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REGISTRATION RIGHTS AGREEMENT  
This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as  
of March 4, 2021 (the “Closing Date”), by and between Ocwen Financial Corporation, a Florida corporation  (the “Company”), Opps OCW Holdings, LLC, a Delaware limited liability company (“Opps OCW  Holdings”), ROF8 OCW MAV PT, LLC, a Delaware limited liability company (“ROF8 MAV”), and ROF8  OCW Holdings, LLC, a Delaware limited liability company (“ROF8 Holdings”) (Opps OCW Holdings and  ROF8 Holdings are collectively referred to as the “Balance Sheet Purchasers,” Opps OCW Holdings and  ROF8 MAV are collectively referred to as the “MAV Purchasers” and Opps OCW Holdings, ROF8  Holdings and ROF8 MAV are collectively referred to as the “Purchasers”).  
WHEREAS, this Agreement is entered into in connection with the closing of the issuance and sale  of the Balance Sheet Warrants (as defined below) pursuant to the Note and Warrant Purchase Agreement,  dated as of February 9, 2021 (the “Note Purchase Agreement”), and the Balance Sheet Warrant Certificates,  dated as of March 4, 2021 (collectively, the “Balance Sheet Warrant Certificate”), each by and between the  Company and the Balance Sheet Purchasers;   
WHEREAS, the Company and affiliates of the Purchasers previously entered into the Transaction  
Agreement, dated as of December 21, 2020, as amended on March 4, 2021 (the “Transaction Agreement”);  
WHEREAS, the Transaction Agreement contemplates the issuance of the Common Stock Shares  (as defined below) and the MAV Warrants (as defined below) pursuant to the Securities Purchase  Agreement (the “Securities Purchase Agreement”), and the MAV Warrant Certificate (the “MAV Warrant  Certificate”), each by and between the Company and the MAV Purchasers upon the closing of the  transactions contemplated by the Transaction Agreement (the “Second Closing Date”);  
WHEREAS, it is a condition to the consummation of the transactions contemplated by the  Transaction Agreement and the Note Purchase Agreement that the parties hereto enter into this Agreement;  and  
WHEREAS, the Company has agreed to provide the registration and other rights set forth in this  Agreement for the benefit of the Purchasers pursuant to the Note Purchase Agreement and the Balance  Sheet Warrant Certificate and, upon the Second Closing Date, pursuant to the Transaction Agreement, the  Securities Purchase Agreement and the MAV Warrant Certificate;  
NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and  for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each  party hereto, the parties hereby agree as follows:  
ARTICLE I  
DEFINITIONS 
Section 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings  
given to them in the Securities Purchase Agreement. The terms set forth below are used herein as so defined:  
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through  one or more intermediaries controls, is controlled by or is under common control with, the Person in  question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct  or cause the direction of the management and policies of a Person, whether through ownership of voting  securities, by contract or otherwise. For avoidance of doubt, for purposes of this Agreement, (i) the  Company, on the one hand, and the Purchasers, on the other hand, shall not be considered Affiliates and  

(ii) any fund, entity or account (or portion of any of the foregoing) managed, advised or sub-advised,  directly or indirectly, by the Purchasers or a Holder or any of its Affiliates, shall be considered an Affiliate  of the Purchasers or Holder (as the case may be).   
“Agreement” has the meaning specified therefor in the introductory paragraph of this Agreement.  
“Alternative Transaction” means a block trade, agented transaction, sale directly into the market, a  
purchase or sale by a broker, a derivative transaction, a short sale, a stock loan or stock pledge transaction  and sales not involving a public offering.  
“Alternative Transaction Counterparty” means each counterparty in an Alternative Transaction.  
“Balance Sheet Purchasers” has the meaning specified therefor in the introductory paragraph of  
this Agreement.  
“Balance Sheet Warrants” means the warrants, issued by the Company to the Balance Sheet  
Purchasers pursuant to Balance Sheet Warrant Certificate, to purchase shares of Common Stock and/or  Preferred Stock.  
“Balance Sheet Warrant Certificate” has the meaning specified therefor in the first whereas clause  of this Agreement.   
“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on  which banking institutions in the State of New York are authorized or required by law or other governmental  action to close.  
“Closing Date” has the meaning specified therefor in the introductory paragraph of this Agreement.  
“Common Stock” means the Company’s common stock, par value $0.01 per share.  
“Common Stock Shares” means the shares of Common Stock issued by the Company to the MAV  
Purchasers on the Second Closing Date under the Transaction Agreement and the Securities Purchase  Agreement.  
“Common Stock Price” means (x)(i) the arithmetic average of the VWAPs for the ten consecutive  Trading Days ending on the date immediately preceding (1) the date of the Effectiveness Deadline in the  case of the Liquidated Damages Multiplier under Section 2.01, (2) the date of a Company notice under  Section 2.02 or (3) the first day following the expiration of the permitted delay period under Section 2.03,  as applicable, (ii) if no VWAP of the Common Stock is reported for the Trading Market, the last reported  sale price of the Common Stock on the New York Stock Exchange, and (iii) if there are no sales, the last  reported bid price, of the Common Stock on the business day prior to the date of exercise on the Trading  Market on which the Common Stock is then listed or quoted as reported by Bloomberg Financial Markets,  or (y) if the Fair Market Value cannot be calculated as of such date on the foregoing bases, the price will  be determined within ten Trading Days after the tenth day following the occurrence of an event requiring  valuation by an independent, reputable appraiser selected by the Company. The determination of such  appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such  appraiser shall be borne by the Company.  
“Company” has the meaning specified therefor in the introductory paragraph of this Agreement.  
“Delay Liquidated Damages” has the meaning specified therefor in Section 2.03 of this Agreement.  

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“Effective Date” means, with respect to a particular Shelf Registration Statement, the date of  effectiveness of such Shelf Registration Statement.  
“Effectiveness Deadline” has the meaning specified therefor in Section 2.01(a) of this Agreement.  
“Effectiveness Period” means the period beginning on the Effective Date for the Registration  
Statement and ending at the time all Registrable Securities covered by such Registration Statement have  ceased to be Registrable Securities.  
“Electing Holders” has the meaning specified therefor in Section 2.04 of this Agreement.  
“Exchange Act” means the Securities Exchange Act of 1934, as amended.  
“Governmental Authority” means any federal, state, local or foreign government, or other  
governmental, regulatory or administrative authority, agency or commission or any court, tribunal, or  judicial or arbitral body.  
“Holder” means the record holder of any Registrable Securities. In accordance with Section 3.05  of this Agreement, for purposes of determining the availability of any rights and applicability of any  obligations under this Agreement, including, calculating the amount of Registrable Securities held by a  Holder, a Holder’s Registrable Securities shall be aggregated together with all Registrable Securities held  by other Holders who are Affiliates of such Holder.  
“Included Registrable Securities” has the meaning specified therefor in Section 2.02(a) of this  Agreement.  
“Launch” has the meaning specified therefor in Section 2.04 of this Agreement.  
“Law” means any statute, law, ordinance, regulation, rule, order, code, governmental restriction,  
decree, injunction or other requirement of law, or any judicial or administrative interpretation thereof, of  any Governmental Authority.  
“LD Period” has the meaning specified therefor in Section 2.01(b) of this Agreement.  
“LD Termination Date” has the meaning specified therefor in Section 2.01(b) of this Agreement.  
“Liquidated Damages” has the meaning specified therefor in Section 2.01(b) of this Agreement.  
“Liquidated Damages Multiplier” means the product of the Common Stock Price times the number  
of Registrable Securities held by the applicable Holder.  
“Losses” has the meaning specified therefor in Section 2.09(a) of this Agreement.  
“Market Disruption Event” means: (a) a failure by the Trading Market to open for trading during  its regular trading session; or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on  any trading day for the Common Stock for more than one half-hour period in the aggregate during regular  trading hours of any suspension or limitation imposed on trading (by reason of movements in price  exceeding limits permitted by the Trading Market or otherwise) in the Common Stock or in any options  contracts or futures contracts relating to the Common Stock.  
“Managing Underwriter” means, with respect to any Underwritten Offering, the book-running lead  manager of such Underwritten Offering.  

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“MAV Purchasers” has the meaning specified therefor in the introductory paragraph of this  Agreement.  
“MAV Warrant Certificate” has the meaning specified therefor in the third whereas clause of this  Agreement.  
“MAV Warrants” means the warrants, issued by the Company to the MAV Purchasers pursuant to  Transaction Agreement, Securities Purchase Agreement and MAV Warrant Certificate, to purchase shares  of Common Stock.  
“Note Purchase Agreement” has the meaning specified therefor in the first whereas clause of this  Agreement.   
“NYSE” means The New York Stock Exchange, Inc.  
“Opps OCW Holdings” has the meaning specified therefor in the introductory paragraph of this  
Agreement.   
“Opt-Out Notice” has the meaning specified therefor in Section 2.02(a) of this Agreement.  
“Person” means an individual or a corporation, limited liability company, partnership, joint venture,  trust, unincorporated organization, association, government agency or political subdivision thereof or other  entity.  
“Piggyback Threshold Amount” means $5.0 million.  
“Post-Launch Withdrawing Selling Holders” has the meaning specified therefor in Section 2.04 of  
this Agreement.  
“Preferred Stock” means the Company’s preferred stock, issuable pursuant to the Balance Sheet  
Warrant Certificate upon the terms set forth in Exhibit C thereto.  
“Purchasers” has the meaning specified therefor in the introductory paragraph of this Agreement.  
“Registrable Securities” means the Common Stock Shares, the shares of Common Stock issuable  upon the exercise of the Balance Sheet Warrants, any shares of Preferred Stock issuable upon the exercise  of the Balance Sheet Warrants, any shares of Common Stock issuable upon any sale or transfer of any  shares of Preferred Stock issuable upon the exercise of the Balance Sheet Warrants, the shares of Common  Stock issuable upon the exercise of the MAV Warrants, any other shares of Common Stock acquired by a  Holder subsequent to the date hereof, and includes any type of ownership interest issued to Holders as a  result of Section 3.04 of this Agreement.  
“Registrable Securities Amount” means the calculation based on the product of the Common Stock  Price times the number of Registrable Securities.  
“Registration Expenses” has the meaning specified therefor in Section 2.08(b) of this Agreement.  
“Registration Statement” has the meaning specified therefor in Section 2.01(a) of this Agreement.  
“ROF8 Holdings” has the meaning specified therefor in the introductory paragraph of this  
Agreement.   

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“ROF8 MAV” has the meaning specified therefor in the introductory paragraph of this Agreement.   
“SEC” means the U.S. Securities and Exchange Commission.  
“Second Closing Date” has the meaning specified therefor in the third whereas clause of this  
Agreement.   
“Securities Act” means the Securities Act of 1933, as amended.  
“Securities Purchase Agreement” has the meaning specified therefor in the third whereas clause of  this Agreement.  
“Selling Expenses” has the meaning specified therefor in Section 2.08(b) of this Agreement.  
“Selling Holder” means a Holder who is selling Registrable Securities under a Registration  
Statement pursuant to the terms of this Agreement.  
“Selling Holder Indemnified Persons” has the meaning specified therefor in Section 2.09(a) of this  
Agreement.  
“Shelf Registration Statement” means a registration statement under the Securities Act to permit  
the public resale of the Registrable Securities from time to time as permitted by Rule 415 under the  Securities Act (or any successor or similar provision adopted by the SEC then in effect).  
“Trading Day” means a day during which trading in securities generally occurs on the Trading  Market, except a day on which a Market Disruption Event occurs.  
“Trading Market” shall mean any of the following markets or exchanges on which the Common  Stock is listed or quoted for trading on the date in question: the New York Stock Exchange, the Nasdaq  Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the NYSE American or the  OTC Markets (or any successors to any of the foregoing).  
“Transaction Agreement” has the meaning specified therefor in the second whereas clause of this  Agreement.   
“Underwritten Offering” means an offering (including an offering pursuant to a Shelf Registration  Statement) in which Registrable Securities are sold to one or more underwriters on a firm commitment basis  for reoffering to the public or an offering that is a “bought deal” with one or more investment banks.  
“Underwritten Offering Notice” has the meaning specified therefor in Section 2.04 of this  Agreement.  
“VWAP” means, for any date, the price determined by the first of the following clauses that applies:  (a) if the Common Stock is then listed or quoted on the New York Stock Exchange, the daily volume  weighted average price of the Common Stock for such date (or the nearest preceding date) on the New York  Stock Exchange as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time)  to 4:02 p.m. (New York City time)) (or a similar organization or agency succeeding to its functions of  reporting prices), or (b) if the Common Stock is not then listed or quoted on the New York Stock Exchange,   then the daily volume weighted average price of the Common Stock for such date (or the nearest preceding  date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg  

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(based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) (or a  similar organization or agency succeeding to its functions of reporting prices)  
Section 1.02 Registrable Securities. Any Registrable Security shall cease to be a Registrable  Security at the earliest of the following: (a) when a registration statement covering such Registrable Security  becomes or has been declared effective by the SEC and such Registrable Security has been sold or disposed  of pursuant to such effective registration statement; (b) when such Registrable Security has been sold or  disposed of (excluding transfers or assignments by a Holder to an Affiliate) pursuant to Rule 144 under the  Securities Act (or any successor or similar provision adopted by the SEC then in effect) under circumstances  in which all of the applicable conditions of Rule 144 (as then in effect) are met; (c) when such Registrable  Security is held by the Company or one of its direct or indirect subsidiaries; or (d) when such Registrable  Security has been sold or disposed of in a private transaction in which the transferor’s rights under this  Agreement are not assigned to the transferee of such securities pursuant to Section 2.11 hereof.  
ARTICLE II  
REGISTRATION RIGHTS 
Section 2.01 Shelf Registration.  
(a) Shelf Registration. Within eighteen months after the Closing Date, the Company shall use  
commercially reasonable efforts to prepare and file a Shelf Registration Statement with the SEC (such date  of filing with the SEC, the “Filing Date”) to permit the public resale of all Registrable Securities on the  terms and conditions specified in this Section 2.01 (a “Registration Statement”). The Registration Statement  filed with the SEC pursuant to this Section 2.01(a) shall be on Form S-3 or, if Form S-3 is not then available  to the Company, on Form S-1 or such other form of registration statement as is then available to effect a  registration for resale of the Registrable Securities, covering the Registrable Securities, and shall contain a  prospectus in such form as to permit any Selling Holder covered by such Registration Statement to sell such  Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision  adopted by the SEC then in effect) at any time beginning on the Effective Date for such Registration  Statement; provided, however, such Registration Statement shall not be filed on a shelf registration  statement that automatically becomes effective upon filing. Notwithstanding the foregoing, if the SEC  prevents the Company from including any or all of the Registrable Securities proposed to be registered  under such Registration Statement due to limitations on the use of Rule 415 under the Securities Act for the  resale of the Registrable Securities held by any Purchaser or any other Holder or otherwise, such  Registration Statement shall register for resale such number of Registrable Securities which is equal to the  maximum number of Registrable Securities as is permitted by the SEC. In such event, the number of  Registrable Securities to be registered for each Selling Holder named in the Registration Statement shall be  reduced pro rata among all such Selling Holders on the basis of the number of Registrable Securities held  by each such Selling Holder or in such other manner as such Selling Holders may agree. In the event the  SEC informs the Company that all of such Registrable Securities cannot, as a result of the application of  Rule 415, be registered for resale on the Registration Statement, the Company agrees to promptly inform  the Selling Holders thereof and use its commercially reasonable efforts to file amendments to the  Registration Statement as required by the SEC, covering the maximum number of Registrable Securities  permitted to be registered by the SEC, on Form S-3 or such other form available to register for resale such  shares as a secondary offering. In accordance with the foregoing, the Company will use its reasonable best  efforts to make inquiries and communicate with the SEC, including following the consummation of a  disposition of any registered Registrable Securities, in order to register all such Registrable Securities of  the Selling Holders as soon as the SEC no longer prevents the Company from including such Registrable  Securities proposed to be registered under such Registration Statement. The Company shall use  commercially reasonable efforts to cause a Registration Statement filed pursuant to this Section 2.01(a) to  be declared effective within (x) 15 calendar days from the Filing Date, if the SEC does not review the filed  

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Registration Statement or (y) 60 calendar days from the Filing Date, if the SEC reviews the filed  Registration Statement (the “Effectiveness Deadline”). A Registration Statement shall provide for the resale  pursuant to any method or combination of methods legally available to, and requested by, the Selling  Holders, including by way of an Underwritten Offering, if such an election has been made pursuant to  Section 2.04 of this Agreement, and by way of Alternative Transactions. During the Effectiveness Period,  the Company shall use commercially reasonable efforts to cause a Registration Statement filed pursuant to  this Section 2.01(a) to remain effective, and to be supplemented and amended to the extent necessary  (including post-effective amendments) to ensure that such Registration Statement is available or, if not  available, that another registration statement is available for the resale of the Registrable Securities until  the date on which all Registrable Securities have ceased to be Registrable Securities. In the event that the  minimum listing standards of the NYSE are satisfied, the Company shall prepare and file a supplemental  listing application with the NYSE (or such other national securities exchange on which the Registrable  Securities are then listed and traded) to list the Registrable Securities (other than shares of Preferred Stock)  covered by a Registration Statement and shall use commercially reasonable efforts to have such Registrable  Securities approved for listing on the NYSE (or such other national securities exchange on which the  Registrable Securities are then listed and traded) by the Effective Date of such Registration Statement,  subject only to official notice of issuance. Within two Business Days of the Effective Date of a Registration  Statement, the Company shall notify the Selling Holders of the effectiveness of such Registration  Statement.  
When effective, a Registration Statement (including the documents incorporated therein by  reference) will comply as to form in all material respects with all applicable requirements of the Securities  Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a  material fact required to be stated therein or necessary to make the statements therein not misleading (in  the case of any prospectus contained in such Registration Statement, in the light of the circumstances under  which a statement is made). If the Managing Underwriter of any proposed Underwritten Offering of  Registrable Securities (other than an Underwritten Offering of Included Registrable Securities pursuant to  Section 2.02) advises the Company that the inclusion of all of the Selling Holders’ Registrable Securities  that the Selling Holders intend to include in such offering exceeds the number that can be sold in such  offering without being likely to have an adverse effect on the price, timing or distribution of the Registrable  Securities offered or the market for the Registrable Securities, then the Registrable Securities to be included  in such Underwritten Offering shall include the number of Registrable Securities that such Managing  Underwriter advises the Company and the Holder in its good faith opinion can be sold without having such  adverse effect, with such number to be allocated (i) first, to the Selling Holders, allocated among such  Selling Holders pro rata on the basis of the number of Registrable Securities held by each such Selling  Holder or in such other manner as such Selling Holders may agree, and (ii) second, to any other holder of  securities of the Company having rights of registration that are neither expressly senior nor subordinated to  the Holders in respect of the Registrable Securities.  
(b) Failure to Go Effective. If a Registration Statement required to be filed by Section 2.01(a) is  not declared effective on or prior to the Effectiveness Deadline, then each Holder shall be entitled to a  payment in cash (with respect to each Registrable Security held by the Holder), as liquidated damages and  not as a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day period, which shall accrue  daily, for the first 60 calendar days immediately following the Effectiveness Deadline, increasing by an  additional 0.25% of the Liquidated Damages Multiplier per 30-calendar-day period, which shall accrue  daily, for each subsequent 30-calendar-day period (i.e., 0.5% for 61-90 calendar days, 0.75% for 91-120  calendar days and 1.00% thereafter), up to a maximum of 1.00% of the Liquidated Damages Multiplier per  30-calendar-day period, until such time as such Registration Statement is declared effective or when the  Registrable Securities covered by such Registration Statement cease to be Registrable Securities (the  “Liquidated Damages”). The Liquidated Damages payable pursuant to the immediately preceding sentence  shall be payable within 10 Business Days after the end of each such 30-calendar-day period. Any Liquidated  
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Damages shall be paid to each Holder in immediately available funds. The accrual of Liquidated Damages  to a Holder shall cease (an “LD Termination Date,” and, each such period beginning on an Effectiveness  Deadline and ending on an LD Termination Date being, an “LD Period”) at the earlier of (1) the Registration  Statement being declared effective and (2) when the Holder’s Registrable Securities covered by such  Registration Statement cease to be Registrable Securities.  Any amount of Liquidated Damages shall be  prorated for any period of less than 30 calendar days accruing during an LD Period.  If the Company is  unable to cause a Registration Statement to be declared effective on or prior to the Effectiveness Deadline  as a result of an acquisition, merger, reorganization, disposition or other similar transaction, then the  Company may request a waiver of the Liquidated Damages, and each Holder may individually grant or  withhold its consent to such request in its discretion. Nothing in this Section 2.01(b) shall relieve the  Company from its obligations under Section 2.01(a).  
Section 2.02 Piggyback Rights.  
(a) Participation. So long as a Holder has Registrable Securities, if the Company proposes to file  
(i) a shelf registration statement other than a Registration Statement contemplated by Section 2.01(a), (ii) a  prospectus supplement to an effective shelf registration statement relating to the sale of equity securities of  the Company for its own account or that of another Person, or both, other than a Registration Statement  contemplated by Section 2.01(a) and Holders may be included without the filing of a post-effective  amendment thereto, or (iii) a registration statement, other than a shelf registration statement, in each case,  for the sale of shares of Common Stock in an Underwritten Offering for its own account or that of another  Person, or both, then promptly following the selection of the Managing Underwriter for such Underwritten  Offering, the Company shall give notice of such Underwritten Offering to each Holder (together with its  Affiliates) holding at least the Piggyback Threshold Amount of the then-outstanding Registrable Securities  (calculated based on the Common Stock Price) and such notice shall offer such Holders the opportunity to  include in such Underwritten Offering such number of Registrable Securities (the “Included Registrable  Securities”) as each such Holder may request in writing; provided, however, that (A) the Company shall  not be required to provide such opportunity to any such Holder that does not offer a minimum of the  Piggyback Threshold Amount of Registrable Securities (based on the Common Stock Price), or such lesser  amount if it constitutes the remaining holdings of such Holder, and (B) if the Managing Underwriter advises  the Company that in its good faith opinion the inclusion of Registrable Securities for sale for the benefit of  the Holders will have an adverse effect on the price, timing or distribution of the shares of Common Stock  in the Underwritten Offering, then (x) if no Registrable Securities can be included in the Underwritten  Offering in the good faith opinion of the Managing Underwriter, the Company shall not be required to offer  such opportunity to the Holders, or (y) if any Registrable Securities can be included in the Underwritten  Offering in the opinion of the Managing Underwriter, then the amount of Registrable Securities to be  offered for the accounts of Holders shall be determined based on the provisions of Section 2.02(b).  Any  notice required to be provided in this Section 2.02(a) to Holders shall be provided on a Business Day and  receipt of such notice shall be confirmed by the Holder.  Each such Holder shall then have five Business  Days (or three Business Days in connection with any overnight or bought Underwritten Offering) after  notice has been delivered to request in writing the inclusion of Registrable Securities in the Underwritten  Offering.  If no written request for inclusion from a Holder is received within the specified time, each such  Holder shall have no further right to participate in such Underwritten Offering.  If, at any time after giving  written notice of its intention to undertake an Underwritten Offering and prior to the closing of such  Underwritten Offering, the Company shall determine for any reason not to undertake or to delay such  Underwritten Offering, the Company may, at its election, give written notice of such determination to the  Selling Holders and, (1) in the case of a determination not to undertake such Underwritten Offering, shall  be relieved of its obligation to sell any Included Registrable Securities in connection with such terminated  Underwritten Offering, and (2) in the case of a determination to delay such Underwritten Offering, shall be  permitted to delay offering any Included Registrable Securities as part of such Underwritten Offering for  the same period as the delay in the Underwritten Offering.  Any Selling Holder shall have the right to  

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withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such  Underwritten Offering by giving written notice to the Company of such withdrawal at or prior to the time  of pricing of such Underwritten Offering.  Any Holder may deliver written notice (an “Opt-Out Notice”) to  the Company requesting that such Holder not receive notice from the Company of any proposed  Underwritten Offering; provided, however, that such Holder may later revoke any such Opt-Out Notice in  writing.  Following receipt of an Opt-Out Notice from a Holder (unless subsequently revoked), the  Company shall not be required to deliver any notice to such Holder pursuant to this Section 2.02(a) and  such Holder shall no longer be entitled to participate in Underwritten Offerings by the Company pursuant  to this Section 2.02(a).  
(b) Priority. If the Managing Underwriter of any proposed Underwritten Offering of shares of  Common Stock included in an Underwritten Offering involving Included Registrable Securities pursuant  to this Section 2.02 advises the Company and the Holder that in its good faith opinion the total number of  shares of Common Stock that the Selling Holders and any other Persons intend to include in such offering  exceeds the number of shares of Common Stock that can be sold in such offering without being likely to  have an adverse effect on the price, timing or distribution of shares of the Common Stock offered or the  market for the shares of Common Stock, then the shares of Common Stock to be included in such  Underwritten Offering shall include the number of Registrable Securities that such Managing Underwriter  advises the Company and the Holder that in its good faith opinion can be sold without having such adverse  effect, with such number to be allocated (i) first, to the Company or other party or parties requesting or  initiating such registration or to any other holder of securities of the Company having rights of registration  pursuant to an existing registration rights agreement and (ii) second, by the Selling Holders who have  requested participation in such Underwritten Offering and by the other holders of shares of Common Stock  (other than holders of Registrable Securities) with registration rights entitling them to participate in such  Underwritten Offering, allocated among such Selling Holders and other holders pro rata on the basis of the  number of Registrable Securities or shares of Common Stock proposed to be sold by each applicable Selling  Holder or other holder in such Underwritten Offering  (based, for each such participant, on the percentage  derived by dividing (x) the number of shares of Common Stock proposed to be sold by such participant in  such Underwritten Offering by (y) the aggregate number of shares of Common Stock proposed to be sold  by all participants in such Underwritten Offering) or in such manner as they may agree. The allocation of  shares of Common Stock to be included in any Underwritten Offering other than an Underwritten Offering  involving Included Registrable Securities pursuant to this Section 2.02 shall be governed by Section 2.01(a).  
(c) Termination of Piggyback Registration Rights. Each Holder’s rights under this Section 2.02  shall terminate upon such Holder ceasing to hold at least the Piggyback Threshold Amount of Registrable  Securities (calculated based on the Common Stock Price).  
Section 2.03 Delay Rights.  
Notwithstanding anything to the contrary contained herein, the Company may, upon written notice  
to (i) all Holders, delay the filing of a Registration Statement required under Section 2.01(a), or (ii) any  Selling Holder whose Registrable Securities are included in a Registration Statement or other registration  statement contemplated by this Agreement, suspend such Selling Holder’s use of any prospectus that is a  part of such Registration Statement or other registration statement (in which event the Selling Holder shall  discontinue sales of the Registrable Securities pursuant to such Registration Statement or other registration  statement contemplated by this Agreement but may settle any previously made sales of Registrable  Securities) if the Company (x) is pursuing an acquisition, merger, reorganization, disposition or other  similar transaction and the Company determines in good faith that the Company’s ability to pursue or  consummate such a transaction would be materially adversely affected by any required disclosure of such  transaction in such Registration Statement or other registration statement or (y) has experienced some other  material non-public event the disclosure of which at such time, in the good faith judgment of the Company,  

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would materially adversely affect the Company; provided, however, in no event shall (A) filing of such  Registration Statement be delayed under clauses (x) or (y) of this Section 2.03 on more than two occasions  or for more than an aggregate of 45 calendar days in any one instance, or for more than 90 calendar days in  any 365 calendar-day period or (B) such Selling Holders be suspended under clauses (x) or (y) of this  Section 2.03 from selling Registrable Securities pursuant to such Registration Statement or other  registration statement for a period that exceeds an aggregate of 30 calendar days in any 180 calendar-day  period or 60 calendar days in any 365 calendar-day period, in each case, exclusive of days covered by any  lock-up agreement executed by a Selling Holder in connection with any Underwritten Offering. Upon  disclosure of such information or the termination of the condition described above, the Company shall  provide prompt notice, but in any event within one Business Day of such disclosure or termination, to the  Selling Holders whose Registrable Securities are included in such Registration Statement and shall  promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions  to permit registered sales of Registrable Securities as contemplated in this Agreement.  
If (i) the Selling Holders shall be prohibited or prevented from selling their Registrable Securities  under a Registration Statement or other registration statement contemplated by this Agreement as a result  of a delay or suspension pursuant to the immediately preceding paragraph in excess of the periods permitted  therein or (ii) a Registration Statement or other registration statement contemplated by this Agreement is  filed and is declared effective but, during the Effectiveness Period, shall thereafter cease to be effective or  fail to be usable for its intended purpose without being succeeded within 90 calendar days by a post- effective amendment thereto, a supplement to the prospectus or a report filed with the SEC pursuant to  Section 13(a), 13(c), 14 or l5(d) of the Exchange Act, then, until the suspension is lifted or the Registration  Statement required under Section 2.01(a), a post-effective amendment, supplement or report is filed with  the SEC, but not including any day on which a suspension is lifted or such Registration Statement,  amendment, supplement or report is filed with the SEC, if applicable, each Selling Holder shall be entitled  to a payment (with respect to each Registrable Security) from the Company, as liquidated damages and not  as a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-calendar-day period, which shall accrue  daily, for the first 60 calendar days immediately following the earlier of (x) the date on which the suspension  or delay period exceeded the permitted period and (y) the 31st calendar day after such Shelf Registration  Statement ceased to be effective or failed to be usable for its intended purposes, with such payment amount  increasing by an additional 0.25% of the Liquidated Damages Multiplier per 30-day period, which shall  accrue daily, for each subsequent 30-calendar-day period (i.e., 0.5% for 61-90 calendar days, 0.75% for 91- 120 calendar days and 1.00% thereafter), up to a maximum of 1.00% of the Liquidated Damages Multiplier  per 30-day period (the “Delay Liquidated Damages”). For purposes of this paragraph, a suspension or delay  shall be deemed lifted with respect to a Selling Holder on the date that (A) notice that the suspension has  been terminated is delivered to such Selling Holder, (B) the Registration Statement required under Section  2.01(a) is filed with the SEC, or (C) a post-effective amendment or supplement to the prospectus or report  is filed with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act. Any Delay  Liquidated Damages shall cease to accrue pursuant to this paragraph upon the earlier of (1) a suspension or  delay being deemed lifted and (2) when such Selling Holder no longer holds Registrable Securities included  in such Registration Statement, and shall be payable within 10 Business Days after the end of each such  30-day period. Any amount of Delay Liquidated Damages shall be prorated for any period of less than 30  calendar days in which the payment of Delay Liquidated Damages ceases. Any Delay Liquidated Damages  shall be paid to each Selling Holder in immediately available funds.  
Section 2.04 Underwritten Offerings.  
In the event that any Holder or Holders that are Affiliates of each other (the “Electing Holders”)  
elect to include, other than pursuant to Section 2.02 of this Agreement, at least the lesser of (i) $10.0 million  of Registrable Securities in the aggregate (calculated based on the expected gross proceeds of the  Underwritten Offering of such Registrable Securities) and (ii) 100% of the then outstanding Registrable  

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Securities held by such Electing Holders under a Registration Statement pursuant to an Underwritten  Offering, the Company shall, upon request by the Electing Holders (such request, an “Underwritten  Offering Notice”), retain underwriters to permit the Electing Holders to effect such sale through an  Underwritten Offering; provided, however, that each Holder, together with its Affiliates, shall have the  option and right to require the Company to effect not more than two Underwritten Offerings in the  aggregate, subject to a maximum of one Underwritten Offering during any 90-day period.  Upon delivery  of such Underwritten Offering Notice to the Company, the Company shall as soon as practicable (but in no  event later than one Business Day following the date of delivery of the Underwritten Offering Notice to the  Company) deliver notice of such Underwritten Offering Notice to all other Holders, who shall then have  two Business Days from the date that such notice is given to them to notify the Company in writing of the  number of Registrable Securities held by such Holder that they want to be included in such Underwritten  Offering.  Any Holders notified about an Underwritten Offering by the Company after the Company has  received the corresponding Underwritten Offering Notice may participate in such Underwritten Offering,  but shall not count toward the $10.0 million of Registrable Securities required under clause (i) of this  Section 2.04 to request an Underwritten Offering pursuant to an Underwritten Offering Notice.  In  connection with any Underwritten Offering under this Agreement, the Holders of a majority of the  Registrable Securities being sold in such Underwritten Offering shall be entitled to select the Managing  Underwriter or Underwriters, but only with the consent of the Company, which shall not be unreasonably  withheld, delayed or conditioned.  In connection with an Underwritten Offering contemplated by this  Agreement in which a Selling Holder participates, each Selling Holder and the Company shall be obligated  to enter into an underwriting agreement that contains such representations, covenants, indemnities and other  rights and obligations as are customary in underwriting agreements for firm commitment offerings of  securities.  No Selling Holder may participate in such Underwritten Offering unless such Selling Holder  agrees to sell its Registrable Securities on the basis provided in such underwriting agreement and completes  and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required  under the terms of such underwriting agreement.  Each Selling Holder may, at its option, require that any  or all of the representations and warranties by, and the other agreements on the part of, the Company to and  for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or  all of the conditions precedent to the obligations of such underwriters under such underwriting agreement  also be conditions precedent to its obligations.  No Selling Holder shall be required to make any  representations or warranties to or agreements with the Company or the underwriters other than  representations, warranties or agreements regarding such Selling Holder, its authority to enter into such  underwriting agreement and to sell, and its ownership of, the securities whose offer and resale will be  registered, on its behalf, its intended method of distribution and any other representation required by Law.   If any Selling Holder disapproves of the terms of an underwriting, such Selling Holder may elect to  withdraw therefrom by notice to the Company, the Electing Holders and the Managing Underwriter;  provided, however, that any such withdrawal must be made no later than the time of pricing of such  Underwritten Offering.  If all Selling Holders withdraw from an Underwritten Offering prior to the pricing  of such Underwritten Offering, the events will not be considered an Underwritten Offering and will not  decrease the number of available Underwritten Offerings the Holders have the right and option to request  under this Section 2.04.  No such withdrawal or abandonment shall affect the Company’s obligation to pay  Registration Expenses pursuant to Section 2.08; provided, however, that if (A) certain Selling Holders  withdraw from an Underwritten Offering after the public announcement at launch (the “Launch”) of such  Underwritten Offering (such Selling Holders, the “Post-Launch Withdrawing Selling Holders”), and (B)  all Selling Holders withdraw from such Underwritten Offering prior to pricing, other than in either clause  (A) or (B) as a result of the occurrence of any event that would reasonably be expected to permit the  Company to exercise its rights to suspend the use of a Registration Statement or other registration statement  pursuant to Section 2.03, then the Post-Launch Withdrawing Selling Holders shall pay for all reasonable  Registration Expenses incurred by the Company during the period from the Launch of such Underwritten  Offering until the time all Selling Holders withdraw from such Underwritten Offering.  

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Section 2.05 Sale Procedures.  
In connection with its obligations under this Article II, the Company shall, as expeditiously as  
possible:  
(a) use its reasonable best efforts to prepare and file with the SEC such amendments and  supplements to a Registration Statement and the prospectus used in connection therewith as may be  necessary to keep such Registration Statement effective for the Effectiveness Period and as may be  necessary to comply with the provisions of the Securities Act with respect to the disposition of all  Registrable Securities covered by such Registration Statement;  
(b) if a prospectus supplement will be used in connection with the marketing of an Underwritten  Offering (or Alternative Transaction) from a Registration Statement and the Managing Underwriter (or  Alternative Transaction Counterparty) at any time shall notify the Company in writing that, in the sole  judgment of such Managing Underwriter (or Alternative Transaction Counterparty), inclusion of detailed  information to be used in such prospectus supplement is of material importance to the success of the  Underwritten Offering (or Alternative Transaction)  of such Registrable Securities, the Company shall use  its reasonable best efforts to include such information in such prospectus supplement;  
(c) furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing a  Registration Statement or any other registration statement contemplated by this Agreement or any  supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such  documents proposed to be filed (including exhibits and each document incorporated by reference therein to  the extent then required by the rules and regulations of the SEC), and provide each such Selling Holder the  opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that  is contained therein and make the corrections reasonably requested by such Selling Holder with respect to  such information prior to filing a Registration Statement or such other registration statement or supplement  or amendment thereto, and (ii) such number of copies of such Registration Statement or such other  registration statement and the prospectus included therein and any supplements and amendments thereto as  such Selling Holder may reasonably request in order to facilitate the sale or other disposition of the  Registrable Securities covered by such Registration Statement or other registration statement;  
(d) if applicable, use its reasonable best efforts to register or qualify the Registrable Securities  covered by a Registration Statement or any other registration statement contemplated by this Agreement  under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an  Underwritten Offering (or Alternative Transaction), the Managing Underwriter (or Alternative Transaction  Counterparty), shall reasonably request; provided, however, that the Company shall not be required to  qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take  any action that would subject it to general service of process in any such jurisdiction where it is not then so  subject;  
(e) promptly notify each Selling Holder, at any time when a prospectus relating thereto is required  to be delivered by any of them under the Securities Act, of (i) the filing of a Registration Statement or any  other registration statement contemplated by this Agreement or any prospectus or prospectus supplement  to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such  Registration Statement or any other registration statement or any post-effective amendment thereto, when  the same has become effective; and (ii) the receipt of any written comments from the SEC with respect to  any filing referred to in clause (i) and any written request by the SEC for amendments or supplements to  such Registration Statement or any other registration statement or any prospectus or prospectus supplement  thereto;  

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(f) immediately notify each Selling Holder, at any time when a prospectus relating thereto is  required to be delivered by such Selling Holder under the Securities Act, of (i) the happening of any event  as a result of which the prospectus or prospectus supplement contained in a Registration Statement or any  other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement  of a material fact or omits to state any material fact required to be stated therein or necessary to make the  statements therein not misleading (in the case of any prospectus contained therein, in the light of the  circumstances under which a statement is made); (ii) the issuance or express threat of issuance by the SEC  of any stop order suspending the effectiveness of such Registration Statement or any other registration  statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the  receipt by the Company of any notification with respect to the suspension of the qualification of any  Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following  the provision of such notice, the Company agrees to as promptly as practicable amend or supplement the  prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus  supplement does not include an untrue statement of a material fact or omit to state a material fact required  to be stated therein or necessary to make the statements therein not misleading in the light of the  circumstances then existing and to take such other commercially reasonable action as is necessary to remove  a stop order, suspension, threat thereof or proceedings related thereto;  
(g) upon request and subject to appropriate confidentiality obligations, furnish to each Selling  Holder copies of any and all transmittal letters or other correspondence with the SEC or any other  governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or  foreign securities exchange) relating to such offering of Registrable Securities;  
(h) in the case of an Underwritten Offering (or an Alternative Transaction, to the extent customary  for such Alternative Transaction), furnish, or use its reasonable best efforts to cause to be furnished, to the  underwriters (or the Alternative Transaction Counterparties, as the case may be) upon request, (i) an opinion  of counsel for the Company dated the date of the closing under the agreement governing such sale and (ii)  a “comfort” letter, dated the pricing date of the relevant transaction and a letter of like kind dated the date  of the closing under the agreement governing such sale, in each case, signed by the independent public  accountants who have certified the Company’s financial statements included or incorporated by reference  into the applicable registration statement, and each of the opinion and the “comfort” letter shall be in  customary form and covering substantially the same matters with respect to such registration statement (and  the prospectus and any prospectus supplement included therein) as would be customarily covered in  opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters (or Alternative  Transaction Counterparties, as the case may be) in transactions of the type contemplated by such  Underwritten Offering or Alternative Transaction (as the case may be) and such other matters as such  underwriters and Selling Holders may reasonably request;;  
(i) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of  the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement,  covering a period of twelve months beginning within three months after the Effective Date of such  Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the  Securities Act and Rule 158 promulgated thereunder;  
(j) make available to the appropriate representatives of the Managing Underwriter (or Alternative  Transaction Counterparties) and Selling Holders access to such information and the Company personnel as  is reasonable and customary to enable such parties to establish a due diligence defense under the Securities  Act; provided, that the Company need not disclose any non-public information to any such representative  unless and until such representative has entered into a confidentiality agreement with the Company;  

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(k) if the minimum listing standards of the NYSE are satisfied, use its reasonable best efforts to  cause all Registrable Securities(other than shares of Preferred Stock) registered pursuant to this Agreement  to be listed on each securities exchange or nationally recognized quotation system on which the Common  Stock are then listed or quoted;  
(l) provide a transfer agent and registrar for all Registrable Securities covered by such registration  statement not later than the Effective Date of such registration statement;  
(m) enter into customary agreements and take such other actions as are reasonably requested by the  Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of Registrable  Securities (including, making appropriate officers of the Company available to participate in any “road  show” presentations before analysts, and other customary marketing activities (including one-on-one  meetings with prospective purchasers of the Registrable Securities)), provided, however, that in the event  the Company, using reasonable best efforts, is unable to make such appropriate officers of the Company  available to participate in connection with any “road show” presentations and other customary marketing  activities (whether in person or otherwise), the Company shall make such appropriate officers available to  participate via conference call or other means of communication in connection with no more than one “road  show” presentation per Underwritten Offering or Alternative Transaction;  
(n) if requested by a Selling Holder, (i) incorporate in a prospectus supplement or post-effective  amendment such information as such Selling Holder reasonably requests to be included therein relating to  the sale and distribution of Registrable Securities, including information with respect to the number of  Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of  the offering of the Registrable Securities to be sold in such offering, and (ii) make all required filings of  such prospectus supplement or post-effective amendment after being notified of the matters to be  incorporated in such prospectus supplement or post-effective amendment;  
(o) if reasonably required by the Company’s transfer agent, the Company shall promptly deliver  any authorizations, certificates, opinions or directions required by the transfer agent which authorize and  direct the transfer agent to transfer Registrable Securities without legend upon sale by the Holder of such  Registrable Securities under a Registration Statement; and  
Notwithstanding anything to the contrary in this Section 2.05, the Company shall not name a Holder  as an underwriter as defined in Section 2(a)(11) of the Securities Act in any Registration Statement without  such Holder’s consent. If the staff of the SEC requires the Company to name any Holder as an underwriter  as defined in Section 2(a)(11) of the Securities Act, and such Holder does not consent thereto, then such  Holder’s Registrable Securities shall not be included on such Registration Statement, such Holder shall no  longer be entitled to receive Liquidated Damages under this Agreement with respect to such Holder’s  Registrable Securities and the Company shall have no further obligations hereunder with respect to  Registrable Securities held by such Holder, unless such Holder has not had an opportunity to conduct  customary underwriter’s due diligence with respect to the Company at the time such Holder’s consent is  sought.  
Each Selling Holder, upon receipt of notice from the Company of the happening of any event of  the kind described in Section 2.05(f), shall forthwith discontinue offers and sales of the Registrable  Securities by means of a prospectus or prospectus supplement until such Selling Holder’s receipt of the  copies of the supplemented or amended prospectus contemplated by Section 2.05(f) or until it is advised in  writing by the Company that the use of the prospectus may be resumed and has received copies of any  additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the  Company, such Selling Holder shall, or shall request the Managing Underwriter, if any, to deliver to the  Company (at the Company’s expense) all copies in their possession or control, other than permanent file  

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copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities  current at the time of receipt of such notice.  
Section 2.06 Cooperation by Holders.  
The Company shall have no obligation to include Registrable Securities of a Holder in a  
Registration Statement or in an Underwritten Offering pursuant to Section 2.02(a) who has failed to timely  furnish after receipt of a written request from the Company such information that the Company determines,  after consultation with its counsel, is reasonably required in order for the registration statement or  prospectus supplement, as applicable, to comply with the Securities Act, including, without limitation, the  completion and submission by such Holder of any Selling Holder questionnaire required by the Company,  and any such Holder shall not be entitled to Liquidated Damages or Delay Liquidated Damages in  connection with the applicable Registration Statement or other registration statement contemplated by this  Agreement.  
Section 2.07 Restrictions on Public Sale by Holders of Registrable Securities.  
Each Holder of Registrable Securities that participates in an Underwritten Offering will enter into  
a customary letter agreement with underwriters providing such Holder will not effect any public sale or  distribution of Stock Registrable Securities during the 60 calendar-day period beginning on the date of a  prospectus or prospectus supplement filed with the SEC with respect to the pricing of any Underwritten  Offering (or such shorter period specified by the Managing Underwriter for such Underwritten Offering),  provided that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest  restriction generally imposed by the underwriters on the Company or the officers, directors or any other  Affiliate of the Company on whom a restriction is imposed and (ii) the restrictions set forth in this Section  2.07 shall not apply to any Registrable Securities that are included in such Underwritten Offering by such  Holder. In addition, this Section 2.07 shall not apply to any Holder that is not entitled to participate in such  Underwritten Offering, whether because such Holder delivered an Opt-Out Notice prior to receiving notice  of the Underwritten Offering or because such Holder (together with its Affiliates) holds less than the  Piggyback Threshold Amount of the then outstanding Registrable Securities (calculated based on the  Registrable Securities Amount) or because the Registrable Securities held by such Holder may be disposed  of without restriction pursuant to any section of Rule 144 under the Securities Act (or any successor or  similar provision adopted by the SEC then in effect).  
Section 2.08 Expenses.  
(a) Expenses. The Company shall pay all reasonable Registration Expenses as determined in good  
faith by the Company, including, in the case of an Underwritten Offering (or Alternative Transaction), the  reasonable Registration Expenses of an Underwritten Offering (or Alternative Transaction), regardless of  whether any sale is made pursuant to such Underwritten Offering (or Alternative Transaction). Each Selling  Holder shall pay its pro rata share of all Selling Expenses in connection with any sale of its Registrable  Securities hereunder. Each Selling Holder’s pro rata allocation of Selling Expenses shall be the percentage  derived by dividing (i) the number of Registrable Securities sold by such Selling Holder in connection with  such sale by (ii) the aggregate number of Registrable Securities sold by all Selling Holders in connection  with such sale. In addition, except as otherwise provided in Sections 2.08 and 2.09 hereof, the Company  shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’  rights hereunder.  
(b) Certain Definitions. “Registration Expenses” means all expenses incident to the Company’s  performance under or compliance with this Agreement to effect the registration of Registrable Securities  on a Registration Statement pursuant to Section 2.01(a) or an Underwritten Offering or Alternative  

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Transaction covered under this Agreement, and the disposition of such Registrable Securities, including,  without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing,  qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial  Industry Regulatory Authority, Inc., fees of transfer agents and registrars, all word processing, duplicating  and printing expenses, any transfer taxes, and the fees and disbursements of counsel and independent public  accountants for the Company, including the expenses of any special audits or “comfort” letters required by  or incident to such performance and compliance, and the reasonable fees and disbursements of one counsel  for the Selling Holders participating in such Registration Statement, Underwritten Offering or Alternative  Transaction to effect the disposition of such Registrable Securities, selected by the Holders of a majority of  the Registrable Securities initially being registered under such Registration Statement or other registration  statement as contemplated by this Agreement, subject to the reasonable consent of the Company. “Selling  Expenses” means all underwriting discounts and selling commissions or similar fees or arrangements  allocable to the sale of the Registrable Securities, and fees and disbursements of counsel to the Selling  Holders, except for the reasonable fees and disbursements of counsel for the Selling Holders required to be  paid by the Company pursuant to Sections 2.08 and 2.09.  
Section 2.09 Indemnification.  
(a) By the Company. In the event of a registration of any Registrable Securities under the Securities  
Act pursuant to this Agreement, the Company shall indemnify and hold harmless each Selling Holder  thereunder, its directors, officers, managers, partners, employees and agents and each Person, if any, who  controls such Selling Holder within the meaning of the Securities Act and the Exchange Act, and its  directors, officers, managers, partners, employees or agents (collectively, the “Selling Holder Indemnified  Persons”), against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees  and expenses) (collectively, “Losses”), joint or several, to which such Selling Holder Indemnified Person  may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or  actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon  any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light  of the circumstances under which such statement is made) contained in (which includes documents  incorporated by reference in) such Registration Statement or any other registration statement contemplated  by this Agreement, any preliminary prospectus, prospectus supplement or final prospectus contained  therein, or any amendment or supplement thereof, or any free writing prospectus relating thereto or arise  out of or are based upon the omission or alleged omission to state therein a material fact required to be  stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the  circumstances under which they were made) not misleading, and shall reimburse each such Selling Holder  Indemnified Person for any legal or other expenses reasonably incurred by them in connection with  investigating, defending or resolving any such Loss or actions or proceedings; provided, however, that the  Company shall not be liable in any such case if and to the extent that any such Loss arises out of or is based  upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity  with information furnished by such Selling Holder Indemnified Person in writing specifically for use in  such Registration Statement or such other registration statement, or prospectus supplement, as applicable.  Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf  of such Selling Holder Indemnified Person, and shall survive the transfer of such securities by such Selling  Holder.  
(b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and  hold harmless the Company, its directors, officers, employees and agents and each Person, if any, who  controls the Company within the meaning of the Securities Act or of the Exchange Act, and its directors,  officers, employees and agents, to the same extent as the foregoing indemnity from the Company to the  Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by  or on behalf of such Selling Holder expressly for inclusion in such Registration Statement or any other  

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registration statement contemplated by this Agreement, any preliminary prospectus, prospectus supplement  or final prospectus contained therein, or any amendment or supplement thereof, or any free writing  prospectus relating thereto; provided, however, that the liability of each Selling Holder shall not be greater  in amount than the dollar amount of the proceeds (net of any Selling Expenses) received by such Selling  Holder from the sale of the Registrable Securities giving rise to such indemnification.  
(c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the  commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made  against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission  to so notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified  party other than under this Section 2.09. In any action brought against any indemnified party, it shall notify  the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to  participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel  reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such  indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party  shall not be liable to such indemnified party under this Section 2.09 for any legal expenses subsequently  incurred by such indemnified party in connection with the defense thereof other than reasonable costs of  investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party  has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or (ii)  if the defendants in any such action include both the indemnified party and the indemnifying party and  counsel to the indemnified party shall have concluded that there may be defenses available to the  indemnified party that are different from or additional to those available to the indemnifying party, or if the  interests of the indemnified party reasonably may be deemed to conflict with the interests of the  indemnifying party, then the indemnified party shall have the right to select a separate counsel and to  assume such legal defense and otherwise to participate in the defense of such action, with the reasonable  expenses and fees of such separate counsel and other reasonable expenses related to such participation to  be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this  Agreement, no indemnifying party shall settle any action brought against any indemnified party with respect  to which such indemnified party is entitled to indemnification hereunder without the consent of the  indemnified party, unless the settlement thereof imposes no liability or obligation on, and includes a  complete and unconditional release from all liability of, and does not contain any admission of wrongdoing  by, the indemnified party.  
(d) Contribution. If the indemnification provided for in this Section 2.09 is held by a court or  government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient  to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying  such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result  of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on  the one hand and of such indemnified party, on the other hand, in connection with the statements or  omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided,  however, that in no event shall such Selling Holder be required to contribute an aggregate amount in excess  of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale  of Registrable Securities giving rise to such indemnification. The relative fault of the indemnifying party  on the one hand and the indemnified party on the other shall be determined by reference to, among other  things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission  to state a material fact has been made by, or relates to, information supplied by such party, and the parties’  relative intent, knowledge, access to information and opportunity to correct or prevent such statement or  omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this  paragraph were to be determined by pro rata allocation or by any other method of allocation that does not  take account of the equitable considerations referred to herein. The amount paid by an indemnified party as  a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal  

17  

and other expenses reasonably incurred by such indemnified party in connection with investigating,  defending or resolving any Loss that is the subject of this paragraph. No person guilty of fraudulent  misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to  contribution from any Person who is not guilty of such fraudulent misrepresentation.  
(e) Other Indemnification. The provisions of this Section 2.09 shall be in addition to any other  rights to indemnification or contribution that an indemnified party may have pursuant to law, equity,  contract or otherwise.  
Section 2.10 Rule 144 Reporting.  
With a view to making available the benefits of certain rules and regulations of the SEC that may  
permit the sale of the Registrable Securities to the public without registration, the Company agrees to use  its reasonable best efforts to:  
(a) make and keep public information regarding the Company available, as those terms are  understood and defined in Rule 144 under the Securities Act (or any successor or similar provision adopted  by the SEC then in effect), at all times from and after the date hereof;  
(b) file with the SEC in a timely manner all reports and other documents required of the Company  under the Securities Act and the Exchange Act at all times from and after the date hereof; and  
(c) so long as a Holder owns any Registrable Securities, furnish, promptly upon request, (x) a  written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144,  the Securities Act and the Exchange Act, (y) a copy of the most recent annual or quarterly report of the  Company and such other reports and documents so filed by the Company (it being understood that the  availability of such report on the SEC’s EDGAR system shall satisfy this requirement) and (z) such other  information as may be necessary to permit the Purchasers to sell such securities pursuant to Rule 144  without registration.  
Section 2.11 Transfer or Assignment of Registration Rights.  
The rights to cause the Company to register Registrable Securities granted to the Purchasers by the  
Company under this Article II may be transferred or assigned by the Purchasers to one or more transferees  or assignees of Registrable Securities, subject to the transfer restrictions provided in the Note Purchase  Agreement, Balance Sheet Warrant Certificate, Securities Purchase Agreement and the MAV Warrant  Certificate, provided, however, that (a) the Company is given written notice prior to any said transfer or  assignment, stating the name and address of each of the transferee or assignee and identifying the  Registrable Securities with respect to which such registration rights are being transferred or assigned and  (b) each such transferee or assignee assumes in writing responsibility for its portion of the obligations of  the Purchasers under this Agreement.  
ARTICLE III  
MISCELLANEOUS 
Section 3.01 Communications.  
All notices and other communications provided for or permitted hereunder shall be made in writing  
by facsimile, electronic mail, courier service or personal delivery:  

18  

(a) if to the Purchasers:  
c/o Oaktree Capital Management, L.P.  
333 S. Grand Avenue, 28th Floor  
Los Angeles, CA 90071  
Attn: Cary Kleinman, Scott Maddux and Dante Quazzo  
E-Mail Address: 
with a copy to (which shall not constitute notice):  
Paul, Weiss, Rifkind, Wharton & Garrison LLP  
1285 Avenue of the Americas  
New York, New York 10019  
Attn: Kenneth M. Schneider, Esq., Ellen Ching, Esq.  
E-Mail Address: 
(b) if to a transferee of the Purchasers, to such Holder at the address provided pursuant to Section  2.11 above; and  
(c) if to the Company:  
Ocwen Financial Corporation   
1661 Worthington Road, Suite 100  
West Palm Beach, FL 33409  
Attn: John Britti, Leah E. Hutton   
E-Mail Address: 
with a copy to (which shall not constitute notice):  
Mayer Brown LLP  
1221 Avenue of the Americas  
New York, NY 10020  
Attention: Anna Pinedo  
Telephone: 
Facsimile: 
Email: 
All such notices and communications shall be deemed to have been received at the time delivered  by hand, if personally delivered; when receipt acknowledged, if sent via facsimile or sent via Internet  electronic mail; and when actually received, if sent by courier service or any other means.  
Section 3.02 Successor and Assigns.  
This Agreement shall inure to the benefit of and be binding upon the successors and permitted  
assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted  herein.  

19  

Section 3.03 Assignment of Rights.  
All or any portion of the rights and obligations of any Purchasers under this Agreement may be  
transferred or assigned by such Purchasers only in accordance with Section 2.11 hereof.  
Section 3.04 Recapitalization, Exchanges, Etc. Affecting the Registrable Securities.  
The provisions of this Agreement shall apply to the full extent set forth herein with respect to any  and all units of the Company or any successor or assign of the Company (whether by merger, acquisition,  consolidation, reorganization, sale of assets or otherwise) that may be issued in respect of, in exchange for  or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, unit  splits, recapitalizations, pro rata distributions of units, as provided in the Balance Sheet Warrant Certificate,  the MAV Warrant Certificate and the like occurring after the date of this Agreement.  
Section 3.05 Aggregation of Registrable Securities.  
All Registrable Securities held or acquired by Persons who are Affiliates of one another shall be  
aggregated together for the purpose of determining the availability of any rights and applicability of any  obligations under this Agreement.  
Section 3.06 Specific Performance.  
Damages in the event of breach of this Agreement by a party hereto may be difficult, if not  
impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting  any other remedy or right it may have, shall have the right to an injunction or other equitable relief in any  court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and  provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the  ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable  relief. The existence of this right shall not preclude any such Person from pursuing any other rights and  remedies at law or in equity that such Person may have.  
Section 3.07 Counterparts.  
This Agreement may be executed in any number of counterparts and by different parties hereto in  
separate counterparts, including facsimile or .pdf counterparts, each of which counterparts, when so  executed and delivered, shall be deemed to be an original and all of which counterparts, taken together,  shall constitute but one and the same Agreement.  
Section 3.08 Headings.  
The headings in this Agreement are for convenience of reference only and shall not limit or  
otherwise affect the meaning hereof.  
Section 3.09 Governing Law.  
This Agreement, including all issues and questions concerning its application, construction,  validity, interpretation and enforcement, shall be construed in accordance with, and governed by, the laws  of the State of New York.  

20  

Section 3.10 Severability of Provisions.  
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to  
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating  the remaining provisions hereof or affecting or impairing the validity or enforceability of such provision in  any other jurisdiction.  
Section 3.11 Entire Agreement.  
This Agreement is intended by the parties as a final expression of their agreement and intended to  
be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect  of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other  than those set forth or referred to herein with respect to the rights granted by the Company set forth herein.  This Agreement, the Note Purchase Agreement and the Securities Purchase Agreement supersede all prior  agreements and understandings between the parties with respect to such subject matter.  
Section 3.12 Amendment.  
This Agreement may be amended only by means of a written amendment signed by the Company  
and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no  such amendment shall materially and adversely affect the rights of any Holder hereunder without the  consent of such Holder.  
Section 3.13 No Presumption.  
If any claim is made by a party relating to any conflict, omission or ambiguity in this Agreement,  
no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement  was prepared by or at the request of a particular party or its counsel.  
Section 3.14 Interpretation.  
Article and Section references are to this Agreement, unless otherwise specified. All references to  
instruments, documents, contracts and agreements are references to such instruments, documents, contracts  and agreements as the same may be amended, supplemented and otherwise modified from time to time,  unless otherwise specified. The words “include,” “includes” and “including” or words of similar import  shall be deemed to be followed by the words “without limitation.” Whenever any determination, consent  or approval is to be made or given by Purchasers under this Agreement, such action shall be in such  Purchasers’ sole discretion unless otherwise specified. Unless expressly set forth or qualified otherwise  (e.g., by “Business” or “trading”), all references herein to a “day” are deemed to be a reference to a calendar  day.  

(Signature pages follow) 

21  

IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the  date first above written.  

OCWEN FINANCIAL CORPORATION  

By:  /s/ John V. Britti       
Name: John V. Britti   
Title: Executive Vice President and  
Chief Investment Officer

[Signature Page to Registration Rights Agreement]

OPPS OCW HOLDINGS, LLC

By: Oaktree Fund GP LLC
Its: Manager

By: Oaktree GP I, L.P.
Its. Managing Member

By:  /s/ Jordan Mikes            
Name:     Jordan Mikes
Title:    Authorized Signatory

By:  /s/ Brian Laibow            
Name:  Brian Laibow
Title:    Authorized Signatory

ROF8 OCW MAV PT, LLC

By:  /s/ Cary Kleinman        
Name:    Cary Kleinman
Title:    Authorized Signatory

By:  /s/ Jason Keller            
Name:    Jason Keller
Title:    Authorized Signatory

ROF8 OCW HOLDINGS, LLC

By:  /s/ Cary Kleinman        
Name:    Cary Kleinman
Title:    Authorized Signatory

By:  /s/ Jason Keller            
Name:    Jason Keller
Title:    Authorized Signatory

[Signature Page to Registration Rights Agreement]Document

EXECUTION VERSION

Certain schedules and exhibits have been omitted in accordance with Item 601(a)(5) of Regulation S-K. A copy of any referenced schedules will be furnished supplementally to the SEC upon request.
FIRST LIEN NOTES PLEDGE AND SECURITY AGREEMENT
dated as of March 4, 2021
among
EACH OF THE GRANTORS PARTY HERETO
and
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Trustee

EXECUTION VERSION

TABLE OF CONTENTS
Page
						
	Section 1.    DEFINITIONS; GRANT OF SECURITY.	1

		
	1.1    General Definitions	1

	1.2    Definitions; Interpretation	8

		
	Section 2.    GRANT OF SECURITY.	8

		
	2.1    Grant of Security	8

	2.2    Certain Limited Exclusions	9

		
	Section 3.    SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE.	11

		
	3.1    Security for Obligations	11

	3.2    Continuing Liability Under Collateral	11

		
	Section 4.    CERTAIN PERFECTION REQUIREMENTS.	12

		
	4.1    Delivery Requirements	12

	4.2    Control Requirements	12

	4.3    Intellectual Property Recording Requirements	13

	4.4    Other Actions	13

	4.5    Timing and Notice	13

		
	Section 5.    REPRESENTATIONS AND WARRANTIES.	13

		
	5.1    Grantor Information & Status	14

	5.2    Collateral Identification, Special Collateral	14

	5.3    Ownership of Collateral and Absence of Other Liens	15

	5.4    Status of Security Interest	15

	5.5    Pledged Equity Interests, Investment Related Property	16

	5.6    Intellectual Property	16

		
	Section 6.    COVENANTS AND AGREEMENTS.	17

		
	6.1    Grantor Information & Status	17

	6.2    Collateral Identification; Special Collateral	18

	6.3    Ownership of Collateral and Absence of Other Liens	18

	6.4    Status of Security Interest	18

	6.5    Receivables	18

	6.6    Pledged Equity Interests, Investment Related Property	19

	6.7    Intellectual Property	21

		

EXECUTION VERSION

						
	Section 7.   ACCESS; RIGHT OF INSPECTION AND FURTHER ASSURANCES;
                   ADDITIONAL GRANTORS.	22

		
	7.1    Access; Right of Inspection	22

	7.2    Further Assurances	22

	7.3    Additional Grantors	23

		
	Section 8.    COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT.	23

		
	8.1    Power of Attorney	23

	8.2    No Duty on the Part of Collateral Trustee or Secured Parties	24

		
	Section 9.    REMEDIES.	25

		
	9.1    Generally	25

	9.2    Application of Proceeds	26

	9.3    Sales on Credit	26

	9.4    Investment Related Property	26

	9.5    Grant of Intellectual Property License	27

	9.6    Intellectual Property	27

	9.7    Cash Proceeds; Deposit Accounts	29

		
	Section 10.  COLLATERAL AGENT.	29

		
	Section 11. CONTINUING SECURITY INTEREST; ASSIGNMENTS UNDER THE  INDENTURE DOCUMENTS.	30

		
	11.1    Continuing Security Interest; Assignment	30

	11.2    Termination; Release	30

		
	Section 12.    STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM.	30

		
	Section 13.    [RESERVED].	31

		
	Section 14.    [RESERVED].	31

		
	Section 15.    MISCELLANEOUS.	31

SCHEDULE 5.1 — GENERAL INFORMATION
SCHEDULE 5.2 — COLLATERAL IDENTIFICATION
SCHEDULE 5.4 — FINANCING STATEMENTS
EXHIBIT A — PLEDGE SUPPLEMENT
EXHIBIT B — UNCERTIFICATED SECURITIES CONTROL AGREEMENT
EXHIBIT C — FORM OF TRADEMARK SECURITY AGREEMENT
EXHIBIT D — FORM OF COPYRIGHT SECURITY AGREEMENT
EXHIBIT E — FORM OF PATENT SECURITY AGREEMENT

EXECUTION VERSION

This FIRST LIEN NOTES PLEDGE AND SECURITY AGREEMENT, dated as of March 4, 2021 (this “Agreement”), among PHH Mortgage Corporation, a New Jersey corporation (the “Company”) and a wholly-owned subsidiary of Ocwen Financial Corporation, a Florida corporation (the “Parent”), the Parent, PHH Corporation, a wholly-owned subsidiary of the Parent and parent company of the Company (“PHH”), each of the other subsidiaries of PHH party hereto from time to time, whether as an original signatory hereto or as an Additional Grantor (as herein defined) (the “Subsidiary Guarantors”, together with the Parent and PHH, the “Guarantors”, and together with the Company, the “Grantors” and each, a “Grantor”), and Wilmington Trust, National Association, as collateral trustee for the Secured Parties (as herein defined) (in such capacity as collateral trustee, together with its successors and permitted assigns, the “Collateral Trustee”).
RECITALS:
WHEREAS, reference is made to that certain Indenture, dated as of the date hereof (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), by and among the Company, the Parent, PHH, the other subsidiary guarantors of PHH party thereto, Wilmington Trust, National Association, in its capacity as Trustee (as defined below) and as Collateral Trustee, pursuant to which the Company has issued $400,000,000 aggregate principal amount of 7.875% Senior Secured Notes due 2026 (together with any Additional Notes issued under the Indenture, the “Notes”) upon the terms and subject to the conditions set forth therein;
WHEREAS, it is a condition to the issuance of the Notes that each Grantor executes and deliver the applicable Security Documents, including this Agreement;
WHEREAS, pursuant to the Indenture, each Guarantor from time to time party thereto has unconditionally and irrevocably guaranteed, the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Notes Obligations (as defined below);
WHEREAS, each Grantor is executing and delivering this Agreement pursuant to the terms of the Indenture to induce the Trustee to enter into the Indenture, to induce the noteholders to purchase the Notes;
WHEREAS, it is a condition to the issuance of the Notes that each Grantor execute and deliver this Agreement; and
WHEREAS, the rights of the Holders of the Notes with respect to the Liens on any Collateral granted by Parent shall be further governed by that Junior Priority Intercreditor Agreement (as defined below).
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, each Grantor and the Collateral Trustee agree as follows:
Section 1.DEFINITIONS; GRANT OF SECURITY.
1.1    General Definitions.  In this Agreement, the following terms shall have the following meanings:

EXECUTION VERSION

“Additional Grantors” shall have the meaning assigned in Section 7.3 hereof.
“Agreement” shall have the meaning set forth in the preamble.
“Cash Proceeds” shall have the meaning assigned in Section 9.7 hereof.
“Collateral” shall have the meaning assigned in Section 2.1 hereof.
“Collateral Records” shall mean books, records, ledger cards, files, correspondence, customer lists, supplier lists, blueprints, technical specifications, manuals, computer software and related documentation, computer printouts, tapes, disks and other electronic storage media and related data processing software and similar items that at any time evidence or contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon.
“Collateral Support” shall mean all property (real or personal) assigned, hypothecated or otherwise securing any Collateral and shall include any security agreement or other agreement granting a lien or security interest in such real or personal property.
“Collateral Trustee” shall have the meaning set forth in the preamble, and its successors and assigns.
 “Company” shall have the meaning set forth in the preamble.
“Continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived or otherwise ceased to exist.
“Contracts” shall mean all contracts, leases and other agreements entered into by any Grantor pursuant to which such Grantor has the right (i) to receive moneys due and to become due to it thereunder or in connection therewith, (ii) to damages arising thereunder and (iii) to perform and to exercise all remedies thereunder.
“Control” shall mean: (1) with respect to any Deposit Accounts, control within the meaning of Section 9-104 of the UCC, (2) with respect to any Securities Accounts, Security Entitlements, Commodity Contracts or Commodity Accounts, control within the meaning of Section 9-106 of the UCC, (3) with respect to any Uncertificated Securities, control within the meaning of Section 8-106(c) of the UCC, (4) with respect to any Certificated Security, control within the meaning of Section 8-106(a) or (b) of the UCC, (5) with respect to any Electronic Chattel Paper, control within the meaning of Section 9-105 of the UCC, (6) with respect to Letter of Credit Rights, control within the meaning of Section 9-107 of the UCC and (7) with respect to any “transferable record”(as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction), control within the meaning of Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or in Section 16 of the Uniform Electronic Transactions Act as in effect in the jurisdiction relevant to such transferable record.
“Controlled Foreign Corporation” shall mean “controlled foreign corporation” as defined in the Code.

EXECUTION VERSION

“Copyright Licenses” shall mean any and all agreements, licenses and covenants providing for the granting of any right in or any Copyright or otherwise providing for a covenant not to sue for infringement or other violation of any Copyright including, without limitation, each agreement required to be listed in Schedule 5.2(II)(B) under the heading “Copyright Licenses” (as such schedule may be amended or supplemented from time to time).
“Copyrights” shall mean all United States, and foreign copyrights (whether or not the underlying works of authorship have been published), including but not limited to copyrights in software and all rights in and to databases, all designs (including but not limited to industrial designs, Protected Designs within the meaning of 17 U.S.C. 1301 et seq. and Community designs) and all Mask Works (as defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or unregistered, as well as all moral rights, reversionary interests, and termination rights, and, with respect to any and all of the foregoing: (i) all registrations and applications therefor including, without limitation, the registrations and applications required to be listed in Schedule 5.2(II)(A) under the heading “Copyrights” (as such schedule may be amended or supplemented from time to time), (ii) all extensions and renewals thereof, (iii) the right to sue or otherwise recover for any past, present and future infringement or other violation thereof, (iv) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages and proceeds of suit now or hereafter due and/or payable with respect thereto and (v) all other rights of any kind accruing thereunder or pertaining thereto throughout the world.
 “Custodial Accounts” shall mean any custodial accounts or clearing accounts established in the name of the Company or any other Grantor in the ordinary course of business to hold funds on behalf of a third party in connection with the origination or funding of any mortgage or other consumer loans or pursuant to or containing funds received solely in connection with Servicing Agreements in such Grantor’s capacity as servicer, bailee or custodian and any related accounts maintained in the ordinary course of such Grantor’s origination or servicing businesses in the name of such Grantor that are used solely for the collection, maintenance and disbursement of such funds on behalf of third parties for insurance payments, tax payments, suspense payments and other similar payments required to be made by such Grantor in its capacity as originator or servicer; provided that the books and records of such Grantor indicate that such accounts are being held “in trust for” or on behalf of another Person; provided further that the accounts listed on Schedules 5.2(I)(G), 5.2(I)(H) and 5.2(I)(I) shall not qualify as Custodial Accounts.
“Excluded Asset” shall mean any asset of any Grantor excluded from the security interest hereunder by virtue of Section 2.2 hereof but only to the extent, and for so long as, so excluded thereunder.
“Governmental Authority” shall mean any federal, state, municipal, national or other government, governmental department, central bank, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government (including any supra-national body exercising such powers or functions, such as the European Union or the European Central Bank) or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government.
“Grantors” shall have the meaning set forth in the preamble.
“Guarantors” shall have the meaning set forth in the preamble, and their respective successors and assigns. 

EXECUTION VERSION

“Indenture” shall have the meaning set forth in the preamble.
“Indenture Documents” shall mean each of this Agreement, the Intercreditor Agreement, the other Security Documents, the Indenture and the Notes. 
“Insurance” shall mean (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Trustee is the loss payee thereof) and (ii) any key man life insurance policies.
“Intellectual Property” shall mean, the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under the United States, multinational or foreign laws or otherwise, including without limitation, Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks, Trademark Licenses, Trade Secrets, and Trade Secret Licenses, and the right to sue or otherwise recover for any past, present and future infringement, dilution, misappropriation, or other violation or impairment thereof, including the right to receive all Proceeds therefrom, including without limitation license fees, royalties, income, payments, claims, damages and proceeds of suit, now or hereafter due and/or payable with respect thereto.
“Intellectual Property Security Agreement” shall mean each intellectual property security agreement executed and delivered by the applicable Grantors, substantially in the form set forth in Exhibit C, Exhibit D or Exhibit E, as applicable.
“Investment Accounts” shall mean the Securities Accounts, Commodity Accounts and Deposit Accounts.
“Investment Related Property” shall mean: (i) all “investment property” (as such term is defined in Article 9 of the UCC) and (ii) all of the following (regardless of whether classified as investment property under the UCC): all Pledged Equity Interests, Pledged Debt, Investment Accounts and certificates of deposit.
“Material Adverse Effect” shall mean any event, change, effect, development, circumstance or condition that has caused or could reasonably be expected to cause a material adverse change, material adverse effect on and/or material adverse developments with respect to (i) the business, general affairs, assets, liabilities, operations, management, financial condition, stockholders’ equity or results of operations or value of the Company the Parent, each Subsidiary Guarantor and each of their Subsidiaries taken as a whole; (ii) the ability of any Grantor fully and timely to perform its Secured Obligations; (iii) the legality, validity, binding effect or enforceability against a Grantor of any Indenture Document to which it is a party or (iv) the rights, remedies and benefits available to, or conferred upon, any Holder or any Secured Party under any Indenture Document.
“Material Intellectual Property” shall mean any Intellectual Property included in the Collateral that is material to the business of any Grantor, as determined by such Grantor.
“Notes” shall have the meaning set forth in the preamble.

EXECUTION VERSION

“Notes Obligations” shall mean all obligations of the Company and the Guarantors under the Notes, the Indenture, the Note Guarantees and the Security Documents, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to the Company or such Guarantor, would have accrued on any Notes Obligation, whether or not a claim is allowed against the Company or such Guarantor for such interest in the related bankruptcy proceeding), premium, fees, expenses, indemnification or otherwise. 
“Organizational Documents” shall mean with respect to any Person all formation, organizational and governing documents, instruments and agreements, including (i) with respect to any corporation, its certificate or articles of incorporation or organization, as amended, supplemented or otherwise modified, and its by-laws, as amended, supplemented or otherwise modified, (ii) with respect to any limited partnership, its certificate of limited partnership, as amended, supplemented or otherwise modified, and its partnership agreement, as amended, supplemented or otherwise modified, (iii) with respect to any general partnership, its partnership agreement, as amended, supplemented or otherwise modified and (iv) with respect to any limited liability company, its articles of organization, as amended, supplemented or otherwise modified, and its operating agreement, as amended, supplemented or otherwise modified. In the event any term or condition of the Indenture or any other Indenture Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document” shall only be to a document of a type customarily certified by such governmental official.
“Parent” shall have the meaning set forth in the preamble.
 “Patent Licenses” shall mean all agreements, licenses and covenants providing for the granting of any right in or to any Patent or otherwise providing for a covenant not to sue for infringement or other violation of any Patent (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement required to be listed in Schedule 5.2(II)(D) under the heading “Patent Licenses” (as such schedule may be amended or supplemented from time to time).
“Patents” shall mean all United States and foreign patents and certificates of invention, or similar industrial property rights, and applications for any of the foregoing, including, without limitation: (i) each patent and patent application required to be listed in Schedule 5.2(II)(C) under the heading “Patents” (as such schedule may be amended or supplemented from time to time), (ii) all reissues, divisions, continuations, continuations-in-part, extensions, renewals, and reexaminations thereof, (iii) the right to sue or otherwise recover for any past, present and future infringement or other violation thereof, (iv) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto and (v) all other rights of any kind accruing thereunder or pertaining thereto throughout the world.
“PHH” shall have the meaning set forth in the preamble.
“Pledge Supplement” shall mean an agreement substantially in the form of Exhibit A hereto.

EXECUTION VERSION

“Pledged Debt” shall mean, subject to Section 2.2, all indebtedness for borrowed money owed to such Grantor, whether or not evidenced by any Instrument, including, without limitation, all indebtedness described on Schedule 5.2(I)(F) under the heading “Pledged Debt” (as such schedule may be amended or supplemented from time to time), issued by the obligors named therein, the instruments, if any, evidencing such any of the foregoing, and all interest, cash, instruments and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing.
“Pledged Equity Interests” shall mean all Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and any other participation or interests in any equity or profits of any business entity including, without limitation, any trust and all management rights relating to any entity whose equity interests are included as Pledged Equity Interests.
“Pledged LLC Interests” shall mean, subject to Section 2.2, all interests in any limited liability company and each series thereof including, without limitation, all limited liability company interests listed on Schedule 5.2(I)(B) under the heading “Pledged LLC Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such limited liability company interests and any interest of such Grantor on the books and records of such limited liability company or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such limited liability company interests and all rights as a member of the related limited liability company.
“Pledged Partnership Interests” shall mean, subject to Section 2.2, all interests in any general partnership, limited partnership, limited liability partnership or other partnership including, without limitation, all partnership interests listed on Schedule 5.2(I)(C) under the heading “Pledged Partnership Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such partnership interests and any interest of such Grantor on the books and records of such partnership or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such partnership interests and all rights as a partner of the related partnership.
“Pledged Stock” shall mean, subject to Section 2.2, all shares of capital stock owned by such Grantor, including, without limitation, all shares of capital stock described on Schedule 5.2(I)(A) under the heading “Pledged Stock” (as such schedule may be amended or supplemented from time to time), and the certificates, if any, representing such shares and any interest of such Grantor in the entries on the books of the issuer of such shares or on the books of any securities intermediary pertaining to such shares, and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares.

EXECUTION VERSION

“Receivables” shall mean (i) all “accounts” (as such term is defined in Article 9 of the UCC and (ii) all rights to payment, whether or not earned by performance, for goods or other property sold, leased, licensed, assigned or otherwise disposed of, or services rendered or to be rendered, including, without limitation all such rights constituting or evidenced by any Account, Chattel Paper, Instrument, General Intangible or Investment Related Property, together with all of Grantor’s rights, if any, in any goods or other property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and all Receivables Records.
“Receivables Records” shall mean (i) all original copies of all documents, instruments or other writings or electronic records or other Records evidencing the Receivables, (ii) all books, correspondence, credit or other files, Records, ledger sheets or cards, invoices, and other papers relating to Receivables, including, without limitation, all tapes, cards, computer tapes, computer discs, computer runs, record keeping systems and other papers and documents relating to the Receivables, whether in the possession or under the control of Grantor or any computer bureau or agent from time to time acting for Grantor or otherwise, (iii) all evidences of the filing of financing statements and the registration of other instruments in connection therewith, and amendments, supplements or other modifications thereto, notices to other creditors, secured parties or agents thereof, and certificates, acknowledgments, or other writings, including, without limitation, lien search reports, from filing or other registration officers, (iv) all credit information, reports and memoranda relating thereto and (v) all other written or non-written forms of information related in any way to the foregoing or any Receivable.
“Second Lien Collateral Agent” shall have the meaning ascribed to such term in the Junior Priority Intercreditor Agreement.
“Second Priority Debt Obligations” shall have the meaning ascribed to such term in the Junior Priority Intercreditor Agreement.
“Secured Obligations” shall have the meaning assigned in Section 3.1 hereof.
“Secured Parties” shall mean the Collateral Trustee, the Trustee and each Holder of the Notes.
“Securities” shall mean any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing.
 “Subsidiary Guarantors” shall have the meaning set forth in the preamble, and their respective successors and assigns. 
“Trademark Licenses” shall mean any and all agreements, licenses and covenants  providing for the granting of any right in or to any Trademark or otherwise providing for a covenant not to sue for infringement, dilution or other violation of any Trademark or permitting co-existence with respect to a Trademark (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement required to be listed in Schedule 5.2(II)(F) under the heading “Trademark Licenses” (as such schedule may be amended or supplemented from time to time).

EXECUTION VERSION

“Trademarks” shall mean all United States, and foreign trademarks, trade names, trade dress, corporate names, company names, business names, fictitious business names, Internet domain names, service marks, certification marks, collective marks, logos, other source or business identifiers, designs and general intangibles of a like nature, whether or not registered and with respect to any and all of the foregoing: (i) all registrations and applications therefor including, without limitation, the registrations and applications required to be listed in Schedule 5.2(II)(E) under the heading “Trademarks” (as such schedule may be amended or supplemented from time to time), (ii) all extensions or renewals of any of the foregoing, (iii) all of the goodwill of the business connected with the use of and symbolized by any of the foregoing, (iv) the right to sue or otherwise recover for any past, present and future infringement, dilution or other violation of any of the foregoing or for any injury to the related goodwill, (v) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto and (vi) all other rights of any kind accruing thereunder or pertaining thereto throughout the world.
“Trade Secret Licenses” shall mean any and all agreements providing for the granting of any right in or to Trade Secrets (whether such Grantor is licensee or licensor thereunder) including, without limitation, each agreement required to be listed in Schedule 5.2(II)(G) under the heading “Trade Secret Licenses” (as such schedule may be amended or supplemented from time to time).
“Trade Secrets” shall mean all trade secrets, including all documents and things embodying, incorporating, or referring in any way to the foregoing, and with respect to any and all of the foregoing: (i) the right to sue or otherwise recover for any past, present and future misappropriation or other violation thereof, (ii) all Proceeds of the foregoing, including, without limitation, license fees, royalties, income, payments, claims, damages, and proceeds of suit now or hereafter due and/or payable with respect thereto and (iii) all other rights of any kind accruing thereunder or pertaining thereto throughout the world.
“UCC” shall mean the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect to, 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 “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions hereof relating to such perfection, priority or remedies.
“United States” shall mean the United States of America.
1.2    Definitions; Interpretation.
(i)In this Agreement, the following capitalized terms shall have the meaning given to them in the UCC (and, if defined in more than one Article of the UCC, shall have the meaning given in Article 9 thereof): Account, Account Debtor, As-Extracted Collateral, Bank, Certificated Security, Chattel Paper, Commercial Tort Claims, Commodity Account, Commodity Contract, Commodity Intermediary, Deposit Account, Document, Electronic Chattel Paper, Entitlement Order, Equipment, Farm Products, Fixtures, General Intangibles, Goods, Health-Care-Insurance Receivable, Instrument, Inventory, Letter of Credit Right, Manufactured Home, Money, Payment Intangible, Proceeds,  Record, Securities Account, Securities Intermediary, Security Certificate, Security Entitlement, Supporting Obligations, Tangible Chattel Paper and Uncertificated Security.

EXECUTION VERSION

(ii)All other capitalized terms used herein (including the preamble and recitals hereto) and not otherwise defined herein shall have the meanings ascribed thereto in the Indenture.  The incorporation by reference of terms defined in the Indenture shall survive any termination of the Indenture until this agreement is terminated as provided in Section 11 hereof.   Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference.  References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless otherwise specifically provided.  The use herein of the word “include” or “including”, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter.  The terms lease and license shall include sub-lease and sub-license, as applicable.  If any conflict or inconsistency exists between this Agreement and the Indenture, the Indenture shall govern.  All references herein to provisions of the UCC shall include all successor provisions under any subsequent version or amendment to any Article of the UCC.
Section 2.GRANT OF SECURITY.
2.1 Grant of Security.  
(a)    Each Grantor hereby grants to the Collateral Trustee, for the benefit of the Secured Parties, a security interest in and continuing lien on all of such Grantor’s right, title and interest in, to and under all personal property of such Grantor including, but not limited to the following, in each case whether now owned or existing or hereafter acquired or arising and wherever located (all of which being hereinafter collectively referred to as the “Collateral”):
(1)Accounts;
(2)Contracts;
(3)Chattel Paper;
(4)Documents;
(5)General Intangibles;
(6)Goods (including all of its Equipment, Fixtures and Inventory), together with all accessions, additions, attachments, improvements, substitutions and replacements thereto and therefor;
(7)Instruments;
(8)Insurance;
(9)Intellectual Property;
(10)Investment Related Property (including, without limitation, Deposit Accounts);
(11)Letter of Credit Rights;

EXECUTION VERSION

(12)Money;
(13)Receivables and Receivables Records;
(14)Commercial Tort Claims now or hereafter described on Schedule 5.2(III);
(15)to the extent not otherwise included above, all other personal property of any kind and all Collateral Records, Collateral Support and Supporting Obligations relating to any of the foregoing; and
(16)to the extent not otherwise included above, all Proceeds, products, accessions, rents and profits of or in respect of any of the foregoing.
(i)Notwithstanding anything herein to the contrary, the liens and security interests granted to the Collateral Trustee pursuant to this Agreement and the exercise of any right or remedy by the Collateral Trustee hereunder are subject to the provisions of the Intercreditor Agreements.  To the extent that the provisions of this Agreement shall conflict, or shall be inconsistent, with the provisions of any Intercreditor Agreement, the applicable provisions of such Intercreditor Agreement shall control; provided that nothing in the Intercreditor Agreement shall limit the rights, protections, immunities or indemnities of the Collateral Trustee under the Indenture Documents.  
2.2 Certain Limited Exclusions.  Notwithstanding anything herein or in any other Indenture Document to the contrary, in no event shall the Collateral (as such term is defined herein and used herein) include or the security interest granted under Section 2.1 hereof attach to:
(ii) any lease, license, contract or agreement to which any Grantor is a party, and any of its rights or interest thereunder, if and to the extent that a security interest is prohibited by or in violation of (i) any law, rule or regulation applicable to such Grantor, or (ii) a term, provision or condition of any such lease, license, contract, property right or agreement (unless such law, rule, regulation, term, provision or condition would be rendered ineffective with respect to the creation of the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); provided, however, that the Collateral shall include (and such security interest shall attach) immediately at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, shall attach immediately to any portion of such lease, license, contract or agreement not subject to the prohibitions specified in (i) or (ii) above; provided further that the exclusions referred to in this clause (a) shall not include any Proceeds of any such lease, license, contract or agreement; 

EXECUTION VERSION

(iii)any of the outstanding voting capital stock of (i) (x) any Foreign Subsidiary or any Subsidiary of Parent that is treated as a partnership or a disregarded entity for U.S. federal income tax purposes and that has no material assets other than the stock of one or more Subsidiaries that are controlled foreign corporations within the meaning of Section 957 of the Code (“CFC”), (y) any Subsidiary of Parent that is a CFC or (z) any Subsidiary of Parent that is a Subsidiary of a CFC, in each case, in excess of 65% of all classes of capital stock of such Subsidiary; provided that to the extent the pledge of a greater percentage of the capital stock in such Subsidiary is permitted without adverse tax consequences, the Collateral shall include, and the security interest granted by the Company and each Guarantor shall attach to, such greater percentage of capital stock of each such Subsidiary (ii) any Subsidiary of Parent to the extent that the grant by the applicable pledgors of a Lien in the equity interest of such Subsidiary to secure the Notes (x) is prohibited or restricted by applicable law, rule or regulation or would require governmental (including regulatory) consent, approval, license or authorization unless such consent, approval, license or authorization has been received or (y) is prohibited or restricted by any contractual obligation existing on the Issue Date for so long as such prohibition or restriction is in effect (or, with respect to any Subsidiary acquired after the Issue Date, on the date such Subsidiary is so acquired, so long as such contractual obligation was not incurred in contemplation of such investment or acquisition and for so long as such prohibition or restriction is in effect) (unless, in each case of this clause (y), such prohibition, restriction or requirement would be rendered ineffective with respect to the creation of the security interest under the Security Documents pursuant to Section 9-408 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); provided, however, that the Collateral shall include (and such security interest shall attach) immediately at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, shall attach immediately to any portion of such equity interests not subject to the prohibitions specified in this clause (ii); (iii) any Subsidiary of Parent that is a captive insurance company; (iv) any Unrestricted Subsidiary or (v) a Securitization Entity that cannot be pledged as a result of restrictions in its or its parent’s Organizational Documents or documents governing or related to its or its subsidiaries’ Indebtedness; 
(iv)any applications for trademarks or service marks filed in the United States Patent and Trademark Office (the “PTO”) pursuant to 15 U.S.C. §1051 Section 1(b) unless and until evidence of use of the mark in interstate commerce is submitted to the PTO pursuant to 15 U.S.C. §1051 Section 1(c) or Section 1(d);
(v)any MSRs that are not Specified MSRs (other than to the extent excluded under clause (e) below));
(vi)Securitization Assets and any assets or property subject to a Permitted Lien securing Non-Recourse Indebtedness, Permitted Funding Indebtedness, Permitted Securitization Indebtedness and Indebtedness under Credit Enhancement Agreements; 
(vii)any Custodial Accounts; 
(viii)any REO Assets; 

EXECUTION VERSION

(ix)any assets where a grant of security would require governmental (including regulatory) consent, approval, license or authorization unless such consent, approval, license or authorization has been received (unless such requirement would be rendered ineffective with respect to the creation of the security interest under the Security Documents pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); provided, however, that the Collateral shall include (and such security interest shall attach) immediately at such time as such requirement shall no longer be applicable and to the extent severable, shall attach immediately to any portion of such assets not subject to the requirements specified in this clause (h); 
(x)(x) any segregated deposit account or securities account containing solely (i) deposits secured by Liens in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, trade contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money or other Indebtedness), so long as no foreclosure, sale or similar proceedings have been commenced with respect to any portion of the Collateral on account thereof, or (ii) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security legislation, in each case, to the extent and for so long as the contract or other agreement in which such Lien is granted validly prohibits the creation of any other Lien on such property and (y) any property of a person existing at the time such person is acquired or merged with or into or consolidated with the Company or any Guarantor that is subject to a Lien permitted pursuant to clause (5) or (6) of the definition of “Permitted Liens” as set forth in the Indenture; provided that any such Lien shall encumber only those assets which secured such Indebtedness at the time such assets were acquired by Parent or its Subsidiaries, to the extent and for so long as the contract or other agreement in which such Lien is granted validly prohibits the creation of any other Lien on such property; and
(xi)all fee-owned real property;
provided that, irrespective of the foregoing, the following assets shall constitute “Collateral”:  (1) Unencumbered Servicing Advances to the extent such security interest is permitted to be granted by applicable law and regulations and the applicable servicing agreement and (2) Specified Deferred Servicing Fees and Specified MSRs, in each case other than to the extent excluded under clause (e) above; provided, further, that Excluded Assets shall not include any proceeds, substitutions or replacements of any property referred to in clauses (a) through (j) above (unless such proceeds, substitutions or replacements would constitute Excluded Assets referred to in clauses (a) through (j) above).
Notwithstanding anything contained herein to the contrary, no Grantor shall be required to (i) take any action to create or perfect any security interest in the Collateral under the laws of any jurisdiction outside the United States, or (ii) take any action to perfect any security interest in any aircraft or any trucks, trailers, tractors, service vehicles, automobiles, rolling stock or other mobile equipment covered by certificate of title ownership (except, in each case, the filing of a financing statement).

EXECUTION VERSION

Section 3.SECURITY FOR OBLIGATIONS; GRANTORS REMAIN LIABLE.
3.1    Security for Obligations.  This Agreement secures, and the Collateral is collateral security for, the prompt and complete payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including (x) the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a) (and any successor provision thereof) and (y) interest and fees accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of all Notes Obligations with respect to every Grantor (the “Secured Obligations”).
3.2    Continuing Liability Under Collateral.  Notwithstanding anything herein to the contrary, (i) each Grantor shall remain liable for all obligations under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Collateral Trustee or any Secured Party, (ii) each Grantor shall remain liable under each of the agreements included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and neither the Collateral Trustee nor any Secured Party shall have any obligation or liability under any of such agreements by reason of or arising out of this Agreement or any other document related thereto nor shall the Collateral Trustee nor any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to take any action to collect or enforce any rights under any agreement included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests and (iii) the exercise by the Collateral Trustee of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral.
Section 4.CERTAIN PERFECTION REQUIREMENTS.
4.1    Delivery Requirements.
(a)With respect to any Certificated Securities included in the Collateral, each Grantor shall deliver to the Collateral Trustee (or its agent, designee or bailee) the Security Certificates evidencing such Certificated Securities duly indorsed by an effective indorsement (within the meaning of Section 8-107 of the UCC), or accompanied by share transfer powers or other instruments of transfer duly endorsed by such an effective endorsement, in each case, to the Collateral Trustee or in blank.  In addition, each Grantor shall cause any certificates evidencing any Pledged Equity Interests, including, without limitation, any Pledged Partnership Interests or Pledged LLC Interests, to be similarly delivered to the Collateral Trustee regardless of whether such Pledged Equity Interests constitute Certificated Securities.
(b)With respect to any Instruments or Tangible Chattel Paper included in the Collateral, each Grantor shall deliver to the Collateral Trustee all such Instruments or Tangible Chattel Paper (other than any mortgage loans, auto dealer floorplan loans, or consumer loans owned by any Grantor in the ordinary course of business) to the Collateral Trustee duly indorsed in blank; provided, however, that such delivery requirement shall not apply to any Instruments or Tangible Chattel Paper having a face amount of less than $500,000 individually or $1,000,000 in the aggregate.
4.2    Control Requirements
.

EXECUTION VERSION

(a)With respect to any Uncertificated Security included in the Collateral (other than any Uncertificated Securities credited to a Securities Account), each Grantor shall cause the issuer of such Uncertificated Security (other than any such issuer which is a Foreign Subsidiary or a Securitization Entity) to either (i) register the Collateral Trustee as the registered owner thereof on the books and records of the issuer or (ii) execute an agreement substantially in the form of Exhibit B hereto (or such other agreement in form reasonably satisfactory to the Collateral Trustee), pursuant to which such issuer agrees to comply with the Collateral Trustee’s instructions with respect to such Uncertificated Security without further consent by such Grantor which instructions shall only be given upon the occurrence and during the Continuance of an Event of Default.
(b)With respect to any Letter of Credit Rights relating to letters of credit drawable for an amount of $5,000,000 or more included in the Collateral (other than any Letter of Credit Rights constituting a Supporting Obligation for a Receivable in which the Collateral Trustee has a valid and perfected security interest), Grantor shall use commercially reasonable efforts to ensure that Collateral Trustee has Control thereof by obtaining the written consent of each issuer of each related letter of credit to the assignment of the proceeds of such letter of credit to the Collateral Trustee.
(c)With respect to any Deposit Account (other than any Deposit Account excluded from the Collateral pursuant to Section 2.2), each Grantor shall execute and shall use commercially reasonable efforts to cause each account bank maintaining such Deposit Account to execute an agreement (in form and substance reasonably satisfactory to the Collateral Trustee) granting Control over such Deposit Account to the Collateral Trustee within 90 days of the date hereof with respect to any Deposit Account maintained on the date hereof and within 30 days of opening or acquisition of any other Deposit Account after the date hereof; provided however, that such Control requirement shall not apply to any Deposit Accounts with a value of less than, or having funds or other assets credited thereto with a value of less than, $1,000,000 individually or $5,000,000 in the aggregate.
4.3    Intellectual Property Recording Requirements.
(a)In the case of any Material Intellectual Property (whether now owned or hereafter acquired) consisting of U.S. Patents and Patent Licenses in respect of U.S. Patents for which any Grantor is the licensee and the U.S. Patents are specifically identified, Grantor shall execute and deliver to the Collateral Trustee a Patent Security Agreement in substantially the form of Exhibit E hereto (or a supplement thereto) covering all such Patents and Patent Licenses in appropriate form for recordation with the U.S. Patent and Trademark Office with respect to the security interest of the Collateral Trustee.
(b)In the case of any Material Intellectual Property (whether now owned or hereafter acquired) consisting of U.S. Trademarks and Trademark Licenses in respect of U.S. Trademarks for which any Grantor is the licensee and the U.S. Trademarks are specifically identified, Grantor shall execute and deliver to the Collateral Trustee a Trademark Security Agreement in substantially the form of Exhibit C hereto (or a supplement thereto) covering all such Trademarks and Trademark Licenses in appropriate form for recordation with the U.S. Patent and Trademark Office with respect to the security interest of the Collateral Trustee.

EXECUTION VERSION

(c)In the case of any Material Intellectual Property (whether now owned or hereafter acquired) consisting of  registered U.S. Copyrights and Copyright Licenses in respect of U.S. Copyrights for which any Grantor is the licensee and the U.S. Copyright registrations are specifically identified, Grantor shall execute and deliver to the Collateral Trustee a Copyright Security Agreement in substantially the form of Exhibit D hereto (or a supplement thereto) covering all such Copyright and Copyright Licenses is in appropriate form for recordation with the U.S. Copyright Office with respect to the security interest of the Collateral Trustee.
4.4    Other Actions.  With respect to any Pledged Partnership Interests and Pledged LLC Interests included in the Collateral, if the Grantors own less than 100% of the equity interests in any issuer of such Pledged Partnership Interests or Pledged LLC Interests, Grantors shall use their commercially reasonable efforts to obtain the consent of each other holder of partnership interest or limited liability company interests in such issuer to the security interest of the Collateral Trustee hereunder and following the occurrence and during the Continuance of an Event of Default, the transfer of such Pledged Partnership Interests and Pledged LLC Interests to the Collateral Trustee or its designee, and to the substitution of the Collateral Trustee or its designee as a partner or member with all the rights and powers related thereto.  Each Grantor consents to the grant by each other Grantor of a Lien in all Investment Related Property to the Collateral Trustee and without limiting the generality of the foregoing consents to the transfer of any Pledged Partnership Interest and any Pledged LLC Interest to the Collateral Trustee or its designee following the occurrence and during the Continuance of an Event of Default and to the substitution of the Collateral Trustee or its designee as a partner in any partnership or as a member in any limited liability company with all the rights and powers related thereto.
4.5    Timing and Notice.  Except as provided in Section 4.2(c), with respect to any Collateral in existence on the Issue Date, each Grantor shall comply with the requirements of Section 4 on the date hereof and with respect to any Collateral hereafter owned or acquired, such Grantor shall use commercially reasonable efforts to comply with such requirements within 30 days of Grantor acquiring rights therein.  Each Grantor shall promptly inform the Collateral Trustee of its acquisition of any Collateral for which any action is required by Section 4 hereof (including, for the avoidance of doubt, the filing of any applications for, or the issuance or registration of, any Patents, Copyrights or Trademarks).  
Section 5.REPRESENTATIONS AND WARRANTIES.
Each Grantor hereby represents and warrants, on the Issue Date, that:
5.1    Grantor Information & Status.
(a)Schedule 5.1(A) & (B) (as such schedule may be amended or supplemented from time to time) sets forth under the appropriate headings: (1) the full legal name of such Grantor, (2) all trade names or other names under which such Grantor currently conducts business, (3) the type of organization of such Grantor, (4) the jurisdiction of organization of such Grantor, (5) its organizational identification number, if any, and (6) the jurisdiction where the chief executive office or its sole place of business (or the principal residence if such Grantor is a natural person) is located;
(b)except as provided on Schedule 5.1(C), it has not changed its name, jurisdiction of organization, chief executive office or sole place of business (or principal residence if such Grantor is a natural person) or its corporate structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) and has not done business under any other name, in each case, within the past five (5) years;

EXECUTION VERSION

(c)such Grantor has been duly organized and is validly existing as an entity of the type as set forth opposite such Grantor’s name on Schedule 5.1(A) solely under the laws of the jurisdiction as set forth opposite such Grantor’s name on Schedule 5.1(A) and remains duly existing as such.  Such Grantor has not filed any certificates of dissolution or liquidation, any certificates of domestication, transfer or continuance in any other jurisdiction; and
(d)no Grantor is a “transmitting utility” (as defined in Section 9-102(a)(80) of the UCC).
5.2    Collateral Identification, Special Collateral.
(a)Schedule 5.2 (as such schedule may be amended or supplemented from time to time) sets forth under the appropriate headings all of such Grantor’s: (1) Pledged Equity Interests, (2) Equity Interests (that would otherwise constitute a Pledged Equity Interest) to the extent they secure or are the subject of a negative pledge to support Non-Recourse Indebtedness of Parent, the Company or any other Grantor, (3) Pledged Debt (other than mortgage loans or consumer loans owned by any Grantor in the ordinary course of business), (4) Securities Accounts included in the Collateral other than any Securities Accounts holding assets with a market value of less than $1,000,000 individually or $5,000,000 in the aggregate, (5) Deposit Accounts included in the Collateral other than any Deposit Accounts holding less than $1,000,000 individually or $5,000,000 in the aggregate, (6) Commodity Contracts and Commodity Accounts, (7) all United States and foreign registrations and issuances of and applications for Patents, Trademarks, and Copyrights owned by each Grantor, (8) all Patent Licenses, Trademark Licenses, Trade Secret Licenses and Copyright Licenses constituting Material Intellectual Property, (9) Commercial Tort Claims other than any Commercial Tort Claims having a value of less than $500,000 individually and $1,000,000 in the aggregate, and (10) Letter of Credit Rights for letters of credit other than any Letters of Credit Rights worth less than $500,000, individually or $1,000,000 in the aggregate.  Each Grantor shall supplement such schedules as necessary to ensure that such schedules are accurate on each Increased Amount Date;
(b)none of the Collateral constitutes, or is the Proceeds of, (1) Farm Products, (2) As-Extracted Collateral, (3) Health-Care-Insurance Receivables, (4) timber to be cut or (5) aircraft, aircraft engines, satellites, ships or railroad rolling stock.  No material portion of the collateral consists of motor vehicles or other goods subject to a certificate of title statute of any jurisdiction;
(c)all information supplied by any Grantor with respect to any of the Collateral (in each case taken as a whole with respect to any particular Collateral) is accurate and complete in all material respects; and
(d)not more than 10% of the value of all personal property included in the Collateral (other than the Equity Interests of Foreign Subsidiaries of the Parent) is located in any country other than the United States.
5.3    Ownership of Collateral and Absence of Other Liens.

EXECUTION VERSION

(a)such Grantor owns the Collateral purported to be owned by it or otherwise has the rights it purports to have in each item of Collateral and, as to all Collateral whether now existing or hereafter acquired, developed or created (including by way of lease or license), will continue to own or have such rights in each item of the Collateral (except as otherwise permitted by the Indenture), in each case free and clear of any and all Liens, rights or claims of all other Persons, including, without limitation, liens arising as a result of such Grantor becoming bound (as a result of merger or otherwise) as debtor under a security agreement entered into by another Person other than, in the case of priority only, any Permitted Liens; and
(b)other than any financing statements filed in favor of the Collateral Trustee, no effective financing statement, fixture filing or other instrument similar in effect under any applicable law covering all or any part of the Collateral is on file in any filing or recording office except for (x) financing statements for which duly authorized proper termination statements have been delivered to the Collateral Trustee to authorize the filing thereof and (y) financing statements filed (i) in connection with Permitted Liens or (ii) by individuals with respect to claims that do not constitute Liens.  Other than the Collateral Trustee, the Second Lien Collateral Agent and any automatic control in favor of a Bank, Securities Intermediary or Commodity Intermediary maintaining a Deposit Account, Securities Account or Commodity Contract, no Person is in Control of any Collateral.
5.4    Status of Security Interest.
(a)upon the filing of financing statements naming each Grantor as “debtor” and the Collateral Trustee as “secured party” and describing the Collateral in the filing offices set forth opposite such Grantor’s name on Schedule 5.4 hereof (as such schedule may be amended or supplemented from time to time), the security interest of the Collateral Trustee in all Collateral that can be perfected by the filing of a financing statement under the Uniform Commercial Code as in effect in any jurisdiction will constitute a valid, perfected, first priority Lien in favor of the Collateral Trustee subject in the case of priority only, to any Permitted Liens with respect to Collateral.  Each agreement purporting to give the Collateral Trustee Control over any Collateral is effective to establish the Collateral Trustee’s Control of the Collateral subject thereto;
(b)to the extent perfection or priority of the security interest therein is not subject to Article 9 of the UCC, upon recordation of the security interests granted hereunder in Patents, Trademarks, Copyrights and exclusive Copyright Licenses in the applicable intellectual property registries, including but not limited to the United States Patent and Trademark Office and the United States Copyright Office, the security interests granted to the Collateral Trustee hereunder shall constitute valid, perfected, first priority Liens (subject, in the case of priority only, to Permitted Liens);
(c)no authorization, consent, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body or any other Person is required for either (i) the pledge or grant by any Grantor of the Liens purported to be created in favor of the Collateral Trustee hereunder or (ii) the exercise by Collateral Trustee of any rights or remedies in respect of any Collateral (whether specifically granted or created hereunder or created or provided for by applicable law), except (A) for the filings contemplated by clause (a) above, (B) as may be required, in connection with the disposition of any Investment Related Property, by laws generally affecting the offering and sale of Securities and (C) any consents needed to transfer the servicing under any servicing agreement to any successor servicer; and
(d)each Grantor is in compliance with its obligations under Section 4 hereof.

EXECUTION VERSION

5.5    Pledged Equity Interests, Investment Related Property.
(a)it is the record and beneficial owner of the Pledged Equity Interests free of all Liens (other than Liens securing Second Priority Debt Obligations), rights or claims of other Persons and there are no outstanding warrants, options or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the issuance or sale of, any Pledged Equity Interests;
(b)no consent of any Person including any other general or limited partner, any other member of a limited liability company, any other shareholder or any other trust beneficiary is necessary or desirable in connection with the creation, perfection or first priority status of the security interest of the Collateral Trustee in any Pledged Equity Interests or the exercise by the Collateral Trustee of the voting or other rights provided for in this Agreement or the exercise of remedies in respect thereof except such as have been obtained; and
(c)all of the Pledged LLC Interests and Pledged Partnership Interests either (i) are or represent interests that by their terms provide that they are securities governed by the uniform commercial code of an applicable jurisdiction or (ii)(A) are not traded on securities exchanges or in securities markets, (B) are not “investment company securities” (as defined in Section 8-103(b) of the UCC) and (C) do not provide, in the related operating or partnership agreement, as applicable, certificates, if any, representing such Pledged LLC Interests or Pledged Partnership Interests, as applicable, or otherwise that they are securities governed by the Uniform Commercial Code of any jurisdiction.
5.6    Intellectual Property.
(i)to the best of such Grantor’s knowledge: it is the sole and exclusive owner of the entire right, title, and interest in and to all Intellectual Property listed on Schedule 5.2(II) (as such schedule may be amended or supplemented from time to time), or owns or has the right to use and, where such Grantor does so, sublicense others to use, all other Material Intellectual Property, free and clear of all Liens, claims and encumbrances, except for Permitted Liens and the licenses set forth on Schedule 5.2(II) (as such schedule may be amended or supplemented from time to time);
(ii)to the best of such Grantor’s knowledge: all Material Intellectual Property of such Grantor is subsisting and has not been adjudged invalid or unenforceable, in whole or in part, nor, in the case of Patents, is any of the Intellectual Property the subject of a reexamination proceeding, and such Grantor has performed all acts reasonably necessary and has paid all renewal, maintenance, and other fees and taxes required to maintain each and every registration and application of Copyrights, Patents and Trademarks of such Grantor constituting Material Intellectual Property in full force and effect;
(iii)to the best of the Grantor’s knowledge and excluding Intellectual Property that is the subject of a pending application: all Material Intellectual Property is valid and enforceable; no holding, decision, ruling, or judgment has been rendered in any action or proceeding before any court or administrative authority challenging the validity, enforceability, or scope of, or such Grantor’s right to register, own or use, any Material Intellectual Property of such Grantor, and no such action or proceeding is pending or, to the best of such Grantor’s knowledge, threatened;

EXECUTION VERSION

(iv)to the best of the Grantor’s knowledge: all registrations, issuances and applications for Copyrights, Patents and Trademarks of such Grantor are standing in the name of such Grantor, and none of the Trademarks, Patents, Copyrights or Trade Secrets owned by such Grantor has been licensed by such Grantor to any Affiliate or third party, except as disclosed in Schedule 5.2(II) (as such schedule may be amended or supplemented from time to time);
(v)such Grantor has not made a previous assignment, sale, transfer, exclusive license or similar arrangement constituting a present or future assignment, sale, transfer, exclusive license or similar arrangement of any Material Intellectual Property that has not been terminated or released;
(vi)such Grantor generally used appropriate statutory notice of registration in connection with its use of its registered Trademarks and proper marking practices in connection with the use of Patents constituting Material Intellectual Property;
(vii)such Grantor has taken commercially reasonable steps to protect the confidentiality of its Trade Secrets constituting Material Intellectual Property;
(viii)such Grantor controls the nature and quality of all products sold and all services rendered under or in connection with all Trademarks of such Grantor and has taken all action reasonably necessary to insure that all licensees of the Trademarks owned by such Grantor comply with such Grantor’s standards of quality, in each case, to the extent constituting Material Intellectual Property; and
(ix)to the best of such Grantor’s knowledge: the conduct of such Grantor’s business does not infringe, misappropriate, dilute or otherwise violate any Intellectual Property right of any other Person; and no claim has been made that the use of any Material Intellectual Property owned or used by such Grantor (or any of its respective licensees) infringes, misappropriates, dilutes or otherwise violates the asserted rights of any other Person, and no demand that such Grantor enter into a license or co-existence agreement has been made but not resolved.
Section 6.COVENANTS AND AGREEMENTS.
Each Grantor hereby covenants and agrees that:
6.1    Grantor Information & Status.

EXECUTION VERSION

(a)Without limiting any prohibitions or restrictions on mergers or other transactions set forth in the Indenture, it shall not change such Grantor’s name, identity, corporate structure (e.g. by merger, consolidation, change in corporate form or otherwise), sole place of business (or principal residence if such Grantor is a natural person), chief executive office, type of organization or jurisdiction of organization or establish any trade names unless it shall have (a) notified the Collateral Trustee in writing at least thirty (30) days prior to any such change or establishment, identifying such new proposed name, identity, corporate structure, sole place of business (or principal residence if such Grantor is a natural person), chief executive office, jurisdiction of organization or trade name and providing such other information in connection therewith as the Collateral Trustee may reasonably request and (b) taken all actions necessary to maintain the continuous validity, perfection and the same or better priority of the Collateral Trustee’s security interest in the Collateral granted or intended to be granted and agreed to hereby, which in the case of any merger or other change in corporate structure shall include, without limitation, executing and delivering to the Collateral Trustee a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto together with all Supplements to Schedules thereto, upon completion of such merger or other change in corporate structure confirming the grant of the security interest hereunder.
6.2    Collateral Identification; Special Collateral.
(a)in the event that it hereafter acquires any Collateral of a type described in Section 5.2(b) hereof, it shall promptly notify the Collateral Trustee thereof in writing and take such actions and execute such documents and make such filings all at Grantor’s expense as necessary (or as the Collateral Trustee may reasonably request) in order to ensure that the Collateral Trustee has a valid, perfected, first priority security interest in such Collateral, subject in the case of priority only, to any Permitted Liens. Notwithstanding the foregoing, no Grantor shall be required to notify the Collateral Trustee or take any such action unless such Collateral is of a material value or is material to such Grantor’s business; and
(b)in the event that it hereafter acquires or has any Commercial Tort Claim in excess of $500,000 individually or $1,000,000 in the aggregate it shall deliver to the Collateral Trustee a completed Pledge Supplement, substantially in the form of Exhibit A attached hereto, together with all Supplements to Schedules thereto, identifying such new Commercial Tort Claims.
6.3    Ownership of Collateral and Absence of Other Liens.
(a)except for the security interest created by this Agreement, it shall not create or suffer to exist any Lien upon or with respect to any of the Collateral, other than Permitted Liens, and such Grantor shall defend the Collateral against all Persons at any time claiming any interest therein;
(b)upon such Grantor or any officer of such Grantor obtaining knowledge thereof, it shall promptly notify the Collateral Trustee in writing of any event that is reasonably likely to have a Material Adverse Effect on the value of the Collateral or any material portion thereof, the ability of any Grantor or the Collateral Trustee to dispose of the Collateral or any material portion thereof, or the rights and remedies of the Collateral Trustee in relation thereto, including, without limitation, the levy of any legal process against the Collateral or any material portion thereof;  and
(c)it shall not sell, transfer or assign (by operation of law or otherwise) or exclusively license to another Person any Collateral except as otherwise permitted by the Indenture.
6.4    Status of Security Interest.

EXECUTION VERSION

(a)Subject to the limitations set forth in subsection (b) of this Section 6.4 and except as otherwise permitted by the Indenture, each Grantor shall maintain the security interest of the Collateral Trustee hereunder in all Collateral as valid, perfected, first priority Liens (subject, in the case of priority only, to Permitted Liens).
(b)Notwithstanding the foregoing (or anything else to the contrary herein or in any other Security Document), no Grantor shall be required to take any action to (i) other than as set forth in Section 4.2, perfect a security interest in any Collateral that can only be perfected by Control, (ii) make foreign filings with respect to Intellectual Property or (iii) make any filings with registrars of motor vehicles or similar governmental authorities with respect to goods covered by a certificate of title, in each case except as and to the extent specified in Section 4 hereof.
6.5    Receivables.
(a)it shall keep and maintain at its own cost and expense satisfactory and complete records of the Receivables, including, but not limited to, the originals of all documentation with respect to all Receivables and records of all payments received and all credits granted on the Receivables, all merchandise returned and all other dealings therewith;
(b)other than in the ordinary course of business or as permitted by the Indenture Documents, following and during the continuation of an Event of Default, (i) it shall not amend, modify, terminate or waive any provision of any Receivable in any manner which could reasonably be expected to have a material adverse effect on the value of such Receivable; and (ii) it shall not (w) grant any extension or renewal of the time of payment of any Receivable, (x) compromise or settle any dispute, claim or legal proceeding with respect to any Receivable for less than the total unpaid balance thereof, (y) release, wholly or partially, any Person liable for the payment thereof, or (z) allow any credit or discount thereon; and
(c)at any time following the occurrence and during the continuation of an Event of Default, the Collateral Trustee shall have the right to notify, or require any Grantor to notify, any Account Debtor of the Collateral Trustee’s security interest in the Receivables and any Supporting Obligation and, in addition, the Collateral Trustee may: (1) direct the Account Debtors under any Receivables to make payment of all amounts due or to become due to such Grantor thereunder directly to the Collateral Trustee; (2) notify, or require any Grantor to notify, each Person maintaining a lockbox or similar arrangement to which Account Debtors under any Receivables have been directed to make payment to remit all amounts representing collections on checks and other payment items from time to time sent to or deposited in such lockbox or other arrangement directly to the Collateral Trustee; and (3) enforce, at the expense of such Grantor, collection of any such Receivables and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done.  If the Collateral Trustee notifies any Grantor that it has elected to collect the Receivables in accordance with the preceding sentence, any payments of Receivables received by such Grantor shall be forthwith (and in any event within two (2) Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Collateral Trustee and until so turned over, all amounts and proceeds (including checks and other instruments) received by such Grantor in respect of the Receivables, any Supporting Obligation or Collateral Support shall be received in trust for the benefit of the Collateral Trustee hereunder and shall be segregated from other funds of such Grantor and such Grantor shall not adjust, settle or compromise the amount or payment of any Receivable, or release wholly or partly any Account Debtor or obligor thereof, or allow any credit or discount thereon.

EXECUTION VERSION

6.6    Pledged Equity Interests, Investment Related Property.
(a)Except as provided in the next sentence, in the event such Grantor receives any dividends, interest or distributions on any Pledged Equity Interest or other Investment Related Property, upon the merger, consolidation, liquidation or dissolution of any issuer of any Pledged Equity Interest or Investment Related Property, then (a) such dividends, interest or distributions and securities or other property shall be included in the definition of Collateral without further action and (b) such Grantor shall immediately take all steps, if any, necessary to ensure the validity, perfection, priority and, if applicable, control of the Collateral Trustee over such Investment Related Property (including, without limitation, delivery thereof to the Collateral Trustee to the extent otherwise required pursuant to this Agreement) and pending any such action such Grantor shall be deemed to hold such dividends, interest, distributions, securities or other property in trust for the benefit of the Collateral Trustee and shall segregate such dividends, distributions, Securities or other property from all other property of such Grantor.  Notwithstanding the foregoing, so long as no Event of Default shall have occurred and be Continuing, the Collateral Trustee authorizes each Grantor to retain all cash dividends and distributions paid in the normal course of the business of the issuer and consistent with the past practice of the issuer and all payments of interest;
(b)Voting.
(i)So long as no Event of Default shall have occurred and be Continuing, except as otherwise provided under the covenants and agreements relating to Investment Related Property in this Agreement or elsewhere herein or in the Indenture, each Grantor shall be entitled to exercise or refrain from exercising any and all voting and other consensual rights pertaining to the Investment Related Property or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Indenture; provided, no Grantor shall exercise or refrain from exercising any such right without the prior written consent of the Collateral Trustee (as directed by a majority of Holders in aggregate principal amount of Notes)  if such action would have a Material Adverse Effect on the value of the Collateral; it being understood, however, that neither the voting by such Grantor of any Pledged Stock for, or such Grantor’s consent to, the election of directors (or similar governing body) at a regularly scheduled annual or other meeting of stockholders or with respect to incidental matters at any such meeting, nor such Grantor’s consent to or approval of any action otherwise permitted under this Agreement and the Indenture, shall be deemed inconsistent with the terms of this Agreement or the Indenture within the meaning of this Section 6.6(b)(i); and
(ii)Upon the occurrence and during the continuation of an Event of Default:
(1)all rights of each Grantor to exercise or refrain from exercising the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall cease and all such rights shall thereupon become vested in the Collateral Trustee who shall thereupon have the sole right to exercise such voting and other consensual rights; and

EXECUTION VERSION

(2)    in order to permit the Collateral Trustee to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends and other distributions which it may be entitled to receive hereunder: (1) each Grantor shall promptly execute and deliver (or cause to be executed and delivered) to the Collateral Trustee all proxies, dividend payment orders and other instruments as the Collateral Trustee may from time to time reasonably request and (2) each Grantor acknowledges that the Collateral Trustee may utilize the power of attorney set forth in Section 8.1; and
(c)Except to the extent not prohibited by the Indenture, without the prior written consent of the Collateral Trustee (as directed by a majority of Holders in aggregate principal amount of Notes), it shall not vote to enable or take any other action to: (i) amend or terminate any partnership agreement, limited liability company agreement, certificate of incorporation, by-laws or other organizational documents in any way that materially changes the rights of such Grantor with respect to any Investment Related Property or adversely affects the validity, perfection or priority of the Collateral Trustee’s security interest, (ii) permit any Subsidiary that is an issuer of any Pledged Equity Interest to issue any additional stock, partnership interests, limited liability company interests or other equity interests of any nature or to issue securities convertible into or granting the right of purchase or exchange for any stock or other equity interest of any nature of such issuer, (iii) permit any issuer of any Pledged Equity Interest to dispose of all or a material portion of their assets, (iv) waive any default under or breach of any terms of organizational document relating to the issuer of any Pledged Equity Interest or the terms of any Pledged Debt consisting of intercompany debt or (v) cause any issuer of any Pledged Partnership Interests or Pledged LLC Interests which are not securities (for purposes of the UCC) on the date hereof to elect or otherwise take any action to cause such Pledged Partnership Interests or Pledged LLC Interests to be treated as securities for purposes of the UCC; provided, however, notwithstanding the foregoing, if any issuer of any Pledged Partnership Interests or Pledged LLC Interests takes any such action in violation of the foregoing in this clause (v), such Grantor shall promptly notify the Collateral Trustee in writing of any such election or action and, in such event, shall take all steps necessary or advisable to establish the Collateral Trustee’s “control” thereof;  and
(d)Except to the extent not prohibited by the Indenture, without the prior written consent of the Collateral Trustee (as directed by a majority of Holders in aggregate principal amount of Notes), it shall not permit any issuer of any Pledged Equity Interest to merge or consolidate unless (i) all the outstanding capital stock or other equity interests of the surviving or resulting corporation, limited liability company, partnership or other entity is, upon such merger or consolidation, pledged hereunder and no cash, securities or other property is distributed in respect of the outstanding equity interests of any other constituent Grantor; provided that if the surviving or resulting Grantors upon any such merger or consolidation involving an issuer which is a Controlled Foreign Corporation, then such Grantor shall only be required to pledge equity interests in accordance with Section 2 and (ii) Grantor promptly complies with the delivery and control requirements of Section 4 hereof.

EXECUTION VERSION

(e)Such Grantor covenants and agrees that, without the prior express written consent of the Collateral Trustee (as directed by a majority of Holders in aggregate principal amount of Notes), it will not agree to any election by any limited liability company or partnership, as applicable, to treat the Pledged LLC Interests or Pledged Partnership Interests, as applicable, as securities governed by the Uniform Commercial Code of any jurisdiction and in any event will promptly notify the Collateral Trustee in writing if the representation set forth in Section 5.5(c) becomes untrue for any reason and, in such event, take such action as necessary (or as the Collateral Trustee may reasonably request) in order to establish the Collateral Trustee’s “control” (within the meaning of Section 8-106 of the New York UCC) over such Pledged LLC Interests or Pledged Partnership Interests, as applicable.  Such Grantor shall not consent to any amendment to any related operating or partnership agreement, as applicable, that would render the representation in Section 5.5(c) to no longer be true and correct.
6.7    Intellectual Property.
(a)Except in each case as shall be consistent with commercially reasonable business judgment, it shall not do any act or omit to do any act whereby any of the Material Intellectual Property, as determined at the time of the determination, may lapse, or become abandoned, canceled, dedicated to the public, forfeited, unenforceable or otherwise impaired, or which would adversely affect the validity, grant, or enforceability of the security interest granted therein;
(b)it shall not, with respect to any Trademarks constituting Material Intellectual Property at the time, cease the use of any of such Trademarks or fail to maintain the level of the quality of products sold and services rendered under any of such Trademark at a level at least substantially consistent with the quality of such products and services as of the date hereof, and each Grantor shall take all steps reasonably necessary to insure that licensees of such Trademarks use such consistent standards of quality;
(c)it shall promptly notify the Collateral Trustee if it receives any demand or threat or is the subject of any claim in a formal proceeding before a tribunal of competent authority of which it knows or has reason to know that any item of Material Intellectual Property is or has become, or may become, (i) abandoned or dedicated to the public or placed in the public domain, (ii) invalid or unenforceable, (iii) subject to any adverse determination (including the institution of, or any adverse claim with respect to, any action or proceeding in the United States Patent and Trademark Office, the United States Copyright Office, any state registry, any foreign counterpart of the foregoing, or any court) or (iv) the subject of any reversion or termination rights;
(d)except in each case as shall be consistent with commercially reasonable business judgment, it shall take all reasonable steps, including in any proceeding before the United States Patent and Trademark Office, the United States Copyright Office, any state registry or any foreign counterpart of the foregoing, to pursue any application and maintain any registration or issuance of each Trademark, Patent, and Copyright owned by any Grantor and constituting Material Intellectual Property which is now or shall become included in the Intellectual Property including, but not limited to, those items on Schedule 5.2(II) (as such schedule may be amended or supplemented from time to time); and
(e)it shall use commercially reasonable efforts so as not to permit the inclusion in any contract to which it hereafter becomes a party of any provision that could or may in any way materially impair or prevent the creation of a security interest in, or the assignment of, such Grantor’s rights and interests in any property included within the definitions of any Material Intellectual Property acquired under such contracts.

EXECUTION VERSION

Section 7.    ACCESS; RIGHT OF INSPECTION AND FURTHER ASSURANCES;
    ADDITIONAL GRANTORS.
7.1 Access; Right of Inspection.  The Collateral Trustee shall (at such Grantor’s expense) at all times have full and free access (following reasonable advance notice) during normal business hours to all the books, correspondence and records of each Grantor, and the Collateral Trustee and its representatives may (but shall not be obligated to) examine the same, take extracts therefrom and make photocopies thereof, and each Grantor agrees to render to the Collateral Trustee, at such Grantor’s cost and expense, such clerical and other assistance as may be reasonably requested with regard thereto.  The Collateral Trustee and its representatives shall at all times (following reasonable advance notice) also have the right (but not the obligation) to enter any premises of each Grantor and inspect any property of each Grantor (during normal business hours) where any of the Collateral of such Grantor granted pursuant to this Agreement is located for the purpose of inspecting the same, observing its use or otherwise protecting its interests therein.
7.2    Further Assurances.
(a)Each Grantor agrees that from time to time, at the expense of such Grantor, that it shall promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary, or that the Collateral Trustee may reasonably request, in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be granted hereby or to enable the Collateral Trustee to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, each Grantor shall:
(i)file such financing or continuation statements, or amendments thereto, record security interests in Intellectual Property and execute and deliver such other agreements, instruments, endorsements, powers of attorney or notices, as may be necessary or desirable, or as the Collateral Trustee may reasonably request, in order to effect, reflect, perfect and preserve the security interests granted or purported to be granted hereby;
(ii)take all actions necessary to ensure the recordation of appropriate evidence of the liens and security interest granted hereunder in any Intellectual Property with any United States intellectual property registry in which said Intellectual Property is registered or issued or in which an application for registration or issuance is pending including, without limitation, the United States Patent and Trademark Office, the United States Copyright Office, the various Secretaries of State;
(iii)at any reasonable time, upon reasonable request by the Collateral Trustee, assemble the Collateral and allow inspection of the Collateral by the Collateral Trustee, or persons designated by the Collateral Trustee;
(iv)appear in and defend any action or proceeding that may affect such Grantor’s title to or the Collateral Trustee’s security interest in all or any part of the Collateral; and
(v)furnish the Collateral Trustee with such information regarding the Collateral, including, without limitation, the location thereof, as the Collateral Trustee may reasonably request from time to time.

EXECUTION VERSION

(b)Without limiting its obligations hereunder, each Grantor hereby authorizes the Collateral Trustee to file a Record or Records, including, without limitation, financing or continuation statements, Intellectual Property Security Agreements and amendments and supplements to any of the foregoing, in any jurisdictions and with any filing offices as are necessary to perfect or otherwise protect the security interest granted to the Collateral Trustee herein.  Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as is necessary to ensure the perfection of the security interest in the Collateral granted to the Collateral Trustee herein, including, without limitation, describing such property as “all assets, whether now owned or hereafter acquired, developed or created” or words of similar effect.  Each Grantor shall furnish to the Collateral Trustee from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as are necessary or as the Collateral Trustee may reasonably request, all in reasonable detail.
(c)Each Grantor hereby authorizes the Collateral Trustee to modify this Agreement after obtaining such Grantor’s approval of or signature to such modification by amending Schedule 5.2 (as such schedule may be amended or supplemented from time to time) to include reference to any right, title or interest in any existing Intellectual Property or any Intellectual Property acquired or developed by any Grantor after the execution hereof or to delete any reference to any right, title or interest in any Intellectual Property in which any Grantor no longer has or claims any right, title or interest.
7.3    Additional Grantors.  From time to time subsequent to the date hereof, additional Persons may become parties hereto as additional Grantors (each, an “Additional Grantor”), by executing a Pledge Supplement.  Upon delivery of any such Pledge Supplement to the Collateral Trustee, notice of which is hereby waived by Grantors, each Additional Grantor shall be a Grantor and shall be as fully a party hereto as if Additional Grantor were an original signatory hereto.  Each Grantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Grantor hereunder.  This Agreement shall be fully effective as to any Grantor that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Grantor hereunder.
Section 8. COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT.
8.1    Power of Attorney.  Each Grantor hereby irrevocably appoints the Collateral Trustee (such appointment being coupled with an interest) as such Grantor’s attorney-in-fact, with full authority in the place and stead of such Grantor and in the name of such Grantor, the Collateral Trustee or otherwise, from time to time in the Collateral Trustee’s discretion to take any action and to execute any instrument that the Collateral Trustee may deem reasonably necessary to accomplish the purposes of this Agreement, including, without limitation, the following:
(a)upon the occurrence and during the Continuance of any Event of Default, to obtain and adjust insurance required to be maintained by such Grantor or paid to the Collateral Trustee pursuant to the Indenture;
(b)upon the occurrence and during the Continuance of any Event of Default, to ask for, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral;

EXECUTION VERSION

(c)upon the occurrence and during the Continuance of any Event of Default, to receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with clause (b) above;
(d)upon the occurrence and during the Continuance of any Event of Default, to file any claims or take any action or institute any proceedings that the Collateral Trustee may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Collateral Trustee with respect to any of the Collateral;
(e)upon the occurrence and during the Continuance of any Event of Default, to prepare and file any UCC financing statements against such Grantor as debtor;
(f)upon the occurrence and during the Continuance of any Event of Default, to prepare, sign, and file for recordation in any United States intellectual property registry, appropriate evidence of the lien and security interest granted herein in the Intellectual Property in the name of such Grantor as debtor;
(g)upon the occurrence and during the Continuance of any Event of Default, to take or cause to be taken all actions necessary to perform or comply or cause performance or compliance with the terms of this Agreement, including, without limitation, access to pay or discharge taxes or Liens (other than Permitted Liens) levied or placed upon or threatened against the Collateral, the legality or validity thereof and the amounts necessary to discharge the same to be determined by the Collateral Trustee in its sole discretion, any such payments made by the Collateral Trustee to become obligations of such Grantor to the Collateral Trustee, due and payable immediately without demand; and
(h)upon the occurrence and during the Continuance of any Event of Default generally to sell, transfer, lease, license, pledge, make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Collateral Trustee were the absolute owner thereof for all purposes, and to do, at the Collateral Trustee’s option and such Grantor’s expense, at any time or from time to time, all acts and things that the Collateral Trustee deems reasonably necessary to protect, preserve or realize upon the Collateral and the Collateral Trustee’s security interest therein in order to effect the intent of this Agreement, all as fully and effectively as such Grantor might do.
8.2    No Duty on the Part of Collateral Trustee or Secured Parties.   The powers conferred on the Collateral Trustee hereunder are solely to protect the interests of the Secured Parties in the Collateral and shall not impose any duty or obligation upon the Collateral Trustee or any Secured Party to exercise any such powers.  The Collateral Trustee and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible for any act or failure to act hereunder, except for their own gross negligence or willful misconduct.
Section 9.    REMEDIES.
9.1    Generally.

EXECUTION VERSION

(a)If any Event of Default shall have occurred and be Continuing, subject to any Intercreditor Agreement, the Collateral Trustee may exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or otherwise available to it at law or in equity, all the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the affected Collateral) to collect, enforce or satisfy any Secured Obligations then owing, whether by acceleration or otherwise, and also may pursue any of the following separately, successively or simultaneously:
(i)require any Grantor to, and each Grantor hereby agrees that it shall at its expense and promptly upon request of the Collateral Trustee forthwith, assemble all or part of the tangible Collateral as directed by the Collateral Trustee and make it available to the Collateral Trustee at a place to be designated by the Collateral Trustee that is reasonably convenient to both parties;
(ii)enter onto the property where any Collateral is located and take possession thereof with or without judicial process;
(iii)prior to the disposition of the Collateral, store, process, repair or recondition the Collateral or otherwise prepare the Collateral for disposition in any manner to the extent the Collateral Trustee deems appropriate; and
(iv)without notice except as specified below or under the UCC, sell, assign, lease, license (on an exclusive or nonexclusive basis) or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Trustee’s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices and upon such other terms as the Collateral Trustee may deem commercially reasonable.

EXECUTION VERSION

(b)The Collateral Trustee or any other Secured Party may be the purchaser of any or all of the Collateral at any public or private (to the extent to the portion of the Collateral being privately sold is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations) sale in accordance with the UCC and the Collateral Trustee, as collateral trustee for and representative of the Secured Parties, shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale made in accordance with the UCC, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any Collateral payable by the Collateral Trustee at such sale.  Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted.  Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’ notice to such 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.  The Collateral Trustee shall not be obligated to make any sale of Collateral regardless of notice of sale having been given.  The Collateral Trustee may adjourn any public or private 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 it would not be commercially unreasonable for the Collateral Trustee to dispose of the Collateral or any portion thereof by using Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets.  Each Grantor hereby waives any claims against the Collateral Trustee arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the Collateral Trustee accepts the first offer received and does not offer such Collateral to more than one offeree.  If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured Obligations, Grantors shall be liable for the deficiency and the fees of any attorneys employed by the Collateral Trustee to collect such deficiency.  Each Grantor further agrees that a breach of any of the covenants contained in this Section will cause irreparable injury to the Collateral Trustee, that the Collateral Trustee has no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no default has occurred giving rise to the Secured Obligations becoming due and payable prior to their stated maturities.  Nothing in this Section shall in any way limit the rights of the Collateral Trustee hereunder.
(c)The Collateral Trustee may sell the Collateral without giving any warranties as to the Collateral.  The Collateral Trustee may specifically disclaim or modify any warranties of title or the like.  This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral.
(d)The Collateral Trustee shall have no obligation to marshal any of the Collateral.

EXECUTION VERSION

9.2    Application of Proceeds.  Subject to the Intercreditor Agreements, except as expressly provided elsewhere in this Agreement, all proceeds received by the Collateral Trustee in respect of any sale of, any collection from, or other realization upon all or any part of the Collateral shall be applied in full or in part by the Collateral Trustee against, the Secured Obligations in the following order of priority:  first, to the payment of all reasonable costs and expenses of such sale, collection or other realization, including reasonable compensation to the Trustee, the Collateral Trustee and their agents and counsel, and all other expenses, liabilities and advances made or incurred by the Trustee or the Collateral Trustee in connection therewith, and all amounts for which the Trustee or the Collateral Trustee is entitled to indemnification under the Indenture Documents and all advances made by the Collateral Trustee hereunder for the account of the applicable Grantor, and to the payment of all reasonable costs and expenses paid or incurred by the Collateral Trustee in connection with the exercise of any right or remedy hereunder or under the Indenture Documents, all in accordance with the terms hereof or thereof; second, to the extent of any excess of such proceeds, to the payment of all other Secured Obligations for the ratable benefit of the Holders of the Notes; and third, to the extent of any excess of such proceeds, to the to the Company or to such party as a court of competent jurisdiction shall direct including any Guarantor, if applicable.
9.3    Sales on Credit.  If the Collateral Trustee sells any of the Collateral upon credit, Grantor will be credited only with payments actually made by purchaser and received by Collateral Trustee and applied to indebtedness of the purchaser.  In the event the purchaser fails to pay for the Collateral, Collateral Trustee may resell the Collateral and Grantor shall be credited with proceeds of the sale.
9.4    Investment Related Property.  Each Grantor recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws, the Collateral Trustee may be compelled, with respect to any sale of all or any part of the Investment Related Property conducted without prior registration or qualification of such Investment Related Property under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things, to acquire the Investment Related Property for their own account, for investment and not with a view to the distribution or resale thereof.  Each Grantor acknowledges that any such private sale may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions (including a public offering made pursuant to a registration statement under the Securities Act) and, notwithstanding such circumstances, each Grantor agrees that any such private sale shall not be deemed to have been made in a commercially unreasonable manner solely as a result of such limitation and that the Collateral Trustee shall have no obligation to engage in public sales and no obligation to delay the sale of any Investment Related Property for the period of time necessary to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would, or should, agree to so register it.  If the Collateral Trustee determines to exercise its right to sell any or all of the Investment Related Property, upon written request, each Grantor shall and shall cause each issuer of any Pledged Stock to be sold hereunder, each partnership and each limited liability company from time to time to furnish to the Collateral Trustee all such information as the Collateral Trustee may reasonably request in order to determine the number and nature of interest, shares or other instruments included in the Investment Related Property which may be sold by the Collateral Trustee in exempt transactions under the Securities Act and the rules and regulations of the Securities and Exchange Commission thereunder, as the same are from time to time in effect.

EXECUTION VERSION

9.5    Grant of Intellectual Property License.  For the purpose of enabling the Collateral Trustee, during the Continuance of an Event of Default, to exercise rights and remedies under Section 9 hereof at such time as the Collateral Trustee shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, each Grantor hereby grants to the Collateral Trustee, to the extent assignable, an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to such Grantor), subject, in the case of Trademarks, to sufficient rights to quality control and inspection in favor of such Grantor to avoid the risk of invalidation of such Trademarks, to use, assign, license or sublicense any of the Intellectual Property now owned or hereafter acquired, developed or created by such Grantor, wherever the same may be located.  Such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer programs used for the compilation or printout hereof.
9.6    Intellectual Property.
(a)Anything contained herein to the contrary notwithstanding, in addition to the other rights and remedies provided herein, upon the occurrence and during the continuance of an Event of Default:
(i)the Collateral Trustee shall have the right (but not the obligation) to bring suit or otherwise commence any action or proceeding in the name of any Grantor, the Collateral Trustee or otherwise, in the Collateral Trustee’s sole discretion, to enforce any Intellectual Property rights of such Grantor, in which event such Grantor shall, at the request of the Collateral Trustee, do any and all lawful acts and execute any and all documents reasonably required by the Collateral Trustee in aid of such enforcement and such Grantor shall promptly, upon demand, reimburse and indemnify the Collateral Trustee as provided in Section 7.07 of the Indenture in connection with the exercise of its rights under this Section 9.6, and, to the extent that the Collateral Trustee shall elect not to bring suit to enforce any Intellectual Property rights as provided in this Section 9.6, each Grantor agrees to use all reasonable measures, whether by action, suit, proceeding or otherwise, to prevent the infringement, misappropriation, dilution or other violation of any of such Grantor’s rights in the Intellectual Property by others and for that purpose agrees to diligently maintain any action, suit or proceeding against any Person so infringing, misappropriating, diluting or otherwise violating, as shall be necessary to prevent such infringement, misappropriation, dilution or other violation;
(ii)upon written demand from the Collateral Trustee, each Grantor shall grant, assign, convey or otherwise transfer to the Collateral Trustee or such Collateral Trustee’s designee all of such Grantor’s right, title and interest in and to any Intellectual Property and shall execute and deliver to the Collateral Trustee such documents as are necessary or appropriate to carry out the intent and purposes of this Agreement;
(iii)each Grantor agrees that such an assignment and/or recording shall be applied to reduce the Secured Obligations outstanding only to the extent that the Collateral Trustee (or any Secured Party) receives cash proceeds in respect of the sale of, or other realization upon, any such Intellectual Property;

EXECUTION VERSION

(iv)within five (5) Business Days after written notice from the Collateral Trustee, each Grantor shall make available to the Collateral Trustee, to the extent within such Grantor’s power and authority, such personnel in such Grantor’s employ on the date of such Event of Default as the Collateral Trustee may reasonably designate, by name, title or job responsibility, to permit such Grantor to continue, directly or indirectly, to produce, advertise and sell the products and services sold or delivered by such Grantor under or in connection with any Trademarks or Trademark Licenses, such persons to be available to perform their prior functions on the Collateral Trustee’s behalf and to be compensated by the Collateral Trustee at such Grantor’s expense on a per diem, pro rata basis consistent with the salary and benefit structure applicable to each as of the date of such Event of Default; and
(v)the Collateral Trustee shall have the right to notify, or require each Grantor to notify, any obligors with respect to amounts due or to become due to such Grantor in respect of the Intellectual Property of such Grantor, of the existence of the security interest created herein, to direct such obligors to make payment of all such amounts directly to the Collateral Trustee, and, upon such notification and at the expense of such Grantor, to enforce collection of any such amounts and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same extent as such Grantor might have done; it being understood and agreed that
(1)all amounts and proceeds (including checks and other instruments) received by such Grantor in respect of amounts due to such Grantor in respect of the Collateral or any portion thereof shall be received in trust for the benefit of the Collateral Trustee hereunder, shall be segregated from other funds of such Grantor and shall be forthwith paid over or delivered to the Collateral Trustee in the same form as so received (with any necessary endorsement) to be held as cash Collateral and applied as provided by Section 9.7 hereof; and
(2)such Grantor shall not adjust, settle or compromise the amount or payment of any such amount or release wholly or partly any obligor with respect thereto or allow any credit or discount thereon.
(b)If (i) an Event of Default shall have occurred and, by reason of cure, waiver, modification, amendment or otherwise, no longer be Continuing, (ii) no other Event of Default shall have occurred and be Continuing, (iii) an assignment or other transfer to the Collateral Trustee of any rights, title and interests in and to any Intellectual Property of such Grantor shall have been previously made and shall have become absolute and effective and (iv) the Secured Obligations shall not have become immediately due and payable, upon the written request of any Grantor, the Collateral Trustee shall promptly execute and deliver to such Grantor, at such Grantor’s sole cost and expense, such assignments or other transfer as may be necessary to reassign to such Grantor any such rights, title and interests as may have been assigned to the Collateral Trustee as aforesaid, subject to any disposition thereof that may have been made by the Collateral Trustee; provided, after giving effect to such reassignment, the Collateral Trustee’s security interest granted pursuant hereto, as well as all other rights and remedies of the Collateral Trustee granted hereunder, shall continue to be in full force and effect; and provided further, the rights, title and interests so reassigned shall be free and clear of any other Liens granted by or on behalf of the Collateral Trustee and the Secured Parties.
9.7    Cash Proceeds; Deposit Accounts.

EXECUTION VERSION

i.If any Event of Default shall have occurred and be Continuing, in addition to the rights of the Collateral Trustee specified in Section 6.5 with respect to payments of Receivables, all proceeds of any Collateral received by any Grantor consisting of cash, checks and other near-cash items (collectively, “Cash Proceeds”) shall be held by such Grantor in trust for the Collateral Trustee, segregated from other funds of such Grantor, and upon request by the Collateral Trustee shall, forthwith upon receipt by such Grantor, be turned over to the Collateral Trustee in the exact form received by such Grantor (duly indorsed by such Grantor to the Collateral Trustee, if required) and held by the Collateral Trustee.  Any Cash Proceeds received by the Collateral Trustee (whether from a Grantor or otherwise) may, in the sole discretion of the Collateral Trustee, (A) be held by the Collateral Trustee for the ratable benefit of the Secured Parties, as collateral security for the Secured Obligations (whether matured or unmatured) and/or (B) then or at any time thereafter may be applied by the Collateral Trustee against the Secured Obligations then due and owing.
Section 10.    COLLATERAL AGENT.
The Collateral Trustee has been appointed to act as Collateral Trustee hereunder by the Holders of the Notes. The Collateral Trustee shall be obligated, and shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without limitation, the release or substitution of Collateral), solely in accordance with this Agreement and the Indenture.  In furtherance of the foregoing provisions of this Section, each Secured Party, by its acceptance of the benefits hereof, agrees that it shall have no right individually to realize upon any of the Collateral hereunder, it being understood and agreed by such Secured Party that all rights and remedies hereunder may be exercised solely by the Collateral Trustee for the benefit of Secured Parties in accordance with the terms of this Section.   The provisions of the Indenture relating to the Collateral Trustee or the Trustee, if applicable, including, without limitation, the provisions relating to resignation or removal of the Collateral Trustee and the protections, rights, indemnities, powers and duties and immunities of the Collateral Trustee are incorporated herein by this reference and shall survive any termination of the Indenture or removal or resignation of the Collateral Trustee or Trustee, if applicable.
In connection with exercising any right or discretionary duty hereunder (including, without limitation, the exercise of any rights following the occurrence of an Event of Default), the Collateral Trustee shall be entitled to request and rely upon the direction of Holders of a majority in aggregate outstanding amount of the Notes to direct the Collateral Trustee pursuant to the Indenture.  The Collateral Trustee shall not have any liability for taking any action at such direction or for its failure to take any action pending the receipt of such direction. The Collateral Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Agreement, and it shall not be responsible for any statement or recital in this Agreement.  Neither the Collateral Trustee nor any of its affiliates, directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into or verify (i) any statement, warranty or representation made in connection with this Agreement; (ii) the performance or observance of any of the covenants or agreements of the Company herein; or (iii) the receipt of items required to be delivered to the Collateral Trustee.  
Section 11.    CONTINUING SECURITY INTEREST; ASSIGNMENTS UNDER THE INDENTURE DOCUMENTS.
11.1    Continuing Security Interest; Assignment

EXECUTION VERSION

.  This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until the payment in full of all Secured Obligations (other than contingent indemnification obligations for which no claim has been made) and inure, together with the rights and remedies of the Collateral Trustee hereunder, to the benefit of the Collateral Trustee and its successors, transferees and assigns.  Without limiting the generality of the foregoing, any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other person, and such other person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Indenture.  
11.2    Termination; Release.  A Grantor shall automatically be released from its obligations hereunder and/or the security interests in any Collateral securing the Note Obligations shall in each case be automatically released upon the occurrence of any of the circumstances set forth in Section 11.02 of the Indenture without delivery of any instrument or performance of any act by any party. Upon any such termination and delivery of the documents referenced in Section 13.04 of the Indenture, the Collateral Trustee shall, at the Grantors’ expense, execute and deliver to Grantors or otherwise authorize the filing of such documents as Grantors shall reasonably request, including financing statement amendments to evidence such termination.  Upon any disposition of property permitted by the Indenture, the related Liens granted herein shall be deemed to be automatically released and such property shall automatically revert to the applicable Grantor with no further action on the part of any Person.  The Collateral Trustee shall, at the applicable Grantor’s expense and upon delivery of the documents referenced in Section 13.04 of the Indenture, execute and deliver or otherwise authorize the filing of such documents as such Grantor shall reasonably request, in form and substance reasonably satisfactory to the Collateral Trustee, including financing statement amendments to evidence such release.
Section 12.     STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM.
The powers conferred on the Collateral Trustee hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers.  Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Trustee 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.  The Collateral Trustee shall be deemed to have exercised reasonable care in the custody and preservation of Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Collateral Trustee accords its own property.  Neither the Collateral Trustee nor any of its directors, officers, employees or agents shall be liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or otherwise.  If any Grantor fails to perform any agreement contained herein, the Collateral Trustee may itself perform, or cause performance of, such agreement, and the expenses of the Collateral Trustee incurred in connection therewith shall be payable by each Grantor under Section 7.07 of the Indenture.

EXECUTION VERSION

Section 13.    [RESERVED].
Section 14.    [RESERVED].
Section 15.     MISCELLANEOUS.
Any notice required or permitted to be given under this Agreement shall be given in accordance with Section 13.02 of the Indenture.  No failure or delay on the part of the Collateral Trustee in the exercise of any power, right or privilege hereunder or under any other Indenture Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege.  All rights and remedies existing under this Agreement and the other Indenture Documents are cumulative to, and not exclusive of, any rights or remedies otherwise available.  In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.  All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.  This Agreement shall be binding upon and inure to the benefit of the Collateral Trustee and Grantors and their respective successors and assigns.  No Grantor shall, without the prior written consent of the Collateral Trustee given in accordance with the Indenture, assign any right, duty or obligation hereunder.  This Agreement and the other Indenture Documents embody the entire agreement and understanding among Grantors and the Collateral Trustee and supersede all prior agreements and understandings among such parties relating to the subject matter hereof and thereof.  Accordingly, the Security Documents may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties.  There are no unwritten oral agreements among the parties.  This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.  Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ALL CLAIMS AND CONTROVERSIES ARISING OUT OF THE SUBJECT MATTER HEREOF WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF ANY OTHER LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OF THE SECURITY INTEREST).

EXECUTION VERSION

SUBJECT TO CLAUSE (E) OF THE FOLLOWING SENTENCE, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY GRANTOR ARISING OUT OF OR RELATING HERETO OR ANY OTHER INDENTURE DOCUMENT, OR ANY OF THE OBLIGATIONS, WILL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN.  BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH GRANTOR, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, HEREBY EXPRESSLY AND IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS (OTHER THAN WITH RESPECT TO ACTIONS BY ANY AGENT IN RESPECT OF RIGHTS UNDER ANY SECURITY AGREEMENT GOVERNED BY ANY LAWS OTHER THAN THE LAWS OF THE STATE OF NEW YORK OR WITH RESPECT TO ANY COLLATERAL SUBJECT THERETO); (B) WAIVES (I) JURISDICTION AND VENUE OF COURTS IN ANY OTHER JURISDICTION IN WHICH IT MAY BE ENTITLED TO BRING SUIT BY REASON OF ITS PRESENT OR FUTURE DOMICILE OR OTHERWISE AND (II) ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE GRANTOR AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH THIS SECTION 15; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE GRANTOR IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E) AGREES THAT THE COLLATERAL TRUSTEE RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY SECURITY DOCUMENT OR THE ENFORCEMENT OF ANY JUDGMENT.

EXECUTION VERSION

EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER INDENTURE DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR THE COLLATERAL TRUSTEE/COMPANY RELATIONSHIP THAT IS BEING ESTABLISHED.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.  EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 15 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER INDENTURE DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE NOTES.  IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

[Remainder of page intentionally left blank]

EXECUTION VERSION

IN WITNESS WHEREOF, each Grantor and the Collateral Trustee have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.
PHH MORTGAGE CORPORATION,
    as Grantor
By:  /s/ John V. Britti    
    Name:  John V. Britti
    Title:  Executive Vice President and
    Chief Investment Officer
OCWEN FINANCIAL CORPORATION,
    as Grantor
By:  /s/ John V. Britti    
    Name:  John V. Britti
    Title:  Executive Vice President and
    Chief Investment Officer
PHH CORPORATION,
    as Grantor
By:  /s/ John V. Britti    
    Name:  John V. Britti
    Title:  President and Chief Executive
    Officer

EXECUTION VERSION

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Trustee
By:      /s/ Nedine P. Sutton    
    Name:    Nedine P. Sutton
    Title:  Vice President

EXECUTION VERSION

SCHEDULE 5.1
TO PLEDGE AND SECURITY AGREEMENT
GENERAL INFORMATION
(A)    Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Sole Place of Business (or Residence if Grantor is a Natural Person) and Organizational Identification Number of each Grantor:
															
	Full Legal Name	Type of Organization	Jurisdiction of Organization
	Chief Executive
Office/Sole Place of Business 
	Organization I.D.#
	Ocwen Financial Corporation	Corporation	Florida	1661 Worthington Road, Suite 100 
West Palm Beach, Florida 33409	S75556
	PHH Corporation	Corporation	Maryland	

3000 Leadenhall Road
Mount Laurel, NJ 08054
	D00171744
	PHH Mortgage Corporation	Corporation	New Jersey	

1 Mortgage Way
Mount Laurel, NJ 08054
	0100051189

(B)    Other Names (including any Trade Name or Fictitious Business Name) under which each Grantor currently conducts business:
						
	Full Legal Name	Trade Name or Fictitious Business Name
	PHH Mortgage Corporation	Century 21 Mortgage
Coldwell Banker Mortgage
ERA Mortgage
Instamortgage.com
Mortgagesave.com
MortgageQuestions.com
Mortgage Service Center
PHH Mortgage Services
Liberty Reverse Mortgage
Liberty Home Equity Solutions
Domain Distinctive Property Finance

		
		

(C)    Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of Business (or Principal Residence if Grantor is a Natural Person) and Corporate Structure within past five (5) years:

EXECUTION VERSION

									
	Grantor	Date of Change	Description of Change
	PHH Mortgage Corporation	June 1, 2019	The following entities merged into the company:
Ocwen Loan Servicing, LLC

	PHH Mortgage Corporation	February 28, 2019	The following entities merged into the company:
Homeward Residential, Inc.

	PHH Corporation	October 4, 2018	The following entities merged into the company:
POMS Corp

	PHH Corporation	February 27, 2019	The following entities merged into the company:
Homeward Residential Holdings, Inc.

EXECUTION VERSION

SCHEDULE 5.2
TO PLEDGE AND SECURITY AGREEMENT
COLLATERAL IDENTIFICATION
I.    INVESTMENT RELATED PROPERTY
(A)    Pledged Stock:
																								
	Grantor	Stock
Issuer	Class of Stock	Certificated (Y/N)	Stock Certificate No.	Par Value	No. of Pledged Stock	Percentage of Outstanding Stock of the Stock
Issuer
	Ocwen Financial Corporation	Investors Mortgage Insurance Holding Company	common	Y	1	$0.01	1,000,000	100%
	Ocwen Financial Corporation	PHH Corporation	common	N	N/A	N/A	100%	100%
	Ocwen Financial Corporation	Ocwen Financial Insurance Services, Inc.	common	N	N/A	N/A	100%	100%
	PHH Mortgage Corporation	PHH Broker Partner Corporation	common	Y	2	$0.01	5,000	100%
	PHH Corporation	PHH Mortgage Corporation	common	N	N/A	N/A	100%	100%

EXECUTION VERSION

    (B)    Pledged LLC Interests:
																		
	Grantor	Limited Liability Company	Certificated (Y/N)	Certificate No. (if any)	No. of Pledged Units	Percentage of Outstanding LLC Interests of the Limited Liability Company
	Ocwen Financial Corporation	MSR Asset Vehicle LLC	N	N/A	100%	100%
	Ocwen Financial Corporation	Ocwen Luxembourg II S.à r.l.
	N	N/A	65%1	65%
	Ocwen Financial Corporation	Ocwen Capital Management, LLC	N	N/A	100%	100%
	Ocwen Financial Corporation	Ocwen USVI Services, LLC	N	N/A	100%	100%
	Ocwen Financial Corporation	Apartment Holdings, LLC	N	N/A	100%	100%
	PHH Mortgage Corporation	Homeward Residential Mauritius Holdings Company	N	N/A	65%1
	65%
	PHH Mortgage Corporation	MFAHM, LLC	N	N/A	100%	100%
	PHH Mortgage Corporation	Ocwen Financial Services S.R.L.	N	N/A	0.01%	0.01%
	PHH Mortgage Corporation	PHH Mortgage Capital LLC	Y	1	100	100%
	PHH Mortgage Corporation	REO Management, LLC	N	N/A	100%	100%
	PHH Corporation	PHH de Brasil Paricopaceos Ltda.	N	N/A	65%1
	65%

(C)    Pledged Partnership Interests:

11 To the extent the pledge of a greater percentage of the capital stock in such Subsidiary is permitted without adverse tax consequences, the Collateral shall include, and the security interest granted by the Grantor shall attach to, such greater percentage of capital stock of each such Subsidiary

EXECUTION VERSION

																		
	

Grantor
	

Partnership
	Type of Partnership Interests (e.g., general or limited)	

Certificated (Y/N)
	

Certificate No.
(if any)
	Percentage of Outstanding Partnership Interests of the Partnership
	Ocwen Financial Corporation	Ocwen Mortgage Asset Partners, L.P.	exempted limited partnership	

N
	

N/A
	

4.0%

	PHH Mortgage Corporation	Litton Loan Servicing LP	Limited partnership	

N
	

N/A
	99.0%

(D)    Trust Interests or other Equity Interests not listed above:

																		
	

Grantor
	

Trust
	

Class of Trust Interests
	

Certificated (Y/N)
	

Certificate No.
(if any)
	Percentage of Outstanding Trust Interests of the Trust
	N/A					

(E)    Excluded Equity Interests

									
	

Grantor
	

Stock Issuer /LLC/Partnership/Trust
	Percentage of Outstanding Interests of such Entity
	Ocwen Financial Corporation	CR Limited	100%
	PHH Mortgage Corporation	Ocwen Advance Facility Transferor, LLC	100%
	PHH Mortgage Corporation	Ocwen Freddie Advance Depositor LLC	100%
	PHH Mortgage Corporation	PMC ESR Trust I	100%
	PHH Mortgage Corporation	PMC ESR Trust II	100%
	PHH Mortgage Corporation	PMC PLS ESR ISSUER LLC	100%
	PHH Mortgage Corporation	OLS BWH, LLC	100%
	PHH Corporation	Atrium Insurance Corporation	100%

 (F)    Pledged Debt:

																		
	

Grantor
	

Issuer
	Original Principal Amount	Outstanding Principal Balance	

Issue Date
	

Maturity Date

	

N/A
					

(G)    Securities Account:

[Omitted]

(H)    Deposit Accounts:

EXECUTION VERSION

[Omitted]

 Commodity Contracts and Commodity Accounts:

[Omitted]
 
II.    INTELLECTUAL PROPERTY
(A)    Copyrights
															
	

Grantor
	Jurisdiction	

Title of Work
	

Registration Number (if any)
	

Registration Date

	

None
				

(B)    Copyright Licenses
												
	

Grantor
	Description of Copyright License	

Registration Number (if any) of underlying Copyright
	

Name of Licensor

	

None
			

(C)    Patents
															
	

Grantor
	

Jurisdiction
	Title of Patent	

Patent Number/(Application Number)
	

Issue Date/(Filing Date)

	

None
				

(D)    Patent Licenses
												
	

Grantor
	Description of Patent License	

Patent Number of underlying Patent
	

Name of Licensor

	None			

(E)    Trademarks
[Omitted]
(F)    Trademark Licenses
												
	

Grantor
	Description of Trademark License	Registration Number of underlying Trademark	

Name of Licensor

	None			

(G)    Trade Secret Licenses

EXECUTION VERSION

												
	

Grantor
	Description of Trade Secret License	Registration Number (if any)	

Name of Licensor

	None			

III.    COMMERCIAL TORT CLAIMS
						
	Grantor	Commercial Tort Claims
	None	

IV. LETTER OF CREDIT RIGHTS
						
	Grantor	Description of Letters of Credit
		
	None	
		

EXECUTION VERSION

SCHEDULE 5.4
TO PLEDGE AND SECURITY AGREEMENT
FINANCING STATEMENTS:
						
	Grantor
	Filing Jurisdiction(s)
	

	
	Ocwen Financial Corporation	Florida Secured Transaction Registry
	PHH Mortgage Corporation	State of New Jersey, Department of Revenue & Enterprise Services
	PHH Corporation	Maryland State Department of Assessments and Taxation

EXECUTION VERSION

EXHIBIT A
TO FIRST LIEN NOTES PLEDGE AND SECURITY AGREEMENT
PLEDGE SUPPLEMENT
This PLEDGE SUPPLEMENT, dated [mm/dd/yy] (this “Pledge Supplement”), is delivered by [NAME OF GRANTOR] a [Name of State of Incorporation] [Corporation] (the “Grantor”) pursuant to the First Lien Notes Pledge and Security Agreement, dated as of March 4, 2021 (as it may be from time to time amended, restated, modified or supplemented, the “Security Agreement”), among PHH MORTGAGE CORPORATION, a New Jersey corporation (the “Company”) and a wholly-owned subsidiary of OCWEN FINANCIAL CORPORATION, a Florida corporation (“Parent”), the Parent, PHH CORPORATION, a wholly-owned subsidiary of the Parent and parent company of the Company (“PHH”), the other Grantors named therein, and WILMINGTON TRUST, NATIONAL ASSOCIATION, as the Collateral Trustee (together with its successors and assigns, the “Collateral Trustee”).  Capitalized terms used herein not otherwise defined herein shall have the meanings ascribed thereto in the Security Agreement.
The Grantor hereby becomes a party to the Security Agreement, confirms the grant to the Collateral Trustee set forth in the Security Agreement of, and does hereby grant to the Collateral Trustee, a security interest in all of the Grantor’s right, title and interest in, to and under all Collateral to secure the Secured Obligations, in each case whether now or hereafter existing or in which Grantor now has or hereafter acquires an interest and wherever the same may be located.  The Grantor represents and warrants that the attached Supplements to the Schedules of the Security Agreement accurately and completely set forth all additional information required to be provided pursuant to the Security Agreement and hereby agrees that such Supplements to Schedules of the Security Agreement shall constitute part of the Schedules to the Security Agreement.
THIS PLEDGE SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ALL CLAIMS AND CONTROVERSIES ARISING OUT OF THE SUBJECT MATTER HEREOF WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF ANY OTHER LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OF THE SECURITY INTEREST).

[Remainder of page intentionally left blank]

EXECUTION VERSION

IN WITNESS WHEREOF, the Grantor has caused this Pledge Supplement to be duly executed and delivered by its duly authorized officer as of [mm/dd/yy].
[NAME OF GRANTOR]
By:_____________________________
Name:
Title:

EXECUTION VERSION

EXHIBIT B
TO FIRST LIEN NOTES PLEDGE AND SECURITY AGREEMENT
FIRST LIEN UNCERTIFICATED SECURITIES CONTROL AGREEMENT
This First Lien Uncertificated Securities Control Agreement, dated as of [_________], 20[__] (this “Control Agreement”) among [________________] (the “Pledgor”), WILMINGTON TRUST, NATIONAL ASSOCIATION, as collateral trustee for the Secured Parties (together with its successors and assigns, the “Collateral Trustee”) and [____________], a [________] [corporation] (the “Issuer”).  Capitalized terms used but not defined herein shall have the meanings assigned in the First Lien Notes Pledge and Security Agreement, dated March 4, 2021, among the Pledgor, the other Grantors party thereto and WILMINGTON TRUST, NATIONAL ASSOCIATION, as the Collateral Trustee (the “Security Agreement”).  
Section 1.  Registered Ownership of Shares.  The Issuer hereby confirms and agrees that as of the date hereof the Pledgor is the registered owner of [__________] shares of the Issuer’s [common] stock (the “Pledged Shares”) and the Issuer shall not change the registered owner of the Pledged Shares without the prior written consent of the Collateral Trustee.
Section 2.  Instructions.  If at any time the Issuer shall receive instructions originated by the Collateral Trustee relating to the Pledged Shares, the Issuer shall comply with such instructions without further consent by the Pledgor or any other person.
Section 3.  Additional Representations and Warranties of the Issuer.  The Issuer hereby represents and warrants to the Collateral Trustee that:
(a)  except for the Second Lien Collateral Agent it has not entered into, and until the termination of this Control Agreement will not enter into, any agreement with any other person relating the Pledged Shares pursuant to which it has agreed to comply with instructions originated by such other person; 
(b)  except with respect to ta Second Lien Uncertificated Securities Control Agreement entered into with the Collateral Trustee, it has not entered into, and until the termination of this Control Agreement will not enter into, any agreement with the Pledgor or the Collateral Trustee purporting to limit or condition the obligation of the Issuer to comply with instructions of the Collateral Trustee as set forth in Section 2 hereof;
(c)  except for the claims and interest of the Collateral Trustee, the Second Lien Collateral Agent and the Pledgor in the Pledged Shares, the Issuer does not know of any claim to, or interest in, the Pledged Shares.  If any person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Pledged Shares, the Issuer will promptly notify the Collateral Trustee and the Pledgor thereof; and
 (d)  this Control Agreement is the valid and legally binding obligation of the Issuer.
Section 4.  Choice of Law.  This Control Agreement shall be governed by the laws of the State of New York.

EXECUTION VERSION

Section 5.   Conflict with Other Agreements.  In the event of any conflict between this Control Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, other than any Intercreditor Agreement, the terms of this Control Agreement shall prevail. In the event of any conflict or inconsistency between the provisions of this Agreement and any Intercreditor Agreement (including the Junior Priority Intercreditor Agreement), the provisions of such Intercreditor Agreement shall control; provided that nothing in the Intercreditor Agreement shall limit the rights, protections, immunities or indemnities of the Collateral Trustee under the Indenture Documents.  No amendment or modification of this Control Agreement or waiver of any right hereunder shall be binding on any party hereto unless it is in writing and is signed by all of the parties hereto.
Section 6.  Voting Rights.  Until such time as the Collateral Trustee shall otherwise instruct the Issuer in writing, the Pledgor shall have the right to vote the Pledged Shares.
Section 7.  Successors; Assignment.  The terms of this Control Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective corporate successors or heirs and personal representatives who obtain such rights solely by operation of law.  The Collateral Trustee may assign its rights hereunder only with the express written consent of the Issuer and by sending written notice of such assignment to the Pledgor.
Section 8.  Indemnification of Issuer.  The Pledgor and the Collateral Trustee each hereby agree that (a) the Issuer is released from any and all liabilities to the Pledgor and the Collateral Trustee arising from the terms of this Control Agreement and the compliance of the Issuer with the terms hereof, except to the extent that such liabilities arise from the Issuer’s negligence and (b) the Pledgor, its successors and assigns shall at all times indemnify and save harmless the Issuer from and against any and all claims, actions and suits of others arising out of the terms of this Control Agreement or the compliance of the Issuer with the terms hereof, except to the extent that such arises from the Issuer’s negligence, and from and against any and all liabilities, losses, damages, costs, charges, counsel fees and other expenses of every nature and character arising by reason of the same, until the termination of this Control Agreement.
Section 9.  Notices.  Any notice, request or other communication required or permitted to be given under this Control Agreement shall be in writing and deemed to have been properly given when delivered in person, or when sent by telecopy or other electronic means and electronic confirmation of error free receipt is received or two (2) days after being sent by certified or registered United States mail, return receipt requested, postage prepaid, addressed to the party at the address set forth below.
Pledgor:    [Name and Address of Pledgor]
Attention:    [________________]
Telecopier:    [________________]
Collateral Trustee:    WILMINGTON TRUST, NATIONAL ASSOCIATION
    246 Goose Lane, Suite 105 
Guilford, CT 06437
Attention:    Ocwen Loan Servicing, LLC Administrator
Telecopier:    
Issuer:    [Insert Name and Address of Issuer]
Attention:    [________________]
Telecopier:    [________________]

EXECUTION VERSION

Any party may change its address for notices in the manner set forth above.
Section 10.  Termination.  The obligations of the Issuer to the Collateral Trustee pursuant to this Control Agreement shall continue in effect until the security interests of the Collateral Trustee in the Pledged Shares have been terminated pursuant to the terms of the Security Agreement and the Collateral Trustee has notified the Issuer of such termination in writing.  The Collateral Trustee agrees to provide Notice of Termination in substantially the form of Exhibit A hereto to the Issuer upon the request of the Pledgor on or after the termination of the Collateral Trustee’s security interest in the Pledged Shares pursuant to the terms of the Security Agreement.  The termination of this Control Agreement shall not terminate the Pledged Shares or alter the obligations of the Issuer to the Pledgor pursuant to any other agreement with respect to the Pledged Shares.
Section 11.  Counterparts.  This Control Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Control Agreement by signing and delivering one or more counterparts.  Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
The Collateral Trustee is executing this Agreement solely in its capacity as Collateral Trustee under the Security Agreement.  In entering into this Agreement, and in taking (or refraining from) any actions under or pursuant to this Agreement, the Collateral Trustee shall be protected by and shall enjoy all of the rights, privileges, immunities, protections and indemnities granted to it under the Security Agreement and Indenture Documents.  
[Remainder of page intentionally left blank]

EXECUTION VERSION

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

[NAME OF PLEDGOR],
as Pledgor
By:    
Name:
Title:
[NAME OF ISSUER],
as Issuer
By:    
Name:
Title:
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Trustee
By:    
Name:
Title:

EXECUTION VERSION

Exhibit A
[Letterhead of Collateral Trustee]
[Date]
[Name and Address of Issuer]
Attention:  [    ]
Re:  Termination of Control Agreement
You are hereby notified that the Uncertificated Securities Control Agreement between you, [Name of Pledgor] (the “Pledgor”) and the undersigned (a copy of which is attached) is terminated and you have no further obligations to the undersigned pursuant to such Uncertificated Securities Control Agreement (the “Control Agreement”).  Notwithstanding any previous instructions to you, you are hereby instructed to accept all future instructions with respect to Pledged Shares (as defined in the Control Agreement) from the Pledgor.  This notice terminates any obligations you may have to the undersigned with respect to the Pledged Shares, however, nothing contained in this notice shall alter any obligations which you may otherwise owe to the Pledgor pursuant to any other agreement.
You are instructed to deliver a copy of this notice by facsimile transmission to the Pledgor.
Very truly yours,
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Trustee
By:    
Name:
Title:

EXECUTION VERSION

EXHIBIT C
TO FIRST LIEN NOTES PLEDGE AND SECURITY AGREEMENT
FORM OF FIRST LIEN TRADEMARK SECURITY AGREEMENT
This FIRST LIEN TRADEMARK SECURITY AGREEMENT, dated as of [__________], 20[__] (as it may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is made by the entities identified as grantors on the signature pages hereto (collectively, the “Grantors”) in favor of Wilmington Trust, National Association, as collateral trustee for the Secured Parties (in such capacity, together with its successors and permitted assigns, the “Collateral Trustee”).
WHEREAS, the Grantors are party to a First Lien Notes Pledge and Security Agreement, dated as of March 4, 2021 (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Pledge and Security Agreement”) among each of the Grantors and the other grantors party thereto and the Collateral Trustee pursuant to which the Grantors granted a security interest to the Collateral Trustee in the Trademark Collateral (as defined below) and are required to execute and deliver this Agreement.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Grantors hereby agree with the Collateral Trustee as follows:
SECTION 1.    Defined Terms
Unless otherwise defined herein, terms defined in the Pledge and Security Agreement and used herein have the meanings given to them in the Pledge and Security Agreement.
SECTION 2.    Grant of Security Interest in Trademark Collateral
Each Grantor hereby grants to the Collateral Trustee, for the benefit of the Secured Parties, a security interest in and continuing lien on all of such Grantor’s right, title and interest in, to and under all Trademarks and Trademark Licenses, including those listed in Schedule A hereto, in each case whether now owned or existing or hereafter acquired, developed, created or arising and wherever located (collectively, the “Trademark Collateral”), but excluding any Excluded Assets.
SECTION 3.    Pledge and Security Agreement

EXECUTION VERSION

The security interest granted pursuant to this Agreement is granted in conjunction with the security interest granted to the Collateral Trustee for the Secured Parties pursuant to the Pledge and Security Agreement, and the Grantors hereby acknowledge and affirm that the rights and remedies and other protections and indemnities of the Collateral Trustee with respect to the security interest in the Trademark Collateral made and granted hereby are more fully set forth in the Pledge and Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.  In the event that any provision of this Agreement is deemed to conflict with the Pledge and Security Agreement, the provisions of the Pledge and Security Agreement shall control. Notwithstanding anything herein to the contrary, the liens and security interests granted to the Collateral Trustee pursuant to this Agreement and the exercise of any right or remedy by the Collateral Trustee hereunder are subject to the provisions of the Junior Priority Intercreditor Agreement. In the event of any conflict or inconsistency between the provisions of this Agreement and any Intercreditor Agreement (including the Junior Priority Intercreditor Agreement), the provisions of such Intercreditor Agreement shall control; provided that nothing in the Intercreditor Agreement shall limit the rights, protections, immunities or indemnities of the Collateral Trustee under the Indenture Documents. 
SECTION 4.    Governing Law
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ALL CLAIMS AND CONTROVERSIES ARISING OUT OF THE SUBJECT MATTER HEREOF WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF ANY OTHER LAW (OTHER THAN ANY MANDATORY PROVISIONS OF LAW RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OF THE SECURITY INTEREST).
SECTION 5.    Counterparts
This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
[Remainder of page intentionally left blank]

EXECUTION VERSION

IN WITNESS WHEREOF, each Grantor has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.
[NAME OF GRANTOR]
By:            
    Name:  
    Title:  
Accepted and Agreed:
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Trustee
By:        
    Name:
    Title:

EXECUTION VERSION

EXHIBIT D
TO FIRST LIEN NOTES PLEDGE AND SECURITY AGREEMENT
FORM OF FIRST LIEN COPYRIGHT SECURITY AGREEMENT
This FIRST LIEN COPYRIGHT SECURITY AGREEMENT, dated as of [__________], 20[__] (as it may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is made by the entities identified as grantors on the signature pages hereto (collectively, the “Grantors”) in favor of Wilmington Trust, National Association, as collateral trustee for the Secured Parties (in such capacity, together with its successors and permitted assigns, the “Collateral Trustee”).
WHEREAS, the Grantors are party to a First Lien Notes Pledge and Security Agreement, dated as of March 4, 2021 (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Pledge and Security Agreement”) among each of the Grantors and the other grantors party thereto and the Collateral Trustee pursuant to which the Grantors granted a security interest to the Collateral Trustee in the Copyright Collateral (as defined below) and are required to execute and deliver this Agreement.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Grantors hereby agree with the Collateral Trustee as follows:  
SECTION 1.    Defined Terms
Unless otherwise defined herein, terms defined in the Pledge and Security Agreement and used herein have the meanings given to them in the Pledge and Security Agreement.
SECTION 2.    Grant of Security Interest
Each Grantor hereby grants to the Collateral Trustee, for the benefit of the Secured Parties, a security interest in and continuing lien on all of such Grantor’s right, title and interest in, to and under all Copyrights and Copyright Licenses, including those listed in Schedule A attached hereto, in each case whether now owned or existing or hereafter acquired, developed, created or arising and wherever located (collectively, the “Copyright Collateral”), but excluding any Excluded Assets.
SECTION 3.    Pledge and Security Agreement

EXECUTION VERSION

The security interest granted pursuant to this Agreement is granted in conjunction with the security interest granted to the Collateral Trustee for the Secured Parties pursuant to the Pledge and Security Agreement, and the Grantors hereby acknowledge and affirm that the rights and remedies and other protections and indemnities of the Collateral Trustee with respect to the security interest in the Copyright Collateral made and granted hereby are more fully set forth in the Pledge and Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.  In the event that any provision of this Agreement is deemed to conflict with the Pledge and Security Agreement, the provisions of the Pledge and Security Agreement shall control. Notwithstanding anything herein to the contrary, the liens and security interests granted to the Collateral Trustee pursuant to this Agreement and the exercise of any right or remedy by the Collateral Trustee hereunder are subject to the provisions of the Junior Priority Intercreditor Agreement. In the event of any conflict or inconsistency between the provisions of this Agreement and any Intercreditor Agreement (including the Junior Priority Intercreditor Agreement), the provisions of such Intercreditor Agreement shall control, provided that nothing in the Intercreditor Agreements shall limit the rights, protections, immunities and indemnities of the Collateral Trustee under the Indenture. 
SECTION 4.    Governing Law
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ALL CLAIMS AND CONTROVERSIES ARISING OUT OF THE SUBJECT MATTER HEREOF WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF ANY OTHER LAW (OTHER THAN ANY MANDATORY PROVISIONS OF LAW RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OF THE SECURITY INTEREST).
SECTION 5.    Counterparts
This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

[Remainder of page intentionally left blank]

EXECUTION VERSION

IN WITNESS WHEREOF, each Grantor has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.
[NAME OF GRANTOR]
By:            
    Name:  
    Title:  

Accepted and Agreed:
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Trustee
By:        
    Name:
    Title:
 

EXECUTION VERSION

EXHIBIT E
TO FIRST LIEN NOTES PLEDGE AND SECURITY AGREEMENT
FORM OF FIRST LIEN PATENT SECURITY AGREEMENT
This FIRST LIEN PATENT SECURITY AGREEMENT, dated as of [__________], 20[__] (as it may be amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is made by the entities identified as grantors on the signature pages hereto (collectively, the “Grantors”) in favor of Wilmington Trust, National Association, as collateral trustee for the Secured Parties (in such capacity, together with its successors and permitted assigns, the “Collateral Trustee”).
WHEREAS, the Grantors are party to a First Lien Notes Pledge and Security Agreement, dated as of March 4, 2021 (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Pledge and Security Agreement”) among each of the Grantors and the other grantors party thereto and the Collateral Trustee pursuant to which the Grantors granted a security interest to the Collateral Trustee in the Patent Collateral (as defined below) and are required to execute and deliver this Agreement.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Grantors hereby agree with the Collateral Trustee as follows:
SECTION. 1.  Defined Terms
Unless otherwise defined herein, terms defined in the Pledge and Security Agreement and used herein have the meanings given to them in the Pledge and Security Agreement.
SECTION 2.  Grant of Security Interest
Each Grantor hereby grants to the Collateral Trustee, for the benefit of the Secured Parties, a security interest in and continuing lien on all of such Grantor’s right, title and interest in, to and under all Patents and Patent Licenses, including those listed in Schedule A attached hereto, in each case whether now owned or existing or hereafter acquired, developed, created or arising and wherever located (collectively, the “Patent Collateral”), but excluding any Excluded Assets.
SECTION 3.    Pledge and Security Agreement

EXECUTION VERSION

The security interest granted pursuant to this Agreement is granted in conjunction with the security interest granted to the Collateral Trustee for the Secured Parties pursuant to the Pledge and Security Agreement, and the Grantors hereby acknowledge and affirm that the rights and remedies and other protections and indemnities of the Collateral Trustee with respect to the security interest in the Patent Collateral made and granted hereby are more fully set forth in the Pledge and Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein.  In the event that any provision of this Agreement is deemed to conflict with the Pledge and Security Agreement, the provisions of the Pledge and Security Agreement shall control. Notwithstanding anything herein to the contrary, the liens and security interests granted to the Collateral Trustee pursuant to this Agreement and the exercise of any right or remedy by the Collateral Trustee hereunder are subject to the provisions of the Junior Priority Intercreditor Agreement. In the event of any conflict or inconsistency between the provisions of this Agreement and any Intercreditor Agreement (including the Junior Priority Intercreditor Agreement), the provisions of such Intercreditor Agreement shall control, provided that nothing in the Intercreditor Agreements shall limit the rights, protections, immunities and indemnities of the Collateral Trustee under the Indenture.
SECTION 4.    Governing Law
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ALL CLAIMS AND CONTROVERSIES ARISING OUT OF THE SUBJECT MATTER HEREOF WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF ANY OTHER LAW (OTHER THAN ANY MANDATORY PROVISIONS OF LAW RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OF THE SECURITY INTEREST).
SECTION 5.    Counterparts
This Agreement may be executed in one or more counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, each Grantor has caused this Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above.
[NAME OF GRANTOR]
By:            
    Name:  
    Title:  

Accepted and Agreed:
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Trustee
By:        
    Name:
    Title:
Exhibit E-3

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