Document:

EX-10.9

 Exhibit 10.9 

FORM OF 

AMENDED & RESTATED SECURITY AGREEMENT 

This AMENDED & RESTATED SECURITY AGREEMENT, dated as of August 12, 2014 (as amended, amended and restated, supplemented or
otherwise modified from time to time, this “Agreement”), is entered into by and among HASI CF I Borrower LLC, a Delaware limited liability company (“Borrower HASI”), HAT CF I Borrower LLC, a Delaware limited
liability company (“Borrower HAT I”), HAT CF II Borrower LLC, a Delaware limited liability company (“Borrower HAT II”, and together with Borrower HASI and Borrower HAT I, the “Grantors”) and The
Bank of New York Mellon, as Collateral Agent (in such capacity, and including any permitted successors or assigns, the “Collateral Agent”) for the benefit of the Secured Parties (as defined below). 

WHEREAS, (a) Borrower HASI, Borrower HAT I, the financial institutions from time to time parties thereto (the “Original
Lenders”), and Bank of America, N.A., as Administrative Agent for the Original Lenders are parties to that certain Loan Agreement (PF), dated as of July 19, 2013 (as amended, restated, supplemented or otherwise modified from time to
time prior to the date hereof, the “Original Loan Agreement”), and (b) Borrower HASI, Borrower HAT I, and Collateral Agent are parties to that certain Security Agreement, dated as of July 19, 2013 (as amended, restated,
supplemented or otherwise modified from time to time prior to the date hereof, the “Original Security Agreement”); 

WHEREAS, each Grantor is, concurrently with the execution and delivery of this Agreement, entering into that certain Amended &
Restated Loan Agreement (PF), dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Loan Agreement”), by and among the Grantors, the financial institutions from
time to time parties thereto (collectively, the “Lenders”), and Bank of America, N.A., as Administrative Agent for the Lenders pursuant to which the Lenders have agreed to continue to make Loans on the terms and conditions set forth
therein; 
 WHEREAS, each Grantor has determined that its execution, delivery and performance of this Agreement directly or indirectly
benefits, and is within the best interests of, such Grantor; 
 WHEREAS, in order to induce the Secured Parties to enter into the Loan
Agreement and to secure the prompt and complete payment, observance and performance of the Obligations, each Grantor has agreed to grant a continuing security interest in and to the Collateral and, together with the Collateral Agent, has agreed to
modify, amend and restate the terms and provisions of the Original Security Agreement as hereinafter set forth; and 
 WHEREAS, it is a
condition precedent for the effectiveness of the Loan Agreement that the parties hereto enter into this Agreement; 

  
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 NOW, THEREFORE, for and in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1.
Definitions, Etc. 
 1.01 Certain Uniform Commercial Code Terms. As used herein, the terms “Accession”,
“Account”, “As-Extracted Collateral”, “Chattel Paper”, “Commodity Account”, “Commodity Contract”, “Deposit Account”, “Document”,
“Electronic Chattel Paper”, “Equipment”, “Fixture”, “General Intangible”, “Goods”, “Instrument”, “Inventory”, “Investment
Property”, “Letter-of-Credit Right”, “Proceeds”, “Promissory Note” and “Supporting Obligations” have the respective meanings set forth in Article 9 of the NYUCC, and
the terms “Financial Asset”, “Instruction”, “Securities”, “Securities Account” and “Security Entitlement” have the respective meanings set forth in Article 8
of the NYUCC. 
 1.02 Additional Definitions. Unless otherwise defined herein, all capitalized terms used in this Agreement,
including in the foregoing recitals, shall have the meanings set forth in the Loan Agreement and the rules of construction set forth therein shall apply hereto. In addition, as used herein: 

“Account Collateral” means all Accounts of each Grantor, whether now owned or hereafter acquired by such
Grantor. 
 “Accounts” has the meaning assigned such term in the Depositary Agreement. 

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

“Assigned Agreements” has the meaning assigned to such term in Section 3(r). 

“Borrower HASI” has the meaning assigned to such term in the preamble. 

“Borrower HAT I” has the meaning assigned to such term in the preamble. 

“Borrower HAT II” has the meaning assigned to such term in the preamble. 

“Collateral” has the meaning assigned to such term in Section 3. 

“Collateral Agent” has the meaning assigned to such term in the preamble. 

“Copyright Collateral” means all Copyrights of each Grantor, whether now owned or hereafter acquired by such
Grantor. 
 “Copyrights” means all copyrights, copyright registrations and applications for copyright
registrations, including all renewals and extensions thereof, all rights to recover for past, present or future infringements thereof and all other rights whatsoever accruing thereunder or pertaining thereto. 

“Grantor” has the meaning assigned to such term in the preamble. 

  
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 “Intellectual Property” means, collectively, all Copyright
Collateral, all Patent Collateral and all Trademark Collateral, together with (a) all inventions, processes, production methods, proprietary information, know-how and trade secrets, whether now owned or hereafter acquired by each Grantor;
(b) all licenses or user or other agreements whether now or hereafter granted to each Grantor with respect to any of the foregoing; (c) all information, customer lists, identification of suppliers, data, plans, blueprints, specifications,
designs, drawings, recorded knowledge, surveys, engineering reports, test reports, manuals, materials standards, processing standards, performance standards, catalogs, computer and automatic machinery software and programs, whether now owned or
hereafter acquired by each Grantor; (d) all field repair data, sales data and other information relating to sales or service of products now or hereafter manufactured, whether now owned or hereafter acquired by each Grantor; (e) all
accounting information and all media in which or on which any information or knowledge or data or records may be recorded or stored and all computer programs used for the compilation or printout of such information, knowledge, records, monitoring or
data, in each case whether now owned or hereafter acquired by each Grantor; (f) all licenses, consents, permits, variances, certifications and approvals of any Governmental Authority now or hereafter held by each Grantor; and (g) all
causes of action, claims and warranties now or hereafter owned or acquired by each Grantor in respect of any of the items listed above. 

“Intercreditor Agreement” has the meaning assigned to such term in Section 5.14. 

“Lender” has the meaning assigned to such term in the recitals. 

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

“Original Lenders” has the meaning assigned to such term in the recitals. 

“Original Loan Agreement” has the meaning assigned to such term in the recitals. 

“Original Security Agreement” has the meaning assigned to such term in the recitals. 

“Patent Collateral” means all Patents of each Grantor, whether now owned or hereafter acquired by such
Grantor, and all income, royalties, damages and payments now or hereafter due and/or payable under or with respect thereto. 

“Patents” means all patents and patent applications, including the inventions and improvements described and
claimed therein together with the reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof, all income, royalties, damages and payments now or hereafter due and/or payable with respect thereto, all damages and
payments for past or future infringements thereof and rights to sue therefor, and in each case all rights corresponding thereto throughout the world. 

“Payoff Letter” has the meaning assigned to such term in Section 4.12. 

  
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 “Person” means any individual, corporation, company, voluntary
association, partnership, limited liability company, joint venture, trust, unincorporated organization or government (or any agency, instrumentality or political subdivision thereof). 

“Loan Agreement” has the meaning assigned to such term in the recitals. 

“Revenue Account” has the meaning assigned to such term in the Depositary Agreement. 

“Trademark Collateral” means all Trademarks of each Grantor, whether now owned or hereafter acquired by such
Grantor, together, in each case, with the goodwill of the business connected with the use of, and symbolized by, each such trade name, trademark and service mark. 

“Trademarks” means all trade names, trademarks and service marks, logos, trademark and service mark
registrations, and applications for trademark and service mark registrations, including all renewals of trademark and service mark registrations, all rights to recover for all past, present and future infringements thereof and all rights to sue
therefor, and all rights corresponding thereto throughout the world. 
 Section 2. Representations and Warranties. Each Grantor
represents and warrants to the Collateral Agent for the benefit of the Secured Parties that: 
 2.01 Organizational Matters;
Enforceability, Etc. (a) It is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and is duly qualified, authorized to do business in, and in good standing as foreign corporations in
each jurisdiction where failure to be so qualified could reasonably be expected to have a Material Adverse Effect. The execution, delivery and performance of this Agreement, and the grant of the security interests pursuant hereto, (i) are
within its powers and have been duly authorized by all necessary corporate, limited liability company or other action, (ii) do not require any Governmental Approval of any Governmental Authority, except as have been obtained or made and are in
full force and effect or are not required on or prior to the date hereof, (iii) will not violate in any material respect any Applicable Law or its charter, limited liability company agreement, operating agreement, by-laws or other
organizational documents or any order of any Governmental Authority or court binding upon it or its property, (iv) will not violate or result in a default in any material respect under any indenture, agreement or other instrument binding upon
it or any of its Property, and (v) other than the Liens created in favor of the Collateral Agent for the benefit of the Secured Parties, will not result in the creation or imposition of any lien, charge or encumbrance on any of its asset. 

(b) This Agreement has been duly executed and delivered by such Grantor and constitutes, a legal, valid and binding obligation
of such Grantor, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of
creditors’ rights. 

  
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 (c) Such Grantor is not a “registered investment company” or a company
“controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment Company Act of 1940. 

2.02 Title. 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, will continue to own or have such rights in each item of the Collateral in each case free and clear of any and all Liens, rights or claims of all other Persons,
other than the Liens created in favor of the Collateral Agent for the benefit of the Secured Parties or Permitted Liens. 
 2.03 Names,
Etc. Except as updated as permitted by Section 11.1.1(j) of the Loan Agreement, the full and correct legal name, type of organization, jurisdiction of organization, organizational ID number (if applicable) and mailing address of such
Grantor as of the date hereof are correctly set forth in Annex 1. Said Annex 1 correctly specifies (a) the location of the chief executive office of such Grantor, and (b) each location where any financing statement naming
such Grantor as debtor is currently on file. 
 2.04 Changes in Circumstances. Such Grantor has not (a) within the period of
four (4) months prior to the date hereof, changed its “location” (within the meaning of Section 9-307 of the NYUCC), (b) except as specified in Annex 1, heretofore changed its name, or (c) except as
specified in Annex 2, heretofore become a “new debtor” (within the meaning of Section 9-102(a)(56) of the NYUCC) with respect to a currently effective security agreement previously entered into by any other Person. 

2.05 Promissory Notes. Annex 3 sets forth a complete and correct list of all Promissory Notes (other than any held in a
Securities Account) held by such Grantor on the date hereof. 
 2.06 Intellectual Property. (a) Schedule 10.1.31 to the
Loan Agreement sets forth a complete and correct list of all Copyrights, Patents and Trademarks owned by such Grantor on the date hereof (or, in the case of any supplement thereto effecting a pledge thereof, as of the date of such supplement). 

(b) Except pursuant to licenses and other user agreements entered into by such Grantor in the ordinary course of
business that are listed in Schedule 10.1.31 to the Loan Agreement (including as supplemented by any supplement effecting a pledge thereof), such Grantor has done nothing to authorize any other Person to use any Copyright, Patent or Trademark
listed therein, and to such Grantor’s knowledge, all registrations listed therein are, except as noted therein, in full force and effect. 

(c) To such Grantor’s knowledge, (i) except as set forth in Schedule 10.1.31 to the Loan Agreement (as
supplemented by any supplement effecting a pledge thereof), owns or has the lawful right to use all Intellectual Property necessary for the conduct of its business, without conflict with any rights of others, except as could not reasonably be
expected to have a Material Adverse Effect. There is no pending or, to 

  
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such Grantor’s Knowledge, threatened Intellectual Property Claim with respect to any Grantor or any of its Property (including any Intellectual Property), except as could not reasonably be
expected to have a Material Adverse Effect. Except as disclosed on Schedule 10.1.31 to the Loan Agreement, Related Borrower Parties do not pay or owe any Royalty or other compensation to any Person with respect to any Intellectual Property.
All registered Intellectual Property owned, used or licensed by, or otherwise subject to any interest of, any Related Borrower Party is show on Schedule 10.1.31 to the Loan Agreement (as so supplemented). 

2.07 Accounts. The only Deposit Accounts and Securities Accounts owned by such Grantor are the Accounts. Such Grantor does not own any
Commodity Accounts. 
 2.08 Commercial Tort Claims. Annex 4 sets forth a complete and correct list of all commercial tort
claims of such Grantor in existence on the date hereof which are in excess of $100,000. 
 2.09 Security Interests. The security
interests granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement in the Collateral (a) upon proper filing of financing statements naming such Grantor as “debtor” and the Collateral Agent as
“secured party”, constitute as to personal property included in the Collateral and, with respect to subsequently acquired personal property included in the Collateral, subject to the terms of this Agreement, will constitute, a perfected
security interest under the NYUCC to the extent a security interest can be perfected by properly filing such financing statements, and (b) are, and, with respect to such subsequently acquired personal property, subject to the terms of this
Agreement, will be, as to the Collateral perfected under the NYUCC as aforesaid, superior and prior to the rights of all third Persons now existing or hereafter arising whether by way of any lien or otherwise, subject to Permitted Liens. Except to
the extent control of portions of such Collateral is required for perfection, all such action as is necessary has been or will be taken to establish and perfect the Collateral Agent’s rights in and to such Collateral, in accordance with the
terms of this Agreement, to the extent the Collateral Agent’s security interest can be perfected by proper filing of a financing statement, including any recording, filing, registration, giving of notice or other similar action. No filing,
recordation, re-filing or re-recording other than those listed on Annex 1 hereto (as the same may be supplemented from time to time) is necessary to perfect and maintain the perfection of the Liens created by this Agreement on the Collateral,
to the extent the Collateral Agent’s security interest can be perfected by proper filing of a financing statement (except to the extent that such filings or recordings are, by their nature, filings or recordings to be made at a later date).
Such Grantor shall properly deliver or cause to be delivered on the date hereof to the Collateral Agent, in accordance with the terms of this Agreement, all such Collateral that requires perfection of the Lien and security interest described above
by possession. 
 Section 3. Collateral. As collateral security for the prompt and complete payment and performance in full when
due (whether at stated maturity, by acceleration or otherwise) of the Obligations, each Grantor hereby unconditionally assigns, pledges and grants to the Collateral Agent, for the benefit of the Secured Parties as hereinafter provided a first
priority 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 such Grantor’s right, title

  
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and interest in the following property, in each case whether tangible or intangible, wherever located, and whether now owned by such Grantor or hereafter acquired and whether now existing or
hereafter coming into existence (all of the property described in this Section 3 being collectively referred to herein as the “Collateral”): 

(a) all Accounts (as defined in the NYUCC); 

(b) all Account Collateral; 

(c) all As-Extracted Collateral; 

(d) all Chattel Paper; 

(e) all Documents; 

(f) all Equipment; 

(g) all Fixtures; 

(h) all General Intangibles; 

(i) all Goods not covered by the other clauses of this Section 3; 

(j) all Instruments, including all Promissory Notes; 

(k) all Intellectual Property; 

(l) all Inventory; 

(m) all money and Deposit Accounts (including any Account), together with all amounts on deposit from time to time in such
Deposit Accounts; 
 (n) all Investment Property not covered by other clauses of this Section 3, including all
Securities, all Securities Accounts and all Security Entitlements with respect thereto and Financial Assets carried therein, and all Commodity Accounts and Commodity Contracts; 

(o) all Letter-of-Credit Rights and other Supporting Obligations; 

(p) all “commercial tort claims” (within the meaning of Section 9-102(a)(13) of the NYUCC) arising out of
the events described in Annex 4; 
 (q) all of the Intercompany Documents, including, without limitation, all other
agreements or documents now existing or hereafter entered into by such Grantor relating to the Intercompany Documents, including without limitation, all other instruments, agreements and documents executed and delivered with respect to such
agreements, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof and the terms of this Agreement and the other Loan Documents (the agreements described in this clause (q), as so
amended, 

  
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supplemented or modified, being the “Intercompany Assigned Agreements”), including, without limitation, all rights of such Grantor (i) to receive moneys due and to become
due under or pursuant to the Intercompany Assigned Agreements, to compel performance and otherwise to exercise all remedies thereunder, including, without limitation, all rights to make determinations, to exercise any election or option contained in
such agreements (including, but not limited to, termination thereof), to give or receive any notice or consent, to demand and receive any property which is the subject of any of the Intercompany Assigned Agreements, to file any claims and generally
to take any action which (in the opinion of the Collateral Agent) may be necessary or advisable in connection with any of the foregoing; (ii) to receive the proceeds of any claim for damages arising out of or for breach of any Intercompany
Assigned Agreement and proceeds of any insurance, indemnity, warranty or guaranty with respect to the Intercompany Assigned Agreements; and (iii) to all of such Grantor’s right, title and interest in, to and under the Intercompany Assigned
Documents; 
 (r) all agreements, including, without limitation, each and all of the Underlying Financing Documents and all
agreements or documents now existing or hereafter entered into by such Grantor relating to the acquisition, development, construction, supply, operation, maintenance or use and occupancy of any Underlying Project, including without limitation, all
other instruments, agreements and documents executed and delivered with respect to such agreements, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof and the other Underlying
Financing Documents (the agreements described in this clause (r), as so amended, supplemented or modified, being the “Underlying Assigned Agreements”, and together with the Intercompany Assigned Agreements, collectively, the
“Assigned Agreements”), including, without limitation, all rights of such Grantor (i) to receive moneys due and to become due under or pursuant to the Underlying Assigned Agreements, to compel performance and otherwise to
exercise all remedies thereunder, including, without limitation, all rights to make determinations, to exercise any election or option contained in such agreements (including, but not limited to, termination thereof), to give or receive any notice
or consent, to demand and receive any property which is the subject of any of the Underlying Assigned Agreements, to file any claims and generally to take any action which (in the opinion of the Collateral Agent) may be necessary or advisable in
connection with any of the foregoing; (ii) to receive the proceeds of any claim for damages arising out of or for breach of any Underlying Assigned Agreement and proceeds of any insurance, indemnity, warranty or guaranty with respect to the
Underlying Assigned Agreements; (iii) to any warranties, performance bonds or letters of credit of any manufacturer, contractor or subcontractor or any other Person pursuant to or relating to the Underlying Assigned Agreements; and (iv) to
all of such Grantor’s right, title and interest in, to and under the Underlying Financing Documents; and 
 (s) all
Proceeds of any of the Collateral, all Accessions to and substitutions and replacements for, any of the Collateral, and all offspring, rents, profits and products of any of the Collateral, and, to the extent related to any Collateral, all books,
correspondence, credit files, records, invoices and other papers (including all tapes, cards, computer runs and other papers and documents in the possession or under the control of such Grantor or any computer bureau or service company from time to
time acting for such Grantor). 

  
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 For the avoidance of doubt, the Lien of the Collateral Agent for the benefit of the Secured
Parties may from time to time be released with respect to one or more Approved Financings in accordance with Section 9.1.5 of the Loan Agreement, the provisions of such Section 9.1.5 controlling any such Collateral Release.

 IT BEING UNDERSTOOD, HOWEVER, that in no event shall the security interests granted under this Section 3 attach to any lease,
license, permit, Governmental Approval, contract, property rights or agreement to which such Grantor is a party (or to any of its rights or interests thereunder) if and for so long as the grant of such security interest would constitute or result in
either (i) the abandonment, invalidation or unenforceability of any right, title or interest of such Grantor therein or (ii) in a breach or termination pursuant to the terms of, or a default under, any such lease, license, contract,
property rights or agreement (other than to the extent that any such term would be rendered ineffective by Sections 9-406, 9-407, 9-408 or 9-409 of the NYUCC); provided, however, that the Collateral shall include and such security
interest shall attach immediately at such time as the condition causing such abandonment, invalidation or unenforceability shall be remedied and to the extent severable, shall attach immediately to any portion of such lease, license, permit,
Governmental Approval, contract, property rights or agreement that does not result in any of the consequences specified in (i) or (ii) above. 

Section 4. Further Assurances; Remedies. In furtherance of the grant of the security interest pursuant to Section 3,
each Grantor hereby agrees with the Collateral Agent as follows: 
 4.01 Delivery and Other Perfection. Such Grantor shall promptly
from time to time give, execute, deliver, file, record, authorize or obtain all such financing statements, continuation statements, notices, instruments, documents, agreements or consents or other papers as may be necessary in the reasonable
judgment of the Collateral Agent to create, preserve, perfect, maintain the perfection of or validate the security interest granted pursuant hereto or to enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such
security interest, and without limiting the foregoing, shall: 
 (a) if any of the Investment Property or Financial Assets
(other than cash to the extent cash is treated as a Financial Asset) constituting part of the Collateral are received by such Grantor, forthwith (x) deliver to the Collateral Agent the certificates or instruments representing or evidencing the
same, duly endorsed in blank or accompanied by such instruments of assignment and transfer in such form and substance as the Collateral Agent may reasonably request, all of which thereafter shall be held by the Collateral Agent, pursuant to the
terms of this Agreement, as part of the Collateral and (y) take such other action as the Collateral Agent may reasonably deem necessary or appropriate to duly record or otherwise perfect the security interest created hereunder in such
Collateral; 
 (b) promptly from time to time deliver to the Collateral Agent any and all Instruments and Assigned Agreements
constituting part of the Collateral, endorsed and/or accompanied by such instruments of assignment and transfer in such form and substance as the Collateral Agent may request; 

  
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 (c) promptly from time to time enter into such control agreements, each in form
and substance reasonably acceptable to the Collateral Agent, as may be required to perfect the security interest created hereby in any and all Investment Property, Electronic Chattel Paper and Letter-of-Credit Rights, and will promptly furnish to
the Collateral Agent true copies thereof; 
 (d) promptly from time to time upon the request of the Collateral Agent, execute
and deliver such short-form security agreements as the Collateral Agent may reasonably deem necessary or desirable to protect the interests of the Collateral Agent in respect of that portion of the Collateral consisting of Intellectual Property;

 (e) keep full and accurate books and records relating to the Collateral, and stamp or otherwise mark such books and
records in such manner as the Collateral Agent may reasonably require in order to reflect the security interests granted by this Agreement; and 

(f) as provided in the Loan Agreement, permit representatives of the Collateral Agent to inspect and make abstracts from its
books and records pertaining to the Collateral, and to be present at such Grantor’s place of business to receive copies of communications and remittances relating to the Collateral, and forward copies of any notices or communications received
by such Grantor with respect to the Collateral, all in such manner as the Collateral Agent may reasonably require. 
 4.02 Other
Financing Statements or Control. Such Grantor shall not (a) file or suffer to be on file, or authorize or permit to be filed or to be on file, (or permit to remain in effect, any financing statement or other similar notice of any Lien of
which it has Knowledge), in any jurisdiction, any financing statement or like instrument with respect to any of the Collateral in which the Collateral Agent is not named as the sole secured party, (b) cause or permit any Person other than the
Collateral Agent to have “control” (within the meaning of Sections 9-104, 9-105, 9-106 or 9-107 of the NYUCC) of any Deposit Account, Electronic Chattel Paper, Investment Property or Letter-of-Credit Right constituting part of the Collateral or (c) open, maintain or otherwise have any Deposit
Account, Securities Account, Commodities Account or any other account other than as are subject to an account control agreement in favor of the Collateral Agent in form and substance satisfactory to the Collateral Agent. 

4.03 Preservation of Rights. The Collateral Agent shall not be required to take steps necessary to preserve any rights against prior
parties to any of the Collateral. Nothing herein shall require the Collateral Agent to file any financing statement, continuation statement or amendment thereto in any public office at any time or times or to otherwise take any action to perfect or
maintain the perfection of the Lien on any property granted to the Collateral Agent under any Security Document or to give notice of any such Lien to any third party. 

  
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 4.04 Special Provisions Relating to Certain Collateral. 

(a) Intellectual Property. 

(i) For the purpose of enabling the Collateral Agent to exercise rights and remedies under Section 4.05 at such
time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, such Grantor hereby grants to the Collateral Agent, to the extent such grant is permissible under the applicable granting
documents and Applicable Law, an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to it) to use, assign, license or sublicense any of the Intellectual Property now owned or hereafter acquired by it,
wherever the same may be located, including in such license to the extent permitted under the applicable license agreement reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer programs used
for the compilation or printout thereof (as provided in Section 12.3 of the Loan Agreement). 
 (ii)
Notwithstanding anything contained herein to the contrary, but subject to any provision of the Loan Documents that limits the rights of such Grantor to dispose of its property, so long as no Event of Default shall have occurred and be continuing,
such Grantor will be permitted to exploit, use, enjoy, protect, license, sublicense, assign, sell, dispose of or take other actions with respect to the Intellectual Property in the ordinary course of the business of such Grantor. In furtherance of
the foregoing, so long as no Event of Default shall have occurred and be continuing, the Collateral Agent shall from time to time, upon the reasonable request of such Grantor, execute and deliver any instruments, certificates or other documents, in
the form so requested, that such Grantor shall have certified are appropriate in its judgment to allow it to take any action permitted above (including relinquishment of the license provided pursuant to clause (i) immediately above as to
any specific Intellectual Property). Further, when all Obligations shall have been indefeasibly paid in full in cash and the Loan Agreement shall have expired or been terminated or upon the express release of the Collateral by the Collateral Agent
in accordance with Section 4.12 or otherwise, the Collateral Agent shall grant back to such Grantor the license granted pursuant to clause (i) immediately above. The exercise of rights and remedies under
Section 4.05 by the Collateral Agent shall not terminate the rights of the holders of any licenses or sublicenses theretofore granted by such Grantor in accordance with the first sentence of this clause (ii). 

(b) Chattel Paper. Such Grantor shall (i) deliver to the Collateral Agent each original of each item of Chattel
Paper at any time constituting part of the Collateral other than any Chattel Paper received, held, or obtained by such Grantor in the normal course of business, and (ii) cause each such original and each copy thereof to bear a conspicuous
legend, in form and substance reasonably satisfactory to the Collateral Agent, indicating that such Chattel Paper is subject to the security interest granted hereby and that purchase of such Chattel Paper by a Person other than the Collateral Agent
without the consent of the Collateral Agent would violate the rights of the Collateral Agent. 

  
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 (c) Assigned Agreements. 

(i) Anything herein to the contrary notwithstanding, (i) such Grantor shall (until acquisition of such Grantor’s
rights by a third party other than an Affiliate as a consequence of foreclosure, assumption or transfer of the Assigned Agreements), remain liable under the Assigned Agreements to the extent set forth therein to perform all of its duties and
obligations thereunder to the same extent as if this Agreement had not been executed; (ii) the exercise by the Collateral Agent of any of the rights hereunder (other than following an acquisition of such Grantor’s rights by a third party
other than an Affiliate as a consequence of foreclosure, assumption or transfer of the Assigned Agreements) shall not release such Grantor from any of its duties or obligations under the Assigned Agreements; and (iii) until assumed or
transferred as aforesaid, the Collateral Agent shall have no obligation or liability under the Assigned Agreements by reason of this Agreement, nor shall the Collateral Agent be obligated to perform any of the obligations or duties of such Grantor
thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 
 (ii) Except as otherwise
provided in this clause (ii), such Grantor shall continue to collect, at its own expense, all amounts due or to become due to such Grantor under the Assigned Agreements. In connection with such collections, such Grantor may take (and during
an Event of Default, at the Collateral Agent’s direction shall take) such action as such Grantor or the Collateral Agent, as applicable, may deem necessary or advisable to enforce collection of the amounts due under the Assigned Agreements.
Such Grantor agrees and confirms that it shall notify each party to the Assigned Agreements of the grant of the security interest therein and assignment thereof to the Collateral Agent and instruct each of them that all payments due or to become due
and all amounts payable to such Grantor thereunder shall be made directly to the Collateral Agent for deposit into the Revenue Account or another account designated by the Collateral Agent. No Grantor shall, except as specifically required or
permitted by the Underlying Financing Documents, take any action in connection with any Assigned Agreement which would impair the security interest of the Collateral Agent in the Collateral. 

4.05 Remedies. 

(a) Rights and Remedies Generally upon an Event of Default. If an Event of Default shall have occurred and is
continuing, the Collateral Agent shall have all of the rights and remedies with respect to the Collateral of a secured party under the NYUCC (whether or not the Uniform Commercial Code is in effect in the jurisdiction where the rights and remedies
are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any 

  
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rights and remedies hereunder may be asserted, including the right, to the fullest extent permitted by law, to exercise all voting, consensual and other powers of ownership pertaining to the
Collateral as if the Collateral Agent were the sole and absolute owner thereof (and such Grantor agrees to take all such action as may be appropriate to give effect to such right); and without limiting the foregoing: 

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

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

(iii) the Collateral Agent may require such Grantor to notify (and such Grantor hereby authorizes the Collateral Agent to so
notify) each account debtor in respect of any Account (as defined in the NYUCC), Chattel Paper or General Intangible, and each obligor on any Instrument, constituting part of the Collateral and on any Assigned Agreement that such Collateral has been
assigned to the Collateral Agent hereunder, and to instruct that any payments due or to become due in respect of such Collateral shall be made directly to the Collateral Agent or as it may direct (and if any such payments, or any other Proceeds of
the Collateral, are received by such Grantor they shall be held in trust by such Grantor for the benefit of the Collateral Agent and as promptly as possible remitted or delivered to the Collateral Agent for application as provided herein); 

(iv) the Collateral Agent may require such Grantor to assemble the Collateral at such place or places, reasonably convenient
to the Collateral Agent and such Grantor, as the Collateral Agent may direct; 
 (v) the Collateral Agent may apply the
Account Collateral and any money or other property therein to payment of the Obligations; 
 (vi) the Collateral Agent may
sell, lease, assign or otherwise dispose of all or any part of the Collateral, at such place or places as the Collateral Agent deems best, and for cash or for credit or for future delivery (without thereby assuming any credit risk), at public or
private sale, without demand of performance or notice of intention to effect any such disposition or of the time or place thereof (except such notice as is required by applicable statute and cannot be waived), and the Collateral Agent or anyone else
may be the purchaser, lessee, assignee or recipient of any or all of the Collateral so disposed of at any public sale (or, to the extent permitted by law, at any private sale) and thereafter hold the same absolutely, free from any claim or right of
whatsoever kind, including any right or equity of redemption (statutory or otherwise), of such Grantor, any such 

  
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demand, notice and right or equity being hereby expressly waived and released to the extent permitted by law. In the event of any sale, assignment, or other disposition of any of the Trademark
Collateral, the goodwill connected with and symbolized by the Trademark Collateral subject to such disposition shall be included. The Collateral Agent may, without notice or publication, adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for the sale, and such sale may be made at any time or place to which the sale may be so adjourned; 

(vii) the Collateral Agent may exercise dominion and control over and refuse to permit further withdrawals from any Deposit
Account (including without limitation the Revenue Account) and provide instructions directing the disposition of funds in any such Deposit Accounts and provide entitlement orders with respect to Security Entitlements and other Investment Property
constituting a part of the Collateral and, without notice to such Grantor, transfer to or register in the name of the Collateral Agent or any of its nominees any or all security Collateral; 

(viii) the Collateral Agent may in the name of such Grantor or its own name, or otherwise, take possession of and indorse and
collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Assigned Agreements and execute, in connection with any sale provided for in this Section 4.05, any endorsements, assignments or
other instruments or documents of conveyance or transfer with respect to the Collateral; and 
 (ix) the Collateral Agent
may make formal application for the transfer of all of such Grantor’s permits, licenses, approvals, and the like relating to the Assigned Agreements or to such Grantor’s business to the Collateral Agent or to any assignee of the Collateral
Agent or to any purchaser of any of the Collateral to the extent the same are assignable in accordance with their terms and Applicable Law. 
 The Proceeds
of each collection, sale or other disposition under this Section 4.05, including by virtue of the exercise of any license granted to the Collateral Agent in Section 4.04(a), shall be applied in accordance with
Section 4.09. 
 (b) Certain Securities Act Limitations. Such Grantor recognizes that, by reason of
certain prohibitions contained in the Securities Act of 1933, as amended, and applicable state securities laws, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to those who
will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale thereof. Such Grantor acknowledges that any such private sales may be at prices and on terms less
favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner
and that the Collateral Agent shall 

  
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 14 

 
have no obligation to engage in public sales and no obligation to delay the sale of any Collateral for the period of time necessary to permit the issuer thereof to register it for public sale.

 (c) Notice. Such Grantor agrees that to the extent the Collateral Agent is required by Applicable Law to give
reasonable prior notice of any sale or other disposition of any Collateral, ten (10) Business Days’ notice shall be deemed to constitute reasonable prior notice. 

4.06 Deficiency. If the proceeds of sale, collection or other realization of or upon the Collateral pursuant to
Section 4.05 are insufficient to cover the costs and expenses of such realization and the payment and performance in full of the Obligations, such Grantor shall remain liable for any deficiency. 

4.07 Locations; Names, Etc. Without at least thirty (30) days’ prior written notice to the Collateral Agent, such Grantor
shall not (i) change its “location” (within the meaning of Section 9-307 of the NYUCC), (ii) change its name from the name shown as its current legal name on Annex 1, or (iii) agree to or authorize any
modification of the terms of any item of Collateral that would result in a change thereof from one Uniform Commercial Code category to another such category (such as from a General Intangible to Investment Property), if the effect thereof would be
to result in a loss of perfection of, or diminution of priority for, the security interests created hereunder in such item of Collateral, or the loss of control (within the meaning of Sections 9-104, 9-105, 9-106 or 9-107 of the NYUCC) over such
item of Collateral. 
 4.08 Private Sale. The Collateral Agent shall incur no liability as a result of the sale of the Collateral, or
any part thereof, at any private sale pursuant to Section 4.05 conducted in a commercially reasonable manner. Such Grantor hereby waives any claims against the Collateral Agent arising by reason of the fact that the price at which the
Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale or was less than the aggregate amount of the Obligations, even if the Collateral Agent accepts the first offer received and
does not offer the Collateral to more than one offeree. 
 4.09 Application of Proceeds. Except as otherwise herein expressly
provided and except as provided below in this Section 4.09, the Proceeds of any collection, sale or other realization of all or any part of the Collateral pursuant hereto, and any other cash at the time held by the Collateral Agent under
this Section 4, shall be applied by the Collateral Agent: 
 First, to the payment of the costs and
expenses of such collection, sale or other realization, including reasonable out-of-pocket costs and expenses of the Collateral Agent and the reasonable fees and expenses of its agents and counsel, and all expenses incurred and advances made by the
Collateral Agent in connection therewith; 
 Second, to the payment in full of the Obligations, in accordance with the
Loan Agreement, in such order as the Collateral Agent shall in its sole discretion determine; and 
 Third, to the
Depositary Bank for deposit into the Revenue Account to be applied in accordance with Section 3.4 of the Depositary Agreement. 

  
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 4.10 Attorney-in-Fact. Without limiting any rights or powers granted by this Agreement to
the Collateral Agent while no Event of Default has occurred and is continuing, upon the occurrence and during the continuance of any Event of Default, for the purposes of allowing the Collateral Agent to exercise its rights and remedies hereunder
and under the Loan Documents, such Grantor hereby constitutes and appoints the Collateral Agent its true and lawful attorney-in-fact (such appointment being irrevocable and coupled with an interest), with full power of substitution and with full
authority in the place and stead of such Grantor and in the name of such Grantor to take any action and to execute any instrument that the Collateral Agent may deem reasonably necessary or advisable to accomplish the purposes of this Agreement,
including, without limitation, the following: 
 (a) to obtain and adjust insurance required to be maintained by such Grantor
under the Loan Agreement or paid to the Collateral Agent pursuant to the Loan Agreement; 
 (b) to request, 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; 

(c) to receive, endorse and collect any drafts or other instruments, documents and chattel paper in connection with clause
(b) above; 
 (d) to file any claims or take any action or institute any proceedings that the Collateral Agent may
deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the Collateral; 

(e) to prepare and file any UCC financing statements against such Grantor as debtor; 

(f) 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 the Liens created in favor of the Collateral Agent for the benefit of the Secured Parties) 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 Agent in its sole discretion, any such payments made by the Collateral Agent to become obligations of such Grantor to the
Collateral Agent, due and payable immediately without demand; and 
 (g) to sell, transfer, pledge, make any agreement with
respect to or otherwise deal with any of the Collateral as fully and completely as though the Collateral Agent were the absolute owner thereof for all purposes (but subject to the terms of this Agreement). 

  
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 4.11 Perfection and Recordation. Such Grantor authorizes, without releasing such Grantor
from its obligation to do so, the Collateral Agent to file Uniform Commercial Code financing statements, including amendments and continuations, including those describing the Collateral as “all assets” or “all personal property and
fixtures” of such Grantor and in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such Collateral relates (provided, that no such description shall be deemed to modify
the description of Collateral set forth in Section 3). 
 4.12 Termination. When all Obligations shall have been
indefeasibly paid in full in cash and the Loan Agreement shall have expired or been terminated as evidenced by a letter agreement among the Grantors and the Administrative Agent (the “Payoff Letter”), this Agreement shall terminate,
and the Collateral Agent shall, at such Grantor’s cost and expense, forthwith cause to be assigned, transferred and delivered, against receipt but without any recourse, warranty or representation whatsoever, any remaining Collateral and money
received in respect thereof, to or on the order of such Grantor and to be released and canceled all licenses and rights referred to in Section 4.04(a). The Collateral Agent shall also, at the expense of such Grantor, execute and deliver
to such Grantor upon such termination such Uniform Commercial Code termination statements and such other documentation as shall be reasonably requested by such Grantor to effect the termination and release of the liens on the Collateral as required
by this Section 4.12 and the Payoff Letter. 
 4.13 Further Assurances. Such Grantor agrees that, from time to time upon
the written request of the Collateral Agent, it shall execute and deliver such further documents and do such other acts and things as the Collateral Agent may reasonably request in order fully to effect the purposes of this Agreement. The Collateral
Agent shall release any lien covering any asset that has been disposed of in accordance with the provisions of the Loan Documents. 
 4.14
No Marshalling. 
 (a) To the fullest extent permitted by law, such Grantor hereby agrees that it shall not invoke any
law relating to the marshalling of Collateral which might cause delay in or impede the enforcement of the Collateral Agent’s rights or remedies under this Agreement, and, to the fullest extent permitted by law, such Grantor hereby irrevocably
waives the benefits of all such laws (including any right to a marshalling of assets or a sale or inverse order of alienation). 

(b) Such Grantor hereby waives, to the maximum extent permitted by law (i) all rights under any law to require the
Collateral Agent to pursue any other Person, any security which the Collateral Agent may hold, or any other remedy before proceeding against such Grantor; (ii) all rights to require the Collateral Agent to give any notices of any kind,
including, without limitation, notices of nonpayment, nonperformance, protest, dishonor, default, delinquency or acceleration, or to make any presentments, demands or protests, except as expressly provided in this Agreement; other than notices
required by the Loan Documents; (iii) all rights to assert the bankruptcy or insolvency of such Grantor as a defense hereunder or as the basis for rescission hereof; (iv) all defenses based on any change in the time, manner or place of
payment of, or in any other term of the Obligations; (v) any exchange, release or non-perfection of any lien on any Collateral; 

  
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and (vi) all suretyship and such Grantor’s defenses generally. Such Grantor, to the maximum extent permitted by law hereby agrees that it will not invoke, claim or assert the benefit of
any rule of law or statute now or hereafter in effect (including, without limitation, any right to prior notice or judicial hearing in connection with the Collateral Agent’s possession, custody or disposition of any Collateral or any appraisal,
valuation, stay, extension, moratorium or redemption law), or take or omit to take any other action, that would or could reasonably be expected to have the effect of delaying, impeding or preventing the exercise of any rights and remedies in respect
of the Collateral, the absolute sale of any of the Collateral or the possession thereof by any purchaser at any sale thereof, and waives the benefit of all such laws and further agrees that it will not hinder, delay or impede the execution of any
power granted hereunder to the Collateral Agent or, but that it will permit the execution of every such power as though no such laws were in effect. 

Section 5. Miscellaneous. 

5.01 Notices. All notices, requests and other communications provided for in this Agreement shall be given in accordance with
Section 9.2 of the Depositary Agreement; provided, that the addresses for notices to the parties hereto shall be given at such Person’s address shown on the signature pages hereof. 

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

5.03 Amendments, Etc. The terms of this Agreement may be waived, altered or amended only by an instrument in writing duly executed by
an authorized representative of each Grantor and the Collateral Agent. 
 5.04 Expenses. Each Grantor agrees to reimburse the
Collateral Agent for all reasonable costs and expenses incurred by it (including the reasonable fees and expenses of legal counsel) in connection with (i) any Default and any enforcement or collection proceeding resulting therefrom, including
all manner of participation in or other involvement with (w) performance by the Collateral Agent of any obligations of such Grantor in respect of the Collateral that such Grantor has failed or refused to perform, (x) bankruptcy,
insolvency, receivership, foreclosure, winding up or liquidation proceedings, or any actual or attempted sale, or any exchange, enforcement, collection, compromise or settlement in respect of any of the Collateral, and for the care of the Collateral
and defending or asserting rights and claims of the Collateral Agent in respect thereof, by litigation or otherwise, including expenses of insurance, (y) judicial or regulatory proceedings and (z) workout, restructuring or other
negotiations or proceedings (whether or not the workout, restructuring or transaction contemplated thereby is consummated) and (ii) the enforcement of this Section 5.04, and all such costs and expenses shall be Obligations entitled
to the benefits of the collateral security provided pursuant to Section 3. 

  
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 5.05 Successors and Assigns; Continuing Security Interest. This Agreement shall be binding
upon and inure to the benefit of the respective successors and permitted assigns of each Grantor, the Collateral Agent and the Secured Parties (provided, that no Grantor shall assign or transfer its rights or obligations hereunder without the
prior written consent of the Collateral Agent). This Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect until the indefeasible payment in full in cash of all Obligations and the
expiration or termination of the Loan Agreement, be binding upon each Grantor, their respective successors and assigns, and inure, together with the rights and remedies of the Collateral Agent hereunder, to the benefit of the Collateral Agent and
its successors, transferees and assigns. Without limiting the generality of the foregoing, but subject to the terms and transfer restrictions of the Loan Agreement, the Collateral Agent may assign or otherwise transfer its rights under the Loan
Documents to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to the Collateral Agent herein or otherwise. 

5.06 Counterparts. This Agreement may be executed by one or more of the parties hereto on any number of separate counterparts, by
facsimile or electronic mail, and all of said counterparts taken together shall be deemed to constitute one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all
signatures are physically attached to the same document. A facsimile or “pdf” signature page shall constitute an original for purposes hereof. 

5.07 Governing Law; Submission to Jurisdiction, Etc. UNLESS EXPRESSLY PROVIDED IN ANY OTHER LOAN DOCUMENT, THIS AGREEMENT AND ALL
CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND FEDERAL LAWS RELATING TO NATIONAL BANKS. EACH PARTY
HEREBY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT SITTING IN OR WITH JURISDICTION OVER NEW YORK COUNTY, THE STATE OF NEW YORK AND THE SOUTHERN DISTRICT OF NEW YORK IN ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING
RELATING IN ANY WAY TO THIS AGREEMENT, AND AGREES THAT ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT. EACH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT
MAY HAVE REGARDING ANY SUCH COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS. 

5.08 WAIVER OF JURY TRIAL. To the fullest extent permitted by Applicable Law, each Grantor waives (a) the right to trial by
jury (which Collateral Agent hereby also waives) in any proceeding or dispute of any kind relating in any way to this Agreement, the Obligations or the Collateral; (b) presentment, demand, protest, notice of presentment, default, non-payment,
maturity, release, compromise, settlement, extension or renewal of any commercial paper, accounts, documents, instruments, chattel paper and 

  
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 19 

 
guaranties at any time held by Collateral Agent on which any Grantor may in any way be liable, and hereby ratifies anything Collateral Agent may do in this regard; (c) notice prior to
taking possession or control of any Collateral; (d) any bond or security that might be required by a court prior to allowing Collateral Agent to exercise any rights or remedies; (e) the benefit of all valuation, appraisement and exemption
laws; (f) any claim against Collateral Agent or any Lender, on any theory of liability, for special, indirect, consequential, exemplary or punitive damages (as opposed to direct or actual damages) in any way relating to any Enforcement Action,
the Obligations, this Agreement or transactions relating thereto; and (g) notice of acceptance hereof. Each Grantor acknowledges that the foregoing waivers are a material inducement to Collateral Agent entering into this Agreement and that
they are relying upon the foregoing in their dealings with the Grantors. Each Grantor has reviewed the foregoing waivers with its legal counsel and has knowingly and voluntarily waived its jury trial and other rights following consultation with
legal counsel. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 
 5.09
Captions. The captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 

5.10 Agents and Attorneys-in-Fact. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be
responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith and with due care. 
 5.11
Severability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the
extent of such invalidity and the remaining provisions of this Agreement shall remain in full force and effect. 
 5.12 Collateral
Agent. The Bank of New York Mellon, in performance of its duties as Collateral Agent hereunder, shall enjoy all rights and protections afforded it as the Collateral Agent under the Depositary Agreement (as defined in the Loan Agreement) and the
Depositary Agreement (as defined in the Other Loan Facility), respectively. 
 5.13 Instruction of Collateral Agent by Administrative
Agent. Notwithstanding anything to the contrary contained in this Agreement, the Collateral Agent will not commence any exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against or in respect of any of
the Collateral, including the delivering of any notice required to be delivered or the giving of any instruction required to be given by the Collateral Agent hereunder, unless and until it shall have been directed by written notice of the
Administrative Agent on behalf of the Secured Parties and then only in accordance with the provisions of such notice, this Agreement and the other Security Documents. 

5.14 Intercreditor Agreement. Notwithstanding anything herein to the contrary, the Lien granted to the Collateral Agent pursuant to
this Agreement and the exercise of any right or remedy by Collateral Agent hereunder are subject to the provisions of that certain Intercreditor Agreement, dated as of July 19, 2013 (as amended, amended and restated, supplemented,

  
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 20 

 
restated, replaced, refinanced or otherwise modified from time to time, the “Intercreditor Agreement”) among each Grantor, the Administrative Agent, the Administrative Agent (as
defined in the Other Loan Facility), the Collateral Agent and the Collateral Agent (as defined in the Other Loan Facility). In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the
Intercreditor Agreement shall govern and control. 
 5.15 Amendment and Restatement; No Novation or Release of Security. Except as
amended hereby, the terms of the Original Security Agreement, including the grant of security in Section 3 thereof, remain unchanged, and nothing contained in this Agreement shall abrogate, prejudice, diminish or otherwise affect any powers,
rights, remedies or obligations of any Person arising before the date of this Agreement. This Agreement constitutes an amendment and restatement of the Original Security Agreement and is not intended to and shall not extinguish or constitute a
novation or release of the Original Security Agreement or the Obligations secured thereby, it being the intention of the parties hereto to preserve all Liens securing payment and performance of the Obligations, whether arising before or after the
date of this Agreement, which Liens are acknowledged by the Grantors to be valid and subsisting against the Collateral. This Agreement is not intended to and shall not affect the priority of the Liens granted by the Original Security Agreement, the
priority of all such Liens and the Lien of this Agreement being governed by the terms of the Intercreditor Agreement. 
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INTENTIONALLY LEFT BLANK] 

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

			
	HASI CF I BORROWER LLC,
	as a Grantor
		
	By:	 	  

		 	Jeffrey W. Eckel, President
	
	 HAT CF I BORROWER LLC,
 as a
Grantor

		
	By:	 	  

		 	Jeffrey W. Eckel, President
	
	 HAT CF II BORROWER LLC,
 as a
Grantor

		
	By:	 	  

		 	Jeffrey W. Eckel, President
		
		 	Addresses for Notices to each Grantor:
		 	1906 Towne Centre Blvd, Suite 370
		 	Annapolis, MD 21401
		 	Attn: Legal Department
		 	Telecopy: 410-571-6199
		 	Electronic Mail: legaldepartment@hannonarmstrong.com

  
 Amended &
Restated Loan Agreement (PF) 
 Amended & Restated Security Agreement 

 
					
	THE BANK OF NEW YORK MELLON,
	as Collateral Agent
		
	By:	 	  

		 	Name:	 	Leslie Morales
		 	Title:	 	Vice President

 
					
		
		 	Addresses for Notices to the Collateral Agent:
		
		 	The Bank of New York Mellon
		 	Corporate Trust
		 	Asset-Backed Securities
		 	101 Barclay St - 7W
		 	New York NY 10286
		 	Facsimile: 212-815-2493
		 	Attention:	 	  

		
		 	with copies (for informational purposes only) to:
		
		 	Hunton & Williams LLP
		 	200 Park Avenue, 52nd Floor
		 	New York, NY 10166
		 	Telephone: 212.309.1093
		 	Facsimile: 212.309.1100
		 	Email: jsirgado@hunton.com
		 	Attention: Jo Anne Sirgado

  
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 Amended & Restated Security Agreement 

  
 2EX-10.10

 Exhibit 10.10 

FORM OF 
 PLEDGE AND
SECURITY AGREEMENT 
 PLEDGE AND SECURITY AGREEMENT, dated as of August 12, 2014 (this “Pledge Agreement”), among
HAT CF II Borrower LLC, a limited liability company organized and existing under the laws of the State of Delaware (“Member”), HAT CFII OP A LLC, a limited liability company organized and existing under the laws of the State of
Delaware (“Borrower Sub HAT A”), HAT CFII OP 5 LLC, a limited liability company organized and existing under the laws of the State of Delaware (“Borrower Sub HAT 5”), HAT CFII OP 7 LLC, a limited liability company
organized and existing under the laws of the State of Delaware (“Borrower Sub HAT 7”; each of Borrower Sub HAT A, Borrower Sub HAT 5 and Borrower Sub HAT 7, a “Borrower Subsidiary” and together, the
“Borrowers Subsidiaries”), and The Bank of New York Mellon, as Collateral Agent (in such capacity, and including any permitted successors or assigns “Collateral Agent”) for the Secured Parties (as defined in the
Loan Agreement referred to below). 
 WHEREAS, Member has entered into an Amended & Restated Loan Agreement (PF), dated as of the
date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Loan Agreement”), with HAT CF I Borrower LLC and HASI CF I Borrower LLC, as co-borrowers, the financial institutions from time
to time parties thereto, as lenders (collectively, the “Lenders”), Bank of America, N.A., as Administrative Agent for the Lenders (in such capacity, and including any permitted successors or assigns “Administrative
Agent”), pursuant to which the Lenders have agreed to make Loans on the terms and conditions set forth therein. 
 WHEREAS, Member
has entered into an Amended & Restated Collateral Agency and Depositary Agreement (PF), dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Depositary
Agreement”), with HAT CF I Borrower LLC and HASI CF I Borrower LLC, as co-borrowers, the Administrative Agent, the Collateral Agent, The Bank of New York Mellon, as depositary bank and securities intermediary (the
“Depositary”). 
 WHEREAS, Member owns 100% of all issued and outstanding Equity Interests issued by each Borrower
Subsidiary pursuant to the LLC Agreements (the “Equity Interests”). 
 WHEREAS, Member will gain a substantial economic
benefit from the loans and other financial accommodations made under the Loan Agreement and desires that the Secured Parties enter into the Loan Agreement. 

In consideration of the foregoing premises and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, each Borrower Subsidiary and Member hereby agree with Collateral Agent (on behalf of itself and each other Secured Party), as follows: 

1. Definitions. Unless otherwise defined herein, capitalized terms used in this Pledge Agreement have the meanings provided in
Section 1.1 of the Loan Agreement or, if not defined therein, the UCC. 

  
 Amended &
Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

 2. Rules of Interpretation. The rules of interpretation set forth in
Section 1.3 of the Loan Agreement shall apply to this Pledge Agreement. 
 3. Grant of Security Interest. 

(a) To secure the timely payment and performance of the Secured Obligations (as defined below) when due, whether at stated maturity, by
acceleration or otherwise, Member hereby collaterally assigns and pledges to Collateral Agent, for the benefit of the Secured Parties, and grants to Collateral Agent, for the benefit of the Secured Parties, a continuing first priority lien on and
security interest in all the estate, right, title and interest of Member in, to and under any and all of the following properties, assets and rights of Member, wherever located, whether now owned or existing or hereafter acquired or arising
(collectively, the “Collateral”): 
 (i) the Equity Interests in each Borrower Subsidiary and all of Member’s rights
under any LLC Agreement; 
 (ii) all present and future rights of Member to receive any payment of money or other distribution or payment
arising out of or in connection with the Equity Interests in each Borrower Subsidiary and its rights under the Limited Liability Company Operating Agreement of Borrower Sub HAT A, dated as of July 16, 2014, the Limited Liability Company
Operating Agreement of Borrower Sub HAT 5, dated as of July 16, 2014, and the Limited Liability Company Operating Agreement of Borrower Sub HAT 7, dated as of July 16, 2014 (together, the “LLC Agreements”); 

(iii) any other claim which Member now has or may in the future acquire in its capacity as a member of each Borrower Subsidiary against each
Borrower Subsidiary and its property; 
 (iv) all securities, certificates and other instruments representing or evidencing any of the
foregoing rights and interests or the ownership thereof; and 
 (v) to the extent not otherwise included, all Proceeds, products and
accessions of any and all of the foregoing, including, without limitation, whatever is received upon any collection, exchange, sale or other disposition of any of the Collateral, and any property into which any of the Collateral is converted,
whether cash or noncash proceeds, and any and all other amounts paid or payable under or in connection with any of the Collateral. 
 (b)
Notwithstanding anything to the contrary contained herein, Member shall remain liable under the LLC Agreements to perform all of its obligations thereunder and Collateral Agent shall have no obligation or liability under the LLC Agreements by reason
of or arising out of this Pledge Agreement, nor shall Collateral Agent be required or obligated in any manner to perform or fulfill any obligations of Member thereunder or to make any payment, or to make any inquiry as to the nature or sufficiency
of any payment received by it, or present or file any claim, or take any action to collect or enforce the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

  
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Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

  
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 4. Secured Obligations. This Pledge Agreement secures the payment of all Obligations now
existing or hereafter arising, owing to Agents or the other Secured Parties, and all obligations of Member set forth herein, including, to the maximum extent permitted by Applicable Law, any interest or expenses arising after the commencement of any
proceeding with respect to any Borrower Subsidiary, or Member under the Bankruptcy Code or any other bankruptcy or insolvency Applicable Law (whether or not such interest or expenses are allowed or allowable as a claim in whole or in part in such
case) (all such obligations being herein called, the “Secured Obligations”). 
 5. Use of Collateral. Unless and
until such time as a Default has occurred and is continuing, Member reserves the right to, and shall be entitled to, use and possess the Collateral (except any certificates representing the Equity Interests) and exercise all of its rights in respect
of the Collateral, including, without limitation, under the LLC Agreements (except as limited herein or by the Loan Documents) and to receive all income and other distributions from the Collateral. 

6. Application of Proceeds. Collateral Agent shall apply any proceeds from time to time held by it and the proceeds of any collection,
recovery, receipt, appropriation, realization or sale, in accordance with the terms of the Loan Agreement and the other Loan Documents to which it is a party. 

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

(a) Collateral Agent shall have the right to take any of the following actions: (i) vote or exercise any and all of Member’s rights
or powers under the LLC Agreements; (ii) demand, sue for, collect or receive any money or property at any time payable to or receivable by Member on account of or in exchange for all or any part of the Collateral; (iii) cause any action at
law or suit in equity or other proceeding to be instituted and prosecuted to collect or enforce any Secured Obligations or rights hereunder or included in the Collateral or foreclose or enforce the security interest in all or any part of the
Collateral, by taking possession thereof or otherwise, or to enforce any other legal or equitable right vested in it by this Pledge Agreement or by Applicable Law; (iv) sell or otherwise dispose of any or all of the Collateral or cause the
Collateral to be sold or otherwise disposed of in one or more sales or transactions, at such prices as Collateral Agent may deem commercially reasonable, and for cash or on credit or for future delivery, without assumption of any credit risk at any
broker’s board or at public or private sale, without demand of performance or notice of the time or place of sale (except such notice as is required by applicable statute and cannot be waived which notice shall be in accordance with the
provisions hereof), it being agreed that Collateral Agent may be a purchaser on behalf of the other Secured Parties or on its own behalf at any such sale and that Collateral Agent, any other Secured Party or any other Person who may be the purchaser
of any or all of the Collateral so sold shall thereafter hold the same absolutely free from any claim or right of whatsoever kind, including any equity of redemption, of Member or any Borrower Subsidiary, any such demand, notice or right and equity
being hereby expressly waived and released to the 

  
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Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

  
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extent permitted by Applicable Law; (v) incur expenses, including reasonable attorneys’ fees, consultants’ fees, and other costs in connection with the exercise of any right or
power under this Pledge Agreement; (vi) perform any obligation of Member hereunder, under any Loan Document or under the LLC Agreements; (vii) take any other action which Collateral Agent deems necessary or desirable to protect or realize
upon its security interest in the Collateral or any part thereof; (viii) secure the appointment of a receiver for Member; or (ix) exercise any other or additional rights or remedies granted to a secured party under the UCC. If, pursuant to
Applicable Law, prior notice of any such action is required to be given to Member or any Borrower Subsidiary, Member and each Borrower Subsidiary hereby acknowledge and agree that the minimum time required by such Applicable Law, or if no minimum is
specified, of ten (10) Business Days, shall be deemed a reasonable notice period. In addition, to the extent permitted by Applicable Law, Member waives any and all rights that it may have to notice from Collateral Agent or of a judicial hearing
in advance of the enforcement of any of Collateral Agent’s rights hereunder. 
 (b) In addition to the foregoing remedies, Collateral
Agent may, after written notice to Member, but shall not be obligated to, cure any Event of Default. Collateral Agent shall be the sole judge of the validity of any adverse claims, taxes, assessments, charges or encumbrances, and the amount to be
paid in satisfaction thereof, and of the necessity for, and of the time and manner of doing everything herein authorized to be done, provided Collateral Agent shall be under no obligation to do any such acts or to make any such payments. 

(c) If Collateral Agent shall decide to exercise its right, subject to the terms hereof and the other Loan Documents, to sell any or all of
the Collateral, and if in the opinion of counsel for Collateral Agent it is necessary to have such Collateral registered under the provisions of the Securities Act of 1933, as amended, or otherwise registered or qualified under any federal or
state securities laws or regulations (collectively, the “Securities Laws”), each Borrower Subsidiary and Member will execute and deliver all such instruments and documents which, in the opinion of Collateral Agent, are
reasonably necessary to register or qualify such Collateral under the provisions of the Securities Laws and will use reasonable efforts to cause any registration statement relating thereto to become effective and to remain effective for a period of
not less than six months from the date of the first public offering of such Collateral and to make all amendments thereto and/or to any related prospectus or similar document which, in the reasonable opinion of Collateral Agent, are necessary, all
in conformity with the Securities Laws applicable thereto. Without limiting the generality of the foregoing, each Borrower Subsidiary and Member agree to comply with the provisions of the securities or “Blue Sky” laws of any jurisdiction
or jurisdictions which Collateral Agent shall reasonably designate and to make available to their security holders, as soon as practicable, earnings statements which will satisfy the provisions of Section 11(a) of the Securities Act
of 1933, as amended. 
 (d) All reasonable costs and expenses (including, without limitation, attorneys’ fees and expenses)
incurred by Collateral Agent in connection with exercising any remedy provided for herein or at law, curing any Event of Default, performing any of Member’s obligations contained herein or in the LLC Agreements or in respect of any part of the
Collateral, together with interest thereon (to the extent permitted by Applicable Law) computed at a rate per annum equal to the Default Rate from the date on which such costs or expenses are incurred to

  
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Restated Loan Agreement (PF) 
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the date of payment thereof, shall constitute additional indebtedness (and Secured Obligations) secured by this Pledge Agreement and shall be paid by Member to Collateral Agent on behalf of the
Secured Parties upon demand. 
 (e) Any action or proceeding to enforce this Pledge Agreement or the LLC Agreements may be taken by
Collateral Agent either in Collateral Agent’s name or in Member’s name, as Collateral Agent may deem necessary. 
 (f) Collateral
Agent shall incur no liability as a result of the sale of the Collateral, or any part thereof, at any private sale pursuant to Section 7(a) conducted in a commercially reasonable manner and in accordance with the requirements of
Applicable Law. Member hereby waives any claims against Collateral Agent arising by reason of the fact that the price at which the Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public
sale or was less than the aggregate amount of the Secured Obligations. 
 (g) Except as otherwise required by this Pledge Agreement, to the
extent permitted under Applicable Law, Member hereby waives all rights and remedies of a debtor or grantor under the UCC or other Applicable Law, and all formalities prescribed by Applicable Law relative to the sale or disposition of the Collateral
(other than notice of sale and any other formalities expressly provided in this Pledge Agreement and the other Loan Documents), after the occurrence and during the continuation of an Event of Default. 

(h) Member hereby agrees that in respect of any sale of any of the Collateral pursuant to the terms hereof, Collateral Agent is hereby
authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel is reasonably necessary in order to avoid any violation of Applicable Law, or in order to obtain any required approval of the sale
or of the purchase by any Governmental Authority or official, and Member further agrees that such compliance shall not, in and of itself, result in such sale being considered or deemed not to have been made in a commercially reasonable manner, nor
shall Collateral Agent be liable or accountable to Member for any discount allowed by reason of the fact that such Collateral is sold in compliance with any such limitation or restriction. 

(i) If, in the exercise of any of its rights and remedies under this Pledge Agreement, Collateral Agent shall forfeit any of its rights or
remedies, whether because of any Applicable Law pertaining to “election of remedies” or otherwise, Member hereby consents to such action by Collateral Agent and, to the extent permitted by Applicable Law, waives any claim based upon such
action, even if such action by Collateral Agent shall result in a full or partial loss of any rights of subrogation, indemnification or reimbursement which Member might otherwise have had but for such action by Collateral Agent or the terms herein.
Any election of remedies which results in the denial or impairment of the right of Collateral Agent to seek a deficiency judgment against Member in respect of the Collateral shall not, to the extent permitted by Applicable Law, impair Member’s
obligation hereunder. 

  
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Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

  
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 8. Remedies Cumulative; Delay Not Waiver. 

(a) No right, power or remedy herein conferred upon or reserved to Collateral Agent or the other Secured Parties is intended to be exclusive
of any other right, power or remedy, and every such right, power and remedy shall, to the extent permitted by Applicable Law, be cumulative and in addition to every other right, power and remedy given hereunder or now or hereafter existing at
Applicable Law or in equity or otherwise. Resort to any or all security now or hereafter held by Collateral Agent may be taken concurrently or successively and in one or several consolidated or independent judicial actions or lawfully taken
nonjudicial proceedings, or both. 
 (b) No failure or delay on the part of Collateral Agent in exercising any right, power, remedy or
privilege hereunder or under any other Loan Document and no course of dealing between Member and Collateral Agent shall operate as a waiver or impairment thereof, nor shall any single or partial exercise of any right, power, remedy or privilege
hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder or thereunder. No notice to or demand on Member in any case shall entitle Member to any
other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of Collateral Agent to take any other or further action in any circumstances without notice or demand. 

9. Marshalling. To the fullest extent permitted by Applicable Law, Member hereby agrees that it shall not invoke any Applicable Law
relating to the marshalling of Collateral which might cause delay in or impede the enforcement of Collateral Agent’s rights under this Pledge Agreement or under any other instrument creating or evidencing any of the Secured Obligations or under
which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and, to the fullest extent permitted by Applicable Law, Member hereby irrevocably waives the benefits
of all such laws. 
 10. Representations and Warranties of Member. Member represents and warrants as of the date hereof as follows:

 (a) The chief executive office of Member and the office where it keeps its records concerning the Collateral is located at 1906 Towne
Centre Blvd., Suite 370, Annapolis, MD 21401. The organization number assigned to Member in Delaware is 5564976, and Member’s federal employer identification number is 47-1140195. 

(b) This Pledge Agreement creates a valid security interest in the Collateral and secures the payment of the Secured Obligations. 

(c) With respect to the Collateral and the security interest in the Collateral granted hereunder, (i) the appropriate financing
statements (the “Financing Statements”) have been presented (or are in a form to be presented immediately prior to the date of the first Advance) for filing under the UCC, and upon such filing, such security interest will be a
perfected security interest under the UCC, and no further filings or other actions are necessary to perfect such security interest and (ii) assuming the delivery to, and possession in the State of New York of, all certificates or instruments
representing or evidencing the Equity Interests (including duly executed undated blank stock powers) by, Collateral Agent, and the 

  
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Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

  
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filing of the Financing Statements with the Secretary of State of the State of Delaware such security interest will be a first priority perfected security interest under the UCC in the
Collateral, and no further filings or other actions are necessary to perfect such security interest. 
 (d) Member is the sole legal and
equitable owner of the Equity Interests of each Borrower Subsidiary, together with the other rights and interests comprising the Collateral described above, subject to no Liens (other than Permitted Liens described in Section 11.2.2(a)
of the Loan Agreement) and has full power and lawful authority to pledge, assign and grant a security interest in the Collateral pledged hereunder. Member owns all of the issued and outstanding Equity Interests of each Borrower Subsidiary. 

(e) Member has not assigned any of its rights under any LLC Agreement or any of the Collateral except as provided in this Pledge Agreement or
pursuant to the Loan Documents (as defined in the Other Loan Facility). 
 (f) Member has not executed and has no knowledge of any effective
financing statement, security agreement or other instrument similar in effect covering all or any part of the Collateral on file in any recording office, except such as may have been filed pursuant to this Pledge Agreement or pursuant to the Loan
Documents (as defined in the Other Loan Facility). 
 (g) The Equity Interests issued to Member are, or will be when issued,
“certificated securities” as such term is defined in Article 8 of the UCC. 
 (h) With respect to the Equity Interests, such
Equity Interests (i) are not dealt in or traded on securities exchanges or in securities markets, (ii) expressly provide that such Equity Interests are securities governed by Article 8 of the UCC, or (iii) are not held in a Securities
Account, except Equity Interests for which Collateral Agent is the registered owner. 
 (i) Member has delivered all certificated securities
constituting Collateral held by Member on the Loan Document Effective Date to Collateral Agent, together with duly executed undated blank stock powers, and such securities are duly authorized and validly issued, fully paid and non-assessable. 

11. Covenants of Member. Member covenants and agrees as follows: 

(a) Member shall at all times cause the Equity Interests to be “certificated securities” as such term is defined in Article 8 of the
UCC. 
 (b) Member shall defend the Collateral against all claims and demands of all Persons (other than Secured Parties and “Secured
Parties” (as defined in the Pledge Agreement executed in connection with the Loan Documents (as defined in the Other Loan Facility)) claiming an interest in any of such Collateral. Member shall discharge or cause to be discharged all Liens on
any or all of the Collateral, except for the security interest under this Pledge Agreement and Permitted Liens described in Sections 11.2.2(a) and (b) of the Loan Agreement. 

  
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Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

  
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 (c) From time to time upon the written request of Collateral Agent, it shall execute and deliver
such further documents and do such other acts and things as Collateral Agent may reasonably request in order fully to effect the purposes of this Pledge Agreement, including, without limitation, delivery of any original membership and limited
liability company interest certificates issued to Member after the date hereof, together with blank transfer powers related thereto. 
 (d)
If Member in its capacity as a member of any Borrower Subsidiary receives any income or distribution of money or property of any kind from such Borrower Subsidiary while an Event of Default has occurred and is continuing, Member shall hold such
income or distribution as trustee for and shall deliver the same to Collateral Agent. 
 (e) Member shall not sell, assign, transfer,
hypothecate, grant a Lien on or otherwise dispose of any of the Equity Interests other than the grant hereunder and Permitted Liens described in Section 11.2.2(a) of the Loan Agreement. 

(f) Member shall not take any action if such act could reasonably be expected to impair the rights of Collateral Agent or any other Secured
Party in the Collateral. 
 (g) Member shall not allow or permit any Borrower Subsidiary to issue any Equity Interests other than the Equity
Interests and, except for this Pledge Agreement or any other Loan Document and the Other Loan Documents (as defined in the Other Loan Facility), shall not, and shall not permit any Borrower Subsidiary to, enter into any agreement creating any
restriction or condition upon the transfer, voting or control of the Collateral. 
 12. Certain Consents and Waivers. 

(a) Subject to the rights specifically reserved to Member under this Pledge Agreement, Member hereby waives, to the maximum extent permitted
by Applicable Law: (i) all rights under any Applicable Law limiting remedies, including, recovery of a deficiency in respect of the Collateral and all defenses based on any loss of Member’s right to recover any amount from any Borrower
Subsidiary, whether by right of subrogation or otherwise; (ii) all rights under any Applicable Law to require Collateral Agent to pursue any Borrower Subsidiary, or any other Person, any security which Collateral Agent may hold, or any other
remedy before proceeding against Member; (iii) all rights under any Applicable Law of reimbursement or subrogation, all rights under any Applicable Law to enforce any remedy that Collateral Agent or the other Secured Parties may have against
any Borrower Subsidiary and all rights under any Applicable Law to participate in any security held by Collateral Agent until the Secured Obligations have been indefeasibly satisfied in full in cash; (iv) all rights under any Applicable Law to
require Collateral Agent to give any notices of any kind, including, without limitation, notices of nonpayment, nonperformance, protest, dishonor, default, delinquency or acceleration, or to make any presentments, demands or protests, except as
expressly provided in the Loan Documents; (v) all rights under any Applicable Law to assert the bankruptcy or insolvency of any Borrower Subsidiary as a defense hereunder or as the basis for rescission hereof; (vi) all rights under any
Applicable Law purporting to reduce Member’s obligations hereunder if any Borrower Subsidiary’s obligations are reduced other than as a result of payment of the Secured Obligations; (vii) all defenses based on the disability or lack
of authority of any 

  
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Restated Loan Agreement (PF) 
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Borrower Subsidiary or any Person, the repudiation of the Loan Documents by any Borrower Subsidiary, or any Person, the failure by Collateral Agent or the other Secured Parties to enforce any
claim against any Borrower Subsidiary, or the unenforceability in whole or in part of any Loan Documents; (viii) all defenses based on any change in the time, manner or place of payment of, or in any other term of the Secured Obligations, any
release, amendment or waiver of, or consent under, or departure from, or settlement or adjustment of, any Secured Obligations; (ix) any exchange, release or non-perfection of any Lien on any Collateral or collateral under the Loan Agreement or
the Security Documents; (x) all suretyship and guarantor’s defenses generally; (xi) any claims, damages and demands occasioned by Collateral Agent’s taking of possession of any Collateral except any damages which are the direct
result of Collateral Agent’s gross negligence or willful misconduct; (xii) any equities or rights of redemption, appraisement, valuation, stay, extension or moratorium now or hereafter in force under any Applicable Law that prevents or
delays the enforcement of this Pledge Agreement or any portion hereof, and each of Member and each Borrower Subsidiary, for itself and for any and all Persons who may claim on its behalf, hereby waives the benefit of all such Applicable Laws;
(xiii) any combination of the foregoing; or (xiv) any other fact or circumstance whether or not similar to the foregoing. Member further agrees that upon the occurrence and during the continuation of an Event of Default, Collateral Agent
may elect to nonjudicially or judicially foreclose against any real or personal property security it holds for the Secured Obligations or any part thereof, or to exercise any other remedy against any Borrower Subsidiary, any security or any
guarantor, even if the effect of that action is to deprive Member of the right to collect reimbursement from any Borrower Subsidiary for any sums paid by Member to Collateral Agent or any other Secured Party. Except as otherwise provided by
Applicable Law, any sale of, or any other realization upon, any Collateral by Collateral Agent or any other Secured Party in accordance with the terms hereof and the other Loan Documents, shall operate to divest all rights, title, interest, claim
and demand, either at law or in equity, of Member or each Borrower Subsidiary, as the case may be, therein and thereto, and shall be a perpetual bar both at law and in equity against Member or each Borrower Subsidiary, as the case may be, and
against any and all Persons claiming or attempting to claim the Collateral so sold or realized upon, or any portion thereof, from, through and under Member or each Borrower Subsidiary, as the case may be. 

(b) Member hereby waives any restriction or obligation imposed on Collateral Agent under Section 9-207(c)(1) of the UCC. 

(c) Upon the occurrence and during the continuation of an Event of Default, and subject to the rights specifically reserved to Member under
this Pledge Agreement, Member, to the maximum extent permitted by Applicable Law, hereby agrees that it will not invoke, claim or assert the benefit of any rule of Applicable Law or statute now or hereafter in effect or take or omit to take any
other action, that would or could reasonably be expected to have the effect of delaying, impeding or preventing the exercise of any rights and remedies in respect of the Collateral, the absolute sale of any of the Collateral or the possession
thereof by any purchaser at any sale thereof, and waives the benefit of all such laws and further agrees that it will not hinder, delay or impede the execution of any power or remedy granted hereunder to Collateral Agent, but that it will permit the
execution of every such power or remedy as though no such laws were in effect. 

  
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Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

  
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 13. Borrower Subsidiaries’ Consent and Covenants. Each Borrower Subsidiary hereby
consents to the assignment and grant of a security interest in the Collateral by Member to Collateral Agent and to the exercise by Collateral Agent of all rights and powers assigned or delegated to Collateral Agent by Member hereunder. Each Borrower
Subsidiary further agrees to perform all covenants and obligations herein which, by their express or implied terms, are to be performed by such Borrower Subsidiary. 

14. Attorney-in-Fact. Subject to the proviso set forth below, Member hereby constitutes and appoints Collateral Agent, acting for and
on behalf of itself and the other Secured Parties and each successor or assign of Collateral Agent and the other Secured Parties, the true and lawful attorney-in-fact of Member, with full power (in the name of Member or otherwise) to enforce all
rights of Member with respect to the Collateral, including, without limitation, the right: 
 (a) to ask, require, demand, receive, compound
and give acquittance for any and all moneys and claims for money due and to become due under or arising out of the Collateral; 
 (b) to
elect remedies with respect to the Collateral and to receive, endorse and collect upon any checks or other instruments or orders in connection therewith; 

(c) to vote, demand, receive and enforce Member’s rights and powers with respect to the Collateral; 

(d) to do any and every act which Member might do on its behalf with respect to the Collateral or any part thereof; 

(e) to give appropriate receipts, releases and satisfactions for and on behalf of and in the name of Member or, at the option of Collateral
Agent, in the name of Collateral Agent, with the same force and effect as Member could do if this Pledge Agreement had not been made; 
 (f)
to make, execute, deliver and file all conveyances, assignments and transfers of Collateral; and 
 (g) to file any claims or take any
action or institute any proceedings in connection therewith which Collateral Agent may deem to be necessary or advisable; 
 provided,
however, that until such time as an Event of Default has occurred and is continuing, Collateral Agent shall not exercise any of the aforementioned rights. Pursuant to such power of attorney, if an Event of Default has occurred and is
continuing, Collateral Agent shall, (at the direction of the Required Lenders), itself perform, or cause the performance of, any obligations of Member. This power of attorney is a power coupled with an interest and is irrevocable until the
indefeasible payment and performance in full in cash of the Secured Obligations. Member hereby approves, ratifies and confirms each lawful act and deed of or for Collateral Agent done or to be done pursuant to, and in accordance with, this
appointment and Applicable Laws as the authorized act and deed of Member. 

  
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Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

  
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 15. Perfection; Further Assurances. 

(a) Prior to or concurrently with the execution herewith, each Borrower Subsidiary shall deliver all certificates or instruments representing
or evidencing the Collateral to Collateral Agent and all such certificates or instruments shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance acceptable to Collateral Agent. Collateral
Agent shall have sole possession and control of such certificates and instruments until payment in full in cash of the Secured Obligations. Collateral Agent shall have the right, at any time in its discretion, upon the occurrence and during the
continuation of an Event of Default, and upon notice to Member (but only where such notice may be given without violating Applicable Law), to transfer to or to register in the name of Collateral Agent or any of its nominees any or all of the
Collateral and to exchange certificates or instruments representing or evidencing the Collateral for certificates or instruments of smaller or larger denominations. In furtherance of the foregoing, Member shall execute and deliver to Collateral
Agent a proxy in the form attached hereto as Exhibit A (a “Proxy”) and an irrevocable power in the form of Exhibit B (a “Stock Power”). 

(b) Member agrees that from time to time, at the expense of Member, will promptly execute and deliver all further instruments and documents,
and take all further action, that may be reasonably necessary or desirable, or that Collateral Agent may reasonably request, in order to perfect and protect the assignment and security interest granted or intended to be granted hereby or to enable
Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to the Collateral. Without limiting the generality of the foregoing, Member will execute and file such financing or continuation statements, or amendments
thereto, and such other instruments, endorsements or notices, as may be reasonably necessary or desirable or as Collateral Agent may reasonably request, in order to perfect and preserve the assignments and security interests granted or purported to
be granted hereby. 
 (c) If, at any time and from time to time, any Collateral (including any certificate or instrument representing or
evidencing any Collateral) is in the possession of a Person other than Collateral Agent (a “Holder”), then Member shall immediately, at Collateral Agent’s option, either cause such Collateral to be delivered into Collateral
Agent’s possession, or cause such Holder to enter into a control agreement, in form and substance satisfactory to Collateral Agent, and take all other steps deemed necessary by Collateral Agent to perfect the security interest of Collateral
Agent in such Collateral, all pursuant to Section 9-106 and Section 9-313 of the UCC or other Applicable Law governing the perfection of Collateral Agent’s security interest in the Collateral in the possession of such Holder. 

(d) If any Collateral consists of “uncertificated securities” within the meaning of the UCC or is otherwise not evidenced by any
certificate or instrument, Member will promptly notify Collateral Agent thereof and will immediately take and cause to be taken all actions required under Articles 8 and 9 of the UCC and any other Applicable Law, to enable Collateral Agent
to acquire “control” (within the meaning of such term under Section 8-106 (or its successor provision) of the UCC) of such uncertificated securities and as may be otherwise reasonably necessary or deemed reasonably appropriate by
Collateral Agent to perfect the security interest of Collateral Agent therein. 

  
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Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

  
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 (e) Member hereby irrevocably authorizes Collateral Agent at any time and from time to time to
file in any filing office in any UCC jurisdiction any initial financing statements and amendments thereto that (i) indicate the Collateral described herein and (ii) provide any other information required by part 5 of Article 9 of the
UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including whether Member is an organization, the type of organization and any organizational identification number issued to Member. Member agrees to
furnish any such information to Collateral Agent promptly upon Collateral Agent’s request. 
 (f) Member shall pay all filing,
registration and recording fees and all refiling, re-registration and re-recording fees, and all reasonable expenses incident to the execution and acknowledgment of this Pledge Agreement, any assurance, and all federal, state, county and municipal
stamp taxes and other taxes, duties, imports, assessments and charges arising out of or in connection with the execution and delivery of this Pledge Agreement, any agreement supplemental hereto, any financing statements, and any reasonable
instruments of further assurance required to be paid pursuant to the terms of the Loan Agreement or any other Loan Document. 
 16.
Limitation on Duty of Collateral Agent with Respect to Collateral. The powers conferred on Collateral Agent hereunder are solely to protect its interest in the Collateral for the benefit of the Secured Parties and shall not impose any duty on
Collateral Agent or any of its designated agents to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for monies actually received by it hereunder, and except to the extent of any duties
imposed by Applicable Law that have not been waived hereunder, Collateral Agent shall have no duty with respect to any Collateral and no provision of this Pledge Agreement shall be interpreted as giving rise to any implied duties or obligations on
the part of Collateral Agent. Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment that is substantially equivalent to that
which Collateral Agent accords its own property, it being expressly agreed, to the maximum extent permitted by Applicable Law, that Collateral Agent shall have no responsibility for taking (a) any necessary steps to preserve rights against any
Persons with respect to any Collateral or (b) any action to protect against any diminution in value of the Collateral, but, in each case, upon the occurrence and during the continuation of an Event of Default, Collateral Agent may take any such
action it shall deem advisable in the best interest of the Secured Parties and all expenses reasonably incurred in connection therewith shall be part of the Secured Obligations. For the avoidance of doubt, Collateral Agent shall not be liable for
any loss, reduction or diminution in value of the Collateral in its possession; provided that Collateral Agent has exercised reasonable care in the custody and preservation of such Collateral in accordance with this Section 16. 

17. Place of Business; Location of Records. Unless Collateral Agent is otherwise notified pursuant to Section 11(f), the
place of business and chief executive office of Member is, and all records of Member concerning the Collateral are and will be, located at the following address: 

1906 Towne Centre Boulevard, Suite 370 

Annapolis, Maryland 21401 

  
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 18. Notices. Unless otherwise specifically herein provided, all notices required or
permitted under the terms and provisions hereof shall be in writing and any such notice shall be effective if given in accordance with the provisions of Section 15.3 of the Loan Agreement. Notices to any Borrower Subsidiary may be given
at the address of such Borrower Subsidiary as set forth on the signature pages of the Loan Agreement. Notices to Member may be given at the address set forth in Section 17. 

19. Continuing Assignment and Security Interest; Transfer of Notes. This Pledge Agreement shall create a continuing pledge and
assignment of and security interest in the Collateral and shall (a) remain in full force and effect until the date all Secured Obligations have been paid in full, all Commitments have terminated or expired and each Agent, upon request of the
Borrower, has taken such actions as shall be required to release the security interest created under this Pledge Agreement in the Collateral (the “Discharge Date”); (b) be binding upon each Borrower Subsidiary, Member, and
their respective successors and permitted assigns; and (c) inure, together with the rights and remedies of Collateral Agent, to the benefit of Collateral Agent, the other Secured Parties and their respective successors, transferees and
permitted assigns. Collateral Agent or any of the other Secured Parties may assign or otherwise transfer all or any part of or interest in the Loan Documents or other evidence of indebtedness held by them to any other Person to the extent permitted
by and in accordance with the Loan Agreement and the Depositary Agreement, and such other Person shall thereupon become vested with all or an appropriate part of the benefits in respect thereof granted to the Secured Parties herein or otherwise. The
release of the security interest in any or all of the Collateral, the taking or acceptance of additional security, or the resort by Collateral Agent to any security it may have in any order it may deem appropriate, shall not affect the liability of
any Person on the indebtedness secured hereby. Upon the Discharge Date, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to Member. Upon the Discharge Date, Collateral Agent will, at Member’s
expense, execute and deliver to Member such documents as any Borrower Subsidiary or Member shall reasonably request to evidence the termination of this Pledge Agreement. If this Pledge Agreement shall be terminated or revoked by operation of
Applicable Law, Member shall indemnify and hold Collateral Agent and the other Secured Parties harmless from any cost or expense which may be suffered or incurred by Collateral Agent and the other Secured Parties in acting hereunder in accordance
with the indemnification provisions set forth in the Loan Agreement, prior to the receipt by Collateral Agent, its successors, transferees or assigns of notice of such termination or revocation. 

20. Severability. Wherever possible, each provision of this Pledge Agreement and any document delivered in connection herewith shall be
interpreted in such manner as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the extent of such invalidity and the remaining provisions of this Pledge Agreement or such
other document shall remain in full force and effect. 
 21. Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
EACH BORROWER SUBSIDIARY AND MEMBER WAIVE (A) THE RIGHT TO TRIAL BY JURY (WHICH COLLATERAL AGENT HEREBY ALSO WAIVES) IN ANY PROCEEDING OR DISPUTE OF ANY KIND RELATING IN ANY WAY TO THIS PLEDGE AGREEMENT, THE SECURED OBLIGATIONS OR THE
COLLATERAL; (B) NOTICE PRIOR TO TAKING POSSESSION OR CONTROL OF ANY COLLATERAL; 

  
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 HAT CF II Borrower LLC Pledge Agreement 

  
 13 

 
(C) ANY BOND OR SECURITY THAT MIGHT BE REQUIRED BY A COURT PRIOR TO ALLOWING COLLATERAL AGENT TO EXERCISE ANY RIGHTS OR REMEDIES; (D) THE BENEFIT OF ALL VALUATION, APPRAISEMENT AND EXEMPTION
LAWS; (E) ANY CLAIM AGAINST COLLATERAL AGENT OR ANY LENDER, ON ANY THEORY OF LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) IN ANY WAY RELATING TO ANY ENFORCEMENT ACTION,
SECURED OBLIGATIONS, THIS PLEDGE AGREEMENT OR TRANSACTIONS RELATING HERETO OR THERETO; AND (F) NOTICE OF ACCEPTANCE HEREOF. Member and each Borrower Subsidiary acknowledge that the foregoing waivers are a material inducement to Collateral Agent
entering into this Pledge Agreement and that it is relying upon the foregoing in its dealings with Member and each Borrower Subsidiary. Member and each Borrower Subsidiary have reviewed the foregoing waivers with its legal counsel and have knowingly
and voluntarily waived its jury trial and other rights following consultation with legal counsel. In the event of litigation, this Pledge Agreement may be filed as a written consent to a trial by the court. 

22. Consent to Jurisdiction. EACH PARTY HERETO HEREBY CONSENTS TO THE NON-EXCLUSIVE JURISDICTION OF ANY FEDERAL OR STATE COURT
SITTING IN OR WITH JURISDICTION OVER NEW YORK COUNTY, THE STATE OF NEW YORK AND THE SOUTHERN DISTRICT OF NEW YORK IN ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING RELATING IN ANY WAY TO THIS PLEDGE AGREEMENT, AND AGREES THAT ANY DISPUTE,
ACTION, LITIGATION OR OTHER PROCEEDING SHALL BE BROUGHT BY IT SOLELY IN ANY SUCH COURT. MEMBER AND EACH BORROWER SUBSIDIARY IRREVOCABLY AND UNCONDITIONALLY WAIVE ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE REGARDING ANY SUCH COURT’S
PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS. WITHOUT PREJUDICE TO ANY OTHER MODE OF SERVICE, MEMBER AND EACH BORROWER SUBSIDIARY
IRREVOCABLY APPOINTS CORPORATION SERVICE COMPANY AS ITS AGENT FOR SERVICE OF PROCESS IN THE STATE OF NEW YORK; MEMBER AND EACH BORROWER SUBSIDIARY AGREES THAT FAILURE BY ITS AGENT FOR SERVICE OF PROCESS TO NOTIFY SUCH BORROWER OF THE SERVICE OF
PROCESS WILL NOT INVALIDATE THE PROCEEDINGS CONCERNED; AND MEMBER AND EACH BORROWER SUBSIDIARY CONSENTS TO THE SERVICE OF PROCESS RELATING TO ANY SUCH PROCEEDINGS BY THE MAILING OF COPIES THEREOF BY REGISTERED, CERTIFIED OR FIRST CLASS MAIL, POSTAGE
PREPAID, AT ITS ADDRESS SET FORTH HEREIN. A final judgment in any proceeding of any such court shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or any other manner provided by Applicable Law. 

23. Successors and Assigns. The provisions of this Pledge Agreement shall be binding upon, and inure to the benefit of, the parties
hereto and their respective successors and assigns; except that (a) neither Member nor any Borrower Subsidiary may assign or otherwise transfer its rights under this Pledge Agreement without the prior written consent of Collateral

  
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Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

  
 14 

 
Agent and (b) any assignment by Collateral Agent must be made in compliance with the Depositary Agreement. No party hereto may assign its rights or obligations hereunder in contravention of
the Loan Agreement. 
 24. Amendment. No amendment or waiver of any provision of the Pledge Agreement, and no consent to any
departure by Member or any Borrower Subsidiary, shall be effective unless in writing signed by Collateral Agent and in accordance with the provisions of the Loan Agreement, and each such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given. 
 25. Headings. Paragraph headings have been inserted in this Pledge
Agreement as a matter of convenience for reference only and it is agreed that such paragraph headings are not a part of this Pledge Agreement and shall not be used in the interpretation of any provision of this Pledge Agreement. 

26. Release. In the event that any cash distribution with respect to any Equity Interests pledged hereunder is permitted to be paid to
Member pursuant to the terms of Section 11.2.15 of the Loan Agreement, such cash distribution may be paid directly to Member and upon the receipt of any such cash distribution by Member the security interest granted herein in such cash
distribution shall be automatically released. 
 27. GOVERNING LAW. THIS PLEDGE AGREEMENT AND ALL CLAIMS SHALL BE GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND FEDERAL LAWS RELATING TO NATIONAL BANKS. 

28. Reinstatement. This Pledge Agreement and the Liens created hereunder shall continue to be effective or be automatically reinstated,
as the case may be, if at any time payment by or on behalf of Member in respect of the Secured Obligations is rescinded or must otherwise be restored or returned by any Secured Party upon the insolvency, bankruptcy, reorganization, liquidation of or
any other Person party to a Loan Document or upon the dissolution of, or appointment of any intervenor or conservator or trustee or similar official for, any Borrower Subsidiary or Member or any other Person party to a Loan Document or any
substantial part of any Borrower Subsidiary’s or Member’s or any other such Person’s assets, or otherwise, all as though such payments had not been made, and Member shall pay Collateral Agent on demand all reasonable costs and
expenses (including reasonable fees and expenses of counsel) incurred by Collateral Agent or such other Secured Party in connection with such rescission or restoration. 

29. References to Other Documents. All defined terms used in this Pledge Agreement which refer to other documents shall be deemed to
refer to such other documents as they may be amended, supplemented or replaced from time to time, provided such documents were not amended in breach of a covenant contained in any agreement to which Member, any Borrower Subsidiary, Collateral Agent
or any of the other Secured Parties is a party. 

  
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 HAT CF II Borrower LLC Pledge Agreement 

  
 15 

 30. Execution in Counterparts. This Pledge Agreement and any amendment, waivers, consents
or supplements hereto or in connection herewith may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Pledge Agreement shall become effective when
Administrative Agent has received counterparts bearing the signatures of all parties hereto. Delivery of a signature page of this Pledge Agreement by telecopy or other electronic means shall be effective as delivery of a manually executed
counterpart of such agreement. The words “execute,” “execution,” “signed,” “signature,” and words of like import in this Pledge Agreement or in any amendment or other modification hereof (including waivers and
consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by Administrative Agent pursuant to the terms of the Loan Agreement, or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

31. Collateral Agent. The Bank of New York Mellon, in performance of its duties as Collateral Agent hereunder, shall enjoy all rights
and protections afforded it as the Collateral Agent under the Depositary Agreement and the Collateral Agent under the Depositary Agreement (as defined in the Other Loan Facility), respectively. 

32. Instruction of Collateral Agent by Administrative Agent. Notwithstanding anything to the contrary contained in this Pledge
Agreement, the Collateral Agent will not commence any exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against or in respect of any of the Collateral, including the delivering of any notice required to be
delivered or the giving of any instruction required to be given by the Collateral Agent hereunder, unless and until it shall have been directed by written notice of the Administrative Agent on behalf of the Beneficiaries and then only in accordance
with the provisions of such notice, this Agreement and the other Security Documents. 
 33. Agreement for Security Purposes. This
Pledge Agreement is for security purposes only. Accordingly, Collateral Agent shall not, pursuant to this Pledge Agreement enforce any of Member’s rights with respect to the Collateral until such time as an Event of Default shall have occurred
and be continuing, and until such time Member reserves the right to, and shall be entitled to, use and possess the Collateral and exercise all of its right, title and interest in, to and under the Collateral. 

34. Intercreditor Agreement. Notwithstanding anything herein to the contrary, the Lien granted to the Collateral Agent pursuant to this
Pledge Agreement and the exercise of any right or remedy by Collateral Agent hereunder are subject to the provisions of that certain Amended & Restated Intercreditor Agreement, dated as of the date hereof (as amended, amended and restated,
supplemented, restated, replaced, refinanced or otherwise modified from time to time, the “Intercreditor Agreement”) among the Member, HASI CF I Borrower, LLC, HAT CF I Borrower LLC, the Administrative Agent, the Administrative
Agent (as defined in the Other Loan Facility), the Collateral Agent and the Collateral Agent (as defined in the Other Loan Facility). In the event of any conflict between the terms of the Intercreditor Agreement and this Pledge Agreement, the terms
of the Intercreditor Agreement shall govern and control. 

  
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Restated Loan Agreement (PF) 
 HAT CF II Borrower LLC Pledge Agreement 

  
 16 

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 HAT CF II Borrower LLC Pledge Agreement 

  
 17 

 Exhibit 10.10 

IN WITNESS WHEREOF, Member, each Borrower Subsidiary and Collateral Agent have caused this Pledge Agreement to be duly executed by their
members and officers thereunto duly authorized, as of the day and year first above written. 
  

					
	HAT CF II BORROWER LLC
		
	By:	 	  

		 	Name:	 	Jeffrey W. Eckel
		 	Title:	 	President
	
	HAT CFII OP A LLC
		
	By:	 	  

		 	Name:	 	Jeffrey W. Eckel
		 	Title:	 	President
	
	HAT CFII OP 5 LLC
		
	By:	 	  

		 	Name:	 	Jeffrey W. Eckel
		 	Title:	 	President
	
	HAT CFII OP 7 LLC
		
	By:	 	  

		 	Name:	 	Jeffrey W. Eckel
		 	Title:	 	President

  
 Signature Page to HAT
CF II Borrower LLC Pledge and Security Agreement (PF) 

 
			
	THE BANK OF NEW YORK MELLON, as Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 Signature Page to HAT
CF II Borrower LLC Pledge and Security Agreement (PF)

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