the Term Agent,
the Term Lenders, any Additional Agent and any Additional Creditors, except as provided in the following sentence. No other Person (including any Borrower, any Guarantor or any Affiliate of any Borrower or any Guarantor, or any Subsidiary of any
Borrower or any Guarantor) shall be deemed to be a third party beneficiary of this Agreement, except that the Parent Borrower shall be a third party beneficiary of this Agreement solely for the purposes of (x) the second sentence of
Section 7.4 hereof and (y) Section 7.11 hereof. 
 Section 7.11 Designation of Additional Indebtedness; Joinder of
Additional Agents. (a) The Parent Borrower may designate any Additional Indebtedness complying with the requirements of the definition of “Additional Indebtedness” as Additional Indebtedness for purposes of this Agreement,
upon complying with the following conditions: 
 (i) One or more Additional Agents for one or more Additional Creditors in
respect of such Additional Indebtedness shall have executed the Additional Indebtedness Joinder with respect to such Additional Indebtedness, and the Parent Borrower or any such Additional Agent shall have delivered such executed Additional
Indebtedness Joinder to the ABL Agent, the Term Agent and any other Additional Agent then party to this Agreement; 
 (ii) at
least five Business Days prior to delivery of the Additional Indebtedness Joinder, the Parent Borrower shall have delivered to the ABL Agent, the Term Agent and any other Additional Agent then party to this Agreement complete and correct copies of
any Additional Credit Facility, Additional Guaranties and Additional Collateral Documents that will govern such Additional Indebtedness upon giving effect to such designation (which may be unexecuted copies of Additional Documents to be executed and
delivered concurrently with the effectiveness of such designation); 
 (iii) The Parent Borrower shall have executed and
delivered to the ABL Agent, the Term Agent and any other Additional Agent then party to this Agreement the Additional Indebtedness Designation with respect to such Additional Indebtedness; 
 (iv) all state and local stamp, recording, filing, intangible and similar taxes or fees (if any) that are payable in connection with the
inclusion of such Additional Indebtedness under this Agreement shall have been paid and reasonable evidence thereof shall have been given to the ABL Agent, the Term Agent and any other Additional Agent then party to this Agreement; and 

(v) No Event of Default shall have occurred and be continuing. 
  

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 (b) Upon satisfaction of the foregoing conditions, the designated Additional Indebtedness shall
constitute “Additional Indebtedness”, any Additional Credit Facility under which such Additional Indebtedness is or may be incurred shall constitute an “Additional Credit Facility”, any holder of such Additional Indebtedness or
other applicable Additional Creditor shall constitute an “Additional Creditor”, and any Additional Agent for any such Additional Creditor shall constitute an “Additional Agent”, for all purposes under this Agreement. The date on
which the foregoing conditions shall have been satisfied with respect to such Additional Indebtedness is herein called the “Additional Effective Date”. Prior to the Additional Effective Date with respect to such Additional
Indebtedness, all references herein to Additional Indebtedness shall be deemed not to take into account such Additional Indebtedness, and the rights and obligations of the ABL Agent, the Term Agent and any other Additional Agent then party to this
Agreement shall be determined on the basis that such Additional Indebtedness is not in effect. On and after the Additional Effective Date with respect to such Additional Indebtedness, all references herein to Additional Indebtedness shall be deemed
to take into account such Additional Indebtedness, and the rights and obligations of the ABL Agent, the Term Agent and any other Additional Agent then party to this Agreement shall be determined on the basis that such Additional Indebtedness is in
effect. 
 (c) In connection with any designation of Additional Indebtedness pursuant to this Section 7.11, each of the ABL Agent, the
Term Agent and any Additional Agent then party hereto agrees (x) to execute and deliver any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, any Term Collateral Documents, ABL
Collateral Documents, or Additional Collateral Documents, as applicable, and any blocked account, control or other agreements relating to any security interest in Control Collateral, Cash Collateral or Common Mortgaged Collateral, and to make or
consent to any filings or take any other actions, as may be reasonably deemed by the Parent Borrower to be necessary or reasonably desirable for any Lien on any Collateral to secure such Additional Indebtedness to become a valid and perfected Lien
(with the priority contemplated by this Agreement), and (y) otherwise to reasonably cooperate to effectuate a designation of Additional Indebtedness pursuant to this Section 7.11 (including without limitation, if requested, by executing an
acknowledgment of any Additional Indebtedness Joinder or of the occurrence of any Additional Effective Date). 
 Section 7.12
Headings. The headings of the articles and sections of this Agreement are inserted for purposes of convenience only and shall not be construed to affect the meaning or construction of any of the provisions hereof. 
 Section 7.13 Severability. If any of the provisions in this Agreement shall, for any reason, be held invalid, illegal or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement and shall not invalidate the Lien Priority or the application of Proceeds and other priorities set forth in this Agreement.

 Section 7.14 Attorneys Fees. The Parties agree that if any dispute, arbitration, litigation, or other proceeding is
brought with respect to the enforcement of this Agreement or any provision hereof, the prevailing party in such dispute, arbitration, litigation, or other proceeding shall be entitled to recover its reasonable attorneys’ fees and all other
costs and expenses incurred in the enforcement of this Agreement, irrespective of whether suit is brought. 
  

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 Section 7.15 VENUE; JURY TRIAL WAIVER. 
 (a) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT
OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR
FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE
EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT ANY ABL SECURED PARTY, ANY TERM SECURED PARTY OR ANY ADDITIONAL SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY ABL
DOCUMENTS, TERM DOCUMENTS OR ADDITIONAL DOCUMENTS, AS THE CASE MAY BE, AGAINST ANY CREDIT PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (b) EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT
CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (c) EACH PARTY
TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 7.5. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 Section 7.16 Intercreditor Agreement. This Agreement is the Intercreditor Agreement referred to in the ABL Credit
Agreement, the Term Credit Agreement and any Additional Credit Facility. Nothing in this Agreement shall be deemed to subordinate the right of any ABL Secured Party to receive payment to the right of any Term Secured Party or any Additional Secured
Party to receive payment or of any Term Secured Party or any Additional Secured Party to receive payment to the right of any ABL Secured Party to receive payment 
  

 55 

 (whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the Parties that this
Agreement shall effectuate a subordination of Liens as between the ABL Secured Parties, on the one hand, and the Term Secured Parties and any Additional Secured Parties, on the other hand, but not a subordination of Indebtedness. 
 Section 7.17 No Warranties or Liability. The Term Agent, the ABL Agent and any Additional Agent each acknowledge and agree that none
of the other Parties has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any other ABL Document, any other Term Document or any other Additional Document.
Except as otherwise provided in this Agreement, the Term Agent, the ABL Agent and any Additional Agent will be entitled to manage and supervise their respective extensions of credit to any Credit Party in accordance with law and their usual
practices, modified from time to time as they deem appropriate. 
 Section 7.18 Conflicts. In the event of any conflict
between the provisions of this Agreement and the provisions of any ABL Document, any Term Document or any Additional Document, the provisions of this Agreement shall govern. 
 Section 7.19 Information Concerning Financial Condition of the Credit Parties. Each of the Term Agent, the ABL Agent and any
Additional Agent hereby assumes responsibility for keeping itself informed of the financial condition of the Credit Parties and all other circumstances bearing upon the risk of nonpayment of the ABL Obligations, the Term Obligations or any
Additional Obligations. The Term Agent, the ABL Agent and any Additional Agent hereby agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances. In the event the
Term Agent, the ABL Agent or any Additional Agent, in its sole discretion, undertakes at any time or from time to time to provide any information to any other party to this Agreement, it shall be under no obligation (A) to provide any such
information to such other party or any other party on any subsequent occasion, (B) to undertake any investigation not a part of its regular business routine, or (C) to disclose any other information. 
 [Signature pages follow] 
  

 56 

 IN WITNESS WHEREOF, the ABL Agent, for and on behalf of itself and the ABL Lenders, and the Term Agent,
for and on behalf of itself and the Term Lenders, have caused this Agreement to be duly executed and delivered as of the date first above written. 
  

			
	MERRILL LYNCH CAPITAL, a division of Merrill Lynch Business Financial Services Inc., in its capacity as the ABL Agent
		
	By:	 	 /s/ Brian P. McDonald

	Name:	 	Brian P. McDonald
	Title:	 	Director
	
	MERRILL LYNCH CAPITAL CORPORATION, in its capacity as the Term Agent
		
	By:	 	 /s/ Fotis G. Hasiotis

	Name:	 	Fotis G. Hasiotis
	Title:	 	Managing Director

  

 ACKNOWLEDGMENT 
 Each Borrower and each Guarantor hereby acknowledges that it has received a copy of this Agreement and consents thereto, agrees to recognize all rights
granted thereby to the ABL Agent, the ABL Lenders, the Term Agent, the Term Lenders, any Additional Agent and any Additional Creditors and will not do any act or perform any obligation which is not in accordance with the agreements set forth in this
Agreement. Each Borrower and each Guarantor further acknowledges and agrees that it is not an intended beneficiary or third party beneficiary under this Agreement, except as expressly provided in Section 7.10 hereof. 
 CREDIT PARTIES: 
  

					
	ARMSTRONG MCCALL HOLDINGS, L.L.C.
		
	By:	 	 /s/ James M. Spira

		 	By:	 	James M. Spira
		 	Title:	 	Secretary
	
	ARMSTRONG MCCALL L.P.
	
	By: Armstrong McCall Management, L.C., its General Partner
		
	By:	 	 /s/ Gary Robinson

		 	By:	 	Gary Robinson
		 	Title:	 	Vice President and Treasurer
	
	DIORAMA SERVICES COMPANY, LLC
		
	By:	 	 /s/ Gary Robinson

		 	By:	 	Gary Robinson
		 	Title:	 	Senior Vice President
	
	 ARMSTRONG MCCALL HOLDINGS, INC.

	 ARMSTRONG MCCALL MANAGEMENT, L.C.

	 ARNOLDS, INC.

	 BEAUTY HOLDING LLC

	 BEAUTY SYSTEMS GROUP (CANADA), INC.

	 BEAUTY SYSTEMS GROUP LLC

	 BEYOND THE ZONE, INC.

	 BRENTWOOD BEAUTY LABORATORIES INTERNATIONAL, INC.

	 COLORESSE, INC.

	 ENERGY OF BEAUTY, INC.

	 ESTHETICIAN SERVICES, INC.

  

			
	FOR PERMS ONLY, INC.
	HIGH INTENSITY PRODUCTS, INC.
	INNOVATIONS-SUCCESSFUL SALON SERVICES
	ION PROFESSIONAL PRODUCTS, INC.
	LADY LYNN ENTERPRISES, INC.
	LAND OF DREAMS, INC.
	LOME BEAUTY INTERNATIONAL, INC.
	MIRACLE LANE, INC.
	MODERN PANACHE, INC.
	NAIL LIFE, INC.
	NEKA SALON SUPPLY, INC.
	NEW IMAGE PROFESSIONAL PRODUCTS, INC.
	PACIFIC SALON SYSTEMS, INC.
	PROCARE LABORATORIES, INC.
	SALLY BEAUTY (CANADA) CORPORATION
	SALLY BEAUTY CANADA HOLDINGS INC.
	SALLY BEAUTY DISTRIBUTION OF OHIO, INC.
	SALLY BEAUTY DISTRIBUTION LLC
	SALLY BEAUTY INTERNATIONAL FINANCE LLC
	SALLY BEAUTY SUPPLY LLC
	SALLY CAPITAL INC.
	SALLY HOLDINGS LLC
	SALLY INVESTMENT HOLDINGS LLC
	SATIN STRANDS, INC.
	SEXY U PRODUCTS, INC.
	SILK ELEMENTS, INC.
	TANWISE, INC.
	VENETIAN BLENDS, INC.
	XRG ENTERPRISES, INC.

  

					
		
	By:	 	 /s/ Gary Robinson

		 	By:	 	Gary Robinson
		 	Title:	 	Treasurer

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