Document:

Exhibit 10.2

 

Execution Version

 

AMENDED AND RESTATED

GENERAL SECURITY AGREEMENT

 

THIS AMENDED AND RESTATED GENERAL SECURITY AGREEMENT,
dated as of the 20th day of September, 2010 (the “Agreement”), is
made among MAIN STREET CAPITAL CORPORATION, a Maryland corporation (the “Borrower”),
MAIN STREET CAPITAL PARTNERS, LLC, a Delaware limited liability company, and
MAIN STREET EQUITY INTERESTS, INC., a Delaware corporation (collectively, the “Guarantor-Grantors”, and
the Borrower and the Guarantor-Grantors being collectively called the “Grantors”),
and BRANCH BANKING AND TRUST COMPANY (“BB&T”), acting as agent (in
such capacity, the “Administrative Agent”) for itself and for the other
Secured Parties as defined herein.

 

W  I
T  N  E  S  S  E  T  H :

 

RECITALS:

 

WHEREAS, the Administrative Agent and the Lenders (as defined in
the Credit Agreement defined below) have agreed to extend credit to the
Borrower pursuant to the terms of that certain Amended and Restated Credit
Agreement of even date herewith among the Borrower, the Guarantor-Grantors,
BB&T, as a Lender and as Administrative Agent, the Lenders signatory
thereto, Regions Capital Markets, as Syndication Agent, and BB&T Capital Markets, as Lead
Arranger (as amended, restated, or otherwise modified from time to time, the “Credit
Agreement”), which amends and restates in its entirety that certain Credit
Agreement dated as of October 24, 2008 among the Borrower, the
Guarantor-Grantors, the lenders signatory thereto and BB&T, as a lender and
as administrative agent (as amended or modified prior to the date of the Credit
Agreement, the “Original Credit Agreement”);

 

WHEREAS, the Borrower may from time to time enter into
or guarantee one or more Hedge Transactions (as defined in the Credit
Agreement) with the Hedge Counterparties (as defined in the Credit Agreement);

 

WHEREAS, each of the Guarantors (as defined in the
Credit Agreement) has agreed to guarantee, among other things, all the
obligations of the Borrower under the Credit Agreement and the other Loan
Documents (as defined in the Credit Agreement);

 

WHEREAS, the obligations of the Administrative Agent and
the Lenders to extend credit under the Credit Agreement and the other Loan
Documents are conditioned upon, among other things, the execution and delivery
by the Grantors of a security agreement in the form hereof to secure (a) the
due and punctual payment by the Borrower of: (i) the principal of and interest
on the Notes (including, without limitation, any and all Revolver Advances),
when and as due, whether at maturity, by acceleration, upon one or more dates
set for prepayment or otherwise and any renewals, modifications or extensions
thereof, in whole or in part; (ii) each payment required to be made by the
Borrower under the Credit Agreement, when and as due, including payments 

 

 

in respect of reimbursement of disbursements, interest
thereon, and obligations, if any, to provide cash collateral and any renewals,
modifications or extensions thereof, in whole or in part; and (iii) all other
monetary obligations of the Borrower to the Secured Parties under the Credit
Agreement and the other Loan Documents to which the Borrower is or is to be a
party and any renewals, modifications or extensions thereof, in whole or in
part; (b) the due and punctual performance of all other obligations of the
Borrower under the Credit Agreement and the other Loan Documents to which the
Borrower is or is to be a party, and any renewals, modifications or extensions
thereof, in whole or in part; (c) the due and punctual payment (whether at the
stated maturity, by acceleration or otherwise) of all obligations (including
any and all Hedging Obligations (as defined in the Credit Agreement) arising
under Hedging Agreements and obligations which, but for the automatic stay
under Section 362(a) of the Bankruptcy Code, would become due), indebtedness
and liabilities of the Borrower, now existing or hereafter incurred under,
arising out of or in connection with any and all Hedging Agreements and any
renewals, modifications or extensions thereof (including, all obligations, if
any, of the Borrower as guarantor under the Credit Agreement in respect of
Hedging Agreements), and the due and punctual performance and compliance by the
Borrower with all of the terms, conditions and agreements contained in any
Hedging Agreement and any renewals, modifications or extensions thereof; (d)
the due and punctual payment and performance of all indebtedness, liabilities
and obligations of any one or more of the Borrower and Guarantors arising out
of or relating to any Bank Products; (e) the due and punctual payment and
performance of all indebtedness, liabilities and obligations of any one or more
of the Borrower and Guarantors arising out of or relating to any Cash
Management Services; and (f) the due and punctual payment and performance of
all obligations of each of the Guarantors under the Credit Agreement and the
other Loan Documents to which they are or are to be a party and any and all
renewals, modifications or extensions thereof, in whole or in part (all the foregoing
indebtedness, liabilities and obligations being collectively called the “Obligations”);
and

 

WHEREAS, this Agreement amends and restates in its
entirety that certain General Security Agreement dated as of October 24, 2008
executed by Borrower and Guarantor-Grantors in connection with the Original
Credit Agreement.

 

NOW, THEREFORE, in consideration of the premises and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the Grantors and the Administrative Agent, the parties
agree as follows:

 

1.             Definitions.  As herein used, the following terms shall
have the following meanings:

 

(a)           “Account Debtor” means any Person who is or may become obligated
to a Grantor under, with respect to or on account of an Account or any
Supporting Obligation related thereto.

 

(b)           “Account” means any and all accounts (as that term is defined in
the U.C.C.) of any Grantor and includes, without limitation, all obligations of
every kind at any time owing to any Grantor, all contract rights, health care
insurance receivables and any and all rights of any Grantor to payment for
goods sold or leased or for services rendered whether due or to 

 

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become due, whether or not earned by performance and
whether now existing or arising in the future, including, without limitation,
Accounts from Affiliates of the Grantors.

 

(c)           “Accounts Receivable Collateral” shall mean all obligations of
every kind at any time owing to Borrower or any Guarantor howsoever evidenced
or incurred, whether or not earned by performance, including, without
limitation, all accounts, instruments, notes, drafts, acceptances, leases, open
accounts, contract rights, chattel paper (whether tangible or electronic) and
general intangibles, all returned or repossessed goods and all books, records,
computer tapes, programs and ledger books arising therefrom or relating
thereto, whether now owned or hereafter acquired or arising and all proceeds of
the foregoing.

 

(d)           “Chattel Paper” means any and all chattel paper (as that term is
defined in the U.C.C.), whether tangible or electronic, of any Grantor.

 

(e)           “Collateral” means (i) all Accounts, General Intangibles,
Documents, Chattel Paper and Instruments now existing or hereafter arising of
each Grantor; (ii) all guarantees of each Grantor’s existing and future
Accounts, General Intangibles, Chattel Paper and Instruments and all other
security held by any Grantor for the payment and satisfaction thereof; (iii)
all Inventory now owned or hereafter acquired by any Grantor; (iv) all
Equipment now owned or hereafter acquired of each Grantor; (v) all Intercompany
Claims now existing or hereafter arising; (vi) any and all now owned or
hereafter acquired or arising Deposit Accounts, Investment Related Property,
Letter of Credit Rights, Goods (as that term is defined in the U.C.C.),
Commercial Tort Claims and Supporting Obligations; (vii) all books and records
of the Grantors (including, without limitation, computer records, tapes, discs
and programs and all other media, written, electric, magnetic or otherwise,
containing such records) which relate to any Grantor’s Inventory, Equipment,
Accounts, Deposit Accounts, Investment Related Property, Letter of Credit
Rights, Goods, Supporting Obligations, General Intangibles, Chattel Paper and
Instruments or guarantees thereof; (viii) all insurance on all of the foregoing
and the proceeds of that insurance; and (ix) all cash and noncash proceeds and
products of all of the foregoing and the proceeds and products of other
proceeds and products.

 

(f)            “Collateral Locations” shall have the meaning assigned in Section
6 hereof.

 

(g)           “Commercial Tort Claims” shall mean all commercial tort claims as
defined in the U.C.C., including, without limitation, all commercial tort
claims listed on Schedule III (as such schedule may be amended or
supplemented from time to time).

 

(h)           “Commodities Accounts” (i) shall mean all commodity accounts
as defined in Article 9 of the U.C.C. and (ii) shall include, without
limitation, all of the accounts listed on Schedule II under the heading “Commodities
Accounts” (as such schedule may be amended or supplemented from time to time).

 

(i)            “Credit Documents” means the Credit Agreement, the Notes, the
Collateral Documents and all other Loan Documents.

 

(j)            “Deposit Account” means all deposit accounts (as that term is
defined in the U.C.C.) of any Grantor, including without limitation, (i) any
and all moneys, sums and 

 

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amounts now or hereafter on deposit with any Secured
Party or otherwise to the credit of or belonging to any Grantor and (ii) all of
the accounts listed on Schedule II under the heading “Deposit Accounts” (as
such schedule may be amended or supplemented from time to time).

 

(k)           “Documents” means any and all documents (as that term is defined
in the U.C.C.) of any Grantor.

 

(l)            “Equipment” means any and all equipment (as that term is defined
in the U.C.C.) of any Grantor and shall include, without limitation, all equipment,
machinery, appliances, tools, motor vehicles, furniture, furnishings, floor
samples, office equipment and supplies, and tangible personal property, whether
or not the same are or may become fixtures, used or bought for use primarily in
the business of any Grantor or leased by any Grantor  to or from others, of every nature, presently
existing or hereafter acquired or created, wherever located, additions,
accessories and improvements thereto and substitutions therefor and all parts
which may be attached to or which are necessary for the operation and use of
such personal property or fixtures, whether or not the same shall be deemed to
be affixed to real property, all manufacturer’s warranties therefor, all parts
and tools therefor, and all rights under or arising out of present or future
contracts relating to the foregoing.  All
equipment is and shall remain personal property irrespective of its use or
manner of attachment to real property.

 

(m)          “Excluded Capital Securities” means, collectively, (A) any
outstanding Capital Securities issued by any of the SBIC Entities (as defined
in the Credit Agreement) and (B) any outstanding Capital Securities of a
Foreign Subsidiary in excess of 65% of the voting power of all classes of
Capital Securities of such Foreign Subsidiary entitled to vote.

 

(n)           “Executive Office” shall have the meaning assigned to it in
Section 6(d).

 

(o)           “General Intangibles” means all general intangibles (as that term
is defined in the U.C.C.) of any Grantor (including, without limitation, all
payment intangibles (as that term is defined in the U.C.C.) and software,
company records (paper and electronic), correspondence, credit files, records
and other documents, computer programs, computer software, computer tapes and
cards and other paper and documents in the possession or control of any Grantor
or in the possession or control of any affiliate or computer service bureau,
and all contract rights (including, without limitation, rights under any
Hedging Transaction), claims, choses in action, bank balances, judgments,
rights as lessee under any and all leases of personal property, rights and/or
claims to tax refunds and other claims and rights to monies or property,
warranties, patents, patent applications, trademarks, trade names, trade secrets,
formulas, licensing agreements, royalty payments, copyrights, service names,
customer lists, service marks, logos, goodwill, intellectual property and
deposit accounts, and all other general intangibles of every kind, type or
description).

 

(p)           “Instruments” means all instruments (as that term is defined in
the U.C.C.) of any Grantor, including without limitation, checks, notes,
certificated certificates of deposit, investment securities, negotiable
instruments and writings evidencing a right to the payment of money of a type
transferred in the ordinary course of business by delivery with any necessary
instrument or assignment.

 

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(q)           “Intercompany Claims” shall mean any and all rights of any Grantor
in respect of loans, advances or other claims owed to such Grantor by the
Borrower, Guarantors or any Subsidiary of Borrower or any Guarantor.

 

(r)            “Inventory” means any and all inventory (as that term is defined
in the U.C.C.) of any Grantor and shall include, without limitation, tangible
personal property held for sale or lease or to be furnished under contracts of
service, tangible personal property which any such Grantor has so leased or
furnished, and raw materials, work in process and materials used, produced or
consumed in such Grantor’s business, and shall include tangible personal
property returned to any such Grantor by a purchaser or lessor thereof
following the sale or lease thereof by any such Grantor.

 

(s)           “Inventory Collateral” shall mean all inventory of the Borrower
and Guarantors, or in which the Borrower or Guarantors have rights, whether now
owned or hereafter acquired, wherever located, including, without limitation,
all goods of the Borrower and Guarantors held for sale or lease or furnished or
to be furnished under contracts of service, all goods held for display or
demonstration, goods on lease or consignment, returned and repossessed goods,
all raw materials, work-in-process, finished goods and supplies used or
consumed in the business of Borrower or any Guarantor, together with all
documents, documents of title, dock warrants, dock receipts, warehouse
receipts, bills of lading or orders for the delivery of all, or any portion, of
the foregoing.

 

(t)            “Investment Accounts” shall mean the Securities Accounts,
Commodities Accounts and Deposit Accounts.

 

(u)           “Investment Related Property” means (i) any and all
investment property (as that term is defined in the U.C.C.) of any Grantor,
including without limitation, any and all securities, whether certificated or
uncertificated, Security Entitlements, Securities Accounts, Commodity Contracts
and Commodity Accounts and (ii) all of the following (regardless of
whether classified as investment property under the U.C.C.):  all (w) Pledged Equity Interests,
(x) Pledged Debt, (y) the Investment Accounts and
(z) Certificates of Deposit.

 

(v)           “Letter of Credit Rights” means any and all letter of credit
rights (as that term is defined in the U.C.C.).

 

(w)          “Obligations” has the meaning set forth in the Recitals.

 

(x)            “Permitted Liens” shall have the meaning given such term in
Section 6(b) hereof.

 

(y)           “Person” means an individual, a corporation, a limited liability
company, a government or governmental subdivision or agency or instrumentality,
a business trust, an estate, a trust, a partnership, a cooperative, an
association, two or more Persons having a joint or common interest or any other
legal or commercial entity.

 

(z)            “Pledged Debt” shall mean all indebtedness for borrowed money owed
to a Grantor, whether or not evidenced by any instrument or promissory note,
including, without limitation, all indebtedness described on Schedule II
under the heading “Pledged Debt” (as such 

 

5

 

schedule may be amended or supplemented from time to
time), all monetary obligations owing to any Grantor from any other Grantor
(including Intercompany Claims), the instruments evidencing any of the
foregoing, and 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 or all of the foregoing.

 

(aa)         “Pledged Equity Interests” shall mean all shares of and interests
in Capital Securities owned by a Grantor, including, without limitation, all
shares of and interests in Capital Securities described on Schedule II
under the heading “Pledged Equity Interests” (as such schedule may be amended
or supplemented from time to time), and the certificates, if any, representing
such shares and any interest of such Grantor in the entries on the books of the
issuer of such shares or interests or on the books of any securities
intermediary pertaining to such shares or interests, and all dividends,
distributions, cash, warrants, rights, options, instruments, securities and
other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such shares or
interests and any other warrant, right or option to acquire any of the foregoing,
but excluding the Excluded Equity Interests (as defined in the Pledge
Agreement).

 

(bb)         “Proceeds” means any and all proceeds (as that term is defined in
the U.C.C.), including without limitation, whatever is received when Collateral
is sold, exchanged, collected or otherwise disposed of.

 

(cc)         “Representation Date” means each of (i) the Closing Date and (ii)
each Reporting Date.  As used in this
definition, “Reporting Date” shall mean the date of delivery of any amendment
or supplement to the Schedules hereto in accordance with the terms of this
Agreement, which delivery shall occur not less frequently than each Fiscal
Quarter and shall occur promptly following the end of each Fiscal Quarter, and
in any event within 40 days following the end of each Fiscal Quarter and 75
days following the end of each Fiscal Year.

 

(dd)         “Secured Parties” shall have the meaning set forth in the Credit
Agreement.

 

(ee)         “Securities Accounts” shall mean all securities accounts as
defined in Article 8 of the U.C.C. and (ii) shall include, without
limitation, all of the accounts listed on Schedule II under the heading “Securities
Accounts” (as such schedule may be amended or supplemented from time to time).

 

(ff)           “Supporting Obligations” means any and all supporting obligations
(as that term is defined in the U.C.C.).

 

(gg)         “U.C.C.” means the Uniform Commercial Code as in effect in the
State of North Carolina or, when the context relates to perfection or priority
of a security interest, the Uniform Commercial Code as in effect from time to
time in any other applicable jurisdiction.

 

Terms used herein and not otherwise defined herein shall
have the meanings set forth in the Credit Agreement or, if not defined therein,
the U.C.C.  The rules of interpretation
specified in Section 9.16 of the Credit Agreement shall be applicable to this
Agreement and the 

 

6

 

provisions of Section 1.04 of the Credit Agreement shall
apply to this Agreement as if such provisions were specifically set forth herein
mutatis  mutandis.

 

2.             Security Interest.  In consideration of and in order to secure
the fulfillment, satisfaction, payment and performance of all of the
Obligations, each Grantor hereby assigns, pledges, hypothecates and sets over
to the Administrative Agent, its successors and its assigns, for the benefit of
the Secured Parties, and grants to the Administrative Agent, its successors and
its assigns, for the benefit of the Secured Parties, a security interest in all
of the Collateral.  Notwithstanding
anything herein to the contrary, Collateral shall not include, and the security
interest herein shall not attach to, (y) the Excluded Capital Securities; provided
that, immediately upon  any
amendment, modification or repeal of the Restrictive Provisions to allow the
pledge of the Excluded Capital Securities, the Collateral shall include, and
the security interest granted hereunder shall attach to, such Capital
Securities or (z) any property rights in Capital Securities (other than Capital
Securities issued by any Subsidiary), or any Operating Documents of any issuer
of such Capital Securities to which a Grantor is a party, or any of its rights
or interests thereunder, if the grant of such security interest shall
constitute or result in (i) the abandonment, invalidation or unenforceability
of any right, title or interest of the Grantor therein or (ii) in a breach or
termination pursuant to the terms of, or a default under, any such property
rights or Operating Documents (other than to the extent that any such term
would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409
of the UCC (or any successor provisions) of any relevant jurisdiction or any
other Applicable Law (including the Bankruptcy Code) or principals of equity).

 

3.             Care of Collateral. The Grantors have the
risk of loss of the Collateral.  The
Administrative Agent shall have no duty of care with respect to the Collateral,
except that the Administrative Agent shall exercise reasonable care with respect
to Collateral in its custody, but shall be deemed to have exercised reasonable
care if such property is accorded treatment substantially equal to that which
the Administrative Agent accords its own property, or if the Administrative
Agent takes such action with respect to the Collateral as a Grantor shall
request in writing, but no failure to comply with any such request nor any
omission to do any such act requested by a Grantor shall be deemed a failure to
exercise reasonable care, nor shall the Administrative Agent’s failure to take
steps to collect any income accruing on the Collateral or to preserve rights
against any parties or property be deemed a failure to have exercised
reasonable care with respect to Collateral in its custody.  The rights and security interest herein provided
are granted as security only and shall not subject the Administrative Agent or
any Secured Party to, or in any way alter or modify, any obligation or
liability of any Grantor with respect to or arising out of any of the
Collateral.

 

4.             Set-Off. In addition to the rights
and security interest elsewhere herein set forth, the Administrative Agent may,
at its option at any time(s) after the occurrence of an Event of Default and
during the continuation thereof, and with or without notice to any Grantor, appropriate
and apply to the payment or reduction, either in whole or in part, of the
amount owing on any one or more of the Obligations, whether or not then due,
any and all moneys now or hereafter on deposit in a Deposit Account maintained
with the Administrative Agent or otherwise to the credit of or belonging to a
Grantor in such deposit account, it being understood and agreed that the
Administrative Agent shall not be obligated to assert or enforce any rights or
security interest hereunder or to take any action in reference thereto, and
that the Administrative 

 

7

 

Agent may in its discretion at any time(s) relinquish
its rights as to particular Collateral hereunder without thereby affecting or
invalidating the Administrative Agent’s rights hereunder as to all or any other
Collateral hereinbefore referred to.

 

5.             Collection of Accounts and Pledged Debt; Interest and other Amounts
Payable.

 

(a)           Upon occurrence of an Event of Default and during the continuation thereof,
the Administrative Agent shall have the right at any time:

 

(i)            to collect the Accounts and Pledged Debt, to sell, assign, compromise,
discharge or extend the time for payment of any Account or Pledged Debt, to
accelerate any Pledged Debt that may be accelerated in accordance with its
terms, to institute legal action for the collection of any Account or Pledged
Debt, and to do all acts and things necessary or incidental thereto, in each
case acting if it so chooses in the name of any or all of the Grantors,  and the Grantors hereby ratify all such acts;

 

(ii)           without notice to any Grantor, to notify the parties obligated on any of
the Collateral of the security interest in favor of the Administrative Agent
created hereby and to direct all such Persons to make payments of all amounts
due thereon or thereunder directly to the Administrative Agent or to an account
designated by the Administrative Agent;

 

(iii)          request that the Grantors notify Account Debtors and/or obligors under
Pledged Debt and indicate on all billings that payments thereon are to be made
to the Administrative Agent, and the Grantors hereby agree to make such
notification and such indication on billings if so requested.  In the event Account Debtors and/or obligors
under Pledged Debt are so notified, no Grantor shall compromise, discharge,
extend the time for payment or otherwise grant any indulgence or allowance with
respect to any Account or Pledged Debt without the prior written consent of the
Administrative Agent.

 

(b)           Each Grantor irrevocably designates and appoints the Administrative Agent
its true and lawful attorney either in the name of the Administrative Agent or
in the name of such Grantor, effective after the occurrence of an Event of
Default and during the continuation thereof to ask for, demand, sue for,
collect, compromise, compound, receive, receipt for and give acquittances for
any and all sums owing or which may become due upon any items of the Collateral
and, in connection therewith, to take any and all actions as the Administrative
Agent may deem necessary or desirable in order to realize upon the Collateral,
including, without limitation, power to endorse in the name of such Grantor,
any checks, drafts, notes or other instruments received in payment of or on
account of the Collateral, but the Administrative Agent shall not be under any
duty to exercise any such authority or power or in any way be responsible for
the collection of the any Collateral.

 

(c)           All interest, income, principal, other amounts and Proceeds (including
wire transfers, checks and other instruments) that are received by any Grantor
in violation of the provisions of clause (a) shall be received in trust for the
benefit of the Administrative Agent, shall be segregated from other property or
funds of the Grantors and shall be forthwith deposited into such account or
paid over or delivered to the Administrative Agent in the same form as so
received (with any necessary endorsements or assignments) to be held as
Collateral and applied 

 

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to the Obligations as provided herein.  The rights set forth in this Section 5 are
supplementary and in addition to (and not in limitation of) the rights granted
to the Administrative Agent and/or the Secured Parties in the Credit Documents.

 

6.             Representations, Warranties and Covenants as to Collateral.

 

Each Grantor represents, warrants and covenants to and
for the benefit of the Administrative Agent and the Secured Parties, on the
date of this Agreement and on each date a Borrowing is made or deemed made,
that:

 

(a)           Sale of Collateral.  Upon the sale, exchange or other disposition
of the Inventory Collateral, the security interest and lien created and
provided for herein, without break in continuity and without further formality
or act, shall continue in and attach to any proceeds thereof, including,
without limitation, accounts, chattel paper, contract rights, shipping
documents, documents of title, bills of lading, warehouse receipts, dock
warrants, dock receipts and cash or non-cash proceeds, and in the event of any
unauthorized sale, shall continue in the Inventory Collateral itself.

 

(b)           Good Title; No Existing Encumbrances.  The Grantors own their respective items
of  Collateral free and clear of any
prior Lien other than Liens permitted by Section 5.14 of the Credit Agreement
(referred to herein as the “Permitted Liens”), and no financing
statements or other evidences of the grant of a security interest respecting
the Collateral exist on the public records other than with respect to Permitted
Liens.

 

(c)           Right to Grant Security Interest; No Further Encumbrances.  The Grantors have the right to
grant a security interest in the Collateral. 
Except as permitted by the Credit Agreement, the Grantors will pay all
taxes and other charges against the Collateral (including, without limitation,
property, use and sales taxes).  No
Grantor will acquire, use or permit any Collateral to be used illegally or in
violation of Applicable Laws or allow the Collateral to be encumbered except for
Permitted Liens.

 

(d)           Location of Collateral.  The Grantors hereby represent and warrant to
the Administrative Agent and the Lenders that, as of the date hereof, the
Collateral is situated only at the collateral locations listed in Schedule I
hereto (the “Collateral Locations”), and the Grantors covenant with the
Administrative Agent not to locate the Collateral at any location other than a
Collateral Location without at least 20 days prior written notice to the
Administrative Agent.  The executive
office of each Grantor set forth on Schedule I hereto (the “Executive Office”)
is, and for the one-year period preceding the Closing Date has been, such
Grantor’s chief executive office (if such Grantor has more than one place of
business) or place of business (if such Grantor has one place of
business).  In addition, to the extent
the Grantors should warehouse any of the Inventory Collateral, the Grantors
acknowledge and agree that such warehousing may be conducted only by
warehousemen who shall:  (1) issue non-negotiable
warehouse receipts in the Administrative Agent’s name to evidence any such
warehousing of goods constituting Inventory Collateral; or (2) issue electronic
warehouse receipts in the Administrative Agent’s name to evidence any such
warehousing of goods constituting Inventory Collateral in compliance with
applicable federal regulations and in all other respects satisfactory to the
Administrative Agent in its sole discretion. 
If the Grantors consign any of the Inventory Collateral, it will comply
with 

 

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the U.C.C. of any state where such Inventory Collateral
is located with respect thereto, and shall file, cause the filing and hereby
authorizes the Administrative Agent to file in the appropriate public office or
offices UCC-1 financing statements showing such Grantor or Grantors, as the
case may be, as consignor and the Administrative Agent as assignee of
consignor, and will furnish copies thereof to the Administrative Agent.  If any of the Inventory Collateral or
Equipment Collateral or any records concerning the Collateral are at any time
to be located on premises leased by a Grantor or on premises owned by a Grantor
subject to a mortgage or other lien, such Grantor shall so notify the
Administrative Agent and shall if reasonably requested by the Administrative
Agent obtain and deliver or cause to be delivered to the Administrative Agent,
an agreement, in form and substance satisfactory to the Administrative Agent,
waiving the landlord’s or mortgagee’s or lienholder’s right to enforce any
claim against the Grantors for monies due under the landlord’s lien, mortgage
or other lien by levy or distraint or other similar proceedings against the
Inventory Collateral or Equipment Collateral or records concerning the
Collateral and assuring the Administrative Agent’s ability to have access to
the Inventory Collateral or Equipment Collateral and records concerning the
Collateral in order to exercise its right hereunder to take possession thereof.

 

(e)           Collateral
Status.  The
Grantors will promptly notify the Administrative Agent if there is any adverse
change in the status of the Collateral that would reasonably be expected to
have a Material Adverse Effect or that would materially and adversely affect
the ability of any Grantor or the Administrative Agent to dispose of the
Collateral or any material portion thereof, or the rights and remedies of the
Administrative Agent in relation thereto, including, without limitation, the
levy of any legal process against the Collateral or any material portion
thereof.

 

(f)            Delivery
of Certain Collateral.  Upon the reasonable request of the
Administrative Agent, the Grantors shall deliver to the Administrative Agent
(or to the Collateral Custodian as its agent and bailee), all agreements,
letters of credit, promissory notes, instruments, certificates of deposit,
chattel paper or anything else, the physical possession of which is necessary
in order for the Administrative Agent, on behalf of the Secured Parties, to
perfect or preserve the priority of its security interest therein.  Without limiting the generality of the
foregoing, with respect to any Investment Related Property that is represented
by a certificate or that is an “instrument” (other than any Investment Related
Property credited to a Securities Account), each Grantor shall cause such
certificate or instrument to be delivered to the Administrative Agent (or to
the Collateral Custodian as its agent and bailee), indorsed in blank by an “effective
indorsement” (as defined in Section 8-107 of the U.C.C.), regardless of whether
such certificate constitutes a “certificated security” for purposes of the
U.C.C.

 

(g)           Records Respecting Collateral.  The Grantors shall keep complete and accurate
books and records and make all necessary entries thereon to reflect the
transactions and facts giving rise to the Collateral and payments, credits and
adjustments applicable thereto, all in accordance with GAAP.  All books and records of the Grantors with
respect to the Collateral will be accessible from the Executive Office (as it
may be changed pursuant to Section 6(e)).

 

(h)           Further Assurances.  Each Grantor shall duly execute and/or
deliver (or cause to be duly executed and/or delivered) to the Administrative
Agent (or to the Collateral Custodian as its agent and bailee) any instrument,
invoice, document, document of title, dock warrant, dock receipt, warehouse
receipt, bill of lading, order, financing statement, assignment, 

 

10

 

waiver, consent or other writing reasonably requested by
the Administrative Agent which may be reasonably necessary to the
Administrative Agent to carry out the terms of this Agreement and any of the
other Loan Documents and to perfect its security interest in and facilitate the
collection of the Collateral, the proceeds thereof, and any other property at
any time constituting security to the Secured Parties.  Each Grantor shall perform or cause to be
performed such acts as the Administrative Agent or any Secured Party may
reasonably request to establish and maintain for the Administrative Agent and
the Secured Parties a valid and perfected security interest in and security
title to the Collateral, free and clear of any Liens other than Permitted
Liens.

 

(i)            Maintenance of Insurance.  In addition to and cumulative with any other
requirements herein imposed on the Grantors with respect to insurance, the
Grantors shall maintain, or cause to be maintained, insurance as required under
the Credit Agreement.  The Grantors shall
deliver to the Administrative Agent at such times as the Administrative Agent
may request, a detailed list of such insurance then in effect stating the names
of the insurance companies, the amounts and rates of insurance, the date of
expiration thereof, the properties and risks covered thereby and the insured
with respect thereto.  The Grantors will
pay all premiums on the insurance referred to herein as and when they become
due and shall do all things necessary to maintain the insurance in effect.  If any Grantor shall default in its
obligation hereunder to insure the Collateral in a manner satisfactory to the
Administrative Agent, then the Administrative Agent shall have the right (but
not the obligation), after reasonable notice to such Grantor, to procure such
insurance and to charge the costs of same to the Grantors, which costs shall be
added to and become a part of the unpaid principal amount of the Obligations
and shall be secured by the Collateral. 
Each Grantor hereby appoints (which appointment constitutes a power
coupled with an interest and is irrevocable as long as any of the Obligations
remain outstanding) Administrative Agent as its lawful attorney-in-fact,
effective after the occurrence of an Event of Default and during the
continuation thereof, with full authority to make, adjust, settle claims under
and/or cancel such insurance and to endorse the applicable Grantor’s name on
any instruments or drafts issued by or upon any insurance companies.

 

(j)            Fundamental Changes.  The Grantors hereby agree that no Grantor
shall move its Executive Office, or change its name, identity, state of
incorporation or organization, type of organization or its structure to other
than as existing on the date hereof, unless the Grantors shall have
(i) notified the Administrative Agent in writing at least 20 days prior
thereto and provided such other information as the Administrative Agent may
reasonably request and (ii) taken all actions necessary or reasonably
requested by the Administrative Agent to maintain the continuous validity,
perfection and the same or better priority of the Administrative Agent’s Liens.

 

(k)           Name, Jurisdiction and Identification Number of Organization.  The exact legal name of each
Grantor, the state of incorporation or organization and organizational
identification number for each Grantor is as set forth below:

 

	
  Main Street Capital Corporation

  	
   

  	
  Maryland

  	
   

  	
  D11798675

  
	
  Main Street Capital Partners, LLC

  	
   

  	
  Delaware

  	
   

  	
  3575385

  
	
  Main Street Equity Interests, Inc.

  	
   

  	
  Delaware

  	
   

  	
  4432981

  

 

11

 

 

 

Each Grantor was duly organized solely under the laws of
such jurisdiction and, except as provided on Schedule I, such Grantor has
not changed its legal name, jurisdiction of organization or its corporate
structure in the five (5) years prior to the Closing Date.

 

(l)            Control Agreements.  Each Grantor will obtain and deliver or cause
to be delivered to the Administrative Agent, a control agreement in form and
substance satisfactory to Administrative Agent with respect to the Collateral
with respect to:  (i) Deposit Accounts;
(ii) Investment Related Property (for Securities Accounts, mutual funds
and other uncertificated securities); and (iii) Letter of Credit Rights;
and/or Electronic chattel paper having, individually,  a value in excess of $500,000 or as otherwise
requested by the Administrative Agent; provided  that, in each
case, no such Collateral shall be included in calculating the Borrowing Base
unless the same is subject to a control agreement.  Notwithstanding the foregoing, the Borrower
shall not be required to deliver a control agreement with respect to account
number 53032962 maintained with BB&T Capital Markets (the “Excluded Account”)
unless requested by the Administrative Agent, and the Borrower agrees that no
cash, cash equivalents, investment property, financial assets or other assets
shall be maintained in, credited to or recorded in the Excluded Account at any
time while the Excluded Account is not subject to a control agreement in favor
of the Administrative Agent.

 

(m)          Marking of Chattel Paper.  If requested by the Administrative Agent, no
Grantor will create any Chattel Paper without placing a legend on the Chattel
Paper reasonably acceptable to the Administrative Agent indicating that the
Administrative Agent has a security interest in the Chattel Paper.

 

(n)           Business Purpose.  None of the Obligations is a Consumer
Transaction, as defined in the U.C.C., and none of the Collateral has been or
will be purchased or held primarily for personal, family or household purposes.

 

(o)           Assumed Debt.  No Grantor has within the last five (5) years
become bound (whether as a result of merger or otherwise) as debtor under a
security agreement entered into by another Person, which has not been
terminated prior to the date of this Agreement.

 

(p)           No Authorizations.  No authorization, approval or other action
by, and no notice to or filing with, any Governmental Authority or regulatory
body is required for either (i) the pledge or grant by any Grantor of the
security interest purported to be created in favor of the Administrative Agent
hereunder or (ii) the exercise by the Administrative Agent of any rights
or remedies in respect of any Collateral (whether specifically granted or
created hereunder or created or provided for by applicable law), except as may
be required, in connection with the disposition of any Investment Related
Property, by laws generally affecting the offering and sale of Securities.

 

(q)           Preservation.  No Grantor shall take or permit any action
which could materially impair the Administrative Agent’s rights in the
Collateral, subject to Grantors’ rights to dispose of rights in the Collateral
to the extent permitted hereunder or under the Credit Agreement or the right to
grant Permitted Liens.  Each Grantor
agrees that it will, at its own cost and expense, take any and all actions
necessary to warrant and defend the right, title and interest of the Secured
Parties in and to the Collateral against the claims and demands of all other 

 

12

 

Persons (other than the holders of Permitted Liens).

 

(r)            Pledged Debt.  On each Representation Date, Schedule II
hereto (as such schedule may be amended or supplemented from time to time) sets
forth under the heading “Pledged Debt” all of the Pledged Debt owned by any
Grantor and all of such Pledged Debt with a principal amount in excess of
$500,000 individually has been fully authorized, authenticated or issued, and
delivered and is the legal, valid and binding obligation of the issuers thereof
and is not in default and constitutes all of the issued and outstanding
intercompany indebtedness evidenced by an instrument or certificated security
of the respective issuers thereof owing to such Grantor.

 

(s)           Investment Accounts.  Schedule II hereto (as such schedule may be
amended or supplemented from time to time) sets forth under the headings “Securities
Accounts” and “Commodities Accounts,” respectively, all of the Securities
Accounts and Commodities Accounts in which each Grantor has an interest.  Each Grantor is the sole entitlement holder
of each such Securities Account and Commodities Account, and such Grantor has
not consented to, and is not otherwise aware of, any Person (other than the
Administrative Agent pursuant hereto) having “control” (within the meaning of
Sections 8-106 and 9-106 of the U.C.C.) over, or any other interest in, any
such Securities Account or Commodity Account or any securities or other
property credited thereto.

 

(t)            Deposit Accounts.  Schedule II hereto (as such schedule may be
amended or supplemented from time to time) sets forth under the heading “Deposit
Accounts” all of the Deposit Accounts in which each Grantor has an interest and
each Grantor is the sole account holder of each such Deposit Account and such
Grantor has not consented to, and is not otherwise aware of, any Person (other
than the Administrative Agent pursuant hereto) having either sole dominion and
control (within the meaning of Section 9-104 of the U.C.C.) over, or any other
interest in, any such Deposit Account or any money or other property deposited
therein.

 

(u)           Commercial Tort Claims.  Schedule III (as such schedule may be amended
or supplemented from time to time) sets forth all Commercial Tort Claims of
each Grantor.

 

(v)           Letter of Credit Rights.  Schedule III 
(as such schedule may be amended or supplemented from time to time)
lists all letters of credit to which such Grantor has rights.

 

(w)          After-Acquired Property.  In the event any Grantor acquires rights in
any Investment Related Property (other than Pledged Entities (as defined in the
Equity Pledge Agreement between the Borrower and the Administrative Agent dated
as of the date hereof), Commercial Tort Claims or Letter of Credit Rights after
the date of this Agreement, it shall deliver to the Administrative Agent a
completed Pledge Supplement, substantially in the form of Annex A attached
hereto, together with all Supplements to Schedules thereto, reflecting such new
Investment Related Property, Commercial Tort Claims, Letter of Credit Rights
and all other Investment Related Property, Commercial Tort Claims, Letter of
Credit Rights; provided, however, that the Grantors shall only be
required to provide an updated Pledge Supplement with respect to Pledged Debt
acquired during any Fiscal Quarter on or before the Reporting Date immediately
following the end of such Fiscal Quarter. 
Notwithstanding the foregoing, it is understood and agreed that the
security interest of the Administrative Agent shall attach to all 

 

13

 

Investment Related Property (other than Excluded Capital
Securities), Commercial Tort Claims and Letter of Credit Rights immediately
upon any Grantor’s acquisition of rights therein and shall not be affected by
the failure of any Grantor to deliver a supplement to Schedule II or Schedule
III as required hereby.

 

7.             Events of Default.  The happening of any one or more of the
following events shall constitute an Event of Default hereunder:  (a) the nonpayment when due of any of
the Obligations which nonpayment is not fully cured within the applicable grace
period therefor, if any; (b) the failure to perform, observe or fulfill
any covenant or obligation contained in this Agreement and the continuation of
such failure for more than thirty (30) days after the earlier of:  (i) the first day on which any Loan
Party has knowledge of such failure; or (ii) written notice thereof has
been given to any Grantor by the Administrative Agent or (c) the
occurrence of an Event of Default (as defined in the Credit Agreement).

 

8.             Remedies.  Upon the occurrence of an Event of Default
and during the continuation thereof, the Administrative Agent shall have all of
the rights and remedies available at law (including, without limitation, those
provided to a secured party by the U.C.C.), or in equity to collect, enforce or
satisfy any Obligations then owing, whether by acceleration or otherwise.  In addition thereto, each Grantor further
agrees that (i) in the event that notice is necessary under applicable law,
written notice mailed to a Grantor at such Grantor’s address as provided
herein, ten (10) business days prior to the date of public sale of any of the
Collateral subject to the security interest created herein or prior to the date
after which private sale or any other disposition of said Collateral will be
made shall constitute reasonable notice, but notice given in any other
reasonable manner or at any other time shall be sufficient; (ii) in the event
of sale or other disposition of any such Collateral, the Administrative Agent
may apply the proceeds of any such sale or disposition to the satisfaction of
the Administrative Agent’s reasonable attorneys’ fees, legal expenses, and
other costs and expenses incurred in connection with the Administrative Agent’s
taking, retaking, holding, preparing for sale, and selling of the Collateral;
(iii) without precluding any other methods of sale, the sale of Collateral
shall have been made in a commercially reasonable manner if conducted in
conformity with reasonable commercial practices of banks disposing of similar
property but in any event the Administrative Agent may sell on such terms as
the Administrative Agent may choose, without assuming any credit risk and
without any obligation to advertise or give notice of any kind; (iv) the Administrative
Agent may require the Grantors to assemble the Collateral, taking all necessary
or appropriate action to preserve and keep it in good condition, and make such
available to the Administrative Agent at a place and time convenient to both
parties, all at the expense of the Grantors; (v) the Administrative Agent has
no obligation to repair, clean-up or otherwise prepare the Collateral for sale;
and (vi) the Administrative Agent may comply with any applicable state or
federal law requirements in connection with a disposition of the Collateral and
compliance will not be considered adversely to affect the commercial
reasonableness of any sale of the Collateral. 
Furthermore, in any such event, to the extent permitted under applicable
law, full power and authority are hereby given the Administrative Agent to
sell, assign, and deliver the whole of the Collateral or any part(s) thereof,
at any time(s) at any broker’s board, or at public or private sale, at the
Administrative Agent’s option, and no delay on the Administrative Agent’s part
in exercising any power of sale or any other rights or options hereunder, and
no notice or demand, which may be given to or made upon any or all of the
Grantors by the Administrative Agent or any Secured Party with respect to any
power of sale or other right or option hereunder, 

 

14

 

shall constitute a waiver thereof, or limit or impair
the Administrative Agent’s right to take any action or to exercise any power of
sale or any other rights hereunder, without notice or demand, or prejudice the
Administrative Agent’s rights as against the Grantors in any respect.  The Grantors hereby waive and release to the
fullest extent permitted by law any right or equity of redemption with respect
to the Collateral, whether before or after sale hereunder, and all rights, if
any, of marshaling the Collateral and any other security for the Obligations or
otherwise.  At any such sale, unless
prohibited by applicable law, the Administrative Agent may bid for and purchase
all or any part of the Collateral so sold free from any such right or equity of
redemption.  If Administrative Agent
sells any of the Collateral upon credit, the Grantors will be credited only
with payments actually made by the purchaser, received by the Administrative
Agent and applied to the indebtedness of the purchaser.  In the event the purchaser fails to pay for
the Collateral, the Administrative Agent may resell the Collateral and the Grantors
shall be credited with the proceeds of the sale as and when received, less
expenses.  In the event the
Administrative Agent purchases any of the Collateral being sold, the
Administrative Agent may pay for the Collateral by crediting some or all of the
Obligations of the Grantors.  The Administrative
Agent shall not be liable for failure to collect or realize upon any or all of
the Collateral or for any delay in so doing nor shall the Administrative Agent
be under any obligation to take any action whatsoever with regard thereto.  The Administrative Agent has no obligation to
attempt to satisfy the Obligations by collecting them from any other person
liable for them and the Administrative Agent may release, modify or waive any
collateral provided by any other Person to secure any of the Obligations, all
without affecting the Administrative Agent’s rights against the Grantors.  The Grantors waive any right they may have to
require the Administrative Agent to pursue any third Person for any of the
Obligations.  The Administrative Agent
may sell the Collateral without giving any warranties as to the Collateral and
may specifically disclaim any warranties of title or the like.  This procedure will not be considered to
adversely affect the commercial reasonableness of any sale of the Collateral.

 

9.             Continuing Security Interest.  Any and all of the Administrative Agent’s
rights with respect to the security interests hereunder shall continue
unimpaired, and the Grantors shall be and remain obligated in accordance with
the terms hereof, notwithstanding the release or substitution of any Collateral
at any time or of any rights or interests therein, or any delay, extension of
time, renewal, compromise or other indulgence granted by the Administrative
Agent or any Secured Party in reference to any of the Obligations, or any
promissory note, draft, bill of exchange or other instrument or Credit Document
given in connection therewith, the Grantors hereby waiving all notice of any
such delay, extension, release, substitution, renewal, compromise or other indulgence,
and hereby consenting to be bound thereby as fully and effectually as if the
Grantors had expressly agreed thereto in advance.

 

10.           No Waiver.  No delay on the Administrative Agent’s part
in exercising any power of sale, option or other right hereunder, and no notice
or demand which may be given to or made upon any Grantor by the Administrative
Agent, shall constitute a waiver thereof, or limit or impair the Administrative
Agent’s right to take any action or to exercise any other power of sale, option
or any other right hereunder, without notice or demand, or prejudice the
Administrative Agent’s rights as against any Grantor in any respect.

 

11.           Financing Statements.  Each Grantor hereby irrevocably authorizes
the Administrative Agent at any time and from time to time to file in any
relevant jurisdiction any 

 

15

 

initial financing statements with respect to the
Collateral or any part thereof and amendments thereto that contain the
information required by the U.C.C. of each applicable jurisdiction for the
filing of any financing statement or amendment, including (i) whether such
Grantor is an organization, the type of organization and any organizational
identification number issued to such Grantor, and (ii) a description of
collateral that describes such property in any other manner as the
Administrative Agent may reasonably determine is necessary or advisable to
ensure the perfection of the security interest in the Collateral granted under
this Agreement.  Each Grantor agrees to
provide such information to the Administrative Agent promptly upon
request.  Each Grantor agrees to
reimburse the Administrative Agent for the expense of any such filings in any
location deemed necessary and appropriate by the Administrative Agent.  To the extent lawful, each Grantor hereby
appoints the Administrative Agent as its attorney-in-fact (without requiring
the Administrative Agent to act as such) to perform all other acts that the Administrative
Agent deems appropriate to perfect and continue its security interest in, and
to protect and preserve, the Collateral.

 

12.           Power of Attorney.  Each Grantor hereby appoints any officer or
agent of the Administrative Agent as such Grantor’s true and lawful
attorney-in-fact with power (i) effective at any time an Event of Default has
occurred and is continuing, to execute and file or record any Assignments of
Mortgage with respect to any Portfolio Investment, (ii) effective after the
occurrence and during the continuance of an Event of Default, to endorse the
name of such Grantor upon any notes, checks, drafts, money orders or other
instruments of payment or Collateral which may come into possession of the
Administrative Agent; to sign and endorse the name of such Grantor upon any
invoices, freight or express bills, bills of lading, storage or warehouse
receipts, drafts against Account Debtors, assignments, verifications and
notices in connection with Accounts; to give written notice to such office and
officials of the United States Postal Service to affect such change or changes
of address so that all mail addressed to any or all Grantors may be delivered
directly to the Administrative Agent (the Administrative Agent will return all
mail not related to the Obligations or the Collateral); granting unto such
Grantor’s said attorney full power to do any and all things necessary to be
done with respect to the above transactions as fully and effectively as the
Grantor might or could do, and hereby ratifying all its said attorney shall
lawfully do or cause to be done by virtue hereof.  This power of attorney shall be irrevocable
for the term of this Agreement and all transactions hereunder.

 

13.           Remedies, Etc., Cumulative.  Each right, power and remedy of the
Administrative Agent provided for in this Agreement or the Credit Documents or
in any of the other instruments or agreements securing the Obligations or now
or hereafter existing at law or in equity or by statute shall be cumulative and
concurrent and shall be in addition to every other such right, power or
remedy.  The exercise or beginning of the
exercise by the Administrative Agent of any one or more of the rights, powers
or remedies provided for in this Agreement, the Credit Documents or in any such
other instrument or agreement now or hereafter existing at law or in equity or
by statute or otherwise shall not preclude the simultaneous or later exercise
by the Administrative Agent of all such other rights, powers or remedies, and
no failure or delay on the part of the Administrative Agent to exercise any
such right, power or remedy shall operate as a waiver thereof.

 

14.           Continuing Agreement. This
is a continuing agreement and shall remain in full force and effect until
terminated by written agreement of the parties and until all of the principal 

 

16

 

of, premium, if any, and interest on all of the
Obligations have been fully paid.  This
Agreement and the liens and security interests created and granted hereunder
shall remain in effect, notwithstanding the fact that at any time or from time
to time there may be no Obligations outstanding, in order to secure all future
Obligations.  If this Security Agreement
is revoked by operation of law as against any Grantor, such Grantor will
indemnify and save the Administrative Agent and its successors or assigns,
harmless from any loss which may be suffered or incurred by them in making,
giving, granting or extending any loans or other credit, financing or financial
accommodations, or otherwise acting, hereunder prior to receipt by the
Administrative Agent of notice in writing of such revocation.

 

15.           Miscellaneous. This Agreement shall be
governed by the laws of the State of North Carolina in all respects, including
matters of construction, validity and performance except to the extent that the
remedies provided herein with respect to any of the collateral are governed by
the laws of any jurisdiction other than North Carolina; section headings herein
are for the convenience of reference only and shall not affect the construction
or interpretation of or alter or modify the provisions of this Agreement; none
of the terms or provisions of this Agreement may be waived, altered, modified,
limited or amended except by an agreement expressly referring hereto and to
which the Administrative Agent consents in writing duly signed for the
Administrative Agent and on the Administrative Agent’s behalf; the rights
granted to the Administrative Agent herein shall be supplementary and in
addition to those granted to the Administrative Agent and/or the Secured
Parties in any Credit Documents; the addresses of the parties for delivery of
notices, requests, demands and other communications hereunder are as set forth
in the Credit Agreement.  Each of the
Grantors hereby agrees that all of their liabilities and obligations under this
Agreement shall be joint and several.  No
reference to “proceeds” in this Agreement authorizes any sale, transfer, or
other disposition of the Collateral by any Grantor.

 

16.           Duties of Administrative Agent.  The Administrative Agent has been appointed
by the Secured Parties pursuant to the Credit Agreement.  Its duties to the Secured Parties, powers to
act on behalf of the Secured Parties, and immunity are set forth solely
therein, and shall not be altered by this Security Agreement.  Any amounts realized by the Administrative
Agent hereunder shall be allocated pursuant to Section 6.04 of the Credit
Agreement.

 

17.           Notices of Exclusive Control.   The Administrative Agent agrees that it
shall not deliver a notice of exclusive control under any control agreement
executed in connection with this Agreement until a Default or an Event of
Default has occurred and is continuing.

 

[Remainder of page intentionally left blank]

 

17

 

IN WITNESS WHEREOF, this Security Agreement has been
executed as of the day and year first above written.

 

	
   

  	
  GRANTORS:

  
	
   

  	
   

  
	
   

  	
  MAIN STREET CAPITAL
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Todd A. Reppert

  
	
   

  	
   

  	
  Name:

  	
  Todd A. Reppert

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MAIN STREET CAPITAL
  PARTNERS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Rodger Stout

  
	
   

  	
   

  	
  Name:

  	
  Rodger Stout

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial & Administrative Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MAIN STREET EQUITY
  INTERESTS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Rodger Stout

  
	
   

  	
   

  	
  Name:

  	
  Rodger Stout

  
	
   

  	
   

  	
  Title:

  	
  Vice President, Treasurer and Assistant
  Secretary

  

 

18Exhibit 10.3

 

Execution Version

 

 

MAIN STREET CAPITAL CORPORATION

as Borrower,

 

BRANCH BANKING AND TRUST COMPANY,

MORTGAGE CUSTODY DEPARTMENT OF CORPORATE TRUST SERVICES

as Custodian

 

and

 

BRANCH BANKING AND TRUST COMPANY

as Administrative Agent

 

 

AMENDED AND RESTATED

 

CUSTODIAL AGREEMENT

 

 

Dated as of September 20, 2010

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section 1.

  	
  Definitions

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 2.

  	
  Delivery of Investment Files

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 3.

  	
  Receipt of Investment Files

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 4.

  	
  Obligations of the Custodian

  	
  3

  
	
   

  	
   

  	
   

  
	
  Section 5.

  	
  Representations and Warranties of the Custodian

  	
  5

  
	
   

  	
   

  	
   

  
	
  Section 6.

  	
  Trust Receipts

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 7.

  	
  Future Defects

  	
  7

  
	
   

  	
   

  	
   

  
	
  Section 8.

  	
  Release

  	
  7

  
	
   

  	
   

  	
   

  
	
  Section 9.

  	
  Procedures Upon Default

  	
  9

  
	
   

  	
   

  	
   

  
	
  Section 10.

  	
  Fees and Expenses of Custodian

  	
  10

  
	
   

  	
   

  	
   

  
	
  Section 11.

  	
  Removal of Custodian

  	
  10

  
	
   

  	
   

  	
   

  
	
  Section 12.

  	
  Examination of Investment Files

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 13.

  	
  Insurance of Custodian

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 14.

  	
  Counterparts

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 15.

  	
  Governing Law/Submission to Jurisdiction

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 16.

  	
  Copies of Documents from Investment Files

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 17.

  	
  Resignation of Custodian

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 18.

  	
  Term of Agreement

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 19.

  	
  Notices

  	
  12

  
	
   

  	
   

  	
   

  
	
  Section 20.

  	
  Successors and Assigns

  	
  13

  
	
   

  	
   

  	
   

  
	
  Section 21.

  	
  Liability of the Custodian

  	
  13

  
	
   

  	
   

  	
   

  
	
  Section 22.

  	
  Indemnification

  	
  14

  
	
   

  	
   

  	
   

  
	
  Section 23.

  	
  Custodian’s Reliance

  	
  14

  

 

i

 

	
  Section 24.

  	
  Merger or Consolidation of Custodian

  	
  14

  
	
   

  	
   

  	
   

  
	
  Section 25.

  	
  Transmission of Investment Files

  	
  14

  
	
   

  	
   

  	
   

  
	
  Section 26.

  	
  Authorized Representatives

  	
  15

  
	
   

  	
   

  	
   

  
	
  Section 27.

  	
  Reproduction of Documents

  	
  15

  
	
   

  	
   

  	
   

  
	
  Section 28.

  	
  Force Majeure

  	
  15

  
	
   

  	
   

  	
   

  
	
  Section 29.

  	
  Confidentiality Agreement

  	
  15

  
	
   

  	
   

  	
   

  
	
  Section 30.

  	
  No Amendments

  	
  16

  
	
   

  	
   

  	
   

  
	
  Section 31.

  	
  Express Duties

  	
  16

  
	
   

  	
   

  	
   

  
	
  Section 32.

  	
  Enforcement of Rights

  	
  16

  
	
   

  	
   

  	
   

  
	
  Section 33.

  	
  No Proceedings

  	
  16

  
	
   

  	
   

  	
   

  
	
  Section 34.

  	
  Custody Agreement

  	
  16

  
	
   

  	
   

  	
   

  
	
  Exhibit 1

  	
  Intentionally
  Omitted

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit 2

  	
  Trust
  Receipt

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit 3

  	
  Request
  and Receipt for Release of Documents

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit 4

  	
  Authorized
  Representatives of the Agent and Information for Notices

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit 5

  	
  Authorized
  Representatives of the Borrower

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit 6

  	
  Authorized
  Representatives of the Custodian

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit 7

  	
  Form of
  List of Portfolio Investments

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit 8

  	
  Form of
  Comfort Letter

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit 9

  	
  Form of
  Bailee Letter

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit 10

  	
  Form of
  Certification of Sale, Exchange, Transfer or Liquidation

  	
   

  

 

ii

 

AMENDED AND
RESTATED

CUSTODIAL AGREEMENT

 

THIS
AMENDED AND RESTATED CUSTODIAL AGREEMENT (this “Agreement”), dated as of
September 20, 2010, by and among Main Street Capital Corporation (the “Borrower”),
Branch Banking and Trust Company, Mortgage Custody Department of Corporate
Trust Services, not individually, but solely in its capacity as Custodian, having
an address at 5130 Parkway Plaza Boulevard, Charlotte, North Carolina 28217
(the “Custodian”) and Branch Banking and Trust Company, acting in its
capacity as agent (the “Agent”) for itself and for the other Secured
Parties (as defined in the Credit Agreement described below).

 

PRELIMINARY STATEMENT

 

The
Borrower and the Agent, among others, are parties to the Amended and Restated
Credit Agreement, dated as of September 20, 2010 (as amended,
supplemented, restated or otherwise modified and in effect from time to time,
the “Credit Agreement”), pursuant to which the Borrower has the benefit,
subject to the terms and conditions thereof, of advances from the Lenders (as
defined in the Credit Agreement) to finance, among other things, the making of
Portfolio Investments (as defined below) by the Borrower.

 

The
Credit Agreement amends and restates in its entirety that certain Credit
Agreement dated as of October 24, 2008 by and among Borrower, the Initial
Guarantors, the lenders party thereto, and Branch Banking and Trust Company as
a lender and as administrative agent (as amended or modified prior to the date
of the Credit Agreement, the “Original Credit Agreement”).

 

Pursuant
to the Credit Agreement, the Borrower is required  to
take such action as shall be necessary to maintain the perfection of the liens
and security interests of the Agent, for the benefit of the Secured Parties (as
defined in the Credit Agreement) on the Collateral (as defined in the Credit
Agreement).  The Borrower desires to have
the Custodian take possession of the related Investment File (as defined below)
with respect to each Portfolio Investment, in accordance with the terms and
conditions hereof.  The Borrower has
agreed to deliver or cause to be delivered to the Custodian the documents
specified in Section 2 of this Agreement with respect to the
Portfolio Investments to be held pursuant to the terms of this Agreement.

 

The
Custodian is a North Carolina banking corporation, and is otherwise authorized
to act as Custodian pursuant to this Agreement.

 

This
Agreement amends and restates in its entirety that certain Custodial Agreement
dated as of October 24, 2008 by and among the Borrower, the Custodian and
the Agent.

 

In
consideration of the mutual undertakings herein, expressed, the parties hereto
hereby agree as follow:

 

 

Section 1.                                            Definitions.

 

Unless
otherwise defined herein, capitalized terms not otherwise defined herein are
used as defined in the Credit Agreement, and the following terms shall have the
following meanings:

 

Agreement:  shall mean
this Agreement, as supplemented or amended from time to time.

 

Authorized Person:  shall
have the meaning set forth in Section 26 of this Agreement.

 

Business Day:  means any
day other than a Saturday or Sunday, or a day on which banking and savings and
loan institutions in North Carolina are authorized or obligated by law or
executive order to be closed, and a day on which the Custodian is open in the
State of North Carolina.

 

Comfort Letter: 
means a letter substantially in the form attached hereto as Exhibit 8
furnished to the Custodian by the Borrower in connection with the closing of
the transactions creating a Portfolio Investment, a copy of which letter is
delivered to the Custodian with the related Investment File.

 

Credit Agreement:  shall
have the meaning set forth in the first paragraph of the Preliminary Statement.

 

Investment File: 
means those documents listed in Section 2(a) of this Agreement
that are delivered to the Custodian pursuant to Section 2 hereof or that
otherwise come into the possession of the Custodian.

 

List of Portfolio Investments:  means a listing, substantially in the form of
which is attached hereto as Exhibit 7, of all Portfolio Investments
delivered to the Custodian (which List of Portfolio Investments may be in the
form of microfiche or computer file or other medium acceptable to the
Custodian).

 

Person:  shall mean
an individual, general partnership, limited partnership, limited liability
partnership, corporation, business trust, joint stock company, limited liability
company, trust, unincorporated association, joint venture, governmental
authority, or other entity of whatever nature.

 

Portfolio Investment:  shall have the meaning set forth in the
Credit Agreement.

 

Trust Receipt: 
shall mean a trust receipt, substantially in the form set forth on Exhibit 2
hereto, covering the Investment Files relating to the Portfolio Investment
described therein, which trust receipt is issued to the Agent.

 

UCC:  shall mean
the Uniform Commercial Code as in effect in the applicable jurisdiction.

 

2

 

Section 2.                                            Delivery of Investment Files.

 

(a)                                  Within five (5) Business Days of the date
that the Borrower makes a Portfolio Investment, the Borrower shall deliver or
cause the Borrower’s closing agent to deliver to the Custodian, the following
documents pertaining to such Portfolio Investment, along with a Comfort Letter
listing each document to be included in the Investment File for such Portfolio
Investment so delivered to the Custodian, each of which Portfolio Investment
shall be identified in a Schedule delivered in printed and electronic format
therewith:

 

(i)                                     any and all original executed promissory notes issued by the Obligor
pursuant to the applicable agreements evidencing such Portfolio Investment,
together with an indorsement executed in blank;

 

(ii)                                  any and all original certificates representing equity interests pledged
to secure the obligations of the Obligor relating to such Portfolio Investment,
together with transfer powers for each such certificate, executed in blank; and

 

(iii)                               any and all original letters of credit, instruments, certificates of
deposit or chattel paper or other original documents, the physical possession
of which is necessary in order for the Agent, on behalf of the Secured Parties,
to perfect or preserve the priority of its security interest therein.

 

(b)                                 From time to time, the Borrower shall forward
to the Custodian additional documents of the type described in the foregoing
clause (a) evidencing any assumption, modification, consolidation or
extension of any Portfolio Investment, in accordance with the terms of the
Credit Agreement, and upon receipt of any such additional documents, the
Custodian shall hold such additional documents in accordance with the terms of
this Agreement.  Any additional documents
forwarded shall include a transmittal with instructions on filing and the name
of the Portfolio Investment to which it relates and any other information reasonably
requested by the Custodian.

 

Section 3.                                            Receipt of Investment Files.

 

After
receipt of each Investment File, the Custodian shall deliver a Trust Receipt to
the Agent in accordance with Section 6 hereof.

 

Section 4.                                            Obligations of the Custodian.

 

The
Custodian hereby confirms that (i) with respect to Investment Files
delivered to it on or before the date hereof, it has reviewed the List of
Portfolio Investments therewith, and with respect to any subsequently delivered
Investment Files, it will review the List of Portfolio Investments delivered
therewith, (ii) with respect to Investment Files delivered to it on or
before the date hereof, it holds such Investment Files corresponding to each
Portfolio Investment listed on the List of Portfolio Investments to which it
relates and, with respect to any subsequently delivered Investment Files, it
will hold such Investment Files corresponding to each Portfolio Investment
listed on the List of Portfolio Investments to which it relates and (iii) for
each 

 

3

 

Portfolio
Investment, each Investment File contains each of the documents listed on
Schedule A to the Comfort Letter relating to such Portfolio Investment
(excluding the items listed on the schedule of exceptions attached to the
related Trust Receipt) and if Schedule A to the Comfort Letter indicates that a
document is an original, the Custodian confirms that it has received such
original document (except as indicated on the schedule of exceptions attached
to the related Trust Receipt).  The
Custodian shall create a separate account in the name of the Borrower in which
all assets, including the Portfolio Investments and any Investment Files, shall
be held, subject to the security interests of the Agent pursuant to the
Collateral Documents.  The Custodian
shall dispose of or release such assets only upon the receipt of proper
instruction from the Authorized Persons of the Borrower or as otherwise
specifically set forth in this Agreement.

 

The
Custodian hereby acknowledges that, (A) to secure its obligations under
the Credit Agreement, the Borrower has granted a security interest to the Agent
in its Portfolio Investments and related assets with respect to the Obligations
(as defined in the Credit Agreement) including, without limitation, each
document listed on the schedule to each Trust Receipt and (B) (i) it
has in its physical possession the related Investment File with respect to each
Portfolio Investment listed on the schedule to each Trust Receipt (excluding
the items listed on the schedule of exceptions attached to the related Trust
Receipt, if any) (the “Property”), (ii) it will hold the Property
as bailee for and on behalf of the Agent for purposes of perfecting the
interests of the Agent therein, for the benefit of the Secured Parties (as
defined in the Credit Agreement), as provided in Section 9-313 of
the UCC, and (iii) it is not holding the Property on behalf of the
Borrower or any other person or entity (including itself).  The Custodian agrees that it will continue to
hold the Property in its possession and not transfer the Property without the
prior written consent of the Agent and, so long as no Default or Event of
Default has occurred and is continuing, the Borrower, except in accordance with
this Agreement.  Following indefeasible
payment in full of all amounts owing under the Loan Documents in respect of the
Obligations, and the cancellation or termination of the commitments under the
Credit Agreement and any other contingent obligations, the security interest of
the Agent shall be released in accordance with the terms of the Loan Documents
and the Property shall revert to the Borrower.

 

The
Custodian hereby agrees to hold all documents evidencing or representing
ownership in or the Borrower’s interest or investment in a Portfolio Investment
which have been or are delivered to the Custodian by the Borrower or by any
other third party at the written direction of the Borrower, including without
limitation all promissory notes, certificates and other “instruments” within
the meaning of the UCC, as agent and bailee of the Agent, as secured party, and
acknowledges that this Agreement constitutes notice in accordance with the UCC
and other applicable law of the Agent’s security interest in such collateral
and does hereby consent thereto.  The
Custodian shall hold all documents received by it constituting the related
Investment File with respect to each Portfolio Investment as described in the
preceding paragraph, and shall make disposition thereof only in accordance with
the terms of this Agreement.  The
Custodian shall segregate and maintain continuous custody of all documents
constituting each Investment File in a fire resistant vault in accordance with
customary standards for such custody, and such Investment Files shall be
clearly marked with appropriate notation in the Custodian’s computer files to
indicate that the Investment Files are held by the Custodian pursuant to this
Agreement in a custodial capacity only. The Borrower and the Agent shall have
the opportunity to inspect the filing procedures, facilities, and the security
procedures.  The Agent has made such
inspection and has found them to comply with this Agreement.

 

4

 

The
Custodian shall conduct, or cause to be conducted, periodic reviews of all
items held by it under this Agreement in such a manner as shall enable the
Agent or the Borrower to verify the accuracy of the Custodian’s record keeping.

 

The
Custodian agrees and covenants that it will separately identify the related
Investment Files with respect to each Portfolio Investment delivered to the
Custodian pursuant to this Agreement from any and all other files, documents or
agreements at any time or from time to time delivered to the Custodian by or on
behalf the Borrower or any of its affiliates.

 

In
the event that (i) the Agent, the Borrower or the Custodian shall be
served by a third party with any type of levy, attachment, writ or court order
with respect to any Investment File or any document included within an
Investment File or (ii) a third party shall institute any court proceeding
by which any Investment File or a document included within an Investment File
shall be required to be delivered otherwise than in accordance with the
provisions of this Agreement, the party receiving such service shall promptly
deliver or cause to be delivered to the other parties to this Agreement copies
of all court papers, orders, documents and other materials concerning such
proceedings. The Custodian shall, to the extent permitted by law and any court order,
continue to hold and maintain all Investment Files that are the subject of such
proceedings pending an order of a court of competent jurisdiction permitting or
directing disposition thereof.  Upon
final determination of such court, and if permitted by such determination, the
Custodian shall release such Investment File or any document included within
such Investment File as directed in writing by the Borrower (with notice to the
Agent), or, if a Default or Event of Default has occurred and is continuing,
the Agent, which shall give a direction consistent with such court
determination. The Custodian shall have no obligation to monitor or appear in
any such proceeding on behalf of or in the name of the Borrower or the Agent.  Expenses and fees (including without
limitation, attorney’s fees) of the Custodian incurred as a result of such
proceedings shall be borne by the Borrower.

 

Section 5.                                            Representations and Warranties of the Custodian.

 

The
Custodian represents and warrants to the Administrative Agent that:

 

(a)                                  The Custodian (i) is duly organized,
validly existing and in good standing under the laws of North Carolina, (ii) has
full corporate power and authority to conduct its business and affairs as a
custodian and (iii) is a bank having the qualifications prescribed in Section 26(a) of
the Investment Company Act of 1940, as amended (the “1940 Act”) for the
trustees of unit investment trusts.

 

(b)                                 The Custodian hereby represents and warrants
that it does not control, is not controlled by, nor is under common control
with (either directly or indirectly) the Borrower or any of its affiliates.

 

(c)                                  This Agreement, when executed and delivered by
the Custodian, shall constitute the valid, legal and binding obligation of the
Custodian, enforceable against the Custodian in accordance with its terms,
except as the enforcement thereof may be limited by applicable receivership or
similar debtor relief laws and that certain equitable 

 

5

 

remedies
may not be available regardless of whether enforcement is sought in equity or
at law.

 

(d)                                 The Custodian is not in material breach of any
material agreement to which it is a party.

 

(e)                                  By execution of this Agreement, the Custodian
represents, warrants and covenants that it does not currently hold, and during
the existence of this Agreement shall not hold, any adverse interest, by way of
security or otherwise, in any Portfolio Investment, and hereby waives any lien
which the Custodian might have pursuant to statute or otherwise available at
law or in equity on the Portfolio Investments and the documents constituting
the related Investment File with respect to each Portfolio Investment held by
the Custodian hereunder, including all monies and proceeds derived therefrom or
relating thereto.

 

(f)                                    The Custodian shall not, except with respect
to the Custodian’s right to receive its reasonable and customary fees and
expenses hereunder, at any time exercise or seek to enforce any claim, right or
remedy, including any statutory or common law rights of set-off, if any, that
the Custodian may otherwise have against all or any part of an Investment File,
a Portfolio Investment, or any proceeds of the foregoing or against the
Borrower or the Agent.

 

(g)                                 The Custodian maintains insurance as required
by Section 13 hereof.

 

The
representations and warranties of the Custodian set forth above shall survive
the execution, delivery and termination of this Agreement shall inure to the
benefit of the Agent and the Borrower so long as this Agreement is in effect.

 

Section 6.                                            Trust Receipts.

 

Within
two Business Days after the receipt of the Investment Files pursuant to Section 2
hereof or such other time period mutually agreed to by the Borrower, the Agent
and the Custodian, the Custodian shall ascertain that (i) all documents
required to be delivered to it are in its possession, and (ii) that each
note, certificate or other original collateral document, if any, listed in
Schedule A to each Comfort Letter is an original, executed counterpart of such
document, except as set forth on the exception schedule and (iii) shall
deliver to the Agent a Trust Receipt substantially in the form of Exhibit 2
attached hereto.

 

Each
Trust Receipt issued hereunder shall be numbered sequentially, and the
Custodian shall maintain a record of such numbers and the name of the party to
which such Trust Receipt was issued.

 

The
Custodian makes no representation as to: 
(i) the validity, legality, sufficiency, enforceability or
genuineness of any of the documents contained in each Investment File or (ii) the
collectability, insurability, effectiveness or suitability of any Portfolio
Investment.  The Custodian shall have no
obligation to verify the receipt of any documents, the existence of which was
not delivered or not made known to the Custodian as part of the Investment
File, and the Custodian shall have no obligation to determine whether the
recordation of any document is 

 

6

 

necessary,
nor shall the Custodian be responsible for the value, form, substance,
validity, perfection, priority, effectiveness or enforceability of any of such
documents.

 

The
Custodian shall provide the Agent and the Borrower with an exception report
which shall be attached to such Trust Receipt and shall specifically identify
any missing endorsements or documents required to be delivered to the Custodian
pursuant to Section 2 and the party or parties whose signatures may
be required for any such endorsement. 
The Custodian shall have no duty to obtain any missing endorsement or
document.  The Custodian shall be under
no duty or obligation to inspect, review or examine any such documents,
instruments, certificates or other papers to determine that they are genuine,
enforceable, executed by an authorized officer, or appropriate for the
represented purpose or that they are other than what they purport to be on
their face.

 

Section 7.                                            Future Defects.

 

During
the term of this Agreement, the Custodian shall immediately notify the Agent
and the Borrower of any defect with respect to an Investment File or any
failure on its part to hold the Investment Files as herein provided.

 

Section 8.                                            Release.

 

(a)                                  From time to
time and as requested by the Agent, the Custodian is hereby authorized, upon
receipt from the Agent of a request and receipt for release of documents, in
substantially the form annexed hereto as Exhibit 3, reasonably
believed by the Custodian to be signed by an Authorized Person of the Agent
whose name appears on Exhibit 4 hereof to release to the Agent or its
designee the related Investment File or the documents set forth in such request
and receipt of such Person.  The Agent
agrees with Borrower that it will not make any request for release unless a
Default or Event of Default has occurred and is continuing.

 

(b)                                 From time to
time so long as no Default or an Event of Default has occurred and is
continuing, in connection with a sale, transfer, exchange, liquidation, payment
in full or modification or extension of any Portfolio Investment in the
ordinary course of business, and subject to the other provisions set forth in
this Section 8, the Custodian is also authorized, upon receipt from the
Borrower of a request and receipt for release of documents, in substantially
the form annexed hereto as Exhibit 3, reasonably believed by the
Custodian to be signed by an Authorized Person of the Borrower whose name
appears on Exhibit 5 hereof, to release the related Investment File
or the related documents set forth in such request and receipt for release to a
party other than the Borrower or any of its Affiliates.  The Borrower shall provide a copy of any such
request and receipt for release to the Agent simultaneously with the delivery
thereof to the Custodian.  At any time
when three (3) or more Investment Files are currently released pursuant to
any request by or on behalf of the Borrower, the Custodian shall, prior to
giving effect to such release, obtain the consent of the Agent prior to
complying with such requested release (which consent shall not be unreasonably
withheld prior to the occurrence and continuance of any Default or Event of
Default).  The Custodian shall promptly
notify the Agent after it has released any Investment File or any document
therein.  Any transmittal of
documentation pursuant to a request and receipt for release under this clause (b) shall
be under the cover of a transmittal letter substantially in the form of the
Bailee Letter attached as Exhibit 9  

 

7

 

hereto,
duly completed and executed by the Custodian. 
The Custodian shall retain the executed Bailee Letter in the stead of
the related Investment File and shall notify the Agent and the Borrower in the
event that the third party designated to receive such Investment File or such
documents fails to execute and deliver to the Custodian a countersignature to
the Bailee Letter within three (3) Business Days of delivery thereof.

 

(c)                                  The Custodian
shall release any requested Investment Files pursuant to the foregoing at the
direction of the Borrower or the Agent, as the case may be, on the same day, if
the request therefor is received by the Custodian prior to 2:00 p.m.
Eastern time, or, otherwise, on the next succeeding Business Day after receipt
of a request of release therefor.  The
Custodian shall maintain a list of the Investment Files or if less than the
entire Investment File, the documents released. 
Upon return of the documents or the Investment File, the Custodian shall
maintain a list of the Investment Files or the documents returned.

 

(d)                                 The Borrower
covenants and agrees that:

 

(i)                                     in the case of
any documents of a type described in clauses 2(a)(i) or 2(a)(iii), it
shall not make any request for the release thereof until the obligations of the
Obligor under the related Portfolio Investment have been repaid in full, except
for (A) ultimate sale or exchange, and in such case the Borrower further
agrees that all cash proceeds thereof shall be deposited in a deposit account
that is the subject of a control agreement that creates a valid and perfected
first-priority security interest in and lien in favor of the Administrative
Agent for the benefit of the Secured Parties or (B) renewal, amendment or
registration of transfer; provided that any document received in replacement,
substitution or exchange thereof is delivered to the Custodian prior to release
of the existing original;

 

(ii)                                  it shall not,
directly or indirectly, maintain physical possession or “control” within the
meaning of the UCC of any Investment Files or documents released pursuant to
this Section 8 or instruct any Person to release or deliver the Investment
Files or any documents to it or any of its Affiliates or any agent on its or
their behalf (other than the Agent);

 

(iii)                               it shall
instruct each third party to which an Investment File is delivered pursuant to
clause (b) to execute and deliver to the Custodian a countersignature to
the Bailee Letter delivered to such Person in connection therewith (which
delivery may be by facsimile) and, in the event that such Person fails to do so
within three (3) Business Days of receipt of any Investment File or
documents, and the Portfolio Investment relating to such Investment File or
document has not yet been sold, exchanged, transferred, liquidated or paid in
full, it shall direct such Person, and shall use its best efforts to cause such
Person, to immediately return the Investment File and any documents to the
Custodian;

 

(iv)                              it shall
promptly instruct such third parties to whom any Investment File or documents
have been delivered to return to the Custodian any Investment File or other
such documents when the need therefor no longer exists, unless the Portfolio
Investment shall be sold, exchanged, transferred or liquidated, in which case,
thereupon it shall, in

 

8

 

substantially
the form annexed hereto as Exhibit 10, certify to the Custodian and
the Agent that such sale, transfer or liquidation has occurred;

 

(v)                                 at any time an
Investment File or documents therein are not held by the Custodian or by a
bailee that has executed and delivered a valid, binding and effective Bailee
Letter in favor of the Agent , the related Portfolio Investment shall not be
eligible for inclusion in the Borrowing Base unless otherwise agreed in writing
by the Agent in its sole discretion; and

 

(vi)                              it shall not
make any request for release of any Investment File or documents therein if,
after giving effect to such release, a Default shall occur and be continuing.

 

The Agent shall have the right to instruct the Custodian not to
release, and Custodian in such instance agrees not to so release, an Investment
File if, in its good faith judgment, the Agent believes that the Borrower’s
request does not or shall not comply with the foregoing covenants.

 

(e)                                  Any Person may
provide an electronic transmission for release of documents in a form agreed to
in advance of the initial transmission by the Borrower, the Agent and the
Custodian containing information readable without intervention by the Custodian’s
data processing operations or computer hardware and software staff, and
arranged in a record layout to be specified by the Custodian (a “Paperless
Release Request”).  All parties agree
to maintain and control access to electronic signature information and assume
liability for any unauthorized use thereof. 
Such parties also agree to maintain accurate records of electronic
transactions related to the Investment Files. 
Each such Person hereby authorizes the Custodian to automatically append
the electronic signature of an Authorized Representative to the applicable
request for release of documents and agrees and acknowledges that by appending
such Authorized Representative’s electronic signature, the Custodian shall be
entitled to rely thereon.  For purposes
of this Agreement, the term “electronic signature” is defined as an “electronic
identifier intended by the person using it to have the same force and effect as
the use of a manual signature.”  Each
Paperless Release Request shall be confirmed in writing and delivered to all
parties in accordance with Section 19.  All parties agree in advance to comply with
all of the Custodian’s security and record layout standards in connection with
any Paperless Release Request as may be amended from time to time upon notice
from the Custodian to such parties.  The
Custodian reserves the right to restrict or suspend such parties’ access to the
Custodian’s computer systems for maintenance or repairs or for any other reason
in the Custodian’s sole discretion, provided, however, that the
Custodian shall promptly provide such parties notice of such restriction or
suspension.  Notwithstanding the
foregoing, such parties are authorized to transmit, and the Custodian is
authorized to accept, signed facsimile copies of requests for release.

 

Section 9.                                            Procedures Upon Default.

 

(a)                                  The Agent shall notify the Custodian when a
Default or an Event of Default has occurred and is continuing.  No knowledge of any Default or Event of
Default will be implied against the Custodian in the absence of such
notice.  The 

 

9

 

Custodian
shall have no duty to inquire whether a Default or an Event of Default has
occurred and is continuing.

 

(b)                                 Following notification by the Agent (which may
be by facsimile) to the Custodian that a Default or an Event of Default has
occurred and is continuing, the Custodian shall not release any item relating
to any Portfolio Investment (including without limitation the Investment Files)
to the Borrower or any other Person without the express prior written consent
and at the direction of the Agent.

 

(c)                                  Upon the written direction of the Agent from
and after the occurrence of a Default or an Event of Default, the Custodian
shall submit for recording and/or filing any assignments, instruments of
transfer or other documents with respect to each Portfolio Investments.  The Borrower shall be responsible for all
reasonable out-of-pocket costs and expenses of the Custodian associated with
the recording and/or filing of any such assignments, instruments of transfer or
other documents with respect to the Portfolio Investments.

 

Section 10.                                      Fees and Expenses of Custodian.

 

All
reasonable fees of the Custodian for its services under this Agreement, and any
reasonable expenses incurred by the Custodian (including but not limited to
reasonable counsel fees), will be promptly paid and reimbursed by the Borrower,
or its affiliate, pursuant to a fee agreement between the Borrower, or its
affiliate, and the Custodian.

 

Section 11.                                      Removal of Custodian.

 

(a)                                  The Agent or the Borrower, upon (i) at
least thirty (30) days prior written notice to the Custodian and the other
party, may remove and discharge the Custodian (or any successor custodian
thereafter appointed), with cause, and (ii) at least sixty (60) days prior
written notice to the Custodian and the other party, and with the consent of
the other party (which consent shall  not
be unreasonably withheld), may remove and discharge the Custodian (or any
successor custodian thereafter appointed), without cause, from the performance
of its obligations under this Custodial Agreement; provided, that, if a Default
or an Event of Default has occurred and is continuing, (Y) the Borrower’s
consent shall not be required as a condition to Agent’s removing or discharging
the Custodian without cause, and (Z) the Borrower shall have no right to
remove or discharge the Custodian without cause.  Promptly after the giving of notice of
removal of the Custodian, the Agent shall appoint, by written instrument, a
successor custodian, which appointment shall, unless a Default or an Event of
Default has occurred and is continuing, require the consent of the Borrower,
which consent shall not be unreasonably withheld. One original counterpart of
such instrument of appointment shall be delivered to each of the Agent, the
Borrower, the Custodian and the successor custodian.

 

(b)                                 In the event of any such removal, the
Custodian shall promptly transfer to the successor custodian, as directed in
writing, all the Investment Files being administered under this Custodial Agreement.
The cost of the shipment of Investment Files shall be at the expense of the
Custodian, in the event of a removal for cause, and 

 

10

 

otherwise
at the expense of the Borrower. The Borrower shall be responsible for the fees
and expenses of the successor custodian.

 

Section 12.                                      Examination of Investment Files.

 

Upon
reasonable prior written notice to the Custodian, the Borrower and the Agent
and their respective agents, designees, accountants, attorneys and auditors
will be permitted during normal business hours to examine the Investment
Files.  In addition, the Custodian shall
permit access during normal business hours to vendors, professionals and others
employed by the Borrower for the purpose of reviewing and repairing document
deficiencies contained in the Investment Files. 
All records relating to the Borrower’s assets shall remain the property
of the Borrower, and the Custodian shall maintain such records in accordance
with the 1940 Act.  Any such examination
shall be subject to the reasonable procedures of the Custodian.  The Borrower shall indemnify and hold the
Custodian harmless from all claims, costs, expenses, losses and damages
incurred by the Custodian as a result of the loss or misplacement of any
Investment Files or documents or papers contained in the Investment Files while
in the possession of the examining party, except in the case of any loss or
misplacement resulting from the gross negligence or willful misconduct of the
Agent or its respective agents, designees, accountants, attorneys or auditors.

 

The
Investment Files will initially be maintained at the Custodian’s office located
at 5130 Parkway Plaza Boulevard, Charlotte, North Carolina 28217 and the
Custodian will provide at least 30 days prior written notice to the Borrower
and the Agent before such location is changed.

 

Section 13.                                      Insurance of Custodian.

 

At
its own expense, the Custodian shall maintain at all times during the existence
of this Agreement and keep in full force and effect fidelity insurance, theft
of documents insurance, and such insurance shall be in amounts with standard
coverage and subject to deductibles as is customary for insurance typically
maintained by banks which act as custodian of assets similar to the Portfolio
Investments, and in no event in an annual amount less than $1,000,000.

 

Section 14.                                      Counterparts.

 

For
the purpose of facilitating the execution of this Agreement as herein provided
and for other purposes, this Agreement may be executed simultaneously in any
number of counterparts each of which counterparts shall be deemed to be an
original, and such counterparts shall constitute and be one and the same
instrument.

 

Section 15.                                      Governing Law/Submission to Jurisdiction.

 

This
Agreement shall be deemed to have been made in and shall be construed in
accordance with the laws of the State of North Carolina and its validity,
construction and effect shall be governed by the internal laws of the State of
North Carolina applicable to agreements wholly performed therein.  The appropriate state and federal courts
located in the County of Mecklenburg or the County of Forsyth in the State of
North Carolina shall be an appropriate venue for any action, suit or other
proceeding arising from or based upon this Agreement.  The parties hereto waive any objection to the
propriety or convenience of venue in such courts or to 

 

11

 

the
jurisdiction of such courts over any party and agree that any judgment entered
therein may be enforced with no further defense or offset in any jurisdiction
in which the defendant is a citizen, resides or owns property.  Nothing in this Section 15 shall
affect the right of the Agent to bring any action or proceeding against any
party hereto or its property in the courts of any other jurisdiction.

 

Section 16.                                      Copies of Documents from Investment Files.

 

Upon
the request of the Borrower or, with notice to the Borrower, the Agent and at
the cost and expense of the Borrower (including fees and expenses associated
with researching and making its copies), the Custodian shall provide the
Borrower or the Agent with copies of the documents in the related Investment
File with respect to each Portfolio Investment.

 

Section 17.                                      Resignation of Custodian.

 

The
Custodian may resign upon at least 60 days prior written notice to the Borrower
and the Agent.  Upon such resignation,
the Agent may appoint a successor custodian in accordance with Section 11
hereof, and the resigning Custodian shall immediately comply with the
provisions of such Section 11. 
If a successor is not appointed within forty-five (45) days, the
Custodian may petition a court of competent jurisdiction for a successor.
Regardless of the reasons for the removal or resignation of the Custodian, the
obligations of a removed or resigning Custodian under this Custodial Agreement
and its status as custodian for and bailee of the Agent with respect to the
Collateral covered hereby shall continue until all of the Investment Files
being administered under this Custodial Agreement have been transferred to the
successor custodian in accordance with Section 11.  The payment of such successor custodian’s
fees shall be solely the responsibility of the Borrower.

 

Section 18.                                      Term of Agreement.

 

Promptly
after written notice from the Agent of the termination of the Credit Agreement
and payment in full of all amounts owing to the Secured Parties and the Agent
thereunder, the Custodian shall deliver all documents remaining in the
Investment Files to the Borrower in accordance with the Borrower’s written
instructions.  The Borrower shall not be
obligated to pay any fees or expenses of the Custodian, except for shipping
costs, attributable to periods following delivery of the Borrower’s written
delivery instructions to the Custodian.

 

Section 19.                                      Notices.

 

All
demands, notices and communications hereunder shall be in writing and shall be
deemed to have been duly given when received by the recipient party at the
address shown on the first page hereof or at such other address as may
hereafter be furnished to the other party by like notice. Any such demand,
notice or communication hereunder shall be deemed to have been received on the
date actually delivered to or received at the premises of the addressee (as
evidenced, in the case of registered or certified mail, by the date noted on
the return receipt).

 

12

 

If
to Borrower:

 

Main Street Capital Corporation

1300 Post Oak Boulevard, Suite 800

Houston, Texas  77056

Attention:  Rodger Stout

Telephone:  (713) 350-6000

Facsimile:  (713) 350-6042

 

If
to the Agent:

 

At such address, phone number and facsimile number as set forth in Exhibit 4
hereto.

 

If
to the Custodian:

 

Branch Banking and Trust Company,

Mortgage Custody Department of Corporate Trust Services

5130 Parkway Plaza Boulevard

Charlotte, North Carolina 28217-1964

Attention:  Susan Tittl

Telephone:  (704) 954-1852

Telecopy:  (704) 954-1830

 

Section 20.                                      Successors and Assigns.

 

Except
as provided herein, the Custodian may not assign its rights or delegate its
obligations under this Agreement without the express written consent of the
Borrower and the Agent.  Any attempted
assignment of rights or delegation of duties by the Custodian without such
consent shall be void.  This Agreement
shall inure to the benefit of the successors and assigns of the parties hereto.

 

Section 21.                                      Liability of the Custodian.

 

Neither
the Custodian nor any of its directors, officers, agents or employees shall be
liable for any action taken or omitted to be taken by it or them hereunder or
in connection herewith in good faith and believed by it or them to be within
the purview of this Agreement, including without limitation in the selection of
shippers and methods of shipment, except for its or their own gross negligence
or willful misconduct.  In no event shall
the Custodian or its directors, officers, agents and employees be held liable
for any special, indirect or consequential damages resulting from any action
taken or omitted to be taken by it or them hereunder or in connection
herewith.  The Custodian shall not be
responsible to any party for recitals, statements or warranties or
representations of the Borrower contained herein or in any document or be bound
to ascertain or inquire as to the performance or observance of any of the terms
of this Agreement or any participation and servicing agreement with respect to
the Portfolio Investments on the part of the Borrower, except as may otherwise
be specifically set forth herein.

 

13

 

Section 22.                                      Indemnification.

 

The
Borrower agrees to defend, indemnify and hold the Custodian and its directors,
agents and employees harmless against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursement of any kind or nature whatsoever, including reasonable attorney’s
fees, that may be imposed on, incurred by, or asserted against it or them in
any way relating to or arising out of this Agreement or any action taken or not
taken by it or them hereunder unless such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs or expenses are determined
by a final judicial decree to result from the gross negligence, lack of good
faith or willful misconduct of the Custodian, its directors, officers, agents
or employees.  The foregoing
indemnification shall survive any termination of this Agreement or the
resignation or removal of the Custodian.

 

Section 23.                                      Custodian’s Reliance.

 

In
the absence of bad faith on the part of the Custodian, the Custodian may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any request, instructions, certificate,
opinion or other document furnished to the Custodian, believed by the Custodian
to be genuine and to have been signed or presented by the proper party or
parties and conforming to the requirements of this Agreement; but in the case
of any Investment File or other request, instruction, document or certificate
which by any provision hereof is specifically required to be furnished to the
Custodian, the Custodian shall be under a duty to examine the same to determine
whether or not it conforms to the requirements of this Agreement.  The Custodian may consult with outside
counsel approved by the Borrower and any opinion shall be full and complete
authorization and protection in respect of any action taken or suffered or
omitted by it hereunder in good faith and in accordance with such opinion of counsel.

 

Section 24.                                      Merger or Consolidation of Custodian.

 

Any
Person into which the Custodian may be merged or converted or with which it may
be consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Custodian shall be a party, or any Person succeeding
to the business of the Custodian, shall be the successor of the Custodian under
this Agreement, without the execution of filing of any paper or any further act
on the part of the parties hereto, anything herein to the contrary
notwithstanding.

 

Section 25.                                      Transmission of Investment Files.

 

The
Custodian shall use United Parcel Service, Federal Express or other nationally
recognized overnight courier service for the purpose of transmission of the
Investment Files in the performance of the Custodian’s duties hereunder.  The Borrower will arrange for the provision
of such services at its sole cost and expense (or, at the Custodian’s option,
reimburse the Custodian for all costs and expenses incurred by the Custodian
consistent with such instruction) and will maintain such insurance against loss
or damage to Investment Files as the Agent deems appropriate.  Without limiting the generality of the
provisions of Section 21 above, it is expressly agreed that in no
event shall the Custodian have any liability for any losses or 

 

14

 

damages
to any person, including without limitation, the Borrower, arising out of
actions of the Custodian consistent with instructions of the Borrower.

 

Section 26.                                      Authorized Representatives.

 

Each
representative of the Agent, the Borrower and the Custodian who is named on Exhibit 4,
Exhibit 5, or Exhibit 6 hereto, respectively (an “Authorized
Person”) is authorized to give and receive notices, requests and
instructions, to deliver certificates and documents in connection with this
Agreement on behalf of the Agent, the Borrower or the Custodian, respectively,
and may, by delivering to the others a revised exhibit, change the information
previously given, but each of the other parties hereto shall be entitled to
rely conclusively on the last exhibit until receipt of a superseding exhibit.

 

Section 27.                                      Reproduction of Documents.

 

This
Agreement and all documents relating thereto, including, without limitation, (a) consents,
waivers and modifications which may hereafter be executed, and (b) certificates
and other information previously or hereafter furnished, may be reproduced by
any photographic, photostatic, microfilm, microcard, miniature photographic or
other similar process.  The parties agree
that any such production shall be admissible in evidence as the original itself
in any judicial or administrative proceeding, whether or not the original is in
existence and whether or not such reproduction was made by a party in the
regular course of business, and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence.

 

Section 28.                                      Force Majeure.

 

To
the maximum extent permitted by law and notwithstanding any other provision of
this Agreement, the Custodian will not be liable for, and the Borrower hereby
releases the Custodian from responsibility for all losses, claims, liabilities,
expenses (including counsel fees both outside and internal allocated costs) and
damages due to errors, delays or inaccuracies in transmission and from all
liability for losses arising out of interruption of business due to acts of
God, acts of governmental authority, acts of a public enemy, or due to any and
all wars, riots, fires, floods, civil commotion, insurrections, labor
difficulties, severe weather conditions, interruption, delay in, or loss
(partial or complete) of electrical power or external computer (hardware or
software) or communications services, strikes or other labor disturbance by
employees or nonaffiliates, government, judicial or regulatory organization
order, rule or regulation; energy or natural resource difficulty or
storage, and inability to obtain materials, equipment or transportation and
equipment, system and software failures or any other causes beyond the
reasonable control of the Custodian, preventing or delaying performance of any
obligation under this Agreement.  This
release shall survive termination of this Agreement.

 

Section 29.                                      Confidentiality Agreement.

 

The
Custodian acknowledges that the Investment Files may contain information which
the Borrower deems “confidential”, “proprietary” and “secret.”  The Custodian shall hold and, shall at all
times ensure that its employees and agents hold in confidence all information
contained in the Investment Files, and will prevent (a) the disclosure by
it or its agents or 

 

15

 

employees
to others of any such proprietary, confidential or secret information of the
Portfolio Investments or (b) the use of such information other than for
purposes set forth herein, unless authorized to do so in writing by the
Borrower.

 

Section 30.                                      No Amendments.

 

No
amendments or modifications to this Agreement shall be effective unless agreed
to in witting by all the parties hereto.

 

Section 31.                                      Express Duties.

 

It
is expressly agreed by the parties hereto that the Custodian has no duties or
obligations regarding the Investment Files other than that specifically set
forth in this Agreement and has no obligation to sign any documents except for
those specifically agreed to be executed by the Custodian under this Agreement
as custodian and the Custodian shall not be required to place its funds at risk
and may require written indemnification for any action requested to be taken
that is not specifically set forth in this Agreement.  The Custodian may without incurring any
liability to any person delay performance hereunder to verify the authority of
any Authorized Person or to consult with its legal counsel.

 

Section 32.                                      Enforcement of Rights.

 

The
Custodian and the Borrower each acknowledge that the Agent shall have the
right, subject to the terms of the Loan Documents, to enforce the Borrower’s
rights and remedies under this Agreement, including, without limitation, the
right at any time to enforce this Agreement and the obligations of the
Custodian hereunder, and the right at any time to give or withhold any and all
consents, requests, notices, directions, approvals, demands, extensions or
waivers under or with respect to this Agreement with respect to Investment
Files; provided, however, that the Agent shall not be obligated to perform any
of the obligations of the Borrower under this Agreement.  The Custodian acknowledges that the rights of
the Agent with respect to the rights and remedies in connection with any
indemnification or any breach of any representation, warranty or covenant made
by the Custodian under this Agreement shall be continuing and shall survive any
termination of this Agreement.

 

Section 33.                                      No Proceedings.

 

The
Custodian hereby agrees that it will not institute suit against the Borrower,
or join any other Person in instituting against the Borrower, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or any
other proceedings under any federal or state bankruptcy or similar law.  The foregoing shall not limit the Custodian’s
right to file any claim in or otherwise take any action with respect to any
insolvency proceeding that was instituted by any Person other than the
Custodian.

 

Section 34.                                      Custody Agreement.

 

Each
party hereto represents that this Agreement is a 1940 Act custody agreement and
shall be interpreted in accordance therewith; provided, however, that nothing
in the foregoing 

 

16

 

shall
be deemed to adversely affect the perfection of the security interests of the
Agent for the benefit of the Secured Parties in the Collateral pursuant to the
provisions of this Agreement.

 

17

 

IN
WITNESS WHEREOF, the Borrower, the Agent and the Custodian have caused their
names to be duly signed hereto by their respective officers’ thereunto duly
authorized, all as of the first above written.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  MAIN
  STREET CAPITAL CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Todd A. Reppert

  
	
   

  	
   

  	
  Name:
  

  	
  Todd
  A. Reppert

  
	
   

  	
   

  	
  Title:
  

  	
  President
  and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CUSTODIAN:

  
	
   

  	
   

  
	
   

  	
  BRANCH
  BANKING AND TRUST COMPANY, MORTGAGE CUSTODY DEPARTMENT OF CORPORATE TRUST SERVICES

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Susan Tittl

  
	
   

  	
   

  	
  Name:
  

  	
  Susan
  Tittl

  
	
   

  	
   

  	
  Title:
  

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AGENT:

  
	
   

  	
   

  
	
   

  	
  BRANCH
  BANKING AND TRUST COMPANY, as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Gregory Drabik

  
	
   

  	
   

  	
  Name:
  

  	
  Gregory
  Drabik

  
	
   

  	
   

  	
  Title:
  

  	
  Senior
  Vice President

  

 

18

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