Document:

ufi-ex42_64.htm

Exhibit 4.2

*** Certain identified information has been excluded from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed. ***

EXECUTION VERSION

SECOND AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 

This SECOND AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT (this “Agreement”), dated as of October 28, 2022, among the Persons listed on the signature pages hereof as “Grantors” and those additional entities that hereafter become parties hereto by executing the form of Joinder attached hereto as Annex 1 (each, a “Grantor” and collectively, the “Grantors”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity as administrative agent for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”). 

W I T N E S S E T H:

 

WHEREAS, pursuant to that certain Second Amended and Restated Credit Agreement, dated of even date herewith (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among Unifi, Inc., a New York corporation (“Parent”), and Unifi Manufacturing, Inc., a North Carolina corporation (“Unifi Manufacturing”; together with Parent and any Domestic Affiliate of Unifi Manufacturing from time to time party thereto as a co-borrower, collectively “Borrowers”, and each a “Borrower”), the lenders party thereto as “Lenders” (each of such Lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”), Agent, Wells Fargo, as sole lead arranger (in such capacity, together with its successors and assigns in such capacity, the “Lead Arranger”), and Wells Fargo, as sole book runner (in such capacity, together with its successors and assigns in such capacity, the “Book Runner”), the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and

WHEREAS, Agent has agreed to act as agent for the benefit of the Lender Group and the Bank Product Providers in connection with the transactions contemplated by the Credit Agreement and this Agreement; 

WHEREAS, in order to induce the Lender Group to enter into the Credit Agreement and the other Loan Documents, to induce the Bank Product Providers to enter into the Bank Product Agreements, and to induce the Lender Group and the Bank Product Providers to make financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents and the Bank Product Agreements, (a) each Grantor has agreed to guaranty the Guarantied Obligations, and (b) each Grantor has agreed to grant to Agent, for the benefit of the Lender Group and the Bank Product Providers, a continuing security interest in and to the Collateral in order to secure the prompt and complete payment, observance and performance of, among other things, the Secured Obligations; and

WHEREAS, each Grantor (other than Borrowers) is an Affiliate of Borrowers and, as such, will benefit by virtue of the financial accommodations extended to Borrowers by the Lender Group.

NOW, THEREFORE, for and in consideration of the recitals made above and other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

1.Definitions; Construction. 

(a)All initially capitalized terms used herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Credit Agreement (including Schedule 1.1 thereto).  Any terms (whether capitalized or lower case) used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein or in the Credit Agreement; provided that to the extent that the Code is used to define any term 

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used herein and if such term is defined differently in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern.  In addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following terms shall have the following meanings:

(i)“Account” means an account (as that term is defined in Article 9 of the Code).

(ii)“Account Debtor” means an account debtor (as that term is defined in the Code).

(iii)“Activation Instruction” has the meaning specified therefor in Section 7(k).

(iv)“Agent” has the meaning specified therefor in the preamble to this Agreement.

(v)“Agent’s Lien” has the meaning specified therefor in the Credit Agreement.

(vi)“Agreement” has the meaning specified therefor in the preamble to this Agreement.

(vii)“Bank Product Obligations” has the meaning specified therefor in the Credit Agreement.

(viii)“Bank Product Provider” has the meaning specified therefor in the Credit Agreement.

(ix)“Books” means books and records (including each Grantor’s Records indicating, summarizing, or evidencing such Grantor’s assets (including the Collateral) or liabilities, each Grantor’s Records relating to such Grantor’s business operations or financial condition, and each Grantor’s goods or General Intangibles related to such information).

(x)“Borrower” and “Borrowers” have the respective meanings specified therefor in the recitals to this Agreement.

(xi)“Cash Equivalents” has the meaning specified therefor in the Credit Agreement.

(xii)“Chattel Paper” means chattel paper (as that term is defined in the Code), and includes tangible chattel paper and electronic chattel paper.

(xiii)“Code” means the New York Uniform Commercial Code, as in effect from time to time; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, priority, or remedies with respect to Agent’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies.

(xiv)“Collateral” has the meaning specified therefor in Section 3.

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(xv)“Collections” means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds, cash proceeds of asset sales, rental proceeds, and tax refunds) in respect of Collateral.

(xvi)“Commercial Tort Claims” means commercial tort claims (as that term is defined in the Code), and includes those commercial tort claims listed on Schedule 1.

(xvii)“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.

(xviii)“Control Agreement” has the meaning specified therefor in the Credit Agreement.

(xix)“Controlled Account” has the meaning specified therefor in Section 7(k).

(xx)“Controlled Account Agreements” means those certain cash management agreements, in form and substance reasonably satisfactory to Agent, each of which is executed and delivered by a Grantor, Agent, and one of the Controlled Account Banks.

(xxi)“Controlled Account Bank” has the meaning specified therefor in Section 7(k).

(xxii)“Copyrights” means any and all rights in any works of authorship, including (A) copyrights and moral rights, (B) copyright registrations and recordings thereof and all applications in connection therewith including those listed on Schedule 2, (C) income, license fees, royalties, damages, and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (D) the right to sue for past, present, and future infringements thereof, and  (E) all of each Grantor’s rights corresponding thereto throughout the world.

(xxiii)“Copyright Security Agreement” means each Copyright Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially the form of Exhibit A.

(xxiv)“Credit Agreement” has the meaning specified therefor in the recitals to this Agreement.

(xxv)“Deposit Account” means a deposit account (as that term is defined in the Code).

(xxvi)“Equipment” means equipment (as that term is defined in the Code).

(xxvii)“Equity Interests” has the meaning specified therefor in the Credit Agreement.

(xxviii)“Event of Default” has the meaning specified therefor in the Credit Agreement.  

(xxix)“Excluded Collateral” has the meaning specified therefore in Section 3.

(xxx)“Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guaranty of such Guarantor of, or the 

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grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty 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 and the regulations thereunder at the time the Guaranty of such Guarantor or the grant of such security interest becomes effective with respect to such 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 Guaranty or security interest is or becomes illegal.

(xxxi)“Farm Products” means farm products (as that term is defined in the Code)

(xxxii)“Fixtures” means fixtures (as that term is defined in the Code).

(xxxiii)“Foreclosed Grantor” has the meaning specified therefor in Section 2(i)(iii).

(xxxiv)“General Intangibles” means general intangibles (as that term is defined in the Code), and includes payment intangibles, software, contract rights, rights to payment, rights under Hedge Agreements (including the right to receive payment on account of the termination (voluntarily or involuntarily) of such Hedge Agreements), rights arising under common law, statutes, or regulations, choses or things in action, goodwill, Intellectual Property, Intellectual Property Licenses, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any royalty or licensing agreements, including Intellectual Property Licenses, infringement claims, pension plan refunds, pension plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership or limited liability company which do not constitute a security under Article 8 of the Code, and any other personal property other than Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, goods, Investment Property, Negotiable Collateral, and oil, gas, or other minerals before extraction.

(xxxv)“Grantor” and “Grantors” have the respective meanings specified therefor in the preamble to this Agreement.

(xxxvi)“Guarantied Obligations” means all of the Obligations (including any Bank Product Obligations) now or hereafter existing, whether for principal, interest (including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), fees (including the fees provided for in the Fee Letter), Lender Group Expenses (including any fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), or otherwise, and any and all expenses (including reasonable counsel fees and expenses) incurred by Agent, any other member of the Lender Group, or any Bank Product Provider (or any of them) in enforcing any rights under the any of the Loan Documents.  Without limiting the generality of the foregoing, Guarantied Obligations shall include all amounts that constitute part of the Guarantied Obligations and would be owed by Borrowers to Agent, any other member of the Lender Group, or any Bank Product Provider but for the fact that they are unenforceable or not allowable, including due to the existence of a bankruptcy, reorganization, other Insolvency Proceeding or similar proceeding involving any Borrower or Guarantor; provided that, anything to the contrary contained in the foregoing notwithstanding, each Guarantor’s Guarantied Obligations shall exclude its Excluded Swap Obligations.

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(xxxvii)“Guarantor” means each Grantor other than Borrowers.  

(xxxviii)“Guaranty” means the guaranty set forth in Section 2 hereof.

(xxxix)“Insolvency Proceeding” has the meaning specified therefor in the Credit Agreement.

(xl)“Intellectual Property” means any and all Patents, Copyrights, Trademarks, trade secrets, know-how, inventions (whether or not patentable), algorithms, software programs (including source code and object code), processes, product designs, industrial designs, blueprints, drawings, data, customer lists, URLs and domain names, specifications, documentations, reports, catalogs, literature, and any other forms of technology or proprietary information of any kind, including all rights therein and all applications for registration or registrations thereof.

(xli)“Intellectual Property Licenses” means, with respect to any Person (the “Specified Party”), (A) any licenses or other similar rights provided to the Specified Party in or with respect to Intellectual Property owned or controlled by any other Person, and (B) any licenses or other similar rights provided to any other Person in or with respect to Intellectual Property owned or controlled by the Specified Party, in each case, including (x) any software license agreements (other than license agreements for commercially available off-the-shelf software that is generally available to the public which have been licensed to a Grantor pursuant to end-user licenses), (y) the license agreements listed on Schedule 3, and (z) the right to use any of the licenses or other similar rights described in this definition in connection with the enforcement of the Lender Group’s rights under the Loan Documents.

(xlii)“Inventory” means inventory (as that term is defined in the Code).

(xliii)“Investment Property” means (A) any and all investment property (as that term is defined in the Code), and (B) any and all of the following (regardless of whether classified as investment property under the Code):  all Pledged Interests, Pledged Operating Agreements, and Pledged Partnership Agreements.

(xliv)“Joinder” means each Joinder to this Agreement executed and delivered by Agent and each of the other parties listed on the signature pages thereto, in substantially the form of Annex 1.

(xlv)“Lender Group” has the meaning specified therefor in the Credit Agreement.

(xlvi)“Lender” and “Lenders” have the respective meanings specified therefor in the recitals to this Agreement.

(xlvii)“Loan Document” has the meaning specified therefor in the Credit Agreement.

(xlviii)“Negotiable Collateral” means letters of credit, letter-of-credit rights, instruments, promissory notes, drafts and documents (as each such term is defined in the Code).

(xlix)“Obligations” has the meaning specified therefor in the Credit Agreement.

(l)“Original Guaranty and Security Agreement” means the Amended and Restated Guaranty and Security Agreement, dated as of March 26, 2015, by and among Agent and the 

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Grantors, as the same may be amended, modified or supplemented from time to time prior to the date hereof.

(li)“Parent” has the meaning specified therefor in the recitals to this Agreement.

(lii)“Patents” means patents and patent applications, including (A) the patents and patent applications listed on Schedule 4, (B) all continuations, divisionals, continuations-in-part, re-examinations, reissues, and renewals thereof and improvements thereon, (C) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past, present, or future infringements thereof, (D) the right to sue for past, present, and future infringements thereof, and (E) all of each Grantor’s rights corresponding thereto throughout the world.

(liii)“Patent Security Agreement” means each Patent Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially the form of Exhibit B.

(liv)“Permitted Investments” has the meaning specified therefor in the Credit Agreement.

(lv)“Permitted Liens” has the meaning specified therefor in the Credit Agreement.

(lvi)“Person” has the meaning specified therefor in the Credit Agreement.

(lvii)“Pledged Companies” means each Person listed on Schedule 5 as a “Pledged Company”, together with each other Person, all or a portion of whose Equity Interests are acquired or otherwise owned by a Grantor after the Second Restatement Effective Date and required to be pledged pursuant to Section 5.11 of the Credit Agreement.

(lviii)“Pledged Interests” means all of each Grantor’s right, title and interest in and to all of the Equity Interests now owned or hereafter acquired by such Grantor, regardless of class or designation, in each of the Pledged Companies, and all substitutions therefor and replacements thereof, all proceeds thereof and all rights relating thereto, also including any certificates representing the Equity Interests, the right to receive any certificates representing any of the Equity Interests, all warrants, options, share appreciation rights and other rights, contractual or otherwise, in respect thereof and the right to receive all dividends, distributions of income, profits, surplus, or other compensation by way of income or liquidating distributions, in cash or in kind, and all cash, instruments, and other property from time to time received, receivable, or otherwise distributed in respect of or in addition to, in substitution of, on account of, or in exchange for any or all of the foregoing.

(lix)“Pledged Interests Addendum” means a Pledged Interests Addendum substantially in the form of Exhibit C.

(lx)“Pledged Operating Agreements” means all of each Grantor’s rights, powers, and remedies under the limited liability company operating agreements of each of the Pledged Companies that are limited liability companies.

(lxi)“Pledged Partnership Agreements” means all of each Grantor’s rights, powers, and remedies under the partnership agreements of each of the Pledged Companies that are partnerships.

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(lxii)“Proceeds” has the meaning specified therefor in Section 3.

(lxiii)“PTO” means the United States Patent and Trademark Office.

(lxiv)“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Grantor that has total assets exceeding $10,000,000 at the time the relevant guaranty, keepwell, 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” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

(lxv)“Real Property” means any estates or interests in real property now owned or hereafter acquired by any Grantor and the improvements thereto.

(lxvi)“Record” means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form.

(lxvii)“Rescission” has the meaning specified therefor in Section 7(k).

(lxviii)“Secured Obligations” means each and all of the following:  (A) all of the present and future obligations of each of the Grantors arising from, or owing under or pursuant to, this Agreement (including the Guaranty), the Credit Agreement, or any of the other Loan Documents, (B) all Bank Product Obligations, and (C) all other Obligations of Borrowers and all other Guarantied Obligations of each Guarantor (including, in the case of each of clauses (A), (B) and (C), reasonable attorneys’ fees and expenses and any interest, fees, or expenses that accrue after the filing of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any Insolvency Proceeding); provided that, anything to the contrary contained in the foregoing notwithstanding, the Secured Obligations of any Guarantor shall exclude its Excluded Swap Obligations.

(lxix)“Securities Account” means a securities account (as that term is defined in the Code).

(lxx)“Security Interest” has the meaning specified therefor in Section 3.

(lxxi)“Supporting Obligations” means supporting obligations (as such term is defined in the Code), and includes letters of credit and guaranties issued in support of Accounts, Chattel Paper, documents, General Intangibles, instruments or Investment Property.

(lxxii)“Swap Obligation” means, with respect to any Grantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

(lxxiii)“Trademarks” means any and all trademarks, trade names, registered trademarks, trademark applications, service marks, registered service marks and service mark applications, including (A) the trade names, registered trademarks, trademark applications, registered service marks and service mark applications listed on Schedule 6, (B) all renewals thereof, (C) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for past or future infringements or dilutions thereof, (D) the right to sue for past, present and future infringements and dilutions thereof, (E) the goodwill of each Grantor’s business symbolized by the 

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foregoing or connected therewith, and (F) all of each Grantor’s rights corresponding thereto throughout the world.  

(lxxiv)“Trademark Security Agreement” means each Trademark Security Agreement executed and delivered by Grantors, or any of them, and Agent, in substantially the form of Exhibit D.

(lxxv)“Triggering Event” means, as of any date of determination, that (A) an Event of Default has occurred as of such date, or (B) Excess Availability is less than the Trigger Level as of such date.

(lxxvi)“Trigger Level” has the meaning given to such term in the Credit Agreement.

(lxxvii)“URL” means “uniform resource locator,” an internet web address.

(b)Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the terms “includes” and  “including” are not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.”  The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.  Section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified.  Any reference in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein or in the Credit Agreement).  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.  Any reference herein to the satisfaction, repayment, or payment in full of the Secured Obligations or the Guarantied Obligations shall mean (i) the payment or repayment in full in immediately available funds of (A) the principal amount of, and interest accrued with respect to, all outstanding Loans, together with the payment of any premium applicable to the repayment of the Loans, (B) all Lender Group Expenses that have accrued regardless of whether demand has been made therefor, (C) all fees or charges that have accrued hereunder or under any other Loan Document (including the Letter of Credit Fee and the Unused Line Fee), (ii) in the case of contingent reimbursement obligations with respect to Letters of Credit, providing Letter of Credit Collateralization, (iii) in the case of obligations with respect to Bank Products (other than Hedge Obligations), providing Bank Product Collateralization, (iv) the receipt by Agent of cash collateral in order to secure any other contingent Secured Obligations or Guarantied Obligations for which a claim or demand for payment has been made at such time or in respect of matters or circumstances known to Agent or a Lender at the time that are reasonably expected to result in any loss, cost, damage or expense (including attorneys fees and legal expenses), such cash collateral to be in such amount as Agent reasonably determines is appropriate to secure such contingent Secured Obligations or Guarantied Obligations, (v) the payment or repayment in full in immediately available funds of all other Secured Obligations or Guarantied Obligations (as the case may be) (including the payment of any termination amount then applicable (or which would or could become applicable as a result of the repayment of the other Obligations) under Hedge Agreements provided by Hedge Providers) other than (A) unasserted contingent indemnification obligations, (B) any Bank Product Obligations (other than Hedge Obligations) that, at such time, are allowed by the applicable Bank Product Provider to remain outstanding without being required to be repaid or cash collateralized, and (C) any Hedge Obligations that, at such time, are allowed by the applicable Hedge Provider to remain outstanding without being required to be repaid, and (vi) the termination of all of the Commitments of the 

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Lenders.  Any reference herein to any Person shall be construed to include such Person’s successors and assigns.  Any requirement of a writing contained herein shall be satisfied by the transmission of a Record.  

(c)All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.

2.Guaranty.

(a)In recognition of the direct and indirect benefits to be received by Guarantors from the proceeds of the Revolving Loans and the Term Loan, the issuance of the Letters of Credit, and the entering into of the Bank Product Agreements and by virtue of the financial accommodations to be made to Borrowers, each of the Guarantors, jointly and severally, hereby unconditionally and irrevocably guarantees as a primary obligor and not merely as a surety the full and prompt payment when due, whether upon maturity, acceleration, or otherwise, of all of the Guarantied Obligations.  If any or all of the Obligations becomes due and payable, each of the Guarantors, unconditionally and irrevocably, and without the need for demand, protest, or any other notice or formality, promises to pay such indebtedness to Agent, for the benefit of the Lender Group and the Bank Product Providers, together with any and all expenses (including Lender Group Expenses) that may be incurred by Agent or any other member of the Lender Group or any Bank Product Provider in demanding, enforcing, or collecting any of the Guarantied Obligations (including the enforcement of any collateral for such Obligations or any collateral for the obligations of the Guarantors under this Guaranty).  If claim is ever made upon Agent or any other member of the Lender Group or any Bank Product Provider for repayment or recovery of any amount or amounts received in payment of or on account of any or all of the Obligations and any of Agent or any other member of the Lender Group or any Bank Product Provider repays all or part of said amount by reason of (i) any judgment, decree, or order of any court or administrative body having jurisdiction over such payee or any of its property, or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including any Borrower or any Guarantor), then and in each such event, each of the Guarantors agrees that any such judgment, decree, order, settlement, or compromise shall be binding upon the Guarantors, notwithstanding any revocation (or purported revocation) of this Guaranty or other instrument evidencing any liability of any Grantor, and the Guarantors shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee.

(b)Additionally, each of the Guarantors unconditionally and irrevocably guarantees the payment of any and all of the Obligations to Agent, for the benefit of the Lender Group and the Bank Product Providers, whether or not due or payable by any Loan Party upon the occurrence of any of the events specified in Section 8.4 or 8.5 of the Credit Agreement, and irrevocably and unconditionally promises to pay such indebtedness to Agent, for the benefit of the Lender Group and the Bank Product Providers, without the requirement of demand, protest, or any other notice or other formality, in lawful money of the United States.

(c)The liability of each of the Guarantors hereunder is primary, absolute, and unconditional, and is independent of any security for or other guaranty of the Obligations, whether executed by any other Guarantor or by any other Person, and the liability of each of the Guarantors hereunder shall not be affected or impaired by (i) any payment on, or in reduction of, any such other guaranty or undertaking, (ii) any dissolution, termination, or increase, decrease, or change in personnel by any Grantor, (iii) any payment made to Agent, any other member of the Lender Group, or any Bank Product Provider on account of the Obligations which Agent, such other member of the Lender Group, or such Bank Product Provider repays to any Grantor pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding (or any settlement or compromise of any claim made in such a proceeding relating to such payment), and each of the 

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Guarantors waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding, or (iv) any action or inaction by Agent, any other member of the Lender Group, or any Bank Product Provider, or (v) any invalidity, irregularity, avoidability, or unenforceability of all or any part of the Obligations or of any security therefor.

(d)This Guaranty includes all present and future Guarantied Obligations including any under transactions continuing, compromising, extending, increasing, modifying, releasing, or renewing the Guarantied Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or creating new or additional Guarantied Obligations after prior Guarantied Obligations have been satisfied in whole or in part.  To the maximum extent permitted by law, each Guarantor hereby waives any right to revoke this Guaranty as to future Guarantied Obligations.  If such a revocation is effective notwithstanding the foregoing waiver, each Guarantor acknowledges and agrees that (i) no such revocation shall be effective until written notice thereof has been received by Agent, (ii) no such revocation shall apply to any Guarantied Obligations in existence on the date of receipt by Agent of such written notice (including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (iii) no such revocation shall apply to any Guarantied Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of any member of the Lender Group or any Bank Product Provider in existence on the date of such revocation, (iv) no payment by any Guarantor, any Borrower, or from any other source, prior to the date of Agent’s receipt of written notice of such revocation shall reduce the maximum obligation of such Guarantor hereunder, and (v) any payment by any Borrower or from any source other than such Guarantor subsequent to the date of such revocation shall first be applied to that portion of the Guarantied Obligations as to which the revocation is effective and which are not, therefore, guarantied hereunder, and to the extent so applied shall not reduce the maximum obligation of such Guarantor hereunder.  This Guaranty shall be binding upon each Guarantor, its successors and assigns and inure to the benefit of and be enforceable by Agent (for the benefit of the Lender Group and the Bank Product Providers) and its successors, transferees, or assigns.  

(e)The guaranty by each of the Guarantors hereunder is a guaranty of payment and not of collection.  The obligations of each of the Guarantors hereunder are independent of the obligations of any other Guarantor or Grantor or any other Person and a separate action or actions may be brought and prosecuted against one or more of the Guarantors whether or not action is brought against any other Guarantor or Grantor or any other Person and whether or not any other Guarantor or Grantor or any other Person be joined in any such action or actions.  Each of the Guarantors waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement hereof.  Any payment by any Grantor or other circumstance which operates to toll any statute of limitations as to any Grantor shall operate to toll the statute of limitations as to each of the Guarantors.

(f)Each of the Guarantors authorizes Agent, the other members of the Lender Group, and the Bank Product Providers without notice or demand, and without affecting or impairing its liability hereunder, from time to time to:

(i)change the manner, place, or terms of payment of, or change or extend the time of payment of, renew, increase, accelerate, or alter:  (A) any of the Obligations (including any increase or decrease in the principal amount thereof or the rate of interest or fees thereon); or (B) any security therefor or any liability incurred directly or indirectly in respect thereof, and this Guaranty shall apply to the Obligations as so changed, extended, renewed, or altered;

(ii)take and hold security for the payment of the Obligations and sell, exchange, release, impair, surrender, realize upon, collect, settle, or otherwise deal with in any manner 

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and in any order any property at any time pledged or mortgaged to secure the Obligations or any of the Guarantied Obligations (including any of the obligations of all or any of the Guarantors under this Guaranty) incurred directly or indirectly in respect thereof or hereof, or any offset on account thereof;

(iii)exercise or refrain from exercising any rights against any Grantor;

(iv)release or substitute any one or more endorsers, guarantors, any Grantor, or other obligors;

(v)settle or compromise any of the Obligations, any security therefor, or any liability (including any of those of any of the Guarantors under this Guaranty) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of any Grantor to its creditors;

(vi)apply any sums by whomever paid or however realized to any liability or liabilities of any Grantor to Agent, any other member of the Lender Group, or any Bank Product Provider regardless of what liability or liabilities of such Grantor remain unpaid;

(vii)consent to or waive any breach of, or any act, omission, or default under, this Agreement, any other Loan Document, any Bank Product Agreement, or any of the instruments or agreements referred to herein or therein, or otherwise amend, modify, or supplement this Agreement, any other Loan Document, any Bank Product Agreement, or any of such other instruments or agreements; or

(viii)take any other action that could, under otherwise applicable principles of law, give rise to a legal or equitable discharge of one or more of the Guarantors from all or part of its liabilities under this Guaranty.

(g)It is not necessary for Agent, any other member of the Lender Group, or any Bank Product Provider to inquire into the capacity or powers of any of the Guarantors or the officers, directors, partners or agents acting or purporting to act on their behalf, and any Obligations made or created in reliance upon the professed exercise of such powers shall be guarantied hereunder.

(h)Each Guarantor jointly and severally guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the Loan Documents, regardless of any law, regulation, or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any member of the Lender Group or any Bank Product Provider with respect thereto.  The obligations of each Guarantor under this Guaranty are independent of the Guarantied Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce such obligations, irrespective of whether any action is brought against any other Guarantor or whether any other Guarantor is joined in any such action or actions.  The liability of each Guarantor under this Guaranty shall be absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives any defense it may now or hereafter have in any way relating to, any or all of the following:

(i)any lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;

(ii)any change in the time, manner, or place of payment of, or in any other term of, all or any of the Guarantied Obligations, or any other amendment or waiver of or any consent to departure from any Loan Document, including any increase in the Guarantied Obligations resulting from the extension of additional credit;

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(iii)any taking, exchange, release, or non-perfection of any Lien in and to any Collateral, or any taking, release, amendment, waiver of, or consent to departure from any other guaranty, for all or any of the Guarantied Obligations;

(iv)the existence of any claim, set-off, defense, or other right that any Guarantor may have at any time against any Person, including Agent, any other member of the Lender Group, or any Bank Product Provider;

(v)any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor; 

(vi)any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group or any Bank Product Provider including any defense based upon an impairment or elimination of such Guarantor’s rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against any other Grantor or any guarantors or sureties;

(vii)any change, restructuring, or termination of the corporate, limited liability company, or partnership structure or existence of any Grantor; or

(viii)any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Grantor or any other guarantor or surety.

(i)Waivers.

(i)Each of the Guarantors waives any right (except as shall be required by applicable statute and cannot be waived) to require Agent, any other member of the Lender Group, or any Bank Product Provider to (i) proceed against any other Grantor or any other Person, (ii) proceed against or exhaust any security held from any other Grantor or any other Person, or (iii) protect, secure, perfect, or insure any security interest or Lien on any property subject thereto or exhaust any right to take any action against any other Grantor, any other Person, or any collateral, or (iv) pursue any other remedy in any member of the Lender Group’s or any Bank Product Provider’s power whatsoever.  Each of the Guarantors waives any defense based on or arising out of any defense of any Grantor or any other Person, other than payment of the Obligations to the extent of such payment, based on or arising out of the disability of any Grantor or any other Person, or the validity, legality, or unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of any Grantor other than payment of the Obligations to the extent of such payment.  Agent may, at the election of the Required Lenders, foreclose upon any Collateral held by Agent by one or more judicial or nonjudicial sales or other dispositions, whether or not every aspect of any such sale is commercially reasonable or otherwise fails to comply with applicable law or may exercise any other right or remedy Agent, any other member of the Lender Group, or any Bank Product Provider may have against any Grantor or any other Person, or any security, in each case, without affecting or impairing in any way the liability of any of the Guarantors hereunder except to the extent the Obligations have been paid.  

(ii)Each of the Guarantors waives all presentments, demands for performance, protests and notices, including notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation, or incurring of new or additional Obligations or other financial accommodations.  Each of the Guarantors waives notice of any Default or Event of Default under any of the Loan Documents.  Each of the Guarantors assumes all responsibility for being and keeping itself informed of each Grantor’s financial condition and assets and 

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of all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope, and extent of the risks which each of the Guarantors assumes and incurs hereunder, and agrees that neither Agent nor any of the other members of the Lender Group nor any Bank Product Provider shall have any duty to advise any of the Guarantors of information known to them regarding such circumstances or risks.

(iii)To the fullest extent permitted by applicable law, each Guarantor hereby waives:  (A) any right to assert against any member of the Lender Group or any Bank Product Provider, any defense (legal or equitable), set-off, counterclaim, or claim which each Guarantor may now or at any time hereafter have against any Borrower or any other party liable to any member of the Lender Group or any Bank Product Provider; (B) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor; (C) any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group or any Bank Product Provider including any defense based upon an impairment or elimination of such Guarantor’s rights of subrogation, reimbursement, contribution, or indemnity of such Guarantor against any Borrower or other guarantors or sureties; and (D) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guarantied Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to such Guarantor’s liability hereunder.

(iv)No Guarantor will exercise any rights that it may now or hereafter acquire against any Grantor or any other guarantor that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under this Guaranty, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of Agent, any other member of the Lender Group, or any Bank Product Provider against any Grantor or any other guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take or receive from any Grantor or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guarantied Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash and all of the Commitments have been terminated.  If any amount shall be paid to any Guarantor in violation of the immediately preceding sentence, such amount shall be held in trust for the benefit of Agent, for the benefit of the Lender Group and the Bank Product Providers, and shall forthwith be paid to Agent to be credited and applied to the Guarantied Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Credit Agreement, or to be held as Collateral for any Guarantied Obligations or other amounts payable under this Guaranty thereafter arising.  Notwithstanding anything to the contrary contained in this Guaranty, no Guarantor may exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, and may not proceed or seek recourse against or with respect to any property or asset of, any other Grantor (the “Foreclosed Grantor”), including after payment in full of the Obligations, if all or any portion of the Obligations have been satisfied in connection with an exercise of remedies in respect of the Equity Interests of such Foreclosed Grantor whether pursuant to this Agreement or otherwise.

(v)Each of the Guarantors hereby acknowledges and affirms that it understands that to the extent the Obligations are secured by Real Property located in California, Guarantors shall be liable for the full amount of the liability hereunder notwithstanding the foreclosure on such Real Property by trustee sale or any other reason impairing such Guarantor’s right to proceed against any Loan Party.  In accordance with Section 2856 of the California Code of Civil Procedure or any similar laws of any other applicable jurisdiction, each of the Guarantors hereby waives until such time as the Obligations have been paid in full:

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(1)all rights of subrogation, reimbursement, indemnification, and contribution and any other rights and defenses that are or may become available to the Guarantors by reason of Sections 2787 to 2855, inclusive, 2899, and 3433 of the California Code of Civil Procedure or any similar laws of any other applicable jurisdiction;

(2)all rights and defenses that the Guarantors may have because the Obligations are secured by Real Property located in California, meaning, among other things, that:  (A) Agent, the other members of the Lender Group, and the Bank Product Providers may collect from the Guarantors without first foreclosing on any real or personal property collateral pledged by any Borrower or any other Grantor, and (B) if Agent, on behalf of the Lender Group, forecloses on any Real Property collateral pledged by any Borrower or any other Grantor, (1) the amount of the Obligations may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price, and (2) the Lender Group may collect from the Guarantors even if, by foreclosing on the Real Property collateral, Agent or the other members of the Lender Group have destroyed or impaired any right the Guarantors may have to collect from any other Grantor, it being understood that this is an unconditional and irrevocable waiver of any rights and defenses the Guarantors may have because the Obligations are secured by Real Property (including, without limitation, any rights or defenses based upon Sections 580a, 580d, or 726 of the California Code of Civil Procedure or any similar laws of any other applicable jurisdiction); and

(3)all rights and defenses arising out of an election of remedies by Agent, the other members of the Lender Group, and the Bank Product Providers, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for the Obligations, has destroyed Guarantors’ rights of subrogation and reimbursement against any Grantor by the operation of Section 580d of the California Code of Civil Procedure or any similar laws of any other applicable jurisdiction or otherwise.

(vi)Each of the Guarantors represents, warrants, and agrees that each of the waivers set forth above is made with full knowledge of its significance and consequences and that if any of such waivers are determined to be contrary to any applicable law or public policy, such waivers shall be effective to the maximum extent permitted by law.

(vii)The provisions in this Section 2 which refer to certain sections of the California Civil Code are included in this Guaranty solely out of an abundance of caution and shall not be construed to mean that any of the above-referenced provisions of California law are in any way applicable to this Guaranty.

(j)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 Grantor to guaranty and otherwise honor all Obligations in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 2(j) for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 2(j), or otherwise under the Loan Documents, 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 the Guarantied Obligations.  Each Qualified ECP Guarantor intends that this Section 2(j) constitute, and this Section 2(j) shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Grantor for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

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3.Grant of Security.  Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit of each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations, a continuing security interest (hereinafter referred to as the “Security Interest”) in all of such Grantor’s right, title, and interest in and to the following, whether now owned or hereafter acquired or arising and wherever located (the “Collateral”):

(a)all of such Grantor’s Accounts;

(b)all of such Grantor’s Books;

(c)all of such Grantor’s Chattel Paper;

(d)all of such Grantor’s Commercial Tort Claims;

(e)all of such Grantor’s Deposit Accounts;

(f)all of such Grantor’s Equipment;

(g)all of such Grantor’s Farm Products;

(h)all of such Grantor’s Fixtures;

(i)all of such Grantor’s General Intangibles;

(j)all of such Grantor’s Inventory;

(k)all of such Grantor’s Investment Property; 

(l)all of such Grantor’s Intellectual Property and Intellectual Property Licenses;

(m)all of such Grantor’s Negotiable Collateral;

(n)all of such Grantor’s Pledged Interests (including all of such Grantor’s Pledged Operating Agreements and Pledged Partnership Agreements);

(o)all of such Grantor’s Securities Accounts;

(p)all of such Grantor’s Supporting Obligations;

(q)all of such Grantor’s money, Cash Equivalents, or other assets of such Grantor that now or hereafter come into the possession, custody, or control of Agent (or its agent or designee) or any other member of the Lender Group; and

(r)all of the proceeds (as such term is defined in the Code) and products, whether tangible or intangible, of any of the foregoing, including proceeds of insurance or Commercial Tort Claims covering or relating to any or all of the foregoing, and any and all Accounts, Books, Chattel Paper, Deposit Accounts, Equipment, Fixtures, General Intangibles, Inventory, Investment Property, Intellectual Property, Negotiable Collateral, Pledged Interests, Securities Accounts, Supporting Obligations, money, or other tangible or intangible property resulting from the sale, lease, license, exchange, collection, or other disposition of any of the foregoing, the proceeds of any award in condemnation with respect to any of the foregoing, any rebates or refunds, whether for taxes or otherwise, and all proceeds of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof, and all proceeds of any loss 

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of, damage to, or destruction of the above, whether insured or not insured, and, to the extent not otherwise included, any indemnity, warranty, or guaranty payable by reason of loss or damage to, or otherwise with respect to any of the foregoing (the “Proceeds”).  Without limiting the generality of the foregoing, the term “Proceeds” includes whatever is receivable or received when Investment Property or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes proceeds of any indemnity or guaranty payable to any Grantor or Agent from time to time with respect to any of the Investment Property.

Notwithstanding anything contained in this Agreement to the contrary, the term “Collateral” shall not include (collectively, the “Excluded Collateral”): (i) voting Equity Interests of any Foreign Subsidiary, solely to the extent that such Equity Interests represent more than 65% of the outstanding voting Equity Interests of such Foreign Subsidiary; (ii) any rights or interest in any contract, lease, permit, license, or license agreement covering real or personal property of any Grantor if under the terms of such contract, lease, permit, license, or license agreement, or applicable law with respect thereto, the grant of a security interest or lien therein is prohibited as a matter of law or under the terms of such contract, lease, permit, license, or license agreement and such prohibition or restriction has not been waived or the consent of the other party to such contract, lease, permit, license, or license agreement has not been obtained (provided, that, (A) the foregoing exclusions of this clause (ii) shall in no way be construed (1) to apply to the extent that any described prohibition or restriction is ineffective under Section 9-406, 9-407, 9-408, or 9-409 of the Code or other applicable law, or (2) to apply to the extent that any consent or waiver has been obtained that would permit Agent’s security interest or lien to attach notwithstanding the prohibition or restriction on the pledge of such contract, lease, permit, license, or license agreement and (B) the foregoing exclusions of clauses (i) and (ii) shall in no way be construed to limit, impair, or otherwise affect any of Agent’s, any other member of the Lender Group’s or any Bank Product Provider’s continuing security interests in and liens upon any rights or interests of any Grantor in or to (1) monies due or to become due under or in connection with any described contract, lease, permit, license, license agreement, or Equity Interests (including any Accounts or Equity Interests), or (2) any proceeds from the sale, license, lease, or other dispositions of any such contract, lease, permit, license, license agreement, or Equity Interests); (iii) any United States intent-to-use trademark applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark applications under applicable federal law, provided that upon submission and acceptance by the PTO of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a) (or any successor provision), such intent-to-use trademark application shall be considered Collateral; or (iv) motor vehicles owned by any Loan Party.

4.Security for Secured Obligations.  The Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter.  Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, the Lender Group, the Bank Product Providers or any of them, but for the fact that they are unenforceable or not allowable (in whole or in part) as a claim in an Insolvency Proceeding involving any Grantor due to the existence of such Insolvency Proceeding. 

5.Grantors Remain Liable.  Anything herein to the contrary notwithstanding, (a) each of the Grantors shall remain liable under the contracts and agreements included in the Collateral, including the Pledged Operating Agreements and the Pledged Partnership Agreements, to perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by Agent or any other member of the Lender Group of any of the rights hereunder shall not release any Grantor from any of its duties or obligations under such contracts and agreements included in the Collateral, and (c) none of the members of the Lender Group shall have any obligation or liability under such contracts and agreements included in the Collateral by reason of this Agreement, nor shall any of the 

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members of the Lender Group be obligated to perform any of the obligations or duties of any Grantors thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.  Until an Event of Default shall occur and be continuing, except as otherwise provided in this Agreement, the Credit Agreement, or any other Loan Document, Grantors shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of their respective businesses, subject to and upon the terms hereof and of the Credit Agreement and the other Loan Documents.  Without limiting the generality of the foregoing, it is the intention of the parties hereto that record and beneficial ownership of the Pledged Interests, including all voting, consensual, dividend, and distribution rights, shall remain in the applicable Grantor until (i) the occurrence and continuance of an Event of Default and (ii) Agent has notified the applicable Grantor of Agent’s election to exercise such rights with respect to the Pledged Interests pursuant to Section 16.  

6.Representations and Warranties.  In order to induce Agent to enter into this Agreement for the benefit of the Lender Group and the Bank Product Providers, each Grantor makes the following representations and warranties to the Lender Group which shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the Second Restatement Effective Date, and shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the date of the making of each Revolving Loan (or other extension of credit) made thereafter, as though made on and as of the date of such Revolving Loan (or other extension of credit) (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier date) and such representations and warranties shall survive the execution and delivery of this Agreement:

(a)The name (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Grantor is set forth on Schedule 7 (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents).

(b)The chief executive office of each Grantor is located at the address indicated on Schedule 7 (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents).  

(c)Each Grantor’s tax identification numbers and organizational identification numbers, if any, are identified on Schedule 7 (as such Schedule may be updated from time to time to reflect changes resulting from transactions permitted under the Loan Documents).

(d)As of the Second Restatement Effective Date, no Grantor holds any commercial tort claims that exceed $100,000 in amount, except as set forth on Schedule 1.  

(e)Set forth on Schedule 9 (as such Schedule may be updated from time to time subject to Section 7(k)(iii) with respect to Controlled Accounts and provided that Grantors comply with Section 7(c) hereof) is a listing of all of Grantors’ Deposit Accounts and Securities Accounts, including, with respect to each bank or securities intermediary (a) the name and address of such Person, and (b) the account numbers of the Deposit Accounts or Securities Accounts maintained with such Person.

(f)Schedule 8 sets forth all Real Property owned by any of the Grantors as of the Second Restatement Effective Date.  

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(g)As of the Second Restatement Effective Date: (i) Schedule 2 provides a complete and correct list of all registered Copyrights owned by any Grantor, all applications for registration of Copyrights owned by any Grantor, and all other Copyrights owned by any Grantor and material to the conduct of the business of any Grantor; (ii) Schedule 3 provides a complete and correct list of all Intellectual Property Licenses entered into by any Grantor pursuant to which (A) any Grantor has provided any license or other rights in Intellectual Property owned or controlled by such Grantor to any other Person (other than non-exclusive software licenses granted in the ordinary course of business) or (B) any Person has granted to any Grantor any license or other rights in Intellectual Property owned or controlled by such Person that is material to the business of such Grantor, including any Intellectual Property that is incorporated in any Inventory, software, or other product marketed, sold, licensed, or distributed by such Grantor; (iii) Schedule 4 provides a complete and correct list of all Patents owned by any Grantor and all applications for Patents owned by any Grantor; and (iv) Schedule 6 provides a complete and correct list of all registered Trademarks owned by any Grantor, all applications for registration of Trademarks owned by any Grantor, and all other Trademarks owned by any Grantor and material to the conduct of the business of any Grantor.  

(h)(i) (A) each Grantor owns exclusively or holds licenses in all Intellectual Property that is necessary in or material to the conduct of its business, and (B) all employees and contractors of each Grantor who were involved in the creation or development of any Intellectual Property for such Grantor that is necessary in or material to the business of such Grantor have signed agreements containing assignment of Intellectual Property rights to such Grantor and obligations of confidentiality;

(ii)to each Grantor’s knowledge, no Person has infringed or misappropriated or is currently infringing or misappropriating any Intellectual Property rights owned by such Grantor, in each case, that either individually or in the aggregate could reasonably be expected to result in a Material Adverse Effect;

(iii)(A) to each Grantor’s knowledge, (1) such Grantor has never infringed or misappropriated and is not currently infringing or misappropriating any Intellectual Property rights of any Person, and (2) no product manufactured, used, distributed, licensed, or sold by or service provided by such Grantor has ever infringed or misappropriated or is currently infringing or misappropriating any Intellectual Property rights of any Person, in each case, except where such infringement either individually or in the aggregate could not reasonably be expected to result in a Material Adverse Effect, and (B) there are no infringement or misappropriation claims or proceedings pending, or to any Grantor’s knowledge, threatened in writing against any Grantor, and no Grantor has received any written notice or other communication of any actual or alleged infringement or misappropriation of any Intellectual Property rights of any Person, in each case, except where such infringement either individually or in the aggregate could not reasonably be expected to result in a Material Adverse Effect; 

(iv)to each Grantor’s knowledge, all registered Copyrights, registered Trademarks, and issued Patents that are owned by such Grantor and necessary in or material to the conduct of its business are valid, subsisting and enforceable and in compliance with all legal requirements, filings, and payments and other actions that are required to maintain such Intellectual Property in full force and effect, and

(v)each Grantor has taken reasonable steps to maintain the confidentiality of and otherwise protect and enforce its rights in all trade secrets owned by such Grantor that are necessary in or material to the conduct of the business of such Grantor.

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(i)This Agreement creates a valid security interest in the Collateral of each Grantor, to the extent a security interest therein can be created under the Code, securing the payment of the Secured Obligations.  Except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement under the Code, all filings and other actions necessary or desirable to perfect and protect such security interest have been duly taken or will have been taken upon the filing of financing statements listing each applicable Grantor, as a debtor, and Agent, as secured party, in the jurisdictions listed next to such Grantor’s name on Schedule 11.  Upon the making of such filings, Agent shall have a first priority perfected security interest in the Collateral of each Grantor to the extent such security interest can be perfected by the filing of a financing statement, subject only to Permitted Liens which are non-consensual Permitted Liens, permitted purchase money Liens and the interests of lessors under Capital Leases.  Upon filing of any Copyright Security Agreement with the United States Copyright Office, filing of any Patent Security Agreement and any Trademark Security Agreement with the PTO, and the filing of appropriate financing statements in the jurisdictions listed on Schedule 11, all action necessary or desirable to protect and perfect the Security Interest in and on each Grantor’s Patents, Trademarks, or Copyrights has been taken and such perfected Security Interest is enforceable as such as against any and all creditors of and purchasers from any Grantor.  All action by any Grantor necessary to protect and perfect such security interest on each item of Collateral has been duly taken.

(j)(i) Except for the Security Interest created hereby, each Grantor is and will at all times be the sole holder of record and the legal and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated on Schedule 5 as being owned by such Grantor and, when acquired by such Grantor, any Pledged Interests acquired after the Second Restatement Effective Date; (ii) all of the Pledged Interests are duly authorized, validly issued, fully paid and nonassessable and the Pledged Interests constitute or will constitute the percentage of the issued and outstanding Equity Interests of the Pledged Companies of such Grantor identified on Schedule 5 as supplemented or modified by any Pledged Interests Addendum or any Joinder to this Agreement; (iii) such Grantor has the right and requisite authority to pledge, the Investment Property pledged by such Grantor to Agent as provided herein; (iv) all actions necessary or desirable to perfect and establish the priority of, or otherwise protect, Agent’s Liens in the Investment Property, and the proceeds thereof, have been duly taken, upon (A) the execution and delivery of this Agreement; (B) the taking of possession by Agent (or its agent or designee) of any certificates representing the Pledged Interests, together with undated powers (or other documents of transfer acceptable to Agent) endorsed in blank by the applicable Grantor; (C) the filing of financing statements in the applicable jurisdiction set forth on Schedule 11 for such Grantor with respect to the Pledged Interests of such Grantor that are not represented by certificates; and (D) with respect to any Securities Accounts, the delivery of Control Agreements with respect thereto; and (v) each Grantor has delivered to and deposited with Agent all certificates representing the Pledged Interests owned by such Grantor to the extent such Pledged Interests are represented by certificates, and undated powers (or other documents of transfer acceptable to Agent) endorsed in blank with respect to such certificates.  None of the Pledged Interests owned or held by such Grantor has been issued or transferred in violation of any securities registration, securities disclosure, or similar laws of any jurisdiction to which such issuance or transfer may be subject.

(k)No consent, approval, authorization, or other order or other action by, and no notice to or filing with, any Governmental Authority or any other Person is required (i) for the grant of a Security Interest by such Grantor in and to the Collateral pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by such Grantor, or (ii) for the exercise by Agent of the voting or other rights provided for in this Agreement with respect to the Investment Property or the remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with such disposition of Investment Property by laws affecting the offering and sale of securities generally and except for consents, approvals, authorizations, or other orders or actions that have been obtained or given (as applicable) and that are still in force.  No Intellectual Property License of any 

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Grantor that is necessary in or material to the conduct of such Grantor’s business requires any consent of any other Person that has not been obtained in order for such Grantor to grant the security interest granted hereunder in such Grantor’s right, title or interest in or to such Intellectual Property License.

(l)As to all limited liability company or partnership interests, issued under any Pledged Operating Agreement or Pledged Partnership Agreement, each Grantor hereby represents and warrants that the Pledged Interests issued pursuant to such agreement (A) are not dealt in or traded on securities exchanges or in securities markets, (B) do not constitute investment company securities, and (C) are not held by such Grantor in a Securities Account.  In addition, none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement, provide that such Pledged Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction.

7.Covenants.  Each Grantor, jointly and severally, covenants and agrees with Agent that from and after the date of this Agreement and until the date of termination of this Agreement in accordance with Section 22:

(a)Possession of Collateral.  In the event that any Collateral, including Proceeds, is evidenced by or consists of Negotiable Collateral, Investment Property, or Chattel Paper having an aggregate value or face amount of $100,000 or more for all such Negotiable Collateral, Investment Property, or Chattel Paper, the Grantors shall promptly (and in any event within five (5) Business Days after acquisition thereof), notify Agent thereof, and if and to the extent that perfection or priority of Agent’s Security Interest is dependent on or enhanced by possession, the applicable Grantor, promptly (and in any event within five (5) Business Days) after request by Agent, shall execute such other documents and instruments as shall be requested by Agent or, if applicable, endorse and deliver physical possession of such Negotiable Collateral, Investment Property, or Chattel Paper to Agent, together with such undated powers (or other relevant document of transfer acceptable to Agent) endorsed in blank as shall be requested by Agent, and shall do such other acts or things deemed necessary or desirable by Agent to protect Agent’s Security Interest therein;

(b)Chattel Paper.  

(i)Promptly (and in any event within five (5) Business Days) after request by Agent, each Grantor shall take all steps reasonably necessary to grant Agent control of all electronic Chattel Paper in accordance with the Code and all “transferable records” as that term is defined in Section 16 of the Uniform Electronic Transaction Act and Section 201 of the federal Electronic Signatures in Global and National Commerce Act as in effect in any relevant jurisdiction, to the extent that the aggregate value or face amount of such electronic Chattel Paper equals or exceeds $100,000; and

(ii)If any Grantor retains possession of any Chattel Paper or instruments (which retention of possession shall be subject to the extent permitted hereby and by the Credit Agreement), promptly upon the request of Agent, such Chattel Paper and instruments shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the Security Interest of Wells Fargo Capital Bank, National Association, as Agent for the benefit of the Lender Group and the Bank Product Providers”;

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(c)Control Agreements.

(i)Except to the extent otherwise excused by Section 7(k)(iv), each Grantor shall obtain an authenticated Control Agreement (which may include a Controlled Account Agreement), from each bank maintaining a Deposit Account or Securities Account for such Grantor;

(ii)Except to the extent otherwise excused by Section 7(k)(iv), each Grantor shall obtain an authenticated Control Agreement, from each issuer of uncertificated securities, securities intermediary, or commodities intermediary issuing or holding any financial assets or commodities to or for any Grantor, or maintaining a Securities Account for such Grantor; and

(iii)Except to the extent otherwise excused by Section 7(k)(iv), each Grantor shall obtain an authenticated Control Agreement with respect to all of such Grantor’s investment property;

(d)Letter-of-Credit Rights.  If the Grantors (or any of them) are or become the beneficiary of letters of credit having a face amount or value of $100,000 or more in the aggregate, then the applicable Grantor or Grantors shall promptly (and in any event within five (5) Business Days after becoming a beneficiary), notify Agent thereof and, promptly (and in any event within five (5) Business Days) after request by Agent, enter into a tri-party agreement with Agent and the issuer or confirming bank with respect to letter-of-credit rights assigning such letter-of-credit rights to Agent and directing all payments thereunder to Agent’s Account, all in form and substance reasonably satisfactory to Agent;

(e)Commercial Tort Claims.  If the Grantors (or any of them) obtain Commercial Tort Claims having a value, or involving an asserted claim, in the amount of $100,000 or more in the aggregate for all Commercial Tort Claims, then the applicable Grantor or Grantors shall promptly (and in any event within five (5) Business Days of obtaining such Commercial Tort Claim), notify Agent upon incurring or otherwise obtaining such Commercial Tort Claims and, promptly (and in any event within five (5) Business Days) after request by Agent, amend Schedule 1 to describe such Commercial Tort Claims in a manner that reasonably identifies such Commercial Tort Claims and which is otherwise reasonably satisfactory to Agent, and hereby authorizes the filing of additional financing statements or amendments to existing financing statements describing such Commercial Tort Claims, and agrees to do such other acts or things deemed necessary or desirable by Agent to give Agent a first priority, perfected security interest in any such Commercial Tort Claim;

(f)Government Contracts.  Other than Accounts and Chattel Paper the aggregate value of which does not at any one time exceed $100,000, if any Account or Chattel Paper arises out of a contract or contracts with the United States of America or any department, agency, or instrumentality thereof, Grantors shall promptly (and in any event within five (5) Business Days of the creation thereof) notify Agent thereof and, promptly (and in any event within five (5) Business Days) after request by Agent, execute any instruments or take any steps reasonably required by Agent in order that all moneys due or to become due under such contract or contracts shall be assigned to Agent, for the benefit of the Lender Group and the Bank Product Providers, and shall provide written notice thereof under the Assignment of Claims Act or other applicable law;

(g)Intellectual Property.  

(i)Upon the request of Agent, in order to facilitate filings with the PTO and the United States Copyright Office, each Grantor shall execute and deliver to Agent one or more Copyright Security Agreements, Trademark Security Agreements, or Patent Security Agreements to 

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further evidence Agent’s Lien on such Grantor’s Patents, Trademarks, or Copyrights, and the General Intangibles of such Grantor relating thereto or represented thereby;

(ii)Each Grantor shall have the duty, with respect to Intellectual Property that is necessary in or material to the conduct of such Grantor’s business, to protect and diligently enforce and defend at such Grantor’s expense its Intellectual Property, including (A) to diligently enforce and defend, including promptly suing for infringement, misappropriation, or dilution and to recover any and all damages for such infringement, misappropriation, or dilution, and filing for opposition, interference, and cancellation against conflicting Intellectual Property rights of any Person, (B) to prosecute diligently any trademark application or service mark application that is part of the Trademarks pending as of the date hereof or hereafter until the termination of this Agreement, (C) to prosecute diligently any patent application that is part of the Patents pending as of the date hereof or hereafter until the termination of this Agreement, (D) to take all reasonable and necessary action to preserve and maintain all of such Grantor’s Trademarks, Patents, Copyrights, Intellectual Property Licenses, and its rights therein, including paying all maintenance fees and filing of applications for renewal, affidavits of use, and affidavits of noncontestability, and (E) to require all employees, consultants, and contractors of each Grantor who were involved in the creation or development of such Intellectual Property to sign agreements containing assignment of Intellectual Property rights and obligations of confidentiality.  Each Grantor further agrees not to abandon any Intellectual Property or Intellectual Property License that is necessary in or material to the conduct of such Grantor’s business.  Each Grantor hereby agrees to take the steps described in this Section 7(g)(ii) with respect to all new or acquired Intellectual Property to which it is now or later becomes entitled that is necessary in or material to the conduct of such Grantor’s business;  

(iii)Grantors acknowledge and agree that the Lender Group shall have no duties with respect to any Intellectual Property or Intellectual Property Licenses of any Grantor.  Without limiting the generality of this Section 7(g)(iii), Grantors acknowledge and agree that no member of the Lender Group shall be under any obligation to take any steps necessary to preserve rights in the Collateral consisting of Intellectual Property or Intellectual Property Licenses against any other Person, but any member of the Lender Group may do so at its option from and after the occurrence and during the continuance of an Event of Default, and all expenses incurred in connection therewith (including reasonable fees and expenses of attorneys and other professionals) shall be for the sole account of Borrowers and shall be chargeable to the Loan Account;

(iv)On each date on which a Compliance Certificate is to be delivered pursuant to Section 5.1 of the Credit Agreement in respect of a fiscal quarter (or, if an Event of Default has occurred and is continuing, more frequently if requested by Agent), each Grantor shall provide Agent with a written report of all new Patents, Trademarks or Copyrights that are registered or the subject of pending applications for registrations, and of all Intellectual Property Licenses that are material to the conduct of such Grantor’s business, in each case, which were acquired, registered, or for which applications for registration were filed by any Grantor during the prior period and any statement of use or amendment to allege use with respect to intent-to-use trademark applications.  In the case of such registrations or applications therefor, which were acquired by any Grantor, each such Grantor shall file the necessary documents with the appropriate Governmental Authority identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is the case) of such Intellectual Property.  In each of the foregoing cases, the applicable Grantor shall promptly cause to be prepared, executed, and delivered to Agent supplemental schedules to the applicable Loan Documents to identify such Patent, Trademark and Copyright registrations and applications therefor (with the exception of Trademark applications filed on an intent-to-use basis for which no statement of use or amendment to allege use has been filed) and Intellectual Property Licenses as being subject to the security interests created thereunder;

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(v)Anything to the contrary in this Agreement notwithstanding, in no event shall any Grantor, either itself or through any agent, employee, licensee, or designee, file an application for the registration of any Copyright with the United States Copyright Office or any similar office or agency in another country without giving Agent written notice thereof at least five (5) Business Days prior to such filing and complying with Section 7(g)(i).  Upon receipt from the United States Copyright Office of notice of registration of any Copyright, each Grantor shall promptly (but in no event later than five (5) Business Days following such receipt) notify (but without duplication of any notice required by Section 7(g)(v)) Agent of such registration by delivering, or causing to be delivered, to Agent, documentation sufficient for Agent to perfect Agent’s Liens on such Copyright.  If any Grantor acquires from any Person any Copyright registered with the United States Copyright Office or an application to register any Copyright with the United States Copyright Office, such Grantor shall promptly (but in no event later than five (5) Business Days following such acquisition) notify Agent of such acquisition and deliver, or cause to be delivered, to Agent, documentation sufficient for Agent to perfect Agent’s Liens on such Copyright.  In the case of such Copyright registrations or applications therefor which were acquired by any Grantor, each such Grantor shall promptly (but in no event later than five (5) Business Days following such acquisition) file the necessary documents with the appropriate Governmental Authority identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is the case) of such Copyrights;

(vi)Each Grantor shall take reasonable steps to maintain the confidentiality of, and otherwise protect and enforce its rights in, the Intellectual Property that is necessary in or material to the conduct of such Grantor’s business, including, as applicable (A) protecting the secrecy and confidentiality of its confidential information and trade secrets by having and enforcing a policy requiring all current employees, consultants, licensees, vendors and contractors with access to such information to execute appropriate confidentiality agreements; (B) taking actions reasonably necessary to ensure that no trade secret falls into the public domain; and (C) protecting the secrecy and confidentiality of the source code of all software programs and applications of which it is the owner or licensee by having and enforcing a policy requiring any licensees (or sublicensees) of such source code to enter into license agreements with commercially reasonable use and non-disclosure restrictions; and 

(vii)No Grantor shall enter into any Intellectual Property License material to the conduct of the business to receive any license or rights in any Intellectual Property of any other Person unless such Grantor has used commercially reasonable efforts to permit the assignment of or grant of a security interest in such Intellectual Property License (and all rights of Grantor thereunder) to Agent (and any transferees of Agent).

(h)Investment Property.  

(i)If any Grantor shall acquire, obtain, receive or become entitled to receive any Pledged Interests after the Second Restatement Effective Date, it shall promptly (and in any event within five (5) Business Days of acquiring or obtaining such Collateral) deliver to Agent a duly executed Pledged Interests Addendum identifying such Pledged Interests;

(ii)Upon the occurrence and during the continuance of an Event of Default, following the request of Agent, all sums of money and property paid or distributed in respect of the Investment Property that are received by any Grantor shall be held by the Grantors in trust for the benefit of Agent segregated from such Grantor’s other property, and such Grantor shall deliver it forthwith to Agent in the exact form received;

(iii)Each Grantor shall promptly deliver to Agent a copy of each material notice or other material communication received by it in respect of any Pledged Interests;

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(iv)No Grantor shall make or consent to any amendment or other modification or waiver with respect to any Pledged Interests, Pledged Operating Agreement, or Pledged Partnership Agreement, or enter into any agreement or permit to exist any restriction with respect to any Pledged Interests if the same is prohibited pursuant to the Loan Documents;

(v)Each Grantor agrees that it will cooperate with Agent in obtaining all necessary approvals and making all necessary filings under federal, state, local, or foreign law to effect the perfection of the Security Interest on the Investment Property or to effect any sale or transfer thereof;  

(vi)As to all limited liability company or partnership interests, issued under any Pledged Operating Agreement or Pledged Partnership Agreement, each Grantor hereby covenants that the Pledged Interests issued pursuant to such agreement (A) are not and shall not be dealt in or traded on securities exchanges or in securities markets, (B) do not and will not constitute investment company securities, and (C) are not and will not be held by such Grantor in a securities account.  In addition, none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement, provide or shall provide that such Pledged Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction.

(i)Real Property; Fixtures.  Each Grantor covenants and agrees that upon the acquisition of any fee interest in Real Property having a fair market value in excess of $1,000,000 it will promptly (and in any event within two (2) Business Days of acquisition) notify Agent of the acquisition of such Real Property and will grant to Agent, for the benefit of the Lender Group and the Bank Product Providers, a first priority Mortgage on each fee interest in Real Property now or hereafter owned by such Grantor and shall deliver such other documentation and opinions, in form and substance satisfactory to Agent, in connection with the grant of such Mortgage as Agent shall request in its Permitted Discretion, including title insurance policies, financing statements, fixture filings and environmental audits and such Grantor shall pay all recording costs, intangible taxes and other fees and costs (including reasonable attorneys fees and expenses) incurred in connection therewith.  Each Grantor acknowledges and agrees that, to the extent permitted by applicable law, all of the Collateral shall remain personal property regardless of the manner of its attachment or affixation to real property;

(j)Transfers and Other Liens.  Grantors shall not (i) sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, any of the Collateral, except as expressly permitted by the Credit Agreement, or (ii) create or permit to exist any Lien upon or with respect to any of the Collateral of any Grantor, except for Permitted Liens.  The inclusion of Proceeds in the Collateral shall not be deemed to constitute Agent’s consent to any sale or other disposition of any of the Collateral except as expressly permitted in this Agreement or the other Loan Documents; 

(k)Controlled Accounts; Controlled Investments.

(i)Each Grantor shall (A) establish and maintain cash management services of a type and on terms reasonably satisfactory to Agent at one or more of the banks set forth on Schedule 10 (each a “Controlled Account Bank”), and shall take reasonable steps to ensure that all of its Account Debtors forward payment of the amounts owed by them directly to such Controlled Account Bank, and (B) deposit or cause to be deposited promptly, and in any event no later than the first Business Day after the date of receipt thereof, all of their Collections (including those sent directly by their Account Debtors to a Grantor) into a bank account of such Grantor (each, a “Controlled Account”) at one of the Controlled Account Banks.

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(ii)Each Grantor shall establish and maintain Controlled Account Agreements with Agent and the applicable Controlled Account Bank, in form and substance reasonably acceptable to Agent.  Each such Controlled Account Agreement shall provide, among other things, that (A) the Controlled Account Bank will comply with any instructions originated by Agent directing the disposition of the funds in such Controlled Account without further consent by the applicable Grantor, (B) the Controlled Account Bank waives, subordinates, or agrees not to exercise any rights of setoff or recoupment or any other claim against the applicable Controlled Account other than for payment of its service fees and other charges directly related to the administration of such Controlled Account and for returned checks or other items of payment, and (C) upon the instruction of Agent (an “Activation Instruction”), the Controlled Account Bank will forward by daily sweep all amounts in the applicable Controlled Account to the Agent’s Account.  Agent agrees not to issue an Activation Instruction with respect to the Controlled Accounts unless a Triggering Event has occurred and is continuing at the time such Activation Instruction is issued.  Agent agrees to use commercially reasonable efforts to rescind an Activation Instruction (the “Rescission”) if: (1) the Triggering Event upon which such Activation Instruction was issued has been waived in writing in accordance with the terms of the Credit Agreement, or, in the case of any Triggering Event based on Excess Availability falling below the Trigger Level, if Excess Availability thereafter exceeds the Trigger Level for at least 60 consecutive days, and (2) no additional Triggering Event has occurred and is continuing prior to the date of the Rescission or is reasonably expected to occur on or immediately after the date of the Rescission.

(iii)So long as no Default or Event of Default has occurred and is continuing, but subject to the terms of Section 5.15 of the Credit Agreement, Borrowers may amend Schedule 10 to add or replace a Controlled Account Bank or Controlled Account and shall upon such addition or replacement provide to Agent an amended Schedule 10; provided, however, that (A) such prospective Controlled Account Bank shall be reasonably satisfactory to Agent, and (B) prior to the time of the opening of such Controlled Account, the applicable Grantor and such prospective Controlled Account Bank shall have executed and delivered to Agent a Controlled Account Agreement.  Each Grantor shall close any of its Controlled Accounts (and establish replacement Controlled Account accounts in accordance with the foregoing sentence) as promptly as practicable and in any event within forty-five (45) days after notice from Agent that the operating performance, funds transfer, or availability procedures or performance of the Controlled Account Bank with respect to Controlled Account Accounts or Agent’s liability under any Controlled Account Agreement with such Controlled Account Bank is no longer acceptable in Agent’s reasonable judgment.

(iv)Other than (i) an aggregate amount of not more than $100,000 at any one time, (ii) amounts deposited into Deposit Accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for any Grantor’s employees, and (iii) amounts deposited into a Deposit Account with a bank outside of the United States for the purpose of collecting Accounts owing from foreign Account Debtors not to exceed $250,000 pursuant to Section 5.15(c) of the Credit Agreement, no Grantor will make, acquire, or permit to exist Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts unless the applicable Grantor and the applicable bank or securities intermediary have entered into Control Agreements with Agent governing such Permitted Investments in order to perfect (and further establish) Agent’s Liens in such Permitted Investments. 

(l)Name, Etc.  No Grantor will change its name, organizational identification number, jurisdiction of organization or organizational identity; provided, that any Grantor may change its name upon at least 10 days prior written notice to Agent of such change.

(m)Collateral with Certificated Title.  Promptly (and in any event thirty within (30) days) after request by Agent, with respect to all Collateral covered by a certificate of title owned by any 

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Grantor (other than any such goods that are subject to a Permitted Lien with respect to Permitted Purchase Money Indebtedness or a Capital Lease), such Grantor shall deliver to Agent or Agent’s designee, the certificates of title for all such goods and promptly (and in any event within 30 days) after request by Agent, such Grantor shall take all actions necessary to cause such certificates to be filed (with the Agent’s Lien noted thereon) in the appropriate state filing office.

(n)Relation to Other Security Documents.  The provisions of this Agreement shall be read and construed with the other Loan Documents referred to below in the manner so indicated.

(o)Credit Agreement.  In the event of any conflict between any provision in this Agreement and a provision in the Credit Agreement, such provision of the Credit Agreement shall control.

(p)Patent, Trademark, Copyright Security Agreements.  The provisions of the Copyright Security Agreements, /s/ CRAIG A. CREATURO s, and Patent Security Agreements are supplemental to the provisions of this Agreement, and nothing contained in the Copyright Security Agreements, Trademark Security Agreements, or the Patent Security Agreements shall limit any of the rights or remedies of Agent hereunder.  In the event of any conflict between any provision in this Agreement and a provision in a Copyright Security Agreement, Trademark Security Agreement or Patent Security Agreement, such provision of this Agreement shall control.

8.Further Assurances.  

(a)Each Grantor agrees that from time to time, at its own expense, such Grantor will promptly execute and deliver all further instruments and documents, and take all further action, that Agent may reasonably request, in order to perfect and protect the Security Interest granted hereby, to create, perfect or protect the Security Interest purported to be granted hereby or to enable Agent to exercise and enforce its rights and remedies hereunder with respect to any of the Collateral.  

(b)Each Grantor authorizes the filing by Agent of financing or continuation statements, or amendments thereto, and such Grantor will execute and deliver to Agent such other instruments or notices, as Agent may reasonably request, in order to perfect and preserve the Security Interest granted or purported to be granted hereby.  

(c)Each Grantor authorizes Agent at any time and from time to time to file, transmit, or communicate, as applicable, financing statements and amendments (i) describing the Collateral as “all personal property of debtor” or “all assets of debtor” or words of similar effect, (ii) describing the Collateral as being of equal or lesser scope or with greater detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance.  Each Grantor also hereby ratifies any and all financing statements or amendments previously filed by Agent in any jurisdiction.

(d)Each Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement filed in connection with this Agreement without the prior written consent of Agent, subject to such Grantor’s rights under Section 9-509(d)(2) of the Code.

9.Agent’s Right to Perform Contracts, Exercise Rights, etc.  Upon the occurrence and during the continuance of an Event of Default, Agent (or its designee) (a) may proceed to perform any and all of the obligations of any Grantor contained in any contract, lease, or other agreement and exercise any and all rights of any Grantor therein contained as fully as such Grantor itself could, (b) shall have the 

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right to use any Grantor’s rights under Intellectual Property Licenses in connection with the enforcement of Agent’s rights hereunder, including the right to prepare for sale and sell any and all Inventory and Equipment now or hereafter owned by any Grantor and now or hereafter covered by such licenses, and (c) shall have the right to request that any Equity Interests that are pledged hereunder be registered in the name of Agent or any of its nominees.  

10.Agent Appointed Attorney-in-Fact.  Each Grantor hereby irrevocably appoints Agent its attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, at such time as an Event of Default has occurred and is continuing under the Credit Agreement, to take any action and to execute any instrument which Agent may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including:

(a)to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in connection with the Accounts or any other Collateral of such Grantor;

(b)to receive and open all mail addressed to such Grantor and to notify postal authorities to change the address for the delivery of mail to such Grantor to that of Agent;

(c)to receive, indorse, and collect any drafts or other instruments, documents, Negotiable Collateral or Chattel Paper;

(d)to file any claims or take any action or institute any proceedings which Agent may deem necessary or desirable for the collection of any of the Collateral of such Grantor or otherwise to enforce the rights of Agent with respect to any of the Collateral;

(e)to repair, alter, or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any Person obligated to such Grantor in respect of any Account of such Grantor; 

(f)to use any Intellectual Property or Intellectual Property Licenses of such Grantor, including but not limited to any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, or advertising matter, in preparing for sale, advertising for sale, or selling Inventory or other Collateral and to collect any amounts due under Accounts, contracts or Negotiable Collateral of such Grantor; and

(g)Agent, on behalf of the Lender Group or the Bank Product Providers, shall have the right, but shall not be obligated, to bring suit in its own name to enforce the Intellectual Property and Intellectual Property Licenses and, if Agent shall commence any such suit, the appropriate Grantor shall, at the request of Agent, do any and all lawful acts and execute any and all proper documents reasonably required by Agent in aid of such enforcement.  

To the extent permitted by law, each Grantor hereby ratifies all that such attorney-in-fact shall lawfully do or cause to be done by virtue hereof.  This power of attorney is coupled with an interest and shall be irrevocable until this Agreement is terminated.  

11.Agent May Perform.  If any Grantor fails to perform any agreement contained herein, then at such time as an Event of Default has occurred and is continuing under the Credit Agreement, Agent may itself perform, or cause performance of, such agreement, and the reasonable expenses of Agent incurred in connection therewith shall be payable, jointly and severally, by Grantors.

12.Agent’s Duties.  The powers conferred on Agent hereunder are solely to protect Agent’s interest in the Collateral, for the benefit of the Lender Group and the Bank Product Providers, and shall 

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not impose any duty upon Agent to exercise any such powers.  Except for the safe custody of any Collateral in its actual possession and the accounting for moneys actually received by it hereunder, Agent shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral.  Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its actual possession if such Collateral is accorded treatment substantially equal to that which Agent accords its own property.  

13.Collection of Accounts, General Intangibles and Negotiable Collateral.  At any time upon the occurrence and during the continuance of an Event of Default, Agent or Agent’s designee may (a) notify Account Debtors of any Grantor that the Accounts, General Intangibles, Chattel Paper or Negotiable Collateral of such Grantor have been assigned to Agent, for the benefit of the Lender Group and the Bank Product Providers, or that Agent has a security interest therein, and (b) collect the Accounts, General Intangibles and Negotiable Collateral of any Grantor directly, and any collection costs and expenses shall constitute part of such Grantor’s Secured Obligations under the Loan Documents.  

14.Disposition of Pledged Interests by Agent.  None of the Pledged Interests existing as of the date of this Agreement are, and none of the Pledged Interests hereafter acquired on the date of acquisition thereof will be, registered or qualified under the various federal or state securities laws of the United States and disposition thereof after an Event of Default may be restricted to one or more private (instead of public) sales in view of the lack of such registration.  Each Grantor understands that in connection with such disposition, Agent may approach only a restricted number of potential purchasers and further understands that a sale under such circumstances may yield a lower price for the Pledged Interests than if the Pledged Interests were registered and qualified pursuant to federal and state securities laws and sold on the open market.  Each Grantor, therefore, agrees that:  (a) if Agent shall, pursuant to the terms of this Agreement, sell or cause the Pledged Interests or any portion thereof to be sold at a private sale, Agent shall have the right to rely upon the advice and opinion of any nationally recognized brokerage or investment firm (but shall not be obligated to seek such advice and the failure to do so shall not be considered in determining the commercial reasonableness of such action) as to the best manner in which to offer the Pledged Interest or any portion thereof for sale and as to the best price reasonably obtainable at the private sale thereof; and (b) such reliance shall be conclusive evidence that Agent has handled the disposition in a commercially reasonable manner.

15.Voting and Other Rights in Respect of Pledged Interests.

(a)Upon the occurrence and during the continuation of an Event of Default, (i) Agent may, at its option, and with two (2) Business Days prior notice to any Grantor, and in addition to all rights and remedies available to Agent under any other agreement, at law, in equity, or otherwise, exercise all voting rights, or any other ownership or consensual rights (including any dividend or distribution rights) in respect of the Pledged Interests owned by such Grantor, but under no circumstances is Agent obligated by the terms of this Agreement to exercise such rights, and (ii) if Agent duly exercises its right to vote any of such Pledged Interests, each Grantor hereby appoints Agent, such Grantor’s true and lawful attorney-in-fact and IRREVOCABLE PROXY to vote such Pledged Interests in any manner Agent deems advisable for or against all matters submitted or which may be submitted to a vote of shareholders, partners or members, as the case may be.  The power-of-attorney and proxy granted hereby is coupled with an interest and shall be irrevocable.

(b)For so long as any Grantor shall have the right to vote the Pledged Interests owned by it, such Grantor covenants and agrees that it will not, without the prior written consent of Agent, vote or take any consensual action with respect to such Pledged Interests which would materially adversely affect the rights of Agent, the other members of the Lender Group, or the Bank Product Providers, or the value of the Pledged Interests.

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16.Remedies.  Upon the occurrence and during the continuance of an Event of Default:

(a)Agent may, and, at the instruction of the Required Lenders, shall exercise in respect of the Collateral, in addition to other rights and remedies provided for herein, in the other Loan Documents, or otherwise available to it, all the rights and remedies of a secured party on default under the Code or any other applicable law.  Without limiting the generality of the foregoing, each Grantor expressly agrees that, in any such event, Agent without demand of performance or other demand, advertisement or notice of any kind (except a notice specified below of time and place of public or private sale) to or upon any Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), may take immediate possession of all or any portion of the Collateral and (i) require Grantors to, and each Grantor hereby agrees that it will at its own expense and upon request of Agent forthwith, assemble all or part of the Collateral as directed by Agent and make it available to Agent at one or more locations where such Grantor regularly maintains Inventory, and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of Agent’s offices or elsewhere, for cash, on credit, and upon such other terms as Agent may deem commercially reasonable.  Each Grantor agrees that, to the extent notification of sale shall be required by law, at least ten (10) days notification by mail to the applicable Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification and specifically such notification shall constitute a reasonable “authenticated notification of disposition” within the meaning of Section 9-611 of the Code.  Agent shall not be obligated to make any sale of Collateral regardless of notification of sale having been given.  Agent may adjourn any public sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.  Each Grantor agrees that (A) the internet shall constitute a “place” for purposes of Section 9-610(b) of the Code and (B) to the extent notification of sale shall be required by law, notification by mail of the URL where a sale will occur and the time when a sale will commence at least ten (10) days prior to the sale shall constitute a reasonable notification for purposes of Section 9-611(b) of the Code.  Each Grantor agrees that any sale of Collateral to a licensor pursuant to the terms of a license agreement between such licensor and a Grantor is sufficient to constitute a commercially reasonable sale (including as to method, terms, manner, and time) within the meaning of Section 9-610 of the Code.

(b)Agent is hereby granted a license or other right to use, without liability for royalties or any other charge, each Grantor’s Intellectual Property, including but not limited to, any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs, Copyrights, and advertising matter, whether owned by any Grantor or with respect to which any Grantor has rights under license, sublicense, or other agreements (including any Intellectual Property License), as it pertains to the Collateral, in preparing for sale, advertising for sale and selling any Collateral, and each Grantor’s rights under all licenses and all franchise agreements shall inure to the benefit of Agent.

(c)Agent may, in addition to other rights and remedies provided for herein, in the other Loan Documents, or otherwise available to it under applicable law and without the requirement of notice to or upon any Grantor or any other Person (which notice is hereby expressly waived to the maximum extent permitted by the Code or any other applicable law), (i) with respect to any Grantor’s Deposit Accounts in which Agent’s Liens are perfected by control under Section 9-104 of the Code, instruct the bank maintaining such Deposit Account for the applicable Grantor to pay the balance of such Deposit Account to or for the benefit of Agent, and (ii) with respect to any Grantor’s Securities Accounts in which Agent’s Liens are perfected by control under Section 9-106 of the Code, instruct the securities intermediary maintaining such Securities Account for the applicable Grantor to (A) transfer any cash in such Securities Account to or for the benefit of Agent, or (B) liquidate any financial assets in such 

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Securities Account that are customarily sold on a recognized market and transfer the cash proceeds thereof to or for the benefit of Agent.

(d)Any cash held by Agent as Collateral and all cash proceeds received by Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral shall be applied against the Secured Obligations in the order set forth in the Credit Agreement.  In the event the proceeds of Collateral are insufficient to satisfy all of the Secured Obligations in full, each Grantor shall remain jointly and severally liable for any such deficiency.

(e)Each Grantor hereby acknowledges that the Secured Obligations arise out of a commercial transaction, and agrees that if an Event of Default shall occur and be continuing Agent shall have the right to an immediate writ of possession without notice of a hearing.  Agent shall have the right to the appointment of a receiver for the properties and assets of each Grantor, and each Grantor hereby consents to such rights and such appointment and hereby waives any objection such Grantor may have thereto or the right to have a bond or other security posted by Agent.

17.Remedies Cumulative.  Each right, power, and remedy of Agent, any other member of the Lender Group, or any Bank Product Provider as provided for in this Agreement, the other Loan Documents or any Bank Product Agreement now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement, the other Loan Documents and the Bank Product Agreements or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by Agent, any other member of the Lender Group, or any Bank Product Provider, of any one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by Agent, such other member of the Lender Group or such Bank Product Provider of any or all such other rights, powers, or remedies.

18.Marshaling.  Agent shall not be required to marshal any present or future collateral security (including but not limited to the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and all of its rights and remedies hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or arising.  To the extent that it lawfully may, each Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Agent’s rights and remedies under this Agreement or under any other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, each Grantor hereby irrevocably waives the benefits of all such laws.

19.Indemnity and Expenses.  

(a)Each Grantor agrees to indemnify Agent and the other members of the Lender Group from and against all claims, lawsuits and liabilities (including reasonable attorneys fees) growing out of or resulting from this Agreement (including enforcement of this Agreement) or any other Loan Document to which such Grantor is a party, except claims, losses or liabilities resulting from the gross negligence or willful misconduct, or material breach in bad faith of any obligation, of the party seeking indemnification as finally determined by a court of competent jurisdiction.  This provision shall survive the termination of this Agreement and the Credit Agreement and the repayment of the Secured Obligations.

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(b)Grantors, jointly and severally, shall, upon demand, pay to Agent (or Agent, may charge to the Loan Account) all the Lender Group Expenses which Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody, preservation, use or operation of, or, upon an Event of Default, the sale of, collection from, or other realization upon, any of the Collateral in accordance with this Agreement and the other Loan Documents, (iii) the exercise or enforcement of any of the rights of Agent hereunder or (iv) the failure by any Grantor to perform or observe any of the provisions hereof.

20.Merger, Amendments; Etc.  THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.  No waiver of any provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall in any event be effective unless the same shall be in writing and signed by Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.  No amendment of any provision of this Agreement shall be effective unless the same shall be in writing and signed by Agent and each Grantor to which such amendment applies.

21.Addresses for Notices.  All notices and other communications provided for hereunder shall be given in the form and manner and delivered to Agent at its address specified in the Credit Agreement, and to any of the Grantors at their respective addresses specified in the Credit Agreement or Guaranty, as applicable, or, as to any party, at such other address as shall be designated by such party in a written notice to the other party.

22.Continuing Security Interest: Assignments under Credit Agreement.  

(a)This Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect until the Obligations have been paid in full in accordance with the provisions of the Credit Agreement and the Commitments have expired or have been terminated, (ii) be binding upon each Grantor, and their respective successors and assigns, and (iii) inure to the benefit of, and be enforceable by, Agent, and its successors, transferees and assigns.  Without limiting the generality of the foregoing clause (iii), any Lender may, in accordance with the provisions of the Credit Agreement, assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender herein or otherwise.  Upon payment in full of the Secured Obligations in accordance with the provisions of the Credit Agreement and the expiration or termination of the Commitments, the Guaranty made and the Security Interest granted hereby shall terminate and all rights to the Collateral shall revert to Grantors or any other Person entitled thereto.  At such time, upon Borrowers’ request, Agent will authorize the filing of appropriate termination statements to terminate such Security Interest.  No transfer or renewal, extension, assignment, or termination of this Agreement or of the Credit Agreement, any other Loan Document, or any other instrument or document executed and delivered by any Grantor to Agent nor any additional Revolving Loans or other loans made by any Lender to Borrowers, nor the taking of further security, nor the retaking or re-delivery of the Collateral to Grantors, or any of them, by Agent, nor any other act of the Lender Group or the Bank Product Providers, or any of them, shall release any Grantor from any obligation, except a release or discharge executed in writing by Agent in accordance with the provisions of the Credit Agreement.  Agent shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder, unless such waiver is in writing and signed by Agent and then only to the extent therein set forth.  A waiver by Agent of any right or remedy on any occasion shall not be construed as a bar to the exercise of any such right or remedy which Agent would otherwise have had on any other occasion.

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(b)Each Grantor agrees that, if any payment made by any Grantor or other Person and applied to the Secured Obligations is at any time annulled, avoided, set, aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any Collateral are required to be returned by Agent or any other member of the Lender Group to such Grantor, its estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, any Lien or other Collateral securing such liability shall be and remain in full force and effect, as fully as if such payment had never been made.  If, prior to any of the foregoing, (i) any Lien or other Collateral securing such Grantor’s liability hereunder shall have been released or terminated by virtue of the foregoing clause (a), or (ii) any provision of the Guaranty hereunder shall have been terminated, cancelled or surrendered, such Lien, other Collateral or provision shall be reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of any such Grantor in respect of any Lien or other Collateral securing such obligation or the amount of such payment.

23.Survival.  All representations and warranties made by the Grantors in this Agreement and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that Agent, Issuing Lender, or any Lender may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any loan or any fee or any other amount payable under the Credit Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated.

24.CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION.

(a)THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

(b)THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK; PROVIDED, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND.  EACH GRANTOR AND AGENT WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 24(b).

(c)TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH GRANTOR AND AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR 

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INDIRECTLY BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A “CLAIM”).  EACH GRANTOR AND AGENT REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

(d)EACH GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK AND THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT.  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 AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST ANY GRANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

(e)NO CLAIM MAY BE MADE BY ANY GRANTOR AGAINST THE AGENT, THE SWING LENDER, ANY OTHER LENDER, OR THE ISSUING LENDER, OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION HEREWITH, AND EACH GRANTOR HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.

(f)IN THE EVENT ANY LEGAL PROCEEDING IS FILED IN A COURT OF THE STATE OF CALIFORNIA (THE “COURT”) BY OR AGAINST ANY PARTY HERETO IN CONNECTION WITH ANY CLAIM AND THE WAIVER SET FORTH IN SECTION 24(c) ABOVE IS NOT ENFORCEABLE IN SUCH PROCEEDING, THE PARTIES HERETO AGREE AS FOLLOWS:

(i)WITH THE EXCEPTION OF THE MATTERS SPECIFIED IN SUBCLAUSE (ii) BELOW, ANY CLAIM SHALL BE DETERMINED BY A GENERAL REFERENCE PROCEEDING IN ACCORDANCE WITH THE PROVISIONS OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 638 THROUGH 645.1.  THE PARTIES INTEND THIS GENERAL REFERENCE AGREEMENT TO BE SPECIFICALLY ENFORCEABLE.  VENUE FOR THE REFERENCE PROCEEDING SHALL BE IN THE COUNTY OF LOS ANGELES, CALIFORNIA.

(ii)THE FOLLOWING MATTERS SHALL NOT BE SUBJECT TO A GENERAL REFERENCE PROCEEDING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN REAL OR PERSONAL PROPERTY, (B) EXERCISE OF SELF-HELP REMEDIES (INCLUDING SET-OFF OR RECOUPMENT), (C) APPOINTMENT OF A RECEIVER, AND (D) TEMPORARY, PROVISIONAL, OR ANCILLARY REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS, OR PRELIMINARY INJUNCTIONS).  THIS AGREEMENT DOES NOT LIMIT THE RIGHT OF ANY 

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PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED IN CLAUSES (A) - (D) AND ANY SUCH EXERCISE OR OPPOSITION DOES NOT WAIVE THE RIGHT OF ANY PARTY TO PARTICIPATE IN A REFERENCE PROCEEDING PURSUANT TO THIS AGREEMENT WITH RESPECT TO ANY OTHER MATTER.

(iii)UPON THE WRITTEN REQUEST OF ANY PARTY, THE PARTIES SHALL SELECT A SINGLE REFEREE, WHO SHALL BE A RETIRED JUDGE OR JUSTICE.  IF THE PARTIES DO NOT AGREE UPON A REFEREE WITHIN 10 DAYS OF SUCH WRITTEN REQUEST, THEN, ANY PARTY SHALL HAVE THE RIGHT TO REQUEST THE COURT TO APPOINT A REFEREE PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 640(B).  THE REFEREE SHALL BE APPOINTED TO SIT WITH ALL OF THE POWERS PROVIDED BY LAW.  PENDING APPOINTMENT OF THE REFEREE, THE COURT SHALL HAVE THE POWER TO ISSUE TEMPORARY OR PROVISIONAL REMEDIES.

(iv)EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED INCLUDING THE TIME AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE OF THE REFERENCE PROCEEDING.  ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT A COURT REPORTER, EXCEPT WHEN ANY PARTY SO REQUESTS A COURT REPORTER AND A TRANSCRIPT IS ORDERED, A COURT REPORTER SHALL BE USED AND THE REFEREE SHALL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT.  THE PARTY MAKING SUCH REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR AND PAY THE COSTS OF THE COURT REPORTER, PROVIDED THAT SUCH COSTS, ALONG WITH THE REFEREE’S FEES, SHALL ULTIMATELY BE BORNE BY THE PARTY WHO DOES NOT PREVAIL, AS DETERMINED BY THE REFEREE.

(v)THE REFEREE MAY REQUIRE ONE OR MORE PREHEARING CONFERENCES.  THE PARTIES HERETO SHALL BE ENTITLED TO DISCOVERY, AND THE REFEREE SHALL OVERSEE DISCOVERY IN ACCORDANCE WITH THE RULES OF DISCOVERY, AND SHALL ENFORCE ALL DISCOVERY ORDERS IN THE SAME MANNER AS ANY TRIAL COURT JUDGE IN PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA.

(vi)THE REFEREE SHALL APPLY THE RULES OF EVIDENCE APPLICABLE TO PROCEEDINGS AT LAW IN THE STATE OF CALIFORNIA AND SHALL DETERMINE ALL ISSUES IN ACCORDANCE WITH CALIFORNIA SUBSTANTIVE AND PROCEDURAL LAW.  THE REFEREE SHALL BE EMPOWERED TO ENTER EQUITABLE AS WELL AS LEGAL RELIEF AND RULE ON ANY MOTION WHICH WOULD BE AUTHORIZED IN A TRIAL, INCLUDING MOTIONS FOR DEFAULT JUDGMENT OR SUMMARY JUDGMENT.  THE REFEREE SHALL REPORT HIS OR HER DECISION, WHICH REPORT SHALL ALSO INCLUDE FINDINGS OF FACT AND CONCLUSIONS OF LAW.  THE REFEREE SHALL ISSUE A DECISION AND PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE, SECTION 644, THE REFEREE’S DECISION SHALL BE ENTERED BY THE COURT AS A JUDGMENT IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT.  THE FINAL JUDGMENT OR ORDER FROM ANY APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE SHALL BE FULLY APPEALABLE AS IF IT HAS BEEN ENTERED BY THE COURT.

(vii)THE PARTIES RECOGNIZE AND AGREE THAT ALL CLAIMS RESOLVED IN A GENERAL REFERENCE PROCEEDING PURSUANT HERETO WILL BE DECIDED BY A REFEREE AND NOT BY A JURY.  AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR OWN CHOICE, EACH PARTY 

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HERETO KNOWINGLY AND VOLUNTARILY AND FOR THEIR MUTUAL BENEFIT AGREES THAT THIS REFERENCE PROVISION SHALL APPLY TO ANY DISPUTE BETWEEN THEM THAT ARISES OUT OF OR IS RELATED TO THIS AGREEMENT.

25.New Subsidiaries.  Pursuant to Section 5.11 of the Credit Agreement, certain Subsidiaries (whether by acquisition or creation) of any Grantor are required to enter into this Agreement by executing and delivering in favor of Agent a Joinder to this Agreement in substantially the form of Annex 1.  Upon the execution and delivery of Annex 1 by any such new Subsidiary, such Subsidiary shall become a Guarantor and Grantor hereunder with the same force and effect as if originally named as a Guarantor and Grantor herein.  The execution and delivery of any instrument adding an additional Guarantor or Grantor as a party to this Agreement shall not require the consent of any Guarantor or Grantor hereunder.  The rights and obligations of each Guarantor and Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor or Grantor hereunder.

26.Agent.  Each reference herein to any right granted to, benefit conferred upon or power exercisable by the “Agent” shall be a reference to Agent, for the benefit of each member of the Lender Group and each of the Bank Product Providers.

27.Acknowledgment and Restatement.

(a)Acknowledgment of Security Interests.  Each Grantor hereby acknowledges, confirms and agrees that Agent has and shall continue to have a security interest in and lien upon the Collateral heretofore granted to Agent pursuant to the Original Guaranty and Security Agreement and the other Loan Documents to secure the Obligations, as well as any Collateral granted under this Agreement or under any of the other Loan Documents or otherwise granted to or held by Agent or any Lender.  The Liens and security interests of Agent in the Collateral shall be deemed to be continuously granted and perfected from the earliest date of the granting and perfection of such liens and security interests, whether under the Loan Documents or this Agreement.

(b)Original Guaranty and Security Agreement.  Each Grantor hereby acknowledges, confirms and agrees that: (i) the Original Guaranty and Security Agreement and the other Loan Documents have been duly executed and delivered by such Grantor and are in full force and effect as of the Second Restatement Effective Date and (ii) the agreements and obligations of each Grantor contained in the Original Guaranty and Security Agreement and the other Loan Documents constitute the legal, valid and binding obligations of such Grantor against it in accordance with their respective terms and each Grantor has no valid defense to the enforcement of such obligations, and (iii) Agent and each Lender is entitled to all of the rights and remedies provided for in the Original Guaranty and Security Agreement and the other Loan Documents.

(c)Restatement.  Except as otherwise stated in this Section, as of the Second Restatement Effective Date, the terms, conditions, agreements, covenants, representations and warranties set forth in the Original Guaranty and Security Agreement are hereby amended and restated in their entirety, and as so amended and restated, replaced and superseded, by the terms, conditions, agreements, covenants, representations and warranties set forth in this Agreement, except that nothing herein shall impair or adversely affect the continuation of the liability of the Guarantors for the Obligations heretofore granted, pledged and/or assigned to Agent and the Lenders.  The amendment and restatement contained herein shall not, in any manner, be construed to constitute payment of, or impair, limit, cancel or extinguish, or constitute a novation in respect of, the Liens and security interests securing the Obligations granted to Agent pursuant to the Original Guaranty and Security Agreement which shall not in any manner be impaired, limited, terminated, waived or released.  

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28.Miscellaneous.

(a)This Agreement is a Loan Document.  This Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement.  Delivery of an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.  Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement.  The foregoing shall apply to each other Loan Document mutatis mutandis.

(b)Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.  Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision.

(c)Headings and numbers have been set forth herein for convenience only.  Unless the contrary is compelled by the context, everything contained in each Section applies equally to this entire Agreement.

(d)Neither this Agreement nor any uncertainty or ambiguity herein shall be construed against any member of the Lender Group or any Grantor, whether under any rule of construction or otherwise.  This Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto.

[signature pages follow]

 

 

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

		
	
GRANTORS:
	
UNIFI, INC., a New York corporation 

 

 

By:  /s/ CRAIG A. CREATURO

Name: Craig A. Creaturo 

Title:  Executive Vice President and Chief Financial Officer

 

	
 
	
UNIFI MANUFACTURING, INC., a North Carolina corporation 

 

 

By:  /s/ CRAIG A. CREATURO

Name: Craig A. Creaturo 

Title:  Executive Vice President and Chief Financial Officer

 

	
 
	
 

	
 
	
UNIFI SALES & DISTRIBUTION, INC., a North Carolina corporation 

 

 

By:  /s/ CRAIG A. CREATURO

Name: Craig A. Creaturo 

Title:  President 

 

	
 
	
 

 

 

 

[UNIFI—SECOND AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT]

 

		
	

AGENT:
	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent

 

 

By: /s/ ZACHARY S. BUCHANAN 

Name:  Zachary S. Buchanan

Title:  Authorized Signatory

 

 

 

 

SCHEDULE 1

 

COMMERCIAL TORT CLAIMS

 

None.

 

ACTIVE 682606424v2

 

SCHEDULE 2

 

COPYRIGHTS

 

 

 

 

 

Unifi’s history book, entitled  “In Every Fiber, Unifi and the Path to Sustainability”, by Shona Simpson, publisehed by Unifi, Inc.  2022.

 

 

 

 

SCHEDULE 3

 

INTELLECTUAL PROPERTY LICENSES

 

[*** Confidential and immaterial information has been omitted. ***]

 

IN ADDITION to the above, see the List of Trademark Licenses and video contracts, attached.

 

[*** Confidential and immaterial information has been omitted. ***]

 

 

ACTIVE 682606424v2

 

SCHEDULE 4

 

PATENTS

 

								
	
COUNTRY
	
SERIAL NO.
	
FILING DATE
	
PUBL. NO.
	
PUBL. DATE
	
PATENT NO.
	
ISSUE DATE
	
APPLICANT

	
U.S.A.
	
08/746,300
	
11/08/1996
	
N/A
	
N/A
	
5746073
	
05/05/1998
	
Unifi, Inc.

	
U.S.A.
	
08/600/032
	
02/12/1996
	
N/A
	
N/A
	
5617748
	
04/08/1997
	
Unifi, Inc.

	
U.S.A.
	
62/773,547
	
11/30/2018
	
N/A
	
N/A
	
N/A
	
N/A
	
Unifi, Inc.

	
COLOMBIA
	
20050062898
	
06/27/2005
	
CO5710202
	
12/29/2006
	
 
	
 
	
Unifi, Inc.

	
BRAZIL
	
2005PI02574
	
06/30/2005
	
BRPI0502574
	
10/31/2006
	
 
	
 
	
Unifi, Inc.

	
EUROPE
	
19880310568
	
11/10/1988
	
EP03250258
	
07/26/1989
	
 
	
 
	
Unifi, Inc.

	
CANADA
	
CA1317705
	
09/08/1988
	
CA1317705
	
05/18/1993
	
 
	
 
	
Unifi, Inc.

	
AUSTRIA
	
19880310568
	
11/10/1988
	
AT86317
	
03/15/1993
	
 
	
 
	
Unifi, Inc.

 

 

 

 

 

SCHEDULE 5

 

PLEDGED COMPANIES

 

 

							
	
Name of Grantor

 
	
Name of Pledged Company1

 
	
Number of Shares/Units

 
	
Class of Interests

 
	
Percentage of Class Owned

 
	
Percentage of Class Pledged

 
	
Certificate Nos.

 

	
Unifi, Inc.
	
Unifi Manufacturing, Inc.
	
1000 shares
	
Common
	
100%
	
100%
	
1

	
Unifi, Inc.
	
Unifi Sales & Distribution, Inc.
	
1000 shares
	
Common 
	
100%
	
100%
	
1

	
	 

	
1 
	
 1 Pursuant to that certain Third Amendment to Amended and Restated Credit Agreement and Second Amendment to Amended and Restated Guaranty and Security Agreement among the Loan Parties, Agent and the Lenders dated December 18, 2018, on or before December 31, 2018 (or such later date as Agent shall agree), Parent is required to pledge 65% of the outstanding voting Equity Interests issued by Unifi Holding Asia, B.V., a first-tier Foreign Subsidiary of Parent, to Agent in accordance with Section 5.11 of the Credit Agreement.

 

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SCHEDULE 6

 

TRADEMARKS

 

See attached.

 

[*** Confidential and immaterial information has been omitted. ***]

 

 

 

 

SCHEDULE 7

 

NAME; CHIEF EXECUTIVE OFFICE; TAX IDENTIFICATION NUMBERS AND ORGANIZATIONAL NUMBERS

 

				
	
Name 
	
Jurisdiction of Organization
	
Chief Executive Office
	
Tax and Organizational Identification Number

 

	
Unifi, Inc.
	
New York
	
7201 W Friendly Ave.

Greensboro, NC 27410

 
	
FEIN: 11-2165495

NY Organizational ID: 270893

 

	
Unifi Manufacturing, Inc.
	
North Carolina
	
7201 W Friendly Ave.

Greensboro, NC 27410

 
	
FEIN: 56-2001082

NC Organizational ID: 0411480

 

	
Unifi Sales & Distribution, Inc.
	
North Carolina
	
7201 W Friendly Ave.

Greensboro, NC 27410

 
	
FEIN: 56-2001079

NC Organizational ID: 0411509

 

 

 

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SCHEDULE 8

 

OWNED REAL PROPERTY

 

See List Attached

 

[*** Confidential and immaterial information has been omitted. ***]

 

 

SCHEDULE 9

 

DEPOSIT ACCOUNTS AND SECURITIES ACCOUNTS

 

[*** Confidential and immaterial information has been omitted. ***]

 

 

SCHEDULE 10

 

CONTROLLED ACCOUNT BANKS

 

 

Wells Fargo Bank, N.A.

 

 

 

SCHEDULE 11

 

LIST OF UNIFORM COMMERCIAL CODE FILING JURISDICTIONS

 

 

		
	
Grantor
	
Filing Jurisdiction

 

	
Unifi, Inc.
	
New York

 

	
Unifi Manufacturing, Inc.
	
North Carolina

 

	
Unifi Sales & Distribution, Inc.
	
North Carolina

 

 

ACTIVE 682606424v2

 

 

ANNEX 1 TO 

SECOND AMENDED AND RESTATED GUARANTY AND SECURITY AGREEMENT

 

FORM OF JOINDER

 

Joinder No. ____ (this “Joinder”), dated as of ____________ 20___, to the Second Amended and Restated Guaranty and Security Agreement, dated as of October 28, 2022 (as amended, restated, supplemented, or otherwise modified from time to time, the “Guaranty and Security Agreement”), by and among each of the parties listed on the signature pages thereto and those additional entities that thereafter become parties thereto (collectively, jointly and severally, “Grantors” and each, individually, a “Grantor”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity as agent for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that certain Second Amended and Restated Credit Agreement dated as of October 28, 2022 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) by and among Unifi, Inc., a New York corporation (“Parent”), and certain of its Domestic Subsidiaries, as co-borrowers (collectively “Borrowers”, and each a “Borrower”), the lenders party thereto as “Lenders” (each of such Lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”), Agent, Wells Fargo, as sole lead arranger (in such capacity, together with its successors and assigns in such capacity, the “Lead Arranger”), and Wells Fargo, as sole book runner (in such capacity, together with its successors and assigns in such capacity, the “Book Runner”), the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and

 

WHEREAS, initially capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Joinder shall be subject to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis; and

 

WHEREAS, Grantors have entered into the Guaranty and Security Agreement in order to induce the Lender Group and the Bank Product Providers to make certain financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements; and

 

WHEREAS, pursuant to Section 5.11 of the Credit Agreement and Section 25 of the Guaranty and Security Agreement, certain Subsidiaries of the Loan Parties, must execute and deliver certain Loan Documents, including the Guaranty and Security Agreement, and the joinder to the Guaranty and Security Agreement by the undersigned new Grantor or Grantors (collectively, the “New Grantors”) may be accomplished by the execution of this Joinder in favor of Agent, for the benefit of the Lender Group and the Bank Product Providers; and

 

WHEREAS, each New Grantor (a) is [an Affiliate] [a Subsidiary] of Borrowers and, as such, will benefit by virtue of the financial accommodations extended to Borrowers by the Lender Group or the Bank Product Providers and (b) by becoming a Grantor will benefit from certain rights granted to the Grantors pursuant to the terms of the Loan Documents and the Bank Product Agreements; 

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NOW, THEREFORE, for and in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each New Grantor hereby agrees as follows: 

 

1.In accordance with Section 25 of the Guaranty and Security Agreement, each New Grantor, by its signature below, becomes a “Grantor” and “Guarantor” under the Guaranty and Security Agreement with the same force and effect as if originally named therein as a “Grantor” and “Guarantor” and each New Grantor hereby (a) agrees to all of the terms and provisions of the Guaranty and Security Agreement applicable to it as a “Grantor” or “Guarantor” thereunder and (b) represents and warrants that the representations and warranties made by it as a “Grantor” or “Guarantor” thereunder are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that are already qualified or modified by materiality in the text thereof) on and as of the date hereof.  In furtherance of the foregoing, each New Grantor hereby (a) jointly and severally unconditionally and irrevocably guarantees as a primary obligor and not merely as a surety the full and prompt payment when due, whether upon maturity, acceleration, or otherwise, of all of the Guarantied Obligations, and (b) unconditionally grants, assigns, and pledges to Agent, for the benefit of the Lender Group and the Bank Product Providers, to secure the Secured Obligations, a continuing security interest in and to all of such New Grantor’s right, title and interest in and to the Collateral.  Each reference to a “Grantor” or “Guarantor” in the Guaranty and Security Agreement shall be deemed to include each New Grantor.  The Guaranty and Security Agreement is incorporated herein by reference.   

 

2.Schedule 1, “Commercial Tort Claims”, Schedule 2, “Copyrights”, Schedule 3, “Intellectual Property Licenses”, Schedule 4, “Patents”, Schedule 5, “Pledged Companies”, Schedule 6, “Trademarks”, Schedule 7, Name; Chief Executive Office; Tax Identification Numbers and Organizational Numbers, Schedule 8, “Owned Real Property”, Schedule 9, “Deposit Accounts and Securities Accounts”, Schedule 10, “Controlled Account Banks”, and Schedule 11, “List of Uniform Commercial Code Filing Jurisdictions” attached hereto supplement Schedule 1, Schedule 2, Schedule 3, Schedule 4, Schedule 5, Schedule 6, Schedule 7, Schedule 8, Schedule 9, Schedule 10, and Schedule 11, respectively, to the Guaranty and Security Agreement and shall be deemed a part thereof for all purposes of the Guaranty and Security Agreement.  

 

3.Each New Grantor authorizes Agent at any time and from time to time to file, transmit, or communicate, as applicable, financing statements and amendments thereto (i) describing the Collateral as “all personal property of debtor” or “all assets of debtor” or words of similar effect, (ii) describing the Collateral as being of equal or lesser scope or with greater detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance.  Each New Grantor also hereby ratifies any and all financing statements or amendments previously filed by Agent in any jurisdiction in connection with the Loan Documents.

 

4.Each New Grantor represents and warrants to Agent, the Lender Group and the Bank Product Providers that this Joinder has been duly executed and delivered by such New Grantor and constitutes its legal, valid, and binding obligation, enforceable against it in accordance with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium, or other similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).  

 

5.This Joinder is a Loan Document.  This Joinder may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but 

ACTIVE 682606424v2

 

one and the same Joinder.  Delivery of an executed counterpart of this Joinder by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Joinder.  Any party delivering an executed counterpart of this Joinder by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Joinder but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Joinder.

 

6.The Guaranty and Security Agreement, as supplemented hereby, shall remain in full force and effect.

 

7.THIS JOINDER SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 24 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

ACTIVE 682606424v2

 

 

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

 

 

 

					
	
NEW GRANTORS:
	
 
	
[NAME OF NEW GRANTOR]
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
By
	
___________________
	
 

	
 
	
 
	
 
	
Name:
	
 

	
 
	
 
	
 
	
Title:
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
[NAME OF NEW GRANTOR]
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
By
	
___________________
	
 

	
 
	
 
	
 
	
Name:
	
 

	
 
	
 
	
 
	
Title:
	
 

	
 
	
 
	
 
	
 
	
 

	
AGENT:
	
 
	
WELLS FARGO BANK, NATIONAL
	
 

	
 
	
 
	
ASSOCIATION, as Agent
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By
	
____________________
	
 

	
 
	
 
	
 
	
Name:
	
 

	
 
	
 
	
 
	
Title:
	
 

 

[Signature Page to Joinder No. ___ to Guaranty And Security Agreement]

ACTIVE 682606424v2

 

 

EXHIBIT A

 

COPYRIGHT SECURITY AGREEMENT

 

This COPYRIGHT SECURITY AGREEMENT (this “Copyright Security Agreement”) is made this ___ day of ___________, 20__, by and among Grantors listed on the signature pages hereof (collectively, jointly and severally, “Grantors” and each individually “Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity as agent for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that certain Second Amended and Restated Credit Agreement, dated as of October 28, 2022 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) by and among Unifi, Inc., a New York corporation (“Parent”), and certain of its Domestic Subsidiaries, as co-borrowers (collectively “Borrowers”, and each a “Borrower”), the lenders party thereto as “Lenders” (each of such Lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”), Agent, Wells Fargo, as sole lead arranger (in such capacity, together with its successors and assigns in such capacity, the “Lead Arranger”), and Wells Fargo, as sole book runner (in such capacity, together with its successors and assigns in such capacity, the “Book Runner”), the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and

 

WHEREAS, the members of the Lender Group and the Bank Product Providers are willing to make the financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements, but only upon the condition, among others, that Grantors shall have executed and delivered to Agent, for the benefit of the Lender Group and the Bank Product Providers, that certain Second Amended and Restated Guaranty and Security Agreement, dated as of October 28, 2022 (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented or otherwise modified, the “Guaranty and Security Agreement”); and

 

WHEREAS, pursuant to the Guaranty and Security Agreement, Grantors are required to execute and deliver to Agent, for the benefit of the Lender Group and the Bank Product Providers, this Copyright Security Agreement;

 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantors hereby agree as follows:

 

1.DEFINED TERMS.  All initially capitalized terms used but not otherwise defined herein have the meanings given to them in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Copyright Security Agreement shall be subject to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis.

 

2.GRANT OF SECURITY INTEREST IN COPYRIGHT COLLATERAL.  Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations, a continuing security 

ACTIVE 682606424v2

 

interest (referred to in this Copyright Security Agreement as the “Security Interest”) in all of such Grantor’s right, title and interest in and to the following, whether now owned or hereafter acquired or arising (collectively, the “Copyright Collateral”): 

 

(a)all of such Grantor’s Copyrights and Copyright Intellectual Property Licenses to which it is a party including those referred to on Schedule I;

 

(b)all renewals or extensions of the foregoing; and

 

(c)all products and proceeds of the foregoing, including any claim by such Grantor against third parties for past, present or future infringement of any Copyright or any Copyright exclusively licensed under any Intellectual Property License, including the right to receive damages, or the right to receive license fees, royalties, and other compensation under any Copyright Intellectual Property License.

 

3.SECURITY FOR SECURED OBLIGATIONS.  This Copyright Security Agreement and the Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter.  Without limiting the generality of the foregoing, this Copyright Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them, whether or not they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.

 

4.SECURITY AGREEMENT.  The Security Interest granted pursuant to this Copyright Security Agreement is granted in conjunction with the security interests granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, pursuant to the Guaranty and Security Agreement.  Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest in the Copyright Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.  To the extent there is any inconsistency between this Copyright Security Agreement and the Guaranty and Security Agreement, the Guaranty and Security Agreement shall control.

 

5.AUTHORIZATION TO SUPPLEMENT.  Grantors shall give Agent prior written notice of no less than five (5) Business Days before filing any additional application for registration of any copyright and prompt notice in writing of any additional copyright registrations granted therefor after the date hereof.  Without limiting Grantors’ obligations under this Section, Grantors hereby authorize Agent unilaterally to modify this Copyright Security Agreement by amending Schedule I to include any future United States registered copyrights or applications therefor of each Grantor.  Notwithstanding the foregoing, no failure to so modify this Copyright Security Agreement or amend Schedule I shall in any way affect, invalidate or detract from Agent’s continuing security interest in all Collateral, whether or not listed on Schedule I.

 

6.COUNTERPARTS.  This Copyright Security Agreement is a Loan Document.  This Copyright Security Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Copyright Security Agreement.  Delivery of an executed counterpart of this Copyright Security Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Copyright Security Agreement.  Any party delivering an executed counterpart of this 

	

	
3

ACTIVE 682606424v2

 

Copyright Security Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Copyright Security Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Copyright Security Agreement.

 

7.CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE PROVISION.  THIS COPYRIGHT SECURITY AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 24 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

 

 

[signature page follows]

	

	
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ACTIVE 682606424v2

 

 

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

 

		
	
GRANTORS:
	
 

	
 
	
 

	
 
	
 

	
 
	
By:

	
 
	
Name:

	
 
	
Title:

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
By:

	
 
	
Name:

	
 
	
Title:

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
ACCEPTED AND ACKNOWLEDGED BY:

	
 
	
 

	
AGENT:
	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
By:

	
 
	
Name:

	
 
	
Title:

	
 
	
 

	
 
	
 

 

[Signature Page to Copyright Security Agreement]

ACTIVE 682606424v2

 

 

SCHEDULE I
to
COPYRIGHT SECURITY AGREEMENT

 

Copyright Registrations

 

					
	
Grantor
	
Country
	
Copyright
	
Registration No.
	
Registration Date

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

 

Copyright Licenses

 

ACTIVE 682606424v2

 

 

EXHIBIT B

 

PATENT SECURITY AGREEMENT

 

This PATENT SECURITY AGREEMENT (this “Patent Security Agreement”) is made this ___ day of ___________, 20__, by and among the Grantors listed on the signature pages hereof (collectively, jointly and severally, “Grantors” and each individually “Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCITION, a national banking association (“Wells Fargo”), in its capacity as agent for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that certain Second Amended and Restated Credit Agreement, dated as of October 28, 2022 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) by and among Unifi, Inc., a New York corporation (“Parent”), and certain of its Domestic Subsidiaries, as co-borrowers (collectively “Borrowers”, and each a “Borrower”), the lenders party thereto as “Lenders” (each of such Lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”), Agent, Wells Fargo, as sole lead arranger (in such capacity, together with its successors and assigns in such capacity, the “Lead Arranger”), and Wells Fargo, as sole book runner (in such capacity, together with its successors and assigns in such capacity, the “Book Runner”), the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and

 

WHEREAS, the members of Lender Group and the Bank Product Providers are willing to make the financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements, but only upon the condition, among others, that the Grantors shall have executed and delivered to Agent, for the benefit of the Lender Group and the Bank Product Providers, that certain Second Amended and Restated Guaranty and Security Agreement, dated as of October 28, 2022 (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented or otherwise modified, the “Guaranty and Security Agreement”); and

 

WHEREAS, pursuant to the Guaranty and Security Agreement, Grantors are required to execute and deliver to Agent, for the benefit of the Lender Group and the Bank Product Providers, this Patent Security Agreement;

 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor hereby agrees as follows:

 

1.DEFINED TERMS.  All initially capitalized terms used but not otherwise defined herein have the meanings given to them in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Patent Security Agreement shall be subject to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis.

 

2.GRANT OF SECURITY INTEREST IN PATENT COLLATERAL.  Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations, a continuing security 

ACTIVE 682606424v2

 

interest (referred to in this Patent Security Agreement as the “Security Interest”) in all of such Grantor’s right, title and interest in and to the following, whether now owned or hereafter acquired or arising (collectively, the “Patent Collateral”):

 

(a)all of its Patents and Patent Intellectual Property Licenses to which it is a party including those referred to on Schedule I;

 

(b)all divisionals, continuations, continuations-in-part, reissues, reexaminations, or extensions of the foregoing; and

 

(c)all products and proceeds of the foregoing, including any claim by such Grantor against third parties for past, present or future infringement of any Patent or any Patent exclusively licensed under any Intellectual Property License, including the right to receive damages, or right to receive license fees, royalties, and other compensation under any Patent Intellectual Property License.

 

3.SECURITY FOR SECURED OBLIGATIONS.  This Patent Security Agreement and the Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter.  Without limiting the generality of the foregoing, this Patent Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them, whether or not they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.

 

4.SECURITY AGREEMENT.  The Security Interest granted pursuant to this Patent Security Agreement is granted in conjunction with the security interests granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, pursuant to the Guaranty and Security Agreement.  Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest in the Patent Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.  To the extent there is any inconsistency between this Patent Security Agreement and the Guaranty and Security Agreement, the Guaranty and Security Agreement shall control.

 

5.AUTHORIZATION TO SUPPLEMENT.  If any Grantor shall obtain rights to any new patent application or issued patent or become entitled to the benefit of any patent application or patent for any divisional, continuation, continuation-in-part, reissue, or reexamination of any existing patent or patent application, the provisions of this Patent Security Agreement shall automatically apply thereto.  Grantors shall give prompt notice in writing to Agent with respect to any such new patent rights.  Without limiting Grantors’ obligations under this Section, Grantors hereby authorize Agent unilaterally to modify this Patent Security Agreement by amending Schedule I to include any such new patent rights of each Grantor.  Notwithstanding the foregoing, no failure to so modify this Patent Security Agreement or amend Schedule I shall in any way affect, invalidate or detract from Agent’s continuing security interest in all Collateral, whether or not listed on Schedule I.   

 

6.COUNTERPARTS.  This Patent Security Agreement is a Loan Document.  This Patent Security Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Patent Security Agreement.  Delivery of an executed counterpart of this Patent Security Agreement by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Patent Security Agreement.  Any party delivering an executed counterpart of this Patent Security Agreement by 

	

	
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ACTIVE 682606424v2

 

telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Patent Security Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Patent Security Agreement.

 

7.CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE PROVISION.  THIS PATENT SECURITY AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 24 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

 

 

[signature page follows]

	

	
4

ACTIVE 682606424v2

 

 

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

 

		
	
GRANTORS:
	
 

	
 
	
 

	
 
	
 

	
 
	
By:

	
 
	
Name:

	
 
	
Title:

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
By:

	
 
	
Name:

	
 
	
Title:

	
 
	
 

	
 
	
 

	
 
	
ACCEPTED AND ACKNOWLEDGED BY:

	
AGENT:
	
 

	
 
	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent

	
 
	
 

	
 
	
 

	
 
	
By:

	
 
	
Name:

	
 
	
Title: 

	
 
	
 

	
 
	
 

 

 

[Signature Page to Patent Security Agreement]

ACTIVE 682606424v2

 

 

SCHEDULE I
to
PATENT SECURITY AGREEMENT

 

Patents 

 

					
	
Grantor
	
Country
	
Patent
	
Application/ Patent No.
	
Filing Date

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

 

 

Patent Licenses

ACTIVE 682606424v2

 

 

EXHIBIT C

 

PLEDGED INTERESTS ADDENDUM

 

This Pledged Interests Addendum, dated as of _________ __, 20___ (this “Pledged Interests Addendum”), is delivered pursuant to Section 7 of the Guaranty and Security Agreement referred to below.  The undersigned hereby agrees that this Pledged Interests Addendum may be attached to that certain Second Amended and Restated Guaranty and Security Agreement, dated as of [__________], 2022 (as amended, restated, supplemented, or otherwise modified from time to time, the “Guaranty and Security Agreement”), made by the undersigned, together with the other Grantors named therein, to WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Agent.  Initially capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Pledged Interests Addendum shall be subject to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis.  The undersigned hereby agrees that the additional interests listed on Schedule I shall be and become part of the Pledged Interests pledged by the undersigned to Agent in the Guaranty and Security Agreement and any pledged company set forth on Schedule I shall be and become a “Pledged Company” under the Guaranty and Security Agreement, each with the same force and effect as if originally named therein. 

 

This Pledged interests Addendum is a Loan Document.  Delivery of an executed counterpart of this Pledged Interests Addendum by telefacsimile or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Pledged Interests Addendum.  If the undersigned delivers an executed counterpart of this Pledged Interests Addendum by telefacsimile or other electronic method of transmission, the undersigned shall also deliver an original executed counterpart of this Pledged Interests Addendum but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Pledged Interests Addendum.

 

The undersigned hereby certifies that the representations and warranties set forth in Section 6 of the Guaranty and Security Agreement of the undersigned are true and correct as to the Pledged Interests listed herein on and as of the date hereof.

 

THIS PLEDGED INTERESTS ADDENDUM SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 24 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

[signature page follows]

ACTIVE 682606424v2

 

 

IN WITNESS WHEREOF, the undersigned has caused this Pledged Interests Addendum to be executed and delivered as of the day and year first above written.

 

[___________________]

 

 

By:

Name:

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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SCHEDULE I
to
PLEDGED INTERESTS ADDENDUM

 

Pledged Interests

 

						
	
Name of Grantor
	
Name of Pledged Company
	
Number of Shares/Units
	
Class of Interests
	
Percentage of Class Owned
	
Certificate Nos.

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

 

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ACTIVE 682606424v2

 

 

EXHIBIT D

 

TRADEMARK SECURITY AGREEMENT

 

This TRADEMARK SECURITY AGREEMENT (this “Trademark Security Agreement”) is made this ___ day of ___________, 20__, by and among Grantors listed on the signature pages hereof (collectively, jointly and severally, “Grantors” and each individually “Grantor”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Wells Fargo”), in its capacity as agent for the Lender Group and the Bank Product Providers (in such capacity, together with its successors and assigns in such capacity, “Agent”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that certain Second Amended and Restated Credit Agreement, dated as of October 28, 2022 (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) by and among Unifi, Inc., a New York corporation (“Parent”), and certain of its Domestic Subsidiaries, as co-borrowers (collectively “Borrowers”, and each a “Borrower”), the lenders party thereto as “Lenders” (each of such Lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”), Agent, Wells Fargo, as sole lead arranger (in such capacity, together with its successors and assigns in such capacity, the “Lead Arranger”), and Wells Fargo, as sole book runner (in such capacity, together with its successors and assigns in such capacity, the “Book Runner”), the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and

 

WHEREAS, the members of the Lender Group and the Bank Product Providers are willing to make the financial accommodations to Borrowers as provided for in the Credit Agreement, the other Loan Documents, and the Bank Product Agreements, but only upon the condition, among others, that Grantors shall have executed and delivered to Agent, for the benefit of Lender Group and the Bank Product Providers, that certain Second Amended and Restated Guaranty and Security Agreement, dated as of October 28, 2022 (including all annexes, exhibits or schedules thereto, as from time to time amended, restated, supplemented or otherwise modified, the “Guaranty and Security Agreement”); and

 

WHEREAS, pursuant to the Guaranty and Security Agreement, Grantors are required to execute and deliver to Agent, for the benefit of Lender Group and the Bank Product Providers, this Trademark Security Agreement;

 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor hereby agrees as follows:

 

1.DEFINED TERMS.  All initially capitalized terms used but not otherwise defined herein have the meanings given to them in the Guaranty and Security Agreement or, if not defined therein, in the Credit Agreement, and this Trademark Security Agreement shall be subject to the rules of construction set forth in Section 1(b) of the Guaranty and Security Agreement, which rules of construction are incorporated herein by this reference, mutatis mutandis.

 

2.GRANT OF SECURITY INTEREST IN TRADEMARK COLLATERAL.  Each Grantor hereby unconditionally grants, assigns, and pledges to Agent, for the benefit each member of the Lender Group and each of the Bank Product Providers, to secure the Secured Obligations, a continuing security 

ACTIVE 682606424v2

 

interest (referred to in this Trademark Security Agreement as the “Security Interest”) in all of such Grantor’s right, title and interest in and to the following, whether now owned or hereafter acquired or arising (collectively, the “Trademark Collateral”):

 

(a)all of its Trademarks and Trademark Intellectual Property Licenses to which it is a party including those referred to on Schedule I;

 

(b)all goodwill of the business connected with the use of, and symbolized by, each Trademark and each Trademark Intellectual Property License; and

 

(c)all products and proceeds (as that term is defined in the Code) of the foregoing, including any claim by such Grantor against third parties for past, present or future (i) infringement or dilution of any Trademark or any Trademarks exclusively licensed under any Intellectual Property License, including right to receive any damages, (ii) injury to the goodwill associated with any Trademark, or (iii) right to receive license fees, royalties, and other compensation under any Trademark Intellectual Property License.

 

3.SECURITY FOR SECURED OBLIGATIONS.  This Trademark Security Agreement and the Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing or arising hereafter.  Without limiting the generality of the foregoing, this Trademark Security Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them, to Agent, the other members of the Lender Group, the Bank Product Providers or any of them, whether or not they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving any Grantor.

 

4.SECURITY AGREEMENT.  The Security Interest granted pursuant to this Trademark Security Agreement is granted in conjunction with the security interests granted to Agent, for the benefit of the Lender Group and the Bank Product Providers, pursuant to the Guaranty and Security Agreement.  Each Grantor hereby acknowledges and affirms that the rights and remedies of Agent with respect to the Security Interest in the Trademark Collateral made and granted hereby are more fully set forth in the Guaranty and Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.  To the extent there is any inconsistency between this Trademark Security Agreement and the Guaranty and Security Agreement, the Guaranty and Security Agreement shall control.

 

5.AUTHORIZATION TO SUPPLEMENT.  If any Grantor shall obtain rights to any new trademarks, the provisions of this Trademark Security Agreement shall automatically apply thereto.  Grantors shall give prompt notice in writing to Agent with respect to any such new trademarks or renewal or extension of any trademark registration.  Without limiting Grantors’ obligations under this Section, Grantors hereby authorize Agent unilaterally to modify this Trademark Security Agreement by amending Schedule I to include any such new trademark rights of each Grantor.  Notwithstanding the foregoing, no failure to so modify this Trademark Security Agreement or amend Schedule I shall in any way affect, invalidate or detract from Agent’s continuing security interest in all Collateral, whether or not listed on Schedule I. 

 

6.COUNTERPARTS.  This Trademark Security Agreement is a Loan Document.  This Trademark Security Agreement may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Trademark Security Agreement.  Delivery of an executed counterpart of this Trademark Security Agreement by telefacsimile 

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ACTIVE 682606424v2

 

or other electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Trademark Security Agreement.  Any party delivering an executed counterpart of this Trademark Security Agreement by telefacsimile or other electronic method of transmission also shall deliver an original executed counterpart of this Trademark Security Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Trademark Security Agreement.

 

7.CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE PROVISION.  THIS TRADEMARK SECURITY AGREEMENT SHALL BE SUBJECT TO THE PROVISIONS REGARDING CHOICE OF LAW AND VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE SET FORTH IN SECTION 24 OF THE GUARANTY AND SECURITY AGREEMENT, AND SUCH PROVISIONS ARE INCORPORATED HEREIN BY THIS REFERENCE, MUTATIS MUTANDIS.

 

[signature page follows]

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ACTIVE 682606424v2

 

 

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

 

		
	
GRANTORS:
	
 

	
 
	
 

	
 
	
 

	
 
	
By:

	
 
	
Name:

	
 
	
Title:

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
 

	
 
	
By:

	
 
	
Name:

	
 
	
Title:

	
 
	
 

	
 
	
 

	
 
	
ACCEPTED AND ACKNOWLEDGED BY:

	
 
	
 

	
AGENT:
	
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent

	
 
	
 

	
 
	
 

	
 
	
By:

	
 
	
Name:

	
 
	
Title: 

	
 
	
 

	
 
	
 

 

 

[Signature Page to Trademark Security Agreement]

ACTIVE 682606424v2

 

 

SCHEDULE I
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TRADEMARK SECURITY AGREEMENT

Trademark Registrations/Applications

 

					
	
Grantor
	
Country
	
Mark
	
Application/ Registration No.
	
App/Reg Date

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

 

Trade Names

 

Common Law Trademarks 

 

Trademarks Not Currently In Use

 

Trademark Licenses

 

 

 

 

 

ACTIVE 682606424v2EX-10.1

 Exhibit 10.1 

Execution Version 

ORCIC SENIOR LOAN FUND LLC 

AMENDED AND RESTATED 
 LIMITED
LIABILITY COMPANY AGREEMENT 
 THE SECURITIES REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATES OR OTHER JURISDICTIONS. THEY ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE
REGISTRATION AND QUALIFICATION REQUIREMENTS OF SUCH LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND SUCH LAWS PURSUANT TO
REGISTRATION, QUALIFICATION, OR EXEMPTION THEREFROM AND IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE OR OTHER SECURITIES COMMISSION OR
OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING MATERIALS, AND ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. 

 

 ORCIC SENIOR LOAN FUND LLC 

AMENDED AND RESTATED 
 LIMITED
LIABILITY COMPANY AGREEMENT 
 This Limited Liability Company Agreement, dated as of November 2, 2022, is entered into by and between
Owl Rock Core Income Corp. and State Teachers Retirement System of Ohio (collectively, the “Members”). 
 WHEREAS, ORCIC
Senior Loan Fund LLC (the “Company”) was formed as a limited liability company under the Act (as defined below), upon the filing of a Certificate of Formation with the Secretary of State of the State of Delaware on February 22,
2022; 
 WHEREAS, pursuant to the Certificate of Formation, the Company’s initial name was “ORCIC BC 9 LLC;” 

WHEREAS, Owl Rock Core Income Corp. is party to a Limited Liability Company Agreement of ORCIC BC 9 LLC, dated as of February 14, 2022
(the “Prior LLC Agreement”); 
 WHEREAS, the Company’s name was changed from “ORCIC BC 9 LLC” to “ORCIC
Senior Loan Fund LLC”, upon the filing of a Certificate of Amendment to the Certificate of Formation with the Secretary of State of the State of Delaware on October 26, 2022; 

WHEREAS, the Members desire to amend and restate the Prior LLC Agreement in its entirety as herein set forth, such amendment and restatement
to become effective as of the date hereof, to set forth the terms of a co-managed limited liability company under the Act (as defined below) for the purposes and pursuant to the terms set forth herein; 

NOW THEREFORE, in consideration of the mutual agreements set forth below, and intending to be legally bound, the Members hereby agree as
follows: 
 Article I. DEFINITIONS 

For purposes of this Agreement, the following terms shall have the following meanings: 

“1940 Act”: the U.S. Investment Company Act of 1940, as amended. 

“Acceptance Period”: the meaning set forth in Section 7.01(f)(ii). 

“Act”: the Delaware Limited Liability Company Act, as from time to time in effect. 

“Advancing Member”: has the meaning set forth in Section 3.02.  

“Administrative Agent”: Owl Rock Capital Advisors LLC or an Affiliate thereof retained by the Company with Board Approval to perform
administrative services for the Company. 
 “Administrative Services Agreement”: the Administrative Services Agreement between the Company
and the Administrative Agent, as amended from time to time with Board Approval. 
 “Affiliate”: with respect to a Person, any other Person
that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. 

“Agreement”: this Amended and Restated Limited Liability Company Agreement, as it may from time to time be further amended. 

“Alternative Investment Vehicle”: the meaning set forth in Section 3.05. 

  
 2 

 “Board”: the Board of Directors of the Company. 

“Board Approval”: as to any matter requiring Board Approval hereunder, the unanimous approval or subsequent ratification by each of the
Directors. All matters requiring Board Approval are set forth in further detail in Schedule A of this Agreement. 
 “Broadly Syndicated
Loans”: syndicated loans that are not primarily underwritten or co-underwritten by ORCIC’s investment adviser or an Affiliate thereof. 

“Capital Account”: as to each Member, the capital account maintained on the books of the Company for such Member in accordance with
Section 4.01. 
 “Capital Commitment”: as to each Member, the total amount set forth on the Member List, which is contributed and
agreed to be contributed to the Company by such Member as a Capital Contribution. 
 “Capital Contribution”: as to each Member, the
aggregate amount of cash actually contributed to the equity capital of the Company by such Member as set forth in Section 3.01. The Capital Contribution of a Member that is an assignee of all or a portion of an equity interest in the Company
shall include the Capital Contribution of the assignor (or a pro rata portion thereof in the case of an assignment of less than the entire interest of the assignor). Notwithstanding the foregoing, and subject to Board Approval, each Member shall be
permitted to make a Capital Contribution to the Company in the form of interests in Investments currently owned by the Member. These contributed interests shall be valued in accordance with this Agreement. 

“Certificate of Formation”: the certificate of formation for the Company filed under the Act, as from time to time amended. 

“CLO Notes”: senior and subordinated notes issued by collateralized loan obligations. 

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

“Company”: the limited liability company created and existing pursuant to the Certificate of Formation and this Agreement. 

“Company Counsel”: the meaning set forth in Section 10.10. 

“Company Level Information”: the meaning set forth in Section 9.04(d). 

“Contribution”: has the meaning given thereto in Rule 206(4)-5 of the Investment Advisers Act of
1940. 
 “Default Date”: the meaning set forth in Section 3.03(a). 

“Default Loan”: the meaning set forth in Section 3.03(b)(iii). 

“Defaulting Member”: the meaning set forth in Section 3.03(a). 

“Delayed Contributions”: has the meaning set forth in Section 3.02. 

“Delayed Member”: has the meaning set forth in Section 3.02. 

“Electing Member”: has the meaning set forth in Section 8.03(e). 

“Election to Purchase”: has the meaning set forth in Section 8.03(e). 

“ERISA”: the Employee Retirement Income Security Act of 1974, as from time to time amended. 

  
 3 

 “ERISA Plan”: a Person that is an “employee benefit plan” within the meaning of,
and subject to the provisions of, ERISA. 
 “Expenses”: all costs and expenses, of whatever nature, directly or indirectly borne by the
Company, including, without limitation, those borne under the Administrative Services Agreement, any sub-administrative services agreement or borne with respect to any Financing Subsidiary. 

“Facility”: the meaning set forth in Section 2.04(b)(iv). 

“FATCA”: the meaning set forth in Section 10.21(c)(i). 

“Financing Subsidiary”: shall mean a direct or indirect subsidiary of the Company, including without limitation a bankruptcy remote special
purpose entity that will enter into a credit facility or issue debt. 
 “GAAP”: United States generally accepted accounting principles.

 “GAAP Profit or GAAP Loss”: as to any transaction or fiscal period, the net income or loss of the Company under GAAP. 

“Harm”: the meaning set forth in Section 6.12(a). 

“Illiquid Security”: any security other than one which is marketable. For purposes of this definition, a security is marketable only if it
(i) is traded on or through a national or other established securities exchange or the National Association of Securities Dealers, Inc. Automated Quotation System, (ii) can be sold, with or without volume limitations, to the general public
by a Member receiving a distribution of such security, and (iii) is not subject to contractual restrictions on transfer. 
 “Independent
Valuation Firm”: any of Kroll Inc., Houlihan Lokey, Inc., Lincoln International, Valuation Research Corporation or, Alvarez & Marsal. 

“Investment”: an investment of any type held, directly or indirectly, by the Company from time to time. By way of example, Investments may
include loans, notes and other debt instruments, total return swaps and other derivative instruments, participation interests, warrants, equity securities including common stock, preferred stock and structured equity products, portfolios of any of
the foregoing and derivative instruments related to any of the foregoing. Investments do not include interests in Subsidiaries. 
 “Investment
Committee” means a committee consisting of an equal number of ORCIC IC Representatives and OSTRS IC Representatives. 
 “Investor
Laws”: the meaning set forth in Section 7.02. 
 “Loans”: senior secured loans that are secured by a first lien on some or
all of the obligor’s assets, including, without limitation, traditional senior secured loans and any related delayed draw loan or any revolving credit facility or similar credit facility provided by the Company or any Financing Subsidiary,
directly or indirectly, to a borrower or acquired from another Person and which, for the avoidance of doubt, do not include Broadly Syndicated Loans. 

“Member”: each Person identified as a Member in the first sentence hereof, and any Person that is or becomes a Member of the Company. 

“Member List”: the meaning set forth in Section 2.07. 

“Notice of Intent”: the meaning set forth in Section 7.01(f). 

“Ohio Act”: the meaning set forth in Section 9.04(d). 

  
 4 

 “Organization Costs”: all
out-of-pocket costs and expenses reasonably incurred directly by the Company or indirectly for the Company by a Member or its Affiliates in connection with the
formation, capitalization and financing of the Company, the initial offering of Company interests to ORCIC and OSTRS, and the preparation by the Company to commence its business operations, including, without limitation, reasonable and documented
(i) fees and disbursements of legal counsel to the Company or its Affiliates, the Administrative Agent or its Affiliates, and to ORICC and OSTRS; (ii) accountant fees and other fees for professional services, (iii) travel costs and
other out-of-pocket expenses, and (iv) costs incurred in connection with the establishment of any Facility. The Company shall also pay or make capital contributions
or advances to any Financing Subsidiary relating to, the organizational costs and expenses of any Financing Subsidiary, including costs associated with borrowing money and entering into credit facilities. For the avoidance of doubt, the Company
shall be responsible for all out-of-pocket costs incurred by a Member in connection with the organization of the Company, including but not limited to, reasonable legal
expenses incurred in connection with the preparation and negotiation of this Agreement. 
 “ORCIC”: Owl Rock Core Income Corp., or any
Person substituted for Owl Rock Core Income Corp., as a Member pursuant to the terms of this Agreement. 
 “ORCIC IC Representative”: has
the meaning set forth in Section 6.03(b). 
 “OSTRS”: State Teachers Retirement System of Ohio, or any Person substituted for State
Teachers Retirement System of Ohio as a Member pursuant to the terms of this Agreement. 
 “OSTRS IC Representative” has the meaning set
forth in Section 6.03(b). 
 “Partnership Representative”: has the meaning set forth in Section 6.13(b). 

“Person”: shall include an individual, corporation, partnership, association, joint venture, company, limited liability company, trust,
governmental authority or other entity. 
 “Portfolio Company”: with respect to any Investment, any Person that is the issuer of any equity
securities, equity-related securities or obligations, debt instruments or debt-related securities or obligations (including senior debt instruments, including investments in senior loans, senior debt securities and any notes or other evidences of
indebtedness, preferred equity, warrants, options, subordinated debt, mezzanine securities or similar securities or instruments) that are the subject of such Investment. Portfolio Companies do not include Subsidiaries. 

“Prior Investment Committee Approval”: as to any matter requiring Prior Investment Committee Approval hereunder, the unanimous prior approval
of the ORCIC IC Representatives and the OSTRS IC Representatives. 
 “Prior LLC Agreement”: has the meaning set forth in the recitals. 

“Proceeding”: has the meaning set forth in Section 6.12(a). 

“Profit or Loss”: as to any transaction or fiscal period, the GAAP Profit or GAAP Loss with respect to such transaction or period, with such
adjustments thereto as may be required by this Agreement; provided that in the event that the Value of any Company asset is adjusted under Section 9.05, the amount of such adjustment shall in all events be taken into account in the same manner
as gain or loss from the disposition of such asset for purposes of computing Profit or Loss, and the gain or loss from any disposition of such asset shall be calculated by reference to such adjusted Value; and provided further, that GAAP Profit or
GAAP Loss may be adjusted with Board Approval to amortize Organization Costs over four years. 
 “Proportionate Share”: as to any Member,
the percentage that its Capital Contribution represents of all Capital Contributions. 
 “Reserved Amount”: the meaning set forth in
Section 5.04(a). 

  
 5 

 “Restricted Persons”: means (i) the Governor of the State of Ohio, (ii) the
Treasurer of the State of Ohio, (iii) the Speaker of the Ohio House of Representatives and (iv) the President of the Ohio Senate. 

“Retirement Board”: means the State Teachers Retirement System of Ohio Retirement Board. 

“Sale Period”: the meaning set forth in Section 7.01(g)(iii). 

“SEC”: the U.S. Securities and Exchange Commission. 

“Securities Act”: means the U.S. Securities Act of 1933, as amended. 

“Tax Matters Member”: the meaning set forth in Section 6.13(a). 

“Temporary Advances”: has the meaning set forth in Section 3.02. 

“Treasury Regulations”: all final and temporary federal income tax regulations, as amended from time to time, issued under the Code by the
United States Treasury Department. 
 “Valid Company Purposes”: (i) making Investments or acquiring assets (other than temporary
investments), (ii) satisfying funding or other obligations with respect to all Investments including any ongoing funding obligations relating to all that are revolving loans and delayed draw term loans, (iii) funding Reserved Amounts,
(iv) making protective investments (including making protective advances and/or exchanges), which may require capital commitments and ongoing obligations of the Company or any Financing Subsidiary, (v) making, at the Members’
election, capital contributions to avoid or cure any borrowing base deficiency, default, event of default, potential termination event or termination event relating to any indebtedness incurred by the Company or a Financing Subsidiary and repaying
such indebtedness, or (vi) paying Company Expenses, Organizational Costs, and such other costs and expenses as set forth herein. 
 “Valuation
Date”: the meaning set forth in Section 9.05(a). 
 “Value”: as of the date of computation with respect to some or all of the
assets of the Company or any assets acquired by the Company, the value of such assets determined in accordance with Section 9.05. 

Article II. GENERAL PROVISIONS 

Section 2.01 Formation of the Limited Liability Company. The Company was formed under and pursuant to the Act upon the filing of the Certificate
of Formation in the office of the Secretary of State of the State of Delaware, and the Members hereby agree to continue the Company under and pursuant to the Act. The Members agree that the rights, duties and liabilities of the Members shall be as
provided in the Act, except as otherwise provided herein. Each Person being admitted as a Member as of the date hereof shall be admitted as a Member at the time such Person has executed this Agreement or a counterpart of this Agreement. By its
signature to this Agreement (or, in the case of substitute Members, the instrument described in Section 7.01(b) below whereby such transferee becomes a party to this Agreement), each Member represents to the Company and to the other Members
that (1) the Member is an “accredited investor” as defined in Rule 501 under the Securities Act, and is a “qualified purchaser” as defined in Section 2(a)(51) under the 1940 Act, and (2) the Member understands that
the securities represented by this Agreement have not been and will not be registered under the Securities Act or any state securities laws and cannot be sold or otherwise distributed by the Member unless the securities either are registered or
otherwise qualified under the Securities Act and any applicable state securities laws or are exempt from such registrations or qualifications. 

  
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	 	(a)	 In addition to the foregoing representations, each Member represents to the Company and to the other Members as
follows: 

  

	 	(i)	 It is duly organized and validly existing under the laws of the jurisdiction of its organization;

  

	 	(ii)	 It has the power to execute and deliver this Agreement and the documents referred to in this Agreement and to
perform its obligations under this Agreement and has taken all necessary action to authorize the execution, delivery, and performance; 

  

	 	(iii)	 The execution, delivery, and performance do not violate or conflict with any law applicable to it, any
provision of its organizational documents, any order or judgment of any court or other agency of government applicable to it, or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 

 

	 	(iv)	 All governmental and other consents that are required to have been obtained by it with respect to this
Agreement and the documents referred to in this Agreement have been obtained and are in full force and effect and all conditions of any such consents have been complied with; 

 

	 	(v)	 This Agreement constitutes and, upon execution of the documents referred to in this Agreement, those documents
will constitute, its legal, valid, and binding obligation, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium, or similar laws affecting creditors’ rights generally
and subject, as to enforceability, to equitable principles of general application regardless of whether enforcement is sought in a proceeding in equity or at law); 

 

	 	(vi)	 It is entering into this Agreement for its own account for investment and not with a view to any distribution
of the interests in the Company. It fully understands, accepts, and is able to bear the economic risks associated with the obligations and undertakings contained in this Agreement; 

 

	 	(vii)	 It has taken or will take all necessary steps to ensure its compliance with all applicable federal and state
securities laws and regulations; and 

  

	 	(viii)	 It is not a “benefit plan investor” within the meaning of Section 3(42) of ERISA, as modified by
29 CFR 2510.3-101(f)(2), or under any provisions of any other federal, state, local, non-U.S. or other laws or regulations that are similar to those provisions contained
in such portions of ERISA (collectively, “Other Plan Laws”) (a “Benefit Plan Member”), and it will notify the Company if the Member reasonably expects that the Member will become a Benefit Plan Member.

  

	 	(b)	 In addition to the foregoing representations, in connection with its entry into this Agreement, ORCIC
represents to OSTRS as follows: 

  

	 	(i)	 As of the date hereof, and during the two-year period prior to such
date, neither it, the Company, nor any of its affiliates or other Covered Associates has knowingly made a Contribution to any Restricted Person, other than as permitted by the Investment Advisers Act of 1940. ORCIC covenants and agrees that
it will update and re-make the foregoing representation in writing upon OSTRS’s request (no more frequently than annually). In the event that ORCIC, or any of their affiliates or other Covered Associates
makes or has made a Contribution that would cause this representation to be untrue, ORCIC shall promptly notify OSTRS in writing upon becoming aware of such Contribution. 

Section 2.02 Company Name. The name of the Company shall be “ORCIC Senior Loan Fund LLC,” or such other name as approved by Board
Approval. 
 Section 2.03 Place of Business; Agent for Service of Process. 

  
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	 	(a)	 The registered office of the Company in the State of Delaware shall be c/o The Corporation Trust Company at
Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The principal business office of the Company shall be at 399 Park Avenue, 38th Floor, New York, NY 10022, or such other place as may be approved by Board Approval. The Company
may also maintain additional offices at such place or places as may be approved by Board Approval. 

  

	 	(b)	 The agent for service of process on the Company pursuant to the Act shall be The Corporation Trust Company at
Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, or such other Person as may be approved by Board Approval. 

Section 2.04 Principal Purpose and Powers of the Company. 
  

	 	(a)	 The principal purpose of the Company is to make Investments, either directly or indirectly through Subsidiaries
or other Persons, primarily in Loans that are made to middle market companies, in Broadly Syndicated Loans and in CLO Notes. 

  

	 	(b)	 In furtherance of such purpose, the Company, either directly or indirectly, shall have the following powers:

  

	 	(i)	 To originate or otherwise acquire and finance Loans and to acquire and finance Broadly Syndicated Loans and CLO
Notes; 

  

	 	(ii)	 to form, invest in or through, transfer, dispose of or otherwise deal in the interests of, and exercise all
rights, powers, privileges and other incidents of ownership with respect to, investment and financing vehicles (formed in the United States or otherwise), including Financing Subsidiaries which hold one or more Investments, including, without
limitation, investment and financing vehicles that are wholly or partially controlled, managed or administered by the Company, by a Member or by any Affiliate of any thereof, and investment and financing vehicles that are partially owned by Persons
other than the Company (including but not limited to Persons that may be controlled, managed or administered by a Member or any of its Affiliates), and investment vehicles formed for the purpose of making and administering Investments and allocating
related Profit or Loss; 

  

	 	(iii)	 to originate, purchase or otherwise acquire, transfer, finance, dispose of or otherwise deal in, and exercise
all rights, powers, privileges and other incidents of ownership or possession with respect to, Investments without regard to whether such Investments are publicly traded, readily marketable or restricted as to transfer; 

 

	 	(iv)	 to incur indebtedness for borrowed money (which may be on a joint and several basis with Alternative Investment
Vehicles), and to pledge, hypothecate, mortgage, collaterally assign, or otherwise grant security interests or liens on any assets owned directly or indirectly by the Company, including without limitation, the Capital Commitments and the power and
authority to call the Capital Commitments (any credit facility secured by any such assets, a “Facility”); 

  

	 	(v)	 to guarantee, or otherwise become liable for, the obligations of other Persons, including, without limitation,
Portfolio Companies, Alternative Investment Vehicles and Financing Subsidiaries; 

  

	 	(vi)	 to act as manager and/or collateral manager of a Financing Subsidiary; 

 

	 	(vii)	 to engage personnel and do such other acts and things as may be necessary or advisable in connection therewith;

  

	 	(viii)	 to engage and compensate attorneys, accountants, administrative agents, investment advisors, technical
advisors, consultants, custodians, contractors and agents; 

  

	 	(ix)	 to pay and incur other expenses and obligations incident to the operation of the Company and/or Financing
Subsidiaries and to make capital contributions to Financing Subsidiaries; 

  
 8 

	 	(x)	 to establish, maintain, and close bank accounts and draw checks or other orders for the payment of money;

  

	 	(xi)	 to establish, maintain, and close accounts with brokers; 

 

	 	(xii)	 to enter into, make and perform all such contracts, agreements and other undertakings, and to take any and all
actions and engage in any and all activities, as may be incidental to, or necessary, advisable or appropriate to, the carrying out of the foregoing purpose; 

  

	 	(xiii)	 subject to Board approval, maintain a fidelity bond insurance program to insure against dishonesty and fraud
with limits in excess of $1 million; and 

  

	 	(xiv)	 to take any other action permitted to be taken by a limited liability company under the Act.

 Section 2.05 Fiscal Year. The fiscal year of the Company shall be the period ending on December 31 of each year. 

Section 2.06 Liability of Members. Except as expressly provided in this Agreement, a Member shall have such liability for the repayment,
satisfaction and discharge of the debts, liabilities and obligations of the Company only as is provided by the Act. A Member that receives a distribution made in violation of the Act shall be liable to the Company for the amount of such distribution
to the extent, and only to the extent, required by the Act. The Members, in their capacities as Members, shall not otherwise be liable for the repayment, satisfaction or discharge of the Company’s debts, liabilities and obligations, except that
each Member shall be required to make Capital Contributions in accordance with the terms of this Agreement and shall be required to repay any distributions which are not made in accordance with this Agreement. 

Section 2.07 Member List. The Administrative Agent shall cause to be maintained in the principal office of the Company a list (the “Member
List”) setting forth, with respect to each Member, such Member’s name, address, Capital Commitment, Capital Contributions and such other information as the Administrative Agent may deem necessary or desirable or as required by the Act.
The Administrative Agent shall from time to time update the Member List as necessary to reflect accurately the information therein. Any reference in this Agreement to the Member List shall be deemed to be a reference to the Member List as in effect
from time to time. No action of the Members shall be required to supplement or amend the Member List. Revisions to the Member List made by the Administrative Agent as a result of changes to the information set forth therein made in accordance with
this Agreement shall not constitute an amendment of this Agreement. The initial Member List is attached to this Agreement as Appendix A. 

Article III. COMPANY CAPITAL AND INTERESTS 

Section 3.01 Capital Commitments. 
  

	 	(a)	 Each Member’s Capital Commitment shall be set forth on the Member List and shall be payable in cash in
U.S. dollars or, with Board Approval, in in-kind contributions of Investments. Each such payment shall be made from time to time within ten (10) business days after notice from the Administrative Agent
(or any other Person with the power and authority to call the Capital Commitments) specifying the amount then to be paid, or such later date as may be specified in such notice; provided that any such amount to be used for a purpose requiring Prior
Investment Committee Approval or Board Approval shall be subject to such Prior Investment Committee Approval or Board Approval, as applicable. Capital Contributions shall be made by all Members pro rata based on their respective Capital Commitments
and in no event will a Member be required to make Capital Contributions that, in the aggregate, exceed its Capital Commitment. 

  

	 	(b)	 Capital Contributions which are not used for their intended purpose shall be returned to the Members within
ninety (90) days in the same proportion in which made, in which case such amount shall be added back to the unfunded Capital Commitments of the Members and may be recalled by the Company as set forth in this Article III. Capital Contributions
which have been returned to Members also may be recalled to the extent provided by Section 5.04. 

  
 9 

 Section 3.02 Temporary Advances. Following a notice from the Administrative Agent pursuant to
Section 3.01 above relating to a Capital Contribution, a Member (the “Advancing Member”), in its discretion and in addition to its own Capital Contribution relating to that notice, may make loans (“Temporary
Advances”) to temporarily fund the Company or people or entities in which the Company has already invested until Capital Contributions (“Delayed Contributions”) are made by the Members (each, a “Delayed
Member”) who have not yet made Capital Contributions relating to the notice as set forth in Section 3.01. Any Temporary Advances shall be repaid from the Delayed Members’ Capital Contributions under Section 3.01 (including
from any Delayed Contributions), with any unreturned Temporary Advances paid as set forth in Section 5.01. 
 Section 3.03 Defaulting
Members. 
  

	 	(a)	 Upon the failure of any Member (a “Defaulting Member”) to pay in full any portion of such
Member’s Capital Commitment within ten (10) days after written notice from the other Member (the “Default Date”) that such payment is overdue, the other Member, in its sole discretion, shall have the right to pursue one or
more of the following remedies on behalf of the Company if such failure has not been cured in full within such ten-day period: 

 

	 	(i)	 collect such unpaid portion (and all attorneys’ fees and other costs incident thereto) by exercising
and/or pursuing any legal remedy the Company may have; 

  

	 	(ii)	 upon thirty (30) days’ written notice (which period may commence during the ten-day notice period provided above), and provided that the overdue payment has not been made, dissolve and wind down the Company in accordance with Article VIII as long as such action is not prohibited by
Section 8.02(b); and 

  

	 	(iii)	 upon thirty (30) days’ written notice (which period may commence during the ten-day notice period provided above) and if such failure has not been cured in full within such thirty-day period, compel the Defaulting Member to sell or transfer all or a
portion of its interest in whole or in part subject to the following: 

  

	 	1)	 If the other Member notifies the Defaulting Member to sell or transfer all or a part of its interest, such
Defaulting Member shall do so within sixty (60) days after the expiration of such thirty-day period; provided, however, that the non-Defaulting Member must consent,
in its sole discretion, to such transfer and such transfer must otherwise be in accordance with Section 7.01 hereof. 

  

	 	2)	 Upon any failure of the Defaulting Member, under any circumstances, to sell or transfer all of its interests
that are required to be sold within such sixty (60) day period, the other Member may purchase such interest or sell or transfer such interest to a third party or, subject to applicable law, to an Affiliate of a Member or the Company. The price
for such sale or transfer shall be not less than the minimum cash purchase price for the Defaulting Member’s interest in the Company as determined by the Independent Valuation Firm selected by the other Member for a hypothetical sale of such
interest to an unaffiliated third party willing to purchase such interest within a ninety (90) day time period; provided, however, that if no such buyer is found within such ninety (90) day period to purchase the Defaulting Member’s
interest at such minimum price or a higher price, then the other Member may direct the sale or transfer of the Defaulting Member’s interest at a price and subject to such terms and conditions as it deems commercially reasonable in its good
faith judgment and sole discretion, which terms and conditions may include the acceptance by the Defaulting Member of a promissory note issued by the purchaser thereof. 

 

	 	3)	 To the extent any amounts are owed by a Defaulting Member to a
non-Defaulting Member with respect to a Default Loan, any purchase price that would otherwise be payable to the Defaulting Member under this Section 3.03(a)(iii) shall instead first be paid to the non-Defaulting Member pursuant to the terms of Section 3.03(b)(iii) hereof until each such Default Loan (and accrued interest thereon) has been repaid in full with the remainder of such purchase price, if any,
payable to the Defaulting Member. 

  
 10 

 Except as set forth below, the non-defaulting Member’s election
to pursue any one of such remedies shall not be deemed to preclude such Member from pursuing any other such remedy, or any other available remedy, simultaneously or subsequently. 

 

	 	(b)	 Notwithstanding any provision of this Agreement to the contrary, 

 

	 	(i)	 a Defaulting Member shall not be entitled to distributions made after the Default Date until the default is
cured and any such distributions to which such Defaulting Member would otherwise have been entitled if such default had not occurred shall be debited against the Capital Account of the Defaulting Member so as to reduce the remaining amount of the
default; 

  

	 	(ii)	 the Company shall not make new Investments after the Default Date until the default is cured except as
permitted pursuant to clauses (ii) through (vii) of Valid Company Purposes; and 

  

	 	(iii)	 the non-Defaulting Member(s), in its or their sole discretion, may fund
all or any portion of the defaulted amount on behalf of the Defaulting Member(s) with notice to the other Members, if applicable. The Members agree and acknowledge that any amount so funded by the
non-Defaulting Member(s) shall be treated as a loan from the non-Defaulting Member(s) to the Defaulting Member(s) (a “Default Loan”), the proceeds of
which are used by the Defaulting Member(s) to make a Capital Contribution to the Company which, if in a sufficient amount, may cure a related default by such Defaulting Member. A Default Loan shall (A) bear interest from the date of such
funding until repaid by the Defaulting Member(s) at a rate equal to the lower of 15% per annum or the maximum rate permitted by applicable law, (B) be pre-payable by the Defaulting Member(s) at any time
and (C) be fully recourse to the Defaulting Member(s). Until such time that any Default Loan (including any accrued interest thereon) has been fully repaid, (x) any amounts that would otherwise be distributable to the Defaulting Member(s)
under Section 5.01(b)(iii) or Section 5.02 hereof shall instead be distributed to the non-Defaulting Member(s) and (y) any purchase price payable to the Defaulting Member(s) in connection with
any sale of its or their respective interests in the Company shall first be payable to the non-Defaulting Members until the repayment in full of the Default Loan(s) (including any accrued interest thereon)
proportionate to the amount of Default Loan(s) so extended by the non-Defaulting Member(s) to such Defaulting Member(s). Any amounts distributed to the non-Defaulting
Member(s) pursuant to the previous sentence shall be treated as for all purposes of this Agreement and for U.S. federal, state and local income tax purposes as having been made by the Company to the Defaulting Member notwithstanding the
Company’s distribution of such amounts to the non-Defaulting Member(s) and any amounts distributed or payable to the non-Defaulting Member(s) pursuant to the
previous sentence shall reduce the amounts owed to the non-Defaulting Member(s) under the related Default Loan, first as to interest and then as to principal. 

Section 3.04 Interest or Withdrawals. No Member shall be entitled to receive any interest on any Capital Contribution to the Company. Except as
otherwise specifically provided herein, no Member shall be entitled to withdraw any part of its Capital Contributions or Capital Account balance without Board Approval. 

Section 3.05 Admission of Additional Members. 
  

	 	(a)	 The Members may, with Board Approval, (i) admit additional Members upon terms approved by Board Approval,
(ii) permit existing Members to subscribe for additional interests in the Company; and (iii) admit a substitute Member in accordance with Section 7.01. 

 

	 	(b)	 Each additional Member shall execute and deliver a written instrument satisfactory to the existing Members
whereby such Member becomes a party to this Agreement, as well as a subscription agreement and any other documents required by the existing Members. Each such additional Member shall thereafter be entitled to all the rights and subject to all the
obligations of Members as set forth herein. Upon the admission of or the increase in the interest of any Member as herein provided, the Administrative Agent is hereby authorized to update the Member List, as required, to reflect such admission or
increase. 

  

  
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 Section 3.06 Alternative Investment Vehicle. Based on legal, tax, regulatory and other similar
structuring considerations, in connection with particular Investments, the Company may, with Board Approval, create one or more partnerships, corporations or other entities (“Alternative Investment Vehicles”) for purposes of making,
holding and disposing of one or more Investments. One or more of the Members shall be required to provide capital directly to each such Alternative Investment Vehicle to the same extent, for the same purposes and on the same terms and conditions as
the Members are required to provide capital to the Company and such capital shall reduce the unfunded Capital Commitment to the same extent as if made to the Company. The terms of any Alternative Investment Vehicle, including, without limitation,
the terms with respect to management and control of the Alternative Investment Vehicle, shall be substantially similar in all material respects to those of the Company; provided, that, such terms may vary based on the structure of the relevant
transaction, legal, tax and regulatory considerations. Any such Alternative Investment Vehicle will be structured in a manner whereby the Members participating in such Alternative Investment Vehicle shall bear the incremental costs of the
alternative arrangement (including, without limitation, taxes). The governing documents of any Alternative Investment Vehicle shall provide for the limited liability of the Members to the same extent in all material respects as is provided to the
Members under this Agreement. If a Member fails to provide all or a portion of its required capital to an Alternative Investment Vehicle on the applicable drawdown date (unless such Member is excused from providing such capital by the governing
documents of such Alternative Investment Vehicle), the other Member shall be entitled to pursue any and all remedies set forth in Section 3.03 in addition to any applicable provisions of the governing documents of the Alternative Investment
Vehicle. 
 Article IV. ALLOCATIONS 

Section 4.01 Capital Accounts. An individual capital account (a “Capital Account”) shall be maintained for each Member consisting
of such Member’s Capital Contributions, increased or decreased by Profit or Loss allocated to such Member, decreased by the cash or Value of property distributed to such Member (giving net effect to any liabilities the property is subject to,
or which the Member assumes), and otherwise maintained consistent with this Agreement. In the event that the Administrative Agent determines that it is prudent to modify the manner in which Capital Accounts, including all debits and credits thereto,
are computed in order to be maintained consistent with this Agreement, the Administrative Agent is authorized to make such modifications to the extent that they do not result in a material adverse effect to any Member. To the extent the
Administrative Agent determines it to be necessary for purposes of complying with Section 4.04 or for any tax reporting purposes, the Company shall also maintain an individual capital account for each Member in a manner consistent with Treasury
Regulations section 1.704-1(b)(2)(iv). 
 Section 4.02 General Allocations. Profit or Loss shall be
allocated among the Members as provided by this Section 4.02. Loss shall be allocated among the Members pro rata in accordance with their Capital Account balances. Profit shall be allocated among the Members (i) first, pro rata until the
cumulative amount of Profit allocated to a Member equals the cumulative amount of Loss previously allocated to such Member and thereafter (ii) pro rata in accordance with the Members’ Capital Account balances. 

Section 4.03 Changes of Interests. For purposes of allocating Profit or Loss for any fiscal year or other fiscal period between any permitted
transferor and transferee of a Company interest, or between any Members whose relative Company interests have changed during such period, or to any withdrawing Member that is no longer a Member in the Company, the Company shall allocate according to
any method allowed by the Code and selected by the Members. Distributions with respect to an interest in the Company shall be payable to the owner of such interest on the date of distribution subject to the provisions of this Agreement. For purposes
of determining the Profit or Loss allocable to or the distributions payable to a permitted transferee of an interest in the Company or to a Member whose interest has otherwise increased or decreased, Profit or Loss allocations and distributions made
to predecessor owners with respect to such transferred interest or increase of interest shall be deemed allocated and made to the permitted transferee or other holder. 

Section 4.04 Income Taxes and Tax Capital Accounts. 

  
 12 

	 	(a)	 The Members intend that allocations of income, gain, loss, and deduction of the Company for income tax purposes
comply with Code section 704 and the Treasury Regulations thereunder, and this Agreement shall be interpreted consistently therewith. Except as otherwise required by Code section 704 and the Treasury Regulations thereunder, with respect to each
taxable year or other period, each item of income, gain, loss, deduction or credit shall be allocated for income tax purposes in the same proportion as items are allocated pursuant to Section 4.02 for such period. 

 

	 	(b)	 In accordance with Code section 704(c) and the Treasury Regulations thereunder, (i) income, gain, loss and
deduction with respect to any property contributed to the capital of the Company, or after any Company asset has been revalued under Treas. Reg. § 1.704-1(b)(2)(iv)(f), shall, solely for federal income
tax purposes, be allocated among the Members so as to take into account any variation between the adjusted tax basis of such asset and its book value (as computed for purposes of Code Section 704(b) and the Treasury Regulations hereunder) using
any permissive method(s) and (ii) with respect to any property contributed to the capital of the Company that has a “built-in loss” (as defined in Section 704(c)(1)), the Company shall
comply with Section 704(c)(1)(C); provided, that, in each case, any determination or decision in applying the preceding clauses (i) or (ii) with respect to any property contributed to the capital of the Company by a Member shall require
the approval of such Member, which approval shall not be unreasonably withheld, conditioned or delayed. For the avoidance of doubt, the Company shall comply with Treas. Reg. § 1.704-1(b)(2)(iv)(g) in
making allocations of depreciation, depletion, amortization (including in connection with any accrual of market discount or premium), and gain or loss, as computed for purposes of Code section 704(b) and the Treasury Regulations hereunder.

 Article V. DISTRIBUTIONS 

Section 5.01 General. 
  

	 	(a)	 Subject to Board Approval and to the extent of available cash and cash equivalents, the Company shall make
distributions quarterly in an amount equal to the investment company taxable income and net capital gains (each as computed under section 852 of the Code) earned in the preceding quarter, shared among the Members as set forth in Section 5.01(b)
below. Available cash and cash equivalents shall exclude Reserved Amounts and amounts that are likely to be used for Valid Company Purposes. 

  

	 	(b)	 Except as otherwise provided in this Article V or Section 8.03, distributions shall be shared among the
Members as set forth in this Section 5.01(b). The Members, with Board Approval, may determine to make a distribution in addition to that required by Section 5.01(a) hereof from available cash or cash equivalents received from one or more
Investments (whether from principal repayment or otherwise and after reduction as provided by Section 5.03 and Section 5.04). Any distribution shall be shared among the Members as follows: 

 

	 	(i)	 First, to pay any outstanding Temporary Advances; and 

 

	 	(ii)	 Second, to the Members as distributions in respect of their interests in the Company in proportion to their
respective Capital Account balances; provided, however, that to the extent any amounts are owed by a Defaulting Member to a non-Defaulting Member with respect to a Default Loan, any amounts that would
otherwise be distributable to the Defaulting Member under this section shall instead be distributed to the non-Defaulting Member pursuant to the terms of Section 3.03(b)(iii) hereof.

 Section 5.02 Reserved.  

Section 5.03 Withholding. 
  

	 	(a)	 Subject to Section 5.03(b), the Company may withhold from any distribution to any Member any amount which
the Company has paid or is obligated to pay (or that is otherwise borne by the Company) in respect of any withholding or other tax, including, without limitation, any interest, penalties or additions with

  
 13 

	 	
respect thereto, imposed on any interest or income of or distributions to such Member or otherwise attributable to such Member (as determined by the Board), and such withheld amount shall be
considered an interest payment or a distribution, as the case may be, to such Member for purposes hereof. If no payment is then being made to such Member in an amount sufficient to pay the Company’s withholding obligation, any amount which the
Company is obligated to pay shall be deemed an interest-free advance from the Company to such Member, payable by such Member by withholding from subsequent distributions or within ten (10) days after receiving written request for payment from
the Company. 

  

	 	(b)	 OSTRS is a tax-exempt entity under United States federal, state and
local laws and has never been subject to any income tax and other tax withholding requirements of the United States federal, state or local laws. Based on the foregoing, the Members agree that, before withholding and paying over to any United States
federal, state or local taxing authority any amount purportedly representing a tax liability of OSTRS pursuant to Section 5.03(a), the Company will provide OSTRS with advanced written notice of the claim of any such taxing authority that such
withholding and payment is required by law sufficient to provide OSTRS with the opportunity to contest such claim during any period. Upon OSTRS’s reasonable request, the Company shall use commercially reasonable efforts to assist OSTRS to
obtain any available exemption, exclusion, credit and/or refund associated with the taxation (including but not limited to withholding tax) on any amounts distributable to OSTRS, provided that any costs and expenses incurred by the Company in
providing such assistance shall be borne or reimbursed by OSTRS. In addition, if requested by OSTRS, the Company shall provide any additional information that OSTRS may reasonably request in order to comply with its filing requirements with any
applicable taxing authority, provided that any costs and expenses incurred by the Company in providing such information shall be fully borne or reimbursed by OSTRS. The Company further agrees that it will take reasonable best efforts to minimize any
withholding taxes payable to any taxing authority with respect to income earned by the Company that is allocable to OSTRS, to the extent such withholding tax can be avoided or reduced through the delivery of an appropriate certificate or otherwise.

  

	 	(c)	 Each Member shall provide to the Company such information as is reasonably requested by the Company from time-to-time with respect to any taxes or tax returns of or involving the Company. If a Member delivers to the Company a properly executed withholding tax exemption
certificate (or such other form as the Internal Revenue Service or the applicable foreign or state taxing authority may require) providing for a complete exemption from withholding tax, the Company shall not withhold from a distribution (or respect
to such allocation) covered by such exemption certificate. 

 Section 5.04 Reserves; Certain Limitations; Distributions in
Kind. Notwithstanding the foregoing provisions: 
  

	 	(a)	 The Company may withhold from any distribution a reasonable reserve which the Board determines to be
appropriate for working capital of the Company or to discharge costs, Expenses and liabilities of the Company (whether or not accrued or contingent), or otherwise to be in the best interests of the Company for any Valid Company Purpose. Any part or
all of such reserved amount (“Reserved Amount”) that is released from reserve (other than to make payments on account of a purpose for which the reserve was established) shall be distributed to the Members in accordance with
Section 5.01 through Section 5.03. To the extent such distributed amount to a Member represents a distribution other than from cumulative undistributed Profit, net of cumulative Loss, allocated to such Member, such amount shall be added to
the unfunded Capital Commitment of such Member and may be recalled by the Company under Article III. 

  

	 	(b)	 Amounts received by the Company with respect to the payment of principal or return of capital and not
distributed pursuant to Section 5.01, shall be retained and used, or reserved to be used, to make any Investment. Alternatively, with Board Approval, the Company may distribute, in accordance with Section 5.01 through Section 5.03,
any amount that could be retained as set forth in the preceding sentence and the amount of such distribution that represents a distribution other than from cumulative undistributed Profit, net of cumulative Loss, allocated to such Member, shall be
added to the unfunded Capital Commitment of such Member and may be recalled by the Company under Article III. 

  

	 	(c)	 In no event shall the Company be required to make a distribution to the extent that it would (i) render
the Company insolvent, or (ii) violate Section 18-607(a) of the Act. 

  
 14 

	 	(d)	 No part of any distribution shall be paid to any Member from which there is due and owing to the Company, at
the time of such distribution, any amount required to be paid to the Company pursuant to Article III. Any such withheld distribution shall (i) be paid to such Member, without interest, when all past due installments of such Member’s
Capital Commitment have been paid in full by such Member or (ii) be applied against the past due amounts under such Member’s Capital Commitment has been paid in full. 

 

	 	(e)	 The Company shall not distribute Illiquid Securities other than with Board Approval. Distributions of
securities and of other non-cash assets of the Company other than upon the dissolution and liquidation of the Company shall only be made pro rata to all Members (in proportion to their respective shares of the
total distribution) with respect to each security or other such asset distributed. Securities listed on a national securities exchange that are not restricted as to transferability and unlisted securities for which an active trading market exists
and that are not restricted as to transferability shall be valued in the manner contemplated by Section 9.05 as of the close of business on the day preceding the distribution, and all other securities and
non-cash assets shall be valued as determined in the last valuation made pursuant to Section 9.05. 

Article VI. MANAGEMENT OF COMPANY 

Section 6.01 Management Generally. 
  

	 	(a)	 The management of the Company and its affairs shall be vested in the Board. The Board shall act as the
“manager” of the Company for the purposes of the Act. The Members shall not manage or control the business and affairs of the Company, except for situations in which the approval of all or certain Members is required by this Agreement or
by non-waivable provisions of applicable law. Matters requiring Board Approval are set forth in further detail in Schedule A hereto, which is incorporated by reference herein.

  

	 	(b)	 Notwithstanding section 6.01(a), the matters detailed in Schedule B of this Agreement will require the
approval (“Prior Investment Committee Approval”) of a committee (the “Investment Committee”), rather than Board Approval. 

  

	 	(c)	 The Company is entering into the Administrative Services Agreement with the Administrative Agent, pursuant to
which certain administrative functions are delegated to the Administrative Agent, which Administrative Agent may further delegate any such functions to a sub-administrator with Board Approval. The
Administrative Services Agreement is hereby approved by the Members, provided that material amendments thereto are subject to Board Approval. The function of the Administrative Agent shall be non-discretionary and administrative only. The Company
shall provide the Members with copies of all notices to the Company from the Administrative Agent. 

 Section 6.02 Board of
Directors; Investment Committee. 
  

	 	(a)	 The Members may determine at any time by mutual agreement the number of Directors to constitute the Board and
the authorized number of Directors may be increased or decreased by the Members at any time by mutual agreement, upon notice to all Directors; provided that at all times each Member has an equal number of Directors on the Board. The initial number
of Directors shall be two (2), and each Member shall elect, designate, or appoint one (1) Director. The initial Director appointed by ORCIC is Jean Joseph and the initial Director appointed by OSTRS is Joe Lubelski. Each Director elected,
designated, or appointed by a Member shall hold office until a successor is elected and qualified by the Member or until the Director’s earlier death, resignation, expulsion, or removal; provided, however, that any such successor Director
appointed by ORCIC must be approved by OSTRS (such approval not to be unreasonably withheld) and any such successor Director appointed by OSTRS must be approved by ORCIC (such approval not to be unreasonably withheld). A Director need not be a
Member. 

  

	 	(b)	 The Directors will determine the number of members of the Investment Committee and the authorized number of
committee members may be increased or decreased by the Directors at any time provided that at all time each Member has appointed an equal number of members to the Investment Committee. The initial number of members of the Investment Committee shall
be four (4), and each Member shall elect, 

  
 15 

	 	
designate, or appoint two (2) members of the Investment Committee. The initial members of the Investment Committee appointed by OSTRS are Joe Lubelski and Dan Moss and the initial members of
the Investment Committee appointed by ORCIC are and Scott McKay and Patrick Linnemann. At any time and from time to time, (x) ORCIC may designate, remove, or designate a successor to any Person or Persons designated by ORCIC to serve on the
Investment Committee (each of those Persons, a “ORCIC IC Representative”) by written notice to OSTRS and (y) OSTRS may designate, remove, or designate a successor to any Person or Persons designated by OSTRS to serve on the
Investment Committee (each of those Persons, a “OSTRS IC Representative”) by written notice to ORCIC; provided, however, that any such successor ORCIC IC Representative must be approved by OSTRS (such approval not to be unreasonably
withheld) and any such successor OSTRS IC Representative must be approved by ORCIC (such approval not to be unreasonably withheld). 

  

	 	(c)	 Each Director, ORCIC IC Representative, and OSTRS IC Representative shall devote such time as reasonably
necessary to conduct the business affairs of the Company in an appropriate manner. 

  

	 	(d)	 Subject to matters requiring Board Approval and Prior Investment Committee Approval, the Investment Committee
shall have the power to do any and all acts necessary, convenient, or incidental to or for the furtherance of the purposes described in this Agreement, including all powers, statutory or otherwise. The Investment Committee has the authority to bind
the Company. 

 Section 6.03 Meetings of the Board of Directors. The Board may hold meetings, both regular and special, within
or outside the State of Delaware. Meetings of the Board may be called by any Director on not less than 24 hours’ notice to each Director by telephone, facsimile, mail, telegram, email, or any other similar means of communication, with the
notice stating the place, date, and hour of the meeting (and the means by which each Director may participate by telephone conference or similar communications equipment in accordance with Section 6.05 of this Agreement) and the purpose or
purposes for which the meeting is called. Special meetings may be called by a Director in like manner and with like notice upon the written request of any one or more of the Directors. Attendance of a Director at any meeting (including any meeting
that occurs less than 24 hours after notice of the meeting) shall constitute a waiver of notice of the meeting, except where a Director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is
not lawfully called or convened.  
 Section 6.04 Quorum; Acts of the Board.  

 

	 	(a)	 At all meetings of the Board the presence of two (2) Directors shall constitute a quorum for the
transaction of business, provided that there are an equal number of Directors present that were elected, designated, or appointed by each Member. If a quorum shall not be present at any meeting of the Board, then the Directors present at the meeting
may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present. 

  

	 	(b)	 Every act or decision done or made by the Board shall require the unanimous approval of all Directors present
at a meeting duly held at which a quorum is present. The Company shall not have the authority without Board Approval to approve or undertake any item set forth in Section 1 of Schedule A of this Agreement (as such schedule may be amended from
time to time with Board Approval). Any action required or permitted to be taken at any meeting of the Board may be taken without a meeting, without notice, and without a vote if all Directors entitled to vote with respect to the subject matter of
that action consent to the action in writing (including by e-mail), and the writing or writings are filed with the minutes of proceedings of the Board. 

Section 6.05 Electronic Communications. Members of the Board may participate in meetings of Members of the Board, or any committee, by means of
telephone conference or similar communications equipment that allows all persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the meeting. If all the participants are
participating by telephone conference or similar communications equipment, the meeting shall be deemed to be held at the principal place of business of the Company. 

  
 16 

 Section 6.06 Compensation of Directors; Expenses. The Directors shall not receive any
compensation. However, the Directors shall be reimbursed for their reasonable out-of-pocket expenses, if any, of attendance at meetings of the Board. No such payment
shall preclude any Director from serving the Company in any other capacity and receiving compensation for those services.  
 Section 6.07
Removal and Resignation of Directors; Vacancies. Without limitation of Section 6.02(c) above, and unless otherwise restricted by law, any Director may be removed or expelled, with or without cause, at any time solely by the Member that
elected, designated, or appointed the Director. Any Director may resign at any time by giving written notice to the Board. The resignation shall take effect at the time specified in that notice and, unless tendered to take effect upon acceptance of
resignation, the acceptance of the resignation shall not be necessary to make it effective. Any vacancy caused by removal or expulsion of a Director or the resignation of a Director in accordance with this Section 6.07 shall be filled solely by
the action of the Member who previously elected, designated, or appointed the Director in order to fulfill the Board composition requirements of Section 6.02(a). 

Section 6.08 Directors as Agents. Notwithstanding the last sentence of Section 18-402 of the
Act, except as provided in this Agreement or in a resolution of the Board expressly authorizing such action which resolution is duly adopted by the Board by the affirmative vote required for such matter pursuant to the terms of this Agreement, a
Director may not bind the Company. 
 Section 6.09 Duties of Board, ORCIC IC Representative and OSTRS IC Representative. To the
extent that, at law or in equity, a Director, ORCIC IC Representative, or OSTRS IC Representative has duties (including fiduciary duties) and liabilities relating to those duties to the Company or to any Member, the individual acting in good faith
pursuant to the terms of this Agreement shall not be liable to the Company or to any Member for his or her good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and
liabilities of the individual otherwise existing at law or in equity, are agreed by the parties to this Agreement to replace such other duties and liabilities of the individual. 

Section 6.10 Reliance by Third Parties. Notwithstanding any other provision of this Agreement, any contract, instrument or act on behalf of the
Company by a Member, a Director, an officer or any other Person delegated by Board Approval, shall be conclusive evidence in favor of any third party dealing with the Company that such Person has the authority, power and right to execute and deliver
such contract or instrument and to take such act on behalf of the Company. This Section shall not be deemed to limit the liabilities and obligations of such Person to seek Board Approval or Prior Investment Committee Approval as set forth in this
Agreement. 
 Section 6.11 Members’ Outside Transactions; Investment Opportunities; Time and Attention. 

 

	 	(a)	 Each Member shall devote such time and effort as is reasonably necessary to diligently administer the
activities and affairs of the Company, but shall not be obligated to spend full time or any specific portion of their time to the activities and affairs of the Company. 

 

	 	(b)	 The investment adviser of ORCIC and its Affiliates may manage or administer other investment funds and other
accounts with similar or dissimilar mandates, and may be subject to the provisions of the 1940 Act, including, without limitation, Section 57 thereof, and the U.S. Investment Advisers Act of 1940, as amended, and the rules, regulations and
interpretations thereof, with respect to the allocation of investment opportunities among such other investment funds and other accounts. 

  

	 	(c)	 Subject to the foregoing provisions of this Section 6.11 and other provisions of this Agreement,the
Administrative Agent, each of the Members and each of their respective Affiliates and their respective owners, principals, shareholders, members, directors, officers, employees and agents may engage in, invest in, participate in or otherwise enter
into other business ventures of any kind, nature and description, individually and with others, including, without limitation, the formation and management of other investment funds with or without the same or similar purposes as the Company, and
the ownership of and investment in assets, and neither the Company nor any other Member shall have any right in or to any such activities or the income or profits derived therefrom. For the avoidance of doubt and notwithstanding anything contained
herein to the contrary, the Members acknowledge the fact that each Member and its respective Affiliates invest directly and indirectly with third parties from time to time in all manner of

  
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investments and transactions, some of which may be considered competitive with the Company and which investments require time and effort of the staff of the Member and its Affiliates. In
connection therewith, it is expressly agreed that in no event shall it be considered a violation of this Agreement (whether under Section 6.11(a) with respect to time devotion or under any other section herein with respect to investment
allocations or otherwise) for a Member or any of its Affiliates or their respective owners, principals, shareholders, members, directors, officers, employees and agents to continue to engage in such investments and transactions nor shall the
provisions of this Agreement in any way limit or prohibit any future investments or transactions by a Member or any of its Affiliates (or any of their investment managers or sponsors) or their respective owners, principals, shareholders, members,
directors, officers, employees and agents directly or with third parties or in any way constrain the ability of a Member or any of its Affiliates (or any of their investment managers or sponsors) or their respective owners, principals, shareholders,
members, directors, officers, employees and agents to manage and invest their assets. 

 Section 6.12 Indemnification. 

 

	 	(a)	 Subject to the limitations and conditions as provided in this Section 6.12, each Person who was or is made
a party or is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, investigative or arbitrative or in the nature of an alternative dispute
resolution in lieu of any of the foregoing (other than any of the foregoing between the two Members, hereinafter a “Proceeding”), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such a
Proceeding, by reason of the fact that such Person, or a Person of which the Person is the legal representative, is or was a Director, an ORCIC IC Representative, an OSTRS IC Representative or an officer or representative or agent of the Company, a
Member or an employee, director, officer, owner, principal, shareholder, member, or partner of a Member, shall be indemnified by the Company to the fullest extent permitted by applicable law, as the same exists or may hereafter be amended (but, in
the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment) against all liabilities and expenses
(including, without limitation, judgments, penalties (including, without limitation, excise and similar taxes and punitive damages), losses, fines, settlements and reasonable expenses (including, without limitation, reasonable attorneys’ and
experts’ fees)) actually incurred by such Person in connection with such Proceeding, appeal, inquiry or investigation (each a “Harm”), unless such Harm shall have been primarily the result of gross negligence, fraud or
intentional misconduct by the Person seeking indemnification hereunder, in which case such indemnification shall not cover such Harm to the extent resulting from such gross negligence, fraud or intentional misconduct. Indemnification under this
Section 6.12 shall continue as to a Person who has ceased to serve in the capacity which initially entitled such Person to indemnity hereunder. The rights granted pursuant to this Section 6.12 shall be deemed contract rights, and no
amendment, modification or repeal of this Section 6.12 shall have the effect of limiting or denying any such rights with respect to actions taken or Proceedings, appeals, inquiries or investigations arising prior to any amendment, modification
or repeal. To the fullest extent permitted by law, no Person entitled to indemnification under this Section 6.12 shall be liable to the Company or any Member for any act or omission performed or omitted by or on behalf of the Company; provided
that such act or omission has not been fully adjudicated to constitute fraud, willful misconduct or gross negligence. In addition, any Person entitled to indemnification under this Section 6.12 may consult with legal counsel selected with
reasonable care and shall incur no liability to the Company or any Member to the extent that such Person acted or refrained from acting in good faith in reliance upon the opinion or advice of such counsel and such Person provided such counsel all
material facts. 

  

	 	(b)	 The right to indemnification conferred in Section 6.12(a) shall include the right to be paid or reimbursed
by the Company for the reasonable expenses incurred by a Person entitled to be indemnified under Section 6.12(a) who was, is or is threatened to be made a named defendant or respondent in a Proceeding in advance of the final disposition of the
Proceeding and without any determination as to the Person’s ultimate entitlement to indemnification; provided, however, that the payment of such expenses incurred by any such Person in advance of the final disposition of a Proceeding shall be
made only upon delivery to the Company of a written undertaking by such Person to repay all amounts so advanced if it shall be finally adjudicated that such indemnified Person is not entitled to be indemnified under this Section 6.12 or
otherwise. 

  
 18 

	 	(c)	 The right to indemnification and the advancement and payment of expenses conferred in this Section 6.12
shall not be exclusive of any other right that a Member or other Person indemnified pursuant to this Section 6.12 may have or hereafter acquire under any law (common or statutory) or provision of this Agreement. 

 

	 	(d)	 The indemnification rights provided by this Section 6.12 shall inure to the benefit of the heirs,
executors, administrators, successors, and assigns of each Person indemnified pursuant to this Section 6.12. 

 Section 6.13
Tax Matters Member; Partnership Representative. ORCIC (or its designee) shall serve as the “partnership representative” within the meaning of as provided in Section 6223 of the Code (and any similar provisions under any
applicable state or local or foreign tax laws) (the “Partnership Representative”). The Partnership Representative shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the
partnership representative of the Company. The Partnership Representative shall have the right to retain professional assistance in respect of any audit of the Company and all reasonable, documented out-of-pocket expenses and fees incurred by the Partnership Representative on behalf of the Company as Partnership Representative shall be reimbursed by the Company. In the event the Partnership
Representative receives notice of a final partnership adjustment under Section 6231 of the Code, it shall either (i) file a court petition for judicial review of that final adjustment within the period provided under Section 6234(a)
of the Code, a copy of which petition shall be mailed to all Members on the date the petition is filed, or (ii) mail a written notice to all Members within that period that describes its reasons for determining not to file a petition. In the
event any adjustment to any partnership-related item that would result in an imputed underpayment of the Company, each of the Members agrees to timely take all actions determined by the Partnership Representative to be necessary (including filing
amended tax returns) to eliminate such imputed underpayment. Any amount of tax (including interest and penalties) paid by the Company as a result of an imputed underpayment shall be treated as a withholding of tax for purposes of Section 5.03.
For the avoidance of doubt, the Partnership Representative shall not take any action requiring Board Approval or Prior Investment Committee Approval prior to Board Approval or Prior Investment Committee Approval, as applicable, being obtained. 

Article VII. TRANSFERS OF COMPANY INTERESTS; WITHDRAWALS 

Section 7.01 Transfers by Members. 
  

	 	(a)	 Other than with respect to the sale and transfer of the interest of a Defaulting Member in accordance with
Section 3.03, the interest of a Member may not be transferred or assigned without Board Approval and may not be pledged or otherwise hypothecated without Board Approval. In addition, other than in accordance with the preceding sentence, the
interest of a Member may not be assigned without first offering the other Member a right of first refusal to purchase the interest as set forth in Section 7.01(f). Notwithstanding the foregoing, without Board Approval or the offering of such
right of first refusal, any Member may assign its entire interest to an Affiliate of such Member (which, with respect to OSTRS, shall include (1) an affiliate, successor or affiliated governmental entity of the State of Ohio, or (2) an
entity established by the Ohio state legislature or by OSTRS’s Retirement Board which is a successor to substantially all of OSTRS’s assets under state law), if such Affiliate remains liable for its Capital Commitment. No assignment by a
Member shall be binding upon the Company until the Company receives an executed copy of such assignment, which shall be in form and substance satisfactory to the other Member, and any assignment pursuant to this Section 7.01(a) shall be subject
to satisfaction of the conditions set forth in Section 7.01(e). 

  

	 	(b)	 Any Person which acquires a Company interest by assignment in accordance with the provisions of this Agreement
shall be admitted as a substitute Member only upon approval of the non-transferring Member. The admission of an assignee as a substitute Member shall be conditioned upon the assignee’s written assumption,
in form and substance satisfactory to the other Member, of all obligations of the assignor in respect of the assigned interest and execution of an instrument satisfactory to the other Member whereby such assignee becomes a party to this Agreement.

  
 19 

	 	(c)	 In the event any Member shall be adjudicated as bankrupt, or in the event of the winding up or liquidation of a
Member, the legal representative of such Member shall, upon written notice to the other Member of the happening of any of such events and satisfaction of the conditions set forth in Section 7.01(e), become an assignee of such Member’s
interest, subject to all of the terms of this Agreement as then in effect. 

  

	 	(d)	 Any assignee of the interest of a Member, irrespective of whether such assignee has accepted and adopted in
writing the terms and provisions of this Agreement, shall be deemed by the acceptance of such assignment to have agreed to be subject to the terms and provisions of this Agreement in the same manner as its assignor. 

 

	 	(e)	 As additional conditions to the validity of any assignment of a Member’s interest, such assignment shall
not: 

  

	 	(i)	 cause the securities issued by the Company to be required to be registered under the registration provisions of
the U.S. Securities Act of 1933, as amended, or the securities laws of any applicable jurisdiction, 

  

	 	(ii)	 cause the Company to cease to be entitled to the exemption from the definition of an “investment
company” pursuant to Section 3(c)(7) of the 1940 Act, and the rules and regulations of the SEC thereunder, 

  

	 	(iii)	 result in the termination of the Company under the Code or in the Company being classified as a “publicly
traded partnership” under the Code, 

  

	 	(iv)	 unless the other Member waives in writing the application of this clause (iv) with respect to such
assignment (which the other Member may refuse to do in its absolute discretion), be to a Person which is an ERISA Plan, or 

  

	 	(v)	 cause the Company or the other Member to be in violation of, or effect an assignment to a Person that is in
violation of, applicable Investor Laws. 

 The non-assigning Member may require reasonable
evidence as to the foregoing, including, without limitation, an opinion of counsel reasonably acceptable to the non-assigning member. Any purported assignment as to which the conditions set forth in the
foregoing clauses (i) through (v) are not satisfied shall be void ab initio. An assigning Member shall be responsible for all costs and expenses incurred by the Company, including, without limitation, reasonable legal fees and expenses, in
connection with any assignment or proposed assignment. 
  

	 	(f)	 Except for assignments under the third sentence of Section 7.01(a) or with respect to sales or transfers
pursuant to Section 3.03, each Member hereby unconditionally and irrevocably grants to the other Member or its designee a right of first refusal to purchase all, but not less than all, of any interest in the Company that such assigning Member
may propose to assign to another Person, at the same price and on the same terms and conditions as those offered to the prospective assignee. 

  

	 	(i)	 Each Member proposing to make an assignment that is subject to this Section 7.01(f) must deliver a notice
(a “Notice of Intent”) to the other Member not later than thirty (30) days prior to the proposed closing date of such assignment. The Notice of Intent shall contain the material terms and conditions (including, without
limitation, price and form of consideration) of the proposed assignment and the identity of the prospective assignee. 

  

	 	(ii)	 To exercise its right of first refusal under this Section 7.01(f), the Member receiving the Notice of
Intent must deliver a notice to the selling Member within forty-five (45) days of receipt of such Notice of Intent (the “Acceptance Period”), stating that it elects to exercise its right of first refusal and, if applicable,
providing the identity of any Person that the non-assigning Member designates as the purchaser. 

  

	 	(iii)	 Following expiration of the Acceptance Period, the selling Member shall be free to assign interest in the
Company to a third party in a Transfer (which third party shall be the party identified in the Notice of Intent, if known by the selling Member) that otherwise meets the requirements of this Section 7.01 on

  
 20 

	 	
terms and conditions it deems acceptable (but at a price not less than the price and on terms not more favorable to the third-party purchaser than the price and terms stated in the Notice of
Intent); provided that the sale takes place within sixty (60) days after the expiration of the Acceptance Period (the “Sale Period”). To the extent the selling Member assigns its interest in the Company during the Sale
Period, the selling Member shall promptly notify the Company, and the Company shall promptly notify the other Member, as to the terms of the assignment and the name of each of the owners to whom the interest was assigned. If no assignment occurs
during the Sale Period, then any attempted assignment of the interest shall again be subject to the right of first offer set forth in this Section 7.01(f) and the procedures of this Section 7.01(f) shall be repeated de novo.

  

	 	(g)	 Notwithstanding anything in this Agreement to the contrary, each Member acknowledges and agrees that in the
event such Member is entitled to transfer its interest from the Company, prior to the effectiveness of such transfer, such Member shall be obligated to fund such Capital Contributions as may be required under the terms of the Facility as a result of
such transfer; provided, that in no event shall any amounts funded by such Member exceed its uncalled Capital Commitment. 

Section 7.02 Withdrawal by Members. 
 Members may
withdraw from the Company only as provided by this Agreement. 
  

	 	(a)	 Notwithstanding any provision contained herein to the contrary, if a Member shall obtain an opinion of counsel
to the effect that, as a result of the other Member’s ownership of an interest in the Company, the Company would be required to register as an investment company under the 1940 Act, such other Member shall, upon written notice from such first
Member, withdraw from or reduce (in accordance with the provisions of clause (c) below) its interest in the Company (including its Capital Commitment) to the extent such first Member has determined, based upon such opinion of counsel, to be
necessary in order for the Company not to be required to so register. Each Member shall, upon written request from the other Member, promptly furnish to the other Member such information as the other Member may reasonably request from time to time
in order to make a determination pursuant to this Section 7.02(a), but in no event later than ten (10) business days after such request. 

  

	 	(b)	 Notwithstanding any provision herein to the contrary, if a Member breaches such Member’s obligation under
the immediately following sentence, or if the other Member shall obtain an opinion of counsel to the effect that any contribution or payment by a Member to the Company would cause the Company or the other Member to be in violation of, or to the
effect that such Member is in violation of, the United States Bank Secrecy Act, the United States Money Laundering Act of 1986, the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, the USA Patriot Act
or any other law or regulation to which the Company, a Member, or such Member’s investment in the Company may be subject from time to time (collectively, “Investor Laws”), such Member shall, upon written notice from the other
Member, withdraw from the Company in accordance with the provisions of clause (c) below. Each Member shall, upon written request from the other Member, promptly furnish to the other Member such information as the other Member may reasonably
request from time to time in order to make a determination pursuant to this Section 7.02(b), but in no event later than ten (10) business days after such request. 

 

	 	(c)	 If a Member partially withdraws its interest in the Company pursuant to this Section 7.02, it shall
receive, in full payment for such withdrawn interest from cash and cash equivalents available for distribution pursuant to Article V (and subject to the proviso in Section 5.01(b)(iii) if then applicable to such Member is the obligor with
respect to an outstanding Default Loan), the sum of the portion of the Capital Account attributable to such withdrawn interest (adjusted to reflect the Value of the Company as determined as of the date of the last valuation pursuant to
Section 9.05). If a Member withdraws its entire interest in the Company pursuant to this Section 7.02, then, subject to Section 8.02(b), the Company shall dissolve as provided by Article VIII. 

  
 21 

 Article VIII. TERM, DISSOLUTION AND LIQUIDATION OF COMPANY 

Section 8.01 Term. Except as provided in Section 8.02, the Company shall continue without dissolution until all Investments are liquidated by
the Company. 
 Section 8.02 Dissolution. 
  

	 	(a)	 The Company shall be dissolved and its affairs wound up upon the occurrence of any of the following events:

  

	 	(i)	 the expiration of the term of the Company determined pursuant to Section 8.01; 

 

	 	(ii)	 distribution of all assets of the Company; 

 

	 	(iii)	 the full withdrawal of a Member of the Company pursuant to Section 7.02; 

 

	 	(iv)	 a bankruptcy, insolvency, dissolution or liquidation of a Member, or the making of an assignment for the
benefit of creditors by a Member, at the election of the other Member by providing written notice of such election; or 

  

	 	(v)	 a default under Section 3.03 by a Member which remains uncured or unwaived after the expiration of the
cure period set forth in Section 3.03, at the election of the other Member by providing written notice of such election; 

  

	 	(vi)	 a determination by the SEC to subject ORCIC’s participation in the Company to an accounting or reporting
treatment or other consequence which ORCIC, in its sole discretion, determines to be materially adverse to it, or a change by the SEC of its approval of ORCIC’s interest in the Company or the terms of such approval or its conclusions regarding
the accounting or reporting treatment or other consequence which ORCIC, in its sole discretion, determines to be materially adverse to it, in each case at the election of ORCIC by providing written notice of such election to the other Member;

  

	 	(vii)	 the entry of a decree of judicial dissolution pursuant to the Act, in which event the provisions of
Section 8.03, as modified by said decree, shall govern the winding up of the Company’s affairs; or 

  

	 	(viii)	 a written notice by a Member to the other Member to dissolve the Company, which notice shall become effective
as stated therein but no less than ninety (90) days after delivery (unless the other Member waives the notice requirement). 

  

	 	(b)	 Notwithstanding Section 8.02(a), and subject to applicable law, the Company shall not be required to wind
up, dissolve or terminate if any such action would cause the Company or any wholly-owned Financing Subsidiary to violate any law or contract applicable to any such Person. 

Section 8.03 Wind-down. 
  

	 	(a)	 Upon the dissolution of the Company, the Company shall be liquidated in accordance with this Article and the
Act. The liquidation shall be conducted and supervised by the Members in the same manner provided by Article VI with respect to the operation of the Company during its term; provided that in the case of a dissolution and winding up of the Company
pursuant to Section 8.02(a)(iii) or Section 8.02(a)(iv), the Member that elects such dissolution and winding up may elect further (subject to all of the provisions of this Agreement), by written notice to the other Member, to exercise as
liquidating agent all of the rights, powers and authority with respect to the assets and liabilities of the Company in connection with the liquidation of the Company, to the same extent as the Board would have during the term of the Company.

  

	 	(b)	 From and after the date on which an event set forth in Section 8.02(a) becomes effective, the Company
shall cease to make Investments after that date, except for Investments permitted pursuant to clauses (ii) through (vii) of Valid Company Purposes. Capital calls against the Capital Commitment of the Members shall cease from and after such
effective date; provided that capital calls against the Capital 

  
 22 

	 	
Commitment of the Members may continue to fund all items in clauses (ii) through (vii) of Valid Company Purposes. Subject to the foregoing, the Members shall continue to bear an
allocable share of Expenses and other obligations of the Company until all Investments in which the Company participates (including through any applicable Financing Subsidiaries) are repaid or otherwise disposed of in the normal course of the
Company’s activities. 

  

	 	(c)	 Distributions to the Members during the winding down of the Company shall be made no less frequently than
quarterly to the extent consisting of a Member’s allocable share of cash and cash equivalents, after taking into account reasonable reserves deemed appropriate by Board Approval (or in the event of a dissolution and winding up of the Company
pursuant to Section 8.02(a)(iii) or Section 8.02(a)(iv), by a Member that has elected to act as liquidating agent pursuant to Section 8.03(a)), to fund Investments in which the Company continues to participate, Expenses and all other
obligations (including without limitation contingent obligations) of the Company (each as set forth in the immediately preceding paragraph). Unless waived by Board Approval, the Company also shall withhold ten percent (10%) of distributions in any
calendar year, which withheld amount shall be distributed within sixty (60) days after the completion of the annual audit covering such year. Except as otherwise provided herein, a Member shall remain a member of the Company until all
Investments in which the Company participates are repaid or otherwise disposed of, all equity interests of the Company in each Financing Subsidiary are redeemed or such Financing Subsidiary is dissolved, the Member’s allocable share of all
Expenses and all other obligations (including without limitation contingent obligations) of the Company are paid, and all distributions are made hereunder, at which time the Member shall have no further rights under this Agreement. Notwithstanding
the foregoing, in case of the dissolution and winding up of the Company, and subject to this Section 8.03, distributions may be made in-kind, or a combination of cash and assets (including any debt or
equity held by the Company in any Financing Subsidiary), as the Members or liquidating agent may select in its sole and absolute discretion provided that any
distribution-in-kind shall not cause a breach by the Company or any Financing Subsidiary of any applicable law or contract. In the event of any distributions in-kind, the assets to be distributed will be valued pursuant to the valuation procedures set forth herein. 

  

	 	(d)	 Upon dissolution of the Company, final allocations of all items of Company Profit and Loss shall be made in
accordance with Section 4.02. Upon dissolution of the Company, the assets of the Company shall be applied in the following order of priority: 

  

	 	(i)	 To creditors (other than Members) in satisfaction of liabilities of the Company (whether by payment or by the
making of reasonable provision for payment thereof), including, without limitation, to establish any reasonable reserves which the Board may by Board Approval, in its reasonable judgment, deem necessary or advisable for any contingent, conditional
or unmatured liability of the Company and to establish any reasonable reserves with respect to amounts the Company may pay or contribute in connection with Financing Subsidiaries; 

 

	 	(ii)	 To creditors who are Members in satisfaction of liabilities of the Company (whether by payment or by the making
of reasonable provision for payment of those liabilities), including to establish any reasonable reserves which the Board may by Board Approval, in its reasonable judgment, deem necessary or advisable for any contingent, conditional, or unmatured
liability of the Company and to establish any reasonable reserves with respect to amounts the Company may pay or contribute in connection with Financing Subsidiaries; 

 

	 	(iii)	 To establish any reserves which the Board may by Board Approval, in its reasonable judgment, deem necessary or
advisable for any contingent, conditional or unmatured liability of the Company to Members; and 

  

	 	(iv)	 The balance, if any, to the Members in accordance with Section 5.01(b). 

 

	 	(e)	 Notwithstanding the foregoing, upon the occurrence of an event described in Section 8.02(a)(iii), (iv) or
(v), the Member that may elect a dissolution and winding up (such Member, the “Electing Member”) may elect alternatively, by written notice (the “Election to Purchase”) to the other Member, for a period of

  
 23 

	 	
fifteen (15) days following the occurrence of that event, to purchase all of the other Member’s interest in the Company or to designate a third party to effect the purchase. Other than
in connection with a sale or transfer of the interest of a Defaulting Member pursuant to Section 3.03, the purchase price for such interest shall be payable in cash within ninety (90) days after the Election to Purchase is delivered to the
other Member, and shall be equal to the Capital Account of the other Member adjusted to reflect the Value of the Company as determined as of the date of the last valuation pursuant to Section 9.05; provided, however, that to the extent any
amounts are owed by the other Member to a non-Defaulting Member with respect to a Default Loan, any purchase price that would otherwise be payable to such other Member under this section shall instead first be
paid to the non-Defaulting Member pursuant to the terms of Section 3.03(b)(iii) hereof until each such Default Loan (and any interest thereon) has been repaid in full with the remainder thereof, if any,
payable to such other Member. After such purchase, the other Member shall no longer be a member of the Company, and the Member that has elected to purchase the other Member’s interest may dissolve or continue the Company as it may determine.
Each Member hereby agrees to sell all of its interest in the Company to the Electing Member or the third party designated by the Electing Member at that price if the Election to Purchase is timely exercised by the Electing Member. If the Electing
Member does not exercise the Election to Purchase within the 15-business day period set forth in this Section 8.02(e) or if the Electing Member or its third-party designee does not purchase the other
Member’s Entire Interest within ninety (90) days after the Election to Purchase is delivered to the other Member, then the Election to Purchase shall terminate, and (i) in the case of a full withdrawal by a Member under
Section 8.02(a)(iii), the other Member shall withdraw its entire interest in the Company pursuant to Section 7.02, and the Company shall terminate as provided by Article VIII or (ii) in the case of the occurrence of an event described
Section 8.02(a)(iv)-(vii), the Electing Member shall retain the option to elect the dissolution of the Company pursuant to Section 8.02(a), as applicable. After any purchase pursuant to an Election to Purchase, the other Member shall no
longer be a member of the Company, and the Electing Member or third party designee of the Electing Member that has consummated the purchase may dissolve or continue the Company as it may determine. 

 

	 	(f)	 In the event that an audit or reconciliation relating to the fiscal year in which a Member receives a
distribution under this Section 8.03 reveals that such Member received a distribution in excess of that to which such Member was entitled, the Company or the other Member may, in its discretion, seek repayment of such distribution to the extent
that such distribution exceeded what was due to such Member. 

  

	 	(g)	 Each Member shall be furnished with a statement prepared by the Company’s accountant, which shall set
forth the assets and liabilities of the Company as at the date of complete liquidation, and each Member’s share thereof. Upon compliance with the distribution plan set forth in this Section 8.03, the Members shall cease to be such, and
either Member may execute, acknowledge and cause to be filed a certificate of cancellation of the Company. 

 Article IX.
ACCOUNTING, REPORTING AND VALUATION PROVISIONS 
 Section 9.01 Books and Accounts. 

 

	 	(a)	 Complete and accurate books and accounts shall be kept and maintained for the Company at its principal office.
Such books and accounts shall be kept on the accrual basis method of accounting and shall include separate Capital Accounts for each Member. Capital Accounts for financial reporting purposes and for purposes of this Agreement shall be maintained in
accordance with Section 4.01. For purposes of complying with Section 4.04, to the extent the Administrative Agent determines it to be necessary, the Company shall also maintain capital accounts in a manner consistent with applicable
Treasury Regulations section 704-1(b)(4).. Each Member or its duly authorized representative, at its own expense, shall at all reasonable times and upon reasonable prior written notice to the Administrative
Agent have access to, and may inspect, such books and accounts and any other records of the Company for any purpose reasonably related to its interest in the Company. 

 

	 	(b)	 All funds received by the Company shall be deposited in the name of the Company in such bank account or
accounts or with such custodian, and assets owned by the Company may be deposited with such custodian, as may be designated by Board Approval from time to time and withdrawals therefrom shall be made upon such signature or signatures on behalf of
the Company as may be designated by Board Approval from time to time. 

  
 24 

 Section 9.02 Financial Reports; Tax Return. 

 

	 	(a)	 The Company shall engage an independent certified public accountant selected and approved by Board Approval to
act as the accountant for the Company and to audit the Company’s books and accounts as of the end of each fiscal year. As soon as practicable, but no later than one hundred twenty (120) days, after the end of such fiscal year, the Members
shall cause the Administrative Agent to deliver, by any of the methods described in Section 10.07, to each Member and to each former Member who withdrew during such fiscal year: 

 

	 	(i)	 audited financial statements of the Company as at the end of and for such fiscal year, including a balance
sheet and statement of income, together with the report thereon of the Company’s independent certified public accountant, which annual financial statements shall be approved by Board Approval; 

 

	 	(ii)	 a statement of holdings of assets of the Company, including both the cost and the valuation of such assets as
determined pursuant to Section 9.05, and a statement of such Member’s Capital Account; 

  

	 	(iii)	 a Schedule K-1 for such Member with respect to such fiscal year,
prepared in accordance with the Code, together with corresponding forms for state income tax purposes, setting forth such Member’s distributive share of Company items of Profit or Loss for such fiscal year and the amount of such Member’s
Capital Account at the end of such fiscal year provided that, to the extent that the requisite information is not available within such 120 day period, the Company will provide the items required by this Section 9.02(a)(iii) as soon as
reasonably practicable thereafter; and 

  

	 	(iv)	 such other financial information and documents respecting the Company and its business as the Administrative
Agent deems appropriate, or as a Member may reasonably require and request, to enable such Member to monitor and evaluate its interest in the Company, to comply with regulatory requirements applicable to it or to prepare its federal and state income
tax returns. 

  

	 	(b)	 The Board shall cause the Administrative Agent to prepare and timely file after the end of each fiscal year of
the Company all federal and state income tax returns of the Company for such fiscal year. 

  

	 	(c)	 As soon as practicable, but in no event later than sixty (60) days, after the end of each of the first
three fiscal quarters of a fiscal year, the Board shall cause the Administrative Agent to prepare and deliver, by any of the methods described in Section 10.07, to each Member (i) unaudited financial information with respect to such
Member’s allocable share of Profit or Loss and changes to its Capital Account as of the end of such fiscal quarter and for the portion of the fiscal year then ended, (ii) a statement of holdings of assets of the Company as to which such
Member participates, including both the cost and the valuation of such assets as determined pursuant to Section 9.05, (iii) unaudited primary financial statements, including a balance sheet and statement of income but excluding notes to
financials and related disclosures, and (iv) such other financial information as the Administrative Agent deems appropriate, or as a Member may reasonably require and request, to enable such Member to monitor and evaluate its interest in the
Company or to comply with regulatory requirements applicable to it. 

  

	 	(d)	 On a weekly basis, the Board shall cause the Company to provide the “Names Reports” referenced in
Schedule B hereto. 

 Section 9.03 Tax Elections. The Members intend that the Company will be classified as a partnership for
U.S. federal income tax purposes and, without Board Approval, no person shall take any action inconsistent with such treatment, including filing an election to cause the Company to be classified as an association taxable as a corporation for U.S.
federal tax purposes. Except as provided in the preceding sentence, the Company may, by Board Approval, but shall not be required to, make any election pursuant to the provisions of Section 754 or 1045 of the Code, or any other election
required or permitted to be made by the Company under the Code. 

  
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 Section 9.04 Confidentiality. 

 

	 	(a)	 Each Member agrees to maintain the confidentiality of the Company’s records, reports and affairs, and all
information and materials furnished to such Member by the Company, any Financing Subsidiary, any other Member, ORCIC’s investment adviser, the Administrative Agent or their Affiliates with respect to their respective businesses and activities;
each Member agrees not to provide to any other Person copies of any financial statements, tax returns or other records or reports, or other information or materials, provided or made available to such Member; and each Member agrees not to disclose
to any other Person any information contained therein (including any information with respect to Portfolio Companies), without the express prior written consent of the disclosing party; provided, that each Member may disclose (x) any such
information as may be required by law in connection with the filing of any periodic reports under the U.S. Securities Exchange Act of 1934, as amended, any registration statements under the U.S. Securities Act of 1933, as amended or any other
filings made with the SEC; provided, however, that ORCIC agrees to provide its initial disclosures relating to the Company to OSTRS prior to making such disclosures and to the extent that ORCIC’s subsequent filings include disclosures relating
to OSTRS that differ materially from those initially provided to OSTRS, ORCIC will, to the extent practicable, use commercially reasonable efforts to provide such additional disclosures to OSTRS, and (y) the names of borrowers of loans made by
the Company and summaries of such loan transactions in any marketing materials (including tombstone ads) in connection with any offering of such Member’s securities; provided, further that any Member may provide financial statements, tax
returns and other information contained therein (i) to such Member’s accountants, internal and external auditors, legal counsel, financial advisors and other fiduciaries and representatives (who may be Affiliates of such Member), including
its officers, directors, and employees, including, in the case of OSTRs, Retirement Board members, members, officers, employees or agents as long as such Member instructs such Persons to maintain the confidentiality thereof and not to disclose to
any other Person any information contained therein, (ii) to potential transferees of such Member’s Company interest that agree in writing, for the benefit of the Company, to maintain the confidentiality thereof, but only after reasonable
advance notice to the Company, (iii) if and to the extent required by law (including judicial or administrative order); provided that, to the extent legally permissible, the Company is given prior notice to enable it to seek a protective order
or similar relief, (iv) to representatives of any governmental regulatory agency or authority with jurisdiction over such Member, or as otherwise may be necessary to comply with regulatory requirements applicable to such Member; (v) as
required or advisable to obtain financing directly by the Company or by a Financing Subsidiary or as required or permitted to be disclosed under any related offering or transaction documents; and (vi) in order to enforce rights under this
Agreement. Notwithstanding the foregoing, the following shall not be considered confidential information for purposes of this Agreement: (a) information generally known to the public; (b) information obtained by a Member from a third party
who is not prohibited from disclosing the information; (c) information in the possession of a Member prior to its disclosure by the Company, a Financing Subsidiary, another Member, ORCIC’s investment adviser, the Administrative Agent or
their Affiliates; or (d) information which a Member can show by written documentation was developed independently of disclosure by the Company, a Financing Subsidiary, another Member, ORCIC’s investment adviser, the Administrative Agent or
their Affiliates. Without limitation to the foregoing, no Member shall engage in the purchase, sale or other trading of securities or derivatives thereof based upon confidential information received from the Company, a Financing Subsidiary, another
Member, ORCIC’s investment adviser, the Administrative Agent or their Affiliates. 

  

	 	(b)	 Each of the Company, a Financing Subsidiary, a Member, ORCIC’s investment adviser, the Administrative
Agent or any of their Affiliates may, in its reasonable discretion, keep confidential from any Member information to the extent such Person reasonably determines that: (i) disclosure of such information to such Member likely would have a
material adverse effect upon the Company, a Financing Subsidiary or a Portfolio Company due to an actual or likely conflict of business interests between such Member and one or more other parties or an actual or likely imposition of additional
statutory or regulatory constraints upon the Company, a Financing Subsidiary, a Member, ORCIC’s investment adviser, the Administrative Agent, any of its Affiliates or a Portfolio Company; or (ii) such Member cannot or will not adequately
protect against the improper disclosure of confidential information, the disclosure of which likely would have a material adverse effect upon the Company, a Financing Subsidiary, a Member, ORCIC’s investment adviser, the Administrative Agent,
any of its Affiliates or a Portfolio Company. In the event that any 

  
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information is withheld from a Member pursuant to this Section 9.04(b), each of the Company, a Financing Subsidiary, a Member, ORCIC’s investment adviser, the Administrative Agent or
any of their Affiliates will (x) promptly notify such Member of such withholding of information, and (y) use reasonable best efforts to cooperate with such Member in determining an alternate method in which such information may be
disclosed to such Member. Notwithstanding the foregoing, each of the Company, a Member, the Administrative Agent or any of their Affiliates shall promptly provide to each Member all relevant information and documents related to any notice or request
(whether written or oral) received from any governmental or regulatory agency involving any pending or threatened Proceeding in connection with the activities or operations of the Company. 

 

	 	(c)	 Each Member: (i) acknowledges that the Company, another Member, ORCIC’s investment adviser, the
Administrative Agent, its Affiliates, and their respective direct or indirect members, members, managers, officers, directors and employees are expected to acquire confidential third-party information (e.g., through Portfolio Company
directorships held by such Persons or otherwise) that, pursuant to fiduciary, contractual, legal or similar obligations, cannot be disclosed to the Company or the Member; and (ii) agree that none of such Persons shall be in breach of any duty
under this Agreement or the Act as a result of acquiring, holding or failing to disclose such information to the Company or the Member. 

  

	 	(d)	 The Company and ORCIC acknowledge that OSTRS is a public pension fund subject to the laws of the State of Ohio,
which could result in the disclosure of information regarding the Company pursuant to such laws, including, without limitation, the Ohio Revised Code Chapters 121 and 149 (together the “Ohio Act”). In connection with OSTRS status as
such, each of ORCIC and the Company consents in advance to disclosure of Company Level Information and agrees that any such disclosure shall not constitute a breach of this Agreement. “Company Level Information” means (i) the
fact that OSTRS has made an investment in the Company and the year in which the investment was made, (ii) the amount of OSTRS’s original, and each additional, investment in the Company, (iii) the aggregate cash contributions made by
OSTRS to the Company and the aggregate cash distributions OSTRS has received from the Company from the time of OSTRS’s initial investment in the Company, (iv) OSTRS’s internal rate of return resulting from OSTRS’s investment in
the Company, (v) the fair market value of OSTRS’s investment in the Company and the corresponding “quartile ranking” of the fund, (vi) the amount of the Management Fee paid on an annual basis (and in the aggregate) by the
Company or OSTRS and (vii) a brief description of the general investment strategy of the Company. In addition, each of ORCIC and the Company agree that, (i) notwithstanding anything to the contrary in this Agreement, OSTRS has the right,
if and to the extent that OSTRS reasonably determines that it is required by the Ohio Act or any similar law, rule, policy, regulation or legal process applicable to OSTRS, to disclose Confidential Information or other confidential information
provided to OSTRS in connection with its investment in the Company, and (ii) in no case will OSTRS be deemed to be in violation of the Agreement as a result of such disclosure. OSTRS, to the extent provided by law, will use reasonable efforts
to give ORCIC prior notice of any such required disclosure. Each of ORCIC and the Company agree that OSTRS will not be required to institute or voluntarily participate as a party in legal proceedings in connection with OSTRS’s obligations under
the Information Acts relating to protecting such information under this Agreement. This Section 9.04(d) shall survive and continue to be effective indefinitely notwithstanding the termination of this Agreement or OSTRS ceasing to be a Member.

  
 27 

	 	(e)	 Any confidentiality agreement that a Member may be required to agree to in order to access any website
maintained by the Company for the purpose of making certain documents available or delivering notices to the Members under this Agreement shall be subject to the confidentiality provisions of this Agreement. 

 

	 	(f)	 Each Member acknowledges that the United States securities laws restrict (i) the purchase or sale of
securities by any person who has received material, non-public information from the issuer of such securities, and (ii) the communication of such information to any other person when it is reasonably
foreseeable that such other person is likely to purchase or sell such securities in reliance upon such information. To the extent that any information disclosed to a Member hereunder constitutes material,
non-public information, such Member agrees to refrain from trading in the securities of the party or parties to which such information relates until such time as no violation of the applicable securities laws
would result from such securities trading. 

 Section 9.05 Valuation. 

 

	 	(a)	 Valuations shall be made as of the end of each fiscal quarter and upon liquidation of the Company (each a
“Valuation Date”) in accordance with the following provisions and the Company’s valuation guidelines then in effect (which shall be consistent with ORCIC’s valuation guidelines then in effect): 

 

	 	(i)	 Within 5 business days of a Valuation Date, the Administrative Agent shall deliver to the Members the
recommended valuation as of such date, and provide such Persons with a reasonable opportunity to request information and to provide comments with respect to the information. 

 

	 	1)	 For all investments in which a pricing feed or broker quote is available, such fair value shall be determined
by the bid side of such pricing feed or broker quote (average of bid side if multiple); and 

  

	 	2)	 For all investments in which a pricing feed or broker quote is not available, such fair value shall be
determined by an Independent Valuation Firm retained by the Company with Board Approval. 

  

	 	(ii)	 When the recommended valuation as of such date is approved by Board Approval, then the valuation that has been
approved shall be final. 

  

	 	(iii)	 Liabilities of the Company shall be taken into account at the amounts at which they are carried on the books of
the Company, and provision shall be made in accordance with GAAP for contingent or other liabilities not reflected on such books and, in the case of the liquidation of the Company, for the expenses (to be borne by the Company) of the liquidation and
winding up of the Company’s affairs. 

  

	 	(iv)	 No value shall be assigned to the Company name and goodwill or to the office records, files, statistical data,
or any similar intangible assets of the Company not normally reflected in the Company’s accounting records. 

  

	 	(b)	 All valuations shall be made in accordance with the foregoing shall be final and binding on all Members, absent
actual and apparent error. Valuations of the Company’s assets by the Independent Valuation Firm shall be at the Company’s expense, including the costs of any third party pricing services. 

Article X. MISCELLANEOUS PROVISIONS 

Section 10.01 Power of Attorney. 
  

	 	(a)	 Each Member irrevocably constitutes and appoints ORCIC the true and lawful attorney-in-fact of such Member to execute, acknowledge, swear to and file any of the following: 

  
 28 

	 	(i)	 Any certificate or other instrument which may be required to be filed by the Company under the laws of the
United States, the State of Delaware, or any other jurisdiction; provided that no such certificate or instrument shall have the effect of amending this Agreement other than as permitted hereby; and 

 

	 	(ii)	 Any amendment or modification of any certificate or other instrument referred to in this Section 10.01.

 It is expressly acknowledged by each Member that the foregoing power of attorney is coupled with an interest and shall survive death,
legal incapacity and assignment by such Member of its interest in the Company; provided, however, that if a Member shall assign all of its interest in the Company and the assignee shall, in accordance with the provisions of this Agreement, become a
substitute Member, such power of attorney shall survive such assignment only for the purpose of enabling each attorney-in-fact to execute, acknowledge, swear to and file
any and all instruments necessary to effect such substitution and provided further that such power of attorney shall terminate upon the bankruptcy of the Member. 
  

	 	(b)	 Each Member irrevocably constitutes and appoints the other Member the true and lawful attorney-in-fact of such Member to execute, acknowledge, swear to and file any agreement, document, certificate or other instrument in connection with the sale and transfer of
such Member’s interest in the Company pursuant to Section 3.03 by the other Member. 

 It is expressly acknowledged by each
Member that the foregoing power of attorney is coupled with an interest and (i) shall survive death, legal incapacity, bankruptcy, termination and dissolution by such Member of its interest in the Company, (ii) shall survive the delivery
of an assignment by the Member of the whole or any portion of such Member’s interest in the Company, except that where the assignee thereof has been approved as a substituted Member of the Company, and (iii) shall terminate upon the
bankruptcy of ORCIC. 
 Section 10.02 Determination of Disputes. Any dispute or controversy among the Members (other than a suit brought
against a Defaulting Member) arising in connection with (i) this Agreement or any amendment hereof, (ii) the breach or alleged breach hereof, (iii) the actions of any of the Members, or (iv) the formation, operation or
dissolution and liquidation of the Company, shall be determined by a court in San Francisco, California. 
 Section 10.03 Certificate of Formation;
Other Documents. The Members hereby approve and ratify the filing of the Certificate of Formation on behalf of the Company. The Members agree to execute such other instruments and documents as may be required by law or which a Member or the
Board deems necessary or appropriate to carry out the intent of this Agreement; provided that a Member shall not be required to execute any instrument or document that is adverse to such Member. Each Member further agrees to deliver, if requested by
the Company for provision to a third-party lender, (i) its most recent financials; (ii) a certificate confirming the remaining amount of its uncalled Capital Commitment; (iii) an authority documentation relating to its entry into its
this Agreement, and such other instruments as the Company or such lender may reasonably require in order to effect any such borrowings by the Company or any of its Affiliates; provided that any such document or instrument is reasonably acceptable to
such Member. 
 Section 10.04 Force Majeure. Whenever any act or thing is required of the Company or a Member hereunder to be done within any
specified period of time, the Company and the Member shall be entitled to such additional period of time to do such act or thing as shall equal any period of delay resulting from causes beyond the reasonable control of the Company or the Member,
including, without limitation, bank holidays, and actions of governmental agencies, and excluding, without limitation, economic hardship; provided that this provision shall not have the effect of relieving the Company or the Member from the
obligation to perform any such act or thing. 
 Section 10.05 Governing Law; Jurisdiction; Jury Waiver. This Agreement shall be governed by, and
construed in accordance with, the internal law of the State of Delaware, without regard to the principles of conflicts of laws thereof, except for issues of Ohio law referenced herein, which shall be construed in accordance with the substantive laws
of the State of Ohio without regard to the principles of conflicts of laws thereof.. To the fullest extent permitted by law, in the event of any dispute or controversy arising out of the terms and conditions of this Agreement, the parties to this
Agreement consent and submit to the jurisdiction of the courts of the State of New York located in New York County or the United States District Court for the Southern District of New York. Notwithstanding the foregoing, each of ORCIC
and the Company acknowledges and agrees that pursuant to Section 3307.131 of the 

  
 29 

 
Ohio Revised Code, any action or proceeding that may be brought against OSTRS or its officers, employees or Retirement Board members by ORCIC, the Company, or their affiliates shall be brought
exclusively in the appropriate court in Franklin County, Ohio. Neither Member hereto waives or shall be required to waive its rights to a trial by jury in any venue (such rights being expressly reserved) and does not and shall not be required to
consent to arbitration of any dispute, including, in respect of OSTRS’s as a result of its status as a public pension plan. 
 Section 10.06
Waivers. 
  

	 	(a)	 No waiver of the provisions hereof shall be valid unless in writing and then only to the extent therein set
forth. Any right or remedy of the Members hereunder may be waived by Board Approval, and any such waiver shall be binding on all Members. Except as specifically herein provided, no failure or delay by any party in exercising any right or remedy
hereunder shall operate as a waiver thereof, and a waiver of a particular right or remedy on one occasion shall not be deemed a waiver of any other right or remedy or a waiver on any subsequent occasion. 

 

	 	(b)	 Except as otherwise provided in this Agreement, any approval or consent of the Members may be given by Board
Approval, and any such approval or consent shall be binding on all Members. 

 Section 10.07 Notices. All notices, demands,
solicitations of consent or approval, and other communications hereunder shall be in writing or by electronic mail (with or without attached PDFs), and shall be sufficiently given if personally delivered or sent by postage prepaid, registered or
certified mail, return receipt requested, or sent by electronic mail, overnight courier or facsimile transmission, addressed as follows: if intended for the Company, to the Company’s principal office determined pursuant to Section 2.03;
and if intended for any Member, to the address of such Member set forth on the Company’s records, or to such other address as any Member may designate by written notice. Notices shall be deemed to have been given (i) when personally
delivered, (ii) if sent by registered or certified mail, on the earlier of (A) three days after the date on which deposited in the mails or (B) the date on which received, (iii) if sent by overnight courier or facsimile
transmission, on the date on which received or (iv) if sent by electronic mail, on the date on which received or on the next business day if the date received is either not a business day or the electronic mail was received after 5:00pm local
time at the address of the recipient; provided that notices of a change of address shall not be deemed given until the actual receipt thereof. The provisions of this Section shall not prohibit the giving of written notice in any other manner; any
such written notice shall be deemed given only when actually received. 
 Section 10.08 Construction. 

 

	 	(a)	 The captions used herein are intended for convenience of reference only and shall not modify or affect in any
manner the meaning or interpretation of any of the provisions of this Agreement. 

  

	 	(b)	 As used herein, the singular shall include the plural (and vice versa), the masculine gender shall include the
feminine and neuter, and the neuter gender shall include the masculine and feminine, unless the context otherwise requires. 

  

	 	(c)	 The words “hereof,” “herein,” and “hereunder,” and words of similar import, when
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. 

  

	 	(d)	 References in this Agreement to Articles, Sections and Schedules are intended to refer to Articles, Sections
and Schedules of this Agreement unless otherwise specifically stated. 

  

	 	(e)	 Nothing in this Agreement shall be deemed to create any right in or benefit for any creditor of the Company
that is not a party hereto, and this Agreement shall not be construed in any respect to be for the benefit of any creditor of the Company that is not a party hereto. Notwithstanding the foregoing, the lenders under a Facility are express, intended
third-party beneficiaries hereof, entitled to enforce the provisions of Section 3.01 in their own name in accordance with the terms governing such Facility. 

  
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	 	(f)	 References to any Person includes such Person’s successors (including any successor by merger,
consolidation, conversion or acquisition of all or substantially all of such Person’s assets) and assigns provided that, if restricted by this Agreement, only if such successors and assigns are permitted hereunder. 

 

	 	(g)	 Reference to day or days without further qualification means calendar days. 

 

	 	(h)	 References to any agreement, document or instrument means such agreement, document or instrument, together with
all schedules, exhibits and annexes thereto, in each case as amended, modified, waived, supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof. 

 

	 	(i)	 References to any applicable law means such applicable law as amended, modified, codified, replaced or
reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and reference to any section or other provision of any applicable law means that provision of such applicable law from time to
time in effect including those constituting the substantive amendment, modification, codification, replacement or reenactment of such section or other provision. 

 

	 	(j)	 The term “including” shall mean “including without limitation.” 

Section 10.09 Amendments. This Agreement may be amended only with the written consent of the parties hereto. 

Section 10.10 Legal Counsel. ORCIC has engaged Eversheds Sutherland (US) LLP (“Company Counsel”), as legal counsel to the Company
and ORCIC. Moreover, Company Counsel has previously represented and/or concurrently represents the interests of the Company, ORCIC and/or parties related thereto in connection with matters other than the preparation of this Agreement and may
represent such Persons in the future. Each Member: (i) approves Company Counsel’s representation of the Company and ORCIC in the preparation of this Agreement; and (ii) acknowledges that Company Counsel has not been engaged by any
other Member to protect or represent the interests of such Member vis-à-vis the Company or the preparation of this Agreement, and that actual or potential
conflicts of interest may exist among the Members in connection with the preparation of this Agreement. In addition, each Member: (i) acknowledges the possibility of a future conflict or dispute among Members or between any Member or Members
and the Company; and (ii) acknowledges the possibility that, under the laws and ethical rules governing the conduct of attorneys, Company Counsel may be precluded from representing the Company and/or ORCIC (or any equity holder thereof) in
connection with any such conflict or dispute. Nothing in this Section 10.10 shall preclude the Company from selecting different legal counsel to represent it at any time in the future and no Member shall be deemed by virtue of this
Section 10.10 to have waived its right to object to any conflict of interest relating to matters other than this Agreement or the transactions contemplated herein provided that any Member may otherwise waive such right. 

Section 10.11 Execution. This Agreement may be executed in any number of counterparts and all such counterparts together shall constitute one
agreement binding on all Members. 
 Section 10.12 Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the
respective heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto; provided that this provision shall not be construed to permit any assignment or transfer which is otherwise prohibited hereby. 

Section 10.13 Severability. If any one or more of the provisions contained in this Agreement, or any application thereof, shall be invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and all other applications thereof shall not in any way be affected or impaired thereby. 

Section 10.14 Computation of Time. In computing any period of time under this Agreement, the day of the act, event, or default from which the
designated period of time begins to run shall not be included. The last day of the period so computed shall be included, unless it is a Saturday, Sunday or legal holiday on which banks in New York are closed, in which event the period shall run
until the end of the next day which is not a Saturday, Sunday or such a legal holiday. Any reference to “business day” shall refer to any day which is not a Saturday, Sunday or such a legal holiday. Any references to time of day shall
refer to New York time. 

  
 31 

 Section 10.15 Entire Agreement. This Agreement, and any other agreements that may be entered
into in connection with a Facility set forth the entire understanding among the parties relating to the subject matter hereof, any and all prior correspondence, conversations, memoranda or other writings being merged herein and replaced and being
without effect hereon. No promises, covenants or representations of any character or nature other than those expressly stated herein or in any such other agreement have been made to induce any party to enter into this Agreement. 

Section 10.16 Opinions of Counsel. In any event in which this Agreement requires or permits a Member to deliver an opinion of legal counsel, the
Company and each Member will accept an opinion from internal legal counsel of the Member. 
 Section 10.17 Enforceability. If any provision of
this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. 

Section 10.18 Ethics Laws. The Company will comply with (i) any applicable laws or requirements in Sections 101.90 et seq., 102.03, 2921.43,
and 3307 of the Ohio Revised Code, and (ii) reporting requirements with the Ohio Secretary of State related to expenditures made in connection with a candidate’s efforts to be elected to the Retirement Board. ORCIC and the Company
represent and warrant that neither it nor any of its affiliates, members (but excluding, for the avoidance of doubt, Members), officers, employees, agents (including any placement agents) or representatives has paid or will pay, or has given or will
give, any remuneration or thing of value directly or indirectly to OSTRS or any of its Retirement Board members, members, officers, employees or agents in connection with OSTR’s investment in the Company or otherwise, including, but not limited
to, a finder’s fee, cash solicitation fee or a fee for consulting, lobbying or otherwise. 
 Section 10.19 Sovereign Immunity. Except to
the extent expressly waived by statute, OSTRS hereby reserves all immunities, defenses, rights or actions arising out of its sovereign status and under the Eleventh Amendment to the U.S. Constitution, and no waiver of any such immunities, defenses,
rights or actions shall be implied or otherwise deemed to exist by its entry into or performance of this Agreement, whether prior to, upon or after the entry by OSTRS into this Agreement. 

Section 10.20 Plan Participants. For the avoidance of doubt, ORCIC and the Company agree that, in light of OSTRS’s status as a public pension
plan established under the laws of the State of Ohio whose plan participants and pension beneficiaries do not have individual investment discretion, ownership interests or property rights with respect to OSTRS’s investment in the Company,
OSTRS’s plan participants and beneficiaries (a) are not beneficial owners of OSTRS, and (b) will be deemed not to have a beneficial interest or economic interest in the Interest. For the avoidance of doubt, OSTRS makes no
representations or warranties herein regarding its plan participants or beneficiaries and in no event shall have any obligation to deliver any information or documents to the Company, ORCIC, their affiliates or any lender to the Company, concerning
(i) OSTRS’s plan participants or beneficiaries, or (ii) non-public information concerning OSTRS’s Retirement Board. 

Section 10.21 Tax Matters. 
  

	 	(a)	 Tax Adjustments. With respect to tax adjustments and assessments made under the Bipartisan Budget Act of
2015, the Company will use commercially reasonable efforts to either (a) make an election under Section 6226 of the Code (as amended by the Bipartisan Budget Act of 2015) or (b) apply the procedures of Section 6225(c) of the Code
(as amended by the Bipartisan Budget Act of 2015) to modify any imputed underpayment of tax (including, for all purposes of this paragraph, any interest, penalties, additions to tax or additional amounts). In the event the Company applies the
procedures of Section 6225(c) of the Code, the Company will use commercially reasonable efforts not to allocate any imputed underpayment of tax assessed to the Company to “Tax-Exempt Entities”
(including OSTRS), as defined in Section 168(h)(2) of the Code. 

  
 32 

	 	(b)	 Non-U.S. Tax. The Company agrees to promptly inform the Members
if it receives any written notification from a governmental, regulatory or tax authority that either Member is required to file a tax return in any jurisdiction in which the Company has made an investment solely as a result of such Member being a
Member, and to use reasonable efforts to provide to such Member all necessary and reasonably available tax-related information required for such Member to make such tax filing in a timely manner. The Company
shall use reasonable efforts to structure its investments so as to avoid the imposition by any governmental authority within any non-U.S. jurisdictions in which the Company makes its investments of any tax
liability on the Company. In the event that, notwithstanding such reasonable efforts, either Member is required to file a tax return in a non-U.S. jurisdiction or the Company is subject to a tax liability or
required to withhold or make any payment with respect to any tax liability, in each case solely as a result of an investment by the Company, the Company shall use its reasonable efforts to provide such Member with sufficient information as to permit
it to complete all requisite tax forms and reports and to make in a timely manner any and all related tax filings, all as may be required by the relevant governmental authority, which information shall include, without limitation, appropriate tax
forms and filing information, and, if requested in writing by such Member, the Company shall cause such tax forms and reports to be prepared on such Member’s behalf. In addition, Company shall use its reasonable efforts to obtain or to assist
the Members in obtaining, any available tax refunds or exemptions from withholding tax arising out of such Member’s interest in the Company. 

  

	 	(c)	 Foreign Account Tax Compliance Act; Common Reporting Standards. 

 

	 	(i)	 To the extent that any payments to the Company (or any entity formed under
non-U.S. law that is part of an Alternative Investment Vehicle) would be subject to withholding under Sections 1471 through 1474 of the Code, and the Treasury Regulations promulgated thereunder
(“FATCA”) or similar law or regulation, the Company shall use commercially reasonable efforts to avoid the imposition of such withholding tax, including, without limitation, by using its reasonable best efforts to cause any such non-U.S. entity to meet the requirements of Section 1471(b) of the Code. In the event of any payments to the Company are subject to a withholding tax because the Company has one or more “recalcitrant
account holders” (as defined under FATCA) or similar law or regulation, the Company shall use reasonable best efforts to ensure that neither Members bears the economic burden of any such withheld taxes, unless such Member is in law and fact a
“recalcitrant account holder” within the meaning of Section 1471 of the Code or similar law or regulation, provided that, for the avoidance of doubt, neither Member or the Company shall be required to indemnify any Member for any such
withheld amounts. The Members acknowledge that OSTRS is a governmental instrumentality and qualified pension plan of the State of Ohio and agree that OSTRS is not a “specified United States person” as described in section 1473(3) of the
Code and the Treasury Regulations thereunder because it is exempt from tax under Section 501(a) of the Code. 

  

	 	(ii)	 The Company shall use reasonable best efforts to allocate any withholding pursuant to FATCA or similar law or
regulation (and any corresponding reduction in distributable proceeds) to those Members (or any Parallel Fund or Alternative Investment Vehicle) whose existence, actions or inactions are responsible for requiring the Company (or Parallel Fund or
Alternative Investment Vehicle) to withhold amounts in accordance with FATCA or similar law or regulation. 

  

	 	(iii)	 ORCIC acknowledges that based upon the current administrative interpretations of FATCA, a properly completed up-to-date IRS Form W-9 from OSTRS indicating its FATCA exemption code satisfies OSTRS’s current obligation to provide any
information, representations, certificates or other forms relating to OSTRS in respect of FATCA. 

 Section 10.22 Power of
Attorney. By way of clarification, any power of attorney granted pursuant to the terms of the Agreement (including pursuant to Section 10.01 of the Agreement) (collectively, the “Power of Attorney”) is intended to be ministerial
in scope and limited solely to those items permitted under the relevant grant of authority, and such power of attorney rights are not intended to be a general grant of power to independently exercise discretionary judgment on behalf of OSTRS.
Without limiting the generality of the foregoing, and notwithstanding anything to the contrary in the Agreement, the powers of attorney granted pursuant to the terms of the Power of Attorney do not (a) grant a power of attorney to give any
representations or warranties on behalf of OSTRS, or (b) increase any obligations of OSTRS not otherwise contemplated by the Agreement. Notwithstanding anything in the 

  
 33 

 
power of attorney granted pursuant to the terms of the Power of Attorney that may be construed to the contrary, no exercise of such power is authorized by OSTRS or shall be deemed valid if it
contravenes this Agreement, any federal, state or local law or any policy to which OSTRS is or may become subject, and such power of attorney shall automatically terminate in the event of a (i) bankruptcy, insolvency, withdrawal or removal of a
Member or (ii) finding (other than a temporary, preliminary or similar injunction) by any court or governmental body of competent jurisdiction in a final and non-appealable judgment, verdict or order that
a Member has committed embezzlement or fraud or acted in bad faith in connection with the performance of its duties under the terms of the Agreement. ORCIC shall notify OSTRS as promptly as practicable following the exercise of the power of attorney
in its name pursuant to the Power of Attorney and provide OSTRS with a copy of any agreement, instrument, certificate or other document that is signed by any person as
attorney-in-fact for OSTRS. 
 Section 10.23 Insurance. The
Company will obtain, and subject to Board approval, maintain (i) a fidelity bond insurance program to insure against dishonesty and fraud with limits in excess of $1 million, and (ii) directors and officers insurance with an aggregate
limit of at least $5 million. 
 [Remainder of page left blank] 

  
 34 

 IN WITNESS WHEREOF, the Members have caused this Agreement to be executed and delivered as of November 2,
2022. 
  

					
	Owl Rock Core Income Corp.
		
	By:	 	 /s/ Bryan Cole

		 	Name:	 	Bryan Cole
		 	Title:	 	Chief Financial Officer
	
	State Teachers Retirement System of Ohio
		
	By:	 	 /s/ Matthew Worley

		 	Name:	 	Matthew Worley
		 	Title:	 	Deputy Executive Director, Investments

  
 35 

 Appendix A 

Member List 
  

					
	 Name/Address
	  	Capital Commitment	 
	 Owl Rock Core Income Corp.

399 Park Avenue

38th Floor

New York, NY 10167
	  	$	437,500,000	 
	 State Teachers Retirement System of Ohio

275 East Broad Street Columbus

Ohio 43215-3771
	  	$	62,500,000	 

  
 36 

 Schedule A 

Board Approval 
 1. Board Approval shall be
required in advance for the Company or any Financing Subsidiary that is wholly-owned or otherwise controlled by the Company to do any of the following: 
  

	 	(a)	 Approve or modify on a monthly basis parameters or guidelines (the “Parameters”) pursuant to
which the Company may invest in Broadly Syndicated Loans and CLO Notes; provided, however, that on a weekly basis the Investment Committee must approve the Company’s weekly investible capital, the name of the issuers in which the Company may
invest, the maximum size of the investment and the range of acceptable interest rates (the “Minimum Criteria”). The initial Parameters and Minimum Criteria are set forth on Schedule B-1
hereto. 

  

	 	(a)	 Enter into any transaction with a Member or an Affiliate of a Member. 

 

	 	(b)	 Make short sales of assets or engage in hedging or other derivative or commodities transactions.

  

	 	(c)	 Enter into any credit facility, including in particular enter into a senior credit facility to leverage the
Company’s Investments, or materially modify or waive the terms thereof or make a voluntary prepayment. 

  

	 	(d)	 Guarantee, or otherwise become liable for, the obligations of other Persons, including, without limitation,
Portfolio Companies and Alternative Investment Vehicles. 

  

	 	(e)	 Replace the Administrative Agent for the Company, or materially modify or waive the terms of the Administrative
Services Agreement. 

  

	 	(f)	 Approve a sub-administration agreement, or materially modify or waive
the terms of a sub-administration agreement. 

  

	 	(g)	 Approve a transfer or pledge of an interest in the Company in accordance with Article VII, except as provided
otherwise herein, including pursuant to Section 3.03. 

  

	 	(h)	 File for bankruptcy. 

 

	 	(i)	 Commence or settle any material claims or litigation. 

 

	 	(j)	 Distribute Illiquid Securities. 

 

	 	(k)	 Take any action or decision which pursuant to any provision of the Company’s operating agreement requires
Board Approval. 

  

	 	(l)	 Modify or waive any material provision of this Agreement. 

2. Subject to Section 1 of this Schedule A for matters requiring Board Approval in advance, Board Approval shall be required for the Company or any
Financing Subsidiary that is wholly-owned or otherwise controlled by the Company to do any of the following, which Board Approval may be obtained by ratification: 
  

	 	(a)	 Change the name or principal office of the Company, or open additional offices of the Company;

  

	 	(b)	 Form, acquire an interest in, or transfer or otherwise dispose of an interest in, any Financing Subsidiary,
Alternative Investment Vehicle, or any other subsidiary owned by it, or materially modify or waive the terms thereof; 

  

	 	(c)	 Retain a custodian of its assets and open bank accounts on its behalf; and 

 

	 	(d)	 Take any action or decision which pursuant to any provision of this Agreement requires Board Approval.

  
 37 

 Schedule B 

Prior Investment Committee Approval 
 Prior
Investment Committee Approval shall be required for the Company or any Subsidiary to do any of the following: 
  

	 	(a)	 Take any action or decision which results in the investment of any amount (including any additional amount) in
a Loan (other than an amount invested pursuant to a binding obligation previously entered into with Prior Investment Committee Approval) or the sale, transfer or other disposition of any Loan (other than an amount sold, transferred or otherwise
disposed of pursuant to a binding obligation previously entered into with Prior Investment Committee Approval). 

  

	 	(b)	 Approve on a weekly basis the Minimum Criteria which, for the avoidance of doubt, will be consistent with the
then current Parameters. 

  

	 	(c)	 Appoint, on a monthly basis, a designated member of the Board or Investment Committee who will be responsible
for (i) overseeing the Company’s investments in Broadly Syndicated Loans and CLO Notes and assuring that they comply with the Parameters, including the Minimum Criteria; (ii) providing a monthly report to the Members regarding the
Company’s investments in Broadly Syndicated Loans and CLO Notes and their compliance with the Parameters; (iii) providing a weekly report (the “Names Report”) to the Members with respect to all of the Company’s
Broadly Syndicated Loan and CLO Note activity in such week. 

  

	 	(d)	 Approving, on a weekly basis, all Broadly Syndicated Loan and CLO Note investments reported in each Names
Report (with the understanding that any such Broadly Syndicated Loan or CLO Note investments not so approved will be sold). 

  

	 	(e)	 Materially modify or waive the terms of any Loan which results in any of the following: (1) an extension
of additional capital or commitments; (2) an amendment or waiver of a financial covenant; (3) an approval of an acquisition which is expected to represent more than 20% of the earnings before interest, taxes, depreciation and amortization
of the obligor or issuer; (4) an approval of a sale of assets which represents more than 20% of the earnings before interest, taxes, depreciation and amortization of the obligor or issuer; (5) the incurrence of additional senior debt by
the obligor or issuer equal to or greater than 20% of the existing senior commitments or which results in leverage increasing by more than 0.5 times; or (6) an amendment or waiver of any payment term, including mandatory prepayments; provided
that if the Members cannot agree as to any such material modification or waiver of an Investment, the Members shall vote in a manner consistent with a majority in interest of the other participants in such Investment (excluding other participants
that are affiliates of a Member). 

  

	 	(f)	 Materially modify or waive the terms of any Broadly Syndicated Loan or CLO Note in a manner that is
inconsistent with the Parameters then in effect. 

  
 38 

 Schedule B-1 

Initial Parameters and Minimum Criteria 

Initial Parameters 
 The Initial Parameters shall be as
follows: 
 For the period from November 1, 2022 to December 1, 2022 the Company may investment in
non-negotiated, broadly syndicated debt (“Broadly Syndicated Loans”) in issuers (“Issuers”) that satisfy the following criteria and any legal or regulatory constraints
applicable to the Members. Any investments that do not satisfy these Parameters, must be specifically approved by the Board. 
  

	 	•	 	 Such Broadly Syndicated Loans must be structured as 1st or 2nd lien secured loans or senior secured notes which, for the avoidance of doubt, shall not include bridge loans, operating or finance leases of letters of credit, 

 

	 	•	 	 Issuers must have at least $150M of total potential indebtedness. 

 

	 	•	 	 Issuers must have a rating or credit estimate of Caa3 or CCC-.1 

  

	 	•	 	 Issuers must be domiciled or have their principal place of business in the U.S., Canada, or other OECD countries.2 

  

	 	•	 	 Such Broadly Syndicated Loans must bear a stated coupon. 

 

	 	•	 	 The minimum purchase price for the Broadly Syndicated Loans must be greater than 70% of the S&P/LSTA
Leveraged Loan Index. 

  

	 	•	 	 On or before November 1, 2023: 

 

	 	•	 	 such Broadly Syndicated Loans must be at least 90% 1st lien
loans, 

  

	 	•	 	 such Broadly Syndicated Loans must not be more than 5% senior secured notes, senior secured bonds, senior
unsecured bonds, or subordinated bonds 

  

	 	•	 	 such Broadly Syndicated Loans must be not more than 10% with a rating/credit estimate lower than B3 or B- 

  

	 	•	 	 no particular Broadly Syndicated Loan can comprise more than 3% of the Company’s total Investments, and

  

	 	•	 	 no industry can comprise more than 17.5% of the Company’s total Investments. 

 

	 	•	 	 no countries outside the U.S. or Canada (or Tax Jurisdictions) will comprise more than 10% of the Company’s
total Investments. 

  

	 	•	 	 For the period from November 1, 2022 to November 1, 2023 the Company may investment in senior and
subordinated notes issued by collateralized loan obligations (“CLO Notes”) that satisfy the following criteria and any legal or regulatory constraints applicable to the Members; provided, however, that CLO Notes excludes any CLO
notes issued by a CLO sponsored or managed by WellFleet. Any investments that do not satisfy these Parameters, must be specifically approved by the Board: 

 

	1 	 Exceptions for DIP/Restructuring should be specifically approved. 

	2 	 Exceptions for tax jurisdictions should be separately approved.

  
 39 

	 	•	 	 the underlying collateral must satisfy all of the Broadly Syndicated Loan criteria noted above,

  

	 	•	 	 no single class of CLO Notes can comprise more than 3% of the Company’s Investments, and

  

	 	•	 	 no single CLO manager can comprise more than 15% of the Company’s Investments. 

Minimum Criteria 
 The initial Minimum Criteria shall be
as follows: 
 For the week commencing on November 1, 2022, the Company may investment up to $250 million in Broadly Syndicated Loans and CLO
Notes issued by the following Issuers and asset managers: 
 NAMES: Loan Pipeline + Current Loan List + Approved CLO Manager List 

Provided; however, that the Company may not invest more than $25 million in any particular issuer and the interest rate spreads of any such Broadly
Syndicated Loans and CLO Notes must be between 2.50% and 10.00%. 

  
 40

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