Pledged Investments. As to each Investment that is identified by Borrower as a Pledged Investment on the [Schedule B]-1 or the most recent Pledged Investments Report submitted to Agent, such Pledged Investments # are subject to a valid and perfected first priority Agent’s Lien, # are owned by Borrower free and clear of all other Liens (other than Liens in favor of Agent) and # constitute Performing Obligations.

“Pledged Investments” means Borrower’s or a Guarantor’s now owned or hereafter acquired right, title, and interest in and to the Investments set forth on [Schedule B]-1 (as such Schedule may be updated from time to time in accordance with [Section 5.2(a)]) and the proceeds and products, whether tangible or intangible, of any of the foregoing so long as such Investments # are subject to a valid and perfected first priority Agent’s Lien, # are owned by Borrower or a Guarantor free and clear of all other Liens (other than Liens in favor of Agent), and # constitute Performing Obligations (or in the case of Stock issued by [[Unknown Identifier]] Holder that constitutes an Investment, such securities issued by [[Unknown Identifier]] LLC and [[Unknown Identifier]] Ltd that are held by [[Unknown Identifier]] Holder shall constitute Performing Obligations). Unless otherwise agreed by Agent in writing, an Investment shall not be included as nor constitute a Pledged Investment if: