Document:

EX-10.2

 Exhibit 10.2 
  

 
  

PLEDGE AND SECURITY AGREEMENT 

Dated as of March 23, 2016 

by and among 
 ENDURANCE SPECIALTY
HOLDINGS LTD., 
 VARIOUS DESIGNATED SUBSIDIARY BORROWERS, 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Collateral Agent 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS, 
 as Custodian 

and 
 JPMORGAN CHASE BANK, N.A.

 as Administrative Agent 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 Section 1. Definitions
	  	 	2	  
		
	 Section 2. Appointment of Custodian; Acceptance of Appointment by the Collateral Agent
	  	 	7	  
			
	 Section 2.01
	 	 Appointment
	  	 	7	  
	 Section 2.02
	 	 Acceptance of Appointment by the Collateral Agent
	  	 	7	  
		
	 Section 3. Representations and Covenants of each Grantor
	  	 	7	  
			
	 Section 3.01
	 	 Representations by each Grantor
	  	 	7	  
		
	 Section 4. Collateral; Establishment of Collateral Accounts
	  	 	9	  
			
	 Section 4.01
	 	 Pledge, Grant of Security Interest
	  	 	9	  
	 Section 4.02
	 	 Establishment of Collateral Accounts
	  	 	10	  
	 Section 4.03
	 	 Procedures for Depositing Cash and Crediting Securities to Collateral Accounts
	  	 	11	  
	 Section 4.04
	 	 Procedures for Requesting Releases of Collateral from Collateral Accounts
	  	 	12	  
		
	 Section 5. Effecting Credit Events
	  	 	13	  
			
	 Section 5.01
	 	 Effecting the Issuance of a Letter of Credit.
	  	 	13	  
		
	 Section 6. Notices and Reports
	  	 	14	  
			
	 Section 6.01
	 	 Notices and Reports; Recordkeeping
	  	 	14	  
	 Section 6.02
	 	 Rights of Collateral Agent with Respect to Calculations
	  	 	15	  
		
	 Section 7. Additional Covenants of the Grantors
	  	 	15	  
			
	 Section 7.01
	 	 Delivery and Other Perfection
	  	 	15	  
	 Section 7.02
	 	 Other Financing Statements and Liens
	  	 	16	  
	 Section 7.03
	 	 Maintenance of Borrowing Base Percentage
	  	 	16	  
	 Section 7.04
	 	 Voting Rights; Dividends; etc.
	  	 	16	  
	 Section 7.05
	 	 No Removals, etc.
	  	 	18	  
	 Section 7.06
	 	 U.S. Securities
	  	 	18	  
		
	 Section 8. Remedies; Distribution of Collateral
	  	 	18	  
			
	 Section 8.01
	 	 Remedies.
	  	 	18	  

							
	 Section 8.02
	 	 Disposition of the Collateral
	  	 	20	  
	 Section 8.03
	 	 Waiver of Claims
	  	 	21	  
	 Section 8.04
	 	 Application of Proceeds
	  	 	21	  
	 Section 8.05
	 	 Remedies Cumulative
	  	 	24	  
	 Section 8.06
	 	 Discontinuance of Proceedings
	  	 	24	  
	 Section 8.07
	 	 Rights of Collateral Agent
	  	 	24	  
	 Section 8.08
	 	 Effect of Bankruptcy; Obligations Absolute.
	  	 	24	  
		
	 Section 9. The Collateral Agent; The Custodian
	  	 	25	  
			
	 Section 9.01
	 	 Limitation of Duties
	  	 	25	  
	 Section 9.02
	 	 Reliance by Collateral Agent and the Custodian
	  	 	26	  
	 Section 9.03
	 	 Appointment of Agents
	  	 	26	  
		
	 Section 10. Miscellaneous
	  	 	27	  
			
	 Section 10.01
	 	 No Waiver
	  	 	27	  
	 Section 10.02
	 	 Notices
	  	 	27	  
	 Section 10.03
	 	 Fees and Expenses of Custodian
	  	 	28	  
	 Section 10.04
	 	 Expenses etc. of Collateral Agent, Custodian and Administrative Agent; Indemnity
	  	 	28	  
	 Section 10.05
	 	 Indemnity Obligations Secured by Collateral; Survival
	  	 	29	  
	 Section 10.06
	 	 Waiver; Amendment
	  	 	30	  
	 Section 10.07
	 	 Successors and Assigns
	  	 	30	  
	 Section 10.08
	 	 Termination
	  	 	30	  
	 Section 10.09
	 	 Powers Coupled with an Interest
	  	 	30	  
	 Section 10.10
	 	 Captions
	  	 	30	  
	 Section 10.11
	 	 Counterparts
	  	 	31	  
	 Section 10.12
	 	 Additional Grantors
	  	 	31	  
	 Section 10.13
	 	 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	31	  
	 Section 10.14
	 	 WAIVER OF JURY TRIAL
	  	 	32	  
	 Section 10.15
	 	 Integration
	  	 	32	  
	 Section 10.16
	 	 Financial Assets
	  	 	32	  

  

			
	 ANNEX A
	  	Schedule of Legal Names, Type of Organization (and Whether a Registered Organization and/or a Transmitting Utility), Jurisdiction of Organization, Location and Organizational Identification Numbers
		  	
	 EXHIBIT A
	  	Form of Collateral Release Request
	 EXHIBIT B
	  	Form of Collateral Transfer Request
		  	
	 SCHEDULE I
	  	List of Collateral Accounts

  
 ii 

 PLEDGE AND SECURITY AGREEMENT (as amended, modified and supplemented and as in effect from time
to time, this “Agreement”), dated as of March 23, 2016, by and among the undersigned Borrowers (each, a “Grantor” and, together with any other entity that becomes a Grantor hereunder pursuant to
Section 10.12 hereof, the “Grantors”), Deutsche Bank Trust Company Americas, as collateral agent for the benefit of the Secured Creditors (as defined below) (in such capacity, together with any successor Collateral Agent, the
“Collateral Agent”), Deutsche Bank Trust Company Americas, as Deposit Account Bank (as defined below) and securities intermediary (as such term is defined in Section 8-102 of the UCC) (in such capacity, together with any
successor, the “Custodian”), and JPMorgan Chase Bank, N.A., as administrative agent under the Credit Agreement (as defined below) (in such capacity, together with any successor, the “Administrative Agent”). Certain
capitalized terms as used herein are defined in Section 1 hereof. Except as otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 

W I T N E S S E T H : 

WHEREAS, Endurance Specialty Holdings Ltd. (the “Parent Borrower”), various Designated Subsidiary Borrowers, the lenders from
time to time party thereto (the “Lenders”), the Administrative Agent and each of the other agents and arrangers party thereto, have entered into that certain Credit Agreement, dated as of March 23, 2016 (as amended, modified,
supplemented or amended and restated from time to time, the “Credit Agreement”), providing for the issuance of, and participation in, Letters of Credit for the account of the Designated Subsidiary Borrowers, all as contemplated
therein (the Lenders, the Issuing Agent, the Issuing Lenders, the Limited Fronting Lenders, the Non-Continuing Lenders, the Administrative Agent, the Collateral Agent, the Custodian, each other agent under the Credit Agreement and, with respect to
any amounts owing in respect of any Existing Letters of Credit, the Original Lenders and Existing Issuing Lenders (solely until such time that such Existing Letters of Credit have been amended or replaced to remove the Original Lenders, including,
without limitation, the Existing Issuing Lenders, pursuant to the Credit Agreement and all amounts owing to such Original Lenders, including, without limitation, Existing Issuing Lenders, under Sections 1.03, 1.08 and 1.09 of the Credit Agreement
and all interest related thereto shall have been paid in full) are herein called the “Secured Creditors”); 
 WHEREAS, it
is a condition precedent to the issuance of, and participation in, Letters of Credit for the account of the Designated Subsidiary Borrowers under the Credit Agreement that each Grantor shall have executed and delivered to the Collateral Agent this
Agreement; and 
 WHEREAS, each Grantor will obtain benefits from the issuance of, and participation in, Letters of Credit for their
respective accounts under the Credit Agreement and, accordingly, desires to execute this Agreement in order to satisfy the condition described in the preceding paragraph and to induce the Lenders to issue, and/or participate in, Letters of Credit
for the account of the Designated Subsidiary Borrowers; 

  
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 NOW, THEREFORE, in consideration of the benefits accruing to each Grantor, the receipt and
sufficiency of which are hereby acknowledged, each Grantor hereby makes the following representations and warranties (solely as to itself and its Subsidiaries) to the Collateral Agent for the benefit of the Secured Creditors and hereby covenants and
agrees (solely as to itself and its Subsidiaries) with the Collateral Agent for the benefit of the Secured Creditors as follows: 

Section 1. Definitions. Terms defined in the Credit Agreement are used herein as defined therein. In addition, as used in this
Agreement, the following terms have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Account Control Agreement” means the account control agreement, dated as of the date of this Agreement,
among the Custodian, the Grantors from time to time party thereto and the Collateral Agent, as amended, modified and supplemented and as in effect from time to time. 

“Administrative Agent” has the meaning provided in the first paragraph of this Agreement, and shall include
any successor thereto. 
 “Administrative Agent’s Notice” has the meaning provided in
Section 6.01(a). 
 “Adverse Claim” has the meaning assigned to such term in Section 8-102(a)(i)
of the UCC. 
 “Agency Securities” shall mean (i) single-class mortgage participation certificates in
book-entry form backed by single-family residential mortgage loans, the full and timely payment of interest at the applicable certificate rate and the ultimate collection of principal of which are guaranteed by the Federal Home Loan Mortgage
Corporation (excluding REMIC or other multi-class pass-through certificates, collateralized mortgage obligations, pass-through certificates backed by adjustable rate mortgages, securities paying interest or principal only and similar derivative
securities); (ii) single-class mortgage pass-through certificates in book-entry form backed by single-family residential mortgage loans, the full and timely payment of interest at the applicable certificate rate and ultimate collection of
principal of which are guaranteed by the Federal National Mortgage Association (excluding REMIC or other multi-class pass-through certificates, pass-through certificates backed by adjustable rate mortgages, collateralized mortgage obligations,
securities paying interest or principal only and similar derivative securities); and (iii) single-class fully modified pass-through certificates in book-entry form backed by single-family residential mortgage loans, the full and timely payment
of principal and interest of which is guaranteed by the Government National Mortgage Association (excluding REMIC or other multi-class pass-through certificates, collateralized mortgage obligations, pass-through certificates backed by adjustable
rate mortgages, securities paying interest or principal only and similar derivatives securities). 

“Agreement” means this Pledge and Security Agreement, as amended, modified and supplemented and as in effect
from time to time. 
 “Borrowing Base Report” has the meaning provided in Section 6.01(b). 

“Cash” means immediately available funds in Dollars. 

  
 2 

 “Clearing Corporation” has the meaning assigned to such term in
Section 8-102(a)(5) of the UCC and includes, among other things, DTC. 
 “Close of Business” on any
given date, means the time of closing of the Federal funds wire in New York City on such date, or, with respect to any particular reference herein to such term, such earlier time on such date as may be agreed to by the Grantors, the Collateral Agent
and the Custodian. 
 “Collateral” has the meaning provided in Section 4.01. 

“Collateral Accounts” has the meaning provided in Section 4.02(a) and shall include any successor
accounts. 
 “Collateral Agent” has the meaning provided in the first paragraph of this Agreement, and
shall include any successor thereto. 
 “Collateral Deposit Accounts” has the meaning provided in
Section 4.02(a) and shall include any successor accounts. 
 “Collateral Release Request” means a duly
completed request from any Grantor to the Collateral Agent substantially in the form of Exhibit A. 

“Collateral Securities Accounts” has the meaning provided in Section 4.02(a) and shall include any
successor accounts. 
 “Collateral Transfer” means a transfer, deposit or delivery of any Property to be
included as Collateral by or on behalf of any Grantor to the Collateral Agent or the Custodian in accordance with Section 4.03. 

“Credit Agreement” has the meaning provided in the recitals of this Agreement. 

“Credit Event” means the issuance of any Letter of Credit. 

“Credit Transaction” means, collectively, all Collateral Transfers, all releases of Collateral pursuant to
Section 4.04 and the occurrence of any Credit Event. 
 “Custodian” has the meaning provided in the
first paragraph of this Agreement and shall include any successor thereto. 
 “Custody Agreement” means
that certain agreement entered into as of the date hereof, between Deutsche Bank Trust Company Americas and Endurance Specialty Holdings Ltd. and each of the entities set forth on Annex 1 thereto. 

“Deposit Account” has the meaning assigned to such term in Section 9-102(a)(29) of the UCC. 

“Deposit Account Bank” shall mean a “bank” (as defined in Section 9-102(a)(8) of the UCC)
which maintains a Deposit Account. 

  
 3 

 “Derivative Security” means any security evidencing the right to
receive payments of principal only or interest only with respect to an underlying Instrument or Security or otherwise evidencing a right to receive anything but proportionate payments of the principal of and interest on any underlying Instrument or
Security, and any forward or futures contract, put, call, collar, option or swap agreement in respect of any Security. 

“DTC” means The Depository Trust Company, its successors and assigns. 

“Financial Asset” has the meaning assigned to such term in Section 8-102(a)(9) of the UCC. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof,
any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Governmental Securities” means direct obligations of the United States of America, or direct obligations of
any agency or instrumentality thereof the obligations of which are expressly backed by the full faith and credit of the United States of America, or obligations fully and expressly guaranteed as to principal and interest by the United States of
America or any such agency or instrumentality thereof which are expressly backed by the full faith and credit of the United States of America, other than any Structured Finance Securities or Derivative Securities. 

“Grantor” has the meaning provided in the first paragraph of this Agreement and shall include any successor
thereto. 
 “Indemnitee” has the meaning provided in Section 10.04(b) of this Agreement. 

“Instrument” has the meaning assigned to such term in
Section 9-102(a)(47) of the UCC. 
 “Investment Property” has
the meaning assigned to such term in Section 9-102(a)(49) of the UCC. 

“Lenders” has the meaning provided in the recitals of this Agreement. 

“Location” of any Grantor, means such Grantor’s “location” as determined pursuant to
Section 9-307 of the UCC. 
 “Market Value” of each Security at a particular time, means the fair
market value determined for such Security at the close of business on the last preceding Business Day. For purposes of this definition, unpaid dividends and other unpaid distributions on or in respect of Securities and accrued but unpaid interest on
Securities will be excluded from the determination of Market Value. For purpose of the determination of any Market Value, the Custodian or the Collateral Agent shall be entitled to rely on any independent pricing service deemed reliable by it, and
in the event no such pricing service exists, the Market Value shall be provided by the Administrative Agent. 

  
 4 

 “NYSE” means the New York Stock Exchange. 

“Parent Borrower” has the meaning provided in the recitals of this Agreement. 

“Primary Obligations” has the meaning provided in Section 8.04(b) of this Agreement. 

“Pro Rata Share” has the meaning provided in Section 8.04(b) of this Agreement. 

“Proceeds” means all “proceeds” as such term is defined in
Section 9-102(a)(64) of the UCC and, in any event, shall include, without limitation, all interest on or other income from the Cash from time to time on deposit in any Collateral Account, and all
collections and distributions (including, without limitation, interest and dividends) with respect to any Security held in any Collateral Account. 

“Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or
mixed and whether tangible or intangible. 
 “Registered Organization” has the meaning assigned to such
term in Section 9-102(a)(71) of the UCC. 
 “Requirements of Law” for any Person, means the
Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or determination of an arbitrator or a court or other
Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Secondary Obligations” has the meaning provided in Section 8.04(b) of this Agreement. 

“Secured Creditors” has the meaning provided in the recitals of this Agreement and shall include any
successor thereto. 
 “Secured Obligations” means, as to any Grantor (solely as to itself), all of the
following: 
 (i) the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of
all obligations, liabilities and indebtedness (including, without limitation, principal, premium, interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the
bankruptcy, insolvency, reorganization or similar proceeding of such Grantor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding), reimbursement obligations
under Letters of Credit, fees, costs and indemnities) of such Grantor to the Secured Creditors, whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and the other Credit Documents to which
such Grantor is a party and the due performance and compliance by such Grantor with all of the terms, conditions and agreements contained in the Credit Agreement and in such other Credit Documents; 

  
 5 

 (ii) any and all sums advanced by the Collateral Agent and/or the Custodian in
order to preserve the Collateral or preserve the Collateral Agent’s security interest in the Collateral; 
 (iii) in
the event of any proceeding for the collection or enforcement of any indebtedness, obligations, or liabilities of such Grantor referred to in clause (i) above, after an Event of Default shall have occurred and be continuing, the reasonable
expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Collateral Agent of its rights hereunder, together with reasonable attorneys’ fees and court
costs; 
 (iv) all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement by such Grantor
under Section 10.04(b) of this Agreement; and 
 (v) all amounts owing by such Grantor to the Administrative Agent in
its capacity as such in connection with Letters of Credit pursuant to any of the Credit Documents; 
 Notwithstanding anything to the
contrary contained in this definition, it is understood and agreed that the “Secured Obligations” of each Grantor shall (x) include obligations solely to the extent the Secured Obligations of such Grantor consist of or are incurred in
connection with Letters of Credit to such Grantor (and, with respect to the Parent Borrower, include obligations of the type referred to in Section 3.02(a) and (b) of the Credit Agreement), (y) include extensions of credit to the
respective Grantor of the types described above in connection with the Letters of Credit, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement and (z) in the case of the Parent
Borrower, shall not include any obligations arising under the Parent Borrower Guaranty. 
 “Security” and
“Securities” have the meaning provided in Section 8-102(a)(15) of the UCC and shall in any event also include for all purposes under this Agreement any certificates of deposit and money market deposits of any commercial bank.

 “Securities Account” has the meaning assigned to such term in
Section 8-501(a) of the UCC. 
 “Securities Intermediary” has
the meaning assigned to such term in Section 8-102(a)(14) of the UCC. 

“Security Entitlement” has the meaning assigned to such term in Section 8-102(a)(17) of the UCC. 

“Structured Finance Securities” means (a) securities representing participations in, or the payment of
which is secured by, a pool of loans the repayment of which is secured by a mortgage, deed of trust, other mortgage securities or other fee or leasehold interest upon real estate or other assets, (b) securities representing participations in,
or the payment of which is secured by, a pool of receivables (of any nature) or (c) any similar types of securities, other than, in each case, Derivative Securities. 

  
 6 

 “Termination Date” has the meaning provided in
Section 10.08. 
 “Transmitting Utility” has the meaning assigned to such term in
Section 9-102(a)(81) of the UCC. 
 “UCC” means the Uniform Commercial Code, as amended, and as in
effect from time to time in the State of New York. 
 Section 2. Appointment of Custodian; Acceptance of Appointment by the Collateral
Agent. 
 Section 2.01 Appointment. Each Grantor and the Collateral Agent hereby appoint the Custodian as custodian, bailee,
Deposit Account Bank and Securities Intermediary of all Eligible Securities and Cash at any time delivered to, or deposited with, the Custodian in connection with any and all Credit Transactions and as their agent to effect such Credit Transactions.
The Custodian hereby accepts the foregoing appointment as custodian, bailee, Deposit Account Bank, Securities Intermediary and agent. 

Section 2.02 Acceptance of Appointment by the Collateral Agent. The Collateral Agent hereby accepts its appointment as such,
pursuant to Section 10.01 of the Credit Agreement. 
 Section 3. Representations and Covenants of each Grantor. 

Section 3.01 Representations by each Grantor. Each Grantor (solely as to itself and its Subsidiaries) represents, warrants and
covenants (and each Grantor shall be deemed to repeat each such representation and warranty on each date on which a Letter of Credit is issued or amended) that: 

(a) it is the legal, beneficial and record owner of, and has good and marketable title to, all of its Collateral consisting of
one or more Collateral Accounts and all Financial Assets, cash, instruments and Securities credited thereto and Security Entitlements and credit balances carried therein and that it has sufficient interest in all of its Collateral in which a
security interest is purported to be created hereunder for such security interest to attach (subject, in each case, to no pledge, lien, mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance whatsoever, other
than Liens which are permitted under Section 7.03(a), (l) or (m) of the Credit Agreement and which are not prior to the Liens created by this Agreement); 

(b) it has full power, authority and legal right to pledge and charge all the Collateral pledged by it pursuant to this
Agreement; 
 (c) this Agreement has been duly authorized, executed and delivered by such Grantor and constitutes a legal,
valid and binding obligation of such Grantor enforceable against such Grantor in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law); 

  
 7 

 (d) except to the extent already obtained or made, no consent of any other party
(including, without limitation, any stockholder, partner, member or creditor of such Grantor or any of its Subsidiaries) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or
declaration with, any governmental authority is required to be obtained by such Grantor in connection with (a) the execution, delivery or performance of this Agreement by such Grantor, (b) the validity or enforceability of this Agreement
against such Grantor, (c) the perfection or enforceability of the Collateral Agent’s security interest in such Grantor’s Collateral (other than, in respect of a Grantor incorporated in England and Wales, due registration of this
Agreement at Companies House) or (d) except for compliance with or as may be required by applicable securities laws, the exercise by the Collateral Agent of any of its rights or remedies provided herein; 

(e) neither the execution, delivery or performance by such Grantor of this Agreement or the other Credit Documents to which it
is a party nor compliance with the terms and provisions thereof nor the consummation of the transactions contemplated therein: (i) will contravene any applicable provision of any law, statute, rule, regulation, order, writ, injunction or decree
of any court or governmental instrumentality; (ii) will conflict or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition
of (or the obligation to create or impose) any material Lien (except pursuant to the Security Documents or pursuant to Section 3.02 or Section 11.02 of the Credit Agreement) upon any of the property or assets of such Grantor or any of its
Subsidiaries pursuant to the terms of, any material indenture, mortgage, deed of trust, loan agreement, credit agreement, securities loan agreement, repurchase agreement or any other material agreement or instrument to which such Grantor or any of
its Subsidiaries is a party or by which it or any of its property or assets are bound or to which it may be subject; or (iii) will violate any provision of the certificate of incorporation, by-laws or other organizational documents of such
Grantor or any of its Subsidiaries, except to the extent that, in the case of each of the immediately preceding clauses (i), (ii) and (iii), such contravention, conflict, inconsistency, breach, default, material Lien or violation would not
reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; 
 (f) to the best of
such Grantor’s knowledge, all of such Grantor’s Collateral consisting of Securities has been duly and validly issued, is fully paid and non-assessable and is subject to no options to purchase or similar rights; 

(g) “control” (as defined in Section 8-106 of the UCC) has been obtained by the Collateral Agent over all of
such Grantor’s Collateral consisting of Securities, Security Entitlements and Securities Accounts; 
 (h)
“control” (as defined in Section 9-104 of the UCC) has been obtained by the Collateral Agent over all of such Grantor’s Collateral consisting of Deposit Accounts; 

(i) each Grantor covenants and agrees (solely as to itself) that it will defend the Collateral Agent’s and its right,
title and security interest in and to such Grantor’s 

  
 8 

 
Collateral and the proceeds thereof against the claims and demands of all persons whomsoever; and each Grantor covenants and agrees (solely as to itself) that it will have like title to and right
to pledge any other property at any time hereafter pledged to the Collateral Agent by such Grantor as Collateral hereunder and will likewise defend the right thereto and security interest therein of the Collateral Agent for the benefit of the
Secured Creditors; 
 (j) this Agreement, together with the Account Control Agreement and the transfer, deposit or delivery
of any Collateral by or on behalf of such Grantor to the Collateral Agent or its agent (including the Custodian), or to any Collateral Account, will constitute, in favor of the Collateral Agent, a valid first lien on and first priority perfected
security interest in all of the Collateral, subject to no other Lien other than Liens which are permitted under Section 7.03(a), (l) or (m) of the Credit Agreement and which are not prior to the Liens created by this Agreement and, in
respect of each Grantor incorporated in England and Wales, subject to due registration of this Agreement at Companies House, provided that the Custodian shall have no obligation with respect to the validity and perfection of the security interest
otherwise than to act in accordance with the terms of this Agreement and the Account Control Agreement; and 
 (k) The exact
legal name of each Grantor, the type of organization of such Grantor, whether or not such Grantor is a Registered Organization, the jurisdiction of organization of such Grantor, such Grantor’s Location, and whether or not such Grantor is a
Transmitting Utility are listed on Annex A hereto for such Grantor. Such Grantor shall not change its legal name, its type of organization, its status as a Registered Organization (in the case of a Registered Organization), its status as a
Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization, or its Location from that set forth on Annex A hereto, except that any such changes shall be permitted if
(i) it shall have given to the Collateral Agent not less than fifteen (15) days’ prior written notice of each change to the information listed on Annex A (as adjusted for any subsequent changes thereto previously made in
accordance with this sentence), together with a supplement to Annex A which shall correct all information contained therein for such Grantor, and (ii) in connection with the respective such change or changes, it shall have taken all
action reasonably requested by the Collateral Agent to maintain the first priority security interest of the Collateral Agent in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. 

Section 4. Collateral; Establishment of Collateral Accounts. 

Section 4.01 Pledge, Grant of Security Interest. As security for the prompt and complete payment and performance when due of all
of its Secured Obligations, each Grantor does hereby severally (and not jointly) assign and transfer unto the Collateral Agent, and does hereby severally (and not jointly) pledge, charge and grant to the Collateral Agent, for the benefit of the
Secured Creditors, a continuing security interest in all of the right, title and interest of such Grantor in, to and under all of the following property (and all rights therein) of such Grantor, or in which or to which such Grantor has any rights,
in each case whether now existing or hereafter from time to time acquired (all of which is hereinafter collectively referred to as the “Collateral”): 

(a) each Collateral Account of, or in the name of, such Grantor; 

  
 9 

 (b) all Cash, Securities, Security Entitlements, Investment Property, Financial
Assets and other assets and Property and all Instruments, in each case from time to time deposited or held in or transferred or credited to or carried in any Collateral Account of such Grantor from time to time; 

(c) all Securities, moneys or Property representing a dividend on any of the assets of such Grantor described in clause
(b) of this Section 4.01, or representing a distribution or return of capital upon or in respect of any of such assets, or resulting from a split-up, revision, reclassification or other like change of any of such assets of such Grantor or
otherwise received in exchange therefor, and any subscription warrants, rights or options issued to the holders of, or otherwise in respect of, any of such assets of such Grantor; 

(d) all Proceeds of any and all of the foregoing (including, without limitation, all causes of action, claims and warranties
now or hereafter held by such Grantor in respect of any of the items listed above), all interest on or other income from the Cash and other Property from time to time held in any Collateral Account of such Grantor, and all collections and
distributions with respect to any of the assets of such Grantor described in clauses (a) through (c) of this Section 4.01; and 

(e) to the extent related to any property described in the preceding clauses of this Section 4.01, all books,
correspondence, credit files, records and other papers. 
 Section 4.02 Establishment of Collateral Accounts. (a) On or
prior to the Effective Date and upon any Person becoming a Grantor hereunder, each such Grantor shall have established with the Custodian, and at all times thereafter until the Secured Obligations of such Grantor shall have been paid in full and
this Agreement is terminated in accordance with its terms, such Grantor shall maintain with the Custodian: 
 (i) each
Deposit Account listed opposite such Grantor’s name in Part A of Schedule I hereto (each of which shall be maintained by the Custodian in the name of such Grantor) (each, a “Collateral Deposit Account”); 

(ii) each Securities Account listed opposite such Grantor’s name in Part B of Schedule I hereto (each of which
shall be maintained by the Custodian in the name of such Grantor) (each a “Collateral Securities Account” and, together with each Collateral Deposit Account, the “Collateral Accounts”). 

(b) The Custodian shall credit any Cash or Securities deposited, delivered or transferred by or on behalf of the respective
Grantor to the Custodian in connection with any Credit Transaction in accordance with Section 4.03 to (x) in the case of Cash, such Grantor’s Collateral Deposit Account and (y) in the case of Securities, such Grantor’s
Collateral Securities Account. 

  
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 Section 4.03 Procedures for Depositing Cash and Crediting Securities to Collateral
Accounts. 
 (a) In General. Each Grantor (i) may, prior to 12:00 noon New York City time, on any Business Day (but in any
event, no more than once per calendar week), transfer, deliver or deposit or cause to be transferred, delivered or deposited, as the case may be, (x) Cash to such Grantor’s Deposit Account or (y) Securities to such Grantor’s
Securities Account, for application to such Grantor’s Deposit Account or Securities Account, as applicable, the following Business Day and (ii) shall, on any date, transfer, deliver or deposit or cause to be transferred, delivered or
deposited, as the case may be, Cash and/or Cash Equivalents to such Grantor’s Deposit Account or Securities Account, as applicable, as may be required by, and in accordance with, Section 3.02 or 3.03, as applicable, of the Credit
Agreement. For the avoidance of doubt, it is understood and agreed that the purchase or sale by any Grantor or its agent, of Cash or Securities in the ordinary course of business on a “delivery versus payment” basis is excluded for the
purposes of a transfer, delivery or deposit of Cash or Securities, as contemplated in Section 4.03(a) and with respect to such purchases or sales, the respective Grantor shall not be required to deliver a notice in the form of Exhibit B,
as contemplated in Section 4.03(b), but shall provide, in reasonable detail, a description of the Securities (and the respective fair market value thereof as of the date of such Collateral Transfer), including the category applicable to such
Securities for purposes of determining the applicable Advance Rate (which category the Collateral Agent shall confirm). 
 (b) Collateral
Transfer. (i) Concurrently with, or prior to, any Collateral Transfer to the Custodian for inclusion in the respective Grantor’s Borrowing Base, the respective Grantor shall (x) deliver customary forms provided by the Custodian
(completed to the satisfaction of the Custodian) in respect of such Collateral Transfer and (y) notify the Collateral Agent and the Administrative Agent of such Collateral Transfer in writing, which notice shall be substantially in the form of
Exhibit B and shall set forth (i) the date of such Collateral Transfer, (ii) in reasonable detail, a description of the Securities (and the respective fair market value thereof as of the date of such Collateral Transfer),
including the category applicable to such Securities for purposes of determining the applicable Advance Rate (which category the Collateral Agent shall confirm), (iii) the Borrowing Base of such Grantor both before and after giving effect to
such Collateral Transfer and (iv) an officer’s certificate certified by an Authorized Officer that the Cash and/or Securities subject to such Collateral Transfer constitutes Collateral of such Grantor under this Agreement and is subject to
security interests granted herein. Each Collateral Transfer shall be made in accordance with customary procedures of the Custodian, which procedures shall be deemed to be incorporated by reference in this Agreement as if set forth in full herein.

 (c) Upon the occurrence of each Credit Transaction, the Parent Borrower and the respective Grantor shall be deemed to represent and
warrant to the Collateral Agent with respect to each item of Property subject to such Collateral Transfer or otherwise constituting Collateral of such Grantor that: 

(i) if such Property is a Security, it is an Eligible Security; 

  
 11 

 (ii) such Grantor has noted on its books and records that such Property is
pledged to the Collateral Agent under this Agreement; 
 (iii) the Borrowing Base of such Grantor is equal to or exceeds
100% of the amount of the Secured Obligations of such Grantor on and as of the date of such Collateral Transfer; and 
 (iv)
with respect to each such Property (and all other Property theretofore transferred to the Collateral Agent and included in the Collateral hereunder), this Agreement, the Account Control Agreement and the delivery of such Property to the respective
Collateral Account creates a valid first Lien on and first priority perfected security interest in such Property in favor of the Collateral Agent, subject to no other Liens other than Liens which are permitted under Section 7.03(a), (l) or
(m) of the Credit Agreement and which are not prior to the Liens created by this Agreement and, in respect of each Grantor incorporated in England and Wales, subject to due registration of this Agreement at Companies House, and enforceable as
such against all other creditors of such Grantor. 
 (d) Form of Transfer. The Grantor shall transfer each item of Collateral to the
Custodian in a form and manner sufficient to create a perfected first priority security interest therein in favor of the Collateral Agent under the UCC, and otherwise in a form and manner reasonably acceptable to the Collateral Agent and the
Custodian. 
 (e) Rights of the Collateral Agent. Notwithstanding anything to the contrary in this Agreement, the Collateral Agent
and/or the Custodian shall have the right to reject or return any Security transferred to any Collateral Account to the extent that it has determined, with the advice of its counsel (which may be in-house counsel), that acceptance of such Security
as Collateral or otherwise, would violate or conflict with any law, treaty, rule or regulation or determination of any Governmental Authority or other requirements of law binding upon the Collateral Agent or the Custodian. 

(f) Further Assurances. In connection with any Collateral Transfer under this Section 4.03 or otherwise in respect hereof, each
Grantor shall take such action, at its own expense, as the Collateral Agent may reasonably request (including, without limitation, to the extent that the Collateral Agent may reasonably request, delivering undated bond powers or other instruments of
transfer or entering into one or more control agreements on terms reasonably satisfactory to the Collateral Agent) for the purpose of ensuring that the Collateral Agent will have a perfected first priority security interest with respect to each item
of Collateral so transferred. In addition, each Grantor will furnish to the Administrative Agent and the Collateral Agent from time to time statements and schedules identifying and describing the Collateral (including, without limitation, each
Borrowing Base Certificate delivered pursuant to Section 6.01(h) of the Credit Agreement) with respect to such Grantor and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable
detail. 
 (g) Limitation of Rights of the Collateral Agent. The Collateral Agent agrees that it shall not issue any entitlement
orders or instructions to the Custodian regarding any 

  
 12 

 
Collateral Accounts unless it has been directed to do so by the Administrative Agent. The Administrative Agent agrees it shall not instruct the Collateral Agent to issue such entitlement orders
or instructions unless and until an Event of Default shall have occurred and be continuing. 
 Section 4.04 Procedures for
Requesting Releases of Collateral from Collateral Accounts. 
 (a) In General. Each Grantor may, prior to 12:00 noon New York
City time, on any Business Day (but in any event, no more than once per calendar week), deliver to the Collateral Agent and the Custodian a request for release of Collateral on the following Business Day from one or more of its Collateral Accounts
in accordance with the procedures set forth in Section 4.04(b). For the avoidance of doubt, it is understood and agreed that the purchase or sale by any Grantor or its agent, of cash or securities in the ordinary course of business on a
“delivery versus payment” basis shall not be considered a release of collateral, as contemplated in Section 4.04(a) and Section 4.04(b). 

(b) Collateral Release Request. Prior to each release by the Collateral Agent and the Custodian of Collateral to the respective
Grantor, such Grantor shall deliver to the Collateral Agent and the Custodian a Collateral Release Request substantially in the form of Exhibit A (appropriately completed) with respect thereto. Each Collateral Release Request shall be
delivered in writing together with such customary documents as may be required by the Custodian and/or the Collateral Agent in accordance with their customary procedures which shall be reasonably acceptable to such Grantor, which procedures shall be
deemed to be incorporated by reference in this Agreement as if set forth in full herein. 
 (c) Notwithstanding anything to the contrary
contained in this Agreement or any other Credit Document, no Collateral shall be released by the Custodian or the Collateral Agent on behalf of any Grantor pursuant to any Collateral Release Request (i) if, immediately before or after giving
effect thereto, the Borrowing Base of such Grantor would be less than 100% of the amount of the Secured Obligations of such Grantor on and as of the date of such Collateral Release Request or (ii) if a Default or an Event of Default has
occurred and is continuing, unless, in each case, in the reasonable determination of the Collateral Agent, such release is (x) of Securities against simultaneous deposit of Cash by such Grantor to such Grantor’s Deposit Account in an
amount equal to the aggregate Market Value of the released Securities or (y) made simultaneously with the transfer or delivery by such Grantor to the Custodian of Securities (to be credited to such Grantor’s Securities Account) having an
aggregate Market Value at least equal to the aggregate Market Value of the released Securities; provided that, in each case under clauses (i) and (ii) of this paragraph, the Administrative Agent has provided notice to the Custodian
and the Collateral Agent of such deficiency or such Default or Event of Default in accordance with Section 10.02. 
 (d) Neither the
Collateral Agent nor the Custodian shall have any liability whatsoever to any other Secured Creditor as the result of any release of Collateral by it in accordance with (or which the Collateral Agent reasonably believes to be in accordance with)
this Section 4.04. 

  
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 Section 5. Effecting Credit Events. 

Section 5.01 Effecting the Issuance of a Letter of Credit. Notwithstanding anything to the contrary, no Lender nor the Issuing
Agent or any Issuing Lender shall be required to issue any Letter of Credit on behalf of a Borrower whose Borrowing Base immediately upon giving effect to such Credit Event would be less than 100% of the Secured Obligations of such Grantor as
confirmed by the Custodian and the Collateral Agent (in each case, upon the written request of such Grantor) to the Administrative Agent immediately prior to such Credit Event. In confirming whether such Borrowing Base is less than 100% of the
Secured Obligations of such Grantor, the Custodian and the Collateral Agent shall be entitled to rely on any information provided by the Administrative Agent concerning the amount of Secured Obligations then outstanding. 

Section 6. Notices and Reports. 

Section 6.01 Notices and Reports; Recordkeeping. 

(a) Notices from Administrative Agent. On each Business Day, the Administrative Agent may, but shall have no obligation to, deliver to
the Collateral Agent a notice (the “Administrative Agent’s Notice”) of the aggregate amount of the outstanding Secured Obligations of each Grantor. The Collateral Agent may conclusively rely without further investigation on
each Administrative Agent’s Notice for purposes of determining whether the aggregate amount of the Secured Obligations of each Grantor exceeds the Borrowing Base of such Grantor and for preparing the Borrowing Base Report in respect of such
Grantor. The Administrative Agent’s Notice shall have no purpose other than to enable the Collateral Agent to make such determination and to prepare such Borrowing Base Reports, shall not be conclusive evidence of the amount of any
Grantor’s Secured Obligations and may not evidence any claim or assertion by any Grantor of the amount of its Secured Obligations. Any failure by the Administrative Agent to deliver an Administrative Agent’s Notice shall not constitute a
breach or default by the Administrative Agent, and the Collateral Agent may rely on the last Administrative Agent’s Notice delivered to the Collateral Agent. The Administrative Agent shall have no liability whatsoever to the Collateral Agent,
any Grantor or any other Person relating to the information in any Administrative Agent’s Notice or to any delivery or failure to deliver any Administrative Agent’s Notice. 

(b) Borrowing Base Report. By 3:00 P.M. (New York time) on each Business Day, the Collateral Agent shall deliver to the Administrative
Agent a report (a “Borrowing Base Report”) containing (i) the Market Value of all Collateral, (ii) the product of the Market Value of each item of Collateral and the applicable Advance Rate, and (iii) the amount by
which the Borrowing Base of each Grantor exceeds or is less than the Secured Obligations of such Grantor, in each case, determined (x) with respect to any determination of the Secured Obligations, on the basis of the most recent Administrative
Agent’s Notice delivered to the Collateral Agent in respect of such Grantor and (y) with respect to any determination of the Market Value of any Collateral, as of 5:00 P.M. (New York time) on the Business Day prior to the date of
delivery of such Borrowing Base Report. If the Collateral Agent receives an Administrative Agent’s Notice by 1:00 P.M. (New York time) on any Business Day, then the Collateral Agent shall prepare its Borrowing Base Report for that Business
Day using the information in respect of the Secured 

  
 14 

 
Obligations contained in such Administrative Agent’s Notice. If the Collateral Agent does not receive an Administrative Agent’s Notice by 1:00 P.M. (New York time) on any Business Day,
then the Collateral Agent shall prepare its Borrowing Base Report for that Business Day using the information in respect of the Secured Obligations contained in the last Administrative Agent’s Notice that was received by the Collateral Agent.

 (c) Record Keeping. The Collateral Agent and the Custodian shall maintain books and records necessary to enable them to determine
at any time all Collateral Transfers and all releases of Collateral which have occurred on or prior to such time. Each Grantor agrees that such books and records of the Custodian and the Collateral Agent shall be conclusive as to the matters
contained therein absent manifest error. 
 Section 6.02 Rights of Collateral Agent with Respect to Calculations. 

(a) Notices, Reports, Requests, etc. In making the calculations in connection with any notice, request or report or otherwise,
(i) the Collateral Agent shall be entitled (but not obligated) to rely on the Custodian, (ii) the Administrative Agent shall be entitled to rely on the Custodian and/or the Collateral Agent, and (iii) the Collateral Agent and the
Custodian shall be entitled to rely on any independent pricing service in the determination of the Market Value with respect to the Eligible Securities described therein. 

(b) Agency Securities. In producing the Borrowing Base Report, the Collateral Agent (and the Custodian in furnishing any Market Values
therefor) shall not be required to consider or recognize any reduction in the principal amount of any Agency Securities held as Collateral until after the Collateral Agent has received written notice (including electronic communications) of such
reduction by or behalf of the issuer of such Agency Securities. 
 (c) Dispute. The Collateral Agent and/or the Administrative Agent
upon a reasonable basis may disagree with and dispute any request for a Collateral Transfer, any Collateral Release Request, Borrowing Base Report, or other notice or information at any time. 

(d) Limitation on Liability. In no event shall the Collateral Agent, the Custodian or the Administrative Agent be liable to any Grantor
or any other Person for the accuracy of its determination of the aggregate amount of the Grantor’s Secured Obligations, the Grantor’s Borrowing Base or the Market Value of any item of Collateral, for any determination regarding the
eligibility of any Securities for inclusion in the Borrowing Base or for any other determination or calculation except in the case of its gross negligence or willful misconduct (as determined in a court of competent jurisdiction in a final and
non-appealable decision). 
 Section 7. Additional Covenants of the Grantors. In furtherance of the grant of the pledge and
security interest pursuant to Section 4.01 hereof, each Grantor (solely as to itself) hereby agrees with the Collateral Agent as follows: 

Section 7.01 Delivery and Other Perfection. Each Grantor shall: 

(a) take such action as the Administrative Agent or the Collateral Agent shall deem necessary or appropriate to duly record
the Lien created hereunder in the Collateral with respect to such Grantor; 

  
 15 

 (b) give, authorize, execute, deliver, file and/or record any financing
statement, notice, instrument, document, agreement or other papers that may be necessary or desirable (in the reasonable judgment of the Administrative Agent or the Collateral Agent) to create, preserve, perfect or validate the pledge and security
interest granted pursuant hereto or to enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such pledge and security interest, including, without limitation, (i) upon the occurrence and during the
continuation of an Event of Default, causing any or all of the Collateral with respect to such Grantor to be transferred of record into the name of the Collateral Agent or the Custodian or the Collateral Agent’s nominee (and the Collateral
Agent agrees that if any such Collateral is transferred into its name or the name of its nominee, the Collateral Agent will thereafter promptly give to such Grantor copies of any notices and communications received by it with respect to such
Collateral) to be held as Collateral with respect to such Grantor pursuant to this Agreement or to be disposed of (and proceeds applied) or otherwise applied in accordance with the terms of this Agreement or the Credit Agreement, (ii) in the
case of any Securities to be included in the Collateral that are held on the books of any Clearing Corporation, causing such Securities to be credited to an account of a Securities Intermediary designated by the Collateral Agent maintained with such
Clearing Corporation, and (iii) entering into one or more control agreements; 
 (c) if (i) such Grantor is not
entitled to receive from the Collateral Agent distributions with respect to any Collateral pursuant to Section 7.04(a), (ii) any distribution in respect of any of such Collateral shall be evidenced by, or any of such Collateral shall
otherwise be converted to, any Instrument and (iii) such Instrument is transferred to such Grantor or otherwise at its direction (other than to the Collateral Agent) in a physical form, such Grantor shall immediately transfer, or cause to be
transferred, such Instrument to the Custodian for credit to such Grantor’s Collateral Account, and the Custodian shall credit such Instrument to such Grantor’s Collateral Account, duly endorsed in a manner reasonably satisfactory to the
Collateral Agent and the Custodian, to be held as Collateral with respect to such Grantor pursuant to this Agreement, and such Grantor shall transfer any cash distributions or interest received by such Grantor immediately to the Custodian for credit
to such Grantor’s Collateral Account, and the Custodian shall promptly credit such Instrument to such Grantor’s Collateral Account; and 

(d) keep full and accurate books and records relating to the Collateral with respect to such Grantor, 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. 

Section 7.02 Other Financing Statements and Liens. No Grantor shall file or permit to be on file, or authorize or permit to be
filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to the Collateral in which the Collateral Agent is not named as the sole secured party or be a party to any control agreement related to the 

  
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Collateral except in favor of the Collateral Agent, and shall not otherwise create or permit to exist any Lien or any other interest of any kind upon or with respect to any of such Collateral,
except Liens which are permitted under Section 7.03(a), (l) or (m) of the Credit Agreement and which are not prior to the Liens created by this Agreement. 

Section 7.03 Maintenance of Borrowing Base Percentage. Subject to Section 3.02 of the Credit Agreement, each Grantor will
take all such actions as shall be necessary to cause the Borrowing Base of such Grantor at all times to be at least 100% of the Secured Obligations of such Grantor. 

Section 7.04 Voting Rights; Dividends; etc. (a) So long as no Default or Event of Default shall have occurred and be continuing,
each Grantor shall be entitled (i) to exercise or refrain from exercising any or all voting and other consensual rights in respect of such respective Grantor’s Collateral or any part thereof for all purposes not inconsistent with the
provisions of this Agreement and (ii) to receive from the Custodian any cash dividend, interest or other cash distribution with respect to the respective Grantor’s Collateral actually received by the Custodian (except for any distribution
specified by the issuer in a writing delivered or otherwise notified to the Collateral Agent as a special, extraordinary or liquidating dividend), net of withholding for any tax, assessment, charge or levy. In order to release such dividend,
interest or distribution, the respective Grantor may execute an appropriate Collateral Release Request in respect thereof, and the Collateral Agent and the Custodian shall release such Collateral in accordance with Section 4.04 (and subject to
compliance with the terms thereof). 
 (b) The Collateral Agent shall notify each Grantor of such rights or discretionary actions or of the
date or dates by when such rights must be exercised or such action must be taken provided that the Custodian has received, from the issuer or the relevant depository (with respect to Securities issued in the United States) or from the relevant
subcustodian, depository or a nationally or internationally recognized bond or corporate action service to which the Custodian subscribes, timely notice of such rights or discretionary corporate action and of the date or dates such rights must be
exercised or such action must be taken. Absent actual receipt of such notice, the Collateral Agent and the Custodian shall have no liability for failing to so notify a Grantor. 

(c) Whenever Securities (including, but not limited to, warrants, options, tenders, options to tender or non-mandatory puts or calls) confer
optional rights on a Grantor or provide for discretionary action or alternative courses of action by such Grantor, such Grantor shall be responsible for making any decisions relating thereto and for directing the Collateral Agent. In order for the
Collateral Agent to act, it must receive the Grantor’s written instructions at its offices, addressed as the Collateral Agent may from time to time request, not later than noon (New York time) at least two (2) Business Days prior to the
last scheduled date to act with respect to such Securities (or such earlier date or time as the Collateral Agent may notify the Grantor). Absent the Collateral Agent’s timely receipt of such written instructions, the Collateral Agent shall not
be liable for failure to take any action relating to or to exercise any rights conferred by such Securities. 
 (d) Except as provided in
Section 7.04(e), all voting rights with respect to Securities, however registered, shall be exercised by the Grantor or its designee. For Securities 

  
 17 

 
issued in the United States, the Collateral Agent’s only duty shall be to mail to the respective Grantor any documents (including proxy statements, annual reports and signed proxies)
received by the Collateral Agent relating to the exercise of such voting rights. With respect to Securities issued outside of the United States, the Collateral Agent’s only duty shall be to provide the respective Grantor with access to a
provider of global proxy services at such Grantor’s request. Such Grantor shall be responsible for all costs associated with its use of such services. 

(e) Upon the occurrence of an Event of Default which is continuing, (i) each Grantor shall hold any dividends, interest or other
distributions which it receives with respect to its respective Collateral in trust for the Collateral Agent, separate from all other moneys of such Grantor, and forthwith transfer such dividends, interest or other distributions to the Custodian for
crediting to the relevant Collateral Accounts, (ii) the Collateral Agent shall be entitled to register all or any item of such Collateral in its own name or in the name of its nominee or designee to be held as Collateral with respect to such
Grantor pursuant to this Agreement or to be disposed of (and proceeds applied) or otherwise applied in accordance with the terms of this Agreement or the Credit Agreement and (iii) the Collateral Agent shall be entitled to exercise all voting
rights, and to give any and all consents in connection with, any and all Securities, and each Grantor hereby grants the Collateral Agent an irrevocable proxy and irrevocably appoints the Collateral Agent its attorney-in-fact coupled with an interest
to vote or otherwise act in furtherance of the purposes hereof. Upon request from any Grantor, the Collateral Agent shall forthwith make and deliver to such Grantor such powers of attorney, consents or waivers as such Grantor shall reasonably
request in order to permit such Grantor to exercise its rights under this Section 7.04. Upon request, each Grantor shall forthwith make and deliver to the Collateral Agent such powers of attorney, consents and waivers (in addition to the power
of attorney and consent set forth in this Section 7.04(e)) as the Collateral Agent shall reasonably request in order to permit the Collateral Agent to exercise its rights under this Section 7.04 and this Agreement. Notwithstanding the
foregoing, no Grantor may take any action under this Section 7.04 with respect to any Collateral that, in the Administrative Agent’s reasonable judgment, (i) would in any way adversely affect the Lien created under this Agreement with
respect to an item of Collateral or impair the interest or rights of the Collateral Agent therein, except as permitted by Section 4.04, or (ii) would otherwise be inconsistent with the provisions of this Agreement or result in a violation
hereof. No Grantor shall give any consent or waiver, authorize any assumption, make any modification and supplement, or take other action with respect to any Collateral in any manner inconsistent with the manner in which such Grantor acts with
respect to investments of the same type held by such Grantor for its own account. 
 (f) With respect to the duties of the Collateral Agent,
the provisions of paragraphs (b), (c) and (d) of this Section that are applicable to each Grantor shall apply to the Collateral Agent in any exercise of its rights under paragraph (e) of this Section. 

Section 7.05 No Removals, etc. Without at least thirty (30) days’ prior written notice to the Collateral Agent, no
Grantor shall maintain any of its books and records with respect to any Collateral at any office or maintain its principal place of business at any place other than at the notice address indicated to the Administrative Agent pursuant to the
Credit Agreement. 

  
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 Section 7.06 U.S. Securities. The Securities delivered, contained and maintained in
the Securities Accounts shall be Securities that are primarily cleared and settled within the United States. 
 Section 8. Remedies;
Distribution of Collateral. 
 Section 8.01 Remedies. Each Grantor agrees that, if any Event of Default shall have occurred and
be continuing, then and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law and under the other provisions of this Agreement, shall have all rights as a secured creditor under the UCC,
and such additional rights and remedies to which a secured creditor is entitled under the laws in effect in all relevant jurisdictions and when directed by the Administrative Agent may: 

(a) personally, or by agents or attorneys, immediately take possession of the Collateral or any part thereof, from such
Grantor or any other Person who then has possession of any part thereof (including, without limitation, the Custodian) with or without notice or process of law, and for that purpose may enter upon such Grantor’s premises where any of the
Collateral is located and remove the same and use in connection with such removal any and all services, supplies, aids and other facilities of such Grantor; 

(b) instruct the obligor or obligors on any agreement, instrument or other obligation constituting the Collateral to make any
payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent and may exercise any and all remedies of such Grantor in respect of such Collateral; 

(c) instruct the Custodian to transfer all Collateral of such Grantor held by the Custodian to the Collateral Agent for the
benefit of the Secured Creditors; 
 (d) sell, assign or otherwise liquidate any or all of such Grantor’s Collateral or
any part thereof in accordance with Section 8.02, or direct such Grantor or the Custodian to sell, assign or otherwise liquidate any or all of such Grantor’s Collateral or any part thereof, and, in each case, take possession of the
proceeds of any such sale or liquidation; 
 (e) take possession of the Collateral or any part thereof, by directing such
Grantor and/or the Custodian in writing to deliver the same to the Collateral Agent at any reasonable place or places designated by the Collateral Agent (including, without limitation, to an account or accounts in the name of the Collateral Agent
designated by the Collateral Agent), in which event such Grantor and/or the Custodian shall at such Grantor’s expense: 

(x) forthwith cause the same to be moved, held, transferred, credited or deposited to the place or places (or account or
accounts) so designated by the Collateral Agent and there delivered to the Collateral Agent; and 

  
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 (y) store and keep any Collateral so delivered to the Collateral Agent at such
place or places pending further action by the Collateral Agent as provided in Section 8.02; 
 (f) apply any monies
constituting Collateral or proceeds thereof in accordance with the provisions of Section 8.04; 
 (g) set-off any and
all Collateral of such Grantor against any and all Secured Obligations of such Grantor, and to withdraw any and all Cash or other Collateral from any and all such Grantor’s Collateral Accounts and to apply such Cash and other Collateral to the
payment of any and all Secured Obligations of the respective Grantor; 
 (h) vote all or any part of such Grantor’s
Collateral (whether or not transferred into the name of the Collateral Agent) and give all consents, waivers and ratifications in respect of such Grantor’s Collateral and otherwise act with respect thereto as though it were the outright owner
thereof (each Grantor hereby irrevocably constituting and appointing the Collateral Agent the proxy and attorney-in-fact of such Grantor, with full power of substitution to do so), in each case subject to the terms and conditions of
Section 7.04(f); 
 (i) receive all amounts payable in respect of the Collateral otherwise payable to the respective
Grantor under Section 7.04; 
 (j) take any other action as specified in clauses (1) through (5), inclusive, of
Section 9-607(a) of the UCC; and 
 (k) take the actions referred to in Sections 8.04(h) and 8.05; 

it is understood and agreed that each Grantor’s obligation so to deliver the Collateral is of the essence of this Agreement and that, accordingly, upon
application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by such Grantor of said obligation. By accepting the benefits of this Agreement and each other Security Document,
the Secured Creditors expressly acknowledge and agree that this Agreement and each other Security Document may be enforced only by the action of the Collateral Agent acting upon the instructions of the Required Lenders and that no other Secured
Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Collateral Agent
for the benefit of the Secured Creditors upon the terms of this Agreement and the other Security Documents. 
 Section 8.02
Disposition of the Collateral. If any Event of Default shall have occurred and be continuing, then any Collateral may be sold, assigned or otherwise disposed of under one or more contracts or as an entirety, and without the necessity of
gathering at the place of sale the property to be sold, and in general in such manner, at such time or times, at such place or places and on such terms as the Administrative Agent or the Collateral Agent, at the direction of the Administrative
Agent, may, in compliance with any mandatory requirements of applicable law, determine to be commercially reasonable (including, without limitation, on the NYSE or any other established market). Any such sale, lease or other disposition may be
effected by 

  
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means of a public disposition or private disposition, effected in accordance with the applicable requirements (in each case if and to the extent applicable) of Sections 9-610 through 9-613 of the
UCC and/or such other mandatory requirements of applicable law as may apply to the respective disposition. The Administrative Agent may direct the Collateral Agent, without notice or publication, to adjourn any public or private disposition or cause
the same to be adjourned from time to time by announcement at the time and place fixed for the disposition, and such disposition may be made at any time or place to which the disposition may be so adjourned. To the extent permitted by any such
requirement of law, the Collateral Agent, at the direction of the Administrative Agent, may bid for and become the purchaser (and may pay all or any portion of the purchase price by crediting Secured Obligations of the respective Grantor against the
purchase price) of such Grantor’s Collateral or any item thereof, offered for disposition in accordance with this Section 8.02 without accountability to the relevant Grantor. If, under applicable law, the Collateral Agent shall be
permitted to make disposition of such Grantor’s Collateral within a period of time which does not permit the giving of notice to the relevant Grantor as hereinabove specified, the Collateral Agent need give such Grantor only such notice of
disposition as shall be required by such applicable law. Each Grantor agrees to do or cause to be done all such other acts and things as may be reasonably necessary to make such disposition or dispositions of all or any portion of such
Grantor’s Collateral valid and binding and in compliance with any and all applicable laws (including, without limitation, any state or federal securities laws), regulations, orders, writs, injunctions, decrees or awards of any and all courts,
arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at such Grantor’s expense. Any direction given by the Administrative Agent hereunder shall be in writing. 

Section 8.03 Waiver of Claims. Except as otherwise provided in this Agreement, EACH GRANTOR HEREBY WAIVES, TO THE EXTENT PERMITTED
BY APPLICABLE LAW, NOTICE AND JUDICIAL HEARING IN CONNECTION WITH THE COLLATERAL AGENT’S TAKING POSSESSION OR THE COLLATERAL AGENT’S DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING, WITHOUT LIMITATION, ANY AND ALL PRIOR NOTICE AND HEARING
FOR ANY PREJUDGMENT REMEDY OR REMEDIES, and each Grantor hereby further waives, to the extent permitted by law: 
 (a) all
damages occasioned by such taking of possession or any such disposition except any damages which are the direct result of the Collateral Agent’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a
final and non-appealable decision); 
 (b) all other requirements as to the time, place and terms of sale or other
requirements with respect to the enforcement of the Collateral Agent’s rights hereunder; and 
 (c) all rights of
redemption, appraisement, valuation, stay, extension or moratorium now or hereafter in force under any applicable law in order to prevent or delay the enforcement of this Agreement or the absolute sale of the Collateral or any portion thereof, and
each Grantor, for itself and all who may claim under it, insofar as it or they now or hereafter lawfully may, hereby waives the benefit of all such laws. 

  
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 Any sale of, or the grant of options to purchase, or any other realization upon, any Collateral shall operate to
divest all right, title, interest, claim and demand, either at law or in equity, of the relevant Grantor therein and thereto, and shall be a perpetual bar both at law and in equity against such Grantor and against any and all Persons claiming or
attempting to claim the Collateral so sold, optioned or realized upon, or any part thereof, from, through and under such Grantor. 

Section 8.04 Application of Proceeds. (a) All moneys collected by the Collateral Agent upon any sale or other disposition of
any Grantor’s Collateral, together with all other moneys received by the Collateral Agent hereunder, shall be applied by the Collateral Agent, at the direction of the Administrative Agent, as follows: 

(i) first, to the payment of all amounts owing to the Collateral Agent or the Custodian by such Grantor of the type
described in clauses (ii), (iii) and (iv) of the definition of “Secured Obligations”; 
 (ii)
second, to the extent proceeds remain after the application pursuant to the preceding clause (i), to the payment of all amounts owing to the Administrative Agent by such Grantor of the type described in clause (v) of the definition of
“Secured Obligations”; 
 (iii) third, to the extent proceeds remain after the application pursuant to the
preceding clauses (i) and (ii), an amount equal to the outstanding Primary Obligations of the respective Grantor shall be paid to the Secured Creditors as provided in Section 8.04(e), with each Secured Creditor receiving an amount equal to
its outstanding Primary Obligations owed by the respective Grantor or, if the proceeds are insufficient to pay in full all such Primary Obligations, its Pro Rata Share of the amount remaining to be distributed; 

(iv) fourth, to the extent proceeds remain after the application pursuant to the preceding clauses (i) through
(iii), inclusive, an amount equal to the outstanding Secondary Obligations of the respective Grantor shall be paid to the Secured Creditors as provided in Section 8.04(e), with each Secured Creditor receiving an amount equal to its outstanding
Secondary Obligations owed by the respective Grantor or, if the proceeds are insufficient to pay in full all such Secondary Obligations, its Pro Rata Share of the amount remaining to be distributed; and 

(v) fifth, to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (iv),
inclusive, and following the termination of this Agreement pursuant to Section 10.08, to the respective Grantor or to whomever may be lawfully entitled to receive such surplus. 

(b) For purposes of this Agreement, (x) “Pro Rata Share” shall mean, when calculating a Secured Creditor’s portion
of any distribution or amount with respect to any Grantor, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Secured Creditor’s Primary Obligations or Secondary Obligations, as
the case may be, of such Grantor and the denominator of which is the then 

  
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outstanding amount of all Primary Obligations or Secondary Obligations, as the case may be, of such Grantor (y) “Primary Obligations” shall mean all principal of, premium,
fees and interest on, all Unpaid Drawings, the Stated Amount of all outstanding Letters of Credit and all fees and (z) “Secondary Obligations” shall mean all Secured Obligations other than Primary Obligations. 

(c) When payments to Secured Creditors are based upon their respective Pro Rata Shares, the amounts received by such Secured Creditors
hereunder shall be applied (for purposes of making determinations under this Section 8.04 only) (i) first, to their Primary Obligations and (ii) second, to their Secondary Obligations, in each case of the respective Grantor. If any
payment to any Secured Creditor of its Pro Rata Share of any distribution would result in overpayment to such Secured Creditor, such excess amount shall instead be distributed in respect of the unpaid Primary Obligations or Secondary Obligations, as
the case may be, of the other Secured Creditors, with each Secured Creditor whose Primary Obligations or Secondary Obligations, as the case may be, have not been paid in full to receive an amount equal to such excess amount multiplied by a fraction
the numerator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of such Secured Creditor and the denominator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of all
Secured Creditors entitled to such distribution. 
 (d) Each of the Secured Creditors, by their acceptance of the benefits hereof and of the
other Security Documents, agrees and acknowledges that if any Secured Creditor receives a distribution on account of undrawn amounts with respect to Letters of Credit issued under the Credit Agreement (which shall only occur after all outstanding
Unpaid Drawings under the Credit Agreement have been paid in full), such amounts shall be paid to the Administrative Agent under the Credit Agreement and held by it, for the equal and ratable benefit of the Secured Creditors, as cash security for
the repayment of Secured Obligations owing to the Secured Creditors as such. If any amounts are held as cash security pursuant to the immediately preceding sentence, then upon the termination of all outstanding Letters of Credit under the Credit
Agreement, and after the application of all such cash security to the repayment of all Secured Obligations owing to the Secured Creditors after giving effect to the termination of all such Letters of Credit, if there remains any excess cash, such
excess cash shall be returned by the Administrative Agent to the Collateral Agent for distribution in accordance with Section 8.04(a). 

(e) All payments required to be made hereunder shall be made to the Administrative Agent for the account of the Secured Creditors. 

(f) For purposes of applying payments received in accordance with this Section 8.04, the Collateral Agent shall rely upon the
Administrative Agent for a determination (which the Administrative Agent agrees to provide upon request of the Collateral Agent) of the outstanding Primary Obligations and Secondary Obligations of each Grantor owed to the Secured Creditors. Unless
it has received written notice from a Secured Creditor to the contrary, the Administrative Agent, in furnishing information pursuant to the preceding sentence, and the Collateral Agent, in acting hereunder, shall be entitled to assume that no
Secondary Obligations are outstanding. 

  
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 (g) It is understood that the Grantors shall remain severally (and not jointly) liable to the
extent of any deficiency between the amount of the proceeds of the Collateral of such Grantor and the aggregate amount of such Grantor’s Secured Obligations. 

(h) If at any time when the Administrative Agent shall determine that the Collateral Agent will exercise its right to sell all or any part of
the Collateral consisting of Securities pursuant to Section 8.02, either (i) such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under any applicable securities laws, or
(ii) such Collateral is effectively registered under applicable securities laws, the Collateral Agent may, in the sole and absolute discretion of the Administrative Agent, to the extent permitted by applicable law, sell such Collateral or part
thereof by private sale in such manner and under such circumstances as the Collateral Agent may deem necessary or advisable in order that such sale may legally be effected without registration. Without limiting the generality of the foregoing, in
any such event the Collateral Agent, in the sole and absolute discretion of the Administrative Agent: (i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Collateral or part
thereof shall have been filed under any applicable securities law; (ii) may approach and negotiate with a single possible purchaser to effect such sale; and (iii) may restrict such sale to a purchaser who will represent and agree that such
purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In the event of any such sale, neither the Administrative Agent nor the Collateral Agent shall incur any
responsibility or liability for selling all or any part of the Collateral at a price which the Administrative Agent, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that
a substantially higher price might be realized if the sale were deferred until the registration as aforesaid. 
 Section 8.05
Remedies Cumulative. Each and every right, power and remedy hereby specifically given to the Administrative Agent or the Collateral Agent shall be in addition to every other right, power and remedy specifically given to the Administrative
Agent or the Collateral Agent under this Agreement, the other Credit Documents or now or hereafter existing at law, in equity or by statute and each and every right, power and remedy whether specifically herein given or otherwise existing may be
exercised from time to time or simultaneously and as often and in such order as may be deemed expedient by the Administrative Agent or the Collateral Agent. All such rights, powers and remedies shall be cumulative and the exercise or the beginning
of the exercise of one shall not be deemed a waiver of the right to exercise any other or others. No delay or omission of the Administrative Agent or the Collateral Agent in the exercise of any such right, power or remedy and no renewal or extension
of any of the Secured Obligations shall impair any such right, power or remedy or shall be construed to be a waiver of any Default or Event of Default or an acquiescence thereof. No notice to or demand on any Grantor in any case shall entitle it to
any other or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the Administrative Agent or the Collateral Agent to any other or further action in any circumstances without notice or demand. In
the event that the Collateral Agent shall bring any suit to enforce any of its rights hereunder and shall be entitled to judgment, then in such suit the Collateral Agent may recover reasonable expenses, including reasonable attorneys’ fees, and
the amounts thereof shall be included in such judgment. 

  
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 Section 8.06 Discontinuance of Proceedings. In case the Collateral Agent shall have
instituted any proceeding to enforce any right, power or remedy under this Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to
the Collateral Agent, then and in every such case the relevant Grantor, the Collateral Agent and each holder of any of the Secured Obligations shall be restored to their former positions and rights hereunder with respect to the Collateral subject to
the security interest created under this Agreement, and all rights, remedies and powers of the Collateral Agent shall continue as if no such proceeding had been instituted. 

Section 8.07 Rights of Collateral Agent. In making the determinations and allocations required by this Section 8, the
Collateral Agent may rely upon its records and information supplied by any Grantor, the Administrative Agent, the Custodian and any other Person, and the Collateral Agent shall have no liability to any Grantor for actions taken in reliance on such
information, except in the case of its gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable decision) in applying or utilizing such information. 

Section 8.08 Effect of Bankruptcy; Obligations Absolute. (a) If, through the operation of any bankruptcy, reorganization,
insolvency or other laws or otherwise, the Collateral Agent’s Lien hereunder is avoided, disallowed or otherwise not enforced with respect to some, but not all, of the Secured Obligations then outstanding, the Collateral Agent shall make the
calculations required by Section 8 without giving effect to such Secured Obligations and shall apply the proceeds of the Collateral in the proportions and subject to the priorities specified herein. 

(b) The obligations of each Grantor hereunder shall remain in full force and effect without regard to, and shall not be impaired by,
(a) any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or the like of such Grantor or any other Grantor; (b) any exercise or non-exercise, or any waiver of, any right, remedy, power or privilege
under or in respect of this Agreement or any other Credit Document; or (c) any amendment to or modification of any Credit Document or any security for any of the Secured Obligations; whether or not such Grantor shall have notice or knowledge of
any of the foregoing. 
 Section 9. The Collateral Agent; The Custodian. 

Section 9.01 Limitation of Duties. (a) Neither the Collateral Agent nor the Custodian (which term as used in this sentence
shall include reference to their Affiliates and their own and their Affiliates’ officers, directors, employees and agents) shall (i) have any duties or responsibilities except those expressly set forth in this Agreement (and in the Account
Control Agreement and the Custody Agreement, in the case of the Custodian) and shall not by reason of this Agreement be a trustee for, or a fiduciary with respect to, any Grantor or any other Person; (ii) be responsible to any Grantor for any
recitals, statements, representations or warranties contained in any notice or report, or in any other certificate or other document referred to or provided for in, or received by it under, the Credit Agreement, this Agreement or any other Credit
Document, or for the value, validity, effectiveness, genuineness, enforceability or 

  
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sufficiency of the Credit Agreement, this Agreement or any other Credit Document or for any failure by any Person to perform any of its obligations hereunder or thereunder, except for its own
gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision); (iii) be required to initiate or conduct any litigation or collection proceedings hereunder; (iv) take any
action pursuant to Sections 4.03(f), 7.01(a) or (b), or 8.02 except as instructed by the Administrative Agent; and (v) be responsible for any action taken or omitted to be taken by it under the Credit Agreement, this Agreement or any other
Credit Document or under any other document or instrument referred to or provided for herein or therein or in connection herewith or therewith, except for its own gross negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final and non-appealable decision). 
 (b) In no event shall the Collateral Agent, the Custodian or the Administrative
Agent be liable for indirect, special or consequential damages of any kind whatsoever (including lost profits and lost business opportunity) even if it is advised of the possibility of such damages and regardless of the form of action in which any
such damages may be claimed. 
 (c) In no event shall the Collateral Agent, the Custodian or the Administrative Agent be responsible for, or
have any liability with respect to, any losses due to forces beyond its reasonable control, including without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or act of God, and
interruptions, loss or malfunction of utilities, communications or computer (software or hardware) services. 
 (d) Neither the Custodian
nor the Collateral Agent shall have any liability for the acts or omissions of any Securities Intermediary (including DTC or any Federal Reserve Bank) or Deposit Account Bank in which any Collateral is held, except for its negligence in retaining or
maintaining any such Securities Intermediary (other than DTC or any Federal Reserve Bank) or Deposit Account Bank. 
 (e) Neither the
Custodian nor the Collateral Agent shall have any liability with respect to information received from third parties, including pricing information services. 

Section 9.02 Reliance by Collateral Agent and the Custodian. The Collateral Agent and the Custodian shall be entitled to rely upon
any certification, notice or other communication (including, without limitation, any thereof by telephone, facsimile, telegram or cable) believed by it to be genuine and correct and to have been signed or sent by or on behalf of the proper Person or
Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the Collateral Agent. If in one or more instances the Collateral Agent or the Custodian takes any action or assumes any responsibility
not specifically delegated to it pursuant to this Agreement, neither the taking of such action nor the assumption of such responsibility shall be deemed to be an express or implied undertaking on the part of the Collateral Agent or the Custodian
that it will take the same or similar action or assume the same or similar responsibility in any other instance. 
 Section 9.03
Appointment of Agents. (a) The Collateral Agent may perform its duties and exercise its rights and powers under this Agreement by or through such agents and 

  
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custodians (including, without limitation, the Custodian) as it shall appoint. Each Grantor hereby agrees that the Custodian shall be the Securities Intermediary and Deposit Account Bank of such
Grantor with respect to the Collateral Accounts. As a condition to appointing any agent or custodian, the Collateral Agent, at the expense of the Parent Borrower, may obtain an opinion of counsel (to the extent reasonable under the circumstances),
in form and substance reasonably satisfactory to the Collateral Agent, as to the continued perfection of the security interests in the Collateral in favor of the Collateral Agent. 

(b) In the event that the Collateral Agent appoints an agent pursuant to this Section 9.03, each and every remedy, power, right, claim,
demand, cause of action, estate, title, interest and Lien expressed or intended by this Agreement to be exercised by or vested in or conveyed to the Collateral Agent with respect thereto shall be exercisable by and vest in such agent but only in
order to exercise such powers, rights and remedies, and every covenant and obligation necessary to the exercise thereof by such agent shall run to and be enforceable by either of them. In particular, and without limiting the generality of the
foregoing, upon the determination by the Collateral Agent that any such agent or custodian may be required or appropriate, the Collateral Agent may appoint such agents or custodians to hold, maintain, invest, reinvest, collect upon or liquidate any
Collateral and to make such payments or disbursements, including payments and disbursements to any Grantor as the Collateral Agent shall direct consistent with this Agreement. The Collateral Agent shall have the right to terminate the appointment of
any agent or custodian hereunder without the consent of any Grantor or any other Person. 
 (c) The Collateral Agent may perform its duties
and exercise its rights and powers under this Agreement by or through the Custodian pursuant to and in accordance with the terms hereof. 

Section 10. Miscellaneous. 

Section 10.01 No Waiver. No failure on the part of the Collateral Agent to exercise and no delay in exercising, and no course of
dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 

Section 10.02 Notices. All notices, requests and other communications provided for herein (including, without limitation, any
modifications of, or waivers, requests or consents under, this Agreement) shall be given or made in writing (including, without limitation, by facsimile) delivered to the intended recipient as set forth below: 

(a) in the case of any Grantor, at the address for notices specified for such Person in of the Credit Agreement; 

  
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 (b) as to the Custodian, at the following address: 

Deutsche Bank Trust Company Americas 

Institutional Cash & Securities Services 

60 Wall Street, 16th Floor 

New York, New York 10005 

Telephone: +1(212) 250-7189 

Facsimile: (212) 553-2464 

Email: waseem.chaudhry@db.com; 

(c) as to the Collateral Agent, at the following address for any Administrative Agent’s Notice, Collateral Transfer
Request, Collateral Release Request and all other notices: 
 Deutsche Bank Trust Company Americas 

Institutional Cash & Securities Services 

60 Wall Street, 16th Floor 

New York, New York 10005 

Telephone: +1(212) 250-7189 

Facsimile: (212) 553-2464 

Email: waseem.chaudhry@db.com; 

(d) as to the Administrative Agent, at the following address: 

JPMorgan Chase Bank, N.A. 

Loan and Agency Service Group 

500 Stanton Christiana Road, Ops 2, Floor 03 

Newark, Delaware 19713-2107 

Attention: Lauren Mayer 

Telephone: (302) 634-1946 

Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given when transmitted by telecopier or personally
delivered or, in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid. Notwithstanding the foregoing, any Administrative Agent’s Notice or Borrowing Base Report may be sent be electronic mail, shall be
effective when received. Such electronic mail shall be directed to the following address: (a) if to the Administrative Agent, lauren.mayer@jpmorgan.com or (b) if to the Collateral Agent, waseem.chaudhry@db.com. Any party may change its
mailing address, telephone number, facsimile number or electronic mail address by notifying the other parties hereto in accordance with the provisions set forth above. 

Section 10.03 Fees and Expenses of Custodian. The Parent Borrower agrees to pay any and all fees, expenses, charges and costs of
the Custodian upon demand, and in no event or circumstance will the Collateral Agent, the Administrative Agent or any Lender have any liability therefor. 

Section 10.04 Expenses etc. of Collateral Agent, Custodian and Administrative Agent; Indemnity. (a) The Parent Borrower
agrees to pay or reimburse each of the Collateral Agent, the Custodian and the Administrative Agent for (i) all reasonable out-of-pocket costs and 

  
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expenses of the Collateral Agent, the Custodian or the Administrative Agent (including, without limitation, the reasonable fees and expenses of legal counsel) in connection with (x) any
enforcement or collection proceedings, including, without limitation, all manner of participation in or other involvement with (a) bankruptcy, insolvency, receivership, foreclosure, winding up or liquidation proceedings, (b) judicial or
regulatory proceedings and (c) workout, restructuring or other negotiations or proceedings (whether or not the workout, restructuring or transaction contemplated thereby is consummated) and (y) the enforcement of this Section 10.04;
and (ii) all transfer, stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in respect of this Agreement or any other document referred to herein and all costs, expenses, taxes,
assessments and other charges incurred in connection with any filing, registration, recording or perfection of any security interest contemplated hereby. 

(b) The Parent Borrower agrees to indemnify, reimburse and hold the Collateral Agent, the Custodian, the Administrative Agent, each other
Secured Creditor and their respective successors, assigns, employees, affiliates and agents (hereinafter referred to individually as “Indemnitee,” and collectively as “Indemnitees”) harmless from any and all
liabilities, obligations, damages, injuries, penalties, claims, demands, actions, suits, judgments and any and all costs, expenses or disbursements (including reasonable attorneys’ fees and expenses) (for the purposes of this
Section 10.04(b), the foregoing are collectively called “expenses”) of whatsoever kind and nature imposed on, asserted against or incurred by any of the Indemnitees in any way relating to or arising out of this Agreement, any
other Security Document or any other document executed in connection herewith or therewith or in any other way connected with the administration of the transactions contemplated hereby or thereby or the enforcement of any of the terms of, or the
preservation of any rights under any thereof, or in any way relating to or arising out of the ownership, purchase, delivery, control, acceptance, lease, financing, possession, sale, return or other disposition, or use of the Collateral, the
violation of the laws of any country, state or other governmental body or unit, any tort, or contract claim; provided that no Indemnitee shall be indemnified pursuant to this Section 10.04(b) for losses, damages or liabilities to the
extent caused by the gross negligence or willful misconduct of such Indemnitee (as determined by a court of competent jurisdiction in a final and non-appealable decision). The Parent Borrower agrees that upon written notice by any Indemnitee of the
assertion of such a liability, obligation, damage, injury, penalty, claim, demand, action, suit or judgment, the Parent Borrower shall either assume full responsibility for the defense thereof or permit such Indemnitee to assume such defense with
the costs of such defense being subject to this Section 10.04(b). Each Indemnitee agrees to use its best efforts to promptly notify the Parent Borrower of any such assertion of which such Indemnitee has knowledge. 

(c) Without limiting the application of Section 10.04(a) hereof, the Parent Borrower agrees to pay or reimburse the Collateral Agent and
the Administrative Agent for any and all reasonable fees, costs and expenses of whatever kind or nature incurred in connection with the creation, preservation or protection of the Collateral Agent’s Liens on, and security interest in, the
Collateral, including, without limitation, all fees and taxes in connection with the recording or filing of instruments and documents in public offices, payment or discharge of any taxes or Liens upon or in respect of the Collateral, premiums for
insurance with respect to the Collateral and all other fees, costs and expenses in connection with protecting, maintaining or preserving the Collateral and the Collateral Agent’s interest therein, whether through judicial proceedings or
otherwise, or in defending or prosecuting any actions, suits or proceedings arising out of or relating to the Collateral. 

  
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 (d) Without limiting the application of Section 10.04(a) or (b) hereof, upon demand by
any Indemnitee, the Parent Borrower agrees to pay, indemnify and hold each Indemnitee harmless from and against any loss, costs, damages and expenses which such Indemnitee may suffer, expend or incur in consequence of or growing out of any
misrepresentation by any Grantor in this Agreement, any other Credit Document or in any writing contemplated by or made or delivered pursuant to or in connection with this Agreement or any other Credit Document. 

(e) If and to the extent that the obligations of the Parent Borrower under this Section 10.04 are unenforceable for any reason, the
Parent Borrower hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. 

Section 10.05 Indemnity Obligations Secured by Collateral; Survival. Any amounts paid by any Indemnitee as to which such
Indemnitee has the right to reimbursement shall constitute Secured Obligations secured by the Collateral. The indemnity obligations of the Parent Borrower contained in Section 10.04(b) shall continue in full force and effect notwithstanding the
full payment of all of the other Secured Obligations, the termination of all Letters of Credit issued under the Credit Agreement and the payment of all other Secured Obligations and notwithstanding the discharge thereof and the occurrence of the
Termination Date. 
 Section 10.06 Waiver; Amendment. Except as otherwise expressly provided in this Agreement, none of the
terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by each Grantor directly affected thereby (it being understood that the addition or release of any Grantor
hereunder shall not constitute a change, waiver, discharge or termination affecting any Grantor other than the Grantor so added or released) and by the Collateral Agent (with the written consent of the Required Lenders or, to the extent provided in
the Credit Agreement, each of the Lenders). 
 Section 10.07 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns; provided that no Grantor nor the Custodian may assign any of its respective rights or obligations hereunder without the prior consent of the
Collateral Agent (except, in the case of a Grantor, pursuant to a transaction expressly permitted by Section 7.02(a)(i) or (iv) of the Credit Agreement). 

Section 10.08 Termination. After the Termination Date, this Agreement shall terminate (provided that all indemnities set forth
herein including, without limitation, those in Section 10.04(b) hereof, shall survive such termination) and the Collateral Agent, at the reasonable request and at the expense of the Grantor, will promptly execute and deliver to such Grantor any
documents of release and/or authorize the filing of a proper instrument or instruments (including a release of all Liens granted hereunder and Uniform Commercial Code 

  
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termination statements on form UCC-3) acknowledging the satisfaction and termination of this Agreement as to such Grantor, and will duly assign, transfer and deliver to such Grantor (without
recourse and without any representation or warranty) such of the Collateral of such Grantor as may be in the possession of the Collateral Agent or Custodian and as has not theretofore been sold or otherwise applied or released pursuant to this
Agreement. As used in this Agreement, “Termination Date” shall mean the date upon which the Total Commitment under the Credit Agreement has been terminated, all Unpaid Drawings have been repaid in full, all Letters of Credit issued
under the Credit Agreement have expired or been terminated (or otherwise dealt with to the satisfaction of the Issuing Agent, Issuing Lenders and Lenders in respect thereof) and all Secured Obligations (other than any contingent indemnification
obligations as to which no claim has been asserted) incurred hereunder or under the Credit Agreement have been paid in full. Upon termination of this Agreement pursuant to this Section 10.08, the Collateral Agent will, at each Grantor’s
expense and upon its request, return to the respective Grantor such of the Collateral as shall not have been sold, previously released or otherwise applied pursuant to the terms of this Agreement or any other Credit Document and execute and deliver
to the respective Grantor such documents as such Grantor shall reasonably request to evidence such termination. 
 Section 10.09
Powers Coupled with an Interest. Except to the extent otherwise expressly provided herein, all authorizations and agencies herein contained with respect to the Collateral are irrevocable and powers coupled with an interest. 

Section 10.10 Captions. The table of contents and 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. 
 Section 10.11
Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.
Delivery of an executed signature page of this Agreement by email or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 

Section 10.12 Additional Grantors. It is understood and agreed that any Person that desires to become a Grantor hereunder, or is
required to execute a counterpart of this Agreement after the date hereof pursuant to the requirements of the Credit Agreement or any other Credit Document, shall become a Grantor hereunder by (x) executing a counterpart hereof and delivering
same to the Collateral Agent, or by executing an assumption agreement in form and substance reasonably satisfactory to the Collateral Agent, (y) delivering supplements to Annex A as are necessary to cause such Annex to be complete
and accurate with respect to such additional Grantor on such date and (z) taking all actions as specified in (i) this Agreement (including, without limitation, the establishment of the appropriate Collateral Accounts with the Custodian in
accordance with Section 4.02) and (ii) Section 1.13 of the Credit Agreement, as would have been taken by such Grantor had it been an original party to the Credit Agreement and this Agreement, in each case with all documents required
above to be delivered to the Collateral Agent and with all documents and actions required above to be taken to the reasonable satisfaction of the Collateral Agent. 

  
 31 

 Following the termination of a Grantor’s status as a Designated Subsidiary Borrower pursuant
to a Termination Letter in accordance with Section 1.13 of the Credit Agreement and so long as no Letters of Credit issued on behalf of such Designated Subsidiary Borrower (or any Unpaid Drawings in respect thereof) are outstanding and all
interest, fees and other Obligations payable by such Designated Subsidiary Borrower have been paid in full, the Collateral Agent, at the request and expense of the Parent Borrower, will promptly execute and deliver to the Parent Borrower any
documents of release and/or authorize the filing of a proper instrument or instruments (including a release of all Liens granted by such Designated Subsidiary Borrower hereunder and Uniform Commercial Code terminations statements on form UCC-3
reflecting the same) reasonably requested by the Parent Borrower acknowledging the release of such Grantor, and will duly assign, transfer and deliver to such Grantor (without recourse and without any representation or warranty) such of the
Collateral of such Grantor as may be in the possession of the Collateral Agent or Custodian and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement. 

Section 10.13 Governing Law; Jurisdiction; Consent to Service of Process (a) . (a) This Agreement shall be construed in
accordance with and governed by the law of the State of New York. 
 (b) Each party hereto hereby irrevocably and unconditionally submits,
for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan in New York County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may
be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (c) Each party hereto hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 (d) Each Grantor hereby irrevocably consents to service of process in the manner provided for notices in Section 11.08 of the Credit
Agreement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

(e) Each Grantor hereby irrevocably designates, appoints and empowers Endurance Services Limited, with offices on the date hereof at 4
Manhattanville Road, 3rd Floor, Purchase, NY 10577, as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices and documents
which may be served in any such action or proceeding. If for any reason 

  
 32 

 
such designee, appointee and agent shall cease to be available to act as such, each Grantor agrees to designate a new designee, appointee and agent in New York City on the terms and for the
purposes of this provision reasonably satisfactory to the Collateral Agent under this Agreement. 
 Section 10.14 WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION.  
 Section 10.15 Integration. This Agreement embodies the entire agreement and understanding among the
parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings between any Grantor and the Collateral Agent with respect to the subject matter thereof. 

Section 10.16 Financial Assets. Each Grantor, the Custodian and the Collateral Agent hereby agree that the Custodian will treat
any and all Securities and any and all other Property and assets credited from time to time to each Grantor’s Securities Account as Financial Assets. 

***** 

  
 33 

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

									
	Address:	 		 		  		  	
	 Waterloo House
 100 Pitts Bay
Road
 Pembroke HM 08
 Bermuda
	 		  	ENDURANCE SPECIALTY INSURANCE LTD.
		 		 		  	By:	  	/s/ Michael J. McGuire
	 Attention:
 Telephone:

Facsimile:
	 	 Michael J. McGuire
 +1 (441) 278-0943

+1 (441) 278-0493
	 		  		  	 Name: Michael J. McGuire
 Title: Chief Financial
Officer

			
	 4 Manhattanville Road
 Purchase, NY
10577
	 		  	ENDURANCE U.S. HOLDINGS CORP.
					
	Attention:	 	Daniel S. Lurie	 		  	By:	  	/s/ Daniel S. Lurie
	 Telephone:
 Facsimile:
	 	 +1 (914) 468-8009
 +1
(914) 997-0331
	 		  		  	 Name: Daniel S. Lurie
 Title:
Secretary

			
	 1st Floor, 2 Minster Court

London, EC3R 7BB
 United Kingdom
	 		  	ENDURANCE WORLDWIDE HOLDINGS LIMITED
		 		 		  	By:	  	/s/ Daniel S. Lurie
	 Attention:
 Telephone:

Facsimile:
	 	 Phil Rooke
 +44 (0)20 7337 2830

+44 (0)20 7337 2900
	 		  		  	 Name: Daniel S. Lurie
 Title:
Secretary

					
		 		 		  	By:	  	/s/ Philip Rooke
		 		 		  		  	 Name: Philip Rooke
 Title:
Director

			
	 7101 82nd Street
 Lubbock, TX
79424
	 		  	ARMTECH HOLDINGS, INC.
					
	Attention:	 	Michael W. Jones	 		  	By:	  	/s/ Daniel S. Lurie
	 Telephone:
 Facsimile:
	 	 +1 (806) 473-0333
 +1
(806) 473-0334
	 		  		  	 Name: Daniel S. Lurie
 Title:
Secretary

  
 [ENDURANCE – PLEDGE
AND SECURITY AGREEMENT] 

									
	 1st Floor, 2 Minster Court

London, EC3R 7BB
 United Kingdom
	 		  	ENDURANCE WORLDWIDE INSURANCE LIMITED
		 		 		  	By:	  	/s/ Daniel S. Lurie
	 Attention:
 Telephone:

Facsimile:
	 	 Phil Rooke
 +44 (0)20 7337 2830

+44 (0)20 7337 2900
	 		  		  	 Name: Daniel S. Lurie
 Title:
Secretary

		 		 		  	By:	  	/s/ Philip Rooke
		 		 		  		  	 Name: Philip Rooke
 Title:
Director

			
	 1st Floor, 2 Minster Court

London, EC3R 7BB
 United Kingdom
	 		  	ENDURANCE AT LLOYD’S LIMITED
		 		 		  	By:	  	/s/ Graeme S.G. Tennyson
	 Attention:
 Telephone:

Facsimile:
	 	 Phil Rooke
 +44 (0)20 7337 2830

+44 (0)20 7337 2900
	 		  		  	 Name: Graeme S.G. Tennyson
 Title:
Secretary

		 		 		  	By:	  	/s/ Philip Rooke
		 		 		  		  	 Name: Philip Rooke
 Title:
Director

			
	 1st Floor, 2 Minster Court

London, EC3R 7BB
 United Kingdom
	 		  	ENDURANCE CORPORATE CAPITAL LIMITED
		 		 		  	By:	  	/s/ Graeme S.G. Tennyson
	 Attention:
 Telephone:

Facsimile:
	 	 Phil Rooke
 +44 (0)20 7337 2830

+44 (0)20 7337 2900
	 		  		  	 Name: Graeme S.G. Tennyson
 Title:
Secretary

		 		 		  	By:	  	/s/ Philip Rooke
		 		 		  		  	 Name: Philip Rooke
 Title:
Director

			
	 4 Manhattanville Road
 Purchase, NY
10577
	 		  	 ENDURANCE REINSURANCE CORPORATION OF AMERICA

	Attention:	 	Daniel S. Lurie	 		  	By:	  	/s/ Daniel S. Lurie
	 Telephone:
 Facsimile:
	 	 +1 (914) 468-8009
 +1
(914) 997-0331
	 		  		  	 Name: Daniel S. Lurie
 Title:
Secretary

  
 [ENDURANCE – PLEDGE
AND SECURITY AGREEMENT] 

									
	 4 Manhattanville Road
 Purchase, NY
10577
	 		  	ENDURANCE AMERICAN INSURANCE COMPANY
					
	Attention:	 	Daniel S. Lurie	 		  	By:	  	/s/ Daniel S. Lurie
	 Telephone:
 Facsimile:
	 	 +1 (914) 468-8009
 +1 (914) 997-0331
	 		  		  	 Name: Daniel S. Lurie
 Title:
Secretary

			
	 4 Manhattanville Road
 Purchase, NY
10577
	 		  	ENDURANCE AMERICAN SPECIALTY INSURANCE COMPANY
					
	Attention:	 	Daniel S. Lurie	 		  	By:	  	/s/ Daniel S. Lurie
	 Telephone:
 Facsimile:
	 	 +1 (914) 468-8009
 +1
(914) 997-0331
	 		  		  	 Name: Daniel S. Lurie
 Title:
Secretary

			
	 1st Floor, 2 Minster Court

London, EC3R 7BB
 United Kingdom
	 		  	ENDURANCE HOLDINGS LIMITED
					
		 		 		  	By:	  	/s/ Daniel S. Lurie
	 Attention:
 Telephone:

Facsimile:
	 	 Phil Rooke
 +44 (0)20 7337 2830

+44 (0)20 7337 2900
	 		  		  	 Name: Daniel S. Lurie
 Title:
Secretary

		 		 		  	By:	  	/s/ Philip Rooke
		 		 		  		  	 Name: Philip Rooke
 Title:
Director

  
 [ENDURANCE – PLEDGE
AND SECURITY AGREEMENT] 

									
	 Waterloo House
 100 Pitts Bay
Road
 Pembroke HM 08
 Bermuda
	 		  	 ENDURANCE SPECIALTY HOLDINGS LTD.

		 		 		  	By:	  	/s/ Michael J. McGuire
	 Attention:
 Telephone:

Facsimile:
	 	 Michael J. McGuire
 +1 (441) 278-0943

+1 (441) 278-0493
	 		  		  	 Name: Michael J. McGuire
 Title: Chief Financial
Officer

  
 [ENDURANCE – PLEDGE
AND SECURITY AGREEMENT] 

 
			
	 DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Collateral Agent

		
	By:	 	/s/ Lucy Hsieh
		 	 Name: Lucy Hsieh
 Title: Assistant Vice
President

		
	By:	 	/s/ Rajesh Rampersaud
		 	 Name: Rajesh Rampersaud
 Title: Assistant
Vice President

  
 [ENDURANCE – PLEDGE
AND SECURITY AGREEMENT] 

 
			
	 DEUTSCHE BANK TRUST COMPANY

AMERICAS, as Custodian

		
	By:	 	/s/ Lucy Hsieh
		 	 Name: Lucy Hsieh
 Title: Assistant Vice
President

		
	By:	 	/s/ Rajesh Rampersaud
		 	 Name: Rajesh Rampersaud
 Title: Assistant
Vice President

  
 [ENDURANCE – PLEDGE
AND SECURITY AGREEMENT] 

 
			
	 JPMORGAN CHASE BANK, N.A., as

Administrative Agent

		
	By:	 	/s/ Jamie S. Mintzer
		 	 Name: Jamie S. Mintzer
 Title: Vice
President

  
 [ENDURANCE – PLEDGE
AND SECURITY AGREEMENT]EX-10.3

 Exhibit 10.3 

ACCOUNT CONTROL AGREEMENT 

ACCOUNT CONTROL AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Agreement”), dated as
of March 23, 2016 among each undersigned grantor (each, a “Grantor” and, together with any other entity that becomes a Grantor hereunder pursuant to Section 17 hereof, the “Grantors”), Deutsche Bank Trust
Company Americas, as collateral agent for the benefit of the Secured Creditors (as defined below) (in such capacity, the “Collateral Agent”), and Deutsche Bank Trust Company Americas, as Deposit Account Bank (as defined below) and
securities intermediary (as such term is defined in Section 8-102 of the UCC) (in such capacity, the “Custodian”), (i) with which one or more deposit accounts (as defined in Section 9-102 of the UCC) as identified on
Annex A attached hereto are maintained with the Custodian in the name of the applicable Grantor identified opposite each account number (with all such deposit accounts now or at any time in the future maintained by the Grantors with the
Custodian as “Collateral Deposit Accounts” (as defined in the Security Agreement (as defined below)) being herein called the “Deposit Accounts” and each, a “Deposit Account”) and (ii) with which one
or more securities accounts (as defined in Section 8-501 of the UCC) as identified on Annex A attached hereto are maintained with the Custodian in the name of the applicable Grantor identified opposite each account number (with all such
securities accounts now or at any time in the future maintained by the Grantors with the Custodian as “Collateral Securities Accounts” (as defined in the Security Agreement) being herein called the “Securities Accounts”
and each a “Securities Account” and together with the Deposit Accounts, the “Collateral Accounts” and each, a “Collateral Account”). Except as otherwise defined herein, all capitalized terms used
herein and defined in the Security Agreement (as defined below) shall be used herein as therein defined. 
 W I T
N E S S E T H : 
 WHEREAS, Endurance Specialty Holdings Ltd. (the “Parent
Borrower”), various Designated Subsidiary Borrowers, the lenders from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent (together with any successor Administrative Agent, the
“Administrative Agent”), and each of the other agents and arrangers party thereto, have entered into that certain Credit Agreement, dated as of March 23, 2016 (as amended, modified, supplemented or amended and restated from
time to time, the “Credit Agreement”; all capitalized terms used in this paragraph and not otherwise defined herein or in the Security Agreement having the meaning given to such term in the Credit Agreement), providing for the
issuance of, and participation in, Letters of Credit for the account of the Designated Subsidiary Borrowers, all as contemplated therein (the Lenders, the Issuing Agent, the Issuing Lenders, the Limited Fronting Lenders, the Non-Continuing Lenders,
the Administrative Agent, the Collateral Agent, the Custodian, each other agent under the Credit Agreement and, with respect to any amounts owing in respect of any Existing Letters of Credit, the Original Lenders and Existing Issuing Lenders (solely
until such time that such Existing Letters of Credit have been amended or replaced to remove the Original Lenders, including, without limitation, the Existing Issuing Lenders, pursuant to the Credit Agreement and all amounts owing to such Original
Lenders, including, without limitation, Existing Issuing Lenders, under Sections 1.03, 1.08 and 1.09 of the Credit Agreement and all interest related thereto shall have been paid in full) are herein called the “Secured Creditors”);

 WHEREAS, each Grantor, the Collateral Agent, the Custodian and the Administrative Agent have
entered into a Pledge and Security Agreement, dated as of March 23, 2016 (as amended, amended and restated, modified or supplemented from time to time, the “Security Agreement”), under which, among other things, in order to
secure the payment of its respective Secured Obligations, such Grantor has severally granted a security interest to the Collateral Agent for the benefit of the Secured Creditors in all of the right, title and interest of such Grantor in and to such
Grantor’s Collateral; 
 WHEREAS, each Grantor desires that the Custodian enter into this Agreement in order (i) to establish
“control” (as defined in Section 9-104 of the UCC) of the Collateral Agent over each Deposit Account of such Grantor at any time or from time to time maintained by such Grantor with the Custodian and all Cash, instruments, credit
balances and other property credited thereto from time to time and (ii) to establish “control” (as defined in Section 8-106 of the UCC) of the Collateral Agent over each Securities Account of such Grantor at any time or from time
to time maintained by such Grantor with the Custodian and all Securities, Security Entitlements, Financial Assets, Cash, credit balances and other property credited thereto from time to time, and in order to otherwise perfect the security interest
of the Collateral Agent in the Deposit Accounts and Securities Accounts and (iii) to provide for the rights of the parties under this Agreement with respect to such Collateral Accounts, it being understood that the Custodian has no
responsibility with respect to the validity or perfection of the security interest otherwise than to act in accordance with the terms of this Agreement; 

NOW, THEREFORE, in consideration of the premises and the mutual promises and agreements contained herein, and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1.
Definitions. As used herein the following terms shall have the following meanings: 
 “Agreement” shall have the
meaning provided in the first paragraph of this Agreement. 
 “Custodian” shall have the meaning provided in the first
paragraph of this Agreement and shall include any successor thereto. 
 “Collateral Account” shall have the meaning
provided in the first paragraph of this Agreement. 
 “Collateral Agent” shall have the meaning provided in the first
paragraph of this Agreement and shall include any successor thereto. 
 “Deposit Account” shall have the meaning provided
in the first paragraph of this Agreement. 
 “Deposit Account Bank” shall mean a “bank” (as defined in
Section 9-102(a)(8) of the UCC) which maintains a Deposit Account. 
 “Entitlement Holder” shall have the meaning
provided in Section 8-102 of the UCC. 

  
 2 

 “Entitlement Order” shall mean a notification communicated to the Custodian
directing transfer or redemption of a Financial Asset in which the Entitlement Holder has a Security Entitlement. 

“Grantor” shall have the meaning provided in the first paragraph of this Agreement. 

“Secured Creditors” shall have the meaning provided in the first recital of this Agreement and shall include any successor
thereto. 
 “Securities Account” shall have the meaning provided in the first paragraph of this Agreement. 

“Security Agreement” shall have the meaning provided in the second recital of this Agreement. 

2. The Collateral Accounts. Annex A attached hereto (and as it may be amended, modified and restated from time to time)
contains a complete and accurate description of each Deposit Account and each Securities Account maintained by each Grantor with the Custodian. Each Grantor and the Custodian agree to maintain at all times such Collateral Accounts in the name of the
respective Grantor. The Custodian shall not change the name or account number of any Collateral Account without the prior written consent of the Collateral Agent. The Collateral Accounts listed on Annex A hereto do not contain Collateral
which is registered in the name of, payable to or to the order of, or specifically indorsed to a Grantor or any other Person other than the Custodian, which has not been indorsed to the Custodian or in blank, and the Securities Accounts contain only
securities that are primarily cleared and settled within the United States. To the Custodian’s knowledge, the Security Entitlements arising out of the Collateral carried in the Securities Accounts are valid and legally binding obligations of
the Custodian, and the Custodian has not been notified in writing of any claim to or interest in the Collateral, except for the claims and interest of the Collateral Agent and the Grantors in the Collateral. 

3. Control; Collateral Agent’s Right to Give Instructions as to Collateral Accounts. (a) Notwithstanding any separate
agreement that any Grantor may have with the Custodian or any other Person, the Collateral Agent shall be entitled, for purposes of this Agreement, at any time to give the Custodian Entitlement Orders and instructions as to the withdrawal or
disposition of any funds, property or Securities from time to time credited to any Collateral Account, or as to any other matters relating to any Collateral Account or any other Collateral, without further consent from the Grantor or any other
Person. Each Grantor hereby irrevocably authorizes and instructs the Custodian, and the Custodian hereby agrees, to comply with any and all Entitlement Orders and instructions originated by the Collateral Agent without any further consent from such
Grantor or any other Person. Such instructions may include the giving of stop payment orders for any items being presented to any Deposit Account for payment. Other than as permitted pursuant to Section 4.04 (and subject to the terms thereof)
of the Security Agreement, the Custodian shall not comply with any Entitlement Order or other instruction concerning Collateral held in any Collateral Account from any Grantor or any other Person, other than the Collateral Agent or its authorized
representatives, unless such Entitlement Order or instruction has been consented to in writing by the Collateral Agent. The Custodian shall be fully entitled to rely on, and shall comply with, such instructions from the Collateral Agent even

  
 3 

 
if such instructions are contrary to any instructions or demands that the Grantor or any other Person may give to the Custodian. In case of any conflict between any Entitlement Orders or
instructions received by the Custodian from the Collateral Agent and any Entitlement Orders or instructions received by the Custodian from any Grantor or any other Person other than the Collateral Agent, the Entitlement Orders and instructions
originated by the Collateral Agent shall prevail. 
 (b) It is understood and agreed that the Custodian’s duty to comply with
instructions and Entitlement Orders from the Collateral Agent regarding the Collateral Accounts is absolute, and the Custodian shall be under no duty or obligation, nor shall it have the authority, to inquire or determine whether or not such
instructions are in accordance with the Security Agreement or any other Credit Document, nor seek confirmation thereof from any Grantor or any other Person. 

4. Standard of Care. Notwithstanding any provision contained herein or in any other document or instrument to the contrary, neither the
Custodian nor any of its officers, employees or agents shall be liable (i) for following the instructions of the Collateral Agent and (ii) in all other respects, for any action taken or not taken by it (or them) under or in connection with
this Agreement, except for the Custodian’s (or their) own negligence or willful misconduct. In no event shall the Custodian be liable for indirect, special or consequential damages of any kind whatsoever (including lost profits and lost
business opportunity) even if it is advised of the possibility of such damages and regardless of the form of action in which any such damages may be claimed. Without limiting the foregoing, and notwithstanding any provision to the contrary
elsewhere, the Custodian, its affiliates and their respective officers, directors, employees and agents: 
 (a) shall have no
responsibilities, obligations or duties other than those expressly set forth in this Agreement, and no implied duties, responsibilities or obligations shall be read into this Agreement against the Custodian; without limiting the foregoing, the
Custodian shall have no duty to preserve, exercise or enforce rights in the Collateral (against prior parties or otherwise); 
 (b) may in
any instance where the Custodian determines that it lacks or is uncertain as to its authority to take or refrain from taking certain action, or as to the requirements of this Agreement under any circumstance before it, delay or refrain from taking
action unless and until it has received instructions from the Collateral Agent or advice from legal counsel (or other appropriate advisor), as the case may be; 

(c) so long as it and they shall have acted (or refrained from acting) in good faith, shall not be liable for any error of judgment in any
action taken, suffered or omitted by, or for any act done or step taken, suffered or omitted by, or for any mistake of fact or law, unless such action constitutes gross negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final non-appealable decision) on its (or their) part; 
 (d) may consult with legal counsel selected by it (or other
experts for the Collateral Agent or any Grantor), and shall not be liable for any action taken or not taken by it or them in good faith in accordance with the advice of such experts; 

  
 4 

 (e) will not be responsible to any Person for any statement, warranty or representation made by
any party other than the Custodian in connection with this Agreement; 
 (f) will have no duty to ascertain or inquire as to the performance
or observance by any Grantor of any of the terms, conditions or covenants of any security agreement with the Collateral Agent; 
 (g) will
not be responsible to any Person for the due execution, legality, validity, enforceability, genuineness, effectiveness or sufficiency of this Agreement (provided, however, that the Custodian warrants below that the Custodian has legal
capacity to enter into this Agreement); 
 (h) will not incur any liability by acting or not acting in reliance upon any notice, consent,
certificate, statement or other instrument or writing believed by it or them to be genuine and signed or sent by the proper party or parties; 

(i) will not incur liability for any notice, consent, certificate, statement, wire instruction, telecopy or other writing which is delayed,
canceled or changed without the actual knowledge of the Custodian; 
 (j) shall not be deemed to have or be charged with notice or knowledge
of any fact or matter unless a written notice thereof has been received by the Custodian at the address and to the person designated in (or as subsequently designated pursuant to) this Agreement; 

(k) shall not be obligated or required by any provision of this Agreement to expend or risk the Custodian’s own funds, or to take any
action (including but not limited to the institution or defense of legal proceedings) which in its or their judgment may cause it or them to incur or suffer any expense or liability; provided, however, if the Custodian elects to take
any such action, it shall be entitled to security or indemnity satisfactory to the Custodian for the payment of the costs, expenses (including but not limited to reasonable attorneys’ fees) and liabilities which may be incurred therein or
thereby; 
 (l) shall not incur any liability for acts or omissions of any domestic or foreign depository or book-entry system for the
central handling of Financial Assets or any domestic or foreign custodian or subcustodian; 
 (m) shall not be responsible for the title,
validity or genuineness of any item of Collateral in or delivered into any Collateral Account; and 
 (n) shall not be responsible for, or
have any liability with respect to, any losses due to forces beyond its or their control, including without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or act of God, and
interruptions, loss or malfunction of utilities, communications or computer (software or hardware) services. 
 5. Grantor’s
Exculpation and Indemnification of Custodian. Each Grantor hereby irrevocably authorizes and instructs the Custodian to follow any and all instructions and Entitlement Orders originated by the Collateral Agent regarding the Collateral Accounts,
even if 

  
 5 

 
the result of following such instructions or Entitlement Orders from the Collateral Agent is that the Custodian dishonors items presented for payment from any Deposit Account. Each Grantor
further confirms that the Custodian shall have no liability to such Grantor for complying with any instructions or Entitlement Orders originated by the Collateral Agent or for wrongful dishonor of such items in following such instructions from the
Collateral Agent. The Custodian shall have no duty to inquire or determine whether any Grantor’s obligations to the Collateral Agent are in default or whether the Collateral Agent is entitled under any separate agreement between such Grantor
and the Collateral Agent to give any such instructions or Entitlement Orders. The Parent Borrower agrees to be responsible for the Custodian’s customary charges and to indemnify the Custodian from and to hold the Custodian harmless against any
loss, cost or expense that the Custodian may sustain or incur in acting upon instructions or Entitlement Orders which the Custodian believes in good faith to be instructions from the Collateral Agent. 

6. Subordination of Security Interests; Custodian’s Recourse to Deposit Accounts. The Custodian hereby subordinates any claims and
security interests it may have against, or with respect to, any Collateral Account at any time established or maintained with it by any Grantor (including any amounts, securities, investments, instruments, credit balances, Financial Assets or other
property from time to time on deposit or carried therein or credited thereto) to the security interests of the Collateral Agent (for the benefit of the Secured Creditors) in any and all of the Collateral, and agrees that no amounts shall be charged
by the Custodian to, or withheld or set-off or otherwise recouped by the Custodian from, any Collateral Account of such Grantor or any amounts, investments, instruments or other Collateral from time to time on deposit therein. 

7. Representations, Warranties and Covenants of Custodian. The Custodian represents and warrants to the Collateral Agent that: 

(a) The Custodian is a “bank” (as defined in Section 9-102 of the UCC) and, regardless of any provision in any other agreement,
the jurisdiction (determined in accordance with Section 9-304 of the UCC) of the Custodian for purposes of each Deposit Account maintained by the Grantor with the Custodian is the State of New York. 

(b) The Custodian is a “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC) and is acting in that capacity
and, regardless of any provision in any other agreement, the jurisdiction (determined in accordance with Sections 9-305 and 8-110(e) of the UCC) of the Custodian for purposes of each Securities Account maintained by the Grantor with the Custodian is
the State of New York. 
 (c) The account agreements between the Custodian and the Grantor relating to the establishment and general
operation of the Collateral Accounts provide, whether specifically or generally, that the laws of New York govern the Collateral Accounts and, regardless of any provision in any other agreement, that the Custodian’s “jurisdiction” for
purposes of Sections 9-304, 9-305 and 8-110(e) of the UCC in respect of the Collateral Accounts is the State of New York. The Custodian will not, without the Collateral Agent’s prior written consent, amend any such account agreement so
that the Custodian’s jurisdiction for purposes of Section 9-304, 9-305 or 8-110(e) of the UCC is not the State of New York. 
 (d)
The Custodian has not granted and will not grant its creditors or any other Person 

  
 6 

 
a security interest in any of the Collateral and the Custodian will not sell, assign, transfer, hypothecate, rehypothecate, pledge, repledge, use or otherwise dispose of any of the Collateral
(other than Cash) and will keep all Collateral (other than Cash) segregated from the assets of the Custodian and from the assets of its other customers. 

(e) The Custodian has not entered and will not enter into any agreement with any Person other than the Collateral Agent under which the
Custodian agrees to comply with any Entitlement Orders or instructions from such other Person as to the disposition of funds, property or Securities from any Collateral Account. 

(f) Any item of Collateral received by the Custodian for a Grantor’s account in accordance with Section 4.03 of the Security
Agreement will be credited to the appropriate Collateral Account listed on Annex A hereto for such Grantor in accordance with Section 4.02(b) of the Security Agreement. 

(g) No item of Collateral will be released by the Custodian to any Grantor or to any other Person except in accordance with Section 4.04
of the Security Agreement. 
 (h) All Collateral which is a Financial Asset held by the Custodian shall be registered in the name of the
Custodian or its nominee, payable to the order of the Custodian or specially indorsed to the Custodian or in blank, and in the event that any Financial Asset held by the Custodian is inadvertently registered in the name of, payable to the order of
or specially indorsed to another Person and is not indorsed to the Custodian or in blank, the Custodian shall hold such Financial Asset as agent and bailee of the Collateral Agent. 

8. Further Representations. Each Grantor (severally for itself) represents and warrants that (i) it is duly incorporated or
organized and is validly existing in good standing in its jurisdiction of incorporation or organization, (ii) the execution, delivery and performance of this Agreement and all documents and instruments to be delivered hereunder or thereunder
have been duly authorized, (iii) the person executing this Agreement on its behalf has been duly authorized to act on its behalf, (iv) this Agreement constitutes its legal, valid, binding and enforceable agreement, except to the extent
that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforcement
is sought in a proceeding in equity or at law), and (v) its entry into this Agreement will not violate any law, rule, regulation or material agreement by which it is bound or by which any of its assets or property are affected, except to the
extent such violation would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 9.
Account Statements and Information. The Custodian agrees, and is hereby authorized and instructed by each Grantor, to furnish to the Collateral Agent, at its address indicated below, copies of all account statements and other information
relating to each Collateral Account that the Custodian sends to such Grantor and to disclose to the Collateral Agent all information requested by the Collateral Agent regarding any Collateral Account. If any person notifies the Custodian of its
assertion of any lien, encumbrance or adverse claim against any of the Collateral Accounts or in any item of Collateral contained therein, the Custodian will promptly notify the Collateral Agent and the relevant Grantor thereof. 

  
 7 

 10. Conflicting Agreements. This Agreement shall prevail over any conflicting agreement
between the Custodian and any Grantor. 
 11. Merger or Consolidation of Custodian. Without the execution or filing of any paper or
any further act on the part of any of the parties hereto, any bank into which the Custodian may be merged or with which it may be consolidated, or any bank resulting from any merger to which the Custodian shall be a party, shall be the successor of
the Custodian hereunder and shall be bound by all provisions hereof which are binding upon the Custodian and shall be deemed to affirm as to itself all representations and warranties of the Custodian contained herein. 

12. Notices. (a) All notices and other communications provided for in this Agreement shall be in writing (including facsimile) and
sent to the intended recipient at its address or telex or facsimile number set forth below: 
  

					
		 	If to the Collateral Agent, at:
		 		  	
		 	Deutsche Bank Trust Company Americas
		 	Institutional Cash & Securities Services
		 	60 Wall Street, 16th Floor
		 	New York, New York 10005
		 	Telephone:	  	+1(212) 250-7189
		 	Facsimile:	  	(212) 553-2464
		 	Email:	  	waseem.chaudhry@db.com
		 		  	
		 	If to a Grantor, at:
		 		  	
		 	The address for notices specified for such Grantor in the Credit Agreement.
		 		  	
		 	If to the Custodian, at:
		 		  	
		 	Deutsche Bank Trust Company Americas
		 	Institutional Cash & Securities Services
		 	60 Wall Street, 16th Floor
		 	New York, New York 10005
		 	Telephone:	  	+1(212) 250-7189
		 	Facsimile:	  	(212) 553-2464
		 	Email:	  	waseem.chaudhry@db.com

 or, as to any party, to such other address or facsimile number as such party may designate from time to time by notice to the
other parties. 
 (b) Except as otherwise provided herein, all notices and other communications hereunder shall be delivered by hand or by
commercial overnight courier (delivery charges prepaid), or mailed, postage prepaid, or faxed, addressed as aforesaid, and shall be effective (i) three business days after being deposited in the mail (if mailed), (ii) when delivered (if
delivered by hand or courier) and (iii) or when transmitted with receipt confirmed (if faxed); provided that notices to the Collateral Agent and the Custodian shall not be effective until actually received by it. 

  
 8 

 13. Amendment. Except as otherwise expressly provided in this Agreement, including,
without limitation, with respect to amendments, modifications or supplements to Annex A pursuant to Section 2 or Section 17 and the addition and removal of Grantors pursuant to Section 17, this Agreement may not be amended, modified
or supplemented except in writing executed and delivered by all the parties hereto. 
 14. Binding Agreement. This Agreement shall
bind the parties hereto and their successors and assigns and shall inure to the benefit of the parties hereto and their successors and assigns. Without limiting the provisions of the immediately preceding sentence, the Collateral Agent at any time
or from time to time may designate in writing to the Custodian a successor Collateral Agent (at such time, if any, as such entity becomes the Collateral Agent under the Security Agreement, or at any time thereafter) who shall thereafter succeed to
the rights of the existing Collateral Agent hereunder and shall be entitled to all of the rights and benefits provided hereunder. 
 15
Continuing Obligations. The rights and powers granted herein to the Collateral Agent have been granted in order to protect and further perfect its security interests in the Collateral Accounts and other Collateral and are powers coupled with
an interest and will not be affected by any purported revocation by any Grantor of this Agreement or the rights granted to the Collateral Agent hereunder or by the bankruptcy, insolvency, conservatorship or receivership of any Grantor or the
Custodian or by the lapse of time. The rights of the Collateral Agent hereunder and in respect of the Collateral Accounts and the other Collateral, and the obligations of each Grantor and the Custodian hereunder, shall continue in effect until the
security interests of the Collateral Agent in such Collateral Accounts and such other Collateral pursuant to the Security Agreement have been terminated and the Collateral Agent has notified the Custodian of such termination in writing. The
termination of this Agreement shall not terminate any Collateral Account or alter the obligations of the Custodian to each Grantor pursuant to other agreements with respect to any Collateral Account. 

16. Financial Assets. Each Grantor, the Custodian and the Collateral Agent hereby agree that the Custodian will treat any and all
Securities and any and all other Property and assets credited from time to time to each Grantor’s Securities Account as Financial Assets. 

17. Additional Grantors. It is understood and agreed that any Person that has become a Grantor under the Security Agreement after the
date hereof pursuant to the requirements of the Credit Agreement or any other Credit Document shall become a Grantor hereunder by (x) executing a counterpart hereof and delivering same to the Collateral Agent, or by executing an assumption
agreement in form and substance satisfactory to the Collateral Agent, (y) delivering a supplement to Annex A as is necessary to cause such Annex to be complete and accurate with respect to such additional Grantor on such date and
(z) taking all actions as specified in the Security Agreement, the Credit Agreement and this Agreement as would have been taken by such Grantor had it been an original party to this Agreement on the Effective Date, in each case with all
documents required above to be delivered to the Collateral Agent and with all documents and actions required above to be taken to the reasonable satisfaction of the Collateral Agent and the Administrative Agent. 

  
 9 

 Following the termination of a Grantor’s status as a Designated Subsidiary Borrower pursuant
to a Termination Letter in accordance with Section 1.13 of the Credit Agreement and so long as no Letters of Credit issued on behalf of such Designated Subsidiary Borrower (or any Unpaid Drawings in respect thereof) are outstanding and all
interest, fees and other Obligations payable by such Designated Subsidiary Borrower have been paid in full, the Collateral Agent, at the request and expense of the Parent Borrower, will promptly execute and deliver to the Parent Borrower any
documents of release and/or authorize the filing of a proper instrument or instruments (including a release of all Liens granted by such Designated Subsidiary Borrower hereunder and Uniform Commercial Code terminations statements on form UCC-3
reflecting the same) reasonably requested by the Parent Borrower acknowledging the release of such Grantor, and will duly assign, transfer and deliver to such Grantor (without recourse and without any representation or warranty) such of the
Collateral of such Grantor as may be in the possession of the Collateral Agent or Custodian and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement or the Security Agreement. 

18. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and
governed by the law of the State of New York. Regardless of any provision in any other agreement, in respect of the Custodian, for purposes of the UCC, the State of New York shall be the “bank’s jurisdiction” (within the meaning of
Section 9-304) of the UCC and the “securities intermediary’s jurisdiction” (within the meaning of Sections 9-305 and 8-110 of the UCC). 

(b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
Supreme Court of the State of New York sitting in the Borough of Manhattan in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the
extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. 
 (c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each Grantor hereby irrevocably consents to service of process in the manner provided for notices in Section 11.08 of the Credit
Agreement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

  
 10 

 (e) Each Grantor hereby irrevocably designates, appoints and empowers Endurance Services Limited,
with offices on the date hereof at 4 Manhattanville Road, 3rd Floor, Purchase, NY 10577, as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal
process, summons, notices and documents which may be served in any such action or proceeding. If for any reason such designee, appointee and agent shall cease to be available to act as such, each Grantor agrees to designate a new designee, appointee
and agent in New York City on the terms and for the purposes of this provision reasonably satisfactory to the Custodian and the Collateral Agent under this Agreement. 

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

20. Counterparts. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same
instrument, and any party hereto may execute this Agreement by signing and delivering one or more counterparts. Delivery of an executed signature page of this Agreement by email or facsimile transmission shall be effective as delivery of a manually
executed counterpart hereof. 
 [Remainder of this page intentionally left blank; signature page follows] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the
date first written above. 
  

					
	        Grantors:
		 		 	
	ENDURANCE SPECIALTY INSURANCE LTD.
		
	By:	 	   /s/ Michael J. McGuire

		 	Name:	 	Michael J. McGuire
		 	Title:	 	Chief Financial Officer

  

					
	ENDURANCE U.S. HOLDINGS CORP.
		
	By:	 	   /s/ Daniel S. Lurie

		 	Name:	 	Daniel S. Lurie
		 	Title:	 	Secretary

  

					
	ENDURANCE WORLDWIDE HOLDINGS LIMITED
		
	By:	 	   /s/ Daniel S. Lurie

		 	Name:	 	Daniel S. Lurie
		 	Title:	 	Secretary

  

					
	By:	 	   /s/ Philip Rooke

		 	Name:	 	Philip Rooke
		 	Title:	 	Director

  

					
	ENDURANCE WORLDWIDE INSURANCE LIMITED
		
	By:	 	   /s/ Daniel S. Lurie

		 	Name:	 	Daniel S. Lurie
		 	Title:	 	Secretary

  

					
		
	By:	 	   /s/ Philip Rooke

		 	Name:	 	Philip Rooke
		 	Title:	 	Director

 [Endurance – Account Control Agreement] 

 
					
	ENDURANCE HOLDINGS LIMITED
		
	By:	 	   /s/ Daniel S. Lurie

		 	Name:	 	Daniel S. Lurie
		 	Title:	 	Secretary

  

					
	By:	 	   /s/ Philip Rooke

		 	Name:	 	Philip Rooke
		 	Title:	 	Director

  

					
	ENDURANCE AT LLOYD’S LIMITED
		
	By:	 	   /s/ Graeme S.G. Tennyson

		 	Name:	 	Graeme S.G. Tennyson
		 	Title:	 	Secretary

  

					
	By:	 	   /s/ Philip Rooke

		 	Name:	 	Philip Rooke
		 	Title:	 	Director

  

					
	ENDURANCE CORPORATE CAPITAL LIMITED
		
	By:	 	   /s/ Graeme S.G. Tennyson

		 	Name:	 	Graeme S.G. Tennyson
		 	Title:	 	Secretary

  

					
	By:	 	   /s/ Philip Rooke

		 	Name:	 	Philip Rooke
		 	Title:	 	Director

  

					
	ENDURANCE REINSURANCE CORPORATION OF AMERICA
		
	By:	 	   /s/ Daniel S. Lurie

		 	Name:	 	Daniel S. Lurie
		 	Title:	 	Secretary

 [Endurance – Account Control Agreement] 

 
					
	ENDURANCE AMERICAN INSURANCE COMPANY
		
	By:	 	   /s/ Daniel S. Lurie

		 	Name:	 	Daniel S. Lurie
		 	Title:	 	Secretary

  

					
	ENDURANCE AMERICAN SPECIALTY INSURANCE COMPANY
		
	By:	 	   /s/ Daniel S. Lurie

		 	Name:	 	Daniel S. Lurie
		 	Title:	 	Secretary

  

					
	ARMTECH HOLDINGS, INC.
		
	By:	 	   /s/ Daniel S. Lurie

		 	Name:	 	Daniel S. Lurie
		 	Title:	 	Secretary

 [Endurance – Account Control Agreement] 

 
					
	ENDURANCE SPECIALTY HOLDINGS LTD.
		
	By:	 	   /s/ Michael J. McGuire

		 	Name:	 	Michael J. McGuire
		 	Title:	 	Chief Financial Officer

 
					
	Custodian:
		 		 	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS, as Custodian

		
	By:	 	   /s/ Lucy Hsieh

		 	Name: Lucy Hsieh
		 	Title: Assistant Vice President

  

					
	By:	 	   /s/ Rajesh Rampersaud

		 	Name:	 	Rajesh Rampersaud
		 	Title:	 	Assistant Vice President

 [Endurance – Account Control Agreement] 

 
					
	Collateral Agent:
		 		 	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent

		
	By:	 	   /s/ Lucy Hsieh

		 	Name:	 	Lucy Hsieh
		 	Title:	 	Assistant Vice President

  

					
	By:	 	   /s/ Rajesh Rampersaud

		 	Name:	 	Rajesh Rampersaud
		 	Title:	 	Assistant Vice President

 [Endurance – Account Control Agreement]

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