Document:

Continuing Guaranty - Higher One Machines, Inc.

 Exhibit 10.5 

CONTINUING GUARANTY 

THIS CONTINUING GUARANTY is made as of the 26th day of August, 2008 by HIGHER ONE MACHINES, INC., a Delaware corporation (the
“Guarantor”), in favor of BANK OF AMERICA, N.A., a national banking association having an office at 777 Main Street, Hartford, Connecticut 06115, as Administrative Agent (together with any successor thereto appointed pursuant
to Section 9.06 of the Credit Agreement referred to below, “Agent”) for itself and the other Lenders (defined below) which are or may become parties to the Credit Agreement referred to below. 

FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in consideration of credit and/or financial accommodation
heretofore or hereafter from time to time made or granted to HIGHER ONE, INC., a Delaware corporation (the “Borrower”), by each lending institution from time to time a “lender” (collectively, the
“Lenders”) under that certain Credit Agreement of even date herewith (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”; capitalized terms used
herein without definition shall have the respective meanings ascribed to them in the Credit Agreement) by and among the Borrower, the Agent and the Lenders, the Guarantor hereby furnishes its guaranty of the Guaranteed Obligations (as hereinafter
defined) as follows: 
 1. Guaranty. The Guarantor hereby absolutely and unconditionally guarantees, as a guaranty of
payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all existing and future
indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary and whether for principal, interest, premiums, fees, indemnities, damages, costs,
expenses or otherwise, of the Borrower to the Lenders arising under the Credit Agreement and any instruments, agreements or other documents of any kind or nature now or hereafter executed in connection with the Credit Agreement (including all
renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by the Lenders in connection with the collection or enforcement thereof), and whether recovery upon such
indebtedness and liabilities may be or hereafter become unenforceable or shall be an allowed or disallowed claim under any proceeding or case commenced by or against the Guarantor or any Borrower under the Bankruptcy Code (Title 11, United States
Code), any successor statute or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or
other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally (collectively, “Debtor Relief Laws”), and including interest that accrues after the commencement by or against the Borrower
of any proceeding under any Debtor Relief Laws (collectively, the “Guaranteed Obligations”). The Agent’s and the Lenders’ books and records showing the amount of the Guaranteed Obligations shall be admissible in evidence
in any action or proceeding, and shall be binding upon the Guarantor and, in the absence of manifest error, conclusive for the purpose of establishing the amount of the Guaranteed Obligations. This

 
Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by
the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of the
Guarantor under this Guaranty, and the Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing. 

2. No Setoff or Deductions; Taxes; Payments. The Guarantor represents and warrants that it is organized and resident in the United
States of America. The Guarantor shall make all payments hereunder without setoff or counterclaim and free and clear of and without deduction for any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans,
restrictions or conditions of any nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority therein unless the Guarantor is compelled by law to make such deduction or withholding.
If any such obligation (other than one arising with respect to taxes based on or measured by the income or profits of the Lenders) is imposed upon the Guarantor with respect to any amount payable by it hereunder, the Guarantor will pay to the Agent
(on behalf of the Lenders), on the date on which such amount is due and payable hereunder, such additional amount in U.S. dollars as shall be necessary to enable the Lenders to receive the same net amount which the Lenders would have received on
such due date had no such obligation been imposed upon the Guarantor. The Guarantor will deliver promptly to the Lenders certificates or other valid vouchers for all taxes or other charges deducted from or paid with respect to payments made by the
Guarantor hereunder. The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. 

3. Rights of Lender. The Guarantor consents and agrees that the Agent, on behalf of the Lender may, at any time and from time to
time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed
Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (c) apply such security and
direct the order or manner of sale thereof as the Agent, on behalf of Lenders, in its sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without
limiting the generality of the foregoing, the Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might
operate as a discharge of the Guarantor. 
 4. Certain Waivers. The Guarantor waives (a) any defense arising by
reason of any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of the Agent on behalf of the Lenders or any Lender) of the liability of the Borrower;
(b) any defense based on any claim that the Guarantor’s obligations exceed or are more burdensome than those of the Borrower; (c) the benefit of any statute of limitations affecting the Guarantor’s liability hereunder;
(d) any right to require the Agent to proceed against the Borrower, proceed against or exhaust any security for the 

 

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Indebtedness, or pursue any other remedy in the Agent’s or any Lender’s power whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by
the Agent or any Lender; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties. The
Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any
kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations. 

5. Obligations Independent. The obligations of the Guarantor hereunder are those of primary obligor, and not merely as surety, and
are independent of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought against the Guarantor to enforce this Guaranty whether or not the Borrower or any other person or entity is joined as a
party. 
 6. Subrogation. The Guarantor shall not exercise any right of subrogation, contribution, indemnity,
reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full and any Commitments with
respect to the Guaranteed Obligations are terminated. If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Agent, for the Lenders, and shall forthwith be
paid to the Agent to reduce the amount of the Guaranteed Obligations, whether matured or unmatured. 
 7. Termination;
Reinstatement. This Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations and any other amounts payable under this
Guaranty are indefeasibly paid in full in cash and any commitments of the Lenders or facilities provided by the Lenders with respect to the Guaranteed Obligations are terminated. Notwithstanding the foregoing, this Guaranty shall continue in full
force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or the Guarantor is made, or the Agent on behalf of any of the Lenders exercises its right of setoff, in respect of the Guaranteed Obligations and
such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Agent or any Lender in its
discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Agent is
in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of the Guarantor under this paragraph shall survive termination of this Guaranty. 

8. Subordination. The Guarantor hereby subordinates the payment of all obligations and indebtedness of the Borrower owing to the
Guarantor, whether now existing or hereafter arising, including but not limited to any obligation of the Borrower to the Guarantor as subrogee of the Agent or resulting from the Guarantor’s performance under this Guaranty, to the

  

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indefeasible payment in full in cash of all Guaranteed Obligations. If the Agent on behalf of the Lenders or any Lender so requests, any such obligation or indebtedness of the Borrower to the
Guarantor shall be enforced and performance received by the Guarantor as trustee for the Agent and the proceeds thereof shall be paid over to the Agent on account of the Guaranteed Obligations, but without reducing or affecting in any manner the
liability of the Guarantor under this Guaranty. 
 9. Stay of Acceleration. In the event that acceleration of the time
for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against the Guarantor or the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by the Guarantor
immediately upon demand by the Agent on behalf of the Lenders. 
 10. Expenses. The Guarantor shall pay on demand all
out-of-pocket expenses (including attorneys’ fees and expenses and the allocated cost and disbursements of internal legal counsel) in any way relating to the enforcement or protection of the Agent’s and the Lenders’ rights under this
Guaranty or in respect of the Guaranteed Obligations, including any incurred during any “workout” or restructuring in respect of the Guaranteed Obligations and any incurred in the preservation, protection or enforcement of any rights of
the Lender in any proceeding any Debtor Relief Laws. The obligations of the Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations and termination of this Guaranty. 

11. Miscellaneous. No provision of this Guaranty may be waived, amended, supplemented or modified, except by a written instrument
executed by the Agent, on behalf of the Lenders, and the Guarantor. No failure by the Agent or the Lenders to exercise, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, remedy or power hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein provided are cumulative and not exclusive of any remedies provided by
law or in equity. The unenforceability or invalidity of any provision of this Guaranty shall not affect the enforceability or validity of any other provision herein. Unless otherwise agreed by the Agent, on behalf of the Lenders, and the Guarantor
in writing, this Guaranty is not intended to supersede or otherwise affect any other guaranty now or hereafter given by the Guarantor for the benefit of the Agent and the Lenders or any term or provision thereof. 

12. Condition of Borrower. The Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means
of, obtaining from the Borrower and any other guarantor such information concerning the financial condition, business and operations of the Borrower and any such other guarantor as the Guarantor requires, and that the Agent has no duty, and the
Guarantor is not relying on the Agent at any time, to disclose to the Guarantor any information relating to the business, operations or financial condition of the Borrower or any other guarantor (the guarantor waiving any duty on the part of the
Agent to disclose such information and any defense relating to the failure to provide the same). 
 13. Setoff. If and to
the extent any payment is not made when due hereunder, the Guarantor hereby grants to the Agent and the Lenders a continuing lien, security interest and right of setoff as security for the Guaranteed Obligations and any and all indebtedness,

  

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obligations and liabilities of Guarantor under the other Loan Documents to which it is a party, whether now existing or hereafter arising, upon and against all its deposits, credits, collateral
and property, now or hereafter in the possession, custody, safekeeping or control of the Agent, any Lender or any entity under common control of Bank of America Corporation and its successors and assigns or in transit to any of them. 

14. Representations and Warranties. The Guarantor represents and warrants that (a) it is duly organized and in good standing
under the laws of the jurisdiction of its organization and has full capacity and right to make and perform this Guaranty, and all necessary authority has been obtained; (b) this Guaranty constitutes its legal, valid and binding obligation
enforceable in accordance with its terms; (c) the making and performance of this Guaranty does not and will not violate the provisions of any applicable law, regulation or order, and does not and will not result in the breach of, or constitute
a default or require any consent under, any material agreement, instrument, or document to which it is a party or by which it or any of its property may be bound or affected; and (d) all consents, approvals, licenses and authorizations of, and
filings and registrations with, any governmental authority required under applicable law and regulations for the making and performance of this Guaranty have been obtained or made and are in full force and effect. 

15. Indemnification and Survival. Without limitation on any other obligations of the Guarantor or remedies of the Agent and the
Lenders under this Guaranty, the Guarantor shall, to the fullest extent permitted by law, indemnify, defend and save and hold harmless the Agent and the Lenders from and against, and shall pay on demand, any and all damages, losses, liabilities and
expenses (including reasonable attorneys’ fees and expenses and the allocated cost and disbursements of internal legal counsel) that may be suffered or incurred by the Agent and the Lenders in connection with or as a result of any failure of
any Guaranteed Obligations to be the legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms. The obligations of the Guarantor under this paragraph shall survive the payment in full of the
Guaranteed Obligations and termination of this Guaranty. 
 16. GOVERNING LAW; Assignment; Jurisdiction; Notices. THIS
GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CONNECTICUT. This Guaranty shall (a) bind the Guarantor and its successors and assigns, provided that the Guarantor may not assign its rights
or obligations under this Guaranty without the prior written consent of the Agent on behalf of the Lenders (and any attempted assignment without such consent shall be void), and (b) inure to the benefit of the Agent and the Lenders and their
respective successors and assigns and the Agent and the Lenders may, without notice to the Guarantor and without affecting the Guarantor’s obligations hereunder, assign, sell or grant participations in the Guaranteed Obligations and this
Guaranty, in whole or in part. The Guarantor hereby irrevocably (i) submits to the non-exclusive jurisdiction of any United States Federal or State court sitting in Hartford, Connecticut in any action or proceeding arising out of or relating to
this Guaranty, and (ii) waives to the fullest extent permitted by law any defense asserting an inconvenient forum in connection therewith. Service of process by the Agent or any Lender in connection with such action or proceeding shall be
binding on the Guarantor if sent to the Guarantor by registered or certified mail at its address specified below or such other address as from time to time notified by the Guarantor. The Guarantor agrees that the Agent and the Lenders may disclose
to any 
  

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assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations of all or part of the Guaranteed Obligations any and all information in the
Agents, and the Lenders’ possession concerning the Guarantor, this Guaranty and any security for this Guaranty. All notices and other communications to the Guarantor under this Guaranty shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopier to the Guarantor at its address set forth below or at such other address in the United States as may be specified by the Guarantor in a written notice delivered
to the Agent at such office as the Agent may designate for such purpose from time to time in a written notice to the Guarantor. 

17. COMMERCIAL TRANSACTION. TO INDUCE AGENT, FOR ITSELF AND ON BEHALF FO THE LENDERS, TO ENTER INTO THE TRANSACTIONS EVIDENCED BY
THE NOTE AND ANY OTHER LOAN DOCUMENTS, THE GUARANTOR AGREES THAT THESE ARE COMMERCIAL TRANSACTIONS AND NOT CONSUMER TRANSACTIONS, AND WAIVES ANY RIGHT TO NOTICE AND A HEARING UNDER CHAPTER 903a OF THE CONNECTICUT GENERAL STATUTES, AS AMENDED, OR
UNDER ANY OTHER FEDERAL OR STATE STATUTE OR STATUTES OR FOREIGN LAWS AFFECTING PREJUDGMENT REMEDIES, AND AUTHORIZES AGENT’S ATTORNEY TO ISSUE A WRIT FOR A PREJUDGMENT REMEDY WITHOUT COURT ORDER, PROVIDED THE COMPLAINT SHALL SET FORTH A COPY OF
THIS WAIVER, AND WAIVE ANY CLAIM IN TORT, CONTRACT OR OTHERWISE AGAINST AGENT’S ATTORNEY WHICH MAY ARISE OUT OF SUCH ISSUANCE OF A WRIT FOR A PREJUDGMENT REMEDY WITHOUT COURT ORDER. FURTHER, IN THE EVENT AGENT, FOR ITSELF AND ON BEHALF OF THE
LENDERS, SEEKS TO TAKE POSSESSION OF ANY OR ALL OF GUARANTOR’S PROPERTY OR OTHER ASSETS BY COURT PROCESS OR OTHER METHOD AVAILABLE UNDER THE LAW, THE GUARANTOR IRREVOCABLY WAIVES ANY BOND AND ANY SURETY OR SECURITY RELATING THERETO REQUIRED BY
ANY STATUTE, COURT RULE OR OTHERWISE AS AN INCIDENT TO SUCH POSSESSION, AND WAIVES ANY DEMAND FOR POSSESSION PRIOR TO THE COMMENCEMENT OF ANY SUIT OR ACTION TO RECOVER WITH RESPECT THERETO. SPECIFICALLY, THE GUARANTOR RECOGNIZES AND UNDERSTANDS THAT
THE EXERCISE BY AGENT OF THE RIGHTS DESCRIBED ABOVE MAY RESULT IN THE ATTACHMENT OF OR LEVY AGAINST SUCH GUARANTOR’S PROPERTY, AND SUCH WRIT FOR A PREJUDGMENT REMEDY WILL NOT HAVE THE PRIOR WRITTEN APPROVAL OR SCRUTINY OF A COURT OF LAW OR
OTHER JUDICIAL OFFICER AND THE GUARANTOR WILL HAVE THE RIGHT TO ANY NOTICE OR PRIOR HEARING WHERE THE GUARANTOR MIGHT CONTEST SUCH A PROCEDURE. THE INTENT OF THE GUARANTOR IS TO GRANT TO THE LENDER FOR GOOD AND VALUABLE CONSIDERATION THE RIGHT TO
OBTAIN SUCH A PREJUDGMENT REMEDY AND TO EXPRESS ITS BELIEF THAT ANY SUCH PREJUDGMENT REMEDY OBTAINED IS VALID AND CONSTITUTIONAL UNLESS A COURT OF COMPETENT JURISDICTION SHOULD DETERMINE OTHERWISE. 

18. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE GUARANTOR, THE AGENT, FOR ITSELF AND ON
BEHALF OF THE LENDERS, EACH IRREVOCABLY WAIVES TRIAL BY JURY 
  

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WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON, ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE GUARANTEED OBLIGATIONS. THIS GUARANTY REPRESENTS THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[the next page is the signature page] 

 

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 Executed as of the date first set forth above. 

 

			
	HIGHER ONE MACHINES, INC.
		
	By:	 	 /s/ Mark Volchek

		 	Mark Volchek
		 	Treasurer
		
	Address:	 	25 Science Park
		 	New Haven, CT 06511

 Signature Page
to Continuing GuarantyStock Pledge Agreement

 Exhibit 10.6 

STOCK PLEDGE AGREEMENT 

STOCK PLEDGE AGREEMENT, dated as of August 26, 2008, by and between HIGHER ONE HOLDINGS, INC., a Delaware corporation having
a place of business located at 25 Science Park, New Haven, Connecticut 06511 (the “Pledgor”), and BANK OF AMERICA, N.A., as Agent (together with any successor thereto appointed pursuant to Article IX of the Credit Agreement
referred to below, the “Agent”) for the benefit of the Lenders (as defined below), having an address at 777 Main Street, Hartford, Connecticut 06115. 

W I T N E S S E T H: 

WHEREAS, reference is made to that certain Credit Agreement dated of even date herewith among Higher One, Inc., a Delaware corporation
(the “Borrower”), the lenders from time to time a party thereto (the “Lenders”), and the Agent, as administrative agent for the Lenders (together with any successor thereto appointed pursuant to Article IX of the
Credit Agreement referred to below) (as the same may be amended, supplemented or modified from time to time, the “Credit Agreement”; capitalized terms used but not defined herein shall have the meanings assigned in the Credit
Agreement); and 
 WHEREAS, pursuant to the Credit Agreement the Lenders have agreed to extend to the Borrower the Loan, as
evidenced by, in addition to the Credit Agreement, the Notes dated of even date herewith and executed by the Borrower; and 

WHEREAS, pursuant to a certain Continuing Guaranty dated the date hereof in favor of the Agent (for the ratable benefit of the Lenders),
the Pledgor has unconditionally guaranteed all Obligations of the Borrower to the Lenders, including, without limitation, those arising under the Loans and the Swap Contracts (the “Guaranty”); and 

WHEREAS, the Pledgor is the owner of all of the issued and outstanding stock of the corporation listed as Issuer on Exhibit A
hereto (the “Company”); and 
 WHEREAS, as collateral security for Pledgor’s Obligations under the
Guaranty and the Loan Documents relating thereto, the Lenders have required the Pledgor to pledge to the Agent, its successors and assigns, for the ratable benefit of the Lenders, all of the issued and outstanding capital stock of the Company owned
legally and/or beneficially by the Pledgor (collectively, the “Company Stock”); and 
 WHEREAS, the Pledgor and
the Agent, on behalf of itself and each Lender, desire to enter into this Agreement in order to memorialize their understandings with respect to the Company Stock. 

 NOW, THEREFORE, in consideration of the premises and to induce the Lenders to make the
Loans, the Pledgor and the Agent, on behalf of itself and each Lender (and each of their respective successors or assigns) hereby agree as follows: 

1. Pledge. The Pledgor hereby pledges, assigns and delivers to the Agent, its successors and assigns, for the ratable benefit of
the Lenders, and grants to the Agent, its successors and assigns, for the ratable benefit of the Lenders, a continuing first lien security interest in all shares of capital stock of the Company which is or will be owned either beneficially or of
record by the Pledgor (the “Securities”) as more particularly described on Exhibit A attached hereto, together with all dividends, interest, proceeds and any other sums due or to become due thereon, all instruments,
securities or other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for (as dividends, reclassification, readjustment or other changes in the capital structure of the issuer of
such Securities, or otherwise) any or all of such Securities, all general intangibles associated therewith, and all proceeds thereof (collectively, including the Securities, the “Collateral”) as security for the payment and
performance of all indebtedness and obligations owing by Pledgor to the Lenders under the Guaranty and the other Loan Documents relating thereto, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter
arising, and any and all instruments, documents and agreements evidencing, securing or otherwise relating in any way to the Guaranty and the other Loan Documents, and further including all reasonable costs, expenses and reasonable attorneys’
and other professional fees incurred by the Agent and/or the Lenders in connection with the collection of said indebtedness or in the enforcement, defense, protection or preservation of this Agreement or any of the Collateral, including without
limitation, all costs and expenses incurred in connection with any “workout” or default resolution negotiations involving legal counsel or other professionals and any re-negotiation or restructuring of any indebtedness of Pledgor under the
Guaranty and the other Loan Documents (collectively, the “Secured Obligations”). 
 2. Representations,
Warranties and Covenants. The Pledgor represents, warrants and covenants to the Lenders that: (a) Pledgor has good and unencumbered title to the Collateral, free and clear of all claims, pledges, liens, security interests and other
encumbrances of every nature whatsoever, except the pledge granted hereunder to the Agent, its successors and assigns, for the ratable benefit of the Lenders; (b) Pledgor has the unrestricted right to make this pledge, (c) the Collateral
is duly and validly pledged with the Agent in accordance with law; (d) the Pledgor owns 100% of the issued and outstanding capital stock of each of the Companies; (e) Pledgor will defend the Agent’s and the other Lenders’ right
and security interest in and to the Collateral against the claims and demands of all Persons whomsoever; (f) Pledgor will not sell, convey or otherwise dispose of any of the Collateral except to the extent permitted under the Credit Agreement,
nor will it create, incur or permit to exist any Lien, with respect to any of the Collateral or the proceeds thereof; (g) the Pledgor has full power and legal right to execute, deliver and perform the obligations under this Agreement, and to
pledge, assign and grant a security interest in all of the Collateral pursuant to this Agreement; (h) no consent or approval or the taking of any other action in respect of any party or of any public authority is required as a condition to the
validity or enforceability of this Agreement; (i) the Securities have been fully paid for; (j) there are no contractual restrictions upon the voting rights or the transfer of the Securities; and (k) the execution, delivery and
performance hereof, and the pledge and 
  

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assignment of and granting of a security interest in the Collateral hereunder, do not contravene any law, rule or regulation or any judgment, decree or order of any tribunal or any agreement or
instrument to which the Pledgor is a party or by which the Pledgor or any of the Pledgor’s property is bound or affected or constitute a default thereunder. 

3. Delivery of Collateral, Power of Attorney. Prior to the date hereof, and/or simultaneously herewith, the Pledgor has delivered
to the Agent all certificates evidencing the Securities, accompanied by stock powers duly executed in blank in favor of the Agent, and the Pledgor agrees to deliver the certificates evidencing all hereafter acquired Securities together with stock
powers duly executed in blank with signatures properly executed thereon, for the use, benefit, security and protection of the Agent, for the benefit of the Lenders, as set forth herein, and upon and subject to the terms and conditions hereof. The
Agent, on behalf of the Lenders, shall have the right (in its sole and absolute discretion) at any time and from time to time following and during the continuance of an Event of Default to hold the Securities in its own name as pledgee or the name
of its nominee (as pledgee or as sub-agent). The Pledgor hereby irrevocably grants the Agent a power of attorney, coupled with an interest, with respect to the Collateral for all purposes consistent with this Agreement. Said power of attorney shall
include, but shall not be limited to, the right and power to transfer the Collateral, to execute in Pledgor’s name instruments of conveyance or transfer with respect to all or any of the Collateral and to take such other action to enforce any
of the Agent’s rights hereunder or with respect to any of the Collateral. 
 4. Stock Dividends and Other Rights.
Unless the Agent otherwise agrees in writing, if Pledgor receives: (a) any dividend in connection with any of the Securities whether in cash, property or additional shares of the common stock of any of the Companies, (b) any dividend or
other distribution in cash or other property in connection with any recapitalization or reclassification of any of the Securities, liquidation or dissolution of any of the Companies, or otherwise, or (c) any stock certificate, option or rights,
whether as an addition to, in substitution of or in exchange for, any of the Securities, or otherwise, the same shall constitute Collateral, and Pledgor agrees to accept the same in trust for the Agent and to forthwith deliver the same to the Agent,
or its designee, in the exact form received, with Pledgor’s endorsement and/or assignment when necessary, to be held by the Agent, or its designee, for the ratable benefit of the Lenders, as collateral security for the Secured Obligations
provided, however, that Pledgor may receive distributions and dividends as permitted in accordance with Section 7.6 of the Credit Agreement. Upon the occurrence and during the continuance of an Event of Default, all rights of the Pledgor
to dividends, interest or principal that the Pledgor is authorized to receive pursuant to this Section shall cease, and all such rights shall thereupon become vested in the Agent, which shall have the sole and exclusive right and authority to
receive and retain such dividends, interest or principal. 
 5. Further Assurances. The Pledgor agrees that at any time
and from time to time, at the expense of Pledgor, the Pledgor will promptly execute and deliver to the Agent all further proxies, stock powers, instruments and documents, and take all further action, that may be necessary or appropriate, or that the
Agent may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Agent to exercise and enforce its rights and remedies hereunder with respect to any of the Collateral.

  

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 6. Voting Rights. Unless and until an Event of Default occurs and is continuing, the
Pledgor shall have the right, from time-to-time: (a) to vote and give consents with respect to any of the Securities for all purposes not inconsistent with the provisions of this Agreement, the Credit Agreement and the other Loan Documents,
(b) to consent to and ratify action taken at or waive notice of any meeting with respect to any of the Securities with the same force and effect as if such shares were not subject to this Agreement, and (c) to generally be entitled to all
rights and benefits of a shareholder of each of the Companies, subject to the limitations set forth in this Agreement. Upon the occurrence and during the continuance of an Event of Default, all rights of the Pledgor to exercise voting and consensual
rights and powers Pledgor is entitled to exercise pursuant to this Section shall cease, and all such rights shall thereupon become vested in the Agent, which shall have the sole and exclusive right to exercise such voting and consensual rights and
powers in a manner intended to give effect to the terms of this Agreement, provided that, unless otherwise directed by the Required Lenders, the Agent shall have the right from time to time following and during the continuance of an Event of
Default to permit the Pledgor to exercise such rights. 
 7. Rights and Remedies. Upon the occurrence of an Event of
Default, and at any time thereafter during the continuance of such event, the Agent, at any time and from time to time thereafter: 

(a) may cause any or all of the Collateral to be registered in its own name or in the name of any nominee or nominees; 

(b) shall be entitled to collect and receive all interest, dividends, payments and other distributions of any character, declared or paid
on any of the Collateral; 
 (c) may vote any or all shares of any of the Securities and give all consents, waivers, and
ratifications in respect thereof and otherwise act with respect thereto as though it was the absolute owner thereof; 
 (d) may
sell, assign, transfer and deliver at any time the whole, or from time to time any part, of the Securities or any rights or interests therein, at public or private sale or in any other manner, at such prices on such terms as the Agent may deem to be
in its best interests, and either for cash, on credit, or for future delivery, at the option of the Agent, upon ten (10) days written notice, which the Pledgor agrees is commercially reasonable, addressed to the Pledgor at its last address on
file with the Agent. Such notice, in the case of a public sale, shall state the time and place for such sale, and, in the case of sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to
be made and the day on which the Securities, or any portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours at such place or places as the
Agent may fix and shall so state in the notice of such sale. At any such sale, the Securities, or any portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Agent may determine. The Agent and/or the other
Lenders shall be authorized at any such sale (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to persons who will represent and agree that they are purchasing the Securities for

  

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their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Agent shall have the right to assign, transfer, and deliver to
the purchaser or purchasers thereof the Securities so sold. The Pledgor will cooperate with the Agent so that a sale of the Securities does not violate the Securities Act of 1933, as then in effect, and the rules and regulations thereunder. Each
such purchaser at any sale shall hold the property sold absolutely free from any claim or right on the part of the Pledgor and the Pledgor waives and releases, to the extent permitted by law, any right of equity of redemption of the Securities, stay
or appraisal which the Pledgor now has or at any time in the future may have under any rule of law or statute, now existing or hereafter enacted; and 

(e) shall otherwise have all the rights and remedies of a secured party with respect to the Collateral as are provided under the Uniform
Commercial Code in force in Connecticut on the date hereof and as may be amended from time to time, or under other applicable law, and the Agent and each of the other Lenders may set off or otherwise apply the Collateral against the payment of any
of the Secured Obligations and shall have the right to take such other actions as are consistent with the power of attorney set forth in Section 3 hereof. 

As an alternative to exercising the power of sale conferred upon it herein, the Agent may proceed by suits at law or in equity, or both,
to foreclose this Agreement and to sell the Securities, or any portion thereof, pursuant to a judgment or decree of a court or courts of competent jurisdiction provided the Agent provides the Pledgor with 10 days prior written notice and the right
to participate in such sale. If any of the Securities or any rights or interests therein shall be disposed of at a private sale, the Agent and the other Lenders shall be relieved from all liability or claims for inadequacy of price. At any such sale
the Agent and/or any of the other Lenders may purchase the whole or any part of the Securities or any rights or interests therein so sold. If any of the Securities or any rights or interests therein shall be sold on credit or for future delivery,
the Securities or rights or interests so sold may be retained by the Agent until the selling price thereof shall be paid by the purchaser. 

8. Application of Proceeds. The Agent shall reasonably promptly after receipt thereof apply the proceeds of any collection or sale
of the Collateral, as well as any Collateral consisting of cash to the Obligations in the manner and priority provided for in the Credit Agreement and otherwise in accordance with all applicable Laws. Subject to the foregoing, the Agent shall have
absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of the Collateral by the Agent (including pursuant to a power of sale granted by statute or under a judicial
proceeding), the receipt of the Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any
part of the purchase money paid over to the Agent or such officer. 
 9. Reimbursement of Agent. The Pledgor agrees to
pay any and all reasonable costs and expenses incurred by the Agent, and to indemnify the Agent and each other Lenders against, and to hold each the Agent and each other Lender harmless from, any and all losses, claims, damages, liabilities and
related expenses, including the reasonable fees and expenses of counsel and of any experts and agents, which the Agent and/or any of the other Lenders may incur in connection with (a) the custody, preservation or sale of, collection from or
other realization upon any of the Collateral, (b) the exercise or enforcement of any of the rights of the Agent hereunder, or (c) the failure by the Pledgor to perform or observe any of the provisions hereof. 

 

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 10. Security Interest Absolute. All rights of the Agent hereunder, the security
interest granted herein and all obligations of the Pledgor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of any Loan Document, any other agreement with respect to any of the Secured
Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations or any other amendment or waiver of or
any consent to any departure from any Loan Document; (c) any exchange or release of, or non-perfection of any lien on, any Collateral or any other collateral for the Secured Obligations or any release or amendment or waiver of or consent under
or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations, or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Pledgor in respect of the Secured
Obligations or this Agreement 
 11. Termination. This Agreement and the security interest granted hereby shall terminate
upon the final and indefeasible payment in full of all of the Secured Obligations and the termination of the Commitments. Upon termination of this Agreement, any Securities still pledged hereunder (and not yet disposed of) shall be delivered to the
Pledgor. 
 12. Applicable Law. This Agreement shall be governed by and construed according to the laws of the State of
Connecticut (but not its conflicts of law provisions). 
 13. Entire Agreement. This Agreement sets forth the entire
agreement and understanding of the parties and shall not be subject to any change or modification except by the execution of a written instrument subscribed to by the parties hereto. 

14. Reasonable Care. Beyond the exercise of reasonable care to assure the safe custody of the Collateral while held hereunder,
under no circumstances shall Agent or any other Lender be deemed to assume any responsibility for or obligation or duty with respect to any part or all of the Collateral of any nature or kind or any matter or proceedings arising out of or relating
thereto. Neither the Agent nor any other Lender shall have any duty or liability to collect any sums due in respect thereof or to protect or preserve its or the Pledgor’s rights pertaining thereto (except that the Agent shall have a duty to
retain possession of the Securities to maintain its perfection by possession), and shall be relieved of all responsibility for any of the Collateral upon surrendering the same to the Pledgor. 

15. Assignment. The Agent may assign any or all of its rights under this Agreement in accordance with the Credit Agreement. In
addition, in the event of a sale or assignment by the Agent and/or any of the other Lenders of any or all of its rights under any of the Secured Obligations, any purchaser or assignee of any of the Secured Obligations shall be deemed to be a Lender
for purposes hereof and the selling or assigning Lender shall thereafter be forever released and fully discharged from any liability or responsibility hereunder with respect to the rights and interest so assigned. 

 

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 16. Notices. All notices, demands, requests, and other communications given under
this Agreement shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 10.02 of the Credit Agreement. 

17. Marshalling. Neither the Agent nor any other Lender shall be required to marshal any present or future collateral security for
(including, but not limited to, this Agreement and the Collateral), or other assurances of payment of, the Secured Obligations, or any of them, or to resort to such collateral security or other assurances of payment in any particular order. All of
the Agent’s rights and remedies hereunder and in respect of such security and other assurances of payment shall be cumulative and in addition to all other rights, however existing or arising. To the extent that the Pledgor lawfully may, the
Pledgor hereby agrees that the Pledgor will not invoke any law relating to the marshalling of collateral that might cause delay in or impede the enforcement of the Agent’s rights under this Agreement or under any other instrument evidencing any
of the Secured Obligations or under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and to the extent that he lawfully may, the Pledgor hereby
irrevocably waives the benefits of all such laws. 
 18. Waivers; Amendment. (a) No course of dealing between the
Pledgor and the Agent and no failure on the part of the Agent to exercise, and no delay in exercising, any right, power, or remedy hereunder shall operate as a waiver of such right, power, or remedy, nor shall any single or partial exercise of any
such right, power, or remedy, or any abandonment or discontinuance of steps to enforce such a right, power or remedy, preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. The rights, powers and
remedies of the Agent hereunder and of the Lenders under the other Loan Documents are cumulative and not exclusive of any rights, powers or remedies that they would otherwise have, whether under the Loan Documents, at law, in equity, or otherwise.
No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Pledgor therefrom shall in any event be effective unless the same shall be permitted by subsection (b) below, and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given. No notice or demand on Pledgor in any case shall entitle Pledgor or any other Loan Party to any other or further notice or demand in similar or
other circumstances. 
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant
to an agreement or agreements in writing entered into by the Agent and the Pledgor, subject to any consent required in accordance with Section 10.01 of the Credit Agreement. 

19. Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, successors and assigns, and the term “Lenders” shall be deemed to include any other holder or holders of any of the Secured Obligations. As used herein, plural or singular include each other, and pronouns
of any gender are to be construed as masculine, feminine or neuter, as context requires. 
  

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 20. Severability. In the event that any provision of this Agreement shall be
determined to be superseded, invalid or otherwise unenforceable pursuant to applicable law, such determination shall not affect the validity of the balance of this Agreement, and the remaining provisions of this Agreement shall be enforced as if the
invalid provisions were deleted. 
 21. Counterparts. This Agreement may be executed and delivered in any number of
counterparts each of which shall constitute an original, but all of which taken together shall constitute but one and the same agreement. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be
effective as delivery of a manually signed counterpart of this Agreement. Each party to this Agreement agrees that it will be bound by its own facsimile or other electronic signature and that it accepts the facsimile or other electronic signature of
each other party. 
 22. Rules of Interpretation. The rules of interpretation specified in Sections 1.02, 1.03, 1.04 and
1.05 of the Credit Agreement shall be applicable to this Agreement. 
 [Remainder of page intentionally left blank; signature
page follows] 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above
written. 
  

							
	WITNESSES:	 	 	 	HIGHER ONE HOLDINGS, INC.
				
	
 

	 		 	By:	 	 /s/ Mark Volchek

	
 

	 		 		 	 Mark Volchek
 Chief Financial
Officer

			
	 	 	 	 	BANK OF AMERICA, N.A.,
		 		 	as Agent
				
		 		 	By:	 	 /s/ James M. Clark

		 		 	Name:	 	James M. Clark
		 		 	Title:	 	Senior Vice President

 Signature Page to Stock
Pledge Agreement - Holdings 
 [2.4.13] [Stock Pledge.pdf] [ Page 9 of 24] 

 EXHIBIT A 

 

					
	 Issuer
	  	 No. and Class of Shares
	  	 Certificate No.

			
	 Higher One, Inc.
	  	 100 shares of common stock,

$.001 par value per share
	  	36

 STOCK POWER 

FOR VALUE RECEIVED, HIGHER ONE HOLDINGS, INC., hereby sells, assigns and transfers unto
                                        
                         (        ) shares of common stock of HIGHER
ONE, INC. (the “Corporation”), standing in the undersigned’s name on the books of the Corporation represented by Certificate No.(s)
                     and does hereby irrevocably constitute and appoint
                                        
attorney to transfer said stock, or any part thereof, on the books of the Corporation with full power of substitution. 
 IN
WITNESS WHEREOF, the undersigned has hereunto set the undersigned’s name this          day of             ,
        . 
  

			
	HIGHER ONE HOLDINGS, INC.
		
	By:	 	 /s/ Mark Volchek

		 	Mark Volchek
		 	Chief Financial Officer

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