Document:

Insured Receivables Performance Undertaking dated as of 8/11/05

 Exhibit 10.14 
  
 SUNGARD INSURED RECEIVABLES FACILITY 
 PERFORMANCE UNDERTAKING 
  
 This Performance Undertaking (this “Undertaking”), dated as of August 11, 2005, is executed by SUNGARD DATA SYSTEMS INC., a Delaware corporation (the “Performance Guarantor”) in favor of SUNGARD
FINANCING LLC, a Delaware limited liability company, together with its successors and assigns, including JPMorgan Chase Bank, N.A., as Administrative Agent on behalf of the Lenders and the Insurer (collectively, the “Recipient”).

  
 RECITALS 
  
 1. Each Subsidiary of the Performance Guarantor that is a Seller on the date
hereof and that becomes a Seller from time to time (collectively, the “Sellers”) and Recipient have entered into or will enter into the SunGard Insured Receivables Facility First Step Receivables Purchase Agreement, dated as of
August 11, 2005 (as amended, restated or otherwise modified from time to time, the “First Step Agreement”), pursuant to which each Seller thereunder, subject to the terms and conditions contained therein, is selling its right,
title and interest in its Receivables, Seller Related Security and Collections thereof to Recipient. 
  
 2. Each Seller is a Subsidiary of Performance Guarantor and Performance Guarantor is expected to receive substantial direct and indirect benefits from the
sale of Receivables, Seller Related Security and Collections thereof by the Sellers to the Recipient pursuant to the First Step Agreement (which benefits are hereby acknowledged by the Performance Guarantor). 
  
 3. As an inducement for Recipient to purchase the Sellers’ Receivables,
Seller Related Security and Collections pursuant to the First Step Agreement, Performance Guarantor has agreed to and wishes to guaranty to the Recipient the due and punctual performance by each Seller of its obligations under or in respect of the
First Step Agreement and the Collection Agent Related Obligations (as hereinafter defined). 
  
 AGREEMENT 
  
 NOW,
THEREFORE, Performance Guarantor hereby agrees as follows: 
  
 Section 1. Definitions. Capitalized terms used herein and not defined herein shall have the respective meanings assigned thereto in the First Step Agreement, the Second Step Agreement, or Schedule A to the Credit Agreement.
Capitalized terms used in Section 6 or in Section 9 hereof and not defined herein, in the First Step Agreement, in the Second Step Agreement, or in Schedule A to the Credit Agreement shall have the respective meanings assigned thereto in
the Senior Credit Agreement. In addition: 
  
 “Obligations” means, collectively, (i) all covenants, agreements, terms, conditions and indemnities to be performed and observed by each Seller under and pursuant to the First Step Agreement and each other document
executed and delivered by any Seller pursuant to the First Step Agreement, including, without limitation, the due and punctual payment of all sums which are or may become due and owing by any Seller under 

 
the First Step Agreement, whether for fees, expenses (including counsel fees), indemnified amounts or otherwise, whether upon any termination or for any
other reason and (ii) all obligations of any Person (1) that acts as or discharges the duties of the collection agent, or its permitted successors and assigns (the “Collection Agent”) under the Collection Agent Agreement,
dated as of August 11, 2005, by and between Performance Guarantor, as initial Collection Agent, and Recipient (as amended, restated or otherwise modified, the “Collection Agent Agreement” and, together with the First Step
Agreement, the “Agreements”) and (2) which arise pursuant to the Collection Agent Agreement as a result of a Collection Agent’s termination as Collection Agent (all such obligations collectively, the “Collection
Agent Related Obligations”). 
  
 Section 2. Guaranty
of Performance of Obligations. Performance Guarantor hereby guarantees to Recipient, the full and punctual payment and performance by each Seller and Collection Agent of the Obligations. This Undertaking is an absolute, unconditional and
continuing guaranty of the full and punctual performance of all of the Obligations of each Seller and Collection Agent under the Agreements and each other document executed and delivered by each Seller and Collection Agent pursuant to the Agreements
and is in no way conditioned upon any requirement that Recipient first attempt to collect any amounts owing by such Seller or Collection Agent to Recipient, the Administrative Agent, Funding Agents, Conduit Lenders, Committed Lenders or the Insurer
from any other Person or resort to any collateral security, any balance of any deposit account, intercompany payable or intercompany promissory note of any Seller or any Collection Agent, or any other Person or other means of obtaining payment.
Should any Seller or Collection Agent default in the payment or performance of any of the Obligations, Recipient (or its assigns) may cause the immediate performance by Performance Guarantor of the Obligations and cause any payment Obligations to
become forthwith due and payable to Recipient (or its assigns), without demand or notice of any nature (other than as expressly provided herein), all of which are hereby expressly waived by Performance Guarantor. Notwithstanding the foregoing, this
Undertaking is not a guarantee of the collection of any of the Receivables and Performance Guarantor shall not be responsible for any Obligations to the extent that the failure to perform such Obligations by any Seller or Collection Agent results
from Receivables being uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of the related Obligor; provided, that nothing herein shall relieve any Seller or Collection Agent from performing in full its Obligations
under the Agreements or Performance Guarantor of its undertaking hereunder with respect to the full performance of such duties. 
  
 Section 3. Performance Guarantor’s Further Agreements to Pay. Performance Guarantor further agrees, as the principal obligor and not as a
guarantor only, to pay to Recipient (and its assigns), forthwith upon demand in funds immediately available to Recipient, all reasonable costs and expenses (including court costs and legal expenses) incurred or expended by Recipient in connection
with the Obligations, this Undertaking and the enforcement thereof, together with interest on amounts recoverable under this Undertaking from the time when such amounts become due until payment, at a rate of interest (computed for the actual number
of days elapsed based on a 360 day year) equal to the Base Rate plus 2% per annum, such rate of interest changing from time to time when and as the Base Rate changes. 
  

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 Section 4. Waivers by Performance Guarantor. Performance Guarantor waives notice of acceptance of
this Undertaking, notice of any action taken or omitted by Recipient (or its assigns) in reliance on this Undertaking, and any requirement that Recipient (or its assigns) be diligent or prompt in making demands under this Undertaking, giving notice
of any Early Amortization Event (under and as defined in either of the First Step Agreement or the Collection Agent Agreement), Event of Default, other default or omission by any Seller or Collection Agent or asserting any other rights of Recipient
under this Undertaking. Performance Guarantor warrants that it has adequate means to obtain from any Seller or Collection Agent, on a continuing basis, information concerning the financial condition of any Seller or Collection Agent, and that it is
not relying on Recipient to provide such information, now or in the future. Performance Guarantor also irrevocably waives all defenses (i) that at any time may be available in respect of the Obligations by virtue of any statute of limitations,
valuation, stay, moratorium law or other similar law now or hereafter in effect or (ii) that arise under the law of suretyship, including impairment of collateral. Recipient (and its assigns) shall be at liberty, without giving notice to or
obtaining the assent of Performance Guarantor and without relieving Performance Guarantor of any liability under this Undertaking, to deal with each Seller and Collection Agent and with each other party who now is or after the date hereof becomes
liable in any manner for any of the Obligations, in such manner as Recipient (and its assigns) in its sole discretion deems fit, and to this end Performance Guarantor agrees that the validity and enforceability of this Undertaking, including without
limitation, the provisions of Section 7 hereof, shall not be impaired or affected by any of the following: (a) any extension, modification or renewal of, or indulgence with respect to, or substitutions for, the Obligations or any part
thereof or any agreement relating thereto at any time; (b) any failure or omission to enforce any right, power or remedy with respect to the Obligations or any part thereof or any agreement relating thereto, or any collateral securing the
Obligations or any part thereof; (c) any waiver of any right, power or remedy or of any Early Amortization Event (under and as defined in either of the First Step Agreement or the Collection Agent Agreement), Event of Default, or default with
respect to the Obligations or any part thereof or any agreement relating thereto; (d) any release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of any other obligation of any person or
entity with respect to the Obligations or any part thereof; (e) the enforceability or validity of the Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to the
Obligations or any part thereof; (f) the application of payments received from any source to the payment of any payment Obligations of any Seller or Collection Agent or any part thereof or amounts which are not covered by this Undertaking even
though Recipient (or its assigns) might lawfully have elected to apply such payments to any part or all of the payment Obligations of any Seller or Collection Agent or to amounts which are not covered by this Undertaking; (g) the existence of
any claim, setoff or other rights which Performance Guarantor may have at any time against any Seller or Collection Agent in connection herewith or any unrelated transaction; (h) any assignment or transfer of the Obligations or any part
thereof; or (i) any failure on the part of any Seller or Collection Agent to perform or comply with any term of the Agreements or any other document executed in connection therewith or delivered thereunder, all whether or not Performance
Guarantor shall have had notice or knowledge of any act or omission referred to in the foregoing clauses (a) through (i) of this Section 4. 
  

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 Section 5. Unenforceability of Obligations Against Seller or Collection Agents. Notwithstanding
(a) any change of ownership of any Seller or Collection Agent or the insolvency, bankruptcy or any other change in the legal status of any Seller or Collection Agent; (b) the change in or the imposition of any law, decree, regulation or
other governmental act which does or might impair, delay or in any way affect the validity, enforceability or the payment when due of the Obligations; (c) the failure of any Seller or Collection Agent or Performance Guarantor to maintain in
full force, validity or effect or to obtain or renew when required all governmental and other approvals, licenses or consents required in connection with the Obligations or this Undertaking, or to take any other action required in connection with
the performance of all obligations pursuant to the Obligations or this Undertaking; or (d) if any of the moneys included in the Obligations have become irrecoverable from any Seller or Collection Agent for any other reason other than final
payment in full of the payment Obligations in accordance with their terms, this Undertaking shall nevertheless be binding on Performance Guarantor. This Undertaking shall be in addition to any other guaranty or other security for the Obligations,
and it shall not be rendered unenforceable by the invalidity of any such other guaranty or security. In the event that acceleration of the time for payment of any of the Obligations is stayed upon the insolvency, bankruptcy or reorganization of any
Seller or Collection Agent or for any other reason with respect to any Seller or Collection Agent, all such amounts then due and owing with respect to the Obligations under the terms of the Agreements, or any other agreement evidencing, securing or
otherwise executed in connection with the Obligations, shall be immediately due and payable by Performance Guarantor. 
  
 Section 6. Representations and Warranties. Performance Guarantor represents and warrants to the Recipient that: 
  
 (a) Existence, Qualification and Power; Compliance with
Laws. Performance Guarantor (a) is duly formed, validly existing and in good standing under the Laws of the jurisdiction of its organization, (b) has all requisite power and authority to (i) own or lease its assets and
carry on its business and (ii) execute, deliver and perform its obligations under the Transaction Documents to which it is a party, (c) is duly qualified and in good standing under the Laws of each jurisdiction where its ownership, lease
or operation of properties or the conduct of its business requires such qualification, (d) is in compliance with all Laws, orders, writs, injunctions and orders and (e) has all requisite governmental licenses, authorizations, consents and
approvals to operate its business as currently conducted; except in each case referred to in clause (c), (d) or (e), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
  
 (b) Authorization; No Contravention. The execution,
delivery and performance by Performance Guarantor of this Undertaking are within Performance Guarantor’s corporate power, have been duly authorized by all necessary corporate action, and do not and will not (a) contravene the terms of any
of Performance Guarantor’s Organization Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien, or require any payment to be made under (i) any Contractual Obligation to which Performance
Guarantor is a party or affecting Performance Guarantor or the properties of Performance Guarantor or any of its Subsidiaries or (ii) any material order, injunction, writ or decree of any 

  

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Governmental Authority or any arbitral award to which Performance Guarantor or its property is subject; or (c) violate any material Law; except with
respect to any conflict, breach or contravention or payment (but not creation of Liens) referred to in clause (b)(i), to the extent that such conflict, breach, contravention or payment could not reasonably be expected to have a Material Adverse
Effect. 
  
 (c) Governmental Authorization;
Other Consents. No material approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution,
delivery or performance by, or enforcement against, Performance Guarantor of this Undertaking or (b) the exercise by Recipient of its rights hereunder except for (i) the approvals, consents, exemptions, authorizations, actions, notices and
filings which have been duly obtained, taken, given or made and are in full force and effect and (ii) those approvals, consents, exemptions, authorizations or other actions, notices or filings, the failure of which to obtain or make could not
reasonably be expected to have a Material Adverse Effect. 
  
 (d) Binding Effect. This Undertaking has been duly executed and delivered by Performance Guarantor. This Undertaking constitutes a legal, valid and binding obligation of Performance Guarantor, enforceable
against Performance Guarantor in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by general principles of equity. 
  
 (e) Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the
knowledge of the Performance Guarantor, threatened in writing or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the Performance Guarantor or against any of its properties or revenues that either
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  
 (f) Financial Statements; No Material Adverse Effect. (i) The Audited Financial Statements and the Unaudited Financial
Statements fairly present in all material respects the financial condition of the Performance Guarantor and its Subsidiaries as of the dates thereof and their results of operations for the period covered thereby in accordance with GAAP consistently
applied throughout the periods covered thereby, except as otherwise expressly noted therein. During the period from December 31, 2004 to and including the date hereof, there has been (A) no sale, transfer or other disposition by the
Performance Guarantor or any of its Subsidiaries of any material part of the business or property of the Performance Guarantor or any of its Subsidiaries, taken as a whole and (B) no purchase or other acquisition by the Performance Guarantor or
any of its Subsidiaries of any business or property (including any Equity Interests of any other Person) material in relation to the consolidated financial condition of the Performance Guarantor and its Subsidiaries, in each case, which is not
reflected in the foregoing financial statements or in the notes thereto or has not otherwise been disclosed in writing to the Recipient prior to the date hereof. 
  

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 (ii) As of the date hereof, neither the Performance Guarantor nor any of its Subsidiaries
has any Indebtedness or other obligations or liabilities, direct or contingent (other than (A) the liabilities reflected on Schedule 5.05 of the Senior Credit Agreement, (B) obligations arising under the Senior Credit Agreement or
this Undertaking and (C) liabilities incurred in the ordinary course of business) that, either individually or in the aggregate, have had or could reasonably be expected to have a Material Adverse Effect. 
  
 (g) No Default. Neither the Performance Guarantor nor
any of its Subsidiaries is in default under or with respect to, or a party to, any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 (h) Taxes. Except as set forth in Schedule 5.10
to the Senior Credit Agreement and except as could not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, the Performance Guarantor and its Subsidiaries have filed all Federal and state and other
tax returns and reports required to be filed, and have paid all Federal and state and other taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except
those (i) which are not overdue by more than thirty (30) days or (ii) which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP.

  
 (i) Disclosure. No report, financial
statement, certificate or other written information furnished by or on behalf of the Performance Guarantor to the Recipient in connection with the transactions contemplated hereby and the negotiation of this Undertaking or delivered hereunder (as
modified or supplemented by other information so furnished) when taken as a whole contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not materially misleading; provided that, with respect to projected financial information and pro forma financial information, the Performance Guarantor represents only that such information was prepared in good faith based
upon assumptions believed to be reasonable at the time of preparation; it being understood that such projections may vary from actual results and that such variances may be material. 
  
 (j) Solvency. On the date hereof, after giving effect to the Transactions, the Performance Guarantor
and its Subsidiaries, on a consolidated basis, are Solvent. 
  
 (k) ERISA. (i) Except as set forth in Schedule 5.11(a) to the Senior Credit Agreement or as could not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect, each Plan is in compliance in with the applicable provisions of ERISA, the Code and other Federal or state Laws. 
  
 (ii) No ERISA Event has occurred during the five year period prior to the date on which this representation is made or deemed made with
respect to any 

  

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Pension Plan; (ii) no Pension Plan has an “accumulated funding deficiency” (as defined in Section 412 of the Code), whether or not
waived; (iii) neither the Performance Guarantor nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under
Section 4007 of ERISA); (iv) neither the Performance Guarantor nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of
ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither the Performance Guarantor nor any ERISA Affiliate has engaged in a transaction that could be subject to Sections
4069 or 4212(c) of ERISA, except, with respect to each of the foregoing clauses of this paragraph (k)(ii), as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 
  
 (l) Investment Company Act; Public Utility Holding
Company Act. None of the Performance Guarantor, any Person Controlling the Performance Guarantor, or any Subsidiary of the Performance Guarantor (i) is a “holding company,” or a “subsidiary company” of a “holding
company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company,” within the meaning of the Public Utility Holding Company Act of 1935, or (ii) is or is required
to be registered as an “investment company” under the Investment Company Act of 1940. 
  
 Section 7. Subrogation; Subordination. Notwithstanding anything to the contrary contained herein, until the Obligations are paid in full
Performance Guarantor: (a) will not enforce or otherwise exercise any right of subrogation to any of the rights of Recipient, the Administrative Agent, the Funding Agents, the Conduit Lenders, the Committed Lenders or the Insurer against any
Seller or Collection Agent, (b) hereby waives all rights of subrogation (whether contractual, under Section 509 of the United States Bankruptcy Code, at law or in equity or otherwise) to the claims of Recipient, the Administrative Agent,
the Funding Agents, the Conduit Lenders, the Committed Lenders or the Insurer against any Seller or Collection Agent and all contractual, statutory or legal or equitable rights of contribution, reimbursement, indemnification and similar rights and
“claims” (as that term is defined in the United States Bankruptcy Code) which Performance Guarantor might now have or hereafter acquire against any Seller or Collection Agent that arise from the existence or performance of Performance
Guarantor’s obligations hereunder, (c) will not claim any setoff, recoupment or counterclaim against any Seller or Collection Agent in respect of any liability of Performance Guarantor to any Seller or Collection Agent and (d) waives
any benefit of and any right to participate in any collateral security which may be held by Recipient, the Administrative Agent or the Purchasers. The payment of any amounts due with respect to any indebtedness of any Seller or Collection Agent now
or hereafter owed to Performance Guarantor is hereby subordinated to the prior payment in full of all of the Obligations. Performance Guarantor agrees that, after the occurrence of any default in the payment or performance of any of the Obligations,
Performance Guarantor will not demand, sue for or otherwise attempt to collect any such indebtedness of any Seller or Collection Agent to Performance Guarantor until all of the Obligations shall have been paid and performed in full. If,
notwithstanding the foregoing sentence, Performance 

  

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Guarantor shall collect, enforce or receive any amounts in respect of such indebtedness while any Obligations are still unperformed or outstanding, such
amounts shall be collected, enforced and received by Performance Guarantor as trustee for Recipient (and its assigns) and be paid over to Recipient (or its assigns) on account of the Obligations without affecting in any manner the liability of
Performance Guarantor under the other provisions of this Undertaking. The provisions of this Section 7 shall be supplemental to and not in derogation of any rights and remedies of Recipient under any separate subordination agreement which
Recipient may at any time and from time to time enter into with Performance Guarantor. 
  
 Section 8. Termination of Undertaking. Performance Guarantor’s obligations hereunder shall continue in full force and effect until the later of (i) all Obligations are finally paid and satisfied in
full and the Collection Agent Agreement is terminated, or (ii) all obligations under the Credit Agreement and the Insurance Agreement have been paid in full and the Insurer shall have no further obligations under the Policy; provided, that in
either instance this Undertaking shall continue to be effective or shall be reinstated, as the case may be, if at any time payment or other satisfaction of any of the Obligations is rescinded or must otherwise be restored or returned upon the
bankruptcy, insolvency, or reorganization of any Seller or Collection Agent or otherwise, as though such payment had not been made or other satisfaction occurred, whether or not Recipient (or its assigns) is in possession of this Undertaking. No
invalidity, irregularity or unenforceability by reason of the federal bankruptcy code or any insolvency or other similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect the Obligations
shall impair, affect, be a defense to or claim against the obligations of Performance Guarantor under this Undertaking. 
  
 Section 9. Financial Statements and Other Information. (a) Financial Statements. Performance Guarantor will maintain for itself and
each of its Subsidiaries, a system of accounting established and administered in accordance with generally accepted accounting principles, and furnish to Recipient (or its assigns): 
  
 (i) as soon as available, but in any event within ninety (90) days after the end of each fiscal year of
the Performance Guarantor beginning with the 2005 fiscal year, a consolidated balance sheet of the Performance Guarantor and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations,
stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a
report and opinion of PricewaterhouseCoopers LLP or any other independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and
shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; 
  
 (ii) as soon as available, but in any event within forty-five (45) days after the end of each of the first three (3) fiscal
quarters of each fiscal year of the Performance Guarantor, a consolidated balance sheet of the Performance Guarantor 

  

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and its Subsidiaries as at the end of such fiscal quarter, and the related (i) consolidated statements of income or operations for such fiscal quarter
and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows for the portion of the fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of
the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by a Responsible Officer of the Performance Guarantor as fairly presenting in all material respects the financial condition,
results of operations, stockholders’ equity and cash flows of the Performance Guarantor and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; 
  
 (iii) as soon as available, and in any event no later than
ninety (90) days after the end of each fiscal year of the Performance Guarantor, a detailed consolidated budget for the following fiscal year (including a projected consolidated balance sheet of the Performance Guarantor and its Subsidiaries as
of the end of the following fiscal year, the related consolidated statements of projected cash flow and projected income and a summary of the material underlying assumptions applicable thereto), and, as soon as available, significant revisions, if
any, of such budget and projections with respect to such fiscal year (collectively, the “Projections”), which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections are
based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections are incorrect or misleading in any material respect; and 
  
 (iv) simultaneously with the delivery of each set of
consolidated financial statements referred to in Sections 9(a)(i) and 9(a)(ii) above, the related consolidating financial statements reflecting the adjustments necessary to eliminate the accounts of Unrestricted Subsidiaries (if any) from such
consolidated financial statements. 
  
 Notwithstanding the foregoing, the
obligations in Sections 9(a)(i) and 9(a)(ii) above may be satisfied with respect to financial information of the Performance Guarantor and the Restricted Subsidiaries by furnishing (A) the applicable financial statements of Holdings (or any
direct or indirect parent of Holdings) or (B) the Performance Guarantor’s or Holdings’ (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC; provided that, with respect
to each of clauses (A) and (B), (i) with respect to information relating to Holdings (or a parent thereof), such information is accompanied by consolidating information that explains in reasonable detail the differences between the
information relating to Holdings (or such parent), on the one hand, and the information relating to the Performance Guarantor and the Restricted Subsidiaries on a standalone basis, on the other hand and (ii) such materials are accompanied by a
report and opinion of PricewaterhouseCoopers LLP or any other independent registered public accounting firm of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted auditing standards and
shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit. 
  

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 (b) Certificates; Other Information. Performance Guarantor will furnish to Recipient (or its
assigns): 
  
 (i) no later than five
(5) days after the delivery of the financial statements referred to in Section 9(a)(i), a certificate of its independent registered public accounting firm certifying such financial statements; 
  
 (ii) no later than five (5) days after the delivery of
the financial statements referred to in Sections 9(a)(i) and 9(a)(ii), a duly completed Compliance Certificate signed by a Responsible Officer of the Performance Guarantor; 
  
 (iii) promptly after the same are publicly available, copies of all annual, regular, periodic and special
reports and registration statements which the Performance Guarantor files with the SEC or with any Governmental Authority that may be substituted therefor (other than amendments to any registration statement (to the extent such registration
statement, in the form it became effective, is delivered), exhibits to any registration statement and, if applicable, any registration statement on Form S-8) and in any case not otherwise required to be delivered to the Recipient pursuant hereto;

  
 (iv) promptly after the furnishing thereof,
copies of any material requests or material notices received by the Performance Guarantor (other than in the ordinary course of business) or material statements or material reports furnished to any holder of debt securities of the Performance
Guarantor or of any of its Subsidiaries pursuant to the terms of any Bridge Loan Agreement, any documentation relating to Permanent Financing, Existing Notes Documentation, New Notes Documentation or Junior Financing Documentation in a principal
amount greater than the Threshold Amount and not otherwise required to be furnished to the Lenders pursuant to any other clause of this Section 9(b); and 
  

(v) promptly, such additional information regarding the business, legal, financial or corporate affairs of the Performance Guarantor or
any Subsidiary, or compliance with the terms of the Transaction Documents, as the Recipient may from time to time reasonably request. 
  
 Documents required to be delivered pursuant to Section 9(a)(i) or 9(a)(ii) or Section 9(b)(iv) (to the extent any such documents are included in
materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Performance Guarantor posts such documents, or provides a link thereto on the
Performance Guarantor’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such documents are posted on the Performance Guarantor’s behalf on IntraLinks/IntraAgency or another relevant website,
if any, to which the Recipient has access (whether a commercial, third-party website or whether sponsored by the Recipient); provided that: (i) upon written request by the Recipient, the Performance Guarantor shall deliver paper copies
of such documents to the Recipient until a written request to cease delivering paper copies is given by the Recipient and (ii) the Performance Guarantor shall notify (which may be by facsimile or electronic mail) the Recipient of the posting of
any such documents and provide to the Recipient by 

  

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electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance the
Performance Guarantor shall be required to provide paper copies of the Compliance Certificates required by Section 9(b)(ii) to the Recipient. 
  
 (c) Notices of Material Events. Performance Guarantor will notify the Recipient (or its assigns) in writing of any of the following promptly upon
learning of the occurrence thereof, describing the same and, if applicable, the steps being taken with respect thereto: 
  
 (i) the occurrence of each Early Amortization Event and each Potential Early Amortization Event; 
  
 (ii) of any matter that has resulted or could reasonably be
expected to result in a Material Adverse Effect, including arising out of or resulting from breach or non-performance of, or any default or event of default under, a Contractual Obligation of the Performance Guarantor, any dispute, litigation,
investigation, proceeding or suspension between the Performance Guarantor and any Governmental Authority, the commencement of, or any material development in, any litigation or proceeding affecting the Performance Guarantor, including pursuant to
any applicable Environmental Laws or in respect of IP Rights or the assertion or occurrence of any noncompliance by the Performance Guarantor with, or liability under, any Environmental Law or Environmental Permit, or the occurrence of any ERISA
Event; and 
  
 (iii) any downgrade in the rating
of any Indebtedness of Performance Guarantor or any of its Subsidiaries by Standard & Poor’s Ratings Group or by Moody’s Investors Service, Inc., setting forth the Indebtedness affected and the nature of such change. 

 
 Each notice delivered under this clause (c) shall be
accompanied by a statement of a Responsible Officer setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
  
 (d) Inspection Rights. Permit representatives and independent
contractors of the Recipient to visit and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its directors,
officers, and independent public accountants, to the extent required by and in the manner specified in the Collection Agency Agreement. 
  
 (e) No Contest. Performance Guarantor will not at any time in the future deny that this Undertaking or any other Transaction Document to which it
is a party constitutes its legal, valid and binding obligation. 
  
 Section 10. Transition of Sellers. Performance Guarantor will, at its sole expense, use reasonable commercial efforts to cause each Bridge Seller to be eligible to be a Seller under the First Step Agreement. In connection therewith,
Performance Guarantor will at the request of the Administrative Agent (subassignee of the Recipient) cause the 

  

 11 

 
Bridge Seller to execute a Joinder and Termination Agreement attached as “Exhibit I” to the First Step Agreement. 
  
 Section 11. Effect of Bankruptcy. This Undertaking shall survive the
insolvency of any Seller or Collection Agent and the commencement of any case or proceeding by or against any Seller or Collection Agent under the federal bankruptcy code or other federal, state or other applicable bankruptcy, insolvency or
reorganization statutes. No automatic stay under the federal bankruptcy code with respect to any Seller or Collection Agent or other federal, state or other applicable bankruptcy, insolvency or reorganization statutes to which any Seller or
Collection Agent is subject shall postpone the obligations of Performance Guarantor under this Undertaking. 
  
 Section 12. Setoff. Regardless of the other means of obtaining payment of any of the Obligations, Recipient (and its assigns) is hereby authorized
at any time and from time to time, without notice to Performance Guarantor (any such notice being expressly waived by Performance Guarantor) and to the fullest extent permitted by law, to set off and apply any deposits and other sums against the
obligations of Performance Guarantor under this Undertaking, whether or not Recipient (or any such assign) shall have made any demand under this Undertaking and although such Obligations may be contingent or unmatured. 
  
 Section 13. Taxes. All payments to be made by Performance Guarantor
hereunder shall be made free and clear of any deduction or withholding. If Performance Guarantor is required by law to make any deduction or withholding on account of tax or otherwise from any such payment, the sum due from it in respect of such
payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, Recipient receive a net sum equal to the sum which they would have received had no deduction or withholding been made. 

 
 Section 14. Further Assurances. Performance Guarantor agrees that
it will from time to time, at the request of Recipient (or its assigns), provide information relating to the business and affairs of Performance Guarantor as Recipient may reasonably request. Performance Guarantor also agrees to do all such things
and execute all such documents as Recipient (or its assigns) may reasonably consider necessary or desirable to give full effect to this Undertaking and to perfect and preserve the rights and powers of Recipient hereunder. 
  
 Section 15. Successors and Assigns. This Undertaking shall be binding
upon Performance Guarantor, its successors and permitted assigns, and shall inure to the benefit of and be enforceable by Recipient and its successors and assigns. Performance Guarantor consents to any assignment by Recipient of its right, title and
interest under this Undertaking to any Person (and its assignees). Performance Guarantor may not assign or transfer any of its obligations hereunder without the prior written consent of each of Recipient and the Controlling Party. Without limiting
the generality of the foregoing sentence, Recipient may assign or otherwise transfer the Agreements, any other documents executed in connection therewith or delivered thereunder or any other agreement or note held by them evidencing, securing or
otherwise executed in connection with the Obligations, or sell participations in any interest therein, to any other entity or other person, and such other 

  

 12 

 
entity or other person shall thereupon become vested, to the extent set forth in the agreement evidencing such assignment, transfer or participation, with
all the rights in respect thereof granted to the Recipient herein. 
  
 Section 16. Amendments and Waivers. No amendment or waiver of any provision of this Undertaking nor consent to any departure by Performance Guarantor therefrom shall be effective unless the same shall be in writing and signed by
Recipient, the Controlling Party and Performance Guarantor. No failure on the part of Recipient to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right
hereunder preclude any other or further exercise thereof or the exercise of any other right. 
  
 Section 17. Notices. All notices and other communications provided for hereunder shall be made in writing and shall be addressed as follows: if either to Performance Guarantor or Recipient, at the respective
address set forth on Schedule A hereto, or at such other addresses as each of Performance Guarantor or any Recipient may designate in writing to the other. Each such notice or other communication shall be effective if given by telecopy, upon the
receipt thereof, if given by mail, three (3) Business Days after the time such communication is deposited in the mail with first class postage prepaid or if given by any other means, when received at the address specified in this
Section 17. 
  
 Section 18. GOVERNING LAW.
THIS UNDERTAKING SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

  
 Section 19. CONSENT TO JURISDICTION. EACH
OF PERFORMANCE GUARANTOR AND RECIPIENT HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
UNDERTAKING, THE FIRST STEP AGREEMENT, COLLECTION AGENT AGREEMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION THEREWITH OR DELIVERED THEREUNDER AND EACH OF PERFORMANCE GUARANTOR AND RECIPIENT HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF
SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN
INCONVENIENT FORUM. 
  
 Section 20. WAIVER OF
RIGHT TO TRIAL BY JURY. EACH PARTY TO THIS UNDERTAKING HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO
THE DEALINGS OF 

  

 13 

 
THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY TRANSACTION DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS
UNDERTAKING MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 20 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
  
 Section 21. Bankruptcy Petition. Performance Guarantor hereby
covenants and agrees that, prior to the date that is one year and one day after all outstanding senior Indebtedness of any Conduit Lender, SunGard Financing or SunGard Funding has indefeasibly been paid in full, it will not institute against, or
join any other Person in instituting against, any Conduit Lender, SunGard Financing or SunGard Funding any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States
or any state of the United States. 
  
 Section 22.
Reinstatement. To the extent that the Performance Guarantor makes a payment to the Recipient, or the Recipient receives any payment or proceeds with respect to this Undertaking or any other amount payable in connection therewith, which
payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law
or equitable cause, then, and to the extent such payment or proceeds are set aside, all such amounts payable in connection with this Undertaking intended to be satisfied, shall be reinstated and revived and shall continue in full force and effect,
as if such payment or proceeds had not been received by the Recipient. This Section shall survive termination of this Undertaking. 
  
 Section 23. Miscellaneous. This Undertaking constitutes the entire agreement of Performance Guarantor with respect to the matters set forth herein.
The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law or any other agreement, and this Undertaking shall be in addition to any other guaranty of or collateral security for any of the Obligations.
The provisions of this Undertaking are severable, and in any action or proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the
obligations of Performance Guarantor hereunder would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of Performance Guarantor’s liability under this Undertaking, then, notwithstanding any other
provision of this Undertaking to the contrary, the amount of such liability shall, without any further action by Performance Guarantor or Recipient, be automatically limited and reduced to the highest amount that is valid and enforceable as
determined in such action or proceeding. Any provisions of this Undertaking which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise specified, references herein to
“Section” shall mean a reference to sections of this Undertaking. 
  
 *    *    *    * 
  

 14 

 IN WITNESS WHEREOF, Performance Guarantor has caused this Undertaking to be executed and delivered as of
the date first above written. 
  

			
	SUNGARD DATA SYSTEMS INC., as Performance Guarantor
		
	By:	 	/s/    ANDREW P.
BRONSTEIN        
	 Name:
	 	Andrew P. Bronstein
	 Title:
	 	Vice President, Controller and Assistant Secretary
	
	SUNGARD FINANCING LLC, as Recipient
		
	By:	 	/s/    MICHAEL J. RUANE        
	 Name:
	 	Michael J. Ruane
	 Title:
	 	President, Treasurer and Assistant Secretary

  

 15 

 Schedule A 
 Addresses for Notices 
  
 Performance
Guarantor 
  
 SunGard Data Systems Inc.

 680 East Swedesford Road 
 Wayne, Pa 19087-1605 
  

	Attention:	Michael J. Ruane 

	    	Phone: 484-582-5405 

	    	Fax: 610-225-1120 

	    	Email: michael.ruane@sungard.com 

  

	Copy to:	Victoria E. Silbey 

	    	Phone: 484-582-5542 

	    	Fax: 610-687-3725 

	    	Email: victoria.silbey@sungard.com 

  
 Recipient 
  
 SunGard Financing LLC 
 680 East Swedesford Road 
 Wayne, Pa 19087-1605 
  

	Attention:	Michael J. Ruane 

	    	Phone: 484-582-5405 

	    	Fax: 610-225-1120 

	    	Email: michael.ruane@sungard.com 

  

	Copy to:	Victoria E. Silbey 

	    	Phone: 484-582-5542 

	    	Fax: 610-687-3725 

	    	Email: victoria.silbey@sungard.com 

  

 16Insured Receivables Security Agt dated as of 8/11/05

 Exhibit 10.15 
  

  
 SUNGARD INSURED RECEIVABLES FACILITY 
 SECURITY AGREEMENT 
  
 dated as of 
  
 August 11, 2005 
  
 among 
  
 SUNGARD FUNDING LLC, 
 as Grantor, 
  
 and 
  
 JPMORGAN CHASE BANK, N.A., 
 as Collateral Agent 
  

 TABLE OF CONTENTS 
  

ARTICLE I 
  
 Definitions 
  

			
	 SECTION 1.01. Credit Agreement
	  	1
		
	 SECTION 1.02. Other Defined Terms
	  	1
		
	ARTICLE II	  	 
		
	 Security Interests in Personal Property
	  	 
		
	 SECTION 2.01. Security Interest
	  	2
		
	 SECTION 2.02. Representations and Warranties
	  	3
		
	 SECTION 2.03. Covenants
	  	4
		
	ARTICLE III	  	 
		
	Remedies	  	 
		
	 SECTION 3.01. Remedies Upon Early Amortization Event or Event Default
	  	6
		
	 SECTION 3.02. Application of Proceeds
	  	8
		
	ARTICLE IV	  	 
		
	Miscellaneous	  	 
		
	 SECTION 4.01. Notices
	  	8
		
	 SECTION 4.02. Waivers; Amendment
	  	8
		
	 SECTION 4.03. Collateral Agent’s Fees and Expenses; Indemnification
	  	9
		
	 SECTION 4.04. Successors and Assigns
	  	10
		
	 SECTION 4.05. Survival of Agreement
	  	10
		
	 SECTION 4.06. Counterparts; Effectiveness; Several Agreement
	  	10

			
	 SECTION 4.07. Severability
	  	11
		
	 SECTION 4.08. Right of Set-Off
	  	11
		
	 SECTION 4.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	11
		
	 SECTION 4.10. WAIVER OF JURY TRIAL
	  	12
		
	 SECTION 4.11. Headings
	  	12
		
	 SECTION 4.12. Security Interest Absolute
	  	12
		
	 SECTION 4.13. Termination or Release
	  	13
		
	 SECTION 4.14. Collateral Agent Appointed Attorney-in-Fact
	  	13

  

 3 

 SECURITY AGREEMENT dated as of August 11, 2005 between SUNGARD FUNDING LLC (“SunGard
Funding”), as the “Grantor”, and JPMORGAN CHASE BANK, N.A., as Collateral Agent (in such capacity the “Collateral Agent”) for the Secured Parties (as defined below). 
  
 Reference is made to the Insured Receivables Credit Agreement dated as of
August 11, 2005 (the “Credit Agreement”), among SunGard Funding, as Borrower, the Conduit Lenders, the Committed Lenders, the Funding Agents, Financial Guaranty Insurance Company, as Insurer and JPMorgan Chase Bank, N.A., as
Administrative Agent. The Lenders have agreed to extend credit to SunGard Funding subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things,
the execution and delivery of this Agreement. SunGard Funding will derive substantial benefits from the extension of credit to it pursuant to the Credit Agreement and the issuance of the Policy by the Insurer, and is willing to execute and deliver
this Agreement in order to induce the Lenders to extend such credit and induce the Insurer to issue the Policy. Accordingly, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.01. Credit Agreement. (a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in
the Credit Agreement. All terms defined in the New York Uniform Commercial Code (as defined herein) and not defined in this Agreement have the meanings specified therein; the term “instrument” shall have the meaning specified in
Article 9 of the New York Uniform Commercial Code; (b) The rules of construction specified in Article I of the Credit Agreement also apply to this Agreement. 
  
 SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

  
 “Account Debtor” means any Person who is or
who may become obligated to the Grantor under, with respect to or on account of any of the Collateral. 
  
 “Agreement” means this Security Agreement. 
  
 “Collateral” has the meaning assigned to such in Section 2.01(a). 
  
 “Collateral Agent” means JPMorgan Chase Bank, N.A., as agent for the Lenders, the Funding Agents and the
Insurer hereunder, or any successor agent under this Agreement (together with its successors and assigns). 

 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of
this Agreement. 
  
 “New York Uniform Commercial
Code” means the Uniform Commercial Code as from time to time in effect in the State of New York. 
  
 “Secured Obligations” means the “Obligations” and the Insurance Obligations, each as defined in the Credit Agreement.

  
 “Secured Parties” means, collectively, the
Administrative Agent, the Lenders, the Insurer, and the Funding Agents. 
  
 “Security Interest” has the meaning assigned to such term in Section 2.01(a). 
  
 ARTICLE II 
  
 Security Interests in Personal Property 
  
 SECTION 2.01. Security Interest. (a) As security for the payment or performance, as the case may be, in full of the Secured Obligations, including the Performance Guarantee, the Grantor hereby assigns and pledges to the
Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security
Interest”) in, all right, title or interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by the Grantor or in which the Grantor now has or at any time in the future may acquire any
right, title or interest (collectively, the “Collateral”): 
  
 (i) the Collections; 
  
 (ii) the Collection Accounts; 
  
 (iii)
the Lockboxes; 
  
 (iv) the Lockbox Accounts;

  
 (v) the Receivables; 
  
 (vi) the Seller Related Security; 
  
 (vii) the SunGard Financing Related Security; 
  
 (viii) the SunGard Funding Related Security; 
  
 (ix) all books and records pertaining to the Collateral; and

  

 2 

 (x) to the extent not otherwise included, all proceeds and products of the foregoing and
all collateral security and guarantees given by any Person with respect to the foregoing; 
  
 (b) The Grantor hereby irrevocably authorizes the Collateral Agent for the benefit of the Secured Parties at any time and from time to
time to file in any relevant jurisdiction any initial financing statements with respect to the Collateral or any part thereof and amendments thereto that (i) indicate the Collateral as all assets of the Grantor or words of similar effect as
being of an equal or lesser scope or with greater detail, and (ii) contain the information required by Article 9 of the Uniform Commercial Code for the filing of any financing statement or amendment, including (A) whether the Grantor is an
organization, the type of organization and any organizational identification number issued to the Grantor and (B) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such
Collateral relates. The Grantor agrees to provide such information to the Collateral Agent promptly upon request. 
  
 (c) The Security Interest is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any
way alter or modify, any obligation or liability of the Grantor with respect to or arising out of the Collateral. 
  
 SECTION 2.02. Representations and Warranties. The Grantor represents and warrants to the Collateral Agent and the Secured Parties that: 

 
 (a) The Grantor has good and valid rights in and title to
the Collateral with respect to which it has purported to grant a Security Interest hereunder and has full power and authority to grant to the Collateral Agent the Security Interest in such Collateral pursuant hereto and to execute, deliver and
perform its obligations in accordance with the terms of this Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained. 
  
 (b) Exhibit A includes the exact legal name of each Grantor, and is correct and complete in all material
aspects as of the Closing Date. The Uniform Commercial Code financing statements or other appropriate filings, recordings or registrations prepared by the Collateral Agent based upon the information provided to the Collateral Agent in Exhibit A for
filing in each governmental, municipal or other office specified in Exhibit A (or specified by notice from the Grantor to the Collateral Agent after the Closing Date in the case of filings, recordings or registrations required by Section 6.10
of the Credit Agreement), are all the filings, recordings and registrations that are necessary to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all
Collateral in which the Security Interest may be perfected by filing under the Uniform Commercial Code, recording or registration in the United States (or any political subdivision thereof) 

  

 3 

 
and its territories and possessions, and no further or subsequent filing, refiling, recording, rerecording, registration or reregistration is necessary in
any such jurisdiction, except as provided under applicable law with respect to the filing of continuation statements. 
  
 (c) The Security Interest constitutes (i) a legal and valid security interest in all the Collateral securing the payment and
performance of the Secured Obligations and (ii) subject to the filings described in Section 2.02(b), a perfected security interest in all Collateral in which a security interest may be perfected by filing, recording or registering a
financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code. The Security Interest is and shall be prior to any other Lien on any
of the Collateral. 
  
 (d) The Collateral is
owned by the Grantor free and clear of any Lien. The Grantor has not filed or consented to the filing of (i) any financing statement or analogous document under the Uniform Commercial Code or any other applicable laws covering any Collateral or
(ii) any assignment in which any Grantor assigns any Collateral or any security agreement or similar instrument covering any Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document,
assignment, security agreement or similar instrument is still in effect. 
  
 SECTION 2.03. Covenants. (a) The Grantor agrees promptly to notify the Collateral Agent in writing of any change (i) in corporate name of the Grantor, (ii) in the identity or type of organization
or corporate structure of the Grantor, or (iii) in the jurisdiction of organization of the Grantor. 
  
 (b) The Grantor shall, at its own expense, take any and all commercially reasonable actions necessary to defend title to the Collateral
against all Persons and to defend the Security Interest of the Collateral Agent in the Collateral and the priority thereof against any Lien. 
  
 (c) Each year, at the time of delivery of annual financial statements with respect to the preceding fiscal year pursuant to Section 9
of the Performance Undertaking, the Grantor shall deliver to the Collateral Agent a certificate executed by a Responsible Officer of the Grantor (i) setting forth the information required pursuant to this Section 2.03(c) or confirming that
there has been no change in such information since the date of the most recent certificate delivered pursuant to this Section 2.03(c) and (ii) certifying that all Uniform Commercial Code financing statements (including fixture filings, as
applicable) or other appropriate filings recordings or registrations, including all refilings, recordings and registrations, containing a description of the Collateral have been filed of record in each governmental, municipal or other appropriate
office in each jurisdiction to the extent necessary to protect and perfect the Security Interest for a period of not less than 18 months after the date of such certificate (except as 

  

 4 

 
noted therein with respect to any continuation statements to be filed within such period). 
  
 (d) The Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all
such further instruments and documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby,
including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing statements or other documents in connection herewith or
therewith. If any amount payable under or in connection with any of the Collateral that is in excess of $1,000,000 shall be or become evidenced by any promissory note or other instrument, such note or instrument shall be promptly pledged and
delivered to the Collateral Agent, for the benefit of the Secured Parties, duly endorsed in a manner reasonably satisfactory to the Collateral Agent. 
  
 (e) At its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other
encumbrances at any time levied or placed on the Collateral, and may pay for the maintenance and preservation of the Collateral to the extent the Grantor fails to do so as required by the Credit Agreement or this Agreement and within a reasonable
period of time after the Collateral Agent has requested that it do so, and the Grantor agrees to reimburse the Collateral Agent within 10 days after demand for any payment made or any reasonable expense incurred by the Collateral Agent pursuant
to the foregoing authorization. Nothing in this paragraph shall be interpreted as excusing the Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other
promises of the Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein, in the other Transaction Documents. 
  
 (f) [Reserved.] 
  
 (g) The Grantor (rather than the Collateral Agent or any
Secured Party) shall remain liable (as between itself and any relevant counterparty) to observe and perform all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the
Collateral, all in accordance with the terms and conditions thereof, and the Grantor jointly and severally agrees to indemnify and hold harmless the Collateral Agent and the Secured Parties from and against any and all liability for such
performance. 
  

 5 

 ARTICLE III 
  
 Remedies 
  
 SECTION 3.01. Remedies Upon Early Amortization Event or Event Default. Upon the occurrence and during the continuance of an Early Amortization
Event or Event of Default, it is agreed that the Collateral Agent shall have the right to exercise any and all rights afforded to a secured party with respect to the Secured Obligations under the Uniform Commercial Code or other applicable law and
also may (i) require the Grantor to, and the Grantor agrees that it will at its expense and upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the
Collateral Agent at a place and time to be designated by the Collateral Agent that is reasonably convenient to both parties; (ii) occupy any premises owned or, to the extent lawful and permitted, leased by the Grantor where the Collateral or
any part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under law, without obligation to the Grantor in respect of such occupation; provided that the Collateral Agent shall
provide the Grantor with notice thereof prior to or promptly after such occupancy; (iii) exercise any and all rights and remedies of the Grantor under or in connection with the Collateral, or otherwise in respect of the Collateral;
provided that the Collateral Agent shall provide the Grantor with notice thereof prior to or promptly after such exercise; and (iv) subject to the mandatory requirements of applicable law and the notice requirements described below, sell
or otherwise dispose of all or any part of the Collateral securing the Secured Obligations at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Collateral Agent
shall deem appropriate. The Collateral Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing
the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or
purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of the Grantor, and the Grantor hereby waives (to the extent permitted by law)
all rights of redemption, stay and appraisal which the Grantor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 
  
 The Collateral Agent shall give the Grantor 10 days’ written notice (which the Grantor agrees is reasonable notice
within the meaning of Section 9-611 of the New York Uniform Commercial Code or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall
state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will
first be offered for sale at such board or exchange. Any such public sale shall be held at such 

  

 6 

 
time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice (if any) of such sale. At
any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be obligated to
make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any public or private sale or
cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part
of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur any liability in
case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law, private) sale
made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of the Grantor (all said rights being also hereby waived and
released to the extent permitted by law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party from the Grantor as a credit against the purchase
price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to the Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral or any
portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such agreement and the Grantor shall not be entitled to the return of the Collateral or any portion thereof subject thereto,
notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Early Amortization Events or Events of Default shall have been remedied and the Secured Obligations paid in full. As an alternative to exercising
the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts
having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 3.01 shall be deemed to conform to the commercially reasonable standards as provided in
Section 9-610(b) of the New York Uniform Commercial Code or its equivalent in other jurisdictions. The Grantor irrevocably makes, constitutes and appoints the Collateral Agent (and all officers, employees or agents designated by the
Collateral Agent) as the Grantor’s true and lawful agent (and attorney-in-fact during the continuance of an Early Amortization Event or Event of Default and after notice to the Grantor of its intent to exercise such rights) for the purpose of
(i) making, settling and adjusting claims in respect of Collateral under policies of insurance endorsing the name of the Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and
(ii) making all determinations and decisions with respect thereto. All sums disbursed by the Collateral 
  

 7 

 Agent in connection with this paragraph, including reasonable attorneys’ fees, court costs, expenses and other
charges relating thereto, shall be payable, within 10 days of demand, by the Grantor to the Collateral Agent and shall be additional Secured Obligations secured hereby. 
  
 SECTION 3.02. Application of Proceeds. (a) The Collateral Agent shall apply the proceeds of any collection or
sale of Collateral, including any Collateral consisting of cash, as follows: 
  
 FIRST, to the payment of all costs and expenses incurred by the Collateral Agent in connection with such collection or sale or otherwise in connection with this Agreement, any other Transaction Document or any of the
Secured Obligations including all court costs and the fees and expenses of its agents and legal counsel, the repayment of all advances made by the Collateral Agent hereunder or under any other Transaction Document on behalf of the Grantor and any
other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Transaction Document; 
  
 SECOND, to the payment in full of the Secured Obligations (the amounts so applied to be distributed as set forth in Section 2.03(c)
of the Credit Agreement); and 
  
 THIRD, to the
Grantor, its successors or assigns, or as a court of competent jurisdiction may otherwise direct. 
  
 The Collateral Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent
(including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold
and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 
  
 ARTICLE IV 
  
 Miscellaneous 
  
 SECTION 4.01. Notices. All communications and notices hereunder shall
(except as otherwise expressly permitted herein) be in writing and given as provided in Section 10.02 of the Credit Agreement. 
  
 SECTION 4.02. Waivers; Amendment. (a) No failure or delay by the Collateral Agent or any Lender in exercising any right or power hereunder or
under any other Transaction Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of 

  

 8 

 
steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies
of the Collateral Agent, the Insurer and the Lenders hereunder and under the other Transaction Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or
consent to any departure by the Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 4.02, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of the Policy shall not be construed as a waiver of any Early Amortization Event or Event of Default, regardless of whether the
Collateral Agent, the Issuer or any Lender may have had notice or knowledge of such Early Amortization Event or Event of Default at the time. No notice or demand on the Grantor in any case shall entitle the Grantor to any other or further notice or
demand in similar or other circumstances. 
  
 (b) Neither this
Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Collateral Agent (with the Consent of the Controlling Party) and the Grantor with respect to which
such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 10.01 of the Credit Agreement. 
  
 SECTION 4.03. Collateral Agent’s Fees and Expenses; Indemnification. (a) The parties hereto agree that the Collateral Agent shall be
entitled to reimbursement of its expenses incurred hereunder as provided in Section 10.04 of the Credit Agreement. 
  
 (b) Without limitation of its indemnification obligations under the other Transaction Documents, the Grantor agrees to indemnify the Collateral Agent and
the other Indemnitees (as defined in Section 10.05 of the Credit Agreement) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, the execution, delivery or performance of this Agreement or any claim, litigation, investigation
or proceeding relating to any of the foregoing agreement or instrument contemplated hereby, or to the Collateral, whether or not any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to
the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnitee
or of any Affiliate, director, officer, employee, counsel, agent or attorney-in-fact of such Indemnitee. 
  
 (c) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the Performance Guarantee. The provisions
of this Section 4.03 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Transaction Document, the consummation of 

  

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the transactions contemplated hereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this
Agreement or any other Transaction Document, or any investigation made by or on behalf of the Collateral Agent or any other Secured Party. All amounts due under this Section 4.03 shall be payable within 10 days of written demand therefor.

  
 SECTION 4.04. Successors and Assigns. Whenever in this
Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Grantor or the Collateral Agent that
are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns, including the Insurer as issuer of the Policy. 
  

SECTION 4.05. Survival of Agreement. All covenants, agreements, representations and warranties made hereunder and in any other Transaction
Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Transaction Document shall be considered to have been relied upon by the Lenders and the Insurer and shall
survive the execution and delivery of the Transaction Documents and the making of any Loans and issuance of the Policy, regardless of any investigation made by any Lender, the Insurer or on its behalf and notwithstanding that the Collateral Agent,
the Insurer or any Lender may have had notice or knowledge of any Early Amortization Event or Event of Default or incorrect representation or warranty at the time any credit is extended under the Credit Agreement or of issuance of the Policy, and
shall continue in full force and effect as long as the principal of or any accrued interest on any Loan, any obligation of the Insurer under the Policy or any fee or any other amount payable under any Transaction Document is outstanding and unpaid
and so long as the Commitments of any Lender(s) remain outstanding. 
  
 SECTION 4.06. Counterparts; Effectiveness; Several Agreement. This Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract.
Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. This Agreement shall become effective as to the Grantor when a counterpart
hereof executed on behalf of the Grantor shall have been delivered to the Collateral Agent and a counterpart hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon the Grantor and the Collateral Agent
and their respective permitted successors and assigns, and shall inure to the benefit of the Grantor, the Collateral Agent and the other Secured Parties and their respective successors and assigns, except that the Grantor shall not have the right to
assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Credit Agreement. 
  

 10 

 SECTION 4.07. Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
  
 SECTION 4.08. Right of Set-Off. In addition to any rights and remedies of the Lenders provided by Law, upon the occurrence and during the
continuance of any Early Amortization Event or Event of Default, the Insurer, each Lender and its Affiliates is authorized at any time and from time to time, without prior notice to the Grantor, any such notice being waived by the Grantor to the
fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other Indebtedness at any time owing by, the Insurer, such Lender, and their
Affiliates to or for the credit or the account of the Grantor against any and all obligations owing to the Insurer, such Lender and its Affiliates hereunder, now or hereafter existing, irrespective of whether or not the Insurer, such Lender or
Affiliate shall have made demand under this Agreement and although such obligations may be contingent or unmatured or denominated in a currency different from that of the applicable deposit or Indebtedness. Each Lender and the Insurer agrees
promptly to notify the Grantor and the Collateral Agent after any such set off and application made by such Lender; provided, that the failure to give such notice shall not affect the validity of such setoff and application. The rights of
each Lender and the Insurer under this Section 4.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender and the Insurer may have. 
  
 SECTION 4.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PROVISIONS THEREOF OTHER THAN SECTION 5-1401 AND SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
  
 (b) The Grantor hereby irrevocably and unconditionally submits, for itself
and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York City and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any
action or proceeding arising out of or relating to this Agreement or any other Transaction Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that 

  

 11 

 
a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement or any other Transaction Document shall affect any right that the Collateral Agent, or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other
Transaction Document against the Grantor or its properties in the courts of any jurisdiction. 
  
 (c) The Grantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Agreement or any other Transaction Document in any court referred to in paragraph (b) of this Section 4.09. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted
by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 4.01. Nothing in this
Agreement or any other Transaction Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  
 SECTION 4.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.10. 
  
 SECTION 4.11. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
  
 SECTION 4.12. Security Interest Absolute. All rights of the Collateral
Agent, the Lenders and the Insurer hereunder, the Security Interest and all obligations of the Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other
Transaction Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of 

  

 12 

 
payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the
Credit Agreement, any other Transaction Document, or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any
guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Grantor in respect of the Secured Obligations or this
Agreement. 
  
 SECTION 4.13. Termination or Release.
(a) This Agreement, the Security Interest and all other security interests granted hereby shall terminate with respect to all Secured Obligations when all the outstanding Secured Obligations and obligations to the Insurer under the Transaction
Documents have been indefeasibly paid in full, the Insurer has no further obligations under the Policy, and the Lenders have no further commitment to lend under the Credit Agreement, 
  
 (b) Upon any sale or other transfer by the Grantor of any Collateral that is permitted under the Credit Agreement, or upon
the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 10.01 of the Credit Agreement, the security interest in such Collateral shall be automatically released.

  
 (c) In connection with any termination or release pursuant to
paragraph (a) or (b), the Collateral Agent shall execute and deliver to the Grantor, at the Grantor’s expense, all documents that the Grantor shall reasonably request to evidence such termination or release. Any execution and delivery of
documents pursuant to this Section 4.13 shall be without recourse to or warranty by the Collateral Agent. 
  
 SECTION 4.14. Collateral Agent Appointed Attorney-in-Fact. The Grantor hereby appoints the Collateral Agent the attorney-in-fact of the Grantor for
the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance
of an Early Amortization Event or Event of Default, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Collateral Agent shall have the right, upon the occurrence and during the
continuance of an Early Amortization Event or Event of Default and notice by the Collateral Agent to the Grantor of its intent to exercise such rights, with full power of substitution either in the Collateral Agent’s name or in the name of the
Grantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of,
give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of the Grantor on any invoice or bill of lading relating to any of the Collateral; (d) to send verifications of Accounts Receivable to
any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at law or 

  

 13 

 
in equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any
Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) to notify, or to require the Grantor to notify, Account Debtors to make payment directly to
the Collateral Agent; and (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this
Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes; provided that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make
any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys
due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties shall be accountable only for amounts actually received as a result of the exercise of the powers granted to them herein, and
neither they nor their officers, directors, employees or agents shall be responsible to the Grantor for any act or failure to act hereunder, except for their own gross negligence or wilful misconduct or that of any of their Affiliates, directors,
officers, employees, counsel, agents or attorneys-in-fact. 
  

 14 

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

			
	 SUNGARD FUNDING LLC, as Grantor,

		
	 by:
	 	SUNGARD FINANCING LLC, its Member
		
	 by
	 	/s/    MICHAEL J.
RUANE        
	 Name:
	 	Michael J. Ruane
	 Title:
	 	President
	
	 JPMORGAN CHASE BANK, N.A.,
 as
Collateral Agent,

		
	 by
	 	/s/    LEO LOUGHEAD        
	 Name:
	 	Leo Loughead
	 Title:
	 	Managing Director

  

 15

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