Document:

Revolving Credit Note

 Exhibit 10(g) 
 REVOLVING CREDIT NOTE 
  

					
	 $7,500,000.00
	 	Houston, Texas	 	August 13, 2008

 1. FOR VALUE RECEIVED, and as hereinafter provided EQUUS TOTAL RETURN, INC., Delaware corporation
(the “Borrower”), promises and agrees to pay unto the order of AMEGY BANK NATIONAL ASSOCIATION, a national banking association (“Lender”) at its office located at 4400 Post Oak Parkway, Houston, Harris County, Texas 77027,
or at such other address or addresses as Lender may from time to time designate in writing to Borrower, in immediately available funds in lawful currency of the United States of America which at the time of payment is legal tender for the payment of
public and private debts, the sum of up to SEVEN MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($7,500,000.00), or so much thereof as may be advanced pursuant to the hereinafter described Loan Agreement, together with interest on the unpaid
principal balance from time to time owing hereunder from the date of advance hereunder until maturity, and otherwise in strict accordance with the terms and provisions hereof. 
 2. As used herein, the following terms shall have the meanings assigned: 
 “Amegy Prime Rate” means for any day a fluctuating rate per annum
equal to the higher of (a) the Federal Funds Rate plus  1/2 of 1% and (b) the rate of interest in effect for such day
as publicly announced from time to time by Lender as its “prime rate”. Such rate is a rate set by Lender based upon various factors including Lender’s costs and desired return, general economic conditions and other factors, and is
used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Lender shall take effect at the opening of business on the day specified in the public announcement
of such change. 
 “Borrowing Date” means any Business Day on which Lender advances to Borrower a
portion of the Loan hereunder. 
 “Borrowing Notice” shall mean a notice in writing given by Borrower to
Lender substantially in the form of Exhibit B to the Loan Agreement requesting a Loan under the Loan Agreement. 
 “Business Day” means a day when Lender is open for business, other than a Saturday or Sunday. 
 “Control Account Agreement” means that certain Control Account Agreement of even date herewith between from Borrower in favor of Lender. 
 “Default Rate” means a per annum rate equal to the lesser of (a) the Amegy Prime Rate plus three percent (3%), and
(b) the Maximum Rate. 
 “Event of Default” means the occurrence of an Event of Default (as defined in
the Loan Agreement). 

 “Federal Funds Rate” means, for any day, the rate per annum (rounded
upwards to the nearest 1/100 of 1%) equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank
on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate charged to Lender on such day on such transactions as determined by Lender.

 “Loan Agreement” means that certain Loan Agreement executed by Borrower and Lender of even date herewith.

 “Loan Documents” means this Note, the Loan Agreement, and other documents evidencing, securing and
relating to the Loan. 
 “Loan(s)” means the Loan(s) evidenced by this Note, from the date hereof to the
Maturity Date, during which period advances may be allowed up to the principal amount of this Note, bearing interest as herein set forth, and being payable in installments as herein set forth. All references to the Loan or Loans shall be references
to the single indebtedness evidenced by the Note. The Loan is a revolving loan. Any sums repaid may be reborrowed, subject to the limitations set forth in the Loan Agreement. 
 “Maturity Date” means February 15, 2010. 
 “Maximum Rate” means, with respect to the holder hereof, the maximum nonusurious interest rate, if any, that at any time,
or from time to time, may be under applicable law contracted for, taken, reserved, charged or received on the indebtedness evidenced by this Note. 
 “Pledge and Security Agreement” means that certain Pledge and Security Agreement of even date herewith from Borrower in favor of Lender pursuant to which Borrower has granted Lender a first and prior
lien on and security interest in Borrower’s investment portfolio securities. 
 “Usury Laws” means all
applicable federal or state usury laws regarding the use, forbearance, or detention of money. 
 3. Interest shall accrue on the outstanding
principal balance of each Loan advanced pursuant to this Note, or any portion hereof, as follows: 
 (a) commencing on the Borrowing Date of the first Loan advanced hereunder (and on the Borrowing Date of the first Loan advanced hereunder following each Interest Reset Date as defined below) and continuing until and
including the one hundred twentieth (120th) day after such Loan is advanced, such Loan together with all other Loans advanced hereunder prior
to the occurrence of an Interest Reset Date, shall accrue 

 interest at a rate equal to the greater of (i) five percent (5%) and (ii) the lesser of
(y) the Amegy Prime Rate and (z) the Maximum Rate; and commencing on the one hundred twenty-first (121st) day after first Loan is advanced it and all other Loans advanced hereunder prior to the occurrence of an Interest-Rate Reset
Date, will accrue interest at a rate equal to the greater of (i) five percent (5%) and (ii) the lesser of (y) the Amegy Prime Rate plus one percent (1%) and (z) the Maximum Rate. 
 (b) If all Loans hereunder are repaid in full and the outstanding principal balance of this Note is reduced to zero for at least ten
(10) calendar days, the Borrowing Date of the first Loan advanced hereunder following such period when the loan balance was zero will be an “Interest Reset Date.” 
 (c) Unless otherwise specified by Borrower, all prepayments and repayments of Loans shall be applied against the outstanding Loans in
their reverse order of incurrence, with the most recently incurred Loan being paid off first. 
 (d) If at any time and from
time to time the rates of interest calculated pursuant to the Amegy Prime Rate would exceed the Maximum Rate, thereby causing the interest payable hereon to be limited to the Maximum Rate, then any subsequent reduction in the Amegy Prime Rate shall
not reduce the rate of interest hereon below the Maximum Rate until the total amount of interest accrued hereon from and after the date of the first advance hereunder equals the amount of interest which would have accrued hereon if the Amegy Prime
Rate had at all times been in effect. 
 4. In order to request a Loan hereunder, Borrower shall deliver to Lender a Borrowing Notice which
must be received by Lender at least one (1) Business Day prior to the applicable Borrowing Date. 
 5. This Note and the Loans evidenced
hereby shall be due and payable as follows: 
 (a) All accrued unpaid interest on the outstanding principal balance of this
Note shall be due and payable in quarterly installments as it accrues, with the first installment due and payable on the—13th day of October, 2008, and continuing quarterly on the same date (or if there is no corresponding date in any month, on
the last day of such month) until the Maturity Date. 
 (b) The entire principal sum of this Note then remaining unpaid,
together with all accrued, unpaid interest thereon, shall be due and payable on the Maturity Date. 
 (c) Borrower is and
shall be obligated to pay all principal, interest and any and all other amounts which become payable under this Note or under any of the other Loan Documents absolutely and unconditionally and without any abatement, postponement, diminution or
deduction whatsoever and without any reduction for counterclaim or setoff whatsoever. 
 6. At any time and from time to time, Borrower on
any Business Day may prepay the principal of the Loan then outstanding in whole or in part without premium or penalty. All 

 payments and prepayments of principal and/or interest to Lender shall be made by Borrower to Lender before 11:00 a.m.
(Houston, Texas time), in federal or other immediately available funds at Lender’s banking office specified in the first paragraph of this Note. Any payment or prepayment received by Lender after 11:00 a.m. (Houston, Texas time) shall be deemed
to have been received by Lender on the next succeeding Business Day. Should the principal of or interest on any Loan, or any expense or fee, become due and payable on a day other than a Business Day, the maturity thereof shall be extended to the
next succeeding Business Day. 
 7. All payments hereunder, whether designated as payments of principal or interest, shall be applied, in
such order as Lender shall in its sole discretion determine, to unpaid and accrued interest, to the discharge of any expenses or damages for which the Lender may be entitled to receive reimbursement under the terms of this Note or under the terms of
any document executed in connection herewith, or to unpaid principal balance hereof. Notwithstanding anything expressed or implied in this Note to the contrary, all past due principal and interest on this Note, whether due as the result of
acceleration of maturity or otherwise, shall bear interest from the date the payment thereof shall have become due until the same have been fully discharged by payment at the Default Rate. In addition, Lender may charge and collect a late fee of
five percent (5.0%) of any scheduled installment that is more than ten (10) days past due. 
 8. If an Event of Default shall occur
and be continuing, then the holder of this Note shall have the option, in addition to the remedies provided in the other Loan Documents or at law or in equity, to declare this Note due and payable, whereupon the entire unpaid principal balance of
this Note and all interest accrued thereon shall thereupon at once mature and become due and payable and shall bear interest from the date of such Event of Default until paid at the Default Rate, without grace, presentment for payment, demand,
protest, notice of protest, notice of nonpayment, notice of intent to accelerate, notice of acceleration, or any other notice of any kind, ALL OF WHICH ARE HEREBY EXPRESSLY WAIVED BY THE BORROWER. The time of payment of this Note is also
subject to acceleration in the event of the Event of Default. 
 9. This Note is secured by and is entitled to the benefit of, among other
instruments: (a) the Pledge and Security Agreement, (b) the Control Account Agreement and (c) the other Loan Documents. 
 10.
Time is of the essence in the performance and payment of this Note. 
 11. The remedies of Lender as provided herein and in the Loan
Documents shall be cumulative and concurrent and may be pursued singly, successively, or together, at the sole discretion of Lender, and may be exercised as often as occasion therefor shall arise. No action, omission, or commission by Lender,
including specifically, the failure to exercise any right, remedy, or recourse, shall be deemed a waiver or release of the same. A waiver or release shall exist and be effective only as set forth in a written document executed by Lender, and then
only to the extent specifically recited therein. A waiver or a release with reference to any one event shall not be construed as continuing, or as a bar to, or as a waiver or release of, any subsequent right, remedy, or recourse as to any subsequent
event. 

 12. THE BORROWER HEREBY EXPRESSLY WAIVES GRACE, AND ALL NOTICES, DEMANDS, PRESENTMENTS FOR PAYMENT,
NOTICE OF NONPAYMENT, PROTEST AND NOTICE OF PROTEST, NOTICE OF INTENT TO ACCELERATE, NOTICE OF ACCELERATION OF THE INDEBTEDNESS DUE HEREUNDER, AND DILIGENCE IN COLLECTING THIS NOTE OR ENFORCING ANY SECURITY RIGHTS OF THE LENDER UNDER ANY DOCUMENT
SECURING THIS NOTE. 
 13. If an Event of Default occurs and is continuing and this Note is placed in the hands of an attorney for
collection (whether or not suit is filed), or suit or legal proceedings are brought to collect this Note, the Borrower agrees to pay the holder hereof the costs and reasonable attorney’s fees incurred in the collection hereof. 
 14. It is the intention of the parties hereto to comply with the Usury Laws; accordingly, it is agreed that notwithstanding any provisions to the
contrary in this Note or the Loan Documents, in no event shall the Loan Documents require the payment or permit the collection of interest in excess of the maximum amount permitted by such laws, and any subsequent revisions, repeals, or judicial
interpretations thereof to the extent that same are made applicable hereto. If any such excess of interest is contracted for, charged, or received under Loan Documents, or in the event the maturity of the indebtedness evidenced by this Note is
accelerated in whole or in part, or in the event that all or part of the principal or interest of this Note shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any
other Loan Documents, on the amount of principal actually outstanding from time to time under this Note shall exceed the maximum amount of interest permitted by the Usury Laws, then in any such event (a) the provisions of this paragraph shall
govern and control, (b) neither Borrower nor any other person or entity now or hereafter liable for the payment of this Note shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of
interest permitted by the Usury Laws, (c) any such excess which may have been collected shall be either applied as a credit against the then unpaid principal amount of this Note or refunded to Borrower, at the holder’s option, and
(d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under the Usury Laws as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed, without limiting
the foregoing, that the rate of interest contracted for, charged or received under this Note and any other Loan Documents shall be deemed not to exceed the maximum lawful rate if any method of calculation permitted by the Usury Laws including, but
not limited to, amortization, prorating, allocating and spreading interest over the full term of the loan results in a determination that the rate of interest so contracted for, charged or received does not exceed the maximum lawful rate.

 15. Any check, draft, money order or other instrument given in payment of all or any portion hereof may be accepted by the holder hereof
and handled in collection in the customary manner, but the same shall not constitute payment hereunder or diminish any rights of the holder hereof except to the extent that actual cash proceeds of such instrument are unconditionally received by the
holder and applied to this indebtedness in the manner elsewhere herein provided. 

 16. It is further agreed that the Lender shall have a first lien on all deposits and other sums at any
time credited by or due from the Lender to the Borrower as collateral security for the payment of this Note, and the Lender, at its option, may at any time, without notice and without any liability, hold all or any part of any such deposits or other
sums until all sums owing on this Note have been paid in full and/or apply or set off all or any part of any such deposits or other sums credited by or due from the Lender to or against any sums due on this Note in any manner and in any order of
preference which the Lender, in its sole discretion, chooses. 
 17. The loan evidenced by this Note was negotiated and consummated in the
State of Texas and it is understood and agreed that the legality, enforceability and construction hereof shall be governed by Texas law and, to the extent applicable, by the laws of the United States of America. The Borrower and the Lender expressly
agree, pursuant to Section 346.004 of the Texas Finance Code, that Chapter 346 shall not apply to this Note or to any advance evidenced by this Note and that this Note and all such advances shall not be governed by or subject to the provisions
of Chapter 346 in any manner whatsoever. 
 18. The Lender reserves the right, exercisable in the Lender’s sole discretion and without
notice to the Borrower or any other person, to sell participations, to assign its interest or both, in all or any part of this Note or this debt or the debt evidenced hereby. 
 19. THIS WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
 Executed on the date of the
acknowledgment to be effective as of the date first written above. 
  

			
	BORROWER:
	
	EQUUS TOTAL RETURN, INC.
		
	By:	 	 /s/    L’Sheryl Hudson

		 	L’Sheryl Hudson,
		 	Chief Financial OfficerPledge and Security Agreement

 Exhibit 10(h) 
 Execution 
 PLEDGE AND SECURITY AGREEMENT 
 THIS PLEDGE AND SECURITY AGREEMENT (“Agreement”) is made as of the
13th day of August, 2008, by EQUUS TOTAL RETURN, INC., Delaware corporation (hereinafter called “Debtor”), whose place of business,
and chief executive office (as those terms are used in the Code) is located at 2727 Allen Parkway, Suite 1300, Houston, Texas 77019 and whose organizational identification number issued by the appropriate authority of the State of Delaware is
2271275, and whose federal taxpayer identification number is 76-0345915, in favor of AMEGY BANK NATIONAL ASSOCIATION, a national banking association (“Secured Party”), whose address is 4400 Post Oak Parkway, Houston, Harris
County, Texas 77027, or at such other address or addresses as Secured Party may from time to time designate in writing to Debtor. Debtor hereby agrees with Secured Party as follows: 
 1. Definitions. As used in this Agreement, the following terms shall have the meanings indicated below: 
 (a) The term “Code” shall mean the Texas Business and Commerce Code as in effect in the State of Texas on the date of
this Agreement or as it may hereafter be amended from time to time. 
 (b) The term “Collateral” shall mean
(1) the Pledged Securities, (2) all money this day delivered to and deposited with Secured Party, and all money heretofore delivered or which shall hereafter be delivered to or come into the possession, custody or control of Secured Party
representing proceeds of, payment on, or distributions related to any of the Pledged Securities during the existence of this Agreement or the Loan Agreement, and whether held in a general or special account, (3) any stock rights, rights to
subscribe, liquidating dividends, stock dividends, property, cash distributions, dividends paid in stock, new securities, cash dividends or other property which Debtor may hereafter become entitled to receive on account of the Pledged Securities,
(4) all Debtor’s rights, title and interest in that certain custody account (Account No. EQU02505) maintained with Secured Party, (5) all certificates, instruments, records, data and/or other documents evidencing the foregoing and
following (including without limitation, any computer software on which such records and data may be located), (6) all renewals, replacements and substitutions of all of the foregoing, (7) all Additional Property (as hereinafter defined),
and (8) all PRODUCTS and PROCEEDS of all of the foregoing; provided that “Collateral” shall not include any of the Excluded Assets. The designation of proceeds does not authorize Debtor to sell, transfer or otherwise convey any
of the foregoing property. The delivery at any time by Debtor to Secured Party of any property as a pledge to secure payment or performance of any indebtedness or obligation in connection with the Loan Documents shall also constitute a pledge of
such property as Collateral hereunder. 
 (c) The term “Pledged Securities” means any and all investment
property, instruments, chattel paper and general intangibles owned by Debtor from time to time, 

 
including all notes receivable, common and preferred stock, stock options, warrants, and other investments which at any given time are included in
Debtor’s computation of Net Asset Value, except any of the foregoing that are Excluded Assets, and shall include without limitation (i) all publicly traded securities sold or issued by the companies listed on Schedule 1 owned by Debtor and
pledged to Secured Party, including all income from, and all proceeds of, such securities, and (ii) all of the privately held securities issued or sold by the companies listed on Schedule 1 owned by Debtor and pledged to Secured Party,
including all income from, and all proceeds of, such securities. 
 (d) The term “Excluded Assets” means any
assets which are held from time to time in Account Number Z42-496693 maintained by Debtor with fidelity Investments and any account that replaces such account, and (iii) any other account in which assets are held to secure RIC Borrowings (as
defined in the Loan Agreement) in compliance with Sections 7(d)(x) and 7(e)(iii) of the Loan Agreement. 
 (e) The term
“Loan Agreement” means the Loan Agreement dated of even date herewith between Debtor and Secured Party, together with all amendments, restatements, and other modifications thereto. 
 (f) The term “Indebtedness” shall mean (i) all indebtedness, obligations and liabilities of Debtor to Secured Party
of any kind or character, now existing or hereafter arising under the Loan Documents, whether direct, indirect, related, unrelated, fixed, contingent, liquidated, unliquidated, joint, several or joint and several, (ii) all accrued but unpaid
interest on any of the indebtedness described in (i) above, (iii) all obligations of Debtor to Secured Party under any documents evidencing, securing, governing and/or pertaining to all or any part of the indebtedness described in
(i) and (ii) above, (iv) all costs and expenses payable by Debtor under Section 18 of the Loan Agreement, and (v) all renewals, extensions, modifications and rearrangements of the indebtedness and obligations described in
(i), (ii), (iii) and (iv) above. 
 (g) The term “Additional Property” means any of the following
property which Debtor becomes entitled to receive or shall receive in connection with any other Collateral, except to the extent any of the following constitutes Excludcd Assets: (a) any stock certificate, including without limitation, any
certificate representing a stock dividend or any certificate in connection with any recapitalization, reclassification, merger, consolidation, conversion, sale of assets, combination of shares, stock split or spin-off; (b) any option, warrant,
subscription or right, whether as an addition to or in substitution of any other Collateral; (c) any dividends or distributions of any kind whatsoever, whether distributable in cash, stock or other property; (d) any interest, premium or
principal payments; and (e) any conversion or redemption proceeds; provided, however, that until the occurrence of an Event of Default, “Additional Property” shall not include any cash dividends or interest paid on the Collateral
(except interest paid on any certificate of deposit pledged hereunder). 
 (h) The term “Loan Documents”
shall have the meaning given such term in the Loan Agreement. 

 (i) The term “Net Asset Value” shall have the meaning given such term in
the Loan Agreement. 
 (j) The term “Event of Default” shall have the meaning given such term in the Loan
Agreement. 
 All words and phrases used herein which are expressly defined in Section 1.201, Chapter 8 or Chapter 9 of the Code shall have the meaning
provided for therein. Other words and phrases defined elsewhere in the Code shall have the meaning specified therein except to the extent such meaning is inconsistent with a definition in Section 1.201, Chapter 8 or Chapter 9 of the Code.
Capitalized terms not otherwise defined herein have the meanings specified in the Loan Agreement. 
 2. Security Interest. As security
for the Indebtedness, Debtor, for value received, hereby grants to Secured Party a continuing security interest in the Collateral. 
 3.
Additional Property. All Additional Property received by Debtor shall be received in trust for the benefit of Secured Party. All Additional Property and all certificates or other written instruments or documents evidencing and/or representing
the Additional Property that is received by Debtor, together with such instruments of transfer as Secured Party may request, shall promptly be delivered to or deposited with Secured Party or Secured Party’s bailee, (any such bailee, together
with its successors in such capacity, the “Bailee”) and held by Secured Party or Bailee as Collateral under the terms of this Agreement. If the Additional Property received by Debtor shall be shares of stock or other securities,
such shares of stock or other securities shall be duly endorsed in blank or accompanied by proper instruments of transfer and assignment duly executed in blank with, if reasonably requested by Secured Party, signatures guaranteed by a bank or member
firm of the New York Stock Exchange, all in form and substance reasonably satisfactory to Secured Party. Secured Party shall be deemed to have possession of any Collateral in transit to Secured Party or its agent. 
 4. Control Agreement; Stock Power. Debtor agrees, at the request of the Secured Party, to execute and to cause the Bailee to execute promptly a
control agreement whereby the Secured Party may direct the Bailee to follow directives issued by Secured Party with respect to Collateral held by Bailee. The Secured Party hereby agrees not to issue directives or exercise any other rights under any
such control agreement unless an Event of Default has occurred and is continuing. Debtor also agrees, at the request of the Secured Party, to execute additional stock powers in blank in connection with any certificates evidencing all or part of the
Collateral. 
 5. Voting Rights. As long as no Event of Default shall have occurred hereunder, any voting rights incident to any stock
or other securities pledged as Collateral may be exercised by Debtor; provided, however, that Debtor will not exercise, or cause to be exercised, any such voting rights, without the prior written consent of Secured Party, if the direct or indirect
effect of such vote will result in an Event of Default hereunder. 
 6. Maintenance of Collateral. Other than the exercise of
reasonable care to assure the safe custody of any Collateral in Secured Party’s possession from time to time, Secured Party does not have any obligation, duty or responsibility with respect to the Collateral. Without 

 
limiting the generality of the foregoing, Secured Party shall not have any obligation, duty or responsibility to do any of the following: (a) ascertain
any maturities, calls, conversions, exchanges, offers, tenders or similar matters relating to the Collateral or informing Debtor with respect to any such matters; (b) fix, preserve or exercise any right, privilege or option (whether conversion,
redemption or otherwise) with respect to the Collateral unless (i) Debtor makes written demand to Secured Party to do so, (ii) such written demand is received by Secured Party in sufficient time to permit Secured Party to take the action
demanded in the ordinary course of its business, and (iii) Debtor provides additional collateral, acceptable to Secured Party in its sole discretion; (c) collect any amounts payable in respect of the Collateral (Secured Party being liable
to account to Debtor only for what Secured Party may actually receive or collect thereon); (d) sell all or any portion of the Collateral to avoid market loss; (e) sell all or any portion of the Collateral unless and until (i) Debtor
makes written demand upon Secured Party to sell the Collateral, and (ii) Debtor provides additional collateral, acceptable to Secured Party in its sole discretion; or (f) hold the Collateral for or on behalf of any party other than Debtor.

 7. Representations and Warranties. Debtor hereby represents and warrants the following to Secured Party: 
 (a) Authority. The execution, delivery and performance of this Agreement and all of the other Loan Documents by Debtor have been
duly authorized by all necessary corporate action of Debtor. 
 (b) Accuracy of Information. All information
heretofore, herein or hereafter supplied to Secured Party by or on behalf of Debtor with respect to the Collateral is true and correct. The exact legal name, organizational identification number and federal taxpayer identification number of Debtor
are correctly shown in the first paragraph hereof. 
 (c) Enforceability. This Agreement and the other Loan Documents
constitute legal, valid and binding obligations of Debtor, enforceable in accordance with their respective terms, except as limited by bankruptcy, insolvency or similar laws of general application relating to the enforcement of creditors’
rights and except to the extent specific remedies may generally be limited by equitable principles. 
 (d) Ownership and
Liens. Debtor has good and marketable title to the Collateral free and clear of all liens, security interests, encumbrances or adverse claims, except for the security interests created by this Agreement and the other Loan Documents and any
security interests permitted under Section 7(d)(ii) of the Loan Agreement. No dispute, right of setoff, counterclaim or defense exists with respect to all or any part of the Collateral. Debtor has not executed any other security agreement
currently affecting the Collateral and no financing statement or other instrument similar in effect covering all or any part of the Collateral is on file in any recording office except as may have been executed or filed in favor of Secured Party.

 (e) No Conflicts or Consents. Neither the ownership, the intended use of the Collateral by Debtor, the grant of the
security interest by Debtor to Secured Party herein nor the exercise by Secured Party of its rights or remedies hereunder, will (i) conflict with 

 
any provision of (A) any domestic or foreign law, statute, rule or regulation, (B) the articles or certificate of incorporation or bylaws of
Debtor, or (C) any agreement, judgment, license, order or permit applicable to or binding upon Debtor or otherwise affecting the Collateral, or (ii) result in or require the creation of any lien, charge or encumbrance upon any assets or
properties of Debtor or of any person except as may be expressly contemplated in the Loan Documents. Except as expressly contemplated in the Loan Documents, no consent, approval, authorization or order of, and no notice to or filing with, any court,
governmental authority or third party is required or deemed preferable in connection with the grant by Debtor of the security interest herein or the exercise by Secured Party of its rights and remedies hereunder. 
 (f) Security Interest. Debtor has and will have at all times full right, power and authority to grant a security interest in the
Collateral to Secured Party in the manner provided herein, free and clear of any lien, security interest or other charge or encumbrance except any security interests permitted under Section 7(d)(ii) of the Loan Agreement. This Agreement creates
a legal, valid and binding security interest in favor of Secured Party in the Collateral. 
 (g) Location/Identity.
Debtor’s place of business and chief executive office (as those terms are used in the Code), as the case may be, is located at the address set forth on the first page hereof. Except as specified elsewhere herein, all Collateral and records
concerning the Collateral shall be kept at such address or held by Bailee. Debtor’s organizational structure, state of organization, and organizational number (the Organizational Information’) are as set forth on the first page hereof.
Borrower shall not change its Organizational Information without complying with Section 15 of this Agreement with respect to such change. 
 (h) Solvency of Debtor. As of the date hereof, and after giving effect to this Agreement and the completion of all other transactions contemplated by Debtor at the time of the execution of this Agreement,
(i) Debtor is and will be solvent, (ii) the fair saleable value of Debtor’s assets exceeds and will continue to exceed Debtor’s liabilities (both fixed and contingent), (iii) Debtor is paying and will continue to be able to
pay its debts as they mature, and (iv) if Debtor is not an individual, Debtor has and will have sufficient capital to carry on Debtor’s businesses and all businesses in which Debtor is about to engage. 
 (i) Securities. Any certificates evidencing securities pledged as Collateral are valid and genuine and have not been altered. All
securities pledged as Collateral have been duly authorized and validly issued, are fully paid and non-assessable, and were not issued in violation of the preemptive rights of any party or of any agreement by which Debtor or the issuer thereof is
bound. No restrictions or conditions exist with respect to the transfer or voting of any securities pledged as Collateral, except as has been disclosed to Secured Party in writing. 

 8. Affirmative Covenants. Debtor will comply with the covenants contained in this Section at all
times during the period of time this Agreement is effective unless Secured Party shall otherwise consent in writing. 
 (a)
Ownership and Liens. Debtor will maintain good and marketable title to all Collateral free and clear of all liens, security interests, encumbrances or adverse claims, except for the security interest created by this Agreement and the security
interests and other encumbrances expressly permitted by the other Loan Documents. Debtor will not permit any dispute, right of setoff, counterclaim or defense to exist with respect to all or any part of the Collateral. Debtor will cause any
financing statement or other security instrument with respect to the Collateral to be terminated, except as may exist or as may have been filed in favor of Secured Party or in connection with a lien permitted under Section 7(d)(ii) of the Loan
Agreement. Debtor hereby irrevocably appoints Secured Party as Debtor’s attorney-in-fact, such power of attorney being coupled with an interest, with full authority in the place and stead of Debtor and in the name of Debtor or otherwise, for
the purpose of terminating any financing statements currently filed with respect to the Collateral except in connection with any lien permitted under Section 7(d)(ii) of the Loan Agreement. Debtor will defend at its expense Secured Party’s
right, title and security interest in and to the Collateral against the claims of any third party except the holder of any lien permitted under Section 7(d)(ii) of the Loan Agreement. 
 (b) Inspection of Books and Records. Debtor will keep adequate records concerning the Collateral and will permit Secured Party and
all representatives and agents appointed by Secured Party to inspect Debtor’s books and records of or relating to the Collateral at any time during normal business hours, to make and take away photocopies, photographs and printouts thereof and
to write down and record any such information. 
 (c) Adverse Claim. Debtor covenants and agrees to promptly notify
Secured Party of any claim, action or proceeding affecting title to the Collateral, or any part thereof, or the security interest created hereunder and, at Debtor’s expense, defend Secured Party’s security interest in the Collateral
against the claims of any third party. Debtor also covenants and agrees to promptly deliver to Secured Party a copy of all written notices received by Debtor with respect to the Collateral, including without limitation, notices received from the
issuer of any securities pledged hereunder as Collateral. 
 (d) Further Assurances. Debtor will contemporaneously with
the execution hereof and from time to time thereafter at its expense promptly execute and deliver all further instruments and documents and take all further action necessary or appropriate or that Secured Party may reasonably request in order
(i) to perfect and protect the security interest created or purported to be created hereby and the first priority of such security interest, (ii) to enable Secured Party to exercise and enforce its rights and remedies hereunder in respect
of the Collateral, and (iii) to otherwise effect the purposes of this Agreement, including without limitation: (A) executing (if requested) and filing any financing or continuation statements, or any amendments thereto; (B) obtaining
written confirmation from the issuer of any securities pledged as Collateral of the pledge of such securities, in form and substance satisfactory to Secured Party; (C) cooperating with Secured Party in registering the pledge of any securities
pledged as Collateral with the issuer of such securities; (D) delivering notice of Secured Party’s security interest in any securities pledged as Collateral to any financial intermediary, clearing corporation or 

 
other party required or deemed preferable by Secured Party, in form and substance satisfactory to Secured Party; and (E) obtaining written confirmation
of the pledge of any securities constituting Collateral from any financial intermediary, clearing corporation or other party required or deemed preferable by Secured Party, in form and substance reasonably satisfactory to Secured Party. If all or
any part of the Collateral is securities issued by an agency or department of the United States, Debtor covenants and agrees, at Secured Party’s request, to cooperate in registering such securities in Secured Party’s name or with Secured
Party’s account maintained with a Federal Reserve Secured Party. 
 (e) Control Agreements. Debtor will cooperate
with Secured Party in obtaining a control agreement in form and substance satisfactory to Secured Party with respect to Collateral for which such agreement is required or deemed preferable for perfection of a security interest pursuant to the Code
(as determined by Secured Party in its reasonable discretion). Secured Party agrees that it shall not exercise its rights under any such control agreement unless an Event of Default has occurred and is continuing. 
 9. Negative Covenants. Debtor will comply with the covenants contained in this Section at all times during the period of time this Agreement is
effective, unless Secured Party shall otherwise consent in writing. 
 (a) Transfer or Encumbrance. Debtor will not
(i) sell, assign (by operation of law or otherwise) or transfer Debtor’s rights in any of the Collateral, (ii) grant a lien or security interest in or execute, authorize, file or record any financing statement or other security
instrument with respect to the Collateral to any party other than Secured Party, or (iii) deliver actual or constructive possession of any certificate, instrument or document evidencing and/or representing any of the Collateral to any party
other than Secured Party; provided, however, Debtor may add or delete Collateral solely as permitted under Section 1 of the Loan Agreement. 
 (b) Impairment of Security Interest. Debtor will not take or fail to take any action which would in any manner impair the value or enforceability of Secured Party’s security interest in any Collateral.

 (c) Restrictions on Securities. Debtor will not, after the date of this Agreement, enter into any agreement creating
any restriction or condition upon the transfer, voting or control of any securities pledged as Collateral, except as consented to in writing by Secured Party. 
 10. Rights of Secured Party. Secured Party shall have the rights contained in this Section at all times during the period of time this Agreement is effective. 
 (a) Power of Attorney. Debtor hereby irrevocably appoints Secured Party as Debtor’s attorney-in-fact, such power of attorney
being coupled with an interest, with full authority in the place and stead of Debtor and in the name of Debtor or otherwise, to take any action and to execute any instrument which Secured Party may from time to time in Secured Party’s
discretion deem necessary or appropriate to accomplish the purposes of this Agreement, including without limitation, the following action: (i) transfer any 

 
securities, instruments, documents or certificates pledged as Collateral in the name of Secured Party or its nominee; (ii) use any interest, premium or
principal payments, conversion or redemption proceeds or other cash proceeds received in connection with any Collateral to reduce any of the Indebtedness; (iii) exchange any of the securities pledged as Collateral for any other property upon
any merger, consolidation, reorganization, recapitalization or other readjustment of the issuer thereof, and, in connection therewith, to deposit and deliver any and all of such securities with any committee, depository, transfer agent, registrar or
other designated agent upon such terms and conditions as Secured Party may deem necessary or appropriate; (iv) exercise or comply with any conversion, exchange, redemption, subscription or any other right, privilege or option pertaining to any
securities pledged as Collateral; provided, however, except as provided herein, Secured Party shall not have a duty to exercise or comply with any such right, privilege or option (whether conversion, redemption or otherwise) and shall not be
responsible for any delay or failure to do so; and (v) file any claims or take any action or institute any proceedings which Secured Party may deem necessary or appropriate for the collection and/or preservation of the Collateral or otherwise
to enforce the rights of Secured Party with respect to the Collateral. Secured Party agrees that it shall not exercise its rights under this Section 10(a) unless an Event of Default has occurred and is continuing. 
 (b) Performance by Secured Party. If Debtor fails to perform any agreement or obligation provided herein, Secured Party may itself
perform, or cause performance of, such agreement or obligation, and the expenses of Secured Party incurred in connection therewith shall be a part of the Indebtedness, secured by the Collateral and payable by Debtor on demand. 
 Notwithstanding any other provision herein to the contrary, Secured Party does not have any duty to exercise or continue to exercise any of the foregoing rights and
shall not be responsible for any failure to do so or for any delay in doing so. 
 11. Events of Default. The occurrence of any Event
of Default as defined in the Loan Agreement shall constitute an Event of Default hereunder. 
 12. Remedies and Related Rights. If an
Event of Default shall have occurred, and without limiting any other rights and remedies provided herein, under any of the other Loan Documents or otherwise available to Secured Party, Secured Party may exercise one or more of the rights and
remedies provided in this Section. 
 (a) Remedies. Secured Party may from time to time at its discretion, without
limitation and without notice except as expressly provided in any of the Loan Documents: 
 (i) exercise in respect of the
Collateral all the rights and remedies of a secured party under the Code (whether or not the Code applies to the affected Collateral); 

 (ii) reduce its claim to judgment or foreclose or otherwise enforce, in whole or in part,
the security interest granted hereunder by any available judicial procedure; 
 (iii) sell or otherwise dispose of, at its
office, on the premises of Debtor or elsewhere, the Collateral, as a unit or in parcels, by public or private proceedings, and by way of one or more contracts (it being agreed that the sale or other disposition of any part of the Collateral shall
not exhaust Secured Party’s power of sale, but sales or other dispositions may be made from time to time until all of the Collateral has been sold or disposed of or until the Indebtedness has been paid and performed in full), and at any such
sale or other disposition it shall not be necessary to exhibit any of the Collateral; 
 (iv) buy the Collateral, or any
portion thereof, at any public sale; 
 (v) buy the Collateral, or any portion thereof, at any private sale if the Collateral
is of a type customarily sold in a recognized market or is of a type which is the subject of widely distributed standard price quotations; 
 (vi) apply for the appointment of a receiver for the Collateral, and Debtor hereby consents to any such appointment; and 
 (vii) at its option, retain the Collateral in satisfaction of the Indebtedness whenever the circumstances are such that Secured Party is entitled to do so under the Code or otherwise, to the full extent permitted by
the Code, Secured Party shall be permitted to elect whether such retention shall be in full or partial satisfaction of the Indebtedness. 
 In the event Secured Party shall elect to sell the Collateral, Secured Party may sell the Collateral without giving any warranties with respect thereto and shall he permitted to specifically disclaim any warranties of title or the like. If
Secured Party sells any of the Collateral for cash, Secured Party will credit Debtor for the full amount received, less any cost or foreclosure and sale. Further, if Secured Party sells any of the Collateral on credit, Debtor will be credited only
with payments actually made by the purchaser and received by Secured Party. In the event the purchaser fails to pay for the Collateral, Secured Party may resell the Collateral and Debtor shall be credited with the proceeds of the sale. Debtor agrees
that in the event Debtor is entitled to receive any notice under the Code, as it exists in the state governing any such notice, of the sale or other disposition of any Collateral, reasonable notice shall be deemed given when such notice is deposited
in a depository receptacle under the care and custody of the United States Postal Service, postage prepaid, addressed to such party at its address set forth on the first page hereof, ten (10) days prior to the date of any public sale, or after
which a private sale, of any of such Collateral is to be held. Secured Party shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Secured Party may adjourn any public or private sale from time to time
by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Debtor further acknowledges and agrees that the redemption by Secured Party of any
certificate 

 
of deposit pledged as Collateral shall be deemed to be a commercially reasonable disposition under Section 9.610 of the Code. 
 (b) Private Sale of Securities. Debtor recognizes that Secured Party may be unable to effect a public sale of all or any part of
the securities pledged as Collateral because of restrictions in applicable federal and state securities laws and that Secured Party may, therefore, determine to make one or more private sales of any such securities to a restricted group of
purchasers who will be obligated to agree, among other things, to acquire such securities for their own account, for investment and not with a view to the distribution or resale thereof. Debtor acknowledges that each any such private sale may be at
prices and other terms less favorable than what might have been obtained at a public sale and, notwithstanding the foregoing, agrees that each such private sale shall be deemed to have been made in a commercially reasonable manner and that Secured
Party shall have no obligation to delay the sale of any such securities for the period of time necessary to permit the issuer to register such securities for public sale under any federal or state securities laws. Debtor further acknowledges and
agrees that any offer to sell such securities which has been made privately in the manner described above to not less than five (5) bona fide offerees shall be deemed to involve a “public sale” for the purposes of Chapter 9 of
the Code, notwithstanding that such sale may not constitute a “public offering” under any federal or state securities laws and that Secured Party may, in such event, bid for the purchase of such securities. 
 (c) Application of Proceeds. If any Event of Default shall have occurred and be continuing, Secured Party may at its discretion
apply or use any cash held by Secured Party as Collateral, and any cash proceeds received by Secured Party in respect of any sale or other disposition of, collection from, or other realization upon, all or any part of the Collateral as follows in
such order and manner as Secured Party may elect: 
 (i) to the repayment or reimbursement of the reasonable costs and
expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by Secured Party in connection with (A) the administration of the Loan Documents, (B) the custody, preservation, use or operation of, or the
sale of, collection from, or other realization upon, the Collateral, and (C) the exercise or enforcement of any of the rights and remedies of Secured Party hereunder, 
 (ii) to the payment or other satisfaction of any liens and other encumbrances upon the Collateral; 
 (iii) to the satisfaction of the Indebtedness; 
 (iv) by holding such cash and proceeds as Collateral; 
 (v) to the payment of any other amounts required by applicable law (including without limitation, Section 9.615(a)(3) of the Code or
any other applicable statutory provision); and 

 (vi) by delivery to Debtor or any other party lawfully entitled to receive such cash or
proceeds whether by direction of a court of competent jurisdiction or otherwise. 
 (d) Deficiency. In the event that
the proceeds of any sale of, collection from, or other realization upon, all or any part of the Collateral by Secured Party are insufficient to pay all amounts to which Secured Party is legally entitled, Debtor and any party who guaranteed or is
otherwise obligated to pay all or any portion of the Indebtedness shall be liable for the deficiency, together with interest thereon as provided in the Loan Documents, to the full extent permitted by the Code. 
 (e) Non-Judicial Remedies. In granting to Secured Party the power to enforce its rights hereunder without prior judicial process or
judicial hearing, Debtor expressly waives, renounces and knowingly relinquishes any legal right which might otherwise require Secured Party to enforce its rights by judicial process. Debtor recognizes and concedes that non-judicial remedies are
consistent with the usage of trade, are responsive to commercial necessity and are the result of a bargain at arm’s length. Nothing herein is intended to prevent Secured Party or Debtor from resorting to judicial process at either party’s
option. 
 (f) Voting Rights. Upon the occurrence and during the continuation of an Event of Default, Debtor will not
exercise any voting rights with respect to securities pledged as Collateral. Debtor hereby irrevocably appoints Secured Party as Debtor’s attorney-in-fact (such power of attorney being coupled with an interest) and proxy to exercise any voting
rights with respect to Debtor’s securities pledged as Collateral upon the occurrence and during the continuation of an Event of Default. 
 (g) Dividend Rights and Interest Payments. Upon the occurrence and during the continuation of an Event of Default: 
 (i) all rights of Debtor to receive and retain the dividends and interest payments which it would otherwise be authorized to receive and retain pursuant to Section 3 shall automatically cease, and all such rights
shall thereupon become vested with Secured Party which shall thereafter have the sole right to receive, hold and apply as Collateral such dividends and interest payments; and 
 (ii) all dividend and interest payments which are received by Debtor contrary to the provisions of clause (i) of this Subsection
shall be received in trust for the benefit of Secured Party, shall be segregated from other funds of Debtor, and shall be forthwith paid over to Secured Party in the exact form received (properly endorsed or assigned if requested by Secured Party),
to be held by Secured Party as Collateral. 
 13. INDEMNITY. DEBTOR HEREBY INDEMNIFIES AND AGREES TO HOLD HARMLESS SECURED
PARTY, AND ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS AND REPRESENTATIVES (EACH A “INDEMNIFIED PERSON”) FROM AND AGAINST ANY AND ALL LIABILITIES, OBLIGATIONS, 

 
CLAIMS, LOSSES, DAMAGES, PENALTIES, ACTIONS, JUDGMENTS, SUITS, COSTS, EXPENSES OR DISBURSEMENTS OF ANY KIND OR NATURE (COLLECTIVELY, THE
“CLAIMS”) WHICH MAY BE IMPOSED ON, INCURRED BY, OR ASSERTED AGAINST, ANY INDEMNIFIED PERSON ARISING IN CONNECTION WITH THE LOAN DOCUMENTS, THE INDEBTEDNESS OR THE COLLATERAL (INCLUDING WITHOUT LIMITATION, THE ENFORCEMENT OF THE LOAN
DOCUMENTS AND THE DEFENSE OF ANY INDEMNIFIED PERSON’S ACTIONS AND/OR INACTIONS IN CONNECTION WITH THE LOAN DOCUMENTS BUT EXCLUDING CLAIMS ARISING FROM SUCH INDEMNIFIED PERSON’S OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT). THE
INDEMNIFICATION PROVIDED FOR IN THIS SECTION SHALL SURVIVE THE TERMINATION OF THIS AGREEMENT AND SHALL EXTEND AND CONTINUE TO BENEFIT EACH INDIVIDUAL OR ENTITY WHO IS OR HAS AT ANY TIME BEEN AN INDEMNIFIED PERSON HEREUNDER 
 14. Miscellaneous. 
 (a) Entire Agreement. This Agreement and the other Loan Documents contain the entire agreement of Secured Party and Debtor with respect to the Collateral. If the parties hereto are parties to any other prior agreement, either written
or oral, relating to the Collateral, the terms of this Agreement shall amend and supersede the terms of such prior agreements as to transactions on or after the effective date of this Agreement. 
 (b) Amendment. No modification, consent or amendment of any provision of this Agreement or any of the other Loan Documents shall be
valid or effective unless the same is in writing and authenticated by the party against whom it is sought to be enforced, except to the extent of amendments specifically permitted by the Code without authentication by the Debtor. 
 (c) Actions by Secured Party. The lien, security interest and other security rights of Secured Party hereunder shall not be
impaired by (i) any renewal, extension, increase or modification with respect to the Indebtedness, (ii) any surrender, compromise, release, renewal, extension, exchange or substitution which Secured Party may grant with respect to the
Collateral, or (iii) any release or indulgence granted to any endorser, guarantor or surety of the Indebtedness. The taking of additional security by Secured Party shall not release or impair the lien, security interest or other security rights
of Secured Party hereunder or affect the obligations of Debtor hereunder. 
 (d) Waiver by Secured Party. Secured Party
may waive any Event of Default without waiving any other prior or subsequent Event of Default. Secured Party may remedy any default without waiving the Event of Default remedied. Neither the failure by Secured Party to exercise, nor the delay by
Secured Party in exercising, any right or remedy upon any Event of Default shall be construed as a waiver of such Event of Default or as a waiver of the right to exercise any such right or remedy at a later date. No single or partial exercise by
Secured Party of any right or remedy hereunder shall exhaust the same or shall preclude any other or further exercise thereof, and every such right or remedy hereunder may be exercised at any time. No waiver of any provision hereof or 

 
consent to any departure by Debtor therefrom shall be effective unless the same shall be in writing and signed by Secured Party and then such waiver or
consent shall be effective only in the specific instances, for the purpose for which given and to the extent therein specified. No notice to or demand on Debtor in any case shall of itself entitle Debtor to any other or further notice or demand in
similar or other circumstances. 
 (e) Costs and Expenses. Debtor will upon demand pay to Secured Party the amount of
any and all costs and expenses (including without limitation, reasonable attorneys’ fees and expenses), which Secured Party may incur in connection with (i) the transactions which give rise to the Loan Documents, (ii) the preparation
of this Agreement and the perfection and preservation of the security interests granted under the Loan Documents, (iii) the administration of the Loan Documents, (iv) the custody, preservation, use or operation of, or the sale of,
collection from, or other realization upon, the Collateral, (v) the exercise or enforcement of any of the rights of Secured Party under the Loan Documents, or (vi) the failure by Debtor to perform or observe any of the provisions hereof.

 (f) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS AND APPLICABLE FEDERAL LAWS, EXCEPT TO THE EXTENT PERFECTION AND THE EFFECT OF PERFECTION OR NON-PERFECTION OF THE SECURITY INTEREST GRANTED HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL, ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER
THAN THE STATE OF TEXAS. 
 (g) Venue. This Agreement has been entered into in the county in Texas where Secured
Party’s address for notice purposes is located, and it shall be performable for all purposes in such county. Courts within the State of Texas shall have jurisdiction over any and all disputes arising under or pertaining to this Agreement and
venue for any such disputes shall be in the county or judicial district where this Agreement has been executed and delivered. 
 (h) Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully severable, shall not impair or
invalidate the remainder of this Agreement and the effect thereof shall be confined to the provision held to be illegal, invalid or unenforceable. 
 (i) No Obligation. Nothing contained herein shall be construed as an obligation on the part of Secured Party to extend or continue to extend credit to Debtor. 
 (j) Notices. All notices, requests, demands or other communications required or permitted to be given pursuant to this Agreement
shall be in writing and given by (i) personal delivery, (ii) expedited delivery service with proof of delivery, or (iii) United States mail, postage prepaid, registered or certified mail, return receipt requested, sent to the intended
addressee at the address set forth on the first page hereof or to such different address as the addressee shall have designated by written notice sent pursuant to the 

 
terms hereof and shall be deemed to have been received either, in the case of personal delivery, at the time of personal delivery, in the case of expedited
delivery service, as of the date of first attempted delivery at the address and in the manner provided herein, or in the case of mail, upon deposit in a depository receptacle under the care and custody of the United States Postal Service. Either
party shall have the right to change its address for notice hereunder to any other location within the continental United States by notice to the other party of such new address at least thirty (30) days prior to the effective date of such new
address. 
 (k) Binding Effect and Assignment. This Agreement (i) creates a continuing security interest in the
Collateral, (ii) shall be binding on Debtor and the heirs, executors, administrators, personal representatives, successors and assigns of Debtor, and (iii) shall inure to the benefit of Secured Party and its successors and assigns. Without
limiting the generality of the foregoing, Secured Party may pledge, assign or otherwise transfer the Indebtedness and its rights under this Agreement and any of the other Loan Documents to any other party, so long as, when no Event of Default
exists, it receives prior written consent from Debtor to such assignment, pledge, or transfer. Debtor’s rights and obligations hereunder may not be assigned or otherwise transferred without the prior written consent of Secured Party.

 (l) Termination. It is contemplated by the parties hereto that from time to time there may be no outstanding
Indebtedness, but notwithstanding such occurrences, this Agreement shall remain valid and shall be in full force and effect as to subsequent outstanding Indebtedness. Upon (i) the satisfaction in full of the Indebtedness, (ii) the
termination or expiration of any commitment of Secured Party to extend credit to Debtor, (iii) written request for the termination hereof delivered by Debtor to Secured Party, and (iv) written release delivered by Secured Party to Debtor,
this Agreement and the security interests created hereby shall terminate. Upon termination of this Agreement and Debtor’s written request, Secured Party will, at Debtor’s sole cost and expense, return to Debtor such of the Collateral as
shall not have been sold or otherwise disposed of or applied pursuant to the terms hereof and execute and deliver to Debtor such documents as Debtor shall reasonably request to evidence such termination. Upon the sale of any Collateral that is
permitted by the Loan Agreement, the security interest created by this Agreement in such Collateral shall be automatically released, and Secured Party will, at Debtor’s expense, return to Debtor such Collateral being sold and execute and
deliver to Debtor such documents as Debtor shall reasonably request to evidence such termination. 
 (m) Cumulative
Rights. All rights and remedies of Secured Party hereunder are cumulative of each other and of every other right or remedy which Secured Party may otherwise have at law or in equity or under any of the other Loan Documents, and the exercise of
one or more of such rights or remedies shall not prejudice or impair the concurrent or subsequent exercise of any other rights or remedies. Further, except as specifically noted as a waiver herein, no provision of this Agreement is intended by the
parties to this Agreement to waive any rights, benefits or protection afforded to Secured Party under the Code. 

 (n) Gender and Number. Within this Agreement, words of any gender shall be held
and construed to include the other gender, and words in the singular number shall be held and construed to include the plural and words in the plural number shall be held and construed to include the singular, unless in each instance the context
requires otherwise. 
 (o) Descriptive Headings. The headings in this Agreement are for convenience only and shall in
no way enlarge, limit or define the scope or meaning of the various and several provisions hereof. 
 15. Financing Statement Filings.
Debtor recognizes that financing statements pertaining to the Collateral have been or may be filed in one or more of the following jurisdictions: the location of Debtor’s principal residence, the location of Debtor’s place of business, the
location of Debtor’s chief executive office, or other such place as the Debtor may be “located” under the provisions of the Code. Without limitation of any other covenant herein, Debtor will neither cause or permit any change in the
location of (i) any Collateral (except if such Collateral will subsequently be located with the Bailee, at the Debtor’s address in the first paragraph of this Agreement, or with Secured Party), (ii) any records concerning any
Collateral, or (iii) Debtor’s principal residence, the location of Debtor’s place of business, or the location of Debtor’s chief executive office, as the case may be, to a jurisdiction other than as represented in Subsection
7(g), nor will Debtor change its name or the Organizational Information as represented in Subsection 7(g), unless Debtor shall have notified Secured Party in writing of such change at least thirty (30) days prior to the effective date of such
change, and shall have first taken all action required or reasonably deemed preferable by Secured Party for the purpose of further perfecting or protecting the security interest in favor of Secured Party in the Collateral. In any written notice
furnished pursuant to this Subsection, Debtor will expressly state that the notice is required by this Agreement and contains facts that may require additional filings of financing statements, amendments or other notices for the purpose of
continuing perfection of Secured Party’s security interest in the Collateral. 
 Without limiting Secured Party’s rights hereunder,
Debtor authorizes Secured Party to file financing statements or amendments thereto under the provisions of the Code as amended from time to time. 
 Remainder of this page intentionally left blank. 
 Signature page follows. 

 EXECUTED as of the date first written above. 
  

			
	DEBTOR:
	
	EQUUS TOTAL RETURN, INC.
		
	By:	 	 /s/    L’Sheryl Hudson

		 	L’Sheryl Hudson
		 	Chief Financial Officer
	
	 SECURED PARTY:

	
	 AMEGY BANK NATIONAL ASSOCIATION,
 a national
banking association

		
	By:	 	 /s/    Robert T. Caughlin

	Name:	 	Robert T. Caughlin
	Title:	 	Assistant Vice President

 Signature Page 
 Pledge and Security Agreement 

 Schedule I 
 Pledged Securities

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