Document:

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EXHIBIT 10.2

PLEDGE AND SECURITY AGREEMENT

Dated as of August 17, 2007

between

Orbital Sciences Corporation

as Grantor

and

Citibank, N.A.

as Administrative Agent

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153-0119 

 

 

          Pledge And Security Agreement, dated as of August 17, 2007, by Orbital
Sciences Corporation (the “Borrower”) and each of the other entities that becomes a party
hereto pursuant to Section 7.10 (Additional Grantors) (each a “Grantor” and, collectively, the
“Grantors”), in favor of Citibank, N.A. (“Citi”), as agent (in such capacity, the “Administrative
Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below).

W
i t n e s s e t h:

          Whereas, pursuant to the Credit Agreement, dated as of August 17, 2007 (as the same
may be amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among the Borrower, the Lenders and Issuers party thereto and Citi, as agent for the
Lenders and Issuers, the Lenders and the Issuers have severally agreed to make extensions of credit
to the Borrower upon the terms and subject to the conditions set forth therein; and

          Whereas, it is a condition precedent to the obligation of the Lenders and the Issuers
to make their respective extensions of credit to the Borrower under the Credit Agreement that the
Grantors shall have executed and delivered this Agreement to the Administrative Agent;

          Now, Therefore, in consideration of the premises and to induce the Lenders,
the Issuers and the Administrative Agent to enter into the Credit Agreement and to induce the
Lenders and the Issuers to make their respective extensions of credit to the Borrower thereunder,
each Grantor hereby agrees with the Administrative Agent as follows:

     ARTICLE I Defined Terms

          Section 1.1 Definitions

          (a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein
have the meanings given to them in the Credit Agreement.

          (b) Terms used herein without definition that are defined in the UCC have the meanings given
to them in the UCC, including the following terms (which are capitalized herein):

“Account”

“Account Debtor”

“Certificated Security”

“Chattel Paper”

“Commercial Tort Claim”

“Deposit Account”

“Documents”

“Equipment”

“General Intangible”

“Goods”

“Instruments”

“Inventory”

“Investment Property”

“Letter-of-Credit Right”

 

 

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“Proceeds”

“Security”

“Security Entitlement”

          (c) The following terms shall have the following meanings:

          “Additional Pledged Collateral” means any Pledged Collateral acquired by any Grantor after the
date hereof and in which a security interest is granted pursuant to Section 2.2 (Grant of Security
Interest in Collateral), including, to the extent a security interest is granted therein pursuant
to Section 2.2 (Grant of Security Interest in Collateral), (i) all Stock and Stock Equivalents of
any Person that are acquired by any Grantor after the date hereof, together with all certificates,
instruments or other documents representing any of the foregoing and all Security Entitlements of
any Grantor in respect of any of the foregoing, (ii) all additional Indebtedness from time to time
owed to any Grantor by any obligor on the Pledged Debt Instruments and the Instruments evidencing
such Indebtedness and (iii) all interest, cash, Instruments and other property or Proceeds from
time to time received, receivable or otherwise distributed in respect of or in exchange for any of
the foregoing. “Additional Pledged Collateral” may be General Intangibles, Instruments or
Investment Property.

          “Agreement” means this Pledge and Security Agreement.

          “Collateral” has the meaning specified in Section 2.1 (Collateral).

          “Copyright Licenses” means any written agreement naming any Grantor as licensor or licensee
granting any right under any Copyright, including the grant of any right to copy, publicly perform,
create derivative works, manufacture, distribute, exploit or sell materials derived from any
Copyright.

          “Copyrights” means (a) all copyrights arising under the laws of the United States, any other
country or any political subdivision thereof, whether registered or unregistered and whether
published or unpublished, all registrations and recordings thereof and all applications in
connection therewith, including all registrations, recordings and applications in the United States
Copyright Office or in any foreign counterparts thereof, and (b) the right to obtain all renewals
thereof.

          “Excluded Equity” means any Voting Stock in excess of 66% of the total outstanding Voting
Stock of any direct Subsidiary of any Grantor that is a Non-U.S. Person. For the purposes of this
definition, “Voting Stock” means, as to any issuer, the issued and outstanding shares of each class
of capital stock or other ownership interests of such issuer entitled to vote (within the meaning
of Treasury Regulations § 1.956-2(c)(2)).

          “Excluded Property” means, collectively, (i) Excluded Equity, (ii) any permit, lease, license,
contract, instrument or other agreement held by any Grantor that prohibits or requires the consent
of any Person other than the Borrower and its Affiliates as a condition to the creation by such
Grantor of a Lien thereon, or any permit, lease, license contract or other agreement held by any
Grantor to the extent that any Requirement of Law applicable thereto prohibits the creation of a
Lien thereon, but only, in each case, to the extent, and for so long as, such prohibition is not
terminated or rendered unenforceable or otherwise deemed ineffective by the UCC or any other
Requirement of Law, (iii) any “intent to use” Trademark applications for which a statement of use
has not been filed (but only until such statement is filed), (iv) Equipment

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owned by any Grantor that is subject to a purchase money Lien or a capital lease if the
contract or other agreement in which such Lien is granted (or in the documentation providing for
such capital lease) prohibits or requires the consent of any Person other than the Borrower and its
Affiliates as a condition to the creation of any other Lien on such Equipment and (v) any Subject
Property until the release or termination of the Lien in favor of the lienholder in respect of such
Subject Property; provided, however, “Excluded Property” shall not include any Proceeds,
substitutions or replacements of Excluded Property (unless such Proceeds, substitutions or
replacements would constitute Excluded Property).

          “Intellectual Property” means, collectively, all rights, priorities and privileges of any
Grantor relating to intellectual property, whether arising under United States, multinational or
foreign laws or otherwise, including Copyrights, Copyright Licenses, Patents, Patent Licenses,
Trademarks, Trademark Licenses, trade secrets and Internet domain names, and all rights to sue at
law or in equity for any infringement or other impairment thereof, including the right to receive
all proceeds and damages therefrom.

          “LLC” means each limited liability company in which a Grantor has an interest, including those
set forth on Schedule 2 (Pledged Collateral).

          “LLC Agreement” means each operating agreement with respect to a LLC, as each agreement has
heretofore been, and may hereafter be, amended, restated, supplemented or otherwise modified from
time to time.

          “Material Intellectual Property” means Intellectual Property owned by or licensed to a Grantor
and material to the conduct of any Grantor’s business.

          “Partnership” means each partnership in which a Grantor has an interest, including those set
forth on Schedule 2 (Pledged Collateral).

          “Partnership Agreement” means each partnership agreement governing a Partnership, as each such
agreement has heretofore been, and may hereafter be, amended, restated, supplemented or otherwise
modified.

          “Patent License” means all agreements, whether written or oral, providing for the grant by or
to any Grantor of any right to manufacture, have manufactured, use, import, sell or offer for sale
any invention covered in whole or in part by a Patent.

          “Patents” means (a) all letters patent of the United States, any other country or any
political subdivision thereof and all reissues and extensions thereof, (b) all applications for
letters patent of the United States or any other country and all divisionals, continuations and
continuations-in-part thereof and (c) all rights to obtain any reissues, continuations or
continuations-in-part of the foregoing.

          “Pledged Certificated Stock” means all Certificated Securities and any other Stock and Stock
Equivalent of a Person evidenced by a certificate, Instrument or other equivalent document, in each
case owned by any Grantor, including all Stock listed on Schedule 2 (Pledged Collateral).

          “Pledged Collateral” means, collectively, the Pledged Stock, Pledged Debt Instruments, any
other Investment Property of any Grantor, all Chattel Paper, certificates or other

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Instruments representing any of the foregoing and all Security Entitlements of any Grantor in
respect of any of the foregoing. Pledged Collateral may be General Intangibles, Instruments or
Investment Property.

          “Pledged Debt Instruments” means all right, title and interest of any Grantor in Instruments
evidencing any Indebtedness owed to such Grantor, including all Indebtedness described on Schedule
2 (Pledged Collateral), issued by the obligors named therein.

          “Pledged Stock” means all Pledged Certificated Stock and all Pledged Uncertificated Stock.
For purposes of this Agreement, the term “Pledged Stock” shall not include any Excluded Equity.

          “Pledged Uncertificated Stock” means any Stock or Stock Equivalent of any Person that is not a
Pledged Certificated Stock, including all right, title and interest of any Grantor as a limited or
general partner in any Partnership or as a member of any LLC and all right, title and interest of
any Grantor in, to and under any Partnership Agreement or LLC Agreement to which it is a party.

          “Securities Act” means the Securities Act of 1933, as amended.

          “Trademark License” means any agreement, whether written or oral, providing for the grant by
or to any Grantor of any right to use any Trademark.

          “Trademarks” means (a) all trademarks, trade names, corporate names, company names, business
names, fictitious business names, trade styles, service marks, logos and other source or business
identifiers, and, in each case, all goodwill associated therewith, whether now existing or
hereafter adopted or acquired, all registrations and recordings thereof and all applications in
connection therewith, in each case whether in the United States Patent and Trademark Office or in
any similar office or agency of the United States, any State thereof or any other country or any
political subdivision thereof, or otherwise, and all common-law rights related thereto, and (b) the
right to obtain all renewals thereof.

          “UCC” means the Uniform Commercial Code as from time to time in effect in the State of New
York; provided, however, that, in the event that, by reason of mandatory provisions of law, any of
the attachment, perfection or priority of the Administrative Agent’s and the Secured Parties’
security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial
Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such
attachment, perfection or priority and for purposes of definitions related to such provisions.

          “Vehicles” means all vehicles covered by a certificate of title law of any state.

          Section 1.2 Certain Other Terms

          (a) In this Agreement, in the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including” and the words “to” and “until” each mean
“to but excluding” and the word “through” means “to and including.”

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          (b) The terms “herein,” “hereof,” “hereto” and “hereunder” and similar terms refer to this
Agreement as a whole and not to any particular Article, Section, subsection or clause in this
Agreement.

          (c) References herein to an Annex, Schedule, Article, Section, subsection or clause refer to
the appropriate Annex or Schedule to, or Article, Section, subsection or clause in this Agreement.

          (d) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

          (e) Where the context requires, provisions relating to any Collateral, when used in relation
to a Grantor, shall refer to such Grantor’s Collateral or any relevant part thereof.

          (f) Any reference in this Agreement to a Loan Document shall include all appendices, exhibits
and schedules thereto, and, unless specifically stated otherwise all amendments, restatements,
supplements or other modifications thereto, and as the same may be in effect at any time such
reference becomes operative.

          (g) The term “including” means “including without limitation” except when used in the
computation of time periods.

          (h) The terms “Lender,” “Issuer,” “Administrative Agent” and “Secured Party” include their
respective successors.

          (i) References in this Agreement to any statute shall be to such statute as amended or
modified and in effect from time to time.

     ARTICLE II Grant of Security Interest

          Section 2.1 Collateral

          For the purposes of this Agreement, all of the following property now owned or at any time
hereafter acquired by a Grantor or in which a Grantor now has or at any time in the future may
acquire any right, title or interests is collectively referred to as the “Collateral”:

          (a) all Accounts;

          (b) all Chattel Paper;

          (c) all Deposit Accounts;

          (d) all Documents;

          (e) all Equipment;

          (f) all General Intangibles;

          (g) all Instruments;

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          (h) all Inventory;

          (i) all Investment Property;

          (j) all Letter-of-Credit Rights;

          (k) all Vehicles;

          (l) the Commercial Tort Claims described on Schedule 5 (Commercial Tort Claims) and on any
supplement thereto received by the Administrative Agent pursuant to Section 4.10 (Notice of
Commercial Tort Claims);

          (m) all books and records pertaining to the other property described in this Section 2.1;

          (n) all property of any Grantor held by the Administrative Agent or any other Secured Party,
including all property of every description, in the possession or custody of or in transit to the
Administrative Agent or such Secured Party for any purpose, including safekeeping, collection or
pledge, for the account of such Grantor or as to which such Grantor may have any right or power;

          (o) all other Goods and personal property of such Grantor, whether tangible or intangible and
wherever located; and

          (p) to the extent not otherwise included, all Proceeds;

          provided, however, that “Collateral” shall not include any Excluded Property; and provided,
further, that if and when any property shall cease to be Excluded Property, such property shall be
deemed at all times from and after the date hereof to constitute Collateral.

          Section 2.2 Grant of Security Interest in Collateral

          Each Grantor, as collateral security for the full, prompt and complete payment and performance
when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations of
such Grantor, hereby mortgages, pledges and hypothecates to the Administrative Agent for the
benefit of the Secured Parties, and grants to the Administrative Agent for the benefit of the
Secured Parties a lien on and security interest in, all of its right, title and interest in, to and
under the Collateral of such Grantor; provided, however, that, if and when any property that at
any time constituted Excluded Property becomes Collateral, the Administrative Agent shall have, and
at all times from and after the date hereof be deemed to have had, a security interest in such
property.

     ARTICLE III Representations and Warranties

          To induce the Lenders, the Issuers and the Administrative Agent to enter into the Credit
Agreement, each Grantor hereby represents and warrants each of the following to the Administrative
Agent, the Lenders, the Issuers and the other Secured Parties:

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          Section 3.1 Title; No Other Liens

          Except for the Lien granted to the Administrative Agent pursuant to this Agreement and other
Permitted Liens, such Grantor (a) is the record and beneficial owner of the Pledged Collateral
pledged by it hereunder constituting Instruments or Certificated Securities and (b) has rights in
or the power to transfer each other item of Collateral in which a Lien is granted by it hereunder,
free and clear of any other Lien.

          Section 3.2 Perfection and Priority

          The security interest granted pursuant to this Agreement shall constitute a valid and
continuing perfected security interest in favor of the Administrative Agent in the Collateral for
which perfection is governed by the UCC or filing with the United States Copyright Office upon (i)
in the case of all Collateral in which a security interest may be perfected by filing a financing
statement under the UCC, the completion of the filings and other actions specified on Schedule 3
(Filings) (which, in the case of all filings and other documents referred to on such schedule, have
been delivered to the Administrative Agent in completed and duly executed form), (ii) the taking of
possession by the Administrative Agent of all Collateral consisting of Instruments and Certificated
Securities, in each case properly endorsed for transfer to the Administrative Agent or in blank,
and (iii) all appropriate filings having been made with the United States Copyright Office. Such
security interest shall be prior to all other Liens on the Collateral except for Permitted Liens
having priority over the Administrative Agent’s Lien by operation of law or otherwise as permitted
under the Credit Agreement.

          Section 3.3 Jurisdiction of Organization; Chief Executive Office

          As of the Closing Date, such Grantor’s jurisdiction of organization, legal name,
organizational identification number, if any, and the location of such Grantor’s chief executive
office or sole place of business, in each case as of the date hereof, is specified on Schedule 1
(Jurisdiction of Organization; Principal Executive Office) and such Schedule 1 (Jurisdiction of
Organization; Principal Executive Office) also lists all jurisdictions of incorporation, legal
names and locations of such Grantor’s chief executive office or sole place of business for the five
years preceding the date hereof.

          Section 3.4 Inventory and Equipment

          On the date hereof, such Grantor’s Inventory and Equipment (other than mobile goods and
Inventory or Equipment in transit or located at subcontractor facilities or launch locations) are
kept at the locations listed on Schedule 4 (Location of Inventory and Equipment).

          Section 3.5 Pledged Collateral

          (a) As of the Closing Date, the Pledged Stock pledged hereunder by such Grantor is listed on
Schedule 2 (Pledged Collateral) and constitutes that percentage of the issued and outstanding
equity of all classes of each issuer thereof as set forth on Schedule 2 (Pledged Collateral).

          (b) All of the Pledged Stock of issuers that are Subsidiaries of the Borrower (other than
Pledged Stock in limited liability companies and partnerships) has been duly authorized, validly
issued and is fully paid and nonassessable.

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          (c) To such Grantor’s knowledge, each of the Pledged Debt Instruments constitutes the legal,
valid and binding obligation of the obligor with respect thereto, enforceable in accordance with
its terms, subject to the effects of applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally, and general equitable principles (whether considered in a proceeding in equity or at
law).

          (d) All Pledged Collateral and, if applicable, any Additional Pledged Collateral, consisting
of Certificated Securities or Instruments has been delivered to the Administrative Agent in
accordance with Section 4.4(a) (Pledged Collateral).

          (e) As of the Closing Date, other than Pledged Stock constituting General Intangibles, there
is no other material Pledged Collateral other than that represented by Certificated Securities or
Instruments in the possession of the Administrative Agent.

          Section 3.6 Accounts

          No amount payable to such Grantor under or in connection with any Account is evidenced by any
Instrument or Chattel Paper that has not been delivered to the Administrative Agent, properly
endorsed for transfer, to the extent delivery is required by Section 4.4 (Pledged Collateral).

          Section 3.7 Intellectual Property

          (a) As of the Closing Date, Material Intellectual Property owned by such Grantor that is
registered is valid, subsisting, unexpired and enforceable, has not been adjudged invalid and has
not been abandoned and, to such Grantor’s knowledge, the use thereof in the business of such
Grantor does not infringe, misappropriate, dilute or violate the intellectual property rights of
any other Person.

          (b) As of the Closing Date, to such Grantor’s knowledge, no holding, decision or judgment has
been rendered by any Governmental Authority that would limit, cancel or question the validity of,
or such Grantor’s rights in, any Material Intellectual Property.

          (c) As of the Closing Date, no action or proceeding seeking to limit, cancel or question the
validity of any Material Intellectual Property owned by such Grantor or such Grantor’s ownership
interest therein is pending or, to the knowledge of such Grantor, threatened. There are no claims,
judgments or settlements to be paid by such Grantor relating to the Material Intellectual Property.

          Section 3.8 Commercial Tort Claims

          To the knowledge of the Borrower, the only Commercial Tort Claims of the Borrower existing on
the date hereof (regardless of whether the amount, defendant or other material facts can be
determined and regardless of whether such Commercial Tort Claim has been asserted, threatened or
has otherwise been made known to the obligee thereof or whether litigation has been commenced for
such claims) are those listed on Schedule 5 (Commercial Tort Claims), which sets forth such
information separately for each Grantor.

     ARTICLE IV Covenants

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          Each Grantor agrees with the Administrative Agent to the following, as long as any Obligation
or Commitment remains outstanding and, in each case, unless the Requisite Lenders otherwise consent
in writing:

          Section 4.1 Generally

          Such Grantor shall (a) except as permitted under the Credit Agreement, not use or permit any
Collateral to be used unlawfully or in violation of any provision of this Agreement, any other Loan
Document, any Requirement of Law or any policy of insurance covering the Collateral, (b) not sell,
transfer or assign (by operation of law or otherwise) any Collateral except as permitted under the
Credit Agreement and (c) not enter into any agreement or undertaking restricting the right or
ability of such Grantor or the Administrative Agent to sell, assign or transfer any Collateral if
such restriction would have a Material Adverse Effect.

          Section 4.2 Maintenance of Perfected Security Interest; Further Documentation

          (a) Such Grantor shall maintain the security interest created by this Agreement as a perfected
security interest having at least the priority described in Section 3.2 (Perfection and Priority)
with respect to the Collateral described therein and shall defend such security interest and such
priority against the claims and demands of all Persons other than claims and demands associated
with Permitted Liens.

          (b) Such Grantor shall furnish to the Administrative Agent from time to time statements and
schedules further identifying and describing the Collateral and such other reports in connection
with the Collateral as the Administrative Agent may reasonably request, all in reasonable detail
and in form and substance reasonably satisfactory to the Administrative Agent.

          (c) At any time and from time to time, upon the written request of the Administrative Agent,
and at the sole expense of such Grantor, such Grantor shall promptly and duly execute and deliver,
and have recorded, such further instruments and documents and take such further action as the
Administrative Agent may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted, including the filing of any
financing or continuation statement under the UCC (or other similar laws) in effect in any
jurisdiction with respect to the security interest created hereby and the execution (it being
understood that such requirements shall not include the obtaining of control agreements or the
making of filings under the assignment of claims act).

          Section 4.3 [Reserved].

          Section 4.4 Pledged Collateral

          (a) Such Grantor shall deliver to the Administrative Agent, all certificates and Instruments
representing or evidencing any Pledged Collateral (including Additional Pledged Collateral, but
excluding any Pledged Collateral with a value of less than $500,000), whether now existing or
hereafter acquired, in suitable form for transfer by delivery or, as applicable, accompanied by
such Grantor’s endorsement, where necessary, or duly executed instruments of transfer or assignment
in blank, all in form and substance reasonably satisfactory to the Administrative Agent, together,
in respect of any Additional Pledged Collateral, with a Pledge Amendment, duly executed by the
Grantor, in substantially the form of Annex 1 (Form of Pledge

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Amendment), or such other documentation reasonably acceptable to the Administrative Agent.
Such Grantor authorizes the Administrative Agent to attach each Pledge Amendment to this Agreement.
The Administrative Agent shall have the right, upon the occurrence and continuation of a Default
or an Event of Default, to transfer to or to register in its name or in the name of its nominee any
Pledged Collateral and to exchange any certificate or instrument representing or evidencing any
Pledged Collateral for certificates or instruments of smaller or larger denominations.

          (b) Except as provided in Article V (Remedial Provisions), such Grantor shall be entitled to
receive all cash dividends paid in respect of the Pledged Collateral with respect to the Pledged
Collateral. If any sum of money or property so paid or distributed in respect of any Pledged
Collateral shall be received by such Grantor, such Grantor shall, until such money or property is
paid or delivered to the Administrative Agent, hold such money or property in trust for the
Administrative Agent, segregated from other funds of such Grantor, as additional security for the
Secured Obligations.

          (c) Except as provided in Article V (Remedial Provisions), such Grantor shall be entitled to
exercise all voting, consent and corporate, partnership, limited liability company and similar
rights with respect to the Pledged Collateral; provided, however, that no vote shall be cast,
consent given or right exercised or other action taken by such Grantor that would be inconsistent
with or result in any violation of any provision of the Credit Agreement, this Agreement or any
other Loan Document.

          (d) Such Grantor shall not grant “control” (within the meaning of such term under Article
9-106 of the UCC) over any Investment Property included in the Collateral to any Person other than
the Administrative Agent.

          (e) In the case of each Grantor that is an issuer of Pledged Collateral, such Grantor agrees
to be bound by the terms of this Agreement relating to the Pledged Collateral issued by it and
shall comply with such terms insofar as such terms are applicable to it. In the case of any
Grantor that is a holder of any Stock or Stock Equivalent in any Person that is an issuer of
Pledged Collateral, such Grantor consents to (i) the exercise of the rights granted to the
Administrative Agent hereunder (including those described in Section 5.3 (Pledged Collateral)), and
(ii) the pledge by each other Grantor, pursuant to the terms hereof, of the Pledged Stock in such
Person and to the transfer of such Pledged Stock to the Administrative Agent or its nominee and,
upon the occurrence and during the continuation of an Event of Default, to the substitution of the
Administrative Agent or its nominee as a holder of such Pledged Stock with all the rights, powers
and duties of other holders of Pledged Stock of the same class and, if the Grantor having pledged
such Pledged Stock hereunder had any right, power or duty at the time of such pledge or at the time
of such substitution beyond that of such other holders, with all such additional rights, powers and
duties. Such Grantor agrees to execute and deliver to the Administrative Agent such certificates,
agreements and other documents as may be necessary to evidence, formalize or otherwise give effect
to the consents given in this clause (e).

          (f) Such Grantor shall not, without the consent of the Administrative Agent, agree to any
amendment of any Constituent Document that in any way adversely affects the perfection of the
security interest of the Administrative Agent in the Pledged Collateral pledged by such Grantor
hereunder, including (i) any amendment electing to treat any membership interest or partnership
interest that is part of the Pledged Collateral as a “security” under Section 8-103 of the UCC, or
(ii) any election to turn any previously uncertificated Stock that is part of

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the Pledged Collateral into certificated Stock; provided, however, that the actions described
in the foregoing clauses (i) and (ii) shall be permitted if the Grantor takes all appropriate
actions as may be required to preserve and protect the first priority security interest of the
Administrative Agent in such Collateral.

          Section 4.5 Accounts

          (a) Anything herein to the contrary notwithstanding, each of the Grantors shall remain liable
under each of its Accounts to observe and perform all the conditions and obligations to be observed
and performed by it thereunder, all in accordance with the terms of any agreement giving rise to
each such Account. Neither the Administrative Agent nor any holder of the Secured Obligations
shall have any obligation or liability under any Account (or any agreement giving rise thereto) by
reason of or arising out of this Security Agreement or the receipt by the Administrative Agent or
any holder of the Secured Obligations of any payment relating to such Account pursuant hereto, nor
shall the Administrative Agent or any holder of the Secured Obligations be obligated in any manner
to perform any of the obligations of a Grantor under or pursuant to any Account (or any agreement
giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency
of any payment received by it or as to the sufficiency of any performance by any party under any
Account (or any agreement giving rise thereto), to present or file any claim, to take any action to
enforce any performance or to collect the payment of any amounts that may have been assigned to it
or to which it may be entitled at any time or times.

          (b) At any time after the occurrence and during the continuation of an Event of Default,
following notification to the Grantors, the Administrative Agent in its own name or in the name of
others may communicate with Account Debtors on the Accounts to verify with them to the
Administrative Agent’s satisfaction the existence, amount and terms of any Accounts.

          Section 4.6 Delivery of Instruments and Chattel Paper

          If any amount in excess of $500,000 payable under or in connection with any Collateral owned
by such Grantor shall be or become evidenced by an Instrument or Chattel Paper, such Grantor shall
promptly deliver such Instrument or Chattel Paper to the Administrative Agent, duly indorsed in a
manner satisfactory to the Administrative Agent, or, if consented to by the Administrative Agent,
shall mark all such Instruments and Chattel Paper with the following legend: “This writing and the
obligations evidenced or secured hereby are subject to the security interest of Citibank, N.A., as
Administrative Agent”.

          Section 4.7 Intellectual Property

          (a) Such Grantor (either itself or through licensees) shall (i) continue to use each Trademark
that is Material Intellectual Property in order to maintain such Trademark in full force and effect
with respect to each class of goods for which such Trademark is currently used, free from any claim
of abandonment for non-use, unless such Grantor determines, in its reasonable business judgment,
that such Trademark is no longer necessary or appropriate for use in its business, (ii) not adopt
or use any mark that is confusingly similar or a colorable imitation of such Trademark unless the
Administrative Agent shall obtain a perfected security interest in such mark pursuant to this
Agreement and (iii) except as would not reasonably be expected to have a Material Adverse Effect,
not (and not permit any licensee or sublicensee thereof to) do any

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act or knowingly omit to do any act whereby such Trademark (or any goodwill associated
therewith) may become destroyed, invalidated, impaired or harmed in any way.

          (b) Such Grantor (either itself or affirmatively through licensees) shall not do any act, or
omit to do any act, whereby any Patent that is Material Intellectual Property could reasonably be
expected to become forfeited, abandoned or dedicated to the public.

          (c) Such Grantor (either itself or affirmatively through licensees) (i) shall not do any act
or omit to do any act whereby any portion of the Copyrights that is Material Intellectual Property
could reasonably be expected to become invalidated and (ii) shall not (either itself or through
licensees) do any act whereby any portion of the Copyrights that is Material Intellectual Property
could reasonably be expected to fall into the public domain.

          (d) Such Grantor shall notify the Administrative Agent promptly if it knows that any
application or registration relating to any Material Intellectual Property may become forfeited,
abandoned or dedicated to the public, or of any adverse determination or development (including the
institution of, or any such determination or development in, any proceeding in the United States
Patent and Trademark Office, the United States Copyright Office or any court or tribunal in any
country) regarding such Grantor’s ownership of, right to use, interest in, or the validity of, any
Material Intellectual Property or such Grantor’s right to register the same or to own and maintain
the same.

          (e) Upon request of the Administrative Agent, such Grantor shall execute and deliver, and have
recorded, all agreements, instruments, documents and papers as the Administrative Agent may request
to evidence the Administrative Agent’s security interest in any Copyright, Patent or Trademark
reported or required to be reported pursuant to Section 6.2 of the Credit Agreement.

          (f) Such Grantor shall take all actions necessary in its reasonable business judgment,
including in any proceeding before the United States Patent and Trademark Office, the United States
Copyright Office or any similar office or agency, to maintain and pursue each application (and to
obtain the relevant registration) and to maintain each registration of any Copyright, Trademark or
Patent that is Material Intellectual Property, including filing of applications for renewal,
affidavits of use, affidavits of incontestability and opposition and interference and cancellation
proceedings.

          (g) In the event that any Material Intellectual Property included in the Collateral is or has
been infringed upon or misappropriated or diluted by a third party, such Grantor shall notify the
Administrative Agent promptly after such Grantor learns thereof. Such Grantor shall take such
actions in response to such infringement, misappropriation or dilution as it deems appropriate in
its reasonable business judgment under the circumstances to protect such Material Intellectual
Property.

          (h) Unless otherwise agreed to by the Administrative Agent, such Grantor shall execute and
deliver to the Administrative Agent for filing (i) in the United States Copyright Office a
short-form copyright security agreement in the form attached hereto as Annex 3 (Form of Short Form
Intellectual Property Security Agreement), (ii) in the United States Patent and Trademark Office a
short-form patent security agreement in the form attached hereto as Annex 3 (Form of Short Form
Intellectual Property Security Agreement) and (iii) in the United States

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Patent and Trademark Office a short-form trademark security agreement in form attached hereto
as Annex 3 (Form of Short Form Intellectual Property Security Agreement).

          Section 4.8 [Reserved].

          Section 4.9 Payment of Obligations

          Such Grantor shall pay and discharge or otherwise satisfy at or before maturity or before they
become delinquent, as the case may be, all taxes, assessments and governmental charges or levies
imposed upon the Collateral or in respect of income or profits therefrom, as well as all claims of
any kind (including claims for labor, materials and supplies) against or with respect to the
Collateral, except that no such charge need be paid if the amount or validity thereof is currently
being contested in good faith by appropriate proceedings, reserves in conformity with GAAP with
respect thereto have been provided on the books of such Grantor and such proceedings could not
reasonably be expected to result in the sale, forfeiture or loss of any material portion of the
Collateral or any interest therein.

          Section 4.10 Notice of Commercial Tort Claims

          Such Grantor agrees that, if it shall acquire any interest in any Commercial Tort Claim with a
value in excess of $500,000 (whether from another Person or because such Commercial Tort Claim
shall have come into existence), (i) such Grantor shall, promptly upon such acquisition, deliver to
the Administrative Agent, in each case in form and substance satisfactory to the Administrative
Agent, a notice of the existence and nature of such Commercial Tort Claim and deliver a supplement
to Schedule 5 (Commercial Tort Claims) containing a specific description of such Commercial Tort
Claim, (ii) the provision of Section 2.1 (Collateral) shall apply to such Commercial Tort Claim and
(iii) such Grantor shall execute and deliver to the Administrative Agent, in each case in form and
substance satisfactory to the Administrative Agent, any certificate, agreement and other document,
and take all other action, deemed by the Administrative Agent to be reasonably necessary or
appropriate for the Administrative Agent to obtain, on behalf of the Lenders, a first-priority
perfected security interest in all such Commercial Tort Claims. Any supplement to Schedule 5
(Commercial Tort Claims) delivered pursuant to this Section 4.10 (Notice of Commercial Tort Claims)
shall, after the receipt thereof by the Administrative Agent, become part of Schedule 5 (Commercial
Tort Claims) for all purposes hereunder other than in respect of representations and warranties
made prior to the date of such receipt.

     ARTICLE V Remedial Provisions

          Section 5.1 Code and Other Remedies

          During the continuance of an Event of Default, the Administrative Agent may exercise, in
addition to all other rights and remedies granted to it in this Agreement and in any other
instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights and
remedies of a secured party under the UCC or any other applicable law. Without limiting the
generality of the foregoing, the Administrative Agent, without demand of performance or other
demand, presentment, protest, advertisement or notice of any kind (except any notice required by
law referred to below) to or upon any Grantor or any other Person (all and each of which demands,
defenses, advertisements and notices are hereby waived to the extent permitted by applicable law),
may in such circumstances forthwith collect, receive, appropriate

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and realize upon any Collateral, and may forthwith sell, lease, assign, give option or options
to purchase, or otherwise dispose of and deliver any Collateral (or contract to do any of the
foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s
board or office of the Administrative Agent or any Lender or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit
or for future delivery without assumption of any credit risk. The Administrative Agent shall have
the right upon any such public sale or sales, and, to the extent permitted by the UCC and other
applicable law, upon any such private sale or sales, to purchase the whole or any part of the
Collateral so sold, free of any right or equity of redemption of any Grantor, which right or equity
is hereby waived and released. Each Grantor further agrees, at the Administrative Agent’s request,
to assemble the Collateral and make it available to the Administrative Agent at places that the
Administrative Agent shall reasonably select, whether at such Grantor’s premises or elsewhere. The
Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this
Section 5.1, after deducting all reasonable costs and expenses of every kind incurred in connection
therewith or incidental to the care or safekeeping of any Collateral or in any way relating to the
Collateral or the rights of the Administrative Agent and any other Secured Party hereunder,
including reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the
Secured Obligations, in such order as the Credit Agreement shall prescribe, and only after such
application and after the payment by the Administrative Agent of any other amount required by any
provision of law, need the Administrative Agent account for the surplus, if any, to any Grantor.
To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it
may acquire against the Administrative Agent or any other Secured Party arising out of the exercise
by them of any rights hereunder, except as relating to or arising out of the gross negligence or
willful misconduct of the Administrative Agent or such other Secured Party. If any notice of a
proposed sale or other disposition of Collateral shall be required by law, such notice shall be
deemed reasonable and proper if given at least 10 days before such sale or other disposition.

          Section 5.2 Accounts and Payments in Respect of General Intangibles

          (a) In addition to, and not in substitution for, any similar requirement in the Credit
Agreement, if required by the Administrative Agent at any time during the continuance of an Event
of Default, any payment of Accounts or payment in respect of General Intangibles, when collected by
any Grantor, shall be forthwith (and, in any event, within two Business Days deposited by such
Grantor (or, as applicable, duly indorsed by such Grantor to the Administrative Agent), in a Cash
Collateral Account or as otherwise directed by the Administrative Agent by written notice. Until
so turned over or turned over, such payment shall be held by such Grantor in trust for the
Administrative Agent, segregated from other funds of such Grantor. Each such deposit of Proceeds
of Accounts and payments in respect of General Intangibles shall be accompanied by a report
identifying in reasonable detail the nature and source of the payments included in the deposit.

          (b) At the Administrative Agent’s request, during the continuance of an Event of Default, each
Grantor shall deliver to the Administrative Agent all original and other documents evidencing, and
relating to, the agreements and transactions that gave rise to the Accounts or payments in respect
of General Intangibles, including all original orders, invoices and shipping receipts.

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          (c) The Administrative Agent may, without notice, at any time during the continuance of an
Event of Default, limit or terminate the authority of a Grantor to collect its Accounts or amounts
due under General Intangibles or any thereof.

          (d) The Administrative Agent in its own name or in the name of others may at any time during
the continuance of an Event of Default communicate with Account Debtors to verify with them to the
Administrative Agent’s satisfaction the existence, amount and terms of any Account or amounts due
under any General Intangible.

          (e) Upon the request of the Administrative Agent at any time during the continuance of an
Event of Default, each Grantor shall notify Account Debtors that the Accounts or General
Intangibles have been collaterally assigned to the Administrative Agent and that payments in
respect thereof shall be made directly to the Administrative Agent. In addition, the
Administrative Agent may at any time during the continuance of an Event of Default enforce such
Grantor’s rights against such Account Debtors and obligors of General Intangibles.

          (f) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under
each of the Accounts and payments in respect of General Intangibles to observe and perform all the
conditions and obligations to be observed and performed by it thereunder, all in accordance with
the terms of any agreement giving rise thereto. Neither the Administrative Agent nor any other
Secured Party shall have any obligation or liability under any agreement giving rise to an Account
or a payment in respect of a General Intangible by reason of or arising out of this Agreement or
the receipt by the Administrative Agent or any other Secured Party of any payment relating thereto,
nor shall the Administrative Agent nor any other Secured Party be obligated in any manner to
perform any obligation of any Grantor under or pursuant to any agreement giving rise to an Account
or a payment in respect of a General Intangible, to make any payment, to make any inquiry as to the
nature or the sufficiency of any payment received by it or as to the sufficiency of any performance
by any party thereunder, to present or file any claim, to take any action to enforce any
performance or to collect the payment of any amounts that may have been assigned to it or to which
it may be entitled at any time or times.

          Section 5.3 Pledged Collateral

          (a) During the continuance of an Event of Default, upon notice by the Administrative Agent to
the relevant Grantor or Grantors, (i) the Administrative Agent shall have the right to receive any
Proceeds of the Pledged Collateral and make application thereof to the Obligations in the order set
forth in the Credit Agreement and (ii) the Administrative Agent or its nominee may exercise (A) any
voting, consent, corporate and other right pertaining to the Pledged Collateral at any meeting of
shareholders, partners or members, as the case may be, of the relevant issuer or issuers of Pledged
Collateral or otherwise and (B) any right of conversion, exchange and subscription and any other
right, privilege or option pertaining to the Pledged Collateral as if it were the absolute owner
thereof (including the right to exchange at its discretion any of the Pledged Collateral upon the
merger, amalgamation, consolidation, reorganization, recapitalization or other fundamental change
in the corporate or equivalent structure of any issuer of Pledged Stock, the right to deposit and
deliver any Pledged Collateral with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as the Administrative Agent may determine), all
without liability except to account for property actually received by it; provided, however, that
the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or
option and shall not be responsible for any failure to do so or delay in so doing.

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          (b) In order to permit the Administrative Agent to exercise the voting and other consensual
rights that it may be entitled to exercise pursuant hereto and to receive all dividends and other
distributions that it may be entitled to receive hereunder, (i) each Grantor shall promptly execute
and deliver (or cause to be executed and delivered) to the Administrative Agent all such proxies,
dividend payment orders and other instruments as the Administrative Agent may from time to time
reasonably request and (ii) without limiting the effect of clause (i) above, such Grantor hereby
grants to the Administrative Agent an irrevocable proxy to vote all or any part of the Pledged
Collateral and to exercise all other rights, powers, privileges and remedies to which a holder of
the Pledged Collateral would be entitled (including giving or withholding written consents of
shareholders, partners or members, as the case may be, calling special meetings of shareholders,
partners or members, as the case may be, and voting at such meetings), which proxy shall be
effective, automatically and without the necessity of any action (including any transfer of any
Pledged Collateral on the record books of the issuer thereof) by any other person (including the
issuer of such Pledged Collateral or any officer or agent thereof) during the continuance of an
Event of Default and which proxy shall only terminate upon the payment in full of the Secured
Obligations.

          (c) Each Grantor hereby expressly authorizes and instructs each issuer of any Pledged
Collateral pledged hereunder by such Grantor to (i) comply with any instruction received by it from
the Administrative Agent in writing that (A) states that an Event of Default has occurred and is
continuing and (B) is otherwise in accordance with the terms of this Agreement, without any other
or further instructions from such Grantor, and each Grantor agrees that such issuer shall be fully
protected in so complying and (ii) unless otherwise expressly permitted hereby, pay any dividend or
other payment with respect to the Pledged Collateral directly to the Administrative Agent.

          Section 5.4 Registration Rights

          (a) Each Grantor recognizes that the Administrative Agent may be unable to effect a public
sale of any Pledged Collateral by reason of certain prohibitions contained in the Securities Act
and applicable state securities laws or otherwise or may determine that a public sale is
impracticable or not commercially reasonable and, accordingly, may resort to one or more private
sales thereof to a restricted group of purchasers that shall be obliged to agree, among other
things, to acquire such securities for their own account for investment and not with a view to the
distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale
may result in prices and other terms less favorable than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been
made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to
delay a sale of any Pledged Collateral for the period of time necessary to permit the issuer
thereof to register such securities for public sale under the Securities Act, or under applicable
state securities laws, even if such issuer would agree to do so.

          (b) Each Grantor agrees to use its best efforts to do or cause to be done all such other acts
as may be necessary to make such sale or sales of all or any portion of the Pledged Collateral
pursuant to this Section 5.4 valid and binding and in compliance with all other applicable
Requirements of Law. Each Grantor further agrees that a breach of any covenant contained in this
Section 5.4 will cause irreparable injury to the Administrative Agent and other Secured Parties,
that the Administrative Agent and the other Secured Parties have no adequate remedy at law in
respect of such breach and, as a consequence, that each and every covenant contained in this
Section 5.4 shall be specifically enforceable against such Grantor, and such

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Grantor hereby waives and agrees not to assert any defense against an action for specific
performance of such covenants except for a defense that no Event of Default has occurred under the
Credit Agreement.

          Section 5.5 Deficiency

          Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other
disposition of the Collateral are insufficient to pay the Secured Obligations. Any surplus
remaining after the full payment and satisfaction of the Secured Obligations shall be returned to
such Grantor or to whomsoever a court of competent jurisdiction shall determine to be entitled
thereto.

     ARTICLE VI The Administrative Agent

          Section 6.1 Administrative Agent’s Appointment as Attorney-in-Fact

          (a) Each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any
officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of such Grantor and in the name of
such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement, to
take any appropriate action and to execute any document or instrument that may be necessary or
desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the
foregoing, each Grantor hereby gives the Administrative Agent the power and right, on behalf of
such Grantor, without notice to or assent by such Grantor, to do any of the following:

     (i) in the name of such Grantor or its own name, or otherwise, take possession of and
indorse and collect any check, draft, note, acceptance or other instrument for the payment
of moneys due under any Account or General Intangible or with respect to any other
Collateral and file any claim or take any other action or proceeding in any court of law or
equity or otherwise deemed appropriate by the Administrative Agent for the purpose of
collecting any such moneys due under any Account or General Intangible or with respect to
any other Collateral whenever payable;

     (ii) in the case of any Intellectual Property, execute and deliver, and have recorded,
any agreement, instrument, document or paper as the Administrative Agent may deem
appropriate to evidence the Administrative Agent’s security interest in such Intellectual
Property and the goodwill and General Intangibles of such Grantor relating thereto or
represented thereby;

     (iii) pay or discharge taxes and Liens levied or placed on or threatened against the
Collateral, effect any repair or pay any insurance called for by the terms of this
Agreement (including all or any part of the premiums therefor and the costs thereof);

     (iv) execute, in connection with any sale provided for in Section 5.1 (Code and Other
Remedies) or Section 5.4 (Registration Rights), any endorsement, assignment or other
instrument of conveyance or transfer with respect to the Collateral; and

     (v) (A) direct any party liable for any payment under any Collateral to make payment
of any moneys due or to become due thereunder directly to the Administrative

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Agent or as the Administrative Agent shall direct, (B) ask or demand for, collect, and
receive payment of and receipt for, any moneys, claims and other amounts due or to become
due at any time in respect of or arising out of any Collateral, (C) sign and indorse any
invoice, freight or express bill, bill of lading, storage or warehouse receipt, draft
against debtors, assignment, verification, notice and other document in connection with any
Collateral, (D) commence and prosecute any suit, action or proceeding at law or in equity
in any court of competent jurisdiction to collect any Collateral and to enforce any other
right in respect of any Collateral, (E) defend any suit, action or proceeding brought
against such Grantor with respect to any Collateral, (F) settle, compromise or adjust any
such suit, action or proceeding and, in connection therewith, give such discharges or
releases as the Administrative Agent may deem appropriate, (G) assign any Copyright,
Patent or Trademark (along with the goodwill of the business to which any such Trademark
pertains) throughout the world for such term or terms, on such conditions, and in such
manner as the Administrative Agent shall in its sole discretion determine, including the
execution and filing of any document necessary to effectuate or record such assignment and
(H) generally, sell, transfer, pledge and make any agreement with respect to or otherwise
deal with any Collateral as fully and completely as though the Administrative Agent were
the absolute owner thereof for all purposes and do, at the Administrative Agent’s option
and such Grantor’s expense, at any time, or from time to time, all acts and things that the
Administrative Agent deems necessary to protect, preserve or realize upon the Collateral
and the Administrative Agent’s and the other Secured Parties’ security interests therein
and to effect the intent of this Agreement, all as fully and effectively as such Grantor
might do.

Anything in this clause (a) to the contrary notwithstanding, the Administrative Agent agrees that
it shall not exercise any right under the power of attorney provided for in this clause (a) unless
an Event of Default shall be continuing.

          (b) If any Grantor fails to perform or comply with any of its agreements contained herein, the
Administrative Agent, at its option, but without any obligation so to do, may perform or comply, or
otherwise cause performance or compliance, with such agreement.

          (c) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done
by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled
with an interest and are irrevocable until this Agreement is terminated and the security interests
created hereby are released.

          Section 6.2 Duty of Administrative Agent

          The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical
preservation of the Collateral in its possession shall be to deal with it in the same manner as the
Administrative Agent deals with similar property for its own account. None of the Administrative
Agent, any other Secured Party nor any of their respective officers, directors, employees or agents
shall be liable for failure to demand, collect or realize upon any Collateral or for any delay in
doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the
request of any Grantor or any other Person or to take any other action whatsoever with regard to
any Collateral. The powers conferred on the Administrative Agent hereunder are solely to protect
the Administrative Agent’s interest in the Collateral and shall not impose any duty upon the
Administrative Agent or any other Secured Party to exercise any such powers. The Administrative
Agent and the other Secured Parties shall be accountable only for

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amounts that they actually receive as a result of the exercise of such powers, and neither
they nor any of their respective officers, directors, employees or agents shall be responsible to
any Grantor for any act or failure to act hereunder, except for their own gross negligence or
willful misconduct.

          Section 6.3 Authorization of Financing Statements

          Each Grantor authorizes the Administrative Agent and its Affiliates, counsel and other
representatives, at any time and from time to time, to file or record financing statements,
amendments to financing statements, and other filing or recording documents or instruments with
respect to the Collateral in such form and in such offices as the Administrative Agent reasonably
determines appropriate to perfect the security interests of the Administrative Agent under this
Agreement. Such financing statements and amendments may describe the Collateral covered thereby as
“all assets of the debtor”, “all personal property of the debtor” or words of similar effect;
provided, however, that if requested by the Borrower, any such financing statement or amendment
shall specifically identify any Excluded Property that is not subject thereto. Each Grantor hereby
also authorizes the Administrative Agent and its Affiliates, counsel and other representatives, at
any time and from time to time, to file continuation statements with respect to previously filed
financing statements. A photographic or other reproduction of this Agreement shall be sufficient
as a financing statement or other filing or recording document or instrument for filing or
recording in any jurisdiction.

          Section 6.4 Authority of Administrative Agent

          Each Grantor acknowledges that the rights and responsibilities of the Administrative Agent
under this Agreement with respect to any action taken by the Administrative Agent or the exercise
or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other
right or remedy provided for herein or resulting or arising out of this Agreement shall, as between
the Administrative Agent and the other Secured Parties, be governed by the Credit Agreement and by
such other agreements with respect thereto as may exist from time to time among them, but, as
between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively
presumed to be acting as agent for the Administrative Agent and the other Secured Parties with full
and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation,
or entitlement, to make any inquiry respecting such authority.

     ARTICLE VII Miscellaneous

          Section 7.1 Amendments in Writing

          None of the terms or provisions of this Agreement may be waived, amended, supplemented or
otherwise modified except in accordance with Section 11.1 (Amendments, Waivers, Etc.) of the Credit
Agreement; provided, however, that annexes to this Agreement may be supplemented (but no existing
provisions may be modified and no Collateral may be released) through Pledge Amendments and Joinder
Agreements, in substantially the form of Annex 1 (Form of Pledge Amendment) and Annex 2 (Form of
Joinder Agreement) respectively, in each case duly executed by the Administrative Agent and each
Grantor directly affected thereby.

          Section 7.2 Notices

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          All notices, requests and demands to or upon the Administrative Agent or any Grantor hereunder
shall be effected in the manner provided for in Section 11.8 (Notices, Etc.) of the Credit
Agreement; provided, however, that any such notice, request or demand to or upon any Grantor shall
be addressed to the Borrower’s notice address set forth in such Section 11.8.

          Section 7.3 No Waiver by Course of Conduct; Cumulative Remedies

          Neither the Administrative Agent nor any other Secured Party shall by any act (except by a
written instrument pursuant to Section 7.1 (Amendments in Writing)), delay, indulgence, omission or
otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any
Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of
the Administrative Agent or any other Secured Party, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Administrative Agent or any other Secured Party of any right
or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that
the Administrative Agent or such other Secured Party would otherwise have on any future occasion.
The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and
are not exclusive of any other rights or remedies provided by law.

          Section 7.4 Successors and Assigns

          This Agreement shall be binding upon the successors and assigns of each Grantor and shall
inure to the benefit of the Administrative Agent and each other Secured Party and their successors
and assigns; provided, however, that no Grantor may assign, transfer or delegate any of its rights
or obligations under this Agreement without the prior written consent of the Administrative Agent.

          Section 7.5 Counterparts

          This Agreement may be executed by one or more of the parties to this Agreement on any number
of separate counterparts (including by telecopy), each of which when so executed shall be deemed to
be an original and all of which taken together shall constitute one and the same agreement.
Signature pages may be detached from multiple counterparts and attached to a single counterpart so
that all signature pages are attached to the same document. Delivery of an executed counterpart by
telecopy shall be effective as delivery of a manually executed counterpart.

          Section 7.6 Severability

          Any provision of this Agreement that is 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.

          Section 7.7 Section Headings

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          The Article and Section titles contained in this Agreement are, and shall be, without
substantive meaning or content of any kind whatsoever and are not part of the agreement of the
parties hereto.

          Section 7.8 Entire Agreement

          This Agreement together with the other Loan Documents represents the entire agreement of the
parties and supersedes all prior agreements and understandings relating to the subject matter
hereof.

          Section 7.9 Governing Law

          This Agreement and the rights and obligations of the parties hereto shall be governed by, and
construed and interpreted in accordance with, the law of the State of New York.

          Section 7.10 Additional Grantors

          If, pursuant to Section 7.9 (Subsidiaries) of the Credit Agreement, the Borrower shall be
required to cause any Subsidiary that is not a Grantor to become a Grantor hereunder, such
Subsidiary shall execute and deliver to the Administrative Agent a Joinder Agreement substantially
in the form of Annex 2 (Form of Joinder Agreement) and shall thereafter for all purposes be a party
hereto and have the same rights, benefits and obligations as a Grantor party hereto on the Closing
Date.

          Section 7.11 Release of Collateral

          (a) At the time provided in Section 10.8(b)(i) (Concerning the Collateral and the Collateral
Documents) of the Credit Agreement, the Collateral shall be released from the Lien created hereby
and this Agreement and all obligations (other than those expressly stated to survive such
termination) of the Administrative Agent and each Grantor hereunder shall terminate, all without
delivery of any instrument or performance of any act by any party, and all rights to the Collateral
shall revert to the Grantors. At the request and sole expense of any Grantor following any such
termination, the Administrative Agent shall deliver to such Grantor any Collateral of such Grantor
held by the Administrative Agent hereunder and execute and deliver to such Grantor such documents
as such Grantor shall reasonably request to evidence such termination.

          (b) If the Administrative Agent shall be directed or permitted pursuant to Section 10.8(b)(ii)
or (iii) (Concerning the Collateral and the Collateral Documents) of the Credit Agreement to
release any Lien created hereby upon any Collateral (including any Collateral sold or disposed of
by any Grantor in a transaction permitted by the Credit Agreement), such Collateral shall, at the
request of the Borrower, be released from the Lien created hereby to the extent permitted pursuant
to the terms and conditions set forth in, Section 10.8(b)(ii) or (iii) (Concerning the Collateral
and the Collateral Documents) of the Credit Agreement. In connection therewith, the Administrative
Agent, at the request and sole expense of the Borrower, shall execute and deliver to the Borrower
all releases or other documents, including, without limitation, UCC termination statements,
reasonably necessary or desirable for the release of the Lien created hereby on such Collateral.
At the request and sole expense of the Borrower, a Grantor shall be released from its obligations
hereunder in the event that all the capital stock of such Grantor shall be sold or disposed or such
Grantor shall be dissolved or liquidated; provided,

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Orbital Sciences Corporation

however, that the Borrower shall have delivered to the Administrative Agent, at least five
Business Days (or such shorter period as permitted by the Administrative Agent) prior to the date
of the proposed release, a written request for release identifying the relevant Grantor and the
terms of the sale or other disposition in reasonable detail, together with a certification by the
Borrower in form and substance satisfactory to the Administrative Agent stating that such
transaction is in compliance with the Credit Agreement and the other Loan Documents.

          Section 7.12 Reinstatement

          Each Grantor further agrees that, if any payment made by any Loan Party or other Person and
applied to the Obligations is at any time annulled, avoided, set aside, rescinded, invalidated,
declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the
proceeds of Collateral are required to be returned by any Secured Party to such Loan Party, its
estate, trustee, receiver or any other party, including any Grantor, under any bankruptcy law,
state or federal law, common law or equitable cause, then, to the extent of such payment or
repayment, any Lien or other Collateral securing such liability shall be and remain in full force
and effect, as fully as if such payment had never been made or, if prior thereto the Lien granted
hereby or other Collateral securing such liability hereunder shall have been released or terminated
by virtue of such cancellation or surrender, such Lien or other Collateral shall be reinstated in
full force and effect, and such prior cancellation or surrender shall not diminish, release,
discharge, impair or otherwise affect any Lien or other Collateral securing the obligations of any
Grantor in respect of the amount of such payment.

[Signature Pages Follow]

 

 

          In witness whereof, each of the undersigned has caused this Agreement to be duly
executed and delivered as of the date first above written.

	 	 	 	 	 
	 	Orbital Sciences Corporation,

as Grantor

 	 
	 	By:  	/s/ Michael R. Williams
 	 
	 	 	Name:  	Michael R. Williams 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 
	 

	 	 	 	 	 
	Accepted and Agreed	 	 
	as of the date first above written:	 	 
	 
	 	 	 	 
	Citibank, N.A.	 	 
	as Administrative Agent	 	 
	 
	 	 	 	 
	By:

	 	/s/ Tucker R. Borden	 	 
	 

	 	 

Name: Tucker R. Borden
	 	 
	 

	 	Title: Vice President	 	 

[Signature
Page to Pledge and Security Agreement]

 

 

ANNEX
1

TO

PLEDGE AND SECURITY AGREEMENT

FORM OF PLEDGE AMENDMENT

          This Pledge Amendment, dated as of                        , 20  , is delivered pursuant to
Section 4.4(a) (Pledged Collateral) of the Pledge and Security Agreement, dated as of August 17,
2007, by Orbital Sciences Corporation (the “Borrower”), the Subsidiaries of the Borrower
from time to time party thereto as Grantors in favor of Citibank, N.A., as agent for the Secured
Parties referred to therein (the “Pledge and Security Agreement”) and the undersigned hereby agrees
that this Pledge Amendment may be attached to the Pledge and Security Agreement and that the
Pledged Collateral listed on this Pledge Amendment shall be and become part of the Collateral
referred to in the Pledge and Security Agreement and shall secure all Secured Obligations of the
undersigned. Capitalized terms used herein but not defined herein are used herein with the meaning
given them in the Pledge and Security Agreement.

	 	 	 	 	 
	 	[Grantor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Pledged Stock

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Number of
	 	 	 	 	 	 	 	 	Shares,
	 	 	 	 	 	 	 	 	Units or
	Issuer	 	Class	 	Certificate No(s).	 	Par Value	 	Interests
	 

	 	 
	 	 
	 	 
	 	 

Pledged Debt Instruments

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Principal	 	 
	Issuer	 	Description of Debt	 	Certificate No(s).	 	Final Maturity	 	Amount	 	 
	 

	 	 
	 	 
	 	 
	 	 	 	 

A1-1 

 

	 	 	 	 	 
	Acknowledged and Agreed	 	 
	as of the date first above written:	 	 
	 
	 	 	 	 
	Citibank, N.A.	 	 
	as Administrative Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

A1-2 

 

ANNEX 2

TO

PLEDGE AND SECURITY AGREEMENT

FORM OF JOINDER AGREEMENT

          This Joinder Agreement, dated as of                      ___, 20___, is delivered pursuant to
Section 7.10 (Additional Grantors) of the Pledge and Security Agreement, dated as of August 17,
2007, by Orbital Sciences Corporation (the “Borrower”) in favor of the Citibank, N.A., as
agent for the Secured Parties referred to therein (the “Pledge and Security Agreement”).
Capitalized terms used herein but not defined herein are used with the meanings given them in the
Pledge and Security Agreement.

          By executing and delivering this Joinder Agreement, the undersigned, as provided in Section
7.10 (Additional Grantors) of the Pledge and Security Agreement, hereby becomes a party to the
Pledge and Security Agreement as a Grantor thereunder with the same force and effect as if
originally named as a Grantor therein and, without limiting the generality of the foregoing, hereby
grants to the Administrative Agent, as collateral security for the full, prompt and complete
payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the
Secured Obligations of the undersigned, a Lien on and security interest in, all of its right, title
and interest in, to and under the Collateral of the undersigned and expressly assumes all
obligations and liabilities of a Grantor thereunder.

          The information set forth in Annex 1-A is hereby added to the information set forth in
Schedules 1 through 5 to the Pledge and Security Agreement. [By acknowledging and agreeing to this
Joinder Agreement, the undersigned hereby agree that this Joinder Agreement may be attached to the
Pledge and Security Agreement and that the Pledged Collateral listed on Annex 1-A to this Joinder
Agreement shall be and become part of the Collateral referred to in the Pledge and Security
Agreement and shall secure all Secured Obligations of the undersigned.]1

          The undersigned hereby represents and warrants that each of the representations and warranties
contained in Article III (Representations and Warranties) of the Pledge and Security Agreement
applicable to it is true and correct on and as the date hereof as if made on and as of such date.

          In witness whereof, the undersigned has caused this Joinder Agreement to be duly
executed and delivered as of the date first above written.

	 	 	 	 	 
	 	[Additional Grantor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

			
	1	 	Insert to pledge Stock of the new
Subsidiary without doing a Pledge Amendment.

A2-1 

 

	 	 	 	 	 
	Acknowledged and Agreed	 	 
	as of the date first above written:	 	 
	 
	 	 	 	 
	[Each Grantor Pledging	 	 
	Additional Collateral]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	Citibank, N.A.	 	 
	as Administrative Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

A2-2 

 

ANNEX 3

TO

PLEDGE AND SECURITY AGREEMENT

FORM OF SHORT FORM INTELLECTUAL PROPERTY SECURITY AMENDMENT

          [Copyright] [Patent] [Trademark] Security Agreement, dated as of August 17, 2007, by
each of the entities listed on the signature pages hereof [or that becomes a party hereto pursuant
to Section 7.10 (Additional Grantors) of the Security Agreement referred to below] (each a
“Grantor” and, collectively, the “Grantors”), in favor of Citibank, N.A. (“Citi”), as agent for the
Secured Parties (as defined in the Credit Agreement referred to below) (in such capacity, the
“Administrative Agent”).

W i t n e s s e t h:

          Whereas, pursuant to the Credit Agreement, dated as of August 17, 2007 (as the same
may be amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Orbital Sciences Corporation (the “Borrower”), the Lenders and Issuers
party thereto and Citi, as agent for the Lenders and Issuers, the Lenders and the Issuers have
severally agreed to make extensions of credit to the Borrower upon the terms and subject to the
conditions set forth therein; and

          Whereas, the Grantors are party to a Pledge and Security Agreement of even date
herewith in favor of the Administrative Agent (the “Security Agreement”) pursuant to which the
Grantors are required to execute and deliver this [Copyright] [Patent] [Trademark] Security
Agreement;

          Now, Therefore, in consideration of the premises and to induce the Lenders, the
Issuers and the Administrative Agent to enter into the Credit Agreement and to induce the Lenders
and the Issuers to make their respective extensions of credit to the Borrower thereunder, each
Grantor hereby agrees with the Administrative Agent as follows:

          Section 1. Defined Terms

          Unless otherwise defined herein, terms defined in the Credit Agreement or in the Security
Agreement and used herein have the meaning given to them in the Credit Agreement or the Security
Agreement.

          Section 2. Grant of Security Interest in [Copyright] [Trademark] [Patent] Collateral

          Each Grantor, as collateral security for the full, prompt and complete payment and performance
when due (whether by acceleration or otherwise) of the Secured Obligations of such Grantor, hereby
mortgages, pledges and hypothecates to the Administrative Agent for the benefit of the Secured
Parties, and grants to the Administrative Agent for the benefit of the Secured Parties a lien on
and security interest in, all of its right, title and interest in, to and under the following
Collateral of such Grantor (the “[Copyright] [Patent] [Trademark] Collateral”):

          [(a) all of its Copyrights and Copyright Licenses to which it is a party, including, without
limitation, those referred to on Schedule I hereto;

          (b) all extensions of the foregoing; and

A3-1 

 

          (c) all Proceeds of the foregoing, including, without limitation, any claim by Grantor against
third parties for past, present or future infringement of any Copyright or Copyright licensed under
any Copyright License.]

or

          [(a) all of its Patents and Patent Licenses to which it is a party, including, without
limitation, those referred to on Schedule I hereto;

          (b) all reissues, continuations or continuations-in-part of the foregoing; and

          (c) all Proceeds of the foregoing, including, without limitation, any claim by Grantor against
third parties for past, present or future infringement of any Patent or any Patent licensed under
any Patent License.]

or

          [(a) all of its Trademarks and Trademark Licenses to which it is a party, including, without
limitation, those referred to on Schedule I hereto;

          (b) all goodwill of the business connected with the use of, and symbolized by, each Trademark;
and

          (c) all Proceeds of the foregoing, including, without limitation, any claim by Grantor against
third parties for past, present, future (i) infringement or dilution of any Trademark or Trademark
licensed under any Trademark License or (ii) injury to the goodwill associated with any Trademark
or any Trademark licensed under any Trademark License.]

provided, however, that “[Copyright] [Patent] [Trademark] Collateral” shall not include any
Excluded Property; and provided, further, that if and when any property shall cease to be Excluded
Property, such property shall be deemed at all times from and after the date hereof to constitute
[Copyright] [Patent] [Trademark] Collateral.

          Section 3. Security Agreement

          The security interest granted pursuant to this [Copyright] [Patent] [Trademark] Security
Agreement is granted in conjunction with the security interest granted to the Administrative Agent
pursuant to the Security Agreement and each Grantor hereby acknowledges and affirms that the rights
and remedies of the Administrative Agent with respect to the security interest in the [Copyright]
[Patent] [Trademark] Collateral made and granted hereby are more fully set forth in the Security
Agreement, the terms and provisions of which are incorporated by reference herein as if fully set
forth herein.

[Signature Pages Follow]

A3-2 

 

          In witness whereof, each Grantor has caused this [Copyright] [Patent]
[Trademark] Security Agreement to be executed and delivered by its duly authorized offer as of the
date first set forth above.

	 	 	 	 	 
	 	[Grantor],

as Grantor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Accepted and Agreed

as of the date first above written:	 	 
	 
	 	 	 	 
	Citibank, N.A.

as Administrative Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

[Signature Page to [Copyright] [Patent] [Trademark] Security Agreement]

 

 

SCHEDULE I

TO

[COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT

[Copyright] [Patent] [Trademark] Registrations

INCLUDE ONLY U.S. REGISTERED INTELLECTUAL PROPERTY

	[A.  	 	REGISTERED COPYRIGHTS
	 
	 	 	[Include Copyright Registration Number and Date]
	 
	B.	 	COPYRIGHT APPLICATIONS
	 
	C.	 	COPYRIGHT LICENSES]
	 
	[A. 	 	REGISTERED PATENTS
	 
	B.	 	PATENT APPLICATIONS
	 
	C.	 	PATENT LICENSES]
	 
	[A. 	 	REGISTERED TRADEMARKS
	 
	B.	 	TRADEMARK APPLICATIONS
	 
	C.	 	TRADEMARK LICENSES]
	 
	 	 	[Include complete legal description of agreement (name of agreement, parties and date)]

A3-4 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	Page
	ARTICLE I DEFINED TERMS
	 	 	1	 
	Section 1.1 Definitions
	 	 	1	 
	Section 1.2 Certain Other Terms
	 	 	4	 
	ARTICLE II GRANT OF SECURITY INTEREST
	 	 	5	 
	Section 2.1 Collateral
	 	 	5	 
	Section 2.2 Grant of Security Interest in Collateral
	 	 	6	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES
	 	 	6	 
	Section 3.1 Title; No Other Liens
	 	 	7	 
	Section 3.2 Perfection and Priority
	 	 	7	 
	Section 3.3 Jurisdiction of Organization; Chief Executive Office
	 	 	7	 
	Section 3.4 Inventory and Equipment
	 	 	7	 
	Section 3.5 Pledged Collateral
	 	 	7	 
	Section 3.6 Accounts
	 	 	8	 
	Section 3.7 Intellectual Property
	 	 	8	 
	Section 3.8 Commercial Tort Claims
	 	 	9	 
	ARTICLE IV COVENANTS
	 	 	9	 
	Section 4.1 Generally
	 	 	9	 
	Section 4.2 Maintenance of Perfected Security Interest; Further Documentation
	 	 	9	 
	Section 4.3 Changes in Locations, Name, Etc
	 	 	10	 
	Section 4.4 Pledged Collateral
	 	 	10	 
	Section 4.5 Accounts
	 	 	11	 
	Section 4.6 Delivery of Instruments and Chattel Paper
	 	 	12	 
	Section 4.7 Intellectual Property
	 	 	12	 
	Section 4.8 [Intentionally Omitted]
	 	 	13	 
	Section 4.9 Payment of Obligations
	 	 	13	 
	Section 4.10 Notice of Commercial Tort Claims
	 	 	13	 
	ARTICLE V REMEDIAL PROVISIONS
	 	 	14	 
	Section 5.1 Code and Other Remedies
	 	 	14	 
	Section 5.2 Accounts and Payments in Respect of General Intangibles
	 	 	15	 
	Section 5.3 Pledged Collateral
	 	 	16	 
	Section 5.4 Registration Rights
	 	 	17	 
	Section 5.5 Deficiency
	 	 	17	 
	ARTICLE VI THE ADMINISTRATIVE AGENT
	 	 	17	 
	Section 6.1 Administrative Agent’s Appointment as Attorney-in-Fact
	 	 	17	 
	Section 6.2 Duty of Administrative Agent
	 	 	19	 
	Section 6.3 Authorization of Financing Statements
	 	 	19	 
	Section 6.4 Authority of Administrative Agent
	 	 	20	 
	ARTICLE VII MISCELLANEOUS
	 	 	20	 
	Section 7.1 Amendments in Writing
	 	 	20	 

i

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	 	 Page
	Section 7.2 Notices
	 	 	20	 
	Section 7.3 No Waiver by Course of Conduct; Cumulative Remedies
	 	 	20	 
	Section 7.4 Successors and Assigns
	 	 	21	 
	Section 7.5 Counterparts
	 	 	21	 
	Section 7.6 Severability
	 	 	21	 
	Section 7.7 Section Headings
	 	 	21	 
	Section 7.8 Entire Agreement
	 	 	21	 
	Section 7.9 Governing Law
	 	 	21	 
	Section 7.10 Additional Grantors
	 	 	21	 
	Section 7.11 Release of Collateral
	 	 	22	 
	Section 7.12 Reinstatement
	 	 	22	 

ii

 

 

Annexes and Schedules

	 	 	 
	Annex 1

	 	Form of Pledge Amendment
	Annex 2

	 	Form of Joinder Agreement
	Annex 3

	 	Form of Short Form Intellectual Property Security Agreement
	 
	 	 
	Schedule 1

	 	Jurisdiction of Organization; Principal Executive Office
	Schedule 2

	 	Pledged Collateral
	Schedule 3

	 	Filings
	Schedule 4

	 	Location of Inventory and Equipment
	Schedule 5

	 	Commercial Tort Claims

iii

 

 

Pledge and Security Agreement

Orbital Sciences Corporation

Schedule 1 – Jurisdiction of Organization; Principal Executive Office

	 	 	 	 	 	 	 
	 	 	 	 	Organizational	 	 
	Legal Name of	 	Jurisdiction of	 	Identification	 	 
	Grantor	 	Organization	 	Number	 	Chief Executive Office
	Orbital Sciences 

Corporation
	 	Delaware
	 	2130792
	 	21839 Atlantic Boulevard

Dulles, Virginia 20166

 

 

Pledge and Security Agreement

Orbital Sciences Corporation

Schedule 2 – Pledged Collateral

A. Pledged Stock

	 	 	 	 	 	 	 
	Pledgor	 	Issuer	 	Number of Shares	 	Ownership Percentage
	Orbital Sciences Corporation
	 	Orbital

Communications

Corporation
	 	4,650,000
	 	99%
	Orbital Sciences Corporation
	 	DigitalGlobe, Inc.
	 	321,968
	 	Not Available

B. Pledged Debt Instruments

None.

C. LLC Interests

None.

D. Partnership Interests

None.

 

 

Pledge and Security Agreement

Orbital Sciences Corporation

Schedule 3 – Filings**

	 	 	 
	Type of Filing	 	Location
	UCC-1 Financing Statement

	 	Secretary of State of the State of Delaware

 

			
	**Note:	 	This schedule does not purport to indicate appropriate filing offices with respect to Collateral constituting fixtures.

 

 

Pledge and Security Agreement

Orbital Sciences Corporation

Schedule 4 – Location of Inventory and Equipment

See Schedule 4.19 of the Credit Agreement.

 

 

Pledge and Security Agreement

Orbital Sciences Corporation

Schedule 5 – Commercial Tort Claims

None.exv10w1

 

Exhibit 10.1

EXECUTION COPY

FIRST INCREMENTAL AMENDMENT TO CREDIT AGREEMENT

          FIRST INCREMENTAL AMENDMENT TO CREDIT AGREEMENT (as defined below), dated as of August 17,
2007 (this “First Incremental Amendment”) among ACTIVANT GROUP INC. (f/k/a Lone Star Holding
Corp.), a Delaware corporation (“Holdings”), ACTIVANT SOLUTIONS INC., a Delaware corporation (the
“Borrower”), DEUTSCHE BANK TRUST COMPANY AMERICAS, as administrative agent (in such capacity, the
“Administrative Agent”), and the 2007 Term Lenders. Unless otherwise indicated, all capitalized
terms used herein (and including in this preamble and in the recitals hereto) and not otherwise
defined shall have the respective meanings provided such terms in the Credit Agreement referred to
below. The rules of construction specified in Sections 1.02 through 1.09 of the Credit Agreement
shall apply to this First Incremental Amendment including the terms defined in the preamble and
recitals hereto.

WITNESSETH:

          WHEREAS, Holdings, the Borrower, various lenders from time to time party thereto (each, a
“Lender” and, collectively, the “Lenders”), the Administrative Agent, Deutsche Bank Trust Company
Americas, as Swing Line Lender and an L/C Issuer, JPMorgan Chase Bank, N.A., as Syndication Agent,
and Lehman Commercial Paper Inc., as Documentation Agent, are parties to a Credit Agreement, dated
as of May 2, 2006 (the “Credit Agreement”);

          WHEREAS, Greenland Holding Corp., a Delaware corporation and a wholly-owned Subsidiary of the
Borrower (“Greenland”), desires to acquire the “Transferred Assets”, and assume the “Assumed
Liabilities” (such assets and liabilities, collectively, the “Iceland
Business”), from Intuit Inc. (the “Seller”) pursuant to, and in accordance with the terms of,
that certain Asset Purchase Agreement, dated as of July 2, 2007 (the “Iceland Acquisition
Agreement”), among the Seller, the Borrower and Greenland, which acquisition (and related
assumption) will be effected in accordance with the requirements of a Permitted Acquisition
pursuant to the terms of the Credit Agreement (such acquisition, the “Iceland Acquisition”);

          WHEREAS, the Borrower has requested that the 2007 Term Lender provide, and the 2007 Term
Lender has agreed to so provide, the 2007 Term Loans to the Borrower pursuant to the provisions of
Section 2.15 of the Credit Agreement in order to finance a portion of the purchase price for the
Iceland Acquisition;

          WHEREAS, the Borrower has requested that the 2007 Term Lender and the Administrative Agent
effect certain amendments to the Credit Agreement in accordance with Section 2.15(a) thereof as are
necessary and appropriate to effect the provisions of such Section

 

 

in connection with the financing
of the Iceland Acquisition with the proceeds of 2007 Term Loans, as described below; and

          WHEREAS, the Administrative Agent and the 2007 Term Lender are willing to agree to such
amendments as herein provided, subject to the terms and conditions of this First Incremental
Amendment;

          NOW, THEREFORE, it is agreed:

I. Amendments to Credit Agreement.

          1. The third paragraph in the preliminary statements to the Credit Agreement is hereby amended
by inserting the text “Original” immediately preceding the text “Term Loans” appearing in said
paragraph.

          2. The definition of “Applicable Rate” appearing in Section 1.01 of the Credit Agreement is
hereby amended by (i) inserting the text “(w) 2007 Term Loans maintained as (A) Eurocurrency Rate
Loans, 2.50% and (B) Base Rate Loans 1.50%,” immediately preceding subclause (x) of the first
sentence thereof and (ii) inserting the text “Original” immediately preceding the text “Term Loans”
appearing in subclause (x) of the first sentence of said definition.

          3. The definition of “Specified Transaction” appearing in Section 1.01 of the Credit Agreement
is hereby amended by inserting the text “the incurrence of 2007 Term Loans,” immediately after the
text “Incremental Term Loan,” appearing in said definition.

          4. The definition of “Transaction” appearing in Section 1.01 of the Credit Agreement is hereby
amended by inserting the text “Original” immediately preceding the text “Term Loans” appearing in
said definition.

          5. Section 1.01 of the Credit Agreement is hereby further amended by (i) deleting the
definitions of “Borrowing”, “Class”, “Facility”, “Term Borrowing”, “Term Commitment” and “Tranche”
appearing therein in their entirety and (ii) inserting the following new definitions in appropriate
alphabetical order:

          “Borrowing” means a Revolving Credit Borrowing, a Swing Line Borrowing, an Original Term
Borrowing or a 2007 Term Borrowing, as the context may require.

          “Class” (a) when used with respect to Lenders, refers to whether such Lenders are Revolving
Credit Lenders, Original Term Lenders or 2007 Term Lenders, (b) when used with respect to
Commitments, refers to whether such Commitments are Revolving Credit Commitments, Original Term
Commitments or 2007 Term Commitments and (c) when used with respect to Loans or a Borrowing, refers
to whether such Loans, or the Loans comprising such Borrowing, are Revolving Credit Loans, Original
Term Loans or 2007 Term Loans.

          “Facility” means the Original Term Loans, the 2007 Term Loans, the Revolving Credit
Facility, the Swing Line Sublimit or the Letter of Credit Sublimit, as the context may
require.

-2-

 

          “First Incremental Amendment Effective Date” has the meaning specified in the First
Incremental Amendment to this Agreement, dated as of August 17, 2007.

     “Iceland Acquisition” has the meaning specified in the First Incremental
Amendment.

     “Iceland Business” has the meaning specified in the First Incremental
Amendment.

     “Original Term Borrowing” means a borrowing consisting of simultaneous Original
Term Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the
same Interest Period made by each of the Original Term Lenders pursuant to Section
2.01.

     “Original Term Commitment” means, as to each Original Term Lender, its
obligation to make an Original Term Loan to the Borrower pursuant to Section 2.01(a)
in an aggregate principal amount not to exceed the amount set forth opposite such
Lender’s name on Schedule 2.01(a) (as in effect on the Closing Date), in each case
under the caption “Original Term Commitment”, as such amount may be adjusted from
time to time in accordance with this Agreement. The initial aggregate amount of the
Original Term Commitments of Original Term Loans is $390,000,000.

     “Original Term Lender” means any Lender that has an Original Term Commitment or
an Original Term Loan at such time.

     “Original Term Loan” has the meaning specified in Section 2.01(a).

     “Term Borrowing” means, an Original Term Borrowing or a 2007 Term Borrowing, as
applicable.

     “Term Commitment” means, an Original Term Commitment or a 2007 Term Commitment,
as applicable.

     “TL Repayment Percentage” of any Tranche of Term Loans at any time shall be a
fraction (expressed as a percentage) (x) the numerator of which is the aggregate
principal amount of outstanding Term Loans of such Tranche at such time and (y) the
denominator of which is the sum of the aggregate principal amount of all outstanding
Term Loans (of all Tranches) at such time.

     “Tranche” means a category of Commitments or Credit Extensions thereunder. For
purposes hereof, each of the following comprises a separate Tranche: (a) the unused
Revolving Commitments, the outstanding Revolving Credit Loans, the outstanding Swing
Line Loans and L/C Obligations in respect of Letters of Credit, (b) the outstanding
Original Term Loans and (c) the outstanding 2007 Term Loans.

-3-

 

     “2007 Term Borrowing” means a borrowing consisting of simultaneous 2007 Term
Loans of the same Type and, in the case of Eurocurrency Rate Loans, having the same
Interest Period made by each of the 2007 Term Lenders pursuant to Section 2.01.

     “2007 Term Commitment” means, as to each 2007 Term Lender, its obligation to
make a 2007 Term Loan to the Borrower pursuant to Section 2.01(a) in an aggregate
principal amount not to exceed the amount set forth opposite such Lender’s name on
Schedule 2.01(a) (as in effect on the First Incremental Amendment Effective Date),
in each case under the caption “2007 Term Commitment”, as such amount may be
adjusted from time to time in accordance with this Agreement. The initial aggregate
amount of the 2007 Term Commitments on the First Incremental Amendment Effective
Date is $75,000,000.

     “2007 Term Lender” means any Lender that has a 2007 Term Commitment or a 2007
Term Loan at such time.

     “2007 Term Loan” has the meaning specified in Section 2.01(a).

          6. Section 2.01(a) of the Credit Agreement is hereby amended by deleting said Section in its
entirety and inserting the following new clause (a) in lieu thereof:

     “(a) The Term Borrowings. Subject to the terms and conditions set forth
herein, (A) each Original Term Lender with an Original Term Commitment on the
Closing Date severally agrees to make to the Borrower on the Closing Date a single
loan denominated in Dollars in a principal amount equal to such Original Term
Lender’s Original Term Commitment on the Closing Date (each, an “Original Term Loan”
and, collectively, the “Original Term Loans”) and (B) each 2007 Term Lender with a
2007 Term Commitment on the First Incremental Amendment Effective Date severally
agrees to make to the Borrower on the First Incremental Amendment Effective Date a
single loan denominated in Dollars in a principal amount equal to such 2007 Term
Lender’s 2007 Term Commitment on the First Incremental Amendment Effective Date
(each, a “2007 Term Loan”
and, collectively, the “2007 Term Loans”). Amounts borrowed under this Section
2.01(a) and repaid or prepaid may not be reborrowed. Subject to Section 2.02(c),
Term Loans may be Base Rate Loans or Eurocurrency Rate Loans, as further provided
herein.”

          7. Section 2.02(a) of the Credit Agreement is hereby amended by deleting said Section in its
entirety and inserting the following new Section 2.02(a) in lieu thereof:

     “(a) Each Original Term Borrowing, each 2007 Term Borrowing, each Revolving
Credit Borrowing, each conversion of Original Term Loans, 2007 Term Loans or
Revolving Credit Loans from one Type to the other, and each continuation of
Eurocurrency Rate Loans shall be made upon the Borrower’s irrevocable notice to the
Administrative Agent, which may be given by telephone.

-4-

 

Each such notice must be
received by the Administrative Agent not later than 12:30 p.m. (New York, New York
time) (i) three (3) Business Days prior to the requested date of any Borrowing or
continuation of Eurocurrency Rate Loans or any conversion of Base Rate Loans to
Eurocurrency Rate Loans, and (ii) one (1) Business Day before the requested date of
any Borrowing of Base Rate Loans or conversion of any Eurocurrency Rate Loans to
Base Rate Loans. Each telephonic notice by the Borrower pursuant to this Section
2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a
written Loan Notice, appropriately completed and signed by a Responsible Officer of
the Borrower. Each Borrowing of, conversion to or continuation of Eurocurrency Rate
Loans shall be in a principal amount of $1,000,000 or a whole multiple thereof.
Except as provided in Sections 2.03(c) and 2.04(c), each Borrowing of or conversion
to Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple
of $500,000 in excess thereof. Each Loan Notice (whether telephonic or written)
shall specify (i) whether the Borrower is requesting a Original Term Borrowing, a
2007 Term Borrowing, a Revolving Credit Borrowing, a conversion of Original Term
Loans, 2007 Term Loans or Revolving Credit Loans from one Type to the other, or a
continuation of Eurocurrency Rate Loans, (ii) the requested date of the Borrowing,
conversion or continuation, as the case may be (which shall be a Business Day),
(iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the
Type of Loans to be borrowed or to which existing Original Term Loans, 2007 Term
Loans or Revolving Credit Loans are to be converted, and (v) if applicable, the
duration of the Interest Period with respect thereto. If the Borrower fails to
specify a Type of Loan in a Loan Notice or fails to give a timely notice requesting
a conversion or continuation, then the applicable Original Term Loans, 2007 Term
Loans or Revolving Credit Loans shall be made as, or converted to, Base Rate Loans.
Any such automatic conversion to Base Rate Loans shall be effective as of the last
day of the Interest Period then in effect with respect to the applicable
Eurocurrency Rate Loans. If the Borrower requests a Borrowing of, conversion to, or
continuation of Eurocurrency Rate Loans in any such Loan Notice, but fails to
specify an Interest Period, it will be deemed to have specified an Interest Period
of one (1) month.”

          8. Section 2.02(e) of the Credit Agreement is hereby amended by deleting said Section in its
entirety and inserting the following new Section 2.02(e) in lieu thereof:

     “(e) After giving effect to all Original Term Borrowings, all 2007 Term
Borrowings, all Revolving Credit Borrowings, all conversions of Original Term Loans,
2007 Term Loans or Revolving Credit Loans from one Type to the other, and all
continuations of Original Term Loans, 2007 Term Loans or Revolving Credit Loans as
the same Type, there shall not be more than ten (10) Interest Periods in effect.”

          9. Section 2.05(a)(i) of the Credit Agreement is hereby amended by (i) deleting the text “and”
appearing immediately preceding the text “(3)” appear in the first sentence of said Section and
(ii) inserting the text “; and (4) each prepayment of Term Loans pursuant to this Section 2.05(a)
shall be applied pro rata to each Tranche of Term Loans (based

-5-

 

upon the TL Repayment Percentages of
the various Tranches of Term Loans at such time)” immediately preceding the period at the end of
the first sentence of said Section.

          10. Section 2.05(b)(vi) of the Credit Agreement is hereby amended by deleting said Section in
its entirety and inserting the following new Section 2.05(b)(vi) in lieu thereof:

     “(vi) Each prepayment of Term Loans pursuant to this Section 2.05(b) shall be
applied pro rata to each Tranche of Term Loans (based upon the TL Repayment
Percentages of the various Tranches of Term Loans at such time) and shall be applied
in direct order of maturity to repayments thereof required pursuant to Section
2.07(a); and each such prepayment shall be paid to the Lenders of such Tranche in
accordance with their respective Pro Rata Shares, subject to clause (vii) of this
Section 2.05(b).”

          11. Section 2.06(b) of the Credit Agreement is hereby amended by deleting said Section in its
entirety and inserting the following new Section 2.06(b) in lieu thereof:

     “(b) Mandatory. The Original Term Commitment of each Original Term Lender
shall be automatically and permanently reduced to $0 upon the making of such
Original Term Lender’s Original Term Loans pursuant to Section 2.01(a) on the
Closing Date. The 2007 Term Commitment of each 2007 Term Lender shall be
automatically and permanently reduced to $0 upon the making of such 2007 Term
Lender’s 2007 Term Loans pursuant to Section 2.01(a) on the First Incremental
Amendment Effective Date.”

          12. Section 2.07(a) of the Credit Agreement is hereby amended by deleting said Section in its
entirety and inserting the following new Section 2.07(a) in lieu thereof:

     “(a) Term Loans. The Borrower shall repay (a) to the Administrative Agent
for the ratable account of the Original Term Lenders (i) on the last Business Day of
each March, June, September and December, commencing with the last Business Day of
June, 2006 an aggregate principal amount equal to 0.25% of the sum of the initial
aggregate principal amount of all Original Term Loans
outstanding on the Closing Date (which payments shall be reduced as a result
of, and after giving effect to, the application of prepayments in accordance with
the order of priority set forth in Section 2.05), and (ii) on the Maturity Date for
the Term Loans, the aggregate principal amount of all Original Term Loans
outstanding on such date and (b) to the Administrative Agent for the ratable account
of the 2007 Term Lenders (i) on the last Business Day of each March, June, September
and December, commencing with the last Business Day of September 2007 an aggregate
principal amount equal to 0.25% of the sum of the initial aggregate principal amount
of all 2007 Term Loans outstanding on the First Incremental Amendment Effective Date
(which payments shall be reduced as a result of, and after giving effect to, the
application of prepayments in accordance with the order of priority set forth in
Section 2.05) and (ii) on the Maturity Date for the Term Loans, the aggregate
principal amount of all 2007 Term Loans outstanding on such date.”

-6-

 

          13. Section 4.01(e) of the Credit Agreement is hereby amended by inserting the word “Original”
immediately prior to each reference to “Term Loans” appearing in said Section.

          14. Section 7.10 of the Credit Agreement is hereby amended by inserting the following text
immediately prior to the period at the end of said Section:

“(or, in the case of proceeds of 2007 Term Loans incurred on the First Incremental
Amendment Effective Date, use such proceeds for any purpose other than to finance
the Iceland Acquisition, to repay certain existing third-party indebtedness of the
Iceland Business in connection with the Iceland Acquisition and to pay fees, costs
and expenses incurred in connection with the Iceland Acquisition or the financing
thereof)”.

          15. Section 10.01(b) of the Credit Agreement is hereby amended by deleting said Section in its
entirety and inserting the following new Section 10.01(b) in lieu thereof:

     “(b) (i) extend the date of any scheduled repayment of Original Term Loans
pursuant to Section 2.07(a) without the consent of the Supermajority Lenders holding
Original Term Loans, or amend the definition of Supermajority Lenders without the
consent of the Supermajority Lenders holding Original Term Loans (it being
understood that, with the consent of the Required Lenders, additional extensions of
credit pursuant to this Agreement may be included in the determination of the
Supermajority Lenders on substantially the same basis as the extensions of Original
Term Loans and Revolving Loan Commitments are included on the Closing Date) or (ii)
extend the date of any scheduled repayment of 2007 Term Loans pursuant to Section
2.07(a) without the consent of the Supermajority Lenders holding 2007 Term Loans, or
amend the definition of Supermajority Lenders without the consent of the
Supermajority Lenders holding 2007 Term Loans (it being understood that, with the
consent of the Required Lenders, additional extensions of credit pursuant to this
Agreement may be included in the determination of the Supermajority Lenders on
substantially the
same basis as the extensions of 2007 Term Loans are included on the First
Incremental Amendment Effective Date);”

          16. Schedule 2.01 to the Credit Agreement is hereby amended by deleting same in its entirety
and inserting in lieu thereof the new Schedule 2.01 as it appears as attached hereto.

II. Miscellaneous Provisions.

          1. In order to induce the Administrative Agent and the 2007 Term Lender to enter into this
First Incremental Amendment, the Borrower hereby represents and warrants that:

     (a) no Default or Event of Default exists as of the First Incremental Amendment
Effective Date, and at the time that the 2007 Term Loans are made (and after giving effect
thereto) no Default of Event of Default shall exist; and

-7-

 

     (b) the representations and warranties contained in the Credit Agreement or the other
Loan Documents are true and correct in all material respects on the First Incremental
Amendment Effective Date (or as to any such representation or warranty that is qualified as
to “materiality” or similar language, in all respects), on and as of the date of incurrence
of the 2007 Term Loans (or, to the extent that any such representation or warranty
specifically refers to an earlier date, on and as of such earlier date).

          2. This First Incremental Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit Agreement or any other Loan
Document.

          3. This First Incremental Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts when executed and
delivered shall be an original, but all of which shall together constitute one and the same
instrument. A complete set of counterparts shall be lodged with the Borrower and the
Administrative Agent.

          4. THIS FIRST INCREMENTAL AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

          5. This First Incremental Amendment shall become effective on the date (the “First
Incremental Amendment Effective Date”) when each of the following conditions shall have been
satisfied:

     (i) the Iceland Acquisition shall have been consummated in accordance with the
requirements for a Permitted Acquisition pursuant to the terms of Section 7.02(i) of the
Credit Agreement;

     (ii) the Administrative Agent shall have received such certificates of resolutions and
other action, incumbency certificates and/or other certificates of
Responsible Officers of each of the Borrower and Greenland as the Administrative Agent
may reasonably require evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with the execution
and delivery of this First Incremental Amendment and the other Loan Documents to which the
Borrower and Greenland is to be a party on the First Incremental Amendment Effective Date;

     (iii) the Administrative Agent shall have received true and correct copies of the
Certificate of Incorporation and By-Laws of Greenland, certified as such by a Responsible
Officer of Greenland;

     (iv) the Administrative Agent shall have received a certificate from the Chief
Financial Officer of the Borrower, dated the First Incremental Amendment Effective Date, in
form and substance satisfactory to the Administrative Agent, containing (I) a representation
and warranty that (x) the incurrence of 2007 Term Loans on such date does not violate the
terms of the Senior Subordinated Notes Indenture

-8-

 

(including Section 4.09 thereof) and (y)
the Indebtedness evidenced by the 2007 Term Loans constitutes “Senior Indebtedness” and
“Designated Senior Indebtedness” under the Senior Subordinated Notes Indenture and (II)
financial calculations (in form and substance reasonably satisfactory to the Administrative
Agent) establishing compliance with a Fixed Charge Coverage Ratio (as defined in the Senior
Subordinated Notes Indenture) of greater than 2.00:1.0 (after giving effect to the
incurrence of 2007 Term Loans) as required by the first proviso to Section 4.09(a) of the
Senior Subordinated Notes Indenture;

     (v) the Administrative Agent shall have received a certificate from the Chief Financial
Officer of the Borrower substantially in the form of Exhibit H to the Credit Agreement (with
appropriate modifications to reflect the consummation of the Iceland Acquisition and the
incurrence of 2007 Term Loans on the First Incremental Amendment Effective Date) attesting
to the solvency of the Loan Parties (taken as a whole) after giving effect to such events;

     (vi) the Administrative Agent shall have received a Loan Notice from a Responsible
Officer of the Borrower substantially in the form of Exhibit A to the Credit Agreement
relating to the 2007 Term Loans;

     (vii) there shall have been delivered to the Administrative Agent for the account of
each of the Term Lenders making 2007 Term Loans that have requested same an appropriate Term
Note executed by the Borrower, in each case in the amount, maturity and otherwise as
provided in the Credit Agreement (as modified hereby);

     (viii) the Administrative Agent shall have received an opinion from Simpson Thacher &
Bartlett LLP, New York counsel to the Loan Parties substantially in the form of Exhibit I to
the Credit Agreement addressed to the Administrative Agent and each of the Lenders party to
the Credit Agreement on the First Incremental Amendment Effective Date and dated the First
Incremental Amendment Effective Date covering such matters incident to this First
Incremental Amendment and the transactions contemplated
herein as the Administrative Agent may reasonably request (including an opinion as to
no conflict with the Senior Subordinated Notes Indenture and the perfection of security
interests in the assets of Greenland granted pursuant to the Collateral Documents);

     (ix) the Borrower shall have paid to the Administrative Agent and the Lenders all fees,
costs and expenses (including, without limitation, legal fees and expenses) payable to the
Administrative Agent and the Lenders to the extent then due and invoiced before the First
Incremental Amendment Effective Date; and

     (x) each of the Loan Parties, the Administrative Agent and the 2007 Term Lender shall
have signed a counterpart hereof (whether the same or different counterparts) and shall have
delivered (including by way of facsimile or other electronic transmission) the same to the
Administrative Agent in accordance with the notice requirements set forth in Section 10.02
of the Credit Agreement.

-9-

 

          6. By executing and delivering a copy hereof, each Loan Party hereby agrees that all Loans
(including, without limitation, the 2007 Term Loans made available on the First Incremental
Amendment Effective Date) shall be guaranteed pursuant to the various Guaranties in accordance with
the terms and provisions thereof and shall be secured pursuant to the Collateral Documents in
accordance with the terms and provisions thereof.

          7. From and after the First Incremental Amendment Effective Date, (i) all references in the
Credit Agreement and each of the other Loan Documents to the Credit Agreement shall be deemed to be
references to the Credit Agreement, as modified hereby and (ii) the First Incremental Amendment
shall be deemed to constitute a “Loan Document” for all purposes of the Credit Agreement.

* * *

-10-

 

          IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this First Amendment as of the date first above written.

	 	 	 	 	 
	 	ACTIVANT GROUP INC.

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 
	 
	 	ACTIVANT SOLUTIONS INC.

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 
      Individually
and as Administrative Agent

 	 
	 	By:  	/S/
PAUL O'LEARY	 
	 	 	Name:  	Paul O'Leary	 
	 	 	Title:  	Vice President	 
	 
	 	 	 
	 	By:  	/S/
MARCUS M. TARKINGTON
 	 
	 	 	Name:  	Marcus M. Tarkington	 
	 	 	Title:  	Vice President	 
	 

 

 

          Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement hereby consents to the entering into of the First Amendment and agrees to the
provisions thereof.

	 	 	 	 	 
	 	ENTERPRISE COMPUTER SYSTEMS, INC. 

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 

 

 

	 	 	 	 	 

          Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement hereby consents to the entering into of the First Amendment and agrees to the
provisions thereof.

	 	 	 	 	 
	 	HM COOP LLC 

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 

 

 

	 	 	 	 	 

          Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement hereby consents to the entering into of the First Amendment and agrees to the
provisions thereof.

	 	 	 	 	 
	 	PRELUDE SYSTEMS, INC. 

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 

 

 

	 	 	 	 	 

          Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement hereby consents to the entering into of the First Amendment and agrees to the
provisions thereof.

	 	 	 	 	 
	 	PROPHET 21, INC. 

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 

 

 

	 	 	 	 	 

          Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement hereby consents to the entering into of the First Amendment and agrees to the
provisions thereof.

	 	 	 	 	 
	 	SPEEDWARE HOLDINGS, INC.

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 

 

 

	 	 	 	 	 

          Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement hereby consents to the entering into of the First Amendment and agrees to the
provisions thereof.

	 	 	 	 	 
	 	SPEEDWARE USA INC. 

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 

 

 

	 	 	 	 	 

          Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement hereby consents to the entering into of the First Amendment and agrees to the
provisions thereof.

	 	 	 	 	 
	 	STANPAK SYSTEMS, INC. 

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 

 

 

	 	 	 	 	 

          Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement hereby consents to the entering into of the First Amendment and agrees to the
provisions thereof.

	 	 	 	 	 
	 	TRIAD SYSTEMS FINANCIAL CORPORATION 

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 

 

 

	 	 	 	 	 

          Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the
Credit Agreement hereby consents to the entering into of the First Amendment and agrees to the
provisions thereof.

	 	 	 	 	 
	 	PROPHET 21 NEW JERSEY, INC.

 	 
	 	By:  	/S/
PERVEZ QURESHI	 
	 	 	Name:  	Pervez Qureshi	 
	 	 	Title:  	President and CEO	 
	 

 

 

SCHEDULE 2.01

COMMITMENTS

	 	 	 	 	 	 	 	 	 
	 	 	2007 Term	 	Revolving Credit
	Lender	 	Commitment1	 	Commitment2
	 
	 	 	 	 	 	 	 	 
	Deutsche Bank Trust
Company Americas
	 	$	75,000,000.00	 	 	$	10,000,000.00	 
	 
	 	 	 	 	 	 	 	 
	JPMorgan Chase Bank,
N.A.
	 	$	0.00	 	 	$	8,000,000.00	 
	 
	 	 	 	 	 	 	 	 
	Lehman Commercial
Paper Inc.
	 	$	0.00	 	 	$	7,000,000.00	 
	 
	 	 	 	 	 	 	 	 
	General Electric
Capital Corporation
	 	$	0.00	 	 	$	7,500,000.00	 
	 
	 	 	 	 	 	 	 	 
	The CIT
Group/Equipment
Financing Inc.
	 	$	0.00	 	 	$	7,500,000.00	 
	 
	 	 	 	 	 	 	 	 
	 
	TOTAL:
	 	$	75,000,000.00	 	 	$	40,000,000.00	 

 

			
	1	 	Reflects 2007 Term Commitments as of the First
Incremental Amendment Effective Date (after giving effect to the termination of
all Original Term Commitments on the Closing Date).
	 
	2	 	Reflects Revolving Credit Commitments as of the
Closing Date.

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