Common use of Pledge Clause in Contracts

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor Borrower hereby pledges, hypothecates, assigns, hypothecatestransfers and delivers unto Lender, transfers, delivers and hereby grants to PledgeeLender a Lien on, for the benefit following property and interests in property of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor Borrower (collectively, the “Pledged Collateral”): (a) the Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) and all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stocksecurities, or otherwise)interest, dividends, stock dividendsdistributions, securities, cash, instrumentsoptions, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is property at any time entitled and from time to receive time received, receivable or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Interests; (b) all other property hereafter delivered to Borrower in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such property and all cash, securities, interest, dividends, options, 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 thereof; (i) the Cash Collateral Account (as such term is defined below), (ii) all general intangibles, claims and without affecting the obligations privileges of any kind in respect of the Pledgor Cash Collateral Account, (iii) all funds, items, instruments, investment property, financial assets, securities and other things of value of any kind of or for the account of Borrower at any time paid to, deposited with, credited or held by or withdrawable from or in transit to the Cash Collateral Account, and all other property of Borrower from time to time in the possession or under the control of, or in transit to, the Securities Firm (as such term is defined below), in its capacity as such, or any provision agent, bailee or custodian therefor; and (d) all proceeds of any of the Security Agreement, in the event foregoing. Borrower agrees to execute and deliver to Lender promptly upon receipt of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses Lender’s request therefor: (i) through assignments separate from certificate in form and substance reasonably satisfactory to Lender, undated and appropriately endorsed in blank, with respect to the Pledged Interests and (viii) such other documents of this Section 2 being transfer as Lender may from time to time reasonably request to enable Lender to transfer, after the occurrence and during the continuance of a Triggering Event, the Pledged Collateral into Lender’s name or the name of Lender’s nominee (all of the foregoing are hereinafter collectively referred to as the “Pledged CollateralPowers”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants Notwithstanding anything to Pledgee, for the benefit of itself and the Purchaserscontrary contained herein, a first lien on Holder may pledge, transfer, collaterally assign or otherwise encumber (a “Pledge”) its Note or any interest therein to any entity (other than any Borrower Party) which has extended a credit facility to such Holder and first priority perfected security interest in that is (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”)a Qualified Institutional Lender, (ii) a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency or (iii) a Qualified Conduit Lender (each such entity, a “Pledgee”), on terms and conditions set forth in this Section 17, it being further agreed that a financing provided by a Pledgee to such pledging Holder or any other shares person that Controls such Holder that is secured by such Holder’s interest in its Note and is structured as a repurchase arrangement, shall constitute a “Pledge” hereunder; provided all applicable terms and conditions of Pledged Equity hereafter pledged this Section 17 are complied with; provided, further, that a Pledgee of Note B-1, Note B-2 or referred to be pledged Note B-3 that is not a Qualified Institutional Lender may not take title to the related Note after the Note A Securitization Date without the prior written consent of the Note A Holders; provided, further, that no Pledgee pursuant may take title to a Note without satisfying the requirements for transfer set forth in Section 16 and this AgreementSection 17. Upon written notice by the pledging Holder to the non-pledging Holders and the Servicer that a Pledge has been effected (including the name and address of the applicable Pledgee), the Servicer shall agree: (i) to give the Pledgee written notice of any default by the pledging Holder in respect of its obligations under this Agreement of which default the Servicer has actual knowledge and which notice shall be given simultaneously with the giving of such notice to the pledging Holder; (ii) all “investment property” to allow such Pledgee a period of ten (10) days to cure a default by the pledging Holder in respect of its obligations to the non-pledging Holders hereunder, but such Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement or the Servicing Agreement, if the pledging Holder had the right to consent to such amendment, modification, waiver or termination pursuant to the terms hereof or the Servicing Agreement, as applicable, shall be effective against such term is defined in §9-102(a)(49) Pledgee without the written consent of the UCC (as defined below) with respect theretosuch Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which consent shall be deemed to be given if Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver or termination within 10 days after request therefor; (iv) that the Servicer shall give to such Pledgee copies of any “security entitlement” notice of default under the Mortgage Loan simultaneously with the giving of same to the pledging Holder and accept any cure thereof by such Pledgee which such pledging Holder has the right (but not the obligation) to effect hereunder, as if such term is defined in § 8-102(a)(17) of the UCC with respect theretocure were made by such pledging Holder; (v) all books and records relating that the Servicer shall deliver to Pledgee such estoppel certificate(s) as Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to the foregoingServicer; and (vi) all Accessions that, upon written notice (a “Redirection Notice”) to the non-pledging Holders and Proceeds the Servicer by such Pledgee that the pledging Holder is in default, beyond any applicable cure periods with respect to the pledging Holder’s obligations to such Pledgee pursuant to the applicable credit agreement or repurchase agreement, as applicable, between the pledging Holder and such Pledgee (as each is defined which notice need not be joined in or confirmed by the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwisepledging Holder), dividendsand until such Redirection Notice is withdrawn or rescinded by such Pledgee, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time Pledgee shall be entitled to receive any payments that the Servicer would otherwise be obligated to pay to the pledging Holder from time to time pursuant to this Agreement or is otherwise distributed in respect of, or in exchange for, the Servicing Agreement. Any pledging Holder hereby unconditionally and absolutely releases the non-pledging Holders and the Servicer from any or all liability to the pledging Holder on account of the Pledged Collateral Servicer’s or a non-pledging Holder’s compliance with any Redirection Notice believed by the Servicer or the non-pledging Holder, as applicable, to have been delivered by a Pledgee. A Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Holder to such Pledgee (and accept an assignment in lieu of foreclosure as defined belowto such collateral), in accordance with applicable law and this Agreement. In such event, the Servicer shall recognize such Pledgee (and any transferee (other than any Borrower Party) which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Pledgee or any transfer in lieu of foreclosure), and without affecting its successor and assigns that are Qualified Institutional Lenders, as the successor to the pledging Holder’s rights, remedies and obligations under this Agreement, and any such Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the Pledgor pledging Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Pledgee) and agree to be bound by the terms and provisions of this Agreement. The rights of a Pledgee under any provision of this Section 17 shall remain effective as to each non-pledging Holder (and the Security AgreementServicer) unless and until such Pledgee shall have notified such non-pledging Holder (and the Servicer, as applicable) in writing that its interest in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateralpledged Note has terminated. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The As collateral security for the due and prompt payment in full and complete performance of the Indenture Obligations, and all indebtedness and other liabilities and obligations, whether now existing or hereafter arising, under, or arising out of, the Senior Note Indenture, the Pledgor hereby pledges, assigns, hypothecates, transfers, sets over and delivers unto the Senior Note Trustee and hereby grants to Pledgee, unto the Senior Note Trustee for the benefit of itself the Holders and the Purchasersunto their respective successors and assigns, a first lien on and first priority perfected security interest in all of the right, title and interest of the Pledgor in, to and under any and all of the following described property, rights and interests (icollectively, the "Pledged Collateral"): (a) all of the Pledged issued and outstanding Equity and other equity interests Interests directly owned by the Pledgor of the Pledge Entities subsidiaries identified on Schedule A attached hereto (the "Pledged Subsidiaries"), subject to obtaining the Approvals (as defined); (b) all other Equity Interests, now or hereafter owned or hereafter acquired by the Pledgor and wherever located, of the Pledged Subsidiaries and the certificates representing such Pledgor securities, and any present or future options, warrants or other rights to subscribe for or purchase any of the foregoing described in subsections 1(a) or 1(b) hereof or any notes, bonds, debentures or other evidences of indebtedness that (collectivelyi) are at any time convertible, exchangeable or exercisable into Equity Interests of the “Pledged Interests”), Subsidiaries or (ii) have or at any other shares time could by their terms have voting rights with respect to any matter affecting the Pledged Subsidiaries and all securities, certificates and instruments representing or evidencing ownership of Pledged Equity hereafter pledged or any of the foregoing (the property described in subsections 1(a) and 1(b) hereof, being referred to be pledged herein collectively as the "Pledged Securities"); (c) to the Pledgee pursuant extent not included in the foregoing, all of Pledgor's rights, claims or other general intangibles constituting, or arising out of or relating to, its rights as a general partner, limited partner or managing general partner of any Pledged Subsidiary, including, without limitation, its share in the profits and losses of any such Pledged Subsidiary and its right as such partner to this Agreementreceive distributions of the Pledged Subsidiary's assets or income, in each case whether arising under a partnership agreement or applicable law, created by operation of law, or otherwise; (d) to the extent not included in the foregoing, all rights, claims and other general intangibles of such Pledged Subsidiary against any third party, to the extent the same may be asserted or realized upon by Pledgor; and (iie) subject to the provisions of Section 6 hereof, all “investment property” dividends, distributions, cash, instruments and other property or securities (including, without limitation, any security as such term is defined in §9-102(a)(49) Article 8 of the UCC (Uniform Commercial Code as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined effect in the applicable jurisdiction at such time (the "UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise")), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, now or sell, and other property, rights, and interest that such Pledgor is hereafter at any time entitled or from time to receive time received or is receivable or otherwise distributed or distributable in respect of, of or in exchange for, for any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All proceeds of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor 2.01. Each Pledgor, to secure the prompt payment and performance in full when due, whether by lapse of time, acceleration or otherwise, of the Secured Obligations, hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgeethe Collateral Agent, for the benefit of itself and the Purchasersother Secured Parties, a first lien on and first priority perfected continuing security interest and Lien in, and a right to set off against, any and all right, title and interest of such Pledgor in and to the following, whether now owned or existing, or owned, acquired or arising hereafter (the “Pledged Collateral”): (a) (i) any of such Pledgor’s right, title and interest in and to any Initial Pledged Company set forth opposite its name in Schedule I and the Initial Pledged Equity Securities set forth opposite its name on Schedule I, and all of its rights, as a member in or owner of such Initial Pledged Company, in and to the property (and interests in property) that is owned by any such Initial Pledged Company, (ii) all of such Pledgor’s rights under or arising pursuant to the Organizational Documents, (iii) all of such Pledgor’s rights to participate in the management of any such Initial Pledged Company, (iv) all rights, privileges, authority and powers of such Pledgor as owner or holder of the Initial Pledged Equity Securities in any such Initial Pledged Company, including all contract rights related thereto, (v) all documents, Instruments and certificates representing or evidencing such Pledgor’s Equity Securities in any such Initial Pledged Company, (vi) all of such Pledgor’s interest in and to the profits and losses of any such Initial Pledged Company and such Pledgor’s right as a member of any such Initial Pledged Company to receive distributions of any such Initial Pledged Company’s respective assets, upon complete, or partial liquidation or otherwise, (vii) all Distributions, Cash, Instruments, subscriptions, warrants, rights, benefits, distributions, premiums, profits, interest, documents of title and other Documents, Accounts, contract rights, Inventory, Equipment, General Intangibles and intangibles, Deposit Accounts, Chattel Paper, and other property from time to time received, receivable, or otherwise distributed in respect of or in exchange for, or as a replacement of or a substitution for any and all of the foregoing, or Proceeds thereof (including any Cash, stock, member interests, or other securities or Instruments issued after any recapitalization, readjustment, reclassification, merger or consolidation with respect to the Initial Pledged Companies and any claims against financial intermediaries under Article 8 of the UCC and Article 9 of the UCC or otherwise), (viii) Proceeds of any insurance, indemnity, warranty, or guaranty (including guaranties of delivery) payable from time to time with respect to any and all of the foregoing, or Proceeds thereof, (ix) payments (in any form whatsoever) made or due and payable to each Pledgor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the foregoing, or Proceeds thereof, (x) any other right, title, interest, privilege, authority and power, of such Pledgor in or relating to any ownership interest in such Initial Pledged Company, all whether now existing or hereafter arising, whether arising under the Organizational Documents(s) or otherwise, or at law or in equity and any and all Proceeds (including Proceeds of Proceeds) of any of the foregoing and all books and records of such Pledgor pertaining to any of the foregoing, and (xi) other amounts from time to time paid or payable under or in connection with any of the foregoing, or Proceeds thereof; (b) (i) such Pledgor’s right, title and interest in and to any additional Equity Securities (such Equity Securities, together with the Initial Pledged Equity Securities, the “Pledged Equity Securities”) in any Pledged Persons from time to time acquired by such Pledgor in any manner (such Pledged Persons, together with the Initial Pledged Companies, being the “Pledged Companies”), and all of its rights, as a member in or owner of such Pledged Company, in and to the property (and interests in property) that is owned by any such Pledged Company, (ii) all of such Pledgor’s rights under or arising pursuant to the Organizational Documents in respect of such Pledged Company, (iii) all of such Pledgor’s rights to participate in the management of any such Pledged Company, (iv) all rights, privileges, authority and powers of such Pledgor as owner or holder of the Pledged Equity Securities in any such Pledged Company, including all contract rights related thereto, (v) all documents, Instruments and certificates representing or evidencing such Pledgor’s Equity Securities in any such Pledged Company, (vi) all of such Pledgor’s interest in and to the profits and losses of any such Pledged Company and such Pledgor’s right as a member of any such Pledged Company to receive distributions of any such Pledged Company’s respective assets, upon complete, or partial liquidation or otherwise, (vii) all Distributions, Cash, Instruments, subscriptions, warrants, rights, benefits, distributions, premiums, profits, interest, documents of title and other equity interests Documents, Accounts, contract rights, Inventory, Equipment, General Intangibles and intangibles, Deposit Accounts, Chattel Paper, and other property from time to time received, receivable, or otherwise distributed in respect of or in exchange for, or as a replacement of or a substitution for any and all of the Pledge Entities foregoing, or Proceeds thereof (including any Cash, stock, member interests, or other securities or Instruments issued after any recapitalization, readjustment, reclassification, merger or consolidation with respect to the Pledged Companies and any claims against financial intermediaries under Article 8 of the UCC and Article 9 of the UCC or otherwise), (viii) all Proceeds of any insurance, indemnity, warranty, or guaranty (including guaranties of delivery) payable from time to time with respect to any and all of the foregoing, or Proceeds thereof, (ix) all payments (in any form whatsoever) made or due and payable to each Pledgor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the foregoing, or Proceeds thereof, (x) any other right, title, interest, privilege, authority and power, of such Pledgor in or relating to any ownership interest in such Pledged Company, all whether now existing or hereafter arising, whether arising under the Organizational Document(s) or otherwise, or at law or in equity and any and all Proceeds (including Proceeds of Proceeds) of any of the foregoing and all books and records of such Pledgor pertaining to any of the foregoing, and (xi) other amounts from time to time paid or payable under or in connection with any of the foregoing, or Proceeds thereof; (c) all other claims of any kind or nature and any Instruments, certificates, Chattel Paper or other writings evidencing such claims, whether in contract or tort and whether arising by operation of law, consensual agreement or otherwise, at any time acquired by such Pledgor against the Pledged Companies or any subsidiary of the Pledged Companies or any other person having any liability to shareholders with respect to the Pledged Equity Securities; and (d) all Investment Property and securities now owned or hereafter acquired by such Pledgor with respect to any of the property described in paragraphs (collectively, the “Pledged Interests”a), (iib) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vic) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) above of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral2.01. (b) Each Pledged Interest consisting 2.02. Notwithstanding anything to the contrary contained in this Pledge Agreement, no Subsidiary of either (i) a membership interest in a Person that is a limited liability company CBII shall grant any Lien on any of its property or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 assets to secure any Secured Obligations of the UCCCBII.

Pledge. (a) The Pledgor hereby pledges, hypothecates, assigns, hypothecatestransfers and delivers unto Lender, transfers, delivers and hereby grants to PledgeeLender a Lien on, for the benefit following property and interests in property of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Collateral”): (a) the Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) and all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stocksecurities, or otherwise)interest, dividends, stock dividendsdistributions, securities, cash, instrumentsoptions, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is property at any time entitled and from time to receive time received, receivable or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Interests; (b) all other property hereafter delivered to Pledgor in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such property and all cash, securities, interest, dividends, options, 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 thereof; (i) the Cash Collateral Account (as such term is defined below), (ii) all general intangibles, claims and without affecting the obligations privileges of any kind in respect of the Cash Collateral Account, (iii) all funds, items, instruments, investment property, financial assets, securities and other things of value of any kind of or for the account of Pledgor at any time paid to, deposited with, credited or held by or withdrawable from or in transit to the Cash Collateral Account, and all other property of Pledgor from time to time in the possession or under the control of, or in transit to, the Securities Firm (as such term is defined below), in its capacity as such, or any provision agent, bailee or custodian therefor; and (d) all proceeds of any of the Security Agreement, in the event foregoing. Pledgor agrees to execute and deliver to Lender promptly upon receipt of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses Lender’s request therefor: (i) through assignments separate from certificate in form and substance reasonably satisfactory to Lender, undated and appropriately endorsed in blank, with respect to the Pledged Interests and (viii) such other documents of this Section 2 being transfer as Lender may from time to time reasonably request to enable Lender to transfer, after the occurrence and during the continuance of a Triggering Event, the Pledged Collateral into Lender’s name or the name of Lender’s nominee (all of the foregoing are hereinafter collectively referred to as the “Pledged CollateralPowers”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants pledges to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) Secured Parties all of the Pledged Equity shares of beneficial interest in the Tenant (the "PLEDGED SHARES") listed in EXHIBIT A attached hereto and all other shares of beneficial interest in the Tenant in which the Pledgor may have rights from time to time and any other securities or other investment property and other equity interests collateral of the Pledge Entities Pledgor now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred which under this Agreement are required to be pledged to the Pledgee pursuant to this Agreement; (ii) Secured Parties, and in each case, all “certificates representing such Pledged Shares or other investment property” as such term is defined property or collateral, and all rights, options, warrants, stock or other securities or other property which may hereafter be received, receivable or distributed in §9-102(a)(49) respect of the UCC (as defined below) Pledged Shares, together with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) proceeds of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instrumentsnotes, rights securities or other property from time to subscribetime acquired, purchase, receivable or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, the foregoing, (the Pledged Shares and any additional securities or collateral pledged hereunder, collectively, the "PLEDGED COLLATERAL"), and the Pledgor hereby grants to the Secured Parties a security interest in all of the Pledged Collateral (and the proceeds thereof as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt due and complete punctual payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the ObligationsSecured Obligations (as hereinafter defined). All of The Pledgor has delivered to and deposited with the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from Secured Parties any and all certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates other instruments representing the Pledged Interests Collateral and undated trust share powers endorsed in blank, as security for the payment and performance of all of the Secured Obligations. If in the future the Pledgor possesses or controls any additional other certificates or other instruments representing the Pledged Collateral. (b) Each Pledged Interest consisting , the Pledgor shall immediately and without notice deliver the same to the Secured Parties together with undated trust share powers endorsed in blank, as security for the payment and performance of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 all of the UCCSecured Obligations.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, ------ delivers and grants to Pledgee, for itself and the benefit of itself and the Purchasersall Lenders, a first lien (other than Inchoate Tax Liens) on and first priority perfected security interest in (ia) all of the Pledged Equity capital stock of each Domestic Subsidiary, which is a corporation, except those Domestic Subsidiaries described in Schedule I hereto and other equity interests the capital stock ---------- of each Foreign Subsidiary, which is a corporation (in no event to exceed 66% of the Pledge Entities capital stock such Foreign Subsidiary), except those Foreign Subsidiaries described in Schedule I hereto, in each case now owned or hereafter acquired owned by such Pledgor ---------- (collectively, the “"Pledged Interests”Shares"), (iib) all other property hereafter delivered to Pledgor in substitution for or in addition to the Pledged Shares, (c) any other shares property of Pledged Equity Pledgor, as described in Section 4 below or otherwise, now or hereafter pledged or delivered by Pledgor to Pledgee, and (d) any and all proceeds thereof (all such property being hereinafter referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged "Collateral”"), as collateral security for (i) the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All all of the Pledged Interests now Borrower Obligations, and (iii) the due and punctual payment and performance by Pledgor of its obligations and liabilities under, arising out of, or in connection with this Agreement including, without limitation, any taxes and expenses payable pursuant to Section 18 hereof (all of the foregoing being hereinafter referred to collectively as the "Liabilities"). Other than with respect to those Subsidiaries listed on Schedule I hereto, all of the issued and ---------- outstanding capital stock of each Domestic Subsidiary and up to 66% of the capital stock of each Foreign Subsidiary presently owned by the Pledgor which are presently is represented by stock certificates are listed on Exhibit A hereto, which stock certificates, together with undated assignments separate from certificates or stock/membership interest stock powers duly executed in blank by such Pledgor and irrevocable proxiesPledgor, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests Shares in accordance with Section 5 below and any additional shall return the Pledged CollateralShares in accordance with said section. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants Notwithstanding anything to Pledgee, for the benefit of itself and the Purchaserscontrary contained herein, a first lien on Holder may pledge, transfer, collaterally assign or otherwise encumber (a “Pledge”) its Note or any interest therein to any entity (other than any Borrower Party) which has extended a credit facility to such Holder and first priority perfected security interest in that is (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”)a Qualified Institutional Lender, (ii) a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency or (iii) a Qualified Conduit Lender (each such entity, a “Pledgee”), on terms and conditions set forth in this Section 17, it being further agreed that a financing provided by a Pledgee to such pledging Holder or any other shares person that Controls such Holder that is secured by such Holder’s interest in its Note and is structured as a repurchase arrangement, shall constitute a “Pledge” hereunder; provided all applicable terms and conditions of Pledged Equity hereafter pledged this Section 17 are complied with; provided, further, that a Pledgee of Note B-1, Note B-2 or referred to be pledged Note B-3 that is not a Qualified Institutional Lender may not take title to the related Note after the Note A Securitization Date without the prior written consent of the Note A Holder; provided, further, that no Pledgee pursuant may take title to a Note without satisfying the requirements for transfer set forth in Section 16 and this AgreementSection 17. Upon written notice by the pledging Holder to the non-pledging Holder and the Servicer that a Pledge has been effected (including the name and address of the applicable Pledgee), the Servicer shall agree: (i) to give the Pledgee written notice of any default by the pledging Holder in respect of its obligations under this Agreement of which default the Servicer has actual knowledge and which notice shall be given simultaneously with the giving of such notice to the pledging Holder; (ii) all “investment property” to allow such Pledgee a period of ten (10) days to cure a default by the pledging Holder in respect of its obligations to the non-pledging Holder hereunder, but such Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement or the Servicing Agreement, if the pledging Holder had the right to consent to such amendment, modification, waiver or termination pursuant to the terms hereof or the Servicing Agreement, as applicable, shall be effective against such term is defined in §9-102(a)(49) Pledgee without the written consent of the UCC (as defined below) with respect theretosuch Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which consent shall be deemed to be given if Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver or termination within 10 days after request therefor; (iv) that the Servicer shall give to such Pledgee copies of any “security entitlement” notice of default under the Mortgage Loan simultaneously with the giving of same to the pledging Holder and accept any cure thereof by such Pledgee which such pledging Holder has the right (but not the obligation) to effect hereunder, as if such term is defined in § 8-102(a)(17) of the UCC with respect theretocure were made by such pledging Holder; (v) all books and records relating that the Servicer shall deliver to Pledgee such estoppel certificate(s) as Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to the foregoingServicer; and (vi) all Accessions that, upon written notice (a “Redirection Notice”) to the non-pledging Holder and Proceeds the Servicer by such Pledgee that the pledging Holder is in default, beyond any applicable cure periods with respect to the pledging Holder’s obligations to such Pledgee pursuant to the applicable credit agreement or repurchase agreement, as applicable, between the pledging Holder and such Pledgee (as each is defined which notice need not be joined in or confirmed by the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwisepledging Holder), dividendsand until such Redirection Notice is withdrawn or rescinded by such Pledgee, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time Pledgee shall be entitled to receive any payments that the Servicer would otherwise be obligated to pay to the pledging Holder from time to time pursuant to this Agreement or is otherwise distributed in respect of, or in exchange for, the Servicing Agreement. Any pledging Holder hereby unconditionally and absolutely releases the non-pledging Holder and the Servicer from any or all liability to the pledging Holder on account of the Pledged Collateral Servicer’s or non-pledging Holder’s compliance with any Redirection Notice believed by the Servicer or the non-pledging Holder, as applicable, to have been delivered by a Pledgee. A Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Holder to such Pledgee (and accept an assignment in lieu of foreclosure as defined belowto such collateral), in accordance with applicable law and this Agreement. In such event, the Servicer shall recognize such Pledgee (and any transferee (other than any Borrower Party) which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Pledgee or any transfer in lieu of foreclosure), and without affecting its successor and assigns that are Qualified Institutional Lenders, as the successor to the pledging Holder’s rights, remedies and obligations under this Agreement, and any such Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the Pledgor pledging Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Pledgee) and agree to be bound by the terms and provisions of this Agreement. The rights of a Pledgee under any provision of this Section 17 shall remain effective as to the Security Agreementnon-pledging Holder (and the Servicer) unless and until such Pledgee shall have notified such non-pledging Holder (and the Servicer, as applicable) in writing that its interest in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateralpledged Note has terminated. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The As collateral security for the payment and performance in full of all the Obligations, each Pledgor hereby pledges, assigns, hypothecates, transfers, delivers pledges and grants to Pledgee, the Administrative Agent for its benefit and for the benefit of itself and the PurchasersSecured Parties, a first lien on and first priority perfected security interest in (i) and to all of the Pledged Equity right, title and other equity interest of such Pledgor in, to and under all personal property and interests of the Pledge Entities in personal property, wherever located, whether now owned existing or hereafter arising or acquired by such Pledgor from time to time (collectively, the “Pledged InterestsCollateral”), including, without limitation: (iii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; all Accounts; (ii) all “investment property” as such term is defined in §9-102(a)(49Equipment, Goods, Inventory and Fixtures; (iii) of the UCC (as defined below) with respect thereto; all Documents, Instruments and Chattel Paper; (iv) any “security entitlement” as such term is defined in § 8all Letters of Credit and Letter-102(a)(17) of the UCC with respect thereto; of-Credit Rights; (v) all Securities Collateral; (vi) all Collateral Accounts; (vii) all Investment Property; (viii) all Intellectual Property Collateral; (ix) the Commercial Tort Claims described on Schedule 14 to the Perfection Certificate; (x) all General Intangibles; (xi) all Deposit Accounts; (xii) all Supporting Obligations; (xiii) all books and records relating to the foregoingPledged Collateral; and and (vixiv) all Accessions and Proceeds (as each is defined in to the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is extent not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed covered by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vixiii) of this Section 2 being collectively referred to as the “Pledged Collateral”)sentence, as collateral security for the prompt all other personal property of such Pledgor, whether tangible or intangible and complete payment all Proceeds and performance when due (whether at the stated maturity, by acceleration or otherwise) products of each of the Obligations. All foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A heretoforegoing, which certificatesany and all proceeds of any insurance, with undated assignments separate from certificates indemnity, warranty or stock/membership interest powers duly executed in blank by guaranty payable to such Pledgor and irrevocable proxies, are being delivered from time to Pledgee simultaneously herewith. Upon the creation or acquisition of time with respect to any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateralforegoing. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor Pledgors hereby pledges, assigns, hypothecates, transfers, delivers and grants pledge to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) Secured Parties all of the shares of stock, membership interests or other ownership interests in the Subtenants (the “Pledged Equity Interests”) listed in Exhibit B attached hereto and all other shares of stock, membership interests or other ownership interests in the Subtenants in which the Pledgors may have rights from time to time and any other securities or other investment property and other equity interests collateral of the Pledge Entities Pledgors now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred which under this Agreement are required to be pledged to the Pledgee pursuant to this Agreement; (ii) Secured Parties, and in each case, all “certificates representing such Pledged Interests or other investment property” as such term is defined property or collateral, and all rights, options, warrants, stock or other securities or other property which may hereafter be received, receivable or distributed in §9-102(a)(49) respect of the UCC (as defined below) Pledged Interests, together with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) proceeds of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instrumentsnotes, rights securities or other property from time to subscribetime acquired, purchase, receivable or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the foregoing, (the Pledged Collateral (as defined below)Interests and any additional securities or collateral pledged hereunder, and without affecting the obligations of the Pledgor under any provision of the Security Agreementcollectively, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), and the Pledgors hereby grant to the Secured Parties a security interest in all of the Pledged Collateral and the proceeds thereof as collateral security for the prompt due and complete punctual payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the ObligationsSecured Obligations (as hereinafter defined). All of The Pledgors have delivered to and deposited with the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from Secured Parties any and all certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates other instruments representing the Pledged Interests Collateral and undated stock powers endorsed in blank, as security for the payment and performance of all of the Secured Obligations. If in the future any additional Pledgor possesses or controls any other certificates or other instruments representing the Pledged Collateral. (b) Each Pledged Interest consisting , such Pledgor shall immediately and without notice deliver the same to the Secured Parties together with undated stock powers endorsed in blank, as security for the payment and performance of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 all of the UCCSecured Obligations.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in in, transfers and delivers unto Pledgee each of the following (ithe "Collateral"): (a) all of Pledgor's right, title and interest in and to the shares (the "Pledged Shares") of capital stock described in Schedule I hereto and the certificates, if any, representing the Pledged Equity Shares, and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral Shares; (as defined below)b) all additional shares (the "Additional Shares") of capital stock or other equity interest of any issuer of any Pledged Shares from time to time acquired by Pledgor in any manner and the certificates, if any, representing such additional shares, and without affecting all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares; (c) all other rights appurtenant to the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral property described in clauses (ia) through and (vib) above (including, without limitation, voting rights); and (d) all cash and non-cash proceeds of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt any and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) all of the Obligationsforegoing. All of Certificates representing the certificated Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed Shares set forth on Exhibit A Schedule I hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers accompanied by proper instruments of assignment duly executed in blank by such Pledgor and irrevocable proxiesPledgor, are being herewith delivered to Pledgee simultaneously herewithPledgee. Upon the creation or Promptly upon Pledgor's acquisition of any new Additional Shares, Pledgor, will (i) deliver proper instruments of assignment duly executed in blank by Pledgor together with any certificates representing such Additional Shares, whereupon such Additional Shares shall be Pledged Interests, Shares; and (ii) amend Schedule I to include such Additional Shares. Any Collateral which may at any time be in the possession of Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor be promptly delivered to Pledgee, and prior thereto, shall thereafter be deemed to be listed held in trust on Exhibit A heretobehalf of Pledgee. Pledgee shall maintain possession is hereby authorized upon an Event of Default to hold any and custody all of the certificates representing Collateral delivered to it in its own name, or, at Pledgee's option, to cause such items to be transferred to and held in the Pledged Interests name of a nominee. If any securities now or hereafter acquired by the Pledgor are uncertificated and are issued to the Pledgor or its nominee directly by the issuer thereof, the Pledgor shall immediately notify the Pledgee thereof and, at the Pledgee's request and option, under an agreement in form and substance satisfactory to the Pledgee, either (a) cause the issuer to agree to comply, without further consent of the Pledgor or such nominee, at any additional Pledged Collateral. time with instructions from the Pledgee as to such securities, or (b) Each Pledged Interest consisting arrange for the Pledgee to become the registered owner of the securities. If any securities, whether certificated or uncertificated, or other investment property now or hereafter acquired by the Pledgor are held by the Pledgor or its nominee through a securities intermediary, the Pledgor shall immediately notify the Pledgee thereof and, at the Pledgee's request and option, under an agreement in form and substance satisfactory to the Pledgee, either (i) a membership interest cause such securities intermediary to agree to comply, in a Person that is a limited liability company each case without further consent of the Pledgor or such nominee, at any time with entitlement orders or other instructions from the Pledgee to such securities intermediary as to such securities or (ii) in the case of financial assets or other investment property held through a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 securities intermediary, arrange for the Pledgee to become the entitlement holder with respect to such investment property, with the Pledgor being permitted, only with the consent of the UCCPledgee, to exercise rights to withdraw or otherwise deal with such investment property. The provisions of this paragraph shall not apply to any financial assets credited to a securities account for which the Pledgee is the securities intermediary.

Pledge. (a) The A. Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the PurchasersBuyer, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and Capital Stock or other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged InterestsShares”), (ii) all other property hereafter delivered to, or in the possession or in the custody of, Pledgee, in substitution for or in addition to the Pledged Shares, (iii) any other shares property of Pledged Equity Pledgor described in Section 4 below or otherwise, whether now or hereafter pledged delivered to, or referred to be pledged to in the Pledgee pursuant to this Agreement; possession or custody of Pledgor, and (iv) all proceeds of the collateral described in the preceding clauses (i), (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (viiii) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (viiv) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the ObligationsLiabili-ties (as defined in the Security Agreement). All of the Pledged Interests Shares now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest stock powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged InterestsShares, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests Shares and any additional Pledged Collateral. (b) Each B. Pledgor shall cause each Pledged Interest Share consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) to be “securities” governed by Article 8 of the UCC at all times. Pledgor shall cause the applicable Persons to issue certificates evidencing such membership interests or partnership interests (1if any) to Pledgor. Pledgor shall not cause and shall not permit any Pledged Entity which is not a corporation to “opt-out” of Article 8 of the UCC. Pledgor shall not take, and will shall not be evidenced by a certificate and (2) permit any Pledged Entity which is not and will not a corporation to take, any actions to cause the capital stock, membership interests, partnership interests or similar equity interests of such Pledged Entity to cease to be deemed a classified as “securitysecurities” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself Pledgee and the PurchasersLenders, a first lien on and first priority perfected security interest in (ia) all the shares of capital stock of the Pledged Equity Subsidiaries owned by Pledgor and other equity interests set forth in Part 1 of the Pledge Entities now owned or hereafter acquired by such Pledgor Exhibit A attached hereto (collectively, the “"Pledged Shares") and (b) the membership interests of the Subsidiaries owned by Pledgor and set forth in Part 2 of Exhibit A (the "Pledged Interests”"), (iic) all other property hereafter delivered to, or in the possession or in the custody of, Pledgee in substitution for or in addition to the Pledged Shares or the Pledged Interests, (d) any other shares of Pledged Equity property described in Section 4 below, now or hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect ofdelivered to, or in exchange forthe possession or custody of, any or Pledgor and (e) all proceeds of the Pledged Collateral collateral described in the preceding clauses (as defined belowa), (b), (c) and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (d) (the collateral described in clauses (ia) through (vie) of this Section 2 being collectively referred to as the “"Pledged Collateral”"), as collateral security for for: (a) the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of all the ObligationsLiabilities of Pledgor under the Loan Agreement; and (b) the due and punctual payment and performance by Pledgor of its obligations and liabilities under, arising out of or in connection with this Agreement; (the liabilities described in the preceding subsections (i) and (ii) being referred to hereinafter collectively as the "Liabilities"). All of the Pledged Collateral now owned by Pledgor which is presently represented by stock certificates is listed in Part 1 of Exhibit A hereto, which stock certificates, together with undated stock powers duly executed in blank by Pledgor, are being delivered to Pledgee, for the benefit of Pledgee and the Lenders, simultaneously herewith. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on in Part 2 of Exhibit A hereto, none of which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed are certificated. Pledgor shall execute a Joinder to Pledge Agreement (in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the form of Exhibit B hereto) upon creation or acquisition of any new Pledged Interests, Pledgor shall Subsidiary and will cause each such Subsidiary to execute an Addendum Acknowledgment (in the form of Exhibit B attached hereto (a “Pledge Addendum”C hereto). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed Pledgee, on Exhibit A hereto. Pledgee behalf of the Lenders, shall maintain possession and custody of the certificates and other instruments representing the Pledged Shares, the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) 1.1 The Pledgor hereby pledgespledges with effect from the Effective Date, assignsin favour of the Vendors, hypothecateswho accept, transfers, delivers and grants to Pledgee, the Pledged Shares as security for the benefit due and punctual payment of itself the Secured Obligations. 1.2 In constitution of the Pledge, the Pledgor shall within ten (10) calendar days from the Effective Date, deliver the share certificates relating to the Pledged Shares to the Vendors, who accept to hold the Pledged Shares and certificates under the Purchasers, a first lien on and first priority perfected terms hereof. 1.3 The Parties expressly agree that the Pledge is being granted to the Vendors as security interest in (i) all for the Secured Obligations. 1.4 The Pledge confers upon the Vendors the right to obtain payment out of the Pledged Equity Shares with privilege over other creditors as provided by Greek Law and other equity interests a right of retention over the Pledged Shares which entitle the Vendors to retain the benefits under this Agreement until such time as the full amount of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectivelySecured Obligations shall have been paid in full. 1.5 Subject to the terms and conditions of this Agreement, the “Pledged Interests”Pledge shall extend to and include all dividends and all shares (and dividends in respect thereof), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is monies or other property accruing or offered at any time entitled by way of redemption, substitution, bonus, preference, option or otherwise to receive or is otherwise distributed in respect of, or in exchange for, of any or all of the Pledged Collateral (as defined below)Shares and all allotments, accretions, offered and without affecting the obligations of the Pledgor under other rights, benefits and advantages whatsoever at any provision of the Security Agreementtime accruing, made, offered or arising in the event respect of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by Shares. 1.6 Nothing in this Agreement shall be construed as placing on the Vendors, or either of them, prior to the eventual disposal or appropriation of the Pledged Shares, any liability whatsoever in respect of any calls, instalments or other payments relating to any of the Pledged Shares or to any rights, shares or other securities accruing, offered or arising as aforesaid, and the Pledgor which are presently represented and the Purchasers shall at all times indemnify and hold harmless the Vendors against and from all demands made against either the Pledgor or the Pledged Shares, payments made by certificates are listed on Exhibit A heretoit, which certificatesand costs, with undated assignments separate from certificates expenses, damages, losses or stock/membership interest powers duly executed other liabilities incurred or suffered by it at any time in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition respect of any new Pledged Interestssuch calls, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateralinstalments or other payments as aforesaid. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. The Pledgor hereby pledges to the Lenders, and grants to the Lenders a security interest in, the following (collectively, the "Pledged Collateral"): (a) The Pledgor hereby pledgesshares of the capital stock of each Direct Subsidiary, assignsnow or at any time or times hereafter owned by the Pledgor, hypothecatesand the certificates representing the shares of such capital stock (such now-owned shares being identified on Exhibit A next to each Direct Subsidiary), transfers, delivers all options and grants to Pledgee, warrants for the benefit purchase of itself and shares of the Purchasers, a first lien on and first priority perfected security interest stock of any Direct Subsidiary now or hereafter held in the name of the Pledgor (i) all of said capital stock, options and warrants and all capital stock held in the Pledged Equity and other equity interests name of the Pledge Entities now owned Pledgor as a result of the exercise of such options or hereafter acquired by such Pledgor (collectively, warrants being hereinafter collectively referred to as the “"Pledged Interests”Stock"), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged herewith delivered to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined Lenders accompanied by stock powers in the UCCform of Exhibit B attached hereto and made a part hereof (the "Powers") of the foregoingduly executed in blank, including, without limitation, and all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral.Stock; (b) Each Pledged Interest consisting All additional shares of either stock of any Direct Subsidiary from time to time acquired by the Pledgor in any manner, and the certificates representing such additional shares (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 any such additional shares shall constitute part of the UCCPledged Stock and the Lenders are irrevocably authorized to amend Exhibit A from time to time to reflect such additional shares), and all options, warrants, dividends, cash, instruments and other rights and options from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares; (c) The property and interests in property described in Section 3 below; and (d) All proceeds of the foregoing.

Pledge. Pledgor hereby pledges and grants to the Bank a security interest in all of Pledgor’s right, title and interest in, to and under each of the following, whether now or hereafter existing or acquired (the “Pledged Collateral”): (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself Pledged Interests and the Purchasers, a first lien on and first priority perfected security interest in (i) all of certificates representing the Pledged Equity Interests, and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sellinvestment property, and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, in conversion of or in exchange forfor any or all of the Pledged Interests; (b) all additional partnership, membership or other equity interests (however called) and shares of stock of any issuer of the Pledged Interests, and the certificates representing such additional interests and shares, and all dividends, cash, instruments, investment property and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such interest and shares; (c) such cash, bank accounts, certificates of deposit, investment property, and instruments as may be pledged from time to time by Pledgor hereunder, together with any investments in which any such cash may be invested from time to time; (d) all rights to convert, redeem or exchange the Pledged Collateral, all rights to request or cause the issuer thereof to register any or all of the Pledged Collateral (as defined below)under federal and state securities laws to the maximum extent possible under any agreement for such registration rights, and without affecting all put rights, tag-along rights or other rights pertaining to the obligations sale or other transfer of such Pledged Collateral, together in each case with all rights under any agreements, articles or certificates of organization or otherwise pertaining to such rights; (e) all proceeds, products, renewals and substitutions of, and general intangibles related to, any and all of the Pledgor under foregoing Pledged Collateral (including the proceeds of any provision tort or other claims relating to any of the Security Agreementforegoing Pledged Collateral) and, in to the event of any consolidation or merger in which the Pledgor is extent not the surviving corporationotherwise included, all shares payments under insurance or in connection with any indemnity, warranty or guarantee payable by reason of each class loss or Pledged Equity damage to or otherwise with respect to any of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “foregoing Pledged Collateral”); and (f) provided, as collateral security for however, that notwithstanding anything in this Agreement to the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interestscontrary, Pledgor shall execute an Addendum not be obligated to pledge greater than 66% of the capital stock, or partnership, membership or other equity interests (however called) of any entity organized or domiciled outside of the United States of America where such greater pledge would (by itself) result in a deemed dividend to Pledgor under Section 956 of the form Internal Revenue Code, as amended, or any similar successor section. The inclusion of Exhibit B attached hereto (a “Pledge Addendum”). Any proceeds in this Agreement does not authorize Pledgor to sell, dispose of or otherwise use the Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateralmanner not specifically authorized hereby. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The As security for the prompt performance and payment in full of the Secured Obligations, each Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants pledges to Pledgee, the Pledgee for the benefit of itself the Pledgee, and grants to the Purchasers, Pledgee for the benefit of the Pledgee a first lien on and first priority perfected security interest in (i) in, all of such Pledgor's right, title and interest in, to and under the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor following (collectively, the “Pledged Interests”)"Collateral"): (a) (i) in the case of Holdings, its Equity Interests in the Pledgor Subsidiaries and its Equity Interests in HoustonStreet as described on Schedule 1 attached hereto, and (ii) any other shares in the case of Pledged the Pledgor Subsidiaries, all Equity Interests now or hereafter pledged owned, acquired or referred to be pledged to held by such Pledgor Subsidiaries, including without limitation, the Pledgee pursuant to this Agreement; Equity Interests described in Schedule 1 attached hereto; (iib) all “other investment property” as such term is defined in §9-102(a)(49) property and financial assets of the UCC Pledgor Subsidiaries; (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (vc) all books rights, title and records relating interest under, in and to (i) that certain Project Development Agreement dated January 7, 2005 (the foregoing; "Development Agreement") between Sonerra Resources Corporation and (vi) Nac Gas, and all Accessions other contract rights and Proceeds (as each is defined in general intangibles associated with the UCC) of the foregoing, Development Agreement including, without limitation, any and all distributions Participation Agreements entered into in connection with the Development Agreement and (cashii) that certain Asset Purchase Agreement dated as of October 19, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights 2004 (the "Purchase Agreement"; the Development Agreement and the Purchase Agreement are collectively referred to subscribe, purchase, or sellherein as the "Contract Rights") between STEAG Power LLC and Nac Power, and all other propertycontract rights and general intangibles associated with the Purchase Agreement including, without limitation, any and all rights, title and interest under, in and to all Assigned Contracts and Governmental Approvals (as such terms are defined in the Purchase Agreement; provided, that nothing hereunder constitutes or shall be deemed to constitute the grant of a security interest in favor of the Pledgee with respect to any interest of any Pledgor in any Contract Rights to which such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral a party (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively interest hereinafter referred to as the “Pledged "Excluded Collateral”"), as collateral if the granting of a security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank therein by such Pledgor to the Pledgee is prohibited by the terms and irrevocable proxies, are being delivered provisions of such Contract Rights (other than to Pledgee simultaneously herewith. Upon the creation extent that any such term or acquisition provision would be rendered ineffective pursuant to Article 9 of the Uniform Commercial Code of any new Pledged Interestsrelevant jurisdiction or any other applicable law (including the United States Bankruptcy Code) or principles of equity); provided, Pledgor shall execute an Addendum further, however, that if and when (A) the granting of such security interest is not so prohibited, or (B) upon any such other third party's consent with respect to the granting of such security interest in such Excluded Collateral is obtained, the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter Pledgee will be deemed to be listed on Exhibit A heretohave, and at all times to have had, a security interest in such Excluded Collateral. Notwithstanding anything set forth herein to the contrary, the Pledgee shall maintain possession have a security interest in any and custody all proceeds of the certificates representing the Pledged Interests and any additional Pledged Excluded Collateral. (bd) Each Pledged Interest consisting all payments due or to become due to such Pledgor in respect of either any of the foregoing; (e) all of such Pledgor's claims, rights, powers, privileges, authority, puts, calls, options, security interests, liens and remedies, if any, in respect of any of the foregoing; (f) all of such Pledgor's rights to exercise and enforce any and every right, power, remedy, authority, option and privilege of such Pledgor relating to any of the foregoing including, without limitation, any power to (i) a membership interest in a Person that is a limited liability company terminate, cancel or modify any agreement, (ii) execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of any of the foregoing and the applicable Issuer thereof, (iii) exercise voting rights or make determinations, (iv) exercise any election (including, but not limited to, election of remedies), (v) exercise any "put", right of first offer or first refusal, or other option, (vi) exercise any right of redemption or repurchase, (vii) give or receive any notice, consent, amendment, waiver or approval, (viii) demand, receive, enforce, collect or receipt for any of the foregoing, (ix) enforce or execute any checks, or other instruments or orders, and (x) file any claims and to take any action in connection with any of the foregoing; (g) all certificates and instruments representing or evidencing any of the foregoing; (h) all other rights, titles, interests, powers, privileges and preferences pertaining to any of the foregoing; and (i) all Proceeds of any of the foregoing. Notwithstanding the foregoing, the Collateral shall not include any license or permit issued by a partnership governmental authority, in each case to the extent and only to the extent that granting a security interest in such license or permit is prohibited by law; provided, however, that (i) the Collateral shall include the proceeds of, and the right to receive money or other consideration in connection with, any direct or indirect sale, assignment or transfer of any such license or permit and (ii) to the extent that such a Person that security interest is now or at any time hereafter not prohibited by law, then each Pledgor shall be deemed to have granted such security interest and the same shall attach without any further action and be fully effective as of the time permitted (giving effect to any retroactive application of any change in the law). If requested by the Pledgee at any time and from time to time, each Pledgor will (and will cause each of its Subsidiaries to) execute and deliver all such instruments and documents, and take such other actions as shall be necessary or desirable (in the sole judgment of the Pledgee) in order to create and perfect a partnership security interest in the Collateral (including, without limitation, any license or permit, to the extent, if any) (1) is not and will not be evidenced , permitted by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCClaw).

Pledge. (a) The Pledgor As security for the payment or performance in full when due of the Secured Obligations, including each Guarantee of the Secured Obligations made pursuant to Article 10 of the Indenture, each Grantor hereby pledges, assigns, hypothecates, transfers, delivers and grants pledges to Pledgeethe Collateral Agent, for the benefit of itself the Secured Parties, and hereby grants to the PurchasersCollateral Agent, for the benefit of the Secured Parties, a first lien on and first priority perfected security interest in all of such Grantor’s right, title and interest in, to and under (ia) all of the Pledged Equity and other equity interests of the Pledge Entities Interests now owned or hereafter acquired directly held by such Pledgor Grantor in (collectivelyx) each Material Subsidiary that is a direct Wholly-Owned Subsidiary of such Grantor and (y) CF Industries Nitrogen, LLC, a Delaware limited liability company, including in the case of each of clauses (x) and (y) the Equity Interests listed on Schedule I, and the certificates, if any, representing all such Equity Interests (the “Pledged InterestsEquity”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (iib) all “investment property” as the Indebtedness owed to such term is defined in §9-102(a)(49) Grantor and listed opposite the name of the UCC such Grantor on Schedule I and any Indebtedness (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, any intercompany notes) directly obtained in the future by such Grantor and the certificates, promissory notes and other instruments, if any, evidencing such Indebtedness (the “Pledged Debt”); (c) all distributions (cash, stock, payments of principal or otherwise)interest, dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, or in exchange forfor or upon the conversion of, any or and all of other Proceeds received in respect of, the Pledged Collateral Equity and Pledged Debt; (as defined belowd) subject to Section 2.06, all rights and privileges of such Grantor with respect to the securities and other property referred to in clauses (a), (b), and without affecting the obligations (c) above; and (e) subject to Section 2.06, all Proceeds of any of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger foregoing (the collateral described items referred to in clauses (ia) through (vie) of this Section 2 above being collectively referred to as the “Pledged Collateral”); provided that notwithstanding anything in the Indenture, as collateral this Agreement or any other Collateral Document to the contrary, nothing in this Agreement shall constitute or be deemed to constitute a grant of a security for the prompt interest in, and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All none of the Pledged Interests now owned by Collateral shall include, any Excluded Assets. TO HAVE AND TO HOLD the Pledgor which are presently represented by certificates are listed on Exhibit A heretoPledged Collateral, which certificatestogether with all right, with undated assignments separate from certificates title, interest, powers, privileges and preferences pertaining or stock/membership interest powers duly executed in blank by such Pledgor incidental thereto, unto the Collateral Agent, its successors and irrevocable proxiesassigns, are being delivered to Pledgee simultaneously herewith. Upon for the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody benefit of the certificates representing Secured Parties, forever, subject, however, to the Pledged Interests terms, covenants and any additional Pledged Collateralconditions hereinafter set forth. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Each Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to the Pledgee, for its benefit and the benefit of itself and the PurchasersLenders, a first priority lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Pledged Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (iiiii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, stock or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, purchase or sell, and other property, rights, rights and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the any Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the any Pledgor is not the surviving corporation, all shares of each class or of the Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the any Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to the Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, each Pledgor shall execute an Addendum in the form of a supplement to Exhibit B attached hereto A (a “Pledge AddendumSupplement”)) and deliver such Pledge Supplement to the Pledgee and the Lenders. Any Pledged Collateral described in a Pledge Addendum executed Supplement delivered by any Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. The Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any), in the case of clauses (i) and (1ii), (x) is not and will not be evidenced by a certificate and (2y) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) 3.1 The Pledgor Pledgor, as a continuing security for the full and punctual payment or performance when and if due of the Secured Obligations, hereby pledges, assigns, hypothecates, transfers, delivers absolutely and grants to unconditionally charges and pledges in favour of the Pledgee, for the benefit by way of itself first ranking fixed pledge and the Purchasers, a first lien on assigns to and first priority perfected security interest in (i) all favour of the Pledged Equity Pledgee, by way of first ranking fixed charge and other equity interests of pledge the Pledge Entities now owned or hereafter acquired by such Pledgor following assets (collectively, the “Pledged InterestsAssets”)): 3.1.1 all right, (ii) any other shares title and interest of Pledged Equity hereafter pledged or referred to be pledged the Pledgor in and to the Pledgee pursuant to this Agreement; Pledged Shares, including all distributions (ii) all “investment property” as such term is defined in §9-102(a)(49the Companies Law) and bonus shares distributed and issued in relation thereto, including all dividends, collections, income or otherwise arising from or out of the UCC Pledged Shares, moneys paid or payable in relation thereto (as defined belowincluding all liquidation proceeds, redemption proceeds and repaid capital in case of a capital decrease) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) and all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingshares, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividendswarrants, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is moneys or property accruing or offered at any time entitled in relation to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral Shares by way of redemption, substitution, exchange, bonus, pursuant to option rights or otherwise (as defined below“Related Rights”), and without affecting the obligations all rights of the Pledgor under any provision as a shareholder of the Security Company, whether under Law and/or under the organizational documents of the Company which derive from the Pledged Shares or any Related Rights ; 3.1.2 all rights of the Pledgor as a beneficiary in the Trust Account and rights of the Pledgor as a beneficiary in all securities, moneys, credit balances, securities, documents, instruments and other assets, now or at any time deposited in the Trust Account and any investments part of, credited to or in connection with the Trust Account and all interest, dividends and other income derived thereon or therefrom, certificates and instruments and all assets received, receivable or otherwise distributed in respect of such Trust Account and such investments; 3.1.3 all rights of the Pledgor as a beneficiary under the Trust Agreement, in respect of and to the event extent applicable to the Pledged Shares; 3.1.4 all rights of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred and to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by Account and all securities, moneys, credit balances, securities, documents, instruments and other assets, deposited in the Pledged Account at any time, and any investments part of, credited to or in connection with the Pledged Account and all interest, dividends and other income derived thereon or therefrom, certificates and instruments and all assets received, receivable or otherwise distributed in respect of such Pledged Account and such investments. With respect to the Pledged Account, it is hereby agreed as follows: 3.1.4.1 Within no later than the date hereof, the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered undertakes to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing open the Pledged Interests Account and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either to provide the Pledgee with: (i) a membership interest confirmation from the Pledged Account Bank, substantially in a Person that is a limited liability company the form attached hereto as Exhibit A or in other form reasonably satisfactory to the Pledgee, and (ii) an executed trust agreement with respect to the signatory rights in the Pledged Account (which such agreement shall be counter-signed by the Pledgee), substantially in the form attached hereto as Exhibit B or in other form reasonably satisfactory to the Pledgee; and 3.1.4.2 Within no later than the date hereof, the Pledgor shall execute and/or deliver to the Pledgee an amendment of, or supplement to, this Pledge Agreement in order to create a partnership first ranking fixed pledge over the Pledged Account and to execute and deliver to the Pledgee all notices of pledge and other documents required to be registered with the Israeli Registrar of Pledges and the ACRA in order to register the pledge created over the Pledged Accountwithin its statutorily prescribed deadlines (if applicable). For the avoidance of doubt, any failure to deliver any additional and/or new pledge or amendment of, or supplement to, this Pledge Agreement or any notices of pledge and other documents required to be filed or registered with the Israeli Registrar of Pledges and the ACRA shall not derogate from any of the rights or pledges created hereunder and the Pledged Account shall be subject to this Pledge Agreement even if no new pledge or amendment of, or supplement to, this Agreement have been executed or no notices of pledge and other documents required to be filed or registered with the Israeli Registrar of Pledges and the ACRA have been filed or registered. The Pledgor hereby irrevocably appoints the Pledgee, to be its attorney acting severally, for purposes of filing and registering or otherwise perfecting the security interest granted over the Pledged Account, in its name and on its behalf, and the Pledgor hereby ratifies, confirms and agrees to ratify and confirm all such acts or things made, done or executed under such authority; and 3.1.5 any Pledged Cash. and, to the extent not included in the foregoing, any and all proceeds, products and benefits deriving from such pledged assets, including those received upon any collection, exchange, sale or other disposition of such pledged assets and any property into which such pledged assets are converted, whether cash or non-cash. For the avoidance of doubt, the Pledgor shall be entitled to participate in a Person rights offering of the Company’s securities, including on account of the Pledged Shares, and in such event the Pledged Assets shall not include any additional securities and rights related thereto purchased by the Pledgor in such rights offering. 3.2 In order to secure the rights of the Pledgee in respect of the Pledged Assets, the Pledgor hereby undertakes and confirms as follows: 3.2.1 it has furnished to the Pledgee certified corporate approvals of the Pledgor approving the execution, delivery and performance of all obligations under this Pledge Agreement; 3.2.2 it has furnished to the Pledgee a legal opinion from a reputable local counsel (in Pledgor’s jurisdiction) in a form reasonably acceptable to the Pledgee; 3.2.3 it has provided the Trustee, a notice and irrevocable instructions in the form attached hereto as Exhibit C (“Trustee Notice and Irrevocable Instructions”), and has provided the Pledgee, on the Effective Date, a countersigned acknowledgment thereof by the Trustee, and the Pledgee undertakes to execute and deliver to the Pledgor evidence of executing the confirmation to the Trustee Notice and Irrevocable Instructions promptly upon receipt thereof countersigned by the Trustee. Without derogating from any of the instructions under the Trustee Notice and Irrevocable Instructions, it is hereby clarified that the Pledgor shall not instruct the Trustee to transfer any Pledged Shares, Related Rights and/or Pledged Cash from the Trust Account (except in case of sale or release of Pledged Shares and/or Pledged Cash which is permitted hereunder), until the Pledgee confirms in writing to the Trustee that Pledged Account has been opened and pledged in accordance with this Pledge Agreement; 3.2.4 it has provided a partnership signed acknowledgement from the Trust Account Bank, substantially in the form attached hereto as Exhibit D or in other form satisfactory to the Pledgee; 3.2.5 it has duly signed and delivered to the Pledgee all such documents required under applicable law for the purpose of registering the pledges hereby created with the Israeli Registrar of Pledges, including an original form of Notice to the Pledges Registrar (if any) (Form #1) and has furnished to the Pledgee evidence of registration of the pledges created hereunder with the Israeli Pledges Registrar; and 3.2.6 it has duly signed and delivered to the Pledgee all such documents required under Singapore law for the purpose of registering the pledges hereby created with the ACRA and has furnished to the Pledgee evidence of its filing with the ACRA (provided that if it is not and will not be evidenced by a certificate and (2) possible to file with ACRA on the date hereof due to technical failure related to ACRA, the Pledgor shall furnish to the Pledgee such evidence of filing on the first succeeding day in which it is not and will not be deemed a “security” governed by Article 8 possible to file with ACRA). 3.3 Following request of the UCCPledgee, the Pledgor shall take all action (including any perfection and/or registration actions) as the Pledgee may reasonably require (at the Pledgor’s own cost and expense) so that the pledges created hereunder or pursuant hereto shall be valid, binding and perfected against other creditors (including those claiming to be creditors) of the Pledgor. 3.4 Upon any share split, reverse share split, reclassification of the Pledged Shares or any other similar event, Pledgor will execute, promptly following such event, a pledge in the same form, mutatis mutandis, as this Pledge Agreement in respect of such additional shares or other securities, as the case may be, and take all action (including any perfection and/or registration actions) as the Pledgee may reasonably require (at the Pledgor’s own cost and expense) so that such new pledges created hereunder or pursuant hereto shall be valid, binding and perfected against other creditors (including those claiming to be creditors) of the Pledgor. Any failure to deliver any additional and/or new pledge or Pledges shall not derogate from any of the rights or pledges granted hereunder. Upon any reverse share split or any other similar event, Pledged Shares shall be released as appropriate such that the portion of the Pledged Shares as a percentage of the total outstanding shares of the Company is the same as it was prior to such reverse share split or similar event.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants Notwithstanding anything to Pledgee, for the benefit of itself and the Purchaserscontrary contained herein, a first lien on Holder may pledge, transfer, collaterally assign or otherwise encumber (a “Pledge”) its Note or any interest therein to any entity (other than any Borrower Party) which has extended a credit facility to such Holder and first priority perfected security interest in that is (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”)a Qualified Institutional Lender, (ii) a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent) or better by each Rating Agency or (iii) a Qualified Conduit Lender (each such entity, a “Pledgee”), on terms and conditions set forth in this Section 17, it being further agreed that a financing provided by a Pledgee to such pledging Holder or any other shares person that Controls such Holder that is secured by such Holder’s interest in its Note and is structured as a repurchase arrangement, shall constitute a “Pledge” hereunder; provided all applicable terms and conditions of Pledged Equity hereafter pledged this Section 17 are complied with; provided, further, that a Pledgee of Note B-1, Note B-2, Note B-3, Note B-4, Note B-5 or referred to be pledged Note B-6 that is not a Qualified Institutional Lender may not take title to the related Note after the Note A Securitization Date without the prior written consent of the Lead Note A Holder; provided, further, that no Pledgee pursuant may take title to a Note without satisfying the requirements for transfer set forth in Section 16 and this AgreementSection 17. Upon written notice by the pledging Holder to the non-pledging Holder and the Servicer that a Pledge has been effected (including the name and address of the applicable Pledgee), the Servicer shall agree: (i) to give the Pledgee written notice of any default by the pledging Holder in respect of its obligations under this Agreement of which default the Servicer has actual knowledge and which notice shall be given simultaneously with the giving of such notice to the pledging Holder; (ii) all “investment property” to allow such Pledgee a period of ten (10) days to cure a default by the pledging Holder in respect of its obligations to the non-pledging Holder hereunder, but such Pledgee shall not be obligated to cure any such default; (iii) that no amendment, modification, waiver or termination of this Agreement or the Servicing Agreement, if the pledging Holder had the right to consent to such amendment, modification, waiver or termination pursuant to the terms hereof or the Servicing Agreement, as applicable, shall be effective against such term is defined in §9-102(a)(49) Pledgee without the written consent of the UCC (as defined below) with respect theretosuch Pledgee, which consent shall not be unreasonably withheld, conditioned or delayed and which consent shall be deemed to be given if Pledgee shall fail to respond to any request for consent to any such amendment, modification, waiver or termination within 10 days after request therefor; (iv) that the Servicer shall give to such Pledgee copies of any “security entitlement” notice of default under the Mortgage Loan simultaneously with the giving of same to the pledging Holder and accept any cure thereof by such Pledgee which such pledging Holder has the right (but not the obligation) to effect hereunder, as if such term is defined in § 8-102(a)(17) of the UCC with respect theretocure were made by such pledging Holder; (v) all books and records relating that the Servicer shall deliver to Pledgee such estoppel certificate(s) as Pledgee shall reasonably request, provided that any such certificate(s) shall be in a form reasonably satisfactory to the foregoingServicer; and (vi) all Accessions that, upon written notice (a “Redirection Notice”) to the non-pledging Holder and Proceeds the Servicer by such Pledgee that the pledging Holder is in default, beyond any applicable cure periods with respect to the pledging Holder’s obligations to such Pledgee pursuant to the applicable credit agreement or repurchase agreement, as applicable, between the pledging Holder and such Pledgee (as each is defined which notice need not be joined in or confirmed by the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwisepledging Holder), dividendsand until such Redirection Notice is withdrawn or rescinded by such Pledgee, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time Pledgee shall be entitled to receive any payments that the Servicer would otherwise be obligated to pay to the pledging Holder from time to time pursuant to this Agreement or is otherwise distributed in respect of, or in exchange for, the Servicing Agreement. Any pledging Holder hereby unconditionally and absolutely releases the non-pledging Holder and the Servicer from any or all liability to the pledging Holder on account of the Pledged Collateral Servicer’s or non-pledging Holder’s compliance with any Redirection Notice believed by the Servicer or the non-pledging Holder, as applicable, to have been delivered by a Pledgee. A Pledgee shall be permitted to exercise fully its rights and remedies against the pledging Holder to such Pledgee (and accept an assignment in lieu of foreclosure as defined belowto such collateral), in accordance with applicable law and this Agreement. In such event, the Servicer shall recognize such Pledgee (and any transferee (other than any Borrower Party) which is also a Qualified Institutional Lender at any foreclosure or similar sale held by such Pledgee or any transfer in lieu of foreclosure), and without affecting its successor and assigns that are Qualified Institutional Lenders, as the successor to the pledging Holder’s rights, remedies and obligations under this Agreement, and any such Pledgee or Qualified Institutional Lender shall assume in writing the obligations of the Pledgor pledging Holder hereunder accruing from and after such Transfer (i.e., realization upon the collateral by such Pledgee) and agree to be bound by the terms and provisions of this Agreement. The rights of a Pledgee under any provision of this Section 17 shall remain effective as to the Security Agreementnon-pledging Holder (and the Servicer) unless and until such Pledgee shall have notified such non-pledging Holder (and the Servicer, as applicable) in writing that its interest in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateralpledged Note has terminated. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. To secure the Obligations now or hereafter owed or to be performed by such Pledgor (abut subject to clause (x) The of the proviso at the end of this Section 3.1 in the case of the Voting Equity Interests of Exempted Foreign Entities pledged hereunder), each Pledgor does hereby pledgesgrant, assigns, hypothecates, transfers, delivers pledge and grants (except in the case of ULC Shares) assign to Pledgee, the Pledgee for the benefit of itself the Secured Creditors, and the Purchasers, does hereby create a first lien on and first priority perfected continuing security interest (subject to those Liens permitted to exist with respect to the Collateral pursuant to the terms of all Secured Debt Agreements then in (ieffect) in favor of the Pledgee for the benefit of the Secured Creditors in, all of its right, title and interest in and to the Pledged Equity and other equity interests of the Pledge Entities following, whether now owned existing or hereafter from time to time acquired by such Pledgor (collectively, the “Pledged InterestsCollateral”): (a) each of the Collateral Accounts (to the extent a security interest therein is not created pursuant to the U.S. Security Agreement), (ii) including any other shares and all assets of Pledged Equity whatever type or kind deposited by such Pledgor in any such Collateral Account, whether now owned or hereafter pledged acquired, existing or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingarising, including, without limitation, all distributions Financial Assets, Investment Property, monies, checks, drafts, Instruments, Securities or interests therein of any type or nature deposited or required by the Credit Agreement or any other Secured Debt Agreement to be deposited in such Collateral Account, and all investments and all certificates and other Instruments (cashincluding depository receipts, stockif any) from time to time representing or evidencing the same, or otherwise), and all dividends, stock dividendsinterest, securitiesdistributions, cash, instruments, rights to subscribe, purchase, or sell, cash and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral.foregoing; (b) Each Pledged Interest consisting all Securities owned or held by such Pledgor from time to time and all options and warrants owned by such Pledgor from time to time to purchase Securities; (c) all Limited Liability Company Interests owned by such Pledgor from time to time and all of either (i) a membership its right, title and interest in a Person that is a each limited liability company to which each such Limited Liability Company Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Limited Liability Company Interests and applicable law: (iiA) a partnership all its capital therein and its interest in a Person that is a partnership all profits, income, surpluses, losses, Limited Liability Company Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests; (B) all other payments due or to become due to such Pledgor in respect of Limited Liability Company Interests, whether under any limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited liability company agreement or operating agreement, or at law or otherwise in respect of such Limited Liability Company Interests; (D) all present and future claims, if any, of such Pledgor against any such limited liability company for monies loaned or advanced, for services rendered or otherwise; (1E) is all of such Pledgor’s rights under any limited liability company agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Limited Liability Company Interests, including any power to terminate, cancel or modify any such limited liability company agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Limited Liability Company Interests and any such limited liability company, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and will authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Limited Liability Company Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and (F) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, 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 thereof; (d) all Partnership Interests owned by such Pledgor from time to time and all of its right, title and interest in each partnership to which each such Partnership Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Partnership Interests and applicable law: (A) all its capital therein and its interest in all profits, income, surpluses, losses, Partnership Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Partnership Interests; (B) all other payments due or to become due to such Pledgor in respect of Partnership Interests, whether under any partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any partnership agreement or operating agreement, or at law or otherwise in respect of such Partnership Interests; (D) all present and future claims, if any, of such Pledgor against any such partnership for monies loaned or advanced, for services rendered or otherwise; (E) all of such Pledgor’s rights under any partnership agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Partnership Interests, including any power to terminate, cancel or modify any partnership agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Partnership Interests and any such partnership, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Partnership Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and (F) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, 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 thereof; (e) all Financial Assets and Investment Property owned by such Pledgor from time to time; (f) all Security Entitlements owned by such Pledgor from time to time in any and all of the foregoing; and (g) all Proceeds of any and all of the foregoing; provided that (x) to the extent Voting Equity Interests of any Exempted Foreign Entity are pledged hereunder which represent more than 65% of the total combined voting power of all classes of Voting Equity Interests of the respective Exempted Foreign Entity (with all Voting Equity Interests of the respective Exempted Foreign Entity in excess of said 65% limit being herein called “Excess Exempted Foreign Entity Equity Interests”), such Excess Exempted Foreign Entity Equity Interests shall secure Obligations of the respective Pledgor only as a guarantor of the Obligations of the Canadian Borrower, and shall not secure any direct Obligations of the U.S. Borrower (or guarantees of such Obligations by the respective Pledgor) and (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from time to time acquired by such Pledgor, which Non-Voting Equity Interests shall not be evidenced by a certificate and subject to the limitations described in preceding clause (2) is not and will not be deemed a “security” governed by Article 8 of the UCCx).

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers pledges to the Secured Party and grants to Pledgee, for the benefit of itself and the Purchasers, Secured Party a first lien on and first priority perfected security interest in (i) all of the Pledged Equity Pledgor’s right, title and other equity interests of the Pledge Entities interest, whether now owned or held or hereafter acquired by such Pledgor acquired, in, to and under the following (collectively, the “Pledged InterestsCollateral”): (a) the Pledged Securities, which as of the date here of are listed in Part A of Schedule I, and the certificates, if any, representing such Pledged Securities, and all dividends, distributions, cash, instruments, options, warrants 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 Pledged Securities; (b) any additional Securities of the Borrower from time to time acquired by the Pledgor in any manner (which securities shall be deemed to be part of the Pledged Securities), and the certificates representing such additional shares, if any, and all dividends, distributions, 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 such Securities; (iic) the Pledged Debt, which as of the date hereof is in the amount listed on Part B of Schedule I, and any instruments and other writings representing such Pledged Debt, and all interest, principal and other amounts from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such Pledged Debt; (d) any additional indebtedness or other shares of Pledged Equity hereafter pledged monetary obligations owed to the Pledgor by Borrower, 1309 or referred 5100 (which indebtedness shall be deemed to be pledged part of the Pledged Debt), and any instruments representing such additional indebtedness, and all interest, principal and other amounts from time to the Pledgee pursuant to this Agreementtime received, receivable or otherwise distributed in respect of or in exchange for any or all of such debt; and (iie) all “investment property” proceeds (as such term is defined in §Section 9-102(a)(49102(a)(64) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17Uniform Commercial Code) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor As security for the payment or performance in full when due of the Obligations, including each Guaranty of the Obligations, each Grantor hereby pledges, pledges to the Administrative Agent and its successors and assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself the Secured Parties, and hereby grants to the PurchasersAdministrative Agent and its successors and assigns, for the benefit of the Secured Parties, a first lien on and first priority perfected security interest in all of such Grantor’s right, title and interest in, to and under (ia) all of the Pledged Equity and other equity interests of the Pledge Entities Interests now owned or hereafter acquired directly held by such Pledgor Grantor in (collectivelyx) each Material Subsidiary that is a direct Wholly-Owned Subsidiary of such Grantor and (y) Nitrogen, including in the case of each of clauses (x) and (y) the Equity Interests listed on Schedule I, and the certificates, if any, representing all such Equity Interests (the “Pledged InterestsEquity”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (iib) all “investment property” as the Indebtedness owed to such term is defined in §9-102(a)(49) Grantor and listed opposite the name of the UCC such Grantor on Schedule I and any Indebtedness (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, any intercompany notes) directly obtained in the future by such Grantor and the certificates, promissory notes and other instruments, if any, evidencing such Indebtedness (the “Pledged Debt”); (c) all distributions (cash, stock, payments of principal or otherwise)interest, dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, or in exchange forfor or upon the conversion of, any or and all of other Proceeds received in respect of, the Pledged Collateral Equity and Pledged Debt; (as defined belowd) subject to Section 2.06, all rights and privileges of such Grantor with respect to the securities and other property referred to in clauses (a), (b), and without affecting the obligations (c) above; and (e) subject to Section 2.06, all Proceeds of any of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger foregoing (the collateral described items referred to in clauses (ia) through (vie) of this Section 2 above being collectively referred to as the “Pledged Collateral”); provided that notwithstanding anything in this Agreement or any other Loan Document to the contrary, as collateral nothing in this Agreement shall constitute or be deemed to constitute a grant of a security for the prompt interest in, and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All none of the Pledged Interests now owned by Collateral shall include, any Excluded Property. TO HAVE AND TO HOLD the Pledgor which are presently represented by certificates are listed on Exhibit A heretoPledged Collateral, which certificatestogether with all right, with undated assignments separate from certificates title, interest, powers, privileges and preferences pertaining or stock/membership interest powers duly executed in blank by such Pledgor incidental thereto, unto the Administrative Agent, its successors and irrevocable proxiesassigns, are being delivered to Pledgee simultaneously herewith. Upon for the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody benefit of the certificates representing Secured Parties, forever, subject, however, to the Pledged Interests terms, covenants and any additional Pledged Collateralconditions hereinafter set forth. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor As security for the payment or performance, as the case may be, in full of the Secured Obligations, including the Guaranty, Springleaf hereby pledgesassigns and pledges to the Collateral Agent, its successors and assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself the Secured Parties, and hereby grants to the PurchasersCollateral Agent, its successors and assigns, for the benefit of the Secured Parties, a first lien on and first priority perfected security interest in (i) all of Springleaf’s right, title and interest in, to and under all Equity Interests issued by the Pledged Borrower and any successor entity, including in any event the Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor Interests identified on Schedule I hereto (collectively, the “Pledged InterestsEquity”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) payments of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, principal or otherwise)interest, dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, or in exchange forfor or upon the conversion of, and all other Proceeds received in respect of, the Pledged Equity; (iii) all rights and privileges of Springleaf with respect to the securities and other property referred to in clauses (i) and (ii) above; and (iv) all Proceeds of any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger foregoing (the collateral described items referred to in clauses (i) through (viiv) of this Section 2 above being collectively referred to as the “Pledged Collateral”); provided, as collateral security for however, that the prompt and complete payment and performance when due maximum amount of Secured Obligations that is secured hereunder is limited to an amount equal to (whether at the stated maturity, by acceleration or otherwisea) 10% of the Obligations. All Consolidated Net Worth of Springleaf (as defined in and calculated in accordance with, the Pledged Interests now owned by Existing Indenture as in effect on the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. Restatement Effective Date) less (b) Each the aggregate principal amount of Indebtedness secured by Liens on assets of Springleaf and its Subsidiaries as shown on Schedule 9.10 to the Disclosure Letter. TO HAVE AND TO HOLD the Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not incidental thereto, unto the Collateral Agent, its successors and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 assigns, for the benefit of the UCCSecured Parties, forever, subject, however, to the terms, covenants and conditions hereinafter set forth.

Pledge. To secure the Secured Obligations (a) The as defined in Section 2 below), each Pledgor hereby pledgesTRANSFERS, assignsGRANTS, hypothecatesBARGAINS, transfersSELLS, delivers CONVEYS, HYPOTHECATES, SETS OVER, DELIVERS AND PLEDGES to the Agent for the benefit of the Secured Parties, and grants GRANTS to Pledgeethe Agent, for the benefit of itself and the PurchasersSecured Parties, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity such Pledgor's right, title and other equity interests interest of the Pledge Entities every kind and character now owned or hereafter acquired by such Pledgor (collectivelyacquired, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged created or referred to be pledged arising in and to the Pledgee pursuant to this Agreement; following (iithe "Pledged Collateral"): (a) all “investment property” as such term is defined in §9-102(a)(49) of the UCC Pledged Shares (as defined below) with respect thereto; ); (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (vb) all books shares of capital stock, general and records relating to limited partnership interests, limited liability company interests, trust interests, joint venture interests, ownership rights arising under the foregoing; law of any jurisdiction, and (vi) all Accessions and Proceeds (as each is defined in the UCC) any evidence of the foregoing, includingtogether with any property and rights derivative thereof, without limitationacquired, received or owned by any Pledgor, which, on or after the date of this Agreement, is or becomes, as a result of any occurrence, a Material Subsidiary of the Company; (c) all distributions certificates and similar evidence of ownership representing the Pledged Shares; (cash, stock, or otherwise), d) all cash dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty or proceeds from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral Shares or the shares or interests acquired, received or owned under Section 1(b) hereof; and (as defined below), e) all additions to and without affecting the obligations substitutions for any of the Pledgor under any provision of the Security Agreement, in the event foregoing and all products and proceeds of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A heretoCollateral, which certificates, together with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor all renewals and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition replacements of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing Pledged Collateral, all accounts, accounts receivable, instruments, notes, chattel paper, documents (including all documents of title), books, records, contract rights and general intangibles arising in connection with any of the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. As security for the payment and performance, as the case may be, in full of the Obligations, each Pledgor hereby transfers, grants, bargains, sells, conveys, hypothecates, pledges, sets over and delivers unto the Collateral Agent, its successors and assigns, and hereby grants to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, a first priority security interest in all of such Pledgor’s right, title and interest in, to and under (a) The Pledgor hereby pledgesall the shares of Capital Stock owned by it (including, assignswithout limitation, hypothecates, transfers, delivers those listed on Schedule II hereto) and grants to Pledgee, for any shares of Capital Stock of any Subsidiary obtained in the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired future by such Pledgor and the certificates representing all such shares or interests (collectively, the “Pledged InterestsStock”); provided that the Pledged Stock shall not include (i) any Capital Stock owned directly by Crown Holdings, (ii) any other more than 65% of the issued and outstanding shares of Pledged Equity hereafter pledged voting stock of any Non-U.S. Subsidiary or referred to be pledged (iii) to the Pledgee extent that applicable law requires that a Subsidiary of the Pledgor issue directors’ qualifying shares, such qualifying shares; (b) all other property that may be delivered to and held by the Collateral Agent pursuant to this Agreementthe terms hereof; (iic) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating subject to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitationSection 5, all distributions (cash, stock, or otherwise), payments of dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rightsreceivable or otherwise distributed, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange forfor or upon the conversion of the securities referred to in clause (a) above; (d) subject to Section 5, all rights and privileges of the Pledgor with respect to the securities and other property referred to in clauses (a), (b), (c) and (d) above; and (e) all proceeds of any or and all of the Pledged foregoing (all the foregoing, collectively, the “Collateral”). Upon delivery to the Collateral Agent, (a) any stock certificates, notes or other securities now or hereafter included in the Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged CollateralSecurities”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, ) shall be accompanied by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest stock powers duly executed in blank or other instruments of transfer satisfactory to the Collateral Agent and by such other instruments and documents as the Collateral Agent may reasonably request and (b) all other property comprising part of the Collateral shall be accompanied by proper instruments of assignment duly executed by the applicable Pledgor and irrevocable proxiessuch other instruments or documents as the Collateral Agent may reasonably request. Each subsequent delivery of Pledged Securities shall be accompanied by a schedule describing the securities then being pledged hereunder, are being which schedule shall be attached hereto as a supplement to Schedule II and made a part hereof. Each schedule so delivered shall supplement any prior schedules so delivered. TO HAVE AND TO HOLD the Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and assigns, for the benefit of the Secured Parties, forever; subject, however, to Pledgee simultaneously herewiththe terms, covenants and conditions hereinafter set forth. Upon Notwithstanding any other provision hereof, if any Collateral constitutes Restricted Securities, then such Collateral shall not secure any Obligations constituting Exempted Indebtedness except to the creation or acquisition extent that such Obligations constitute Restricted Secured Indebtedness; provided that (i) if any Existing Unsecured Debt is required to be secured by a Lien on such Collateral as a result of the operation of any new Pledged Interestsnegative pledge covenant in any indenture, agreement or instrument governing such Existing Unsecured Debt or (ii) the Existing Unsecured Debt ceases to be outstanding or no longer restricts the ability of any Pledgor to pledge Restricted Securities without also securing the Existing Unsecured Debt, then the Obligations secured hereunder shall execute an Addendum in be equal to the form maximum aggregate amount of Exhibit B attached hereto (a “Pledge Addendum”)Obligations then outstanding. Any Pledged If any Collateral described in a Pledge Addendum executed by Pledgor constitutes Restricted Securities any payments or repayments of the Obligations shall thereafter not be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody applied against, or to reduce, the amount of the certificates representing the Pledged Interests and any additional Pledged CollateralRestricted Secured Indebtedness that may be secured hereby. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants pledges to Pledgeethe Administrative Agent, for the benefit of itself the Administrative Agent, the Lenders, the Issuing Banks and the Purchasersother Holders, and grants to the Administrative Agent for the benefit of the Administrative Agent, the Lenders, the Issuing Banks and the other Holders, a first lien on and first priority perfected security interest in (i) all of in, the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor following (collectively, the “"Pledged Collateral"): (a) All of the right, title and interest of the Pledgor in the Equity Interests”, whether now existing or hereafter arising, and the certificates representing the shares of such capital stock (such now-existing shares being identified on EXHIBIT A attached hereto and made a part hereof), all options and warrants for the purchase of additional equity interests now or hereafter held in the name of the Pledgor (ii) any other shares all of Pledged said Equity hereafter pledged Interests, options and warrants and all capital stock held in the name of the Pledgor as a result of the exercise of such options or warrants being hereinafter collectively referred to be pledged as the "Pledged Stock"), herewith delivered to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined Administrative Agent accompanied by stock powers in the UCC) form of the foregoingEXHIBIT B attached hereto and made a part hereof duly executed in blank, including, without limitation, and all distributions (cash, stock, or otherwise), dividends, stock dividends, securitiesdistributions, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral.Stock; (b) Each Pledged Interest consisting of either All additional equity interests from time to time acquired by the Pledgor in any manner, and the certificates representing such additional equity interests (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 any such additional equity interests shall constitute part of the UCCPledged Stock and the Administrative Agent is irrevocably authorized to amend EXHIBIT A from time to time to reflect such additional equity interests), and all options, warrants, dividends, distributions, cash, instruments and other rights and options from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such equity interests; (c) The property and interests in property described in SECTION 4 below; and (d) All proceeds of the foregoing.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself the Pledgee and the PurchasersLenders, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests capital stock of the Pledge Entities Acquisition Co. now owned or hereafter acquired by such Pledgor (collectively, the “Acquisition Pledged InterestsShares”), (ii) any other shares upon the consummation of the Closing Date Merger, all of the capital stock of Panther then owned or thereafter acquired by Pledgor (collectively, the “Panther Pledged Equity hereafter pledged or Shares”; the Acquisition Pledged Shares and the Panther Pledged Shares are referred to be pledged herein collectively as the “Pledged Shares”), (iii) all other property hereafter delivered to, or in the possession or in the custody of, Pledgee in substitution for or in addition to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; Pledged Shares, (iv) any “security entitlement” other property of Pledgor, as such term is defined described in § 8-102(a)(17) Section 4 below or otherwise, now or hereafter delivered to, or in the possession or custody of the UCC with respect thereto; Pledgor, and (v) all books and records relating to proceeds of the foregoing; collateral described in the preceding clauses (i), (ii), (iii) and (viiv) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (viv) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for for: (a) the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of all the Obligations; and (b) the due and punctual payment and performance by Pledgor of its obligations, liabilities and Indebtedness under, arising out of or in connection with this Agreement, the Guaranty and any other Loan Documents to which Pledgor is a party; (all of the foregoing being referred to hereinafter collectively as the “Liabilities”). All of the Pledged Interests Shares now owned by the Pledgor which are presently represented by stock certificates are listed on Exhibit A hereto, which stock certificates, with undated assignments separate from certificates or stock/membership interest stock powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee, for the benefit of Pledgee and the Lenders, simultaneously herewith. Upon Pledgee, on behalf of the creation or acquisition of any new Pledged InterestsLenders, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests Shares and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The As security for the prompt performance and payment in full of the Senior Indebtedness, each Pledgor hereby pledges, hypothecates, assigns, hypothecates, transfers, sets over and delivers and grants to Pledgeeunto the Collateral Agent, for the benefit of itself the Secured Parties, and grants to the PurchasersCollateral Agent, for the benefit of the Secured Parties, a first lien on and first priority perfected security interest in (i) in, all of such Pledgor’s right, title and interest in, to and under the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor following (collectively, the “Pledged Collateral”): (a) the Pledged Interests”), ; (iib) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; Material Debt Receivables; (iic) all “investment property” as distributions, cash, securities, interest, 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 thereof to which such term is defined Pledgor shall at any time be entitled in §9-102(a)(49) respect of the UCC Pledged Interests and the Material Debt Receivables; (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (vd) all books and records relating other payments due or to the foregoing; and (vi) all Accessions and Proceeds (as each is defined become due to such Pledgor in the UCC) respect of any of the foregoing; (e) all of such Pledgor’s claims, rights, powers, privileges, authority, puts, calls, options, security interests, liens and remedies, if any, in respect of any of the foregoing; (f) all of such Pledgor’s rights to exercise and enforce any and every right, power, remedy, authority, option and privilege of such Pledgor relating to any of the foregoing including, without limitation, any power to (i) terminate, cancel or modify any agreement, (ii) execute any instruments and to take any and all distributions other action on behalf of and in the name of such Pledgor in respect of any of the foregoing and the applicable Issuer thereof, (cashiii) exercise voting rights or make determinations, stock(iv) exercise any election (including, but not limited to, election of remedies), (v) exercise any “put”, right of first offer or first refusal, or otherwise)other option, dividends(vi) exercise any right of redemption or repurchase, stock dividends(vii) give or receive any notice, securitiesconsent, cashamendment, instrumentswaiver or approval, rights to subscribe(viii) demand, purchasereceive, enforce, collect or receipt for any of the foregoing, (ix) enforce or execute any checks, or sellother instruments or orders, (x) file any claims and to take any action in connection with any of the foregoing, or (xi) otherwise act as if such Pledgor were the absolute owner of such Pledged Interests and Material Debt Receivables and all rights associated therewith; (g) all certificates and instruments representing or evidencing any of the foregoing; (h) all other property, property hereafter delivered in substitution for or in addition to any of the foregoing; (i) all other rights, titles, interests, powers, privileges and interest that such Pledgor is at preferences pertaining to any time entitled of the foregoing; and (j) all products and Proceeds of any of the foregoing. provided, that, notwithstanding any of the foregoing to receive or is otherwise distributed in respect ofthe contrary, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is shall not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses include (i) through (vi) insurance policies the proceeds of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturitywhich are required, by acceleration or otherwise) the terms of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A heretosuch policies, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession paid to Persons other than any Pledgor, and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or rights related to such policies; (ii) [reserved] or (iii) any other property the pledge of which, or granting of a partnership Lien in which, would be prohibited or restricted by (x) Applicable Law (including any requirement to obtain the consent of any Governmental Authority) or (y) a term, provision or condition of any contract, property right or agreement applicable to such Pledgor or such Unencumbered Property and described on Exhibit A; provided, however, that the Pledged Collateral shall include (and such security interest shall attach) immediately at such time as such prohibition and/or restriction shall no longer be applicable and to the extent severable, shall attach immediately to any such property not subject to the prohibitions and/or the restrictions specified in a Person that is a partnership clause (if anyiii) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCCabove.

Pledge. (a) The Pledgor hereby pledgespledges to the Company, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, Company a first lien on and first priority perfected security interest in (i) in, all of the Pledged Equity and other equity interests of the Pledge Entities following, whether now owned or hereafter acquired by such Pledgor acquired: (collectively, i) the “Initial Pledged Interests”)Shares, (ii) the "Additional Pledged Shares," (iii) distributions in respect of, in substitution for, or in exchange for any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC Pledged Shares (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) including by way of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingstock dividend, including, without limitation, all asset distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligationsunpaid principal of, and unpaid interest on, the Note, (iv) all of Pledgor’s federal and state income tax refunds arising from AMT Recoveries, and (v) all proceeds of the foregoing. All Commencing on the date one year from the date hereof, in the event that at any time thereafter the "Fair Market Value" of the Pledged Interests now owned by Shares is less than the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership outstanding principal amount of the Note and accrued and unpaid interest powers duly executed in blank by (the "Loan Balance") at such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Intereststime, Pledgor shall execute an Addendum deposit with the Company, within 10 business days, additional certificates representing Common Shares of the Company (the "Additional Pledged Shares"), together with executed stock powers in the form of Exhibit B attached hereto (as Exhibit B, such that the aggregate Fair Market Value of the Pledged Shares, including the Additional Pledged Shares at the time of the additional deposit, is no less than 110% of the then outstanding Loan Balance. The Company's sole remedy for a “Pledge Addendum”)failure to comply with the preceding sentence shall be to declare a Default under Section 7 of this Agreement and exercise its remedies thereunder. Any Pledged Collateral described in a Pledge Addendum executed by Pledgor At any time of determination of the "Fair Market Value" of Common Shares, such value shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody the average of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 per share closing price of the UCCCommon Shares on the principal market on which such shares are traded for the previous ten trading days, unless trading is suspended in which case the value shall be determined in good faith by the Board of Directors of the Company.

Pledge. (a) The Subject to the term of this Agreement, Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the PurchasersBuyers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and Capital Stock or other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged InterestsShares”), (ii) any other shares of Pledged Equity Capital Stock hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity Capital Stock of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the ObligationsLiabilities. All of the Pledged Interests Shares now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest stock powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged InterestsShares, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests Shares and any additional Pledged Collateral. (b) Each Pledgor shall cause each Pledged Interest Share consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) to be “securities” governed by Article 8 of the UCC at all times. Pledgor shall cause the applicable Persons to issue certificates evidencing such membership interests or partnership interests (1if any) to Pledgor. Pledgor shall not cause and shall not permit any Pledged Entity which is not a corporation to “opt-out” of Article 8 of the UCC. Pledgor shall not take, and will shall not be evidenced by a certificate and (2) permit any Pledged Entity which is not and will not a corporation to take, any actions to cause the capital stock, membership interests, partnership interests or similar equity interests of such Pledged Entity to cease to be deemed a classified as “securitysecurities” governed by Article 8 of the UCC.

Pledge. (a) The As security for the payment and performance in full of the Obligations, the Pledgor hereby pledgestransfers, assigns, grants, bargains, sells, conveys, hypothecates, transferspledges, sets over and delivers unto the Collateral Agent, and grants to Pledgeethe Collateral Agent, for the benefit of itself and the PurchasersSecured Parties, a first lien on and first priority perfected security interest (the "Security Interest") in (i) all of its right, title and interest in, to and under the Pledged Equity and other equity interests of the Pledge Entities following, whether now owned or hereafter acquired by such Pledgor (collectivelyacquired, the “Pledged Interests”), (ii) and including any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) securities account containing a securities entitlement with respect thereto: (a) the shares of capital stock listed in Schedule 1 hereto as being owned by it, and the certificates representing or evidencing such shares (the "Pledged Stock") and any shares of capital stock of any Subsidiary (except to the extent such a pledge is prohibited by law or regulation of any Governmental Authority) obtained by it in the future, and the certificates representing or evidencing such shares; (ivb) any “security entitlement” as such term is defined in § 8-102(a)(17) of all other property which may be delivered to and held by the UCC with respect theretoCollateral Agent pursuant to the terms hereof; (vc) all books and records relating subject to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitationSection 5 below, all distributions (cash, stock, payments of principal or otherwise)interest, dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, in exchange thereof for or in exchange for, any substitution therefor or all upon the conversion of the Pledged Collateral securities referred to in clauses (as defined a) and (b) above; (d) subject to Sections 4 and 5 below), all rights and without affecting the obligations privileges of the Pledgor under any provision of with respect to the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described securities and other property referred to in clauses (ia), (b) and (c) above; and (e) all Proceeds of any of the foregoing (the items referred to in clauses (a) through (vie) of this Section 2 being collectively referred called, without limitation, the "Collateral"). Upon delivery to as the “Pledged Collateral”)Collateral Agent (a) any stock certificates, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of including those with respect to the Pledged Interests Stock, notes, or other securities now owned or hereafter included in the Collateral (the "Pledged Securities") shall be accompanied by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest stock powers duly executed in blank or other instruments of transfer satisfactory to the Collateral Agent and the Lenders' counsel and by such Pledgor other instruments and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon documents as the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession Agent may reasonably request and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each all other property comprising part of the Collateral shall be accompanied by proper instruments of assignment duly executed by the Pledgor and such other instruments or documents as the Collateral Agent may request. With respect to all Pledged Interest Securities consisting of uncertificated securities, book-entry securities or securities entitlements, the Pledgor shall either (ia) a membership interest execute and deliver, and cause any necessary issuers or securities intermediaries to execute and deliver, control agreements in a Person that is a limited liability company form and substance satisfactory to the Collateral Agent covering such Pledged Securities, or (iib) a partnership interest in a Person that is a partnership (if any) (1) is not and will not cause such Pledged Securities to be evidenced transferred into the name of the Collateral Agent. Each subsequent delivery of Pledged Securities shall be accompanied by a certificate schedule describing the securities theretofor and (2) is not then being pledged hereunder, which schedule shall be attached hereto as Schedule 1 and will not be deemed made a “security” governed by Article 8 of part hereof. Each schedule so delivered shall supersede any prior schedules so delivered. TO HAVE AND TO HOLD the UCCCollateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and assigns, forever; subject, however, to the terms, covenants and conditions hereinafter set forth.

Pledge. (a) The To secure the Obligations and for the purposes set forth in Section 1 hereof, Pledgor hereby pledges, pledges and collaterally assigns, hypothecates, transfers, delivers and grants to Pledgeea security interest in and lien on, in favor of Pledgee for the benefit of itself the Pledgee and the PurchasersBank Product Providers, a first lien on all of Pledgor's right, title and first priority perfected security interest in, to, and under (A) the Pledged Collateral, (B) any additional Pledged Collateral acquired pursuant to Section 3.2 below (whether by purchase, dividend, merger, consolidation, sale of assets, split, spin-off, or any other dividend or distribution of any kind or otherwise), (C) all distributions, dividends, cash, certificates, liquidation rights and interests, options, rights, warrants, instruments or other property from time to time received, receivable or otherwise distributed in (i) respect of or in exchange or substitution for any and all of the Pledged Equity and other equity interests Collateral (excluding any of the Pledge Entities foregoing items in the preceding clause with respect to an Issuer to the extent and only to the extent that their inclusion would cause the number of Equity Interests pledged under this Agreement to exceed, with respect to such Issuer, the Designated Number after giving effect to such issuances), (D) the Pledgor's right to vote the Pledged Collateral, and (E) all proceeds, products, replacements and substitutions for any of the foregoing, in each case whether now owned or hereafter acquired by such the Pledgor (collectively, the “Pledged Interests”"Collateral"), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of . If the Pledged Collateral is evidenced by certificates, then the Pledgor shall concurrently herewith deposit with the Collateral Agent (as defined below), and without affecting for the obligations benefit of the Pledgor under any provision Pledgee and the Collateral Agent, in accordance with the terms of that certain Intercreditor Agreement dated as of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger date hereof (the collateral described in clauses "Intercreditor Agreement") by and among the Pledgor, the Pledgee and LaSalle Bank National Association (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”"Collateral Agent"), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now Collateral owned by the Pledgor which are presently represented on the date hereof and the certificates representing the Pledged Collateral accompanied by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates "stock powers" or stock/membership interest powers an Assignment Separate From Certificate duly executed in blank by such the Pledgor. Whether or not the Pledged Collateral is evidenced by certificates, the Pledgor hereby permits the Pledgee to file a Code Financing Statement naming the Pledgor as debtor and irrevocable proxiesthe Pledgee as secured party with respect to the Collateral with the Delaware Secretary of State, are being delivered in form and substance satisfactory to the Pledgee simultaneously herewithin its sole and absolute determination, and without the requirement of the Pledgor's signature. Upon Notwithstanding anything to the creation contrary contained in this Agreement, the Pledgee shall not as a result of this Agreement be responsible or acquisition liable for any obligations or liabilities of any new Pledged Interests, the Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (Pledgor's capacity as a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shareholder, if any, and the Pledgee shall thereafter not be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody have assumed any of the certificates representing the Pledged Interests and any additional Pledged Collateralsuch obligations or liabilities. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The In order to induce Secured Party to extend the Obligations, as that term is defined below, Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to PledgeeSecured Party a security interest in, for and pledges to Secured Party, the benefit of itself securities described in the attached Exhibit A, which is hereby incorporated by reference as if fully set forth herein, and all income, interest, dividends, and distributions thereon, replacements and substitutions therefor, and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor proceeds thereof (collectively, the “Pledged InterestsSecurities”). The Pledged Securities are security for the payment to Secured Party of all of the following (the “Obligations”): all loans, advances, debts, liabilities, obligations, covenants and duties owing to Secured Party from any Pledgor of any kind or nature, present or future, whether or not evidenced by any note, guaranty or other instrument, including but not limited to those arising under: (i) the Term Note executed by XXXXX XXXXXX, Personal Representative of the ESTATE OF XXXXX XXXXXXX, DECEASED; XXXXXXX HOLDING LLC, a Delaware limited liability company; K & R, LLC, a Kentucky limited liability company; THE XXXXX XXXXXXX FAMILY LIMITED PARTNERSHIP, a Kentucky limited partnership; and 0000 XXXXX XXXX LLC, a Kentucky limited liability company, payable to Secured Party dated December 31, 2014 in the original principal amount of Two Million Six Hundred Thousand and 00/100 Dollars ($2,600,000.00), and all of the documents executed in connection therewith, and (ii) under any other agreement, instrument or document, whether or not for the payment of money, whether arising by reason of an extension of credit, opening of a letter of credit, loan, guaranty, indemnification or in any other manner, whether direct or indirect (including those acquired by assignment, participation, purchase, negotiation, discount or otherwise), absolute or contingent, joint or several, due or to become due, now existing or hereafter arising and whether or not contemplated by Pledgor or Secured Party on the date hereof; and, as to all of the foregoing, including any amendments, modifications, or superceding documents to each of the foregoing; and all charges, expenses, fees, including but not limited to reasonable attorneys’ fees, and any other sums chargeable to Pledgor under any of the Obligations. This Agreement is in addition to any previous assignments or pledges, and such previous assignments and pledges remain in full force and effect. To the extent that this Agreement is made by Pledgor to provide additional collateral for the obligations of Borrower, then Pledgor acknowledges and agrees that notice of acceptance of this Agreement, notice of extensions of credit to Borrower from time to time, notice of default, diligence, presentment, protest, demand for payment, notice of demand or protest, and any defense based upon a failure of Secured Party to comply with the notice requirements of the applicable version of Uniform Commercial Code Article XIII and IX, are hereby waived. Secured Party at any time and from time to time, without the consent of or notice to Pledgor, and without impairing or releasing, discharging or modifying the liabilities of Pledgor hereunder, may in its sole discretion (i) change the manner, place or terms of payment or performance of or interest rates on, or change or extend the time of payment or performance of, or other terms relating to any of the Obligations, (ii) renew, increase, substitute, modify, amend or alter, or grant consents or waivers relating to any of the Obligations, any other shares guarantees or other liabilities, or any collateral for any Obligations or guarantees or other liabilities, (iii) apply any and all payments from any source whatsoever including any proceeds of Pledged Equity hereafter pledged or referred any collateral, to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined any Obligations of Borrower in §9-102(a)(49) of the UCC (as defined below) with respect thereto; any order, manner and amount, (iv) deal or refrain from dealing with any “security entitlement” as such term is defined person or entity, in § 8-102(a)(17) of the UCC its sole discretion, with respect thereto; to any Obligations in such manner as Secured Party deems appropriate, in its sole discretion, and/or (v) all books accept, sell, substitute, exchange, compromise, release, surrender, offset, realize upon or otherwise deal with in any manner and records in any order any of the Obligations, any guarantee or other liability for any of the Obligations, or any collateral for any of the Obligations or for any guarantee or other liability relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All Irrespective of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate taking of or refraining from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition taking of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing foregoing actions, the Pledged Interests obligations of Pledgor will remain in full force and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not effect and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 affected, impaired, discharged, or released in any manner. Secured Party in its sole discretion may determine the reasonableness of the UCCperiod which may elapse prior to the making of demand for any payment upon Borrower and it need not pursue any of its remedies against Borrower, any other Pledgor or other person, or any collateral before having recourse against any Pledgor under this Agreement.

Pledge. (a) The Pledgor hereby pledges, assigns and delivers to the Agent, its successors and assigns, hypothecatesfor the ratable benefit of the Lenders, transfers, delivers and grants to Pledgeethe Agent, its successors and assigns, for the ratable benefit of itself and the PurchasersLenders, a continuing first lien on and first priority perfected security interest in all shares of capital stock of the Company which is or will be owned either beneficially or of record by the Pledgor (ithe “Securities”) as more particularly described on Exhibit A attached hereto, together with all dividends, interest, proceeds and any other sums due or to become due thereon, all instruments, securities or other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for (as dividends, reclassification, readjustment or other changes in the capital structure of the issuer of such Securities, or otherwise) any or all of such Securities, all general intangibles associated therewith, and all proceeds thereof (collectively, including the Pledged Equity Securities, the “Collateral”) as security for the payment and performance of all indebtedness and obligations owing by Pledgor to the Lenders under the Guaranty and the other Loan Documents relating thereto, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and any and all instruments, documents and agreements evidencing, securing or otherwise relating in any way to the Guaranty and the other Loan Documents, and further including all reasonable costs, expenses and reasonable attorneys’ and other equity interests professional fees incurred by the Agent and/or the Lenders in connection with the collection of said indebtedness or in the enforcement, defense, protection or preservation of this Agreement or any of the Pledge Entities now owned Collateral, including without limitation, all costs and expenses incurred in connection with any “workout” or hereafter acquired by such default resolution negotiations involving legal counsel or other professionals and any re-negotiation or restructuring of any indebtedness of Pledgor under the Guaranty and the other Loan Documents (collectively, the “Pledged InterestsSecured Obligations”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Subject to the security interests reflected on Exhibit B-1, the Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to the Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and to the extent such certificates are available and not covered by an existing lien or pledge, irrevocable proxies, are being delivered to the Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, to the extent such certificates are available and not covered by an existing lien or pledge,the Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by the Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. The Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC. (c) Upon the written notice by the Purchasers holding at least 50% of the outstanding Notes (“Majority Holders”), the Agent may be replaced as Agent by a person or entity which shall be acceptable to the Majority Holders. (d) The rights and obligations set forth herein are subject to the existing Pledge Agreement between the Company and Cavalary Fund IP as modified by the Waiver Letter Agreement Referenced in the Purchase Agreement.

Pledge. Pledgor hereby pledges to Trustee, for its own benefit and the benefit of the Noteholders, and grants to Trustee, for its own benefit and the benefit of Noteholders, a security interest in: (a) The the shares of stock of each "Issuer" identified on Schedule I hereto held by Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for (the benefit of itself "Pledged Shares") and the Purchasers, a first lien on and first priority perfected security interest in (i) all of certificates representing the Pledged Equity Shares, and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securitiescash dividends, cash, instruments, rights to subscribe, purchase, or sell, chattel paper and other property, rights, property or proceeds and interest that such Pledgor is at any products from time entitled to receive time received, receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral.Shares; (b) Each Pledged Interest consisting all additional shares of either stock of each Issuer at any time acquired by Pledgor in any manner, and the certificates representing such additional shares (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 any such additional shares shall constitute part of the UCCPledged Shares under this Agreement), and all stock dividends, cash dividends, cash, instruments, chattel paper and other rights, property or proceeds and products from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares; and (c) all proceeds of any of the foregoing (the assets described in this Section 1 are collectively referred to as, the "Pledged Collateral"). (d) Notwithstanding anything in this Agreement to the contrary, the liens securing this Mortgage are subordinate in the manner and to the extent set forth in that certain Lien Subordination Agreement (the "Subordination Agreement") dated as of the date hereof among Trustee, Neenah Foundry and the other "Companies" (as defined therein) party thereto and Fleet Capital Corporation ("Agent"), to the liens securing the indebtedness (including interest) owed by the Companies pursuant to or in connection with that certain Loan and Security Agreement dated as of the date hereof among Neenah Foundry, certain of the other Companies, Agent and the lenders from time to time party thereto, as such Loan and Security Agreement may be amended, supplemented or otherwise modified from time to time and to indebtedness refinancing the indebtedness under such Loan and Security Agreement; and the Trustee (on behalf of itself and each Noteholder), by its acceptance hereof, irrevocably agrees to be bound by the provisions of the Subordination Agreement and each agreement made therein by the Trustee on its behalf.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers pledges and grants to Pledgee, for the benefit of itself and the Purchasers, Lender a first lien on and ------ continuing first priority perfected security interest in (i) all of the Pledged Equity Pledgor's right, title and other equity interests of the Pledge Entities interest, whether now owned existing or hereafter acquired by such Pledgor acquired, in and to the following property (collectively, the “"Pledged Interests”------- Collateral") to secure all of the Secured Obligations: ---------- (b) Trademarks (including service marks), federal and state trademark registrations and applications made by Pledgor (ii) any other shares of Pledged Equity hereafter pledged excluding Federal Intent To Use Applications), common law trademarks and trade names owned by or referred assigned to be pledged to Pledgor, all registrations and applications for the Pledgee pursuant to this Agreement; (ii) foregoing and all “investment property” as such term is defined in §9-102(a)(49) exclusive licenses from third parties of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as right to use trademarks of such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingthird parties, including, without limitation, the registrations, applications and exclusive licenses listed on Schedule B hereto, along with any and all distributions (cash1) ---------- renewals thereof, stock(2) income, royalties, damages and payments now and hereafter due and/or payable with respect thereto, including, without limitation, damages, claims and payments for past or otherwise)future infringements thereof, dividends, stock dividends, securities, cash, instruments, (3) rights to subscribexxx for past, purchase, or sellpresent and future infringements thereof, and (4) and any other propertyrights corresponding thereto throughout the world (collectively, rights"Trademarks"); ---------- (c) Copyrights, registered or unregistered, owned by or assigned to Pledgor, and interest that all exclusive licenses to Pledgor from third parties to use copyrights owned by such Pledgor is at third parties, including, without limitation, the registrations, applications and exclusive licenses listed on Schedule C hereto, ---------- along with any time entitled and all (1) renewals and extensions thereof, (2) income, royalties, damages, claims and payments now and hereafter due and/or payable with respect thereto, including, without limitation, damages and payments for past, present or future infringements thereof, (3) rights to receive xxx for past, present and future infringements thereof, and (4) and any other rights corresponding thereto throughout the world (collectively, "Copyrights"); ---------- (d) The entire goodwill of Pledgor's business and other general intangibles (including know-how, trade secrets, customer lists, proprietary information, inventions, methods, procedures and formulae) connected with the use of and symbolized by Trademarks of Pledgor; and (e) All Proceeds (as defined under the Uniform Commercial Code as in effect in any relevant jurisdiction (the "UCC") or is otherwise distributed other relevant law) of any of the --- foregoing, and in respect ofany event including, or in exchange forwithout limitation, any and all (1) proceeds of any insurance, indemnity, warranty or all guaranty payable to the Lender or to Pledgor from time to time with respect to any of the Pledged Collateral (as defined below)Collateral, and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not payments (in any form whatsoever) made or due and will not be deemed a “security” governed by Article 8 payable to Pledgor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of the UCC.all

Pledge. The Pledgor hereby pledges to the Price Note Collateral Agent for its benefit and for the ratable benefit of the Holders, and grants to the Price Note Collateral Agent for the ratable benefit of the Holders a continuing security interest in, all of Pledgor's right, title and interest in the following (the "Price Note Pledged Collateral"): (a) The Pledgor hereby pledgesthe Price Note Pledged Shares (including, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectivelywithout limitation, the “Debentures Pledged Interests”), Shares (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49the Debentures Pledge Agreement) of and the UCC Senior Notes Pledged Shares (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17the Senior Noted Pledge Agreement)) and the certificates representing such Price Note Pledged Shares, and all products and proceeds of the UCC with any of such Price Note Pledged Shares, including, without limitation, all dividends, cash, options, warrants, rights, instruments, subscriptions and other property or proceeds from time to time received, receivable or otherwise distributed in respect thereto; (v) of or in exchange for any or all books and records relating to of such Price Note Pledged Shares or any of the foregoing; and and (vib) all Accessions additional shares of, and Proceeds all securities convertible into and all warrants, options or other rights to purchase, Common Stock of the Issuer from time to time acquired by the Pledgor in any manner, and the certificates representing such additional shares (any such additional shares and other items shall constitute part of the Price Note Pledged Shares under and as each is defined in the UCC) this Agreement), and all products and proceeds of any of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, options, warrants, rights, instruments, rights to subscribe, purchase, or sellsubscriptions, and other propertyproperty or proceeds from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral (as defined below), foregoing. The pledge and without affecting security interest made and granted herein is made and granted for the obligations purpose of securing all of the Pledgor under Obligations (including, without limitation, interest and any provision of other obligations accruing after the Security Agreement, in the event date of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned filing by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interestspetition in bankruptcy or the commencement of any bankruptcy, Pledgor shall execute an Addendum in insolvency or similar proceeding with respect to the form of Exhibit B attached hereto (a “Pledge Addendum”Pledgor). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The As security for the prompt satisfaction of the Obligations, Pledgor hereby pledgesagrees to pledge, assignshypothecate, hypothecatesdeliver and set over to Pledgee within twenty (20) days of the date hereof, transfers, delivers the Pledged Securities and grants to Pledgee, for the benefit of itself and the Purchasers, Pledgee a first lien on and first priority perfected security interest in and to the Pledged Securities. (ib) Prior to the occurrence of an Event of Default, Pledgor shall be entitled to all voting rights with respect to the Pledged Securities and, for that purpose, Pledgee shall execute and deliver to Pledgor all necessary proxies. Immediately and without further notice, upon the occurrence of an Event of Default, whether or not the Pledged Securities shall have been registered in the name of Pledgee or its nominee, Pledgee or its nominee shall have the right to exercise all voting rights as to all of the Pledged Equity Securities and all other equity interests corporate rights and all conversion, exchange, subscription or other rights, privileges or options pertaining thereto as if Pledgee or its nominee were the absolute owner thereof including, without limitation, the right to exchange any or all of the Pledge Entities now owned Pledged Securities upon the merger, consolidation, reorganization, recapitalization or hereafter acquired other readjustment of Pledgee thereof, or upon the exercise by Pledgee of any right, privilege, or option pertaining to any of the Pledged Securities and, in connection therewith, to deliver any of the Pledged Securities to any committee, depository, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine, all without liability except to account for property actually received by Pledgee; but Pledgee shall have no duty to exercise any of the aforesaid rights or privileges, or may delay in so doing. (c) Prior to the occurrence of an Event of Default, Pledgor (collectively, shall be entitled to any and all regular cash dividends declared by the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred Pledgee to be pledged paid on account of the Pledged Securities; provided, however, that immediately and without further notice, upon the occurrence of an Event of Default, whether or not the Pledged Securities shall have been registered in the name of Pledgee or its nominees, Pledgee or its nominee shall have the right to any and all regular cash dividends paid on account of the Pledged Securities which shall be delivered to Pledgee pursuant to and may, at Pledgee's option, be applied on account of the Obligations in such order and manner as Pledgee may elect. (d) At any time following execution of this Agreement; (ii) all “investment property” as such term is defined , if Pledgor shall become entitled to receive or shall receive, in §9-102(a)(49) connection with any of the UCC Pledged Securities, any: (as defined belowi) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingstock certificate, including, without limitation, all distributions any certificate representing a stock dividend or in connection with any increase or reduction of capital, reclassification, merger, consolidation, sale of assets, combina tion of shares, stock split, spin-off or split-off; (cashii) option, stockwarrant or right, whether as an addition to or in substitution or in exchange for any of the Pledged Securities, or otherwise); or (iii) dividends or distributions payable in property, dividendsincluding securities issued by an issuer other than Pledgee; then, stock dividendsPledgor shall accept the same as Pledgee's agent, securitiesin express trust for Pledgee, cashand shall deliver the same forthwith to the Pledgee in the exact form received with, instrumentsas applicable, rights to subscribe, purchasePledgor's endorsement, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest appropriate stock powers duly executed in blank by such blank, (with signatures "bank guaranteed") which the Pledgor and irrevocable proxieshereby unconditionally agrees to make and/or furnish, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody held by Pledgee, subject to the terms hereof, as part of the certificates representing the Pledged Interests and any additional Pledged CollateralSecurities. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The As security for the prompt performance and payment in full of the Secured Obligations, each Pledgor hereby pledges, hypothecates, assigns, hypothecates, transfers, sets over and delivers unto the Administrative Agent, for its own benefit and grants to Pledgee, for the benefit of itself the other Secured Parties, and grants to the PurchasersAdministrative Agent, for its own benefit and for the benefit of the other Secured Parties, a first lien on and first priority perfected security interest in (i) in, all of such Pledgor’s right, title and interest in, to and under the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor following (collectively, the “Pledged Collateral”): (a) the Pledged Interests”), ; (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (iib) all “investment property” as distributions, cash, securities, interest, 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 thereof to which such term is defined Pledgor shall at any time be entitled in §9-102(a)(49) respect of the UCC Pledged Interests; (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (vc) all books and records relating other payments due or to the foregoing; and (vi) all Accessions and Proceeds (as each is defined become due to such Pledgor in the UCC) respect of any of the foregoing; (d) all of such Pledgor’s claims, rights, powers, privileges, authority, puts, calls, options, security interests, liens and remedies, if any, in respect of any of the foregoing; (e) all of such Pledgor’s rights to exercise and enforce any and every right, power, remedy, authority, option and privilege of such Pledgor relating to any of the foregoing including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights any power to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through terminate, cancel or modify any agreement, (ii) execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of any of the foregoing and the applicable Issuer thereof, (iii) exercise voting rights or make determinations, (iv) exercise any election (including, but not limited to, election of remedies), (v) exercise any “put”, right of first offer or first refusal, or other option, (vi) exercise any right of this Section 2 being collectively referred to as the “Pledged Collateral”)redemption or repurchase, as collateral security (vii) give or receive any notice, consent, amendment, waiver or approval, (viii) demand, receive, enforce, collect or receipt for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) any of the Obligations. All foregoing, (ix) enforce or execute any checks, or other instruments or orders, (x) file any claims and to take any action in connection with any of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A heretoforegoing, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by (xi) otherwise act as if such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon were the creation or acquisition absolute owner of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the such Pledged Interests and any additional Pledged Collateral.all rights associated therewith; (bf) Each Pledged Interest consisting all certificates and instruments representing or evidencing any of either the foregoing; (g) all other property hereafter delivered in substitution for or in addition to any of the foregoing; (h) all other rights, titles, interests, powers, privileges and preferences pertaining to any of the foregoing; and (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 all Proceeds of any of the UCCforegoing.

Pledge. To secure the due and punctual payment of the Liabilities (a) The as hereinafter defined), the Pledgor hereby pledges, assigns, hypothecates, transfers, delivers pledges and grants assigns to Pledgee, the Paying Agent for the benefit of itself the Agents and the PurchasersLenders, and hereby grants to the Paying Agent for the benefit of the Agents and the Lenders a first lien on and first priority perfected security interest in in, the following: (i) all of the Pledged Equity and other equity interests shares of the Pledge Entities now owned or hereafter acquired by stock described on Schedule I hereto (all such Pledgor (collectivelyshares, the “Pledged Interests”), (ii) any together with other shares of Pledged Equity hereafter pledged delivered or referred required to be pledged to delivered hereunder are herein called the Pledgee pursuant to this Agreement; (ii"Pledged Shares") and the certificates representing the Pledged Shares, and all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise)securities, dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is property at any time entitled and from time to receive time received, receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral Shares; (as defined below), and without affecting the obligations ii) all additional shares of stock of any Subsidiary of the Pledgor under at any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting time and from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred time to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned time acquired by the Pledgor which are presently represented by certificates are listed on Exhibit A heretoPledgor, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests such additional shares, and all cash, securities, dividends, rights and other property at any additional Pledged Collateral.time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares; (biii) Each Pledged Interest consisting all Intercompany Notes at any time and from time to time issued to the Pledgor, all indebtedness evidenced thereby, all interest thereon, and all other property at any time and from time to time received, receivable or otherwise distributed in respect of either or in exchange for any Intercompany Note; (iiv) a membership interest all other property hereafter delivered to the Paying Agent in a Person that is a limited liability company substitution for or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 addition to any of the UCCforegoing, all certificates and instruments representing or evidencing such property and all cash, securities, interest, 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 thereof; and (v) all proceeds of any of the foregoing. (all such Pledged Shares, Intercompany Notes, additional shares, certificates, notes, instruments, cash, securities, interest, dividends, rights and other property, and all proceeds thereof, being herein collectively called the "Collateral"); provided, however, that the "Collateral" shall not include (and there shall be excluded from the pledge hereunder notwithstanding any delivery to the Paying Agent thereof) any shares of stock of any Canadian Subsidiary in excess of 65% of all of the stock of such Canadian Subsidiary.

Pledge. In order to secure prompt repayment of any and all of its Obligations and in order to secure prompt performance by each Pledgor of each of its covenants and duties under the Loan Documents to which it is a party, each Pledgor hereby pledges to Foothill, and grants to Foothill, a security interest in the following collateral (the "Pledged Collateral"): (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers the shares of stock (the "Pledged Shares") described in Schedule A hereto next to such Pledgor's name and grants to Pledgee, for issued by the benefit of itself corporations listed on Schedule A (the "Issuers") and the Purchasers, a first lien on and first priority perfected security interest in (i) all of certificates representing the Pledged Equity Shares, and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, chattel paper and other property, rights, and interest that such Pledgor is at any property or proceeds from time entitled to receive time received, receivable or is otherwise distributed in respect of, of or in exchange forfor such Pledged Shares; (b) all additional shares of stock of the Issuers or any of their respective Wholly-Owned Subsidiaries, at any time acquired by such Pledgor in any manner, and the certificates representing such additional shares (any such additional shares shall constitute part of the Pledged Shares), and all dividends, cash, instruments, chattel paper, and any other rights, property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for such shares; (c) all membership interests and all partnership interests (the "Pledged Interests") described in Schedule B hereto next to such Pledgor's name with respect to the entities listed on Schedule B (the "LLCs and Partnerships"), and all cash, securities, distributions, 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 such Pledged Collateral Interests; (as defined below)d) all additional membership interests and all additional partnership interests in any limited liability companies or partnerships that are Wholly-Owned Subsidiaries at any time and from time to time acquired by such Pledgor in any manner, and without affecting the obligations all cash, securities, distributions, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of the or in exchange for any or all of such membership and partnership interests; (e) all voting rights of such Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred with respect to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by as set forth in the Pledgor which are presently represented by certificates are listed on Exhibit A heretoapplicable operating agreement; (f) all other claims of any kind or nature, which and any instruments, certificates, with undated assignments separate from certificates chattel paper or stock/membership interest powers duly executed other writings evidencing such claims, whether in blank contract or tort and whether arising by operation of law, consensual agreement or otherwise, at any time acquired by such Pledgor against the Issuers or any of their respective Subsidiaries or the LLCs and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto Partnerships; (a “Pledge Addendum”). Any Pledged g) all Negotiable Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged hereafter acquired Negotiable Collateral.; and (bh) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCCall Accommodation Collateral as described on Schedule A-1 hereto.

Pledge. (a) The As collateral security for the payment and performance in full of all the Secured Obligations, each Pledgor hereby pledges, assigns, hypothecates, transfers, delivers pledges and grants to Pledgee, the Collateral Agent for its benefit and for the benefit of itself and the PurchasersSecured Parties, a first lien on and first priority perfected security interest in (i) and to all of the Pledged Equity right, title and other equity interest of such Pledgor in, to and under all personal property and interests of the Pledge Entities in property, wherever located, whether now owned existing or hereafter arising or acquired by such Pledgor from time to time (collectively, the “Pledged InterestsCollateral”), including, without limitation: (iii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; all Accounts; (ii) all “investment property” as such term is defined in §9-102(a)(49Equipment, Goods, Inventory and Fixtures; (iii) of the UCC (as defined below) with respect thereto; all Documents, Instruments and Chattel Paper; (iv) any “security entitlement” as such term is defined in § 8all Letters of Credit and Letter-102(a)(17) of the UCC with respect thereto; of-Credit Rights; (v) all Securities Collateral; (vi) all Collateral Accounts; (vii) all Investment Property; (viii) all Intellectual Property Collateral; (ix) the Commercial Tort Claims described on Schedule 13 to the Perfection Certificate; (x) all General Intangibles; (xi) all Deposit Accounts; (xii) all Supporting Obligations; (xiii) all books and records relating to the foregoingPledged Collateral; and (xiv) to the extent not covered by clauses (i) through (xiii) of this sentence, all other personal property of such Pledgor, whether tangible or intangible and (vi) all Accessions Proceeds and Proceeds (as products of each is defined in of the UCC) foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, includingany and all proceeds of any insurance, without limitationindemnity, all distributions (cash, stock, warranty or otherwise), dividends, stock dividends, securities, cash, instruments, rights guaranty payable to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at from time to time with respect to any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting foregoing. Notwithstanding anything to the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described contrary contained in clauses (i) through (vixiii) of above, the security interest created by this Section 2 being collectively referred to as Agreement shall not extend to, and the term “Pledged Collateral”)” shall not include, as collateral security for the prompt any Excluded Property and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest the Pledgors shall from time to time at the request of the Collateral Agent give written notice to the Collateral Agent identifying in a Person reasonable detail the Special Property (and stating in such notice that is a limited liability company or such Special Property constitutes “Excluded Property”) and shall provide to the Collateral Agent such other information regarding the Special Property as the Collateral Agent may reasonably request and (ii) from and after the Loans, no Pledgor shall permit to become effective in any document creating, governing or providing for any permit, lease or license, a partnership interest provision that would prohibit the creation of a Lien on such permit, lease or license in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 favor of the UCCCollateral Agent unless such Pledgor believes, in its reasonable judgment, that such prohibition is usual and customary in transactions of such type.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers grants and grants assigns to Pledgeethe Agent, for the benefit of itself the Agent and the PurchasersHolders of Secured Obligations, and grants to the Agent for the benefit of the Agent and the Holders of Secured Obligations, a first lien on and first priority perfected security interest in (i) all of in, the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor following (collectively, the “Pledged Interests”"PLEDGED COLLATERAL"): (a) The membership interest of Pledgor in GRCL and in GOCL now or at any time or times hereafter owned by the Pledgor, and any certificates representing such membership interest in GRCL or in GOCL (such membership interests being identified on Exhibit A attached hereto and made a part hereof), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) right, title and interest of the UCC with respect thereto; (v) all books Pledgor in, to and records relating to the foregoing; and (vi) all Accessions and Proceeds (under its respective percentage interest, shares or units as each is defined in the UCC) of the foregoing, a member including, without limitation, all Pledgor's interest in (or allocation of) the profits, losses, income, gains, deductions, credits or similar items of GRCL and of GOCL and the right to receive distributions (of GRCL's and GOCL's cash, stockother property, assets, and all options and warrants for the purchase of membership interests, whether now existing or hereafter arising, whether arising under the terms of the Certificate of Formation, the Amended and Restated Limited Liability Company Agreement or any of the other organizational documents (such documents hereinafter collectively referred to as the "OPERATING AGREEMENTS") of GRCL or of GOCL, or otherwise)at law or in equity, dividendsor otherwise and any and all of the proceeds thereof (all of said membership interests, stock dividendscertificates, securitiesand warrants being hereinafter collectively referred to as the "PLEDGED MEMBERSHIP INTEREST") herewith delivered to the Agent accompanied by the certificates or other writings evidencing the same, accompanied by duly executed instruments of transfer or assignments in blank, all in form and substance satisfactory to the Agent (such instruments being collectively referred to hereinafter as the "POWERS") duly executed in blank, and all distributions, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral.Membership Interest; (b) Each Any additional membership interests in GRCL or GOCL from time to time acquired by the Pledgor in any manner, and any certificates representing such additional membership interests or any additional percentage interests, shares, units, options or warrants of membership interests in GRCL or in GOCL (any such additional interests shall constitute part of the Pledged Membership Interest consisting and the Agent is irrevocably authorized to amend Exhibit A from time to time to reflect such additional shares), and all options, warrants, distributions, cash, instruments and other rights and options from time to time received, receivable or otherwise distributed in respect of either (i) a membership interest or in a Person that is a limited liability company exchange for any or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not all of such shares and will not be evidenced by promptly thereafter deliver to the Lender, a certificate duly executed by the Pledgor describing such percentage interests, certificates, units, options or warrants and certifying that the same have been duly pledged hereunder; (2c) is not The property and will not be deemed a “security” governed by Article 8 interests in property described in Section 3 below; and (d) All proceeds of the UCCforegoing.

Pledge. (a) The As collateral security for the payment and performance in full of all the Obligations, each Pledgor hereby pledges, assigns, hypothecates, transfers, delivers pledges and grants to Pledgee, the Administrative Agent for its benefit and for the benefit of itself and the PurchasersSecured Parties, a first lien on and first priority perfected security interest in (i) and to all of the Pledged Equity right, title and other equity interest of such Pledgor in, to and under all personal property and interests of the Pledge Entities in personal property, wherever located, whether now owned existing or hereafter arising or acquired by such Pledgor from time to time (collectively, the “Pledged InterestsCollateral”), including, without limitation: (iii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; all Accounts; (ii) all “investment property” as such term is defined in §9-102(a)(49Equipment, Goods, Inventory and Fixtures; (iii) of the UCC (as defined below) with respect thereto; all Documents, Instruments and Chattel Paper; (iv) any “security entitlement” as such term is defined in § 8all letters of credit and Letter-102(a)(17) of the UCC with respect thereto; of-Credit Rights; (v) all Securities Collateral; (vi) all Collateral Accounts; (vii) all Investment Property; (viii) all Intellectual Property Collateral; (ix) the Commercial Tort Claims described on Schedule 14 to the Perfection Certificate; (x) all General Intangibles; (xi) all Deposit Accounts; (xii) all Acquisition Documents and Acquisition Document Rights; (xiii) all Supporting Obligations; (xiv) all books and records relating to the foregoingPledged Collateral; and (xv) to the extent not covered by clauses (i) through (xiv) of this sentence, all other personal property of such Pledgor, whether tangible or intangible and (vi) all Accessions Proceeds and Proceeds (as products of each is defined in of the UCC) foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, includingany and all proceeds of any insurance, without limitationindemnity, all distributions (cash, stock, warranty or otherwise), dividends, stock dividends, securities, cash, instruments, rights guaranty payable to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at from time to time with respect to any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting foregoing. Notwithstanding anything to the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described contrary contained in clauses (i) through (vixv) of above, the security interest created by this Section 2 being collectively referred to as Agreement shall not extend to, and the term “Pledged Collateral”)” shall not include, as collateral security (A) any License to which any Pledgor is a party to the extent, and solely to the extent, and for so long as, and solely for so long as, the prompt and complete payment and performance when due (whether at terms of such License or any Requirement of Law applicable thereto validly prohibit the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank creation by such Pledgor and irrevocable proxiesof a security interest in such License in favor of the Administrative Agent, are being delivered after giving effect to Pledgee simultaneously herewith. Upon Sections 9-406(d), 9-407(a), 9-408(a) or 9-409 of the creation UCC (or acquisition any successor provision or provisions) or any other applicable law or principles of equity; provided, however, that Proceeds of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral License described in this sentence shall not be excluded from “Pledged Collateral” and (B) certain Inventory to the extent, and solely to the extent, that such Inventory bears a Pledge Addendum executed by Pledgor shall thereafter be deemed trademark subject to be a license agreement listed on Exhibit Annex A hereto. Pledgee hereto that prohibits the granting of a Lien on any Inventory bearing such trademark unless the licensor under the applicable license agreement shall maintain possession and custody have consented in writing to the granting of the certificates representing the Pledged Interests and any additional Pledged Collaterala Lien on such Inventory hereunder. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. Each Pledgor hereby pledges to the Agent, and grants to the Agent a continuing first priority and perfected security interest in, the following (the "Pledged Collateral"): (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself Pledged Shares and the Purchaserscertificates representing the Pledged Shares, a first lien on and first priority perfected security interest all products and proceeds of any of the Pledged Shares including, without limitation, all dividends, cash, instruments, subscriptions, warrants and other rights and options and other property from time to time received, receivable or otherwise distributed in (i) respect of or in exchange for any or all of the Pledged Equity and other Shares; (b) all additional shares of stock of, or equity interests interest in, any of the Pledge Entities now owned or hereafter Subsidiaries of such Pledgor from time to time acquired by such Pledgor in any manner, and the certificates representing such additional shares (collectively, any such additional shares shall constitute part of the “Pledged Interests”Shares under and as defined in this Agreement), (ii) and all products and proceeds of any of such additional Pledged Shares, including, without limitation, all dividends, cash, instruments, subscriptions, warrants and any other shares rights and options and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such additional Pledged Equity hereafter pledged Shares; (c) the Rental Agreements and the chattel paper, instruments and documents representing, constituting, or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; Rental Agreements, and (vi) all Accessions products and Proceeds (as each is defined in the UCC) proceeds of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cashinterest and rental payments, instruments, rights to subscribe, purchase, or sell, and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, of or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt Rental Agreements; (d) all promissory notes evidencing indebtedness of Borrower or any Subsidiary of Borrower to such Pledgor; (e) all additional promissory notes, security agreements, chattel paper, instruments and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate documents from certificates or stock/membership interest powers duly executed in blank time to time held by such Pledgor in any manner, and irrevocable proxiesall products and proceeds of the foregoing, are being delivered including, without limitation, all interest and principal payments, instruments, and other property from time to Pledgee simultaneously herewith. Upon time received, receivable or otherwise distributed in respect of or in exchange for any such additional promissory notes, instruments and documents, provided, however, that such Pledgor need not deliver such promissory notes or instruments to Agent if the creation or acquisition aggregate principal amount of such promissory notes and instruments, collectively, does not exceed One Hundred Thousand Dollars ($100,000); and (f) all other claims of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests kind or nature and any additional Pledged Collateralinstruments, certificates, chattel paper or other writings evidencing such claims, whether in contract or tort and whether arising by operation of law, consensual agreement or otherwise, at any time acquired by such Pledgor against any Subsidiary of such Pledgor. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor As security for the punctual payment and performance of the Secured Obligations as and when due and subject to and in accordance with the provisions of this Pledge and Security Agreement, the Equityholder hereby pledges, grants, assigns, hypothecates, transferstransfers and delivers (subject to Section 3.1) to the Trustee, delivers its successors and grants assigns, for the security and benefit of the Noteholders, a continuing security interest in all of the Equityholder’s right, title and interest in, to Pledgeeand under the following property, whether now owned or existing or hereafter acquired or arising (the “Issuer Pledged Collateral”): (a) all of the Equityholder’s Capital Securities in the Issuer, whether now owned or acquired in the future, and all certificates, agreements and other instruments, if any, representing such Capital Securities, including, without limitation all management, voting and member status rights with respect to the Issuer (the “Issuer Pledged Equity”); (b) the right to receive all monies and property representing a distribution in respect of the Issuer Pledged Equity (except those representing proceeds of the issuance of the Original Notes, any Subordinated Notes or any Refinancing Notes to the extent not applicable to any Redemption of the Notes), whether by way of distribution, redemption, liquidation payments, repurchase or otherwise; (c) all substitutions, replacements and additions to any of the Issuer Pledged Collateral; (d) any and all of the economic rights and governance, voting and other commercial rights that may arise as or for the benefit of itself and a holder of any of the Purchasers, a first lien on and first priority perfected security interest Issuer Pledged Collateral; (e) any rights related to the Equityholder’s capital account in the Issuer in respect of the Issuer Pledged Equity; and (if) all proceeds of and to the Issuer Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, including all distributions (cash, stock, or otherwise), dividends, stock dividendsshares, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is monies or other property accruing, offered or issued at any time entitled to receive by way of redemption, conversion, exchange, substitution, preference, option or is otherwise distributed in respect ofof the Issuer Pledged Equity; provided, or in exchange forhowever, any or that all of the Pledged Collateral (as defined below), and without affecting proceeds received or unbilled but to be received by the obligations of the Pledgor under any provision of the Security Agreement, Equityholder in the event respect of any consolidation sale, transfer or merger in which the Pledgor is not the surviving corporation, all shares other disposition of each class or such Issuer Pledged Equity of shall be excluded (x) to the successor entity formed by extent such Issuer Pledged Equity remains or resulting from concurrently therewith becomes subject to this Pledge and Security Agreement and (y) such consolidation sale, transfer or merger (other disposition is permitted pursuant to Sections 6.1 and 17.1; TO HAVE AND TO HOLD the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Issuer Pledged Collateral”), as collateral security for together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the prompt Trustee, its successors and complete payment assigns, subject to the terms and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateralconditions set forth herein. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. As security for the payment or performance, as the case may be, in full of the Secured Obligations, each Grantor hereby assigns and pledges to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, a security interest in all of such Grantor’s right, title and interest in, to and under and whether now or hereafter existing or arising (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all Equity Interests directly owned by it as of the Closing Date and any other Equity Interests directly owned in the future by such Grantor and any certificates representing all such Equity Interests (the “Pledged Equity and other equity Stock”); provided that Pledged Stock shall include the interests of the Pledge Entities now listed on Schedule I; (b)(i) any presently owned or hereafter acquired debt for borrowed money consisting of or evidenced by certificated securities or instruments and (ii) the promissory notes and any other instruments, if any, evidencing such Pledgor debt for borrowed money (collectively, clauses (b)(i) and (b)(ii) shall be referred to herein as the “Pledged InterestsDebt Securities”), (ii) any other shares of ; provided that the Pledged Equity hereafter pledged or referred to be pledged to Debt Securities shall include the Pledgee pursuant to this Agreementdebt securities and instruments listed on Schedule I; (iic) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating subject to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitationSection 3.06, all distributions (cash, stock, payments of principal or otherwise)interest, dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, or in exchange for, any for or all of upon the Pledged Collateral (as defined below)conversion of, and without affecting all other proceeds received in respect of, the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described securities and other property referred to in clauses (ia) and (b) above; (d) all rights and privileges of such Grantor with respect to the securities and other property referred to in clauses (a), (b) and (c) above; and (e) all proceeds of any of the foregoing (the items referred to in clauses (a) through (vie) of this Section 2 above being collectively referred to as the “Pledged Collateral”). TO HAVE AND TO HOLD the Pledged Collateral, as collateral security together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and assigns, for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) ratable benefit of the ObligationsSecured Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set forth. All The security interest granted in the Pledged Collateral is granted as security only and shall not subject the Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Pledged Interests now owned by Collateral. Notwithstanding anything to the Pledgor which are presently represented by certificates are listed on Exhibit A heretocontrary in this Agreement, which certificates, with undated assignments separate from certificates or stock/membership (a) this Section 3.01 shall not constitute a grant of a security interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon (but without limitation of the creation or acquisition grant of any new Pledged Interests, Pledgor shall execute an Addendum security interest in the form of Exhibit B attached hereto (a Article 9 Collateral pursuant to Section 4.01) in, and “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. ” shall not include, any Excluded Assets, (b) Each Pledged Interest consisting this Section 3.01 shall not constitute a grant of either a security interest (i) a membership but without limitation of the grant of security interest in the Article 9 Collateral pursuant to Section 4.01) in any asset or property to the extent such grant of a Person that is a limited liability company or (ii) a partnership security interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate such asset or property shall contravene the Agreed Security Principles or Section 9.21 of the Credit Agreement and (2c) is not and will not other than as required pursuant to Section 3.02(e) hereof, no Grantor shall be deemed a “security” governed by Article 8 required to take any action with respect to the perfection of the UCCsecurity interests in security accounts (including entering into control agreements).

Pledge. To secure the Obligations now or hereafter owed or to be performed by such Pledgor (abut subject to clause (x) The of the proviso at the end of this Section 3.1 in the case of the Voting Equity Interests pledged hereunder of (x) Foreign Subsidiaries that are CFCs and (y) FSHCOs), each Pledgor does hereby pledges, assigns, hypothecates, transfers, delivers grant and grants pledge to Pledgee, the Pledgee for the benefit of itself the Secured Creditors, and the Purchasers, does hereby create a first lien on and first priority perfected continuing security interest (subject to those Liens permitted to exist with respect to the Collateral pursuant to the terms of all Secured Debt Agreements then in (ieffect) in favor of the Pledgee for the benefit of the Secured Creditors in, all of its right, title and interest in and to the Pledged Equity and other equity interests of the Pledge Entities following, whether now owned existing or hereafter from time to time acquired by such Pledgor (collectively, the “Pledged InterestsCollateral”): (a) each of the Collateral Accounts (to the extent a security interest therein is not created pursuant to the Security Agreement), (ii) including any other shares and all assets of Pledged Equity whatever type or kind deposited by such Pledgor in any such Collateral Account, whether now owned or hereafter pledged acquired, existing or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingarising, including, without limitation, all distributions Financial Assets, Investment Property, monies, checks, drafts, Instruments, Securities or interests therein of any type or nature deposited or required by the Credit Agreement or any other Secured Debt Agreement to be deposited in such Collateral Account, and all investments and all certificates and other Instruments (cashincluding depository receipts, stockif any) from time to time representing or evidencing the same, or otherwise), and all dividends, stock dividendsinterest, securitiesdistributions, cash, instruments, rights to subscribe, purchase, or sell, cash and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral foregoing; (as defined below)b) all Securities owned or held by such Pledgor from time to time and all options and warrants owned by such Pledgor from time to time to purchase Securities; (c) all Limited Liability Company Interests owned by such Pledgor from time to time and all of its right, title and interest in each limited liability company to which each such Limited Liability Company Interest relates, whether now existing or hereafter acquired, including, without affecting limitation, to the obligations fullest extent permitted under the terms and provisions of the documents and agreements governing such Limited Liability Company Interests and applicable law: (A) all its capital therein and its interest in all profits, income, surpluses, losses, Limited Liability Company Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests; (B) all other payments due or to become due to such Pledgor in respect of Limited Liability Company Interests, whether under any provision limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited liability company agreement or operating agreement, or at law or otherwise in respect of such Limited Liability Company Interests; (D) all present and future claims, if any, of such Pledgor against any such limited liability company for monies loaned or advanced, for services rendered or otherwise; (E) all of such Pledgor’s rights under any limited liability company agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Limited Liability Company Interests, including any power to terminate, cancel or modify any such limited liability company agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Limited Liability Company Interests and any such limited liability company, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the Security Agreementforegoing or for any Limited Liability Company Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and (F) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, 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 thereof; (d) all Partnership Interests owned by such Pledgor from time to time and all of its right, title and interest in each partnership to which each such Partnership Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Partnership Interests and applicable law: (A) all its capital therein and its interest in all profits, income, surpluses, losses, Partnership Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Partnership Interests; (B) all other payments due or to become due to such Pledgor in respect of Partnership Interests, whether under any partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any partnership agreement or operating agreement, or at law or otherwise in respect of such Partnership Interests; (D) all present and future claims, if any, of such Pledgor against any such partnership for monies loaned or advanced, for services rendered or otherwise; (E) all of such Pledgor’s rights under any partnership agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Partnership Interests, including any power to terminate, cancel or modify any partnership agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the event name of such Pledgor in respect of such Partnership Interests and any such partnership, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Partnership Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and (F) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, 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 thereof; (e) all other Equity Interests, Financial Assets, Investment Property and Notes owned by such Pledgor from time to time; (f) all Security Entitlements owned by such Pledgor from time to time in any and all of the foregoing; and (g) all Proceeds of any consolidation or merger in which the Pledgor is not the surviving corporation, and all shares of each class or Pledged Equity of the successor entity formed by foregoing; provided that (x) with respect to the pledge of any Equity Interests in any Foreign Subsidiary that is a CFC or resulting from such consolidation or merger (FSHCO, the collateral described in clauses pledge hereunder shall not include more than 65% of the total combined voting power of all classes of Voting Equity Interests of (i) through each such Foreign Subsidiary that is a CFC and (viii) each such FSHCO, (y) the pledge by any Pledgor hereunder shall not include the Equity Interests of this Section 2 being collectively referred (i) a joint venture or other non-wholly-owned subsidiary to as the “Pledged Collateral”), as collateral extent that granting a security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration interest in or otherwise) of the Obligations. All of the Pledged a Lien on such Equity Interests now owned is not permitted by the Pledgor which are presently represented by certificates are listed on Exhibit A heretogoverning documents of such joint venture or other non-wholly-owned subsidiary, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank and (ii) any Subsidiary not directly owned by such Pledgor and irrevocable proxies(z) subject to clause (y), are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, each Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed required to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody pledge hereunder 100% of the certificates representing the Pledged Non-Voting Equity Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person each Foreign Subsidiary that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not CFC at any time and will from time to time acquired by such Pledgor, which Non-Voting Equity Interests shall not be evidenced by a certificate and subject to the limitations described in preceding clause (2) x). Notwithstanding the foregoing or anything to the contrary contained herein, no pledge or security interest is not and or will not be deemed a “security” governed by Article 8 granted pursuant to this Agreement in any right, title or interest of any Pledgor in, to or under the UCCExcluded Collateral.

Pledge. (a) The Each Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the any Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the any Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the ObligationsLiabilities. All of the Pledged Interests now owned by the each Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral As additional security for the prompt full and complete punctual payment and performance when due and payable (whether at the upon stated maturity, by acceleration or otherwise) of the Loan and the full and faithful payment, performance and observance by Borrower of all the Obligations. All , and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Pledgor hereby grants to Agent, a security interest in the following: all of such Pledgor’s right, title and interest in the Pledged Entities, represented by the Pledged Interests, including, without limitation, (a) all of such Pledgor’s right, title and interest in and to the Pledged Entity Organizational Documents, (b) all of such Pledgor’s right, title, interest and privilege in and to any and all Receipts of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A heretoEntities, which certificates(c) all of such Pledgor’s right, with undated assignments separate from certificates title, interest and privilege under or stock/membership interest powers duly executed in blank by arising out of Pledged Entity Organizational Documents, (d) all present and future claims, if any, of such Pledgor against the Pledged Entities under or arising out of the Pledged Entity Organizational Documents or for monies loaned or advanced, for services rendered or otherwise, (e) to the extent permitted by applicable law, all of such Pledgor’s rights, if any, in the Pledged Entities, to exercise and irrevocable proxiesenforce every right, are being delivered power, remedy, authority, option and privilege of such Pledgor relating to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall including, without limitation, any power to terminate, cancel or modify the Pledged Entity Organizational Documents, to exercise such Pledgor’s Voting Rights (as hereinafter defined), to execute an Addendum any instruments and to take any and all other action on behalf of and in the form name of Exhibit B attached hereto such Pledgor in respect of the Pledged Interests, to make determinations, to exercise any election of remedies or options or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive enforce or collect any of the foregoing, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing, (a f) all of such Pledgor’s right, title and interest to any and all Distributions, and (g) to the extent not otherwise included, all proceeds of any or all of the foregoing (collectively, the “Pledge AddendumPledged Collateral”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (ai) The To secure the Obligations and for the purposes set forth in Section 1 hereof, each Pledgor hereby pledges, pledges and collaterally assigns, hypothecates, transfers, delivers and grants to Pledgeea security interest in and lien on, in favor of Pledgee for the benefit of itself the Pledgee and the Purchasersother Secured Parties, a first lien on all of such Pledgor's right, title and first priority perfected security interest in, to, and under (A) the Pledged Collateral, (B) any additional Pledged Collateral acquired pursuant to Section 3.2 below (whether by purchase, dividend, merger, consolidation, sale of assets, split, spin-off, or any other dividend or distribution of any kind or otherwise), (C) all distributions, dividends, cash, certificates, liquidation rights and interests, options, rights, warrants, instruments or other property from time to time received, receivable or otherwise distributed in (i) respect of or in exchange or substitution for any and all of the Pledged Equity and other equity interests Collateral (excluding any of the Pledge Entities foregoing items in the preceding clause with respect to an Issuer to the extent and only to the extent that their inclusion would cause (i) the number of shares or units, as the case may be, of Capital Stock pledged under this Agreement to exceed, with respect to such Issuer, the Designated Number or (ii) such Pledged Collateral to constitute Excluded Capital Stock, in each case, after giving effect to such issuances), (D) such Pledgor's right to vote the Pledged Collateral, and (E) all proceeds, products, replacements and substitutions for any of the foregoing, in each case whether now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”"Collateral"). Notwithstanding the foregoing, the term Collateral shall in no event include the Excluded Capital Stock of any Issuer. (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of If the Pledged Collateral (as defined below)is evidenced by certificates, then such Pledgor shall concurrently herewith deposit with the Pledgee, for the benefit of itself, the other Secured Parties and without affecting the obligations Administrative Agent, in accordance with the terms of the Pledgor under any provision of the Security Intercreditor Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now Collateral owned by such Pledgor on the date hereof and the certificates representing the Pledged Collateral endorsed in blank by such Pledgor which are presently represented or accompanied by certificates are listed on Exhibit A heretoundated stock powers or instruments of transfer, which certificatesin each case, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor. If any Capital Stock does not constitute Pledged Collateral but instead constitutes Excluded Capital Stock that is evidenced by certificates, then such Pledgor shall concurrently herewith deposit with the Pledgee, (x) for the benefit of the Administrative Agent (and irrevocable proxiesnot any Secured Party), are being delivered in accordance with the terms of the Intercreditor Agreement and (y) on behalf of such Pledgor, such Excluded Capital Stock owned by such Pledgor on the date hereof and the certificates representing such Excluded Capital Stock endorsed in blank by such Pledgor or accompanied by undated stock powers or instruments of transfer, in each case, duly executed in blank by such Pledgor. For the avoidance of doubt, if any certificate or instrument representing any Pledged Collateral also represents any Excluded Capital Stock, the Lien created hereunder shall only attach to the Capital Stock evidenced thereby to the extent such Capital Stock does not constitute Excluded Capital Stock. (iii) Whether or not the Pledged Collateral is evidenced by certificates, such Pledgor shall, and hereby authorizes the Pledgee simultaneously herewithto, file a Code Financing Statement naming such Pledgor as debtor and the Pledgee as secured party with respect to the Collateral in the applicable filing office and in such form and containing such substance as may be necessary to perfect the security interest of the Pledgee in the Pledged Collateral by the filing of a Code Financing Statement; provided, however, that no such authorization shall obligate the Pledgee to make any such filing. Upon Notwithstanding anything to the creation contrary contained in this Agreement, the Pledgee shall not as a result of this Agreement be responsible or acquisition liable for any obligations or liabilities of such Pledgor in such Pledgor's capacity as a holder of any new Pledged InterestsCapital Stock of any Issuer, Pledgor and the Pledgee shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter not be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody have assumed any of the certificates representing the Pledged Interests and any additional Pledged Collateralsuch obligations or liabilities. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the PurchasersBuyers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and capital stock or other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged InterestsShares”), (ii) all other property hereafter delivered to, or in the possession or in the custody of, Pledgee, in substitution for or in addition to the Pledged Shares, (iii) any other shares property of Pledged Equity Pledgor, as described in Section 4 below, whether now or hereafter pledged delivered to, or referred to be pledged in the possession or custody of Pledgor on or in respect to the Pledgee pursuant to this Agreement; Pledged Shares, and (iv) all proceeds of the collateral described in the preceding clauses (i), (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (viiii) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (viiv) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the ObligationsLiabilities. All of the Pledged Interests Shares now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest stock powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewithwithin fifteen (15) Business Days after the Closing. Upon the creation or acquisition of any new Pledged InterestsShares, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain actual physical possession and custody of the certificates representing the Pledged Interests Shares and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person . Pledgor covenants and agrees that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and it will not be evidenced vote or otherwise consent to the issuance by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 any Pledge Entity of any securities or rights to acquire securities to any party other than the UCCPledgor.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as As collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All all of the Pledged Interests Borrower's obligations hereunder, under the Note and in connection with any other obligations owed to the Lender, the Borrower hereby pledges, assigns, transfers and grants, a continuing first priority security interest in (the "Security Interest"), transfers and delivers to the Lender all of the Borrower's right, title and interest in and to each of the following (the "Collateral"): (a) the KMOC Stock and the certificates, if any, representing the KMOC Stock, and all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any KMOC Stock; (b) all options, warrants and similar rights to acquire capital stock or other evidence of beneficial interest in the Lender, whether now owned or hereafter acquired by the Pledgor which are presently represented Borrower; (c) all additional shares (the "Additional Shares") of capital stock of the Lender from time to time acquired by certificates are listed on Exhibit A heretothe Borrower in any manner (including, which without limitation, any shares of preferred stock issued by the Lender) and the certificates, with undated if any, representing such Additional Shares, and all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares; (d) all other rights appurtenant to the property described in clauses (a) and (b) above (including, without limitation, voting rights); and (e) all cash and noncash proceeds of any and all of the foregoing. Promptly upon the acquisition of any Additional Shares, the Borrower will deliver proper instruments of assignments separate from certificates or stock/membership interest powers duly executed in blank by the Borrower together with certificates representing such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor Additional Shares whereupon such Additional Shares shall execute an Addendum be included in the form definition of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged CollateralKMOC Stock. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. As security for the payment and performance of all of the Obligations, the Pledgor hereby pledges to the Pledgee and grants to the Pledgee a security interest (the “Security Interest”) in the following, including any Securities Account, as defined by the Code, containing a Securities Entitlement with respect to the following (the “Collateral”): (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself Pledged Stock and the Purchasers, a first lien on and first priority perfected security interest in (i) all of certificates representing the Pledged Equity Stock, and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral.Stock; (b) Each all additional shares of Stock of the Company of the Pledged Interest Stock from time to time acquired by the Pledgor in any manner, and the certificates representing such additional shares, and all dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares and all Additional Collateral, as defined herein; and (c) all Proceeds of any and all of the foregoing (including Proceeds that constitute property of types described above). All certificates and instruments representing or evidencing the Pledged Stock shall be delivered to the Pledgee contemporaneously with the execution of this Agreement. All certificates and instruments representing or evidencing the Collateral received by the Pledgor after the execution of this Agreement shall be delivered to the Pledgee promptly upon the Pledgor’s receipt thereof. All such certificates and instruments shall be held by or on behalf of the Pledgee pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Pledgee together with a legal opinion, in a form suitable to the Pledgee, from the Company’s legal counsel, instructing the Company’s transfer agent to remove any restrictive legends or stop transfer instructions affecting the Pledged Stock so that such Pledged Stock shall be permitted to be sold pursuant to Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”). With respect to all Pledged Stock consisting of either (i) uncertificated securities, book-entry securities or securities entitlements, the Pledgor shall execute and deliver, and cause any necessary issuers or securities intermediaries to execute and deliver, control agreements in form and substance satisfactory to the Pledgee covering such Pledged Stock. If the Collateral is in the possession of a membership interest bailee, the Pledgor will join with the Pledgee in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 notifying the bailee of the UCCinterest of the Pledgee and in obtaining from the bailee an acknowledgment that it hold the Collateral for the benefit of the Pledgee.

Pledge. (a) The In order to secure the payment and performance ------ when due of all the Secured Obligations, Pledgor hereby pledges, assigns, hypothecates, transfers, delivers transfers and grants to Pledgee, the Trustee for its benefit and the benefit of itself and the PurchasersSecured Parties, a first priority lien on and first priority perfected on, continuing security interest in and pledge of all of Pledgor's present and future right, title and interest in, to and under the following property (icollectively, the "Pledged Collateral"): (a) the Series A Preferred Interests of Insight Communications of Central Ohio, LLC ("Insight Ohio") described in Schedule I hereto, together ---------- with all rights, privileges, authority and powers of Pledgor in Insight Ohio specifically relating to the Series A Preferred Interests pursuant to the operating agreement , as amended, of Insight Ohio (the "Operating Agreement")(collectively, the "Initial Pledged Shares"), and the certificates, instruments and agreements, if any, representing the Initial Pledged Shares; (b) all additional rights or interests in respect of the Series A Preferred Interests including, without limitation, any right relating to the Series A Preferred Interests in Insight Ohio or under the Operating Agreement (collectively, the "Additional Interests"; together with the Initial Pledged Shares, the "Pledged Shares") from time to time acquired by Pledgor in any manner and the certificates, instruments and agreements, if any, representing the Additional Interests; (c) all dividends, cash, options, warrants, rights, instruments, distributions, returns of capital, income, profits and other property, interests or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor Shares (collectively, the “Pledged Interests”"Distributions"), ; and (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (iid) all “investment property” "proceeds" (as such term is defined in §9-102(a)(49the Uniform Commercial Code as in effect in any relevant jurisdiction (the "UCC") or under other relevant law) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, and in any event, including, without limitation, any and all distributions (cash, stock, or otherwisei) proceeds of any insurance (except payments made to a Person which is not a party to this Agreement), dividendsindemnity, stock dividendswarranty or guarantee payable to the Trustee or to Pledgor from time to time with respect to any of the Pledged Collateral, securities(ii) payments (in any form whatsoever) made or due and payable to Pledgor from time to time in connection with any requisition, cashconfiscation, instrumentscondemnation, rights to subscribe, purchase, seizure or sell, and other property, rights, and interest that such Pledgor is at forfeiture of all or any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all part of the Pledged Collateral by any governmental authority (as defined belowor any person acting under color of a governmental authority), and without affecting the (iii) instruments representing obligations of the Pledgor under any provision of the Security Agreement, to pay amounts in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All respect of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A heretoCollateral, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody iv) products of the certificates representing Pledged Collateral, and (v) other amounts from time to time paid or payable under or in connection with any of the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral As security for the prompt and complete payment and or performance when due (whether at the stated maturity, by acceleration or otherwise) ), as the case may be, in full of the Secured Obligations. All , each Pledgor hereby assigns and pledges to the Collateral Agent, its successors and permitted assigns, for the benefit of the Pledged Interests Secured Parties, and hereby grants to the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, a security interest in all of such Pledgor’s right, title and interest in, to and under (whether now owned or hereafter acquired): (a) all Capital Stock directly owned by the Pledgor which are presently represented by certificates are it (including those listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed Schedule II) and any other Capital Stock obtained in blank the future by such Pledgor and irrevocable proxiesany certificates representing all such Capital Stock (all such Capital Stock, are being delivered the “Pledged Stock”); provided that the Pledged Stock shall not include any Excluded Assets or any Capital Stock directly owned by Holdings other than the Capital Stock of the Lead Borrower; (b) (i) the debt obligations owed to Pledgee simultaneously herewith. Upon such Pledgor listed opposite the creation name of such Pledgor on Schedule II, (ii) any debt obligations in the future issued to such Pledgor having, in the case of each instance of debt obligations, an aggregate principal amount in excess of $15,000,000, and (iii) the certificates, promissory notes and any other instruments, if any, evidencing such debt obligations (the property described in clauses (b)(i), (ii) and (iii) above, the “Pledged Debt”); provided that the Pledged Debt shall not include any Excluded Assets; (c) subject to Section 2.06, all payments of principal or acquisition interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of the Pledged Stock and the Pledged Debt; (d) subject to Section 2.06, all rights and privileges of such Pledgor with respect to the Pledged Stock, Pledged Debt and other property referred to in clause (c) above; and (e) all Proceeds of any new of the foregoing (the Pledged InterestsStock, Pledgor Pledged Debt and other property referred to in this clause (e) and in clauses (c) through (d) above being collectively referred to as the “Pledged Collateral”); provided that the Pledged Collateral shall execute an Addendum not include any Excluded Assets or any assets directly owned by Holdings other than the Capital Stock of the Lead Borrower and any Proceeds thereof. TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set forth. Notwithstanding anything else contained in this Agreement, to the extent this paragraph is expressly made applicable with respect to any Other First Lien Obligations pursuant to the terms of any Other First Lien Agreement, with respect to such Other First Lien Obligations, in the form event that Rule 3-10 (“Rule 3-10”) or Rule 3-16 (“Rule 3-16”) of Exhibit B attached hereto Regulation S-X under the Securities Act of 1933, as amended, as amended, modified or interpreted by the Securities Exchange Commission (a “Pledge AddendumSEC”), would require (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would require) the filing with the SEC (or any other Governmental Authority) of separate financial statements of the Lead Borrower or any subsidiary of the Lead Borrower due to the fact that such Person’s Capital Stock or other securities secure such Other First Lien Obligations, then the Capital Stock or other securities of such Person (the “Regulation S-X Excluded Collateral”) will automatically be deemed not to be part of the Collateral securing such Other First Lien Obligations, as applicable, but only to the extent necessary to not be subject to such requirement and only for so long as required to not be subject to such requirement. Any Pledged In such event, this Agreement may be amended or modified, without the consent of any Secured Party, to the extent necessary to release the Lien on the Regulation S-X Excluded Collateral described in a Pledge Addendum executed favor of the Collateral Agent with respect only to the relevant Other First Lien Obligations. In the event that Rule 3-10 or Rule 3-16 is amended, modified or interpreted by Pledgor shall thereafter the SEC to permit (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would permit) any Regulation S-X Excluded Collateral to secure the Other First Lien Obligations in excess of the amount then pledged without the filing with the SEC (or any other Governmental Authority) of separate financial statements of such Person, then the Capital Stock of such Person will automatically be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody a part of the certificates representing Collateral for the Pledged Interests relevant Other First Lien Obligations, but only to the extent permitted without the financial statement requirement described in the first sentence of this paragraph becoming applicable. For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement, nothing in this paragraph shall limit the pledge of such Capital Stock and other securities from securing the applicable Pledgor’s Secured Obligations (other than the Other First Lien Obligations) at all relevant times or from securing any additional Pledged Collateral. Other First Lien Obligations that are not in respect of securities subject to regulation by the SEC. To the extent any Proceeds of any collection or sale of Capital Stock deemed by this paragraph to no longer constitute part of the Collateral for the relevant Other First Lien Obligations are to be applied by the Collateral Agent in accordance with Section 4.02 hereof, such Proceeds shall, notwithstanding the terms of Section 4.02 and the Permitted Pari Passu Intercreditor Agreement (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not upon and will during the effectiveness thereof), not be evidenced by a certificate applied to the payment of such Other First Lien Obligations (and (2) is not and will not shall be deemed a “security” governed by Article 8 of applied as otherwise provided in Section 4.02, as if the UCCrespective Other First Lien Obligations had previously been paid in full in cash).

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants pledges to Pledgee, the Trustee as the Collateral Agent for the benefit of itself all the present and future Holders of Secured Obligations, and grants to the PurchasersTrustee as the Collateral Agent for the benefit of all the present and future Holders of Secured Obligations, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor following (collectively, the “"PLEDGED COLLATERAL"): (i) the Pledged Interests”)Shares and the certificates representing the Pledged Shares, (ii) any all options, warrants, shares and/or other securities, shares of stock, certificates, instruments or other documents representing the Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; Shares and (iiiii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securitiesdistributions, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty or proceeds from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral Shares; (as defined below), and without affecting the obligations of the Pledgor under b) any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all additional shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All stock of the Pledged Interests now owned Entity from time to time acquired by the Pledgor in any manner (which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shares shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession part of the Pledged Shares), and custody of the certificates representing such additional shares, and all dividends, distributions, bonus issues, offers by way of rights allotments, cash, instruments, compensation, assets 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 Stock; (c) the Pledged Interests Indebtedness and any additional the promissory notes or instruments evidencing the Pledged Collateral.Indebtedness, and all interest, cash, instruments and other property and assets from time to time received, receivable or otherwise distributed in respect of the Pledged Indebtedness; (bd) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not all additional Indebtedness arising after the date hereof and will not be owing to the Pledgor and evidenced by a certificate promissory notes or other instruments, together with such promissory notes and instruments, and all interest, cash, instruments and other property and assets from time to time received, receivable or otherwise distributed in respect of that Pledged Indebtedness; and (2e) is not all proceeds of every kind, including proceeds of proceeds, of any and will not be deemed a “security” governed by Article 8 all of the UCCforegoing (including, without limitation, proceeds which constitute property of the type described above) and to the extent not otherwise included, all money and cash.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral 3.1 As security for the full, prompt and complete payment and performance when due (whether at the by stated maturity, by acceleration or otherwise) of all the Guarantor Obligations. All , Guarantor hereby pledges to Bank, and grants to Bank, a first priority security interest in all of the following (collectively, the “Pledged Interests now owned by Collateral”): (a) the Pledgor which are presently represented by certificates are shares of capital stock or other equity securities of the entities listed on Exhibit A attached hereto, which certificatesnow owned or hereafter acquired (whether in connection with any recapitalization, reclassification, or reorganization of the capital of such entities or any successors in interest thereto) by Guarantor, subject to the limitation set forth in Section 2.1(c)(i) (the “Pledged Shares”), together with undated assignments separate from all proceeds and substitutions thereof, all cash, stock and other monies and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing. On the date hereof, the certificate or certificates or stock/membership interest powers representing the Pledged Shares will be delivered to Bank, accompanied by an instrument of assignment duly executed in blank by such Pledgor Guarantor. To the extent required by the terms and irrevocable proxiesconditions governing the Pledged Shares, Guarantor shall cause the books of each entity whose Pledged Shares are being delivered part of the Pledged Collateral and any transfer agent to Pledgee simultaneously herewithreflect the pledge of the Pledged Shares. Upon the creation or acquisition occurrence and during the continuation of an Event of Default, Bank may effect the transfer of any new Pledged Interests, Pledgor shall execute an Addendum securities included in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described (including but not limited to the Pledged Shares) into the name of Bank and cause new certificates representing such securities to be issued in a Pledge Addendum executed the name of Bank or its transferee; (b) all voting trust certificates held by Pledgor Guarantor evidencing the right to vote any Pledged Shares subject to any voting trust; and (c) all additional shares and voting trust certificates of the entities listed on Exhibit A from time to time acquired by Guarantor in any manner, subject to the limitation set forth in Section 2.1(c)(i) (which additional shares shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession part of the Pledged Shares), and custody of the certificates representing such additional shares, and all dividends, 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 such Pledged Shares. 3.2 Guarantor agrees to pay prior to delinquency all taxes, charges, Liens and assessments, in each case imposed by any Governmental Authority, against the Pledged Interests Collateral, except those with respect to which the amount or validity is being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided on the books of Guarantor, and upon the failure of Guarantor to do so, contemporaneous with written notice thereof from Bank to Guarantor, Bank at its option may pay any additional Pledged Collateralof them. (b) Each Pledged Interest consisting 3.3 In the event that during the term of either (i) a membership interest this Agreement, any reclassification, readjustment, or other change is declared or made in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 the capital structure of the UCCissuer of the Pledged Shares, all new, substituted and additional shares, options, or other securities, issued or issuable to Guarantor by reason of any such change or exercise shall be delivered to and held by Bank under the terms of this Agreement in the same manner as the Pledged Collateral originally pledged hereunder. 3.4 Notwithstanding anything herein to the contrary, Guarantor may exercise any rights under the Pledged Shares to vote such Pledged Shares and receive dividends in respect of such Pledged Shares while no Event of Default has occurred and is continuing.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself the Pledgee and the PurchasersLenders, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests capital stock of the Pledge Entities Panther Sub now owned or hereafter thereafter acquired by such Pledgor (collectively, the “Pledged InterestsShares”); (ii) all other property hereafter delivered to, or in the possession or in the custody of, Pledgee in substitution for or in addition to the Pledged Shares, (iii) any other property of Pledgor, as described in Section 4 below or otherwise, now or hereafter delivered to, or in the possession or custody of Pledgor, and (iv) all proceeds of the collateral described in the preceding clauses (i), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (viiii) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (viiv) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for for: (a) the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of all the Obligations; and (b) the due and punctual payment and performance by Pledgor of its obligations, liabilities and Indebtedness under, arising out of or in connection with this Agreement, the Guaranty and any other Loan Documents to which Pledgor is a party; (all of the foregoing being referred to hereinafter collectively as the “Liabilities”). All of the Pledged Interests Shares now owned by the Pledgor which are presently represented by stock certificates are listed on Exhibit A hereto, which stock certificates, with undated assignments separate from certificates or stock/membership interest stock powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee, for the benefit of Pledgee and the Lenders, simultaneously herewith. Upon Pledgee, on behalf of the creation or acquisition of any new Pledged InterestsLenders, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests Shares and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor As collateral security for the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, the Pledgors hereby pledgespledge, assignsassign, hypothecateshypothecate, transferstransfer, delivers deliver and grants grant to Pledgeethe Collateral Agent, for the benefit of itself and the PurchasersSecured Creditors, a first lien Lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor Interests set forth on Exhibit A hereto (collectively, the “Pledged InterestsShares”), (ii) all other property hereafter delivered to, or in the possession or in the custody of, the Collateral Agent, in substitution for or in addition to the Pledged Shares, (iii) any other shares property of Pledged Equity such Pledgor, as described in Section 4 below, now or hereafter pledged delivered to, or referred to be pledged to in the Pledgee pursuant to this Agreement; possession or custody of such Pledgor and (iv) all Proceeds of the collateral described in the preceding clauses (i), (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (viiii) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (viiv) of this Section 2 being collectively referred to as the “Pledged Collateral”), . Notwithstanding anything else in this Agreement and except as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwiserequired under Section 5.10(b) of the Obligations. Credit Agreement, the Pledgors shall not at any time under this Agreement have pledged more than 65% of the voting Equity Interests of any Foreign Subsidiary; and Pledged Collateral shall not constitute more than 65% of the voting Equity Interests of any Foreign Subsidiary; and (b) All of the Pledged Interests Shares now owned by the each Pledgor which are presently represented by stock certificates are listed on Exhibit A hereto, which stock certificates, with undated assignments separate from certificates or stock/membership interest stock powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee the Collateral Agent, for the benefit of the Secured Creditors, simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Each Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a an “Pledge Addendum”). Any Pledged Collateral described ) upon creation or acquisition by such Pledgor of any Equity Interest in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed any other Issuer or any additional Equity Interest in Issuers named on Exhibit A hereto. Pledgee A. The Collateral Agent, on behalf of the Secured Creditors, shall maintain possession and custody of the certificates representing the Pledged Interests Shares and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral 3.1 As security for the full, prompt and complete payment and performance when due (whether at the by stated maturity, by acceleration or otherwise) of all the Guarantor Obligations. All , Guarantor hereby pledges to Lender, and grants to Lender, a first priority security interest in all of the following (collectively, the “Pledged Interests now owned by Collateral”): (a) the Pledgor which are presently represented by certificates are shares of capital stock or other equity securities of the entities listed on Exhibit A attached hereto, which certificatesnow owned or hereafter acquired (whether in connection with any recapitalization, reclassification or reorganization of the capital of such entities or any successors in interest thereto) by Guarantor (the “Pledged Shares”), together with undated assignments separate from all proceeds and substitutions thereof, all cash, stock and other monies and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing. On the date hereof, any certificate or certificates or stock/membership interest powers representing the Pledged Shares (to the extent such Pledged Shares are certificated) will be delivered to Lender, accompanied by an instrument of assignment duly executed in blank by such Pledgor Guarantor. To the extent required by the terms and irrevocable proxiesconditions governing the Pledged Shares, Guarantor shall cause the books of each entity whose Pledged Shares are being delivered part of the Pledged Collateral and any transfer agent to Pledgee simultaneously herewithreflect the pledge of the Pledged Shares. Upon the creation or acquisition occurrence and during the continuance of an Event of Default, Lender may effect the transfer of any new Pledged Interests, Pledgor shall execute an Addendum securities included in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described (including but not limited to the Pledged Shares) into the name of Lender and cause new certificates representing such securities to be issued in a Pledge Addendum executed the name of Lender or its transferee; (b) all voting trust certificates held by Pledgor Guarantor evidencing the right to vote any Pledged Shares subject to any voting trust and (c) all additional shares and voting trust certificates of the entities listed on Exhibit A from time to time acquired by Guarantor in any manner (which additional shares shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody part of the Pledged Shares), and any certificates representing such additional shares (to the extent such additional shares are certificated), and all dividends, 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 such Pledged Shares. Notwithstanding the foregoing, the Pledged Interests Collateral does not include more than sixty-five percent (65%) of the presently existing and hereafter arising issued and outstanding shares of capital stock owned by Guarantor of any additional foreign subsidiary which shares entitle the holder thereof to vote for directors or any other matter. 3.2 Guarantor agrees to pay prior to delinquency all taxes, charges, Liens and assessments, in each case imposed by any Governmental Authority, against the Pledged Collateral, except those with respect to which the amount or validity is being contested in good faith by appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained by such Person in accordance with GAAP have been provided on the books of Guarantor, and upon the failure of Guarantor to do so, contemporaneous with written notice thereof from Lender to Guarantor, Lender at its option may pay any of them. (b) Each Pledged Interest consisting 3.3 In the event that during the term of either (i) a membership interest this Agreement, any reclassification, readjustment or other change is declared or made in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 the capital structure of the UCCissuer of the Pledged Shares, all new, substituted and additional shares, options or other securities, issued or issuable to Guarantor by reason of any such change or exercise shall be delivered to and held by Lender under the terms of this Agreement in the same manner as the Pledged Collateral originally pledged hereunder. 3.4 So long as no Event of Default is continuing, Guarantor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Collateral or any part thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any violation of any of such terms.

Pledge. (a) The As security for the payment of all Liabilities, the Pledgor ------ hereby pledges, assigns, hypothecates, transfers, delivers and grants pledges to Pledgee, the Agent for the benefit of itself the Benefited Parties, and grants to the Purchasers, Agent for the benefit of the Benefited Parties a first lien on and first priority perfected continuing security interest in (i) in, all of the Pledged Equity following: A. All of the shares of stock and other equity interests securities described in Schedule I hereto, all of the Pledge Entities now owned certificates and/or instruments representing ---------- such shares of stock and other securities, and all cash, securities, dividends, rights and other property at any time and from time to time received, receivable or hereafter otherwise distributed in respect of or in exchange for any or all of such shares or other securities; B. All additional shares of stock of any of the Issuers listed in Schedule I hereto at any time and from time to time acquired by the Pledgor ---------- in any manner, all of the certificates representing such Pledgor (collectivelyadditional shares, the “Pledged Interests”)and all cash, (ii) 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 such shares; C. All other shares of Pledged Equity property hereafter pledged or referred to be pledged delivered to the Pledgee pursuant Agent in substitution for or in addition to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, includingall certificates and instruments representing or evidencing such property, without limitation, and all distributions (cash, stocksecurities, or otherwise)interest, dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is property at any time entitled and from time to receive time received, receivable or is otherwise distributed in respect of, of or in exchange for, for any or all thereof; and D. All products and proceeds of all of the Pledged foregoing. All of the foregoing are herein collectively called the "Collateral". ---------- The Pledgor agrees to deliver to the Agent, promptly upon receipt and in due form for transfer (i.e., endorsed in blank or accompanied by undated stock or bond powers executed in blank), any Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in other than dividends which the Pledgor is not entitled to receive and retain pursuant to Section 5 hereof) --------- which may at any time or from time to time be in or come into the surviving corporation, all shares of each class possession or Pledged Equity control of the successor entity formed by or resulting from Pledgor; and prior to the delivery thereof to the Agent, such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned Collateral shall be held by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate and apart from certificates or stock/membership interest powers duly executed its other property and in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon express trust for the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in Agent for the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody benefit of the certificates representing the Pledged Interests and any additional Pledged CollateralBenefited Parties. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The As an inducement for Lender to extend the loan to the Borrower, the Pledgor has deposited with the Lender and hereby pledgespledges to Lender as collateral security for, assigns, hypothecates, transfers, delivers and hereby grants to PledgeeLender a security interest to secure, the payment of the Obligations (as hereinafter defined) any and all property for the benefit of itself and the Purchaserswhich Lender or U.S. Clearing, a first lien on and first priority perfected security interest in (i) all division of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectivelyFleet Securities, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingInc. has receipted, including, without limitation, Account #813-30058 in the name of the Pledgor at U.S. Clearing, a division of Fleet Securities, Inc., all distributions (cash, stockcertificate of deposits, or otherwiseother cash equivalent, and United States Treasury obligations (bills, notes and bonds), dividends, stock dividends, corporate securities, cash, instruments, rights to subscribe, purchase, or sell, bonds and other propertypersonal property contained therein, together with all certificates, rights, and interest that such Pledgor is at any time entitled to receive interests, or is otherwise distributed other distributions evidencing or issued as an addition to, in respect of, substitution or in exchange for, or on account of, any or such certificate, together with all replacements and substitutions therefore and all proceeds thereof, and all proceeds of all of the Pledged Collateral foregoing, in each case whether now existing or hereafter arising (as defined belowall of the foregoing being hereinafter collectively called the "Account"), being pledged and without affecting impressed with a lien for the obligations payment of all of the Pledgor Obligations secured hereby. Following the occurrence and during the continuance of an Event of Default, the Lender shall have the right, but no duty, to xxx, compromise, settle and realize upon the Account, by foreclosure or otherwise, to fix or preserve the liability of any party, to deposit the Account under any provision protective plan, to protect and preserve the Account and to transfer the Account into the name of the Security AgreementLender, or the name of a nominee or nominees, and to be free of liability when acting in good faith, other than for due care in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing Account or proceeds thereof actually in the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 possession of the UCCLender.

Pledge. (a) The For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Pledgor hereby delivers, pledges, assignsgrants security interests in and assigns to the Agent and each of the Secured Parties the securities, hypothecatesshares of capital stock, transferswarrants and options of the Borrower standing in the Pledgor's name as more particularly described on EXHIBIT A attached hereto and all proceeds thereof (all in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or assignments in blank, delivers and grants to Pledgee, any required transfer tax stamps) as collateral security for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) the performance of all the covenants and obligations of the Pledged Equity and other equity interests of Pledgor under the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this AgreementGuaranty; (ii) the due and punctual payment and performance of all “investment property” as such term is defined in §9-102(a)(49) obligations of the UCC (as defined below) with respect theretoBorrower under the Credit Agreement; (iviii) any “security entitlement” as such term is defined in § 8-102(a)(17) the due and punctual payment of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (Notes, as each is defined in the UCC) Credit Agreement and issued pursuant thereto, to any of the foregoingSecured Parties, including, without limitation, all distributions (cashinterest payable on the Notes at the interest rates provided therein and in the Credit Agreement, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at regardless of the extent allowed as a claim in any time entitled to receive or is otherwise distributed proceeding in respect ofof the bankruptcy, reorganization or insolvency of any Borrower (a "REORGANIZATION"); (iv) the due and punctual payment of the Borrower's notes or instruments as may hereafter from time to time be issued in addition to, in place of or in exchange foramendment of the Notes under the Credit Agreement, including, without limitation, all interest payable on such notes or instruments at the interest rates provided therein, regardless of the extent allowed as a claim in any Reorganization; (v) the payment and performance of all indebtedness, liabilities and obligations of the Borrower and the Pledgor under the other Security Documents contemplated by the Credit Agreement; (vi) the payment and performance of all obligations, indebtedness and liabilities of the Borrower's affiliates to any of the Agent, the Administrative Agent or the Secured Parties under the other Security Documents contemplated by the Credit Agreement; (vii) the performance of all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under Borrower to the Agent, the Administrative Agent and the Secured Parties contained in any provision of the Security AgreementLoan Documents, in the event of including without limitations all rate hedging obligations entered into with any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed Secured Parties; and (viii) the payment of all other future advances and other obligations of the Borrower to any of the Secured Parties, including without limitation any future loans and advances made to the Borrower by any of the Secured Parties prior to, during or resulting from such consolidation following any Reorganization, and any and all other indebtedness, liabilities and obligations of the Borrower to any of the Secured Parties, the Agent or merger (the collateral described in clauses (i) through (vi) Administrative Agent of this Section 2 being collectively referred every kind and description, direct, indirect or contingent, now or hereafter existing, due or to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when become due (whether at the stated maturity, by acceleration or otherwise) all of the Obligations. All of foregoing hereinafter called the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC."OBLIGATIONS"

Pledge. As security for the payment and performance, as the case may be, in full of all obligations of the Issuer and the Subsidiary Pledgors under the Indenture, the Notes and the other Indenture Documents (as defined in the Second Priority Security Agreement), including obligations to the Trustee and the Collateral Agent, whether for payment of principal of, interest on or additional interest, if any, on the Notes and all other monetary obligations of the Issuer and the Subsidiary Pledgors under the Indenture, the Notes and the other Indenture Documents whether for fees, expenses, indemnification or otherwise (referred to collectively as the "Obligations"), each Pledgor hereby transfers, grants, bargains, sells, conveys, hypothecates, pledges, sets over and (subject to the Intercreditor Agreement) delivers unto the Collateral Agent, its successors and assigns, and hereby grants to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, a second-priority security interest in all of the Pledgor's right, title and interest in, to and under (a) The all the shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a person (collectively, the "Equity Interests") owned by it that have been pledged to the Credit Agent pursuant to the First Priority Pledge Agreement, all of which have been delivered to and are held by the Credit Agent (with the exception of Equity Interests consisting of uncertificated securities) and are listed on Schedule II hereto, and any Equity Interests obtained in the future by such Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchaserscertificates representing all such shares (collectively, a first lien on and first priority perfected security interest in the "Pledged Stock"); (b) (i) all the debt securities owned by it that have been pledged to the Credit Agent pursuant to the First Priority Pledge Agreement, all of which are listed opposite the name of the Pledged Equity Pledgor on Schedule II hereto, and other equity interests of have been delivered to and are held by the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”)Credit Agent, (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged debt securities in the future issued to the Pledgee pursuant to this AgreementPledgor and (iii) the promissory notes and any other instruments evidencing such debt securities (collectively, the "Pledged Debt Securities"); (iic) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating subject to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitationSection 5, all distributions (cash, stock, payments of principal or otherwise)interest, dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rightsreceivable or otherwise distributed, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any for or all upon the conversion of the Pledged Collateral securities referred to in clauses (as defined below)a) and (b) above; (d) subject to Section 5, all rights and without affecting the obligations privileges of the Pledgor under any provision of with respect to the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described securities and other property referred to in clauses (ia), (b) and (c) above; and (e) all proceeds of any of the foregoing (the items referred to in clauses (a) through (vie) of this Section 2 above being collectively referred to as the “"Collateral"). Notwithstanding any of the foregoing, the Pledged Collateral”Stock shall not include (i) more than 65% of the issued and outstanding shares of common stock of any Foreign Subsidiary that is not a Pledgor or (ii) to the extent that applicable law requires that a Subsidiary of the Pledgor issue directors' qualifying shares, such qualifying shares. Any security interest in Pledged Stock or Pledged Debt Securities of any Subsidiary Pledgor shall be limited at any time to that portion of capital stock or other security which value (defined as the principal amount, par value, book value as carried by the Issuer or market value, whichever is greatest), as collateral when considered in the aggregate with all other capital stock or other securities of such Subsidiary Pledgor subject to a security for interest under the prompt Indenture, does not exceed 19.99% of the principal amount of the then outstanding Notes issued by the Issuer; provided, in the event that Rule 3-16 of Regulation S-X under the Securities Act is amended, modified or interpreted by the Securities and complete payment and performance when due Exchange Commission (whether at the stated maturity"SEC") to require (or is replaced with another rule or regulation or any other law, by acceleration rule or otherwiseregulation is adopted, which would require) the filing with the SEC (or any other governmental agency) of the Obligations. All separate financial statements of any Subsidiary of the Issuer due to the fact that such Subsidiary's Pledged Interests now owned by Stock or Pledged Debt Securities secures the Pledgor which Notes, then such Pledged Stock or Pledged Debt Securities of such Subsidiary shall automatically be deemed not to be part of the Collateral but only to the extent necessary to not be subject to such requirement; provided, further in such event, the Security Documents (as defined in the Second Priority Security Agreement) may be amended or modified, without the consent of any Holder, to the extent necessary to release the second priority security interests on the shares of capital stock or other securities that are presently represented by certificates are listed on Exhibit A heretoso deemed to no longer constitute part of the Collateral. Upon delivery to the Credit Agent (or, which if the First-Lien Termination Date (as defined in the Second Priority Security Agreement) has occurred, the Collateral Agent), (a) any stock certificates, with undated assignments separate from certificates notes or stock/membership interest other securities now or hereafter included in the Collateral (the "Pledged Securities") have been or shall be accompanied by stock powers duly executed in blank or other instruments of transfer satisfactory to the Credit Agent (or, if the First-Lien Termination Date has occurred, the Collateral Agent) and by such Pledgor other instruments and irrevocable proxiesdocuments as the Credit Agent (or, are being delivered to Pledgee simultaneously herewith. Upon if the creation or acquisition of any new Pledged InterestsFirst-Lien Termination Date has occurred, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession Agent) may reasonably request and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) all other property comprising part of the Collateral shall be accompanied by proper instruments of assignment duly executed by the applicable Pledgor and such other instruments or documents as the Credit Agent (or, if the First-Lien Termination Date has occurred, the Collateral Agent) may reasonably request. Each delivery of Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not Securities shall be evidenced accompanied by a certificate schedule describing the securities then being pledged hereunder, which schedule shall be attached hereto as Schedule II and (2) is not made a part hereof. Each schedule so delivered shall supplement any prior schedules so delivered. TO HAVE AND TO HOLD the Collateral, in accordance with, and will not be deemed a “security” governed by Article 8 to the extent consistent with, the terms of the UCCIntercreditor Agreement, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, forever; subject, however, to the terms, covenants and conditions hereinafter set forth.

Pledge. As collateral security for the payment and performance in full of all obligations of each Pledgor now or hereafter existing or arising under, or in connection with, the Indenture, the Notes, the Intellectual Property Security Agreement (aas hereinafter defined), the Guaranty (as defined in the Indenture) The and this Agreement, as each may be amended, modified, waived or supplemented from time to time (collectively, the "OBLIGATIONS"), each Pledgor hereby pledges, assigns, hypothecates, transfers, sets over and delivers and grants to unto the Pledgee, for the ratable benefit of itself the Holders, and hereby grants to the PurchasersPledgee, for the ratable benefit of the Holders, a first lien on and first priority perfected continuing security interest in (i) all of the Pledged Equity right, title and other equity interests interest of such Pledgor in, to and under any and all of the Pledge Entities following described property, rights and interests, whether now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), "COLLATERAL"): (iia) any other all of the issued and outstanding shares of capital stock of the Pledged Equity hereafter pledged or referred to be pledged to Subsidiaries owned by each Pledgor (the Pledgee pursuant to this Agreement; "PLEDGED SECURITIES") and the certificate(s) representing such capital stock; (iib) all “investment property” as such term is defined in §9-102(a)(49) Proceeds and products of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as Pledged Securities and such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingother additional property, including, including without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securitiesdistributions, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty or securities, rights, and interest that such Pledgor is now or hereafter at any time entitled or from time to receive time received or is receivable or otherwise distributed or distributable in respect of, of or in exchange for, for any or all of the Pledged Collateral Securities and such other additional property; and (as defined below)c) all Equipment, Fixtures and General Intangibles, and without affecting all Insurance Policies, Contracts and Collateral Records to the obligations extent relating to any of the Pledgor under any provision foregoing. TO HAVE AND TO HOLD the Collateral, together with all rights, titles, interests, powers, privileges and preferences pertaining or incidental thereto, unto the Pledgee, for the ratable benefit of the Security AgreementHolders, in and their respective successors and assigns, PROVIDED, however, that there is expressly excluded from the event grant of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses a security interest hereunder (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt all Receivables and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not all Inventory, all Receivables arising from the sale of such Inventory, and will not be evidenced by a certificate all Contracts, Accounts, Chattel Paper, Collateral Records, Documents, General Intangibles, Instruments, Receivables Records, Insurance Policies and (2) is not and will not be deemed a “security” governed by Article 8 of money arising from or relating to such Inventory or Receivables, or the UCCsale thereof.

Pledge. As security for the payment and performance, as the case may be, in full of the Reimbursement Obligations, the Pledgor has pledged and granted to the Collateral Agent, its successors and assigns, and has granted to the Collateral Agent, its successors and assigns, for the ratable benefit of the Secured Parties, among other things, a security interest (the "Pledge") in all of the Pledgor's following rights and benefits (the "Pledged Rights"): (a) The Pledgor hereby pledgesthe Shares, assignsnamely No. 42,250,000 ordinary shares of the Italian Issuer equal to 65% of the voting stock of such company (the "Pledged Interest" or, hypothecatesalternatively, transfersthe "Pledged Securities"; both expressions are deemed to include the New Shares, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest as defined in (ic) below), par value Euro 0.48, represented by the Certificate; (b) subject to Section 5 hereof, all payments of principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed respect of, in exchange for or upon the conversion of the Pledged Equity and other equity interests Securities; (c) shares or stock of the Pledge Entities now owned Italian Issuer issued, accruing or hereafter subscribed to after the date hereof or otherwise acquired by such Pledgor the Borrower, including by means affecting the capital stock of the Italian Issuer, in relation to the Shares (collectively, "New Shares"); provided that the “Pledged Interests”), percentage of voting share capital represented by the Shares pledged herein (ii) any other shares of Pledged Equity hereafter pledged or including New Shares and whether referred to be pledged as "Pledged Interest", "Pledged Securities" or "Collateral") shall never exceed 65% of the issued and outstanding voting stock of the Italian Issuer; (d) subject to Section 5 hereof, all rights and privileges of the Pledgor with respect to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books Shares and records relating to the foregoingNew Shares; and (vie) all Accessions and Proceeds (as each is defined in the UCC) proceeds of any of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger foregoing (the collateral described items referred to in clauses (ia) through (vie) of this Section 2 being collectively referred to as the “Pledged "Italian Collateral”"). Without prejudice to the above definition, the Reimbursement Obligations shall include, but not be limited to, (i) all amounts paid to the lenders parties under the Bank Revolving Credit Agreement and the Administrative Agent (as defined under the Bank Revolving Credit Agreement) by the Fund Guarantors under or pursuant to the Guaranty, including a total maximum amount, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturityprincipal, by acceleration or otherwise) of the Obligations. All Loans (as defined under the Bank Revolving Credit Agreement) equal to U.S. 150,000,000; (ii) all the interests on the Loans payable or becoming payable to the Lenders and the Administrative Agent by the Borrower under the Bank Revolving Credit Agreement; (iii) all the interests due under the Reimbursement Agreement; (iv) all the fees, charges and all reasonable expenses (including legal and fiscal expenses) payable under the Reimbursement Agreement incurred by, and any other sum paid by the Secured Parties or the Collateral Agent in relation to the enforcement of the Pledged Interests now owned Pledge or th e right arising from this Agreement; (v) the payment of any and all sums due or to become due by the Pledgor which are presently represented by certificates are listed to the Secured Parties on Exhibit A heretoaccount of the obligation to redeem the amounts received as unjustified enrichment or for similar cause as a consequence of nullity, which certificates, with undated assignments separate from certificates voidness or stock/membership interest powers duly executed in blank by such Pledgor invalidity of the Reimbursement Documents; and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon (vi) the creation or acquisition payment of any new Pledged Interestssum due or to become due, at any time and from time to time, by the Pledgor shall execute an Addendum in to the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Secured Parties and the Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged CollateralAgent under this Agreement. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. As security for the payment of the Obligations, each Pledgor does hereby pledge, grant, collaterally assign and deliver to Agent, for the ratable benefit of the Lenders, and does hereby grant to Agent, for the ratable benefit of the Lenders, a continuing and unconditional first priority (subject to any Permitted Liens) security interest in and to the following property of such Pledgor, whether now existing or hereafter arising or acquired (or in which such Pledgor has rights or the power to transfer rights to a secured party) (collectively, the “Pledged Collateral”): (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in all Pledged Equity; (ib) all other property hereafter delivered to Agent by any Pledgor in substitution for or in addition to any of the foregoing and all certificates and instruments representing or evidencing such other property; (c) all cash, securities, interest, 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 thereof; (d) all instruments, other distributions and other rights or property which any Pledgor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Pledged Equity, any right to receive any Pledged Equity and any right to receive earnings, in which such Pledgor now has or hereafter acquires any right, issued by an Issuer; (e) all options or rights of any nature whatsoever in respect of the Pledged Equity that may be issued or granted to, or held by, any Pledgor, all Instruments, Securities and other equity interests of Investment Property owned by any Pledgor, whether or not physically delivered to the Pledge Entities Agent pursuant to this Agreement, whether now owned or hereafter acquired by such Pledgor Pledgor; and (collectivelyf) all proceeds of all of the foregoing; provided that, the “Pledged Interests”)Collateral shall not include any Excluded Property. Each Pledgor will, subject to Section 6.11 of the Loan Agreement, (i) on the Closing Date, deliver to the Agent the originals of all certificated Pledged Equity owned by such Pledgor as of the Closing Date, accompanied by undated instruments of transfer or assignment duly executed in blank, and (ii) after the Closing Date and after any other shares Subsidiary becomes a Pledgor under this Agreement, hold on behalf of and for the benefit of the Agent upon receipt and, promptly (and in any event within ten (10) days) after the receipt thereof, deliver to the Agent, the originals of all certificated Pledged Equity hereafter pledged owned by such Pledgor after the Closing Date, accompanied by undated instruments of transfer or referred assignment duly executed in blank. With respect to be pledged any Pledged Equity owned by any Pledgor which is not a certificated Security for purposes of the UCC, to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingextent constituting Pledged Collateral, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at shall not permit any time entitled Issuer to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as enter into any agreement with any Person, other than the Agent, whereby such Issuer effectively delivers “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition control” of any new such Pledged Interests, Pledgor shall execute an Addendum Equity that is in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a partnership interests or limited liability company interests (as applicable) under the UCC to such Person, or (ii) a partnership interest in a Person that is a partnership (if any) (1) such Pledged Equity is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 Security for purposes of the UCC, allow such Pledged Equity to become a Security unless such Pledgor certificates such Pledged Equity and complies with the procedures set forth in the immediately preceding paragraph within the time period prescribed therein. Each Pledgor which is an Issuer of any uncertificated Pledged Equity hereby agrees to comply with all instructions from the Agent without such Xxxxxxx’s further consent.

Pledge. (a) The Pledgor hereby pledgespledges and assigns to the Lender, assigns, hypothecates, transfers, delivers ------ and grants to Pledgee, for the benefit of itself and the Purchasers, Lender a first lien on and first priority perfected security interest in in, the following (the "Pledged ------- Collateral"): ---------- (i) the Pledged Units and the certificates evidencing the Pledged Units, and all rights of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged appurtenant to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingPledged Units, including, without without, limitation: (A) the right of the Pledgor with respect to the Pledged Units to (x) exchange (the "Exchange Rights") the Pledged Units for shares --------------- of the Common Stock, all distributions par value $.01 per share ("NGP Common Stock"), of ---------------- National Golf Properties, Inc., a Maryland corporation ("NGP"), and --- (y) put (the "Put Rights") the Pledged Units to NGP, as general ---------- partner of the Operating Partnership, for cash, stockin each case pursuant to the Agreement of Limited Partnership of the Operating Partnership dated as of August 18, 1993 (as amended as of July 25, 1996 and July 29, 1996 and as the same may hereafter be amended, supplemented or otherwiseotherwise modified from time to time, the "Partnership Agreement"); --------------------- PLEDGE AGREEMENT (B) all rights of the Pledgor to receive moneys due and all distributions, dividends, stock dividends, securitiesincome, cash, instruments, rights to subscribe, purchase, or sell, instruments and other property, rights, and interest that such Pledgor is at any time entitled to receive property received or is otherwise distributed receivable in respect of, or in exchange for, the Pledged Units (including, without limitation, NGP Common Stock), whether under or pursuant to the Partnership Agreement or otherwise; (C) claims of the Pledgor for damages arising out of or for breach of or default under the Partnership Agreement to the extent attributable to the Pledged Units; and (D) the right of the Pledgor to terminate the Partnership Agreement, to perform thereunder and to compel performance and otherwise exercise any rights, powers or remedies thereunder; and (ii) all proceeds of any and all of the foregoing Pledged Collateral (as defined below)including, and without affecting the obligations limitation, proceeds that constitute property of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral types described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”above), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The A. Pledgor hereby pledges, assignsmortgages, hypothecates, transfers, delivers assigns and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Secured Obligations. All , a security interest in all of the Pledged Interests now owned following (the "Collateral"): that certain Senior Secured Convertible Note, Certificate No. ____, in the face amount of $3,418,695.59, issued by the Company, in favor of Pledgor which are presently represented having a Note duly endorsed on blank or accompanied by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest stock powers duly executed in blank blank, which certificate is being delivered by Pledgor to the law firm of Mungxx, Xxllxx & Xlsox, LLP, or such other law firm as may be agreed between the parties (the "Pledgeholder") to be held by such Pledgor Pledgeholder for the benefit of the parties hereto, pursuant to the terms hereof; and irrevocable proxiesany and all securities now or hereafter issued in substitution, are being delivered to Pledgee simultaneously herewith. Upon exchange or replacement for the creation Pledged Stock, or acquisition with respect thereto, including, without limitation, as a result of any new reorganization, recapitalization or other readjustment of the Company or any other company issuing such Pledged InterestsStock, or as the result of any stock split or right to subscribe accruing because of the Pledged Stock. Not withstanding anything to the contrary contained in Section 1A above, unless and until an Event of Default (as hereafter defined) under this Pledge Agreement has occurred, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed entitled to be listed receive and collect, or to have paid over to it, all cash payments on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged CollateralNotes. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers pledges to Pledgee and Pledgor hereby agrees as follows and grants to PledgeePledgee a security interest in the following collateral, wherever located, now existing and hereafter arising or coming into existence (the "Collateral"): 1.1 Pledgor's assets held in Account #5734-5862 at Xxxxxxxx Xxxxx and used for the purchase, sale, and retention of, or are held in the form of, mutual funds, money market funds, stocks, bonds or any other investments, and all securities entitlements with respect thereto (the "Account"); and 1.2 All income, dividends, proceeds and products of the foregoing in whatever form the same may be, for the benefit purpose of itself securing the payment to Pledgee of all of the following ("Obligations"): all loans, advances, debts, liabilities, obligations, covenants and the Purchasersduties owing to Pledgee from Pledgor, a first lien on XXXXXXX HOLDING LLC, 0000 XXXXX XXXX LLC, and first priority perfected security interest in THE XXXXX XXXXXXX FAMILY LIMITED PARTNERSHIP (collectively, “Borrower”) of any kind or nature, present or future, whether or not evidenced by any note, guaranty or other instrument, including but not limited to those arising under: (i) the Commercial Note given by Borrower to Pledgee dated May 22, 2018 (the "Note"), and all of the Pledged Equity documents executed in connection therewith, and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) under any other shares agreement, instrument or document, whether or not for the payment of Pledged Equity money, whether arising by reason of an extension of credit, opening of a letter of credit, loan, guaranty, indemnification or in any other manner, whether direct or indirect (including those acquired by assignment, participation, purchase, negotiation, discount or otherwise), absolute or contingent, joint or several, due or to become due, now existing or hereafter pledged arising and whether or referred not contemplated by Pledgor or Pledgee on the date hereof; and, as to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) foregoing, including any “security entitlement” as such term is defined in § 8-102(a)(17) amendments, modifications, or superceding documents to each of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoingcharges, includingexpenses, without limitationfees, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights including but not limited to subscribe, purchase, or sellreasonable attorneys' fees, and any other property, rights, and interest that such Pledgor is at any time entitled sums chargeable to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A heretoThis Agreement is in addition to any previous assignments or pledges, which certificates, with undated and such previous assignments separate from certificates or stock/membership interest powers duly executed and pledges remain in blank by such Pledgor full force and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateraleffect. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Each Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants pledges to Pledgeethe Collateral Agent, for the benefit of itself the Secured Parties, and grants to the PurchasersCollateral Agent for the benefit of the Secured Parties, a first lien on and first priority perfected security interest in (i) all of in, the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor following (collectively, the “Pledged Collateral”): (a) All of the right, title and interest of such Pledgor in the Equity Interests, whether now existing or hereafter arising, and the certificates representing the shares of such capital stock (such now-existing shares being identified on Exhibit A attached hereto and made a part hereof), and (in the case of the Company as the Pledgor) all options and warrants for the purchase of additional equity interests in the Guarantor now or hereafter held in the name of the Company (all of said Equity Interests and (in the case of the Company as the Pledgor) options and warrants and all capital stock held in the name of the Company as a result of the exercise of such options or warrants being hereinafter collectively referred to as the “Pledged Stock”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged herewith delivered to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC Collateral Agent, accompanied by undated Powers (as defined below) with respect thereto; (iv) any “security entitlement” as executed in blank by such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating Pledgor, and, subject to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitationSection 9 hereof, all distributions (cash, stock, or otherwise), dividends, stock dividends, securitiesdistributions, cash, instruments, rights to subscribe, purchase, or sell, instruments and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral Stock; (b) All Additional Equity Interests (as defined below) from time to time acquired by the Company from the date hereof in any manner, and the certificates representing such Additional Equity Interests (any such additional equity interests shall constitute part of the Pledged Stock and the Collateral Agent is irrevocably authorized to amend Exhibit A from time to time to reflect such additional equity interests), and without affecting the obligations subject to Section 9 hereof, all options, warrants, dividends, distributions, cash, instruments and other rights and options from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledgor under any provision Equity Interests or Additional Equity Interests; and (c) All proceeds of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateralforegoing. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. On the date hereof, Certificates shall be executed on behalf of the Partnership by the General Partner and issued to (ai) The Pledgor hereby pledgesInland, assignsevidencing Inland's interest in the Partnership, hypothecateswhich constitutes the entire limited partner interest in the Partnership as of October 1, transfers2012, delivers and grants (ii) Inland GP, evidencing Inland GP's interest in the Partnership, which constitutes the entire general partner interest in the Partnership as of October 1, 2012. Notwithstanding any other provision of this Agreement to Pledgeethe contrary, for (A) the benefit execution and delivery of itself the Agreement Regarding Disposition of Property and Other Matters dated as of April 27, 2012 (the “Disposition Agreement”) among Lexington Realty Trust (“LXP”), LMLP GP LLC, Inland and the PurchasersPartnership, the Assignment Agreement dated as of October 1, 2012 (the “Assignment Agreement”) among LXP, LMLP GP LLC, Inland, Inland GP and the Partnership and the Pledge Agreement dated as of October 1, 2012 (the “Pledge Agreement”) to be entered into among Inland, Inland GP, LXP and the Partnership, and any and all documents contemplated by the Disposition Agreement, the Assignment Agreement and the Pledge Agreement on behalf of the Partnership by the General Partner, and the performance by the Partnership of its obligations thereunder, are hereby authorized, adopted, approved, ratified and confirmed in all respects, (B) it is hereby acknowledged and agreed that, pursuant to the Pledge Agreement, Inland and Inland GP shall pledge all of their interests in the Partnership to LXP and, in connection therewith, shall deliver to LXP the Certificates evidencing their interests in the Partnership, accompanied by duly executed partnership interest powers endorsed in blank, in proper form for transfer, to be held by or on behalf of LXP pursuant to this Pledge Agreement, and (C) upon the foreclosure of a first lien on and first priority perfected security interest in interests in the Partnership and any subsequent transfers pursuant to the Pledge Agreement, (ix) all any transferee of interests in the Partnership shall be automatically admitted as a Limited Partner or a General Partner, as applicable, of the Pledged Equity and other equity interests Partnership, without the requirement for the consent of the Pledge Entities now owned any Partner or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) Person with respect thereto; (iv) any “security entitlement” as to such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, transfer or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or selladmission, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor admission shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody occur immediately prior to the withdrawal of the certificates representing transferring Partner, (y) no Partner shall oppose the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting admission of either (i) such transferee as a membership interest in Limited Partner or a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate General Partner, as applicable, of the Partnership and (2z) is not and will not be deemed a “security” governed by Article 8 the business of the UCCPartnership shall be continued without dissolution. Neither Inland, Inland GP nor the Partnership shall take, or permit to be taken, any act in violation of the Disposition Agreement, the Assignment Agreement or the Pledge Agreement.”

Pledge. (a) The Pledgor hereby pledgesAs security for the payment of all Obligations, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself the Lenders and the PurchasersLenders' Agent: the Company hereby pledges to the Lenders' Agent, and grants to the Lenders' Agent a first lien on and first priority perfected continuing security interest in (i) in, all of the Pledged Equity following: A. All of the Specified Securities described in SCHEDULE I hereto, all of the certificates representing such Specified Securities, and all cash, securities, instruments, dividends, rights and other equity interests 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 such Specified Securities; B. All additional Specified Securities at any time and from time to time acquired by the Company in any manner, all of the Pledge Entities now owned certificates representing such Specified Securities, and all cash, securities, instruments, 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 such Specified Securities; C. All other property hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged delivered to the Pledgee pursuant Lenders' Agent in substitution for or in addition to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, includingall certificates and instruments representing or evidencing such property, without limitation, and all distributions (cash, stocksecurities, or otherwise)instruments, dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is property at any time entitled and from time to receive time received, receivable or is otherwise distributed in respect of, of or in exchange for, for any or all thereof; and D. All products and proceeds of all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligationsforegoing. All of the foregoing are herein collectively called the "PLEDGED COLLATERAL". The Company agrees to deliver to the Lenders' Agent, promptly upon receipt and in due form for transfer (i.e., endorsed in blank or accompanied by stock or bond powers executed in blank), any Pledged Interests now owned Collateral (other than dividends which the Company is entitled to receive and retain pursuant to SECTION 5 hereof) which may at any time or from time to time come into the possession or control of the Company; and prior to the delivery thereof to the Lenders' Agent, such Pledged Collateral shall be held by the Pledgor which are presently represented Company separate and apart from its other property and in express trust for the Lenders' Agent. The Company hereby authorizes the Lenders' Agent to modify this Agreement by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by unilaterally amending SCHEDULE I hereto to cover such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Each Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants pledges to Pledgeethe Administrative Agent, for the benefit of itself the Administrative Agent and the PurchasersCredit Parties, and grants to the Administrative Agent, for the benefit of the Administrative Agent and the Credit Parties, a first lien on and first priority perfected security interest in, the collateral described in subsections (ia) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor through (e) below (collectively, the “Pledged InterestsCollateral”): (i) All of the capital stock, now or at any time or times hereafter, owned directly by such Pledgor, in the Pledged Subsidiaries listed on Schedule I which are corporations (such shares being identified on Schedule I attached hereto or on any Schedule I attached to any applicable Pledge Supplement or Pledge Amendment), the certificates representing the shares of such capital stock and all options and warrants or other rights for the purchase of shares of the stock of such Pledged Subsidiaries now or hereafter held in the name of such Pledgor (all of said capital stock, options and warrants or other rights and all capital stock held in the name of such Pledgor as a result of the exercise of such options or warrants or other rights being hereinafter collectively referred to as the “Pledged Stock”), (ii) any other shares of Pledged Equity hereafter pledged herewith, or referred from time to be pledged time, delivered to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined Administrative Agent accompanied by stock powers in the UCCform of Exhibit C attached hereto and made a part hereof (the “Powers”) of the foregoingduly executed in blank, including, without limitation, and all distributions (cash, stock, or otherwise)distributions, dividends, stock dividends, securities, cash, instruments, rights to subscribeinvestment property, purchase, or sell, general intangibles and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral Stock; (as defined belowii) All additional shares of capital stock of the Pledged Subsidiaries described in Section 2(a)(i) above from time to time acquired by such Pledgor in any manner, and the certificates, which shall be delivered to the Administrative Agent accompanied by Powers duly executed in blank, representing such additional shares (any such additional shares shall constitute part of the Pledged Stock, and the Administrative Agent is irrevocably authorized to unilaterally amend Schedule I hereto or any Schedule I to any applicable Pledge Supplement or Pledge Amendment to reflect such additional shares), and without affecting the obligations all options, warrants, distributions, dividends, cash, instruments, investment property, general intangibles and other rights and (i) All of the Pledgor under membership interests, now or at any provision of the Security Agreementtime or times hereafter, owned directly by such Pledgor, in the event of Pledged Subsidiaries listed on Schedule I which are limited liability companies, and any consolidation certificates representing such membership interests in the Pledged Subsidiaries (such membership interests being identified on Schedule I attached hereto or merger in which the Pledgor is not the surviving corporationon any Schedule I attached to any applicable Pledge Supplement or Pledge Amendment), all shares of each class or Pledged Equity of the successor entity formed by right, title and interest of such Pledgor in, to and under its respective percentage interest, shares or resulting from units as a member and all investment property in respect of such consolidation membership interests, including, without limitation, such Pledgor’s interest in (or merger allocation of) the profits, losses, income, gains, deductions, credits or similar items of such Pledged Subsidiaries, all of such Pledgor’s rights, if any, to participate in the management of such Pledged Subsidiaries, all rights, privileges, authority and powers of such Pledgor as owner or holder of its membership interests in such Pledged Subsidiaries, including, but not limited to, all contract rights related thereto, all rights, privileges, authority and powers relating to the economic interests of such Pledgor as owner or holder of its membership interests in such Pledged Subsidiaries, including, without limitation, all contract rights related thereto and the right to receive distributions of such Pledged Subsidiary’s cash, other property, assets, and all options and warrants or other rights for the purchase of membership interests, whether now existing or hereafter arising, whether arising under the terms of the certificates of formation, the limited liability company agreements or any of the other organizational documents (such documents hereinafter collectively referred to as the collateral described in clauses (i) through (vi“Operating Agreements”) of this Section 2 such Pledged Subsidiaries, or at law or in equity, or otherwise and any and all of the proceeds thereof (all of said membership interests, certificates, and warrants being hereinafter collectively referred to as the “Pledged CollateralMembership Interests”)) herewith delivered, as collateral security for if applicable, to the prompt Administrative Agent indorsed in blank or accompanied by appropriate instruments of transfer duly executed in blank, and complete payment all distributions, dividends, cash, instruments, investment property, general intangibles and performance when due (whether at the stated maturityother property from time to time received, by acceleration receivable or otherwise) otherwise distributed in respect of, or in exchange for, any or all of the Obligations. Pledged Membership Interests; (ii) Any additional membership interests in the Pledged Subsidiaries (i) All of the Pledged Interests partnership interests, now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation at any time or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral.times hereafter, (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a Any additional partnership interest interests in a Person that is a partnership the Pledged Subsidiaries (if anyd) The property and interests in property described in Section 4 below; and (1e) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 All proceeds of the UCCcollateral described in subsections (a) through (d) above.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgeethe Collateral Agent, for the benefit of itself and the other Purchasers, a first lien on and first priority perfected security interest in (i) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee Collateral Agent pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor Pledgor, which are presently represented by certificates certificates, are listed on Exhibit A hereto, which certificates, with undated assignments separate from the certificates or stock/membership interest powers duly executed in blank by such Pledgor and to the extent such certificates are available and not covered by an existing lien or pledge, or irrevocable proxies, are being delivered to Pledgee the Collateral Agent simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, to the extent such certificates are available and not covered by an existing lien or pledge, the Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by the Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee The Collateral Agent shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The In order to secure the prompt payment and performance in full of all of the Secured Obligations, Pledgor hereby pledges, assigns, hypothecates, transfers, delivers and grants to Pledgee, for the benefit of itself and the Purchasers, a first lien on and first priority perfected security interest in in, transfers and delivers unto IPG each of the following (ithe "Collateral"): (a) all of Pledgor's right, title and interest in and to all shares of capital stock of AAFII (the "Company") (the "Pledged Shares") and the certificates, if any, representing the Pledged Equity Shares, and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, instruments and other property, rightsother than cash dividends or distributions, and interest that such Pledgor is at any from time entitled to receive time received, receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral Shares; (as defined below)b) all additional shares of capital stock of the Company (the "Additional Shares") from time to time acquired by Pledgor in any manner (including, without limitation, any shares of preferred stock issued by any such issuer) and the certificates, if any, representing such Additional Shares, and without affecting all dividends, instruments and other property, other than cash dividends or distributions, from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such Shares; (c) all other rights appurtenant to the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral property described in clauses (ia) through and (vib) above; and (d) all cash and noncash proceeds of this the disposition of any and all of the foregoing. Pledgor hereby consents that, pursuant to Section 2 being collectively referred to as 16 of the “Pledged Collateral”)Intercreditor Agreement, as collateral security for the prompt and complete upon payment and performance when due (whether at the stated maturity, by acceleration or otherwise) in full of the Senior Obligations. All of , the Agent shall deliver the certificates representing the Pledged Interests now owned by Shares and the Pledgor Additional Shares which are presently represented by certificates are listed have become Pledged Shares, if any, set forth on Exhibit A Schedule I hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers accompanied by proper instruments of assignment duly executed in blank by such Pledgor and irrevocable proxiesthe Pledgor, are being delivered to Pledgee simultaneously herewithIPG in New York City, New York. Upon Subject to the creation or terms of the Intercreditor Agreement, promptly upon Pledgor's acquisition of any new Pledged InterestsAdditional Shares and following the payment and performance in full of the Senior Obligations, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed will deliver to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either IPG (i) a membership interest proper instruments of assignment duly executed in a Person that is a limited liability company or blank by Pledgor together with any certificates representing such Additional Shares, whereupon such Additional Shares shall be Pledged Shares and (ii) an amendment to Schedule I reflecting the addition of such Additional Shares, together with a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of signed statement authorizing IPG to replace the UCC.prior Schedule I with such amendment to Schedule I.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, and delivers to the Bank (on behalf of and for the ratable benefit of the Revenue Bond Lenders, in accordance with their respective Applicable Percentages), and hereby grants to Pledgee, the Bank (on behalf of and for the ratable benefit of itself and the PurchasersRevenue Bond Lenders, in accordance with their respective Applicable Percentages) a first lien first-priority Lien on and first priority perfected security interest in (i) in, all of the Pledged Equity Pledgor’s right, title and other equity interests of interest in and to the Pledge Entities Company Bonds, the interest thereon, all proceeds thereof and all security entitlements relating thereto, in each case whether now owned or existing or hereafter created, acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”)existing, as collateral security for the prompt and complete payment and performance when due of all amounts due in respect of (whether at i) the stated maturity, by acceleration or otherwisereimbursement obligation of the Pledgor set forth in Section 2.04(f)(ii) of the Obligations. All Credit Agreement and interest on such amounts as set forth in Section 2.04(i) of the Pledged Interests now owned Credit Agreement, and (ii) any and all Revenue Bond Loans and interest thereon payable by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are pursuant to the Credit Agreement (all the foregoing being delivered to Pledgee simultaneously herewith. Upon hereinafter called the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge AddendumObligations”). Any Pledged The Pledgor hereby agrees that the Custodian shall act as the agent and bailee of the Bank for the purpose of perfecting the Lien of this Revenue Bond Pledge Agreement and of holding the Collateral described in a (as hereinafter defined) for the benefit of the Bank pursuant to the Indenture and this Revenue Bond Pledge Addendum executed by Agreement. Subject to subsection (b) below, upon delivery of the Company Bonds to the Tender Agent pursuant to Sections 2.02(a) and 14.07(c)(ii) of the Indenture, the Pledgor shall thereafter be deemed cause the Registrar (as defined in the Indenture) to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody register such Company Bonds in the name of the certificates representing Bank in accordance with Section 2.09 of the Pledged Interests and any additional Pledged CollateralIndenture. (b) Each Pledged Interest consisting For so long as the Company Bonds are registered in the name of either The Depository Trust Company (i) “DTC”), the Custodian shall cause DTC to make appropriate entries on its books increasing the appropriate securities account of the Custodian, as a membership direct participant of DTC, to include the Company Bonds, and shall identify, by book-entry or otherwise, the Company Bonds as belonging to, or subject to a security interest in favor of, the Bank, and shall send the Bank a Person confirmation thereof. The Custodian shall continuously identify the Company Bonds on its books as being held for the account of the Bank and shall take all such action reasonably requested in writing by the Bank to ensure that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not the Bank shall be evidenced by a certificate and (2) is not and will not be deemed a the “securityentitlement holder” governed by with respect to the Company Bonds having “control” of all “security entitlements” related to the Company Bonds within the meaning of Article 8 of the UCCUniform Commercial Code as in effect from time to time in the State of New York (“UCC Article 8”).

Pledge. (a) The Pledgor hereby pledges, assignsassigns and delivers to Pledgees, hypothecates, transfers, delivers ------ and grants to Pledgeeeach Pledgee a continuing security interest in, the Pledged Shares which are or will be owned either beneficially or of record by Pledgor as more particularly described on Exhibit A attached hereto, together with all ---------- dividends, interest, proceeds and any other sums due or to become due thereon, all instruments, securities or other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for (as dividends, reclassification, readjustment or other changes in the capital structure of the issuers of such Pledged Shares, or otherwise) any or all of such Pledged Shares, all general intangibles associated therewith, and all proceeds thereof (collectively, including the Pledged Shares, the "Collateral") ---------- as security for the benefit payment and performance of itself all indebtedness and obligations owing by Pledgor to Pledgees under the Notes and the PurchasersSPA, a first lien on whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and first priority perfected security interest any and all instruments, documents and agreements evidencing, securing or otherwise relating in (i) any way to the Notes and the SPA, and further including all reasonable costs, expenses and attorneys' and other professional fees incurred by Pledgees in connection with the collection of said indebtedness or in the enforcement, defense, protection or preservation of this Agreement or any of the Pledged Equity Collateral, including without limitation, all costs and expenses incurred in connection with any "workout" or default resolution negotiations involving legal counsel or other equity interests professionals and any re-negotiation or restructuring of any indebtedness of Pledgor under the Pledge Entities now owned or hereafter acquired by such Pledgor Notes and the SPA (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the "Secured Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”"). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.--------------------

Pledge. (a) The As collateral security for the payment and performance in full of all the Secured Obligations, each Pledgor hereby pledges, assigns, hypothecates, transfers, delivers pledges and grants to Pledgee, the Collateral Agent for its benefit and for the benefit of itself and the Purchasersother Credit Parties, a first lien on and first priority perfected security interest in (i) and to all of the Pledged Equity right, title and other equity interest of such Pledgor in, to and under the following personal property and interests of the Pledge Entities in property, wherever located, and whether now owned existing or hereafter arising or acquired by such Pledgor from time to time (collectively, the “Pledged InterestsCollateral”), ): (iii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreement; all Accounts; (ii) all “investment property” as Inventory; (iii) all Documents, Instruments and Chattel Paper relating to or arising from such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; Pledgor’s Accounts and/or Inventory; (iv) any “security entitlement” as all Letter-of-Credit Rights relating to or arising from such term is defined in § 8-102(a)(17) of the UCC with respect thereto; Pledgor’s Accounts and/or Inventory; (v) all General Intangibles relating to or arising from such Pledgor’s Accounts and/or Inventory; (vi) all Deposit Accounts; (vii) all Securities Accounts; (viii) all Supporting Obligations relating to or arising from such Pledgor’s Accounts and/or Inventory; (ix) all books and records relating to or arising from the foregoingPledged Collateral; and and (vix) all Accessions Proceeds and Proceeds (as products of each is defined in of the UCC) foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, includingany and all proceeds of any insurance, without limitationindemnity, all distributions (cash, stock, warranty or otherwise), dividends, stock dividends, securities, cash, instruments, rights guaranty payable to subscribe, purchase, or sell, and other property, rights, and interest that such Pledgor is at from time to time with respect to any time entitled to receive or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral (as defined below), and without affecting foregoing. Notwithstanding anything to the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described contrary contained in clauses (i) through (vix) of above, the security interest created by this Section 2 being collectively referred to as Agreement shall not extend to, and the term “Pledged Collateral”)” shall not include, as collateral security for the prompt and complete payment and performance when due (whether any Excluded Property. The Pledgors shall from time to time, at the stated maturity, by acceleration or otherwise) reasonable request of the Obligations. All Collateral Agent after the occurrence of an Event of Default give written notice to the Pledged Interests now owned by Collateral Agent identifying in reasonable detail the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by Excluded Property and shall provide to the Collateral Agent such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon other information regarding the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in Excluded Property as the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged CollateralAgent may reasonably request. (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) a partnership interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 of the UCC.

Pledge. (a) The Pledgor hereby pledges, assigns, hypothecates, transfers, delivers pledges (and grants also affirms its previous pledge under the Existing Pledge Agreement) to Pledgeethe Administrative Agent, for the benefit of itself the Administrative Agent and the PurchasersHolders of Secured Obligations, and grants (and also affirms its previous grant under the Existing Pledge Agreement) to the Administrative Agent, for the benefit of the Administrative Agent and the Holders of Secured Obligations, a first lien on and first priority perfected security interest in, the collateral described in subsections (ia) all of the Pledged Equity and other equity interests of the Pledge Entities now owned or hereafter acquired by such Pledgor through (e) below (collectively, the “Pledged InterestsCollateral”): (i) All of the capital stock of the Pledged Subsidiaries listed on Schedule I which are corporations, now or at any time or times hereafter owned directly by the Pledgor (such shares being identified on Schedule I attached hereto or on any Schedule I attached to any applicable Pledge Supplement), and the certificates representing the shares of such capital stock, all options and warrants for the purchase of shares of the stock of such Pledged Subsidiaries now or hereafter held in the name of the Pledgor (all of said capital stock, options and warrants and all capital stock held in the name of the Pledgor as a result of the exercise of such options or warrants being hereinafter collectively referred to as the “Pledged Stock”), (ii) any other shares of Pledged Equity hereafter pledged herewith, or referred from time to be pledged time, delivered to the Pledgee pursuant to this Agreement; (ii) all “investment property” as such term is defined in §9-102(a)(49) of the UCC (as defined below) with respect thereto; (iv) any “security entitlement” as such term is defined in § 8-102(a)(17) of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined Administrative Agent accompanied by stock powers in the UCCform of Exhibit B attached hereto and made a part hereof (the “Powers”) of the foregoingduly executed in blank, including, without limitation, and all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, instruments, rights to subscribe, purchase, or sell, investment property and other propertyproperty from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, or in exchange for, any or all of the Pledged Collateral Stock; (as defined belowii) All additional shares of capital stock of the Pledged Subsidiaries described in Section 1(a)(i) above from time to time acquired by the Pledgor in any manner, and the certificates, which shall be delivered to the Administrative Agent accompanied by Powers duly executed in blank, representing such additional shares (any such additional shares shall constitute part of the Pledged Stock, and the Administrative Agent is irrevocably authorized to unilaterally amend Schedule I hereto or any Schedule I to any applicable Pledge Supplement to reflect such additional shares), and without affecting all options, warrants, dividends, cash, instruments, investment property and other rights and options from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares; (i) All of the obligations membership interests of Pledgor in the Pledged Subsidiaries listed on Schedule I which are limited liability companies now or at any time or times hereafter owned directly by the Pledgor, and any certificates representing such membership interests in the Pledged Subsidiaries (such membership interests being identified on Schedule I attached hereto or on any Schedule I attached to any applicable Pledge Supplement), all of the right, title and interest of the Pledgor in, to and under any provision its respective percentage interest, shares or units as a member and all investment property in respect of such membership interests, including, without limitation, Pledgor’s interest in (or allocation of) the profits, losses, income, gains, deductions, credits or similar items of such Pledged Subsidiaries and the right to receive distributions of such Pledged Subsidiary’s cash, other property, assets, and all options and warrants for the purchase of membership interests, whether now existing or hereafter arising, whether arising under the terms of the Security AgreementCertificates of Formation, in the event of Limited Liability Company Agreements or any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from other organizational documents (such consolidation or merger (documents hereinafter collectively referred to as the collateral described in clauses (i) through (vi“Operating Agreements”) of this Section 2 such Pledged Subsidiaries, or at law or in equity, or otherwise and any and all of the proceeds thereof (all of said membership interests, certificates, and warrants being hereinafter collectively referred to as the “Pledged CollateralMembership Interests”) herewith delivered, if applicable, to the Administrative Agent indorsed in blank or accompanied by appropriate instruments of transfer duly executed in blank, and all distributions, cash, instruments, investment property and other property from time to time received, receivable or otherwise distributed in respect of, or in exchange for, any or all of the Pledged Membership Interests; (ii) Any additional membership interests in the Pledged Subsidiaries described in Section 1(b)(i) above from time to time acquired by the Pledgor in any manner, and any certificates, which, if applicable, shall be delivered to the Administrative Agent indorsed in blank or accompanied by appropriate instruments of transfer duly executed in blank, representing such additional membership interests or any additional percentage interests, shares, units, options or warrants of membership interests in Pledged Subsidiaries (any such additional interests shall constitute part of the Pledged Membership Interests, and the Administrative Agent is irrevocably authorized to unilaterally amend Schedule I hereto or any Schedule I to any applicable Pledge Supplement from time to time to reflect such additional interests), as collateral security and all options, warrants, distributions, investment property, cash, instruments and other rights and options from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such interests, and the prompt Pledgor shall promptly thereafter deliver to the Administrative Agent a certificate duly executed by the Pledgor describing such percentage interests, certificates, units, options or warrants and complete payment and performance when due certifying that the same have been duly pledged hereunder; (whether at the stated maturity, by acceleration or otherwisei) of the Obligations. All of the partnership interests of the Pledgor in and to the Pledged Interests Subsidiaries listed on Schedule I which are partnerships now or at any time or times hereafter owned directly by the Pledgor which are presently represented by certificates are listed (such partnership interests being identified on Exhibit A heretoSchedule I attached hereto to or on Schedule I to any applicable Pledge Supplement), which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed the property (and interests in blank property) that is owned by such Pledged Subsidiaries, all of the Pledgor’s rights, if any, to participate in the management of such Pledged Subsidiaries, all rights, privileges, authority and powers of the Pledgor as owner or holder of its partnership interests in such Pledged Subsidiaries, including, but not limited to, all contract rights related thereto, all rights, privileges, authority and irrevocable proxiespowers relating to the economic interests of the Pledgor as owner or holder of its partnership interests in such Pledged Subsidiaries, are being delivered to Pledgee simultaneously herewith. Upon including, without limitation, all contract rights related thereto, all options and warrants of the creation or acquisition Pledgor for the purchase of any new partnership interests in such Pledged Subsidiaries, all documents and certificates representing or evidencing the Pledgor’s partnership interest in such Pledged Subsidiaries, all of the Pledgor’s interest in and to the profits and losses of such Pledged Subsidiaries and the Pledgor’s right as a partner of such Pledged Subsidiaries to receive distributions of such Pledged Subsidiaries’ assets, upon complete or partial liquidation or otherwise, all of the Pledgor’s right, title and interest to receive payments of principal and interest on any loans and/or other extensions of credit made by the Pledgor or its Affiliates to such Pledged Subsidiaries, all distributions, cash, instruments, investment property and other property from time to time received, receivable or otherwise distributed in respect of, or in exchange for, the Pledgor’s partnership interests in such Pledged Subsidiaries, and any other right, title, interest, privilege, authority and power of the Pledgor in or relating to such Pledged Subsidiaries, all whether now existing or hereafter arising, and whether arising under any partnership agreements of such Pledged Subsidiaries (as the same may be amended, modified or restated from time to time, the “Partnership Agreements”) or otherwise, or at law or in equity and all books and records of the Pledgor pertaining to any of the foregoing (all of the foregoing being referred to collectively as the “Pledged Partnership Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateral.; (b) Each Pledged Interest consisting of either (i) a membership interest in a Person that is a limited liability company or (ii) Any additional partnership interests in the Pledged Subsidiaries described in Section 1(c)(i) above from time to time acquired by the Pledgor in any manner (any such additional interests shall constitute part of the Pledged Partnership Interests, and the Administrative Agent is irrevocably authorized to unilaterally amend Schedule I hereto or any Schedule I to any applicable Pledge Supplement from time to time to reflect such additional interests), and all options, warrants, distributions, investment property, cash, instruments and other rights and options from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such interests, and the Pledgor shall promptly thereafter deliver to the Administrative Agent a partnership interest certificate duly executed by the Pledgor describing such percentage interests, options or warrants and certifying that the same have been duly pledged hereunder; (d) The property and interests in property described in Section 3 below; and (e) All proceeds of the collateral described in subsections (a) through (d) above. Notwithstanding the foregoing, at no time shall any such security interests, individually or collectively, or the Pledged Collateral with respect to any Foreign Subsidiary exceed 65% of the Voting Equity Interests of such Foreign Subsidiary, regardless of whether certificates representing a Person greater percentage may be delivered to the Administrative Agent. Within thirty (30) days of the date hereof (or such later date as may be agreed to by the Administrative Agent in its sole discretion), the Pledgor hereby agrees that is a partnership (it shall deliver all certificates or instruments, if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 , representing or evidencing Pledged Shares, Pledged Membership Interests or Pledged Partnership Interests which comprise 65% of the UCCVoting Equity Interests of each Foreign Subsidiary the Voting Equity Interests of which are being pledged hereby, and the Administrative Agent is irrevocably authorized to unilaterally amend Schedule I hereto to include such certificates or instruments.

Pledge. (a) The Subject to Section 2(b) hereof, the Pledgor ------ hereby pledges, assignsmortgages and charges to the Collateral Agent for its benefit and for the ratable benefit of the Senior Noteholders and the Convertible Noteholders, hypothecates, transfers, delivers and grants to Pledgee, the Collateral Agent for the ratable benefit of itself the Senior Noteholders and the PurchasersConvertible Noteholders, a first lien on and continuing first priority perfected security interest in all of its right, title and interest in the following (the "Pledged Collateral"): ------------------ (i) the Pledged Stock and the certificates representing the Pledged Stock, and all products and proceeds of any of the Pledged Stock, including, without limitation, all dividends, cash, options, warrants, economic rights, voting rights, instruments, subscriptions 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 Pledged Equity and other equity interests Stock or any of the Pledge Entities now owned or hereafter acquired by such Pledgor (collectively, the “Pledged Interests”), (ii) any other shares of Pledged Equity hereafter pledged or referred to be pledged to the Pledgee pursuant to this Agreementforegoing; and (ii) all “investment property” as such term is defined in §9-102(a)(49additional shares of, and all securities convertible into and all warrants, options or other rights to purchase, Capital Stock (other than Excluded Stock) of the UCC of, or other Equity Interests (as defined belowin the Indenture) with respect thereto; in, the Issuers from time to time acquired by the Pledgor in any manner, and the certificates representing such additional shares and Equity Interests (iv) any “security entitlement” such additional shares and Equity Interests and other items shall constitute part of the Pledged Stock under and as such term is defined in § 8-102(a)(17) this Agreement), and all products and proceeds of the UCC with respect thereto; (v) all books and records relating to the foregoing; and (vi) all Accessions and Proceeds (as each is defined in the UCC) any of the foregoing, including, without limitation, all distributions (cash, stock, or otherwise), dividends, stock dividends, securities, cash, options, warrants, economic rights, instruments, rights to subscribe, purchase, or sellsubscriptions, and other propertyproperty or proceeds from time to time received, rights, and interest that such Pledgor is at any time entitled to receive receivable or is otherwise distributed in respect of, of or in exchange for, for any or all of the Pledged Collateral (as defined below), and without affecting the obligations of the Pledgor under any provision of the Security Agreement, in the event of any consolidation or merger in which the Pledgor is not the surviving corporation, all shares of each class or Pledged Equity of the successor entity formed by or resulting from such consolidation or merger (the collateral described in clauses (i) through (vi) of this Section 2 being collectively referred to as the “Pledged Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations. All of the Pledged Interests now owned by the Pledgor which are presently represented by certificates are listed on Exhibit A hereto, which certificates, with undated assignments separate from certificates or stock/membership interest powers duly executed in blank by such Pledgor and irrevocable proxies, are being delivered to Pledgee simultaneously herewith. Upon the creation or acquisition of any new Pledged Interests, Pledgor shall execute an Addendum in the form of Exhibit B attached hereto (a “Pledge Addendum”). Any Pledged Collateral described in a Pledge Addendum executed by Pledgor shall thereafter be deemed to be listed on Exhibit A hereto. Pledgee shall maintain possession and custody of the certificates representing the Pledged Interests and any additional Pledged Collateralforegoing. (b) Each Pledged Interest consisting of either (i) In the event that a membership valid first priority security interest in the Capital Stock of any Foreign Issuer cannot be granted to the Collateral Agent, for the ratable benefit of the Senior Noteholders and the Convertible Noteholders, under any applicable foreign laws by physical delivery of such Capital Stock to the Collateral Agent, the Pledgor shall take all actions that are necessary or desirable under applicable law to grant a Person that is a limited liability company or (ii) a partnership valid first priority security interest in a Person that is a partnership (if any) (1) is not and will not be evidenced by a certificate and (2) is not and will not be deemed a “security” governed by Article 8 such Capital Stock to the Collateral Agent, for the ratable benefit of the UCCSenior Noteholders and the Convertible Noteholders.