Document:

Intellectual Property Security Agt dated as of 8/11/05

 Exhibit 10.4 
  

  
 INTELLECTUAL PROPERTY SECURITY AGREEMENT 
  
 dated as of

  
 August 11, 2005 
  
 among 
  
 SUNGARD HOLDCO LLC, 
  
 SUNGARD DATA SYSTEMS INC. 
  
 SOLAR CAPITAL CORP., 
  
 THE SUBSIDIARIES OF SUNGARD DATA SYSTEMS INC. 
 IDENTIFIED HEREIN 
  
 and 
  
 JPMORGAN CHASE BANK, N.A., 
  
 as Collateral Agent 
  

 TABLE OF CONTENTS 
  

			
	ARTICLE I
	
	Definitions
		
	 SECTION 1.01. Credit Agreement
	  	1
		
	 SECTION 1.02. Other Defined Terms
	  	1
	
	ARTICLE II
	
	Security Interests
		
	 SECTION 2.01. Security Interest
	  	4
		
	 SECTION 2.02. Representations and Warranties
	  	5
		
	 SECTION 2.03. Covenants
	  	6
		
	 SECTION 2.04. As to Intellectual Property Collateral
	  	8
	
	ARTICLE III
	
	Remedies
		
	 SECTION 3.01. Remedies Upon Default
	  	9
		
	 SECTION 3.02. Application of Proceeds
	  	11
		
	 SECTION 3.03. Grant of License to Use Intellectual Property
	  	11
	
	ARTICLE IV
	
	Indemnity, Subrogation and Subordination
		
	 SECTION 4.01. Indemnity
	  	12
		
	 SECTION 4.02. Contribution and Subrogation
	  	12
		
	 SECTION 4.03. Subordination
	  	12
	
	ARTICLE V
	
	Miscellaneous
		
	 SECTION 5.01. Notices
	  	13

			
	 SECTION 5.02. Waivers; Amendment
	  	13
		
	 SECTION 5.03. Collateral Agent’s Fees and Expenses; Indemnification
	  	13
		
	 SECTION 5.04. Successors and Assigns
	  	14
		
	 SECTION 5.05. Survival of Agreement
	  	14
		
	 SECTION 5.06. Counterparts; Effectiveness; Several Agreement
	  	14
		
	 SECTION 5.07. Severability
	  	15
		
	 SECTION 5.08. Right of Set-Off
	  	15
		
	 SECTION 5.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	16
		
	 SECTION 5.10. WAIVER OF JURY TRIAL
	  	16
		
	 SECTION 5.11. Headings
	  	17
		
	 SECTION 5.12. Security Interest Absolute
	  	17
		
	 SECTION 5.13. Termination or Release
	  	17
		
	 SECTION 5.14. Additional Restricted Subsidiaries
	  	18
		
	 SECTION 5.15. General Authority of the Collateral Agent
	  	18
		
	 SECTION 5.16. Collateral Agent Appointed Attorney-in-Fact
	  	18
		
	 SECTION 5.17. Effectiveness of the Merger
	  	19

			
	Schedules	  	 
		
	Schedule I	  	Subsidiary Parties
	Schedule II	  	Intellectual Property
		
	Exhibits	  	 
		
	Exhibit I	  	Form of Supplement
	Exhibit II	  	Form of Perfection Certificate

 INTELLECTUAL PROPERTY SECURITY AGREEMENT dated as of August 11, 2005 among SUNGARD
HOLDCO LLC (“Holdings”), SUNGARD DATA SYSTEMS INC., SOLAR CAPITAL CORP., the Subsidiaries of the Company identified herein and JPMORGAN CHASE BANK, N.A., as Collateral Agent. 
  
 Reference is made to the Credit Agreement dated as of August 11, 2005
(as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Company, SunGard, the Overseas Borrowers, Holdings, JPMorgan Chase Bank, N.A., as Administrative Agent, Swing Line Lender and an
L/C Issuer, each Lender from time to time party thereto, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as Co-Syndication Agents, and Barclays Bank PLC and The Royal Bank of Canada, as Co-Documentation Agents. The Lenders have
agreed to extend credit to the Borrowers subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this
Agreement. Holdings and the Subsidiary Parties are affiliates of the Borrowers, will derive substantial benefits from the extension of credit to the Borrowers pursuant to the Credit Agreement and are willing to execute and deliver this Agreement in
order to induce the Lenders to extend such credit. Accordingly, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.01. Credit
Agreement. (a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement have
the meanings specified therein; the term “instrument” shall have the meaning specified in Article 9 of the New York UCC. 
  
 (b) The rules of construction specified in Article I of the Credit Agreement also apply to this Agreement. 
  
 SECTION 1.02. Other Defined Terms. As used in this Agreement, the
following terms have the meanings specified below: 
  
 “Agreement” means this Intellectual Property Security Agreement. 
  
 “Claiming Party” has the meaning assigned to such term in Section 4.02. 
  
 “Collateral” has the meaning assigned to such term in Section 2.01. 
  
 “Contributing Party” has the meaning assigned to such term in Section 4.02. 
  

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 “Copyright License” means any written agreement, now or hereafter in effect, granting
any right to any third party under any copyright now or hereafter owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any copyright now or hereafter owned by any third party, and
all rights of such Grantor under any such agreement. 
  
 “Copyrights” means all of the following now owned or hereafter acquired by any Grantor: (a) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author,
assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright in the United States or any other country, including registrations, recordings, supplemental registrations and pending
applications for registration in the United States Copyright Office, including those listed on Schedule II. 
  
 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 
  
 “Grantor” means each of Holdings, the Company and each
Subsidiary Party that is a Domestic Subsidiary. 
  
 “Intellectual Property” means all intellectual and similar property of every kind and nature now owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade
secrets, confidential or proprietary technical and business information, know-how, show-how or other data or information, software and databases and all embodiments or fixations thereof and related documentation, registrations and franchises, and
all additions, improvements and accessions to, and books and records describing or used in connection with, any of the foregoing. 
  
 “Intellectual Property Collateral” means Collateral consisting of Intellectual Property. 
  
 “Intellectual Property Security Agreement Supplement” means
an instrument in the form of Exhibit I hereto. 
  
 “License” means any Patent License, Trademark License, Copyright License or other license or sublicense agreement to which any Grantor is a party, including those listed on Schedule II. 
  
 “New York UCC” means the Uniform Commercial Code as from
time to time in effect in the State of New York. 
  
 “Patent License” means any written agreement, now or hereafter in effect, granting to any third party any right to make, use or sell any invention on which a patent, now or hereafter owned by any Grantor or that any Grantor
otherwise has the right to license, is in existence, or granting to any Grantor any right to make, use or sell any invention on which a patent, now or hereafter owned by any third party, is in existence, and all rights of any Grantor under any such
agreement. 
  

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 “Patents” means all of the following now owned or hereafter acquired by any Grantor:
(a) all letters patent of the United States or the equivalent thereof in any other country, all registrations and recordings thereof, and all applications for letters patent of the United States or the equivalent thereof in any other country,
including registrations, recordings and pending applications in the United States Patent and Trademark Office or any similar offices in any other country, including those listed on Schedule II, and (b) all reissues, continuations,
divisions, continuations-in-part, renewals or extensions thereof, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 
  
 “Perfection Certificate” means a certificate substantially
in the form of Exhibit II, completed and supplemented with the schedules and attachments contemplated thereby, and duly executed by the chief financial officer and the chief legal officer of the Company. 
  
 “Proceeds” has the meaning specified in Section 9-102
of the New York UCC. 
  
 “Security Interest” has
the meaning assigned to such term in Section 2.01(a). 
  
 “Subsidiary Parties” means (a) the Subsidiaries identified on Schedule I and (b) each other Subsidiary that becomes a party to this Agreement as a Subsidiary Party after the Closing Date. 
  
 “Trademark License” means any written agreement, now or
hereafter in effect, granting to any third party any right to use any trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any trademark now or hereafter
owned by any third party, and all rights of any Grantor under any such agreement. 
  
 “Trademarks” means all of the following now owned or hereafter acquired by any Grantor: (a) all trademarks, service marks, trade names, corporate names, company names, business names, fictitious
business names, trade styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all registration and
recording applications filed in connection therewith, including registrations and registration applications in the United States Patent and Trademark Office or any similar offices in any State of the United States or any other country or any
political subdivision thereof, and all extensions or renewals thereof, including those listed on Schedule II, (b) all goodwill associated therewith or symbolized thereby and (c) all other assets, rights and interests that uniquely
reflect or embody such goodwill. 
  

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 ARTICLE II 
  
 Security Interests 
  
 SECTION 2.01. Security Interest. (a) As security for the payment
or performance, as the case may be, in full of the Obligations, including the U.S. Guarantees, each Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to
the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in, all right, title or interest in or to any and all of the following assets and properties now
owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”): 
  
 (i) all Copyrights; 
  
 (ii) all Patents; 
  
 (iii) all Trademarks; 
  
 (iv) all Licenses; 
  
 (v) all other Intellectual Property; and 
  
 (vi) all Proceeds and products of any and all of the
foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing. 
  
 (b) Each Grantor hereby irrevocably authorizes the Collateral Agent for the benefit of the Secured Parties at any time and from time to time to file in
any relevant jurisdiction any initial financing statements with respect to the Collateral or any part thereof and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code or the analogous legislation of
each applicable jurisdiction for the filing of any financing statement or amendment, including whether such Grantor is an organization, the type of organization and any organizational identification number issued to such Grantor. Each Grantor agrees
to provide such information to the Collateral Agent promptly upon request. 
  
 The Collateral Agent is further authorized to file with the United States Patent and Trademark Office or United States Copyright Office (or any successor office or any similar office in any other country) such
documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by each Grantor, without the signature of any Grantor, and naming any Grantor or the Grantors as
debtors and the Collateral Agent as secured party. 
  
 (c) The
Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Collateral.

  

 4 

 SECTION 2.02. Representations and Warranties. Holdings and the Company jointly and severally
represent and warrant, as to themselves and the other Grantors, to the Collateral Agent and the Secured Parties that: 
  
 (a) Each Grantor has good and valid rights in and title to the Collateral with respect to which it has purported to grant a Security Interest hereunder
and has full power and authority to grant to the Collateral Agent the Security Interest in such Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or
approval of any other Person other than any consent or approval that has been obtained. 
  
 (b) The Perfection Certificate has been duly prepared, completed and executed and the information set forth therein, including the exact legal name of each Grantor, is correct and complete in all material respects as
of the Closing Date. The Uniform Commercial Code financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations prepared by the Collateral Agent based upon the information provided to the
Collateral Agent in the Perfection Certificate for filing in each governmental, municipal or other office specified in Schedule 2 to the Perfection Certificate (or specified by notice from the applicable Borrower to the Collateral Agent after
the Closing Date in the case of filings, recordings or registrations required by Section 6.11 of the Credit Agreement), are all the filings, recordings and registrations (other than filings required to be made in the United States Patent and
Trademark Office and the United States Copyright Office in order to perfect the Security Interest in Collateral consisting of United States Patents, Trademarks and Copyrights) that are necessary to establish a legal, valid and perfected security
interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision
thereof) and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided under applicable law with respect to the
filing of continuation statements. Each Grantor represents and warrants that a fully executed agreement in the form hereof and containing a description of all Collateral consisting of Intellectual Property with respect to United States Patents and
United States registered Trademarks (and Trademarks for which United States registration applications are pending) and United States registered Copyrights have been delivered to the Collateral Agent for recording by the United States Patent and
Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, and otherwise as may
be required pursuant to the laws of any other necessary jurisdiction, to protect the validity of and to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of
all Collateral consisting of Patents, Trademarks and Copyrights in which a security interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions, and
no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary (other than such actions as are necessary to perfect the Security Interest with respect to any 

  

 5 

 
Collateral consisting of Patents, Trademarks and Copyrights (or registration or application for registration thereof) acquired or developed after the date
hereof). 
  
 (c) The Security Interest constitutes (i) a
legal and valid security interest in all the Collateral securing the payment and performance of the Obligations, including the U.S. Guarantees, (ii) subject to the filings described in Section 2.02(b), a perfected security interest in all
Collateral in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the
Uniform Commercial Code and (iii) a security interest that shall be perfected in all Collateral in which a security interest may be perfected upon the receipt and recording of this Agreement with the United States Patent and Trademark Office
and the United States Copyright Office, as applicable, within the three-month period (commencing as of the date hereof) pursuant to 35 U.S.C. § 261 or 15 U.S.C. § 1060 or the one month period (commencing as of the date
hereof) pursuant to 17 U.S.C. § 205 and otherwise as may be required pursuant to the laws of any other necessary jurisdiction. The Security Interest is and shall be prior to any other Lien on any of the Collateral, other than
(i) any nonconsensual Lien that is expressly permitted pursuant to Section 7.01 of the Credit Agreement and has priority as a matter of law and (ii) Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement.

  
 (d) The Collateral is owned by the Grantors free and clear of
any Lien, except for Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement. None of the Grantors has filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial
Code or any other applicable laws covering any Collateral, (ii) any assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument covering any Collateral with the United States Patent and Trademark
Office or the United States Copyright Office or (iii) any assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument covering any Collateral with any foreign governmental, municipal or other office,
which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement. 
  
 SECTION 2.03. Covenants. (a) The Company agrees promptly to
notify the Collateral Agent in writing of any change (i) in corporate name of any Grantor, (ii) in the identity or type of organization or corporate structure of any Grantor, or (iii) in the jurisdiction of organization of any
Grantor. 
  
 (b) Each Grantor shall, at its own expense, take any
and all commercially reasonable actions necessary to defend title to the Collateral against all Persons and to defend the Security Interest of the Collateral Agent in the Collateral and the priority thereof against any Lien not expressly permitted
pursuant to Section 7.01 of the Credit Agreement. 
  
 (c)
Each year, at the time of delivery of annual financial statements with respect to the preceding fiscal year pursuant to Section 6.01 of the Credit Agreement, the 

  

 6 

 
Company shall deliver to the Collateral Agent a certificate executed by the chief financial officer and the chief legal officer of the Company setting
forth the information required pursuant to Schedules 1(a), 1(c), 1(e), 1(f) and 2(b) of the Perfection Certificate or confirming that there has been no change in such information since the date of such certificate or the date of the most recent
certificate delivered pursuant to this Section 2.03(c). 
  
 (d) The Company agrees, on its own behalf and on behalf of each other Grantor, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the
Collateral Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the
execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing statements or other documents in connection herewith or therewith. If any amount payable under or in connection with any of the
Collateral that is in excess of $10,000,000 shall be or become evidenced by any promissory note or other instrument, such note or instrument shall be promptly pledged and delivered to the Collateral Agent, for the benefit of the Secured Parties,
duly endorsed in a manner reasonably satisfactory to the Collateral Agent. 
  
 Without limiting the generality of the foregoing, each Grantor hereby authorizes the Collateral Agent, with prompt notice thereof to the Grantors, to supplement this Agreement by supplementing Schedule II or
adding additional schedules hereto to specifically identify any asset or item that may constitute Copyrights, Licenses, Patents or Trademarks; provided that any Grantor shall have the right, exercisable within 10 days after it has been
notified by the Collateral Agent of the specific identification of such Collateral, to advise the Collateral Agent in writing of any inaccuracy of the representations and warranties made by such Grantor hereunder with respect to such Collateral.
Each Grantor agrees that it will use its best efforts to take such action as shall be necessary in order that all representations and warranties hereunder shall be true and correct with respect to such Collateral within 30 days after the date
it has been notified by the Collateral Agent of the specific identification of such Collateral. 
  
 (e) At its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any
time levied or placed on the Collateral and not permitted pursuant to Section 7.01 of the Credit Agreement, and may pay for the maintenance and preservation of the Collateral to the extent any Grantor fails to do so as required by the Credit
Agreement or this Agreement and within a reasonable period of time after the Collateral Agent has requested that it do so, and each Grantor jointly and severally agrees to reimburse the Collateral Agent within 10 days after demand for any payment
made or any reasonable expense incurred by the Collateral Agent pursuant to the foregoing authorization. Nothing in this paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral
Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges, 

  

 7 

 
fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 
  
 (f) Each Grantor (rather than the Collateral Agent or any Secured Party)
shall remain liable (as between itself and any relevant counterparty) to observe and perform all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Collateral, all in
accordance with the terms and conditions thereof, and each Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability for such performance. 
  
 SECTION 2.04. As to Intellectual Property Collateral. (a) Except
to the extent failure to act could not reasonably be expected to have a Material Adverse Effect, with respect to registration or pending application of each item of its Intellectual Property Collateral for which such Grantor has standing to do so,
each Grantor agrees to take, at its expense, all steps, including, without limitation, in the U.S. Patent and Trademark Office, the U.S. Copyright Office and any other governmental authority located in the United States, to (i) maintain the
validity and enforceability of any registered Intellectual Property Collateral (or applications therefor) and maintain such Intellectual Property Collateral in full force and effect, and (ii) pursue the registration and maintenance of each
Patent, Trademark, or Copyright registration or application, now or hereafter included in such Intellectual Property Collateral of such Grantor, including, without limitation, the payment of required fees and taxes, the filing of responses to office
actions issued by the U.S. Patent and Trademark Office, the U.S. Copyright Office or other governmental authorities, the filing of applications for renewal or extension, the filing of affidavits under Sections 8 and 15 or the U.S. Trademark Act, the
filing of divisional, continuation, continuation-in-part, reissue and renewal applications or extensions, the payment of maintenance fees and the participation in interference, reexamination, opposition, cancellation, infringement and
misappropriation proceedings. 
  
 (b) Except as could not
reasonably be expected to have a Material Adverse Effect, no Grantor shall do or permit any act or knowingly omit to do any act whereby any of its Intellectual Property Collateral may lapse, be terminated, or become invalid or unenforceable or
placed in the public domain (or in case of a trade secret, lose its competitive value). 
  
 (c) Except where failure to do so could not reasonably be expected to have a Material Adverse Effect, each Grantor shall take all steps to preserve and protect each item of its Intellectual Property Collateral,
including, without limitation, maintaining the quality of any and all products or services used or provided in connection with any of the Trademarks, consistent with the quality of the products and services as of the date hereof, and taking all
steps necessary to ensure that all licensed users of any of the Trademarks abide by the applicable license’s terms with respect to the standards of quality. 
  
 (d) Each Grantor agrees that, should it obtain an ownership or other interest in any Intellectual Property Collateral after
the Closing Date (“After-Acquired  

  

 8 

 
Intellectual Property”) (i) the provisions of this Agreement shall automatically apply thereto, and (ii) any such After-Acquired
Intellectual Property and, in the case of Trademarks, the goodwill symbolized thereby, shall automatically become part of the Intellectual Property Collateral subject to the terms and conditions of this Agreement with respect thereto. 
  
 (e) Once every fiscal quarter of the Company, with respect to issued or
registered Patents (or published applications therefor) or Trademarks (or applications therefor), and once every month, with respect to registered Copyrights, each Grantor shall sign and deliver to the Administrative Agent an appropriate
Intellectual Property Security Agreement with respect to all applicable Intellectual Property owned or exclusively licensed by it as of the last day of such period, to the extent that such Intellectual Property is not covered by any previous
Intellectual Property Security Agreement so signed and delivered by it. In each case, it will promptly cooperate as reasonably necessary to enable the Administrative Agent to make any necessary or reasonably desirable recordations with the U.S.
Copyright Office or the U.S. Patent and Trademark Office, as appropriate. 
  
 (f) Nothing in this Agreement prevents any Grantor from discontinuing the use or maintenance of any or its Intellectual Property Collateral to the extent permitted by the Credit Agreement if such Grantor determines in
its reasonable business judgment that such discontinuance is desirable in the conduct of its business. 
  
 ARTICLE III 
  
 Remedies 
  
 SECTION 3.01. Remedies Upon
Default. Upon the occurrence and during the continuance of an Event of Default, each Grantor agrees to deliver each item of Collateral to the Collateral Agent on demand, and it is agreed that the Collateral Agent shall have the right, at the
same or different times, with respect to any Collateral consisting of Intellectual Property, on demand, to cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Collateral by the applicable Grantors to
the Collateral Agent, or to license or sublicense, whether general, special or otherwise, and whether on an exclusive or nonexclusive basis, any such Collateral throughout the world on such terms and conditions and in such manner as the Collateral
Agent shall determine (other than in violation of any then-existing licensing arrangements to the extent that waivers cannot be obtained), and, generally, to exercise any and all rights afforded to a secured party with respect to the Obligations
under the Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, each Grantor agrees that the Collateral Agent shall have the right, subject to the mandatory requirements of applicable law and the notice
requirements described below, to sell or otherwise dispose of all or any part of the Collateral securing the Obligations at a public or private sale, for cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate. Each
such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of 

  

 9 

 
redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter
enacted. 
  
 The Collateral Agent shall give the applicable
Grantors 10 days’ written notice (which each Grantor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make
any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral
Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral , or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute
discretion) determine. The Collateral Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may,
without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to
which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or
purchasers thereof, but the Collateral Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon
like notice. At any public (or, to the extent permitted by law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation or
appraisal on the part of any Grantor (all said rights being also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and
payable to such Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor
therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be
entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Obligations
paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant
to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 3.01 shall be deemed to conform to the commercially
reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 
  

 10 

 SECTION 3.02. Application of Proceeds. The Collateral Agent shall apply the proceeds of any
collection or sale of Collateral, including any Collateral consisting of cash, as follows: 
  
 FIRST, to the payment of all costs and expenses incurred by the Collateral Agent in connection with such collection or sale or otherwise
in connection with this Agreement, any other Loan Document or any of the Obligations, including all court costs and the fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under
any other Loan Document on behalf of any Grantor and any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; 
  
 SECOND, to the payment in full of the Obligations (the
amounts so applied to be distributed among the Secured Parties pro rata in accordance with the amounts of the Obligations owed to them on the date of any such distribution); and 
  
 THIRD, to the applicable Grantors, their successors or assigns, or as a court of competent jurisdiction may
otherwise direct. 
  
 The Collateral Agent shall have absolute discretion as to
the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the
receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part
of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 
  
 SECTION 3.03. Grant of License to Use Intellectual Property. For the purpose of enabling the Collateral Agent to exercise rights and remedies under
this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor shall, upon request by the Collateral Agent at any time after and during the continuance of an Event of Default, grant
to the Collateral Agent an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to the Grantors) to use, license or sublicense any of the Collateral consisting of Intellectual Property now owned or
hereafter acquired by such Grantor, and wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for
the compilation or printout thereof. The use of such license by the Collateral Agent may be exercised, at the option of the Collateral Agent, during the continuation of an Event of Default; provided that any license, sublicense or other
transaction entered into by the Collateral Agent in accordance herewith shall be binding upon the Grantors notwithstanding any subsequent cure of an Event of Default. 
  

 11 

  
 ARTICLE IV 
  
 Indemnity, Subrogation and Subordination 
  
 SECTION 4.01. Indemnity. In addition to all such rights of indemnity
and subrogation as the Grantors may have under applicable law (but subject to Section 4.03), each Borrower agrees that in the event any assets of any Grantor shall be sold pursuant to this Agreement or any other Collateral Document to satisfy
in whole or in part an obligation owed to any Secured Party, the relevant Borrower shall indemnify such Grantor in an amount equal to the greater of the book value or the fair market value of the assets so sold. 
  
 SECTION 4.02. Contribution and Subrogation. Each Subsidiary Party (a
“Contributing Party”) agrees (subject to Section 4.03) that, in the event assets of any other Subsidiary Party shall be sold pursuant to any Collateral Document to satisfy any Obligation owed to any Secured Party and such other
Subsidiary Party (the “Claiming Party”) shall not have been fully indemnified by the relevant Borrower as provided in Section 4.01, the Contributing Party shall indemnify the Claiming Party in an amount equal to the greater of
the book value or the fair market value of such assets, in each case multiplied by a fraction of which the numerator shall be the net worth of the Contributing Party on the date hereof and the denominator shall be the aggregate net worth of all the
Grantors on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section 5.14, the date of the Intellectual Property Security Agreement Supplement executed and delivered by such Grantor). Any Contributing Party
making any payment to a Claiming Party pursuant to this Section 4.02 shall be subrogated to the rights of such Claiming Party to the extent of such payment. 
  
 SECTION 4.03. Subordination. (a) Notwithstanding any provision of this Agreement to the contrary, all rights of
the Grantors under Sections 4.01 and 4.02 and all other rights of indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the indefeasible payment in full in cash of the Obligations. No failure on
the part of any Borrower or any Grantor to make the payments required by Sections 4.01 and 4.02 (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Grantor with
respect to its obligations hereunder, and each Grantor shall remain liable for the full amount of the obligations of such Grantor hereunder. 
  
 (b) Each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default and after notice from the Collateral Agent all
Indebtedness owed by it to any Subsidiary shall be fully subordinated to the indefeasible payment in full in cash of the Obligations. 
  

 12 

  
 ARTICLE V 
  
 Miscellaneous 
  
 SECTION 5.01. Notices. All communications and notices hereunder shall
(except as otherwise expressly permitted herein) be in writing and given as provided in Section 10.02 of the Credit Agreement. All communications and notices hereunder to any Subsidiary Party shall be given to it in care of the Company as
provided in Section 10.02 of the Credit Agreement. 
  
 SECTION 5.02. Waivers; Amendment. (a) No failure or delay by the Collateral Agent, any L/C Issuer or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights
and remedies of the Collateral Agent, the L/C Issuers and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 5.02, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Collateral
Agent, any Lender or any L/C Issuer may have had notice or knowledge of such Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or demand in similar or other
circumstances. 
  
 (b) Neither this Agreement nor any provision
hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply,
subject to any consent required in accordance with Section 10.01 of the Credit Agreement. 
  
 SECTION 5.03. Collateral Agent’s Fees and Expenses; Indemnification. (a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its expenses incurred hereunder as
provided in Section 10.04 of the Credit Agreement. 
  
 (b)
Without limitation of its indemnification obligations under the other Loan Documents, the Company agrees to indemnify the Collateral Agent and the other Indemnitees (as defined in Section 10.05 of the Credit Agreement) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out
of, in connection with, or as a result of, the execution, delivery or performance of this Agreement or any claim, litigation, investigation or proceeding relating to any of the foregoing agreement or instrument contemplated hereby, or to the
Collateral, whether or 

  

 13 

 
not any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnitee or any Affiliate, director,
officer, employee, counsel, agent or attorney-in-fact of such Indemnitee. 
  
 (c) Any such amounts payable as provided hereunder shall be additional Obligations secured hereby and by the other Collateral Documents. The provisions of this Section 5.03 shall remain operative and in full
force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or
provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party. All amounts due under this Section 5.03 shall be payable within 10 days of written demand
therefor. 
  
 SECTION 5.04. Successors and Assigns.
Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Grantor or the
Collateral Agent that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. 
  
 SECTION 5.05. Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and
in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders and shall survive the execution and delivery of
the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any Lender or on its behalf and notwithstanding that the Collateral Agent, any L/C Issuer or any Lender may have had notice
or knowledge of any Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee
or any other amount payable under any Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. 
  
 SECTION 5.06. Counterparts; Effectiveness; Several Agreement. This Agreement may be executed in counterparts, each of
which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed
counterpart of this Agreement. This Agreement shall become effective as to any Loan Party when a counterpart hereof executed on behalf of such Loan Party shall have been delivered to the Collateral Agent and a counterpart hereof shall have been
executed on behalf of the Collateral Agent, and thereafter shall be binding upon such Loan Party and the Collateral Agent and their respective permitted 

  

 14 

 
successors and assigns, and shall inure to the benefit of such Loan Party, the Collateral Agent and the other Secured Parties and their respective successors
and assigns, except that no Loan Party shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by
this Agreement or the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to each Loan Party and may be amended, modified, supplemented, waived or released with respect to any Loan Party without the approval of
any other Loan Party and without affecting the obligations of any other Loan Party hereunder. 
  
 SECTION 5.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other
jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions. 
  
 SECTION 5.08. Right of
Set-Off. In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the continuance of any Event of Default, each Lender and its Affiliates is authorized at any time and from time to time, without prior
notice to the Company or any other Loan Party, any such notice being waived by the Company and each Loan Party to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held by, and other Indebtedness at any time owing by, such Lender and its Affiliates to or for the credit or the account of the respective Loan Parties against any and all obligations owing to such Lender and its
Affiliates hereunder, now or hereafter existing, irrespective of whether or not such Lender or Affiliate shall have made demand under this Agreement and although such obligations may be contingent or unmatured or denominated in a currency different
from that of the applicable deposit or Indebtedness; provided that, in the case of any such deposits or other Indebtedness for the credit or the account of any Foreign Subsidiary, such set off may only be against any obligations of Foreign
Subsidiaries. Each Lender agrees promptly to notify the Company and the Collateral Agent after any such set off and application made by such Lender; provided, that the failure to give such notice shall not affect the validity of such setoff
and application. The rights of each Lender under this Section 6.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender may have. Notwithstanding anything herein or in any other Loan Document to the
contrary, in no event shall the assets of any Foreign Subsidiary that is not a Loan Party constitute collateral security for payment of obligations of the Company or any Domestic Subsidiary, it being understood that the provisions hereof shall not
limit, reduce or otherwise diminish in any respect the Borrowers’ obligations to make any mandatory prepayment pursuant to Section 2.05(b)(ii) of the Credit Agreement. 
  

 15 

 SECTION 5.09. 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. 
  
 (b) Each of the Loan Parties hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting 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 or any other Loan Document, or for recognition or
enforcement of any judgment, 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 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.
Nothing in this Agreement or any other Loan Document shall affect any right that the Collateral Agent, any L/C Issuer or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against
any Grantor or its properties in the courts of any jurisdiction. 
  
 (c) Each of the Loan Parties 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 or any other Loan Document in any court referred to in paragraph (b) of this Section 5.09. 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 party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 5.01. Nothing in this
Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  
 SECTION 5.10. 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, ANY OTHER LOAN DOCUMENT 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 5.10. 
  

 16 

 SECTION 5.11. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
  
 SECTION 5.12. Security Interest Absolute. All rights of the Collateral Agent hereunder, the Security Interest, the
grant of a security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan
Document, any agreement with respect to any of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the
Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other
collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of the Obligations or (d) any other circumstance that might otherwise constitute a defense available to,
or a discharge of, any Grantor in respect of the Obligations or this Agreement. 
  
 SECTION 5.13. Termination or Release. (a) This Agreement, the Security Interest and all other security interests granted hereby shall terminate when all the outstanding Obligations have been indefeasibly
paid in full and the Lenders have no further commitment to lend under the Credit Agreement, the L/C Obligations have been reduced to zero and the L/C Issuers have no further obligations to issue Letters of Credit under the Credit Agreement.

  
 (b) A Subsidiary Party shall automatically be released from
its obligations hereunder and the Security Interest in the Collateral of such Subsidiary Party shall be automatically released upon the consummation of any transaction permitted by the Credit Agreement as a result of which such Subsidiary Party
ceases to be a Subsidiary of the Company; provided that the Required Lenders shall have consented to such transaction (to the extent required by the Credit Agreement) and the terms of such consent did not provide otherwise. 
  
 (c) Upon any sale or other transfer by any Grantor of any Collateral that is
permitted under the Credit Agreement, or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 10.01 of the Credit Agreement, the security interest in such
Collateral shall be automatically released. 
  
 (d) In connection
with any termination or release pursuant to paragraph (a), (b) or (c), the Collateral Agent shall execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such
termination or release. Any execution and delivery of documents pursuant to this Section 5.13 shall be without recourse to or warranty by the Collateral Agent. 
  

 17 

 SECTION 5.14. Additional Restricted Subsidiaries. Pursuant to Section 6.11 of the Credit
Agreement, certain Restricted Subsidiaries of the Loan Parties that were not in existence or not Restricted Subsidiaries on the date of the Credit Agreement are required to enter in this Agreement as Subsidiary Parties upon becoming Restricted
Subsidiaries. Upon execution and delivery by the Collateral Agent and a Restricted Subsidiary of an Intellectual Property Security Agreement Supplement, such Restricted Subsidiary shall become a Subsidiary Party hereunder with the same force and
effect as if originally named as a Subsidiary Party herein. The execution and delivery of any such instrument shall not require the consent of any other Loan Party hereunder. The rights and obligations of each Loan Party hereunder shall remain in
full force and effect notwithstanding the addition of any new Loan Party as a party to this Agreement. 
  
 SECTION 5.15. General Authority of the Collateral Agent. By acceptance of the benefits of this Agreement and any other Collateral Documents, each
Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of the Collateral Agent as its agent hereunder and under such other Collateral Documents, (b) to confirm that the Collateral
Agent shall have the authority to act as the exclusive agent of such Secured Party for the enforcement of any provisions of this Agreement and such other Collateral Documents against any Grantor, the exercise of remedies hereunder or thereunder and
the giving or withholding of any consent or approval hereunder or thereunder relating to any Collateral or any Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action to enforce any provisions of this
Agreement or any other Collateral Document against any Grantor, to exercise any remedy hereunder or thereunder or to give any consents or approvals hereunder or thereunder except as expressly provided in this Agreement or any other Collateral
Document and (d) to agree to be bound by the terms of this Agreement and any other Collateral Documents. 
  
 SECTION 5.16. Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints the Collateral Agent the attorney-in-fact of such Grantor
for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the
continuance of an Event of Default, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Collateral Agent shall have the right, upon the occurrence and during the continuance of an
Event of Default and notice by the Collateral Agent to the Company of its intent to exercise such rights, with full power of substitution either in the Collateral Agent’s name or in the name of such Grantor (a) to receive, endorse, assign
and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and
releases of all or any of the Collateral; (c) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to
enforce any rights in respect of any Collateral; (d) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; and (e) to use, sell, assign, transfer, pledge, make any
agreement with respect to or otherwise deal with all or any of the 

  

 18 

 
Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent
were the absolute owner of the Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or
sufficiency of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property
covered thereby. The Collateral Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees
or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or wilful misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or
attorneys-in-fact. 
  
 SECTION 5.17. Effectiveness of the
Merger. SunGard and its Subsidiaries shall have no rights or obligations hereunder until the consummation of the Merger and any representations and warranties of SunGard or any of its Subsidiaries hereunder shall not become effective until such
time. Upon consummation of the Merger, SunGard shall succeed to all the rights and obligations of Solar Capital Corp. under this Agreement and all rights, obligations, representations and warranties of SunGard and its Subsidiaries shall become
effective as of the date hereof, without any further action by any Person. 
  

 19 

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

			
	SUNGARD HOLDCO LLC,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Executive Vice President,
Chief Financial Officer and Assistant Secretary

  

			
	SUNGARD DATA SYSTEMS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Senior Vice President -
Finance and Chief Financial Officer

  

			
	SOLAR CAPITAL CORP.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Executive Vice President,
Chief Financial Officer and Assistant Secretary

  

			
	ASC SOFTWARE INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	ASSENT SOFTWARE LLC,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: President, Assistant Secretary
and Treasurer

  

			
	AUTOMATED SECURITIES CLEARANCE, LTD.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  

			
	BANCWARE, INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President,
Assistant Clerk and Treasurer

  

			
	DATA TECHNOLOGY SERVICES INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: President, Treasurer and
Assistant Secretary

  

			
	DERIVATECH RISK SOLUTIONS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary
and Treasurer

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	ELINK PROCESSING LLC,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  

			
	EXETER EDUCATIONAL MANAGEMENT SYSTEMS, INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President and
Assistant Secretary

  

			
	FDP CORP.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President and
Assistant Secretary

  

			
	FINANCIAL DATA PLANNING CORP.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President and
Assistant Secretary

  

			
	FINANCIAL TECHNOLOGY SYSTEMS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: President, Treasurer and
Assistant Secretary

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	HTE-UCS, INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  

			
	INFLOW LLC,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  

			
	MBM INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: President, Treasurer and
Assistant Secretary

  

			
	MICROHEDGE INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  

			
	ONLINE SECURITIES PROCESSING INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: President, Treasurer and
Assistant Secretary

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	PLAID BROTHERS SOFTWARE, INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President,
Treasurer and Assistant Secretary

  

			
	PORTFOLIO VENTURES INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: President, Treasurer and
Assistant Secretary

  

			
	PRESCIENT MARKETS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  

			
	PROTOGENT, INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: Assistant Vice President,
Treasurer and Assistant Secretary

  

			
	SIS EUROPE HOLDINGS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	Title: President, Treasurer and
Assistant Secretary

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	SRS DEVELOPMENT INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: President, Treasurer and
 Assistant
Secretary

	
	 SUNGARD ADVISOR
 TECHNOLOGIES
INC.,

		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Treasurer and Assistant Secretary

	
	SUNGARD ASIA PACIFIC INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

	
	 SUNGARD ASSET MANAGEMENT
 SYSTEMS
INC.,

		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Treasurer and Assistant Secretary

	
	SUNGARD AVAILABILITY INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	 SUNGARD AVAILABILITY SERVICES
 LP,

		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Treasurer and
Assistant Secretary

	
	 SUNGARD AVAILABILITY SERVICES
 LTD.,

		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: President, Treasurer and
 Assistant Secretary

	
	SUNGARD BI-TECH INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

	
	SUNGARD BSR INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

	
	SUNGARD BUSINESS SYSTEMS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President, and
 Assistant Secretary

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	SUNGARD CANADA HOLDINGS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: President, Treasurer and
 Assistant
Secretary

	
	SUNGARD COLLEGIS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

	
	SUNGARD COMPUTER SERVICES LLC,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

	
	SUNGARD CORBEL INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President and
 Assistant Secretary

	
	SUNGARD DEVELOPMENT CORPORATION,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: President, Treasurer and
 Assistant Secretary

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	SUNGARD DIS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: President Treasurer and
 Assistant
Secretary

	
	SUNGARD ENERGY SYSTEMS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

	
	 SUNGARD ENFORM CONSULTING
 INC.,

		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

	
	 SUNGARD EPROCESS
 INTELLIGENCE
INC.,

		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

	
	SUNGARD EXPERT SOLUTIONS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President, and
 Assistant Secretary

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	 SUNGARD FINANCIAL SYSTEMS
 INC.,

		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary
and Treasurer

	
	SUNGARD HTE INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

	
	SUNGARD INSURANCE SYSTEMS INC.,
		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President and
 Assistant Secretary

	
	 SUNGARD INVESTMENT PRODUCTS
 INC.,

		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

	
	 SUNGARD INVESTMENT SYSTEMS
 INC.,

		
	by	 	/s/ Michael J. Ruane
	 	 	Name: Michael J. Ruane
	 	 	 Title: Assistant Vice President,
 Assistant Secretary and Treasurer

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	SUNGARD INVESTMENT VENTURES LLC,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: President, Treasurer and
Assistant Secretary
	
	SUNGARD KIODEX INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer
	
	SUNGARD MARKET DATA SERVICES INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer
	
	SUNGARD NETWORK SOLUTIONS INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	 Title: Assistant Vice President and
 Assistant
Secretary

	
	SUNGARD PENTAMATION INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	SUNGARD REFERENCE DATA SOLUTIONS INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer
	
	SUNGARD SAS HOLDINGS INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: President, Treasurer and
Assistant Secretary
	
	SUNGARD SCT INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President and
Assistant Secretary
	
	SUNGARD SECURITIES FINANCE INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Treasurer and Assistant Secretary
	
	SUNGARD SECURITIES FINANCE INTERNATIONAL INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Treasurer and Assistant Secretary

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	SUNGARD SHAREHOLDER SYSTEMS INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President and
Assistant Secretary
	
	SUNGARD SOFTWARE, INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: President, Treasurer and
Assistant Secretary
	
	SUNGARD SYSTEMS INTERNATIONAL INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer
	
	SUNGARD TECHNOLOGY SERVICES INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	SUNGARD TRADING SYSTEMS VAR LLC,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer
	
	SUNGARD TREASURY SYSTEMS INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer
	
	SUNGARD TRUST SYSTEMS INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Treasurer and Assistant Secretary
	
	SUNGARD WEALTH MANAGEMENT SERVICES, LLC,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	SUNGARD WORKFLOW SOLUTIONS INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President and
Assistant Secretary
	
	SYSTEMS & COMPUTER TECHNOLOGY CORPORATION,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President and
Assistant Secretary
	
	TRUST TAX SERVICES OF AMERICA, INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Clerk and Treasurer
	
	WALL STREET CONCEPTS INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

			
	WORLD SYSTEMS INC.,
		
	 by
	 	/s/ Michael J. Ruane
	 	 	 Name: Michael J. Ruane

	 	 	Title: Assistant Vice President,
Assistant Secretary and Treasurer

  
 IP SECURITY
AGREEMENT SIGNATURE PAGE 

					
	 JPMORGAN CHASE BANK, N.A., as
 Collateral Agent,

		
	 by
	 	/s/ Bruce Borden
	 	 	 Name:
	 	 BRUCE BORDEN

	 	 	 Title:
	 	VICE PRESIDENTBridge First Step Receivables Purchase Agt dated as of 8/11/05

 Exhibit 10.5 
  
 SUNGARD BRIDGE RECEIVABLES FACILITY 
 BRIDGE FIRST STEP RECEIVABLES PURCHASE AGREEMENT 
  
 DATED AS OF AUGUST 11, 2005 
  
 by
and among 
  
 CERTAIN SUBSIDIARIES OF SUNGARD DATA SYSTEMS, INC.,

 as Sellers 
  
 and 
  
 SUNGARD FINANCING LLC 

  
 SUNGARD BRIDGE RECEIVABLES
FACILITY 
 BRIDGE FIRST STEP RECEIVABLES PURCHASE AGREEMENT 
  
 THIS BRIDGE FIRST STEP RECEIVABLES PURCHASE AGREEMENT, dated as of August 11, 2005 (this
“Agreement” or the “First Step Agreement”), is by and among each party identified on the signature pages hereto as a Seller (collectively, the “Sellers”), and SunGard Financing LLC, a Delaware
limited liability company (together with its assigns, “SunGard Financing”). Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings assigned to such terms in Annex A hereto.

  
 PRELIMINARY STATEMENTS 
  
 Each Seller now owns, and from time to time hereafter will own, Receivables.
Each Seller wishes to sell and assign to SunGard Financing, and SunGard Financing wishes to purchase from each Seller, all of such Seller’s right, title and interest in and to such Receivables, together with the Seller Related Security and
Collections with respect thereto. 
  
 Each Seller and SunGard
Financing intends the transactions contemplated hereby to be true sales of the Receivables from the applicable Seller to SunGard Financing, providing SunGard Financing with the full benefits of ownership of the Receivables, and the Sellers and
SunGard Financing do not intend these transactions to be, or for any purpose to be characterized as, loans from SunGard Financing to any Seller. 
  
 Immediately after and on the same day of the purchase of the Receivables from the Sellers, SunGard Financing will sell to SunGard Funding II all such
Receivables and the associated Seller Related Security and Collections with respect thereto pursuant to the Second Step Agreement. SunGard Funding II will pledge such assets to obtain credit under the Credit Agreement. 
  
 ARTICLE I 
  
 AMOUNTS AND TERMS 
  
 Section 1.1 Purchase of Receivables. 
  
 (a) Effective on the date hereof, in consideration for the Purchase Price and upon the terms and subject to the conditions set forth herein, each Seller
hereby sells, assigns, transfers, sets over and otherwise conveys to SunGard Financing, without recourse (except to the extent expressly provided herein), and SunGard Financing does hereby purchase from each 

 
Seller, all of each such Seller’s right, title and interest in and to all of such Seller’s Receivables existing as of the close of business on the
Business Day immediately prior to the date hereof and all of such Seller’s Receivables thereafter arising through and including the Amortization Date, together, in each case, with all Seller Related Security relating thereto and all Collections
thereof; provided, that, SunGard Financing shall be obligated to pay the Purchase Price therefor in accordance with Section 1.2. 
  
 (b) It is the intention of the parties hereto that the Purchase of Receivables made hereunder shall constitute a “sale of accounts” (as such
term is used in Article 9 of the Uniform Commercial Code), which sale is absolute and irrevocable and provides SunGard Financing with the full benefits of ownership of the Receivables. Except for the Purchase Price Credits owed pursuant to
Section 1.3, the sale of Receivables hereunder is made without recourse to any Seller; provided, however, that (i) each Seller shall be liable to SunGard Financing for all representations, warranties and covenants made
by such Seller pursuant hereto, and (ii) such sale does not constitute and is not intended to result in an assumption by SunGard Financing of any obligation of any Seller or any other Person arising in connection with the Receivables, the
related Contracts and/or other Seller Related Security or any other obligations of any Seller. In view of the intention of the parties hereto that the Purchase of Receivables made hereunder shall constitute a sale of such Receivables rather than
loans secured thereby, each of the Sellers will, on or prior to the date hereof and in accordance with Section 4.1(d), (x) indicate clearly and unambiguously in its computer files that all Receivables have been or will be conveyed
to SunGard Financing pursuant to this Agreement and (y) note in its accounting records that the Receivables have been sold to SunGard Financing. Upon the request of SunGard Financing, each Seller will execute and file such financing or
continuation statements, or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate to perfect and maintain the perfection of SunGard Financing’s ownership interest in the Receivables
and the Seller Related Security and Collections with respect thereto, or as SunGard Financing may reasonably request. 
  
 Section 1.2 Payment for the Purchase. 
  
 (a) The Purchase Price for each Purchase from a Seller shall be payable in full by SunGard Financing to such Seller or its designee on each Purchase Date
and shall be paid to such Seller in the manner provided in this Article I; provided that for purposes of the initial Purchase Date, the Purchase Price for the Receivables existing on such date shall be based on the Receivables of each Seller
existing as of the Cut-Off Date (the “Initial Effective Date Purchase Price”). On the first Settlement Date occurring after the Closing Date (the “Initial Settlement Date”), each Seller shall determine the Purchase
Price for the Receivables existing on the Closing Date based on the Receivables actually existing on the Closing Date (the “Actual Effective Date Purchase Price”). If the Initial Effective Date Purchase Price paid by SunGard
Financing on the Closing Date is greater than the Actual Effective Date Purchase Price with respect to any Seller, such Seller shall pay to SunGard Financing an amount equal to such excess on the Initial Settlement Date. If the Initial Effective
Date Purchase Price paid by SunGard Financing on the Closing Date is less than the Actual Effective Date Purchase Price with respect to any Seller, SunGard Financing shall pay to such Seller an amount equal to such difference on the Initial
Settlement Date by increasing the outstanding principal amount of the First Step Intercompany Note for the account of such Seller in the amount of the difference. 

 (b) Upon the fulfillment of the conditions set forth in Article III, the Purchase Price for Receivables
shall be paid by or provided for (without duplication) by SunGard Financing in the manner provided in Section 1.2(c) on the date of the initial Purchase from the applicable Seller and on each Purchase Date thereafter until the
Amortization Date. 
  
 (c) The Purchase Price for Receivables
shall be paid by SunGard Financing on each Purchase Date (including the initial Purchase Date) as follows: 
  
 (i) by netting the amount of any Purchase Price Credits then due to SunGard Financing against such Purchase Price; 
  
 (ii) to the extent available for such purpose (as determined
by SunGard Financing), in cash; 
  
 (iii) by
means of an addition to the principal amount of the First Step Intercompany Note in an aggregate amount up to the remaining portion of the Purchase Price (after subtraction of the amounts paid in accordance with clauses (i) and (ii) of
this subsection (c). Any such addition to the principal amount of the First Step Intercompany Note shall be allocated among the Sellers (pro rata according to the aggregate purchase price for the Receivables sold by each Seller on such day) by the
Seller Agent in accordance with the provisions of this Section 1.2(c)(iii) and Section 1.8. The Seller Agent may evidence such additional principal amounts by recording the date and amount thereof on the grid attached to the
First Step Intercompany Note; provided, however, that the failure to make any such recordation or any error in such grid shall not adversely affect any Seller’s rights. 
  
 (d) The Seller Agent shall be responsible, in accordance with Section 1.2(a), for allocating among the Sellers
the payment of the Purchase Price and any amounts netted therefrom pursuant to Section 1.2(c)(i) or credited to SunGard Financing pursuant to Section 1.2(c)(i) or paid in the form of cash to be paid pursuant to Sections
1.2(c)(ii) or in the form of an addition to the principal amount of the First Step Intercompany Note pursuant to Section 1.2(c)(iii). All amounts payable by SunGard Financing in respect of the Purchase Price shall be paid by SunGard
Financing to an account of the Seller Agent for allocation by the Seller Agent to the respective Sellers (ratably in accordance with the portion of the Purchase Price owing to each). Each of the Sellers hereby appoints the Seller Agent as its agent
for purposes of receiving such payments, making such allocations and taking any other actions hereunder on its behalf and hereby authorizes SunGard Financing to make all payments due to such Seller directly to, or as directed by, the Seller Agent.
The Seller Agent hereby accepts and agrees to such appointment. Any such payment by SunGard Financing to or at the direction of the Seller Agent shall constitute a full and complete discharge of SunGard Financing’s liability for the amounts so
paid, whether or not the proceeds of such payment are properly distributed by the Seller Agent to the applicable Seller for whose account such payment was made. 

 Section 1.3 Purchase Price Credit Adjustments. If on any day: 
  
 (a) the Outstanding Balance of a Receivable is reduced as a result of any
Dilution, or 
  
 (b) any of the representations and warranties set
forth in Section 2.1(g), (h), (m), (n), (o) or (p) are no longer true with respect to any Receivable, 
  
 then, in such event, SunGard Financing shall be entitled to a credit (each, a “Purchase Price Credit”) against the Purchase Price otherwise payable
hereunder equal to the Outstanding Balance of such Receivable. If the aggregate Purchase Price Credits in respect of any Seller exceeds the Purchase Price in respect of the Receivables of such Seller payable on any Purchase Date, then such Seller
agrees to pay such excess amount of the Purchase Price Credit to SunGard Financing in cash on or prior to the Settlement Date with respect to the Monthly Period during which such Purchase Price Credit arises. Simultaneously with the granting or
payment of any Purchase Price Credit by any Seller in respect of a Receivable under Section 1.3(b), such Receivable shall immediately and automatically be sold, assigned, transferred and reconveyed (without recourse) by SunGard Financing
to such Seller without any further action by SunGard Financing or any other Person. 
  
 Section 1.4 Payments and Computations, Etc. 
  
 (a) All amounts to be paid or deposited by SunGard Financing hereunder shall be paid or deposited in accordance with the terms hereof on the day when due in immediately available funds to the account of the Seller
Agent designated from time to time by the Seller Agent or as otherwise directed by the Seller Agent; provided that to the extent Collections during any Monthly Period that are available to fund the Purchase Price of Receivables sold during
such period are less than the full amount of such Purchase Price, the unpaid portion thereof shall be paid or provided for on the related Settlement Date in accordance with Section 1.4(c). In the event that any payment owed by any Person
hereunder becomes due on a day that is not a Business Day, then such payment shall be made on the next succeeding Business Day. If any Person fails to pay any amount hereunder when due, such Person agrees to pay, on demand, the Default Fee in
respect thereof until paid in full; provided, however, that such Default Fee shall not at any time exceed the maximum rate permitted by applicable law. All computations of interest payable hereunder shall be made on the basis of a year
of 360 days for the actual number of days (including the first but excluding the last day) elapsed. 
  
 (b) Each Seller hereby agrees that the Seller Agent is authorized to receive amounts due from SunGard Financing to such Seller hereunder. All amounts so
received shall be applied in the following order of payment during each Monthly Period: 
  
 (i) first, to pay any amounts payable pursuant to 1.2(c)(ii); and 
  
 (ii) second, to make payments of interest on, and
then principal of the First Step Intercompany Note in accordance with Section 1.8 and the First Step Intercompany Note. 

 (c) On each Settlement Date: 
  
 (i) the Seller Agent shall determine the aggregate Purchase Price (the “Aggregate Purchase
Price”) for all Receivables conveyed by the Sellers to SunGard Financing during the preceding Monthly Period or, in the case of the Amortization Date, during the period from the end of the Monthly Period to the Amortization Date (each such
period, an “Adjusted Monthly Period”); provided, that the final Adjusted Monthly Period shall commence on the day following the most recently ended Adjusted Monthly Period and shall end on the Amortization Date; 

 
 (ii) if on any Settlement Date, the Aggregate Purchase
Price for the related Adjusted Monthly Period minus the aggregate amount of Purchase Price Credits for such Adjusted Monthly Period (such difference, the “Modified Aggregate Purchase Price”) exceeds the amount of cash payments
received by the Seller Agent from SunGard Financing on behalf of the Sellers as provided herein for such Adjusted Monthly Period (such amount, the “Cash Payments”), the Seller Agent shall, subject to the terms of this Agreement and
to the extent it has not already done so, record such excess as an increase in the principal amount outstanding under the First Step Intercompany Note (subject to the limitation set forth in Section 1.8(c)), and if any excess remains
after giving effect to the permissible increase in the principal amount of the First Step Intercompany Note, the Sellers may declare the Amortization Date to have occurred with respect to all Sellers by delivering notice to that effect to SunGard
Financing and the Administrative Agent; 
  
 (iii)
if on any Settlement Date, the Cash Payments for the related Adjusted Monthly Period exceed the Modified Aggregate Purchase Price for such Adjusted Monthly Period, the Seller Agent shall, subject to the terms of this Agreement, record the
application of that excess, (x) first, to the payment of any unpaid and accrued interest on the First Step Intercompany Note, (y) second, as a reduction in the principal amount of the First Step Intercompany Note, and,
(z) third, cause the Sellers to pay any remaining excess to SunGard Financing. 
  
 Section 1.5 Transfer of Records. 
  
 (a) In connection with the Purchase of Receivables hereunder, each Seller hereby sells, transfers, assigns and otherwise conveys to SunGard Financing all of such Seller’s right and title to and interest in the Records relating to all
Receivables sold hereunder, without the need for any further documentation in connection with the Purchase. In connection with such transfer, each Seller hereby grants to SunGard Financing an irrevocable, non-exclusive license to use, without
royalty or payment of any kind, all software used by such Seller to account for the Receivables, to the extent necessary to administer the Receivables, whether such software is owned by such Seller or is owned by others and used by such Seller under
license agreements with respect thereto, provided that should the consent of any licensor of such Seller to such grant of the license described herein be required, such Seller hereby agrees that upon the request of SunGard Financing, such
Seller will use its reasonable efforts to obtain the consent of such third-party licensor. The license granted hereby shall be irrevocable, and shall terminate on the date this Agreement terminates in accordance with its terms. 

 (b) Each Seller (i) shall take such action requested by SunGard Financing, from time to time
hereafter, that may be necessary or appropriate to ensure that SunGard Financing under the Second Step Agreement have an enforceable ownership interest in the Records relating to the Receivables purchased from such Seller hereunder, and
(ii) shall use its reasonable efforts to ensure that SunGard Financing has an enforceable right (whether by license or sublicense or otherwise) to use all of the computer software used to account for the Receivables and/or to recreate such
Records. 
  
 Section 1.6 Characterization. This agreement
constitutes a “security agreement” as defined in the Uniform Commercial Code that the parties intend provides for the “security interest” of a buyer of accounts under the Uniform Commercial Code. If, notwithstanding the intention
of the parties expressed in Section 1.1(b), any sale by any Seller to SunGard Financing of Receivables hereunder shall be characterized as a loan by SunGard Financing to the Sellers and not a true sale of accounts or such sale shall for
any reason be ineffective or unenforceable, then this Agreement shall be deemed to constitute a security agreement in respect of such loan under the Uniform Commercial Code and other applicable law. For this purpose and without being in derogation
of the parties’ intention that the sale of Receivables hereunder shall constitute a true sale thereof, each Seller hereby grants to SunGard Financing a security interest in all of such Seller’s right, title and interest in, to and under
all Receivables now existing and hereafter arising, all Collections, Seller Related Security and Records with respect thereto, and all proceeds of the foregoing, to secure such loan, which security interest shall be prior to all other Liens. After
the occurrence of an Early Amortization Event, SunGard Financing shall have, in addition to the rights and remedies specified in this Agreement, all other rights and remedies provided to a secured party after default in a transaction which is a sale
of accounts under the Uniform Commercial Code and other applicable law, which rights and remedies shall be cumulative. 
  
 Section 1.7 No Repurchase. Except to the extent expressly set forth herein, no Seller shall have any right or obligation under this Agreement, by
implication or otherwise, to repurchase from SunGard Financing any Receivables or to rescind or otherwise retroactively affect any Purchase of any Receivable after it is sold to SunGard Financing hereunder. 
  
 Section 1.8 First Step Intercompany Note. 
  
 (a) On the date of the initial Purchase, SunGard Financing shall issue to the
Seller Agent, for the account of the Sellers as their respective interests may appear, a note substantially in the form of Exhibit I (as amended, supplemented or otherwise modified from time to time, the “First Step Intercompany
Note”). The aggregate principal amount of the First Step Intercompany Note at any time shall be equal to the difference between (i) the aggregate principal amount on the issuance thereof and each addition to the principal amount of the
First Step Intercompany Note with respect to each Seller pursuant to the terms of Section 1.2(c)(iii) and Section 1.4 as of such time, minus (ii) the aggregate amount of all payments made in respect of the
principal of the First Step Intercompany Note as of such time. All payments made in respect of the First Step Intercompany Note shall be allocated, first, to pay accrued and unpaid interest thereon, and second, to pay the outstanding
principal amount thereof. Interest on the outstanding principal amount of the First Step Intercompany Note shall accrue at a rate per annum equal to the Base Rate in effect from time to time from and including the date of issuance 

 
to but excluding the day on which it is paid in full and shall, subject to the terms and conditions hereof and thereof, be paid (x) on each Settlement
Date with respect to the principal amount of the First Step Intercompany Note outstanding from time to time during the Adjusted Monthly Period immediately preceding such Settlement Date (but only to the extent SunGard Financing has funds available
to make such payment) and (y) on the maturity date thereof; provided, however, that, to the maximum extent permitted by law, accrued interest on the First Step Intercompany Note which is not so paid shall be added to the principal
amount of the First Step Intercompany Note. Upon receipt of any such payment, the Seller Agent shall distribute such payment to the Sellers ratably based on their respective interests in the First Step Intercompany Note as described in
Section 1.8(b). Principal of the First Step Intercompany Note not paid or prepaid pursuant to the terms thereof shall be payable on the maturity date thereof. Notwithstanding anything to the contrary contained in this Agreement, any
payments to be made by SunGard Financing in respect of the First Step Intercompany Note shall be made solely from funds available to SunGard Financing that are not otherwise required to be applied or set-aside for the payment of any obligations of
SunGard Financing under the Second Step Agreement, shall be non-recourse other than with respect to such funds and shall not constitute a claim against SunGard Financing to the extent that insufficient funds exist to make such payment. 

 
 (b) Each addition to the principal amount of the First Step Intercompany
Note on any Purchase Date pursuant to Section 1.2(c) (including on the date of the initial Purchase hereunder) shall be allocated among the Sellers by the Seller Agent ratably in proportion to the Purchase Price owing to each on such
Purchase Date. 
  
 (c) Anything herein to the contrary
notwithstanding, SunGard Financing may not make any payment of any Purchase Price on any Purchase Date by increasing the aggregate principal amount of the First Step Intercompany Note outstanding unless after giving effect to such increase (after
giving effect to all repayments thereof on or before such Purchase Date) the aggregate principal amount of the First Step Intercompany Note outstanding on such Purchase Date would not exceed 25% of the aggregate Outstanding Balance of the
Receivables on such Purchase Date. 
  
 ARTICLE II 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Section 2.1 Representations and Warranties of the Sellers. Each Seller
hereby represents and warrants to SunGard Financing, as to itself, severally and not jointly, as of the date hereof, and as of the date of each Purchase, that: 
  

(a) Corporate Existence and Power. Such Seller (a) is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, (b) has all requisite power and authority to own its assets, to carry on its business and to execute, deliver and perform its obligations under each Transaction Document to which it is a party and
(c) except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such
qualification is required. 

 (b) Power and Authority; Due Authorization Execution and Delivery. The execution, delivery and
performance by each Seller of each Transaction Document to which it is a party, and the consummation of the Transactions, is within such Seller’s corporate or other powers, have been duly authorized by all necessary corporate or other
organizational action, and do not and will not (a) contravene the terms of any of such Seller’s Organization Documents, (b) conflict with or result in any breach or contravention of, or require any payment to be made under
(i) any Contractual Obligation to which such Seller is a party or affecting such Seller or the properties of such Seller or (ii) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which
such Seller or its property is subject; or (c) violate any material Law; except with respect to any conflict, breach or contravention or payment (but not creation of Liens) referred to in clause (b)(i), to the extent that such conflict, breach,
contravention or payment could not reasonably be expected to have a Material Adverse Effect. 
  
 (c) Governmental Authorization; Other Consents. No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is
necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Seller of this Agreement or any other Transaction Document, or for the consummation of the Transactions, (b) the grant by
any Seller of the Liens granted by it pursuant to the Transaction Documents, (c) the perfection or maintenance of the Liens created under the Transaction Documents (including the priority thereof) or (d) the exercise by SunGard Financing
of its rights or remedies under the Transaction Documents, except for (i) filings necessary to perfect the Liens granted by the Sellers in favor of SunGard Financing, (ii) the approvals, consents, exemptions, authorizations, actions,
notices and filings which have been duly obtained, taken, given or made and are in full force and effect and (iii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or
make could not reasonably be expected to have a Material Adverse Effect. 
  
 (d) Binding Effect. This Agreement and each other Transaction Document has been duly executed and delivered by each Seller that is party thereto. This Agreement and each other Transaction Document constitutes,
a legal, valid and binding obligation of such Seller, enforceable against each Seller that is party thereto in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity.

  
 (e) Litigation. There are no actions, suits,
proceedings, claims or disputes pending or, to the knowledge of any Seller, threatened in writing or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against any Seller or against any of their properties or
revenues that either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  
 (f) Accuracy of Information. All information heretofore furnished by any Seller or any of their Affiliates to SunGard Financing for purposes of or
in connection with this Agreement, any of the other Transaction Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by such Seller or any of their Affiliates to SunGard Financing will be, true
and accurate in every material respect on the date such information is stated or certified. 

 (g) Good Title. At the time each Receivable of such Seller came into existence, such Seller was
the legal and beneficial owner of each such Receivables and Seller Related Security with respect thereto, free and clear of any Lien, except as created by the Transaction Documents. 
  
 (h) Perfection. This Agreement, together with the filing of the financing statements contemplated hereby, is
effective to, and shall, upon each Purchase, transfer to SunGard Financing (and SunGard Financing shall acquire from the Seller) a valid and perfected first priority ownership interest in each Receivable that is the subject of such Purchase,
together with the Seller Related Security and Collections with respect thereto, free and clear of any Lien, except as created by the Transaction Documents. There have been duly filed all financing statements or other similar instruments or documents
necessary under the Uniform Commercial Code (or any comparable law) of all appropriate jurisdictions to perfect SunGard Financing’s ownership interest in the Receivables, the Seller Related Security and the Collections. 
  
 (i) Uniform Commercial Code Search; Filing Information; Location of
Records. The name (as it appears in the public records of the relevant jurisdiction of organization), the Federal tax identification number, the organizational identification number, the type of organization, the jurisdiction of organization,
the mailing address and the address of the location of the Records of such Seller are correctly set forth Schedule A. 
  
 (j) Lockboxes, Lockbox Accounts and Collection Accounts. The names and addresses of all Lockbox Banks and Collection Banks as of the date of this
Agreement, together with the account numbers of the Lockbox Accounts and Collection Accounts at each Lockbox Bank and Collection Bank and the post office box number of each Lockbox, are listed on Schedule B. 
  
 (k) Names. Within the last five years, such Seller has not used any
corporate names, trade names or assumed names other than that on the signature page of this Agreement, except as disclosed in the Perfection Certificate referred to in the Senior Credit Agreement. 
  
 (l) Investment and Holding Company Status. Such Seller is not
(a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding Company
Act of 1935. 
  
 (m) Compliance with SunGard Financial
Policy. Such Seller has complied in all material respects with the SunGard Financial Policy with regard to each Receivable and the related Contract, and has not made any change to such SunGard Financial Policy, a copy of which is attached as
Exhibit E hereto, except (i) those changes approved with the prior written consent of the Required Lenders, or (ii) such material changes as to which the Required Lenders has been notified in accordance with Section 6.01(c) of
the Credit Agreement. Such Seller will not extend, amend or otherwise modify the terms of any Receivable or any Contract related thereto other than in accordance with the SunGard Financial Policy. 
  
 (n) Good Faith Transfers. The transfers of Receivables by such Seller
to SunGard Financing pursuant to this Agreement, and all other transactions between such Seller 

 
and SunGard Financing, have been and will be made in good faith and without intent to hinder, delay or defraud creditors of such Seller. 
  
 (o) Enforceability of Contracts. Each Contract with respect to each
Receivable is effective to create, and has created, a valid and legally binding obligation of the related Obligor to pay the Outstanding Balance of the Receivable created thereunder and any accrued interest thereon, enforceable against the Obligor
in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at law). 
  
 (p) Eligible Receivables. Each Receivable sold by such Seller hereunder and included in the Net Receivables Balance as an Eligible Receivable on the date it came into existence was an Eligible Receivable on
such date. 
  
 (q) Early Amortization Events and Potential
Early Amortization Events. No Early Amortization Event or Potential Early Amortization Event has occurred and is continuing. 
  
 (r) Taxes. Except as set forth in Schedule G and except as could not, either individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect, each Seller has filed all Federal and state and other tax returns and reports required to be filed, and have paid all Federal and state and other taxes, assessments, fees and other governmental charges levied or
imposed upon them or their properties, income or assets otherwise due and payable, except those (a) which are not overdue by more than thirty (30) days or (b) which are being contested in good faith by appropriate proceedings
diligently conducted and for which adequate reserves have been provided in accordance with GAAP. 
  
 (s) Solvency. Immediately after the consummation of the Transactions to occur on the date hereof, such Seller is Solvent. 
  
 (t) ERISA. No ERISA Event has occurred or is reasonably expected to
occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit obligations of
all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of
the assets of all such underfunded Plans by an amount that could reasonably be expected to result in a Material Adverse Effect. 
  
 (u) Intellectual Property. Each Seller owns, licenses or possesses the right to use, all of the trademarks, service marks, trade names, domain
names, copyrights, patents, patent rights, licenses, technology, software, know-how database rights, design rights and other intellectual property rights (collectively, “IP Rights”) that are reasonably necessary for the operation of
their respective businesses as currently conducted, and, without conflict with the rights of any Person, except to the extent such conflicts, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect. No IP Rights, advertising, product, process, method, substance, part or other material used by any Seller in the operation of 

 
its businesses as currently conducted infringes upon any rights held by any Person except for such infringements, individually or in the aggregate, which
could not reasonably be expected to have a Material Adverse Effect. No claim or litigation regarding any of the IP Rights, is pending or, to the knowledge of any Seller, threatened against any Seller, which, either individually or in the aggregate,
could reasonably be expected to have a Material Adverse Effect. 
  
 Section 2.2 Representations and Warranties of SunGard Financing. SunGard Financing represents and warrants as follows: 
  
 (a) SunGard Financing is a limited liability company duly formed, validly existing and in good standing under the laws of the jurisdiction of its
formation and is duly qualified in good standing as a foreign limited liability company in each jurisdiction where the failure to be so qualified, individually or in the aggregate, could not reasonably be expected to have a material adverse effect
on the ability of SunGard Financing to perform its obligations hereunder. 
  
 (b) The execution, delivery and performance by SunGard Financing of this Agreement, and each other Transaction Document to which SunGard Financing is to be a party, when executed and delivered by SunGard Financing
(i) have been duly authorized by all necessary limited liability company action and (ii) will not (A) violate (1) SunGard Financing’s certificate of formation or limited liability company agreement, (2) any Requirement
of Law applicable to SunGard Financing or (3) any provision of any indenture, certificate of designation for preferred stock, agreement or other instrument to which SunGard Financing is a party or by which it or any of its property is or may be
bound or (B) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under, give rise to a right of or result in any cancellation of a material right or acceleration of any material
payment obligations under any such indenture, certificate of designation for preferred stock, agreement or other instrument, where any such conflict, violation, breach or default referred to in clause (ii) or this Section 2.2(b),
could reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of SunGard Financing to perform its obligations hereunder and (iii) will not result in the creation or imposition of any Lien
except Liens created under the Transaction Documents. 
  
 (c) No
authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by SunGard Financing of this Agreement, except (i) such as have been obtained
or made and are in full force and effect and (ii) for such authorizations, approvals or actions the failure of which to obtain or take could not reasonably be expected to have a material adverse effect on the ability of SunGard Financing to
perform its obligations hereunder. 
  
 (d) This Agreement, and
each other Transaction Document to which SunGard Financing is to be a party, when executed and delivered by SunGard Financing, has been duly executed and delivered by SunGard Financing and is the legal, valid and binding obligation of SunGard
Financing, enforceable in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting creditors’ rights generally, (ii) general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) implied covenants of good faith and fair dealing. 

 ARTICLE III 
  
 CONDITIONS OF PURCHASE 
  
 Section 3.1 Conditions Precedent to Initial Purchase. The initial Purchase under this Agreement is subject to the conditions precedent that
(a) SunGard Financing shall have received on or before the date of such purchase those documents listed on Schedule C and (b) all of the conditions to the initial purchase under the Second Step Agreement and the effectiveness of the
Credit Agreement shall have been satisfied or waived in accordance with the terms thereof. 
  
 Section 3.2 Conditions Precedent to all Purchases by SunGard Financing. SunGard Financing’s obligation to purchase Receivables on each Purchase Date from a Seller shall be subject to the further conditions
precedent that (a) the Amortization Date shall not have occurred and (b) the representations and warranties set forth in Article II with respect to such Seller that are required to be made on such Purchase Date are true and correct on and
as of such date. 
  
 Notwithstanding the foregoing, unless
otherwise specified by SunGard Financing (with a copy to the Administrative Agent) in a written notice to the Seller Agent, each Purchase from a Seller shall occur automatically on each day prior to the Amortization Date, with the result that the
title to all Receivables of such Seller shall vest in SunGard Financing automatically on the date each such Receivable arises and without any further action of any kind by SunGard Financing, any Seller or the Seller Agent, whether or not the
conditions precedent specified above were in fact satisfied on such date and notwithstanding any delay in making payment of the Purchase Price for such Receivables (but without impairing SunGard Financing’s obligation to pay such Purchase Price
in accordance with the terms hereof). 
  
 Section 3.3
Conditions Precedent to all Sales by Sellers. The obligation of each Seller to sell any Receivable generated by it on any date shall be subject to the further condition precedent that on such date no voluntary or involuntary case or
proceeding is pending against such Seller or SunGard Financing under applicable Debtor Relief Laws. 
  
 ARTICLE IV 
  
 COVENANTS 
  
 Section 4.1 (a) Affirmative Covenants of
Seller. Until the date on which this Agreement terminates in accordance with its terms, each Seller hereby covenants as set forth below: 
  
 (a) SunGard Financial Policy. Each Seller will furnish to SunGard Financing, at least thirty (30) days prior to the effectiveness of any
material change in or material amendment to the SunGard Financial Policy, a copy of the SunGard Financial Policy then in 

 
effect and a notice (A) indicating such change or amendment, and (B) if such proposed change or amendment would be reasonably likely to adversely
affect the collectibility of the Receivables or decrease the credit quality of any newly created Receivables, requesting SunGard Financing’s consent thereto. Seller will also promptly furnish to SunGard Financing such other information relating
to the Transactions that may be requested from time to time. 
  
 (b) Notices of Material Events. Each Seller will notify SunGard Financing in writing of any of the following promptly upon learning the occurrence thereof, describing the same and, if applicable, the steps being taken with respect
thereto: 
  
 (i) the occurrence of each Early
Amortization Event and each Potential Early Amortization Event, by a statement of an Responsible Officer of such Seller; or 
  
 (ii) of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect, including arising out of or
resulting from (i) breach or non-performance of, or any default or event of default under, a Contractual Obligation of any Seller, (ii) any dispute, litigation, investigation, proceeding or suspension between any Seller and any
Governmental Authority, (iii) the commencement of, or any material development in, any litigation or proceeding affecting any Seller, including pursuant to any applicable Environmental Laws or in respect of IP Rights or the assertion or
occurrence of any noncompliance by any Seller with, or liability under, any Environmental Law or Environmental Permit, or (iv) the occurrence of any ERISA Event. 
  
 Each notice delivered under this Section 4.1(b) shall be accompanied by a statement of a Responsible Officer
setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
  
 (c) Existence; Conduct of Business. Such Seller will (i) preserve, renew and maintain in full force and effect its legal existence under the
Laws of the jurisdiction of its organization except in a transaction permitted by Section 4.2(g) and (ii) take all reasonable action to maintain all rights, privileges (including its good standing), permits, licenses and franchises
necessary or desirable in the normal conduct of its business, except (i) to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect or (ii) pursuant to a transaction permitted by
Section 4.2(g). 
  
 (d) Books and Records. Each
Seller will (a) maintain proper books of record and account, on which entries that are full, true and correct in all material respects and are in conformity with GAAP consistently applied shall be made of all material financial transactions and
matters involving the assets and business of such Seller; (b) maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Receivables in the event of the destruction
of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the immediate
identification of each new Receivable and all Collections of and adjustments to each existing Receivable). Each Seller will give the Administrative Agent (as 

 
subassignee of SunGard Financing) notice of any material change in the administrative and operating procedures referred to in the previous sentence. Each
Seller will (A) on or prior to the date hereof, mark its master data processing records and other books and records relating to the Receivables with a legend, acceptable to the Administrative Agent (as subassignee of SunGard Financing),
describing the interests of the Lenders under the Transaction Documents and (B) upon the request of the Administrative Agent (as subassignee of SunGard Financing) (x) mark each Contract with a legend describing the interests of the
Administrative Agent on behalf of the Lenders and (y) deliver to the Administrative Agent all Contracts (including, without limitation, all multiple originals of any such Contract) relating to the Receivables. 
  
 (e) Inspection/Audit Rights. Each Seller will permit
representatives and independent contractors of SunGard Financing to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs,
finances and accounts with its directors, officers, and independent public accountants, all at the reasonable expense of such Seller and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable
advance notice to such Seller; provided that, (i) excluding any such visits and inspections during the continuation of an Early Amortization, Event SunGard Financing shall not exercise such rights more often than two (2) times
during any calendar year and only one (1) such time shall be at such Seller’s expense; and (ii) when an Early Amortization Event exists, SunGard Financing (or any of its representatives or independent contractors) may do any of the
foregoing at the expense of such Seller at any time during normal business hours and upon reasonable advance notice to such Seller. Such Seller shall be entitled to participate in any discussions with its independent public accountants. In addition
to the foregoing, each Seller will allow SunGard Financing (or any of its representatives or independent contractors) to perform a review of the SunGard Financial Policy, including a Receivables audit of such Seller performed by JPMorgan Chase
Bank’s Specialized Due Diligence Group or third party auditors reasonably acceptable to the Funding Agents, annually at the joint and several expense of the Sellers, and more frequently than annually at the joint and several expense of the
Sellers upon the occurrence of an Early Amortization Event. 
  
 (f) Maintenance of Records. Each Seller will (i) maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Receivables in the event of the
destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary or advisable for the collection of all Receivables (including, without limitation, records adequate to permit the
immediate identification of each new Receivable and all Collections of and adjustments to each existing Receivable); 
  
 (ii) give SunGard Financing notice of any material change in the administrative and operating procedures referred to in the preceding
clause (i); and 
  
 (iii) maintain proper books
of record and account, in which entries that are full, true and correct in all material respects and are in conformity with GAAP consistently applied shall be made of all material financial transactions and matters involving the assets and business
of such Seller. 

 (g) Compliance with Contracts and SunGard Financial Policy. Such Seller will timely and fully
(i) perform and comply with all material provisions, covenants and other promises required to be observed by it under the Contracts related to the Receivables and (ii) comply in all material respects with the SunGard Financial Policy in
regard to each Receivable and the related Contract. 
  
 (h)
Compliance with Laws. Such Seller will comply in all material respects with the requirements of all Laws (including Environmental Laws) and all orders, writs, injunctions and decrees applicable to it or to its business or property, except if
the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
  
 (i) Ownership. Such Seller will take all necessary action to (i) vest legal and equitable title to the Receivables, the Seller Related
Security and the Collections purchased under this Agreement irrevocably in SunGard Financing, free and clear of any Liens (including, without limitation, the filing of all financing statements or other similar instruments or documents
necessary under the Uniform Commercial Code (or any comparable law) of all appropriate jurisdictions to perfect SunGard Financing’s interest in such Receivables, Seller Related Security and Collections and such other action to perfect, protect
or more fully evidence the interest of SunGard Financing therein as SunGard Financing may reasonably request), and (ii) establish and maintain, in favor of SunGard Financing, a valid and perfected first priority security interest in all
Receivables, Seller Related Security and Collections to the full extent contemplated herein, free and clear of any Liens. 
  
 (j) Separateness. Each Seller acknowledges that it is entering into the transactions contemplated by the Transaction Documents in reliance upon
SunGard Financing’s identity as a legal entity that is separate from the Sellers and their respective subsidiaries (other than SunGard Financing). In furtherance of the foregoing, such Seller shall not take any action that is inconsistent with
the undertakings of SunGard Financing set forth in Section 4.1(f) of the Second Step Agreement. 
  
 (k) Collections. Such Seller will instruct all Obligors to remit all payments in respect of the Receivables into a Lockbox (either directly by wire
transfer or electronic funds transfer or by check mailed to a Lockbox maintained by the relevant Collection Bank). In the event any payments relating to Receivables are remitted directly to such Seller, such Seller will remit (or will cause all such
payments to be remitted) directly to a Collection Bank and deposited into a Collection Account within two (2) Business Days following receipt thereof, and, at all times prior to such remittance, such Seller will hold such payments in trust for
the exclusive benefit of SunGard Financing. 
  
 (l) Payment of
Obligations. Such Seller will pay, discharge or otherwise satisfy as the same shall become due and payable, all its obligations and liabilities in respect of taxes, assessments and governmental charges or levies imposed upon it or upon its
income or profits or in respect of its property, except, in each case, to the extent the failure to pay or discharge the same could not reasonably be expected to have a Material Adverse Effect. 
  
 (m) Use of Proceeds. No proceeds of the Purchase hereunder will be
used (i) for a purpose that violates, or would be inconsistent with, Regulation T, U or X promulgated by 

 
the Board of Governors of the Federal Reserve System from time to time or (ii) to acquire any security in any transaction which is subject to
Section 12, 13 or 14 of the Securities Exchange Act of 1934, as amended. 
  
 Section 4.2 Negative Covenants of Sellers. Until the date on which this Agreement terminates in accordance with its terms, each Seller hereby covenants that: 
  
 (a) Name Change, Offices and Records. Such Seller will not take any
action that would cause any financing statement to become “seriously misleading” under Section 9-507 of the Uniform Commercial Code or change its location as specified in Section 9-307 of the Uniform Commercial Code unless it
shall have: (i) given SunGard Financing at least thirty (30) days’ prior written notice thereof and (ii) delivered to SunGard Financing all financing statements, instruments and other documents reasonably requested by SunGard
Financing in connection with such change or relocation. 
  
 (b)
Modifications to Contracts and SunGard Financial Policy. Such Seller will not make (i) any change to the SunGard Financial Policy which would impair the collectibility of the Receivables or otherwise adversely affect the interests or
remedies of SunGard Financing, the Administrative Agent, or the Lenders, and (ii) any material change to the SunGard Financial Policy without the prior written consent of SunGard Financing. Such Seller will not extend, amend or otherwise modify
the terms of any Receivable or any Contract related thereto other than in accordance with the SunGard Financial Policy. 
  
 (c) Modifications to Character of Business. Such Seller will not make any change in the character of its business which would impair the
collectibility of the Receivables or otherwise adversely affect the interests or remedies of SunGard Financing in any material respect. 
  
 (d) Sales, Liens. Such Seller will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect
to, or create or suffer to exist any Liens upon (including, without limitation, the filing of any financing statement) or with respect to, any Receivable, Seller Related Security or Collections, or upon or with respect to any Contract under which
any Receivable arises, or any Lockbox or Collection Account, or assign any right to receive income with respect thereto (other than, in each case, the creation of the interests therein in favor of SunGard Financing provided for herein) other than in
connection with the sale of Charged-Off Receivables and with respect to Receivables reassigned to such Seller pursuant to Section 1.3, and such Seller will defend the right, title and interest of SunGard Financing in, to and under any of
the foregoing property, against all claims of third parties claiming through or under such Seller. 
  
 (e) Accounting for Purchase. Except to the extent otherwise required under generally accepted accounting principles, such Seller shall not account
for or treat (whether in financial statements or otherwise) the transactions contemplated by this Agreement in any manner other than as a sale and absolute conveyance of Receivables by such Seller to SunGard Financing (except that, in accordance
with applicable tax principles, each Purchase may be ignored for tax reporting purposes). 

 (f) Consolidation and Merger. Such Seller will not consolidate with, or merge with or into any
other Person, or have any other Person merge into such Seller, if such consolidation or merger will result in an Early Amortization Event or a Potential Early Amortization Event. Further, without the prior written consent of each Funding Agent under
the Receivables Purchase Agreement, such Seller shall not partake in a merger or transaction in which the Seller is not the surviving entity. The consent of the Funding Agents shall be based upon their reasonable opinion, or the reasonable opinion
of their counsel, that the proposed merger or consolidation will not materially adversely affect the collectibility of a material portion of the Receivables or the performance of such Seller’s obligations under the Transaction Documents.

  
 (g) Change in Payment Instructions to Obligors. Such
Seller will not add or terminate any bank as a Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Lockbox or Collection Account, unless the Administrative Agent shall have received, at least ten
(10) days before the proposed effective date therefor, (i) written notice of such addition, termination or change and (ii) with respect to the addition of a Lockbox Bank or Collection Bank or a Lockbox or Collection Account, an
executed Control Agreement with respect to the new Lockbox or Collection Account; provided, however, that the Seller Agent may make changes in instructions to Obligors regarding payments if such new instructions require such Obligor to make
payments to another existing Lockbox or Collection Account. Such Seller will not credit remittances which do not constitute Collections or other proceeds of the Receivables or the Related Security to any Lockbox Account or Collection Account.

  
 ARTICLE V 
  
 EARLY AMORTIZATION EVENTS 
  
 Section 5.1 Early Amortization Events. The occurrence of any one or
more of the following events shall constitute an Early Amortization Event: 
  
 (a) Any Seller shall fail (i) to make any payment or deposit required hereunder (or any other Transaction Document to which it is a party) when due and such failure continues for one (1) day, (ii) to
perform or observe any term, covenant or agreement under Section 4.2(g) hereunder, or (iii) other than as referred to in clauses (i) and (ii) of this paragraph (a), to perform or observe any term, covenant or agreement
hereunder (other than as referred to in clause (i) of this paragraph (a)) and such failure shall continue for ten (10) consecutive Business Days. 
  
 (b) Any representation, warranty, certification or statement made by any Seller in this Agreement, any other Transaction Document or other document
delivered pursuant hereto or thereto shall prove in any material respect to have been incorrect when made or deemed made other than any breach of a representation relating to a Receivable that has been repurchased pursuant to
Section 1.3. 
  
 (c) A default shall occur in the
performance of any term, provision or condition contained in the Senior Credit Agreement causing Indebtedness to become due prior to 

 
its stated maturity or declared to be due and payable or required to be prepaid prior to the date of maturity thereof, or a default shall occur in the
performance of any term, provision or condition contained in any agreement under which Material Indebtedness (as defined in the Senior Credit Agreement) was created or is governed, the effect of which is to cause such Material Indebtedness to become
due prior to its stated maturity; or any such Material Indebtedness of the Seller Agent shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof;
provided, however, that this clause (e)(B) shall not apply to secured Indebtedness of any Seller that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is
permitted hereunder and under the documents providing for such Indebtedness. 
  
 (d) Any Seller shall generally not pay its debts as such debts become due or shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors; or
(ii) any proceeding shall be instituted by or against any Seller seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts
under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property
or (iii) any Seller shall take any corporate action to authorize any of the actions set forth in clauses (i) or (ii) above in this subsection (d). 
  
 (e) Any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part
of the property of the Sellers for Taxes, taken as a whole, and is not released, vacated or fully bonded within sixty (60) days after its issue or levy. 
  
 (f) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability
of any Seller under Title IV of ERISA in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect, or (ii) any Seller or any ERISA Affiliate fails to pay when due, after the expiration of any applicable
grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount which could reasonably be expected to result in a Material Adverse Effect; or

  
 (g) Any “Early Amortization Event” under and as
defined in the Second Step Agreement shall occur. 
  
 (h) Any
“Early Amortization Event” under and as defined in the Credit Agreement shall occur. 
  
 Section 5.2 Remedies. Upon the occurrence and during the continuation of an Early Amortization Event, SunGard Financing may take any of the following actions: (i) declare the Amortization Date to have
occurred, whereupon the Amortization Date shall forthwith occur, without demand, protest or further notice of any kind, all of which are hereby expressly waived by each Seller; provided, however, that upon the occurrence of the Early Amortization
Event described in Section 5.1(d), or of an actual or deemed entry of an order for relief with respect to any Seller under any Debtor Relief Law, the Amortization Date shall automatically occur, 

 
without demand, protest or any notice of any kind, all of which are hereby expressly waived by each Seller and (ii) to the fullest extent permitted by
applicable law, declare that the Default Fee shall accrue with respect to any amounts then due and owing by any Seller to SunGard Financing. The aforementioned rights and remedies shall be in addition to all other rights and remedies of SunGard
Financing available under this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved, including, without limitation, all rights and remedies provided under the Uniform Commercial Code to a secured party
that is a buyer of accounts, all of which rights shall be cumulative. 
  
 ARTICLE VI 
  
 INDEMNIFICATION 
  
 Section 6.1 Indemnities by Sellers. Without limiting any other rights
that SunGard Financing may have hereunder or under applicable law, each Seller jointly and severally hereby agrees to indemnify SunGard Financing and its officers, directors, agents and employees (each an “Indemnified Party”) from
and against any and all damages, losses, claims, taxes, liabilities, costs, expenses and for all other amounts payable, including reasonable attorneys’ fees (which attorneys may be employees of SunGard Financing) and disbursements (all of the
foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or as a result of this Agreement or the acquisition, either directly or indirectly, by SunGard Financing of an
interest in the Receivables, excluding, however: 
  
 (i) Indemnified Amounts to the extent a final judgment of a court of competent jurisdiction holds that such Indemnified Amounts resulted from gross negligence or willful misconduct on the part of the Indemnified Party seeking
indemnification; 
  
 (ii) Indemnified Amounts to
the extent the same includes losses in respect of Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; or 
  
 (iii) taxes imposed by the jurisdiction in which such Indemnified Party’s principal executive office is
located, on or measured by the overall net income of such Indemnified Party. 
  
 Without limiting the generality of the foregoing indemnification, each Seller shall indemnify SunGard Financing for Indemnified Amounts (including, without limitation, losses in respect of uncollectible Receivables,
regardless of whether reimbursement therefor would constitute recourse to such Seller) relating to or resulting from: 
  
 (i) any representation or warranty made by such Seller under or in connection with this Agreement or in any report delivered by or on
behalf of such Seller pursuant hereto, which shall have been false or incorrect when made or deemed made; 

 (ii) the failure by such Seller, to comply with any applicable law, rule or regulation
with respect to any Receivable or Contract related thereto, or the nonconformity of any Receivable or Contract included therein with any such applicable law, rule or regulation or any failure of such Seller to keep or perform any of its obligations,
express or implied, with respect to any Contract; 
  
 (iii) any failure of such Seller to perform its duties, covenants or other obligations in accordance with the provisions of this Agreement; 
  
 (iv) any products liability, personal injury or damage suit, or similar claim arising out of or in connection with goods or services that
are furnished pursuant to any Receivable sold by such Seller hereunder or pursuant to the related Contract; 
  
 (v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any
Receivable sold by such Seller hereunder (including, without limitation, a defense based on such Receivable or the related Contract not being a valid and legally binding obligation of such Obligor enforceable against it in accordance with its
terms), or any other claim resulting from the sale of the merchandise or service related to such Receivable or the furnishing or failure to furnish such merchandise or services; 
  
 (vi) the commingling of Collections of Receivables at any time with other funds; 
  
 (vii) any investigation, litigation or proceeding related to
or arising from this Agreement or any other Transaction Document, the transactions contemplated hereby, the use of the proceeds of the Purchase, the ownership of the Receivables or any other investigation, litigation or proceeding relating to any
Seller in which any Indemnified Party becomes involved as a result of any of the transactions contemplated hereby; 
  
 (viii) any inability to litigate any claim against any Obligor in respect of any Receivable as a result of such Obligor being immune from
civil and commercial law and suit on the grounds of sovereignty or otherwise from any legal action, suit or proceeding; 
  
 (ix) any failure to vest and maintain vested in SunGard Financing, or to transfer to SunGard Financing, legal and equitable title to, and
ownership of, and a first priority perfected security interest in the Receivables sold by such Seller pursuant hereto, the Seller Related Security and the Collections, free and clear of any Liens; and 
  
 (x) the failure to have filed, or any delay in filing,
financing statements or other similar instruments or documents under the Uniform Commercial Code of any applicable jurisdiction or other applicable laws with respect to any Receivable sold by such Seller pursuant hereto, the Seller Related Security
and 

 
Collections with respect thereto, and the proceeds of any thereof, whether at the time of the Purchase or at any subsequent time. 
  
 Section 6.2 Other Costs and Expenses. Each Seller jointly and
severally agrees to pay to SunGard Financing on demand all reasonable costs and out-of-pocket expenses in connection with the preparation, execution, delivery and administration of this Agreement, the transactions contemplated hereby and the other
documents to be delivered hereunder, including, without limitation, the cost of SunGard Financing’s auditors auditing the books, records and procedures of the Sellers, reasonable fees and out-of-pocket expenses of legal counsel for SunGard
Financing with respect thereto and with respect to advising SunGard Financing as to its respective rights and remedies under this Agreement. 
  
 ARTICLE VII 
  
 MISCELLANEOUS 
  
 Section 7.1 Waivers and Amendments. 
  
 (a) No
failure or delay on the part of SunGard Financing in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other further
exercise thereof or the exercise of any other power, right or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law. Any waiver of this Agreement shall be effective only in the
specific instance and for the specific purpose for which given. 
  
 (b) No provision of this Agreement may be amended, supplemented, modified or waived except in writing signed by each Seller and SunGard Financing. 
  
 Section 7.2 Notices. Except as provided below, all communications and notices provided for hereunder shall be in writing (including bank wire,
telecopy or electronic facsimile transmission or similar writing) and shall be given to the other parties hereto at their respective addresses or telecopy numbers set forth on Schedule F hereto or at such other address or telecopy number as
such Person may hereafter specify for the purpose of notice to each of the other parties hereto. Each such notice or other communication shall be effective (i) if given by telecopy, upon the receipt thereof, (ii) if given by mail, three
(3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or (iii) if given by any other means, when received at the address specified in this Section 7.2. 
  
 Section 7.3 Protection of Ownership Interests of SunGard Financing.

  
 (a) Each Seller agrees that from time to time, at its expense,
it will promptly execute and deliver all instruments and documents, and take all actions, that may be necessary or desirable, or that SunGard Financing may reasonably request, to perfect, protect or more fully evidence the rights of SunGard
Financing in and to the Receivables, or to enable SunGard Financing to exercise and enforce their rights and remedies hereunder. At any time after the occurrence and during the continuance of an Early Amortization Event, SunGard Financing may, at
the Sellers’ joint and several cost and expense, direct any Seller to notify the Obligors of 

 
Receivables of the ownership interests of SunGard Financing under this Agreement and may also direct that payments of all amounts due or that become due
under any or all Receivables be made directly to SunGard Financing or its designee. 
  
 (b) If any Seller fails to perform any of its obligations hereunder, SunGard Financing may (but shall not be required to) perform, or cause performance of, such obligation, and SunGard Financing’s costs and
expenses incurred in connection therewith shall be payable by the Sellers as provided in Section 6.2. Each Seller irrevocably authorizes SunGard Financing at any time and from time to time in the sole discretion of SunGard Financing ,
and appoints SunGard Financing as its attorney(s)-in-fact, to act on behalf of such Seller (i) to execute on behalf of such Seller as debtor and to file financing statements necessary or desirable in SunGard Financing’s sole discretion to
perfect and to maintain the perfection and priority of the interest of SunGard Financing in the Receivables and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the
Receivables as a financing statement in such offices as SunGard Financing in their sole discretion deem necessary or desirable to perfect and to maintain the perfection and priority of SunGard Financing’s interests in the Receivables. This
appointment is coupled with an interest and is irrevocable. 
  
 Section 7.4 [Reserved]. 
  
 Section 7.5
Bankruptcy Petition. Each Seller, solely in its capacity as a creditor of SunGard Financing, hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all Obligations, it will not institute
against, or join any other Person in instituting against, SunGard Financing any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United
States. 
  
 Section 7.6 CHOICE OF LAW. THIS AGREEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

  
 Section 7.7 CONSENT TO JURISDICTION. ANY LEGAL ACTION
OR PROCEEDING ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY TO THIS
AGREEMENT CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS
OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH 

 
JURISDICTION IN RESPECT OF ANY TRANSACTION DOCUMENT OR OTHER DOCUMENT RELATED THERETO. EACH SELLER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY SUCH SELLER PURSUANT TO THIS AGREEMENT AND EACH
SELLER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF SUNGARD FINANCING TO BRING PROCEEDINGS AGAINST ANY SELLER IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY
SELLER AGAINST SUNGARD FINANCING OR ANY AFFILIATE THEREOF INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT EXECUTED BY ANY SELLER PURSUANT TO THIS AGREEMENT SHALL
BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 
  
 Section 7.8
WAIVER OF JURY TRIAL. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE
DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY
AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 11.17 WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  
 Section 7.9 Integration; Binding Effect; Survival of Terms. 
  
 (a) This Agreement contains the final and complete integration of all prior expressions by the parties hereto with respect
to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings. 
  
 (b) This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy). This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms and shall remain in
full force and effect until terminated in accordance with its terms; provided, however, that the rights and remedies with respect to (i) any breach of any representation and warranty made by any Seller pursuant to Article
II, (ii) the 

 
indemnification and payment provisions of Article VII, Section 7.5 and Section 7.12 shall be continuing and shall survive any
termination of this Agreement. 
  
 Section 7.10 Counterparts;
Severability; Section References. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same Agreement. Any provisions of this Agreement that are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise expressly indicated, all
references herein to “Article,” “Section,” “Schedule” or “Exhibit” shall mean articles and sections of, and schedules and exhibits to, this Agreement. 
  
 Section 7.11 Consent to Assignment. Each of SunGard Parent and each
Seller consents to the assignment by SunGard Financing of its right, title and interest under this Agreement to SunGard Funding II (or its assigns), and to the further assignment by SunGard Funding II (or its assigns) of its right, title and
interest under this Agreement to any Person. 
  
 Section 7.12
Availability of Funds. Notwithstanding anything in this Agreement to the contrary, SunGard Financing shall not have any obligation to pay any amount required to be paid by it to the Sellers hereunder in excess of any amount available to
SunGard Financing after paying or making provision for the payment of its other obligations. All payment obligations of SunGard Financing hereunder are contingent on the availability of funds in excess of the amounts necessary to pay its other
obligations; and each of the Sellers agrees that it will not have a claim under Section 101(5) of the Bankruptcy Code if and to the extent that any such payment obligation owed to it by SunGard Financing exceeds the amount available to
SunGard to pay such amount after paying or making provision for the payment of its other obligations. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered by their
duly authorized officers as of the date hereof. 
  

			
	 Automated Securities Clearance, Ltd.

	 Financial Data Planning Corp.

	 HTE-UCS, Inc.

	 Inflow LLC

	 Integrity Treasury Solutions Inc.

	 Plaid Brothers Software, Inc.

	 SunGard Asset Management Systems Inc.

	 SunGard Bi-Tech Inc.

	 SunGard Business Systems Inc.

	 SunGard Canada Holdings Inc.

	 SunGard Collegis, Inc.

	 SunGard Computer Services LLC

	 SunGard Corbel Inc.

	 SunGard Energy Systems Inc.

	 SunGard Enform Consulting Inc.

	 SunGard Expert Solutions Inc.

	 SunGard Financial Systems Inc.

	 SunGard HTE, Inc.

	 SunGard Insurance Systems Inc.

	 SunGard Investment Systems Inc.

	 SunGard Pentamation Inc.

	 SunGard Securities Finance Inc.

	 SunGard Shareholder Systems Inc.

	 SunGard Systems International Inc.

	 SunGard Treasury Systems Inc.

	 SunGard Trust Systems Inc.

	 SunGard Wealth Management Services LLC

	 SunGard Workflow Solutions Inc.

	 Wall Street Concepts Inc.

		
	By:	 	/s/    ANDREW P.
BRONSTEIN        
	 Name:
	 	Andrew P. Bronstein
	 Title:
	 	Assistant Vice President and Assistant Secretary
	
	 BANC WARE, INC., as a Seller

		
	By:	 	/s/    ANDREW P.
BRONSTEIN        
	 Name:
	 	Andrew P. Bronstein
	 Title:
	 	Assistant Vice President and Assistant Clerk

			
	SUNGARD FINANCING LLC
		
	By:	 	/s/    MICHAEL J. RUANE        
	 Name:
	 	Michael J. Ruane
	 Title:
	 	President

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