FS Investment Corporation II 8-K


 


Exhibit 10.2


 


 



 


GUARANTEE,
PLEDGE AND SECURITY AGREEMENT


 


dated as
of


 


February
23, 2016


 


among


 


FS INVESTMENT
CORPORATION II,


as Borrower


 


The SUBSIDIARY
GUARANTORS Party Hereto


 


ING CAPITAL
LLC,

as Revolving Administrative Agent


 


Each FINANCING
AGENT and

DESIGNATED INDEBTEDNESS HOLDER Party Hereto


 


and


 


ING CAPITAL
LLC,

as Collateral Agent


 





 



 






    	 



    	 



    

 












	TABLE OF CONTENTS	 
	 	 
	 	 	Page
	Section 1.	Definitions, Etc.	 	2
	 	 	 	 
	1.01	Certain Uniform Commercial Code Terms	2	 
	1.02	Additional Definitions	2	 
	1.03	Terms Generally	21	 
	 	 	 	 
	Section 2.	Representations and Warranties	 	21
	 	 	 	 
	2.01	Organization	21	 
	2.02	Authorization; Enforceability	21	 
	2.03	Governmental Approvals; No Conflicts	22	 
	2.04	Title	22	 
	2.05	Names, Etc.	22	 
	2.06	Changes in Circumstances	22	 
	2.07	Pledged Equity Interests	23	 
	2.08	Promissory Notes	23	 
	2.09	Deposit Accounts and Securities Accounts	23	 
	2.10	Commercial Tort Claims	23	 
	2.11	Intellectual Property and Licenses	23	 
	 	 	 	 
	Section 3.	Guarantee	 	25
	 	 	 	 
	3.01	The Guarantee	25	 
	3.02	Obligations Unconditional	25	 
	3.03	Reinstatement	26	 
	3.04	Subrogation	26	 
	3.05	Remedies	27	 
	3.06	Continuing Guarantee	27	 
	3.07	Instrument for the Payment of Money	27	 
	3.08	Rights of Contribution	27	 
	3.09	General Limitation on Guarantee Obligations	28	 
	3.10	Indemnity by Borrower	28	 
	3.11	Keepwell	28	 
	 	 	 	 
	Section 4.	Collateral	 	29
	 	 	 	 
	Section 5.	Certain Agreements Among Secured Parties	 	30
	 	 	 	 
	5.01	Priorities; Additional Collateral	30	 
	5.02	Turnover of Collateral	31	 
	5.03	Cooperation of Secured Parties	31	 
	5.04	Limitation upon Certain Independent Actions by Secured Parties	31	 
	5.05	No Challenges	31	 
	5.06	Rights of Secured Parties as to Secured Obligations	32	 



 






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	Section 6.	Designation of Designated Indebtedness; Recordkeeping, Etc.	 	32
	 	 	 	 
	6.01	Designation of Other Indebtedness	32	 
	6.02	Recordkeeping	33	 
	 	 	 	 
	Section 7.	Covenants of the Obligors	 	34
	 	 	 	 
	7.01	Delivery and Other Perfection	34	 
	7.02	Name; Jurisdiction of Organization, Etc.	35	 
	7.03	Other Liens, Financing Statements or Control	35	 
	7.04	Transfer of Collateral	35	 
	7.05	Additional Subsidiary Guarantors	36	 
	7.06	Control Agreements	36	 
	7.07	Revolving Credit Facility	36	 
	7.08	Pledged Equity Interests	37	 
	7.09	Voting Rights, Dividends, Etc. in Respect of Pledged Interests	38	 
	7.10	Commercial Tort Claims	39	 
	7.11	Intellectual Property	39	 
	 	 	 	 
	Section 8.	Acceleration Notice; Remedies; Distribution of Collateral	 	41
	 	 	 	 
	8.01	Notice of Acceleration	41	 
	8.02	Preservation of Rights	41	 
	8.03	Events of Default, Etc.	41	 
	8.04	Deficiency	43	 
	8.05	Private Sale	43	 
	8.06	Application of Proceeds	43	 
	8.07	Attorney-in-Fact	44	 
	8.08	Grant of Intellectual Property License	45	 
	8.09	Authority	45	 
	 	 	 	 
	Section 9.	The Collateral Agent	 	45
	 	 	 	 
	9.01	Appointment; Powers and Immunities	45	 
	9.02	Information Regarding Secured Parties	46	 
	9.03	Reliance by Collateral Agent	46	 
	9.04	Rights as a Secured Party	47	 
	9.05	Indemnification	47	 
	9.06	Non-Reliance on Collateral Agent and Other Secured Parties	48	 
	9.07	Failure to Act	48	 
	9.08	Resignation of Collateral Agent	48	 
	9.09	Agents and Attorneys-in-Fact	49	 
	 	 	 	 
	Section 10.	Miscellaneous	 	49
	 	 	 	 
	10.01	Notices	49	 
	10.02	No Waiver	49	 
	10.03	Amendments to Security Documents, Etc.	49	 



 






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	10.04	Expenses: Indemnity: Damage Waiver	51	 
	10.05	Successors and Assigns	52	 
	10.06	Counterparts; Integration; Effectiveness; Electronic Execution	53	 
	10.07	Severability	53	 
	10.08	Governing Law; Submission to Jurisdiction	53	 
	10.09	Waiver of Jury Trial	54	 
	10.10	Headings	54	 
	10.11	Termination	55	 
	10.12	Confidentiality	55	 


 


	 	 	 
	EXHIBIT A	–	Form of Notice of Designation for Designated Indebtedness
	EXHIBIT B	–	Form of Guarantee Assumption Agreement
	EXHIBIT C	–	Form of Intellectual Property Security Agreement
	EXHIBIT D	–	Form of Pledge Supplement
	EXHIBIT E	–	Form of Joinder Agreement for Designated Indebtedness


 



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GUARANTEE, PLEDGE AND SECURITY AGREEMENT,
dated as of February 23, 2016 (as amended, supplemented, or otherwise modified from time to time, this “Agreement”),
among FS Investment Corporation II, a corporation duly organized and validly existing under the laws of the State of Maryland (the
“Borrower”), each entity that becomes a “SUBSIDIARY GUARANTOR” after the date hereof pursuant to
Section 7.05 hereof (collectively, the “Subsidiary Guarantors” and, together with the Borrower, the “Obligors”),
ING CAPITAL LLC, as administrative agent for the parties defined as “Lenders” under the Revolving Credit Facility referred
to below (in such capacity, together with its successors in such capacity, the “Revolving Administrative Agent”),
each “Financing Agent” or “Designated Indebtedness Holder” that becomes a party hereto after the date hereof
pursuant to Section 6.01 hereof and ING CAPITAL LLC, as collateral agent for the Secured Parties hereinafter referred to (in such
capacity, together with its successors in such capacity, the “Collateral Agent”).


 


W I T N E S S E T H:


 


WHEREAS, concurrently with the execution and
delivery of this Agreement, the Borrower, certain lenders and the Revolving Administrative Agent are entering into the Revolving
Credit Facility, pursuant to which such lenders have agreed to extend credit (by means of revolving loans and letters of credit)
to the Borrower from time to time;


 


WHEREAS, the Borrower may from time to time
after the date hereof wish to incur additional indebtedness permitted by the Revolving Credit Facility that the Borrower designates
as “Designated Indebtedness” under this Agreement, which indebtedness is to be entitled to the benefits of this Agreement;


 


WHEREAS, to induce such lenders to extend
credit to the Borrower under the Revolving Credit Facility and the holders of any “Designated Indebtedness” to extend
other credit to the Borrower, the Borrower wishes to provide (a) for certain of its Subsidiaries from time to time to become
parties hereto and to guarantee the payment of the Guaranteed Obligations (as hereinafter defined), and (b) for the Borrower
and the Subsidiary Guarantors to provide collateral security for the Secured Obligations (as hereinafter defined);


 


WHEREAS, the Revolving Administrative Agent
(on behalf of itself and the Revolving Lenders), any Financing Agent (on behalf of itself and the holders of the “Designated
Indebtedness” for which it serves as agent or trustee) and each Designated Indebtedness Holder that becomes a party hereto
pursuant to Section 6.01 are or will be entering into this Agreement for the purpose of setting forth their respective rights
to the Collateral (as hereinafter defined); and


 


WHEREAS, the Obligors and the Secured Parties
agree that the Collateral Agent shall administer the Collateral, and the Collateral Agent is willing to so administer the Collateral
pursuant to the terms and conditions set forth herein;


 






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NOW THEREFORE, the parties hereto agree as
follows:


 


Section 1.               
Definitions, Etc.


 


1.01            
Certain Uniform Commercial Code Terms. As used herein, the terms “Account”, “Chattel Paper”,
“Commodity Account”, “Commodity Contract”, “Deposit Account”, “Document”, “Electronic
Chattel Paper”, “General Intangible”, “Goods”, “Instrument”, “Inventory”,
“Equipment”, “Investment Property”, “Letter-of-Credit Right”, “Money”, “Proceeds”,
“Promissory Note”, “Supporting Obligations” and “Tangible Chattel Paper” have the respective
meanings set forth in Article 9 of the NYUCC, and the terms “Certificated Security”, “Clearing Corporation”,
“Entitlement Holder”, “Financial Asset”, “Indorsement”, “Securities Account”, “Securities
Intermediary”, “Security”, “Security Entitlement” and “Uncertificated Security” have
the respective meanings set forth in Article 8 of the NYUCC.


 


1.02            
Additional Definitions. In addition, as used herein:


 


“Acceleration” means the
Credit Agreement Obligations or any other Secured Obligations of any Secured Party having been declared (or become) due and payable
in full in accordance with the applicable Debt Documents following the occurrence of an “event of default” (as defined
in the applicable Debt Documents) or an analogous event by the Borrower and the receipt of any notice and/or expiration of any
applicable grace period with respect thereto.


 


“Acceleration Notice” has
the meaning specified in Section 8.01.


 


“Affiliate” means, with
respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified. Anything herein to the contrary notwithstanding, the term “Affiliate”
of an Obligor shall not include any Person that constitutes an Investment held by any Obligor in the ordinary course of business.


 


“Agent Members” means members
of, or participants in, a depositary, including the Depositary, Euroclear or Clearstream.


 


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


 


“Bank Loan” means debt
obligations (including, without limitation, term loans, revolving loans, debtor-in-possession financings, the funded portion of
revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans, bridge
loans and senior subordinated loans) that are generally provided under a syndicated loan or credit facility or pursuant to any
loan agreement or other similar credit facility, whether or not syndicated.


 


“Belgium” means the Kingdom
of Belgium


 


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


 






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“Borrowing Base” has the
meaning given to such term in the Revolving Credit Facility.


 


“Business Day” means any
day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law
to remain closed.


 


“Capital Lease Obligations”
of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP. Notwithstanding any other provision contained herein, solely with respect to
any change in GAAP after the Effective Date with respect to the accounting for leases as either operating leases or capital leases,
any lease that is not (or would not be) a capital lease under GAAP as in effect on Effective Date shall not be treated as a capital
lease, and any lease that would be treated as a capital lease under GAAP as in effect on the Effective Date shall continue to be
treated as a capital lease, hereunder and under the other Loan Documents, notwithstanding such change in GAAP after the Effective
Date, and all determinations of Capital Lease Obligations shall be made consistently therewith (i.e., ignoring any such changes
in GAAP after the Effective Date).


 


“CFC” means an entity that
is a “controlled foreign corporation” of any Obligor within the meaning of Section 957 of the Code, but only to the
extent the Obligor or a subsidiary thereof is a “United States Shareholder” (within the meaning of Section 951(b) of
the Code) of such entity.


 


“Class” means, separately,
each of the following: (a)  the Revolving Lenders as a group; and (b) the Designated Indebtedness Holders holding a Series
of Designated Indebtedness as a group.


 


“Clearing Corporation Security”
means a security that is registered in the name of, or Indorsed to, a Clearing Corporation or its nominee or is in the possession
of the Clearing Corporation in bearer form or Indorsed in blank by an appropriate Person.


 


“Clearstream” means Clearstream
Banking, société anonyme, a corporation organized under the laws of the Grand Duchy of Luxembourg.


 


“Clearstream Security”
means a Security that (a) is a debt or equity security and (b) is capable of being transferred to an Agent Member’s
account at Clearstream pursuant to the definition of “Delivery”, whether or not such transfer has occurred.


 


“Code” means the Internal
Revenue Code of 1986, as amended from time to time.


 


“Collateral” has the meaning
assigned to such term in Section 4.


 






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“Commercial Tort Claims”
means all “commercial tort claims” (as defined in Article 9 of the NYUCC) held by any Obligor, including, without
limitation, all commercial tort claims listed on Annex 2.10 hereto.


 


“Commitment” means, with
respect to each Revolving Lender, the commitment of such Revolving Lender to make Revolving Loans and/or to participate in letters
of credit, as such commitment may be (a) reduced or increased from time to time pursuant to the Revolving Credit Facility and (b)
reduced or increased from time to time pursuant to assignments by or to such Revolving Lender pursuant to the Revolving Credit
Facility.


 


“Commodity Exchange Act”
means the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any successor statute.


 


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


 


“Copyright Licenses” means
any and all agreements providing for the granting of any right in or to Copyrights (whether such Obligor is licensee or licensor
thereunder) including, without limitation, each agreement referred to in Annex 2.11 hereto.


 


“Copyrights” shall mean
all United States and foreign copyrights (including community designs), including but not limited to copyrights in software and
databases, and all “Mask Works” (as defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered
or unregistered, and, with respect to any and all of the foregoing: (i) all registrations and applications therefor including,
without limitation, the registrations and applications referred to in Annex 2.11 hereto, (ii) all extensions and
renewals thereof, (iii) all rights corresponding thereto throughout the world, (iv) all rights to sue for past, present
and future infringements thereof, and (v) all proceeds of the foregoing, including, without limitation, licenses, royalties,
income, payments, claims, damages and proceeds of suit.


 


“Credit Agreement Obligations”
means, collectively, all obligations of the Borrower and the Subsidiary Guarantors to the Revolving Lenders and the Revolving Administrative
Agent under the Revolving Credit Facility and the other Loan Documents, including in each case in respect of the principal of and
interest on the loans made or letters of credit issued thereunder, and all reimbursement obligations, fees, indemnification payments
and other amounts whatsoever, whether direct or indirect, absolute or contingent, now or hereafter from time to time owing to the
Revolving Administrative Agent or the Revolving Lenders or any of them under or in respect of the Revolving Credit Facility and
the other Loan Documents, and including all interest and expenses accrued or incurred subsequent to the commencement of any bankruptcy
or insolvency proceeding with respect to the Borrower, whether or not such interest or expenses are allowed as a claim in such
proceeding; provided that Credit Agreement Obligations shall not include any Excluded Swap Obligation.


 






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“Custodian” means State
Street Bank and Trust Company, or any other financial institution mutually agreeable to the Collateral Agent and the Borrower,
as custodian holding documentation for Portfolio Investments, and accounts of the Obligors holding Portfolio Investments, on behalf
of the Obligors and, pursuant to the Custodian Agreement, the Collateral Agent. The term “Custodian” includes any agent
or sub-custodian acting on behalf of the Custodian.


 


“Custodian Agreement” means
a control agreement entered into by and among an Obligor, the Collateral Agent and a Custodian, in form and substance reasonably
acceptable to the Collateral Agent.


 


“Debt Documents” means,
collectively, the Revolving Credit Facility, the Designated Indebtedness Documents, any Swap Agreement evidencing or relating to
any Swap Agreement Obligations and the Security Documents.


 


“Default” means any event
or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become
an Event of Default.


 


“Deliver”, “Delivered”
or “Delivery” (whether to the Collateral Agent or otherwise) means, with respect to any Portfolio Investment
of any Obligor or other Collateral, that such Portfolio Investment or other Collateral is held, registered or covered by a recorded
UCC-1 financing statement as described below, in each case in a manner reasonably satisfactory to the Collateral Agent:


 


(a)     subject to clause (l) below,
in the case of each Certificated Security (other than a Special Equity Interest, U.S. Government Security, Clearing Corporation
Security, Euroclear Security or Clearstream Security), that such Certificated Security is either (i) in the possession of
the Collateral Agent and registered in the name of the Collateral Agent (or its nominee) or Indorsed to the Collateral Agent or
in blank, or (ii) in the possession of the Custodian and registered in the name of the Custodian (or its nominee) or Indorsed
in blank and, in the case of this clause (ii), the Custodian has either (A) agreed in documentation reasonably acceptable
to the Collateral Agent (it being understood that the Custodian Agreement dated as of the Effective Date is reasonably acceptable
to the Collateral Agent) to hold such Certificated Security as bailee on behalf of the Collateral Agent or (B) credited the
same to a Securities Account for which the Custodian is a Securities Intermediary and has agreed that such Certificated Security
constitutes a Financial Asset and that the Collateral Agent has NYUCC Control over such Securities Account;


 






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(b)     subject to clause (l) below,
in the case of each Instrument, that such Instrument is either (i) in the possession of the Collateral Agent and indorsed
to the Collateral Agent or in blank or (ii) in the possession of the Custodian and the Custodian has either (x) agreed (it
being understood that the Custodian Agreement dated as of the Effective Date is reasonably acceptable to the Collateral Agent)
to hold such Instrument as agent or bailee on behalf of the Collateral Agent or (y) credited the same to a Securities Account for
which the Custodian is a Securities Intermediary and has agreed that such Instrument constitutes a Financial Asset and that the
Collateral Agent has NYUCC Control over such Securities Account;


 


(c)     subject to clause (l) below,
in the case of each Uncertificated Security (other than a Special Equity Interest, U.S. Government Security, Clearing Corporation
Security, Euroclear Security or Clearstream Security), that such Uncertificated Security is either (i) registered on the books
of the issuer thereof to the Collateral Agent (or its nominee), or (ii) registered on the books of the issuer thereof to the
Custodian (or its nominee) under an arrangement where the Custodian has credited the same to a Securities Account for which the
Custodian is a Securities Intermediary and has agreed that such Uncertificated Security constitutes a Financial Asset and that
the Collateral Agent has NYUCC Control over such Securities Account;


 


(d)     subject to clause (l) below,
in the case of each Clearing Corporation Security, that such Clearing Corporation Security is either (i) credited to a Securities
Account of the Collateral Agent at such Clearing Corporation (and, if such Clearing Corporation Security is a Certificated Security,
that the same is in the possession of such Clearing Corporation, or of an agent or custodian on its behalf), or (ii) credited
to a Securities Account of the Custodian at such Clearing Corporation (and, if a Certificated Security, so held in the possession
of such Clearing Corporation, or of an agent or custodian on its behalf) and the Security Entitlement of the Custodian in such
Clearing Corporation Securities Account has been credited by the Custodian to a Securities Account for which the Custodian is a
Securities Intermediary under an arrangement where the Custodian has agreed that such Clearing Corporation Security constitutes
a Financial Asset and that the Collateral Agent has NYUCC Control over such Securities Account;


 


(e)     in the case of each Euroclear
Security and Clearstream Security, that the actions described in clause (d) above have been taken with respect to such Security
as if such Security were a Clearing Corporation Security and Euroclear and Clearstream were Clearing Corporations; provided,
that such additional actions shall have been taken as shall be necessary under the law of Belgium (in the case of Euroclear) and
Luxembourg (in the case of Clearstream) to accord the Collateral Agent rights substantially equivalent to NYUCC Control over such
Security under the NYUCC;


 


(f)     in the case of each U.S.
Government Security, that such U.S. Government Security is either (i) credited to a securities account of the Collateral Agent
at a Federal Reserve Bank, or (ii) credited to a Securities Account of the Custodian at a Federal Reserve Bank and the Security
Entitlement of the Custodian in such Federal Reserve Bank Securities Account has been credited by the Custodian to a Securities
Account for which the Custodian is a Securities Intermediary under an arrangement where the Custodian has agreed that such U.S.
Government Security constitutes a Financial Asset and that the Collateral Agent has NYUCC Control over such Securities Account;


 






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(g)     in the case of any Tangible
Chattel Paper, that the original of such Tangible Chattel Paper is either (i) in the possession of the Collateral Agent in
the United States or (ii) in the possession of the Custodian in the United States under an arrangement where the Custodian
has agreed to hold such Tangible Chattel Paper as agent or bailee on behalf of the Collateral Agent, and in each case any agreements
that constitute or evidence such Tangible Chattel Paper is free of any marks or notations indicating that it is then pledged, assigned
or otherwise conveyed to any Person other than the Collateral Agent;


 


(h)     subject to clause (m) below,
in the case of each General Intangible (including any participation in a debt obligation) of an Obligor organized in the United
States, that such General Intangible falls within the collateral description of a UCC-1 financing statement, naming the relevant
Obligor as debtor and the Collateral Agent as secured party and filed (x) in the jurisdiction of organization of such Obligor,
in the case of an Obligor that is a “registered organization” (as defined in the NYUCC) or (y) in such other filing
office as may be required for perfection by filing under the Uniform Commercial Code as in effect in any applicable jurisdiction,
in the case of any other Obligor; provided that in the case of a participation in a debt obligation where such debt obligation
is evidenced by an Instrument, any of the following: (i) the criteria in clause (b) above have been satisfied with respect to such
Instrument, (ii) such Instrument is in the possession of the applicable participating institution in the United States, and
such participating institution has agreed that it holds possession of such Instrument for the benefit of the Collateral Agent (or
for the benefit of the Custodian, and the Custodian has agreed that it holds the interest in such Instrument as agent or bailee
on behalf of the Collateral Agent) or (iii) such Instrument is in the possession of the applicable participating institution
outside of the United States and the relevant Obligor has taken or caused such participating institution (and, if applicable, the
obligor that issued such Instrument) to take such actions as shall be necessary under the law of the jurisdiction where such Instrument
is physically located to accord the Collateral Agent rights substantially equivalent to NYUCC Control over such Instrument under
the NYUCC;


 


(i)     subject to clause (m) below,
in the case of each General Intangible (including any participation in a debt obligation) of an Obligor not organized in the United
States, that such Obligor shall have taken such action as shall be necessary to accord the Collateral Agent rights substantially
equivalent to a perfected first-priority (subject to Liens permitted pursuant to the Debt Documents) security interest in such
General Intangible under the NYUCC;


 






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(j)     in the case of any Deposit
Account or Securities Account, that the bank or Securities Intermediary at which such Deposit Account or Securities Account, as
applicable, is located has agreed that the Collateral Agent has NYUCC Control over such Deposit Account or Securities Account,
or that such Deposit Account or Securities Account is in the name of the Custodian and the Custodian has credited its rights in
respect of such Deposit Account or Securities Account (the “Underlying Accounts”) to a Securities Account for
which the Custodian is a Securities Intermediary under an arrangement where the Custodian has agreed that the rights of the Custodian
in such Underlying Accounts constitute a Financial Asset and that the Collateral Agent has NYUCC Control over such Securities Account;


 


(k)     in the case of any money
(regardless of currency), that such money has been credited to a Deposit Account or Securities Account over which the Collateral
Agent has NYUCC Control as described in clause (j) above;


 


(l)     in the case of any Certificated
Security, Uncertificated Security or Instrument or Special Equity Interest either physically located outside of the United States
or issued by a Person organized outside of the United States, that such additional actions shall have been taken as shall be necessary
under applicable law to accord the Collateral Agent rights substantially equivalent to those accorded to a secured party under
the NYUCC that has possession or control of such Certificated Security, Uncertificated Security, Instrument or Special Equity Interest;


 


(m)     in the case of each Portfolio
Investment of any Obligor consisting of a Bank Loan, in addition to all other actions required to be taken hereunder, that all
actions shall have been taken as required by Section 5.08(c)(iv), (v) and (vi), as applicable, of the Revolving Credit
Facility;


 


(n)     subject to clause (l) above,
in the case of a Special Equity Interest constituting a Certificated Security, that the holder of the first Lien on such Certificated
Security has possession of such Certificated Security in the United States (which has been registered in the name of such holder
(or its nominee) or Indorsed to such holder or in blank) and has agreed to deliver the certificates evidencing such Certificated
Security directly to the Collateral Agent upon the discharge of such Lien and has acknowledged that it holds such certificates
for the Collateral Agent subject to such Lien (it being understood that, upon receipt of any such Certificated Security, if so
requested by the Borrower the Collateral Agent shall deliver the same to the Custodian to be held in accordance with the provisions
of clause (a) above) and, in the case of a Special Equity Interest constituting an Uncertificated Security, that the holder of
the first Lien on such Uncertificated Security has been registered as the holder thereof on the books of the issuer thereof and
acknowledged that it holds such Uncertificated Security for the Collateral Agent subject to such Lien; and


 


(o)     in the case of each Portfolio
Investment of any Obligor or other Collateral not of a type covered by the foregoing clauses (a) through (n), that such Portfolio
Investment or other Collateral (to the extent required to be “Delivered” pursuant to Section 7.01(a)) has been
transferred to the Collateral Agent in accordance with applicable law and regulation.


 






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Notwithstanding the foregoing, any Instrument
or Promissory Note in which the Collateral Agent has a first-priority perfected security interest pursuant to a valid Uniform Commercial
Code filing may satisfy the requirements of the definition “Deliver”, “Delivered” and “Delivery”
if it otherwise satisfies all the requirements hereof notwithstanding the fact that it is not in the physical possession of the
Collateral Agent or the Custodian (x) if such Portfolio Investment is owned by such Obligor on the date of this Agreement, if such
Instrument or Promissory Note is in the possession of the Collateral Agent or the Custodian as required above within 30 Business
Days from the date hereof, and (y) (1) if such Portfolio Investment is acquired by the Obligor after the date hereof, if such Instrument
or Promissory Note is in the possession of the Collateral Agent or the Custodian as required above within 10 Business Days of the
acquisition of the Portfolio Investment relating to such Instrument or Promissory Note and (2) as a result of the syndication,
sale, transfer, assignment or exchange of a portion of a Portfolio Investment relating to such Instrument or Promissory Note, if
the Borrower, within 20 Business Days, receives new or additional Instruments or Promissory Notes in connection with such syndication,
sale, transfer, assignment or exchange and such new or additional Instruments or Promissory Notes are in the possession of the
Collateral Agent or the Custodian as required above.


 


“Depositary” means The
Depositary Trust Company, its nominees and their respective successors.


 


“Designated Indebtedness”
means Indebtedness that has been designated by the Borrower at the time of the incurrence thereof as “Designated Indebtedness”
for purposes of this Agreement in accordance with the requirements of Section 6.01.


 


“Designated Indebtedness Documents”
means, in respect of any Designated Indebtedness, all documents or instruments pursuant to which such Designated Indebtedness shall
be incurred or otherwise governing the terms or conditions thereof.


 


“Designated Indebtedness Holders”
means, in respect of any Designated Indebtedness, the Persons from time to time holding such Designated Indebtedness.


 


“Designated Indebtedness Obligations”
means, collectively, in respect of any Designated Indebtedness, all obligations of the Borrower to any Designated Indebtedness
Holder or Financing Agent under the Designated Indebtedness Documents relating to such Designated Indebtedness, including in each
case in respect of the principal of and interest on loans made, letters of credit issued and any the notes or other instruments
issued thereunder, all reimbursement obligations, fees, indemnification payments and other amounts whatsoever, whether direct or
indirect, absolute or contingent, now or hereafter from time to time owing to any Designated Indebtedness Holder or any Financing
Agent or any of them under or in respect of such Designated Indebtedness Documents, and including all interest and expenses accrued
or incurred subsequent to the commencement of any bankruptcy or insolvency proceeding with respect to the Borrower, whether or
not such interest or expenses are allowed as a claim in such proceeding; provided that Designated Indebtedness Obligations
shall not include any Excluded Swap Obligation.


 






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“Effective Date” means
February 23, 2016.


 


“Eligible Liens” means
those Liens on the Collateral included in the Borrowing Base permitted by each Debt Document (for the avoidance of doubt in the
event of any conflict or difference among the Debt Documents, the most restrictive provisions that are in effect (after taking
into account any modification, supplement, amendment or waiver to such provisions) shall apply against the Obligors hereunder).


 


“Enforcement Action” means
an action under applicable law to (a) foreclose, execute, levy, or collect on, take possession or control of, sell or otherwise
realize upon (judicially or non-judicially), or lease, license, or otherwise dispose of (whether publicly or privately), Collateral,
or otherwise exercise or enforce remedial rights with respect to Collateral under the Security Documents (including by way of set-off,
recoupment notification of a public or private sale or other disposition pursuant to the NYUCC or other applicable law, notification
to account debtors, notification to depositary banks under deposit account control agreements, or exercise of rights under landlord
consents, if applicable), (b) solicit bids from third parties to conduct the liquidation or disposition of Collateral or to
engage or retain sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third parties
for the purposes of valuing, marketing, promoting, and selling Collateral, (c) to receive a transfer of Collateral in satisfaction
of the Secured Obligations, (d) to otherwise enforce a security interest or exercise another right or remedy, as a secured
creditor or otherwise, pertaining to the Collateral at law, in equity, or pursuant to the Debt Documents (including the commencement
of applicable legal proceedings or other actions with respect to all or any portion of the Collateral to facilitate the actions
described in the preceding clauses, and exercising voting rights in respect of equity interests comprising Collateral); provided
that “Enforcement Action” will not be deemed to include (x) actions in preparation for any of the foregoing and
(y) actions to preserve rights of the Grantors, Collateral Agent and/or the Secured Parties in and to the Collateral.


 


“Equity Interests” means
shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such equity interest. As used in this Agreement, “Equity Interests” shall not include convertible
debt unless and until such debt has been converted to capital stock.


 


“Excluded Accounts” means,
with respect to Deposit Accounts or Securities Accounts, (i) any account exclusively used for payroll, payroll taxes and other
employee wage, health and benefit payments, including pension fund and 401(k) accounts, (ii) any withholding tax account, (iii)
any fiduciary accounts or any account for which any Obligor is the servicer for another Person, including any accounts in the name
of any Obligor in its capacity as servicer for a Financing Subsidiary or any “Agency Account” pursuant to the Revolving
Credit Facility, (iv) for the avoidance of doubt, any “escrow” or analogous account in which an Obligor has an interest,
and (v) to the extent constituting a Permitted Lien, any account which exclusively holds cash collateral posted as margin to secure
any Swap Agreement.


 






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“Excluded Assets” means,
individually and collectively, (i) any Excluded Equity Interest, (ii) any Excluded Account, (iii) any intent-to-use application
for United States trademark registration and (iv) any Equity Interest in a Portfolio Investment that is issued as an “equity
kicker” to holders of subordinated debt and such Equity Interest is pledged to secure senior debt of such Portfolio Investment
to the extent prohibited thereby.


 


“Excluded Equity Interest”
means any (i) Equity Interest of a CFC or a Transparent Subsidiary, other than (x) non-voting Equity Interests in a CFC or Transparent
Subsidiary, as applicable, that are directly held by an Obligor, and (y) 65% of the voting Equity Interests in a CFC or Transparent
Subsidiary, as applicable, that are directly held by an Obligor, and (ii) Equity Interests issued by any Financing Subsidiary or
Tax Blocker Subsidiary; provided, that if any such CFC, Transparent Subsidiary, Financing Subsidiary or Tax Blocker Subsidiary
shall at any time cease to be a CFC, Transparent Subsidiary, Financing Subsidiary or Tax Blocker Subsidiary, as applicable, pursuant
to the Revolving Credit Facility or otherwise, the Equity Interests issued by such Person shall no longer constitute Excluded Equity
Interests and shall become part of the Collateral hereunder.


 


“Excluded Swap Obligation”
shall mean, with respect to any Subsidiary Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee
of such Subsidiary Guarantor, or the grant by such Subsidiary Guarantor of a security interest to secure, such Swap Obligation
(or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure
for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the time
the Guarantee of such Subsidiary Guarantor becomes effective with respect to such specific Swap Obligation. If a Swap Obligation
arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation
that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.


 


“Euroclear” means Euroclear
Bank, S.A., as operator of the Euroclear system.


 


“Euroclear Security” means
a Security that (a) is a debt or equity Security and (b) is capable of being transferred to an Agent Member’s account
at Euroclear, whether or not such transfer has occurred.


 






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“Event of Default” means
any Event of Default under and as defined in the Revolving Credit Facility, and any event or condition that enables or permits
(after giving effect to any applicable grace or cure periods) the holder or holders of any Designated Indebtedness Obligations
or Swap Agreement Obligations or any trustee or agent on its or their behalf to cause any Designated Indebtedness Obligations or
Swap Agreement Obligations to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity.


 


“Financial Officer” means
the chief executive officer, president, co-president, chief financial officer, principal accounting officer, treasurer or controller
of the Borrower.


 


“Financing Agent” means,
in respect of any Designated Indebtedness, any trustee, representative or agent for the holders of such Designated Indebtedness.


 


“Financing Subsidiary”
means (a) any Structured Subsidiary or (b) any SBIC Subsidiary.


 


“GAAP” means generally
accepted accounting principles in the United States.


 


“Governmental Authority”
means the government of the United States or of any other nation, or any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.


 


“Guarantee” of or by any
Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or
having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter
of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall
not include endorsements for collection or deposit in the ordinary course of business or customary indemnification agreements entered
into in the ordinary course of business in connection with obligations that do not constitute Indebtedness. The amount of any Guarantee
at any time shall be deemed to be an amount equal to the maximum stated or determinable amount of the primary obligation in respect
of which such Guarantee is incurred, unless the terms of such Guarantee expressly provide that the maximum amount for which such
Person may be liable thereunder is a lesser amount (in which case the amount of such Guarantee shall be deemed to be an amount
equal to such lesser amount).


 






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“Guarantee Assumption Agreement”
means a Guarantee Assumption Agreement substantially in the form of Exhibit B, between the Collateral Agent and an
entity that, pursuant to Section 7.05, is required to become a “Subsidiary Guarantor” hereunder (with such changes
as the Collateral Agent shall reasonably request, consistent with the requirements of Section 7.05, or to which the Collateral
Agent shall otherwise consent).


 


“Guaranteed Obligations”
means, collectively, the Credit Agreement Obligations, the Designated Indebtedness Obligations and the Swap Agreement Obligations.


 


“Immaterial Subsidiary”
has the meaning given to such term in the Revolving Credit Facility.


 


“Indebtedness” of any Person
means, without duplication, (a) (i) all obligations of such Person for borrowed money or (ii) deposits, loans or advances of any
kind that are required to be accounted for under GAAP as a liability on the financial statements of an Obligor (other than deposits
received in connection with a Portfolio Investment in the ordinary course of the Obligor’s business (including, but not limited
to, any deposits or advances in connection with expense reimbursement, prepaid agency fees, other fees, indemnification, work fees,
tax distributions or purchase price adjustments)), (b) all obligations of such Person evidenced by bonds, debentures, notes or
similar debt instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating
to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property
or services (other than trade accounts payable and accrued expenses in the ordinary course of business not past due for more than
90 days after the date on which such trade account payable was due), (e) all Indebtedness of others secured by any Lien on
property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed (with the value of
such debt being the lower of the outstanding amount of such debt and the fair market value of the property subject to such Lien),
(f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all
obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty,
(i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances or, solely for the purposes
specified in the definition of “Indebtedness” in the Revolving Credit Facility or the Designated Indebtedness Document
(whichever contains the most restrictive provision then in effect), and (j) the net amount such person would be obligated for under
any Swap Agreement if such Swap Agreement was terminated at that time. The Indebtedness of any Person shall include the Indebtedness
of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable
therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent
the terms of such Indebtedness provide that such Person is not liable therefor (or such Person is not otherwise liable for such
Indebtedness). Notwithstanding the foregoing, “Indebtedness” shall not include (x) purchase price holdbacks arising
in the ordinary course of business in respect of a portion of the purchase price of an asset or Investment to satisfy unperformed
obligations of the seller of such asset or Investment or (y) a commitment arising in the ordinary course of business to make
a future Portfolio Investment.


 






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“Indorsed” means, with
respect to any Certificated Security, that such Certificated Security has been assigned or transferred to the applicable transferee
pursuant to an effective Indorsement.


 


“ING” means ING Capital
LLC.


 


“Intellectual Property”
means, collectively, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks, the Trademark Licenses,
the Trade Secrets, and the Trade Secret Licenses.


 


“Investment” means, for
any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person or any agreement to acquire
any Equity Interests, bonds, notes, debentures or other securities of any other Person (including any “short sale”
or any sale of any securities at a time when such securities are not owned by the Person entering into such sale); (b) deposits,
advances, loans or other extensions of credit made to any other Person (including purchases of property from another Person subject
to an understanding or agreement, contingent or otherwise, to resell such property to such Person); or (c) Swap Agreements.


 


“Lien” means, with respect
to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on
or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such
asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities (other than on market terms at fair value so long as in the case of any Portfolio Investment, the Value used in determining
the Borrowing Base is not greater than the purchase or call price), except in favor of the issuer thereof (and, for the avoidance
of doubt, in the case of Investments that are loans or other debt obligations, restrictions on assignments or transfers thereof
on customary and market based terms pursuant to the underlying documentation relating to such Investment shall not be deemed to
be a “Lien” and, in the case of Portfolio Investments that are equity securities, excluding customary drag-along, tag-along,
right of first refusal, restrictions on assignments or transfers and other similar rights in favor of other equity holders of the
same issuer).


 


“Loan Document” has the
meaning given to such term in the Revolving Credit Facility.


 


“Loans” means the revolving
loans made by the Revolving Lenders to the Borrower pursuant to the Revolving Credit Facility.


 


“Luxembourg” means the
Grand Duchy of Luxembourg.


 






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“Margin Stock” means “margin
stock” within the meaning of Regulations T, U and X.


 


“Notice of Designation”
has the meaning specified in Section 6.01.


 


“NYUCC” means the Uniform
Commercial Code as in effect from time to time in the State of New York.


 


“NYUCC Control” means “control”
as defined in Section 9-104, 9-105, 9-106 or 9-107 of the NYUCC.


 


“Obligors” has the meaning
given to such term in the preamble of this Agreement. For the avoidance of doubt, the term “Obligor” shall exclude
Tax Blocker Subsidiaries.


 


“Patent Licenses” means
all agreements providing for the granting of any right in or to Patents (whether such Obligor is licensee or licensor thereunder)
including, without limitation, each agreement referred to in Annex 2.11 hereto.


 


“Patents” means all United
States and foreign patents and certificates of invention, or similar industrial property rights, and applications for any of the
foregoing, including, but not limited to: (i) each patent and patent application referred to in Annex 2.11 hereto,
(ii) all reissues, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (iii) all
rights corresponding thereto throughout the world, (iv) all inventions and improvements described therein, (v) all rights
to sue for past, present and future infringements thereof, and (vi) all proceeds of the foregoing, including, without limitation,
licenses, royalties, income, payments, claims, damages, and proceeds of suit.


 


“Permitted Liens” means
any Liens (other than the Liens created or provided under this Agreement or the other Security Documents) not prohibited by the
provisions of the Credit Agreement and any Designated Indebtedness Document, including with respect to a Special Equity Interest
any Lien in favor of a creditor of the issuer of such Special Equity Interest as contemplated by the definition of such term in
the Revolving Credit Agreement.


 


“Person” means any natural
person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority
or other entity.


 


“Pledge Supplement” means
a supplement to this Agreement substantially in the form of Exhibit D.


 


“Pledged Debt” means all
indebtedness owed to any Obligor (other than Portfolio Investments (unless issued by a Subsidiary)), the instruments (if any) evidencing
such indebtedness (including, without limitation, the instruments described on Annex 2.08 hereto) and all interest,
cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of
or in exchange for any or all of such indebtedness.


 






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“Pledged Equity Interests”
means all Equity Interests (other than Excluded Equity Interests) owned by any Obligor issued by any Subsidiary of such Obligor
(including, without limitation, the Equity Interests described on Annex 2.07 hereto) and the certificates, if any,
representing such Equity Interests and any interest of such Obligor in the entries on the books of the issuer of such Equity Interests
or on the books of any Securities Intermediary pertaining to such Equity Interests, and all dividends, distributions, cash, warrants,
rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of such Equity Interests.


 


“Pledged Interests” means
all Pledged Debt and Pledged Equity Interests.


 


“Portfolio Investment”
means any Investment held by the Borrower and its Subsidiaries in their asset portfolio.


 


“Qualified ECP Guarantor”
shall mean, in respect of any Swap Obligation, each Subsidiary Guarantor that has total assets exceeding $10,000,000 at the time
the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such
other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
promulgated thereunder and can cause another person to qualify as an “eligible contract participant” by entering into
a keepwell under section 1a(18)(A)(v)(II) of the Commodity Exchange Act.


 


“Regulation T, U and X”
means, respectively, Regulation T, U and X of the Board of Governors of the Federal Reserve System (or any successor), as the same
may be modified and supplemented and in effect from time to time.


 


“Related Parties” means,
with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents
and advisors of such Person and such Person’s Affiliates.


 


“Required Designated Indebtedness
Holders” means, with respect to each issuance of Designated Indebtedness (if any, or so long as, such Designated Indebtedness
is outstanding (other than unasserted contingent obligations)) by the Borrower (each such issuance, a “Series”),
the meaning given to the term “Required Holders” or “Required Lenders” in the Debt Documents with respect
to such Designated Indebtedness.


 


“Required Revolving Lenders”
has the meaning given to the term “Required Lenders” in the Revolving Credit Facility (so long as the obligations under
the Revolving Credit Facility are outstanding (other than unasserted contingent obligations)).


 






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“Required Secured Parties”
means Secured Parties holding more than 50% of the aggregate amount of the sum of the Credit Agreement Obligations and the Designated
Indebtedness Obligations. For purposes of determining the amount of the Credit Agreement Obligations and the Designated Indebtedness
Obligations, the amount of such obligations shall be the outstanding principal amount of such obligations plus, if no event
of default has occurred under any of the Debt Documents (or if an event of default has occurred under any of the Debt Documents
but such event of default has been waived by the permitted parties under the applicable Debt Documents), the amount of the unfunded
commitments on account of such obligations.


 


“Revolving Administrative Agent”
has the meaning assigned to such term in the preamble of this Agreement.


 


“Revolving Credit Facility”
means (i) the Senior Secured Revolving Credit Agreement, dated as of February 23, 2016, among the Borrower, the lenders party thereto
and ING Capital LLC, as administrative agent (the “Existing Revolving Credit Agreement”) and (ii) any amendment,
modification, supplement, amendment and restatement, extension, refinancing or replacement of the Existing Revolving Credit Agreement
(or to any such amendment, modification, supplement, amendment and restatement, extension, refinancing or replacement).


 


“Revolving Lender” means
any “Lender” (as defined in the Revolving Credit Facility) that is from time to time party to the Revolving Credit
Facility.


 


“Revolving Loans” means
the revolving loans made by the Revolving Lenders to the Borrower pursuant to the Revolving Credit Facility.


 


“SBIC Subsidiary” means
any Subsidiary of the Borrower designated by the Borrower as an “SBIC Subsidiary” under the applicable Debt Documents
and pursuant to the procedures specified in such Debt Documents (with notice to the Collateral Agent).


 


“Secured Obligations” means,
collectively, (a) in the case of the Borrower, the Credit Agreement Obligations, the Designated Indebtedness Obligations and
the Swap Agreement Obligations, (b) in the case of the Subsidiary Guarantors, the obligations of the Subsidiary Guarantors
in respect of the Guaranteed Obligations pursuant to Section 3.01 and the Designated Indebtedness Documents (if any) and (c) in
the case of all Obligors, all present and future obligations of the Obligors to the Secured Parties, or any of them, hereunder
or under any other Security Document; provided that Secured Obligations shall not include any Excluded Swap Obligation.


 


“Secured Party” means,
collectively, the Revolving Lenders (including those holding Swap Agreement Obligations), the Revolving Administrative Agent, each
Designated Indebtedness Holder, each Financing Agent and each Person that is not a Revolving Lender and is owed a Swap Agreement
Obligation of the type described in, and subject to the conditions set forth in, the second paragraph of the definition of “Swap
Agreement Obligations” and the Collateral Agent.


 


“Security Documents” means,
collectively, this Agreement, the Custodian Agreement and all other assignments, pledge agreements, security agreements, control
agreements, custodial agreements and other instruments executed and delivered at any time by any of the Obligors pursuant hereto
or otherwise providing or relating to any collateral security for any of the Secured Obligations.


 






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“Series” has the meaning
set forth in the definition of Required Designated Indebtedness Holders.


 


“Special Equity Interest”
means any Equity Interest that is subject to a Lien in favor of creditors of the issuer of such Equity Interest, provided
that (a) such Lien was created to secure indebtedness owing by such issuer to such creditors, (b) such indebtedness was
(i) in existence at the time the Obligors acquired such Equity Interest, (ii) incurred or assumed by such issuer substantially
contemporaneously with such acquisition or (iii) already subject to a Lien granted to such creditors and (c) unless such
Equity Interest is not intended to be included in the Collateral, the documentation creating or governing such Lien does not prohibit
the inclusion of such Equity Interest in the Collateral.


 


“Structured Subsidiaries”
means a direct or indirect Subsidiary of the Borrower designated by the Borrower as a “Structured Subsidiary” under
the applicable Debt Documents and pursuant to the procedures specified in such Debt Documents (with notice to the Collateral Agent).


 


“Subsidiary” means, with
respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise
Controlled by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.
Anything herein to the contrary notwithstanding, the term “Subsidiary” shall not include any Person that constitutes
an Investment held by any Obligor or any Tax Blocker Subsidiary in the ordinary course of business and that is not, under GAAP,
consolidated on the financial statements of the Borrower and its Subsidiaries. Unless otherwise specified, “Subsidiary”
means a Subsidiary of the Borrower.


 


“Subsidiary Guarantors”
has the meaning given to such term in the preamble of this Agreement.


 


“Swap Agreement” means
any “swap agreement” as defined in Section 101(53B) of the Bankruptcy Code, or any successor provision, including,
without limitation, any credit default swap, interest rate protection agreement, foreign currency exchange protection agreement,
commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement.


 






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“Swap
Agreement Obligations” means, collectively, all obligations of any Obligor to any Revolving Lender under any Swap Agreement
that has been designated by the Borrower by notice to the Collateral Agent as being secured by this Agreement, including in each
case all margin payments, termination payments, fees, indemnification payments and other amounts whatsoever, whether direct or
indirect, absolute or contingent, now or hereafter from time to time owing to such Revolving Lender (or any Affiliate thereof)
under such Swap Agreement, and including all interest and expenses accrued or incurred subsequent to the commencement of any bankruptcy
or insolvency proceeding with respect to such Obligor, whether or not such interest or expenses are allowed as a claim in such
proceeding; provided, that Swap Agreement Obligations shall not include any Excluded Swap Obligation.


 


For
purposes hereof, it is understood that any such obligations of any Obligor to a Person arising under a Swap Agreement entered
into at the time such Person (or an Affiliate thereof) is a “Revolving Lender” party to the Revolving Credit Facility
shall nevertheless continue to constitute Swap Agreement Obligations for purposes hereof, notwithstanding that such Person (or
its Affiliate) may have assigned all of its Loans and other interests in the Revolving Credit Facility and, therefore, at the
time a claim is to be made in respect of such obligations, such Person (or its Affiliate) is no longer a “Revolving Lender”
party to the Revolving Credit Facility, provided that neither such Person nor any such Affiliate shall be entitled to the
benefits of this Agreement (and such obligations shall not constitute Swap Agreement Obligations hereunder) unless, at or prior
to the time it ceased to be a Revolving Lender hereunder, it shall have notified the Collateral Agent in writing of the existence
of such agreement. Subject to and without limiting the preceding sentence, any Affiliate of a Revolving Lender that is a party
to a Swap Agreement shall be included in the term “Revolving Lender” for purposes of this Agreement solely for purposes
of the rights and obligations arising hereunder in respect of such Swap Agreement and the Swap Agreement Obligations thereunder.


 


The
designation of any Swap Agreement as being secured by this Agreement in accordance with the first paragraph under this definition
of “Swap Agreement Obligations” shall not create in favor of any Revolving Lender or any Affiliate thereof that is
a party thereto (i) any rights in connection with the management or release of any Collateral or of the obligations of any
Guarantor under this Agreement or (ii) any rights to consent to any amendment, waiver or other matter under this Agreement
or any other Loan Document. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, as applicable,
no provider or holder of any Swap Agreement Obligations (other than in its capacity as Revolving Administrative Agent, Collateral
Agent or Revolving Lender to the extent applicable) has any individual right to enforce this Agreement or bring any remedies with
respect to any Lien on Collateral granted pursuant to the Loan Documents. By accepting the benefits of this Agreement, such party
shall be deemed to have appointed the Collateral Agent as its agent and agreed to be bound by this Agreement as a Secured Party,
subject to the limitations set forth in the preceding sentence.


 



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“Tax
Blocker Subsidiary” has the meaning given to such term in the Revolving Credit Facility.


 


“Termination
Date” means (a) with respect to the Revolving Lenders, the date on which the conditions set forth in the definition
of “Termination Date” in the Revolving Credit Facility are satisfied and (b) with respect to any Designated Indebtedness
Holders, the date on which the principal and accrued interest on each Designated Indebtedness and all fees and other amounts payable
thereunder shall have been paid in full (excluding, for the avoidance of doubt, any amount in connection with any contingent unasserted
obligation).


 


“Trademark
Licenses” means any and all agreements providing for the granting of any right in or to Trademarks (whether such Obligor
is licensee or licensor thereunder) including, without limitation, each agreement referred to in Annex 2.11 hereto.


 


“Trademarks”
means all United States and foreign trademarks, trade names, corporate names, company names, business names, fictitious business
names, Internet domain names, service marks, certification marks, collective marks, logos, other source or business identifiers,
designs and general intangibles of a like nature, and all registrations and applications for any of the foregoing including, but
not limited to: (i) the registrations and applications referred to in Annex 2.11 hereto, (ii) all extensions
or renewals of any of the foregoing, (iii) all of the goodwill of the business connected with the use of and symbolized by
the foregoing, (iv) the right to sue for past, present and future infringement or dilution of any of the foregoing or for
any injury to goodwill, and (v) all proceeds of the foregoing, including, without limitation, licenses, royalties, income,
payments, claims, damages, and proceeds of suit.


 


“Trade
Secret Licenses” means any and all agreements providing for the granting of any right in or to Trade Secrets (whether
such Obligor is licensee or licensor thereunder) including, without limitation, each agreement referred to in Annex 2.11
hereto.


 


“Trade
Secrets” means all trade secrets and all other confidential or proprietary information and know-how whether or not such
Trade Secret has been reduced to a writing or other tangible form, including all documents and things embodying, incorporating,
or referring in any way to such Trade Secret, including but not limited to: (i) the right to sue for past, present and future
misappropriation or other violation of any Trade Secret, and (ii) all proceeds of the foregoing, including, without limitation,
licenses, royalties, income, payments, claims, damages, and proceeds of suit.


 


“Transparent
Subsidiary” means any Person directly or indirectly owned by an Obligor that has no material assets other than Equity
Interests (held directly or indirectly through other Transparent Subsidiaries) in one or more CFCs.


 


“United
States” means the United States of America.


 



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“U.S.
Government Security” means securities that are direct obligations of, and obligations the timely payment of principal
and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States the obligations
of which are backed by the full faith and credit of the United States and in the form of conventional bills, bonds, and notes.


 


1.03          Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall
be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or therein), (b) any
reference herein to any Person shall be construed to include such Person’s successors and assigns (subject to any restrictions
on assignment set forth herein or in the applicable Debt Document), (c) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Sections, Exhibits and Annexes shall be construed to
refer to Sections of, and Exhibits and Annexes to, this Agreement and (e) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights.


 


Section
2.          Representations and Warranties. Each Obligor represents and
warrants to the Secured Parties that:


 


2.01          Organization. Such Obligor is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.


 


2.02          Authorization;
Enforceability. The execution, delivery and performance of this Agreement, and the granting of the Liens contemplated hereunder,
are within such Obligor’s corporate or other powers and have been duly authorized by all necessary corporate or other action,
including by all necessary shareholder action. This Agreement has been duly executed and delivered by such Obligor and constitutes
a legal, valid and binding obligation of such Obligor, enforceable in accordance with its terms, except as such enforceability
may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting
the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).


 



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2.03          Governmental
Approvals; No Conflicts. The execution, delivery and performance of this Agreement, and the granting of the Liens contemplated
hereunder, (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority, except for (i) such as have been or will be obtained or made and are in full force and effect and (ii) filings
and recordings in respect of the Liens created pursuant hereto or the other Security Documents, (b) will not violate any
applicable law or regulation or the charter, by-laws or other organizational documents of any Obligor or any order of any Governmental
Authority, (c) will not violate or result in a default in any material respect under any indenture, agreement or other instrument
binding upon any Obligor or any of its assets, or give rise to a right thereunder to require any payment to be made by any such
Person, and (d) except for the Liens created pursuant hereto or the other Security Documents, will not result in the creation
or imposition of any Lien on any asset of any Obligor (other than Permitted Liens).


 


2.04          Title.
Such Obligor is the sole beneficial owner of the Collateral in which a security interest is granted by such Obligor hereunder
and no Lien exists upon such Collateral other than (a) the security interest created or provided for herein or the other
Security Documents , which security interest constitutes a valid first and prior perfected Lien (subject to Eligible Liens) on
the Collateral included in the Borrowing Base and (subject to Permitted Liens) on all other Collateral (except that any such security
interest in a Special Equity Interest may be subject to a Lien in favor of a creditor of the issuer of such Special Equity Interest
as contemplated by the definition of such term in Section 1.02) and (b) other Liens not prohibited by the provisions
of any Debt Document.


 


2.05          Names,
Etc. As of the date hereof, the full and correct legal name, type of organization, jurisdiction of organization, organizational
ID number (if applicable) and place of business (or, if more than one, chief executive office) of each Obligor as of the date
hereof are correctly set forth in Annex 2.05 (and of each additional Obligor as of the date of the Guarantee Assumption Agreement
referred to below are set forth in the supplement to Annex 2.05 in Appendix A to the Guarantee Assumption Agreement executed
and delivered by such Obligor pursuant to Section 7.05).


 


2.06          Changes
in Circumstances. No Obligor has (a) within the period of four months prior to the date hereof (or, in the case of any
Subsidiary Guarantor, within the period of four months prior to the date it becomes a party hereto pursuant to a Guarantee Assumption
Agreement), changed its location (as defined in Section 9-307 of the NYUCC), (b) as of the date hereof (or, with respect
to any Subsidiary Guarantor, as of the date it becomes a party hereto pursuant to a Guarantee Assumption Agreement), changed its
name or (c) as of the date hereof (or, with respect to any Subsidiary Guarantor, as of the date it becomes a party hereto
pursuant to a Guarantee Assumption Agreement), become a “new debtor” (as defined in Section 9-102(a)(56) of the
NYUCC) with respect to a currently effective security agreement previously entered into by any other Person and binding upon such
Obligor, in each case except as notified in writing to the Collateral Agent prior to the date hereof (or, in the case of any Subsidiary
Guarantor, prior to the date it becomes a party hereto pursuant to a Guarantee Assumption Agreement).


 



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2.07          Pledged
Equity Interests. (i) Annex 2.07 sets forth a complete and correct list of all Pledged Equity Interests owned
by any Obligor on the date hereof (or owned by a Subsidiary Guarantor on the date it becomes a party hereto pursuant to a Guarantee
Assumption Agreement) and on the date hereof or thereof such Pledged Equity Interests constitute the percentage of issued and
outstanding shares of stock, percentage of membership interests, percentage of partnership interests or percentage of beneficial
interest of the respective issuers thereof indicated on Annex 2.07; (ii) on the date hereof or thereof the Obligors
listed on Annex 2.07 are the record and beneficial owners of the Pledged Equity Interests free of all Liens, rights
or claims of other Persons and there are no outstanding warrants, options or other rights to purchase, or shareholder, voting
trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the issuance or
sale of, any Pledged Equity Interests; and (iii) no consent of any Person including any other general or limited partner,
any other member of a limited liability company, any other shareholder or any other trust beneficiary is necessary in connection
with the creation, perfection or first priority (subject to Eligible Liens on the Collateral included in the Borrowing Base and
subject to Permitted Liens on all other Collateral) status of the security interest of the Collateral Agent in any Pledged Equity
Interests or the exercise by the Collateral Agent of the voting or other rights provided for in this Agreement or the exercise
of remedies in respect thereof.


 


2.08          Promissory
Notes. Annex 2.08 sets forth a complete and correct list of all Promissory Notes (other than any previously Delivered
to the Custodian or held in a Securities Account referred to in Annex 2.09) held by any Obligor on the date hereof
(or held by a Subsidiary Guarantor on the date it becomes a party hereto pursuant to a Guarantee Assumption Agreement) that are
either included in the Borrowing Base or have an aggregate unpaid principal amount in excess of $75,000.


 


2.09          Deposit
Accounts and Securities Accounts. Annex 2.09 sets forth a complete and correct list of all Deposit Accounts, Securities
Accounts and Commodity Accounts of the Obligors on the date hereof (and of any Subsidiary Guarantor on the date it becomes a party
hereto pursuant to a Guarantee Assumption Agreement).


 


2.10          Commercial
Tort Claims. Annex 2.10 sets forth a complete and correct list of all Commercial Tort Claims of the Obligors
on the date hereof (and of any Subsidiary Guarantor on the date it becomes a party hereto pursuant to a Guarantee Assumption Agreement).


 


2.11          Intellectual
Property and Licenses.


 


(a)          Annex 2.11
sets forth a true and complete list on the date hereof (or on the date a Subsidiary Guarantor becomes a party hereto pursuant
to a Guarantee Assumption Agreement) of (i) all United States, state and foreign registrations of and applications for Patents,
Trademarks, and Copyrights owned by each Obligor and (ii) all Patent Licenses, Trademark Licenses, Trade Secret Licenses
and Copyright Licenses material to the business of such Obligor;


 


(b)          on
the date hereof or thereof each Obligor is the sole and exclusive owner of the entire right, title, and interest in and to all
Intellectual Property listed on Annex 2.11, and to each Obligor’s knowledge, owns or has as of the date hereof
or thereof the valid right to use all other Intellectual Property used in or necessary to conduct its business, free and clear
of all Liens, claims, encumbrances and licenses, except for Permitted Liens and the licenses set forth on Annex 2.11;


 



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(c)            to
each Obligor’s knowledge, on the date hereof or thereof all Intellectual Property owned by the Obligors is subsisting and
has not been adjudged invalid or unenforceable, in whole or in part, and as of the date hereof or thereof each Obligor has performed
all acts and has paid all renewal, maintenance, and other fees and taxes required to maintain each and every registration and
application of Copyrights, Patents and Trademarks in full force and effect;


 


(d)          to
each Obligor’s knowledge, on the date hereof or thereof all Intellectual Property set forth in Annex 2.11 is
valid and enforceable; no holding, decision, or judgment has been rendered against any Obligor in any action or proceeding before
any court or administrative authority challenging the validity of, any Obligor’s right to register, or any Obligor’s
rights to own or use, any Intellectual Property and no such action or proceeding is pending or, to each Obligor’s knowledge,
threatened;


 


(e)          on
the date hereof or thereof all registrations and applications for Copyrights, Patents and Trademarks owned by the Obligors are
standing in the name of an Obligor, and none of the Trademarks, Patents, Copyrights or Trade Secrets owned by the Obligors has
been licensed by any Obligor to any Affiliate or third party, except as disclosed in Annex 2.11;


 


(f)          as
of the date hereof or thereof each Obligor has been using appropriate statutory notice of registration in connection with its
use of registered Trademarks, proper marking practices in connection with the use of Patents, and appropriate notice of copyright
in connection with the publication of Copyrights, in each case if material to the business of such Obligor;


 


(g)          as
of the date hereof or thereof each Obligor uses adequate standards of quality in the manufacture, distribution, and sale of all
products sold and in the provision of all services rendered under or in connection with all Trademarks owned by or licensed to
such Obligor and has taken all action reasonably necessary to ensure that all licensees of such Trademarks use such adequate standards
of quality;


 


(h)          to
each Obligor’s knowledge, as of the date hereof or thereof the conduct of each Obligor’s business does not infringe
upon or otherwise violate any trademark, patent, copyright, trade secret or other intellectual property right owned or controlled
by a third party, and no claim has been made, in writing, that the use of any Intellectual Property owned or used by any Obligor
(or any of its respective licensees) violates the asserted rights of any third party;


 


(i)          to
each Obligor’s knowledge, as of the date hereof or thereof no third party is infringing upon or otherwise violating any
rights in any Intellectual Property owned or used by such Obligor, or any of its respective licensees;


 



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(j)          as
of the date hereof or thereof, no settlement or consents, covenants not to sue, nonassertion assurances, or releases have been
entered into by any Obligor or to which any Obligor is bound that adversely affect any Obligor’s rights to own or use any
Intellectual Property; and


 


(k)          as
of the date hereof or thereof, no Obligor has made a previous assignment, sale, transfer or agreement constituting a present or
future assignment, sale, transfer or agreement of any Intellectual Property that has not been terminated or released, and there
is no effective financing statement or other document or instrument now executed, or on file or recorded in any public office,
granting a security interest in or otherwise encumbering any part of the Intellectual Property, other than in favor of the Collateral
Agent.


 


Section
3.          Guarantee.


 


3.01          The
Guarantee. The Subsidiary Guarantors hereby jointly and severally guarantee to the Collateral Agent for the benefit of each
of the Secured Parties and their respective successors and assigns the prompt payment in full when due (whether at stated maturity,
by acceleration or otherwise) of the Guaranteed Obligations. The Subsidiary Guarantors hereby further jointly and severally agree
that if the Borrower shall fail to pay in full when due (whether at stated or extended maturity, by acceleration or otherwise)
any of the Guaranteed Obligations, the Subsidiary Guarantors will jointly and severally pay the same without any demand or notice
whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same
will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms
of such extension or renewal.


 


3.02          Obligations
Unconditional. The obligations of the Subsidiary Guarantors under Section 3.01 are irrevocable, absolute and unconditional,
joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Borrower
under this Agreement, the other Debt Documents or any other agreement or instrument referred to herein or therein, or any substitution,
release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted
by applicable law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge
or defense of a surety or guarantor (other than the satisfaction in full of the Guaranteed Obligations), it being the intent of
this Section 3 that the obligations of the Subsidiary Guarantors hereunder shall be absolute and unconditional under any
and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of
the following shall not alter or impair the liability of the Subsidiary Guarantors hereunder, which shall remain absolute and
unconditional as described above:


 


(a)          at
any time or from time to time, without notice to the Subsidiary Guarantors, the time for any performance of or compliance with
any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;


 






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(b)          any
of the acts mentioned in any of the provisions of this Agreement, the other Debt Documents or any other agreement or instrument
referred to herein or therein shall be done or omitted;


 


(c)          the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be modified, supplemented
or amended in any respect, or any right under this Agreement, the other Debt Documents or any other agreement or instrument referred
to herein or therein shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall
be released or exchanged in whole or in part or otherwise dealt with; or


 


(d)          any
lien or security interest granted to, or in favor of, any Secured Party as security for any of the Guaranteed Obligations shall
fail to be perfected.


 


The
Subsidiary Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever (except
as expressly required by this Agreement or any other Debt Document), and any requirement that any Secured Party exhaust any right,
power or remedy or proceed against the Borrower under this Agreement, the other Debt Documents or any other agreement or instrument
referred to herein or therein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed
Obligations.


 


3.03          Reinstatement.
The obligations of the Subsidiary Guarantors under this Section 3 shall be automatically reinstated if and to the extent
that for any reason any payment by or on behalf of the Borrower in respect of the Guaranteed Obligations is rescinded or must
be otherwise restored by any holder of any of the Guaranteed Obligations and such holder of a Guaranteed Obligation has returned
to the Borrower or its designee any such rescinded payment, whether as a result of any proceedings in bankruptcy or reorganization
or otherwise, and the Subsidiary Guarantors jointly and severally agree that they will indemnify the Secured Parties on demand
for all reasonable and documented out-of-pocket costs and expenses (including reasonable and documented fees and other charges
of a single firm of counsel (but excluding the allocated costs of internal counsel)) incurred by the Secured Parties in connection
with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that
such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law.


 


3.04          Subrogation.
The Subsidiary Guarantors hereby jointly and severally agree that until the payment and satisfaction in full in cash of all Guaranteed
Obligations (other than unasserted, contingent obligations), and the expiration and termination of all letters of credit or commitments
to extend credit under all Debt Documents, they shall not exercise any right or remedy arising by reason of any performance by
them of their guarantee in Section 3.01, whether by subrogation or otherwise, against the Borrower or any other guarantor
of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.


 



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3.05          Remedies.
The Subsidiary Guarantors jointly and severally agree that, as between the Subsidiary Guarantors and the Secured Parties, a Guaranteed
Obligation may be declared to be forthwith due and payable as provided in the respective Debt Document therefor including, in
the case of the Revolving Credit Facility, the provisions specifying the existence of an event of default (and shall be deemed
to have become automatically due and payable in the circumstances provided therein including, in the case of the Revolving Credit
Facility, such provisions) for purposes of Section 3.01 notwithstanding any stay, injunction or other prohibition preventing
such declaration (or such obligations from becoming automatically due and payable) as against the Borrower or any Subsidiary Guarantors
and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such
obligations (whether or not due and payable by the Borrower) shall forthwith become due and payable by the Subsidiary Guarantors
for purposes of Section 3.01.


 


3.06          Continuing
Guarantee. The guarantee in this Section 3 is a continuing guarantee of payment (and not of collection), and shall apply
to all Guaranteed Obligations whenever arising.


 


3.07          Instrument
for the Payment of Money. Each Subsidiary Guarantor hereby acknowledges that the guarantee in this Section 3 constitutes
an instrument for the payment of money, and consents and agrees that any Secured Party, at its sole option, in the event of a
dispute by such Subsidiary Guarantor in the payment of any moneys due hereunder, shall (to the extent permitted under applicable
law) have the right to bring motion action under New York CPLR Section 3213.


 


3.08          Rights
of Contribution. The Obligors hereby agree, as between themselves, that if any Subsidiary Guarantor shall become an Excess
Funding Guarantor (as defined below) by reason of the payment by such Subsidiary Guarantor of any Guaranteed Obligations, then
each other Subsidiary Guarantor shall, on demand of such Excess Funding Guarantor (but subject to the next sentence), pay to such
Excess Funding Guarantor an amount equal to such Subsidiary Guarantor’s Pro Rata Share (as defined below and determined,
for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor) of the Excess Payment
(as defined below) in respect of such Guaranteed Obligations. The payment obligation of a Subsidiary Guarantor to any Excess Funding
Guarantor under this Section 3.08 shall be subordinate and subject in right of payment to the prior payment in full of the
obligations of such Subsidiary Guarantor under the other provisions of this Section 3 and such Excess Funding Guarantor shall
not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such obligations.


 






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For
purposes of this Section 3.08, (i) ”Excess Funding Guarantor” means, in respect of any Guaranteed
Obligations, a Subsidiary Guarantor that has paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations, (ii) ”Excess
Payment” means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of
its Pro Rata Share of such Guaranteed Obligations and (iii) ”Pro Rata Share” means, for any Subsidiary
Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the aggregate fair saleable value of all properties
of such Subsidiary Guarantor (excluding any shares of stock or other equity interest of any other Subsidiary Guarantor) exceeds
the amount of all the debts and liabilities of such Subsidiary Guarantor (including contingent, subordinated, unmatured and unliquidated
liabilities, but excluding the obligations of such Subsidiary Guarantor hereunder and any obligations of any other Subsidiary
Guarantor that have been Guaranteed by such Subsidiary Guarantor) to (y) the amount by which the aggregate fair saleable
value of all properties of the Borrower and all of the Subsidiary Guarantors exceeds the amount of all the debts and liabilities
(including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Obligors hereunder)
of the Borrower and all of the Subsidiary Guarantors, determined (A) with respect to any Subsidiary Guarantor that is a party
hereto on the date hereof, as of the date hereof, and (B) with respect to any other Subsidiary Guarantor, as of the date
such Subsidiary Guarantor becomes a Subsidiary Guarantor hereunder.


 


3.09          General
Limitation on Guarantee Obligations. In any action or proceeding involving any state corporate or other law, or any Federal
or state bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of
any Subsidiary Guarantor under Section 3.01 would otherwise, taking into account the provisions of Section 3.08, be
held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the
amount of its liability under Section 3.01, then, notwithstanding any other provision hereof to the contrary, the amount
of such liability shall, without any further action by such Subsidiary Guarantor, any Secured Party or any other Person, be automatically
limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors
as determined in such action or proceeding.


 


3.10          Indemnity
by Borrower. In addition to all such rights of indemnity and subrogation as the Subsidiary Guarantors may have under applicable
law (but subject to Section 3.04), the Borrower agrees that (a) in the event a payment shall be made by any Subsidiary
Guarantor under this Agreement, the Borrower shall indemnify such Subsidiary Guarantor for the full amount of such payment and
such Subsidiary Guarantor shall be subrogated to the rights of the Person to whom such payment shall have been made to the extent
of such payment and (b) in the event any assets of any Subsidiary Guarantor shall be sold pursuant to this Agreement or any
other Security Document to satisfy in whole or in part the Guaranteed Obligations, the Borrower shall indemnify such Subsidiary
Guarantor in an amount equal to the fair market value of the assets so sold.


 


3.11          Keepwell.


 


Each
Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds
or other support as may be needed from time to time by each other Obligor to honor all of its obligations under the guarantee
contained in this Section 3 in respect of Swap Obligations (provided, however that each Qualified ECP Guarantor shall only be
liable under this Section 3.11 for the maximum amount of such liability that can be incurred without rendering its obligations
under this Section 3.11, or otherwise under the guarantee contained in this Section 3, as it relates to such other Obligor, voidable
under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations
of each Qualified ECP Guarantor under this Section shall remain in full force and effect until payment in full of all the Secured
Obligations (other than in respect of indemnities and contingent Obligations not then due and payable). Each Qualified ECP Guarantor
intends that this Section 3.11 constitute, and this Section 3.11 shall be deemed to constitute, a “keepwell, support, or
other agreement” for the benefit of each other Obligor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act.


 






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Section
4.          Collateral. As collateral security for the payment in full
when due (whether at stated maturity, by acceleration or otherwise) of its Secured Obligations, each Obligor hereby pledges and
grants to the Collateral Agent for the benefit of the Secured Parties as hereinafter provided a security interest in all of such
Obligor’s right, title and interest in, to and under all of the following property and assets, in each case whether tangible
or intangible, wherever located, and whether now owned by such Obligor or hereafter acquired and whether now existing or hereafter
coming into existence (all of the property described in this Section 4, other than the property excluded pursuant to the
proviso to this Section 4, being collectively referred to herein as “Collateral”):


 


(a)          all
Accounts, all Chattel Paper, all Deposit Accounts, all Documents, all General Intangibles (including all Intellectual Property),
all Instruments (including all Promissory Notes), all Portfolio Investments, all Pledged Debt, all Pledged Equity Interests, all
Investment Property not covered by the foregoing (including all Securities, all Securities Accounts and all Security Entitlements
with respect thereto and Financial Assets carried therein, and all Commodity Accounts and Commodity Contracts), all letters of
credit and Letter-of-Credit Rights, all Money and all Goods (including Inventory and Equipment), and all Commercial Tort Claims;


 


(b)          to
the extent related to any Collateral, all Supporting Obligations;


 


(c)          to
the extent related to any Collateral, all books, correspondence, credit files, records, invoices and other papers (including all
tapes, cards, computer runs and other papers and documents in the possession or under the control of such Obligor or any computer
bureau or service company from time to time acting for such Obligor); and


 


(d)          all
Proceeds of any of the foregoing Collateral.


 






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PROVIDED,
HOWEVER, that in no event shall the security interest granted under this Section 4 attach to (and there shall be excluded
from the definition of “Collateral”) (A) any contract, property rights, obligation, instrument or agreement to
which an Obligor is a party (or to any of its rights or interests thereunder) if the grant of such security interest would constitute
or result in either (i) the abandonment, invalidation or unenforceability of any right, title or interest of such Obligor
therein, (ii) a breach or termination pursuant to the terms of, or a default under, any such contract, property rights, obligation,
instrument or agreement (other than to the extent that any such terms would be rendered ineffective by Section 9-406, 9-407,
9-408 or 9-409 of the Uniform Commercial Code as in effect in the relevant jurisdiction, or (iii) any assets with respect to which
applicable law prohibits the creation or perfection of such security interests therein (other than to the extent that any such
prohibition is rendered ineffective by Section 9-406, 9-407, 9-408 or 9-409 of the Uniform Commercial Code as in effect in the
relevant jurisdiction), or (B) any Excluded Assets, and notwithstanding anything to the contrary provided in this Agreement,
the term “Collateral” shall not include, and the Obligors shall not be deemed to have granted a security interest
in, any Excluded Assets and (2) the Obligors, may by notice to the Collateral Agent, exclude from the grant of a security interest
provided above in this Section 4 (and exclude from the definition of “Collateral”), any Special Equity Interests designated
by the Borrower in reasonable detail to the Collateral Agent in such notice (it being understood that the Borrower may at any
later time rescind any such designation by similar notice to the Collateral Agent).


 


Section
5.          Certain Agreements Among Secured Parties.


 


5.01          Priorities;
Additional Collateral.


 


(a)          Pari
Passu Status of Obligations. Each Secured Party by acceptance of the benefits of this Agreement and the other Security Documents
agrees that their respective interests in the Security Documents and the Collateral shall rank pari passu and that the
Secured Obligations shall be equally and ratably secured by the Security Documents subject to the terms hereof and the priority
of payment established in Section 8.06.


 


(b)          Sharing
of Guaranties and Liens. Each Secured Party by acceptance of the benefits of this Agreement and the other Security Documents
agrees that (i) such Secured Party will not accept from any Subsidiary of the Borrower any guarantee of any of the Guaranteed
Obligations unless such guarantor simultaneously guarantees the payment of all of the Guaranteed Obligations owed to all Secured
Parties and (ii) such Secured Party will not hold, take, accept or obtain any Lien upon any assets of any Obligor or any
Subsidiary of the Borrower to secure the payment and performance of the Secured Obligations except and to the extent that such
Lien is in favor of the Collateral Agent pursuant to this Agreement or another Security Document to which the Collateral Agent
is a party for the benefit of all of the Secured Parties as provided herein.


 


Anything
in this Section, or any other provision of this Agreement, to the contrary notwithstanding, this Agreement shall be inapplicable
to any debtor-in-possession financing that may be provided by any Secured Party to the Borrower or any of its Subsidiaries in
any Federal or state bankruptcy or insolvency proceeding, and no consent or approval of any other Secured Party shall be required
as a condition to the provision by any Secured Party of any such financing, and no other Secured Party shall be entitled to share
in any Lien upon any Collateral granted to any Secured Party to secure repayment of such debtor-in-possession financing; provided,
that no Secured Party shall be barred from objecting to any such financing on the basis of adequate protection or any other grounds.


 






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5.02          Turnover
of Collateral. If a Secured Party acquires custody, control or possession of any Collateral or the Proceeds therefrom, other
than pursuant to the terms of this Agreement or on account of any payment that is not expressly prohibited hereby, such Secured
Party shall promptly (but in any event within five Business Days) cause such Collateral or Proceeds to be Delivered in accordance
with the provisions of this Agreement. Until such time as such Secured Party shall have complied with the provisions of the immediately
preceding sentence, such Secured Party shall be deemed to hold such Collateral and Proceeds in trust for the benefit of the Collateral
Agent.


 


5.03          Cooperation
of Secured Parties. Each Secured Party will cooperate with the Collateral Agent and with each other Secured Party in the enforcement
of the Liens upon the Collateral and otherwise in order to accomplish the purposes of this Agreement and the Security Documents.


 


5.04          Limitation
upon Certain Independent Actions by Secured Parties. No Secured Party shall have any right to institute any action or proceeding
to enforce any term or provision of the Security Documents or to enforce any of its rights in respect of the Collateral or to
exercise any other remedy pursuant to the Security Documents or at law or in equity, for the purpose of realizing on the Collateral,
or by reason of jeopardy of any Collateral, or for the execution of any trust or power hereunder (collectively, the “Specified
Actions”), unless the Required Secured Parties have delivered written instructions to the Collateral Agent and the Collateral
Agent shall have failed to act in accordance with such instructions within 30 days thereafter. In such case but not otherwise,
the Required Secured Parties may appoint one Person to act on behalf of the Secured Parties solely to take any of the Specified
Actions (the “Appointed Party”), and, upon the acceptance of its appointment as Appointed Party, the Appointed
Party shall be entitled to commence proceedings in any court of competent jurisdiction or to take any other Specified Actions
as the Collateral Agent might have taken pursuant to this Agreement or the Security Documents (in accordance with the directions
of the Required Secured Parties). The Obligors acknowledge and agree that should the Appointed Party act in accordance with this
provision, such Appointed Party will have all the rights, remedies, benefits and powers as are granted to the Collateral Agent
pursuant hereto or pursuant to any Security Documents.


 


5.05          No
Challenges. In no event shall any Secured Party take any action to challenge, contest or dispute the validity, extent, enforceability,
or priority of the Collateral Agent’s Liens hereunder or under any other Security Document with respect to any of the Collateral,
or that would have the effect of invalidating any such Lien or support any Person who takes any such action. Each of the Secured
Parties agrees that it will not take any action to challenge, contest or dispute the validity, enforceability or secured status
of any other Secured Party’s claims against any Obligor (other than any such claim resulting from a breach of this Agreement
by a Secured Party, or any challenge, contest or dispute alleging arithmetical error in the determination of a claim), or that
would have the effect of invalidating any such claim, or support any Person who takes any such action.


 






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5.06          Rights
of Secured Parties as to Secured Obligations. Notwithstanding any other provision of this Agreement, the right of each Secured
Party to receive payment of the Secured Obligations held by such Secured Party when due (whether at the stated maturity thereof,
by acceleration or otherwise) as expressed in any instrument evidencing or agreement governing such Secured Obligations, or to
institute suit for the enforcement of such payment on or after such due date, and the obligation of the Obligors to pay their
respective Secured Obligations when due, shall not be impaired or affected without the consent of such Secured Party given in
accordance with the Debt Documents to which such Secured Party is a party or its Secured Obligations are bound; provided
that, notwithstanding the foregoing, each Secured Party agrees that it will not attempt to exercise remedies with respect to any
Collateral except as provided in this Agreement.


 


Section
6.          Designation of Designated Indebtedness; Recordkeeping, Etc.


 


6.01          Designation
of Other Indebtedness. The Borrower may at any time designate as “Designated Indebtedness” hereunder
any Indebtedness intended by the Borrower to be secured that satisfies at the time of incurrence the terms and conditions of the
definition of “Secured Longer-Term Indebtedness” in the Revolving Credit Facility and the other provisions of the Revolving
Credit Facility (as long as the Credit Agreement Obligations are outstanding (other than unasserted contingent obligations)), such
designation to be effected by delivery to the Collateral Agent of a notice substantially in the form of Exhibit A or in such other
form approved by the Collateral Agent (a “Notice of Designation”), which notice shall identify such Indebtedness, provide
that such Indebtedness, be designated as “Designated Indebtedness” hereunder and be accompanied by a certificate of
a Financial Officer delivered to the Revolving Administrative Agent, each Financing Agent, each Designated Indebtedness Holder
party hereto and the Collateral Agent:


 


(a)          certifying
that such Indebtedness satisfies the conditions of this Section, and that after giving effect to such designation and the incurrence
of such Designated Indebtedness, no Default or Event of Default shall have occurred and be continuing;


 


(b)          attaching
(and certifying as true and complete) copies of the material Designated Indebtedness Documents for such Designated Indebtedness
(including all schedules and exhibits, and all amendments or supplements, thereto); and


 


(c)          identifying
the Financing Agent, if any, for such Designated Indebtedness (or, if there is no Financing Agent for such Designated Indebtedness,
identifying each holder of such Designated Indebtedness).


 






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No
such designation shall be effective unless and until the Borrower and such Financing Agent (or, if there is no Financing Agent,
each holder of such Designated Indebtedness) shall have executed and delivered to the Collateral Agent (x) a joinder substantially
in the form attached hereto as Exhibit E or (y) an agreement in form and substance reasonably satisfactory to the Collateral
Agent, appropriately completed and duly executed and delivered by each party thereto, pursuant to which such Financing Agent (or,
if there is no Financing Agent, such holder) shall have become a party hereto and assumed the obligations of a Financing Agent
(or holder) hereunder, as applicable.


 


6.02          Recordkeeping.
The Collateral Agent will maintain books and records necessary to enable it to determine at any time all transactions under this
Agreement which have occurred on or prior to such time. Each Obligor agrees that such books and records maintained in good faith
by the Collateral Agent shall be conclusive as to the matters contained therein absent manifest error. Each Obligor shall have
the right to inspect such books and records at any time upon reasonable prior notice.


 


6.03          Further
Assurances. The Collateral Agent, each Financing Agent and each holder of Designated Indebtedness party hereto agrees (at
the expense of the Borrower) promptly (i) to take such actions and cause or permit the Custodian to take such actions, (ii) to
execute and deliver such agreements, instruments and documents and (iii) to negotiate in good faith any amendments or waivers
of Debt Documents, in each case as shall be necessary or reasonably requested by the Borrower to permit the Borrower to effectuate
the incurrence and designation hereunder of Secured Longer-Term Indebtedness as “Designated Indebtedness”.


 








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Section
7.          Covenants of the Obligors. In furtherance of the grant of
the security interest pursuant to Section 4, each Obligor hereby agrees with the Collateral Agent for the benefit of the
Secured Parties as follows:


 

7.01          Delivery
and Other Perfection. 


 


(a)          With
respect to any Portfolio Investment or other Collateral as to which physical possession by the Collateral Agent or the Custodian
is required in order for such Portfolio Investment or Collateral to have been “Delivered”, such Obligor shall take
such actions as shall be necessary to effect Delivery thereof within (60) days after the acquisition thereof by an Obligor with
respect to any such Portfolio Investment or Collateral acquired after the Effective Date. Notwithstanding anything to the contrary
contained herein, if any instrument, promissory note, agreement, document or certificate held by the Custodian is destroyed or
lost not as a result of any action of the Borrower, then then the Borrower shall have up to 20 Business Days from the date when
the Borrower has knowledge of such loss or destruction to obtain from the underlying borrower, and deliver to the Custodian, a
replacement instrument, promissory note, agreement, document or certificate. As to all other Collateral, such Obligor shall cause
the same to be Delivered within five (5) Business Days of the acquisition thereof, provided that Delivery shall not be
required with respect to (1) accounts of the type described in clauses (A) – (F) of Section 7.06 to
the extent set forth therein, and (2) immaterial assets so long as (x) such assets are not included in the Borrowing
Base, (y) the Collateral Agent has a perfected first priority lien (subject to Eligible Liens) on such assets and no other
Person exercises NYUCC Control over such assets and such assets have not been otherwise “Delivered” to any other Person,
and (z) the aggregate value of such assets described in this Section 7.01(a)(2) does not at any time exceed $75,000;
and provided further that the proviso to clause (h) of the definition of “Delivery” does not apply
to any participation in a loan held by an Obligor pursuant only to a customary participation agreement (it being understood that
under no circumstances will participations in a loan be included as an Eligible Portfolio Investment, as defined in the Revolving
Credit Facility, whether or not such clause (h) has been complied with). In addition, and without limiting the generality
of the foregoing (but subject to the limitations therein), each Obligor shall promptly from time to time give, execute, deliver,
file, record, authorize or obtain all such financing statements, continuation statements, notices, instruments, documents, account
control agreements or any other agreements or consents or other papers as may be necessary in the reasonable judgment of the Collateral
Agent to create, preserve, perfect, maintain the perfection of or validate the security interest granted pursuant hereto or to
enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such security interest, and without limiting
the foregoing, shall:


 


(i)          keep
full and accurate books and records relating to the Collateral in all material respects; and


 


(ii)          permit
representatives of the Collateral Agent, upon reasonable prior notice, all at such reasonable times during normal business hours,
to inspect and make abstracts from its books and records pertaining to the Collateral, and permit representatives of the Collateral
Agent to be present at such Obligor’s place of business to receive copies of communications and remittances relating to
the Collateral, and forward copies of any notices or communications received by such Obligor with respect to the Collateral, all
in such manner as the Collateral Agent may reasonably require; provided that each such Obligor shall be entitled to have
its representatives and advisors present during any inspection of its books and records at such Obligor’s place of business
and the Collateral Agent shall not conduct more than one such inspection and visit in any calendar year unless an Event of
Default has occurred and is continuing at the time of any subsequent inspections during such calendar year; provided, that,
between the inspections under Section 5.06(a) of the Revolving Credit Facility and the inspections under this Section 7.01(a)(ii),
there shall be not more than one inspection and visit to the offices of FSIC II Investment Advisor, LLC in any calendar year,
and one inspection and visit to the office of the Custodian in any calendar year, in each case unless an Event of Default has
occurred and is continuing at the time of any subsequent inspections during such calendar year.


 






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(b)          Unless
released from the Collateral pursuant to Section 10.03(e) or (f), once any Portfolio Investment has been Delivered, the Obligors
shall not take or permit any action that would result in such Portfolio Investment no longer being Delivered hereunder and shall
promptly from time to time give, execute, deliver, file, record, authorize or obtain all such financing statements, continuation
statements, notices, instruments, documents, account control agreements or any other agreements or consents or other papers as
may be necessary in the reasonable judgment of the Collateral Agent to continue the Delivered status of any Collateral. Without
limiting the generality of the foregoing, the Obligors shall not terminate any arrangement with the Custodian unless and until
a successor Custodian reasonably satisfactory to the Collateral Agent has been appointed and has executed all documentation necessary
to continue the Delivered status of the Collateral, which documentation shall be in form and substance reasonably satisfactory
to the Collateral Agent.


 


7.02          Name;
Jurisdiction of Organization, Etc. Each Obligor agrees that (a) without providing at least thirty (30) days prior
written notice to the Collateral Agent (or such shorter period as may be approved by the Collateral Agent in its sole
discretion), such Obligor will not change its name, its place of business or, if more than one, chief executive office, or
its mailing address or organizational identification number if it has one, (b) if such Obligor does not have an
organizational identification number and later obtains one, such Obligor will forthwith notify the Collateral Agent of such
organizational identification number, and (c) such Obligor will not change its type of organization, jurisdiction of
organization or other legal structure unless such change is specifically permitted hereby or by the Revolving Credit Facility
(as long as any of the Credit Agreement Obligations are outstanding (other than unasserted contingent obligations)) and such
Obligor provides the Collateral Agent with at least thirty (30) days prior written notice of such permitted change (or such
shorter period approved by the Collateral Agent).


 


7.03          Other
Liens, Financing Statements or Control. Except as otherwise permitted under the Revolving Credit Facility (as long as any
of the Credit Agreement Obligations are outstanding (other than unasserted contingent obligations)), and the applicable provisions
of each other Debt Document, the Obligors shall not (a) create or suffer to exist any Lien upon or with respect to any Collateral,
(b) file or suffer to be on file, or authorize or permit to be filed or to be on file, in any jurisdiction, any financing
statement or like instrument with respect to any of the Collateral in which the Collateral Agent is not named as the sole Collateral
Agent for the benefit of the Secured Parties, or (c) cause or permit any Person other than the Collateral Agent to have NYUCC
Control of any Deposit Account, Electronic Chattel Paper, Investment Property or Letter-of-Credit Right constituting part of the
Collateral.


 


7.04          Transfer
of Collateral. Except as otherwise permitted under the Revolving Credit Facility and the other Debt Documents, the Obligors
shall not sell, transfer, assign or otherwise dispose of any Collateral.


 






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7.05          Additional
Subsidiary Guarantors. As contemplated by the Revolving Credit Facility, new Subsidiaries of the Borrower formed or acquired
by the Borrower after the date hereof (other than a Financing Subsidiary, a CFC, a Transparent Subsidiary or a Tax Blocker Subsidiary),
existing Subsidiaries of the Borrower that after the date hereof cease to constitute Financing Subsidiaries, CFCs, Transparent
Subsidiaries or Tax Blocker Subsidiaries under the Revolving Credit Facility, and any other Person that otherwise becomes a Subsidiary
(other than a Financing Subsidiary, a CFC, a Transparent Subsidiary or a Tax Blocker Subsidiary) within the meaning of the definition
thereof, are required to become a “Subsidiary Guarantor” under this Agreement, by executing and delivering to the
Collateral Agent a Guarantee Assumption Agreement in the form of Exhibit B hereto. Accordingly, upon the execution
and delivery of any such Guarantee Assumption Agreement by any such Subsidiary, such Subsidiary shall automatically and immediately,
and without any further action on the part of any Person, become a “Subsidiary Guarantor” and an “Obligor”
for all purposes of this Agreement, and Annexes 2.05, 2.07, 2.08, 2.09, 2.10 and 2.11
hereto shall be deemed to be supplemented in the manner specified in such Guarantee Assumption Agreement. In addition, upon execution
and delivery of any such Guarantee Assumption Agreement, the new Subsidiary Guarantor makes the representations and warranties
set forth in Section 2 as of the date of such Guarantee Assumption Agreement and shall be permitted to update the Annexes
with respect to such Subsidiary.


 


7.06          Control
Agreements. No Obligor shall open or maintain any account with any bank, securities intermediary or commodities intermediary
(other than (A) any such accounts that are maintained by the Borrower in its capacity as “servicer” for a Financing
Subsidiary or any Agency Account, (B) any such accounts which hold solely money or financial assets of a Financing Subsidiary,
(C) any payroll account so long as such payroll account is coded as such, (D) withholding tax and fiduciary accounts
or any trust account maintained solely on behalf of a Portfolio Investment, (E) any account in which the aggregate value of deposits
therein, together with all other such accounts under this clause (E), does not at any time exceed $75,000, and (F) any account
which exclusively receives tax distributions from any Portfolio Investment (provided that all funds deposited in such account
are promptly remitted to pay taxes of such Obligor), provided that in the case of each of the foregoing clauses (A) through
(F), no other Person (other than the depository institution at which such account is maintained) shall have “control”
over such account (within the meaning of the Uniform Commercial Code) and such account shall not have been otherwise “Delivered”
to any other Person) unless such Obligor has notified the Collateral Agent of such account and the Collateral Agent has NYUCC
Control over such account pursuant to a control agreement in form and substance reasonably satisfactory to the Collateral Agent.


 


7.07          Revolving
Credit Facility. Each Subsidiary Guarantor agrees to perform, comply with and be bound by the covenants of each of the Revolving
Credit Facility (as long as any of the Credit Agreement Obligations are outstanding (other than unasserted contingent obligations))
(which provisions are incorporated herein by reference), applicable to such Subsidiary Guarantor as if each Subsidiary Guarantor
were a signatory to the Revolving Credit Facility.


 


7.08          Pledged
Equity Interests.


 


(a)          In
the event any Obligor acquires rights in any Pledged Equity Interest after the date hereof or any Excluded Equity Interest held
by any Obligor becomes a Pledged Equity Interest after the date hereof because it ceases to constitute an Excluded Equity Interest,
such Obligor shall deliver to the Collateral Agent a completed Pledge Supplement, together with all supplements to Annexes thereto,
reflecting such new Pledged Equity Interests. Notwithstanding the foregoing, it is understood and agreed that the security interest
of the Collateral Agent shall attach to all Pledged Equity Interests immediately upon any Obligor’s acquisition of rights
therein and shall not be affected by the failure of any Obligor to deliver a supplement to Annex 2.07 as required
hereby; and


 






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(b)          Without
the prior written consent of the Collateral Agent, no Obligor shall vote to enable or take any other action to: (a) amend
or (other than in connection with a liquidation permitted under Section 6.03 of the Revolving Credit Facility and under each other
Debt Document) terminate any partnership agreement, limited liability company agreement, certificate of incorporation, by-laws
or other organizational documents in any way that materially and adversely changes the rights of such Obligor with respect to
any Pledged Equity Interest in a manner inconsistent with the terms of this Agreement or any Debt Document or that adversely affects
the validity, perfection or priority of the Collateral Agent’s security interest or the ability of the Collateral Agent
to exercise its rights and remedies under this Agreement with respect to such Pledged Equity Interest, (b) other than as
permitted under the Revolving Credit Facility and each other Debt Document, permit any issuer of any Pledged Equity Interest to
dispose of all or a material portion of their assets, or (c) cause any issuer of any Pledged Equity Interests which are interests
in a partnership or limited liability company and which are not securities (for purposes of the NYUCC) on the date hereof to elect
or otherwise take any action to cause such Pledged Equity Interests to be treated as securities for purposes of the NYUCC; except
if such Obligor shall promptly notify the Collateral Agent in writing of any such election or action and, in such event, shall
take all steps necessary or advisable in the Collateral Agent’s reasonable discretion to establish the Collateral Agent’s
NYUCC Control thereof; and


 


(c)          Each
Obligor consents to the grant by each other Obligor of a security interest in all Pledged Equity Interests to the Collateral Agent
and, without limiting the foregoing, consents to the transfer of any Pledged Equity Interest to the Collateral Agent or its nominee
following the occurrence and during the continuation of an Event of Default and to the substitution of the Collateral Agent or
its nominee as a partner in any partnership or as a member in any limited liability company with all the rights and powers related
thereto.


 


7.09          Voting
Rights, Dividends, Etc. in Respect of Pledged Interests.


 


(a)          So
long as no Event of Default shall have occurred and be continuing:


 


(i)          each
Obligor may exercise any and all voting and other consensual rights pertaining to any Pledged Interests for any purpose not inconsistent
with the terms of this Agreement or any Debt Document; provided, however, that none of the Obligors will exercise
or refrain from exercising any such right, as the case may be, if such action (or inaction) could reasonably be expected to adversely
affect in any material respect the value, liquidity or marketability of any Collateral in a manner inconsistent with the terms
of this Agreement or any Debt Document or the creation, perfection and priority of the Collateral Agent’s Lien or the ability
of the Collateral Agent to exercise its rights and remedies under this Agreement with respect to such Pledged Interest;


 






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(ii)          each
of the Obligors may receive and retain any and all dividends, interest or other distributions paid in respect of the Pledged Interests
to the extent not prohibited by the Debt Documents; provided, however, that (except with respect to any Pledged
Debt that is also a Portfolio Investment) any and all (A) dividends and interest paid or payable other than in cash in respect
of, and Instruments and other property received, receivable or otherwise distributed in respect of or in exchange for, any Pledged
Interests, (B) dividends and other distributions paid or payable in cash in respect of any Pledged Interests in connection
with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in surplus,
and (C) cash paid, payable or otherwise distributed in redemption of, or in exchange for, any Pledged Interests, together
with any dividend, interest or other distribution or payment which at the time of such payment was not permitted by the Debt Documents,
shall constitute Collateral and remain subject to the Lien of the Collateral Agent, provided that the Obligors shall be
permitted to take any action with respect to the cash described in (B) and (C) not prohibited by the other Debt Documents;
and


 


(iii)          the
Collateral Agent will execute and deliver (or cause to be executed and delivered) to any Obligor all such proxies and other instruments
as such Obligor may reasonably request for the purpose of enabling such Obligor to exercise the voting and other rights which
it is entitled to exercise pursuant to Section 7.09(a)(i) hereof and to receive the dividends, interest and/or other
distributions which it is authorized to receive and retain pursuant to Section 7.09(a)(ii) hereof.


 


(b)          Upon
the occurrence and during the continuance of an Event of Default:


 


(i)          all
rights of each Obligor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant
to Section 7.09(a)(i) hereof, and to receive the dividends, distributions, interest and other payments that it would
otherwise be authorized to receive and retain pursuant to Section 7.09(a)(ii) hereof, shall cease, and all such rights
shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise such voting and other
consensual rights and to receive and hold as Pledged Interests such dividends, distributions and interest payments;


 


(ii)          the
Collateral Agent is authorized to notify each debtor with respect to the Pledged Debt or other Portfolio Investments to make payment
directly to the Collateral Agent (or its designee) and may collect any and all moneys due or to become due to any Obligor in respect
of the Pledged Debt or other Portfolio Investments, and each of the Obligors hereby authorizes each such debtor to make such payment
directly to the Collateral Agent (or its designee) without any duty of inquiry;


 






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(iii)          without
limiting the generality of the foregoing, the Collateral Agent may at its option exercise any and all rights of conversion, exchange,
subscription or any other rights, privileges or options pertaining to any of the Pledged Interests or any Portfolio Investments
as if it were the absolute owner thereof, including, without limitation, the right to exchange, in its discretion, any and all
of the Pledged Interests or any Portfolio Investments upon the merger, consolidation, reorganization, recapitalization or other
adjustment of any issuer thereof, or upon the exercise by any such issuer of any right, privilege or option pertaining to any
Pledged Interests or any Portfolio Investments, and, in connection therewith, to deposit and deliver any and all of the Pledged
Interests or any Portfolio Investments with any committee, depository, transfer agent, registrar or other designated agent upon
such terms and conditions as it may determine; and


 


(iv)          all
dividends, distributions, interest and other payments that are received by any of the Obligors contrary to the provisions of Section 7.09(b)(i) hereof
shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Obligors, and
shall be forthwith paid over to the Collateral Agent as Pledged Interests in the exact form received with any necessary indorsement
and/or appropriate stock powers duly executed in blank, to be held by the Collateral Agent as Pledged Interests and as further
collateral security for the Secured Obligations.


 


7.10          Commercial
Tort Claims. Each Obligor agrees that with respect to any Commercial Tort Claim in excess of $100,000 individually hereafter
arising it shall deliver to the Collateral Agent a completed Pledge Supplement, together with all supplements to Annexes thereto,
identifying such new Commercial Tort Claims.


 


7.11          Intellectual
Property. Each Obligor hereby covenants and agrees as follows:


 


(a)          it
shall not do any act or omit to do any act whereby any of the Intellectual Property which such Obligor determines in its reasonable
business judgment is material to the business of such Obligor may lapse, or become abandoned, dedicated to the public, or unenforceable,
or which would adversely affect the validity, grant, or enforceability of the security interest granted therein;


 


(b)          it
shall not, with respect to any Trademarks which such Obligor determines in its reasonable business judgment are material to the
business of such Obligor, cease the use of any of such Trademarks or fail to maintain the level of the quality of products sold
and services rendered under any such Trademark at a level which such Obligor determines in its reasonable business judgment to
be appropriate to maintain the value of such Trademarks, and each Obligor shall take all steps reasonably necessary to ensure
that licensees of such Trademarks use such consistent standards of quality;


 






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(c)          it
shall promptly notify the Collateral Agent if it knows or has reason to know that any item of the Intellectual Property that in
its reasonable business judgment is material to the business of any Obligor may become (a) abandoned or dedicated to the
public or placed in the public domain, (b) invalid or unenforceable, or (c) subject to any material adverse determination
or development (including the institution of proceedings) in any action or proceeding in the United States Patent and Trademark
Office, the United States Copyright Office, any state registry, any foreign counterpart of the foregoing, or any court, other
than in the ordinary course of prosecuting and/or maintaining the applications or registrations of such Intellectual Property;


 


(d)          it
shall take all reasonable steps in the United States Patent and Trademark Office, the United States Copyright Office, any state
registry or any foreign counterpart of the foregoing, to pursue any application and maintain any registration of each Trademark,
Patent, and Copyright owned by any Obligor that such Obligor determines in its reasonable business judgment is material to its
business which is now or shall become included in the Intellectual Property Collateral;


 


(e)          in
the event that it has knowledge that any Intellectual Property owned by or exclusively licensed to any Obligor is infringed, misappropriated,
or diluted by a third party, such Obligor shall, except as it determines otherwise in its reasonable business judgment, promptly
take all reasonable actions to stop such infringement, misappropriation, or dilution and protect its rights in such Intellectual
Property including, but not limited to, the initiation of a suit for injunctive relief and to recover damages;


 


(f)          it
shall promptly (but in no event more than thirty (30) days after any Obligor obtains knowledge thereof) report to the Collateral
Agent (i) the filing by or on behalf of such Obligor of any application to register any Intellectual Property with the United
States Patent and Trademark Office, the United States Copyright Office, or any state registry or foreign counterpart of the foregoing
and (ii) the registration of any Intellectual Property owned by such Obligor by any such office, in each case by executing
and delivering to the Collateral Agent a completed Pledge Supplement, together with all supplements to Annexes thereto;


 


(g)          it
shall, promptly upon the reasonable request of the Collateral Agent, execute and deliver to the Collateral Agent any document
required to acknowledge, confirm, register, record, or perfect the Collateral Agent’s interest in any part of the Intellectual
Property Collateral, whether now owned or hereafter acquired by or on behalf of such Obligor, including, without limitation, intellectual
property security agreements in the form of Exhibit C hereto;


 






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(h)          it
shall hereafter use commercially reasonable efforts so as not to permit the inclusion in any contract to which it hereafter becomes
a party of any provision that could or might in any way materially impair or prevent the creation of a security interest in, or
the assignment of, such Obligor’s rights and interests in any property included within the definitions of any Intellectual
Property acquired under such contracts;


 


(i)           it
shall take all steps reasonably necessary to protect the secrecy of all Trade Secrets, including, without limitation, entering
into confidentiality agreements with employees and labeling and restricting access to secret information and documents; and


 


(j)           it
shall continue to collect, at its own expense, all amounts due or to become due to such Obligor in respect of the Intellectual
Property Collateral or any portion thereof. In connection with such collections, each Obligor may take (and, while an Event of
Default exists at the Collateral Agent’s reasonable direction, shall take) such action as such Obligor or the Collateral
Agent may deem reasonably necessary or advisable to enforce collection of such amounts. Notwithstanding the foregoing, while an
Event of Default exists the Collateral Agent shall have the right at any time, to notify, or require any Obligor to notify, any
obligors with respect to any such amounts of the existence of the security interest created hereby.


 


Section
8.          Acceleration Notice; Remedies; Distribution of Collateral.


 


8.01          Notice
of Acceleration. Upon receipt by the Collateral Agent of a written notice from any Secured Party which (i) expressly
refers to this Agreement, (ii) describes an event or condition which has occurred and is continuing and (iii) expressly
states that such event or condition constitutes an Acceleration as defined herein, the Collateral Agent shall promptly notify
each other party hereto of the receipt and contents thereof (any such notice is referred to herein as a “Acceleration
Notice”).


 


8.02          Preservation
of Rights. The Collateral Agent shall not be required to take steps necessary to preserve any rights against prior parties
to any of the Collateral.


 


8.03          Events
of Default, Etc. During the period during which an Event of Default shall have occurred and be continuing:


 


(a)          each
Obligor shall, at the request of the Collateral Agent, assemble the Collateral owned by it at such place or places, reasonably
convenient to both the Collateral Agent and such Obligor, designated in the Collateral Agent’s request;


 


(b)          the
Collateral Agent may make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and may
extend the time of payment, arrange for payment in installments, or otherwise modify the terms of, any of the Collateral;


 



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(c)          the
Collateral Agent shall have all of the rights and remedies with respect to the Collateral of a secured party under the Uniform
Commercial Code (whether or not the Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies are
asserted) and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction
where any rights and remedies hereunder may be asserted, including the right, to the fullest extent permitted by applicable law,
to exercise all voting, consensual and other powers of ownership pertaining to the Collateral as if the Collateral Agent were
the sole and absolute owner thereof (and each Obligor agrees to take all such action as may be appropriate to give effect to such
right);


 


(d)          the
Collateral Agent in its discretion may, in its name or in the name of any Obligor or otherwise, demand, sue for, collect or receive
any money or property at any time payable or receivable on account of or in exchange for any of the Collateral, but shall be under
no obligation to do so; and


 


(e)          the
Collateral Agent may, upon reasonable prior notice (provided that at least ten Business Days’ prior written notice
shall be deemed to be reasonable) to the Obligors of the time and place (or, if such sale is to take place on the NYSE or any
other established exchange or market, prior to the time of such sale or other disposition), with respect to the Collateral or
any part thereof which shall then be or shall thereafter come into the possession, custody or control of the Collateral Agent,
the other Secured Parties or any of their respective agents, sell, assign or otherwise dispose of all or any part of such Collateral,
at such place or places as the Collateral Agent deems appropriate, and for cash or for credit or for future delivery (without
thereby assuming any credit risk), at public or private sale, without demand of performance or notice of intention to effect any
such disposition or of the time or place thereof (except such notice as is required above or by applicable statute and cannot
be waived), and the Collateral Agent or any other Secured Party or anyone else may be the purchaser, assignee or recipient of
any or all of the Collateral so disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter,
to the fullest extent permitted by law, hold the same absolutely, free from any claim or right of whatsoever kind, including any
right or equity of redemption (statutory or otherwise), of the Obligors, any such demand, notice and right or equity being hereby
expressly waived and released, to the fullest extent permitted by law.


 


The
Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from
time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which
the sale may be so adjourned.


 


The
proceeds of each collection, sale or other disposition under this Section shall be applied in accordance with Section 8.06.


 



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The
Obligors recognize that, by reason of certain prohibitions contained in the Securities Act of 1933, as amended, and applicable
state securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Collateral, to
limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment
and not with a view to the distribution or resale thereof. The Obligors acknowledge that any such private sales may be at prices
and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and,
notwithstanding such circumstances, agree that to the extent any such private sale is conducted by the Collateral Agent in a commercially
reasonable manner, the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale
of any Collateral for the period of time necessary to permit the Obligors, or the issuer thereof, to register it for public sale.


 


8.04          Deficiency.
If the proceeds of sale, collection or other realization of or upon the Collateral pursuant to Section 8.03 are insufficient
to cover the costs and expenses of such realization and the payment in full of the Secured Obligations, the Obligors shall remain
liable for any deficiency.


 


8.05          Private
Sale. The Collateral Agent and the Secured Parties shall incur no liability as a result of the sale of the Collateral, or
any part thereof, at any private sale pursuant to Section 8.03 conducted in a commercially reasonable manner. Each Obligor
hereby waives any claims against the Collateral Agent or any other Secured Party arising by reason of the fact that the price
at which the Collateral may have been sold at such a private sale was less than the price which might have been obtained at a
public sale or was less than the aggregate amount of the Secured Obligations, even if the Collateral Agent accepts the first offer
received and does not offer the Collateral to more than one offeree, so long as such private sale was conducted in a commercially
reasonable manner.


 


8.06          Application
of Proceeds. Except as otherwise herein expressly provided in this Section 8.06, after the occurrence and during the
continuance of an Event of Default pursuant to exercise of any remedies under Section 8 of this Agreement, the proceeds of
any collection, sale or other realization by the Collateral Agent of all or any part of the Collateral of any Obligor (including
any other cash of any Obligor at the time held by the Collateral Agent under this Agreement in respect of Collateral or in respect
of the guaranty obligations of the Subsidiary Guarantors under this Agreement) shall be applied by the Collateral Agent as follows:


 


First,
to the payment of reasonable and documented costs and expenses of such collection, sale or other realization, including reasonable
and documented out-of-pocket costs and expenses of the Collateral Agent and the reasonable and documented fees and expenses of
its agents and counsel, and all expenses incurred and advances made by the Collateral Agent in connection therewith;


 


Second,
to the payment of any fees and other amounts then owing by such Obligor to the Collateral Agent in its capacity as such;


 


Third,
to the payment of the Secured Obligations (including the provision of cash collateral for any outstanding letters of credit) of
such Obligor then due and payable, in each case to each Secured Party ratably in accordance with the amount
of Secured Obligations then due and payable to such Secured Party (it being understood that, for the purposes hereof, the outstanding
principal amount of the Loans under the Revolving Credit Facility shall be deemed then due and payable whether or not any Acceleration
of such loans has occurred); and


 



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Fourth,
after application as provided in clauses “First”, “Second” and “Third”
above, to the payment to the respective Obligor, or their respective successors or assigns, or as a court of competent jurisdiction
may direct, of any surplus then remaining.


 


For
the avoidance of doubt, payments made pursuant to Sections 2.09(b), (c), (d) and (e) of the Revolving Credit Facility
(or any analogous provisions in any amendment, modification, supplement, amendment and restatement, extension, refinancing or
replacement thereof) shall not be subject to this Section 8.06 or to Section 5.02 unless the Collateral Agent, after
the occurrence and continuation of an Event of Default, has directed the actions giving rise to such payments. In making the allocations
required by this Section, the Collateral Agent may rely upon its records and information supplied to it pursuant to Section 9.02,
and the Collateral Agent shall have no liability to any of the other Secured Parties for actions taken in reliance on such information,
except to the extent of its gross negligence or willful misconduct. The Collateral Agent may, in its sole discretion, at the time
of any application under this Section, withhold all or any portion of the proceeds otherwise to be applied to the Secured Obligations
as provided above and maintain the same in a segregated cash collateral account in the name and under the exclusive NYUCC Control
of the Collateral Agent, to the extent that it in good faith believes that the information provided to it pursuant to Section 9.02
is either incomplete or inaccurate and that application of the full amount of such proceeds to the Secured Obligations would be
disadvantageous to any Secured Party. All distributions made by the Collateral Agent pursuant to this Section shall be final
(subject to any decree of any court of competent jurisdiction), and the Collateral Agent shall have no duty to inquire as to the
application by the other Secured Parties of any amounts distributed to them.


 


8.07          Attorney-in-Fact.   Without limiting any rights or powers granted by this Agreement to the Collateral Agent while no Event of Default has occurred
and is continuing, upon the occurrence and during the continuance of any Event of Default, the Collateral Agent is hereby appointed
the attorney-in-fact of each Obligor for the purpose of carrying out the provisions of this Section 8 and taking any action
and executing any instruments which the Collateral Agent may reasonably deem necessary or advisable to accomplish the purposes
hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of
the foregoing, so long as the Collateral Agent shall be entitled under this Section 8 to make collections in respect of the
Collateral, the Collateral Agent shall have the right and power to receive, endorse and collect all checks made payable to the
order of any Obligor representing any dividend, payment or other distribution in respect of the Collateral or any part thereof
and to give full discharge for the same.


 



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8.08          Grant
of Intellectual Property License.   For the purpose of enabling the Collateral Agent, upon the occurrence and during
the continuance of an Event of Default, to exercise rights and remedies hereunder at such time as the Collateral Agent shall be
lawfully entitled to exercise such rights and remedies, each Obligor hereby grants to the Collateral Agent, if and only to the
extent of such Obligor’s rights to grant the same, an irrevocable, non-exclusive license to use, assign, license or sublicense
any of the Intellectual Property Collateral (other than any Excluded Assets) now owned or hereafter acquired by such Obligor.
Such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer
programs used for the compilation or printout thereof.


 


8.09          Authority.  
Notwithstanding anything to the contrary contained herein, in no event shall the Collateral Agent take, or be permitted to take,
any Enforcement Action with respect to the Collateral without at least three Business Days prior notice to the Secured Parties,
and will refrain from taking such Enforcement Action if so directed by the Required Secured Parties during such three Business
Day period, provided that the Collateral Agent may take such Enforcement Action during such three Business Day period if
so directed by the Required Secured Parties.


 


8.10          Exercise
of Control. With respect to any Deposit Account or Securities Account over which the Collateral Agent has Control, the Collateral
Agent shall not deliver any direction for the disposition of funds or other property, entitlement order or notice of exclusive
control (any such action, a “Control Action”) unless an Event of Default has occurred (it being understood that, once
the Collateral Agent has commenced taking any Control Action, such action or actions shall continue until the Collateral Agent
is directed otherwise by the requisite number of lenders).


 


Section
9.          The Collateral Agent.


 


9.01          Appointment;
Powers and Immunities.   Each Revolving Lender, the Revolving Administrative Agent, each Financing Agent and, by
acceptance of the benefits of this Agreement and the other Security Documents, each Designated Indebtedness Holder hereby irrevocably
appoints and authorizes ING to act as its agent hereunder with such powers as are specifically delegated to the Collateral Agent
by the terms of this Agreement, together with such other powers as are reasonably incidental thereto. The Collateral Agent (which
term as used in this sentence and in Section 9.06 and the first sentence of Section 9.07 shall include reference to
its Affiliates and its own and its Affiliates’ officers, directors, employees and agents):


 


(a)          shall
have no duties or responsibilities except those expressly set forth in this Agreement and shall not by reason of this Agreement
be a trustee for, or a fiduciary with respect to, any Revolving Lender or Designated Indebtedness Holder;


  



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(b)          shall
not be responsible to the Revolving Lenders, the Revolving Administrative Agent, the Financing Agents or the Designated Indebtedness
Holders for any recitals, statements, representations or warranties of any Obligor contained
in this Agreement or in any notice delivered hereunder, or in any other certificate or other document referred to or provided
for in, or received by it under, this Agreement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency
of this Agreement or any other document referred to or provided for herein or therein or for any failure by the Obligors or any
other Person to perform any of its obligations hereunder;




 


(c)          shall
not be required to initiate or conduct any litigation or collection proceedings hereunder except, subject to Section 9.07,
for any such litigation or proceedings relating to the enforcement of the guarantee set forth in Section 3, or the Liens
created pursuant to Section 4; and


 


(d)          shall
not be responsible for any action taken or omitted to be taken by it hereunder or under any other document or instrument referred
to or provided for herein or therein or in connection herewith or therewith, except for its own gross negligence or willful misconduct.


 


9.02          Information
Regarding Secured Parties. The Borrower will at such times and from time to time as shall be reasonably requested by the Collateral
Agent, supply a list in form and detail reasonably satisfactory to the Collateral Agent setting forth the amount of the Secured
Obligations held by each Secured Party (excluding, so long as ING is both the Collateral Agent and the Revolving Administrative
Agent, the Credit Agreement Obligations) as at a date specified in such request. The Collateral Agent shall provide any such list
to any Secured Party upon request. The Collateral Agent shall be entitled to rely upon such information, and such information
shall be conclusive and binding for all purposes of this Agreement, except to the extent the Collateral Agent shall have been
notified by a Secured Party that such information as set forth on any such list is inaccurate or in dispute between such Secured
Party and the Borrower.


 


9.03          Reliance
by Collateral Agent. The Collateral Agent shall be entitled to rely upon any certification, notice or other communication
(including any thereof by telephone, telecopy, telex, telegram, cable or electronic mail) believed by it in good faith to be genuine
and correct and to have been signed or sent by or on behalf of the proper Person or Persons, and upon advice and statements of
legal counsel, independent accountants and other experts selected by the Collateral Agent. As to any matters not expressly provided
for by this Agreement, the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder
or thereunder in accordance with instructions given by (i) the Required Secured Parties or (ii) where expressly permitted
for in Section 10.03, the Required Revolving Lenders and the Required Designated Indebtedness Holders, as applicable, and
such instructions of (i) the Required Secured Parties or (ii) where expressly permitted for in Section 10.03, the
Required Revolving Lenders and the Required Designated Indebtedness Holders, as applicable, and any action taken or failure to
act pursuant thereto shall be binding on all of the Secured Parties. If in one or more instances the Collateral Agent takes any
action or assumes any responsibility not specifically delegated to it pursuant to this Agreement, neither the taking of such action
nor the assumption of such responsibility shall be deemed to be an express or implied undertaking on the part of the Collateral
Agent that it will take the same or similar action or assume the same or similar responsibility in any other instance.


 



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9.04          Rights
as a Secured Party. With respect to its obligation to extend credit under the Revolving Credit Facility, ING (and any successor
acting as Collateral Agent) in its capacity as a Revolving Lender under the Revolving Credit Facility, shall have the same rights
and powers hereunder as any other Secured Party and may exercise the same as though it were not acting as Collateral Agent, and
the term “Secured Party” or “Secured Parties” shall, unless the context otherwise indicates, include the
Collateral Agent in its individual capacity. ING (and any successor acting as Collateral Agent) and its Affiliates may (without
having to account therefor to any other Secured Party) accept deposits from, lend money to, make investments in and generally
engage in any kind of banking, trust or other business with any of the Obligors (and any of their Subsidiaries or Affiliates)
as if it were not acting as Collateral Agent, and ING and its Affiliates may accept fees and other consideration from any of the
Obligors for services in connection with this Agreement or otherwise without having to account for the same to the other Secured
Parties.


 


9.05          Indemnification.
Each Revolving Lender and each Designated Indebtedness Holder by acceptance of the benefits of this Agreement and the other Security
Documents agrees to indemnify the Collateral Agent and each Related Party of the Collateral Agent (each such Person being called
an “Indemnitee”) (to the extent not reimbursed under Section 10.04, but without limiting the obligations
of the Obligors under Section 10.04) ratably in accordance with the aggregate Secured Obligations held by the Revolving Lenders
and the Designated Indebtedness Holders, for any and all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements of any kind and nature whatsoever that may be imposed on, incurred by or asserted against
any Indemnitee (including by any other Secured Party) arising out of or by reason of any investigation in connection with or in
any way relating to or arising out of this Agreement, any other Debt Documents, or any other documents contemplated by or referred
to herein or therein or the transactions contemplated hereby or thereby (including the costs and expenses that the Obligors are
obligated to pay under Section 10.04, but excluding, unless an Event of Default has occurred and is continuing, normal administrative
costs and expenses incident to the performance of its agency duties hereunder) or the enforcement of any of the terms hereof or
thereof or of any such other documents; provided, that no Revolving Lender or Designated Indebtedness Holder shall be liable
for any of the foregoing to the extent they are determined by a court of competent jurisdiction in a final, nonappealable judgment
to have resulted from the gross negligence or willful misconduct of the party to be indemnified.





 



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9.06          Non-Reliance
on Collateral Agent and Other Secured Parties. The Revolving Administrative Agent and each Financing Agent (and each
Revolving Lender and each Designated Indebtedness Holder by acceptance of the benefits of this Agreement and the other
Security Documents) agrees that it has, independently and without reliance on the Collateral Agent or any other Secured
Party, and based on such documents and information as it has deemed appropriate, made its own credit analysis of the
Borrower, the Subsidiary Guarantors and their Subsidiaries and decision to extend credit to the Borrower in reliance on this
Agreement and that it will, independently and without reliance upon the Collateral Agent or any other Secured Party, and
based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and
decisions in taking or not taking action under this Agreement and any Debt Document to which it is a party. Except as
otherwise expressly provided herein, the Collateral Agent shall not be required to keep itself informed as to the performance
or observance by any Obligor of this Agreement, any other Debt Document or any other document referred to or provided for
herein or therein or to inspect the properties or books of any Obligor. The Collateral Agent shall not have any duty or
responsibility to provide any other Secured Party with any credit or other information concerning the affairs, financial
condition or business of any Obligor or any of its Subsidiaries (or any of their Affiliates) that may come into the
possession of the Collateral Agent or any of its Affiliates, except for notices, reports and other documents and
information expressly required to be furnished to the other Secured Parties by the Collateral Agent hereunder.


 


9.07          Failure
to Act. Except for action expressly required of the Collateral Agent hereunder, the Collateral Agent shall in all cases be
fully justified in failing or refusing to act hereunder unless it shall receive further assurances to its satisfaction from the
other Secured Parties of their indemnification obligations under Section 9.05 against any and all liability and expense that
may be incurred by it by reason of taking or continuing to take any such action. The Collateral Agent shall not be required to
take any action that in the judgment of the Collateral Agent would violate any applicable law.


 


9.08          Resignation
of Collateral Agent. Subject to the appointment and acceptance of a successor Collateral Agent as provided below, the Collateral
Agent may resign at any time by giving notice thereof to the other Secured Parties and the Obligors. Upon any such resignation,
the Required Secured Parties shall have the right, with the consent of the Borrower not to be unreasonably withheld provided that
no such consent shall be required if an Event of Default has occurred and is continuing to appoint a successor Collateral Agent.
If no successor Collateral Agent shall have been so appointed by the Required Secured Parties and shall have accepted such appointment
within 30 days after the retiring Collateral Agent’s giving of written notice of resignation of the retiring Collateral
Agent, then the retiring Collateral Agent may, on behalf of the other Secured Parties, appoint a successor Collateral Agent, that
shall be a financial institution that has an office in New York, New York and has a combined capital and surplus and
undivided profits of at least $1,000,000,000. Upon the acceptance of any appointment as Collateral Agent hereunder by a successor
Collateral Agent, such successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations
hereunder. After any retiring Collateral Agent’s resignation hereunder as Collateral Agent, the provisions of this Section 9
shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as the
Collateral Agent. The fees payable by the Borrower to a successor Collateral Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower
and such successor, and such payment to be made as and when invoiced by the successor Collateral Agent.


 



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9.09          Agents
and Attorneys-in-Fact. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be
responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith.


 


Section
10.          Miscellaneous.


 


10.01          Notices.
All notices, requests, consents and other demands hereunder and other communications provided for herein shall be given or made
in writing, (a) to any party hereto, telecopied, e-mailed or delivered to the intended recipient at the “Address for
Notices” specified below its name on the signature pages to this Agreement or, in the case of any Financing Agent or Designated
Indebtedness Holder that shall become a party hereto after the date hereof, at such “Address for Notices” as shall
be specified pursuant to or in connection with the joinder agreement executed and delivered by such Financing Agent or Designated
Indebtedness Holder pursuant to Section 6.01 (provided that notices to any Subsidiary Guarantor shall be given to
such Subsidiary Guarantor care of the Borrower at the address for the Borrower specified herein) or (b) as to any party,
at such other address as shall be designated by such party in a written notice to each other party. All notices to any Revolving
Lender or Designated Indebtedness Holder that is not a party hereto shall be given to the Revolving Administrative Agent or Financing
Agent for such Designated Indebtedness Holder.


 


10.02          No
Waiver. No failure on the part of the Collateral Agent or any other Secured Party to exercise, and no course of dealing with
respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise by any Secured Party of any right, power or remedy hereunder preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies
provided by law.


 


10.03          Amendments
to Security Documents, Etc. Except as otherwise provided in any Security Document, the terms of this Agreement and the
other Security Documents may be waived, altered or amended only by an instrument in writing duly executed by each Obligor and
the Collateral Agent, with the consent of the Required Revolving Lenders and the Required Designated Indebtedness Holders; provided,
that, subject to the provisions related to “Defaulting Lenders” (or equivalent term) in the Revolving Credit
Facility:








 


(a)          no
such amendment shall directly and adversely affect the relative rights of any Secured Party as against any other Secured Party
without the prior written consent of such first Secured Party; 


 



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(b)          without
the prior written consent of (x) each of the Revolving Lenders and (y) the Required Designated Indebtedness
Holders, the Collateral Agent shall not release all or substantially all of the collateral under the Security Documents or
release all or substantially all of the Subsidiary Guarantors from their guarantee obligations under Section 3 hereof
(and if any amounts have become due and payable in respect of any Swap Agreement Obligations, and such amounts shall have
remained unpaid for 30 or more days, then the prior written consent (voting as a single group) of the holders of a majority
in interest of the Swap Agreement Obligations will also be required to release all or substantially all of such collateral or
guarantee obligations);


 


(c)          without
the consent of each of the Secured Parties, no modification, supplement or waiver shall modify the definition of the term “Required
Secured Parties” or modify in any other manner the number of percentage of the Secured Parties required to make any determinations
or waive any rights under any Security Document;


 


(d)          without
the consent of the Collateral Agent, no modification, supplement or waiver shall modify the terms of Section 9;


 


(e)          the
Collateral Agent is authorized to release (and shall, promptly, following request by the Borrower, release) any Collateral
that is either the subject of a disposition not prohibited under either the Revolving Credit Facility or the Designated
Indebtedness Documents (including a disposition to a Financing Subsidiary), or to which the Required Revolving Lenders and
the Required Designated Indebtedness Holders shall have consented and will, at the Obligors’ expense, execute and
deliver to any Obligor such documents (including, without limitation, any UCC termination statements, lien releases,
re-assignments of trademarks, discharges of security interests, and other similar discharge or release documents (and, if
applicable, in recordable form)) as such Obligor shall reasonably request to evidence the release of such item of Collateral
from the assignment and security interest granted hereby; notwithstanding the foregoing, Portfolio Investments constituting
Collateral shall be automatically released from the lien of this Agreement and the other Security Documents, without any
action of the Collateral Agent or any other Secured Party, in connection with any disposition of Portfolio Investments that
(i) occurs in the ordinary course of the Borrower’s business and (ii) is not prohibited under any of the Debt
Documents; and


 






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(f)          the
Collateral Agent is authorized to release (and shall, promptly, following request by the Borrower, release) any Subsidiary Guarantor
from any of its guarantee obligations under Section 3 hereof to the extent such Subsidiary is (x) the subject of a disposition
not prohibited under the Debt Documents, (y) ceases to be a Subsidiary as a result of a transaction not prohibited under
the Debt Documents, or (z) to which each of the Required Revolving Lenders and the Required Designated Indebtedness Holders
shall have consented, and, upon such release, the Collateral Agent is authorized to release (and shall, promptly, following request
by the Borrower, release) any collateral security granted by such Subsidiary Guarantor hereunder and under the other Security
Documents and will, at the Obligors’ expense, execute and deliver to any Obligor such documents (including, without limitation,
any UCC termination statements, lien releases, re-assignments of trademarks, discharges of security interests, and other similar
discharge or release documents (and, if applicable, in recordable form)) as such Obligor shall reasonably request to evidence
the release of such item of Collateral from the assignment and security interest granted hereby.


 


Any
such amendment or waiver shall be binding upon the Collateral Agent, each Secured Party and each Obligor. In connection with any
release of Collateral from the Lien of this Agreement and the other Security Documents, the Collateral Agent will promptly, following
request by the Borrower, (i) execute and deliver assignments, bills of sale, termination statements and other releases and instruments
(in recordable form if appropriate) provided for signature by the Borrower or the applicable Obligor, (ii) deliver any portion
of the Collateral in its possession, and (iii) otherwise take such actions, and cause or permit the Custodian to take such actions,
in each case as the Borrower may reasonably request in order to effect the release and transfer of such Collateral. Notwithstanding
the foregoing to the contrary, if the Termination Date shall have occurred with respect to any Class, then the consent rights
of such Class (and the related Required Revolving Lenders or Required Designated Indebtedness Holders) under this Section 10.03
shall terminate.


 


10.04          Expenses:
Indemnity: Damage Waiver.


 


(a)          Costs
and Expenses. The Obligors hereby jointly and severally agree to reimburse the Collateral Agent and each of the other Secured
Parties and their respective Affiliates for all reasonable and documented out-of-pocket costs and expenses incurred by them (including
the reasonable and documented fees, charges and disbursements of a single firm of legal counsel for the Collateral Agent and a
single firm of legal counsel for the Secured Parties collectively (and excluding the allocated costs of internal counsel) and,
if necessary, the fees, costs and expenses of one local counsel per jurisdiction) in connection with (i) any Event of Default
and any enforcement or collection proceeding resulting therefrom, including all manner of participation in or other involvement
with (w) performance by the Collateral Agent of any obligations of the Obligors in respect of the Collateral that the Obligors
have failed or refused to perform in the time period required under this Agreement, (x) bankruptcy, insolvency, receivership,
foreclosure, winding up or liquidation proceedings of any Obligor, or any actual or attempted sale, or any exchange, enforcement,
collection, compromise or settlement in respect of any of the Collateral, and for the care of the Collateral and defending or
asserting rights and claims of the Collateral Agent in respect thereof, by litigation or otherwise, including expenses of insurance,
(y) judicial or regulatory proceedings arising from or related to this Agreement and (z) workout, restructuring or other
negotiations or proceedings (whether or not the workout, restructuring or transaction contemplated thereby is consummated) and
(ii) the enforcement of this Section, and all such costs and expenses shall be Secured Obligations entitled to the benefits
of the collateral security provided pursuant to Section 4.


 



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(b)          Indemnification
by the Obligors. The Obligors shall indemnify each Indemnitee against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses including reasonable and documented out-of-pocket fees, charges and
disbursements of counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with,
or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the
performance by the parties hereto of their respective obligations hereunder or (ii) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless
of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available
to the extent that such losses, claims, damages, liabilities or related expenses that (1) are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the fraud, willful misconduct or gross negligence of such
Indemnitee, (2) result from a claim brought against such Indemnitee for breach of such Indemnitee’s obligations under
this Agreement or the other Loan Documents, if there has been a final and nonappealable judgment against such Indemnitee on such
claim as determined by a court of competent jurisdiction or (3) result from a claim arising as a result of a dispute between
Indemnitees (other than (x) any dispute involving claims against the Administrative Agent, in each case in their respective capacities
as such, and (y) claims arising out of any act or omission by the Borrower or its Affiliates); provided, further,
that the Obligors’ obligation to reimburse or cause to be reimbursed legal fees of any Indemnitee shall be limited to the
reasonable, documented and out-of-pocket fees, costs and expenses of one primary outside counsel for the Collateral Agent and
one primary outside counsel for all other Indemnitees and, if necessary, of a single local counsel in each appropriate jurisdiction
(which may include a single special counsel acting in multiple jurisdictions) for all such Indemnitees and, solely in the case
of an actual or reasonably perceived conflict of interest, one additional counsel in each applicable jurisdiction to the affected
Indemnitees.


 


Neither
the Borrower nor any Obligor shall be liable to any Indemnitee for any special, indirect, consequential or punitive damages arising
out of, or in connection with, this Agreement asserted by an Indemnitee against the Borrower or any other Obligor; provided
that the foregoing limitation shall not be deemed to impair or affect the Obligations of the Borrower under the preceding
provisions of this subsection.


 


10.05          Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the
Obligors and the Secured Parties (provided that none of the Obligors shall assign or transfer its rights or obligations
hereunder without the prior written consent of each of the Collateral Agent, the Revolving Administrative Agent or the agent,
trustee or representative for the Designated Indebtedness Holder, if any (or if there is no such agent, trustee or representative,
the Required Designated Indebtedness Holders)).


 



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10.06          Counterparts;
Integration; Effectiveness; Electronic Execution.


 


(a)          Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement
and any separate letter agreements with respect to fees payable to the Collateral Agent constitute the entire contract between
and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. This Agreement shall become effective when it shall have been executed
by the Collateral Agent and when the Collateral Agent shall have received counterparts hereof which, when taken together, bear
the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page to this Agreement
by telecopy or electronic mail (including .pdf format) shall be effective as delivery of a manually executed counterpart of this
Agreement.


 


(b)          Electronic
Execution of Assignments. The words “execution,” “signed,” “signature” shall be deemed
to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may
be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.


 


10.07          Severability.
If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (a) the
other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of
the Secured Parties in order to carry out the intentions of the parties hereto as nearly as may be possible and (b) the invalidity
or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision
in any other jurisdiction.


 


10.08          Governing
Law; Submission to Jurisdiction.


 


(a)          Governing
Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.


 


(b)          Submission
to Jurisdiction. Each Obligor hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive 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 court 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 Secured Party may otherwise have to bring any action or proceeding relating to this Agreement against any
Obligor or its properties in the courts of any jurisdiction.


 






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


 


(d)          Service
of Process. Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in
Section 10.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other
manner permitted by law.


 


10.09          Waiver
of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.


 


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


 






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10.11          Termination.
When all Secured Obligations of any Class have been paid in full (other than unasserted contingent obligations), and all
Commitments of the holders thereof to extend credit that would be Secured Obligations have expired or been terminated and any
letters of credit outstanding under the Revolving Credit Facility or any other Designated Indebtedness have (i) expired, (ii)
terminated, (iii) been cash collateralized or (iv) otherwise backstopped in a manner reasonably acceptable to the Revolving
Administrative Agent or any applicable Financing Agent, as applicable, or any issuing bank, as applicable, in each case in
accordance with the terms of the applicable Debt Documents, and all outstanding letter of credit disbursements under any such
Debt Documents then outstanding have been reimbursed, the Collateral Agent shall, on behalf of the holders of such Secured
Obligations, deliver to the Obligors such termination statements and releases and other documents necessary and appropriate
to evidence the termination of all agreements, obligations and liens related to such Secured Obligations, as the Obligors may
reasonably request all at the sole cost and expense of the Obligors; provided, however, that the Collateral Agent
shall not have any obligation to do so under the circumstances set forth in the parenthetical provision in
Section 10.03(b) except to the extent provided therein.


 


10.12          Confidentiality.
The Collateral Agent acknowledges and agrees that Section 9.13 of the Revolving Credit Facility will bind the Collateral
Agent to the same extent as it binds the Revolving Administrative Agent.


 


[Signature
page follows]


 



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IN
WITNESS WHEREOF, the parties hereto have caused this Guarantee, Pledge and Security Agreement to be duly executed and delivered
as of the day and year first above written.


	 	 
	 	FS INVESTMENT CORPORATION II
	 	By:	/s/ Michael
    Lawson
	 	Name: Michael Lawson
	 	Title: Chief Financial Officer
	 	 
	 	Address for Notices
	 	 
	 	FS Investment Corporation II
	 	201 Rouse Boulevard
	 	Philadelphia, PA 19112
	 	Attention: Gerald F. Stahlecker
	 	Telecopy Number: (215) 222-4649
	 	Direct Telephone: (215) 495-1169
	 	Main Telephone: (215) 495-1150
	 	E-mail: jerry.stahlecker@franklinsquare.com
	 	 
	 	with a copy to:
	 	 
	 	Dechert LLP
	 	1095 Avenue of the Americas
	 	New York, NY 10036-6797
	 	Attention: Jay R. Alicandri, Esq.
	 	Telecopier: (212) 698-3599
	 	Telephone: (212) 698-3800
	 	E-mail: jay.alicandri@dechert.com


 






    	 



    	 



    

  


	 	ING CAPITAL LLC,
	 	as Revolving Administrative Agent and Collateral Agent






	 	 
	 	By: 	/s/ Kunduck Moon
	 	Name: Kunduck Moon
	 	Title: Managing Director






	 	 
	 	By: 	/s/ Grace Fu
	 	Name: Grace Fu
	 	Title: Vice President






	 	 
	 	Address for Notices
	 	 
	 	ING Capital LLC
	 	1325 Avenue of the Americas
	 	New York, New York 10019
	 	Attention: Mark LaGreca
	 	Telecopy Number: 646-424-8234
	 	Telephone Number: 646-424-3862
	 	E-mail: mark.lagreca@ing.com
	 	E-mail: DLNYCLoanAgencyTeam@ing.com
	 	 
	 	with a copy to (which shall not
	 	constitute notice):
	 	 
	 	ING Capital LLC
	 	1325 Avenue of the Americas
	 	New York, New York 10019
	 	Attention: Dominik Breuer
	 	Telecopy Number: (646) 424-6919
	 	Telephone Number: (646) 424-6269
	 	E-mail: Dominik.Breuer@ing.com
	 	 
	 	with a copy to (which shall not
	 	constitute notice):
	 	 
	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP
	 	1285 Avenue of the Americas
	 	New York, New York 10019-6064
	 	Attention: Terry E. Schimek, Esq.
	 	Telecopy Number: (212) 757-3990
	 	Telephone Number: (212) 373-3005
	 	E-mail: tschimek@paulweiss.com