SEC Contract Filing

Filing Date: 2015-11-12

Document Content:
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<TYPE>EX-10.6
<SEQUENCE>7
<FILENAME>ex10-6.htm
<DESCRIPTION>PLEDGE AGREEMENT
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"><A HREF="fsep-8k_110615.htm">FS ENERGY AND POWER FUND 8-K</A></P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.6</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>PLEDGE AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This PLEDGE AGREEMENT,
dated as of November 6, 2015 (together with all amendments, modifications, restatements or supplements, if any, from time to time
hereto, this &ldquo;<U>Agreement</U>&rdquo;) is made and entered into by and between FS ENERGY AND POWER FUND, a Delaware statutory
trust (&ldquo;<U>FSEP</U>&rdquo; or the &ldquo;<U>Pledgor</U>&rdquo;), and FORTRESS CREDIT CO LLC, in its capacity as Administrative
Agent for Lenders (&ldquo;<U>Administrative Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">W I T N E S S E T H:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to that
certain Term Loan and Security Agreement, dated as of the date hereof, by and among FOXFIELDS FUNDING LLC, a Delaware limited liability
company (&ldquo;<U>Company</U>&rdquo;), the other Loan Parties party thereto from time to time, Administrative Agent and the Persons
signatory thereto from time to time as Lenders (including all exhibits and schedules thereto, and as from time to time amended,
restated, supplemented or otherwise modified, the &ldquo;<U>Loan Agreement</U>&rdquo;), the Lenders have agreed to make certain
Term Loans to Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, Pledgor is the
record and beneficial owner of the Capital Stock of Company listed on <U>Schedule I</U> hereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, as the sole shareholder
of Company, Pledgor benefits from the credit facilities made available to Company under the Loan Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, in order to induce
Administrative Agent and Lenders to make the Term Loans to Company as provided for in the Loan Agreement, Pledgor has agreed to
(i) enter into that certain Guaranty, dated as of the Closing Date, made by FSEP in favor of Administrative Agent (the &ldquo;<U>FSEP
Guaranty</U>&rdquo;) and (ii) pledge the Pledged Collateral to Administrative Agent in accordance herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in consideration
of the premises and the covenants hereinafter contained and to induce Lenders to make Term Loans under the Loan Agreement, it is
agreed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
Unless otherwise defined herein, terms defined in the Loan Agreement are used herein as therein defined, and the following shall
have (unless otherwise provided elsewhere in this Agreement) the following respective meanings (such meanings being equally applicable
to both the singular and plural form of the terms defined):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pledged Collateral</U>&rdquo;
has the meaning assigned to such term in <U>Section 2</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pledged Shares</U>&rdquo;
means the Capital Stock of Company listed on <U>Schedule I</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Secured Obligations</U>&rdquo;
has the meaning assigned to such term in <U>Section 3</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; marg