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|              |  |  |  |
|         | TABLE OF CONTENTS |   |
|         |   | Page |  |
|         |   |   |
| PREAMBLE     | 1 |  |
| RECITALS     | 1 |  |
| AGREEMENT    | 2 |  |
|         | ARTICLE I |   |
|         |   |   |
|         | DEFINITIONS AND INTERPRETATION |   |
| SECTION 1.1. | DEFINITIONS | 4 |  |
| SECTION 1.2. | INTERPRETATION | 6 |  |
| SECTION 1.3. | RESOLUTION OF DRAFTING AMBIGUITIES | 6 |  |
|         |   |   |
|         | ARTICLE II |   |
|         |   |   |
|         | GRANT OF SECURITY AND OBLIGATIONS |   |
| SECTION 2.1. | GRANT OF SECURITY INTEREST | 6 |  |
| SECTION 2.2. | FILINGS | 7 |  |
|         |   |   |
|         | ARTICLE III |   |
|         |   |   |
|         | PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;USE OF COLLATERAL |   |
|         |   |   |
| SECTION 3.1. | FINANCING STATEMENTS AND OTHER FILINGS; MAINTENANCE OF PERFECTED SECURITY INTEREST | 8 |  |
| SECTION 3.2. | OTHER ACTIONS | 8 |  |
| SECTION 3.3. | SUPPLEMENTS; FURTHER ASSURANCES | 9 |  |
|         |   |   |
|         | ARTICLE IV |   |
|         |   |   |
|         | REPRESENTATIONS, WARRANTIES AND COVENANTS |   |
| SECTION 4.1. | TITLE | 10 |  |
| SECTION 4.2. | VALIDITY OF SECURITY INTEREST | 10 |  |
| SECTION 4.3. | DEFENSE OF CLAIMS; TRANSFERABILITY OF COLLATERAL | 10 |  |
| SECTION 4.4. | OTHER FINANCING STATEMENTS | 11 |  |
| SECTION 4.5. | CONSENTS, ETC. | 11 |  |
|         |   |   |
|         |   |   |
|         |   |   |
|         |   |   |
|         |   |   |
|         |   |   |
|         |   |   |
|         |   |   |

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|               |
|---------------|
|               |  |  |  |
|          | ARTICLE V |   |
|          |   |   |
|          | TRANSFERS |   |
| SECTION 5.1.  | TRANSFERS OF COLLATERAL | 11 |  |
|          |   |   |
|          | ARTICLE VI |   |
|          |   |   |
|          | REMEDIES |   |
| SECTION 6.1.  | REMEDIES | 12 |  |
| SECTION 6.2.  | NOTICE OF SALE | 15 |  |
| SECTION 6.3.  | WAIVER OF NOTICE AND CLAIMS | 15 |  |
| SECTION 6.4.  | NO WAIVER; CUMULATIVE REMEDIES | 16 |  |
| SECTION 6.5.  | FIRST LOOK BIDDER | 16 |  |
|          |   |   |
|          | ARTICLE VII |   |
|          |   |   |
|          | APPLICATION OF PROCEEDS |   |
| SECTION 7.1.  | APPLICATION OF PROCEEDS | 16 |  |
|          |   |   |
|          | ARTICLE VIII |   |
|          |   |   |
|          | MISCELLANEOUS |   |
| SECTION 8.1.  | CONCERNING ADMINISTRATIVE AGENT | 17 |  |
| SECTION 8.2.  | ADMINISTRATIVE AGENT MAY PERFORM; ADMINISTRATIVE AGENT APPOINTED ATTORNEY-IN-FACT | 18 |  |
| SECTION 8.3.  | CONTINUING SECURITY INTEREST; ASSIGNMENT | 18 |  |
| SECTION 8.4.  | TERMINATION; RELEASE | 19 |  |
| SECTION 8.5.  | MODIFICATION IN WRITING | 19 |  |
| SECTION 8.6.  | NOTICES | 19 |  |
| SECTION 8.7.  | SUFFICIENCY OF REMEDIES; GOVERNING LAW, CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL; NON-RECOURSE OBLIGATIONS; NO PETITION | 19 |  |
| SECTION 8.8.  | SEVERABILITY OF PROVISIONS | 20 |  |
| SECTION 8.9.  | EXECUTION IN COUNTERPARTS | 20 |  |
| SECTION 8.10. | NO CREDIT FOR PAYMENT OF TAXES OR IMPOSITION | 20 |  |
| SECTION 8.11. | NO CLAIMS AGAINST ADMINISTRATIVE AGENT | 20 |  |
| SECTION 8.12. | NO RELEASE | 20 |  |
| SECTION 8.13. | ADMINISTRATIVE AGENT. | 21 |  |

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|       |                                                                                    |
|-------|------------------------------------------------------------------------------------|
| (xii) | all rights arising under the Investment Advisory Agreement and the Sale Agreement; |

|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (xiii) | all Cash and Cash Equivalents (a) held in, or expressly required to be deposited into, the Collateral Account pursuant to the terms of the Collateral Administration Agreement, or (b) received by the Administrative Agent or any Lender as a result of the exercise of remedies in accordance with the Loan Documents in respect of the Collateral Assets; provided that Cash and Cash Equivalents that would otherwise constitute Collateral pursuant to this clause (xiii) shall cease to be Collateral immediately and automatically upon their release from the Collateral Account pursuant to the terms of the Collateral Administration Agreement; and |

|       |                                                                                                                                                                                                                                                                                                                                                                                                          |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (xiv) | to the extent not covered by clauses (i) through (xiii) of this sentence, all Proceeds and products of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to the Pledgor from time to time with respect to any of the foregoing. |

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