Exhibit 10.1

AMENDMENT NO. 2
TO
AMENDED AND RESTATED CREDIT AGREEMENT

THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”)
dated as of February 9, 2007, is entered into among GLADSTONE BUSINESS LOAN,
LLC, as the Borrower, DEUTSCHE BANK AG, NEW YORK BRANCH (“Deutsche Bank”) and
KEYBANK, NATIONAL ASSOCIATION (“KeyBank”), as Committed Lenders (collectively,
the “Committed Lenders”), Deutsche Bank and KeyBank as Managing Agents (in such
capacity, collectively the “Managing Agents”) and Deutsche Bank as
Administrative Agent (in such capacity, the “Administrative Agent”). 
Capitalized terms used herein without definition shall have the meanings
ascribed thereto in the “Credit Agreement” referred to below.

PRELIMINARY STATEMENTS

A.            Reference is made to that certain Amended and Restated Credit
Agreement dated as of May 26, 2006 among the Borrower, Gladstone Management
Corporation, as Servicer, the CP Lenders, the Committed Lenders, the Managing
Agents and the Administrative Agent (as amended, modified or supplemented from
time to time, the “Credit Agreement”).

B.            The parties hereto have agreed to amend certain provisions of the
Credit Agreement upon the terms and conditions set forth herein.

SECTION 1.  AMENDMENT.  SUBJECT TO THE SATISFACTION OF THE CONDITIONS SET FORTH
IN SECTION 3 HEREOF, THE PARTIES HERETO HEREBY AGREE:

(I)            TO DELETE THE DEFINITION OF “FACILITY AMOUNT” IN SECTION 1.1 AND
SUBSTITUTE THE FOLLOWING THEREFOR:

Facility Amount:  At any time, $170,000,000; provided, however, that on or after
the Termination Date, the Facility Amount shall be equal to the amount of
Advances outstanding.

(II)           TO DELETE CLAUSE (A) IN THE DEFINITION OF “COMMITMENT” IN SECTION
1.1 AND SUBSTITUTE THE FOLLOWING THEREFOR:

(a) for each Committed Lender, the commitment of such Committed Lender to fund
any Advance to the Borrower in an amount not to exceed $85,000,000, as such
amount may be modified in accordance with the terms hereof;

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SECTION 2.  REPRESENTATIONS AND WARRANTIES.  THE BORROWER HEREBY REPRESENTS AND
WARRANTS TO EACH OF THE OTHER PARTIES HERETO, THAT:

(A)           THIS AMENDMENT CONSTITUTES ITS LEGAL, VALID AND BINDING
OBLIGATION, ENFORCEABLE AGAINST IT IN ACCORDANCE WITH ITS TERMS; AND

(B)           ON THE DATE HEREOF, BEFORE AND AFTER GIVING EFFECT TO THIS
AMENDMENT, OTHER THAN AS AMENDED OR WAIVED PURSUANT TO THIS AMENDMENT, NO EARLY
TERMINATION EVENT OR UNMATURED TERMINATION EVENT HAS OCCURRED AND IS CONTINUING.

SECTION 3.  CONDITIONS.

(A)           THIS AMENDMENT SHALL BECOME EFFECTIVE ON THE FIRST BUSINESS DAY
(THE “EFFECTIVE DATE”) ON WHICH THE ADMINISTRATIVE AGENT OR ITS COUNSEL HAS
RECEIVED COUNTERPART SIGNATURE PAGES OF THIS AMENDMENT, EXECUTED BY EACH OF THE
PARTIES HERETO.

SECTION 4.  REFERENCE TO AND EFFECT ON THE TRANSACTION DOCUMENTS.

(A)           UPON THE EFFECTIVENESS OF THIS AMENDMENT, (I) EACH REFERENCE IN
THE CREDIT AGREEMENT TO “THIS CREDIT AGREEMENT”, “THIS AGREEMENT”, “HEREUNDER”,
“HEREOF”, “HEREIN” OR WORDS OF LIKE IMPORT SHALL MEAN AND BE A REFERENCE TO THE
CREDIT AGREEMENT AS AMENDED OR OTHERWISE MODIFIED HEREBY, AND (II) EACH
REFERENCE TO THE CREDIT AGREEMENT IN ANY OTHER TRANSACTION DOCUMENT OR ANY OTHER
DOCUMENT, INSTRUMENT OR AGREEMENT EXECUTED AND/OR DELIVERED IN CONNECTION
THEREWITH, SHALL MEAN AND BE A REFERENCE TO THE CREDIT AGREEMENT AS AMENDED OR
OTHERWISE MODIFIED HEREBY.

(B)           EXCEPT AS SPECIFICALLY AMENDED, TERMINATED OR OTHERWISE MODIFIED
ABOVE, THE TERMS AND CONDITIONS OF THE CREDIT AGREEMENT, OF ALL OTHER
TRANSACTION DOCUMENTS AND ANY OTHER DOCUMENTS, INSTRUMENTS AND AGREEMENTS
EXECUTED AND/OR DELIVERED IN CONNECTION THEREWITH, SHALL REMAIN IN FULL FORCE
AND EFFECT AND ARE HEREBY RATIFIED AND CONFIRMED.

(C)           THE EXECUTION, DELIVERY AND EFFECTIVENESS OF THIS AMENDMENT SHALL
NOT OPERATE AS A WAIVER OF ANY RIGHT, POWER OR REMEDY OF THE ADMINISTRATIVE
AGENT, ANY MANAGING AGENT OR ANY LENDER UNDER THE CREDIT AGREEMENT OR ANY OTHER
TRANSACTION DOCUMENT OR ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT EXECUTED IN
CONNECTION THEREWITH, NOR CONSTITUTE A WAIVER OF ANY PROVISION CONTAINED
THEREIN, IN EACH CASE EXCEPT AS SPECIFICALLY SET FORTH HEREIN.

SECTION 5.  EXECUTION IN COUNTERPARTS.  THIS AMENDMENT MAY BE EXECUTED IN ANY
NUMBER OF COUNTERPARTS AND BY DIFFERENT PARTIES HERETO IN SEPARATE COUNTERPARTS,
EACH OF WHICH WHEN SO EXECUTED AND DELIVERED SHALL BE DEEMED TO BE AN ORIGINAL
AND ALL OF WHICH TAKEN TOGETHER SHALL CONSTITUTE BUT ONE AND THE SAME
INSTRUMENT.  DELIVERY OF AN EXECUTED COUNTERPART OF A SIGNATURE PAGE TO THIS
AMENDMENT BY TELECOPIER SHALL BE EFFECTIVE AS DELIVERY OF A MANUALLY EXECUTED
COUNTERPART OF THIS AMENDMENT.

SECTION 6.  GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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SECTION 7.  HEADINGS.  SECTION HEADINGS IN THIS AMENDMENT ARE INCLUDED HEREIN
FOR CONVENIENCE OF REFERENCE ONLY AND SHALL NOT CONSTITUTE A PART OF THIS
AMENDMENT FOR ANY OTHER PURPOSE.

SECTION 8.  FEES AND EXPENSES.  THE BORROWER HEREBY CONFIRMS ITS AGREEMENT TO
PAY ON DEMAND ALL REASONABLE COSTS AND EXPENSES OF THE ADMINISTRATIVE AGENT,
MANAGING AGENTS OR LENDERS IN CONNECTION WITH THE PREPARATION, EXECUTION AND
DELIVERY OF THIS AMENDMENT AND ANY OF THE OTHER INSTRUMENTS, DOCUMENTS AND
AGREEMENTS TO BE EXECUTED AND/OR DELIVERED IN CONNECTION HEREWITH, INCLUDING,
WITHOUT LIMITATION, THE REASONABLE FEES AND OUT-OF-POCKET EXPENSES OF COUNSEL TO
THE ADMINISTRATIVE AGENT, MANAGING AGENTS OR LENDERS WITH RESPECT THERETO.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective officers as of the date first above written.

GLADSTONE BUSINESS LOAN, LLC

 

 

 

By:

 

 

 

 

Name:

 

 

 

Title:

 

 

Signature Page to Amendment No. 2

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DEUTSCHE BANK AG, NEW YORK
BRANCH, as a Committed Lender,
Managing Agent and Administrative
Agent

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

 

Title:

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

 

Title:

 

 

Signature Page to Amendment No. 2

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KEYBANK, NATIONAL ASSOCIATION,
as a Committed Lender and Managing
Agent

 

 

 

 

 

By:

 

 

 

 

Name:

 

 

 

Title:

 

 

Signature Page to Amendment No. 2

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