Document:

EX-10.2

 Exhibit 10.2 
 EXECUTION VERSION 
  
  

 
 PLEDGE AND SECURITY AGREEMENT

 Dated as of April 19, 2012 
 by and among 
 ENDURANCE SPECIALTY HOLDINGS LTD., 

VARIOUS DESIGNATED SUBSIDIARY BORROWERS, 
 DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Collateral Agent 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Custodian 
 and 

JPMORGAN CHASE BANK, N.A. 
 as Administrative Agent 
  

 
  

 PLEDGE AND SECURITY AGREEMENT (as amended, modified and supplemented and as in effect from
time to time, this “Agreement”), dated as of April 19, 2012, by and among the undersigned subsidiary Borrowers (each, a “Grantor” and, together with any other entity that becomes a Grantor hereunder pursuant to
Section 10.12 hereof, the “Grantors”), Deutsche Bank Trust Company Americas, as collateral agent for the benefit of the Secured Creditors (as defined below) (in such capacity, together with any successor Collateral Agent, the
“Collateral Agent”), Deutsche Bank Trust Company Americas, as Deposit Account Bank (as defined below) and securities intermediary (as such term is defined in Section 8-102 of the UCC) (in such capacity, together with any
successor, the “Custodian”), and JPMorgan Chase Bank, N.A., as administrative agent under the Credit Agreement (as defined below) (in such capacity, together with any successor, the “Administrative Agent”). Certain
capitalized terms as used herein are defined in Section 1 hereof. Except as otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 

W I T N E S S E T H : 
 WHEREAS, Endurance Specialty Holdings Ltd. (the “Parent Borrower”), various Designated Subsidiary Borrowers, the lenders from time to time party thereto (the “Lenders”),
the Administrative Agent and each of the other agents and arrangers party thereto, have entered into that certain Credit Agreement, dated as of April 19, 2012 (as amended, modified, supplemented or amended and restated from time to time, the
“Credit Agreement”), providing for the making of Loans to the Borrowers and the issuance of, and participation in, Letters of Credit for the account of the Designated Subsidiary Borrowers, all as contemplated therein (the Lenders,
the Issuing Agent, the Issuing Lenders, the Limited Fronting Lenders, the Administrative Agent, the Collateral Agent, the Custodian, each other agent under the Credit Agreement and, with respect to any amounts owing in respect of any Existing
Letters of Credit, the Original Lenders (solely until such time that such Existing Letters of Credit have been amended to replace the Original Lenders pursuant to the Credit Agreement and all amounts owing to such Original Lenders under Sections
2A.03 and 2A.08 of the Credit Agreement and all interest related thereto shall have been paid in full) are herein called the “Secured Creditors”); 
 WHEREAS, it is a condition precedent to the making of Loans to the Borrowers and the issuance of, and participation in, Letters of Credit for the account of the Designated Subsidiary Borrowers under the
Credit Agreement that each Grantor shall have executed and delivered to the Collateral Agent this Agreement; and 
 WHEREAS,
each Grantor will obtain benefits from the incurrence of Loans and/or the issuance of, and participation in, Letters of Credit for their respective accounts under the Credit Agreement and, accordingly, desires to execute this Agreement in order to
satisfy the condition described in the preceding paragraph and to induce the Lenders to make Loans to the Borrowers and issue, and/or participate in, Letters of Credit for the account of the Designated Subsidiary Borrowers; 

NOW, THEREFORE, in consideration of the benefits accruing to each Grantor, the receipt and sufficiency of which are hereby acknowledged,
each Grantor hereby makes the following representations and warranties (solely as to itself and its Subsidiaries) to the Collateral 

  
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Agent for the benefit of the Secured Creditors and hereby covenants and agrees (solely as to itself and its Subsidiaries) with the Collateral Agent for the benefit of the Secured Creditors as
follows: 
 Section 1. Definitions. Terms defined in the Credit Agreement are used herein as defined therein. In
addition, as used in this Agreement, the following terms have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

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

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

“Borrowing Base Report” has the meaning provided in Section 6.01(b). 

“Cash” means immediately available funds in Dollars. 

  
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 “Clearing Corporation” has the meaning assigned to such
term in Section 8-102(a)(5) of the UCC and includes, among other things, DTC. 
 “Close of
Business” on any given date, means the time of closing of the Federal funds wire in New York City on such date, or, with respect to any particular reference herein to such term, such earlier time on such date as may be agreed to by the
Grantors, the Collateral Agent and the Custodian. 
 “Collateral” has the meaning provided in
Section 4.01. 
 “Collateral Accounts” has the meaning provided in Section 4.02(a)
and shall include any successor accounts. 
 “Collateral Agent” has the meaning provided in the
first paragraph of this Agreement, and shall include any successor thereto. 
 “Collateral Deposit
Accounts” has the meaning provided in Section 4.02(a) and shall include any successor accounts. 

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

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

“Credit Event” means the issuance of any Tranche 1 Letter of Credit. 

“Credit Transaction” means, collectively, all Collateral Transfers, all releases of Collateral pursuant
to Section 4.04 and the occurrence of any Credit Event. 
 “Custodian” has the meaning
provided in the first paragraph of this Agreement and shall include any successor thereto. 
 “Deposit
Account” has the meaning assigned to such term in Section 9-102(a)(29) of the UCC. 

“Deposit Account Bank” shall mean a “bank” (as defined in Section 9-102(a)(8) of the UCC)
which maintains a Deposit Account. 
 “Derivative Security” means any security evidencing the
right to receive payments of principal only or interest only with respect to an underlying Instrument or Security or otherwise evidencing a right to receive anything but proportionate payments of the principal of and interest on any underlying
Instrument or Security, and any forward or futures contract, put, call, collar, option or swap agreement in respect of any Security. 

  
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 “DTC” means The Depository Trust Company, its successors
and assigns. 
 “Financial Asset” has the meaning assigned to such term in
Section 8-102(a)(9) of the UCC. 
 “Governmental Authority” means any nation or
government, any state or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

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

“Grantor” has the meaning provided in the first paragraph of this Agreement and shall include any
successor thereto. 
 “Indemnitee” has the meaning provided in Section 10.04(b) of this
Agreement. 
 “Instrument” has the meaning assigned to such term in Section 9-102(a)(47)
of the UCC. 
 “Investment Property” has the meaning assigned to such term in
Section 9-102(a)(49) of the UCC. 
 “Lenders” has the meaning provided in the recitals of
this Agreement. 
 “Location” of any Grantor, means such Grantor’s “location” as
determined pursuant to Section 9-307 of the UCC. 
 “Market Value” of each Security at a
particular time, means the fair market value determined for such Security at the close of business on the last preceding Business Day. For purposes of this definition, unpaid dividends and other unpaid distributions on or in respect of Securities
and accrued but unpaid interest on Securities will be excluded from the determination of Market Value. For purpose of the determination of any Market Value, the Custodian or the Collateral Agent shall be entitled to rely on any independent pricing
service deemed reliable by it, and in the event no such pricing service exists, the Market Value shall be provided by the Administrative Agent. 
 “NYSE” means the New York Stock Exchange. 

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

  
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 “Primary Obligations” has the meaning provided in
Section 8.04(b) of this Agreement. 
 “Pro Rata Share” has the meaning provided in
Section 8.04(b) of this Agreement. 
 “Proceeds” means all “proceeds” as such
term is defined in Section 9-102(a)(64) of the UCC and, in any event, shall include, without limitation, all interest on or other income from the Cash from time to time on deposit in any Collateral Account, and all collections and distributions
(including, without limitation, interest and dividends) with respect to any Security held in any Collateral Account. 
 “Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible. 

“Registered Organization” has the meaning provided in the Uniform Commercial Code as in effect in the
State of New York. 
 “Requirements of Law” for any Person, means the Certificate of
Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation, or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding
upon such Person or any of its property or to which such Person or any of its property is subject. 

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

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

(ii) any and all sums advanced by the Collateral Agent and/or the Custodian in order to preserve the Collateral or
preserve the Collateral Agent’s security interest in the Collateral; 

  
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 (iii) in the event of any proceeding for the collection or enforcement of
any indebtedness, obligations, or liabilities of such Grantor referred to in clause (i) above, after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling
or otherwise disposing of or realizing on the Collateral, or of any exercise by the Collateral Agent of its rights hereunder, together with reasonable attorneys’ fees and court costs; 

(iv) all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement by such Grantor under
Section 10.04(b) of this Agreement; and 
 (v) all amounts owing by such Grantor to the Administrative
Agent in connection with Tranche 1 Letters of Credit pursuant to any of the Credit Documents in its capacity as such; 

Notwithstanding anything to the contrary contained in this definition, it is understood and agreed that the “Secured
Obligations” of each Grantor shall (x) include obligations solely to the extent the Secured Obligations of such Grantor consist of or are incurred in connection with Tranche 1 Letters of Credit to such Grantor, (y) include extensions
of credit to the respective Grantor of the types described above in connection with the Tranche 1 Letters of Credit, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement and (z) in the
case of the Parent Borrower, shall not include any obligations arising under the Parent Borrower Guaranty. 

“Security” and “Securities” have the meaning provided in Section 8-102(a)(15) of
the UCC and shall in any event also include for all purposes under this Agreement any certificates of deposit and money market deposits of any commercial bank. 
 “Securities Account” has the meaning assigned to such term in Section 8-501(a) of the UCC. 
 “Securities Intermediary” has the meaning assigned to such term in Section 8-102(a)(14) of the UCC. 

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

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

“Termination Date” has the meaning provided in Section 10.08. 

“Transmitting Utility” has the meaning given such term in Section 9-102(a)(80) of the UCC.

  
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 “UCC” means the Uniform Commercial Code, as amended, and as
in effect from time to time in the State of New York, except that references to sections of the UCC refer to the section numbers of such sections as of the date of this Agreement. 

Section 2. Appointment of Custodian; Acceptance of Appointment by the Collateral Agent. 

Section 2.01 Appointment. Each Grantor and the Collateral Agent hereby appoint the Custodian as custodian, bailee, Deposit Account
Bank and Securities Intermediary of all Eligible Securities and Cash at any time delivered to, or deposited with, the Custodian in connection with any and all Credit Transactions and as their agent to effect such Credit Transactions. The Custodian
hereby accepts the foregoing appointment as custodian, bailee, Deposit Account Bank, Securities Intermediary and agent. 

Section 2.02 Acceptance of Appointment by the Collateral Agent. The Collateral Agent hereby accepts its appointment as such,
pursuant to Section 11.01 of the Credit Agreement. 
 Section 3. Representations and Covenants of each Grantor.

 Section 3.01 Representations by each Grantor. Each Grantor (solely as to itself and its Subsidiaries) represents,
warrants and covenants (and each Grantor shall be deemed to repeat each such representation and warranty on each date on which a Primary Obligation is outstanding) that: 

(a) it is the legal, beneficial and record owner of, and has good and marketable title to, all of its Collateral
consisting of one or more Collateral Accounts and all Financial Assets, cash, instruments and Securities credited thereto and Security Entitlements and credit balances carried therein and that it has sufficient interest in all of its Collateral in
which a security interest is purported to be created hereunder for such security interest to attach (subject, in each case, to no pledge, lien, mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance
whatsoever, other than Liens which are permitted under Section 8.03(a), (k) or (l) of the Credit Agreement and which are not prior to the Liens created by this Agreement); 

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

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

  
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 (e) neither the execution, delivery or performance by such Grantor of this
Agreement or the other Credit Documents to which it is a party nor compliance with the terms and provisions thereof nor the consummation of the transactions contemplated therein: (i) will contravene any applicable provision of any law, statute,
rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality; (ii) will conflict or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a
default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Security Documents or pursuant to Section 4.02 of the Credit Agreement) upon any of the property or assets of
such Grantor or any of its Subsidiaries pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement, credit agreement, securities loan agreement, repurchase agreement or any other material agreement or instrument to which such
Grantor or any of its Subsidiaries is a party or by which it or any of its property or assets are bound or to which it may be subject; or (iii) will violate any provision of the certificate of incorporation, by-laws or other organizational
documents of such Grantor or any of its Subsidiaries; 
 (f) to the best of such Grantor’s knowledge, all
of such Grantor’s Collateral consisting of Securities has been duly and validly issued, is fully paid and non-assessable and is subject to no options to purchase or similar rights; 

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

(h) “control” (as defined in Section 9-104 of the UCC) has been obtained by the Collateral Agent over all
of such Grantor’s Collateral consisting of Deposit Accounts; 
 (i) each Grantor covenants and agrees
(solely as to itself) that it will defend the Collateral Agent’s and its right, title and security interest in and to such Grantor’s Collateral and the proceeds thereof against the claims and demands of all persons whomsoever; and each
Grantor covenants and agrees (solely as to itself) that it will have like title to and right to pledge any other property at any time hereafter pledged to the Collateral Agent by such Grantor as Collateral hereunder and will likewise defend the
right thereto and security interest therein of the Collateral Agent and the other Secured Creditors; 

  
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 (j) this Agreement, together with the Account Control Agreement and the
transfer, deposit or delivery of any Collateral by or on behalf of such Grantor to the Collateral Agent or its agent (including the Custodian), or to any Collateral Account, will constitute, in favor of the Collateral Agent, a valid first lien on
and first priority perfected security interest in all of the Collateral, subject to no other Lien other than Liens which are permitted under Section 8.03(a), (k) or (l) of the Credit Agreement and which are not prior to the Liens
created by this Agreement, provided that the Custodian shall have no obligation with respect to the validity and perfection of the security interest otherwise than to act in accordance with the terms of this Agreement and the Account Control
Agreement; and 
 (k) The exact legal name of each Grantor, the type of organization of such Grantor, whether or
not such Grantor is a Registered Organization, the jurisdiction of organization of such Grantor, such Grantor’s Location, the organizational identification number (if any) of such Grantor and whether or not such Grantor is a Transmitting
Utility are listed on Annex A hereto for such Grantor. Such Grantor shall not change its legal name, its type of organization, its status as a Registered Organization (in the case of a Registered Organization), its status as a Transmitting
Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization, its Location or its organizational identification number (if any) from that set forth on Annex A hereto, except that any such
changes shall be permitted (so long as same do not involve (x) a Registered Organization ceasing to constitute same or (y) such Grantor changing its jurisdiction of organization or Location from the United States or a State thereof to a
jurisdiction of organization or Location, as the case may be, outside the United States or a State thereof) if (i) it shall have given to the Collateral Agent not less than fifteen (15) days’ prior written notice of each change to the
information listed on Annex A (as adjusted for any subsequent changes thereto previously made in accordance with this sentence), together with a supplement to Annex A which shall correct all information contained therein for such
Grantor, and (ii) in connection with the respective such change or changes, it shall have taken all action reasonably requested by the Collateral Agent to maintain the security interests of the Collateral Agent in the Collateral intended to be
granted hereby at all times fully perfected and in full force and effect. In addition, to the extent that such Grantor does not have an organizational identification number on the date hereof and later obtains one, such Grantor shall promptly
thereafter notify the Collateral Agent of such organizational identification number and shall take all actions reasonably satisfactory to the Administrative Agent to the extent necessary to maintain the first priority security interest of the
Collateral Agent in the Collateral intended to be granted hereby fully perfected and in full force and effect. 
 Section 4.
Collateral; Establishment of Collateral Accounts. 
 Section 4.01 Pledge, Grant of Security Interest. As security
for the prompt and complete payment and performance when due of all of its Secured Obligations, each Grantor does hereby severally (and not jointly) assign and transfer unto the Collateral Agent, and does hereby severally (and not jointly) pledge,
charge and grant to the Collateral Agent, for the benefit of the Secured Creditors, a continuing security interest in all of the right, title and interest of such Grantor in, to and under all of the following property (and all rights therein) of
such Grantor, or in which or to which such Grantor has any rights, in each case whether now existing or hereafter from time to time acquired (all of which is hereinafter collectively referred to as the “Collateral”): 

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

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

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

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

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

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

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

  
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 Section 4.03 Procedures for Depositing Cash and Crediting Securities to Collateral
Accounts. 
 (a) In General. Each Grantor (i) may, prior to 12:00 noon New York City time, on the last Business
Day of any calendar month, transfer, deliver or deposit or cause to be transferred, delivered or deposited, as the case may be, (x) Cash to such Grantor’s Deposit Account or (y) Securities to such Grantor’s Securities Account,
for application to such Grantor’s Deposit Account or Securities Account, as applicable, the following Business Day and (ii) shall, on any date, transfer, deliver or deposit or cause to be transferred, delivered or deposited, as the case
may be, Cash and/or Cash Equivalents to such Grantor’s Deposit Account or Securities Account, as applicable, as may be required by, and in accordance with, Section 4.02 or 4.03, as applicable, of the Credit Agreement. For the avoidance of
doubt, it is understood and agreed that the purchase or sale by any Grantor or its agent, of Cash or Securities in the ordinary course of business on a “delivery versus payment” basis is excluded for the purposes of a transfer, delivery or
deposit of Cash or Securities, as contemplated in Section 4.03(a) and with respect to such purchases or sales, the respective Grantor shall not be required to deliver a notice in the form of Exhibit B, as contemplated in
Section 4.03(b), but shall provide, in reasonable detail, a description of the Securities (and the respective fair market value thereof as of the date of such Collateral Transfer), including the category applicable to such Securities for
purposes of determining the applicable Advance Rate (which category the Collateral Agent shall confirm). 
 (b) Collateral
Transfer. (i) Concurrently with, or prior to, any Collateral Transfer to the Custodian for inclusion in the respective Grantor’s Borrowing Base, the respective Grantor shall (x) deliver customary forms provided by the Custodian
(completed to the satisfaction of the Custodian) in respect of such Collateral Transfer and (y) notify the Collateral Agent and the Administrative Agent of such Collateral Transfer in writing, which notice shall be substantially in the form of
Exhibit B and shall set forth (i) the date of such Collateral Transfer, (ii) in reasonable detail, a description of the Securities (and the respective fair market value thereof as of the date of such Collateral Transfer), including
the category applicable to such Securities for purposes of determining the applicable Advance Rate (which category the Collateral Agent shall confirm), (iii) the Borrowing Base of such Grantor both before and after giving effect to such
Collateral Transfer and (iv) an officer’s certificate certified by an Authorized Officer that the Cash and/or Securities subject to such Collateral Transfer constitutes Collateral of such Grantor under this Agreement and is subject to
security interests granted herein. Each Collateral Transfer shall be made in accordance with customary procedures of the Custodian, which procedures shall be deemed to be incorporated by reference in this Agreement as if set forth in full herein.

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

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

(ii) such Grantor has noted on its books and records that such Property is pledged to the Collateral Agent under this
Agreement; 

  
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 (iii) the Borrowing Base of such Grantor is equal to or exceeds 100% of the
amount of the Secured Obligations of such Grantor on and as of the date of such Collateral Transfer; and 
 (iv)
with respect to each such Property (and all other Property theretofore transferred to the Collateral Agent and included in the Collateral hereunder), this Agreement, the Account Control Agreement and the delivery of such Property to the respective
Collateral Account creates a valid first Lien on and first priority perfected security interest in such Property in favor of the Collateral Agent, subject to no other Liens other than Liens which are permitted under Section 8.03(a), (k) or
(l) of the Credit Agreement and which are not prior to the Liens created by this Agreement, and enforceable as such against all other creditors of such Grantor. 
 (d) Form of Transfer. The Grantor shall transfer each item of Collateral to the Custodian in a form and manner sufficient to create a perfected first priority security interest therein in favor of
the Collateral Agent under the UCC, and otherwise in a form and manner reasonably acceptable to the Collateral Agent and the Custodian. 
 (e) Rights of the Collateral Agent. Notwithstanding anything to the contrary in this Agreement, the Collateral Agent and/or the Custodian shall have the right to reject or return any Security
transferred to any Collateral Account to the extent that it has determined, with the advice of its counsel (which may be in-house counsel), that acceptance of such Security as Collateral or otherwise, would violate or conflict with any law, treaty,
rule or regulation or determination of any Governmental Authority or other requirements of law binding upon the Collateral Agent or the Custodian. 
 (f) Further Assurances. In connection with any Collateral Transfer under this Section 4.03 or otherwise in respect hereof, each Grantor shall take such action, at its own expense, as the
Collateral Agent may reasonably request (including, without limitation, to the extent that the Collateral Agent may reasonably request, delivering undated bond powers or other instruments of transfer or entering into one or more control agreements
on terms reasonably satisfactory to the Collateral Agent) for the purpose of ensuring that the Collateral Agent will have a perfected first priority security interest with respect to each item of Collateral so transferred. In addition, each Grantor
will furnish to the Administrative Agent and the Collateral Agent from time to time statements and schedules identifying and describing the Collateral (including, without limitation, each Borrowing Base Certificate delivered pursuant to
Section 7.01(h) of the Credit Agreement) with respect to such Grantor and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 

Section 4.04 Procedures for Requesting Releases of Collateral from Collateral Accounts. 

(a) In General. Each Grantor may, prior to 12:00 noon New York City time, on the Business Day prior to the last Business Day of
any calendar month, deliver to the Collateral Agent and the Custodian a request for release of Collateral on the following Business Day from one or more of its Collateral Accounts in accordance with the procedures set forth in Section 4.04(b).
For the avoidance of doubt, it is understood and agreed that the purchase or sale by any Grantor or its agent, of cash or securities in the ordinary course of business on a “delivery versus payment” basis shall not be considered a release
of collateral, as contemplated in Section 4.04(a) and Section 4.04(b). 

  
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 (b) Collateral Release Request. Prior to each release by the Collateral Agent and the
Custodian of Collateral to the respective Grantor, such Grantor shall deliver to the Collateral Agent and the Custodian a Collateral Release Request substantially in the form of Exhibit A (appropriately completed) with respect thereto. Each
Collateral Release Request shall be delivered in writing together with such customary documents as may be required by the Custodian and/or the Collateral Agent in accordance with their customary procedures which shall be reasonably acceptable to
such Grantor, which procedures shall be deemed to be incorporated by reference in this Agreement as if set forth in full herein. 
 (c) Notwithstanding anything to the contrary contained in this Agreement or any other Credit Document, no Collateral shall be released by the Custodian or the Collateral Agent on behalf of any Grantor
pursuant to any Collateral Release Request (i) if, immediately before or after giving effect thereto, the Borrowing Base of such Grantor would be less than 100% of the amount of the Secured Obligations of such Grantor on and as of the date of
such Collateral Release Request or (ii) if a Default or an Event of Default has occurred and is continuing, unless, in each case, in the reasonable determination of the Collateral Agent, such release is (x) of Securities against
simultaneous deposit of Cash by such Grantor to such Grantor’s Deposit Account in an amount equal to the aggregate Market Value of the released Securities or (y) made simultaneously with the transfer or delivery by such Grantor to the
Custodian of Securities (to be credited to such Grantor’s Securities Account) having an aggregate Market Value at least equal to the aggregate Market Value of the released Securities; provided that, in each case under clauses
(i) and (ii) of this paragraph, the Administrative Agent has provided notice to the Custodian and the Collateral Agent of such deficiency or such Default or Event of Default in accordance with Section 10.02. 

(d) Neither the Collateral Agent nor the Custodian shall have any liability whatsoever to any other Secured Creditor as the result of any
release of Collateral by it in accordance with (or which the Collateral Agent reasonably believes to be in accordance with) this Section 4.04. 
 Section 5. Effecting Credit Events. 
 Section 5.01 Effecting the Making
of a Loan or the Issuance of a Letter of Credit. Notwithstanding anything to the contrary, no Lender nor the Issuing Agent or any Issuing Lender shall be required to issue any Tranche 1 Letter of Credit on behalf of a Borrower whose Borrowing
Base immediately upon giving effect to such Credit Event would be less than 100% of the Secured Obligations of such Grantor as confirmed by the Custodian and the Collateral Agent (in each case, upon the written request of such Grantor) to the
Administrative Agent immediately prior to such Credit Event. In confirming whether such Borrowing Base is less than 100% of the Secured Obligations of such Grantor, the Custodian and the Collateral Agent shall be entitled to rely on any information
provided by the Administrative Agent concerning the amount of Secured Obligations then outstanding. 

  
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 Section 6. Notices and Reports. 

Section 6.01 Notices and Reports; Recordkeeping. 
 (a) Notices from Administrative Agent. On each Business Day, the Administrative Agent may, but shall have no obligation to, deliver to the Collateral Agent a notice (the “Administrative
Agent’s Notice”) of the aggregate amount of the outstanding Secured Obligations of each Grantor. The Collateral Agent may conclusively rely without further investigation on each Administrative Agent’s Notice for purposes of
determining whether the aggregate amount of the Secured Obligations of each Grantor exceeds the Borrowing Base of such Grantor and for preparing the Borrowing Base Report in respect of such Grantor. The Administrative Agent’s Notice shall have
no purpose other than to enable the Collateral Agent to make such determination and to prepare such Borrowing Base Reports, shall not be conclusive evidence of the amount of any Grantor’s Secured Obligations and may not evidence any claim or
assertion by any Grantor of the amount of its Secured Obligations. Any failure by the Administrative Agent to deliver an Administrative Agent’s Notice shall not constitute a breach or default by the Administrative Agent, and the Collateral
Agent may rely on the last Administrative Agent’s Notice delivered to the Collateral Agent. The Administrative Agent shall have no liability whatsoever to the Collateral Agent, any Grantor or any other Person relating to the information in any
Administrative Agent’s Notice or to any delivery or failure to deliver any Administrative Agent’s Notice. 
 (b)
Borrowing Base Report. By 3:00 P.M. (New York time) on each Business Day, the Collateral Agent shall deliver to the Administrative Agent a report (a “Borrowing Base Report”) containing (i) the Market Value of all
Collateral, (ii) the product of the Market Value of each item of Collateral and the applicable Advance Rate, and (iii) the amount by which the Borrowing Base of each Grantor exceeds or is less than the Secured Obligations of such Grantor,
in each case, determined (x) with respect to any determination of the Secured Obligations, on the basis of the most recent Administrative Agent’s Notice delivered to the Collateral Agent in respect of such Grantor and (y) with respect
to any determination of the Market Value of any Collateral, as of 5:00 P.M. (New York time) on the Business Day prior to the date of delivery of such Borrowing Base Report. If the Collateral Agent receives an Administrative Agent’s Notice by
1:00 P.M. (New York time) on any Business Day, then the Collateral Agent shall prepare its Borrowing Base Report for that Business Day using the information in respect of the Secured Obligations contained in such Administrative Agent’s Notice.
If the Collateral Agent does not receive an Administrative Agent’s Notice by 1:00 P.M. (New York time) on any Business Day, then the Collateral Agent shall prepare its Borrowing Base Report for that Business Day using the information in respect
of the Secured Obligations contained in the last Administrative Agent’s Notice that was received by the Collateral Agent. 

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

  
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 Section 6.02 Rights of Collateral Agent with Respect to Calculations. 

(a) Notices, Reports, Requests, etc. In making the calculations in connection with any notice, request or report or otherwise,
(i) the Collateral Agent shall be entitled (but not obligated) to rely on the Custodian, (ii) the Administrative Agent shall be entitled to rely on the Custodian and/or the Collateral Agent, and (iii) the Collateral Agent and the
Custodian shall be entitled to rely on any independent pricing service in the determination of the Market Value with respect to the Eligible Securities described therein. 
 (b) Agency Securities. In producing the Borrowing Base Report, the Collateral Agent (and the Custodian in furnishing any Market Values therefor) shall not be required to consider or recognize any
reduction in the principal amount of any Agency Securities held as Collateral until after the Collateral Agent has received written notice (including electronic communications) of such reduction by or behalf of the issuer of such Agency Securities.

 (c) Dispute. The Collateral Agent and/or the Administrative Agent upon a reasonable basis may disagree with and
dispute any request for a Collateral Transfer, any Collateral Release Request, Borrowing Base Report, or other notice or information at any time. 
 (d) Limitation on Liability. In no event shall the Collateral Agent, the Custodian or the Administrative Agent be liable to any Grantor or any other Person for the accuracy of its determination of
the aggregate amount of the Grantor’s Secured Obligations, the Grantor’s Borrowing Base or the Market Value of any item of Collateral, for any determination regarding the eligibility of any Securities for inclusion in the Borrowing Base or
for any other determination or calculation except in the case of its gross negligence or willful misconduct (as determined in a court of competent jurisdiction in a final and non-appealable decision). 

Section 7. Additional Covenants of the Grantors. In furtherance of the grant of the pledge and security interest pursuant to
Section 4.01 hereof, each Grantor (solely as to itself) hereby agrees with the Collateral Agent as follows: 
 Section 7.01
Delivery and Other Perfection. Each Grantor shall: 
 (a) take such action as the Administrative Agent or
the Collateral Agent shall deem necessary or appropriate to duly record the Lien created hereunder in the Collateral with respect to such Grantor; 
 (b) give, authorize, execute, deliver, file and/or record any financing statement, notice, instrument, document, agreement or other papers that may be necessary or desirable (in the reasonable judgment of
the Administrative Agent or the Collateral Agent) to create, preserve, perfect or validate the pledge and security interest granted pursuant hereto or to enable the Collateral Agent to exercise and enforce its rights hereunder with respect to such
pledge and security interest, including, without limitation, (i) causing any or all of the Collateral with respect to such Grantor to be transferred of record into the name of the Collateral Agent or the Custodian or the Collateral Agent’s
nominee (and the Collateral Agent agrees that if any such Collateral is transferred into its name or the name of its nominee, the Collateral Agent will thereafter promptly give to such Grantor copies of any notices and communications received by it
with respect to such Collateral), (ii) in the case of any Securities to be included in the Collateral that are held on the books of any Clearing Corporation, causing such Securities to be credited to an account of a Securities Intermediary
designated by the Collateral Agent maintained with such Clearing Corporation, and (iii) entering into one or more control agreements; 

  
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 (c) if (i) such Grantor is not entitled to receive from the Collateral
Agent distributions with respect to any Collateral pursuant to Section 7.04(a), (ii) any distribution in respect of any of such Collateral shall be evidenced by, or any of such Collateral shall otherwise be converted to, any Instrument and
(iii) such Instrument is transferred to such Grantor or otherwise at its direction (other than to the Collateral Agent) in a physical form, such Grantor shall immediately transfer, or cause to be transferred, such Instrument to the Custodian
for credit to such Grantor’s Collateral Account, and the Custodian shall credit such Instrument to such Grantor’s Collateral Account, duly endorsed in a manner reasonably satisfactory to the Collateral Agent and the Custodian, to be held
as Collateral with respect to such Grantor pursuant to this Agreement, and such Grantor shall transfer any cash distributions or interest received by such Grantor immediately to the Custodian for credit to such Grantor’s Collateral Account, and
the Custodian shall promptly credit such Instrument to such Grantor’s Collateral Account; and 
 (d) keep
full and accurate books and records relating to the Collateral with respect to such Grantor, and stamp or otherwise mark such books and records in such manner as the Collateral Agent may reasonably require in order to reflect the security interests
granted by this Agreement. 
 Section 7.02 Other Financing Statements and Liens. No Grantor shall file or permit to be on
file, or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to the Collateral in which the Collateral Agent is not named as the sole secured party or be a party to any
control agreement related to the Collateral except in favor of the Collateral Agent, and shall not otherwise create or permit to exist any Lien or any other interest of any kind upon or with respect to any of such Collateral, except Liens which are
permitted under Section 8.03(a), (k) or (l) of the Credit Agreement and which are not prior to the Liens created by this Agreement. 
 Section 7.03 Maintenance of Borrowing Base Percentage. Subject to Section 4.02 of the Credit Agreement, each Grantor will take all such actions as shall be necessary to cause the Borrowing
Base of such Grantor at all times to be at least 100% of the Secured Obligations of such Grantor. 
 Section 7.04 Voting
Rights; Dividends; etc. (a) So long as no Default or Event of Default shall have occurred and be continuing, each Grantor shall be entitled (i) to exercise or refrain from exercising any or all voting and other consensual rights in
respect of such respective Grantor’s Collateral or any part thereof for all purposes not inconsistent with the provisions of this Agreement and (ii) to receive from the Custodian any cash dividend, interest or other cash distribution with
respect to the respective Grantor’s Collateral actually received by the Custodian (except for any distribution specified by the issuer in a writing delivered or otherwise notified to the Collateral Agent as a special, extraordinary or
liquidating dividend), net of withholding for any tax, assessment, charge or levy. In order to release such dividend, interest or distribution, the respective Grantor may execute an appropriate Collateral Release Request in respect thereof, subject
to its Borrowing Base being equal to at least 100% of such Grantor’s Secured Obligations upon the release thereof. 

  
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 (b) The Collateral Agent shall notify each Grantor of such rights or discretionary actions
or of the date or dates by when such rights must be exercised or such action must be taken provided that the Custodian has received, from the issuer or the relevant depository (with respect to Securities issued in the United States) or from the
relevant subcustodian, depository or a nationally or internationally recognized bond or corporate action service to which the Custodian subscribes, timely notice of such rights or discretionary corporate action and of the date or dates such rights
must be exercised or such action must be taken. Absent actual receipt of such notice, the Collateral Agent and the Custodian shall have no liability for failing to so notify a Grantor. 

(c) Whenever Securities (including, but not limited to, warrants, options, tenders, options to tender or non-mandatory puts or calls)
confer optional rights on a Grantor or provide for discretionary action or alternative courses of action by such Grantor, such Grantor shall be responsible for making any decisions relating thereto and for directing the Collateral Agent. In order
for the Collateral Agent to act, it must receive the Grantor’s written instructions at its offices, addressed as the Collateral Agent may from time to time request, not later than noon (New York time) at least two (2) Business Days prior
to the last scheduled date to act with respect to such Securities (or such earlier date or time as the Collateral Agent may notify the Grantor). Absent the Collateral Agent’s timely receipt of such written instructions, the Collateral Agent
shall not be liable for failure to take any action relating to or to exercise any rights conferred by such Securities. 
 (d)
Except as provided in Section 7.04(e), all voting rights with respect to Securities, however registered, shall be exercised by the Grantor or its designee. For Securities issued in the United States, the Collateral Agent’s only duty shall
be to mail to the respective Grantor any documents (including proxy statements, annual reports and signed proxies) received by the Collateral Agent relating to the exercise of such voting rights. With respect to Securities issued outside of the
United States, the Collateral Agent’s only duty shall be to provide the respective Grantor with access to a provider of global proxy services at such Grantor’s request. Such Grantor shall be responsible for all costs associated with its
use of such services. 
 (e) Upon the occurrence of a Default or Event of Default, (i) each Grantor shall hold any
dividends, interest or other distributions which it receives with respect to its respective Collateral in trust for the Collateral Agent, separate from all other moneys of such Grantor, and forthwith transfer such dividends, interest or other
distributions to the Custodian for crediting to the relevant Collateral Accounts, (ii) the Collateral Agent shall be entitled to register all or any item of such Collateral in its own name or in the name of its nominee or designee and
(iii) the Collateral Agent shall be entitled to exercise all voting rights, and to give any and all consents in connection with, any and all Securities, and each Grantor hereby grants the Collateral Agent an irrevocable proxy and irrevocably
appoints the Collateral Agent its attorney-in-fact coupled with an interest to vote or otherwise act in furtherance of the purposes hereof. Upon request from any Grantor, the Collateral Agent shall forthwith make and deliver to such Grantor

  
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such powers of attorney, consents or waivers as such Grantor shall reasonably request in order to permit such Grantor to exercise its rights under this Section 7.04. Upon request, each
Grantor shall forthwith make and deliver to the Collateral Agent such powers of attorney, consents and waivers (in addition to the power of attorney and consent set forth in this Section 7.04(e)) as the Collateral Agent shall reasonably request
in order to permit the Collateral Agent to exercise its rights under this Section 7.04 and this Agreement. Notwithstanding the foregoing, no Grantor may take any action under this Section 7.04 with respect to any Collateral that, in the
Administrative Agent’s reasonable judgment, (i) would in any way adversely affect the Lien created under this Agreement with respect to an item of Collateral or impair the interest or rights of the Collateral Agent therein, except as
permitted by Section 4.04, or (ii) would otherwise be inconsistent with the provisions of this Agreement or result in a violation hereof. No Grantor shall give any consent or waiver, authorize any assumption, make any modification and
supplement, or take other action with respect to any Collateral in any manner inconsistent with the manner in which such Grantor acts with respect to investments of the same type held by such Grantor for its own account. 

(f) With respect to the duties of the Collateral Agent, the provisions of paragraphs (b), (c) and (d) of this Section that are
applicable to each Grantor shall apply to the Collateral Agent in any exercise of its rights under paragraph (e) of this Section. 
 Section 7.05 No Removals, etc. Without at least thirty (30) days’ prior written notice to the Collateral Agent, no Grantor shall maintain any of its books and records with respect to
any Collateral at any office or maintain its principal place of business at any place other than at the notice address indicated to the Administrative Agent pursuant to the Credit Agreement. 

Section 7.06 U.S. Securities. The Securities delivered, contained and maintained in the Securities Accounts shall be Securities
that are primarily cleared and settled within the United States. 
 Section 8. Remedies; Distribution of Collateral.

 Section 8.01 Remedies. Each Grantor agrees that, if any Event of Default shall have occurred and be continuing, then
and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law and under the other provisions of this Agreement, shall have all rights as a secured creditor under the UCC, and such additional
rights and remedies to which a secured creditor is entitled under the laws in effect in all relevant jurisdictions and when directed by the Administrative Agent may: 

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

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

 (c) instruct the Custodian to transfer all Collateral of such Grantor held by the Custodian to the Collateral
Agent for the benefit of the Secured Creditors; 
 (d) sell, assign or otherwise liquidate any or all of such
Grantor’s Collateral or any part thereof in accordance with Section 8.02, or direct such Grantor or the Custodian to sell, assign or otherwise liquidate any or all of such Grantor’s Collateral or any part thereof, and, in each case,
take possession of the proceeds of any such sale or liquidation; 
 (e) take possession of the Collateral or any
part thereof, by directing such Grantor and/or the Custodian in writing to deliver the same to the Collateral Agent at any reasonable place or places designated by the Collateral Agent (including, without limitation, to an account or accounts in the
name of the Collateral Agent designated by the Collateral Agent), in which event such Grantor and/or the Custodian shall at such Grantor’s expense: 
 (x) forthwith cause the same to be moved, held, transferred, credited or deposited to the place or places (or account or accounts) so designated by the Collateral Agent and there delivered to the
Collateral Agent; and 
 (y) store and keep any Collateral so delivered to the Collateral Agent at such place or
places pending further action by the Collateral Agent as provided in Section 8.02; 
 (f) apply any monies
constituting Collateral or proceeds thereof in accordance with the provisions of Section 8.04; 
 (g)
set-off any and all Collateral of such Grantor against any and all Secured Obligations of such Grantor, and to withdraw any and all Cash or other Collateral from any and all such Grantor’s Collateral Accounts and to apply such Cash and other
Collateral to the payment of any and all Secured Obligations of the respective Grantor; 
 (h) vote all or any
part of such Grantor’s Collateral (whether or not transferred into the name of the Collateral Agent) and give all consents, waivers and ratifications in respect of such Grantor’s Collateral and otherwise act with respect thereto as though
it were the outright owner thereof (each Grantor hereby irrevocably constituting and appointing the Collateral Agent the proxy and attorney-in-fact of such Grantor, with full power of substitution to do so), in each case subject to the terms and
conditions of Section 7.04(f); 
 (i) receive all amounts payable in respect of the Collateral otherwise
payable to the respective Grantor under Section 7.04; 

  
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 (j) take any other action as specified in clauses (1) through (5),
inclusive, of Section 9-607(a) of the UCC; and 
 (k) take the actions referred to in Sections 8.04(h) and
8.05; 
 it is understood and agreed that each Grantor’s obligation so to deliver the Collateral is of the essence of this Agreement and
that, accordingly, upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by such Grantor of said obligation. By accepting the benefits of this Agreement and each
other Security Document, the Secured Creditors expressly acknowledge and agree that this Agreement and each other Security Document may be enforced only by the action of the Collateral Agent acting upon the instructions of the Majority Tranche 1
Lenders and that no other Secured Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be
exercised by the Collateral Agent for the benefit of the Secured Creditors upon the terms of this Agreement and the other Security Documents. 
 Section 8.02 Disposition of the Collateral. If any Event of Default shall have occurred and be continuing, then any Collateral may be sold, assigned or otherwise disposed of under one or more
contracts or as an entirety, and without the necessity of gathering at the place of sale the property to be sold, and in general in such manner, at such time or times, at such place or places and on such terms as the Administrative Agent or the
Collateral Agent, at the direction of the Administrative Agent, may, in compliance with any mandatory requirements of applicable law, determine to be commercially reasonable (including, without limitation, on the NYSE or any other established
market). Any such sale, lease or other disposition may be effected by means of a public disposition or private disposition, effected in accordance with the applicable requirements (in each case if and to the extent applicable) of Sections 9-610
through 9-613 of the UCC and/or such other mandatory requirements of applicable law as may apply to the respective disposition. The Administrative Agent may direct the Collateral Agent, without notice or publication, to adjourn any public or private
disposition or cause the same to be adjourned from time to time by announcement at the time and place fixed for the disposition, and such disposition may be made at any time or place to which the disposition may be so adjourned. To the extent
permitted by any such requirement of law, the Collateral Agent, at the direction of the Administrative Agent, may bid for and become the purchaser (and may pay all or any portion of the purchase price by crediting Secured Obligations of the
respective Grantor against the purchase price) of such Grantor’s Collateral or any item thereof, offered for disposition in accordance with this Section 8.02 without accountability to the relevant Grantor. If, under applicable law, the
Collateral Agent shall be permitted to make disposition of such Grantor’s Collateral within a period of time which does not permit the giving of notice to the relevant Grantor as hereinabove specified, the Collateral Agent need give such
Grantor only such notice of disposition as shall be required by such applicable law. Each Grantor agrees to do or cause to be done all such other acts and things as may be reasonably necessary to make such disposition or dispositions of all or any
portion of such Grantor’s Collateral valid and binding and in compliance with any and all applicable laws (including, without limitation, any state or federal securities laws), regulations, orders, writs, injunctions, decrees or awards of any
and all courts, arbitrators or governmental instrumentalities, domestic or foreign, having jurisdiction over any such sale or sales, all at such Grantor’s expense. Any direction given by the Administrative Agent hereunder shall be in writing.

  
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 Section 8.03 Waiver of Claims. Except as otherwise provided in this Agreement, EACH
GRANTOR HEREBY WAIVES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, NOTICE AND JUDICIAL HEARING IN CONNECTION WITH THE COLLATERAL AGENT’S TAKING POSSESSION OR THE COLLATERAL AGENT’S DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING, WITHOUT
LIMITATION, ANY AND ALL PRIOR NOTICE AND HEARING FOR ANY PREJUDGMENT REMEDY OR REMEDIES, and each Grantor hereby further waives, to the extent permitted by law: 

(a) all damages occasioned by such taking of possession or any such disposition except any damages which are the direct
result of the Collateral Agent’s gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision); 

(b) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement
of the Collateral Agent’s rights hereunder; and 
 (c) all rights of redemption, appraisement, valuation,
stay, extension or moratorium now or hereafter in force under any applicable law in order to prevent or delay the enforcement of this Agreement or the absolute sale of the Collateral or any portion thereof, and each Grantor, for itself and all who
may claim under it, insofar as it or they now or hereafter lawfully may, hereby waives the benefit of all such laws. 
 Any sale of, or the
grant of options to purchase, or any other realization upon, any Collateral shall operate to divest all right, title, interest, claim and demand, either at law or in equity, of the relevant Grantor therein and thereto, and shall be a perpetual bar
both at law and in equity against such Grantor and against any and all Persons claiming or attempting to claim the Collateral so sold, optioned or realized upon, or any part thereof, from, through and under such Grantor. 

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

(i) first, to the payment of all amounts owing to the Collateral Agent or the Custodian by such Grantor of the
type described in clauses (ii), (iii) and (iv) of the definition of “Secured Obligations”; 

(ii) second, to the extent proceeds remain after the application pursuant to the preceding clause (i), to the
payment of all amounts owing to the Administrative Agent by such Grantor of the type described in clause (v) of the definition of “Secured Obligations”; 

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

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

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

(b) For purposes of this Agreement, (x) “Pro Rata Share” shall mean, when calculating a Secured Creditor’s
portion of any distribution or amount with respect to any Grantor, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Secured Creditor’s Primary Obligations or Secondary
Obligations, as the case may be, of such Grantor and the denominator of which is the then outstanding amount of all Primary Obligations or Secondary Obligations, as the case may be, of such Grantor (y) “Primary Obligations”
shall mean all principal of, premium, fees and interest on, all Tranche 1 Unpaid Drawings, the Stated Amount of all outstanding Tranche 1 Letters of Credit and all fees and (z) “Secondary Obligations” shall mean all Secured
Obligations other than Primary Obligations. 
 (c) When payments to Secured Creditors are based upon their respective Pro Rata
Shares, the amounts received by such Secured Creditors hereunder shall be applied (for purposes of making determinations under this Section 8.04 only) (i) first, to their Primary Obligations and (ii) second, to their Secondary
Obligations, in each case of the respective Grantor. If any payment to any Secured Creditor of its Pro Rata Share of any distribution would result in overpayment to such Secured Creditor, such excess amount shall instead be distributed in respect of
the unpaid Primary Obligations or Secondary Obligations, as the case may be, of the other Secured Creditors, with each Secured Creditor whose Primary Obligations or Secondary Obligations, as the case may be, have not been paid in full to receive an
amount equal to such excess amount multiplied by a fraction the numerator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of such Secured Creditor and the denominator of which is the unpaid Primary
Obligations or Secondary Obligations, as the case may be, of all Secured Creditors entitled to such distribution. 

  
 22 

 (d) Each of the Secured Creditors, by their acceptance of the benefits hereof and of the
other Security Documents, agrees and acknowledges that if any Secured Creditor receives a distribution on account of undrawn amounts with respect to Letters of Credit issued under the Credit Agreement (which shall only occur after all outstanding
Loans under the Credit Agreement and Unpaid Drawings have been paid in full), such amounts shall be paid to the Administrative Agent under the Credit Agreement and held by it, for the equal and ratable benefit of the Secured Creditors, as cash
security for the repayment of Secured Obligations owing to the Secured Creditors as such. If any amounts are held as cash security pursuant to the immediately preceding sentence, then upon the termination of all outstanding Letters of Credit under
the Credit Agreement, and after the application of all such cash security to the repayment of all Secured Obligations owing to the Secured Creditors after giving effect to the termination of all such Letters of Credit, if there remains any excess
cash, such excess cash shall be returned by the Administrative Agent to the Collateral Agent for distribution in accordance with Section 8.04(a). 
 (e) All payments required to be made hereunder shall be made to the Administrative Agent for the account of the Secured Creditors. 
 (f) For purposes of applying payments received in accordance with this Section 8.04, the Collateral Agent shall rely upon the Administrative Agent for a determination (which the Administrative Agent
agrees to provide upon request of the Collateral Agent) of the outstanding Primary Obligations and Secondary Obligations of each Grantor owed to the Secured Creditors. Unless it has received written notice from a Secured Creditor to the contrary,
the Administrative Agent, in furnishing information pursuant to the preceding sentence, and the Collateral Agent, in acting hereunder, shall be entitled to assume that no Secondary Obligations are outstanding. 

(g) It is understood that the Grantors shall remain severally (and not jointly) liable to the extent of any deficiency between the amount
of the proceeds of the Collateral of such Grantor and the aggregate amount of such Grantor’s Secured Obligations. 
 (h) If
at any time when the Administrative Agent shall determine that the Collateral Agent will exercise its right to sell all or any part of the Collateral consisting of Securities pursuant to Section 8.02, either (i) such Collateral or the part
thereof to be sold shall not, for any reason whatsoever, be effectively registered under any applicable securities laws, or (ii) such Collateral is effectively registered under applicable securities laws, the Collateral Agent may, in the sole
and absolute discretion of the Administrative Agent, sell such Collateral or part thereof by private sale in such manner and under such circumstances as the Collateral Agent may deem necessary or advisable in order that such sale may legally be
effected without registration. Without limiting the generality of the foregoing, in any such event the Collateral Agent, in the sole and absolute discretion of the Administrative Agent: (i) may proceed to make such private sale notwithstanding
that a registration statement for the purpose of registering such Collateral or part thereof shall have been filed under any applicable securities law; (ii) may approach and negotiate with a single possible purchaser to effect such sale; and
(iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In the event of
any such sale, neither the Administrative Agent nor the Collateral Agent shall incur any responsibility or liability for selling all or any part of the Collateral at a price which the Administrative Agent, in its sole and absolute discretion, may in
good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until the registration as aforesaid. 

  
 23 

 Section 8.05 Remedies Cumulative. Each and every right, power and remedy hereby
specifically given to the Administrative Agent or the Collateral Agent shall be in addition to every other right, power and remedy specifically given to the Administrative Agent or the Collateral Agent under this Agreement, the other Security
Documents or now or hereafter existing at law, in equity or by statute and each and every right, power and remedy whether specifically herein given or otherwise existing may be exercised from time to time or simultaneously and as often and in such
order as may be deemed expedient by the Administrative Agent or the Collateral Agent. All such rights, powers and remedies shall be cumulative and the exercise or the beginning of the exercise of one shall not be deemed a waiver of the right to
exercise any other or others. No delay or omission of the Administrative Agent or the Collateral Agent in the exercise of any such right, power or remedy and no renewal or extension of any of the Secured Obligations shall impair any such right,
power or remedy or shall be construed to be a waiver of any Default or Event of Default or an acquiescence thereof. No notice to or demand on any Grantor in any case shall entitle it to any other or further notice or demand in similar or other
circumstances or constitute a waiver of any of the rights of the Administrative Agent or the Collateral Agent to any other or further action in any circumstances without notice or demand. In the event that the Collateral Agent shall bring any suit
to enforce any of its rights hereunder and shall be entitled to judgment, then in such suit the Collateral Agent may recover reasonable expenses, including reasonable attorneys’ fees, and the amounts thereof shall be included in such judgment.

 Section 8.06 Discontinuance of Proceedings. In case the Collateral Agent shall have instituted any proceeding to
enforce any right, power or remedy under this Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Collateral Agent, then and
in every such case the relevant Grantor, the Collateral Agent and each holder of any of the Secured Obligations shall be restored to their former positions and rights hereunder with respect to the Collateral subject to the security interest created
under this Agreement, and all rights, remedies and powers of the Collateral Agent shall continue as if no such proceeding had been instituted. 
 Section 8.07 Rights of Collateral Agent. In making the determinations and allocations required by this Section 8, the Collateral Agent may rely upon its records and information supplied by any
Grantor, the Administrative Agent, the Custodian and any other Person, and the Collateral Agent shall have no liability to any Grantor for actions taken in reliance on such information, except in the case of its gross negligence or willful
misconduct (as determined by a court of competent jurisdiction in a final non-appealable decision) in applying or utilizing such information. 
 Section 8.08 Effect of Bankruptcy; Obligations Absolute. (a) If, through the operation of any bankruptcy, reorganization, insolvency or other laws or otherwise, the Collateral
Agent’s Lien hereunder is avoided, disallowed or otherwise not enforced with respect to some, but not all, of the Secured Obligations then outstanding, the Collateral Agent shall make the calculations required by Section 8 without giving
effect to such Secured Obligations and shall apply the proceeds of the Collateral in the proportions and subject to the priorities specified herein. 

  
 24 

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

 Section 9.01 Limitation of Duties. (a) Neither the Collateral Agent nor the Custodian (which term as used in this
sentence shall include reference to their Affiliates and their own and their Affiliates’ officers, directors, employees and agents) shall (i) have any duties or responsibilities except those expressly set forth in this Agreement (and in
the Account Control Agreement, in the case of the Custodian) and shall not by reason of this Agreement be a trustee for, or a fiduciary with respect to, any Grantor or any other Person; (ii) be responsible to any Grantor for any recitals,
statements, representations or warranties contained in any notice or report, or in any other certificate or other document referred to or provided for in, or received by it under, the Credit Agreement, this Agreement or any other Credit Document, or
for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the Credit Agreement, this Agreement or any other Credit Document or for any failure by any Person to perform any of its obligations hereunder or thereunder,
except for its own gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable decision); (iii) be required to initiate or conduct any litigation or collection proceedings hereunder;
(iv) take any action pursuant to Sections 4.03(f), 7.01(a) or (b), or 8.02 except as instructed by the Administrative Agent; and (v) be responsible for any action taken or omitted to be taken by it under the Credit Agreement, this
Agreement or any other Credit Document or under any other document or instrument referred to or provided for herein or therein or in connection herewith or therewith, except for its own gross negligence or willful misconduct (as determined by a
court of competent jurisdiction in a final and non-appealable decision). 
 (b) In no event shall the Collateral Agent, the
Custodian or the Administrative Agent be liable for indirect, special or consequential damages of any kind whatsoever (including lost profits and lost business opportunity) even if it is advised of the possibility of such damages and regardless of
the form of action in which any such damages may be claimed. 
 (c) In no event shall the Collateral Agent, the Custodian or the
Administrative Agent be responsible for, or have any liability with respect to, any losses due to forces beyond its reasonable control, including without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution,
nuclear or natural catastrophes or act of God, and interruptions, loss or malfunction of utilities, communications or computer (software or hardware) services. 

  
 25 

 (d) Neither the Custodian nor the Collateral Agent shall have any liability for the acts or
omissions of any Securities Intermediary (including DTC or any Federal Reserve Bank) or Deposit Account Bank in which any Collateral is held, except for its negligence in retaining or maintaining any such Securities Intermediary (other than DTC or
any Federal Reserve Bank) or Deposit Account Bank. 
 (e) Neither the Custodian nor the Collateral Agent shall have any
liability with respect to information received from third parties, including pricing information services. 
 Section 9.02
Reliance by Collateral Agent and the Custodian. The Collateral Agent and the Custodian shall be entitled to rely upon any certification, notice or other communication (including, without limitation, any thereof by telephone, facsimile,
telegram or cable) believed by it to be genuine and correct and to have been signed or sent by or on behalf of the proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the
Collateral Agent. If in one or more instances the Collateral Agent or the Custodian takes any action or assumes any responsibility not specifically delegated to it pursuant to this Agreement, neither the taking of such action nor the assumption of
such responsibility shall be deemed to be an express or implied undertaking on the part of the Collateral Agent or the Custodian that it will take the same or similar action or assume the same or similar responsibility in any other instance.

 Section 9.03 Appointment of Agents. (a) The Collateral Agent may perform its duties and exercise its rights and
powers under this Agreement by or through such agents and custodians (including, without limitation, the Custodian) as it shall appoint. Each Grantor hereby agrees that the Custodian shall be the Securities Intermediary and Deposit Account Bank of
such Grantor with respect to the Collateral Accounts. As a condition to appointing any agent or custodian, the Collateral Agent, at the expense of the Parent Borrower, may obtain an opinion of counsel, in form and substance reasonably satisfactory
to the Collateral Agent, as to the continued perfection of the security interests in the Collateral in favor of the Collateral Agent. 
 (b) In the event that the Collateral Agent appoints an agent pursuant to this Section 9.03, each and every remedy, power, right, claim, demand, cause of action, estate, title, interest and Lien
expressed or intended by this Agreement to be exercised by or vested in or conveyed to the Collateral Agent with respect thereto shall be exercisable by and vest in such agent but only in order to exercise such powers, rights and remedies, and every
covenant and obligation necessary to the exercise thereof by such agent shall run to and be enforceable by either of them. In particular, and without limiting the generality of the foregoing, upon the determination by the Collateral Agent that any
such agent or custodian may be required or appropriate, the Collateral Agent may appoint such agents or custodians to hold, maintain, invest, reinvest, collect upon or liquidate any Collateral and to make such payments or disbursements, including
payments and disbursements to any Grantor as the Collateral Agent shall direct consistent with this Agreement. The Collateral Agent shall have the right to terminate the appointment of any agent or custodian hereunder without the consent of any
Grantor or any other Person. 

  
 26 

 (c) The Collateral Agent may perform its duties and exercise its rights and powers under
this Agreement by or through the Custodian pursuant to and in accordance with the terms hereof. 
 Section 10.
Miscellaneous. 
 Section 10.01 No Waiver. No failure on the part of the Collateral Agent to exercise and no delay
in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude
any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 

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

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

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

Deutsche Bank Trust Company Americas 

ASFS 
 60 Wall Street, 27th Floor 
 New York, New York 10005 

Attention: Ailsa Morillo 
 Telephone: (212) 250-4893 
 Facsimile: (212) 553-2464; 

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

ASFS 
 60 Wall Street, 27th Floor 
 New York, New York 10005 

Attention: Ailsa Morillo 
 Telephone: (212) 250-4893 
 Facsimile: (212) 553-2464; 

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

JPMorgan Chase Bank, N.A. 

1111 Fannin, 10th Floor 
 Houston, Texas 77002 
 Attention: Michael Maldonado 

Telephone: (713) 750-2932 
 Facsimile: (713) 750-2223 

  
 27 

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

Section 10.03 Fees and Expenses of Custodian. The Parent Borrower agrees to pay any and all fees, expenses, charges and costs of
the Custodian upon demand, and in no event or circumstance will the Collateral Agent, the Administrative Agent or any Lender have any liability therefor. 
 Section 10.04 Expenses etc. of Collateral Agent, Custodian and Administrative Agent; Indemnity. (a) The Parent Borrower agrees to pay or reimburse each of the Collateral Agent, the Custodian
and the Administrative Agent for (i) all reasonable out-of-pocket costs and expenses of the Collateral Agent, the Custodian or the Administrative Agent (including, without limitation, the reasonable fees and expenses of legal counsel) in
connection with (x) any enforcement or collection proceedings, including, without limitation, all manner of participation in or other involvement with (a) bankruptcy, insolvency, receivership, foreclosure, winding up or liquidation
proceedings, (b) judicial or regulatory proceedings and (c) workout, restructuring or other negotiations or proceedings (whether or not the workout, restructuring or transaction contemplated thereby is consummated) and (y) the
enforcement of this Section 10.04; and (ii) all transfer, stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in respect of this Agreement or any other document referred to
herein and all costs, expenses, taxes, assessments and other charges incurred in connection with any filing, registration, recording or perfection of any security interest contemplated hereby. 

(b) The Parent Borrower agrees to indemnify, reimburse and hold the Collateral Agent, the Custodian, the Administrative Agent, each other
Secured Creditor and their respective successors, assigns, employees, affiliates and agents (hereinafter referred to individually as “Indemnitee,” and collectively as “Indemnitees”) harmless from any and all
liabilities, obligations, damages, injuries, penalties, claims, demands, actions, suits, judgments and any and all costs, expenses or disbursements (including reasonable attorneys’ fees and expenses) (for the purposes of this
Section 10.04(b), the foregoing are collectively called “expenses”) of whatsoever kind and nature imposed on, asserted against or incurred by any of the Indemnitees in any way relating to or arising out of this Agreement, any
other Security Document or any other document executed in connection herewith or therewith or in any other way connected with the administration of the transactions contemplated hereby or thereby or the enforcement of any of the terms of, or the
preservation of any rights under any thereof, or in any 

  
 28 

 
way relating to or arising out of the ownership, purchase, delivery, control, acceptance, lease, financing, possession, sale, return or other disposition, or use of the Collateral, the violation
of the laws of any country, state or other governmental body or unit, any tort, or contract claim; provided that no Indemnitee shall be indemnified pursuant to this Section 10.04(b) for losses, damages or liabilities to the extent caused
by the gross negligence or willful misconduct of such Indemnitee (as determined by a court of competent jurisdiction in a final and non-appealable decision). The Parent Borrower agrees that upon written notice by any Indemnitee of the assertion of
such a liability, obligation, damage, injury, penalty, claim, demand, action, suit or judgment, the Parent Borrower shall assume full responsibility for the defense thereof. Each Indemnitee agrees to use its best efforts to promptly notify the
Parent Borrower of any such assertion of which such Indemnitee has knowledge. 
 (c) Without limiting the application of
Section 10.04(a) hereof, the Parent Borrower agrees to pay or reimburse the Collateral Agent and the Administrative Agent for any and all reasonable fees, costs and expenses of whatever kind or nature incurred in connection with the creation,
preservation or protection of the Collateral Agent’s Liens on, and security interest in, the Collateral, including, without limitation, all fees and taxes in connection with the recording or filing of instruments and documents in public
offices, payment or discharge of any taxes or Liens upon or in respect of the Collateral, premiums for insurance with respect to the Collateral and all other fees, costs and expenses in connection with protecting, maintaining or preserving the
Collateral and the Collateral Agent’s interest therein, whether through judicial proceedings or otherwise, or in defending or prosecuting any actions, suits or proceedings arising out of or relating to the Collateral. 

(d) Without limiting the application of Section 10.04(a) or (b) hereof, upon demand by any Indemnitee, the Parent Borrower
agrees to pay, indemnify and hold each Indemnitee harmless from and against any loss, costs, damages and expenses which such Indemnitee may suffer, expend or incur in consequence of or growing out of any misrepresentation by any Grantor in this
Agreement, any other Credit Document or in any writing contemplated by or made or delivered pursuant to or in connection with this Agreement or any other Credit Document. 
 (e) If and to the extent that the obligations of the Parent Borrower under this Section 10.04 are unenforceable for any reason, the Parent Borrower hereby agrees to make the maximum contribution to
the payment and satisfaction of such obligations which is permissible under applicable law. 
 Section 10.05 Indemnity
Obligations Secured by Collateral; Survival. Any amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement shall constitute Secured Obligations secured by the Collateral. The indemnity obligations of the Parent
Borrower contained in Section 10.04(b) shall continue in full force and effect notwithstanding the full payment of all of the other Secured Obligations and notwithstanding the full payment of all the notes issued, and Loans made, under the
Credit Agreement, the termination of all Letters of Credit issued under the Credit Agreement and the payment of all other Secured Obligations and notwithstanding the discharge thereof and the occurrence of the Termination Date. 

  
 29 

 Section 10.06 Waiver; Amendment. Except as otherwise expressly provided in this
Agreement, none of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by each Grantor directly affected thereby (it being understood that the addition or
release of any Grantor hereunder shall not constitute a change, waiver, discharge or termination affecting any Grantor other than the Grantor so added or released) and by the Collateral Agent (with the written consent of the Majority Tranche 1
Lenders or, to the extent provided in the Credit Agreement, each of the Lenders). 
 Section 10.07 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns; provided that no Grantor nor the Custodian may assign any of its respective rights or obligations
hereunder without the prior consent of the Collateral Agent. 
 Section 10.08 Termination. After the Termination Date,
this Agreement shall terminate (provided that all indemnities set forth herein including, without limitation, those in Section 10.04(b) hereof, shall survive such termination) and the Collateral Agent, at the request and expense of the Grantor,
will promptly execute and deliver to such Grantor and/or authorize the filing of a proper instrument or instruments (including a release of all Liens granted hereunder and Uniform Commercial Code termination statements on form UCC-3) acknowledging
the satisfaction and termination of this Agreement as to such Grantor, and will duly assign, transfer and deliver to such Grantor (without recourse and without any representation or warranty) such of the Collateral of such Grantor as may be in the
possession of the Collateral Agent or Custodian and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement. As used in this Agreement, “Termination Date” shall mean the date upon which the Total
Tranche 1 Commitment under the Credit Agreement has been terminated, all Tranche 1 Unpaid Drawings have been repaid in full, all Tranche 1 Letters of Credit issued under the Credit Agreement have expired or been terminated and all Secured
Obligations incurred hereunder or under the Credit Agreement have been paid in full. Upon termination of this Agreement pursuant to this Section 10.08, the Collateral Agent will, at each Grantor’s expense and upon its request, return to
the respective Grantor such of the Collateral as shall not have been sold, previously released or otherwise applied pursuant to the terms of this Agreement or any other Credit Document and execute and deliver to the respective Grantor such documents
as such Grantor shall reasonably request to evidence such termination. 
 Section 10.09 Powers Coupled with an Interest.
Except to the extent otherwise expressly provided herein, all authorizations and agencies herein contained with respect to the Collateral are irrevocable and powers coupled with an interest. 

Section 10.10 Captions. The table of contents and captions and section headings appearing herein are included solely for
convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 
 Section 10.11
Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.

  
 30 

 Section 10.12 Additional Grantors. It is understood and agreed that any Person that
desires to become a Grantor hereunder, or is required to execute a counterpart of this Agreement after the date hereof pursuant to the requirements of the Credit Agreement or any other Credit Document, shall become a Grantor hereunder by
(x) executing a counterpart hereof and delivering same to the Collateral Agent, or by executing an assumption agreement in form and substance reasonably satisfactory to the Collateral Agent, (y) delivering supplements to Annex A as
are necessary to cause such Annex to be complete and accurate with respect to such additional Grantor on such date and (z) taking all actions as specified in (i) this Agreement (including, without limitation, the establishment of the
appropriate Collateral Accounts with the Custodian in accordance with Section 4.02) and (ii) Section 1.14 of the Credit Agreement, as would have been taken by such Grantor had it been an original party to the Credit Agreement and this
Agreement, in each case with all documents required above to be delivered to the Collateral Agent and with all documents and actions required above to be taken to the reasonable satisfaction of the Collateral Agent. 

Section 10.13 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 party hereto hereby irrevocably and unconditionally submits,
for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan in New York County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may
be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (c) Each party hereto hereby irrevocably
and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any
court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court. 
 (d) Each Grantor hereby irrevocably consents to service of process in the manner provided for notices in
Section 12.08 of the Credit Agreement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

(e) Each Grantor hereby irrevocably designates, appoints and empowers C T Corporation, with offices on the date
hereof at 111 Eighth Avenue, 13th Floor, New York, New
York 10011, as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices and documents which may be served in any such action or
proceeding. If for any reason such designee, appointee and agent shall cease to be available to act as such, each Grantor agrees to designate a new designee, appointee and agent in New York City on the terms and for the purposes of this provision
reasonably satisfactory to the Collateral Agent under this Agreement. 

  
 31 

 Section 10.14 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 10.15 Integration. This Agreement embodies the entire agreement and understanding among the parties hereto with respect to
the subject matter hereof and supersedes all prior agreements and understandings between any Grantor and the Collateral Agent with respect to the subject matter thereof. 
 Section 10.16 Financial Assets. Each Grantor, the Custodian and the Collateral Agent hereby agree that the Custodian will treat any and all Securities and any and all other Property and assets
(other than Cash) credited from time to time to each Grantor’s Securities Account as Financial Assets. 
 ***** 

  
 32 

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

							
	 Wellesley House
 90 Pitts Bay
Road
 Pembroke HM 08

Bermuda
	 		 	 ENDURANCE SPECIALTY HOLDINGS LTD.,
 as a Grantor

				
		 		 	By:	 	/s/ Michael J. McGuire
	Attention: Michael J. McGuire	 		 		 	Name: Michael J. McGuire
	Telephone: +1 (441) 278-0943	 		 		 	Title: Chief Financial Officer
	Facsimile: +1 (441) 278-0493	 		 		 	
			
	Wellesley House	 		 	 ENDURANCE SPECIALTY INSURANCE LTD.,

	90 Pitts Bay Road	 		 	as a Grantor
	Pembroke HM 08	 		 		 	
	Bermuda	 		 		 	
				
		 		 	By:	 	/s/ Michael J. McGuire
	Attention: Michael J. McGuire	 		 		 	Name: Michael J. McGuire
	Telephone: +1 (441) 278-0943	 		 		 	Title: Chief Financial Officer
	Facsimile: +1 (441) 278-0493	 		 		 	
		 		 		 	
	 333 Westchester Ave
	 		 	 ENDURANCE U.S. HOLDINGS CORP.,

	White Plains, NY 10604	 		 	as a Grantor
		 		 		 	
	Attention: Daniel S. Lurie	 		 		 	
	Telephone: +1 (914) 468-8009	 		 	By:	 	/s/ Daniel S. Lurie
	Facsimile: +1 (914) 997-0331	 		 		 	Name: Daniel S. Lurie
		 		 		 	Title: Executive Vice President
		 		 		 	
	
7th Floor, 2 Minster Court
	 		 	 ENDURANCE WORLDWIDE HOLDINGS LIMITED,

	London, EC3R 7BB	 		 	as a Grantor
	United Kingdom	 		 	
		 		 	
	Attention: Simon Minshall	 		 	By:	 	/s/ Daniel S. Lurie
	Telephone: +44 (0)20 7337 2830	 		 		 	Name: Daniel S. Lurie
	Facsimile: +44 (0)20 7337 2900	 		 		 	Title: Secretary

  
 [ENDURANCE
– PLEDGE AND SECURITY AGREEMENT] 

							
	7th Floor, 2 Minster Court	 		 	ENDURANCE WORLDWIDE INSURANCE LIMITED,
	London, EC3R 7BB	 		 	as a Grantor
	United Kingdom	 		 	
				
	Attention: Simon Minshall	 		 	By:	 	/s/ Daniel S. Lurie
	Telephone: +44 (0)20 7337 2830	 		 		 	Name: Daniel S. Lurie
	Facsimile: +44 (0)20 7337 2900	 		 		 	Title: Secretary
		 		 		 	
	 333 Westchester Ave
	 		 	 ENDURANCE REINSURANCE

	White Plains, NY 10604	 		 	CORPORATION OF AMERICA, as a Grantor
		 		 		 	
	Attention: Daniel S. Lurie	 		 		 	
	Telephone: +1 (914) 468-8009	 		 	By:	 	/s/ Daniel S. Lurie
	Facsimile: +1 (914) 997-0331	 		 		 	Name: Daniel S. Lurie
		 		 		 	Title: Secretary
		 		 		 	
	 333 Westchester Ave
	 		 	 ENDURANCE AMERICAN INSURANCE

	White Plains, NY 10604	 		 	COMPANY, as a Grantor
		 		 		 	
	Attention: Daniel S. Lurie	 		 		 	
	Telephone: +1 (914) 468-8009	 		 	By:	 	/s/ Daniel S. Lurie
	Facsimile: +1 (914) 997-0331	 		 		 	Name: Daniel S. Lurie
		 		 		 	Title: Secretary
		 		 		 	
	 333 Westchester Ave
	 		 	 ENDURANCE AMERICAN SPECIALTY

	White Plains, NY 10604	 		 	INSURANCE COMPANY, as a Grantor
		 		 		 	
	Attention: Daniel S. Lurie	 		 		 	
	Telephone: +1 (914) 468-8009	 		 	By:	 	/s/ Daniel S. Lurie
	Facsimile: +1 (914) 997-0331	 		 		 	Name: Daniel S. Lurie
		 		 		 	Title: Secretary
		 		 		 	
	 7101 82nd Street
	 		 	 ARMTECH HOLDINGS, INC., as a Grantor

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

  

  
 [ENDURANCE
– PLEDGE AND SECURITY AGREEMENT] 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent
		
	By:	 	 /s/ Eileen M. Hughes

		 	Name: Eileen M. Hughes
		 	Title: Director
		
	By:	 	 /s/ Rajesh Rampersaud

		 	Name: Rajesh Rampersaud
		 	Title: Assistant Vice President

 [ENDURANCE – PLEDGE AND SECURITY AGREEMENT] 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Custodian
		
	By:	 	 /s/ Eileen M. Hughes

		 	Name: Eileen M. Hughes
		 	Title: Director
		
	By:	 	 /s/ Rajesh Rampersaud

		 	Name: Rajesh Rampersaud
		 	Title: Assistant Vice President

 [ENDURANCE – PLEDGE AND SECURITY AGREEMENT] 

 
			
	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
	By:	 	 /s/ Brijendra Grewal

		 	Name: Brijendra Grewal
		 	Title: Vice President

 [ENDURANCE – PLEDGE AND SECURITY AGREEMENT]EX-10.3

 Exhibit 10.3 
 EXECUTION VERSION  
 ACCOUNT CONTROL AGREEMENT 

ACCOUNT CONTROL AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Agreement”),
dated as of April 19, 2012 among each undersigned grantor (each, a “Grantor” and, together with any other entity that becomes a Grantor hereunder pursuant to Section 17 hereof, the “Grantors”), Deutsche
Bank Trust Company Americas, as collateral agent for the benefit of the Secured Creditors (as defined below) (in such capacity, the “Collateral Agent”), and Deutsche Bank Trust Company Americas, as Deposit Account Bank (as defined
below) and securities intermediary (as such term is defined in Section 8-102 of the UCC) (in such capacity, the “Custodian”), (i) with which one or more deposit accounts (as defined in Section 9-102 of the UCC) as
identified on Annex A attached hereto are maintained with the Custodian in the name of the applicable Grantor identified opposite each account number (with all such deposit accounts now or at any time in the future maintained by the Grantors
with the Custodian as “Collateral Accounts” (as defined in the Security Agreement (as defined below)) being herein called the “Deposit Accounts” and each, a “Deposit Account”) and (ii) with which one
or more securities accounts (as defined in Section 8-501 of the UCC) as identified on Annex A attached hereto are maintained with the Custodian in the name of the applicable Grantor identified opposite each account number (with all such
securities accounts now or at any time in the future maintained by the Grantors with the Custodian as “Collateral Accounts” (as defined in the Security Agreement) being herein called the “Securities Accounts” and each a
“Securities Account” and together with the Deposit Accounts, the “Collateral Accounts” and each, a “Collateral Account”). Except as otherwise defined herein, all capitalized terms used herein and
defined in the Security Agreement (as defined below) shall be used herein as therein defined. 
 W I T
N E S S E T H : 
 WHEREAS, Endurance Specialty Holdings Ltd. (the
“Parent Borrower”), various Designated Subsidiary Borrowers, the lenders from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent (together with any successor
Administrative Agent, the “Administrative Agent”), and each of the other agents and arrangers party thereto, have entered into that certain Credit Agreement, dated as of April 19, 2012 (as amended, modified, supplemented or
amended and restated from time to time, the “Credit Agreement”), providing for the making of Loans to the Borrowers and the issuance of, and participation in, Letters of Credit for the account of the Designated Subsidiary Borrowers,
all as contemplated therein (the Lenders, the Administrative Agent, the Collateral Agent, the Issuing Agent, each Issuing Lender, each other agent under the Credit Agreement and, with respect to any amounts owing in respect of any Existing Letters
of Credit, the Original Lenders (solely until such time that such Existing Letters of Credit have been amended to replace the Original Lenders pursuant to the Credit Agreement and all amounts owing to such Original Lenders under Sections 2A.03 and
2A.08 of the Credit Agreement and all interest related thereto shall have been paid in full) are herein called the “Secured Creditors”); 

 WHEREAS, each Grantor, the Collateral Agent, the Custodian and the Administrative Agent have
entered into a Pledge and Security Agreement, dated as of April 19, 2012 (as amended, amended and restated, modified or supplemented from time to time, the “Security Agreement”), under which, among other things, in order to
secure the payment of its respective Secured Obligations, such Grantor has severally granted a security interest to the Collateral Agent for the benefit of the Secured Creditors in all of the right, title and interest of such Grantor in and to such
Grantor’s Collateral; 
 WHEREAS, each Grantor desires that the Custodian enter into this Agreement in order (i) to
establish “control” (as defined in Section 9-104 of the UCC) of the Collateral Agent over each Deposit Account of such Grantor at any time or from time to time maintained by such Grantor with the Custodian and all Cash, instruments,
credit balances and other property credited thereto from time to time and (ii) to establish “control” (as defined in Section 8-106 of the UCC) of the Collateral Agent over each Securities Account of such Grantor at any time or
from time to time maintained by such Grantor with the Custodian and all Securities, Security Entitlements, Financial Assets, Cash, credit balances and other property credited thereto from time to time, and in order to otherwise perfect the security
interest of the Collateral Agent in the Deposit Accounts and Securities Accounts and (iii) to provide for the rights of the parties under this Agreement with respect to such Collateral Accounts, it being understood that the Custodian has no
responsibility with respect to the validity or perfection of the security interest otherwise than to act in accordance with the terms of this Agreement; 
 NOW, THEREFORE, in consideration of the premises and the mutual promises and agreements contained herein, and for other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows: 
 1. Definitions. As used herein the following terms shall
have the following meanings: 
 “Agreement” shall have the meaning provided in the first paragraph of this
Agreement. 
 “Custodian” shall have the meaning provided in the first paragraph of this Agreement and shall
include any successor thereto. 
 “Collateral Account” shall have the meaning provided in the first paragraph
of this Agreement. 
 “Collateral Agent” shall have the meaning provided in the first paragraph of this
Agreement and shall include any successor thereto. 
 “Deposit Account” shall have the meaning provided in the
first paragraph of this Agreement. 
 “Deposit Account Bank” shall mean a “bank” (as defined in
Section 9-102(a)(8) of the UCC) which maintains a Deposit Account. 
 “Entitlement Holder” shall have the
meaning provided in Section 8-102 of the UCC. 
 “Entitlement Order” shall mean a notification
communicated to the Custodian directing transfer or redemption of a Financial Asset in which the Entitlement Holder has a Security Entitlement. 

  
 2 

 “Grantor” shall have the meaning provided in the first paragraph of this
Agreement. 
 “Secured Creditors” shall have the meaning provided in the first in the recitals of this
Agreement and shall include any successor thereto. 
 “Securities Account” shall have the meaning provided in
the first paragraph of this Agreement. 
 “Security Agreement” shall have the meaning provided in the first in
the recitals of this Agreement. 
 2. The Collateral Accounts. Annex A attached hereto (and as it may be
amended, modified and restated from time to time) contains a complete and accurate description of each Deposit Account and each Securities Account maintained by each Grantor with the Custodian. Each Grantor and the Custodian agree to maintain at all
times such Collateral Accounts in the name of the respective Grantor. The Custodian shall not change the name or account number of any Collateral Account without the prior written consent of the Collateral Agent. The Collateral Accounts listed on
Annex A hereto do not contain Collateral which is registered in the name of, payable to or to the order of, or specifically indorsed to a Grantor or any other Person other than the Custodian, which has not been indorsed to the Custodian
or in blank, and the Securities Accounts contain only securities that are primarily cleared and settled within the United States. To the Custodian’s knowledge, the Security Entitlements arising out of the Collateral carried in the Securities
Accounts are valid and legally binding obligations of the Custodian, and the Custodian has not been notified in writing of any claim to or interest in the Collateral, except for the claims and interest of the Collateral Agent and the Grantors in the
Collateral. 
 3. Control; Collateral Agent’s Right to Give Instructions as to Collateral Accounts.
(a) Notwithstanding any separate agreement that any Grantor may have with the Custodian or any other Person, the Collateral Agent shall be entitled, for purposes of this Agreement, at any time to give the Custodian Entitlement Orders and
instructions as to the withdrawal or disposition of any funds, property or Securities from time to time credited to any Collateral Account, or as to any other matters relating to any Collateral Account or any other Collateral, without further
consent from the Grantor or any other Person. Each Grantor hereby irrevocably authorizes and instructs the Custodian, and the Custodian hereby agrees, to comply with any and all Entitlement Orders and instructions originated by the Collateral Agent
without any further consent from such Grantor or any other Person. Such instructions may include the giving of stop payment orders for any items being presented to any Deposit Account for payment. The Custodian shall not comply with any Entitlement
Order or other instruction concerning Collateral held in any Collateral Account from any Grantor or any other Person, other than the Collateral Agent or its authorized representatives, unless such Entitlement Order or instruction has been consented
to in writing by the Collateral Agent. The Custodian shall be fully entitled to rely on, and shall comply with, such instructions from the Collateral Agent even if such instructions are contrary to any instructions or demands that the Grantor or any
other Person may give to the Custodian. In case of any conflict between any Entitlement Orders or instructions received by the Custodian from the Collateral Agent and any Entitlement Orders or instructions received by the Custodian from any Grantor
or any other Person other than the Collateral Agent, the Entitlement Orders and instructions originated by the Collateral Agent shall prevail. 

  
 3 

 (b) It is understood and agreed that the Custodian’s duty to comply with instructions
and Entitlement Orders from the Collateral Agent regarding the Collateral Accounts is absolute, and the Custodian shall be under no duty or obligation, nor shall it have the authority, to inquire or determine whether or not such instructions are in
accordance with the Security Agreement or any other Credit Document, nor seek confirmation thereof from any Grantor or any other Person. 
 4. Standard of Care. Notwithstanding any provision contained herein or in any other document or instrument to the contrary, neither the Custodian nor any of its officers, employees or agents shall
be liable (i) for following the instructions of the Collateral Agent and (ii) in all other respects, for any action taken or not taken by it (or them) under or in connection with this Agreement, except for the Custodian’s (or their)
own negligence or willful misconduct. In no event shall the Custodian be liable for indirect, special or consequential damages of any kind whatsoever (including lost profits and lost business opportunity) even if it is advised of the possibility of
such damages and regardless of the form of action in which any such damages may be claimed. Without limiting the foregoing, and notwithstanding any provision to the contrary elsewhere, the Custodian, its affiliates and their respective officers,
directors, employees and agents: 
 (a) shall have no responsibilities, obligations or duties other than those expressly set
forth in this Agreement, and no implied duties, responsibilities or obligations shall be read into this Agreement against the Custodian; without limiting the foregoing, the Custodian shall have no duty to preserve, exercise or enforce rights in the
Collateral (against prior parties or otherwise); 
 (b) may in any instance where the Custodian determines that it lacks or is
uncertain as to its authority to take or refrain from taking certain action, or as to the requirements of this Agreement under any circumstance before it, delay or refrain from taking action unless and until it has received instructions from the
Collateral Agent or advice from legal counsel (or other appropriate advisor), as the case may be; 
 (c) so long as it and they
shall have acted (or refrained from acting) in good faith, shall not be liable for any error of judgment in any action taken, suffered or omitted by, or for any act done or step taken, suffered or omitted by, or for any mistake of fact or law,
unless such action constitutes gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final non-appealable decision) on its (or their) part; 

(d) may consult with legal counsel selected by it (or other experts for the Collateral Agent or any Grantor), and shall not be liable for
any action taken or not taken by it or them in good faith in accordance with the advice of such experts; 
 (e) will not be
responsible to any Person for any statement, warranty or representation made by any party other than the Custodian in connection with this Agreement; 
 (f) will have no duty to ascertain or inquire as to the performance or observance by any Grantor of any of the terms, conditions or covenants of any security agreement with the Collateral Agent;

  
 4 

 (g) will not be responsible to any Person for the due execution, legality, validity,
enforceability, genuineness, effectiveness or sufficiency of this Agreement (provided, however, that the Custodian warrants below that the Custodian has legal capacity to enter into this Agreement); 

(h) will not incur any liability by acting or not acting in reliance upon any notice, consent, certificate, statement or other instrument
or writing believed by it or them to be genuine and signed or sent by the proper party or parties; 
 (i) will not incur
liability for any notice, consent, certificate, statement, wire instruction, telecopy or other writing which is delayed, canceled or changed without the actual knowledge of the Custodian; 

(j) shall not be deemed to have or be charged with notice or knowledge of any fact or matter unless a written notice thereof has been
received by the Custodian at the address and to the person designated in (or as subsequently designated pursuant to) this Agreement; 
 (k) shall not be obligated or required by any provision of this Agreement to expend or risk the Custodian’s own funds, or to take any action (including but not limited to the institution or defense
of legal proceedings) which in its or their judgment may cause it or them to incur or suffer any expense or liability; provided, however, if the Custodian elects to take any such action, it shall be entitled to security or indemnity
satisfactory to the Custodian for the payment of the costs, expenses (including but not limited to reasonable attorneys’ fees) and liabilities which may be incurred therein or thereby; 

(l) shall not incur any liability for acts or omissions of any domestic or foreign depository or book-entry system for the central
handling of Financial Assets or any domestic or foreign custodian or subcustodian; 
 (m) shall not be responsible for the
title, validity or genuineness of any item of Collateral in or delivered into any Collateral Account; and 
 (n) shall not be
responsible for, or have any liability with respect to, any losses due to forces beyond its or their control, including without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes
or act of God, and interruptions, loss or malfunction of utilities, communications or computer (software or hardware) services. 

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

  
 5 

 6. Subordination of Security Interests; Custodian’s Recourse to Deposit
Accounts. The Custodian hereby subordinates any claims and security interests it may have against, or with respect to, any Collateral Account at any time established or maintained with it by any Grantor (including any amounts, securities,
investments, instruments, credit balances, Financial Assets or other property from time to time on deposit or carried therein or credited thereto) to the security interests of the Collateral Agent (for the benefit of the Secured Creditors) in any
and all of the Collateral, and agrees that no amounts shall be charged by the Custodian to, or withheld or set-off or otherwise recouped by the Custodian from, any Collateral Account of such Grantor or any amounts, investments, instruments or other
Collateral from time to time on deposit therein. 
 7. Representations, Warranties and Covenants of Custodian. The
Custodian represents and warrants to the Collateral Agent that: 
 (a) The Custodian is a “bank” (as defined in
Section 9-102 of the UCC) and, regardless of any provision in any other agreement, the jurisdiction (determined in accordance with Section 9-304 of the UCC) of the Custodian for purposes of each Deposit Account maintained by the Grantor
with the Custodian is the State of New York. 
 (b) The Custodian is a “securities intermediary” (as defined in
Section 8-102(a)(14) of the UCC) and is acting in that capacity and, regardless of any provision in any other agreement, the jurisdiction (determined in accordance with Sections 9-305 and 8-110(e) of the UCC) of the Custodian for purposes of
each Securities Account maintained by the Grantor with the Custodian is the State of New York. 
 (c) The account agreements
between the Custodian and the Grantor relating to the establishment and general operation of the Collateral Accounts provide, whether specifically or generally, that the laws of New York govern the Collateral Accounts and, regardless of any
provision in any other agreement, that the Custodian’s “jurisdiction” for purposes of Sections 9-304, 9-305 and 8-110(e) of the UCC in respect of the Collateral Accounts is the State of New York. The Custodian will not, without
the Collateral Agent’s prior written consent, amend any such account agreement so that the Custodian’s jurisdiction for purposes of Section 9-304, 9-305 or 8-110(e) of the UCC is not the State of New York. 

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

  
 6 

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

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

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

8. Further Representations. Each Grantor (severally for itself) represents and warrants that (i) it is duly incorporated or
organized and is validly existing in good standing in its jurisdiction of incorporation or organization, (ii) the execution, delivery and performance of this Agreement and all documents and instruments to be delivered hereunder or thereunder
have been duly authorized, (iii) the person executing this Agreement on its behalf has been duly authorized to act on its behalf, (iv) this Agreement constitutes its legal, valid, binding and enforceable agreement, and (v) its entry
into this Agreement will not violate any agreement, law, rule or regulation by which it is bound or by which any of its assets or property are affected. 
 9. Account Statements and Information. The Custodian agrees, and is hereby authorized and instructed by each Grantor, to furnish to the Collateral Agent, at its address indicated below, copies of
all account statements and other information relating to each Collateral Account that the Custodian sends to such Grantor and to disclose to the Collateral Agent all information requested by the Collateral Agent regarding any Collateral Account. If
any person notifies the Custodian of its assertion of any lien, encumbrance or adverse claim against any of the Collateral Accounts or in any item of Collateral contained therein, the Custodian will promptly notify the Collateral Agent and the
relevant Grantor thereof. 
 10. Conflicting Agreements. This Agreement shall have control over any conflicting agreement
between the Custodian and any Grantor. 
 11. Merger or Consolidation of Custodian. Without the execution or filing of
any paper or any further act on the part of any of the parties hereto, any bank into which the Custodian may be merged or with which it may be consolidated, or any bank resulting from any merger to which the Custodian shall be a party, shall be the
successor of the Custodian hereunder and shall be bound by all provisions hereof which are binding upon the Custodian and shall be deemed to affirm as to itself all representations and warranties of the Custodian contained herein. 

  
 7 

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

 ASFS 
 60 Wall Street, 27th Floor 
 New York, New York 10005 

Attention: Ailsa Morillo 
 Telephone: (212) 250-4893 
 Facsimile: (212) 553-2464 

If to a Grantor, at: 
 The address for notices specified for such Grantor in the Credit Agreement. 

If to the Custodian, at: 
 Deutsche Bank Trust Company Americas 
 ASFS 

60 Wall Street, 27th Floor 
 New York, New York 10005 
 Attention: Ailsa Morillo 

Telephone: (212) 250-4893 
 Facsimile: (212) 553-2464 
 or, as to any party, to such other address or facsimile number as such
party may designate from time to time by notice to the other parties. 
 (b) Except as otherwise provided herein, all notices
and other communications hereunder shall be delivered by hand or by commercial overnight courier (delivery charges prepaid), or mailed, postage prepaid, or faxed, addressed as aforesaid, and shall be effective (i) three business days after
being deposited in the mail (if mailed), (ii) when delivered (if delivered by hand or courier) and (iii) or when transmitted with receipt confirmed (if faxed); provided that notices to the Collateral Agent and the Custodian shall
not be effective until actually received by it. 
 13. Amendment. This Agreement may not be amended, modified or
supplemented except in writing executed and delivered by all the parties hereto. 
 14. Binding Agreement. This Agreement
shall bind the parties hereto and their successors and assigns and shall inure to the benefit of the parties hereto and their successors and assigns. Without limiting the provisions of the immediately preceding sentence, the Collateral Agent at any
time or from time to time may designate in writing to the Custodian a successor Collateral Agent (at such time, if any, as such entity becomes the Collateral Agent under the Security Agreement, or at any time thereafter) who shall thereafter succeed
to the rights of the existing Collateral Agent hereunder and shall be entitled to all of the rights and benefits provided hereunder. 

  
 8 

 15 Continuing Obligations. The rights and powers granted herein to the Collateral
Agent have been granted in order to protect and further perfect its security interests in the Collateral Accounts and other Collateral and are powers coupled with an interest and will not be affected by any purported revocation by any Grantor of
this Agreement or the rights granted to the Collateral Agent hereunder or by the bankruptcy, insolvency, conservatorship or receivership of any Grantor or the Custodian or by the lapse of time. The rights of the Collateral Agent hereunder and in
respect of the Collateral Accounts and the other Collateral, and the obligations of each Grantor and the Custodian hereunder, shall continue in effect until the security interests of the Collateral Agent in such Collateral Accounts and such other
Collateral pursuant to the Security Agreement have been terminated and the Collateral Agent has notified the Custodian of such termination in writing. The termination of this Agreement shall not terminate any Collateral Account or alter the
obligations of the Custodian to each Grantor pursuant to other agreements with respect to any Collateral Account. 
 16.
Financial Assets. Each Grantor, the Custodian and the Collateral Agent hereby agree that the Custodian will treat any and all Securities and any and all other Property and assets (other than Cash) credited from time to time to each
Grantor’s Securities Account as Financial Assets. 
 17. Additional Grantors. It is understood and agreed that any
Person that has become a Grantor under the Security Agreement after the date hereof pursuant to the requirements of the Credit Agreement or any other Credit Document shall become a Grantor hereunder by (x) executing a counterpart hereof and
delivering same to the Collateral Agent, or by executing an assumption agreement in form and substance satisfactory to the Collateral Agent, (y) delivering a supplement to Annex A as is necessary to cause such Annex to be complete and
accurate with respect to such additional Grantor on such date and (z) taking all actions as specified in the Security Agreement, the Credit Agreement and this Agreement as would have been taken by such Grantor had it been an original party to
this Agreement on the Effective Date, in each case with all documents required above to be delivered to the Collateral Agent and with all documents and actions required above to be taken to the reasonable satisfaction of the Collateral Agent and the
Administrative Agent. 
 18. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be
construed in accordance with and governed by the law of the State of New York. Regardless of any provision in any other agreement, in respect of the Custodian, the State of New York shall be the “bank’s jurisdiction” for purposes of
Section 9-304 of the UCC and the “securities intermediary’s jurisdiction” for purposes of Sections 9-305 and 8-110 of the UCC. 
 (b) Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of
Manhattan in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement and each of the parties
hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. Each of the
parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

  
 9 

 (c) Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent
it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this
Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each Grantor hereby irrevocably consents to service of process in the manner provided for notices in Section 12.08 of the Credit
Agreement. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
 (e) Each Grantor hereby irrevocably designates, appoints and empowers C T Corporation, with offices on the date hereof at 111 Eighth Avenue, 13th Floor, New York, New York 10011, as its designee, appointee and agent to receive, accept and acknowledge for and on
its behalf, and in respect of its property, service of any and all legal process, summons, notices and documents which may be served in any such action or proceeding. If for any reason such designee, appointee and agent shall cease to be available
to act as such, each Grantor agrees to designate a new designee, appointee and agent in New York City on the terms and for the purposes of this provision reasonably satisfactory to the Custodian and the Collateral Agent under this Agreement.

 19. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 20. Counterparts. This Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Agreement by signing
and delivering one or more counterparts. 
 [Remainder of this page intentionally left blank; signature page follows

  
 10 

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

			
		 	 Grantors:

		 	
	 ENDURANCE SPECIALTY HOLDINGS LTD.

		
	 By:
	 	 /s/ Michael J. McGuire

		 	Name: Michael J. McGuire
		 	Title: Chief Financial Officer
		 	
	 ENDURANCE SPECIALTY INSURANCE LTD.

		 	
	 By:
	 	 /s/ Michael J. McGuire

		 	Name: Michael J. McGuire
		 	Title: Chief Financial Officer
		 	
	 ENDURANCE U.S. HOLDINGS CORP.

		 	
	 By:
	 	 /s/ Daniel S. Lurie

		 	Name: Daniel S. Lurie
		 	Title: Executive Vice President
		 	
	ENDURANCE WORLDWIDE HOLDINGS LIMITED
		 	
	 By:
	 	 /s/ Daniel S. Lurie

		 	Name: Daniel S. Lurie
		 	Title: Secretary

  

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

		 	Name: Daniel S. Lurie
		 	Title: Secretary

 [Endurance – Account Control Agreement] 

  

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

Title: Secretary

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

		 	 Name: Daniel S. Lurie

Title: Secretary

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

		 	 Name: Daniel S. Lurie

Title: Secretary

		 	
	 ARMTECH HOLDINGS, INC.

		 	
	By:	 	 /s/ Daniel S. Lurie

		 	 Name: Daniel S. Lurie

Title: Secretary

 [Endurance – Account Control Agreement] 

 
			
	Custodian:
		 	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	 /s/ Eileen M. Hughes

		 	 Name: Eileen M. Hughes

Title: Director

		 	
	By:	 	 /s/ Rajesh Rampersaud

		 	 Name: Rajesh Rampersaud

Title: Assistant Vice President

 [Endurance – Account Control Agreement] 

			
	Collateral Agent:
		 	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	 /s/ Eileen M. Hughes

		 	 Name: Eileen M. Hughes

Title: Director

		 	
	By:	 	 /s/ Rajesh Rampersaud

		 	 Name: Rajesh Rampersaud

Title: Assistant Vice President

 [Endurance – Account Control Agreement]

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