EXECUTION VERSION

AMENDMENT NO. 3 TO THE
AMENDED AND RESTATED CREDIT AGREEMENT

This AMENDMENT NO. 3 TO THE AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), is dated as of May 4, 2015, among FS Senior Funding LLC, as the
borrower (in such capacity, the “Borrower”), Natixis, New York Branch, as the
administrative agent (in such capacity, the “Administrative Agent”), each of the
lenders party to the Credit Agreement (as defined below) (each, in such
capacity, a “Lender”) and U.S. Bank National Association, as the collateral
agent (in such capacity, the “Collateral Agent”) and as the custodian (the
“Custodian”). Capitalized terms used but not defined herein have the meanings
provided in the Credit Agreement.
R E C I T A L S
WHEREAS, the Borrower, the Administrative Agent, the Lenders, the Collateral
Agent and the Custodian have entered into the Amended and Restated Credit
Agreement, dated as of October 16, 2014 (as amended by Amendment No. 1 to the
Credit Agreement, dated as of December 1, 2014, and Amendment No. 2 to the
Credit Agreement, dated as of March 11, 2015, and as may be further amended,
modified, supplemented, waived or restated from time to time, the “Credit
Agreement”);
WHEREAS, pursuant to and in accordance with Section 12.5 of the Credit
Agreement, the parties hereto desire to amend the Credit Agreement in certain
respects as provided herein;
NOW, THEREFORE, based upon the above Recitals, the mutual premises and
agreements contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:
SECTION 1.AMENDMENT.
The definition of “Reinvestment Period” in Section 1.1 of the Credit Agreement
is hereby amended by replacing the words “18 months” with “20 months” in clause
(a) thereof.
SECTION 2.AGREEMENTS IN FULL FORCE AND EFFECT AS AMENDED.
Except as specifically amended hereby, all provisions of the Credit Agreement
are hereby ratified and shall remain in full force and effect. After this
Amendment becomes effective, all references to the Credit Agreement and
corresponding references thereto or therein such as “hereof,” “herein,” or words
of similar effect referring to the Credit Agreement shall be deemed to mean the
Credit Agreement as amended hereby. This Amendment shall not be deemed to
expressly or impliedly waive, amend or supplement any provision of the Credit
Agreement other than as expressly set forth herein, and shall not constitute a
novation of the Credit Agreement.

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SECTION 3.REPRESENTATIONS.
The Borrower represents and warrants to the Secured Parties, that (a) each of
the representations and warranties set forth in Article IV of the Credit
Agreement and in each of the other Loan Documents is true and correct in all
material respects, except that those representations and warranties set forth in
said Article IV and the other Loan Documents that contain a materiality or
Material Adverse Effect qualifier are true and correct in all respects, in each
case on the date hereof as if made on and as of the date hereof (or, if any such
representation or warranty is expressly stated to have been made as of an
earlier date, such representation or warranty shall be true and correct in all
material respects (or in all respects, as applicable) as of such earlier date),
and as if each reference in said Article IV to “this Agreement” included
reference to the Credit Agreement, as amended hereby, and to “Loan Documents”
included reference to this Amendment as one of the Loan Documents, (b) no
Default or Event of Default has occurred and is continuing.
Section 4.    CONDITIONS TO EFFECTIVENESS.
(a)    Execution. The effectiveness of this Amendment is conditioned upon
delivery of executed signature pages by all parties hereto to the Administrative
Agent.
(b)    Fees. The Borrower shall have paid all reasonable and documented
out-of-pocket costs and expenses of the Administrative Agent and the Collateral
Agent (including reasonable and documented fees and expenses of counsel to the
Administrative Agent and the Collateral Agent) incurred in connection with this
Amendment.
(c)    Rating Condition. The Rating Condition shall have been satisfied.
Section 5.    CONFIRMATION OF SECURITY. The Borrower (a) confirms its
obligations under the Credit Agreement and the other Loan Documents and (b)
confirms that its obligations under the Credit Agreement, as amended hereby, are
entitled to the benefits of the pledges set forth in the Credit Agreement and
any other Loan Documents. Each party, by its execution of this Amendment, hereby
confirms that the Obligations shall remain in full force and effect, and such
Obligations shall continue to be entitled to the benefits of the grant set forth
in the Granting Clause of the Credit Agreement
Section 6.    NOTICE TO OTHER PARTIES. The Borrower shall, promptly following
the execution of this Amendment, provide copies hereof to each Lender, the
Administrative Agent, the Collateral Agent and DBRS.
Section 7.    DIRECTION. The Administrative Agent and the Lenders hereby
authorize, direct and consent to the execution of this Amendment by the
Collateral Agent and Custodian.
Section 8.    MISCELLANEOUS.
(a)    This Amendment may be executed in any number of counterparts (including
by facsimile), and by the different parties hereto on the same or separate
counterparts, each of which

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shall be deemed to be an original instrument but all of which together shall
constitute one and the same agreement.
(b)    The descriptive headings of the various sections of this Amendment are
inserted for convenience of reference only and shall not be deemed to affect the
meaning or construction of any of the provisions hereof.
(c)    This Amendment may not be amended or otherwise modified except as
provided in the Credit Agreement.
(d)    The failure or unenforceability of any provision hereof shall not affect
the other provisions of this Amendment or the Credit Agreement.
(e)    Whenever the context and construction so require, all words used in the
singular number herein shall be deemed to have been used in the plural number,
and vice versa, and the masculine gender shall include the feminine and neuter
and the neuter shall include the masculine and feminine.
(f)    This Amendment and the Credit Agreement represent the final agreement
among the parties only with respect to the matters expressly set forth therein
and may not be contradicted by evidence of prior, contemporaneous or subsequent
oral agreements among the parties. There are no unwritten oral agreements among
the parties with respect to such matters.
(g)    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE CHOICE OF LAW PROVISIONS SET FORTH IN THE CREDIT AGREEMENT AND SHALL BE
SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS SET FORTH IN THE
CREDIT AGREEMENT.
[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first above
written.
 
 
FS SENIOR FUNDING LLC, as the Borrower

By:                                              Name:
Title:
 
 
 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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NATIXIS, NEW YORK BRANCH, 
as the Administrative Agent

By:                                              Name:
Title:
By:                                              
Name:
Title

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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VERSAILLES ASSETS LLC, as Class A-R Lender

By:                                              Name:
Title:
By:                                              Name:
Title:

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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BLEACHERS FINANCE 1 LIMITED, as Class A-T-2 Lender

By:                                              Name:
Title:

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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FIFTH THIRD BANK, as Class A-T-1 Lender

By:                                               
Name:
Title:

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

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U.S. BANK NATIONAL ASSOCIATION, as the Collateral Agent and as the Custodian

By:                                              Name:
Title:

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