Neither the execution and delivery of this Agreement or the Pledged Agreement, nor the consummation of the transactions contemplated hereby or thereby, nor the fulfillment of, nor the compliance with, the terms, conditions or provisions hereof or thereof, will conflict with, result in a breach of, or constitute a default under (i) any relevant statute, law, ordinance, rule or regulation applicable to Pledgor or the Collateral, (ii) any of Pledgor’s organizational documents or (iii) assuming compliance with the matters referred to in Section 4.03 of the Purchase Agreement, cause or result in any breach of, or default (with or without notice or lapse of time, or both) under, or give rise to a right of, or result in, termination, cancellation, modification or acceleration of any obligation or to the loss of a benefit or right under, or result in the creation of any Lien in or upon any of the properties, assets or rights of Pledgor under, or require any consent, waiver or approval of any Person.