SEC Contract Filing

Filing Date: 2021-08-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d222182dex103.htm
<DESCRIPTION>PLEDGE AGREEMENT, DATED AS OF AUGUST 23, 2021
<TEXT>
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<TITLE>Pledge Agreement, dated as of August 23, 2021</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PLEDGE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">THIS PLEDGE AGREEMENT (this &#147;<B><U>Agreement</U></B>&#148;) dated as of August&nbsp;23, 2021 is executed by <B>INVESTCORP
CREDIT MANAGEMENT BDC, INC.</B>, a Maryland corporation (&#147;<B><U>Pledgor</U></B>&#148;), in favor of <B>CAPITAL ONE, NATIONAL ASSOCIATION</B>, a national banking association, as administrative agent for itself, as a Secured Party and for the
other Secured Parties (in such capacities, &#147;<B><U>Administrative Agent</U></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">W I T N E S S E T H: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, Pledgor owns those certain equity, ownership and beneficial interests in <B>INVESTCORP CREDIT MANAGEMENT BDC SPV,
LLC</B>&cedil; a Delaware limited liability company (&#147;<B><U>Borrower</U></B>&#148;), as more particularly described on <U>Schedule I</U> attached hereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, Borrower, CM Investment Partners LLC, Wells Fargo Bank, National Association, Administrative Agent and certain
financial institutions (&#147;<B><U>Lenders</U></B>&#148;) have entered into that certain Loan, Security and Investment Management Agreement, dated as of the date hereof, pursuant to which such Lenders may make certain Loan Advances to Borrower (as
amended on the date hereof and as may be further, modified, amended or restated from time to time the &#147;<B><U>Loan and Security Agreement</U></B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Borrower pledged all of its respective assets to Administrative Agent as collateral as required under the Loan
and Security Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, Pledgor hereby acknowledges that it will directly and indirectly benefit from the making
of such loan to Borrower; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">NOW, THEREFORE, in consideration of the agreements made by Administrative Agent and the Secured
Parties for the benefit of Borrower in the Loan and Security Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. When used herein, capitalized terms which
are not otherwise defined have the meanings assigned thereto in the Loan and Security Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pledge</U>. As security for the payment and performance of
all of the Obligations, Pledgor hereby pledges to Administrative Agent, and grants to Administrative Agent, for the benefit of Administrative Agent and the Secured Parties, a continuing security interest in, all of the following, whether now
existing or hereafter owned, existing or arising (the &#147;<B><U>Subject Collateral</U></B>&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All equity, ownership and beneficial interests in Borrower held by
Pledgor, including, without limitation, the equity interests described on <U>Schedule I</U> hereto and any investment property and general intangibles evidenced by or relating to such equity and ownership interests (collectively, the
&#147;<B><U>Subject Securities</U></B>&#148;), and all other property hereafter delivered to Administrative Agent in substitution for or in addition to any of the foregoing; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all documents,
certificates and/or instruments representing any of the foregoing and all cash, securities, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or
all of the foregoing, except for any distributions with respect to the Subject Securities that would be permitted under the Transaction Documents; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all products and proceeds of all of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pledgor agrees to deliver to Administrative