Pledge Agreements. Parent and each Credit Party that has a Subsidiary shall have # executed and delivered to the Administrative Agent, for the benefit of the Lenders, a Pledge Agreement, in form and substance satisfactory to the Administrative Agent, with respect to the Pledged Securities, # executed and delivered to the Administrative Agent, for the benefit of the Lenders, appropriate transfer powers for each of the Pledged Securities that are certificated, and # delivered to the Administrative Agent, for the benefit of the Lenders, the Pledged Securities (to the extent such Pledged Securities are certificated).

Negative Pledge Agreements. Borrower shall not create, incur, assume or permit to exist any written contract or agreement (other than the Loan Documents and any Permitted Encumbrances) which in any way prohibits or restricts the granting, conveying, creation or imposition of any Lien on a material portion of the Collateral, or which requires the consent of other Persons in connection therewith, in each case other than any such contract or agreement existing on August 7, 2020 and any renewals, replacements, or extensions thereof.

Pledge Agreements. Parent and each Borrower and Guarantor of Payment that has a Subsidiary shall have # executed and delivered to the Administrative Agent, for the benefit of the Lenders, a Pledge Agreement, in form and substance satisfactory to the Administrative Agent, with respect to the Pledged Securities, # executed and delivered to the Administrative Agent, for the benefit of the Lenders, appropriate transfer powers for each of the Pledged Securities that are certificated, and # delivered to the Administrative Agent, for the benefit of the Lenders, the Pledged Securities (to the extent such Pledged Securities are certificated) of the Borrowers and Domestic Subsidiaries.

Third Party Pledge Agreements. Collectively, the Third-Party Security Agreement (Accounts Receivable) between Park Hill Group LLC and Lender dated on or about October 1, 2015 entered into in connection with the Prior Loan Agreement, the Third-Party Security Agreement (Accounts Receivable) between PJT Partners LP and Lender dated on or about October 1, 2015 entered into in connection with the Prior Loan Agreement and any pledge of or grant of a security interest to the Lender in any property or asset of any kind, now or hereafter executed by any other Third Party Pledgor to secure any or all of the Obligations, and all extensions, renewals, modifications and replacements of any or all of such documents (collectively, the “Third Party Pledge Agreements”).

Pledge Agreements. The Borrower and each Guarantor of Payment that has a Subsidiary shall have # executed and delivered to the Administrative Agent, for the benefit of the Lenders, a Pledge Agreement, in form and substance satisfactory to the Administrative Agent, with respect to the Pledged Securities, # executed and delivered to the Administrative Agent, for the benefit of the Lenders, appropriate transfer powers for each of the Pledged Securities that are certificated, and # delivered to the Administrative Agent, for the benefit of the Lenders, the Pledged Securities (to the extent such Pledged Securities are certificated).

Pledge Agreements. The Borrower and each Guarantor of Payment that has a Subsidiary shall have # executed and delivered to the Administrative Agent, for the benefit of the Lenders, a Pledge Agreement, in form and substance satisfactory to the Administrative Agent, with respect to the Pledged Securities, # executed and delivered to the Administrative Agent, for the benefit of the Lenders, appropriate transfer powers for each of the Pledged Securities that are certificated, and # delivered to the Administrative Agent, for the benefit of the Lenders, the Pledged Securities (to the extent such Pledged Securities are certificated).

Negative Pledge Agreements. Borrower shall not create, incur, assume or permit to exist any written contract or agreement (other than the Loan Documents and any Permitted Encumbrances) which in any way prohibits or restricts the granting, conveying, creation or imposition of any Lien on a material portion of the Collateral, or which requires the consent of other Persons in connection therewith, in each case other than any such contract or agreement existing on August 7, 2020 and any renewals, replacements, or extensions thereof.

Pledge Agreements. The Borrower and each Guarantor of Payment that has a Subsidiary shall have # executed and delivered to the Administrative Agent, for the benefit of the Lenders, a Pledge Agreement, in form and substance satisfactory to the Administrative Agent, with respect to the Pledged Securities, # executed and delivered to the Administrative Agent, for the benefit of the Lenders, appropriate transfer powers for each of the Pledged Securities that are certificated, and # delivered to the Administrative Agent, for the benefit of the Lenders, the Pledged Securities (to the extent such Pledged Securities are certificated).

Pledge Agreements. Each Credit Party that has a Subsidiary shall have # executed and delivered to the Administrative Agent, for the benefit of the Lenders, a Pledge Agreement, in form and substance reasonably satisfactory to the Administrative Agent, with respect to the Pledged Securities, # executed and delivered to the Administrative Agent, for the benefit of the Lenders, appropriate transfer powers for each of the Pledged Securities that are certificated, and # delivered to the Administrative Agent, for the benefit of the Lenders, the Pledged Securities (to the extent such Pledged Securities are certificated).

Pledge Agreements. The Borrower and each Guarantor of Payment that has a Subsidiary shall have # executed and delivered to the Administrative Agent, for the benefit of the Lenders, a Pledge Agreement, in form and substance satisfactory to the Administrative Agent, with respect to the Pledged Securities, # executed and delivered to the Administrative Agent, for the benefit of the Lenders, appropriate transfer powers for each of the Pledged Securities that are certificated, and # delivered to the Administrative Agent, for the benefit of the Lenders, the Pledged Securities (to the extent such Pledged Securities are certificated).